BusinessMirror August 07, 2019 by BusinessMirror

JULY INFLATION SLOWS TO 2.4%–PSA By Cai U. Ordinario @caiordinario

D VEGETABLE vendors in Manila take a noontime break on Tuesday (August 7) before the wet market gets busy again in the afternoon. Reports said July’s 2.4 percent inflation is the slowest since January 2017. It also marks the sixth straight month that it has stayed within government’s 2-4 percent target range. NONIE REYES

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

ESPITE the recent slowdown in inflation, increasing commodity prices ate away P17 for every P100 in the pockets of Filipinos as of July 2019, according to the Philippine Statistics Authority (PSA). PSA data showed that on average, inflation weakened the peso’s purchasing power to 0.85 centavos in 2018. This means the high prices last year reduced the purchasing power of the peso (PPP) by P15 for every P100. Inflation slowed to 2.4 percent in July, PSA said. It was the slowest since December 2016, when inflation was at 2.2

percent. Data showed inflation averaged 5.2 percent in 2018. “Prices are still increasing so the value of the peso continues to depreciate,” PSA Price Statistics Division Chief Elena G. Varona told the BusinessMirror at the sidelines of the PSA’s inflation briefing on Tuesday. Varona explained that PPP is computed using the Consumer Price Index (CPI), which is dependent on a base year, while the inflation rate is computed based on year-on-year data relative to a given base year. Socioeconomic Planning Secretary Ernesto M. Pernia said this is why the government is monitoring inflation closely. He gave assurances the government will be vigilant in the face of threats that could

cause inflation to increase. Pernia said adverse weather conditions, the possible entry of the African swine fever and uncertainty in the global oil market remain threats to commodity prices. However, National Statistician Claire Dennis S. Mapa said, “Our expectation is that it will continue to go down or at least stabilize at this level in the coming months.” Factors that contributed to overall inflation were food and nonalcoholic beverages, which contributed 31.6 percent to inflation; housing, water, electricity, gas, and other fuels, 21.1 percent; and restaurant and miscellaneous goods and services, 18 percent, PSA reported on Tuesday. See “Inflation,” A12

BusinessMirror

www.businessmirror.com.ph

A broader look at today’s business Wednesday, August 7, 2019 Vol. 14 No. 301

SC imposes ₧2-B fine on MWSS, water firms T

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court, voting 14-0, has directed the Metropolitan Waterworks and Sewerage System (MWSS) and concessionaires Maynilad Water Services Inc. and Manila Water Co. Inc. to pay a fine amounting to almost P2 billion for violation of the provisions of Republic Act (RA) 9275, or the Philippine Clean Water Act. The unanimous decision penned by Associate Justice Ramon Paul Hernando was reached by the magistrates during their regular en banc session held on Tuesday. MWSS, Maynilad and Manila Water affirmed the Court of Appeals decision which found them liable for violation of Section 8 of

the Philippine Clean Water Act. The said provision requires MWSS and the two concessionaires to provide wastewater treatment facilities and to connect sewage lines in all establishments, including households, to an available sewerage system within five years upon the effectivity of RA 9275 on

March 6, 2004. The Court’s ruling specifically states that “Maynilad shall be jointly and severally liable with the MWSS for a total amount of P921,464,184,” and “Manila Water Co. Inc. shall be jointly and severally liable with MWSS for the same amount.”

16%

The completion rate of private water concessionaires for building sewage facilities, as discovered by the Department of Environment and Natural Resources (DENR) in 2009. At that pace, they expected to fully comply with the Clean Water Act only by 2030 The Court said the amount covers the period from May 2009 to date of promulgation. The petitioners are given 15 days upon receipt of the decision to pay the fine. See “MWSS,” A2

Duterte set to invoke 2016 arbitral ruling–Panelo

See “Duterte,” A2

PESO EXCHANGE RATES n

Manila’s historic sites on Tuesday (August 7) as they unveiled plans for a Manila tourism circuit to refocus attention on the interesting spots in the capital city. NONIE REYES

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

Enlisting civil society in combating terrorism Teddy Locsin Jr.

FREE FIRE Speech delivered by Foreign Affairs Secretary Teodoro L. Locsin Jr. at the 20th Asean Plus Three Foreign Ministers’ Meeting held on August 2, 2019, in Bangkok, Thailand

R. Chair, on the last day, allow me to express my delegation’s appreciation for the excellent arrangements laid out by our host in the past week. The Kingdom never ceases to amaze us with its warm and gracious hospitality. It felt like a weeklong family gathering—and we know what that can be like just over a weekend. Continued on A10

Education, infra still top spending priorities for ’20

MANILA TOURISM Mayor Francisco “Isko” Domagoso takes Tourism Secretary Bernadette Romulo Puyat on a tricycle tour of Intramuros,

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 5 sections 28 pages | 7 DAYS A WEEK

By Bernadette D. Nicolas

ALFWAY into his term, President Rodrigo Duterte is set to finally make good on his promise to invoke the 2016 landmark arbitral ruling—which handed the country a victory in its bid to stop China’s “excessive” claims in the West Philippine Sea—when he visits Beijing this end-August. At the same time, the President is also planning to discuss further the 60-40 joint oil exploration deal with Chinese President Xi Jinping, as well as the Recto Bank incident, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said. In a Palace briefing on Tuesday,

2018 EJAP JOURNALISM AWARDS

@BNicolasBM

ALACAÑANG said the Department of Budget and Management (DBM) is targeting to submit the proposed national budget of P4.1 trillion for 2020 to Congress before August 21 after the President and his Cabinet approved it on Monday. While the DBM has yet to release a breakdown of the budget allocation per agency, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said education will still receive a chunk of the P4.1 trillion. “This budget proposal is designed to respond to the needs of the majority of our countrymen longing to be uprooted from the decades of: want of basic necessities, inadequate supply of basic services, lack of infrastructure, absence of accountability on government coffers, vexing bureaucratic rigmarole, deprived

education and unchanged poverty,” Panelo said in a statement. The total proposed national budget for 2020 at P4.1 trillion is 9.1 percent higher, or P343 billion more, than the proposed P3.757-trillion national budget for 2019. The P4.1-trillion cash-based budget for 2020 is equivalent to 19.4 percent of the country’s GDP, which amounts to P21.17 trillion. The DBM said it is still finalizing the proposed National Expenditure Program (NEP) and other budget documents for submission to Congress before the 30-day constitutional deadline. The NEP is submitted by the Executive branch to Congress to assist them in the review and deliberation of the proposed national budget for the legislation of the annual appropriations measures for the next fiscal year. The NEP also details the government’s proposed programs. See “Spending,” A12

US 51.7500 n JAPAN 0.4885 n UK 62.8504 n HK 6.5948 n CHINA 7.3406 n SINGAPORE 37.3835 n AUSTRALIA 34.9623 n EU 57.9755 n SAUDI ARABIA 13.7963

Source: BSP (6 August 2019 )

News

BusinessMirror

A2 Wednesday, August 7, 2019

DOH declares natl dengue epidemic on 98% case hike

HE Department of Health (DOH) on Tuesday declared a “national dengue epidemic” as it registered 146,062 cases from January up to July 20 this year, with 622 deaths.

“Starting today [August 6], the Department of Health together with other government agencies, LGUs, schools, offices, and communities will conduct the Sabayang 4-O’clock Habit para Deng-Get Out, focusing on search and destroy of mosquito breeding sites. This is one of the primary interventions to prevent and control dengue,” Duque said.

Health Secretar y Francisco Duque III said the recorded cases are 98 percent higher than the ones recorded in same period in 2018. Based on the DOH Dengue Surveillance Report, Region 6 (Western Visayas) had the most number of cases at 23,330, followed by Region 4A (Calabarzon) with 16,515, Region 9 (Zamboanga Peninsula) with 12,317, Region 10 (Northern Mindanao) with 11,455, and Region 12 (Soccsksargen) with 11,083 cases. “It is important that a national epidemic be declared in these areas to identify where a localized response is needed, and to enable the local government units to use their Quick Response Fund to address the epidemic situation,” Duque said. He also requested the help of Defense Secretary Delfin N. Lorenzana, concurrent National Disaster Risk Reduction and Management

Duterte. . .

Continued from A1

Panelo said the President told him personally that he was going to China because of their agreement with his Chinese counterpart. Quoting the President, Panelo said: “Remember that I said before that there will be a time when I will invoke that arbitral ruling? This is the time, that’s why I’m going there.” Panelo added, “He precisely said that, that is pursuant to what he said the first time we visited China. He said, ‘There will be a time that I will raise this issue and talk about it but not now.’ The time has come.” Asked what prompted the Presi-

Tax perks. . .

Council (NDRRMC) chairman. Meanwhile, seven of the 17 regions have exceeded the epidemic threshold of dengue in their regions for the past three consecutive weeks. These regions are: Regions 4A (Calabarzon) with 16,515 cases; Mimaropa— 4,254; 4 (Bicol) with 3,470; 6 (Western Visayas) with 23,330; 8 (Eastern Visayas) with 7,199; 9 (Zamboanga Peninsula) with 12,317; and 10 (Northern Mindanao) with 11,455 cases. Other regions exceeded the alert threshold level, such as Region 1 (Ilocos) with 4,396 cases; Region 7 (Central Visayas) with 10,728; and BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) with 2,301. The total number of cases nationwide for the 29th Morbidity Week alone (July 14-20) is 10,502. This is 71 percent higher compared to the same period in 2018 (6,128 cases).

Continued from A12

The DOF study showed that approximately P301.2 billion in incentives was granted in 2015, P380.7 billion in 2016, and P441.1 billion in 2017 by the Philippine government. “We are not saying that all these incentives are not worth it, and we acknowledge that there have been benefits in the form of job creation and investments in the domestic economy. However, we cannot keep giving away tax incentives indiscriminately and indefinitely, especially if the amount keeps getting bigger and bigger every year. We need to modernize and improve the incentive system, and this is why President Duterte in his fourth State of the Nation Address [Sona], called on Congress to immediately pass Package 2,” he said. Package 2 of the Duterte administration’s Comprehensive Tax Reform Program (CTRP) aims to ensure that incentives granted are worth it, according to Chua. In order to keep receiving incentives, companies must fulfill their commitments, such as creating good jobs or directing investments outside highly urban areas in exchange for special tax treatment over a specified number of years. Package 2 will establish a single menu of superior incentives that are performance-based, time-bound, targeted and transparent. It will also lower corporate income taxes, bringing the Philippine CIT rate closer to the Association of Southeast Asian Nations (Asean) average. Right now, favored companies, a number of them on the elite list of Top 1,000 corporations, pay discounted CIT rates of 6 to 13 percent while most other companies employing a majority of Filipino workers pay the regular rate of 30 percent, which is the highest in the region, said Chua. Under Package 2, companies that qualify for the superior incentives can include, among others, businesses or enterprises that invest in the countryside or outside the Philippines’s highly urbanized areas; that create high-quality jobs; and that invest in priority sectors identified in the Strategic Investments Priority Plan (SIPP) to be developed by the Board of Investments (BOI). “The proposal under Package 2 does not eliminate incentives. But if we are going to be giving away billions of pesos in tax incentives, we need to make sure that the companies who get to enjoy these incentives truly help us achieve inclusive development, as envisioned by President Duterte,” he added.

DOH, Red Cross prepared

ANOTHER official of the DOH on Tuesday said, meanwhile, the Dengvaxia vaccine “would not be much of help” now in the ongoing dengue outbreak in the country. Health Undersecretary Enrique Domingo also said the number of cases would likely soar due to the rainy season, when denguebearing mosquitos are most active. With constant rains, “you have stagnant water; two to three days is enough for the life cycle of a mosquito.” “Even if you make Dengvaxia available it would not be much of help in the current outbreak,” Domingo said in an interview in ANC’s Early Edition. Domingo stressed that most of the recorded cases of dengue are children aged five to nine while the controversial vaccine is only

DOMINGO also assured the public that “hospitals are ready” for dengue patients. Meanwhile, the Philippine Red Cross said that it has adequate supply of blood for dengue patients. When asked if he considers dengue a threat to their blood supply, Chairman Richard Gordon said, “We are totally prepared.” He said that PRC, through its 93 blood service facilities nationwide, is working double-time to ensure the availability of blood supply, especially plasma and cryoprecipitate, which are used to prevent hemorrhagic complications associated with dengue. “We keep track of the supplies in all our blood facilities in the country. In the event the blood supply in a specific facility drops to a critical level, we will know immediately which nearby facility can provide additional products,” Gordon said. Claudeth Mocon-Ciriaco

pines’s first game in the 2019 Fiba World Cup, but said he will be accompanied by the Chinese vice president. Should the President’s trip to China push through, this would be his fifth since assuming office and his first since the June 9 Recto Bank incident, when a Chinese vessel struck a Filipino fishing boat with 22 fishermen, whom the Chinese crew abandoned at sea as their boat sank. The President’s visit to China also comes after Foreign Affairs Secretary Teodoro Locsin Jr. said in a tweet last week that Beijing has acknowledged receipt of his acceptance of the Asian superpower’s terms of reference on the proposed

joint exploration in the West Philippine Sea. Locsin and Chinese Foreign Minister Wang Yi met on the sidelines of the 52nd Asean Foreign Ministers’ Meeting in Bangkok, Thailand. In November 2018, the Philippines and China signed the memorandum of understanding on cooperation and oil and gas development in the West Philippine Sea, along with at least 28 other accords. The Philippines is in a rush to push for a joint oil-exploration deal as Malampaya is expected to dry up by 2027 and pose a “serious energy crisis” as the gas field in Palawan supplies about 40 percent of Luzon’s power needs. Bernadette D. Nicolas

Dengvaxia of little use now

dent to decide that this is the proper time to invoke the ruling, Panelo said it is because the President is now near the end of his term. That is what he is saying, “Before the end of the end of my term,” he said. Meanwhile, Duterte said in a speech on Tuesday that he is going to China because “there are now scuffles that need to be addressed.” “I am going to talk to China. Did I not tell you before that before my term ends, I’ll be talking about China Sea?” he said in a speech on Tuesday night before the Filipino Chinese Chambers of Commerce and Industry Inc. The President also confirmed that he will be watching Philip-

for children 10-16 years old. “...You can [only] give it to 1016 years old who have a history of dengue that has been documented; there is a blood test, and it was a positive for dengue. However, that test just doesn’t exist,” the health official stressed.

DA chief. . .

Continued from A12

The P10-billion fund was created by Republic Act (RA) 11203 to improve the competitiveness of the local rice sector. He also said he is keen on expanding areas planted with hybrid rice to improve farmers’ productivity.

Strategy

THE DA will adopt as its overarching goal the attainment of food security instead of food sufficiency in light of the liberalization of the local rice industry, Dar said. In shooting for food security, the DA is now amenable to importing the shortfall in domestic production to

RCEF. . .

Continued from A12

‘Missing’ P4 billion DAR will sit down with DA officials to discuss the P5 billion released by the Department of Budget and Management (DBM) to the DA last December. Until now, the DA and the DBM cannot see eye to eye on the purpose of the money. The DA maintained that it was a “special” fund meant for the national rice program, while the DBM insisted that it was already part of the P10billion RCEF. Dar said he will look into how the P4 billion was allocated and used by the DA’s attached agencies. The P1 billion was returned to the Land Bank of the Philippines, which RA 11203 mandated to extend credit assistance to farmers. Documents obtained by the BusinessMirror showed the DA used the money for production

avert shortages. The new agriculture chief said the DA will craft programs around eight paradigms that make up the “new” thinking for Philippine agriculture. These are modernization of agriculture, industrialization of agriculture, promotion of exports, farm consolidation, road map development, infrastructure development, higher budget and investments for agriculture, and legislative support. The new DA chief said he will review the existing programs of the department and look for ways to “reinvent” and “revitalize” these initiatives to ensure the country’s food security. Dar said he will roll out projects enticing the private sector to invest more in agriculture. support service (P1.005 billion), agricultural equipment machineries and facilities (P2.752 billion), irrigation network services (P241.465 million) and credit program (P1 billion). The DA allocated P1 billion to the Agricultural Credit Policy Council (ACPC) for its credit program; the remaining P4 billion was divided among 13 regions. Sources told the BusinessMirror that Regions 3 and 7 refused their share of the P5 billion due to absorptive capacity issues. The DBM issued a total of 14 special allotment release orders (Saro) on December 28, 2018, to download the funds to the 13 DA regional field offices and the ACPC. Government sources told the BusinessMirror that the DBM reached out to the DA in November. The DBM told the DA the fund was meant to complement its national rice program in anticipation of the enactment of RA 11203. The DA then crafted a proposal, later approved by the DBM, according to government

sources. Jasper Emmanuel Y. Arcalas

www.businessmirror.com.ph

Weak demand to pull down factory output in near term–Neda By Cai U. Ordinario

@caiordinario

HE lackluster performance of the Philippine manufacturing sector is expected to continue in the near term due to weak domestic demand, the National Economic and Development Authority (Neda) said on Tuesday. Socioeconomic Planning Secretary Ernesto M. Pernia said the recent performance of the manufacturing sector should “instill a sense of urgency” for introducing economic reforms. Based on the Monthly Integrated Survey of Selected Industries, the Philippine Statistics Authority (PSA) said manufacturing output contracted 10.5 percent in June. “Manufacturing output will likely remain muted in the near term as business and consumer outlook for the third quarter of 2019 turned less upbeat,” Pernia said in a statement. Neda said the performance of manufacturing in June marked the sixth consecutive month of decline for the sector this year and the second largest in the past six months. The largest decline in the Volume of Production (VoPI) was recorded in April when manufacturing production contracted 14 percent. However, Pernia said output could improve on the back of low inflation, the reduction in the intensity of this year’s El Niño and efforts to reduce shipping costs and ease port congestion. On Tuesday, the PSA also reported that the country’s headline inflation eased to 2.4 percent in July 2019, the lowest rate recorded since January 2017. Pernia said lower prices of food staples such as rice, the anticipated cut in electricity rates, and the recent peso appreciation tempered inflation pressure in July. “The now markedly slower inflation rate, which is back to government’s target range, bodes well for producers of manufactured goods,”

Chinese. . .

Continued from A12

of cannons that helped guard the entrance to Manila Bay during World War II. According to the SBMA Business and Investment Group, Grande and its smaller neighbor had been leased to various investor groups since 2002. The development plan for the islands included the establishment of hotel accommodations, restaurants, and recreational facilities, as well as the operation of a boat service to and from Grande Island. GFTG had initially committed an investment of P180 million to construct a three-story five-star hotel, build a marina parking area and upgrade recreational facilities on Grande.

MWSS. . .

Continued from A1

A fine of P322,102 a day subject to further 10-percent increase every two years as provided under Section 28 of RA 9275 would be imposed against the petitioners until they have fully complied with the decision. The Court also imposed a legal interest of 6 percent per year until the decision is fully satisfied.

DENR discovery

THE case stemmed from the discovery by the Department of Environment and Natural Resources (DENR) in 2009 that the MWSS and the water concessionaires were just 16 percent done in building sewage

he said. Pernia added that the significant reduction in the intensity of El Niño will minimize the risk to the supply of raw materials for the food manufacturing subsector. As of end-July, Pernia said only nine provinces are expected to experience drought compared to the 32 provinces in June. In January, the Philippine Atmospheric, Geophysical and Astronomical Services Administration estimated that El Niño will affect 47 provinces. The Neda chief also said a joint administrative order among relevant agencies, which aims to reduce shipping costs and port congestion, has been proposed. “The government has been working to strengthen the transport and logistics sector as it is crucial to prop up manufacturing growth,” Pernia added. Efforts to pass the Public Service Act and the issuance of the implementing rules and regulations (IRR) of the Ease of Doing Business (EODB), as well as the Efficient Government Service Delivery Act, could boost the performance of the sector, said the Neda chief. Passage of the Public Service Act, he said, will encourage competition in air, maritime and road transport, as well as logistics services, and enhance the productivity and efficiency of service delivery. “We need to also accelerate public works spending during the second semester of 2019 which will contribute to increases in employment and disposable incomes, thus raising the demand for consumer goods,” Pernia said. The PSA said the VoPI in June fell by 10.5 percent year-on-year. In contrast, the output of factories expanded by 9.8 percent last year. The average capacity utilization rate for total manufacturing in June was at 84.3 percent. As much as 60 percent, or 11 of the 20 major industries, had at least 80-percent capacity utilization rates during the month. In April this year, GFTG brought in Sanya after supposedly signing a deal for partnership at the sidelines of President Duterte’s visit to Beijing for the Belt and Road Initiative Forum. However, the agreement gave effective control of the project to Sanya, which gained 80 percent of the shares. Hua Huang Yang, a Chinese investor who joined GFTG as partner in 2012, retained 20 percent from his previous share of 30 percent. The thrust of the new majority shareholders “apparently changed the complexity of the Grande development project,” Eisma noted. As of now, the SBMA is looking for some suitable company that could take over the development of the two islands to help bolster Subic’s tourism program, Eisma added.

facilities and that they expected to be able to fully comply with the law by 2030. The failure of these agencies to put up sewage facilities, according to the DENR then led by Secretary Lito Atienza, is a major factor in the deterioration of the Manila Bay. In 2008, the Supreme Court ordered the DENR and other concerned government agencies to restore Manila Bay to a condition suitable for public bathing and swimming and for breeding bangus (milkfish) and similar fish species. This led to the DENR’s imposition of fines against the three water firms, prompting them to elevate the matter before the Court of Appeals (CA) and then to the Supreme Court, which both ruled against the petitioners.

A4 Wednesday, August 7, 2019 • Editor: Vittorio V. Vitug

News

BusinessMirror

www.businessmirror.com.ph

SSS unemployment insurance may soon open for displaced workers–DOLE chief

By Samuel P. Medenilla

@sam_medenilla

UALIFIED displaced workers may soon finally avail themselves of the unemployment insurance from the Social Security System (SSS) after the Department of Labor and Employment (DOLE) issued the necessary guidelines for the proposal. Last week, Labor Secretary Silvestre H. Bello III issued Department Circular 01, Series of 2019 covering

the certification requirement for applicants, who are availing of the unemployment insurance benefit stipu-

lated by Republic Act (RA) 11199, or the Social Security Act of 2018. Under the two-page issuance, all SSS members, including household service workers (HSW) and overseas Filipino workers (OFW), who were “involuntarily” retrenched are eligible for the new benefit. For local workers, they could file their application for the certification at the nearest DOLE Field or Provincial Office, where their employer is located, while OFWs, who are abroad, may do so at the Philippine Overseas Labor Office (POLO). They will be required to submit one valid ID and a copy of the Notice of Termination by their employer. “In the absence of the Notice of

Termination, an applicant may submit duly notarized Affidavit of Termination of Employment to DOLE Field or Provincial Offices, or Philippine Overseas Labor Office, as the case may be,” Bello said. DOLE Field Offices, or Provincial Offices as well as POLOs, are mandated to issue the certification within the day it was filed provided it has complete documentary requirements. The Bureau of Local Employment was tasked to monitor the application and issuance of the DOLE certification for unemployment insurance. The DOLE certification ensuring a worker as retrenched because of “authorized causes” is a

requirement before SSS could process unemployment insurance. In a related development, Bello said the implementing rules and regulations (IRR) for the mandatory SSS membership of OFWs of RA 11199 is still pending and could still not be fully implemented. “The [new] IRR has yet to be released,” Bello said in a text message. The Philippine Overseas Employment Administration (POEA) earlier said the IRR may be completed during the next DOLE-Department of Foreign Affairs-SSS meeting on the matter. The IRR is currently being revised after it was opposed by migrant advocates and the labor recruitment industry.

Navy commissions 1st corvette as Wescom reports China frigates’ incursion in Balabac By Rene Acosta

@reneacostaBM

WO Chinese warships sailed through the Balabac Strait in Palawan last month with one of the intruding vessels completely ignoring repeated requests by the military for identification, Armed Forces Western Command (Wescom) Commander Vice Admiral Rene Medina said. Medina made his report as the Philippine Navy formally accepted on Monday in South Korea a former Korean Navy Pohang-class corvette and christened into its service as BRP Conrado Yap (PS39), thus beefing up its naval capability. During a news briefing in Palawan on Monday, the transcript of which was provided to military reporters in Manila on Tuesday, Medina disclosed that on June 17, Wescom personnel monitored a Chinese warship that was transiting the Balabac Strait at around 1:30 p.m. The vessel, he said, “has been unresponsive in the succeeding challenges made by our operating unit.” More than six hours later, or about 7:54 p.m., another Chinese Navy warship, escorted by two Chinese Navy ships, was also monitored to have been passing through the “vicinity waters of Balabac, Palawan.” “Said vessel responded to the radio challenge, but did not disclose any information except its bow number. Further, said vessel was also complemented by two unresponsive Navy vessels,” Medina said. The uninformed passages of Chinese Navy vessels within the country’s waters and deliberately concealing their identities have been the subjects of protests by the government, especially by Defense Secretary Delfin Lorenzana and National Security Adviser Hermogenes Esperon Jr. Lorenzana said that since February this year, four Chinese Navy ships have passed through the country’s waters in Tawi-Tawi, but the vessels have deliberately hid their identities by turning off their automatic identification system (AIS) in violation of the maritime conduct for military ships. Last month, the Chinese aircraft carrier Liaoning also sailed through the same waters in Tawi-Tawi.

Medina said the sailing of the Chinese warships though the country’s waters in Palawan were reported and submitted to the higher headquarters for appropriate action. “This [is] also our basis for the recommendation to higher headquarters for the appropriate filling of the DFA [Department of Foreign Afairs] for diplomatic protest. And we are very glad that the higher headquarters and the DFA were cognizant on these reports and have taken actions,” he said. Aside from the Chinese warships, Medina said, they have also monitored an increased presence of Chinese vessels within their operational waters this month, a development he described as “alarming.” “The number of Chinese fishing vessels constantly increased, particularly on the first half of July 2019 peaking to over 140. Due to the occurrence of Typhoon Falcon from July 15 to July 19, an abrupt decrease of monitored vessel down to only three,” he said. “The number, however, started to rise again immediately after the typhoon which stayed close up to 115 Chinese fishing vessels,” Medina added. The Wescom commander said they are continuously monitoring the presence of Chinese vessels in the West Philippine Sea in order “to ensure that we are not giving up our rights.” The former South Korean corvette-turned BRP Conrado Yap was turned over to Philippine defense and Navy officials during a hand over ceremony on Monday at Jinhae Naval Base in South Korea. Philippine Navy Flag Officer in Command Vice Admiral Robert Empedrad described the turning over of the ship as an event that “highlights the alliance between the Philippine Navy and the Republic of Korea Navy that goes beyond friendship through the years.” The ceremony was also witnessed by Armed Forces Vice Chief of Staff Vice Admiral Gaudencio Collado; Chief of Naval Staff Rear Admiral Loumer Bernabe; Philippine Fleet Commander Rear Admiral Giovanni Carlo Bacordo; Naval Internal Auditor Commodore Alberto Cruz; and Offshore Combat Force Commander Commodore Caesar Bernard Valencia.

