BusinessMirror August 08, 2019

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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Thursday, August 8, 2019 Vol. 14 No. 302

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@jearcalas

HE sustained expansion of the livestock, poultry and fisheries subsectors was not enough to offset the lackluster performance of the crops subsector as farm production contracted by 0.24 percent year-on-year in the first half.

Figures released by the Philippine Statistics Authority (PSA) on Wednesday indicated that agricultural production in the second quarter fell by an annualized rate

of 1.27 percent. Farm output in the same period last year inched up by 0.12 percent.

The 5.7-percent drop in crops output caused by El Niño pulled down

total agricultural production in the April-to-June period, according to the PSA. The crops subsector, which accounted for 47.42 percent of total farm production, contracted by 3.16

PHL, S. Korea free-trade pact seen finished before Nov

By Elijah Felice E. Rosales

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@alyasjah

HE Philippines and South Korea are poised to conclude a bilateral free-trade agreement (FTA) one month ahead of the November target, as both parties are making significant progress in market access negotiations.

Trade Assistant Secretary Allan B. Gepty said the Philippines and South Korea will head to Busan next week for the third round of FTA negotiations. As the third round nears, negotiators are confident they will conclude the trade deal before the November target, and could even come up with a working draft by October.

See “PHL, S. Korea,” A2

PESO EXCHANGE RATES n broaderlook » b4-5

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

Rene E. Ofreneo

LABOREM EXERCENS

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HE “Endo” debate is not likely to end soon. The refiling of the security of tenure (SOT) bill in the Senate is an invitation for the renewal of the heated debates between organized labor and the employers’ associations.

The annualized rate of decline in agricultural production in the second quarter, per figures released by the Philippine Statistics Authority (PSA)

See “El Niño,” A2

DEPARTMENT OF SCIENCE AND TECHNOLOGY

Productivity-driven policy to end the ‘Endo’ problem

1.27%

percent in the first half.

Acting Agriculture Secretary William D. Dar said he expected better numbers considering the presence of a number of factors, which he did not elaborate on.

Dar, who replaced Emmanuel F. Piñol on Monday, said the Department of Agriculture (DA) needs to

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El Niño slashes farm output in Jan-June

By Jasper Emmanuel Y. Arcalas

2018 EJAP JOURNALISM AWARDS

Continued on A7

Did oil deregulation spur competition? Review eyed

By Lenie Lectura

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@llectura

ENATE Energy Committee Chairman Sherwin Gatchalian on Wednesday said he will file a resolution to review the 21-year-old oil deregulation law, following an injunction order issued by a local court against the Department of Energy (DOE) circular on the unbundling of fuel prices.

“Its about time to revisit [the law]. The promise of the oil deregulation law is more competition and that it will lead to lower prices. We should find out if we

have achieved those now,”said Gatchalian, when asked to comment on the court order.

The Mandaluyong Regional Trial Court (RTC) Branch 213 granted last August 5 Petron Corp.’s application for a writ of preliminary injunction against DOE Circular 2019-05-0008 or the “Revised Guidelines for the Monitoring of Prices on the Sale of Petroleum Products by the Downstream Oil Industry in the Philippines.”

Among others, the circular requires oil companies to unbundle their price adjustments.

See “Oil deregulation,” A2

Country’s only insurance training institute is 45 years old on Aug. 9

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A JEEPNEY driver waits to be attended at a gasoline station in Makati City in this BusinessMirror file photo. As oil companies have secured an injunction against the Department of Energy’s unbundling circular requiring a breakdown of their pricing components, the Senate Committee on Energy is set to review the 21-year-old oil deregulation law on concerns that it has not fully resulted in competition that benefits the public. NONIE REYES

NSURANCE Commissioner Dennis Funa, along with IC Deputy Commissioners Ferdinand George Florendo, Randy Escolango and George Ongkeko, will grace on August 9 the 45th founding anniversary of the Insurance Institute for Asia and the Pacific Inc. (IIAP), the only training institution that serves the insurance industry.

A highlight of the celebration is the recognition for the outstanding and selfless dedication of members of the Board of Trustees who have served the Institute for at least 15 years.

See “Insurance,” A8

US 52.0030 n JAPAN 0.4884 n UK 63.2877 n HK 6.6338 n CHINA 7.4026 n SINGAPORE 37.6451 n AUSTRALIA 35.1540 n EU 58.2538 n SAUDI ARABIA 13.8645

ZALAMEA

Source: BSP (7 August 2019 )

PHL raring to bat for better carbon market mecHanism

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A2 Thursday, August 8, 2019

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Sandigan junks ₧102-B case vs Marcoses

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By Jovee Marie N. dela Cruz

@joveemarie

FTER 30 years, the Second Division of the Sandiganbayan has dismissed a P102-billion case against the late President Ferdinand Marcos, former First Lady Imelda Marcos and 11 others for lack of evidence.

In a 67-page ruling dated August 5, the Sandiganbayan Second Division said the Republic of the Philippines represented by the Presidential Commission on Good Government (PCGG) has failed to

present evidence against the Marcoses and 11 others.

“For failure of the plaintiff to prove by preponderance of evidence any of the causes of action against defendants Ferdinand R. Marcos,

Imelda R. Marcos, Don Ferry, Jose Tengco Jr., Ramon Monzon, Generosa Olazo, Cynthia Cheong, Ma. Luisa Nograles, Leopoldo Vergara, Jose Africa and Rodolfo Arambulo, the case against them is hereby dismissed,” the Court said.

The plaintiff had claimed that defendants extended loan accommodation to Aklan Bulk Carriers Inc., Fuga Bulk Carriers Inc., Coron Bulk Carriers Inc., and Ecija Bulk Carriers Inc. under terms and conditions grossly and manifestly disadvantageous to the Republic, which unjustly enriched them.

The Court said there is lack of evidence that the Marcoses appropriated for their own benefit and unjust enrichment, income and

revenues derived from the operations of RPN, IBC 13 and BBC 2.

