Businessmirror april 11, 2016

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Tuesday, April 11, 2017 Vol. 12 No. 181

NFA pegs deficit in govt rice stocks at 490,800 MT 250,000 MT T

By Jasper Emmanuel Y. Arcalas

Sans imports, NFA Administrator Jason Laureano Y. Aquino said the food agency will be hard-pressed to comply with the 30-day buffer stock mandated by the Legislative-Executive Development Advisory Council (Ledac) for the lean months of July to September.

The Ledac requires the NFA to

ROLLOUT OF NEW MODELS, MORE FINANCING OFFERS BOOSTED Q1 CAR SALES

By Catherine N. Pillas @c_pillas29

ehicle sales in the first quarter expanded by 23 percent to 94,026 units, from 76,473 units recorded last year, according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA).

For the month of March alone, the combined sales reports of Campi and TMA showed that sales jumped by nearly 33 percent to 36,561 units, from 27,515 units posted in March 2016.

“The Philippine automotive industry has, thus far, continued to tread the path of motorization.

While the first-quarter performance gives us reason to be optimistic, we are still cautious about our target for the year,” Campi President Rommel Gutierrez said in a statement.

Data from Campi and TMA showed that both the passenger-car and commercial-vehicle segments had robust sales. Gutierrez said this is due to new model introductions, aggressive marketing promotions and attractive financing offers.

Sales of passenger cars grew 7 percent to 31,951 units over 29,796 units sold for the first three months of 2017. Passenger-car sales in the

94,026 units The total number of vehicles sold by local assemblers in the first quarter

month of March alone rose by 30 percent to 11,853 units, compared to February’s 9,114 units.

The passenger-car segment accounted for nearly 34 percent of vehicles sold in the Januaryto-March period, according to Campi data.

Sales of the commercial-vehicle category went up by 33 percent year-on-year, with 62,075 units sold in the first quarter, compared to 46,677 units sold in the same period last year. March sales grew by 38 percent to 24,708 units, from 17,926 units sold in February.

Top sales performers during the period were Toyota Motor Philippines Corp., with a 43-percent market share, followed by Mitsubishi Philippines Corp., 17 percent; Honda Cars Philippines Inc., 7 percent; and Isuzu Philippines Corp., 6 percent.

On an annual basis, vehicle sales rose by 24.6 percent to 359,572 units last year. The increase was higher than the 10-percent growth target set by the auto industry for 2016.

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Domestic tourism: Hot as summer

@jearcalas

he National Food Authority (NFA) has again appealed to the NFA Council (NFAC) to allow the importation of rice, as the deficit in its buffer stock stands at 9.8 million bags, equivalent to 490,800 metric tons (MT).

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n The Pentagon said a US Navy aircraft-carrier strike group is departing the South China Sea to provide a physical presence near the Korean Peninsula. The US Pacific Command directed the carrier group to sail north to the western Pacific after departing Singapore last Saturday, according to a Navy news release. The strike group includes the aircraft carrier USS Carl Vinson, with support from several missile destroyers and missile cruisers.

n President Duterte has ordered the military to occupy and fortify all Philippine-held islands in the South China Sea to assert the country’s claims in an apparent response to China’s moves to cement its control over its claims.

“We tried to be friends with everybody, but we have to maintain our jurisdiction now, at least the areas under our control,” Duterte said during a visit to a military camp in western Palawan province.

n Vessels from China’s coast guard are nearly constantly on station at the Luconia Shoals off the coast of Malaysia’s Sarawak State on the island of Borneo, according to the Asia Maritime Transparency Initiative under the Center for Strategic and International Studies.

n Indonesian authorities destroyed 81 foreign ships at the start of April after seizing the vessels for fishing illegally in the country’s waters. The world’s largest archipelago nation has taken a tough stance against illegal fishing since President Joko “Jokowi” Widodo took office in 2014. AP

maintain a buffer rice stock good to last for 15 days at any given time and for 30 days at the onset of the calamity-prone lean months, based on the daily consumption requirement of 32,150 MT. “At present, the NFA needs an additional 490,800 MT of rice to meet the mandated volumes for food se-

The volume of rice that the NFA wants to import

the entrepreneur

curity. Much as we would want this additional stock to come from local produce, we cannot compete with the private traders who are offering prices much higher than the government’s P17-per-kilogram support price,” Aquino said.

Citing data obtained from the NFA’s field monitoring, he noted that traders are buying paddy rice from the summer harvest an average of P18 to P20 per kg across the country.

At this point, Aquino said the only way the NFA can fill the deficit

Manny Villar

S

ummer is here—the Philippine Atmospheric, Geophysical and Astronomical Services Administration declared on April 5 the start of the dry season for this year.

With the coming of summer, which coincided with the school vacation and the Holy Week, we expect a surge in travel all over the country beginning this week, with many Filipinos and their families going to popular vacation sites like Baguio, Boracay and Palawan, and many other destinations.

Domestic tourism is booming, and is even outpacing the growth of international tourism.

Continued on A9

Continued on A2

BMReports

What Filipinos should know about this thing called ‘QR’

By Jasper Emmanuel Y. Arcalas @jearcalas

A

Part Two

SKED why the country failed to achieve rice selfsufficiency, Segfredo R. Serrano of the Department of Agriculture (DA) told the BusinessMirror the government’s support was not enough and the change in agriculture chiefs affected the priorities of the department.

“It’s not just the discontinuity of programs, but there’s a political disturbance every six years when the secretary is changed,” said Serrano, undersecretary for planning, research and development and regulations of the DA. In 2004 the Philippines felt the need to extend its special treatment on rice, as farmers are not yet ready for the lifting of the quantitative restriction (QR) on rice.

By that time, the Philippines invoked section B of Annex 5 of the Agreement on Agriculture (AoA), which allows World Trade Organization (WTO) member-countries to extend their special treatments on the basis that the requesting country will appease the concessions made by other member-countries.

“Any negotiation on the question of whether there can be a continuation of the special treatment as set out in Paragraph 7 after the end of the 10th year following the

A TREE is surrounded by a vast expanse of green rice fields in this aerial photo over Nueva Ecija, dubbed the “Rice Bowl of the Philippines”.

Agriculture Secretary Emmanuel F. Piñol said he is banking on Republic Act 8178 as the “saving grace” for the local rice sector, as the law effectively prevents the influx of cheap imported rice to the Philippines. NONIE REYES

beginning of the implementation period shall be initiated and completed within the time frame of the 10th year itself following the beginning of the implementation period,” Section B:8 of Annex 5 of the AoA read. “If it is agreed as a result of the negotiation referred to in Paragraph 8 that a member may continue to apply the special treatment, such member shall confer additional and acceptable concessions as determined in that negotiation.”

In securing the extension for

its special treatment on rice, the Philippines had to increase its minimum access volume (MAV) scheme for rice imports to 350,000 metric tons (MT), while lowering the tariff from 50 percent to 40 percent.

The Philippines was allowed to extend its special treatment for rice from July 1, 2005 to June 30, 2012.

However, by that year, the government was determined again to extend the Philippines’s right to keep the rice QR as it targets to achieve rice self-sufficiency by 2013.

Starting today, the Intellectual Property Office of the Philippines (Ipophl) will have a column in the BusinessMirror— Intellectual Property Matters—every other Tuesday.

Continued on A2

n japan 0.4517 n UK 62.1306 n HK 6.4579 n CHINA 7.2694 n singapore 35.7104 n australia 37.5543 n EU 53.1358 n SAUDI arabia 13.3783

Source: BSP (10 April 2017 )

BMReports BusinessMirror

A2 Tuesday, April 11, 2017

What Filipinos should know about this thing called ‘QR’ Continued from A1

Waive obligations

IN 2012 the Philippines invoked A r ticle I X of the Mar ra kesh agreement, particularly Article IX:3, which allows member-countries to waive their obligations on defined circumstances.

“In exceptional circumstances, the ministerial conference may decide to waive an obligation imposed on a member by this agreement or any of the multilateral trade agreements, provided that any such decision shall be taken by three-fourths of the members, unless otherwise provided for in this paragraph,” Article IX:3 of the Marrakesh agreement read. “A decision by the ministerial conference granting a waiver shall state the exceptional circumstances justifying the decision; the terms and conditions governing the application of the waiver; and the date on which the waiver shall terminate. Any waiver granted for a period of more than one year shall be reviewed by the ministerial conference not later than one year after it is granted, and thereafter annually until the waiver terminates.”

To secure the waiver for the special treatment on rice, Manila had to appease the requests of nine countries, including Canada and Thailand, in exchange of their support in the World Trade Organization (WTO). Thailand and Vietnam, which are the country’s top source of imported rice, wanted to have an increase in their allowable export volume to

Manila under the MAV scheme.

Meanwhile, nontraditiona l sources of rice, like Pakistan, El Salvador and India, wanted to have a minimal access to the Philippine rice market.

US, Australia

THE United States and Australia negotiated for easier access to other commodity markets, including meat, poultry, vegetables and fruits, to the Philippines.

In turn, Manila had to lower tariffs on offal and mechanically deboned meat, as well as dairy products, oil-seed meals and frozen potatoes, to get the support of the requesting WTO member-countries for its waiver. The government also had to increase the MAV for rice to 805,200 MT. On July 24, 2014, the WTO General Council approved the Philippines’s waiver on the special treatment on rice, allowing Manila to keep its QR on rice until June 30. However, the WTO General Council approved the waiver on the condition that the Philippines will subject its rice imports to ordinary custom duties by July 1.

“At t he e x piration of t his waiver, and no later than June 30, 2017, the importation of rice shall be subject to ordinary customs duties in accordance with Paragraph 10 of Annex 5, Section B, of the Agreement on Agriculture,” the WTO General Council decision read.

The WTO General Council also noted that the concessions made by the Philippines in securing the waiver would cease to exist upon

the expiration of the waiver.

Confusing statements

IN September last year Socioeconomic Planning Secretary and National Economic and Development (Neda) Director General Ernesto M. Pernia pronounced the government will not anymore seek any extension on its right to keep its rice QR. Pernia said the decision was collectively decided by the government’s economic managers, which include the secretaries of finance, trade and industry, and budget and management and agriculture.

However, in September last year, Agriculture Secretary Emmanuel F. Piñol countered the statement of Pernia, saying the Filipino rice farmers need more time—two years to be exact—to become competitive and prepared when rice QR is lifted.

The difference in the statements of the Cabinet officials caused controversy and confusion among agricultural stakeholders on the government’s official stand on the QR on rice. During the Commitee on Tariff and Related Matters (CTRM) meeting in January, the issue on whether to extend the country’s right to rice QR or fulfill the commitment to the WTO to scrap the nontariff barrier was put on the table.

The meeting resulted in the Department of Agriculture (DA) being outvoted by other Cabinet members who agreed to scrap the rice QR once and for all, and abide by the country’s commitment to the WTO. The CTRM is a Cabinet-level interagency committee mandated to “advise the President and the

Neda Board on tariff and related matters and on the effects on the country of various international developments.” The CTRM is chaired by the trade secretary, with the Neda director general sitting as its cochairman.

Other members of the Cabinet-level interagency committee include the executive secretary, secretaries of foreign affairs, agriculture, transportation, environment and natural resources, budget and nanagement, and finance, the Central Bank governor and the Tariff Commission chairman.

Amendments pushed

EVEN if the Philippines’s waiver on the special treatment on rice expires by June 30, it doesn’t mean the rice QR is automatically lifted.

What goes along with the waiver’s expiration is the right of the Philippines to keep its rice QR. But as mandated by RA 8178, which does have a termination date, the country’s QR on rice is still on place, unless the law is amended.

Given the developments in the CTRM meeting, the Neda started rushing to amend R A 8178 to be in time in complying with the government’s obligation to the WTO. However, Neda Assistant Mercedita A. Sombilla admitted that despite the number of bills filed in Congress to amend RA 8178, the government may not be able to amend the law before June 30.

According to Piñol, representatives from the Neda asked him to endorse the bill amending RA 8178, which he automatically thumbed down. Piñol said endorsing the

amendment of RA 8178 runs counter to his personal and the agency’s stand to extend the QR waiver to support Filipino rice farmers.

Piñol said RA 8178 serves as the “saving grace” for the local rice sector, as it effectively prevents the influx of cheap imported rice to the Philippines. The amendment of RA 8178 is included on the priorty legislative agenda of the Duterte administration, according to the Philippine Development Plan (PDP) 2017-2022).

Trade disputes

T H E noncompl i a nce of t he Philippines’s obligation to the W TO would result in a word that could cost the government millions: dispute.

Trade experts and government officials have expressed concern that the failure to amend RA 8178 after the Philippines’s waiver on special treatment on rice expires could open the country to WTO sanctions.

Former Tariff Commissioner George Manzano told the BusinessMirror that sanctions can be imposed against the Philippines if other WTO member-countries complain about paying a higher duty if RA 8178 is not amended.

Manzano noted that sanctions could come in the form concessions from trade partners, such as lowering tariff on specific goods or nondelivery on the trade pacts.

However, Manzano said before these are imposed, the WTO needs to subject the complaints to due process. Such is the importance of the WTO—placing order on global trade, he added. To be continued

www.businessmirror.com.ph

NFA pegs deficit in govt rice stocks at 490,800 MT Continued from A1

in its rice buffer-stock requirement is through importation.

“If the government does not possess the right volume of stocks when the lean months come, who would provide for the needs of calamity victims? Surely, not the private businessmen who will never transact business at a loss,” he said.

Initia l ly, the NFA is seeking approval from the NFAC for the immediate government-togovernment importation of the balance of 250,000 MT out of the 500,000 MT rice imports approved for 2016.

Ideally, Aquino said the entire volume should arrive in the country within April to allow the NFA to preposition the stocks, especially in calamity-prone areas in the Philippines.

“The additional government rice imports will not be released into the market to compete with commercial stocks. These are intended mainly for buffer stocking. This is the difference between our stockpile and those imported by the private sector, which they sell at a profit,” he said.

Aquino noted that, when Supertyphoon Yolanda battered Tacloban and the rest of Region 8 in 2013, it was the NFA that mainly supplied the rice requirements of the victims.

“Our country is composed of many islands, and most of these islands are prone to natural calamities. In Batanes, for example, the NFA supplies 80 percent of the people’s rice requirement,” Aquino said.

Other Philippine islands prone to calamities where NFA maintains rice buffer stock include Camiguin, Catanduanes, Marinduque, Romblon, Polillo, Siquijor, Guimaras, Palanan in Isabela, Bantayan and Santa Fe in Cebu, and Camotes Island.

As of March 1, the latest data from the Philippine Statistics Authority (PSA) showed that the country’s rice inventory dropped by nearly 19 percent to 2.18 million MT, from 2.67 MMT recorded a year ago.

Data from the PSA also showed that total rice inventory during the period was also 5.23 percent lower than the 2.3 MMT posted in February.

Despite the decline in stocks, the PSA said the total rice inventory is sufficient to meet the rice-consumption requirement of Filipinos for 64 days.

“Stoc k s in t he households would be enough for 34 days, those in commercial warehouses for 18 days, and those in NFA depositories for 12 days,” the PSA said in its monthly report, titled “Rice and Corn Stocks Inventory February 2017”, published over the weekend.

The PSA said 52.95 percent of rice stocks were with the households, 28.81 percent were in commercial warehouses, while 18.24 percent were in NFA depositories.

Almost 78 percent of NFA stocks consisted of imported rice.

PSA data showed that NFA stocks during the period reached 396,970 M T, wh i le commer cial warehouses accounted for 626,930 MT. Rice in households reached 1.15 MMT. “Compared with the previous year, rice stocks in the households grew by 30.03 percent.