Tariff Commission moves back public hearing on imposition of duty on ceramic floor, wall tiles By Elijah Felice E. Rosales

@alyasjah

HE Tariff Commission has postponed the scheduled public hearing next week on the formal investigation on whether to apply a definitive safeguard measure on ceramic floor and wall tiles to give concerned parties more time to comply with their requirements. In a notice issued on Monday, the tariff body said it is moving to a later date its public hearing scheduled from August 12 to August 16. The public hearing is part of the tariff body’s formal investigation on the imposition of safeguard measure against importations of ceramic floor and wall tiles. The Tariff Commission decided to defer the public hearing “to allow the submission of required information by interested parties and give this commission additional time to complete its data verification.” The tariff body, however, did not specify when the new schedule will be. The Tariff Commission is investigating on whether to impose a definitive safeguard measure on imports as endorsed by Trade Secretary Ramon M. Lopez. Under Department Administrative Order 19-11 issued in May, the Department of Trade and Industry (DTI) imposed a safeguard duty of P3 per kilogram on ceramic

floor and wall tiles. The provisional duty was placed to protect local manufacturers, who complained their market share and profits were seriously injured by the import surge between 2013 and 2017. This claim was validated by the DTI in its preliminary investigation, and moved to enforce a protectionist measure on ceramic floor and wall tiles. In its order, the agency reported imports increased from 2013 to 2016 and only slightly lowered in 2017, resulting in the reduction of the domestic industry’s market share to 15 percent in 2017, from 96 percent in 2013. “The share of imported ceramic wall and floor tiles grew from 4 percent in 2013 to 87 percent in 2016,” the DTI order read. “Earnings before interest and tax exhibited a declining trend of 71 percent in 2014, a sharp decline of 203 percent in 2015 when the operations resulted to loss, an increase of 92 percent in 2016, which means that there was an improvement in operation compared to 2015, but the industry remained at loss. In 2017 the industry’s operation continued to exhibit losses with the highest decline of 1,067 percent and further decline of 157 percent in 2018,” it explained.

briefs ROAD MAP: 500K MSMEs TO DO ONLINE BIZ BY 2022 THE government is eyeing to attract some half a million micro, small and medium enterprises (MSMEs) to do business online by 2022 as part of the new road map on e-commerce aimed at digitalizing trade in the Philippines for the next three years. Trade Secretary Ramon M. Lopez on Tuesday said the tentative target for the new road map on e-commerce is to get 500,000 MSMEs ready to transact with consumers online. Should it be approved, this is a 400-percent increase from the existing target of 100,000 MSMEs doing e-commerce. “There is greater momentum because of the available technologies, and the confidence of our people in using these technologies is high. The infrastructure for a healthy e-commerce industry is really around us. It is just a matter of converting that usage into activities,” Lopez said in a news briefing. With this, Lopez is mulling over to hike the contribution of e-commerce to the economy to 50 percent of the country’s gross domestic product. At present, the objective is to make e-commerce contribute 25 percent to GDP by next year, from 10 percent in 2015 based on data from i-Metrics Asia-Pacific Corp. Elijah Felice E. Rosales

2 DAVAO WILDLIFE TRADERS GET 4 YEARS, 30K FINE

A MUNICIPAL judge in Mati City, Davao Oriental, recently convicted two illegal wildlife traders to four years in prison and a fine of P30,000. The decision was hailed by Environment Secretary Roy Cimatu as “yet another corroboration of the agency’s unyielding mission of protecting the country from illegal wildlife trade.” The decision was penned by Presiding Judge Semiramis Bituin Castro l, sentencing Jomar Lumakore Toledo and Rompas Manindig Lumakore to jail terms for violating Republic Act 9147 or the Wildlife Resources Conservation and Protection Act of 2001. The two convicts were arrested during a raid by authorities led by the DENR. The operation led to the rescue of wildlife species worth around P50 million in Mati City last April. Jonathan L. Mayuga

PAL, CEBUPAC RESUME ALL FLIGHTS TO HONG KONG

FOUR-STAR Philippine Airlines (PAL) and low-cost carrier Cebu Pacific (CebuPac)) resumed normal flights to Hong Kong on Tuesday after Monday’s closure of Chep Lap Kok airport due to lack of air-traffic controllers, as prodemocracy protests declared a general strike. “The resumption of normal operations by PAL to and from Hong Kong comes after protest actions within the airport premises have scaled down operations,” PAL said in a statement. By Monday afternoon, more personnel reported for work duties, PAL added. “PAL continues to closely monitor the situation and assures the flying public of regular updates,” according to a statement from the flag carrier. Affected PAL passengers of canceled flights on Monday were given three options: One, to be re-accomodated on flights to and from Hong Kong on Tuesday (August 6); two, to rebook within 30 days from original flight date with rebooking fees waived; or to refund the cost of their tickets within 30 days from original flight date with refund fees waived. Recto L. Mercene

FIVE DEAD, 1 WOUNDED IN BASILAN CLAN FEUD

FIVE people were killed while another was wounded in Basilan on Tuesday after two warring families figured in a firefight while attempting to settle their feud, the military reported. Armed Forces Western Mindanao Command Spokesman Major Arvin Encinas said that based on initial reports, the family of Hadji Talil and the group of Marjim Barillo and Arsid Isik were holding a “family feud settlement” when a misunderstanding occurred, triggering a firefight. The gun battle occurred at around 11:23 a.m. at Sitio Ereley, Barangay Central in Sumisip, Basilan. Rene Acosta

www.businessmirror.com.ph

BusinessMirror

Wednesday, August 7, 2019 A5

A6 Wednesday, August 7, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, August 7, 2019 A7

A8 Wednesday, August 7, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, August 7, 2019 A9

In the ad material of Notice of filing of Application for Alien Employment Permit published on July 17, 2019, the position of Mr. Lee, Taejong under ROBERT BOSCH INC. should have been read as Associate and not as published and the application published on April 11, 2019, the name of Mr. Lui, Yunchuan under JINSHENGLONG BUSINESS SUPPORT, INC. should have been read as Liu, Yunchuan and not as published. While in the application published on July 30, 2019, the position of Mr. Jefri, under SPARVA INCORPORATED should have been read as Accounts Officer and not as published. In Addition, in the ad material of Notice of filing of Application for Alien Employment Permit published on July 20, 2019, the positions of Messrs. Dangsa-Ad, Arkorn, Nguyen Minh Viet, and Leow Kien Bing under PACIFIC SEA BPO SERVICES, INC. should have been read as Data Analyst Officer, and not as published and the application published on July 9, 2019, the name of Mr. Zhu, Zhuyang under VAN GOGH BUSINESS PROCESS OUTSOURCING, INC. should have been read as Zhu, Liuyang and not as published. If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

A10 Wednesday, August 7, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

R&D will move PHL farm sector forward

HE jump in the country’s innovation ranking in this year’s edition of the Global Innovation Index (GII) to 54th from 73rd last year is a spectacular feat. The latest ranking reflects the ingenuity and, more important, the resourcefulness of Filipinos. This is because the improvement in ranking was achieved despite the fact that the Philippines remains a laggard in terms of research and development (R&D) spending in Southeast Asia. The latest data on annual public R&D spending in the Philippines remains miniscule—at less than 1 percent of GDP. The latest available figure from the World Bank placed the country’s public R&D expenditure at a dismal 0.14 percent as of 2013. This is lower than the spending of other Southeast Asian countries like Singapore and Malaysia, which set aside 2.1 percent and 1.13 percent of GDP respectively for R&D activities. It does not help that the country’s policies hardly attract new businesses, particularly R&D firms. The GII, which was published by the World Intellectual Property Organization, noted that the weak areas of the Philippines are concentrated in the innovation input side. According to WIPO, these include the ease of starting a business, ease of getting credit, expenditure on education and global R&D companies. If reforms are not implemented immediately, the government must start increasing its R&D budget. Many of the projects that will boost R&D activities in the country are listed in the Public Investment Program prepared by the National Economic and Development Authority. However, halfway into the term of President Duterte, the government has yet to allocate money for the PIP initiatives, many of which are expected to boost farm productivity. The farm sector is badly in need of more R&D activities not only because of the adverse impact of climate change on agricultural production but also because there is a pressing need to increase the income of planters. Recent policies, such as the country’s shift to a more open rice market and the increase in cigarette excise taxes, make it more imperative for the government to allocate more funds for R&D. Rice farmers who will have to compete with imports may need to plant other crops, while tobacco farmers will have to make other products using their crop. Encouraging rice farmers to plant other cash crops that are longgestating will not work if there is no support, such as affordable credit and access to technology. Helping planters commercialize products from tobacco will require a lot of money. R&D is not a one-shot deal; it requires long-term commitment and support from the government if only to make the Philippines, particularly the farm sector, more attractive to potential investors. The Duterte administration has set an ambitious goal of slashing poverty incidence to 14 percent by 2022. As the rate is now at 21 percent, the government must cut poverty incidence by 2 percentage points every year for the next three years. This cannot be done if this administration will not make the necessary changes in its spending priorities. Investments in R&D may not immediately yield results, but Filipinos will feel their impact beyond the term of President Duterte.

Enlisting civil society in combating terrorism Teddy Locsin Jr.

FREE FIRE Continued from A1

N Preventing and Countering Terrorism and Violent Extremism the Philippines commends the Asean Regional Forum for promoting cooperation and dialogue to address this issue. Recent terrorist attacks in Jolo, Christchurch and Sri Lanka scream the need for them. The fast mutating nature and the transnational—because religious— character of terrorism and violent extremism make it a matter of life and death to cooperate to counter them; to stamp them out; and in the brief intervals of safety to study the underlying soil that welcomes the seed and encourages the growth and contagion of an essentially personal

decision to do evil. Where minds are still open, we should spread counter-narratives to messages of hate, murder and mayhem. Where minds are closed; we must meet them with force when attacked by force; with the truth when attacked by lies. Lies spread by well-meaning civil society more anxious about misunderstanding

BusinessMirror A broader look at today’s business Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

Online Editor Social Media Editor

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

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

Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

terrorists than stopping them on the off-chance they might be reformed. Civil society is more anxious about missing the chance to save a terrorist life than stopping him from taking scores of innocent lives. There is no doubt about the persuasive power of civil society; it has convinced world opinion that those who fight terrorism must have their hands tied; and that terrorists must not be denied freedom of expression even if their irrational hatred can express itself only in a physical way.

Metro cleanup akin to rehab of Boracay

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

There is no doubt about the persuasive power of civil society; it has convinced world opinion that those who fight terrorism must have their hands tied; and that terrorists must not be denied freedom of expression even if their irrational hatred can express itself only in a physical way.

Manny B. Villar

THE ENTREPRENEUR

HE cleanup of Metro Manila’s major thoroughfares is long overdue. I like to compare the current road-clearing operations in the metropolis to the rehabilitation of Boracay Island and other famous resorts in the Philippines, which has been a success and noticed by foreign tourism bodies and travelers alike. The directive of President Duterte to the Department of the Interior and Local Government (DILG), Metropolitan Manila Development Authority (MMDA) and Metro Manila mayors should, be pursued earnestly. The cleanup drive should emulate the Boracay initiative to restore law and order in the capital region, and even in Mega Manila that includes nearby provinces. Illegal merchants and unscrupulous businessmen have taken over some of the major and busy roads in Metro Manila, compounding the traffic problem and giving the image that lawlessness is the order of the day in the country. President Duterte, during his fourth State of the Nation Address on July 22, 2019, told all mayors to “reclaim all public roads that are being used for private ends.” I could not agree more. Roads are built to transport commuters to their intended destinations and should be free from obstructions.

I understand the plight of the vendors who are trying to make a living when they occupied many of Metro Manila’s roads. But I believe local officials can work out a sustainable arrangement for these displaced vendors to ply their trade somewhere else, and not on the busy roads of the metropolis. A lot of people and even foreign tourists will appreciate a cleaner and more orderly Metro Manila. All mayors should follow the directive of President Duterte. Local and foreign tourists, for one, will enjoy their stay more in Metro Manila if they can travel freely and safely in and out of the city. I am glad local executives have heeded the call of President Duterte. Interior Secretary Eduardo Año just recently marked the start of the 60day countdown for Metro Manila mayors to finish the road-clearing campaign. Local authorities have also given erring motorists and illegal vendors a reasonable warning in

I am glad local executives have heeded the call of President Duterte. Interior Secretary Eduardo Año just recently marked the start of the 60-day countdown for Metro Manila mayors to finish the road-clearing campaign. Local authorities have also given erring motorists and illegal vendors a reasonable warning in connection with the ongoing crackdown on illegal parking and other forms of road obstructions.

connection with the ongoing crackdown on illegal parking and other forms of road obstructions. MMDA Chairman Danilo Lim and National Capital Region Police Office Director Major Gen. Guillermo Eleazar both vowed to clamp down on activities that impede traffic flow and endanger other road users both on major and secondary streets in Metro Manila. Local government executives, in turn, pledged to dismantle informal roadside shops and other illegal structures in their respective areas to ease traffic congestion. I notice that President Duterte’s directive has already produced initial results. Mayors Edwin Olivarez of Parañaque and Imelda Calixto-Rubiano of Pasay have cleared the obstructions in the notorious Baclaran area and committed their support to the MMDA to make all roads obstruction-free, while looking for alternatives to relocate the vendors. MMDA Chairman Danilo Lim is

It is true that terrorists operate alone or in small groups; and that the state fighting them is big. But the state is responsible for protecting the lives of tens of millions while terrorists have the singular purpose to kill a comparative few to sow grief, confusion and submission to their will. Imagine the benefit if we could enlist civil society in combating terrorism—and the organized crimes on which it feeds—rather than unwittingly protecting it. The promotion of Maritime Security Cooperation is self-evident for maritime countries. On freedom of navigation and overflight, along with other issues in the South China Sea, we are doing the essential part by acting as China coordinator in negotiations for an internationally credible Code of Conduct all the way up to the adoption of the first Single Draft. It’s your turn. We can live with or without a Code of Conduct; we will just be where we are now: between uncertainty and war. Thank you, Mr. Chair.

doing his part by asking mayors to start with national roads, Mabuhay lanes and identified roads in their cities that serve as alternative routes. “For the identified routes, no parking and illegal structures must be allowed, then we can deal with the side streets later,” said Lim. “There would be no let-up in our operations as the DILG gave us orders to reclaim the roads in 60 days. We will ensure that these will be done daily to fast-track clearing of all roads,” Lim promised. MMDA General Manager Jose Arturo Garcia Jr. agreed with Lim. “These roads were being used for profit for a long time and it’s about time we reclaim it for the common good. Sidewalks are for pedestrians while public roads are for motorists,” he said. Manila Mayor Francisco “Isko Moreno” Domagoso was among the first Metro Manila executives to initiate the road cleanup. His first move as mayor was to clear the chaotic and messy commercial area of Divisoria, followed by the busy streets of Quiapo, Rizal Avenue, Carriedo, Recto Avenue and Blumentritt. There should be no let-up in cleaning up and restoring order in Metro Manila. Like the Boracay restoration and the ongoing rehabilitation of Manila Bay, the road-clearing operations should continue to transform the capital region into a modern metropolis on a par with those in the region. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

www.businessmirror.com.ph

Opinion

DIY the SSS way

The salvage business of insurance

BusinessMirror

Atty. Dennis B. Funa

Aurora C. Ignacio

INSURANCE FORUM

All About Social Security

HE concept of DIY or Do-It-Yourself was originally associated with home improvements, whereby individuals did small construction projects as both a creative-recreation and cost-saving activity. But with the advent of technology, the DIY culture has evolved into a wider range of activities that promote self-service. More information and services now have become easily accessible from the consumers’ mobile devices anytime and anywhere. At their fingertips, consumers can squeeze in between their busy schedule activities, such as buying lunch, paying their bills, or purchasing airline tickets at their convenience. This change in consumer behavior and demand for faster and easier services pushed the Social Security System (SSS) to shift its core and business processes to digitalization about a decade ago. Electronic services would definitely improve services to its clientele which, as of latest data, totals to around 16 million actively paying members and some 2.3 million pensioners. Long before I joined SSS in October 2018 as the Social Security chairman before I was appointed as president and chief executive officer in March, SSS has already established its digital infrastructure. Members are already accessing five electronic channels since 2010. These five electronic service facilities are: (1) SSS web site—My.SSS, (2) SSS Mobile App, (3) Self-Service Express Terminal (SET), (4) Interactive Voice Response System and (5) Text-SSS. In My.SSS, members can do online application for SS number issuance; generate the Payment Reference Number required for contribution remittance; submit employment report, contribution (R-3), and loan collection lists (ML-2); apply for salary loan and certification of salary loan application. Likewise, members can file maternity and sickness notification through the My.SSS found in the SSS web site. Other services available in the My.SSS are online retirement claim application, request for branch appointment, inquiry on the location of SSS branches, feedback submission, inquiry on SS information, Personal Equity Savings Option fund enrollment, Flexi-fund enrollment for OFWs, and request for personal records. My.SSS is linked with the SSS mobile app, the latest electronic service

facility of the pension fund launched early last year. In the SSS mobile app, a member can change contact information; generate PRN; file a salary loan application, maternity and sickness notification; inquire on the locations of SSS branches as well as personal records. To use the SSS mobile app, a member has to create an account in My.SSS. Shifting members to electronic services is a challenge for SSS considering that members have varied demographics. But we are embracing the challenge head-on. There are now four e-Centers nationwide where members are taught to use the electronic channels of SSS. Members transacting in Diliman, Dagupan, Cebu-NRA and DavaoIlustre are now being trained on using self-service facilities. There are now e-ambassadors in these branches that help members use the SET. Issuance of SS number, web registration, UMID data capture, resetting of password, and member data amendments can all be done through the SET. Employers, on one hand, can also use the SET for employer number issuance, submission of employment reports, web registration and data changes. However, about 521,000 employers have already registered their e-mail addresses with SSS so their monthly billing statements and PRN are sent via e-mail blast. Anytime, any where service through electronic facilities saves time and money for both SSS and its members and pensioners. The agency’s overhead expenses will be reduced with less face-to-face transactions in branches. Members will also save time and transportation cost if they do not have to visit a branch just for, say, the issuance of SS number. This could already be done online, in the SSS web site. The journey to full digital transformation has numerous challenges. But modernizing systems for service delivery is a call of the times. The DIY culture has to happen in SSS. Aurora C. Ignacio is SSS president and chief

executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

HE salvage business in non-life insurance is what we might call the tail-end of the insurance cycle. Salvage refers to the damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage right over property on which they have paid claims, such as badly damaged cars. If the insured retains the damaged property, the salvage value or scrap value will be subtracted from any loss settlement. It is the insured’s decision whether or not to surrender the damaged property to the insurance company. The insured may decide to retain the property for sentimental reasons. The insurance company will only take damaged goods for salvage if it will reduce their total loss payout. Salvage is common in motor vehicle insurance, aircraft insurance, and other property insurance such as fire where unburned structures and items are bought and sold, in a “fire sale,” as junk and later recycled for its remaining value. Damaged properties may be considered useless to its owners but may be of some value

to others. Salvage is also relevant in property or inventory damaged by flood, earthquake, tornado or hurricane. Usually, a decision has to be made whether the property can be considered as “totaled” or written-off and no longer economically feasible to be repaired. This decision belongs

Wednesday, August 7, 2019 A11

to the insurer. Once the property is considered totaled, the property owner receives compensation up to the policy limits, and the salvage— the damaged property—becomes the property of the insurer who can then sell it at a salvage auction or sales. On a much smaller scale, salvage is nonetheless an income stream for non-life insurers. In the salvage auction or sales, typically in the Philippines, the damaged property is sold at 25 percent of the market value of the property in good condition. Buyers of salvage properties are typically individuals and not companies. They are referred to as professional salvage dealers or salvors. In marine insurance, a specific provision in Section 149 provides: “If a marine insurer pays for a loss as if it were an actual total loss, he is entitled to whatever may remain of the thing insured, or its proceeds or salvage, as if there had been a formal abandonment.” In maritime practice, however, salvage has a second meaning, which refers to “services awarded to a third party to save maritime property from peril at sea”

HE markets have spoken. If they are to be believed, the potential for a US recession has never been greater in the post-crisis era than it is right now.

That’s a problem for President Donald Trump because after the events of the past few days, it should be clear that he has effectively forfeited the ability to use the Federal Reserve as a scapegoat for any economic slowdown, an angle he was clearly prepared to play. Consider the three-month, 10year US yield curve, which, when inverted, is widely considered a signal of an impending recession. It inverted by as much as 32 basis points on Monday, the most since 2007. But what’s more notable is how it got there. On July 31, when the Fed decided to lower its benchmark short-term rate for the first time in more than a decade, the spread only moved a few basis points. But on August 1, when Trump announced additional tariffs on Chinese goods, it spiraled down about 14 basis points. On Monday, as China detailed

plans for retaliation, it fell as much as 10 basis points. Moves of that magnitude don’t happen often. Meanwhile, the benchmark 10-year yield itself tumbled 14 basis points to the lowest level since before Trump was elected, while the S&P 500 fell the most this year. Clearly, the latest escalation in the US-China trade war has spooked investors. Some even fear that easier monetary policy from the Fed won’t be enough to reverse the damage, given the already shaky status of corporate earnings. It truly didn’t have to be this way. Fed Chairman Jerome Powell was convinced that the central bank’s rate cut was a mere “mid-cycle adjustment” that made sense as an offset to trade tensions, which he said were causing “ongoing uncertainty” among the central bank’s business contacts. In his opening

Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016. E-mail: dennisfuna@yahoo.com.

$14.5 trillion of sub-zero bonds means anything is possible now

By Mark Gilbert | Bloomberg Opinion

ITH negative yields becoming commonplace across even the longer maturities in many of the world’s government bond markets, fixed-income managers are letting their imaginations run a little wilder about what might come next. So brace yourself for renewed talk of helicopter money, the implementation of Modern Monetary Theory, and the prospect of the benchmark US Treasury offering less than zero. Bond investors have spent the past few years becoming accustomed to previously inconceivable developments in the markets. So they can be excused for developing immunity to just how extreme recent shifts in the debt market have been, at the forefront of which is the explosion in the amount of negative-yielding debt. As the chart above shows, the total value of “less than zero” bonds has trebled since October as interest rates on fixed-income securities get lower and lower. The entire suite of German government bonds from three months to 30 years now offers negative yields for the first time, as does the even longer-dated Swiss yield curve. Monday saw Ireland’s 10-year borrowing costs dip below zero for the first time. With central banks poised to continue or resume the bond-buying programs they introduced after the global financial crisis, other government debt markets look set to follow suit in breaching the zero bound. Spain’s benchmark bond yields a smidgen above 0.2 percent, Portugal’s is a tad below 0.3 percent. UK

10-year yields are at a record low of about 0.5 percent, half their level of less than three months ago. And while US yields remain at about 1.8 percent, Joachim Fels, Pimco’s global economic adviser, says it’s “no longer absurd” to speculate that the world’s benchmark rate for 10-year borrowing costs could drop below zero. “We may get there faster than you think,” he says. The problem with pushing down borrowing costs that are already at or near record lows is that you get diminishing returns on how much of an impact it has on the real economy —hence the failure of central banks to lift inflation and meet their targets in recent years. So Eric Lonergan, a fund manager at M&G Prudential, reckons the concept of helicopter money, with central banks creating cash and delivering it to individual citizens to spend, might come back into vogue. “The logic is compelling,” Lonergan wrote in an article for the Financial Times last week. “One problem with this common sense idea is its simplicity, which rarely appeals to

economists charged with taking important decisions.” As central bankers run out of ammunition from their conventional armories, a more radical shift may become inevitable, with governments acknowledging that they must play more of a role in combating a global slowdown—and a new-fangled economic experiment called Modern Monetary Theory becoming the next experiment in how to boost growth. MMT, which argues that an expansionary fiscal policy can be financed through cheap debt without risking default, has been criticized for not being modern, not being monetary and not being a theory. That didn’t stop the first textbook on the subject from selling out its initial print run earlier this year, nor the adoption of MMT as a cause celebre by A lexandria Ocasio-Cortez

Donald Trump risks losing the Fed as a recession scapegoat By Brian Chappatta | Bloomberg Opinion

and in which salvage charges will be incurred. An example of salvage service is towing a severely damaged hull to the nearest port. A property is considered no longer economically feasible to be repaired if: a) the sum needed to repair the property is equal to the insured value of the property; b) the repair costs are so high that, when added to the salvage value, they equal the sum for which the property has been insured; and c) the cost of repair work exceeds 70 percent of the property’s insured value. The property may also be considered as unrepairable because it would be unsafe to repair it. A dispute between the insurer and a vehicle owner may ensue where the insurer insists that a vehicle can still be repaired and refuses to write-off the vehicle contrary to the car owner’s desire. A car owner may believe that the vehicle is no longer safe to be used. In such a case, compelling the insurer to write-off the vehicle may be difficult.

statement, he said: “After simmering early in the year, trade policy tensions nearly boiled over in May and June, but now appear to have returned to a simmer.” Less than 24 hours later, Trump ratcheted up the temperature. That fueled speculation that he made the move in response to the Fed cutting interest rates by less than he wanted. If this was a calculated move on Trump’s part, he might have underestimated how his decision could backfire. To many market observers, the Fed didn’t have to lower interest rates last month. Powell even said that the central bank was as close to its dual-mandate of low unemployment and stable prices as ever. I argued that officials cherry-picked their data, but coming out of the Federal Open Market Committee decision, it seemed quite clear that the rate cut was mostly meant as a way to neutralize any lingering effects of Trump’s various trade skirmishes on business confidence. Trump should have taken the victory. After all, he had spent months hammering the Fed for

To many market observers, the Fed didn’t have to lower interest rates last month. Powell even said that the central bank was as close to its dual-mandate of low unemployment and stable prices as ever. I argued that officials cherry-picked their data, but coming out of the Federal Open Market Committee decision, it seemed quite clear that the rate cut was mostly meant as a way to neutralize any lingering effects of Trump’s various trade skirmishes on business confidence.

raising interest rates too quickly and for continuing with “quantitative tightening,” which the central bank also ended last week. He got what he wanted, all the while preserving his argument that the economy would be doing even better if Powell hadn’t fumbled it. He had his scapegoat. Now, Trump risks absorbing all that blame himself. To be sure, it’s still too soon to say a US recession is

coming anytime in the near future. And while stock markets took a serious beating on Monday, the S&P 500 is still up more than 20 percent from its lowest point on December 26. There’s no way to know for sure that this round of tariffs is “the one” that topples the global economy. The number of head fakes, both positive and negative, is too high to count at this point. Plus, investors have it in the back of their minds that Trump will strike some semblance of a deal before November 2020 to boost markets—and his reelection prospects. That’s a dangerous scenario to count on, especially because it takes two to strike a deal. China may see little upside to giving Trump a victory ahead of the presidential elections or might even prefer to gut it out and negotiate with a potential Democratic successor. This has always been a risk, of course. But as Powell pointed out, it had seemed as if the two sides were coming closer to an agreement. Trump shattered that illusion in one fell swoop. To escalate things further, the US Treasury Department, “under the auspices of President Trump,” officially labeled

and other left-wingers in the US Democratic party. There’s likely to be a “progrow th convergence of fiscal and monetary policies,” Pascal Blanque, the chief investment officer of Amundi SA, told me recently. Blanque previously expected only a recession to usher in MMT. Now he sees “an alignment of the planets between the man in the street, politicians, and academics” that may well see it becoming mainstream thinking. In Through the Looking-Glass, Lewis Carroll’s Alice says there’s no use trying to believe in impossible things. “I daresay you haven’t had much practice,” the Queen replies. “Why, sometimes I’ve believed as many as six impossible things before breakfast.” Bond investors are starting to understand her thinking.

China a currency manipulator late on Monday. My Bloomberg Opinion colleague Ramesh Ponnuru made the point recently that the Democratic presidential candidates faced a challenge in talking about the economy because it has been so strong. On top of that, as Powell likes to point out, sustaining the expansion has allowed the recovery to reach a broader subset of Americans. Trump’s decision to impose further tariffs on China provides an opening for Democratic candidates. Indeed, California Sen. Kamala Harris already did so, before this latest escalation. “Jerome Powell just dropped the interest rates and he admitted why—because of this socalled trade policy that this president has, that has been nothing more than the Trump trade tax,” she said on July 31. The president could have easily brushed off the attack at the time. But now? One bad day in the markets doesn’t mean a recession will follow. But it does speak to whom investors fear the most when it comes to mishandling the economy.

2nd Front Page BusinessMirror

A12 Wednesday, August 7, 2019

DOF: Tax perks in 2015-’17 gave 3,150 firms ₧1.12 trillion By Rea Cu

@ReaCuBM

HE Philippine government gave away an estimated P1.12 trillion in tax incentives and exemptions to around 3,150 companies for the period of 2015 to 2017, the Department of Finance (DOF) has reported. In a statement on Tuesday, the DOF said the forgone revenues included income tax incentives, tax incentives on customs duties and

on import value-added tax (VAT). According to the DOF, among the investment promotions agencies (IPAs) that granted incentives

“We’re not saying that all these incentives are not worth it, and we acknowledge that there have been benefits in the form of job creation and investments in the domestic economy. However, we cannot keep giving away tax incentives indiscriminately and indefinitely.”—Chua

to registered enterprises, the Philippine Economic Zone Authority (Peza) gave away the lion’s share —about P879.1 billion of tax incentives, or about 78 percent of the three-year total. “This is a truly massive amount.