“It saddens the Court that it took more than 30 years before this case is submitted for decision, and yet, the prosecution failed to present sufficient evidence to sustain any of the causes of action against the remaining defendants,” the Sandiganbayan said.

“It is settled that in civil cases, the party making allegations has the burden of proving them by a preponderance of evidence. In addition, the parties must rely on the strength of their own evidence, not upon the weakness of the defense offered by their opponent,” the Court added.

The Court said the plaintiff

Below 6% GDP may force BSP to cut rates–analysts

By Bianca Cuaresma @BcuaresmaBM

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HE reversion of inflation to its downward path will train the spotlight on the country’s growth numbers, which could compel the Monetary Board to deliver a rate cut, according to analysts.

Following the Philippine Statistics Authority’s (PSA), announcement that inflation in July decelerated to 2.4 percent, the Bangko Sentral ng Pilipinas (BSP) said this firms up its forecast that the hike in consumer prices will be tame for the rest of the year.

Monetary Board officials will hold their meeting on Thursday afternoon, after the PSA announces the performance of the Philippine economy in the April-to-June period.

“The inflation rate of 2.4 percent for July is consistent with the BSP’s prevailing assessment that inflation

will continue to decelerate in the third quarter, before settling within the target range of 2 to 4 percent for 2019 and 2020,” the BSP said in a statement.

“The BSP will keep a close watch over the latest economic developments to ensure that the monetary policy stance remains consistent with the BSP’s price stability objective while being supportive of economic growth,” it added.

With the deceleration of inflation, analysts said BSP Governor Benjamin E. Diokno will likely cut policy rates to accelerate economic growth.

“With new data evidencing a continued trend of slowing inflation in the Philippines and the United States Federal Reserve cutting rates by 25 basis points [bps] last Wednesday, it is widely expected by the market that the Philippine Central Bank will be cutting rates this Thursday, August 8,” ING Bank

Oil deregulation. . .

They should submit a report to the DOE with a breakdown of their import costs, tariffs, biofuel costs, oil company take components and other essential cost components that contribute to the changes in retail prices.

However, three local courts issued a Temporary Restraining Order. The Mandaluyong court, for one, granted Petron’s TRO application on July 15 against the implementation of the circular.

In granting the preliminary injunction, the court said it “again found clear and unmistakable right, which the petitioner was able to establish through evidence, to the provisional relief prayed for, to prevent the public respondent, the Secretary of the DOE, from implementing and enforcing the assailed DC while this court hears the main petition for Declaratory Relief so as not to render the judgment ineffectual.”

If the DOE circular is not restrained, Petron, said the court, might not be able to comply with its requirements. “The first of which is the submission of the weekly reports. At the same time, the petitioner might be

El Niño. . .

Continued from A1

work double time to improve farm productivity.

He said he is targeting to expand output by 1.5 percent in the July-to-December period and by 3 percent to 4 percent in the next three years.

“We have to exert more effort in implementing the strategies I have outlined in terms of development framework and programs,” Dar told reporters in an interview in Quezon City on Wednesday.

Continued from A1

placed at risk of losing its trade secrets and incur irreparable injury by disclosing such information to DOE.” In so doing, Petron said it may be subjected to criminal prosecution and the administrative penalties cited in the circular for noncompliance with the same.

Gatchalian said he will file the resolution within the month. He said the review is meant to determine if the DOE, as claimed by the oil firms, has crossed the line.

The oil companies said the DOE circular contravenes the dynamics of a deregulated oil market. They said the Downstream Oil Industry Deregulation Act of 1998 authorizes the DOE to monitor both the international and domestic price movements of petroleum products, as well as the compliance of businesses with national standards.

“The DOE is doing this so that we can have transparency to achieve energy security and to make sure nothing disadvantageous to consumers is happening.

The DOE should be able to know if the oil firms are hoarding or not. or if the so-called industry

Manila economist Nicholas Mapa said.

“The BSP has vowed to remain data-dependent with focus shifting to the Thursday release of the second quarter GDP with market consensus at 5.9 percent. Governor Diokno has telegraphed up to 50 basis points worth of rate cuts for the balance of 2019 and we believe we will see at least a 25-basis-point rate cut (with door open for 50 basis points) all the more given that second-quarter GDP is likely to settle below the 6-percent handle,” he added.

Standard Chartered economist Chidu Narayanan also expects a rate cut this Thursday, on the back of slower inflation and weaker growth.

“The July drop should ease concerns on inflation after the May increase, which was as we expected, was due to a low base from 2018.

Today’s lower inflation, combined with a likely lower second-quarter

take is done beyond reasonable terms. We need to understand the dynamics,” said Gatchalian.

Cusi: We’ll find ways

FOR his part, Energy Secretary Alfonso Cusi said Tuesday night that his office will “find legal ways” to carry out its mandate.

“We have to consult our legal team to determine the next step. We respect the court but that does not mean we will stop finding ways [to boost transparency]. That’s the oil firms’ right.

They are exercising it, but I am not happy,” he said.

Another way to push for transparency in fuel prices amid the court order is to push through with the plan of Philippine National Oil Co. (PNOC) or its exploration arm (PNOC- Exploration Corp.) to import fuel.

If and when successful, Cusi said the government would have a better understanding on how oil companies are able to price their petroleum products.

“We have never stopped,” said Cusi referring to the importation plan. There are just some technical issues involving some areas where the fuel would be sourced, if they can issue letters of credit. But we are working on this,” said Cusi.

“And even the existing projects need strengthening and reorientation in order to improve the sector,” he added.

Data from the PSA indicated that unhusked rice production in the first half shrank by an annualized rate of 5.09 percent to 8.269 million metric tons while corn output fell by 4.33 percent year-on-year to 3.597 MMT. The contraction in the production of the country’s two most important crops was traced to the adverse effects of El Niño, which dried up Philippine farms during the six-month period, the PSA said.

GDP growth of 5.9 percent, may cause the BSP to deliver a 25 bps rate cut when it meets on Thursday. We expect another 50 bps from BSP this year, following the likely 25 bps cut later this week,” Narayanan said.