Stoc k s i n com merc i a l w a re houses and in NFA depositories dropped by 11.25 percent and 63.30 percent, respectively,” the report read.

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One-stop shop for new power projects pushed

By Butch Fernandez @butchfBM

T

HE Senate is in the process of crafting a law creating an online portal, to be known as a “virtual one-stop shop”, that would fast-track putting up new powergeneration facilities to ensure steady supply of electricity.

Expected to be submitted for plenary deliberations when Congress reconvenes on May 2, Senate Bill 1286 aims to reduce the barriers to entry of additional power plants by providing a “streamlined application process for new power generation projects”.

Sponsored by Sen. Sherwin T. Gatchalian, energy committee chairman, the bill intends to increase existing power-supply capacity by attracting more powergeneration developers and fasttracking approval of power generation projects.

The proposed law aims to “create certainty” for prospective powergeneration developers insofar as the application process is concerned, he said.

As envisioned by proponents, the virtual one-stop shop is where generation companies can submit all documentary requirements required by different government agencies for an application for a power-gen-

eration project, monitor and inquire about the status of all ongoing applications, pay all appropriate fees and taxes, be informed of actions of government agencies on all submitted documentary requirements and applications, as well as “ventilate complaints concerning inaction on submitted documentary requirements and applications”.

Gatchalian’s bill, once enacted into law, will pave the way for the creation of an Interagency Technical Working Group (IATWG) composed of all government agencies involved in the permitting process for powergeneration projects.

He explains in the bill that the IATWG will work together to streamline the entire permitting process for power-generation projects.

“One way to do so is to review the maximum number of days to process documentary requirements for each agency, and to impose a maximum allowable number of days for such processing,” the senator suggested.

The bill also provides for administrative offenses and penalties for “willful refusal to participate in the virtual one stop shop, willful acts which delay the operationalization of the virtual one-stop shop, and failure to comply with the mandated processing time of applications for power generation projects.”

MWSS approves water-rate hike

By Jonathan L. Mayuga @jonlmayuga

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ITH the unanimous concurrence of the Metropolitan Waterworks and Sewerage System (MWSS) board of trustees, the implementation of the adjustments in the standard rates and second-quarter foreign currency differential adjustments (FCDA) has been approved upon the recommendation of the MWSS Regulatory Office headed

by Joel Yu. This was announced by MWSS Administrator Reynaldo Velasco, who said FCDA is a mechanism to adjust the water rates as a result of the fluctuation in the foreign-exchange rates.

“This is provided for in Amendment 1 of the Concession Agreements of Manila Water and Maynilad with the MWSS. Our job is to see to it that we respect and honor such agreement after it has been deferred twice for six months now,” Velasco said.

The peso has been depreciating against the US dollar and the exchange rate now stands at 50.30 to $1.

For Manila Water customers, the adjustments in standard rates and FCDA will result in an increase of 36 centavos per cubic meter.

With the adjustments, monthly bills of residential customers consuming 10 cubic meters per month or less and not belonging to lifeline customers will reflect an additional P1.91; P4.19 for those consuming 20 cubic meters per month; and P8.60 for customers

whose water consumption is 30 cubic meters per month.

Those classified as semi-business and consuming 10 cubic meters per month or less will have an increase in their monthly bills of P1.91; those consuming 20 cubic meters per month and 30 cubic meters per month will pay an additional charge of P5.83 and P10.58, respectively.

Meanwhile, Maynilad customers consuming 10 cubic meters or less per month will pay an additional P2.60; P9.76 for those consuming 20 cubic meters per month and P20.09 for those whose water consumption reaches 30 cubic meters per month.

Maynilad customers classified as semi-business and consuming 10 cubic meters per month or less will be paying P4.42 more; those with 20 cubic meters consumption, P13.47 and P24.62 more for those consuming 30 cubic meters.

“Rest assured that the MWSS Board has exercised due diligence in the approval of the minimal water rates increase and we appeal to the general public for their kind acceptance and understanding,” Velasco said.

Aside from Velasco, who sits as vice chairman of the MWSS board, other members of the board of trustees include retired Judge Franklin J. Demonteverde, who recently assumed office as MWSS chairman; retired Sandiganbayan Justice Jose R. Hernandez; lawyer Melanie Sia-Lambino, former Trade Undersecretary Merly Cruz; and lawyer Valeriano F. Pasquil.

CA affirms Pemberton’s conviction for killing of Filipino transgender

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By Joel R. San Juan

A

the extensive and impressive private equity investment track record, blue-chip fund management experience, deep local knowledge, networking capabilities, and proven strategic and operational capability of the fund’s active management,” Lorenzo said.

Sierra Madre is a locally sponsored, locally focused private equity investor that makes growth investments of $5 million and above to Philippine small and medium enterprises (SMEs) that have a track record of

@jrsanjuan1573

HE Court of Appeals (CA) has affirmed the conviction of US Marines Lance Cpl. Joseph Scott Pemberton by the Regional Trial Court in Olongapo City for the killing of transgender Jefferey “Jennifer” Laude in 2014.

In a 48-page decision written by Associate Justice Marlene Gonzales-Sison, the CA’s Special Sixteenth Division did not give credence to Pemberton’s claim of self-defense in killing Laude inside Celzone Lodge in Olongapo City.

Pemberton was sentenced to a maximum of 10 years imprisonment and was ordered to indemnify the heirs of Laude.

Pemberton claimed he was molested by Laude inside the lodge by pretending to be a woman, which prompted him to defend his dignity and self-respect.

He also claimed Laude slapped him when he confronted the former for pretending to be a woman.

The CA noted there was no physi-

cal evidence that would suggest that Pemberton was first slapped

by Laude, or that he was in grave danger, which prompted him to defend himself.

“Indeed, a plea of self-defense cannot be justifiably appreciated, where it is not only uncorroborated by independent and competent evidence, but also extremely doubtful by itself.

Self-defense, like alibi, is a defense which can easily be concocted as it is in this case,” the CA ruled.

Likewise, the Court did not give weight to Pemberton’s plea that his voluntary surrender should have been appreciated in his favor as mitigating circumstance, considering he was detained in Camp Aguinaldo as early as December 2014, or before

his warrant of arrest was issued on December 16, 2014, and that there was no intention on his part to commit such a crime.

The appellate court noted the case was filed against Pemberton on December 15, 2014, or four days before Pemberton presented himself to the trial court.

It added physical evidence also contradicts Pemberton’s claim that he had no intention to commit a grave wrong.

“As proven by the prosecution, Pemberton did not leave Laude merely unconscious, but ensured his death by submerging his head inside the toilet bowl. Clearly, Pemberton intended the natural consequence of his wrongful act,” it pointed out.

The CA also upheld the award of loss of earning capacity to the heirs of Laude in the amount of P4.32 million, as well as exemplary damages of P30,000.

It also increased the civil indemnit y and mora l d amages awarded to Laude’s heirs from P50,000 to P75,000 based on recent jurisprudence.

With respect to actual damages, the CA said the heirs of Laude were able to prove through actual receipts the P155,250 worth of damages representing autopsy, wake and burial expenses.

“Further, it is only apt that all awards for damages shall bear legal interest at the rate of 6 percent per annum from the date of finality of judgment until fully paid,” the CA said.

The CA also agreed with the trial court that Pemberton’s time at the Joint US Military Advisory Group compound in Camp General Emilio Aguinaldo, Quezon City, should be credited in the service of his penalty.

“Consequently, the argument that Pemberton was not under local custody during the trial has no leg to stand on. Further, Pemberton is entitled to be credited with the full time of his preventive imprisonment…,” the CA ruled.

Concurring with the ruling were Associate Justices Ramon Cruz and Henri Jean Paul Inting.

Following the CA’s affirmation of the verdict against Pemberton, some party-list lawmakers on Monday called for his immediate transfer to the national penitentiary.

Party-list Reps. Emmi de Jesus and Arlene Brosas of Gabriela also called for the full implementation of penalties in accordance with Philippine laws and judicial processes.

For his part, Party-list Rep. Harry Roque of Kabayan said the CA affirmation of the guilty verdict of Pemberton is a welcome development.

With Jovee Marie N. dela Cruz

Central Bank eyes final deadline for more secure cards

By Bianca Cuaresma @BcuaresmaBM

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he Bangko Sentral ng Pilipinas (BSP) is looking at setting a “hard deadline” for banks to comply with the required upgrade of card technology, after some banks failed to meet the required shift within deadline.

In a recent interview, BSP Deputy Governor for the Supervision and Examination Sector Nestor Espenilla Jr. admitted that banks have varying degrees of preparedness in the mandated shift from the magnetic-stripe card technology to the chip-based card technology.

The Central Bank has earlier ordered banks to shift their issued cards from magnetic-stripe technology to a more secure EMV chipenabled card by the start of 2017.

However, Espenilla said banks are still on their way to meeting the requirement.

“The reality is not everyone is completely ready. Others are more ready than some and that's specifically more challenging for the bigger banks with lots of card base,” he said.

As such, the BSP is looking to set a hard deadline for all banks, with stiff sanctions for non-compliance.

Espenilla said the Central Bank has not set the specifics of the deadline yet, as reports are still to be submitted to the Monetary Board.

At present, the Central Bank adopts a liability shift framework,

Lorenzo launches private equity fund

GROUP led by businessman and entrepreneur Martin Lorenzo recently closed a new private equity fund, the Sierra Madre Philippines 1 Fund, with $19 million in committed capital.

Its limited partners include blue- chip international development finance institutions, Philippine institutional investors and high net-worth individuals.

Joining Lorenzo in the Sierra Madre senior team are finance veterans Danny Lizares and Alasdair Thomson.

“I am very confident in

Tuesday, April 11, 2017 A3

performance, and the potential to become leaders in their chosen market segments.

“We see a lot of growth prospects in the country, and our expectation is that we will invest in around eight to 10 selected SMEs in the next five years,” Lorenzo explained. “Our aim is to partner with like-minded Filipino entrepreneurs, develop their businesses over time, and provide our investors with access to new and innovative opportunities for long-term revenue stability,” he also said.

where banks that still use the magnetic-stripe technology are fully accountable for the potential losses owing to

the weaknesses of the technology.

“There’s already, in a way, a market punishment. But we also still

need another deadline regarding everybody possibly a hard deadline,” Espenilla said.

A4

The World BusinessMirror

Tuesday, April 11, 2017

www.businessmirror.com.ph

G-7 foreign ministers to press Russia to end Assad support

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In this March 15 photo, US Navy aircraft carrier the USS Carl Vinson approaches to participate in the annual joint military exercise called Foal Eagle between South Korea and the United States at Busan port in Busan, South Korea. Jo Jung-ho/Yonhap via AP

US reroutes aircraft carrier, missile ships toward N. Korea

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ASHINGTON—The commander of United States forces in the Pacific has ordered an aircraft carrier and several other warships toward the Korean Peninsula in a show of force by the Trump administration just days after North Korea tested another intermediate-range missile.

The officer, Adm. Harr y B. Harris Jr., head of the military’s Pacific Command, diverted the aircraft carrier USS Carl Vinson and its wing of fighter jets from a planned series of exercises and port calls in Australia, the command said in a statement.

The Vinson and three guidedmissile destroyers and cruisers steamed out of Singapore on Saturday for their new mission in the Western Pacific.

Rerouting the naval armada is President Donald J. Trump’s latest escalation in force against a potential adversary. Trump ordered a cruise missile strike last week against a Syrian military air base in retaliation for a chemical-weapons attack by the Syrian government that killed scores of civilians.

At a meeting last week at Trump’s Mar-a-Lago resort in Florida, the president joined with President Xi Jinping of China in warning of the increasing menace posed by North Korea’s advancing nuclear weapons program.

Asked last Sunday why the Navy ships were being redirected toward the Korean Peninsula, the president’s national security adviser, Lt. Gen. H.R. McMaster, said it was

a “prudent” step to take.

“North Korea has been engaged in a pattern of provocative behavior,” McMaster said on Fox News Sunday. “This is a rogue regime that is now a nuclear-capable regime. The president has asked to be prepared to give him a full range of options to remove that threat to the American people and to our allies and partners in the region.”

The White House said in a statement last Sunday that Trump had spoken to Prime Minister Shinzo Abe of Japan the day before on many issues, including the North Korean nuclear threat.

Military and intelligence officials said the timing of the ship movements was also intended to anticipate a milestone event coming up on the Korean Peninsula: the anniversary on Saturday of the birth of Kim Il Sung, North Korea’s founder and the grandfather of the country’s current leader, Kim Jong Un. North Korea has a history of testing missiles and generally taking provocative actions during such events. By dispatching the Vinson, the US is signaling to the North Koreans that even

as it focuses on Syria, it has not forgotten about them.

Administration officials said the strike by 59 cruise missiles on Syria might have strengthened Trump’s hand as he called on the Chinese to put more pressure on North Korea. Although officials noted that North Korea poses different, and in some ways more daunting, challenges than Syria, the parallel of a rogue government that possesses weapons of mass destruction was not lost on the Chinese.

Xi told Trump during their meetings at Mar-a-Lago that he agreed that the threat posed by North Korea had reached a “very serious stage,” Secretary of State Rex Tillerson said.

Speaking on Sunday on ABC’s This Week, Tillerson expanded on what the rest of the world should take away from the missile strikes in Syria: “The message that any nation can take is if you violate international norms, if you violate international agreements, if you fail to live up to commitments, if you become a threat to others, at some point, a response is likely to be undertaken.”

Tillerson continued: “In terms of North Korea, we have been very clear that our objective is a denuclearized Korean Peninsula.

We have no objective to change the regime in North Korea; that is not our objective.”

North Korea, however, has stepped up its provocations. A day before Trump met with Xi, Pyongyang tested an intermediate-range ballistic missile.

South Korean and US specialists said the missile tested Wednesday—which the South Korean military said flew a mere 37 miles—was probably a modified version of either the Scud-ER or Pukguksong-2, or perhaps a new

missile, even an early version of an intercontinental ballistic missile.

Analysts have said that as North Korea was developing its first submarine-launched ballistic missile last year, it accumulated technology incrementally, with a series of tests in which projectiles flew only short distances or exploded soon after launching.

The US has been conducting an electronic and cyberwarfare campaign aimed at sabotaging Pyongyang’s missile tests in their opening seconds. But it was impossible to determine whether that program affected the launch last week.

Asked how close North Korea was to developing a weapon that could reach the United States, Tillerson said on ABC: “The assessments are, obviously, somewhat difficult, but clearly, he has made significant advancements in delivery systems. And that is what concerns us the most.”

Tillerson added: “The sophist icat ion a round t heir roc ket launch programs, their sophistication around the type of fueling that they use, and they’re working their way toward the test of an intercontinental ballistic missile. And these are the kinds of progress that give us the greatest concerns.”

Before the summit meeting last week, Trump sought to increase pressure on China, saying that it was time for Beijing to rein in its communist ally. In an interview with The Financial Times published on April 2, he said, “If China is not going to solve North Korea, we will.” But he did not say how.

In the meetings between Xi and Trump, the Chinese made no new offers about how to deal with Kim’s government, according to a US official. New York Times News Service

Terror threatens to transform Sweden amid calls for unity

O

ne of the world’s most generous refugee destinations is about to learn whether its worst peacetime attack will prove a tipping point in setting immigration policy.

For now, Swedes are making a vocal show of defending their open and inclusive society following Friday’s terrorist attack, which the police say was probably carried out by an Uzbek man sympathetic toward Islamic State (IS) and whose residency application had been rejected.

As thousands gathered in Stockholm last Sunday for a celebration of “love,” people hugged, left flowers, heard loud music and observed a minute’s silence to remember the dead. The gathering was also supposed to serve as a message to politicians.