To put things in the right perspective, P1.12 trillion that we gave away in incentives over that threeyear period is over twice the current [2019] budget of the Department of Public Works and Highways [DPWH],” said Finance Undersecretary Karl Kendrick T. Chua. The budget of the DPWH this year is P549.4 billion. “Every peso given away in tax incentives is a peso that could have gone to constructing roads, classrooms or health centers, or to hiring more teachers, doctors and nurses. The government could have implemented so many programs and projects with P1.12 trillion that was given away to companies,” he added. See “Tax perks,” A2

New DA chief wants to double farmers’ income By Jasper Emmanuel Y. Arcalas

@jearcalas

EWLY installed Acting Agriculture Secretary William D. Dar is targeting to double farmers’ income in five years and grow agriculture production by at least 3 percent annually in keeping with President Duterte’s directive

of improving the lives of Filipinos. Dar said the President had ordered him to boost the performance of the Philippine agriculture, which expanded by an average of only 1.1 percent in the past decade. He said farm production growth should be at least 3 percent to 4 percent to ensure ample food supply and meet the food require-

SEVERE TROPICAL STORM “HANNA” 780 KM EAST OF CALAYAN, CAGAYAN SOUTHWEST MONSOON AFFECTING LUZON AND VISAYAS as of 4:00 pm - August 6, 2019

ments of the country’s population, which has been expanding at an annualized rate of 1.8 percent. “If your production growth is only 1.1 percent, how are you going to feed your growing population? You will always have a deficit,” Dar said in his first news briefing on Tuesday. “At the end of his [Duterte] term,

he wants to leave a legacy of uplifting the livelihood and the quality of life of our farmers and fishermen,” Dar added. The new agriculture chief said he will prioritize the implementation of programs which will be bankrolled by the Rice Competitiveness Enhancement Fund (RCEF). See “DA chief,” A2

‘RCEF will be used well, fast for farmers’

CTING Agriculture Secretary William D. Dar said he will focus on the implementation of interventions funded by the Rice Competitiveness Enhancement Fund (RCEF) to assist farmers incurring losses due to falling farm-gate prices. Dar told reporters in a news briefing in Quezon City that he will ensure the smooth and proper implementation of initiatives bankrolled by the RCEF in the first 100 days of his leadership. “This will be our focus for the next 100 days. To correct and accelerate the implementation of the RCEF,” he said on Tuesday. “Rice farmers of almost 2.5 million are already waiting for the RCEF.” Dar said he has instructed attached agencies of the Department of Agriculture responsible for implementing the interventions to inform rice planters that help is on the way. The new agriculture chief said initiatives aimed at improving the competitiveness of rice planters should have been implemented earlier than the third quarter. He said the DA will try to provide the necessary interventions to farmers in the next 100 days. The DA will also craft a “catchup plan” embodying additional interventions to help farmers in the 2020 dry season. DA officials were instructed to complete it in two weeks. The plan includes the provision of hybrid rice seeds, distribution of of inputs like fertilizers, construction of shallow wells and even direct cash assistance, he added. “Let’s have a plan to compensate what we lost this wet season. We need a catch-up plan because it is during the dry season when all components of RCEF are expected to be in place,” Dar said. See “RCEF,” A2

www.businessmirror.com.ph

CHINESE BID TO OPERATE SUBIC ISLANDS SHELVED By Henry Empeño

Correspondent

UBIC BAY FREEPORT—A Chinese-controlled company earlier proposed to operate the Grande and Chiquita Islands on Subic Bay, but the project has been put on hold since May due to unresolved issues, the Subic Bay Metropolitan Authority (SBMA) has confirmed. SBMA Chairman and Administrator Wilma T. Eisma said the proposal to develop the two islands strategically located at the mouth of Subic Bay ground to a standstill after the SBMA Board of Directors withdrew its consent to the change in control and ownership of GFTG Property Holdings Corp., the current holder of lease over the islands. “It’s true that a group of Chinese investors wanted to take effective control of the islands to further develop them as tourism destinations, but we saw some problems about the proposed activities,” Eisma said. She said that Sanya CEDF SinoPhilippine Investment Corp., which recently gained majority shares in GFTG, had proposed to put up 80 ultra high-end housing units perched on water along the coastline of Grande Island up to Chiquita Island. “This cannot be allowed because the Constitution limits the use and enjoyment of archipelagic waters exclusively to Filipino citizens,” Eisma pointed out.

Inflation. . . Continued from A1

Among food items, the largest contributor was meat which posted an inflation rate of 3.5 percent and contributed 37.4 percent to food inflation. Housing, water, electricity, gas and other fuels, actual rentals for housing posted an inflation rate of 3.5 percent, accounting for 93.5 percent of the group’s inflation. In terms of restaurant and miscellaneous goods and services, Mapa said the largest contributor were meals eaten outside the home, which posted a 3.4-percent inflation rate. This represented a 68.2-percent share in inflation for the commodity group. Meanwhile, the commodities that contributed to the slowdown in inflation were food and nonalcoholic beverages; housing, water, electricity, gas, and other fuels; and transportation. The commodity that pulled down food inflation was rice,which contracted 2.9 percent. UnionBank’s Economic Research unit said the slowdown in the increase in rice prices is already a result of the passage of the Rice Trade Liberalization into law.

Spending. . . Continued from A1

The DBM said in a separate statement that every peso of the proposed 2020 budget went through numerous levels of scrutiny and approval, and budget hearings and consultations with agencies. “The FY 2020 Budget aims to respond to the needs of the Filipino people, embody the hopes and dreams of every citizen, and realize the promises that were made by the administration. It will sustain the tremendous progress that the Philippines has made as a nation,” the statement read. “Every step of the budget process keeps in mind the objective of lifting millions of Filipinos out of poverty and creating opportunities for them,” it added. Infrastructure and social services remained the top priorities of the government for this year based

“Moreover, Executive Order No. 65, or the 11th Regular Foreign Investment Negative List, prohibited the presence of any foreign equity in the utilization of marine resources in archipelagic waters,” she added. The SBMA official noted that there had been previous changes in the corporate control or ownership of GFTG that were made without the consent of the SBMA. “These violated the Lease and Development Agreements that GFTG had signed with SBMA,” she said. Because of these issues, the SBMA Board passed a resolution on May 19, 2019, that withdrew consent to the change in control and ownership of GFTG, Eisma said. The Board also noted the need for “further coordination between the SBMA and the Department of Finance with respect to this change in the control/ownership of GFTG, including the payment of appropriate taxes for the transfer of shares of GFTG.” “The net effect is that the company’s proposal for Grande and Chiquita did not progress, and the project is currently nonoperational,” Eisma said. Grande used to be an exclusive rest and recreation haven for officers of the US Navy when Subic was still an American military base until 1992. Prior to that, it was known as Fort Wint and housed a battery See “Chinese,” A2

“This is the third month that we are seeing a negative inflation rate [for rice],” Mapa said. “This year the price of rice started declining already.” Housing inflation was slowed by the 0.5-percent contraction in electricity prices in July, while the main cause of lower transportation prices is the 2.8 percent contraction in petroleum and fuels for personal transport equipment. Among the regions, PSA data showed the highest inflation was observed in Mimaropa, where inflation was at 4.9 percent while the slowest was in Central Visayas at 1.1 percent. “We checked by province and one particular reason that we’re seeing is that, of course, Mimaropa consists mainly of island provinces so the transportation has an impact on goods and services, but these could be validated on the ground.”He expressed hope“our LGUs [local government units] could check and do something about this inflation.” In the National Capital Region (NCR) or Metro Manila, inflation averaged 2.3 percent in July while in Areas Outside of NCR, inflation averaged 2.4 percent.

on sector allocation. Social Services accounts for 36.7 percent, or P1.377 trillion, of the entire budget. This is followed by Economic Services (28.4 percent; P1.068 trillion), General Public Services (18.9 percent; P709.1 billion), Debt Burden (11.0 percent; P414.1 billion), and Defense (5 percent; P188.2 billion). Cash-based appropriations for infrastructure are set at P874.8 billion, equivalent to 4.5 percent of GDP. By expense class, the P3.757trillion cash budget is divided as follows: personnel services (31.5 percent; P1.185 trillion), capital outlays (20 percent; P752.7 billion), allotment to local government units (17.1 percent; P640.6 billion), maintenance expenditures (15 percent; P562.9 billion), debt burden (11 percent; P414.1 billion), support to GOCCs (5 percent; P187.1 billion), and tax expenditures (0.4 percent; P14.5 billion).

Editor: Efleda P. Campos

Companies BusinessMirror

Geri income up 37% on higher office rentals

LOBAL-ESTATE Resorts Inc. (Geri), a unit of Andrew Tan’s Megaworld Corp., on Tuesday said its net income for the six months of the year grew 37 percent to P989 million, from P724 million last year, helped by its rental and hotel operations. Excluding nonrecurring gains of P189 million during the initial part of the year, the company said its income grew only 11 percent. For the April to June quarter alone, its income grew 13 percent to P445.15 million, from last year’s P393.6 million. “Our growth story hinges on our rental and hotel businesses, which have been growing rapidly this year. On the rental side, the office segment in particular saw a huge swing in revenues due to the fact that both office towers in Southwoods City in Carmona have already begun realizing full-year rentals. On the hotel side, the opening of Twin Lakes Hotel late last year has boosted revenues significantly as the development continues to gain popularity among people visiting Tagaytay,” Monica Salomon, the company’s president, said. Revenues for the six month period reached P4.09 billion, a 27-percent increase from last year’s P3.2 billion. Excluding nonrecurring gains, its revenue was only up 22 percent year-on-year. Revenues of Geri’s core businesses ended at P3.8 billion. The real-estate business of Geri comprises close to 70 percent of its total revenues. It said the company’s rental income doubled to P377 million from P177 million last year, mainly from the sales it got from the Southwoods Office Towers. Office rental revenues reached P110 million from very minimal office leases last year. The company mainly operates leisure properties. VG Cabuag

SC tells ERC, Meralco to justify bill deposit

HE Supreme Court has ordered the Energy Regulatory Commission (ERC) and the Manila Electric Co. to justify the imposition and collection of bill deposit from power customers. In a one-page resolution released to the media on Tuesday, the Court en banc gave the ERC, Meralco, as well as the Commission on Audit (COA) 10 days to submit their comment on the petition assailing the collection of bill deposit. The ERC, Meralco and COA were named by several party-list groups led by Bayan Muna Chairman Neri J. Colmenares and Partylist Rep. Carlos Isagani T. Zarate as respondents in the petition. Also among the petitioners are Anakpawis Party-list Rep. Ariel B. Casilao, Gabriela Women’s Party-list Reps. Emerenciana A. de Jesus and Arlene D. Brosas, Act Teachers Party-list Reps. Antonio L. Tinio and Francisca L. Castro, Kabataan Party-list Rep. Sarah Jane I. Elago and Bagong Alyansang Makabayan Secretary-General Renato M. Reyes Jr. The petitioners argued that the imposition of bill deposit by Meralco, being a public utility, against its captive market is illegal and contradicts its duty under its franchise to promote consumer interest. The bill deposit collected by Meralco from its customers, according to the petitioners, has reached P29 billion, as of 2018. The petitioners asked the Court to declare as illegal and void the Bill Deposit provisions in the Magna Carta for Residential Electricity Consumers and promulgated by the ERC on June 17, 2004, which became Meralco’s basis for collecting such fees from its customers. Joel R. San Juan

Petron H1 net income down 72% as higher taxes weigh on sales

ETRON Corp.’s net income for the first six months of the year plunged 72 percent to P2.6 billion mainly due to higher taxes that weighed heavily on the oil company’s sales. The country’s largest oil refiner said Tuesday it booked P254.8 billion in revenues sales, down 7 percent from the same period last year. Cited as a factor was the implementation of the second tranche of the Tax Reform for Acceleration and Inclusion (TRAIN) law, which brought total fuel taxes to an average of P6.75 per liter equivalent to over P15 billion in excise taxes for the first half. Petron said this encouraged illegal business practices during the period. Meanwhile, Petron said sales volume from Malaysia grew by 4 percent and partly offset that of the Philippines. The company said its first-semester results “reflect modest gains amid the slump in regional refining margins that penalized Philippine operations by as much as P5 billion during the period.” These setbacks, according to Petron President and CEO Ramon S. Ang, “are just temporary and are all part of the business. We remain optimistic for the second half of the year given signs of modest recovery from gasoline and petrochemical margins recently seen in the market.” Also, the oil firm said it would soon resume normal operations at its Bataan Refinery after completing scheduled repair works, including damage incurred during the April 22 earthquake that affected Central Luzon and Metro Manila. During the first half, Petron completed 72 stations in the Philippines. In Malaysia, it rolled out about 24 new stations. Lenie Lectura

Wednesday, August 7, 2019

Jittery overseas markets spook PSEi

HARE prices plunged for the second straight session on Tuesday after foreign investors dumped local shares on jittery markets overseas, mainly on the escalating trade war tensions between the United States and China. The benchmark Philippine Stock Ex-

change index (PSEi) fell 123.27 points to close at 7,766.75 points, with Jollibee Foods Corp. and Ayala group of companies most bloodied. “The bloodbath continued for a second day as Treasury yields plunged and gold surged as an ominous sign for a flight to safe haven assets. Stocks suf-

fered one of their biggest declines in 2019 as China allowed its currency to fall to a more than 10-year low to versus the dollar,” Luis Limlingan, managing director at Regina Capital and Development Corp., said. Since Monday, the main index has lost 363.18 points or about 4.5 percent.

“We had another situation like yesterday [Monday], of foreign investors dumping Philippine equities while locals are scooping them up at low prices,” Christopher Mangun, research head at AAA Securities Inc., said. Continued on B2

Companies BusinessMirror

Wednesday, August 7, 2019

PSE STOCK QUOTATIONS

August 6, 2019

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

57.6 144 88.5 26.4 12.02 70.5 47.55 57.8 111.3 29.2 173.2 59.05 1.16 2.15 18.3 4.11 0.46 751 0.97 186 1751 1.12

58 144.3 88.55 26.5 12.04 70.9 47.6 58 114.5 29.3 173.3 59.1 1.2 2.24 18.5 4.68 0.47 770 0.99 190 1755 1.17

58.8 145 89.95 26.75 12.2 71.85 48.65 58.15 111.3 29.9 173 60 1.17 2.17 18.5 4.62 0.46 750 0.99 186.2 1750 1.13

59 146.2 89.95 26.75 12.2 71.85 48.65 58.15 111.3 29.9 173.5 61.75 1.17 2.17 18.5 4.71 0.47 750 1 191.7 1750 1.13

57.6 140.3 88 26.4 11.9 70.5 46.9 57.7 111.3 28.55 170 59 1.15 2.15 18.3 4.62 0.46 750 0.97 186 1750 1.12

57.6 144 88.5 26.5 12.02 70.5 47.55 57.8 111.3 29.2 173.3 59.05 1.15 2.15 18.3 4.71 0.47 750 0.99 190 1750 1.13

800 2277850 4066520 179100 2039200 4864010 373800 7140 200 182500 723620 47390 21000 202000 600 2000 410000 250 885000 8460 165 31000

46166 327510391 -29537189 360655939.5 -31659125 4748630 -480920 24538970 -6723940 345,198,284( 161,941,728.5002) 17777710 969075 413718 22260 5332290 577150 124966021 -32097082 2838733.5 -1500423.5 24550 435940 -60200 11040 9330 188700 187500 864550 -970 1574294 855839 288750 35020 -

INDUSTRIAL ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA LMG CHEMICALS PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.31 35.4 0.255 25.8 84.95 358 22.4 5.35 4.67 2.65 11.76 37.55 6.9 14 90.3 15.5 14.3 6.21 10 7.59 100.8 0.72 64.5 235 8.7 13.36 1.81 13.12 1.7 5 161 1.29 2.46 73.55 85.1 3.08 5.19 13.98 10.48 14.06 18.82 1.05 1.15 106.4 2.03 4.2 5.04 40.05 2.04 9.03 1.66 5.4 1.03 13.66

1.34 35.45 0.26 25.85 85 360.4 22.55 5.36 4.8 2.66 11.94 37.6 7.1 14.3 99.3 16.4 14.46 6.29 10.02 7.6 104 0.73 65 236 8.98 13.46 1.82 13.2 1.73 5.1 162 1.3 2.48 74 88.45 3.09 5.4 14 10.5 14.08 18.9 1.06 1.16 116.4 2.04 4.3 5.3 40.1 2.05 9.04 1.67 5.58 1.04 13.68

1.31 34.7 0.255 25.9 85 363.6 22.5 5.41 4.78 2.53 11.94 38.35 7.1 14 90.2 15.4 14.5 6.35 10.18 7.6 100.4 0.73 67.9 244 8.98 13.5 1.85 13.36 1.65 5 161 1.33 2.46 78.55 85.1 3.1 5.19 14.28 10.7 14.02 18.7 1.07 1.2 106.5 2.02 4.2 5.28 40.1 2.14 9.38 1.69 5.5 1.1 14.4

1.34 35.5 0.26 25.95 85 363.6 23 5.42 4.8 2.65 11.94 38.35 7.25 14.3 99.3 16.4 14.5 6.35 10.18 7.65 104 0.73 67.9 244 9 13.5 1.85 13.36 1.78 5 162 1.33 2.46 78.8 88.45 3.13 5.19 14.3 10.7 14.1 18.94 1.07 1.2 106.5 2.03 4.3 5.29 40.1 2.14 9.38 1.69 5.5 1.1 14.4

1.31 34 0.24 24.85 83.3 358 22.25 5.3 4.6 2.46 11.94 37.55 6.7 13.84 90.2 15.4 14 6.21 9.94 7.51 95.05 0.71 63.2 234.8 8.7 13.1 1.74 13.1 1.55 5 157.5 1.25 2.46 74 85.1 2.98 5.19 13.98 10.3 13.92 18.54 1.04 1.13 106.4 2.02 4.2 5.02 40.05 1.99 9.01 1.64 5.5 1.03 13.56

1.34 35.4 0.26 25.8 85 358 22.4 5.36 4.8 2.65 11.94 37.6 7.1 14.3 99.3 16.4 14.3 6.21 10 7.6 104 0.72 64.5 235 8.98 13.46 1.81 13.2 1.73 5 161 1.3 2.46 74 88.45 3.08 5.19 14 10.5 14.06 18.9 1.05 1.16 106.4 2.03 4.3 5.04 40.05 2.05 9.04 1.67 5.5 1.03 13.68

7000 1854100 6550000 4966100 301350 214600 263900 1865100 141000 49659000 1200 316100 360000 1048500 50 1000 3817000 46800 4370600 630400 160140 2546000 326290 2676260 3300 615200 8527000 1013500 3116000 6000 1358050 7226000 61000 3680 850 15262000 161000 3853200 714000 1952100 199800 300000 4079000 130 111000 11000 17000 700 6408000 222000 490000 1400 358000 323100

9200 65086825 1654080 126462135 25363391.5 77217550 5903110 9980486 661540 128536340 14328 11901435 2559278 14806184 4601 15500 55052732 290958 43754289 4782286 16237832.5 1828370 20991114.5 635322378 29588 8160252 15289580 13368860 5225830 30000 217473104 9299240 150060 275152.5 74391.5 46548350 835590 54008756 7481350 27353946 3726352 316820 4747280 13841 224380 47000 88020 28060 13047730 2025152 812620 7700 371960 4439940

-9244275 5663255 -1917255.5 -42004192 -1895440 -2426136 2930670 -91105 -71000 1011098 -943178 -1358992 -300196 3458285 2833726 -227640836 2734010 -3452590 5664248 39870 -110861154 144710 137760 13952500 15033080 2451322 -8210972 1592958.0001 -48600 24144 1064500.0001 43014.0003 92680

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA REPUBLIC GLASS SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.87 16.04 921 49.7 14.6 3.77 7 0.69 1.2 1.23 6.76 9.84 13.5 0.22 886 6.17 65 0.5 4.39 14.14 0.63 4.6 0.038 1.36 2.75 1.34 413 958.5 173.6 0.96 256.6 0.229 0.28

0.88 16.2 923 50.5 14.8 3.78 7.1 0.7 1.21 1.27 6.85 10 13.8 0.237 895 6.25 65.1 0.51 4.45 14.16 0.64 4.61 0.04 1.41 2.91 1.38 449 960 175 0.98 257 0.237 0.285

0.88 16.3 929 51 15.06 3.84 7 0.7 1.23 1.25 6.85 10.02 13.8 0.22 892 6.3 66.75 0.52 4.46 14.66 0.68 4.58 0.039 1.4 2.71 1.36 429 953.5 175 0.99 258 0.231 0.295

0.92 16.94 929 51 15.06 3.84 7 0.7 1.23 1.25 6.89 10.08 13.8 0.24 898 6.3 66.75 0.52 4.46 14.66 0.69 4.64 0.039 1.43 2.93 1.37 429 967 175.1 1.04 258 0.236 0.295

0.84 16 908 49.1 14.6 3.65 7 0.7 1.19 1.24 6.68 9.8 13.5 0.22 872 6.25 64.05 0.495 4.29 14.12 0.62 4.47 0.038 1.35 2.71 1.34 419 944.5 172 0.92 256 0.23 0.28

0.88 16.2 921 49.7 14.6 3.78 7 0.7 1.2 1.24 6.76 9.84 13.8 0.24 887 6.25 65 0.51 4.45 14.16 0.64 4.6 0.038 1.41 2.75 1.37 420 960 175 0.98 257 0.23 0.28

69324000 186300 408970 2494310 6000500 8421000 14200 451000 4814000 473000 2247000 7318700 121000 540000 200700 4100 2845190 165000 1676000 1409700 9507000 32549000 6800000 1247000 4000 1086000 270 560170 68250 7442000 1180 1140000 2250000

60377610 3066752 375343350 124294352 88595226 31435710 99400 315700 5800040 589700 15103948 72492791 1646682 120930 177353350 25705 184909151 82125 7301890 20017884 6207350 148202900 262900 1725000 11140 1468560 114076 534819160 11869233 7386500 303250 262420 634350

5074780 -49918 -82960165 -67130538 -25479936 601000 102200 -160950 6713000 -41501837 700018 66000 -53289465 -88263659 -634440 -3336108 2711500 18379300 40500 -169594730 -1939403 -35120 -72018 -

HOLDING & FRIMS

PROPERTY

ARTHALAND CORP 0.96 0.97 1 1.01 0.93 0.97 13977000 13382630 293810 ANCHOR LAND 10.4 10.9 10.34 10.34 10.34 10.34 200 2068 AYALA LAND 48.05 48.25 48.4 48.4 47.55 48.05 22532500 1082415710 -133316360 ARANETA PROP 2 2.01 2 2.01 1.98 2.01 233000 464900 BELLE CORP 2.22 2.26 2.22 2.22 2.18 2.22 997000 2200250 -46220 A BROWN 0.81 0.82 0.81 0.82 0.79 0.82 1297000 1038750 CITYLAND DEVT 0.85 0.88 0.88 0.88 0.86 0.88 159000 138860 -58800 CROWN EQUITIES 0.235 0.236 0.236 0.237 0.235 0.236 560000 132290 CEBU HLDG 6.05 6.1 6.05 6.1 6.05 6.1 7700 46595 -1220 CEB LANDMASTERS 4.84 4.85 5.05 5.05 4.82 4.85 2053800 10008738 80646 CENTURY PROP 0.56 0.57 0.59 0.59 0.55 0.57 29430000 16576560 68160 CYBER BAY 0.435 0.45 0.45 0.45 0.435 0.44 4070000 1805150 DOUBLEDRAGON 24.05 24.1 24 24.5 23.45 24.1 1218400 28978655 3819490 DM WENCESLAO 10.78 10.86 11.1 11.1 10.5 10.78 1233500 13215948 -1224922 EMPIRE EAST 0.46 0.47 0.47 0.47 0.46 0.47 930000 433650 EVER GOTESCO 0.125 0.133 0.125 0.13 0.125 0.13 170000 22000 FILINVEST LAND 1.86 1.87 1.85 1.88 1.82 1.87 32181000 59730630 16426550 GLOBAL ESTATE 1.35 1.36 1.35 1.37 1.34 1.36 1980000 2668570 -218700 8990 HLDG 15.74 15.76 15.82 15.82 15.74 15.76 1269800 20055840 412198 PHIL INFRADEV 1.57 1.59 1.64 1.65 1.53 1.57 6119000 9655030 80000 CITY AND LAND 0.78 0.79 0.78 0.79 0.77 0.79 171000 132590 50500 MEGAWORLD 5.97 5.98 5.93 6.06 5.84 5.98 39822000 238047067 -27703287 MRC ALLIED 0.31 0.315 0.32 0.32 0.305 0.315 20810000 6502100 -117800 PHIL ESTATES 0.44 0.45 0.44 0.45 0.44 0.45 180000 79300 PRIMEX CORP 2.03 2.04 2.04 2.04 2.01 2.04 667000 1350310 -16239.9999 ROBINSONS LAND 25.8 25.95 26 26.1 25.35 25.95 5775800 148651315 -73770065 PHIL REALTY 0.39 0.395 0.395 0.395 0.385 0.385 490000 191350 ROCKWELL 2.31 2.33 2.42 2.42 2.25 2.33 1596000 3681000 41580 SHANG PROP 3.1 3.14 3.15 3.16 3.1 3.1 383000 1205150 -47100 STA LUCIA LAND 2.12 2.14 2.17 2.2 2.12 2.14 2211000 4752890 SM PRIME HLDG 35.9 36 36 36.5 35.55 35.9 14550000 523641040 -183058185 STARMALLS 5.83 5.88 5.93 5.93 5.83 5.88 320900 1882904 -29200 SUNTRUST HOME 0.8 0.83 0.81 0.81 0.8 0.8 336000 271020 PTFC REDEV CORP 42.5 46.8 47.8 47.8 47 47 800 38000 9400 VISTA LAND 7.59 7.6 7.65 7.68 7.46 7.6 7997100 60592991 -12169111 SERVICES ABS CBN 18.62 18.7 19.04 19.04 18.6 18.7 93300 1742484 GMA NETWORK 5.38 5.39 5.4 5.4 5.36 5.4 94600 508687 MANILA BULLETIN 0.47 0.48 0.49 0.49 0.48 0.48 460000 221750 GLOBE TELECOM 1950 1954 1980 1990 1935 1954 54710 107448680 -29762520 PLDT 1105 1110 1144 1144 1105 1105 100635 112521770 -70172135 APOLLO GLOBAL 0.047 0.048 0.048 0.049 0.046 0.048 17000000 807200 DFNN INC 5.95 6.27 6.46 6.46 5.95 6.27 276700 1679496 IMPERIAL 1.85 1.98 1.85 1.98 1.83 1.97 26000 49340 ISLAND INFO 0.113 0.115 0.113 0.115 0.113 0.115 130000 14710 ISM COMM 5.08 5.09 5.25 5.25 5.02 5.08 2994500 15193703 474380.9997 NOW CORP 2.3 2.32 2.4 2.4 2.23 2.32 4958000 11355970 87610 TRANSPACIFIC BR 0.345 0.35 0.36 0.36 0.34 0.345 7400000 2544750 492999.9997 PHILWEB 3.78 3.81 4.03 4.03 3.65 3.78 8262000 31261630 290580 2GO GROUP 10.56 10.6 10.7 10.7 10.5 10.6 10900 116016 ASIAN TERMINALS 18.1 19.88 18.06 18.06 18.06 18.06 1200 21672 CHELSEA 6.91 6.93 7.19 7.19 6.78 6.93 4321800 29826451 360792 CEBU AIR 89.5 89.9 91.5 91.5 86.65 89.5 523730 46323670 10175138 INTL CONTAINER 122.8 122.9 123.9 124.5 122.6 122.9 3179130 391044273 -53841177 LBC EXPRESS 14.02 14.62 14.02 14.02 14.02 14.02 900 12618 LORENZO SHIPPNG 0.9 0.91 0.9 0.91 0.87 0.91 241000 213280 MACROASIA 19.34 19.44 19.26 19.44 19 19.44 140600 2715922 54580 METROALLIANCE A 1.41 1.58 1.43 1.43 1.41 1.41 35000 49410 PAL HLDG 8.46 8.5 8.5 8.5 8.38 8.5 24000 203547 HARBOR STAR 1.78 1.79 1.8 1.87 1.7 1.79 2962000 5182280 52210 ACESITE HOTEL 1.62 1.64 1.57 1.65 1.57 1.63 599000 971000 -8149.9999 BOULEVARD HLDG 0.058 0.059 0.059 0.059 0.057 0.059 24350000 1411730 10120 WATERFRONT 0.72 0.73 0.73 0.74 0.71 0.72 6528000 4700170 509000 CENTRO ESCOLAR 7 7.19 7 7 7 7 200 1400 FAR EASTERN U 891 895 894 894 894 894 1240 1108560 IPEOPLE 9.44 9.7 9.53 9.7 9.43 9.7 47300 446926 STI HLDG 0.73 0.74 0.74 0.74 0.72 0.74 1326000 967120 255620 BERJAYA 2.33 2.38 2.42 2.42 2.31 2.35 875000 2080620 BLOOMBERRY 11.36 11.48 11.48 11.48 11.18 11.48 3336700 37685006 -7591916 PACIFIC ONLINE 2.6 2.66 2.72 2.72 2.56 2.61 149000 387620 LEISURE AND RES 3.58 3.6 3.65 3.65 3.57 3.58 342000 1229550 32350 MANILA JOCKEY 3.16 3.28 3.23 3.23 3.15 3.16 39000 124170 PH RESORTS GRP 5 5.19 5.1 5.35 4.9 5.19 50100 247083 PREMIUM LEISURE 0.69 0.7 0.69 0.7 0.68 0.69 4618000 3160740 -16559.9999 TRAVELLERS 5.48 5.5 5.45 5.49 5.45 5.49 320500 1754810 -870537 METRO RETAIL 2.47 2.48 2.56 2.56 2.4 2.47 5672000 13847990 -376860 PUREGOLD 43.9 44 44.2 44.2 43.5 44 897700 39444000 -19427515 ROBINSONS RTL 78.05 78.9 78.3 79.3 75.5 78.05 562080 43903347.5 10527259.5 SSI GROUP 3.17 3.18 3.13 3.23 2.99 3.18 4920000 15107960 442540 WILCON DEPOT 15.68 15.7 15.76 15.76 15.6 15.68 1762200 27565000 8490456 APC GROUP 0.51 0.52 0.51 0.52 0.51 0.52 1195000 610770 EASYCALL 9.9 9.98 10.18 10.3 9.55 9.9 71400 705979 GOLDEN BRIA 414 420 420 423 414 420 1560 652238 IPM HLDG 5.55 5.6 6 6 5.55 5.55 9100 51190 PRMIERE HORIZON 0.69 0.7 0.66 0.69 0.62 0.69 37442000 24501810 -9300 SBS PHIL CORP 9.22 9.35 9.26 9.26 9.22 9.22 20200 186572 -69200 MINING & OIL ATOK 12.46 12.98 13.2 13.2 12.5 13 6300 80420 -1300 APEX MINING 1.28 1.29 1.3 1.32 1.24 1.29 17511000 22424610 -207200 ABRA MINING 0.0017 0.0018 0.0016 0.0018 0.0016 0.0018 250000000 407000 16000 ATLAS MINING 2.64 2.75 2.66 2.66 2.64 2.64 198000 523060 COAL ASIA HLDG 0.27 0.28 0.27 0.27 0.265 0.27 290000 77550 CENTURY PEAK 2.72 2.74 2.72 2.72 2.71 2.72 258000 699260 DIZON MINES 7.78 7.85 7.98 7.99 7.71 7.85 5500 42968 FERRONICKEL 1.44 1.45 1.45 1.47 1.43 1.45 825000 1185050 146150 GEOGRACE 0.209 0.211 0.202 0.212 0.202 0.211 110000 22770 LEPANTO A 0.109 0.112 0.113 0.118 0.108 0.113 10950000 1242890 LEPANTO B 0.116 0.121 0.121 0.125 0.115 0.121 810000 98970 -5050 MANILA MINING A 0.01 0.011 0.01 0.01 0.0098 0.01 78600000 783630 MANILA MINING B 0.011 0.012 0.012 0.012 0.01 0.012 63400000 699800 MARCVENTURES 1.04 1.07 1.06 1.08 1.04 1.04 43000 45400 NIHAO 1 1.02 1.05 1.05 1 1.02 167000 168120 -100000 NICKEL ASIA 2.5 2.51 2.65 2.67 2.5 2.5 6170000 15779070 -225280 OMICO CORP 0.48 0.58 0.48 0.48 0.45 0.46 107000 48720 ORNTL PENINSULA 0.83 0.85 0.84 0.86 0.83 0.83 594000 499540 PX MINING 3.94 3.95 4.15 4.16 3.9 3.94 4016000 16054810 311470 SEMIRARA MINING 22.55 22.7 22.95 22.95 22.1 22.55 986500 22133645 -4241070 UNITED PARAGON 0.0062 0.0065 0.0063 0.0063 0.0063 0.0063 5000000 31500 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 6600000 79200 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 70000000 840000 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 1400000 15400 PHINMA PETRO 6.26 6.27 5.89 6.26 5.58 6.26 1674200 10194889 PXP ENERGY 11.48 11.5 10.98 11.64 10.5 11.48 8138500 90062698 1258710 PREFFERED HOUSE PREF A 95.75 99.6 99.6 99.6 99.6 99.6 40 3984 AC PREF B1 485.2 492 485 490 485 490 430 208720 AC PREF B2 496 499 499 499 499 499 100 49900 ALCO PREF B 100.4 102 102 102 102 102 60 6120 DD PREF 100.5 100.9 100.5 100.5 100.5 100.5 940 94470 SMC FB PREF 2 995 1010 1030 1030 1030 1030 100 103000 FGEN PREF G 104.5 106 106 106 105.8 106 8070 855160 -31740 GLO PREF P 491 497 497 497 497 497 4640 2306080 GTCAP PREF B 921.5 945 945 945 945 945 730 689850 LR PREF 0.98 0.99 0.99 1 0.99 0.99 177000 175360 PCOR PREF 2A 994.5 1012 995 995 994.5 995 2150 2138575 PCOR PREF 2B 1000 1019 1000 1000 1000 1000 50 50000 PCOR PREF 3A 1016 1018 1017 1018 1017 1018 4055 4124600 PCOR PREF 3B 1018 1020 1019 1019 1019 1019 1200 1222800 1019000 SMC PREF 2B 75.3 76 76 76 76 76 1300 98800 SMC PREF 2C 77 77.5 77 77.5 76.8 77.5 26470 2037990 SMC PREF 2D 74.9 75.1 74.9 75.1 74.9 75.1 5940 444934 381990 SMC PREF 2F 75.2 75.5 75.4 75.4 75.3 75.3 40540 3054716 SMC PREF 2G 75.2 75.45 75 75 75 75 650 48750 SMC PREF 2H 75.2 75.9 74.95 75 73.5 75 68310 5029951 SMC PREF 2I 74.6 74.8 75.9 75.9 74.6 74.6 36900 2760897 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.44 5.28