In their June meeting, the BSP maintained its overnight reverse repurchase (RRP) facility at 4.5 percent.

The interest rates on the overnight lending and deposit facilities were, likewise, held steady.

“A prudent pause allows the BSP to observe and assess the impact of prior monetary adjustments, including the phased reduction in the reserve requirements to be completed by the end of July,” Diokno said.

“Going forward, the BSP will continue to monitor emerging price and output conditions to ensure that monetary policy remains in line with the BSP’s price stability objective while being supportive of economic growth,” he added.

E-vehicle. . .

Continued from A8

He predicted that by 2024, the “price of traditional vehicles will be the same as the price of e-vehicles, and we want the laws in place before 2024.”

T he infrastr ucture, “meaning, the charging stations will be in place and all the incentives will be in place. We have to do it now so that when 2024 comes in, all of the necessary foundations to make a successful e-vehicles industry will be there,” added Gatchalian.

The measure also seeks to require private and public buildings and establishments to have dedicated parking slots with charging stations, installed by charging station service providers, and for gasoline stations to have a dedicated space for charging stations.

The transport sector is the biggest contributor to the country’s total energy consumption, accounting for more than one third or 37.2 percent. DOE data show the transport sector is also a major consumer of petroleum products, accounting for 25.72 percent of the total 75,370.50 barrels consumed in 2016.

Meanwhile, data from the Philippine Statistics Authority (PSA) show that 99.48 percent or 8,039,233 out of 8,081,224 of motor vehicles in the country are run by diesel and gasoline. On the other hand, the number of electric vehicles in the country as of 2014 is around 145 units. Lenie Lectura

“There were reductions in the harvested areas in Mimaropa region, Bicol region and Western Visayas due to inadequate water supply/rainfall during the planting months in the first quarter of 2019,” the PSA said.

“Moreover, harvestable palay was adversely affected by the dry spell that brought down production in the above-cited regions,” it added.

Among the three subsectors that posted output increases, poultry recorded the fastest growth at 4.73 percent in the first half, PSA data showed.

“Poultry production went up by

4.14 percent and it accounted for 17.75 percent of the total agricultural output in the second quarter of 2019,” the PSA said.

Livestock production, which accounts for 14.71 percent of total farm output, grew 2.24 percent in the first half on the back of higher hog and dairy output.

PSA data also indicated that fisheries output rose by 1.51 percent in the January-to-June period due to higher production of yellow fin tuna, round-scad, tiger prawn and tilapia, PSA said. The subsector accounted for 17.41 percent of total farm production.

failed to illustrate how defendants acted as dummies of Marcos in acquiring ill-gotten wealth.

“It must be recalled that in civil cases, the party having the burden of proof must produce a preponderance of evidence thereon, with plaintiff having to rely on the strengthen of its own evidence

and not upon the weakness of the defendant’s,” it said. It added the government also failed to discharge this burden.

In this regard, it said the Court need not even pass upon the defense proffered by the defendants as there is nothing in the evidence that tilts the scales against them.

It saddens the Court that it took more than 30 years before this case is submitted for decision, and yet, the prosecution failed to present sufficient evidence to sustain any of the causes of action against the remaining defendants.”—Sandiganbayan

In DOLE draft of SOT bill, labor chief will have wider powers

By Samuel P. Medenilla

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@sam_medenilla

HE labor secretary will wield additional powers in controlling the practice of contractualization under the proposed version of a Security of Tenure (SOT) bill from the Department of Labor and Employment (DOLE).

In a media forum, Labor Secretary Silvestre H. Bello III said this will be the highlight of their version of the SOT—which President Duterte vetoed last month—to balance the interest of both workers and management.

“In our proposal, it should be the secretary of labor in consultation with the tripartite party, which will have the authority to determine [if a position is core to a company],” Bello said.

DOLE earlier said it plans to change the term for positions, which could not be contracted out based from the Labor Code, from

PHL, S. Korea. . .

“Hopefully, we can finish on time. We might come up with a working FTA draft by October.

It can be done since the negotiations are going well and the references are one by one getting defined,” Gepty, the country’s lead negotiator in the talks, told the BusinessMirror.

“There are existing trade pla ttforms that are also helping us move forward with the negotiations. We make use of them and their developments are ongoing, as well,” he added.

The Philippines and South Korea are parties to two trade deals: the Association of Southeast Asian Nations-Korea FTA and the Regional Comprehensive Economic Partnership (RCEP).

The RCEP, like the FTA between Manila and Seoul, is targeted to be concluded by November. RCEP trade ministers had their eighth intersessional meeting last week in China, wherein they announced the conclusion of three annexes, namely, on telecommunication services, financial services and professional services.

According to Gepty, the Philippines and South Korea will continue with their discussions on market access, as well as on key terms and references of the trade deal, in the Busan round of FTA talks.

The two parties are also moving forward with their deliberation of their offensive interests in the FTA. In doing so, they seek to address how they will manage their sensitive products under a liberalized regime as a result of the trade deal.

“If you go into any FTA negotiation, there will be requests to open up certain industries. We are

Real property. . .

Moreover, she said they have also assigned focus groups to specifically handle big-ticket projects.

The DPWH has also blacklisted at least 18 contractors for delayed infrastructure projects, Lamentillo said.

“For instance, if you incur a delay of 5 percent, the computer automatically generates a letter for the contractor and asks him for a catch-up plan. So, this means they are required to submit a catch-up plan for them to meet the timed schedule for this particular project. If they were not able to meet

“directly-related” to “core” to the operation of a company.

Bello said they will also propose that the labor secretary be given the power to impose a penalty of not more than P5 million and order the closure of a company, which will violate government regulations on contractualization.

He said illegal contractualization remains rampant since the companies engaged in the activity face no immediate sanction from DOLE. “They could always question our regularization [for illegally contracted workers] orders before the courts,” Bello added.

Bello said they are targeting to present the draft SOT bill to labor groups and officials of the Department of Trade Industry (DTI) so they could get their inputs on it.