For Asa Arko Qvartfordt, a 51-yearold social worker, Sunday’s demonstration was about making sure Stockholm doesn’t fall “hostage to fear or hate”.

Peter Sandstrom, a 28-year-old who’s training to join the army, wants the country to pull together, “regardless of who we are”.

Prime Minister Stefan Lofven on Sunday called on the opposition to unite and join the minority government in coming up with better ways of preventing further acts of terror. He underscored the need to use the “collective force of Swedish democracy.”

But the calls for unity come at a time when Swedish politics is unusually divisive. The finance minister is under pressure over proposed tax changes while the government’s asylum policies are

feeding the popularity of the country’s most outspoken anti-immigration party.

In 2015 close to 160,000 asylum seekers were drawn to Sweden, more per capita than any other western European nation.

Friday led the world into a bloody series of attacks in which scores died.

Back-to-back bombings at two Egyptian churches on Palm Sunday killed more than three dozen people in the deadliest assault on the country’s Coptic Christian community in years. IS has claimed responsibility for that attack.

Al Shabab, a jihadist fundamentalist group, said it was behind another attack at the weekend in which a suicide bomber rammed a minibus as it targeted Somalia’s new army chief, leaving at least 16 dead. In neighboring Norway, the terror alert was raised following the

discovery of a suspect device in central Oslo. Just days earlier, the US ordered a missile launch in Syria in response to a deadly chemical weapons attack.

For Sweden, which had largely been spared such scenes of carnage, any political tension ensuing from Friday’s act of terror would come at a time when the minority government faces an opposition that has threatened to abandon the country’s traditional consensusseeking approach to lawmaking.

Above all, it could inject new vigor into the Sweden Democrats, an antiimmigration party that’s now the thirdlargest group in the polls. Its rise in popularity is already forcing the mainstream opposition to reconsider a pledge never to collaborate with the party.

Bloomberg News

UCCA, Italy—Foreign ministers from the Group-of-Seven (G-7) industrialized nations are gathering on Monday for a meeting given urgency by the chemical attack in Syria and the US military response, with participants aiming to pressure Russia to end its support for President Bashar al-Assad.

Last week’s nerve gas attack in the rebel-held town of Khan Sheikhoun, which killed more than 80 people, stirred President Donald J. Trump to strike for the first time at Assad’s forces. US warships fired 59 cruise missiles at the Syrian air base from which the US believes the attack was launched.

Italian Foreign Minister Angelino Alfano, who is hosting the meeting, said Europe’s broad support for the US military strikes had contributed to a “renewed harmony” between the US and its partners ahead of the first meeting of G-7 foreign ministers since Donald Trump took office in January. “’We need to remember that not 10 years ago, but 100 or 120 days ago, the concern in Europe was that the United States and the EU were moving apart,” Alfano told Sky TG24 last Sunday. “I welcome this renewed harmony.”

Officials are hoping that this can be leveraged to bring a new diplomatic push to end the 6-year-old civil war in Syria.

The meeting in the Tuscan walled city of Lucca brings together US Secretary of State Rex Tillerson, British Foreign Secretary Boris Johnson and Japanese Foreign Minister Fumio Kishida, along with other G-7 foreign ministers, at a moment when the US is sending a Navy carrier strike group toward the Korean Peninsula to provide a physical presence following North Korea’s persistent ballistic missile tests.

The meeting also comes amid an ongoing terror threat that was underscored by the deadly Palm Sunday bombing of Coptic churches in Egypt claimed by the Islamic State (IS) terror group, and another truck attack on European soil, this time in Stockholm, last Friday. The US is fighting IS militants in Syria but had previously avoided striking government forces, largely out of concern

about being pulled into a military conflict with Russia.

The chemical attack has sent a new chill through relations between the West and Moscow, which denies Syrian forces used chemical weapons.

If the international community is successful in pushing for a diplomatic solution in Syria, Alfano was cautious on the question of whether to push Assad out, saying that decision should be up to the Syrians.

“I have to say, the Libya experiment did not go well. We are still paying the price,” Alfano said, referring to the lawlessness that has ensued since the killing of longtime dictator Muammar Qaddafi and the subsequent flow of migrants to Europe via Italy.

Russia was kicked out of the club of industrialized nations, formerly the Groupof-Eight, after its 2014 annexation of Ukraine’s Crimea region and assistance for pro-Russian separatists in eastern Ukraine.

Britain’s Johnson, who had been due to visit Russian counterpart Sergey Lavrov in Moscow ahead of Monday’s G-7 meeting, canceled the trip at the last minute, saying the chemical attack had “changed the situation fundamentally.”

He said that instead he would work with the US and other G-7 nations “to build coordinated international support for a cease-fire on the ground and an intensified political process.”

Tillerson is due to travel to Russia after the G-7 gathering, and Johnson said he will deliver a “clear and coordinated message to the Russians.”

But Washington has sent mixed signals about whether it shares its allies’ determination that Assad must be removed from power. After the chemical attack, Trump said his attitude toward Assad “has changed very much” and Tillerson said “steps are under way” to organize a coalition to remove him from power.

In a round of television interviews that aired last Sunday, though, Tillerson said the top US priority in the region remains the defeat of IS militants. AP

Church attacks in Egypt undercut president’s promise of security

T

ANTA, Egypt—Rattling a country already wrestling with a faltering economy and deepening political malaise, two suicide bombings that killed 44 people at Coptic churches in Egypt on Palm Sunday raised the specter of increased sectarian bloodshed led by Islamic State (IS) militants.

The attacks constituted one of the deadliest days of violence against Christians in Egypt in decades and presented a challenge to the authority of the country’s leader, President Abdel-Fattah el-Sissi, who promptly declared a three-month state of emergency.

Security is the central promise of el-Sissi, a strongman leader who returned last Friday from a triumphant visit to the United States, where President Donald J. Trump hailed him as a bulwark against Islamist violence.

Trump made it clear that he was willing to overlook the record of mass detention, torture and extrajudicial killings during el-Sissi’s rule in favor of his ability to combat the IS and defend minority Christians.

Last Sunday el-Sissi found himself back on the defensive, deploying troops to protect churches across the country weeks before a planned visit by Pope Francis.

El-Sissi rushed to assure minority Christians, who have traditionally been among his most vocal supporters and now fear that he cannot protect them against extremists.

“I won’t say those who fell are Christian or Muslim,” el-Sissi said in a speech shown on state television last Sunday night. “I will say that they’re Egyptian.”

One attack last Sunday struck at Saint Mark’s Cathedral, the seat of the Coptic Church in Alexandria, where the bomber blew himself up at the church gates as the Coptic patriarch, Pope Tawadros II, led a Palm Sunday service inside. The other struck in the Nile Delta city of Tanta, where the attacker slipped past security to the front pews of the church and blew himself up, turning a religious celebration of joy into a ghastly scene of bloodshed and death.

The IS, which claimed responsibility for the attacks through its Aamaq news agency, signaled last December its intention to step up attacks on Christians when a suicide bombing at a major Cairo church killed at least 28 people. In February hundreds of Christians fled

their homes in north Sinai after a concerted campaign of assassination and intimidation in the area.

Although el-Sissi had already stepped up security at churches, Sunday’s bloodshed underscores the difficulty of stopping suicide attacks. More starkly, it highlighted the failure of Egypt’s powerful intelligence agencies to anticipate a coordinated wave of devastating attacks.

The explosion in Tanta, about 50 miles north of Cairo, occurred at Saint George’s church, where authorities had already sealed the main door to prevent attacks. The bomber managed to slip past security measures, including a metal detector, at one of the side doors, and blew himself up near the altar.

At least 27 people were killed and 78 others injured, officials said.

Children, their parents and deacons—lay Christians who help with the service— accounted for many of the dead.

Hours later, victims’ relatives stood silently outside the city morgue, waiting to identify and collect the remains of their loved ones.

The Rev. Daniel Maher, a priest who had been leading the Mass, was still wearing his bloodstained white vestments. The priest said he had not been harmed in the attack, but he lost his son, Bishoy, who was to get married later this year.

“What can I say? Thank God,” he said in a cracking voice.

Next to the priest, a young woman sat on the sidewalk, sobbing as a group of women tried to comfort her. “God, what did he do to deserve this?” she asked, bemoaning the loss of her own loved one.

The second attack occurred just over two hours later in the coastal city of Alexandria, where a suicide bomber tried to enter Saint Mark’s Cathedral.

Surveillance footage, later aired on a private Egyptian television channel, showed a man wearing a bulky jacket being directed into a metal detector at the church gates, where he paused to be searched by a police officer.

A moment later, a giant blast rang out.

At least 17 people were killed, including a district police chief and a police officer, and an additional 48 were wounded, according to the Health Ministry. New York Times News Service

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Tuesday, April 11, 2017

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Trump scraps tax plan, timetable threatened

W

ASHINGTON—President Donald J. Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the US tax system.

The administration’s first attempt to write legislation is in its early stages, and the White House has kept much of it under wraps.

But it has already sprouted the consideration of a series of unorthodox proposals, including a drastic cut to the payroll tax, aimed at appealing to Democrats.

Some view the search for new options as a result of Trump’s refusal to set clear parameters for his plan and his exceedingly challenging endgame: Reducing tax rates enough to spur faster growth without blowing up the budget deficit.

Administration officials say it’s now unlikely that a tax overhaul will meet the August deadline set by Treasury Secretary Steve Mnuchin. But the ambitious pace to figure out a plan reflects Trump’s haste to move quickly past a bruising failure to broker a compromise within his own party on how to replace the health-insurance law enacted under President Barack Obama.

The White House is trying to learn the lessons from health care. Rather than accepting a bill written by the lawmakers, White House officials are taking a more active role. Administration officials have signaled that they want to pass tax legislation with only Republican votes, yet they’ve also held listening sessions with House Democrats.

White House aides say the goal is to cut tax rates sharply enough to improve the economic picture in depressed rural and industrial pockets of the country where many Trump voters live. But the administration so far has swatted down alternative ways for raising revenues, such as a carbon tax, to offset lower rates.

Trump, who brands himself as a deal-maker, has not said which trade-offs he might accept and he has remained noncommittal on the leading blueprint, from Rep. Kevin Brady, chairman of the Ways and Means Committee.

Brady, Republican-Texas, has

$1T The amount expected to be raised with the proposed border-adjustment system, which would eliminate corporate deductions on imports over 10 years

proposed a border-adjustment system, which would eliminate corporate deductions on imports, to raise $1 trillion over 10 years that could fund lower corporate tax rates.

But that possibility has rankled retailers who say it would lead to higher prices and threaten millions of jobs, while some lawmakers have worried that the system would violate World Trade Organization (WTO) rules.

Brady has said he intends to amend the blueprint but has not spelled out how he would do so.

O t he r o p t io n s a re b e i n g shopped on Capitol Hill.

One circulating this past week would change the House Republican plan to eliminate much of the payroll tax and cut corporate tax rates. This would require a new dedicated funding source for Social Security.

The change, proposed by a GOP lobby ist w ith close ties to the Trump administration, would transform Brady’s plan o n i mp o r t s i nt o s o m e t h i n g closer to a value-added ta x by also eliminating the deduction of labor expenses.

This would bring it in line with WTO rules and generate an additional $12 trillion over 10 years, according to budget estimates. Those additional revenues could then enable the end

In this February 22 photo, Treasury Secretary Steven Mnuchin (right) listens as President Donald J. Trump speaks during a meeting on the Federal budget in the Roosevelt Room of the White House in Washington. Trump wants to tackle tax reform, but the loss on health care deals a blow to that effort. The loss on health care deprives Republicans of $1 trillion in tax cuts, and the GOP is just as divided on what steps to take. AP/Evan Vucci

of the 12.4-percent payroll tax, split evenly between employers and employees, that funds Social Security (SS), while keeping the health insurance payroll tax in place.

This approach would give a worker earning $60,000 a year an additional $3,720 in takehome pay, a possible win that lawmakers could highlight back in their districts even though it would involve changing the funding mechanism for SS, according to the lobby ist, who asked for anonymity to discuss the proposal without disrupting early negotiations.

A lthough some bi l led this as a bipar tisan solution, and President Barac k Obama d id te mp or a r i ly c ut t he pay rol l ta x after the Great Recession, others note it probably wou ld r un into fir m opposition from Democrats who are loathe to be seen as under mining SS. The White House would not comment on the plan, but said a value-added tax based on consumption is not under consideration “as of now,” according to a White House statement.

The lack of detail about how to significantly rewrite tax laws for the first time in 30 years may provide Trump some time to build consensus among Republicans.

But without Trump laying down his hand, lawmakers appear reluctant to back a plan that will likely stir controversy.

“Because there are trade-offs, congressmen need cover from the president to withstand the lobbyists and constituents who are going to complain,” said Bill Gale, an economist at the Brook-

ings Institution who worked at the White House Council of Economic Advisers during President George H.W. Bush’s administration.

The Trump administration appears to have shut out the economists who helped assemble one of his campaign’s tax overhaul plans, which independent analyses show would have increased the budget deficit.

“It’s a little frustrating that they feel they have to write a new tax plan when they have a tax plan,” said Steven Moore, an economist at the conservative Heritage Foundation who helped formulate tax policy for the Trump campaign.

Sen. Rob Portman, Republican-Ohio, a member of the Senate Finance Committee, said all of the trial balloons surfacing in public don’t represent the work that’s being done behind the scenes.

“It’s not really what’s going on,” Portman said. “What’s going on is they’re working with on various ideas.”

Investors are beginning to show some doubts that Trump can deliver. Stocks rallied after his election on the promise of lower taxes and fewer regulations, but the Dow Jones Industrial Average has dipped 1.2 percent over the past month as the path for health care and tax revisions has become muddied.

“The White House is going to need its own clear direction, or it’s going to need to defer to Congress, but saying that your plan is forthcoming and then not producing a plan kind of puts everything in stasis,” said Alan Cole, an economist at the conservative Tax Foundation. AP

China’s changing economy helps explain taming of Trump’s threats

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nited States President Donald J. Trump’s threats to punish China over trade have been displaced by a pledge to negotiate after hearing the perspective of his counterpart Xi Jinping. Below are five factors that may explain the change in tone. n

The setting

A meeting with Xi at Mar-a-Lago created “tremendous goodwill and friendship”, Trump tweeted last Saturday. Commerce Secretary Wilbur Ross said the countries agreed to a “100-day plan” to discuss trade.

The countries agreed to “properly” deal with trade friction, China’s Foreign Ministry said on its web site. Trump told reporters en route to the summit in Palm Beach the US has been treated “ unfairly” and has made “terrible trade deals” with China. n

Less dependent

The world’s biggest exporter is becoming less dependent on external demand, as policy-makers promote consumptiondriven growth.

At the broadest measure, 40 million people work in export-related sectors

in China today, 7 percent of nonfarming employment, according to an estimate by UBS Group AG economists.

That’s dwarfed by the services sector, which accounted for 43.5 percent of total employment last year, up from 36.1 percent in 2012, according to the National Bureau of Statistics. The new economy accounted for about 70 percent of new jobs, it said. n

Interconnected

Also the world’s second-largest importer, China is deeply connected with a number of nations. That means any US-led trade war would also hurt some of its closest allies.

China is the biggest export market for many economies. Taiwan, Malaysia, Korea, Vietnam and Singapore are among nations exposed to any turbulence in China caused by potential trade frictions, according to UBS. The effects of aggressive US tariffs against China will ripple far beyond to countries including Germany and others in Europe through China’s domestic and foreign supply chains, according to an Oxford Economics note in February.

n

Blow back

A trade war would threaten complex mutual supply chain links with US electronics manufacturers.