17.6 5.37

17.7 5.28

17.5 5.28

17.6 5.28

600 3000

10570 15840

WARRANTS LR WARRANT

1.71

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.39 XURPAS 1

1.75

1.72

1.7

1.71

282000

480310

6.4 1.01

6 1.02

6.43 1.02

5.96 0.98

6.4 1

3392300 6222000

20884966 6190810

-99104 -64240

EXHANGE TRADE FUNDS FIRST METRO ETF

117.1

-10 -

117.2

119

116.5

117.2

18880

2215155

39756

www.businessmirror.com.ph

Meralco rates dip on 4th month; lower spot market prices cited

By Lenie Lectura

@llectura

OR the fourth consecutive month, power rates of the Manila Electric Co. (Meralco) for August went down to P9.5674 per kilowatt-hour (kWh), mainly due to lower spot market prices that led to a decline in generation charge. The dow nward adjustment of P0.4276 per kWh will mean a decrease of around P84 for households with a monthly consumption of 200 kWh. The fourth straight month of electricity rate decrease represents a total downward adjustment of almost P1 per kWh since May 2019. Generation charge, the largest

component of an electric bill, decreased by P0.4607 per kWh this month to P4.9620 per kWh from P5.4227 per kWh last month. The decrease in generation charge owed primarily to lower charges from the Wholesale Electricity Spot Market (WESM). WESM charges declined by P6.2080 per kWh due to improved

supply conditions in the Luzon grid. While the National Grid Corp. of the Philippines (NGCP) placed Luzon on Yellow Alert in the first half of July, there was no Red Alert during the whole month. The share of WESM in Meralco’s supply needs went up to 11 percent. On the other hand, cost of power from the independent power producers (IPPs) increased by P0.0911 per kWh despite the strengthening of the peso against the US dollar and lower fuel prices as a result of quarterly repricing of Malampaya natural gas and continued decline in coal prices. Higher IPP costs were largely due to lower average plant dispatch with the scheduled maintenance of Santa Rita Modules 20, 30 and 40 in July. This was offset as cost of power from the power-supply agreements (PSAs) decreased by P0.0656 per kWh due to lower fuel

prices and peso appreciation. About 67 percent of PSA costs are dollardenominated. IPPs and PSAs provided 41 percent and 48 percent of Meralco’s supply needs, respectively. Meanwhile, transmission charge for residential customers increased by P0.0334 per kWh. Taxes and other charges also registered a slight increase of P0.0097 per kWh. Meralco’s distribution, supply and metering charges, meanwhile, have remained unchanged for 49 months, after these registered reductions in July 2015. Meralco reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other public policy charges like the FiT-All rate are remitted to the government.

Eagle Cement income rises 44% in first half on brisk sales

AGLE Cement Corp., a company led by Ramon S. Ang, on Tuesday said its net income for the first half of the year grew 44 percent to P3.3 billion from last year’s P2.3 billion on brisk sales. Net sales for the period ending June reached P10.5 billion, up 28 percent from P8.2 billion in 2018, owing to the 21-percent sales volume growth and selling price improvement of cement. For the second quarter alone, sales reached P5.1 billion or 22 percent higher than the previous year, while income rose 39 percent to P1.7 billion. “Our robust results in the first half of the year reaffirm our positive stance toward the industry. We will

continue to leverage on the growing local cement demand led by the private sector and supported by the infrastructure push of the government,” said Paul Ang, the company’s president. “Eagle remains compliant with its loan covenants, with debt to equity ratio registering at 0.41 times while financial debt to equity ratio stood at 0.23 times,” the company said. The company said it is on track to complete its 1.5-million metric ton grinding capacity expansion in 2020, bringing its current annual cement capacity to 8.6 MMT in its Bulacan plant. For the fourth line of its plant in Cebu, Eagle said it has secured the approval of DENR’s Central

SMB income up in H1 on higher revenues

AN Miguel Brewery Inc., the beer unit of San Miguel Corp., said its net income grew 12 percent to P13.3 billion from last year’s P11.79 billion on higher volumes of its home market. The company said its revenues also grew almost at the same pace to P70.9 billion for the six months of the year ending June from last year’s P62.5 billion. It said the higher revenues were “driven by higher volumes along with campaigns that engaged with consumers and initiatives to expand its footprint here and abroad.” Earlier, the conglomerate an-

nounced it is investing some $650 million to further grow its local and international breweries and bottling plants. Operating income for the period reached P18.9 billion, up 9 percent from last year’s P17.3 billion. “SMB’s international operations, meanwhile, similarly posted improvements in revenue and operating income due to higher export efficiencies, prudent fixed cost management and favorable selling prices in Vietnam, Thailand and Indonesia,” the company said. VG Cabuag

Jittery overseas markets spook PSEi Continued from B1

“Inflation [rate for July] came in at 2.4 percent, the low-end of the consensus. We have second-quarter GDP [gross domestic product] coming in on Thursday and I’m still hoping it comes in above 6 percent. We will end the week lower but I’m banking on a recovery before the week is up,” he said. Foreign investors were net sellers at P1.67 billion, while total shares traded was at 1.39 billion, valued at P9.71 billion. Decliners edged out gainers 165 to 47 and 37 stocks were unchanged. All other subindices were down

by at least 1 percent. The broader All Shares fell 57.20 points to 4,763.91 points, the Financials index declined 31.18 to 1,783.33, the Holding Firms index slid 130.76 to 7,568.04 and the Mining and Oil index was down 165.47 to 8,030.31. Property developer Ayala Land Inc. was the day’s most actively traded and it fell P1.10 to P48.05, Jollibee Foods declined P12 to P235, Ayala Corp. gave up P9.50 to P921, Bank of the Philippine Islands retreated P2 to P88.50, SM Investments Corp. shed P8 to P960 and International Container Terminal Services Inc. was down P1.70 to P122.90. VG Cabuag

Visayas office for the special use agreement for the protected areas permit needed for the construction of the port. “With this, Eagle expects to sell cement in the Visayas region by end2020,” the company said. “We remain positive as reflected

MUTUAL FUNDS

in our aggressive expansion to reach new growth markets, as well as create a strong presence in the south. By the end of 2021, we expect to have a total of 10.6 MMT of annual cement output that will strategically position us as a strong nationwide cement player,” Ang said. VG Cabuag

August 6, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 261.86 -1.39% -1.68% 0.58% 3.83% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6294 9.99% 5.73% 2.53% 13.09% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.073 -2.71% -2.42% -0.37% 4.36% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9526 3.26% N.A. N.A. 5.73% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8673 0.02% N.A. N.A. 5.68% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4243 -0.82% -0.8% 0.55% 2.86% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8708 -2.71% -5.26% N.A. 4.08% MBG EQUITY INVESTMENT FUND, INC. -A 119.31 10.24% N.A. N.A. 2.71% PAMI EQUITY INDEX FUND, INC. -A 51.9758 0.65% -0.83% N.A. 5.59% PHILAM STRATEGIC GROWTH FUND, INC. -A 544.13 1.37% -1.6% 0.53% 5.71% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3191 2.5% N.A. 2.27% 5.19% PHILEQUITY FUND, INC. -A 38.6717 2.53% 0.67% 2.03% 5.57% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0346 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2756 1.48% 0.12% 2.51% 6.39% PHILIPPINE STOCK INDEX FUND CORP. -A 881.05 1.56% -0.16% 2.47% 6.35% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9342 5.42% -0.32% N.A. 8.63% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3298 2.71% 0.22% 2.06% 6.67% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0124 1.11% -0.22% N.A. 6.09% UNITED FUND, INC. -A 3.7083 1.27% 1.38% 2.85% 5.93% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 118.002 2% 0.68% 3.52% 6.55% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9428 -8.1% 2.71% -1.59% 1.47% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2886 0.19% 7.88% N.A. 16.59% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7421 2.18% -2.09% -1.41% 5.51% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.323 0.5% -1.1% 0.54% 5.15% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6571 0.53% -0.51% -1.29% 4.48% GREPALIFE BALANCED FUND CORPORATION -A 1.3489 -0.39% N.A. N.A. 3.42% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.951 3.75% 0.03% 1.36% 5.85% PAMI HORIZON FUND, INC. -A 3.7933 3.68% -1.07% 0.74% 7.48% PHILAM FUND, INC. -A 17.0224 4.31% -0.93% 0.67% 7.01% SOLIDARITAS FUND, INC. -A 2.1479 1.3% 0% 1.67% 3.8% SUN LIFE OF CANADA PROSPERITY BAL ANCED FUND, INC. -A 3.9028 4.46% -0.15% 1.48% 6.89% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0225 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0116 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0082 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9997 5.48% 0.11% 1.24% 8.46% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03778 7.36% 1.62% 2.3% 7.03% PAMI ASIA BALANCED FUND, INC. -A $0.9786 -2.03% 2.06% -1.33% 7.1% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7474 2.64% 5.57% 3.02% 13.26% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1107 3.86% 3.55% N.A. 9.97% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 352.47 3.73% 2.11% 2.29% 2.62% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9095 2.45% -0.03% -0.08% 2.71% COCOLIFE FIXED INCOME FUND, INC. -A 3.0612 5.22% 5.23% 5.25% 2.86% EKKLESIA MUTUAL FUND INC. -A 2.2084 4.2% 1.08% 2.06% 3.72% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3395 5.63% 1.28% 1.63% 6.09% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6079 2% -2% 0.11% 2.78% PHILAM BOND FUND, INC. -A 4.2772 8.62% 0.2% 1.74% 9.12% PHILEQUITY PESO BOND FUND, INC. -A 3.7266 7.02% 0.66% 1.62% 5.96% SOLDIVO BOND FUND, INC. -A 0.9502 5.52% -0.46% N.A. 6.62% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0122 9.29% 1.23% 2.49% 8.91% SUN LIFE PROSPERITY GS FUND, INC. -A 1.672 9.33% 0.77% 2.03% 8.58% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $460.92 3.89% 1.72% 2.75% 2.79% ALFM EURO BOND FUND, INC. -A Є219.34 2.75% 1.34% 1.58% 3.14% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1894 6.55% 1.91% 2.5% 5.66% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0257 3.63% 0.79% N.A. 3.63% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7152 1.15% -2.06% 0.57% 1.48% PAMI GLOBAL BOND FUND, INC -A $1.0932 5.78% -0.42% -1.76% 5.49% PHILAM DOLLAR BOND FUND, INC. -A $2.3728 9.45% 1.09% 3.45% 9.31% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0596221 5.07% 1.61% 1.91% 4.6% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1296 8.4% 0.57% 3.02% 8.97% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.18 4.01% 2.56% 2.03% 2.73% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0186 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2314 5.12% 2.18% 1.33% 4.19% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2496 3.88% 2.74% 2.11% 2.49% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0301 2.19% N.A. N.A. 1.4% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018. 2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018. 3 LAUNCH DATE IS JANUARY 3, 2019. 4 - LAUNCH DATE IS JANUARY 28, 2019. 5 - LAUNCH DATE IS FEBRUARY 1, 2019. 6 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

The World BusinessMirror

Wednesday, August 7, 2019

China vows to counter US deployment of midrange arms in Asia-Pacific region

EIJING—China said on Tuesday that it “will not stand idly by” and will take countermeasures if the US deploys intermediate-range missiles in the Asia-Pacific region, which Washington has said it plans to do within months. The statement from the director of the foreign ministry’s Arms Control Department, Fu Cong, follows the United States’s withdrawal last week from the Intermediate-Range Nuclear Forces (INF) Treaty, a move Fu said would have a “direct negative impact on the global strategic stability,” as well as security in Europe and the Asia-Pacific region. Fu said that China was particularly concerned about the announced plans to develop and test a land-based intermediaterange missile in the Asia Pacific “sooner rather than later,” in the words of one US official. “China will not stand idly by and be forced to take countermeasures should the US deploy intermediaterange, ground-based missiles this part of the world,” Fu told reporters at a specially called briefing. He also advised other nations, particularly South Korea, Japan

and Australia, to “exercise prudence” and not allow the US to deploy such weapons on their territory, saying that would “not serve the national security interests of these countries.” US Defense Secretary Mark Esper said in Asia over the weekend that he wanted to deploy m id ra nge convent ion a l m i s siles in the Asia Pacific within months. Australian officials said on Monday that the locations for the bases were not yet known, but their country would not be one of them. Fu also said that China had no intention of joining nuclear weapons reduction talks with the US and Russia, pointing to the huge gap in the size of China’s arsenal compared to those of the other two. China has an estimated 290 nuclear warheads deployed, compared to 1,600 for Russia and 1,750

for the US, according to the Federation of American Scientists. Russian President Vladimir Putin has called for urgent arms control talks to prevent a chaotic arms race following the treaty’s demise. He also said on Monday that Russia would only deploy new intermediate-range missiles if the US does. China has already shown “maximum restraint” in developing its arsenal and stuck to its policy that it would not be the first to use a nuclear weapon in a conflict, Fu said. “I don’t think it is reasonable or even fair to expect China to participate in an arms reduction negotiation at this stage,” Fu said. He added that China remained committed to multilateral efforts to reduce nuclear stockpiles, such as the UN’s Comprehensive Nuclear-Test-Ban Treaty, although it has yet to ratify that agreement. Fu wouldn’t elaborate on what countermeasures China was considering taking against the US, saying only that “everything is on the table,” although he did say China has never and would never take part in a nuclear arms race. Nor would he say how China might retaliate against countries that hosted US land-based intermediate-range missiles, although China has, in the past, used economic means to retaliate against South Korea over its deployment of a US anti-missile defense system.

Fu dismissed US arguments for leaving the treaty as “pure pretext,” saying Washington was merely looking for an excuse to develop new weapons. If Washington truly believes Russia is cheating on the treaty, as it says, then the way forward is to negotiate rather than withdraw, Fu said. Meanwhile, Washington’s argument that it is threatened by China because 80 percent or more of Chinese missiles fall into the intermediate-range category doesn’t hold up, since those missiles would be unable to reach the continental US. “So the US would be the least to worry if that is the case,” Fu said. “That shows that all of this is nothing but a pretext.” Fu’s emphasis on the continental US could serve to imply that the US has no legitimate security interests in Asia, and that Washington’s only worry should be protecting the homeland—something President Donald J. Trump may be inclined to agree with, said Sam Roggeveen, director of the International Security Program at Australia’s Lowy Institute. Beijing may also be saying a US intermediate-range missile attack on mainland China could trigger a Chinese retaliatory strike on the continental US, Roggeveen said. “It implies that the ability of either side to hit the other’s homeland is a threshold or a taboo,” he said.

A DAY OF STRIKING SOWS CHAOS ACROSS HONG KONG

ONG KONG—A general strike in Hong Kong descended into citywide mayhem on Monday as defiant protesters started fires outside police stations and hurled bricks and eggs at officers. After disrupting traffic early in the day, they filled public parks and squares in several districts, refusing to disperse even as police repeatedly fired tear gas and rubber bullets from above. While previous large rallies over the past two months of anti-government protests have generally been held on weekends, Monday’s strike paralyzed city operations in an effort to draw more attention to the movement’s demands. Hong Kong is on “the verge of a very dangerous situation,” said Chief Executive Carrie Lam, who insisted that she has no plans to resign. Lam said at a news conference that the protests had “ulterior motives” that threaten Hong Kong’s prosperity and security. “I don’t think at this point in time, resignation of myself or some of my colleagues would provide a better solution,” she said. Protesters challenged law enforcement in at least eight districts, responding to continuous rounds of tear gas with practiced swiftness. They lobbed the canisters back at police and yelled invectives. When police arrived, the protesters clacked their umbrellas together and pounded on metal street signs, daring the officers to move closer. “Gangsters!” they jeered at the riot police. “Reclaim Hong Kong, revolution of our time.” In one neighborhood after nightfall, a band of men wielding wooden poles charged protesters from behind a thin road lane divider. The demonstrators fought back by throwing traffic cones, metal barricades and rods. Hong Kong media also reported a brawl in a different district where men with knives slashed at protesters. In another neighborhood, demonstrators besieged police headquarters in what they called a “flash mob.” They threw bricks and flaming bottles at the building before rapidly retreating. The violence followed a day of striking that sparked bedlam throughout the city. Protesters started early, with the aim of hampering the morning rush hour. In the subway, they blocked train and platform doors, activated emergency alarms and threw

Defense analysts have long said China’s large arsenal of land-based intermediate-range missiles are intended primarily to degrade Taiwan’s defenses, target Guam and other key US bases in the region, and deny access to the area by the US Navy. Those are typified by the advanced DF-26 intermediate-range ballistic missile, capable of lofting both conventional and nuclear warheads, the latter to carry out a rapid retaliatory strike, and the DF-21D, which is built to take out an aircraft carrier. Such weapons are undercutting regional deterrence at the same time as China is boosting its ability to strike the continental US with intercontinental ballistic missiles and hypersonic glide weapons, said Collin Koh, a regional security expert at Nanyang Technological University in Singapore. Fu’s argument “can be deemed as disingenuous,” Koh said. In terms of Chinese countermeasures, China has never stopped pouring resources into its missile and other programs, so the deployment of a US intermediate-range missile in the region could largely be seen as a “new pretext” for such programs, Koh added. And while China argues its nuclear weapons are small in number and purely for defensive pur poses, major technological

US Treasury Department labels China a currency manipulator

A PROTESTER throws back a tear gas canister in Hong Kong on Monday. Droves of protesters filled public parks and squares in several Hong Kong districts on Monday in a general strike staged on a weekday to draw more attention to their demands that the semi-autonomous Chinese city’s leader resign. AP/VINCENT THIAN

objects onto the tracks. A high number of strikers in the airline industry also led to more than 77 flight cancellations, according to the airport authority. “Too much,” said 52-year-old John Chan, whose flight to Singapore was cancelled. “Why do they have to create trouble for people not involved in their cause? Hong Kong is sinking. The government, police and protest people have to stop fighting and give us a break.” The strike was the latest ac tion in a summer of fiery demonstrations that began in response to proposed extradition legislation that would have allowed some suspects to be sent to mainland China for trials. While the government has since suspended the bill, protesters have pressed on with broader calls for it to be scrapped entirely, along with demands for democratic reforms, including the dissolution of the current legislature and an investigation into alleged police brutality. In recent weeks, footage has shown police officers beating protesters and ignoring calls for help during a mob attack that

left 44 injured in a commuter rail station. Hong Kong, a former British colony, was returned to China in 1997 under a f r a m e wo r k o f “o n e c o u n t r y, t wo systems,” which promised the city certain democratic freedoms not afforded to the mainland. With the arrests of booksellers and activists in recent years, however, some Hong Kong residents feel that Beijing has been eroding their rights. The Communist Par ty-led central government in Beijing has condemned what it calls violent and radical protesters who have vandalized the Chinese national emblem and, more recently thrown the country’s flag into the iconic Victoria Harbor. China has accused unnamed “foreign forces” of inflaming the demonstrations out of a desire to contain the country’s development. CCTV, China’s state broadcaster, warned on Monday that the “maniacs and thugs” will “pay a price.” “Please become aware of your errors, turn back from your incorrect path, and set down the butcher’s knives,” said an editorial read aloud on the noon news program.

A slick publicity video released last week by the Chinese army garrison re g u l a r l y s t a t i o n e d i n H o n g K o n g fed speculation that Beijing will deploy the military to quell the mass demonstrations. But Kong Wing-cheung, a police spokesman, said the cit y ’s officers are fully suppor ted by the government, and there will be no need to deploy the military. More than 400 protesters have been arrested since June 9, when a massive march drew more than 1 million people, and launched the protest movement. Those being held, who range in age from 14 to 76, face charges, including rioting, unlawful assembly, possessing offensive weapons and assaulting officers and obstructing police operations, said spokeswoman Yolanda Yu Hoi-kwan. Yu said police have used 1,000 tear gas grenades and fired more than 300 non-lethal bullets. More than 100 officers have been injured. Yu added that violence has been escalating, with protesters using gasoline bombs and fire. AP

upgrades made by Beijing offer fresh arguments for why it should be included in future treaties, he said. The INF Treaty signed by Russia and the US in 1987 expired on Friday, with Washington saying it withdrew because of Russia’s alleged violations of the pact. Russia denies breaching the terms. Some observers say the real reason was a perceived need to counter China’s advances in missile technology and restore a balance in light of lingering questions over the effectiveness of anti-missile defense systems. The end of the INF Treaty comes amid rising doubts about whether the two countries will extend an agreement on long-range nuclear weapons, scheduled to expire in 2021 known as New START. Trump said he has been discussing a new agreement to reduce nuclear weapons with China and Russia. “And I will tell you China was very, very excited about talking about it, and so was Russia,” Trump told reporters. “So I think we’ll have a deal at some point.” Asked about Trump’s comments, Fu said he didn’t wish to contradict Trump, but repeated that China “has no interest and, frankly, we don’t think we are even in a position to participate in a trilateral negotiation aimed at a nuclear arms reduction.” AP

ASHINGTON—The US Treasury Depar tment labeled China a currency manipulator Monday after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world’s two biggest economies. The decision, which came hours after President Donald J. Trump accused China of unfairly devaluing its currency, marks a reversal for Treasury: In May, it had declined to sanction China for manipulating its currency. The US had not put China on the currency blacklist since 1994. The designation could pave the way for more US sanctions against China. Earlier Monday, China had allowed its currency to weaken to an 11-year low, a move that gives its exporters a price edge in world markets and eases some of the damage from US tariffs on Chinese products. Trump had gone on Twitter to denounce China’s move as “currency manipulation.” He added, “This is a major violation which will greatly weaken China over time.” In a statement, Treasury said it would work with the International Monetary Fund “to eliminate the unfair competitive advantage created by China’s latest actions.” The move was unexpected. “This is an extraordinary action of hostility against a major trading partner, with little economic basis and again driven mostly by presidential whims,” said Cornell University economist Eswar Prasad, former head of the China division at the International Monetary Fund. “The timing and apparent logic for Treasury’s designation of China as a currenc y manipulator reeks of arbitrariness and retaliation, and will inflict further damage on an already wounded relationship between China and the US.” During the 2016 presidential campaign, Trump had accused China of manipulating its currency to gain trade advantages against the United States and had promised to brand China a currency manipulator as soon as he took office. However, Trump’s Treasury Department, which issues a report on currency manipulation every six months, has issued five reports since Trump took office, the most recent in May, in

which Treasury said China did not meet the criteria to be labeled a currency manipulator. The Treasury announcement, which came late Monday after the US stock market had suffered its worst day this year, provided few details on the reasons for the abrupt change. The statement did say that China’s explanations for its recent currency moves were implausible and “confirm that the purpose of China’s currency devaluation is to gain unfair competitive advantage in international trade.” China’s central bank sets the exchange rate each morning and allows the yuan to fluctuate by 2% against the dollar during the day. The central bank can buy or sell currency — or order commercial banks to do so — to dampen price movements. Because the Chinese government sets the exchange rate, said Joseph Gagnon, senior fellow at the Peterson Institute for International Economics, the Trump administration views China’s currency policy this way: “Any move is a move they want. Therefore, a move down is a manipulation.” China’s central bank blamed the yuan’s drop on “trade protectionism” — an apparent reference to Trump’s threat last Thursday to impose tariffs Sept. 1 on the $300 billion in Chinese imports to the United States in addition to the $250 billion he’s already targeted. For more than a year, the US and China have been locked in a trade war over allegations that Beijing steals trade secrets and pressures foreign companies to hand over technology. AP

B4 Wednesday, August 07, 2019

Mega Global, Servio Technologies seal long-term partnership

n this day and age, many business’ needs and concerns can be addressed by information technology (IT) products and services. The challenges lie in having enough resources to equip businesses with IT solutions, and more importantly, finding a trusted IT solution provider. Servio Technologies, a newly established Filipino IT solutions company, which specializes in developing innovative and affordable software products and services for Philippine businesses offers all these: Servio Small Business that sells and supports ANY and ALL cloud-based IT solutions that a small business might need for the subscription fee of just P4,950 per month; Servio Enterprise that provides digital

business solutions for large businesses, such as accounting, HR, payroll, and customer service software that is deployed in the cloud or on-premise, with permanent or subscription licenses; and, Servio Digital Protection Service, a cybersecurity service that assesses vulnerabilities, alerts for potential breaches, and assures remedies for damaged digital assets for just P250 per device per month. Seeing its potential, Mega Global Corporation offered Servio a longterm investment that will help not just small businesses but also larger businesses. Trusting Mega President and CEO William Tiu- Lim’s experience and expertise, Servio co-founder and CEO Joey Gurango accepted the Mega

investment, which will be used for new solutions development and acquisition, marketing, and partner channel development. Part of the investment is the inclusion of Servio in Mega’s Innovation Hub. This took place when Servio joined Streetpark Production Inc.’s “The Final Pitch.” Airing on CNN Philippines, the country’s first and only business reality TV show features young Filipino startup founders as they pitch to their successful counterparts as investors. In a recent episode, Servio co-founder Bryan Paul Javier pitched to Mega Global’s CEO. “We want to be able to grow our business in the next three years and this is a critical investment for us. If we are to be successful in our business, we will also be helping a lot of small businesses in the country,” Javier said in his final pitch. Since “The Final Pitch”, Servio has also gained another investment and industrial partner in Jadel Holdings Company Inc. “We really look forward to working with by these partners and learning from them on how we could successfully grow our business,” ended Javier. Sealing the partnership are, from left: John Aguilar, President and Founder of Streetpark Productions Inc.; Michael Tiu Lim, VP for Business Development of Mega Global Corporation; Joey Gurango, CoFounder of Servio Technologies and Dr. Taps Mijares-Gurango, Director of Servio.