“We expect to complete the draft bill within the month,” Bello said.

Continued from A1

moving forward on that, and we positively hope to come up with settlements before November.

What is important is we weigh the benefits and cost of conceding to whatever the oth er party is requesting,” Gepty explained.

“We will do more consultations with stakeholders. We need to evaluate the impact of the trade deal on them and ensure they will not be left behind,” the trade official added.

Tariff on fruits

Manila in the FTA talks is pushing for the elimination of tariff on tropical fruits, as Seoul applies a 30-percent tariff on banana and mango from the Philippines.

The Philippines is also trying to balance its trade sheet with South Korea. Last year trade between the two economies expanded 7.11 percent to $13.7 billion, from $12.79 billion in 2017, according to data from the Philippine Statistics Authority (PSA).

This improvement in merchandise trade was largely attributed to higher volume of imports from South Korea at $11.16 billion, up 31.91 percent from $8.46 billion.

Seoul wants Manila to eliminate tariffs on automobile and car parts. The Philippines enforces a duty of 5 percent on vehicles 3,000 cc and below that are made in South Korea, as part of a regional deal.

South Korea is also keen on making the Philippines its manufacturing hub in the region for the so-called products of the future, such as electric vehicles and smart phones.

Continued from A8

this, there will be another warning for 10 percent and then another warning for 15 percent, and ultimately if this is the fault of the contractor, then they are penalized,” she said.

Nonetheless, Lamentillo said all major infrastructure projects are on track as they monitor projects weekly and meet key groups for big-ticket infrastructure projects.

Under its “Build, Build, Build” program, the Duterte administration plans to spend up to P9 trillion as it targets to roll out 75 flagship infrastructure projects. Rea Cu

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Editor: Vittorio V. Vitug • Thursday, August 8, 2019 A3

SC lifts TRO on Mamasapano trial of Noynoy, other respondents T

HE Supreme Court has given the Sandiganbayan the goahead to act on the motion filed by the Office of the Ombudsman to withdraw the graft and usurpation of authority cases filed against President Benigno “Noynoy” Aquino III and former police officials over the January 2015 Mamasapano clash that led to the death of more than 60 people, including 44 members of the elite Philippine National Police-Special Action Force (PNP-SAF).

This, after the High Tribunal lifted the temporary restraining order (TRO) it issued in February 2018 to halt the proceedings of San-

diganbayan based on the petition filed by the Office of the Solicitor General (OSG).

The TRO issued by the Court effectively, postponed the arraignment of Aquino , former PNP Chief Alan Purisima and former SAF Chief Getulio Napeñas for a downgraded offense of usurpation of authority and graft.

The OSG’s petition also sought to compel the Office of the Ombudsman to reverse its resolution dismissing the 44 counts of reckless imprudence resulting in multiple homicide charges the petitioners had filed against Aquino and his coaccused before it.

The OSG insisted that the liability of the respondents over the Mamasapano carnage is grounded on the faulty planning and execution of Oplan Exodus, which aimed at neutralizing Malaysian terrorist Zulkifli Abdhir, alias Marwan, and Muslim extremist Basit Usman.

It can be recalled that Ombudsman Samuel R . Mar tires f i led last June a motion with the Sandiganbayan to withdraw the graft and usurpation of authority filed against the respondents following a review of the resolution issued by his predecessor, former Ombudsman Conchita Carpio-Morales.

Martires held that following his review of the resolution, he found no sufficient ground and evidence to proceed with the usurpation of authority and graft cases.

However, Ma r t ires st ressed that the dismissal of the graft and usurpation of authority charges is “without prejudice to the filing of appropriate charges against accused after the conduct of preliminary investigation.”

The Sandiganbayan has not acted on Martires’s motion due to the TRO issued by the Court in 2018.

As a consequence of the lifting of the TRO, the Sandiganbayan may now

resolve Matires’s motion.

The Sandiganbayan has deferred action on Martires’s motion because of the TRO issued by the SC in 2018.

“Upon verification with the Chief Justice [Lucas Bersamin], I would like to confirm that the Supreme Court has lifted the TRO on the Mamasapano trial before the Sandiganbayan,” SC spokesman, lawyer Brian Keith Hosaka told reporters.

Aside from Aquino, Napeñas and Purisima, 88 members of the Moro Islamic Liberation Front’s splinter group, the Bangsamoro Islamic Freedom Fighters are also facing charges of direct assault with murder in con-

nection with the incident.

On January 25, 2015, the slain police commandos were deployed to Mamasapano to capture the said terrorists.

Marwan was killed in the process but the slaying of the wanted terrorist resulted in a fierce encounter between SAF operatives and Muslim rebels that surrounded the area.

The OSG stressed that Aquino has full knowledge of the Oplan Exodus and his subsequent approval of the operation made him liable for negligence, “which was the direct proximate cause in the massacre of SAF 44.” Joel R. San Juan

A4 Thursday, August 8, 2019 | www.businessmirror.com.ph

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A6 Thursday, August 8, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

US-China trade conflict threatens global growth

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CONOMIC experts who said that both Presidents Donald J. Trump and Xi Jinping know that it is in their countries’ interest to avoid a global crisis, “so they have an incentive to find a compromise in their trade war,” were proven wrong on Monday when the conflict entered a dangerous phase that could potentially pull down the global economy.

The US-China trade conflict simmered after Beijing allowed its currency— the yuan—to weaken to more than 7 per US dollar. The People’s Bank of China said the depreciation in its currency was “due to the effects of unilateralist and trade-protectionist measures and the expectations for tariffs against China.”

Financial markets tumbled after Beijing allowed the yuan to fall. The Dow Jones index lost close to 3 percent on Monday following similar falls in Asia and Europe. Asian stocks, which lost over $700 billion in market value the previous week, experienced a ruinous fall.

The conflict could escalate further if the Trump administration decides to extend tariffs to the $300 billion worth of Chinese exports not yet affected.

China would have several options to retaliate against the US, such as closing its market to US multinational companies.