China’s biggest export category to the US and other countries is electronic products, including cell phones and computers, according to UBS. The US is the most important supplier to China, according to Oxford Economics: “This illustrates the twoway nature of supply chains and suggests trade protection has the potential to come back to bite US producers.” n

Apple, Boeing

A trade war would hurt a growing number of US multinationals eyeing China as a major engine for revenue growth.

Major US multinationals could be lobbyists for China, the Beijing-based Center for China and Globalization (CCG) wrote in a report in January. The US companies had been lobbying Congress to grant China most-favored-nation treatment every year before China joined the World Trade Organization in 2001, the CCG wrote.

Now China can still work together with

those multinationals to push for a stable bilateral relationship, it said. n

Do your worst

Even on a worst-case scenario, the effect on China’s economy would be manageable.

The most likely approach toward China from Trump will be case-by-case, sector-bysector tariffs and the enhanced enforcement of US trade laws, according to UBS. Even in a scenario in which the US imposes a 15-percent tariff on Chinese exports, that would only dent China’s GDP growth by 0.5 percent, UBS estimates.

With China already pursuing a more moderate yearly growth target of “about 6.5 percent, or higher if possible,” the fall out from any tariffs if they were to come look manageable.

Those factors may help explain the confidence of Chinese officials in the days leading up to the US visit: “We don’t want a trade war,” Jiang Shan, former general Director of Americas and Oceanic Affairs at the Ministry of Commerce, said in an interview on March 31. “But we shouldn’t be afraid of any trade war.” Bloomberg News

Indonesia bad loan problem to worsen–bank bailout chief

Rupiah banknotes are shown as Indonesian rupiah rout swells cost of $304-billion foreign debt. Bloomberg

T

he nonperforming loan (NPL) problem at Indonesia’s banks is likely to get worse, keeping economic growth below 6 percent over the coming two years as lenders hold back from boosting credit, according to the head of the country’s deposit insurance agency.

“We haven’t seen the bottom for NPLs because commodity prices are still volatile, and we see uncertainties that can affect our domestic economy,” Destry Damayanti, commissioner at the agency known as LPS, said in an interview at her office in Jakarta last week. “Banks are still in consolidation to resolve bad debts.”

The bad loan issue is proving to be a weak spot in Southeast Asia’s largest economy, a factor behind the decision by President Joko Widodo to revise his projection for 2018 growth to 5.6 percent, toward the lower end of a previous range of 5.4 percent to 6.1 percent.

The gross NPL ratio has hovered above 3 percent since the middle of last year, matching levels seen in 2011 and capping bank loan growth

at 7.9 percent in 2016, the slowest pace since 1999.

Fitch Ratings said last month it’s maintaining a negative outlook on Indonesia’s banks, as it expects asset quality and profitability to remain under pressure during the next few quarters. Fitch predicted that the larger banks’ NPL ratios will remain at an average 3 percent.

LPS, tasked with protecting client deposits in the event of a bank insolvency, has a war-chest of about 75 trillion rupiah ($5.6 billion), invested solely in government bonds. The fund has been built up with premiums collected from Indonesian lenders, in exchange for its guarantee on bank deposits up to a maximum interest rate of 6.25 percent.

Before heading LPS, Damayanti was chief economist at PT Bank Mandiri, Indonesia’s largest bank by assets, where she cofounded the independent research think tank Mandiri Institute. She also led a panel that selected leaders of the Corruption Eradication Agency. Bloomberg News

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HOUSEOLOGY’S Marlborough chair from Andrew Martin, which combines distressed leather and kilim upholstery with a traditional chair style to create something thoroughly modern. HOuSEOLOGY VIA

HOUSEOLOGY’S Venus chair by Andrew Martin, which pares back the lines of a traditional wingback to a more contemporary silhouette. HOuSEOLOGY VIA AP

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MADE Goods’s Alfred chair: a classic wingchair in hammered metal is a surprising take on the traditional form. MADE GOODS VIA AP

THE Etienne mirror from Made Goods, cast in tin and painted black, giving its classic Beaux Arts features contemporary drama.

MADE GOODS VIA AP

New traditional décor blends classic, modern I

By KiM COOK The Associated Press

N décor, “traditional” tends to conjure up images of matched furniture sets, prim patterns and buttoned-up formality.

But there’s been a revamp, and what’s now being called “new traditional” is a fresher, freer look that honors the classics. The style blends traditional architectural and decorative elements with contemporary ones for unexpected, sometimes edgy results. “It’s all about balance,” said New York interior designer Alexa Hampton.

She said the trend started in Europe, where older residences “are often filled with ornate architecture: herringbone floors, intricate plaster work, French doors. With heavy decoration, these architectural bones can seem fussy.” That led to an “undecorated” movement—white walls, furniture with sharp angles, minimalism. “I think this foil of old and new is essential to good design,” she said. “The conversation

between modern and classic creates a tension, and when done right, it’s very powerful.”

Moldings, shelving and good hardware can give a space a traditional or contemporary “frame” to which contrasting elements can be added.

“If my architecture’s very traditional,” said Hampton, “I might do an unexpected wall treatment like high-gloss lacquer.”

Likewise with furniture and accessories, “It’s nice to combine a more curved traditional piece with a sexy and sleek cocktail table”.

The European Fine Art Fair, the art and antiquities version of Fashion Week, was held in New York last October, and Hampton saw pieces she said could be incorporated into a contemporary space. A bold, Grecian, gold-and-black amphora, for instance, caught her eye; although it’s an ornate piece, it could play up the drama in a small space, particularly atop a modern table.

San Francisco interior stylist Jessica Sutton suggests using a neutral color palette and

incorporating a mix of rustic, contemporary, even industrial pieces to bring the New Traditional look home. “Keep the style fresh by incorporating classic patterns like florals in modern ways—an abstract rug, or an upholstered pillow,” she said.

Retailers are featuring the look this season.

French designer Bina Baitel has used the classic moldings of Paris’s Haussmann architecture as inspiration for cabinet doors, but tilted the motifs to create the visually striking Astragale armoire and console (www.roche-bobois.com).

Bernhardt’s Salon collection includes a traditional etagere given an alabaster finish, and a curvy nightstand clad in silver leaf. The Haven collection pares down traditional English classics like wingchairs and dining tables to their essential forms (www.bernhardt.com).

British designer Andrew Martin has a collection of wingback chairs upholstered in combinations of leather and ticking, or leather with a pieced metal frame. A lounge chair pairs a distressed leather seat

with a kilim-clad frame. Mixing materials brings the traditional chair shapes fashion-forward (www. houseology.com).

Audrey Sterk, a designer on Nantucket Island, Massachusetts, presents a fresh take on early American quilt florals and 19th century silk-screen patterns in her wallpaper and fabrics, editing the motifs to their essential elements and using a contemporary color palette (www.audreysterk.com).

At Candelabra, the classic silhouette of a Louis XVI chair is cast in silver- or gold-toned stainless steel and given elongated legs, creating a sleek barstool. Curvy, polished silver legs and an especially long—72-inch— sliver of marble make for a showstopper of a console (www.shopcandelabra.com).

And, finally, at Made Goods, there’s a Beaux Arts mirror with its exaggerated furbelows rendered in dramatic black tin, and a wing chair cast in hammered black or gold iron with upholstered seat. They’re heavy metal remixes of classical favorites (www. madegoods.com). ■

Putting emphasis on local crafts rOBINSONS Department Store, in partnership with the Department of Trade and Industry (DTI), recently launched the first Go Lokal! store at robinsons Place Manila.

The department store, an affiliate of robinsons retail Holdings Inc., is the first mainstream outlet to launch Go Lokal!, a publicprivate collaboration between the DTI and local retailer-partners that aims to showcase modern and indigenous-quality products crafted, designed and created by innovative Philippine micro, small and medium enterprises (MSMEs).

The Go Lokal! program has been designed to serve as incubation, marketing and branding platform for the best of Philippine MSMEs products, including next-generation One Town, One Product offerings. This new market access platform via a design-led concept store is set to revolutionize the way hard-to-find and artisanal Filipino products are sold in the local market, and will bring together an especially curated lineup that ranges from food, apparel, accessories, home décor, gadgets and gift items. They can be found in consumer-frequented locations as a mainstream distribution channel for world-class

Filipino products while offering value-for-money for targeted consumers and tourists.

Trade Secretary ramon M. Lopez said the DTI is more than excited to open its first mainstream Go Lokal! store, with robinsons Department Store as its dynamic partner in this effort of maximizing market access and providing exposure to our MSMEs. “Go Lokal! is truly a vibrant model for MSME development and inclusive business. We are happy that committed partners like robinsons have taken on this challenge. We look forward to opening more outlets in their malls and department stores across the country,” Lopez said. robina Gokongwei-Pe, president and cOO of robinsons Department Store, said the program will benefit MSMEs, because it’s a mainstream platform that brings them closer to a more diverse market and creates positive effects to the economy by encouraging entrepreneurship. “This partnership with the DTI is robinsons Department Store’s contribution to nation-building by providing our entrepreneurs an environment where they can be passionate about their businesses

AT the recent launch of the Go Lokal! partnership were (from left) Johnson Go, general manager of Robinsons Department Store; Department of Trade and Industry Bureau of Domestic Trade Promotion Director Rhodora Leaño; Trade Assistant Secretary for Industry Promotion Group Rosvi Gaetos; Trade Secretary Ramom Lopez; Robina Gokongwei-Pe, president and COO of Robinsons Department Store; Irving Wu, Robinsons Malls operations director for Luzon; and Maricar Reyes, celebrity endorser of Robinsons Department Store.

and prosper from their efforts, as we create opportunities for MSMEs to grow, succeed and make an impact to the retail industry,” Gokongwei-Pe said.

Johnson Go, general manager of robinsons Department Store, said Go Lokal! is its way of supporting Filipino entrepreneurs into their initial foray into more mainstream markets by making them more accessible to both local and foreign consumers. “The diverse product line of Go Lokal! brings together the best products that the Philippines has to offer, which are world-class, locally made quality products by our MSMEs,” Go said.

The DTI secretary also said that, aside from providing market access for MSME products, the Go Lokal! program is a platform for new entrepreneurs to test the marketability of their products without the fear of losing rental and commercial costs because their experience is free of charge. A portion of Go Lokal! revenues will go to the various corporate social responsibility projects of robinsons Department Store, including the government’s drug-rehabilitation program.

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Today’s Horoscope

By Eugenia Last

Show BusinessMirror

Tuesday, April 11, 2017

z ‘Boss Baby’, ‘Beauty’ outshine

CELEBRITIES BORN ON THIS DAY: Saoirse Ronan, 23; Claire Danes, 38; David Letterman, 70; Ed O’Neill, 71.

‘Smurfs 3’ in North America

Happy Birthday: Planning and preparation will be necessary. This is not the year to leap aimlessly into something that isn’t a sure thing. Treat relationships with care and be willing to compromise when things don’t go your way. Taking the long route will lead to contentment. Size up situations and execute your plans with confidence. Protect what is most important to you.

Your lucky numbers are 2, 9, 14, 23, 31, 44, 48.

a

ARIES (March 21-April 19): Share your dreams with someone you love and bring about positive changes to the way you live.

Speak from the heart, but with the wisdom that comes from past experience. Take extra care of your health and well-being. HHH

b

TAURUS (April 20-May 20): Get your facts straight and your personal papers in order. Dealing with government agencies and authority figures will turn out well if you are prepared. Helping someone with physical problems will encourage you to be more health-conscious. HHH

c

GEMINI (May 21-June 20): An unexpected opportunity looks promising. Consider what’s being offered and who is involved. Don’t let anyone pressure you into making a cash donation or covering costs that should be included automatically. A partnership agreement should be put in writing. HHHH

d

CANCER (June 21-July 22): Keep an open mind, but don’t feel like you have to agree with someone who is being frivolous or pressuring you. Anyone looking for an argument should be dealt with quickly. HHH

e

LEO (July 23-Aug. 22): Don’t waste time arguing. Get busy and make things happen that will improve your life. Using pressure won’t work, but offering incentives will. Children and seniors in your life will have an impact on the way things unfold. HHHH

f

VIRGO (Aug. 23-Sept. 22): Make positive changes, but don’t absorb more debt. Take the time to do the work rather than hiring someone to do it for you. You’ll gain confidence, respect and feel the satisfaction that comes from achieving your goals. HHH

g

LIBRA (Sept. 23-Oct. 22): Don’t get caught up in an emotional disagreement. It’s best to go about your business with a minimal amount of friction. Don’t try to change others. Focus on personal gains, learning and achieving your goals. HHH

h

SCORPIO (Oct. 23-Nov. 21): Emotions will surface when dealing with the people you work with. Your insight will help you tune in to sensitive issues that others may overlook.

A steady pace and hard work will be recognized and rewarded. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Your good nature and desire to be helpful will be taken advantage of by someone you least expect.

Disillusionment will set in if you trust someone you shouldn’t. Don’t let anyone stop you from doing the things you enjoy doing most. HHHH

L

By Lindsey Bahr The Associated Press

OS ANGELES—The Smurfs are feeling a little blue this weekend.

The third installment in Sony’s animated series, Smurfs: The Lost Village, made its boxoffice debut in third place, with $14 million—far behind family-friendly holdovers The Boss Baby and Beauty and the Beast, according to studio estimates last Sunday.

Featuring the voices of Demi Lovato and Joe Manganiello, Smurfs, which reportedly cost $60 million to make, has not charmed critics either. Its earnings were worse than the 2013 opening of Smurfs 2, which went on to gross $347.5 million worldwide despite a $17.5-million debut and a heftier $105-million price tag.

But the fate of the third Smurfs is not necessarily sealed, ComScore senior media analyst Paul Dergarabedian says.

“There are other revenue streams for films like this,” Dergarabedian said, noting international profits and home-video potential that could recoup production costs.

In first place, The Boss Baby added $26.3 million in its second weekend in theaters, bringing its North American total to $89.4 million. Sufficient buzz and the benefit of voice star Alec Baldwin’s popular portrayal of President Donald J. Trump on Saturday Night Live likely helped the film succeed, Dergarabedian said.

Meanwhile, Beauty and the Beast earned $25 million to take second place at the box office. In four weeks,

blind spot bruce c.

j

CAPRICORN (Dec. 22-Jan. 19): Sometimes it’s best to take your time and observe what’s happening around you. Exhibit common sense when dealing with people who are excitable or who respond emotionally. HH

k

AQUARIUS (Jan. 20-Feb. 18): Go back to your roots and you will discover something that will help you advance now. Revisit an old idea that was ahead of its time and rework it to fit current economic trends. Hard work will pay off. HHHHH

l

PISCES (Feb. 19-March 20): Don’t lend or borrow. If you want to donate something, offer your time, not your cash. Become a part of something you believe in or want to see change. It’s what you do that will bring the best results. HHH Birthday Baby: You are intelligent, cautious and reliable.

You are caring and straightforward.

A7

Shawn Mendes in Manila THE reason Shawn Mendes is very popular among young women is that he started on the video-sharing platform YouTube at the age of 12. As we all know, teenagers watch more YouTube than TV. After the postponement of his first concert in the Philippines, Mendes finally brought his Illuminate World Tour to Manila on March 18 at the SM Mall of Asia Arena.

Lucky Smart subscribers, thanks to Smart Music Live, got meet-and-greet, pre-event and VIP tickets.

This was actually Smart Music Live’s first event for

Disney’s live-action fairy tale has brought in $432.3 million domestically.

While the family films dominated, moviegoers had other options on a relatively quiet weekend. The tepidly reviewed buddy comedy Going in Style, starring Morgan Freeman, Michael Caine and Alan Arkin, opened in fourth place, with $12.5 million.