Filipino twist: The four- shrimp mustasa pasta

O cook their families’ favorite dishes, Filipinos home cooks need the best kitchen tools. We look for pieces that bring back memories of lola’s cooking, but, at the same time, are updated with innovative technology and beautiful design. “Personally, the brand has been with me through everything—[from] when I first started in the kitchen to when I built my own restaurants. Now that I have kids of my own, La Germania is still the one I trust when it comes to cooking. It has been there for me through most of my life,” brand ambassador Chef Rolando Laudico said. Bertazzoni La Germania introduced itself to a new generation of home cooks recently with Chef Laudico surprising guests with a dish made especially for the occasion: four shrimp mustasa pasta—a nod to the brand’s Italian-Filipino partnership. We want to introduce the brand to the new generation and tell our stories so that they see that Bertazzoni La Germania is truly Made for Life—a lasting heirloom for many generations to come,” says Claudia Tagle, an executive for the brand.

Pag-IBIG Fund taps PayMaya to offer convenient digital payments

EMBERS of Pag-IBIG Fund can now enjoy a more convenient way to pay for their savings and loan repayments anytime, anywhere. This is now possible as the agency partners with leading digital financial services firm PayMaya, to bring digital and card payments to its online and branch channels. Through the partnership, Pag-IBIG Fund members can now remit their savings and pay for their loan amortizations using any Visa, Mastercard, or JCB credit, debit, and prepaid card. PayMaya account

holders can also pay using their mobile number linked to their e-wallet via PagIBIG Fund's online portal. PayMaya will also soon equip PagIBIG Fund branches nationwide with One by PayMaya point-of-sale (POS) devices, which will enable the agency to accept PayMaya QR payments and any Visa, Mastercard, or JCB credit, debit, and prepaid card. One by PayMaya is the only POS device that can accept multiple modes of cashless payments via swipe, tap, and dip for cards, and pay-to-scan via QR.

“With this partnership, our members now have an even wider range of options whenever they need to transact with Pag-IBIG Fund. For those who don't want to leave their homes or offices, they can pay conveniently online. Overseas Filipino Workers would also be able to have easier access to payment options through our website powered by PayMaya. This is our way of bringing our services one convenient step closer to Pag-IBIG Fund members, wherever they may be,” said Acmad Rizaldy P. Moti, Chief Executive Officer of Pag-IBIG Fund. By equipping government agencies with digital payment options, PayMaya is also helping the Bangko Sentral ng Pilipinas achieve its goal of transforming 20% of all transactions in the country to digital by the year 2020. Present during the signing ceremony at the Pag-IBIG Fund Head Office in Makati City were Pag-IBIG Fund CEO Acmad Rizaldy P. Moti (2nd from left), PayMaya Founder and CEO Orlando B. Vea (2nd from right), Pag-IBIG Fund OIC - Support Services Cluster and Chief Legal Counsel Atty. Robert John S. Cosico (leftmost), and PayMaya COO and Managing Director Paolo Azzola (rightmost).

SITEL SUPORTS TEAMASIA’S “MY DREAM IN A SHOEBOX” OUTREACH CAMPAIGN. Sitel Philippines gave its full support to TeamAsia’s annual educational campaign, “My Dream in a Shoebox”. The program aims to provide less fortunate Filipino children with much-needed school supplies. 2019 marks Sitel’s third consecutive year supporting the project with employees donating brightly colored packs filled with notebooks, pens, pencils, and crayons, among many others, with over 5,400 packs to be distributed among the displaced children of war-torn Marawi and various public schools in Sitel’s provincial communities. In photo are, from left: Clarisse Salindato, Senior Marketing Associate and My Dream in a Shoebox Lead, TeamAsia; Monette Hamilin, President and Founder, TeamAsia; Kris Tinaza, HR Director, Sitel; and Jorelle Robles, Culture and Corporate Communications Senior Manager, Sitel.

Abra app promotes financial inclusion in the Philippines

LOBAL financial and technology company Abra is promoting financial inclusion in the Philippines by making it easier for Filipinos to invest in US stocks and exchange-traded funds (ETFs). "Abra has been in the forefront of financial sustainability. Our goal is to help people to send and receive money from each other. We also want to give people the opportunity to invest in companies they have only dreamt of or are unreachable. Our product continues to adapt with the new technologies that come out in the financial sector," said Bill Barhydt, Founder and CEO of Abra, a financial technology applications developer based in the United States. Barhydt believes that digital technology is on the rise in the Philippines. Not only technology coming from other countries but also from the talented startup community of the country. He wants to enable Filipinos to invest in US stocks.

The Abra app enables its users to send funds to one another and convert them to whatever currency they want. This app also introduces Filipinos to the United States stock market and allows them to invest as little as PHP300 for a fractional stock of more than 50 stocks and ETF products, including popular stocks like Tesla, Uber, Apple, Amazon, Google, Netflix and Berkshire Hathaway. Abra is a non-custodial platform unlike crypto exchanges or wallets that operate like traditional banks. This means the funds are stored on the blockchain, making the transactions more secure and private than centralized databases used by most crypto exchanges and wallets. Abra is backed up by American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures, Silver 8 Capital, and many others.

Megan Young pitches for ‘See You Down South’campaign

NEW queen has joined the SM family -- former Miss World Megan Young -as the new brand ambassador for SM Southmall's #SeeYouDownSouth campaign. Megan Young's sophisticated but warm and bubbly personality embodies the perfect representation of SM Southmall's brand. As the new face of SM Southmall, expect Megan in a series of special editions to grace the billboard, print and online world that will take center stage in the partnership. Amazing deals are in store for SM Prestige and SM Advantage cardholders. Plus, shoppers can get an instant raffle entry for a chance to win a

brand new Suzuki Swift with every Php 3,000 single receipt purchase at any SM Southmall Store. With an expanded wing to house the best local and international brands, SM Southmall has more than 400 brands that cater to the Southerners premier mall experience, including the South’s only H&M Home, Sports Central and the first concept store of Dunlop in the Philippines. Under its new campaign, SM affirms you can ‘shop the latest trends’ and ‘taste the world’ as they open more stores that will be a first in the South including Taiwan's popular milk tea shop, Tiger Sugar and Hong Kong’s popular mango dessert, Hui Lau Shan. The mall also announces the coming of a Black Scoop Café, and the first Innisfree in the South. Popeye’s will be opening another South branch by way of the mall. Live the moment with SM with its unique leisure activities like Bounce, the South’s first and only trampoline park. Moviegoers can also bet on the mall's superior cinema experience with luxe options such as the IMAX Theater and the newly-opened Director's Club Cinema complete with butler service, plush leather seats and a Dolby Atmos sound sytem. For more information, visit www. facebook.com/southmall on facebook and @ smsouthmall on instagram.

Netflix rewards, anyone?

ETFLIX and Bank of the Philippine Islands (BPI) recently announced a pioneering credit card rewards program partnership in Southeast Asia that will send people erupting in cheers. Or close to it. If you are a BPI cardholder, Netflix monthly subscriptions can now be enjoyed as a reward for frequent card usage. All you have to do is to register to the promo by texting BPIUNLOCK<space> 16-digit Customer number and send to 2256. Once successfully registered, you can start shopping with your BPI Card for a minimum single-receipt purchase of only Php2,000 to get a key to unlock your Netflix Rebate. Every 5 keys will unlock a Netflix Rebate equivalent to a one-month basic monthly subscription plan, and BPI Cardholders can unlock up to six months of Netflix access. “We wanted to give back to our cardholders

by giving them more value for their spending. Adding to the many benefits that come with their BPI Credit Card, this allows them to enjoy a high-value reward such as a Netflix subscription,” said Jenny Lacerna, BPI Unsecured Lending and Cards - Product and Sales Group Head. Krishnan Rajagopalan, Director of Payments for Asia Pacific for Netflix, said BPI is the first bank partner in Southeast Asia to offer Netflix as a reward to their cardholders. This exciting promo starts August 1 and will run until October 31, 2019, but registration is already open! Now is the best time to sign up to Netflix using your BPI Credit Card. If you’re not yet a BPI Cardholder, you can apply now through any BPI branch or www.bpicards.com. Not yet a Netflix Subscriber? Register at www. netflix.com/ph.

CARL LEWIS: WOMEN DESERVE EQUAL PAY Sports

NINE-TIME Olympic gold medalist Carl Lewis criticizes President Donald J. Trump for being “racist” and “misogynistic.” AP

The US national team has long championed equal rights. Players collectively filed a lawsuit earlier this year that alleges discrimination by the US Soccer Federation and are seeking pay equitable with that of the men’s national team.

BusinessMirror

| Wednesday, August 7, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

L COLOMBIA’S Diana Pineda competes in women’s diving 3-m springboard while the US’s Camilla Feeley vies in women’s rhythmic gymnastics ribbon apparatus final at the Pan American Games in Lima, Peru, on Monday. AP

Adrian races against clock to beat cancer

IMA, Peru—Five-time Olympic swimming gold medalist Nathan Adrian said that his success won’t be on his mind at the end of his life. Maybe that would have been him some years ago. But not now, not since his latest race against the clock to beat cancer. “It has completely changed my outlook. At the end of my time here on Earth, whenever that may be, I don’t think that the first thing on my mind is going to be how many gold medals I’ve had,” Adrian told The Associated Press in an interview before his first race at the Pan American Games in Lima. “I’m actually very confident of that, whereas you know, maybe five or six years ago, my answer to that might’ve changed a little bit,” said Adrian. “So, my priorities are still competing and achieving at the highest level, certainly. But to take a deep breath, or to try to enjoy the company of those around me, that’s something that I’m trying to be aware of as much as possible.” Adrian was diagnosed with testicular cancer in December. “My reaction was probably what most people experience, a little bit of everything, you know: being scared, being a little bit angry, just questioning why? Like wondering if I had called my mom enough,” he said with a smile. “All sorts of things, and it was just like a roller coaster, like I couldn’t really control it, so I

just kind of let it happen.” Doctors told him the cancer had been caught early and he begun treatment. A month later, he underwent surgery, and he decided to continue to train for the Tokyo 2020 Olympics. The 30-year-old recently earned silver in the 4x100-meter medley relay at the world swimming championships in Gwangju, South Korea. The silver medal felt like victory for Adrian, who was competing just months after the cancer diagnosis. “I’m still in the process of conquering it,” he said. “Between a couple of surgeries, treatment and ongoing surveillance, here we are, a little more than six months later, and I just feel fortunate to compete.” The 30-year-old said that he’s also looking forward to his first Pan American Games. “I feel good. I left the world’s about a week ago, and then we’re here to compete again.... I’ve never been to a Pan American Games so it’s really cool,” Adrian told the AP near the tournament’s pool. “It’s a mini Olympics, so it’s a really special feeling.” At the 2012 Olympics, Adrian won the 100-meter freestyle. Four years later, he earned bronze in Rio de Janeiro. He has four other Olympic gold medals as part of US relay teams. Adrian has been swimming since the age of two, and competitively, since the age of five. The decision to get back in the pool had the backing of his loved ones: among them, his wife, Hallie Ivester; his parents, Jim and Cecilia Adrian; and his siblings, Donella and Justin, who also swam competitively. Everyone is rooting for him back in his hometown of Bremerton, Washington, where a street was named after him. “I think [my family] knew how important it was for me to get back to competing just for my own mental and emotional health,” he said. “I think for anybody who goes through an adverse health condition, the quicker you can get back to what makes you feel normal, what makes you feel good, the better.” The process has been “really tough,” he said. “You get diagnosed, and then you don’t really know or have any information besides that you have cancer.” He said the wait seems long until the scans are read because sometimes doctors are backed up. AP NATHAN ADRIAN: At the end of my time here on Earth, whenever that may be, I don’t think that the first thing on my mind is going to be how many gold medals I’ve had. AP

By Luis Andres Henao The Associated Press

IMA, Peru—Nine-time Olympic gold medalist Carl Lewis said Monday that female athletes deserve fair and equal pay, and criticized President Donald J. Trump for being “racist” and “misogynistic.” Lewis spoke in the Peruvian capital of Lima, where he will present the 100-meter and long jump medals at the Pan American Games. He also said that he became an athlete thanks to his mother, who competed in the first Pan Am Games in Buenos Aires in 1951. “If I didn’t have a strong woman in my life, I wouldn’t be sitting here today,” he said at a press conference with Leroy Burrell, a former world record-holder in the 100 meters. “My mother was a pioneer.” The US national team has long championed equal rights. Players collectively filed a lawsuit earlier this year that alleges discrimination by the

US Soccer Federation and are seeking pay equitable with that of the men’s national team. “The reality is that there’s a lot of prejudice, and a lot of prejudice is fear,” he said. “We’re afraid to give the same opportunity because it gives us a leg up...the reality is that it’s no different than another athlete on another team. So, yes, I support that.” Lewis also criticized Trump and said Americans have a huge challenge. “There are a lot of issues going on,” he said. “We have a racist president, who is prejudiced, and misogynistic, who doesn’t value anyone outside of himself.... But that doesn’t mean we can’t fight for what is right for people, and look at others where they may have missed an opportunity or may have been marginalized in their lifetime.” The US has been reeling from mass shootings over the weekend in El Paso, Texas, and Dayton, Ohio, that killed 31 people. Trump on Monday called the mass shootings “evil attacks” that are crimes “against all humanity” and said unity must replace hatred in society. But in recent weeks, Trump has sent racist tweets about four women of color who serve in Congress. During rallies, he has also spoken of an “invasion” at the southern border.

US water polo team even more united after balcony accident

IMA, Peru—The US water polo team says that a fatal nightclub collapse in South Korea that injured some team members united them as a group and gave them new perspective to make the best out of life. Team members and other competitors from the world swimming championships were celebrating an unprecedented third straight world title for the US women’s water polo team when a balcony at a nightclub near the athletes’ village collapsed. The July 27 accident in the city of Gwangju killed two people and injured at least 10.

“It was a terrible tragedy what happened in South Korea. My thoughts and prayers go out to the families,” said 22-year-old US men’s attacker Johnny Hooper, who suffered cuts that required stitches. “It was really tough, but we’re coming together as a team and around each other,” Hooper said Saturday in the Peruvian capital ahead of the team’s debut in the Pan American Games. “Life can be very unexpected. Things can get thrown out of everywhere...so you really look at life with a new perspective and sort of

live every moment to the fullest.” Hooper sat next to teammate Benjamin Hallock outside the Pan Am Games athletes’ village. They’ve known each other from age 10, attended school together in California and trained under the same coach. They remain close—almost like brothers, they said. “In unfortunate circumstances, people grow closer together, and it’s been a relief to see that Johny, and Kaleigh and Paige, are fortunately safe after the incident,” Hallock said. Attackers Kaleigh Gilchrist suffered a deep left leg laceration and underwent surgery at a

hospital in South Korea. Paige Hauschild suffered cuts to her right arm that required stitches. But some of the scars from the incident have yet to heal. Coach Adam Krikorian announced Saturday that Hauschild, who is still recovering, would be replaced by Stephania Haralabidis. “I’m obviously disappointed as I was looking forward to taking part in my first Pan American Games,” said Hauschild, 19. “That said, it is best to follow doctors’ orders and let this wound heal properly. I’m excited I can still be here in Peru to cheer on my teammates and I know Steph is going to do an awesome job!” AP

Spo

Business

Wednesday, August 7, 2019

WILD START LOOMS IN RIVIERA CLASSIC T

HE men of the Philippine Golf Tour (PGT) set out on Wednesday for what looms to be a wild start in the P2.5-million International Container Terminal Services Inc. (ICTSI) Riviera Classic at the Langer course in Silang, Cavite, all hungry and eager to slug it out coming off a long break. The circuit took a six-week lull after Juvic Pagunsan swept the last three legs of the fourstage Visayan swing last June to give way for the PGT Asia stop at Manila Southwoods which Angelo Que ruled last month and the Ladies PGT, making the pros keen on putting up a strong start in the P2.5-million championship serving as the sixth leg of the 10th season of the PGT. But what lies ahead could be four days of

uncertainty and unpredictability given the par-71 layout’s repute as one of the toughest with rain the past few days softening up the course, thus making it longer, more daunting and challenging. In fact, no player has won here twice the last four years with Jay Bayron nipping Clyde Mondilla in sudden death when Riviera last played host to a PGT event in 2016. Mondilla bounced back from that setback by winning in 2017 as Riviera hosted one of the five stops of the inaugural PGT Asia then Jobim Carlos reigned in 2018 before Pagunsan dominated the field last March. Now back as a PGT leg, a new name could emerge on top on Saturday with Que looming large following his emphatic victory at

HOST ATENEO APPOINTS HOOPS COMMISSIONER

EASON 82 host Ateneo de Manila University appointed Jensen Ilagan as commissioner for basketball of the University Athletic Association of the Philippines (UAAP). Ilagan, 37, is the technical director of the Asean Basketball League (ABL). “I’m humbled to be the new UAAP commissioner. I will do my best to uphold the league’s integrity through fair competition,” Ilagan said. Season 82 will begin on September 4 with the men’s basketball tournament. Ilagan has supervised games at the ABL for the past four years. He is also a Fiba-certified table official. UAAP President Emmanuel Fernandez

expressed confidence that Ilagan’s extensive experience in international play will benefit the league. “His experience working in the ABL made us decide to tap him as our commissioner. His youth will bring more technological advancements to our league this season,” Fernandez said. Fernandez also announced the appointment of former Blue Eagle LA Mumar

Southwoods where he beat Aussie Tim Stewart in a power duel and won by five. But at Riviera, it’s not just a question of length but of strategies, including course management since a slight miscue could lead to a big score given the limited options for recovery at the hazard-laden layout. Still, the elite field is more than ready to take on the challenge with Pagunsan seeking to make it four-in-row, Carlos eyeing a big rebound from a string of poor finishes, Mondilla raring to redisplay his form and Bayron out to snap a long title spell in the circuit put up by ICTSI and organized by Pilipinas Golf Tournament Inc. Boosting the cast and eager to get a crack at the top P450,000 purse are Jhonnel Ababa, James Ryan Lam, Rufino Bayron, Mhark

as tournament director. Ilagan plans to implement the “Video Review Initiative,” which will mandate every member of the officiating pool to review games that were played. Ilagan also holds a degree in Commerce at Asia Pacific College, while Mumar graduated with a Bachelor of Arts degree in Development Studies.

NCAA donates P100K to Batanes quake victims

Fernando, Ira Alido, Marvin Dumandan, Nilo Salahog, Jerson Balasabas, Albin Engino, Keanu Jahns, Justin Quiban Mars Pucay and Elmer Salvador. Meanwhile, Korean-American Micah Shin, a former PGT leg champion at Luisita and the first non-Filipino winner of The Country Club Invitational, heads the foreign challenge that includes Japanese Kei Matsuoka and Ryo Nishimura, Thais Kammalas Namuangruk and Tawan Phongpun, and Manila-based Guido van der Valk, who is gunning for a second PGT crown this year after winning the Cebu leg of the circuit backed by Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc. last June.

“I commend the UAAP’s choice, spearheaded by this season’s host, as we continue to open our doors to candidates other than the traditional names in basketball,” UAAP Executive Director Rebo Saguisag said. The league, meanwhile, has yet to finalize its pool of officials for the season. Ilagan held a two-day tryout for officials last month with 174 referees from 12

JENSEN ILAGAN is bringing his international experience to the league.

officiating groups taking part. The pool was trimmed to 73 referees who will all undergo intensive training next week. The composition of the officials’ pool will be revealed later this montn, according to Ilagan. Ramon Rafael Bonilla

Go hears state of PHL sports

HE status of preparations for the country’s hosting of the 30th Southeast Asian Games and other pressing matters surrounding local sports will be tackled in a Senate committee hearing on Wednesday at the Senate Offices in Pasay City. Senate Committee on Sports Chairman Christopher Lawrence Go will preside over the important meeting that involves top brass of the Philippine Sports Commission (PSC), Philippine Southeast Asian Games Organizing Committee (Phisgoc) and the new set of officers of the Philippine Olympic Committee (POC). The hearing is set at 10:30 a.m. In a letter addressed to PSC Chairman William Ramirez, Go asked for presentations

on three agendas—sports program being implemented by the PSC, possible creation of Department of Sports and current roles of the PSC, Phisgoc and POC in the SEA Games hosting. The SEA Games are set from November 30 to December 11. Go is also expected to listen to calls for a Department of Sports. In previous years, several representatives at Congress pushed for the creation of the Department of Sports. But nothing fruitful was achieved. Ramirez will be joined by Phisgoc Chairman Alan Peter Cayetano and newly elected POC President Abraham Tolentino in the hearing. Ramon Rafael Bonilla

HE National Collegiate Athletic Association (NCAA) Management Committee (Mancom) unanimously approved a cash donation of P100,000 for Batanes after a devastating 5.9-magnitude earthquake hit the island last month. NCAA Mancom Chairman Peter Cayco said on Monday that it donation is in line with the league’s advocacy. The donation will be turned over to Batanes Gov. Marilou Cayco on Saturday at halftime of the Letran-San Beda University game at the Cuneta Astrodome in Pasay City. “What we are doing is part of the NCAA advocacy, and the oldest collegiate tournament in the country, as an institution, has helped our fellow Filipinos in need, especially those affected by calamities,” Cayco said. Letran’s Mancom representative, Fr. Vic Calvo, made the proposal during its meeting last Thursday hosted by Paul Supan at the Jose Rizal University. The NCAA also helped the victims of typhoons Yolanda and Ondoy and Marawi City. It also provided help to basketball legend Samboy Lim, a former Knight. The NCAA, meanwhile canceled five games on Tuesday, including three men’s matches at the Filoil Flying V Centre in San Juan, after classes were suspended because of bad weather in Metro Manila. The canceled senior’s matches were between unbeaten College of Saint Benilde and red-hot Letran, defending three-time champion San Beda and Mapua and Arellano University and San Sebastian. The juniors games were between the Red Cubs and Red Robins and Baby Chiefs and Staglets. The first game on Tuesday was played with the Squires beating the La Salle Greenhills Greenies, 69-66, for their third win in seven games while sending their foes to a 4-2 card.

PERPETUAL PRIDE University of

KARATE Pilipinas President Ricky Lim (left) makes a gesture of unity with closed fists with Philippine Sports Commission (PSC) Commissioner Ramon Fernandez, Lapu-Lapu City Mayor Jonard Chan and PSC Visayas Sports Coordinator Nonnie Lopez.

Perpetual Help’s International Master (IM)-elect Eric Labog Jr. (center) and IM Daniel Quizon (left) and Fide Master Stephen Rome Pangilinan bag the boys’ under-18 team gold medal in the recent Fourth Eastern Asia Youth Chess Championship held at the Asia Hotel in Bangkok, Thailand. Another Perpetual Help player, Jerome Angelo Aragones, wins the team blitz event with Micheal Concio Jr. and Clyde Saraos.

PSC BRINGS ASIA-PACIFIC KARATE TILT TO LAPU-LAPU CITY

HE Philippine Sports Commission (PSC), in partnership with the Karate Pilipinas Sports Federation Inc. and the Department of Tourism Region 7, is bringing the Seventh Karatedo Goju-kai Asia Pacific Championships in Lapu-Lapu City from September 27 to October 1. The country’s first-ever hosting of the competition is set at the Hoops Dome in Lapu-

Lapu City with more than 700 athletes from 26 Asian countries—including teams from Japan, Indonesia, Malaysia and Korea—seeing action. “As part of the PSC’s campaign in spreading sports all over the country, we are honored to partner with City Mayor Jonard Chan and the local government of Lapu-Lapu City to host this international event in Cebu,”

Azkals coach bullish on World Cup bid

RMED with enough knowledge of the opposition and a wider talent pool of players to pick from, national team Coach Scott Cooper is bullish on the Azkals’ chances of making it past the second round of 2022 World Cup Qualifying starting with their duel with Syria on September 5 at the Panaad Stadium in Bacolod City. Appearing at the Philippine Sportswriters Association Forum at Amelie Hotel in Manila on Tuesday, the Irish coach expressed satisfaction over the Azkals’ draw that saw them land in Group A with China, Syria, Guam and Maldives. But Cooper insisted that the Azkals still have their work cut out for them if they want to finish as one of the top 2 teams in the group. While the No. 1 finisher will gain an automatic spot in the third round and a place in the 2023 Asian Football Confederation Asian

Cup, the four best second placers from the eight groups are also advancing to the next phase. “We’re very positive and the expectation is to win, not just see what we can do against these teams,” said Cooper, who spent the last two tournaments as deputy to Sweden Head Coach Sven Goran Eriksson. “We went to the Asian Cup [last January] and performed well against South Korea, but not so much in the last two games [against China and Kyrgyzstan,” he said. “This time, the mentality has to be spot-on. We have to give a bit more fight and have a lot more belief. Performances are always good, but we need results.” Cooper also told the session presented by San Miguel Corp., Braska Restaurant, Amelie Hotel, and Philippine Amusement and Gaming Corp., that China and Syria will be two of the

said PSC Commissioner Ramon Fernandez, following the organizational meeting last Monday at the city hall with Karate Pilipinas President Ricky Lim. Chan thanked the PSC and Karate Pilipinas. “This is a great development in promoting sports tourism not just in Cebu, but for the whole toughest opponents in the group. “But the Azkals are no longer daunted by the prospect of facing the Chinese since they’ve played against them three times in the last three years,” Cooper said. The Azkals host China on October 15 at Panaad with the reverse match set on June 4 next year. With the internal strife in the country, the game against Syria will be played in a neutral venue, a scenario that Cooper welcomed. Cooper said he has named 39 players for selection for the first match against Syria. And while Neil Etheridge has ruled himself out of the first two matches, including against Guam on September 10, Cooper said the team still has “some serious depth at the goalkeeping position.” Michael Falkesgaard of Thai Premier League team Bangkok United will likely start in place of Etheridge—with Patrick Deyto of Suphanburi as alternate goalie. “We’re really blessed in that position,” Cooper

country. Lapu-Lapu City is ready to welcome and accommodate our Asian countries all throughout the games,” Chan said. The three-day competition will also serve as test event for the karatedo national team for the 30th Southeast Asian Games. Technical seminar for coaches and trainers will also be conducted on the last day of the event.

Globe, One extend deal for Filipino MMA fans

AZKALS Coach Scott Cooper gives an update on the team. NONIE REYES

said. “Michael is really good with his feet and Patrick has been a revelation at Suphanburi. I’m glad Patrick has taken a step up in terms of the level of competition he’s playing in right now.”

LOBE and One Championship will continue to work together in developing martial arts in the Philippines as the two companies enter another year of partnership. Globe, along with One Championship, has been very instrumental in supporting local athletes out to make their dreams a reality in the circle. Fans and supporters were also given the chance to be a part of their journey via the One Super App. “We are very pleased how ONE Championship has developed the martial arts scene in the Philippines. During its early years, One Championship was just regarded as an upstart, a pretender to the bigger, more popular promotions,” Jil Bausa-Go, Globe vice president for Content Portfolio and Partner Management, Content Business Group said. “Now One is Asia’s largest global sports media property. We are so happy that we were able to give our local athletes a chance to be in the forefront as One continues to grow the martial arts landscape globally,” Bausa-Go added. Bausa-Go believes the continued partnership

will bring more fans to the sport as more and more Filipino athletes are given the chance to be part of stacked cards not only in the Philippines but in other major cities all over Asia. “With the Bausa-Go Super App, fans are just a click away from accessing the latest news, updates, highlights and other information they need to know about Brandon Vera, Eduard Folayang and the rest of our brave and promising athletes,” Bausa-Go said. Globe also announced it is tapping several Team Lakay members to become its ambassadors. Team Lakay earlier has chosen Globe as its official telco partner in its journey to gain more honor for the country in various ONE Championship events. Team Lakay, founded by mixed martial arts artist Mark Sangiao, has produced several top contenders and former Bausa-Go champions including Folayang, Honorio Banario, Danny Kingad, Geje Eustaquio, Kevin Belingon and current Bausa-Go strawweight champion Joshua Pacio to mention a few. Team Lakay, based in Baguio City, is considered among the top MMA teams in the world.

orts

sMirror

Wednesday, August 7, 2019 C3

PVL OPEN UNWRAPS SUNDAY

ETRO GAZZ goes for back-to-back, Creamline seeks to reign again while Motolite is out to bounce back with a healthy roster. But the Premier Volleyball League (PVL) Season 3 Open Conference won’t be a three-team show when it opens shop on Sunday at the Filoil Flying V Centre in San Juan. Chef’s Classic and Choco Mucho can’t wait to prove its worth on their first foray in the country’s premier volley league with rosters that could measure up with the best in the fold while Air Force, fifth here last year, is back after skipping the Reinforced Conference topped by the Angels. Still, Petro Gazz will surely get the top seeding following its conquest of the powerhouse Creamline squad in the seasonopening conference of the league organized by Sports Vision with PacificTown Army aiming for a higher finish after placing third in the Reinforced tilt. BanKo Perlas and BaliPure also going all-out to redeem themselves after failing to contend for the crown recently, while Motolite is raring to go with star player Myla Pablo tipped to fully recover from a lower back injury that hampered the team’s previous campaign in the league backed by Mikasa, Asics and KFC. The Cool Smashers are also keen on keeping the crown they won via sweep over the Ateneo Lady Eagles on a team built around three-time

NOT even a strong effort by San Miguel Beer import Chris McCullough could stop TNT reinforcement Terrence Jones’s rampage.