The devaluation of the yuan prompted the Trump administration to label China a currency manipulator. In a move that aggravated already tense relations, US Treasury Secretary Steven Mnuchin said China is manipulating its currency “to gain unfair competitive advantage in international trade.” He said the US will now ask the International Monetary Fund to “eliminate the unfair competitive advantage created by China’s latest actions.”

The move to designate China a currency manipulator fulfills Trump’s election campaign promise: “China is intent on continuing to receive the hundreds of billions of dollars they have been taking from the US with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!” he wrote on Twitter.

Goldman Sachs analysts said the label is mostly symbolic without “major consequences on its own.” However, it marks further escalation in US-China tensions, threatening global growth prospects. Experts said turning a trade war into a currency war is dangerous because it shifts the battlefield to currency markets, where policy-makers have much less control. The lesson of the 1997-1998 Asian financial crisis is still clear—traders dumped Asian currencies and delivered devastating recessions to Thailand, Indonesia and South Korea, where borrowers struggled to repay US dollar-denominated loans and left local banks drowning in bad debt.

Financial experts said under such a scenario, the shock to markets around the world would be sufficient to spark a global crisis, regardless of what the major central banks do. With the worsening US-China conflict already denting business, consumer and investor confidence, and slowing global growth, further escalation could lead to global recession. And, given the scale of private and public debt, another financial crisis would likely follow from that.

“President Trump is playing with fire here, and recession risks are very high,” said Mark Zandi, chief economist at Moody’s Analytics. “With so much uncertainty, the world economy hardly needs the strain. The International Monetary Fund, the World Bank and other forecasters have all downgraded their forecasts for global growth this year.”

Experts said, “Politically, it is difficult to see how things could turn around in the near term. After having taken such a tough stance in front of domestic and international audiences, neither side can realistically back down without a significant loss of face.” Will this mean the conflict could escalate further, which could trigger a global recession? It seems we have to brace ourselves because the worst is yet to come.

Since 2005

BusinessMirror A broader look at today’s business

Shades of gray John Mangun

OUTSIDE THE BOX

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LOCAL thought-leader commented that Chinese police were patrolling in Venice, Italy, and asking when this would happen in Manila. The implication was clear.

However, it was not mentioned that this occurred in 2018. Not mentioned also was the fact that the two Chinese police officers were invited to Venice for two weeks. Also missing was the information that this had been done in 2016 and 2017 in Milan and Rome, and in Paris in 2014.

In 2018 nearly 3 million Chinese tourists visited Italy.

Certainly there are probably some Mandarin/Cantonese speaking Italians as “Chinese” is the second most popular language chosen

by Italian university students who study a foreign language. But the Italian state police believe that this is an important program to keep things smooth when these tourists have to interact with local law

enforcement authorities.

Perhaps, it was done also due to the absence of Sinophobia as Marco Polo was a Venetian who purportedly spent 20 years traveling to China in the late 1200s and Venetians are proud of that.

Again, the point is that nothing must be allowed to stand in the way of the narrative. And no, it is highly unlikely that “Chinese police” will be invited to Manila to help with any language barriers since it is estimated that more than 1 million Filipinos speak one or more of the related Chinese languages.

I wrote last time about the difficulties that the Beijing government is facing and what I see as the missteps the government is making.

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Instantly, this became a “China good/USA bad” or “USA good/ China bad” discussion. In 2019, you must pick a side, take no prisoners, and eat you own dead on every issue. I am too old for that type of garbage thinking. Things are much more complex and subtle than “friend” or “unfriend.”

For example, let me elaborate on the decision of China to devalue the offshore yuan, used to calculate currency exchange for its trade. Recognize that this was not an economic decision. It was purely political.

The yuan has been under pressure recently because the offshore renminbi is too expensive within Asia and manufacturing has been migrating to Southeast Asia. While the US is China’s biggest market for its goods, about 80 percent of China’s trade is with the rest of the world.

By devaluing its currency, to theoretically make its goods cheaper for the US market, it has effectively cut its profit margins with every other country.

A nation does not lower its currency to impact 20 percent of its trade at the expense of the rest of its trade. However, China may be prone to rethink some of its investment commitments in the Asean region.

A

S communist terrorists tried to reestablish a foothold in Negros, the country’s fourth largest island, by staging ambuscades and other terror activities, initially killing 15, including four policemen, I remember the late Gen. Guillermo Pecache, a distinguished Philippine Military Academy alumnus (Class of 1951) and himself a respected lawyer, who wrote an enlightening subject on terrorism and human rights.

As president of the Asian Institute of Strategic Studies and the Philippine Chapter of the Asia-Pacific League for Freedom and Democracy before he died, Pecache said: “Those who insist that no threat or danger can ever justify the curtailment of certain human rights, stand on a lofty cloud of idealism, yet would not hold themselves responsible for the deaths of innocents. Their impassioned arguments only make it possible for terrorists and the lawless elements to move about freely and exploit human rights and liberties to violate those of others.

“Terrorism is a clear, present and actual danger that compels many to contemplate whether human

rights should have primacy over human lives.

“For those who understand the true concept of democracy, moral confusion is not a problem since always the first and highest consideration would be the welfare of the majority of the people, the national interest, public order and public safety much as legitimate demands of minorities and even deviants are accommodated.

“It would be worthwhile to go back to that basic document, the Universal Declaration of Human Rights, a document that enumerates a long list of rights and people tend to overlook its concluding two Articles, without which the preceding

rights would not be viable.

“Although couched in diplomatic language, the Universal Declaration of Human Rights unequivocally affirms that terrorists have no human rights. It tells us that the enjoyment of human rights is subject to the democratic requirements of public order and the general welfare.”

The 1987 Constitution, crafted after President Corazon C. Aquino took over the presidency after the 1986 People Power revolt, made martial rule and the suspension of the privilege of the writ of habeas corpus virtual impossibilities and of limited potency, making their declaration by the president, as well as their duration, subject to the pleasure of Congress and/or of the Supreme Court.