The faith-based drama The Case for Christ also launched with $3.9 million from 1,174 theaters.

In limited release, the Chris Evans drama Gifted took in $476,000 from 56 theaters, while the World War II drama Their Finest grossed $77,000 from four screens in New York and Los Angeles.

The relative quiet at the box office is ending soon.

The Fate of the Furious, the eighth installment in The Fast and the Furious franchise, speeds into theaters next weekend, followed by Guardians of the Galaxy Vol. 2 a few weeks later.

“There are a lot of box-office heavyweights looming on the horizon,” Dergarabedian said.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

1. The Boss Baby, $26.3 million ($37.5 million international) 2. Beauty and the Beast, $25 million ($36.1 million international) 3. Smurfs: The Lost Village, $14 million ($22 million international) 4. Going in Style, $12.5 million ($4.3 million international) 5. Ghost in the Shell, $7.4 million ($41.3 million international) 6. Power Rangers, $6.2 million ($6.1 million international) 7. Kong: Skull Island, $5.8 million ($16 million international) 8. Logan, $4.1 million ($2.7 million international) 9. Get Out, $4 million ($2 million international) 10. The Case for Christ, $3.9 million Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Ghost in the Shell, $41.3 million 2. The Boss Baby, $37.5 million 3. Beauty and the Beast, $36.1 million 4. Smurfs: The Lost Village, $22 million 5. Kong: Skull Island, $16 million 6. The Devotion of Suspect X, $9.1 million

7. Power Rangers, $6.1 million 8. Life, $5.8 million 9. Going in Style, $4.3 million 10. Extraordinary Mission, $3.6 million

the year. It was followed by the Fifth Harmony concert on April 5.

This was the first leg of Mendes’s world tour.

After Manila, he went to Japan and will make his UK, Germany, US and other stops for the rest of 2017.

Citing Bruno Mars, Ed Sheeran and John Meyer as his musical influences, the 18-year-old Mendes’s sophomore album Illuminate debuted at No. 1 on the US Billboard 200 with 145,000 equivalents album units sold. His biggest hit is “Stitches”.

For more information about Smart Music Live, follow Smart’s Facebook page, or @livesmart on Instagram and Twitter.

KIND TO WOMEN

NOT A GRACIOUS HOST

HE LIKES ’EM YOUNG

WHO is the model-sometime TV host who allegedly made a Grab driver wait for one hour while she dressed up? She then reportedly emerged from her townhouse mad at the driver who, the model-TV host claimed, had the audacity to text her several times.

The driver kept his cool, thinking the model-TV host would make it up to her with a fat tip. He was wrong. She didn’t and actually reported him to Grab for unprofessional behavior.

IN limited release in North America, the Chris Evans drama Gifted took in $476,000 from 56 theaters.

IN the 1990s they were the love team to beat, but they broke up because of a number of reasons.

The guy is now married, while the girl is still single. One time, someone asked the girl if the guy was a good boyfriend, and she replied, “Oh, yes, he was such a good boyfriend that he became a boyfriend to more than one woman.

He was kind to all women he met, if you know what I mean.”

We wonder if the actor is still that friendly to other women, considering his wife is very feisty.

THIS executive recently married a woman almost young enough to be his daughter. But that allegedly hasn’t stopped him from exploring other options.

The executive is reportedly seeing one of his company’s contract stars on the side. The star is a girl who could be his granddaughter.

The executive has always dated younger women, whether he was married (this is his second), single or in a relationship.

‘snail’s pace’ by timothy e. parker The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Without 5 From a great distance 9 At right angles to the length of a ship 14 A little chilly 15 Powdery starch from palms 16 Fine country residence 17 Golden Rule word 18 Formal legislative proposal on the bottom of the pile?

20 Runts 22 Witnessed 23 Yoko of music 24 Spread all about, as seeds 26 Wheel on a swivel 28 “Rat-a” end 31 In no time ____ (instantly) 33 Met’s lineup?

34 Theme of this puzzle 35 440-yard shape, often 39 Blueblood 40 Some Aspen rentals 41 Corduroy ridge 42 Jet stream direction 43 Mythological god of war

4 Playwright Henrik 4 45 Bleak gas gauge level 47 Savages 48 Large hawk 51 Rare result of a grounder to Machado 53 Start of the second qtr.

54 Supplemented 44-Down?

56 Horse-donkey hybrids 60 Like an awful stand-up comedian?

63 Keep the car warm in the driveway 64 Parishioner’s donation 65 Something Santa gives 66 Beacon for Rudolph 67 Got the wrinkles out of one’s pants 68 Garden tool 69 Secluded, narrow valley DOWN 1 Edible North Atlantic fish 2 Outstanding rating 3 It may be passed in class 4 Unlikely race winner?

5 State confidently 6 Not true 7 George Harrison song “All Those

Years ___” 8 British spats 9 Frank admission 10 Drill insertion 11 “Silas Marner” author 12 Unescorted 13 Plantation building 19 Some parrots 21 Airport info 25 Pikelike freshwater perch 27 Like all foods on the stove at a fire department?

28 End of a successful run?

29 Carpet stat 30 You can’t win with them 32 The five to a foot 34 Arrange alphabetically 36 Seemingly endless, as an ocean 37 Safe direction at sea 38 Glasses part 40 Scribe’s writing sheets of old 44 Daily vitamin ingredient 46 Made a cat sound 47 Horse attachment 48 Place for hot hops

9 Share equally 4 50 Typical start?

52 Large ratites 55 Inscribe on a trophy, e.g.

57 American ___ (TV show) 58 “What ___ can go wrong?”

59 Detected visually 61 “___ died and made you king?”

62 “Funny for words” starter Solution to yesterday’s puzzle:

Sports BusinessMirror

A8 Tuesday, April 11, 2017

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

SERGIO GARCIA MASTERS CHAMP

By Doug Ferguson The Associated Press

A

UGUSTA, Georgia—Sergio Garcia tugged the lapel of his green jacket with both hands, proud of his prize and how he earned it.

His hopes were fading on Sunday in the Masters—two shots behind with six holes to play—when his tee shot bounced off a tree and into an azalea bush, the kind of bad luck he had come to expect in the majors. Instead of pouting, he figured out how to make par.

Five feet away from winning, his birdie putt peeled off to the right. Usually resigned to fail, Garcia proved to be more resilient than ever.

He was a new man with a new title: Masters champion.

Major champion.

“It’s been an amazing week,” Garcia said, “And I’m going to enjoy it for the rest of my life.”

After nearly two decades of heartache in the tournaments that define careers, Garcia finally showed the mettle to win a major. He overcame a two-shot deficit against Justin Rose and won on the first hole of a suddendeath playoff.

No one has ever played more majors as a pro (70) before winning one for the first time.

Garcia got rid of the demons and the doubts with two big moments on the par 5s—one a par, the other an eagle—in closing with a three-under 69. It was never easy until the end, when Rose sent his drive into the trees on the 18th hole in the playoff, punched out and failed to save par from 15 feet.

That gave the 37-year-old Spaniard two putts from 12 feet for the victory, and his putt swirled into the cup for a birdie.

He crouched in disbelief, both fists clenched and shaking, and he shouted above the loudest roar of the day.

Rose, who also closed with a 69, graciously patted Garcia’s cheek before they embraced.

Rose then tapped Garcia on the heart, which

Undersized yet unstoppable

T

HE league’s most successful coach Tim Cone has nothing but inspiring words for his undersized import who played big in Barangay Ginebra San Miguel’s conquest in last season’s Philippine Basketball Association Governors’ Cup and in the ongoing Commissioner’s Cup. The Gin Kings have plenty of reasons to thank Justin Brownlee, who, despite standing 5 inches short of the height limit at 6-foot-5, consistently gave the crowd favorites solid games to prove doubters wrong that height doesn’t matter. “We’re playing with a small import, and he’s playing the way we envisioned him,” Cone said after their 113-98 Manila Clasico victory against Star last Sunday.

The Hotshots, previously unbeaten in four games, had no answers to Brownlee’s all-around game that even his athletic counterpart, Tony Mitchell, could not make the stops down the stretch. Brownlee led the Gin Kings with 30 points, 15 rebounds, six assists, four blocks and two steals, while Mitchell, who is three inches taller, had 22 points, six boards and one assist.

“He can play in and out, and he’s a good defender. It just sent a good message that we can compete in this conference with Justin,” Cone said.The Gin Kings are now at 2-1 won-lost. They opened the conference with a loss to Phoenix, 91-94, before beating GlobalPort, 113-96, last week. “It’s really a challenge for us because everybody’s preparing for us. It’s a challenge to play on a high level always,” Cone added.

The Gin Kings are in the middle of the pack behind Star, Alaska and TNT, all with 4-1 cards, Meralco with 5-1 and unbeaten leader San Miguel, 2-0.

SERGIO GARCIA crouches in disbelief, both fists clenched and shaking, as he shouts above the loudest roar of the day. AP

turned out to be a lot bigger than anyone realized.

“Ser-gee-oh! Ser-gee-oh!” the delirious gallery chanted to Garcia. He turned with his arms to his side, blew a kiss to the crowd and then crouched again and slammed his fist into the turf of the green.

All that Spanish passion was on display, raw as ever, this time sheer joy.

“Justin wasn’t making it easy. He was playing extremely well,” Garcia said. “But I knew what I was capable of doing, and I believe that I could do it.”

Garcia became the third Spaniard in a green jacket, winning on what would have been the 60th birthday of the late Seve Ballesteros. And it was Jose Maria Olazabal, who won the Masters in 1994 and 1999, who sent him a text on the eve of the Masters

telling Garcia to believe and “to not let things get to me like I’ve done in the past”.

He didn’t get down after missing a 6-foot putt on the 16th hole to fall out of the lead, or missing a five-foot birdie putt on the 18th hole that would have won in regulation.

His chin was up. He battled to the end.

“If there’s anyone to lose to, it’s Sergio. He deserves it,” Rose said. “He’s had his fair share of heartbreak.”

This was shaping up as another, especially after Garcia watched a three-shot lead disappear as quickly as it took Rose to run off three straight birdies on the front nine.

Tied going to the back nine, Garcia immediately fell two shots behind with wild shots into the pine straw bed under the trees.

Rose was poised to deliver a knockout on the par-five 13th when Garcia went left beyond

the creek and into the bush. He had to take a penalty shot to get out and hit his third shot 89 yards short of the green. Rose was just over the back of the green in two, in position to turn a two-shot lead into four.

Everyone figured this was coming, right?

Garcia himself had said, in a moment of self-pity, that he didn’t have what it takes to win a major. Four times he was a runner-up.

This was his third time playing in the final group. But right when it looked to be over, momentum shifted to Garcia.

He hit wedge to 7 feet and escaped with par.

Rose rolled his chip down to 5 feet and

missed the birdie putt. The lead stayed at two shots, and the game was on.

Garcia birdied the 14th to get within one.

His 8-iron into the par-5 15th — “One of the best shots I hit all week,” he said—landed inches in front of the hole and nicked the pin, and he holed the 14-foot eagle putt to tie for the lead.

Rose took the lead with an 8-foot birdie on the 16th and gave it back by missing a 7-foot par putt on the 18th.

Not since 1998 have the last two players on the course gone to the 18th tied for the lead, and both had their chances to win. Rose’s approach hit off the side of the bunker and kicked onto the green, stopping 7 feet away.

Garcia answered with a wedge that covered the flag and settled 5 feet away.

Both missed.

The playoff didn’t last long. Rose was in trouble from the start with a tee shot that sailed right, leaving him blocked by a Magnolia tree. He chipped out under the tree, hit his third shot to 15 feet and missed the par putt.

Former Masters champion Charl Schwartzel birdied the 18th for a 68 to finish third. Matt Kuchar made a hole-in-one on the 16th that gave him hope, but not for very long.

He tied for fourth with Thomas Pieters, who ran off four birdies on the back nine.

Jordan Spieth, starting the final round only two shots behind, put another tee shot into the water on No. 12 long after it mattered.

He had to birdie three of his last four holes for a 75. Also an afterthought was Rickie Fowler, who started one shot behind and shot 76.

All that mattered was Garcia and Rose, who delivered a final hour as compelling as any at the Masters and a champion who began to wonder if he would ever win a major.

Garcia says he has learned to accept bad bounces. He realized he has a “beautiful life” even if he never won a major.

“If it, for whatever reason, didn’t happen, my life is still going to go on. It’s not going to be a disaster,” Garcia said.

And then smiling, he added, “But it happened.”

WESTBROOK SETS RECORD D

ENVER—Russell Westbrook broke Oscar Robertson’s 56-year-old record with his 42nd triple-double of the season last Sunday, then broke the Denver Nuggets’ hearts with a buzzerbeating three-pointer for a 106-105 victory.

That eliminated the Nuggets from playoff contention.

Westbrook had 50 points, 15 rebounds

and 10 assists in breaking Robertson’s record of 41 triple-doubles that had stood since the 1961-62 season.

Westbrook’s record-breaking assist came with 4:17 remaining after a series of missed shots delayed his historic moment.

With his triple-double in the books, Westbrook scored his team’s final 13 points, including a 3-pointer as the buzzer sounded after a time-out with

2.9 seconds left.

Kyle Single inbounded the ball to Steven Adams, who fed Westbrook for the winner.

Danilo Gallinari scored 22 of his season-high 34 points in the third quarter to lead the Nuggets, who were hoping to take the race with Portland for the final Western Conference playoff spot down to the final two games.

L.A. CHURNS IN BIG NUMBERS FOR KINGS NBA RESULTS B ARANGAY Ginebra has won its last two games this past week, and part of that has to do with top playmaker LA Tenorio, who has complemented do-it-all Justin Brownlee early in their Philippine Basketball Association (PBA) Commissioner’s Cup campaign.

True, Brownlee was the catalyst in Ginebra’s back-to-back wins over GlobalPort and bitter rival Star, but in both games, Tenorio also stood tall, supplying the offense and bringing in his usual steady leadership for the crowd favorites.

It’s no wonder the 32-year-old Tenorio’s heads-up play earned him the Accel-PBA Press Corps Player of the Week Award, beating a host of candidates led by Kings teammate Sol Mercado, TNT’s Jayson Castro, Troy Rosario and Ranidel de Ocampo, San Miguel Beer’s June Mar Fajardo, Meralco guard Baser Amer and Blackwater’s

Mike DiGregorio. Against the Batang Pier, Tenorio came up with an all-around effort of 15 points, six rebounds, four assists and two steals, as Ginebra completed its comeback from a 19-point deficit for a runaway 113-96 win last Wednesday.

The former Ateneo standout reprised his role as Brownlee’s chief backup, firing a personal conference-best 21 points, including eight in the final period as Ginebra reasserted its mastery over Star, 113-98, during the PBA’s 42nd anniversary on Sunday at the Mall of Asia Arena.

Tenorio is averaging a career-best 16.33 points, to go along with 3.67 rebounds and 3.33 assists in the Kings’ first 3 games this conference. Ginebra now heads to a nine-day break and will return to action on April 19 when it clashes with winless Nlex at the Cuneta Astrodome.

Toronto 110, New York 97

Atlanta 126, Cleveland 125, OT Oklahoma City 106, Denver 105 Detroit 103, Memphis 90 Houston 135, Sacramento 128 Phoenix 124, Dallas 111 LA Lakers 110, Minnesota 109

LA TENORIO is named Player of the Week.

Vincent Juico @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

Pay student-athletes?

W

ITH the recently concluded March Madness and college football season in the US National Collegiate Athletic Association (NCAA), both collegiate sports marked by intense competition, student-athletes spend a substantial amount of time training almost like a professional athlete does, which begs the question, should student-athletes be paid? Advertisers pay a lot of money to advertise their products and services to be seen on national television.