JONES, TNT GO FOR 2-0 LEAD T

ERRENCE JONES looks to bring TNT squad to higher grounds when the KaTropa shoot for a 2-0 lead over the San Miguel Beermen in Game Two of their Philippine Basketball Association Commissioner’s Cup best-ofseven Finals showdown on Wednesday at the Smart Araneta Coliseum. The KaTropa immediately set the tone with a 10996 rout in the series-opener on Sunday. There, Jones, a legitimate National Basketball Association starter with the Houston Rockets, unloaded 41 points that went with 12 rebounds. He was two assists shy of a triple-double with his eight assists. He also had three blocks. With unlimited talent to dispense, the 6-foot-9 American could tow TNT to even greater mileage in their second encounter at 7 p.m. As expected, Jones was a marked man in the Finals. But all defensive efforts thrown at him seemed to have little or no effect to his monstrous game. Five Beermen tried to stand on his way but were clearly overmatched. Christian Standhardinger, Arwind Santos, Chris Ross, Von Pessumal and Kelly Nabong were shuffled to hold their ground yet the KaTropa import was just superb, both on the offensive and defensive ends. Jones fired 18 points right in the first quarter and had 26 before the break when his team led by cushion as many as 21 points. Like a true, high-caliber player, Jones just brushed off the physicality and expressed his motivation to pull his squad to a championship. “I’m used to [physicality]. I’m trying to stay calm and stay poised,” he said. “I don’t really care. I know it’s just of the game and this is playoffs.” Coach Bong Ravena was all praises for his prized

import but hopes the American continues to give good numbers in the race-to-four series. “Hopefully, he could sustain his game,” said Ravena, who warned his wards that San Miguel is capable of turning the momentum around. “In the next game, we should be ready, they’ll surely come back. They are a champion team,” he said. Jones’s game was contagious that Jayson

Castro and the rest of the TNT locals also provided quality minutes. Castro had 20 points, Troy Rosario added 16, while Roger Pogoy and Don Trollano tallied 13 and 11 points, respectively. The Beermen’s Chris McCullough was also a monster with his 33 points and 15 boards. But his production, along with June Mar Fajardo’s 23 points, could not match their foes’ surge. Ramon Rafael Bonilla

SHANGHAI GREY WINS LAKAMBINI STAKES M Y JOPAY won by a nose, but ended up placing second to eventual champion Shanghai Grey in a wet and wild finish in the 2019 Philippine Racing Commission’s (Philracom) Lakambini Stakes Race at the Saddle and Clubs Leisure Park in Naic, Cavite, on Sunday. Ridden by jockey MM Gonzales, My Jopay weathered the final burst of main rival Shanghai Grey (jockey JB Hernandez) and won the 1,600-meter race by a virtual inch, but the Philracom’s Board of Stewards nullified its victory due to two infractions. “Stewards repeatedly reviewed the tape of the race and observed that during the jump out, My Jopay sharply shifted in unto Shanghai Grey denying the latter a fair start,” the Philracom report stated. “At the final turn, My Jopay shifted ground outwards 10-horses wide, carrying Shanghai Grey further outside. Stewards ruled that the two infractions committed on Shanghai Grey merited the disqualification of the winner [My Jopay] and alter the original order of arrival,” the report added. Jockey MM Gonzales was also suspended for 156 racing days for foul riding. He readily admitted that his actions affected Shanghai Grey’s pace.

The victory was worth a cool P900,000 for Shanghai Grey owner Melanie Habla, whose breeder Erwin Habla pocketed the winning breeder’s purse of P60,000 from the total guaranteed total prize of P1.5 million put up by the Philracom. “The game plan was to stay in the top 3—then unleash everything in the stretch. The win should have been clear if not for the interference,” said Hernandez, who claimed that as the field approached the final bend, he noticed that Gonzales had his whip with his left hand, forcing My Jopay to swerve out. My Jopay, owned by Moses Villasenor, took the runner-up pot of P337,500 in the race—that featured the country’s best fillies—made wet by a slight drizzle. My Shelltex (owner Antonio Tan, jockey JB Guce) went home with the third-place prize of P187,500, while Shanghai Grey’s stablemate, fourth placer Two Timer (jockey JA Guce) received P75,000. Other Sunday winers were Indubitably (Race 1), Cavite Royale (Race 2), Hardliner (Race 3), Ifyourhonorplease (Race 4), Triton (Race 6), Early Bird (Race 7), Fort McKinley (Race 8), Concert King (Race 9), Daanbantayan (Race 10), Desert Gold (Race 11) and Halo Wander (Race 12). Meanwhile, the Philracom is planning to put up several charity races late this month to aid the victims of two earthquakes in Batanes last month. Several big stakes races are still in the offing from Philracom in the coming months—the Sampaguita Stakes Race on September 15 and the first legs of the Juvenile Fillies and Colts Stakes Races on October 6 and the 3YO Imported/ Local Challenge on October 20. This will be followed by the 2nd leg of the Juvenile Fillies and Colts Stakes Races on November 3, the Ambassador Eduardo M. Cojuangco Jr. Cup on November 17 and the 2nd leg of the 3YO Imported/Local Challenge on November 24.

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

Double-team Jones to save San Miguel

NEVER in a long while has San Miguel Beer (SMB) met so tough a foe as TNT-KaTropa. Suddenly, the Beermen are lodged in a spot where danger lurks everywhere—as in getting stuck in a quicksand. Who will now toss the rope to bail SMB out of what seemed like imminent death? A natural, if not the strongest, candidate to do that would be Chris McCullough. But then, the SMB import failed to rise to the occasion in Game One on Sunday. Oh, well not exactly. McCullough actually played his usual deadly role, firing 33 points in San Miguel’s losing 10996 effort against TNT. It’s just that SMB’s local crew didn’t deliver. Obviously they are reeling from fatigue triggered by wear and tear brought on by an overdose of games. Did not the Beermen struggle big time to get to the PBA Commissioner’s Cup title playoffs— thanks, mainly, to McCullough? By making it this far after a second-tothe-last finish in the eliminations, it, sure, was another testament to the indelible championship qualities of the Beermen, who are now on a record 42nd Finals appearance. But the road to glory isn’t always strewn with roses. While TNT came to Game One well rested after having entered the Finals way ahead of the 12-team pack, SMB had barely caught the last bus to the Finals. The Beermen survived on sheer instinct, in the process almost killing themselves to overcome gut-wringing struggles in the quarters and semis. Thus, after scrounging for rest in barely 24 hours, the Beermen became chopping blocksbound when they returned to the hard court for Sunday’s Game One. Expectedly almost, they were good only for about five minutes of battle before they got themselves totally devoured—their stamina abandoning them practically the last 75 percent of the game. TNT import Terrence Jones immediately smelled blood at tip-off, piercing the paint at will, sinking perimeters with impunity and throwing threes almost nonstop against all defenders thrown at him by SMB Coach Leo Austria. If that trend doesn’t get reversed in today’s Game Two, disaster definitely awaits SMB. And if Jones doesn’t get double-teamed properly, Austria, this early, can kiss his title hopes goodbye. No kidding. THAT’S IT Is Abraham “Bambol” Tolentino, the newly elected president of the Philippine Olympic Committee (POC), a bully as he is being pictured by some quarters? If so, how come he won? The coming weeks will define his administration’s direction.

MY JOPAY wins by an inch but ends up runner-up to eventual champion Shanghai Grey after committing two infractions in a wet and wild finish.

Crowd support to fuel Wood’s Ironman campaign USTRALIA’S Laura Wood exudes confidence as she shoots for no less than a triumphant campaign in her first-ever stint in Cebu, hoping to bank on crowd support in the second Regent Aguila Ironman 70.3 Asia-Pacific Championships powered by Philam Vitality unfolding Sunday in Mactan. Coming into the event in top form, Wood said she’s looking forward to drawing inspiration from the fans whose all-out support has marked every Ironman staging in the country’s triathlon hub that has also caught the fancy of many endurance race campaigners. “I’m most looking forward to the spectator support in Cebu,” said Wood, seeking to finally score a breakthrough after a third place effort in Ironman 70.3 Subic and a runner-up finish in Davao 5150 early this year. “This is my first time in Cebu and I’ve

conference MVP Alyssa Valdez and top setter Jia Morado and veterans Michele Gumabao, Risa Sato and Jema Galanza. But the crowd favorites expect another bumpy road ahead of their title-retention drive. The Angels, for one, hope to ride the momentum of their Reinforced Conference triumph with Jeanette Panaga and Cherry Nunag hoping to draw solid backup from Jonah Sabete, Paneng Mercado and playmaker Djanel Cheng for a crack at another championship. The Lady Troopers will surely be banking on their experience to be provided by Jovelyn Gonzaga, Joanne Bunag, MJ Balse-Pabayo, Nene Bautista, Royse Tubino and Dahlia Cruz with support to come from Christine Agno, Angela Nunag and Sarah Jane Gonzales, while the likes of power-hitters Nicole Tiamzon and Dzi Gervacio will anchor the Perlas Spikers’ title campaign. Choco Mucho, Creamline’s sister team, will try to live up to its preconference hype with former Ateneo stars Kat Tolentino, Bea de Leon and Maddie Madayag spearheading their bid, while the Viray sisters—Jeziela and Nieza—along with Justine Tiu, Justine Lapid and Aljan Pielago will carry the cudgels for the Chef Classics. Format is a double round robin elims with the top 4 advancing to the crossover semis, a best-of-three series, with the winners disputing the crown in another best-of-three affair.

heard the crowds are fantastic at this event so hopefully that will give me an extra push,” added the 24-year-old campaigner who will be up against the fancied Swiss Caroline Steffen and Dimity Lee Duke from Australia. Former world champion and three-time Ironman 70.3 Philippines Cebu titlist Tim Reed of Australia has put it all in context when he said in one of his title runs: “One couldn’t stop smiling the entire way [of the race] because of the absolutely crazy support out on the course. The bike course is lined 5-6 people deep while the half marathon is an audio-visual sensory overload of music, dancing and thousands of screaming people.” But more than crowd support, Wood also needs to dish out her best as she braces for a spirited battle for top honors against Steffen and Duke in the 1.9-km swim/90-km bike/21-m run event organized by Sunrise Events Inc. at the

Shangri-La Mactan Resort & Spa. Hungary’s Anna Eberhardt, Guam’s Manami IIjima, Aussies Laura Dennis and Amanda Wilson and Frankie Sanjana of Great Britain complete the crack roster in women’s pro side of the event that has lured a huge 2,190-entry list from a record 57 nations. Crowding Reed for top honors in the men’s pro division are Tim van Berkel, Sam Betten, Luke McKenzie, Lindsey Lawry, Mitch Robins and Justin Ghosh, all from Australia, Bahrain’s Eric Watson and New Zealand’s Terenzo Bozzone, and defending champion Mauricio Mendez of Mexico. For details, visit www.ironman.com/ philippines70.3 with official hashtags #IM703Philippines, #AguilaIM703 with socialmedia accounts (Facebook) aguilaIM703PH, (twitter) aguilaim703ph (Instagram) aguilaim703ph.

THE national women’s rugby team members—(from left) Happy Denuyo, Maia Sobejana, General Manager Jake Letts, Coach Chris Everingham, Lily Smythe and Rassiel Sales—strike a pose in Tuesday’s forum. NONIE REYES

PHL women’s rugby squad sees action in Asia tourney

HE Philippine women’s rugby sevens team flies to Jakarta on Thursday to shoot for the gold medal in the 2019 Asia Rugby Women’s Trophy Series. “This is a preparation tournament for the SEA [Southeast Asian] Games,” said Volcanoes Team Manager Jake Letts during Tuesday’s Philippine Sportswriters Association Forum at Amelie Hotel-Manila. The Philippine team backed by First Pacific, MVP Sports Foundation and the Philippine Sports Commission is out to surpass

its silver medal finish last year. “In 2018, our girls played some very good rugby sevens, This year, we are looking to replicate that performance and go one step further,” Coach Chris Everingham said. The team trained hard for eight weeks and did everything they could, including video analysis of their opponents, looking at their strengths and weaknesses. The Philippines is bracketed in Pool A with Guam, Indonesia, Brunei Darussalam and Chinese Taipei. In Pool B are top seed South

Korea, India, Lao PDR, Bangladesh and Qatar. Joining Letts and Everingham in the forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel-Manila and the Philippine Amusement and Gaming Corp. were players Rassiel Sales, Lily Smythe, Happy Denuyo and Maia Sobejana. They will make up the core of the team that will vie in the 30th SEA Games in Clark. “Whatever we’re doing is geared toward the SEA Games,” said Everingham of the squad that will try to surpass the bronze medal finish in 2015 in Singapore.

ONE HURDLE TOO MANY The 32-year-old Australian, who won the 100-meter hurdles gold medal at London in 2012 in an Olympic record time despite the rain, has retired from competitive track and field after a series of injuries too numerous to mention—at least to the public, anyway.

A YOUNGER and equally ambitious driver is emerging as Lewis Hamilton’s main rival. AP

Sports BusinessMirror

Hamilton’s dominance continues as new main opponent emerges

| Wednesday, August 7, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By John Pye

The Associated Press

DAY short of her seventh anniversary as an Olympic champion, Sally Pearson revealed she finally got the message her body has been delivering with increasing regularity. The 32-year-old Australian, who won the 100-meter hurdles gold medal at London in 2012 in an Olympic record time despite the rain, has retired from competitive track and field after a series of injuries too numerous to mention—at least to the public, anyway. She won’t be going to world championships next month in Doha to defend her title. She won’t be going to the Olympics next year in Tokyo, either. A self-proclaimed perfectionist, Pearson said she reached the decision after realizing she couldn’t deliver on her own high expectations. “I’m leaving my sport happy, still loving my sport, still loving the training, still loving competing,” she said in a video posted on social media. “But my body has decided that it’s time to let it go.” She ended the two-and-a-half-minute video with a simple sign off: “See you round.” Pearson later told Australia’s Seven Network: “I’m going to hang up my spikes. It’s been 16 years on the Australian team and my body is just not up to it. When you count six injuries this year that no one knows about, and another whole year to go of training for the Olympics to try and win gold, I have major doubts that my body will make it.” With the exception of her world title in 2017, that coming after a courageous comeback from serious hand and arm injuries sustained in a racing fall in Rome in 2015, the last few years have been competitive letdowns for Pearson. That crash in Rome ended her chances of competing at the world championships and a hamstring

SALLY PEARSON, then in the London 2012 Olympics and now, reaches the decision after realizing she couldn’t deliver on her own high expectations. AP

problem prevented her from trying to defend her Olympic title in Rio in 2016. An Achilles injury forced her to withdraw from the Commonwealth Games in her hometown last year, the morning after carrying Australia’s flag into the opening ceremonies on the Gold Coast. The Olympic win on August 7, 2012, completed a set after she’d won her first world title in 2011 and was also the world indoor champion. It came four years after her surprising silver at the Beijing Olympics launched her into the average Australian sports fan’s consciousness because of her exuberant celebration when the photo finish results were confirmed and her funny, emotionally raw live broadcast interview. Pearson, then known as Sally McLellan, was

fastest out of the blocks in Lane 3 in that race. She was in third spot when leading Lolo Jones clipped the penultimate hurdle, stumbled and faded to finish seventh. Pearson crossed just behind Dawn Harper, her mouth was agape in shock as she looked across to her right at the line. When the review of the photo gave her the silver after a blanket finish, she jumped up and down on the spot, before bounding off the track with almost kangaroo-like hops en route to her “Is this real?” live TV interview. Four years later in London, Pearson was expected to win. She was the fastest qualifier for the final, and fastest again off the blocks. This time she narrowly held off Harper, and

dropped to the track to celebrate after confirming her victory. It made her Australia’s first Olympic gold medalist on the track since Cathy Freeman’s iconic victory in the 400 meters at the Sydney 2000 Games. After Pearson’s victory in London, she said Freeman had been her inspiration, and Freeman returned the favor on Tuesday with a tweet: “Congratulations on a stellar career, Sally! You always performed when it counted!” On Tuesday, Pearson said the main disappointment about retirement “is that I won’t become a three-time Olympian.” “I’ve known for about a week that I would retire,” she said. “The decision was made with tears in my eyes and a lump in my throat, but I know it’s the right time.”

Messi strains calf, will miss Barca US trip B ARCELONA, Spain—Lionel Messi will miss Barcelona’s exhibition games in the United States against Napoli after leaving his first preseason training session with the club because of a strained right calf. The Spanish champion says Messi withdrew from Monday’s training session because of “discomfort in his right leg.” The club did not say when it expects him to be fit again. Barcelona plays on Thursday at Miami Gardens, Florida, and on Saturday at Ann Arbor, Michigan. Messi had been on vacation since Argentina finished third in the Copa America last month. Barcelona’s Spanish league opener is at Athletic Bilbao on August 17. Manchester United made Harry

Maguire the world’s most expensive defender on Monday, signing him from Leicester for around $100 million. United said the 26-year-old center back signed a six-year contract with an option for a further season. A person with knowledge of the deal said Friday that United had struck a deal with Leicester to pay £80 million ($97 million) for Maguire. The person spoke on condition of anonymity because the financial details are not being disclosed. “He is a great reader of the game and has a strong presence on the pitch,” United Manager Ole Gunnar Solskjaer said, “with the ability to remain calm under pressure, coupled with his composure on the ball and a huge presence in both boxes, I can see he will fit well into this group both on and off the pitch.” The fee eclipses the deals for Matthijs de Ligt to leave Ajax for Juventus last month for €75 million (then $85 million), and for Virgil van Dijk to join

LIONEL MESSI is feeling “discomfort in his right leg.” AP

Liverpool from Southampton for up to £75 million in January 2018. United is trying to return to the Champions League after finishing sixth in the Premier League last season. United, which opens the campaign on Sunday against Chelsea, hasn’t won the league since Alex Ferguson’s last season in charge in 2013. Jose Mourinho won the Europa League and League Cup in 2017 but left last year after a drop in form, leading to Solskjaer’s hiring. “I think we’ve got to start winning trophies again and that’s something the gaffer [manager] wants to bring to the club,” Maguire said, “and his winning mentality as well, which will help all the boys. “It’s something that I’m sure him and his staff will all try to bring to the club and we’re all looking forward to it.” Leicester will be receiving £80 million two years after paying around a fifth of that fee to sign Maguire from Hull. AP

UDAPEST, Hungary—As Lewis Hamilton moves ever closer to Michael Schumacher’s Formula One record of 91 Grand Prix wins, a younger and equally ambitious driver is emerging as his main rival. Red Bull’s Max Verstappen is showing the kind of daring and panache now seemingly beyond the reach of Ferrari’s Sebastian Vettel, who is enduring a third straight season of

frustration. Valtteri Bottas, who is Hamilton’s under-pressure teammate at Mercedes, led the championship early on but has drifted back and has not won any of the past eight races. Now, Verstappen is poised to overtake Bottas and move second behind Hamilton overall when F1 resumes with the first of nine remaining races at the Belgian GP on September 1. Hamilton speaks in glowing terms about Verstappen, a fearless and mentally strong driver who does not crack under pressure. In fact, the 21-year-old Red Bull driver thrives on it, much like Hamilton. Verstappen drove brilliantly from pole position in Sunday’s Hungarian GP, fighting hard until Hamilton overtook him late on following a relentless chase to clinch his 81st F1 win. It was another enthralling scrap, following Hamilton’s brilliant defense under intense pressure from Verstappen at the Monaco GP in May. While Hamilton speaks respectfully of Vettel, a fourtime F1 champion with 52 wins, he speaks seemingly with admiration of Verstappen. “There is no better feeling, from a racing driver’s point of view, when you have a race [where] you face a really strong competitor and a great driver like Max, obviously at their best,” Hamilton said. “It is awesome to see the respect level between us. Really respectful driving and I hope to continue that.” Hamilton’s processional win at the French GP in June prompted acerbic criticism of the lack of excitement in F1 because of the ultra-dominant Mercedes. But since then, F1 fans have been treated to wonderful races in Austria and Germany, a decent race in Montreal, and two exciting contests at the British GP and in Hungary. The dramatic spike in the interest level has much to do with Verstappen, who won in Spielberg and Hockenheim, and was denied a podium shot at Silverstone following a collision. “Everyone was so negative talking about the sport and now all of a sudden we’ve had this big step up from the Red Bulls,” Hamilton said. “Now we’ve got a really good battle on our hands and it looks like it’s here to stay.” Ferrari’s state of flux—no wins in 12 this season and 0-15 stretching back to last year’s US GP—has opened the way for Verstappen. Vettel blew championship leads in the past two seasons, and has not won in 20 races since his victory at the Belgian GP last August. Verstappen is touted as a future multiple champion and genuinely looks capable of challenging Hamilton. He is already ahead on two counts: as the youngest driver to win an F1 race (at 18) and the fourth-youngest to take pole compared with sixth for Hamilton (who was 22). But the 34-year-old Hamilton is still working his way through the record books and his win in Hungary—the eighth this season—extended his championship lead to 62 points as he chases a sixth F1 title to move one behind Schumacher’s F1 record. “I don’t have plans on stopping anytime soon,” he said. Hamilton’s relatively advanced age was a topic raised by his former teammate Nico Rosberg—who beat Hamilton in a thriller when clinching his only F1 title with Mercedes in 2016. The German driver showed great ability to overcome Hamilton in an acrimonious season which went down to the last race in Abu Dhabi. Then, in a flash, he retired from F1 after tense seasons alongside Hamilton—when their bickering tore apart a friendship dating back to their karting days as teens. AP

Merciful and loving God

EAR God, You are our stronghold in time of distress. With joy and love we pray: Let us find our delight in You, oh God. Help us to embrace silence, practice patience and contemplate Your beauty in the natural world. Move us to seek the good of others and to care for the Earth. Inspire scripture scholars, preachers and translators of Your word. May God bless us with wise and loving hearts, through Jesus, the word-made-flesh. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

Stolen goods on Amazon? Shoppers won’t care, experts say

By tALi ArBeL The Associated Press

EW YORK—News of an alleged Amazon theft ring involving contract delivery drivers is unlikely to make a dent in the online shopping giant’s massive business. But it may make people more wary of letting deliveries into their house when they aren’t there—a nascent project from both Amazon and Walmart. WHAT HAPPENED WITH AMAZON? THE theft ring, according to an FBI search warrant affidavit, involved Amazon contract drivers stealing items that were being shipped to customers or returns. Then they resold them to pawn shops, which shipped the items to Amazon warehouses and resold them on Amazon’s sites using the sellers “Bestforyouall” or “Freeshipforyou.” No charges have been filed yet. WILL PEOPLE STOP SHOPPING AT AMAZON? REGULAR customers probably won’t stop buying from Amazon. People still use Amazon even after having their packages stolen by “porch pirates,” even though that is a big problem.

LUCY LAWLESS’S LOVE OF TRUE CRIME LEADS TO NEW TV SHOW D3

“It’s almost an inevitability that people will use the site to dispose of ill-gotten gains,” said Neil Saunders, managing director of GlobalData Retail. “Amazon is the largest marketplace; it’s going to have the biggest problem.” But the thefts could alter shoppers’ behavior in other ways. Negative press could tank retailer services that might seem intrusive, such as ones that deliver packages directly into your house, said Jon Reily, a former Amazon executive now at the digital consultancy firm Publicis Sapient. Those in-home delivery services have already raised touchy questions about privacy. Reily said he suspects that they haven’t gained much traction, although a separate Amazon service that makes deliveries to people’s cars seems more popular. “It’ll be interesting to see how this affects everyone,” he said. “Consumer confidence is a weird animal.” The news could also boost interest in options that let people pick up their packages at stores rather than having them delivered, a service that has become more seamless in the last few years, Saunders said. But overall, it’s not likely that shoppers will change their behavior. “Will this affect Amazon? I doubt it. This will be a blip in the news that will quickly be forgotten,” said Forrester analyst Sucharita Kodali.

“This is what happens on marketplaces.” WHAT IS AMAZON DOING? AMAZON said in a statement that it does not tolerate fraud, and it prohibits inauthentic or stolen goods from being offered in its store. It says it takes action when sellers do not comply. The company and other online marketplaces have long had problems with fake goods such as imitation Birkenstock shoes or Apple accessories. Amazon said it spent more than $400 million in 2018 fighting counterfeit products, fraud and other forms of abuse. Kodali said Amazon could have more stringent seller and merchandise standards, but that’s unlikely because the company makes money from its successful third-party sellers—other companies that sell products through Amazon’s site. Still, the company could face legal issues if it knowingly allowed sales of stolen goods on its site, Saunders said. If a third-party seller has its packages stolen on the way to a shopper, it’s not clear who has to pay to reimburse the customer. Amazon did not answer the question, but its web site says that customers can request a refund from Amazon if a third-party seller has not refunded them. n

Wednesday, August 7, 2019

EXCITING GAMING, GREAT TECH HEADS up, tech geeks. This month, SM Supermalls (www.smsupermalls. com) celebrates tech and innovation with Cyber Month, a monthlong celebration of the latest gadget trends, exclusive tech deals, and gaming events happening in 72 SM malls nationwide. “We invite all gamers and shoppers as we transform our malls into a larger-than-life eSports arena featuring multigame tournaments and gadget deals,” said Jonjon San Agustin, SM Supermalls senior vice president for marketing. Here are five ways to experience an action-packed Cyber Month at SM: 1. GREAT GADGET DEALS. There is no place like Cyberzone when it comes to gadget deals. Avail yourself of great gadget deals, and special offerings and bundles on select items with up to 50-percent off in participating stores. 2. BATTLE ARENA. It is no secret that gamers all over the world go crazy over multiplayer e-games. Tag your squad and put your skills to the test at the Battle Arena happening for the whole month. 3. COSPLAY CRAZE. Show off your talent, creativity, and costumes at the Cosplay Craze wherein participants can join a series of competitions and enjoy parades featuring their favorite characters. 4. GIZMO CON. Score the latest entertainment gadgets, smart home devices, audio-visual tech gizmos, and other great deals from participating Cyberzone stores, SM Appliance, The SM Store Gadgets and Ace Hardware. 5. #GADGETGAMEATSM. Head over to the #GadgetGameAtSM booth and shoot as many digital phones as you can into the virtual shopping bags within 60 seconds for a chance to win prizes.

GrabFood opens 24/7 operations By Rizal Raoul S. Reyes HUNGER knows no boundaries. With Filipinos living an ever-increasingly fast-paced lifestyle, there are times families have little or no time to prepare meals for their loved ones. In response to the demand for quick delivery of food, leading online food-delivery platform GrabFood announced on August 1 the launching of its 24/7 operations, an upgrade to its leading food-delivery service in response to the changing needs of Filipinos. “With lifestyles more hectic, Filipinos now demand more convenient ways of addressing their daily needs. We at GrabFood recognize the need to empower Filipinos to beat hunger anytime. Today, students stuck working on a project at school, professionals slugging it through a working lunch, even parents tending to their children can now satisfy their hunger 24/7 via GrabFood,” GrabFood Head Edward Joseph de la Vega said in a press interview held at the Grab office in Makati City. Backed by over 1,000 quick service restaurant-partners operating around the clock in Metro Manila and Cebu, de la Vega pointed out that GrabFood can deliver the food requirements of families during breakfast,

lunch, dinner or even during the wee hours of the morning. With the busy and agile lifestyle of Filipinos today, de la Vega said the demand for better and more convenient ways to ease their hunger remains a big challenge as the modern lifestyle does not recognize the time when hunger strikes—whether it’s early in the morning, mid afternoon, or at the unholy hours of the night. Moreover, hunger can happen to parents juggling work and childcare, to an office employee stuck in an early morning traffic madness, to a teacher working overtime to finish a lesson plan, to students pulling an allnighter to finish their thesis, or to a call-center agent fulfilling an overnight shift. He said addressing the pangs of hunger especially during the wee hours is one major challenge of families and individuals due to the lack of options and the hassle of dining out. GrabFood’s data reported a growing demand for late-night food deliveries with 13x increase in orders occurring in the wee hours of the night/ morning from March 2019 to the present. Recognizing the need to beat hunger that slows down productivity of Filipinos at any given time, GrabFood has teamed up with over 1,000 restaurant-partners in Metro Manila and

Cebu to allow 24/7 delivery service in at least 20 locations including Manila, Makati, Quezon City, Pasig, Pasay, Parañaque, Las Piñas, Marikina, Muntinlupa, San Juan, Caloocan, Valenzuela,

Mandaluyong, Malabon, Pateros, Navotas, Taguig, Cebu City, Lapu-Lapu and Mandaue. With the upgraded food-delivery service, Filipinos can now enjoy their favorite chicken

from McDonald’s, KFC, Bonchon, and Bully Buffalo Wing Bar; milk tea and beverage fix from Chatime, Jamba Juice, and Happy Lemon; top meals from Burger King, Pizza Hut, Mister Kabab and Ersao, plus many others via GrabFood 24/7. GrabFood consumers will get free delivery for their orders worth P400 and above using the promo code GUTOMGONE valid until August 23 on participating restaurants. GrabFood is also holding a special digital stamp card promo that will reward users with a P50 voucher for their GrabFood orders. Ongoing until August 31, users can collect a pair of electronic stamp card stickers with no minimum purchase requirement from the following merchants: McDonald’s, Chatime, Bonchon, Bully Buffalo Wing Bar, Chatime, Cha Tuk Chak, Ersao, Happy Lemon, Mister Kabab and Pizza Hut. Each order from a merchant will automatically reward the consumer with an e-sticker. Consumers need only to complete two stamps from the same merchant during the promo period to get their unique P50 voucher. They can earn as much as 10 vouchers when they complete the stamp cards for each merchant.