Provisions of the Constitution also make the Republic prone to instability, particularly the shortened terms of office of public officials and limitations on successive uninterrupted terms. While the intentions for these are noble, these have only induced dynasties, discontinuity of policies and excessive politicking at the expense of public service.

The most glaring weakness of the current charter is less in its text rather than its non-implementation. Of what use are the provisions on elections, impeachment and recall when presidents can be deposed anytime, and the resulting

Those who think that China has the upper hand because it holds—at last count—$1.113 trillion (17.3 percent) of US government debt (Japan is holding $1.064 trillion or 16.5 percent) could be wrong. Philippine holdings are so small, we are part of “Other Countries.” Japan would probably thank China for selling its US debt at a discount.

Interesting also on this devaluation topic, around financial circles, is talk that HSBC—and perhaps other European banks—lent over $400 billion to the Chinese central bank (PBOC) to prop up its currency over the past months. China supposedly borrowed to avoid having to sell their US debt to increase their foreign currency reserves. Note that I am not buying this rumor as the PBOC uses “forwards” to intervene, not spot.

However, the reality is that nothing is what it appears to be, and nothing is either black or white. On a computer screen, there are actually 254 shades of gray and probably many more in real life.

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

extra-constitutional succession or take-over ratified or legitimized in unorthodox ways or those inconsistent with laws?

Thus, it is a great wonder if the Philippines, which is “democratic and Republican state,” as the 1987 Constitution phrases it, can develop the strength it needs to become competitive internationally and stable internally.

In addition to structural changes based mainly on constitutional amendments, it appears that what is needed to mold a stronger Republic from the national security viewpoint is a disciplined citizenry, responsible government and a fervor for national unity and patriotism as is being done

by President Duterte.

Not saying that democracy does not figure in the equation, it must be pointed out that in the 33 years of democracy that have transpired since the 1986 Edsa incident, the Republic has yet to enjoy a meaningful moment of strength, said the bestselling book, A Country Imperiled, authored by this writer and published in 2011 by Amazon, one of the world’s largest publishing houses.

“Always, the nation wallows in insecurity and instability, not knowing when fuel and power prices will rise again, or whether the current president will complete his or her term, or See “Arillo,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

US-China trade war: Opportunity in crisis?

Always prepared Msgr. Sabino A. Vengco Jr.

ALÁLAONG BAGÁ

Val A. Villanueva

BUSINESSWISE

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OU’VE heard it often enough in local business circles: “When America sneezes, the Philippines gets pneumonia.”

But what if China, the second-largest economy, gets infected by the US virus? We could only wish that our country doesn’t get wheeled into the intensive care unit.

The United States and China are currently locked in an economic war of attrition. US President Donald Trump, bent on fulfilling his campaign promise of putting America first above anything else, is slapping higher taxes or tariffs on Chinese imports, and China is doing the same to US products. The global economy is now trapped in the whirlwind of number-crunching to cushion the rippling effects of this US-China showdown. The White House already charges tariffs of 25 percent on $250 billion of Chinese imports as part of the protracted trade talks.

Trump recently announced that, on September 1, another round of tariffs would be smacked on Chinese goods as a retribution to Chinese inaction. It appears that the two days of recent trade talks in Shanghai didn’t get anywhere. Impatient, the US announced that it would foist 10-percent tariffs on some $300 billion in Chinese imports that have not yet been subjected to penalties.

It is expected that China will hit back. In what form and how hard it punches is subject to various speculations. The trade balance currently favors China. The US imports more Chinese products than China does from the US (roughly $540 billion versus $120 billion). This appears to place the US in an advantage in the trade war since China cannot match the US dollar for dollar as the tariff battle intensifies. But business is not counting out China because it fears that the Asian giant has an ace up its sleeve that can still inflict damage to the US economy in particular, and to the global economy in general.

The new tariffs involve about $45 billion in cell phones, $39 billion in tablets and laptops, and $5.4 billion in video game consoles.

Finance Secretary Carlos Dominguez III says this amplifies “the economic headwinds we are currently faced with.” He reveals that this new development “will be the subject of our next Economic Development Cluster Meeting.” Without elaborating when such meeting will take place, he hints that part of the meeting will tackle key policy rates.

President Duterte in a recent speech expressed deep concern about the trade war, which he fears is “creating uncertainty and tension.”

Socioeconomic Planning Secretary Ernesto Pernia, however, is optimistic that the trade war would have an encouraging effect on the country.

Arillo . . .

continued from A6

when the next coup d’état will come, or where terrorists, kidnappers and criminal syndicates might strike next, or which bank or company will collapse soon or whether the government will make compromises in negotiating peace with rebels,” said the book’s introduction written by the late Dr. Galileo Kintanar Sr. The practice of democracy is not alien to Filipino temperament and the theory that Asians find greater security or comfort in despotism is hardly applicable to the country.

This is so because in the Philippine setting, the practice of democracy has been long on freedoms, rights and privileges and short on being responsible, dutiful and disciplined.

Still, hope remains for the Republic of the Philippines. Japan and

He explains that the country could gain millions of dollars in the exportation of electronic goods to the US if the trade war intensifies. “This would alleviate the potential loss of imports from China,” he says.

Based on publicly accessible published government records that I have read, I find some disconnect to Pernia’s enthusiasm.

Consider this: Based on 2018 figures, electronics amount to about 50 percent of Philippine export earnings, and almost 25 percent of its import bill. US electronics firms manufacturing goods in the Philippines, which are eventually fed into China’s profit chain and are consequently shipped to the US and elsewhere, are in the firing line of the trade war.

One of the world’s largest makers of semiconductor chips, Texas Instruments, operates in Baguio and the Clark Freeport and Special Economic Zone. Moog, another US company involved in the design and production of precision devices used in the aerospace and industrial machinery sectors, also does business in Baguio.

Electronic products are among the key targets exposed to higher tariffs by both the US and China.

But amid these uncertainties, opportunities could still be had. A recent study by the Asian Development Bank (ADB) reveals that countries in the Asean could realize improved revenues from exports as a result of the trade war.