In collegiate sports, you see company logos of sponsors on the jerseys of studentathletes. Men’s and women’s basketball and college football generate the most revenue in the US NCAA. In the Philippines you have men’s basketball and women’s volleyball selling the most tickets among all college sports. There are pros and cons of paying student-athletes.

In the US NCAA, it is against recruiting rules to even give a recruit or a student athlete a single cent, cars and employment for their parents. Sports programs have had their scholarships taken away, suspended from postseason play and banned for a season or two due to various recruiting and studentathlete violations. In the University Athletic Association of the Philippines, there have been rumors of student-athletes receiving allowances as early as high school. In college, there have been persistent reports of recruits receiving cars, condominiums and recruits’ parents given employment. There are no recruiting rules in Philippine collegiate sports.

This being the case, schools, colleges and universities do whatever is necessary to recruit the best high school players in the country. Does this violate unwritten rules of recruitment? Paying student-athletes as early as high school teaches them financial literacy, which should ideally be one possible effect. However, shouldn’t their parents be teaching these kids the value of money and handling their finances? Will making money before they even finish school affect their work ethic? Will they still want to finish school since they’re already making money? Shouldn’t student-athletes be compensated for bringing honor and glory to the school? The TV deals between US TV networks and the US NCAA runs into the millions of dollars. Does some of the money trickle down to the studentathletes? If a student-athlete suffers a career-endinginjury, then does he or she lose his or her athletic scholarship? The student-athletes are the stars of the league, then why isn’t part of the money given to them? Here on our shores, you have student-athletes doing endorsements, commercials, ramp modeling and hiring managers and agents to represent them, receiving cash prizes and gadgets from sponsors as a result of winning individual awards. How does this figure in the scheme of things as far as the Games and Amusement Board (GAB) is concerned? The GAB’s position is very simple (or simplistic); if you receive money or its equivalent, then you’re a professional.

Opinion BusinessMirror

Editor: Angel R. Calso • Tuesday, April 11, 2017 A9

editorial

Real religion

T

he Philippines is predominantly Catholic, with around 84 million Catholic citizens, making it the third-largest Catholic country in the world after Brazil and Mexico and one of two predominantly Catholic countries in Asia (East Timor is the other).

Our nation enjoys a pragmatic and mutually beneficial relationship with the bishop of Rome, also known as the pope, who heads the entire Catholic Church. We have entertained four papal visits to date, undeniably showing Filipinos’ immediate and emphatic connection with The Holy See. Our country has two saints, Pedro Calungsod and Lorenzo Ruiz. Going by the number of religious festivals we have here, the places of worship that dot our landscape, and the religious symbols we see at homes and workplaces and worn by people, one can’t deny by casual observation that Filipinos seem to be a very religiously Catholic people.

But is it the kind of religiosity where one can do what one wants for as long as he or she goes to Mass on Sundays, says the rosary, or performs the rituals during Holy Week?

We have often heard it asked, “How can a people so religious be so corrupt?”

Could it be the lack of synchronicity between our religiosity and the ethics we practice or do not practice in government, in workplaces, in society, in general?

The Philippines slid further down in the annual Corruption Perceptions Index of antigraft watchdog Transparency International (TI) with a score of 35 for 2016 and a ranking of 101st out of 176 countries. We were ranked 95th out of 168 countries in 2015 and 85th out of 175 in 2014.

Our poor ratings in corruption surveys always lead to pointing the finger at government. Bureaucrats and politicians are blamed for the official corruption that drains public coffers of its already meager resources. But the truth is, private corruption is just as extensive and extreme. There are many in the private sector who themselves are not paragons of virtue, and private corruption may be just as responsible as public corruption is for making the lack of integrity a societal problem.

We don’t mean to sound preachy but, perhaps, it is just appropriate to be asking these questions of Catholics during this Holy Week. Because the Catholic faith, like any faith, would be nothing more than false enthusiasm and empty phrases if it is not accompanied by appropriate action, if it is not lived and fulfilled in the lives of its faithful.

Now, more than ever, Filipino Catholics are being called to live out their faith, to stand out, instead of just standing on the sidelines. It is perhaps time to animate the Catholicism of this predominantly Catholic nation.

It is time perhaps for Filipino Catholics to become more Catholic, at least in the truer sense of the word that means universal and all-embracing. To be less quick to criticize and more ready to forgive.

It is perhaps time to show Catholicism in such everyday problems like Metro Manila’s usually chaotic traffic, to be more peaceful and calm on our roads, to show some love, even a touch of divinity, by forgiving other motorists who split lanes or whose vehicles roar past us or swerve and cut us off.

It is perhaps time to be more kindly in our manner, offer beatific smiles to people we encounter every day, even strangers or people who are less than deserving.

In a country where political and social movements like the 1986 Edsa People Power Revolt look to religious figures for inspirational leadership, moral legitimization and even organizational muscle, it is probably relevant to remember that our Catholic religiosity should be rooted in human experience.

Such was Saint Pope John Paul II’s reminder to people to be holy in their daily lives—a call for ordinary holiness.

Holiness is not always extraordinary and otherworldly. Holy, too, is the single mother who struggles to put her kids through school, or the public official who refuses to succumb to corruption, or the father who battles to overcome his alcoholism.

These are examples of holiness we could better relate to and imitate, and there are a lot more if we care to look beyond the miraculous and merely religious.

We could be these very examples. Not just this Holy Week.

Since 2005

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Manny B. Villar

THE Entrepreneur Continued from A1

A

bout a year ago, I predicted that tourism could be the third of a three-legged stream of foreign-exchange earnings for the Philippine economy, the other two being remittances from overseas Filipinos and the business-process outsourcing (BPO) industry.

Now, it’s clear that foreign exchange and dollar investments are not the only benefits we get from tourism. Domestic travelers are increasing their share in the industry.

The growth of domestic tourism has several important implications.

First, it reflects the growing middleclass population of the Philippines.

Second, it helps generate more employment than if the industry would depend only on foreign visitors.

Third, it increases the tourism industry’s contribution to the economy.

Foreign visitor arrivals, according to the Oxford Business Group, have been increasing at an average of 8 percent a year in the past five years, based on statistics from the Philippine Statistics Authority (PSA).

On the other hand, the Oxford Group’s report, titled “The Philip-

pines’ Tourism Sector Poised for Gains”, notes that domestic tourism has been growing much faster— by an average of 14 percent a year.

The report attributes this to the expansion of the budget airlines and the young and growing middle class, thanks to the booming BPO industry.

While foreign visitor arrivals, at 5.9 million, fell short of the original target of 10 million, the target of 56 million domestic tourists was likely reached because that number was already breached in 2015.

In a separate report, the World Travel and Tourism Council (WTTC) says travel and tourism generated 2.22 million jobs directly in 2016 (5.5 percent of total employment in that year). The tourism industry’s total contribution to employment (including wider effects from

The growth of domestic tourism has several important implications. First, it reflects the growing middle-class population of the Philippines. Second, it helps generate more employment than if the industry would depend only on foreign visitors.

Third, it increases the tourism industry’s contribution to the economy. investment, the supply chain and induced income impacts) was 7.36 million last year (18.1 percent of total employment).

For 2017, direct employment in the tourism industry is expected to increase by 5.3 percent to reach 2,336,500 jobs, while total contribution to employment (direct and indirect jobs) is projected to grow by 4.4 percent to reach 7.68 million.

With respect to the economy, the WTTC’s report on the Philippines’s tourism industry estimates the total contribution of the industry to GDP at P2.85 trillion ($60.1 billion), or 19.7 percent of GDP, in 2016.

The tourism industry, according to the WTTC, received a total of P89.6 billion ($1.9 billion) worth of investments last year.

Spending by domestic tourists is expected to reach P2.097 trillion this year, up 6.9 percent from last year.

Foreign visitors, on the other hand, are expected to spend P351 billion,

Why the stock market is going up

Max V. de Leon Jennifer A. Ng Dionisio L. Pelayo Vittorio V. Vitug

Online Editor Social Media Editor

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Domestic tourism: Hot as summer

John Mangun

OUTSIDE THE BOX

L

ast week the Philippine stock market broke out a long period of range trading stretching back to the first of the year. The only comparable event like this occurred at the market bottom in 2009. On February 28th I wrote, “But eventually—coming like the rains in California—this will end”, and it looks like the “drought” ended last week.

Some commentators are saying that what we went through is a “consolidation” phase. However, that is not exactly accurate. The textbook definition is: “The term for a stock or security that is neither continuing nor reversing a larger price trend.

Consolidated stocks typically trade within limited price ranges and offer relatively few trading opportunities until another pattern emerges”.

At the end of February, I also wrote: “Stock picking in March 2017 is going to be exciting and challenging. But also it is going to be exceedingly profitable finding lush oasis in

the middle of a dry wasteland”. The month of March was far from consolidation with “limited price ranges and offer relatively few trading opportunities”.

Ayala Corp. gained over 7 percent in March, as did Bank of the Philippine Islands and LTG Group, and not all of the gains came at the end of the month. Globe Telecom was up all month for a net gain of 11.16 percent, and International Container Terminals Inc. had an 18.29-percent increase. But there were also big losers. Metro Pacific Investments Cor p. and DMCI

Holdings both lost over 10 percent.

Fourteen of the 30 Philippine Stock Exchange Composite Index (PSEi) issues gained or lost more than 5 percent in March. That is not consolidation trading.

I also wrote that “Stock market investors are trying to figure out how they want to adjust to 1) higher oil prices that see little trend of going back down; 2) local interest rates that are trading up and down against support and resistance; and 3) the five-month depreciating trend of the peso”.

As it turned out, oil prices have stabilized, in spite of the normal “wild daily fluctuations”, to give the traders some profit opportunities.

Local interest rates have not moved, even as the Federal Reserve raised rates slightly. Notice that Western stock markets are also stable—for the time being. Finally, the Philippine peso did not go to the gloomand-doom levels predicted by the “experts”.

Ninety percent of the time, stock prices are driven by the buyers. For the past 45 days, sellers have been holding, waiting for something, anything to break the range. The declines in March were normal

up 11.1 percent from a year ago.

Beyond the numbers, the booming domestic tourism is difficult to ignore, as the private sector responds by building more hotels and restaurants.

We see the flurry of activities at the Entertainment City and the progress at the Bonifacio Global City, as well as in Davao, Cagayan de Oro and many other places.

The global brands of hotels have established presence in the Philippines—Crowne Plaza, Grand Hyatt, Holiday Inn, Conrad and Marriott, to name a few. The Oxford Group says the next few years will see hotels under the management of Novotel Emerald Suites, Okura, Radisson Clark, Savoy, Sheraton, Shangri-La, Swiss-Belhotel and Westin.

Hotel brands are also rising outside Metro Manila, including a Courtyard by Marriott in Iloilo City, and Crimson Resorts in Boracay. A Dusit Princess and a Sheraton are scheduled to open in Mactan, Cebu, in 2018.

The good thing about tourism is its nationwide scope—the top destinations are spread throughout the country—so the benefits of growth are able to reach the countryside, which makes tourism more significant in the government’s efforts to make economic growth more inclusive.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

selling activity going into buyers being absent. The stocks that did go up were the results of relatively limited buying pressure that did not encounter any serious selling.

But when buyers looked at the overall March result—the servicesector index gained 8.68 percent, even though property issues were down 3.87 percent—buyers collectively realized the predicted zombie apocalypse that was going to send prices down 10 percent or 20 percent was not playing out. Time to push the “Buy Button” in order not to miss out on the move higher.

Also from my February 28th column: “Buyers do not want to be late, believing that a break of resistance will move the PSEi to 7,800 or whatever”. That is why we did not break below support levels in March, and why we have now broken above the resistance area in April. Now we need follow-through to reach the historic high once again. For the moment, that is a safe bet.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

A10 Tuesday, April 11, 2017

Peace talks won’t go far without cease-fire

Success stories Edgardo J. Angara

Ernesto M. Hilario

ABOUT TOWN

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seriously doubt that the political negotiations between the Duterte administration and the communist-led National Democratic Front (NDF) will move forward and reach a comprehensive peace agreement without a joint cease-fire.

The fourth round of the peace negotiations were held last week in the Netherlands with neither side declaring a unilateral cease-fire.

The NDF had said it would declare a unilateral cease-fire a day before the resumption of the fourth round of the current peace talks but did not do so.

The Armed Forces, for its part, also did not declare a unilateral cease-fire.

In short, while the negotiators on both sides wear broad smiles as they pose for photo opportunities at the start and end of each session, their forces on the ground are grim-faced and ready, willing to kill each other with every weapon in their respective arsenals.

This situation does not inspire confidence at all that the talks will make significant progress.

The military now tries to go on the offensive in areas where the New People’s Army (NPA) operates and to decimate the ranks of the rebels with their superior number and weapons.

The NPA will also engage the military in the various areas where they operate, particularly in parts of Mindanao where they have established a foothold.

Full-scale war will certainly lead to casualties on both sides. The military will not hesitate to arrest highvalue targets, such as leaders of the Communist Party of the Philippines and the NPA. The NPA will still try to capture soldiers and policemen as bargaining chips in the negotiations and as a propaganda tool to show that they are a force to reckon with.

Previous peace talks starting in the post-Edsa era did not go far enough, aside from agreements on security of negotiators and on international human-rights agreements.

The focus of the talks—the substantive matters involving social and economic reforms, as well as political and constitutional reforms—will take time to thresh out, even as the two sides already have working drafts.

Both panels appeared optimistic when they faced the media at the start of the fourth round of talks, but acknowledged that the negotiations would be tough even as the Norwegian government still stands as third-party facilitator.

Just how tough the political negotiations will be can be discerned from President Duterte’s conditions for the government to declare a joint cease-fire.

First, there should be a clear parameters or terms of reference for the cease-fire. Second, the government will not recognize any territorial claims by the rebels. Third, the rebels should stop the collection of revolutionary taxes and refrain from criminal acts, such as extortion and arson. And, fourth, the rebels should release all their captives.

The NPA is not expected to stop the collection of revolutionary taxes as this is the source of funds to maintain their standing army and mass organizations.

And if the military will not budge from its all-out war stance, there isn’t likely to be a joint cease-fire anytime soon.

GRP chief negotiator and Labor Secretary Silvestre H. Bello III has said he expects a difficult phase in the peace talks with the NDF “given the diversity of the positions taken by the parties on the issues at hand”.

The fourth round of talks succeeded in forging an agreement on the NDF demand that, as part of genuine agrarian reform, farmers should be given land for free. How that would be implemented is still up in the air. There are issues that should be resolved, such as just compensation for landowners, that is guaranteed by the Constitution.

The NDF wants big tracts of land such as Hacienda Luisita to be expropriated and given free to tenant farmers who have worked there for decades, but it’s not going to be easy to do that without opposition from the Cojuangco-Aquino family.

We do not expect the current peace talks to produce dramatic results with armed hostilities taking place and the armed components of the two sides aiming for the jugular and trying to decimate the other with hammer and tongs. But if by some miracle they make progress and decide to finally stop fighting and forge a comprehensive agreement, then we will gladly welcome this after 50 long years of violence and bloodshed.

E-mail: ernhil@yahoo.com.

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rwin Macua worked as a security guard in Saint Theresa’s College, Cebu City, for nearly two decades. This month he has graduated from the same school with a bachelor’s degree in Elementary Education, cum laude.

A husband and father of three, Erwin enrolled for a degree in 2013.

At night, he did his guarding duties from 7 p.m. to 7 a.m. And during the day, he studied full time, carrying a load as full as his classmates’.

He paid for his matriculation fees on his freshman year using all his savings. For subsequent academic years, an anonymous donor covered his tuition for the rest of his program.