Wednesday, August 7, 2019

Pet Corner BusinessMirror

Woman finds ‘purpose’ caring for abused, discarded animals S

EVEN VALLEYS, Pennsylvania—“That’s Winston,” Amanda Clark says by way of introducing the black pot-bellied pig rooting around in grass by the stone lane that leads to her home. “Sometimes,” she continues, “he doesn’t like men.” And as I am a man, it seemed best to be cautious. But Winston was wagging his tail—I’m not sure what that means as far as pigs are concerned—and he seemed friendly. Until he started trying to eat my right foot. “He does that,” Clark explained.

TURNING VEGAN THE seed of the idea for the farm animal rescue was planted about 15 years ago when Amanda was in high school in her hometown, Lancaster. A friend showed her a short documentary, titled Meet Your Meat, a 12-minute film produced by the People for the Ethical Treatment of Animals and narrated by actor Alec Baldwin. She immediately became a vegetarian. Then, about 10 years ago, she and her husband Steve visited a farm animal sanctuary in Watkins Glen, New York. The farm’s bed and breakfast served a vegan menu, and she went vegan, eschewing all animal products. Her husband, who had been a carnivore, turned vegan after he met the cows at the sanctuary. The visit to the sanctuary put the idea in Amanda’s mind that that is what she wanted to do with her life. “Visiting the farm sanctuary was an ah-ha moment for me,” she said. “We had rescued and fostered dogs. But this is what I wanted to do. It was a turning point for me.” Amanda, 30, was working as a hair stylist—her husband, 31, is a machinist—and they lived in the suburbs outside of Lancaster, the development not being conducive to herding goats. (The township frowned upon it, too, she said.) The first animals they rescued were Patrick and Darby, a pair of goats that had been rescued by the SPCA in Danville, Pennsylvania, in July 2018. The goats were neglected, eating their own feces and suffering from hoof rot. She had to do something,

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Mike Trout, 28; Charlize Theron, 44; David Duchovny, 59; Wayne Knight, 64. HAPPY BIRTHDAY: Ease into change. Know what you are getting into before you say yes. Take a moderate approach to whatever is asked of you. Keeping your distance from people who tend to be indulgent or manipulative will make it easier for you to reach your goals and strive to be the best you can be. Your lucky numbers are 3, 14, 17, 24, 30, 34, 48.

ARIES (March 21-April 19): Look inward and assess what you see. Personal changes will help you conquer the qualities you don’t like about yourself. Set new expectations and strive to reach them. Proper diet and a safe fitness regime are encouraged. HHHH

By Mike Argento The Associated Press

A SANCTUARY WINSTON lives on Amanda and Steve Clark’s farm in North Codorus Township, not far from York New Salem and Seven Valleys, one of the 40 critters that call the 6-acre spread home. It is the Here With Us Farm Sanctuary, a place where abused or discarded farm animals can live out their lives. When Winston arrived, Clark said, he had a bad limp. They thought he might have had a sprained ankle, but a trip to the vet proved that wrong. He had broken his leg previously, and it hadn’t healed properly, leading Clark to believe Winston’s leg had been broken by a man and that the pig still harbors some bad memories of it. Or not. “I’m not sure why he doesn’t like men,” she said. “Maybe he was abused. Maybe he’s just like that.” He chewed on my foot before I walked away and sought sanctuary in the chicken pen.

www.businessmirror.com.ph

TAURUS (April 20-May 20): Go over your plans in detail. Don’t leave anything to chance. Listen carefully to what others have to contribute, and stick to a strategy that is realistic. Positive changes can be achieved if you incorporate moderation into your everyday routine. HHH

GEMINI (May 21-June 20): Share your thoughts and feelings and you will make a difference to someone who shares your concerns. Personal, physical and emotional changes can be made that will improve your outlook, as well as your life. Social events and travel are favored. HHH

CANCER (June 21-July 22): Don’t share too much information about your financial, legal or medical status. Listen to what others have to say; you will gain valuable information that will give you the edge in a competitive situation. Keep your life moderate and simple. HHH

LEO (July 23-Aug. 22): Trust your intuition when it comes to joint ventures. Don’t get in over your head financially. Cut your overhead instead of adding to it. Listen, ask questions, but do not overreact or you will never get your way. Look for workable solutions. HHHH

SOME of the rescued animals that found a new home in Here With Us Farm Sanctuary.

WWW.FACEBOOK.COM/PG/HEREWITHUSFARMSANCTUARY

so she adopted them. She couldn’t keep them at her home, but her brother, who lives about 3 miles away, took them in. Patrick and Darby—their names derived from her brother and his wife’s middle names—were followed in October 2018 by four Cornish cross chickens, birds raised to be broilers. They were among 1,000 chickens rescued from the Philadelphia area. They had been in “horrible conditions,” Clark said, “no food, no water.” The chickens lived in the yard of the Clark’s suburban home. If they wanted to keep rescuing animals, they had to take the next step. They put their house on the market—it sold immediately, giving them 90 days to find a suitable place to house what they hoped would be a growing menagerie. The looked around Lancaster County and, finding nothing, expanded their search to include York County and northern Maryland. Then they found the 6-acre property off of Tunnel Hill Road. They moved in on March 15 this year and soon the property was home to 40 animals. MEET THE RESIDENTS THERE’S Alice, a goat who came to them in June and was paralyzed by a severe listeria infection. After a nearly monthlong stay in an animal hospital and some physical therapy—including spending some time in a goat wheelchair—Alice recovered, now able to trot around in her pen. Then, there are Ronnie and Reggie, a pair of Holstein-Angus calves, rescued from a farm where they were unwanted, and Rufus, a Jersey calf who was placed for adoption after, Clark said, “a group of monks negotiated for his release.”

And then there is Chester, a year-old, 1,000-pound Jersey who towers over the calves. Chester’s story is that his owner, who had apparently been raising him to serve in a petting zoo, went to prison for some reason. Clark doesn’t know the specifics. All she knew is that the owner got sent to prison and left Chester and his pet donkey behind. Clark tried to get the donkey as a part of a package deal, but someone else got the donkey first. Chester, she said, was depressed and missed his donkey, at first. Now, he has the other calves and is much happier, she said. She and her husband did a lot of research and are still learning. They have a vet who does farm calls, and they handle some of the dispensing of medications themselves. They do all of the work themselves, sometimes with the help of their five-year-old son, Fin, who enjoys hugging the chickens. (It’s hard to tell how much the chickens enjoy it.) They operate on donations—the sanctuary is a 501c3 nonprofit entity—and have conducted fundraising for special projects, Clark said. One day, and it may be years off, Clark said, they hope to expand by buying land from their neighbors. Looking around the farm, it’s a far stretch from growing up in the suburbs to living on a farm and caring for 40 animals. “It’s a ton of work,” Clark said, “more work than I expected it would be. But I love it so much. It’s what I wanted to be doing. I didn’t think it would happen so soon. This is what I meant to do. I think this is my purpose in life.” She’s pretty sure of that. Her right upper arm bears a tattoo of a cow and chicken with the legend, “For The Animals.” She got the ink years before she started the sanctuary. n

VIRGO (Aug. 23-Sept. 22): Before implementing a change, go over all the pros and cons. Explore the possibilities and use past experience or the advice of an expert to spare you taking on too much or overspending when it’s not necessary. HH

LIBRA (Sept. 23-Oct. 22): Put more physical energy into the things you want to accomplish. Whether it’s learning something new or making changes at home that will add to your comfort or convenience, the more you are willing to do yourself, the better the results. HHHHH

SCORPIO (Oct. 23-Nov. 21): Take a moment to observe what others are doing. Someone may try to set you up for a fall if you are too trusting or willing to let someone else speak on your behalf. Use your imagination and focus on creative endeavors. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Emotions will be difficult to control. Speak up about your plans, but keep a positive attitude and present a welcome picture to the people you look to for support. A physical change will boost your ego. HHH

CAPRICORN (Dec. 22-Jan. 19): Take better care of your health. Don’t overdo it physically or take on an emotional challenge that isn’t necessary. Bring about a positive change at home or to the way you live. HHH

AQUARIUS (Jan. 20-Feb. 18): Networking may be your intent, but someone close to you will be jealous of your connection to some of the people you deal with at work. Overreacting will only make matters worse. HHHHH

PISCES (Feb. 19-March 20): You are better off doing your own thing and looking for opportunities to make positive changes to your income and ability to advance. Don’t let an emotional incident cause you to miss out on a good deal. HH BIRTHDAY BABY: You are outgoing, intense and sensitive. You are energetic and adaptable.

‘tarzan does the news’ BY PAM KLAWITTER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Flat-topped hills 6 1942 Disney deer 11 Uber alternative 14 Heeded the alarm 15 Wrench variety 16 1 or 11, in blackjack 17 Tarzan’s report on sinkhole damage? 19 Seashell seller of note 20 Speck in the Caribbean 21 Honorary poem 22 One needing keys to break in 24 Factory-fresh 26 Dust arachnid 27 Tarzan’s recap of a typical baseball game? 34 “I get that a ___” 35 “Darling” 36 Pound of poems 37 Cyclops’ I’s 39 Money on the poker table 40 Star-shaped bloomer 41 Slopes sliders 42 “Octopuses” or “octopi” 44 Slick swimmer

45 Tarzan’s review of an exceptional new film? 48 Bills featuring Washington 49 “Trip” singer Ella 50 Flats’ counterparts 53 Long, long ___ 55 Spare tire stuff 59 Floppy beagle part 60 Tarzan’s reaction to an acceptable book-borrowing place? 63 Thing to pick 64 New Mexico senator Tom 65 Hartford-based insurer 66 JAMA readers 67 City known for its salami style 68 Make a case DOWN 1 Half portion at a luau? 2 Son of Aphrodite 3 Aretha Franklin genre 4 Say OK 5 Catch a glimpse of 6 Shakespeare, notably 7 Medicinal succulent 8 January honoree, briefly

9 Honeycomb locale 10 Like a baby’s grasp reflex 11 Wine barrel 12 Tummy trouble 13 Head-y beverage 18 Jim who dueled with a knife 23 Dwarf planet between Mars and Jupiter 25 Terminal guesses, briefly 26 ___ d’hotel 27 First in a literary series 28 Story that often has cobwebs 29 City known for its pizza style 30 You may join one on Facebook 31 Early Mexican 32 “Meet” companion 33 Crawley’s title on Downton Abbey 34 Speech therapy target 38 Last name of fur fame 40 Bravo preceder 42 Act as chairman, say 43 Knight wear 46 Go off the grid 47 Tower with a replica in Las Vegas 50 Texter’s button

1 It may have a part 5 52 Martial ___ 53 Woody Guthrie’s son 54 Big do 56 Miller bottle word 57 Princess of Arendelle, in Frozen 58 Bit of sweat 61 Make off-limits 62 Toy dog’s bark Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Lucy Lawless’s love of true crime leads to new TV show By Mark Kennedy The Associated Press

EW YORK—The next time you find yourself in a courtroom, look around. There’s a chance you might spot Lucy Lawless there, too. The actress is fascinated by trials and on days when she’s not working will often go to court as a member of the public. There you’ll find the onetime Xena: Warrior Princess trying to look inconspicuous, soaking it all in. “It just teaches you so much about life and your own society and justice and about yourself,” says Lawless. “It’s really important that we participate in the democracy. That’s a really good way to hold the justice system to the standards of the people.” Lawless, 51, has attended a murder trial in her native New Zealand, jury selection for a grisly case in Louisiana and was even at Jeffrey Epstein’s bail hearing in New York last month when the financier faced sextrafficking charges. On that rainy day, she showed up bedraggled in flip-flops and watched Epstein “shamble in,” acting shaky. The whole thing was over quickly. “Sedate is not the right word. It was somber. And methodical. And meticulous. And all over in 20 minutes,” she says. Lawless’s fascination with crime— she even will go so far as calling herself a “court ghoul”—has filtered into her latest project, the new crime TV series My Life is Murder. “This much more closely mirrors my own personal interests,” she says. Lawless plays Alexa Crowe, an exhomicide detective who bakes bread, loves Crowded House, speaks German and corrects people’s grammar when she’s not chasing baddies. She is a fully realized modern woman—unfiltered, sexy, funny and prone to giving unsolicited advice. In a typical scene, a villain holding a knife orders Alexa to stand up. “Get up slow,” he snarls. She responds calmly: “I think you’ll find ‘slowly’ is the adverb.”

There are differences between Alexa and Lawless, of course. One is the character’s love of bread, which on the show is a symbol of new life and nurturing. In real life, Lawless is gluten intolerant. “It’s kind of a joke that I’m always up to my elbows in flour. But I sure earned my intolerance. For 40 years, I ate bread like a mad thing and I know what it tastes like alright.” The show, set in Melbourne, Australia, explores closed worlds— undertakers, models, escorts and even bicyclist enthusiasts nicknamed Mamils (middle-aged man in Lycra). The show also tweaks conventions, casting a woman as a mob boss or making Alexa’s annoying neighbor a millennial rather than a crusty older woman. “I just want to give people a

little psychic holiday from all the grim stuff so they can recharge the batteries and go back out there and fight the good fight,” Lawless says. Creator Claire Tonkin wrote Alexa with Lawless in mind. “There’s a lot of me in the character and that’s the advantage of having writers build something around you. I’m a very lucky woman,” says Lawless. Matthew Graham, the general manager of Acorn TV, which specializes in offering British and Australian TV shows, says Lawless’s new show continues the streaming service’s push for strong, relatable female leads. “We love Lucy Lawless. We love what she brings to the screen— her strength, her vivaciousness, her intelligence and her sense of

humor. We think that My Life is Murder is the perfect vehicle to showcase all of that,” he says. Lawless’s strength and humor were present when she burst into the public’s consciousness as Xena in a show that mixed dark mythology, action, campy humor and sly sexuality. It aired from 1995 to 2001. Xena was a she-hunky leather queen in a breastplate who battled bad guys with sword, shiv, crossbow, frying pan or the ultimate weapon, a murderous missile called the chakram. She and her sidekick, Gabrielle, were part of one of television’s more intriguing gal-pal duos, with many viewers celebrating what they saw as lesbian affection. “It was fun. It was about universal themes, of the triumph of the human spirit: love, courage and, of course, hate and fear underneath that,” Lawless says. “The legacy is that it inspired, by some kind of alchemy, positive change in the lives of individuals.” Lawless constantly hears from fans about how the show empowered them, especially from people who feel marginalized—minorities, invalids, and gay men and women. She once asked an African-American woman why it resonated with black women. That woman’s response: “AfricanAmerican women feel that they need to be warrior woman every day of their lives.” Lawless is something of a warrior off-screen, too. Activism is something she takes seriously and calls the environment “my No. 1 commitment.” She was arrested in 2012 for protesting Arctic oil drilling with Greenpeace and says the movement needs to keep going despite political setbacks. “You get compassion fatigue. You go, ‘I’ve only got so much bandwidth, and this is making my heart hurt’ and the world’s really heart-hurty right now,” she says. “So, in order to keep us buoyant, we’ve got to start hearing about the great innovations and people who are doing good work and there’s tons of it out there.” n

Wednesday, August 7, 2019

BLIND SPOT BRUCE C.

IT’S OVER

EVERYBODY thought they beat all the odds to be together. It was them against the world. But it was apparently not meant to be for the controversial couple even after two years of togetherness. The girl’s family never liked the guy because they thought he was not good enough for her. Also, they were wary of his bad habits. It was one of the bad habits that got their relationship into trouble. The guy reportedly had one drink too many, and he and the girl got into an argument, during which he hurt her physically. So she left. There is a rumor that there is a restraining order against the guy which prevents him from going near her and their offspring. Will the girl take the guy back despite everything that has happened? We can just wait and see.

BAD GIRL

SHE used to be our favorite “It Girl” and magazine cover girl. She is now a wife, mom and influencer. It is disappointing to know that she isn’t a very likable person who’s difficult to work with. Some brands say she is too demanding. Others swear they would never work with her again. For instance, if it is a staycation she will insist on two rooms even if other influencers with more followers than her are happy with the room. It’s usually just an overnight, after all. If it’s a trip, she wants business class for herself and her family. And she will say it in an imperious manner, like it is her right. She also does not treat people well, and is not polite or respectful.

A CHANGED WOMAN

SHE used to be very difficult and temperamental. But being a mother has changed her. She isn’t so competitive with others, or so jealous when someone expresses admiration for her husband. She is more cheerful these days. Despite what she has been through to fight for her love and her man, one can only admire this woman for her commitment to make her marriage work. Her husband has strayed once or twice but she still stuck with him because she really loves him. The guy’s inability to stay faithful has gotten him in trouble in the past, too. But this time, he promised his wife that he will be faithful.

BYE, ENDORSEMENT

HOW true is the rumor that a young actress, who was recently embroiled in a love-related controversy, may lose some of her endorsements? One of these endorsements is a biggie and under one contract with her supposed ex boyfriend. The brand is still keen on the young actress’s ex but they want to drop her because the issue against her is very hot right now. Other brands she is endorsing are also looking at her contacts. No one knows whether she will lose any endorsements because no one is sure whether she is just the fall guy in this situation. We know one thing—the relationship with her ex was very fake. It was orchestrated by the studio to make them hot properties.

Wednesday, August 7, 2019

Image BusinessMirror

www.businessmirror.com.ph

Taming the green-eyed monster SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

OU see someone post their recent vacation on their social-media page and you suddenly wish you could have done the same. That, in itself, is not bad if it stopped there. But if you spend your time wishing you were living what you imagine to be the exciting and carefree life of other people, it becomes a problem. You were meant to live your life the way you see fit and not as others think you should. Envy is a powerful emotion which, when examined carefully, can actually work to your advantage. It allows you to deliberately appraise yourself and look at what feeds your envy and work toward either quelling it or using it as impetus to your personal growth. In order to use it to your advantage, discover why you were envious in the first place. People normally become envious because they lack something the other person seemingly has—money, friends, social standing or a certain personality trait. Envy normally crops up because you feel you are inferior to others. While acknowledging this is a good realization on your part, it should compel you to strive harder to develop yourself and in no way should bring you down. You have to remember that social media is curated content on how people want to be perceived, and does not necessarily reflect who they really are. And because of its filtered nature, it portrays people in the best light possible when, in fact, there is more to the life behind the picture. Social media has become the new “idiot box” from which people are influenced. Long before commercial products were sold on these apps, people marketed themselves. It is no surprise that it has become the platform of choice for marketing commercial products since people spend most of their time on these apps. And like any other tool, its purpose depends on who is using it. Use it as a mirror to show what makes you envious so you can stop feeding it, or use what you see in these platforms as a way of setting realistic goals for yourself. Accepting who you are and what you are capable of is the first step to making sure envy does not get the best of you. Contentment is the best antidote against envy. Understanding what you are capable of and what you have now can greatly help you appreciate yourself more. Envy can expose to us what we want to improve in ourselves. But be cautioned also that the goals you set for yourself are achievable and there are limits for when you should stop. Otherwise, it becomes an endless cycle of reaching for new and better goals, and you will end up being frustrated over and over again. Settle for achievable goals and once you have met them, stop and be content with the results. Set new goals only when you are ready and when you know they are achievable. It would also be best if you minimize comparing

Envy, like any other emotion, is natural. Everybody feels envious at certain points in their life. And like any emotion, it reflects our state of mind—how we think others see us, and, more important, how we perceive ourselves. Use it to understand yourself better and set personal development goals which will help you enjoy your life the way you want it to be lived. yourself to others. Some comparisons are good, especially when they make you want to develop yourself better. But be your own standard. When your colleague at work gets promoted, understand why they got promoted and evaluate how you can achieve the same by focusing on how you can capitalize on your strengths. But if your comparison just drives you only to resentment and makes you feel inferior, then

stop. It does not do well for you to be resentful because it will just be counterproductive and a waste of your time. You need to focus on how you can improve yourself by leveraging on your unique capabilities. Take inventory of your strengths and remember that nobody has it all. Not one person will have everything even when sometimes it seems like so. We all have opportunities for development and we

try to overcome them in our own ways. Some have a steeper learning curve than others. Your journey to personal development might not be as fast as the person next to you but you will eventually get there in your own time. What will help you get there faster is understanding how you can take advantage of your strengths to boost your development forward. And when people get ahead, celebrate with them. Appreciating what others have accomplished can go a long way in ensuring you protect yourself from feeling envious. Use their accomplishment to motivate you that your time will come. It’s just a matter of understanding how they got there faster and what you can do to speed yours up. Conversely, avoid people who keep comparing others to themselves or bring successful people down. It will be counterproductive to spend time criticizing others when you should spend time looking at how you can make yourself better. Being grateful for the fortune of others helps you become grateful for what you have and will help you look forward to your own success. Envy, like any other emotion, is natural. Everybody feels envious at certain points in their life. And like any emotion, it reflects our state of mind—how we think others see us, and, more important, how we perceive ourselves. Use it to understand yourself better and set personal development goals which will help you enjoy your life the way you want it to be lived. n

Why you need a midyear budget check-in By CoUrtney JeSPerSen NerdWallet

income, advises Helen Ngo, CFP, CEO of Capital Benchmark Partners in Georgia. “When we do midyear budgeting, we don’t necessarily look at your spending,” Ngo says. “The first thing we look at is what money is coming in.” She says to pay attention to things like your pay stubs and discretionary income. For example, are you withholding enough in taxes to break even in April? Did you pay off a debt in the first half of the year and now have more income you can contribute to your 401(k)? Make adjustments where necessary.

A TYPICAL midyear includes vacations, travel, shopping, weddings and beaches. Budgets? Not really. But the year’s halfway point provides a great opportunity to take a close look at your financial health and goals. Now’s a good time to “check yourself before you wreck yourself,” says Nora Yousif, certified financial planner and vice president at RBC Wealth Management in the Boston area. Here are three important reasons to check your budget right now—and easy things you can do to ensure you reach your money goals for the rest of the year. YOU CAN LEARN FROM THE PAST MIDYEAR budgeting calls for a grading exercise. Judging your budgeting behavior is a productive way to see where you stand, according to Andrew Almeida, CFP, founder of Almeida Investment Management in New York. Here’s how to do it: If you haven’t already, separate your monthly budget into categories, such as groceries, rent, entertainment and so forth. Then see if you were over or under budget for each line item. If you have 10 categories, overshot three last month and stayed on budget for seven, you’d be at 70 percent. So give yourself a C. Almeida recommends doing this each month. With six months of the year behind you, you’re in

a good position to evaluate if you’re passing more months than you’re failing. But don’t get discouraged; you shouldn’t expect straight A’s. “No one’s going to hit it 100 percent of the time,” Almeida says. “Life is fluid.” One easy and effective way to monitor how you’re doing is by logging in to your financial accounts, according to Brandon Renfro, an assistant professor of finance at East Texas Baptist University. “You can kind of see where your money went, and that will start to give you a better idea of problem areas or focus areas,” says Renfro, who is also a financial planner. Lean on your credit card and bank account apps to help you track your cash flow. Some of these apps may even categorize the transactions for you.

YOU CAN PREPARE FOR THE HOLIDAYS AND TAXES ONCE you’ve looked back, take a moment to think ahead. After all, the holiday season is only a few months away. And whether you like it or not, tax season will come shortly after that. Get ready now for these potential costly times of the year. Start by setting a holiday season budget. “A lot of people don’t consider that, but it’s a big year-end expense, which I think you should account for,” Almeida says. “And if you haven’t by midyear, I think you should.” If you’re not sure where to start, use the amount you spent last year on holiday gifts and festivities as a baseline. Next, focus on taxes. That means reviewing your

YOU CAN CORRECT YOUR COURSE BY the time you finish these steps, you’ll likely have identified areas where your budget has room for improvement. “If you’re way off your projected saving or spending goals, you can modify your habits for the rest of the year before it’s too late,” Yousif, of RBC Wealth Management, said in an e-mail. That may include eliminating small things from your budget, such as a subscription or membership you no longer need. And when you do remove something, redirect that money somewhere it can be more useful. “For instance, maybe instead of just canceling the gym membership and letting the $20 fall wherever it goes, go ahead and direct that to savings,” Renfro says. That can help build your holiday fund, for example. But what if you don’t even have a budget to check up on? It’s not too late. The midpoint of the year can give you a much-needed nudge to create one. AP

BusinessMirror E1 | Wednesday, August 7, 2019 • Editor : Tet Andolong

RedDoorz Hotel Davao

Tourism industry attracts major hospitality players Conclusion

has gone live in the coming days. Through the partnership with OYO, small hotels like Artina Suites and Northridge Mansion gained access to proprietary, AIenabled pricing algorithms and achieved a full-scale transformation and operational excellence, all of which greatly helped boost their businesses. Nestor Leal of OYO 115 Northridge Mansion, likewise, benefited from the partnership with OYO. He said OYO enabled their establishment to deliver better quality services and maintaining the good appearance of the hotel. Therese Lapena, business development manager of OYO 150 Davao Airport View Hotel, shared that OYO helped them hurdle their tedious day-to-day operations and booking process. Despite having partners with popular booking platforms, the management still needed to monitor the bookings manually as it was prone to errors and often resulted in overbooking incidents. As a result, the hotel has more visibility in online travel agencies and online booking platforms such as Agoda and Expedia.

By Rizal Raoul S. Reyes @brownindio

ITH the local tourism industry flourishing and more industry players embracing digital transformation, many hotel owners belonging to smaller properties are forced to adapt to technological changes to boost competitiveness or risk being left out of the game.

In the Philippines, there is an increasing demand from travelers, both foreign and local tourists alike, for real-time access to book i ng i nfor m at ion a nd personalized hotel experiences. Travel and accommodations are forecast to account for a major chunk of the online spending of Filipinos who, according to a recent PayPal research, are predicted to spend P185.16 billion on online shopping by 2020. As more travelers in the Philippines rely on the digital platform for their travel needs, hotel owners, especially smaller businesses, are faced with the challenges of ensuring seamless internal operations, establishing digital presence and gaining access to the right technologies. Nevertheless, these digital tools such as mobile payment or cloud-based applications to help increase security, efficiency and transparency in their operations are neither available, nor are accessible, especially for smaller hotels and assets. Therefore, it is crucial for local hotel owners to have a strong presence online and ensure that the interaction with each guest or potential guest is seamless and personalized. These can all be achieved by having technologies and systems capable not only of processing big data to generate intelligible customer insights but also to tie all the

different areas of the business together.

Small, local hotels welcome world-class opportunities

The entry of international hotel chains such as RedDoorz and OYO into the country enables small, local hotels to address industry roadblocks and grow their business. In fact, these companies boosted the business of a growing number of local budget hotels, elevating their operations to world-class hospitality standards and increasing revenue prospects. RedDoorz is currently the market leader having 150 properties in 10 cities in the coming months. One of its happy partners, Winter Hotel Operations Manager Jeffrey Tan, shared how the hotel’s partnership with RedDoorz has resulted in a bigger client turnout, more booking inquiries and fewer idle or shorttime service rooms. “When people see the name RedDoorz in our hotel, they are assured of quality service and accommodation. Now, our hotel is fully booked even on weekdays,” said Tan. Tan said that RedDoorz helped streamline their operational procedures in housekeeping, cleaning and F&B servicing, among others. “RedDoorz organized seminars, orientations and other programs for our staff to enhance their skills. They even give incentives for good reviews and if a certain level of rating is reached.”