The study says that the US, instead of importing from China, may choose to import from companies based in countries that are impervious to the new tariffs. But there are a lot of ifs in this proposition.

Can the Philippines take advantage of the situation? It all hinges on our knack for pushing investments in manufacturing and attracting foreign investors who are searching for a safe haven from the trade war.

There is already a slew of threats to Philippine economic growth even without the growing trade anxieties between the US and China. As it is, our export sector is still our best bet, if and only if we could hasten the ease of doing business here; spruce up our attractiveness, and actively and sufficiently market export-oriented manufacturers. This crisis, however daunting, could be overcome if our economic team plays our cards right.

For comments and suggestions, e-mail me at mvala.v@gmail.com

Germany, which are both devastated worse than the country at the end of World War II, have since become world economic powers. Apparently, their citizens and leaders were more patriotic, disciplined, united and resolute. The Republic, never having been a world power, not even an Asian power, is still developing its unity and strength, the process slow and erratic. If the country is weak, it is less because others are stronger, but more because of its inherent faults.

Filipinos and others, who do not want the Republic to be strong, have condemned the people to the cruel consequences of weakness.

They confuse strength with war, weakness with peace. But soon they shall discover their folly, for as evolution proceeds, only the strong survives.

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

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AST week we saw the man with overflowing barns called a fool because he did not include facing God in his plans in life and therefore was totally unprepared when death came.

This Sunday the same point is pressed home as we hear what Jesus taught regarding the faithful servants found vigilant by the returning master (Luke 12:32-48). In these two Sundays as in the next two, we are being catechized that in life the end must always be considered.

The contemporaries of Jesus TODAY’S gospel is one of those texts that illustrate the normal three stages of textual development in the New Testament. On the level of Jesus Himself, the first stage, the parable of the faithful and prudent stewards (12:35-38) was a dig at His listeners during His own ministry. They needed some prodding to see that the arriving master, i.e. the Messiah, is already come and is present among them. Jesus wanted to lead them to the realization that He is the awaited one who was to come.

But the stewards put in charge of the master’s house, i.e. the religious leaders of the people, did not seem to be any better than the others in spite of their expertise on the law and the traditions. They themselves failed to be aware of the Messiah’s presence and so could not alert the people to the saving intervention of God in the teaching and the deeds of Jesus.

They slept through the moment, entertaining instead their preferred

dream of a political Messiah-King.

The early Christians

AT the second stage of the development of our gospel text within the early Christian community before the writing of the gospel compilation, the parable of the faithful and prudent servants referred to the second coming of the Messiah. The return of the Messiah was being expected sooner than later: the master returning from a wedding feast and vigilantly awaited by his servants who will immediately open the door for him when he knocks whenever and however unexpected like a night prowler (1 Thessalonians 5:2).

Indeed for the early Christians, like a little flock set up against the daunting world of unbelief and paganism, what alone allayed their fear was the certainty of the reign of God (12:32-34). They, in fact, sold their belongings and gave alms, to be rich in what matters to God (12:21; Acts 4:32-37). Thus they strove to

Thursday, August 8, 2019 A7

Luke wants to draw attention to the responsibilities of the faithful waiting for the Lord’s return. In what may be termed the fourth and contemporary level of development for our gospel text, we today find in the insight of Luke an urgent challenge. We all must be mindful of our returning Savior: Jesus will surely come again, but we do not know when, so we need to be responsible stewards of the Lord, and never relax in our attitude of being watchful and always prepared.

with the Passover-Easter feast.

The vigilant servants are truly blessed because the master on his arrival will gird himself and have them recline at table and wait on them. The Christians know this to be already happening in each celebration of the Eucharist. They believe that in the memorial of his Passover Jesus comes and is present in their midst, actually in advance of His final coming. In the Eucharist He waits on them and feeds them with His own body and blood. The faithful and prudent servants know how to be faithful precisely in the regular and full participation in the privileged Eucharistic gathering.

acquire for themselves inexhaustible treasures in heaven which would be beyond wear and tear, thievery and moth. They knew that their real treasure and home is in heaven, and that is where they have set their hearts.

Alálaong bagá, Luke wants to draw attention to the responsibilities of the faithful waiting for the Lord’s return. In what may be termed the fourth and contemporary level of development for our gospel text, we today find in the insight of Luke an urgent challenge. We all must be mindful of our returning Savior: Jesus will surely come again, but we do not know when, so we need to be responsible stewards of the Lord, and never relax in our attitude of being watchful and always prepared. The leaders of the community are especially warned that they are to be accountable for their behavior. Those who do not take seriously the coming of the master and neglect their responsibilities and abuse their charges will be punished most severely. Those unintentionally negligent will suffer the least.

The lucan community

IN its third stage of development, the perspective and specific application of the evangelist Luke, the parable is recast and informed with a Passover overlay. The followers of Jesus have battened down for the long haul. But still Christians must be alert, their belts fastened around their waists and their lamps lighted ready, just like in the annual commemoration of the Jewish Passover (Exodus 12:11).

Luke sees in the exodus a type of the Christian passage from death to life, which Jesus already accomplished by His own Paschal Mystery of death and resurrection. Among the early believers there was also the ardent hope that the Parousia, Christ’s final and second coming, would coincide

Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Productivity-driven policy to end the ‘Endo’ problem Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

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CCORDING to Malacañang, the reason for the veto of the SOT bill is the “all-encompassing definition” of labor-only contracting (LOC), which weakens an employer’s flexibility to outsource work as needed based on the exigencies of business. The veto got the enthusiastic support of Neda and sympathetic economists, who argue that the proposed SOT measure will reduce the country’s capacity to compete with our Asian neighbors in attracting foreign direct investments.

On the other hand, the trade unions are livid. The SOT bill tightens the rules on permissible outsourcing and prohibited LOC. It does not stop outsourcing per se. Nor does it ban various forms of short-term hiring arrangements such as casual hiring, project hiring, probationary hiring and so on.