Intellectual Property Matters I call upon other government entities and instrumentalities, including state universities and colleges and local government units, and the private sector to participate in the celebration [of the National Intellectual Property Rights Month].”

—President Duterte (Proclamation 190, April 4, 2017)

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stensibly invisible. Ubiquitous. Discounting God’s creations and those naturally occurring in nature, just about everything you see around are the products of man’s creativity, ingenuity, curiosity, or necessity for addressing needs. From womb to tomb, from sunrise to sunset, from the moment we wake up and even while asleep, we are exposed to, and using and enjoying, all sorts of intellectual property (IP)—it may even be inside our bodies! Unknowingly, intentionally or not, we may be creating IP. IP refers to creations of the mind.

This may be in the form of an invention, such as a cell phone or medicine; a design, such as that of a chair, a car,

or a toothbrush; a name, symbol, or image used in commerce, such as the name of this newspaper or a company logo; literary and artistic works,

Credit should be given, as well, to our mass-education system that enables ambitious and gifted Filipinos to ascend the social and economic ladder. With the passage of the proposed Free Higher Education for All Act, we expect to see more Erwins, Regines and Meriams.

Regine comes from fisherfolk parents, with two other siblings.

Her father goes out to sea at 3 a.m. and spends 12 hours fishing.

His average catch a day is worth P700 to P1,000. Regine’s mother would sell the catch on the roadside near their nipa hut.

Meriam Libongcogon has graduated from the Philippine Military Academy’s (PMA) Salaknib Class of

Congress must look at Epira now Cecilio T. Arillo

database

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HERE is no subject further stirring up the public’s social and economic interests than rising electricity bills. After all, this affects households, commercial and industrial sectors.

When the Electric Power Industry Reform Act (Epira), or Republic Act 9136, was signed into a law on June 8, 2001, by then President and now Pampanga second District Rep. Gloria Macapagal-Arroyo, it was supposed to ensure quality, reliable and cheap supply of electricity.

Likewise, in its declaration of policy, the law shall “protect the public interest as it is affected by the rates and services of electric utilities and other providers of electric power”.

Exactly 16 years after the Epira was passed, consumers continue to bear skyrocketing electricity rates and experience brownouts, not to mention a big section of the country’s population—especially in Mindanao and the rural areas—still remain without electricity. Incongruously, these are the striking opposite of the things promised by Epira, particularly after President Arroyo said in her Ninth State of the Nation Address on July 27, 2009: “The next generation will benefit from low prices from our Epira.”

Why, then, do problems continue to beset the power industry?

It is worth noting that another objective also written in Epira’s declaration of policy was to “provide for an orderly and transparent

April is national IP rights month Josephine Rima-Santiago

While still waiting to take the licensure exam for teachers, Erwin continues to do his security job for Saint Theresa’s College at night.

Regine Villamejo recently graduated magna cum laude from the University of San Jose RecoletosCebu City, with a bachelor’s degree in Liberal Arts and Commerce, majoring in communication and marketing.

opinion@businessmirror.com.ph

such as news and editorial articles, films, or computer programs; your mother’s secret recipe for paella; a layout design of integrated circuits, such as those found inside laptops and television sets. n The IP system. Such creations of the mind are protected as property within an IP system, which is, in turn, carved within in a state’s legal framework. Thus, we have protection for patents, industrial designs, trademarks, copyright, trade secrets, just to name a few. An IP system, likewise, provides rules for the ownership of such creations, from where a bundle of exclusive rights, IP rights, are vested upon the rightful owner.

The Philippine IP system is firmly rooted in our legal infrastructure, originating as early as the Spanish colonial period. Protecting and securing the exclusive rights of scientists, inventors, artists, and other gifted citizens to their IP and creations, particularly when beneficial to the people is a guarantee of the 1987 Constitution. To breathe life to such

privatization of the assets and liabilities of the NPC”. Epira changed the Philippine energy landscape, as it accelerated the privatization and deregulation of all powerindustry sectors.

Debilitating giveand-take policy

A fundamental question is who benefited and suffered most from Epira? With private companies venturing into power generation, the situation piled profits for the oligopoly of a few corporate elite families that have long-entrenched business interests.

Under Epira, power purchase agreements (PPAs) are legitimized, giving birth to “take-or-pay” arrangements that compel consumers to pay for the production costs of electricity as projected by private corporations and not for the actual electricity they consume.

While PPA is no longer reflected in current electricity bills, it is bundled into other charges, such as generation, transmission and distribution rates, as well as systems loss charges. The public is also paying for National Power Corp.’s (NPC) stranded debts still amounting to billions of pesos, in the guise of “universal charge.” These NPC debts

guarantees, Congress has passed several laws on IP, the latest being the Intellectual Property Code (Republic Act 8293) and its amendments. n Why protect IP? An effective intellectual and industrial property system is vital to the development of domestic and creative activity, facilitates transfer of technology, attracts foreign investments, and ensures market access for our products.

More important, the IP system is designed to spur innovation for the progress of humankind. By granting incentives in the form of limitedterm exclusive rights, the IP system encourages competitive behavior among the people to pursue innovative and creative activities. On the other hand, IP also serves as a tool for improving the lives of people, as well as promoting public good. The limitations to the exclusive rights conferred by law to the creators of intellectual are mechanisms to ensuring balance of rights between the owner of such rights and the public. n Celebration of the IPR

Under Epira, power purchase agreements are legitimized, giving birth to “take-orpay” arrangements that compel consumers to pay for the production costs of electricity as projected by private corporations and not for the actual electricity they consume. continue to grow despite repeated power-rate increases intended to cover it, and ordinary consumers, in fact, shoulder these rate increases.

It is also Epira’s aim to “ensure transparent and reasonable prices of electricity in a regime of free and fair competition.” After its enactment, the control of more than half, or 52 percent, of the total generation capacity of the country is chiefly at the mercy of top power players, including the Lopez Group, San Miguel Energy Corp., AboitizPower and the group of businessman Manuel V. Pangilinan.

Another unquestionable fact is that power rates have steadily spiked up since the private sector came to control it. In fact, the Philippines is seen as one of the countries with the most expensive power rates in Asia.

This, in turn, discouraged foreign investors to build industries here as they diverted their projects to neighboring Indonesia, Malaysia, Thailand and China, where power costs are much cheaper.

Critical issues

AS shown by the experience of US, New Zealand and countries in Latin America and Asia, privatization of

Month. On April 4 President Duterte signed Proclamation 190 declaring April of every year as National Intellectual Property Rights (IPR) Month. It stemmed from a felt need to expand the celebration from formerly a week (Proclamation 79, series 1992) to a month, allowing a longer time to hold a series of programs and activities to educate various sectors of the public and raise appreciation for the relevance of IPRs. Its cross-cutting importance in the economic competitiveness of the country cannot be stressed enough: IP involves not only various business sectors, but also the health and safety industry sectors; creative, innovation, as well as research and development sectors; inventors and other stakeholders, consumers and enforcement efforts, among others.

Likewise, April is also host to international celebrations involving IP: the World Book and Copyright Day every April 23, and the World Intellectual Property Day every April 26; thus, moving the

2017. She has always been a studious student, earning medals and honors.

At 16, she worked as a housemaid to support her family. Meriam learned about the PMA, took the examinations and passed it. With her savings and at age 25, she became one of the country’s newest Philippine Navy ensigns.

Erwin’s, Regine’s and Meriam’s are among the exemplary stories worth retelling and repeating. They show that one can succeed with diligence, perseverance and talent. Credit should be given, as well, to our masseducation system that—despite its warts and weaknesses—enables ambitious and gifted Filipinos to ascend the social and economic ladder.

With the passage of the proposed Free Higher Education for All Act, there will be more Erwins, Regines and Meriams.

E-mail: angara.ed@gmail.com, Facebook and Twitter: @edangara

the power sector has failed to ensure public benefits as promised. Thus, in many cases, the reform programs created more problems for consumers or whole communities.

In the past 14 years the world also witnessed a series of disastrous blackouts, skyrocketing power rates, increasing corruption and financial problems in the power sector. Serious brownouts in some parts of the US over the past eight years brought to light the grim consequences of deregulation and privatization of the power sector.

Actually, the Asian Development Bank and World Bank’s powersector reform programs came from an erroneous diagnosis that public ownership and government monopolies inherently lead to poor performance of public utilities and the eventual financial ruin.

The Freedom from Debt Coalition, a highly reliable private think tank organization, said these wrong prescriptions, in effect, allowed the government to abandon its social contract that existed with its constituents by surrendering its obligation to private hands after setting up the electricity infrastructure.

Retrospectively, the serious lack of consumer protection and transfer of corporate debts into public liabilities must quickly steer our lawmakers into action to reexamine Epira, and require Department of Energy Secretary Alfonso G. Cusi to explain why the energy sector has gone from bad to worse beyond frequently issuing motherhood press releases that tend to cover up the real picture.

To reach the writer, e-mail cecilio.arillo@ gmail.com.

celebration to April is strategic. n National IPR Month activities. The Intellectual Property Office of the Philippines (IPOPHL) as the lead agency in this celebration, has lined up activities for the public: April 26 is the launch of the photo contest with the theme, “Filipino Innovations: Improving Lives”; the World Book and Copyright Day Celebration will be held at the Quezon City Circle. April 26 is the launching of online filing system for patents—completing the IPOPHL’s range of online filing services for trademarks, utility models and industrial design applications.

For more information about our activities this month and on intellectual property, visit www.ipophil. gov.ph.

Josephine Rima-Santiago, Ll. M., is currently the director general of the Intellectual Property Office of the Philippines. She has had more than 20 years of extensive experience in IP as a public servant, educator, practitioner and researcher. She may be reached through mail@ipophil.gov.ph.

Tuesday, April 11, 2017 A11

‘SINEASTER’BY OLAN VENTURA AT BENCAB MUSEUM

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ENT is a time when Filipino Catholic tradition manifests itself in so many cultural expressions. One of these is the reenactment of the Passion of Christ by penitents who self-flagellate and allow themselves to be crucified as a fulfillment of a vow. Such practice often evokes an atmosphere of sorrow and violence: the faithful inflicting wounds on the flesh, bathed in sweat and blood under the scorching summer heat, and voluntarily submit to pain and physical suffering. Inspired by this annual event in his hometown ofMalabon and Navotas, Olan Ventura gathers old photographs he took to document the spectacle and appropriates them for his solo exhibition SinEaster at theBenCab Museum this April.

Featuring new works on canvas, SinEaster combines the words “sin” and “Easter” as direct references to the beliefs and practices surrounding the Catholic observance of the Holy Week. At the sametime, it works as a pun suggesting hidden evil, harm, or danger, expressed in the rendering of the works as film negatives which obscure the macabre imagery that the practice is known for. Through such intervention, Ventura highlights the performance of faith and offers a timely reflection on the true meaning of repentance and sacrifice.

The exhibition is curated by RuelCaasi.

Rolando Ventura studied Fine Arts at the University of the East and has gained recognition from major painting competitions where he received various awards. He has exhibited in numerous group and solo shows in the

HOPPY EASTER AT DIAMOND HOTEL

J Philippines and abroad.

Museum visitors can also view 18th- to 19th-century Philippine Religious Engravings, an exhibition of estampas or printsof religious icons,at Print Gallery. The fine pieces on exhibit are restrikes hand-printed from the original copper engravings by Francisco Suarez, Vicente Atlas, Phelipe Sevilla, Ysidro Paulino, and some anonymous artists. Both exhibitions will be on view from April 12 to June 11.

BOUNTY FRESH CHICKEN NAMED ONE OF TRUSTED BRANDS IN THE PHILIPPINES

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OUNTY Agro Ventures Inc. (BAVI) Assistant Vice President for Marketing,Kathlene Gomez (center) is presented with the Gold Award at the Reader’s Digest Trusted Brand Awards ceremony held at the Marco Polo Hotel in Pasig City.

With her are BAVI Senior Brand Supervisor Patricia Abiog (left) and Reader’s Digest Asia Pacific Group Advertising and Retail Sales Director Sheron White (right).

Bounty Fresh Chicken has cemented anew its stature in the fresh chicken industry after it was voted by consumers as one of the Trusted Brands for 2017 in Reader’s Digest’s annual consumer survey.

Bounty Fresh received the Gold Award, which is “given to brands that scored significantly higher than their rivals.”

The award was based on a poll commissioned by Reader’s Digest. The survey aimed to identify the brands most trusted by Filipino consumers. Winners are determined by six attributes—trustworthiness and credibility, quality, value, understanding of customer needs, innovation, and corporate social responsibility.

“Being a consumer brand, we put a prime in the quality of our products, and consumer trust is very important to us. Trust is at the core of our business,” according to Kathlene Gomez, Assistant Vice President for Marketing of Bounty Agro Ventures,

Inc., the company which co-manages Bounty Fresh with Bounty Fresh Food, Inc. “With this award, consumers can expect that we will further push boundaries and set higher benchmark.”

Prior to this award, Bounty Fresh Chicken was dubbed as Asia’s Best after scooping the Asian Livestock Industry Award for Best Poultry and Livestock Company in 2009, the first in the country to achieve the prestigious recognition. This feat served as a big boost to the country’s poultry industry as Bounty Freshbestedother Asian countries, including major poultryproducing countries India, Indonesia, Malaysia, and Thailand.

Recently, underscoring its commitment to providing best quality products to its consumers, Bounty Fresh launched the “LakingFarmfresh” campaign. This boosts of “LakingFarmfresh” chickens that are raised in “malinis, maluwag, and maaliwalas” farms and plants that meet the highest standards of food quality and safety.

The Trusted Brands Award was first launched in Asia in 1999. Since then, it has built a solid reputation as the “premier consumer-based survey in Asia, providing an objective and reliable reference for consumers throughout the region” as this was based on the opinions of ordinary consumers.

Bounty Fresh Chicken is also used by quality retail brands Chooks-to-Go, Uling Roasters, and ReyalLitsonManok.

RIZAL PROVINCE, A RETIREE-FRIENDLY LGU

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RA General Manager Atty. Benjie K. Chy met with Governor Rebecca A. Ynares on April 7 purposely for the forging of an agreement between PRA andthe province of Rizal for the latter to be considered as a retiree-friendly area.

The incumbent governor is the spouse of former governor Ito Ynares who has been a longtime friend and confidant of PRA GM Chy. In one occasion, Chy and Ynares planned to put up retirement facilitiesin the province of Rizal to cater not just the foreign retirees who made the Philippines their second home,

but the Filipino elderly, as well. Ynares took pride of the province’s advantages for retiring foreign nationals, which includes its allyear round cool weather, abundance in nature and vegetation, with attractive tourist destinations, not to mention the existence of modern medical facilities, malls, golf courses, etc. Being eyed for the top post of the Department of Interior and Local Government, Ynares, who is an avid supporter of PRA, will surely be a big boost for the retirement industry, as it will strengthen PRA’s efficient collaboration with the LGUs nationwide.

CANNES-NOMINATED MAPÚAN SWEEPS AWARDS IN INTERNATIONAL FILM FESTIVALS

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FTER receiving one prestigious laurel after another in film festivals across the world for his short film Imago, Mapúa Institute of Technology alumnus Raymund Gutierrez is making a name for himself in the liberal arts world.

A graduate of Bachelor of Science in Multimedia Arts and Sciences from the School of Multimedia and Visual Arts, Gutierrez has been bagging numerous awards in various film festivals since his nomination for a Palme d’Or in the Short Film tilt of the 69th Cannes Film Festival in 2016, his badge of honor in the film industry.