OYO One Liberty Hotel

Manila Venetian Hotel Owner May Tauyan

“They also provided on-the-job training for our front desks people and hospitality personnel. They even give incentives for good reviews and owners as well if they have reached a certain level of ratings. RedDoorz gives a certain percentage of profit if a hotel owner exceeded the sales of the contracted price. Moreover, it provides incentives to an owner if it has exceeded the sales quota in its rooms to further upgrade the capabilities on the staff. “It is really very tempting to partner with RedDoorz because they have a high degree of professionalism,” Tan said. Moreover, Winter Hotel was also able for the first time to receive guests from European countries such as France. Since Winter Hotel does not have partnerships with online travel agencies (OTAs), it relies mainly on walk-ins and online reservations. In fact, Tan said the hotel is fully booked even on weekdays. To develop stronger visibility online, RedDoorz designed a website for Winter Hotel to promote it for the local and foreign market, as well. “RedDoorz also has a strong presence in the provinces as far as Aparri,” said Tan. The alliance with RedDoorz also enabled them to upgrade the capability of its personnel. “RedDoorz provided our staff seminars, orientations and other

PHL tourism industry going strong RedDoorz San Fernando

programs to enhance their capabilities,” he said. A nother satisf ied par tner, Manila Venetian Hotel owner May Tauyan, disclosed that RedDoorz turned around the business by providing P400,000 to help enhance her hotel’s facilities. It also helped Tauyan to overhaul her business plan to drive up sales. The RedDoorz team recommended phasing out the shorttime service because it made a very miniscule contribution to the revenue coffers. Moreover, Tauyan said the entry of RedDoorz was a perfect timing because her hotel experienced rough times when its former partner reneged on the promise to deliver the desired revenue stream. She pointed out that financial assistance by RedDoorz was a shot in the arm for her business. “My

expectations were not fulfilled as they failed to deliver the numbers they promised,” she said. Winter also faced tough times when the partnership with their previous partner also went bitter because of the same reason and differences in the business directions and strategies. With the entry of RedDoorz into the picture, Winter Hotel was back in business with a big bang. Meanwhile, OYO Hotels and Homes, South Asia’s leading hotel chain, also played a major role in helping small local properties since its entry to the Philippines. With a total of $50-million investment for local operations, OYO is bullish that it can beef up its presence across the country in the coming months. It already has pipeline of over 1,100 exclusive rooms and 35 hotels which

This year, RedDoorz seeks to dominate and continue its momentum to achieve its long-term vision of having a RedDoorz hotel in every relevant street corner in the Philippines. By building150 properties in 10 cities in the country, RedDoorz is confident it can dominate the market. Within four months, OYO is hosting guests in over 80 hotels in Metro Manila, Cebu, Davao, Baguio, Pampanga, Boracay, Talisay, Iloilo, Bataan and Tagaytay. As more industry players such as RedDoorz and OYO enter the market, more opportunities for business growth are provided to local players and more affordable yet quality hotel accommodations become accessible to both Filipinos and foreigners touring the country. With all these factors coming together, Philippine tourism is expected to become one of the most vibrant, thriving and competitive industries in the region in the coming years.

Business

E2 Wednesday, August 7, 2019

Redefining real-estate solutions: A new generation of property advisors Quezon City, PRIME Philippines has now brought huge investment deals from countries such as the United States, China, Hong Kong, Singapore, among others, to the Philippines. Behind this success is a visionary who first saw the need for better real-estate solutions in this fast-paced industry. Jettson “Jet” Yu is a 29-year-old millennial entrepreneur, angel-investor and innovator. He is the founder and CEO of PRIME Philippines—the fastest-growing real-estate consultancy and brokerage firm in the Philippines. As any other successful man in history, Jet did not have an overnight success. He took up Entrepreneurial Management in the University of Asia and the Pacific (UA&P). Even before they were required to set up a business as part of the course requirement, he opened a food kiosk called “Lil Asya Express,” selling siomai and rice meals, which became a success after barely selling on its first few months. Apart from this, he also juggled other businesses as a student such as selling of pharmaceutical products. However, these ventures did not skyrocket him through success. By the time his classmates were receiving huge offers from multinational companies, he was not getting any. Upon that cold realization, Jet knew—he had to do something about it. Jet built on his knowledge about the real-estate industry even before starting PRIME Philippines, as he was involved in their family business of residential condominium selling. Observing how his parents ran the company, Jet learned to be resourceful, to be street-smart, and to treat others equally. His mother taught him that spending a lot of money is not the only way to get things done. Moreover, he learned that, a business recognizes no holiday or a weekend, and that the value of being highly committed and responsible must be observed in

Amor Maclang

first dibs in real estate

N this fast-moving world, adapting to change is not a smooth-sailing undertaking. Simply being open to change is one thing, but embracing it is another challenge one must face boldly. Gone are the times when set ways and traditions rule the market. Innovation and resilience are now what differentiate the companies that survive and those that do not.

In the field of real estate, cycles of trends are variable and keeping up with these cycles is a dire necessity in order to stay in the game. One strategy may be working now but, in a year or two, another gamechanging venture suddenly transforms everything, leaving those unprepared with major losses. Such was the fate of those who entered the food park industry late, when the capital expenses became too much for the decreasing demand, yet increasing saturation, particularly in Metro Manila. Working on this principle, PRIME Philippines came to inception. Continuously seeking for

better solutions and constantly challenging the traditions in the real-estate industry, PRIME Philippines has worked its way up to where it is now—the first local real-estate consultancy firm to expand internationally, without losing its foot from where it came from. PRIME Philippines started capturing a piece of the pie in Quezon City—the originally masterplanned capital of the Metro, with the highest number of household population to date. From doorto-door introductions along an easily traversed Quezon Avenue and rescuing underperforming office and retail developments in

JETTSON YU

order to achieve success. He knew that a lot of people, mostly breadwinners of their own families, were dependent on his work that even at three o’clock in the morning, he attended to whatever what was needed to be done to make the ends meet for the whole organization. Driven by discipline and determination, Jet studied everything there is to learn in establishing a company. He mastered one of his life principles: educo which means “to draw out” or if put in this context, “learning from within.” He read books and consulted with industry experts to learn the foundations and practices in the realestate industry. Starting with a business plan and one employee, while resting on an unshakeable faith, PRIME Philippines was able

to push its progress initially with a chance client. A year after it has been established, PRIME Philippines gained market dominance in Quezon City, brokering over 65 percent of the city’s commercial lease transactions and several big-ticket acquisitions in the city. In 2014, PRIME Philippines brokered the largest single transaction in Quezon City, valued at P500 million. PRIME Philippines took on another milestone in 2017 when it expanded its operations in Davao City to cater to the emerging realestate demands of Mindanao. Recognizing the development potential of this up and coming region, PRIME Philippines was the first real estate brokerage and consultancy firm to have a significant

presence in the area. In fact, during that same year, PRIME Philippines was awarded by the local government of Davao City with the Business Development and Entrepreneurship Award, recognizing its city-enabling efforts particularly in the real-estate industry. Today, PRIME Philippines has now over 200 projects completed, over 4,000 clients successfully served, over 10 countries transacted with and over P30-billion worth of successful deals. The company offers wide-ranging, tailored-fit solutions for landlords, investors and tenants. PRIME Philippines also offers end-to-end real-estate solutions covering acquisition or disposal, research and advisory, documentation, brokerage and leasing, tenant representation, project management, and portfolio management. To facilitate its service offerings to its clients, PRIME Philippines ensures that it remains up-to- date with the latest technological advancements. PRIME Philippines’s vision is to be the most advanced real-estate advisory firm, providing innovative solutions that will influence the industry standards. To push this vision, PRIME Philippines has developed PRIMECore—a property tech portal, powered with state-of-the-art technology, including artificial intelligence, cloudcomputing and augmented reality. In today’s modern real estate, bringing top-of-the-line solutions is key to make the Philippines a prime investment and business destination. Running through its purpose to challenge traditions and to create better real-estate solutions, PRIME Philippines is committed to continue to make a significant positive impact in the industry. It is committed to not just keep up with the change but to become the purveyor of positive change. Through challenging norms and breaking boundaries and through all these innovations, PRIME Philippines is aiming to redefine the standard of real estate.

Ayala North Exchange now the new gateway to Makati CBD

YALA Land Inc. (Ali) marked yet another milestone as it officially opened the Ayala North Exchange—the newest gateway to the Makati central business district (CBD). Ayala North Exchange is a signature mixed-use development seen to revitalize and strengthen Makati’s position as the premier business capital of the Philippines. Located along the northern portion of Ayala Avenue, Ayala North Exchange is a twin tower, mixed-use development with a combined gross leasable area of approximately 96,000 square meters (sq m). The two office towers stand above a three-level retail podium with approximately 8,000 sq m of restaurants and shopping spaces. Located in one office tower is the Seda Residences Makati, the first serviced apartment and the 10th property in the Philippines under the Seda Hotels brand. The development also features a 2,600-sq-m civic space connected to Makati’s elevated walkway for increased connectivity and pedestrian mobility. The Ayala North Exchange is one of the latest additions to the portfolio of Ayala Land Offices, the country’s leader in the office real-estate sector with over 1.1-million sq m of leasable space in key cities nationwide. Ayala Land Offices offers a comprehensive line of prime office real-estate solutions found in strategic sites with large populations or central business districts. “We take into account the varying needs of our clientele, among whom are leading multinational corporations and BPOs, and develop our properties according to global

Engr. Junjun Abcede (from left), president of DA Abcede & Associates with Golden Bay Landholdings stakeholders, Megawide Chairman Edgar Saavedra, Asya Design Principal Arch. Albert Yu, Eric Tan of Megawide Construction and COO of Golden Bay Landholdings Jardin Wong

Aspire holds topping-off ceremony

Ayala North Exchange is a mixed-use development with offices, a retail podium and serviced apartments by Seda

standards complemented by amenities and reliable facilities management,” said Ayala Land Offices head Carol Mills. Office properties form a significant

part of ALI’s growth strategy as the company recently announced plans to take part in Real Estate Investment Trust with prime commercial office assets in Makati.

HE Bay Area construction of Aspire Corporate Plaza, a premier project of Golden Bay Fresh Landholdings Inc., held recently its topping -off ceremony. A topping-off ceremony signifies the near completion of a construction project, its building structure reaching the highest peak. Aspire Corporate Plaza started construction in early 2018, collaborating with respected industry players as construction, engineering, and design partners working

hard to come up with the first office building in the Macapagal Bay Area that offers units for sale. “It has been an amazing year and a half of construction for Aspire Corporate Plaza. We are fortunate to have the best industry partners with such strong commitment, and indeed they are, as we are looking to complete our maiden project, one year ahead of target,” said Jardin Wong, COO of Golden Bay Fresh Landholdings Inc. Golden Bay Fresh Landholdings

Inc. has partnered with Megawide Construction Corp., Asya Design Partner, Santa Elena Construction and Development Corp., DA Abcede & Associates, EVR Interior Design, Meindhart Philippines Inc., Ken Engineering Services and Spectrum Properties. The topping-off event had the construction partners of Golden Bay Landholdings and its stakeholders in a handprint ceremony to commemorate the building structure completion at 37.8 meters high.

sMirror

Editor: Tet Andolong

Quantum Residences responds to the needs of urban dwellers

OBILITY, convenience and connectivity are highly valued by homebuyers, as these impact their overall wellbeing and quality of life. This is why, throughout its 47 years as a prime real-estate developer, Federal Land Inc., through its subsidiary, Horizon Land, has ensured that these concerns are addressed as it continuously develops residential communities in prime locations.

Quantum Residences is testament of Horizon Land’s commitment to the Filipino community in Pasay. A quality project located near the intersection of Buendia and Taft Avenue, Quantum Residences is a much sought-after mixed-use residential and commercial condominium development designed with features and amenities fit for urban dwellers with modern lifestyles. The entire development covers a land area of 5,960 square meters with three 35-story towers integrated by a podium. It offers a

total of 2,693 residential units in various unit types—studio, one bedroom, and two bedroom— with unit sizes ranging from 21.50 sq m to 49 sq m. The success of Quantum Residences’s first offering, Aqua Tower, which garnered 80-percent sales take-up following its launch mid-last year, prompted Horizon Land to expedite the construction of its second building, Amethyst Tower. This is set to be launched within the second half of 2019. For today’s mobile citizens,

Quantum Residences’s strategic location is very attractive as it is close to key cities, such as Pasay, Makati and Manila. Proximity to central business districts, educational institutions, medical facilities and other commercial establishments have all contributed to the Quantum Residenc-

es’s appeal to start-up families, students and young professionals alike. Getting one’s daily essentials, running errands, shopping for specific needs or enjoying leisure activities can all be done conveniently with ever ything being practically within reach. According to Pascual M. Gar-

cia, president of Federal Land Inc., “We understand that in choosing a place to live, location is one of the strongest drivers of purchase decisions. But for us, we always go beyond and see how each of our property adds value to their way of life. We know that living in the city comes with a

set of stressors—the hectic pace of daily activities, the high cost of living, the traffic. We build residential communities that help them manage these better so that ‘coming home’ becomes a more meaningful experience.” https://federalland.ph/.

HBA-Studio brings world-class designs

Anchor Land breaks ground in Binondo Property developer Anchor Land breaks ground for Cornell Parksuites, its ninth residential property in Binondo, Manila. The 50-story high-end development project will offer expansive cuts of premium residences, and superior and modern amenities. Present during the ceremony were Asya Sr. Project Manager Allan Chua (from left), Asya President Albert Yu, Anchor Land AVP for Engineering Honorio Alvarez Jr., Anchor Land CEO Steve Li, Anchor Land Director Jason Li, Hypro Construction President Apollo Dionisio, Anchor Land President Elizabeth Ventura and Anchor Land Area Manager John Paul Carrillo.

10 Acacia place bags two awards L IVINGSPRINGS Communities Realty and Development Corp. (LCRDC)’s latest development, the 10 Acacia Place, wins two awards at the recently concluded 2019 Asia Pacific Property Awards. It bagged the five-star Best Apartment/Condominium award in the Development category and won the Multiple Residence Award in the Architecture category. 10 Acacia Place is the only residential condominium property to bring home two awards for the Philippines. The five-star ranking is the highest national award available. LCRDC Managing Director Arch. Monique Albert-Lopez said, “It is an honor to be one of the recipients of these International Property Awards for the Asia-Pacific region. Livingsprings’s core value is excellence, and that is what we continuously strive to sustain.” The International Property Awards is on its 26th year and covers more than 45 different residential and commercial categories. It is the largest, most prestigious and widely recognized awards program throughout the Asia-Pacific region. The entries are judged by 80 industry experts, with criteria emphasizing on design,

H Livingsprings Managing Director Arch. Monique Albert-Lopez accepts the award for Multiple Residence in Architecture quality, service, innovation, originality and commitment to sustainability. The winning property from LCRDC has a Pacific-modern aesthetic design with wood and glass finish inspired by tropical countries throughout the Pacific, such as the Philippines. Arch. Albert-Lopez said that “every detail is close to my heart, and we hope that with each property, residents will have an overflowing life experience.” 10 Acacia Place offers units ranging from spacious studio type to one bedroom and two bedrooms that can

be easily and conveniently converted to accommodate more room for extra guests. All premium two-bedroom units have a glass-curtain wall feature. The 12-story property guarantees a low-density community with fewer units and wider spaces. The amenities include a pool, gym and sky deck with a jogging path and meditation area. It also has RFID exclusive access and a 24-hour security service that afford residents undisturbed peace of mind. www.10acaciaplace.ph

AVE you ever sat in the middle of at least one of the world’s most fabulous hotel lobbies, lounges, restaurants and resorts, and imagined you were in one of the rooms of your homes? You also probably thought to yourself that, one day, when you grow your business or when you save enough money, you can get that exact look and feel for your home or your business. Having that vision doesn’t need to wait, nor does it need to be just a copy of the immense perfect space you felt so at home in. It’s possible to get the look and feel of a globally celebrated area, but in what has become a more popular minimalist-scale space that’s better suited to your personal spot at home or to the identity of your local brand. Hirsch Bedner Associates

(HBA), the world’s leading hospitality design firm that has conceptualized and put together some of the most grand, dreamy and iconic spaces in hotels, resorts and enviable expansive homes, has established a specialized division to focus on cost-conscious home and business owners who seek stylish and professional designs. “We put up HBA-Studio to answer the clamor of a large client base with smaller fee budgets, while also catering to local hoteliers and developers to deliver cutting-edge design solutions. And yes, we still provide a full range of design services,” Norman Agleron, principal of HBA Manila said. Bringing in the work principles of HBA, HBA-Studio collaborates closely with clients and stakeholders to complete

projects that meet exacting budget demands and brand requirements within limited time frames. Working on a diverse portfolio of project types, Studio’s expertise includes hotels, resorts, private residences, show flats, restaurants, spas, clubhouses, corporate offices and retail stores, spas, clubs and corporate offices. The practice crafts a tailored approach to each project, enabling the firm to be a singlesource hospitality provider with services that are not confined to interior design. The range, which also includes architecture, art consultation, lighting design, graphic design and FF&E procurement, affords clients the opportunity to choose integrated comprehensive services or preferences from an à la carte menu of disciplines.

Entrepreneur BusinessMirror

E4 Wednesday, August 7, 2019 • Editor: Vittorio V. Vitug

In a male-dominated industry, women are leaders of a thriving logistics firm

By Rizal Raoul S. Reyes

@brownindio

Contributor

HE Philippine logistics industry is known as a “man’s world” but there is one company headed by a mother of four that has continuously thrived by slugging it out with the “big boys” in the game for more than 30 years. Airspeed, an end-to-end logistics solutions and express courier company founded in 1985, has become one of the most trusted and fastestgrowing logistics companies in the country today through the leadership and vision of its Chairman and President Rosemarie P. Rafael. Although it could be exceptional gender-wise, it is not unlikely that a woman holds the top position in a highly successful logistics company. What is certainly extraordinary and significant is that 80 percent of Airspeed’s top executives and 45 percent of Airspeed’s middle tier managers, the people responsible for Airspeed’s achievements, are women. Rafael said Airspeed is proof that in an industry where men make most of the deals and decisions, women’s visions and perspectives are just as valued, judging by the company’s rapid rise. Rafael pointed out she has chosen to empower women at Airspeed because women are naturally nurturing, and she believes that when people are supported and enabled,

they could do great and impossible things. Moreover, Rafael also believed that her greatest competitive edge as a leader is being able to care deeply about her team. In fact, she considers her people as Airspeed’s biggest success. Some of the women working under the wings of Rafael are General Manager and Senior Vice President Mariz Regis who takes care of the international team and e-commerce pickup and delivery department; Assistant General Manager (for International) Maritoni Rey; Executive Vice President And Chief Financial Officer Eliza Nieveras who heads the finance and administration; Chief Commercial Officer Grace Pascual who handles and trains the corporate sales team; Chief Information Technology Officer Liza Marquez who heads the management information system department; Chief Human Resources Officer Emilee Alfonso who handles the whole people management division; Vice President for Seafreight Thelma Manila, and Vice

KEY officers and personnel of Airspeed led by Chairman and President Rosemarie P. Rafael pose for a souvenir snapshot during a recent company event.

President for Pick-Up And Delivery Josefa Susbilla. Being a women-led organization, Rafael pointed out, there is a whale of a difference in the way Airspeed do business. The “motherly instinct” that women possess transcends work at Airspeed to a personal level. Management treats employees like family, which is why employee turnover is very minimal. When the management team handles clients, they also make sure they do not focus simply on making a sale but ensure that they feel cared for by Airspeed.

7-Eleven franchisees share winning trade tips

S any successful entrepreneur would attest, achieving financial success doesn’t happen overnight—it takes a lot of patience, hard work and sacrifices to build and grow a business. While there is no fine blue print or shortcut toward guaranteed success, three awardwinning franchisees of 7-Eleven—Odilio Alcaria, Virgilia Redulla and Lou Peñaflor—share their personal stories and valuable advice that can positively inspire you as you take charge of your entrepreneurial journey.

helps by just being there at the store daily usually during the swing shift and making his presence felt by the staff,” Redulla remarked. For would-be investors, Redulla has this advice: “Be hands on, and be willing to work long hours. Be sure to have the support of your family. Also, use standard tools and follow standards of operation set by the franchisor, and always maintain an open line of communication with the store staff and with the franchisor,” she said.

Learn from others’ and your own mistakes

Always reinvent and innovate

FOR seasoned franchisee Alcaria, success is dependent on how well you work on the business, not just in the business. “This includes the time you need to invest—make sure you understand what’s involved,” he said. Alcaria identified a must-have skill set for aspiring entrepreneurs: absolute clarity of purpose; belief in themselves; ability to focus on the most important things first; an open mind; resilience; and a “millionaire mindset.” Another winning tip is to build connection, and to learn from shortcomings. “What does it take in running successful franchise? Make sure that you speak to other franchisees, not necessarily just the most successful ones. It’s great to learn from your mistakes. It’s even better if you can learn from those of others so that you don’t repeat them and to make better, informed choices,” he added. While he maintains that there is no perfect business, Alcaria finds comfort in the fact that while they encounter problems in their stores on a daily basis, “the 7-Eleven people are always there to support us.”

Establish a supportive environment

REGARDED as one of 7-Eleven’s first franchisees in Bohol, 64-year-old obstetrician-gynecologist Redulla believes that creating a supportive environment or network of people with the same passion and mindset is key to the long-term success of any business. While she runs one 7-Eleven store at the moment (Store in Galleria Luisa, a pocket mall along Gallares Street in the heart of Tagbilaran City), Redulla acknowledges her momentum to achieve more comes from the amount of support she gets from 7-Eleven and her family. “The good performance of my first 7-Eleven franchise has encouraged me to expand. As of this writing, I plan to have two more 7-Eleven C-stores, one in Tubigon, Bohol, and one in the Modala Resort, Panglao, Bohol, which is currently under construction,” she mused. “I consider my family members as true assets in our business. All of them are fast learners, and have natural skills in human relations and interact effectively with the personnel. My children are very passionate and are handson, they engage with the consuming public as well as the other stakeholders in the community. My two daughters who are in Metro Manila help by giving feedback on 7-Eleven stores in the city. My husband, Alfonso G. Redulla, a retiree of Sterling International, a multinational drug company,

MOTIVATED into franchising to diversify their business portfolio, IT professional and Davaoeno Lou Peñaflor said that among the factors he considered in choosing a business opportunity outside their lechon business is the company’s proven system support, branding and credibility. “7-Eleven seemed the most viable choice at the time since it had just started recently been introduced/launched in Davao City, it was an internationally recognized brand, and its package was within budget,” Peñaflor, who currently operates an outlet in GSIS Matina in Davao City, recalled. Though already an established IT expert and business operator, Peñaflor said that aspiring to learn more allows him to continuously innovate for the better and accomplish more for himself, his family, and for others in the community. “Any aspiring investor should be a risk-taker, dedicated, determined and passionate. Moreover, one has to constantly strive for improvement and training/education. Educate yourself. Seek the advice and wisdom of elders [your parents or older siblings] and of course, get the whole family involved. Don’t be afraid to ask for their help,” Peñaflor stressed.

Team up with a reliable business partner

WHILE coming from diverse backgrounds, the three Most Outstanding 7-Eleven Franchisee awardees reveal a common drive to exceed their own goals to take their aspirations for success to the next level. And that climbing to the top is never easy, thus you need a reliable partner that can back you up as you reach for your highest ideals. “7-Eleven is a worthy investment because of its system and support. It is an ideal business in a way that everyone needs convenience store. They’re in great demand across regions, cities and neighborhood. Whether you’re on a busy city, street corner or in a sleepy small town, valued snacks and drinks are something just about everyone needs,” Alcaria commented. Redulla cannot overemphasize this as well: “Previously, it only seemed to be an impossible dream that I am still an actively fully practicing Obstetrician-Gynecologist, Sonologist and the only Perinatologist in the province—a truly highly demanding job! However with the cooperation of everyone in my family and 7-Eleven, the dream has become a reality!”

Airspeed’s women leaders are not only experts in their respective fields but visionaries, as well. They are determined individuals who are devoted to make things happen and are committed to foster work-life integration. Because they see the bigger picture, the women of Airspeed know that Airspeed employees must be able to adapt to the fast-changing landscape of logistics. Airspeed continuously trains and educates employees through seminars, conferences, and similar activities to remain up to date and

stay competitive. To find ways and means of improving existing systems and technologies, employees, especially women, with the ability to innovate and the talent for disruption are stimulated, encouraged and rewarded at Airspeed. Rafael said Airspeed aims to get high respect from its peers and clients, a brand, which is synonymous with reliability and integrity, and the preferred corporate logistics provider in the country. In the male dominated logistics industry, the women of Airspeed are doing their best to make it happen.

www.businessmirror.com.ph

Bistro Group sets franchise expansion in Philippines

HE Bistro Group, the company behind at least 20 successful international and local restaurant brands with over 93 establishments nationwide will further intensify its subfranchising campaign as part of its expansion road map. “We provide our franchisees with what they need to jump-start their business. We advise and guide them through the different areas of restaurant operations—from site [selection] and design, marketing and menu, culinary and beverage, operations, accounting, supply chain, systems, procedures and best practices,” Amy Palisoc, The Bistro Group’s vice president for Business Development said. The Bistro Group recently opened the latest Denny’s branch at Ayala North Exchange Mall. The 68-seater restaurant serves classic American comfort food 24/7 amid a cozy and welcoming atmosphere. Since this popular American diner opened its flagship store and first branch at the Bonifacio Global City, it has strengthened its stature as the world’s largest full-service family dining chain. Palisoc said Denny’s, being one of The Bistro Group’s most patronized brands, has room for more expansion in Metro Manila and key provinces. She added the unique opportunity to franchise Denny’s comes with a solid and growing market share, as well as The Bistro Group’s formula for success. Palisoc said the other concepts that are open for subfranchising are TGI Fridays, Bulgogi Brothers, Fish & Co., Watami Japanese Casual Restaurant and Modern Shanghai. The other brands under The Bistro Group’s diverse portfolio includes Hard Rock Café Manila, Italianni’s, Texas Roadhouse, Village Tavern, Red Lobster and Buffalo Wild Wings, among others. Rizal Raoul S. Reyes

Filipino entrepreneurs laud Quebec court’s ruling on anti-vaping law

OCAL vaping entrepreneurs welcomed the Superior Court of Quebec’s recent decision that rejected key sections of the Tobacco Control Act adopted by the Quebec government in 2015, which sought to treat vaping products essentially the same as cigarettes. The decision recognizes vaping as a form of harm reduction as it allows people who would otherwise smoke lethal cigarettes to get the nicotine they need, or want, without the inhalation of smoke. As the harm from cigarette use is overwhelming due to the inhalation of smoke rather than the nicotine, the decision underscores important lessons for harm reduction. The Quebec Superior Court is the highest trial court in the province of Quebec in Canada. It is composed of 157 justices, including a chief justice, a senior associate chief justice and an associate chief justice. “Like Quebec’s anti-vaping law, the recent Department of Health administrative order [AO] considers e-cigarettes as essentially the same as cigarettes and imposes punitive restrictions that will severely impact the local vaping industry. We urge the DOH to consider the emerging evidence supporting tobacco harm reduction and to be mindful of consumer rights,” said Joey Dulay, president of the Philippine E-Cigarette Industry Association (Pecia). Dulay is referring to DOH AO 2019-0007 released on June 14, 2019, which, among others, bans any form of advertising, promotion and sponsorship of vaping products; bans vaping in places where smoking is prohibited; sets guidelines and requirements for designated vaping areas that are identical with those for designated smoking areas; and prohibits the purchase, sale and offering for sale of e-cigarettes in places where sale and use of cigarettes are prohibited.

The AO requires all establishments engaged in the manufacture, distribution, importation, sale (including online sale), offering for sale and transfer of vaping products to secure a license to operate from the Philippine Food and Drugs Administration. Only establishments with a valid FDA-issued LTO can apply for a product marketing authorization, such as Certificate of Product Registration (CPR) or FDA Electronic Registration Number (FERN). Establishments seeking to market e-liquids and refills classified as drug products must comply with the regulatory requirements for pharmaceutical products under the Center for Drugs Regulation and Research. It also mandates the FDA to, among others, set standards and necessary restrictions on flavors and additives used in the manufacture of e-liquids and refills. “The Quebec court decision underscores the inviolable right of consumers to be provided with accurate and complete information on and access to all available products so that they are able to make informed choices. It is a strong affirmation of the validity of tobacco harm reduction and sets an important legal precedent that will have persuasive value in other countries, including the Philippines,” explained Peter Paul Dator, president of The Vapers Philippines. Among other things, Quebec’s Tobacco Control Act prohibited the promotion of vaping products and banned trials of such products. The Quebec Superior Court declared that these prohibitions prevented cigarette smokers in Quebec from hearing about the health benefits of switching to vaping products, from learning about how to use vaping products and from finding a product that is maximally able to replace their cigarettes. In his decision handed down on May 3, 2019, Justice Daniel Dumais accepted that cigarette smoking is a significant

cause of preventable illness and death and declared that the evidence presented convinced the court that electronic cigarettes have been shown to be effective, for some people, in their efforts to quit smoking. The court was also convinced, in accordance with evidence presented, that using electronic cigarettes is less harmful to health than ordinary cigarettes; that it is better to vape than to smoke tobacco; and that vaping is a valid method to quit smoking. The court further stated that denying smokers the option of trying vaping products in shops, or in clinics, is a violation of their rights, depriving them of access to a mechanism designed to reduce their risks and better protect their health. The court found that the legislated restrictions ignored the fact that the public, particularly smokers, do not distinguish between smoking and vaping. In effect, the court acknowledged that it is sometimes necessary to educate and make people aware that vaping exists above all for smokers. Thus, those measures that prevented the display and trialing of products in vape shops and the communication of information to cigarette smokers on the relative risks of such products were violations of fundamental rights. According to Dator, the Quebec court’s decision is part of a global trend of courts striking down measures that seek to limit access to risk reduction strategies. He cited a recent Swiss Federal Supreme Court decision that used reasoning similar to the Quebec court decision in striking down a ban on snus, a low risk noncombustible Swedish tobacco product. Dator also pointed out that vaping products remain available in the US market as a result of a 2010 ruling by Judge Richard Leon of the United States District Court for the District of Columbia in the Sottera Inc. versus US Food and Drug Administration case.