In 2017, Gutierrez’s Imago bagged the Edward Snowden Award at the 15th Internationales Festival Zeichen der Nacht held in Berlin. This comes on the heels of acclaims that Gutierrez received in 2016. He won Best Short Film in the Toronto International Film Festival, Best Short Film in the Stockholm International Film Festival, and Best International Short Film in the London Short Film Festival. The short film has also been screened at the Busan International Film Festival and at the Melbourne International Film Festival.

Despite the worldwide recognition that Imago is now enjoying, Gutierrez recalled the humble beginnings of his short film. With a small crew, crowded locations, and limited resources, filming was peppered with many challenges. “I made the film over about three days. Sometimes, my staff would have two roles to perform in the set. Secondly, I had to revise the script after the shoot because the main idea that I thought of was not working. I decided to rewrite and reshoot the film,” said Gutierrez. “Third, we were working with a very limited budget, so every minute during the shoot mattered.”

“I had to rely and collaborate with my team who are more experienced in filmmaking,” he stated.

Gutierrez said that his primary motivation in Imago, and his work in general, are his referents. “The fact that they

entrusted me their stories feels like a responsibility to tell it truthfully. Stories that are not sensational but in fact gradable,” he stated.

It is this attachment to real life that makes Imago stand out from others, according to Gutierrez. He shared that Imago revolves around a small Filipino community, a milieu representing the marginalized sectors of the country. Imago tells the story of a middle-aged woman named Inday (Ruby Ruiz), who works a late-night shift as a funeral agent and has a daughter with autism named Inna (Inna Tuason).

“I think my story tackles a strong social issue: the perspective of some Filipinos about life and death and how they live in great desperation to earn a living,” he shared. “It’s about real stories, about real human beings, which can inevitably be depressing.”

Gutierrez acknowledged that Mapúa played a crucial role in his eventual success as a director. He noted that although some things cannot be taught within the four walls of a classroom, his time in Mapúa helped him forge skills and discipline that paid off later.

“As an average college student, I had a really hard time coping with the curriculum, basically with its fast-paced form of teaching,” he stated. “However, I accepted it as a challenge.

I was making strategies, developing solutions just to meet my deadlines and perform well. I learned to never give up. Little did I know that the values I developed in my college life would become a strong foundation to face the reality outside.”

To young creative minds who hope for the same success as Gutierrez, he shares some advice: Don’t sweat the small stuff. “Perfection doesn’t and will never exist. It’s just spending too much time on irrelevant details that leads to failure and depression. Always do your best but never expect,” Gutierrez said. “To the young artist, there is no original anymore. It’s just how we express ourselves that our stories become unique.”

OIN Diamond Hotel Philippines’s Hoppy Easter Party, and spend Easter Sunday hopping from one activity to the next on April 16 from 10 am to 2 pm at the Diamond Ballroom. It’s fun and games galore for kids and kids at heart.

Hop into the Easter playground and enjoy the Easter bunny game plan which includes: face and egg painting, cupcake decorating, photo booth, glimmer tattoo, kids’ salon, live musical entertainment and a magic show. Have your photos taken with giant pastel-colored eggs and adorable bunnies at the upper lobby and expect special cartoon character guest appearances - definitely worth posting on your favorite social media app. Also, kids and adults alike can indulge and enjoy an assortment of sweets, from chocolate eggs to fluffy cotton candy, and mini cupcakes that will be available for sale along with other delightful snacks from the hotel. Bring the whole family, be amazed and explore all the treats enchantingly prepared for you.

Children in Easter-inspired costumes will get a chance to win exciting prizes from the hotel and sponsors.

In the Grand Raffle Draw, kids will get a chance to win Beats by Dr. Dre headphone and speaker. Ticket price is at Php1,000 nett per person inclusive of a take home

snack box. Diamond Indulgence Cardholders will get Php100 off on the price, maximum of 4 tickets only for purchase. For inquiries call 528-3000 ext.

8461. Event is in partnership with Toy Kingdom, Monde Nissin, Rebisco, Purefoods, Alaska, Pascual, Oishi, Jack ‘n Jill, Resourceful International, Liway way Marketing, Galinco, Nestle, Kiddie Party, Shutterbugs, Don Robert, Trans Abi, Red Damien, SJO Lights and Sounds, 7lily, Airlink, JS Contractor Inc., Dakki and Magnolia.

Spend the Easter holidays with family and experience an Easter-rific staycation from April 10 to 16, 2017 with the hotel’s Hoppydee-Hop Room Packages. Stay overnight in a Deluxe room for only P5,000 nett inclusive of a buffet breakfast for 2 at Corniche, access to the swimming pool, use of the Health Club and Spa, 20% discount on massage and reflexology, and one free ticket (per room, per stay) to the Hoppy Easter party.

Book for two nights and get the room at Php4,800 nett per night. Room only offer

(excludes breakfast) is also available at P4,300 nett per night.

Room packages are applicable to local residents only. Prior reservation is encouraged. Offers may not be availed in conjunction with any other promotions or discounts. For room reservations call 528-3000 ext. 1141 and use the promo code: HOPPYEASTER.

WHO WILL BE ASIA’S NEXT SUPERSTAR?

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XN will kick off its search for Asia’s next globalsuperstar from April 10, as the leading general entertainment channel calls for online auditions for the highly anticipated second season of Asia’s Got Talent.

The record-breaking series, which crowned Filipino shadow dance group, El Gamma Penumbra, the grand winner in the first season with a cash prize of USD100,000, will once again unite Asia in a celebration of talent that transcends language, culture and borders.

“Asia’s Got Talent is the world’s biggest talent competition and we encourage people of any age and with any dream to come forward and take the spotlight.

Following the outstanding success of season one on AXN, and the awe-inspiring talent that emerged from 15 countries, Asia’s Got Talent has established its place as the region’s most powerful platform to launch aspiring stars,” said Virginia Lim, Senior Vice President and Head of Content, Production and Marketing, Sony Pictures Television Networks, Asia.

Potential stars can visit www.AXNAsia.com/AsiasGotTalent to submit an

application and audition video, which should include a short introduction of the act, and the actual performance. The videos should be under two minutes’ in duration.

In addition to the online auditions, AXN will hold a series of open auditions in major cities across the region next month.

Cities, dates and venues will be announced in the coming weeks via AXN’s TV channel, social platforms (@AXNAsia) and website.

“For season two, AXN is looking for a variety of acts that span everything from thrilling, surprising and breathtaking to funny and quirky…and sometimes bizarre. Asia’s Got Talent is captivating entertainment at its best and there’s no better place than Asia to discover to the next generation of superstars,” said Ms. Lim. Season one of Asia’s Got Talent set new ratings records for the English general entertainment (GE) genre during its run, taking AXN to the number one spot in its timeslot among all regional pay-TV channels collectively across Southeast Asia and Taiwan.2 In Malaysia, Asia’s Got Talent was the highest rated entertainment series on

English language channels on Astro in the past two years. In the Philippines, the Grand Final Results episode of Asia’s Got Talent was the highest rated pay-TV program in the country since 2008, and commanded a 96 percent share among 22 English GE channels. 3 The Got Talent franchise was created

by Simon Cowell’s Syco Entertainment and is co-produced and owned by Syco Entertainment and FremantleMedia. It is entered in the Guinness World Records as the Most Successful Reality Television Format in history with 70 local versions produced across Europe, Asia Pacific, the Middle-East, Africa and the Americas.

Around the world, the Got Talent format airs in a total of 186 countries.

AXN is a leader of regionally produced original content in Asia, with notable ratings successes including five seasons of the international Emmy-nominated The Amazing Race Asia; the Asian Television Award-winning Cash Cab Asia and Cash Cab Philippines; The Apprentice Asia; Cyril: Rio Magic; Cyril’s Family Vacation: Hawaii Edition; and the Asian Television Awardnominated Cyril: Simply Magic.

CITY GARDEN GRAND HOTEL AWARDED TOP HRM SCHOOLS IN THE 1ST GRAND SKILLS COMPETITION

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UST recently, students from five different universities showcased their talents during 1st Grand Skills Competition held at City Garden Grand Hotel last March 30, 2017.

Schools that competed in the event are De La Salle College of Saint Benilde, Far Eastern University, Philippine Women’s University, Polytechnic University of the Philippines, and University of Santo Tomas.

With the theme dubbed as, “Grand Filipino Wedding” students competed with their skills and creativity in table setting with centerpiece, cake decoration and food photography.

Jan Willies Dayaon and Derick Derpo of University of Santo Tomas were awarded first place in table setting competition, Geline T. Abania and Kimberly Marie A. Ibarra of Philippine Women’s University

were second and Mariko Yasuda and Matthew Angelo of De La Salle College of St. Benilde as the third placer.

For Cake Decoration categor y, University of Santo Tomas again took the center stage as Gian Carlo Moriones and Christian Marc Afable grabbed the first spot, Christine M. Chua and John Carlo Estrada of Far Eastern University got second place and Polytechnic University of the Philippines landed third.

And lastly, in the Food Photography category, Marion Bryan N. Peipco of Far Eastern University bagged the first place while Jerilyn Culajara of University of Santo Tomas awarded as second placer and Joshua V. Barrameda of Philippine Women’s University as third.

The winners received cash prizes and gift items from City Garden Grand Hotel and from its sponsors Fabtech Kitchens Unlimited, AURO Chocolates, Gruppo Dolci and Werdenberg International.

The 1st Grand Skills Competition of City Garden Grand Hotel was organized to exhibit the exemplary skills of the students in the field of hospitality and F&B management. City Garden Grand Hotel looks forward for a bigger and bolder competition as everyone is excited for the second round of the Grand Skills Competition next year.

A12 Tuesday, April 11, 2017

DLSU and IWC host training seminar on employee empowerment

MAYBANK FOUNDATION EXPANDS RISE PROGRAM IN THE PHILIPPINES TO CEBU

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AY BA NK Foundation has extended its RISE (Reach Independence and Sustainable Entrepreneurship) Program to Metro Cebu, targeting to build capabilities of 200 people with disabilities (PWDs) through a structured training and mentoring program. This follows the success of the first phase of its programme in Manila earlier this year which saw 117 participants successfully go through a similar training.

The Foundation launched today a new program in Mandaue City, which saw around 50 selected PWDs coming together for a three-day Entrepreneurship and Financial Training session. This will be followed by a six-month mentoring period where participants will be trained, coached and mentored to develop their entrepreneurial skills in order to help them achieve higher income levels and improve their overall standard of living.

The program was launched at the Dohera Hotel in Mandaue City and personallywelcomingtheparticipantsinto the program were Maybank Foundation CEO Shahril Azuar Jimin and Maybank International CEO Pollie Sim. “Our commitment to supporting and empowering the disadvantaged, especially PWDs, is very much in line with Maybank’s mission of humanising financial services,” Shahril emphasized.

“We believe that in helping all segments of the community to gain financial independence can contribute to the overall prosperity and sustainability of the society at large.”

“2017 marks Maybank’s 20th year of operations in the Philippines,” reveals Ms. Pollie Sim, “and what an opportune time to celebrate this significant milestone than to roll out RISE. in the Philippines, a key market of the Maybank Group.”

“The initial participants we were

able to gather and train during the Metro Manila run in January 2017 are all showing good progress, and we are confident we can achieve similar results here in Cebu,” added Ms. Sim. One of Maybank Foundation’s flagship programs, RISE. is designed to create economic independence and financial inclusion. Piloted in September 2014 in Klang Valley, Malaysia, the encouraging outcome of the initial run inspired Maybank Foundation to scale up the RISE. program to benefit a bigger number of disadvantaged people.

Added Pollie, “Financial inclusion is still at a relatively low level in Asean, especially among the disabled and marginalised, and taking on this advocacy is Maybank’s way of supporting the bigger regional agenda of furthering financial inclusion across Asean. RISE is presently being run in three countries: Malaysia, Indonesia and Philippines.”

RCBC EXECUTIVE CHAIRS INFLUENCE ASIA AWARDS

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CBC First Vice President and Head of Public Relations Joee Guilas was chosen as Chairman of the Philippine judging panel and was sent to the 2017 Influence Asia Awards in Malaysia from April 6 to 9. Influence Asia is touted as Asia’s largest social media awards show which honors individual or group achievements in the Social Media Influence industry across Asia.

Influence Asia aims to build professionalism, sustainability, positivity, legitimacy and respect in social media. This year Influence Asia include the Top 300+ nominees each from seven countries, namely, Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam and Korea.

“It is wonderful to see a lot of Filipinos doing very well as influencers in the social media realm that’s why it will really be a tough call deciding who the final awardees will be,” Guilas said.

Aside from Guilas, the other members of the Philippine panel include: Katrina Angco, editor in chief, ABS-CBN Lifestyle; JC Valenzuela, Starcom Mediavest; Bobby Yan, communication director, Dyson Philippines; Jeric delos Angeles, digital accounts director, BBDO Guerrero; and Cyril Silagan, e-business director, Nestle Philippines.

AT THE HELM OF MOTORCYCLING In 2005 Motoworld was established by a motorcycle lover whose aim was to provide the best quality, authentic motorcycle accessories at affordable prices. The Motoworld team today is comprised mostly of avid motorcycle riders, therefore, marketing products they themselves are willing to use. Bringing to the local market are the best leading international brands to fit any budget and with branches nationwide, along with a strong dealer partner network. Motoworld is the industry benchmark in providing quality motorcycle accessories across the country. In the future, expect Motoworld to continuously innovate by bringing with the best technologies available for motorcyclists to enjoy.

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THIS SUMMER, PROTECT YOUR FAMILY WITH TEMOX MULTI-INSECT KILLER This Summer Season, be reminded with the current threat of diseases like Diarrhea, Dengue and Typhoid Fever. It is always your best bet to protect your home from pests.

And, when it comes to protecting your home against mosquitoes, flies and cockroaches, Temox Multi-Insect Killer is also your best bet. Proudly Filipino-made, FDAapproved Temox ascribes to international standards of product safety and environmental protection. As they say, an ounce of prevention is worth a pound of cure! Keep your families safe everyday. Basta Peste , I -Temox Mo! Temox multi-insect killer is available at leading supermarkets and drugstores in Metro Manila, Metro Cebu, Bohol and Metro Davao. For more information visit their website at www. temox.ph like them on facebook : www.facebook.com/ temox.ph or inquire@monsi.ph or call 416-3231.

E LA SALLE UNIVERSITY’S Center for Professional Development in Business (DLSU CPDB), in partnership with Intentional Work Communities, Inc. (IWC), will hold the third run of a training seminar entitled “How CEOs and Executives Can Build an Empowering Company Culture” this April 4 at the DLSU Makati Extension Campus, RCBC Plaza, Makati City.

Executives and CEOs are highly encouraged to take the one-day course, which aims to help organizations understand human flourishing and how it impacts employee and business performance. The course aims to help managers discover how they can shape work environments that nurture the potential of their employees, teach leaders the culture shifts that create an empowering company culture, and aid in drafting an action plan designed to boost employee performance and improve an organization’s culture.

The seminar, which will be conducted by DLSU professor Dr. Benito Teehankee and IWC Founder and CEO Ruben Chaumont, is geared towards a new movement in thought leadership for organizations.

Chaumont shares, “I have witnessed a loss of potential because I have heard employees tell stories of how disconnected they felt from their work. As a result, they tend to disengage as a coping mechanism. This is because the methods of management in many workplaces could be considered outdated... What we’d like to illuminate is that apart from incentives, compensation, and benefits, work can be fulfilling in itself when employees can find in their work a sense of purpose, growth and connection with others.”

Dr. Teehankee adds, “...There’s a new field of science called positive organizational psychology which explores this.

Organizations must unleash the best in their employees. Leaders must realize that there is always greatness in each and every one of their employees and it is up to them to unleash this potential.

The environments they create is a huge factor.”