This is why they consider the proposed SOT bill relatively tame, and yet, the President vetoed it without even hearing their side.

Now what is the way forward?

Are there policy alternatives that are worth pursuing beyond the proposed “TWEAKING” of Articles 106-109 of the Labor Code, the existing laws governing permissible job contracting and the prohibited LOC. Are there reform proposals that should be able to get the support of industry and workers together?

In the opinion of this column, there is one: Transformation of the culture (so common among industry and HR managers) of reducing the cost of labor to the maximum possible into a culture of productivity-driven industrial development based on worker-indusry cooperation. In short, transformation of the Race to the Bottom (R2B) into a Race to the Top (R2T).

Some explanations are in order.

First, the “Endo” phenomenon is rooted in the effort of investors and businesses to reduce the cost of labor as much as possible by resorting to short-term hiring arrangement.

In labor economics, this is called “external labor market flexibility.”

The idea is to minimize employers’ short- and long-term obligations to workers such as payment of higher wages, social security contributions and so on. In addition, employers are able to prevent the rise of a union, which is usually an organization of regular workers, and the signing of a collective bargaining agreement, which generally provides wages and benefits that are higher than what is mandated by the existing laws.

Moreover, workers with short-term contracts are easier to discipline and to fire or terminate compared to the regulars.

In the 1970s-1990s, most of the external labor market flexibility measures consisted of direct hiring of short-term hires, often implemented through the adoption of the 5-5 method, meaning the hiring of workers as probationaries and terminating them before they become regulars at the end of the sixth month as provided by law.

Another practice, widespread in the garments and other labor-intensive industries, is the outsourcing or subcontracting of work to smaller firms, which used short-term hires and unorganized informal workers.

At the turn of the millennium, proponents of external labor market flexibility began favoring the utilization of third-party manpower agencies, which often utilize the services of their own short-term

Can the Race to the Bottom trend among Philippine industries, deepened or accentuated by certain realities under globalization and the existing industrial development framework in the country, be transformed into a Race to the Top?

hires. This trend has elicited so much resentment among unions and regular workers not only because they are losing jobs to the manpower agencies but also beccause the agencies are deploying agency workers, mostly short-term hires, to do work right within the premises of the factory or shop owned by the principal contractee.

Thus in the garments line production or packaging business, agency workers can be seen working side by side with the regulars.

The problem for the Philippine trade union movement is that this Race to the Bottom, the race to keep labor cost to the minimum by resorting to short-term and agency hiring practices, has also become a global phenomenon, fueled by the competition among the multinationals in their search for cheap, malleable and non-unionized workers in different investment areas across the globe. One outcome of the global Race to the Bottom is the tendency of some MNCs to “fly away” from host countries where labor has become expensive because of unionism or the enactment of protective labor laws, including higher wages. Capital has become footloose, especially capital engaged in labor-intensive phases of the MNCs’ global value chains.

Another complicating factor for the Philippine trade union movement is the reality that the existing industrial policy at home—the labor-intensive export-oriented industrial policy—is based on the assumption that given the abundance of excess or unemployed labor, foreign investors are likely to be attracted to invest in laborintensive undertakings such as garments sewing or toy assembly so long as labor cost is kept at

what the technocrats keep saying as “competitive” rates because the country is competing with other low-cost producers in Asia. This development framework has been in place since the 1970s. It can be debated that this framework is good for the country, for the reality is that it has not delivered the jobs it promised in the 1970s, 1980s, 1990s, 2000s and 2010s. But this requires another piece.

Now, can the Race to the Bottom trend among Philippine industries, deepened or accentuated by certain realities under globalization and the existing industrial development framework in the country, be transformed into a Race to the Top? The answer of the Fair Trade Alliance, headed by former Sen. Wigberto Tanada and Bishop-Businessman Conference cochairman Meneleo Carlos and Labor Leader Jose Umali, is that this can be done.

As a backgrounder, the Fair Trade Alliance was formed by unions and employers in industries affected by the one-sided program of trade liberalization that the government embraced after joining the WTO. This is a unique alliance involving employers, unions, farmer organizations and civil-society organizations.

Roughly, the collective idea of the Alliance is that industries can compete in the globalized market at home and overseas if industry’s productivity and modernization can be increased on a sustained basis. On the other hand, such productivity and modernization programs require the support of skilled workers who are treated as production partners. However, workers and their unions are not prepared to participate in this productivity-driven social experiment if their rights are not recognized, if their jobs are not secure, and if they are not treated as true or equal partners. In brief, this is Social Accord.

This Social Accord was formulated by the Alliance a decade ago.

It will help the Duterte administration find a solution to the Endo problem if it looks into this laudable initiative and consults with the organizers of the Alliance and the above Accord.

2nd Front Page BusinessMirror

A8 Thursday, August 8, 2019

www.businessmirror.com.ph

July GIR hits 34-month high at $85.18B

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By Rea Cu

@ReaCuBM

HE country’s gross international reserves (GIR) rose to a 34-month high of $85.18 billion as of end-July, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday.

BSP data indicated that the GIR level as of July is higher than the previous month’s level of $84.93 billion by $250 million.

“The month-on-month increase in the GIR level was due mainly to inflows arising from the BSP’s foreign-exchange operations and income from its investments abroad, as well as the national government’s [NG] net foreign-currency deposits,” the BSP said in a statement.

“However, the increase in reserves was tempered by payments

made by the government for servicing its foreign-exchange obligations,” it added. According to the BSP, the country’s end-July GIR level of $85.18 billion is equivalent to 7.4 months’ worth of imports of goods and payments of services.

“The end-July 2019 level of GIR serves as an ample external liquidity buffer and is equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.2 times the country’s short-term

external debt based on original maturity and 3.8 times based on residual maturity,” the BSP added.

The BSP continues to build its dollar defenses after a substantial drawdown last year. The GIR took a beating toward the end of 2018, when it hit a seven-year low, as the BSP battled to smoothen out foreignexchange volatilities. The country’s dollar reserves hit its lowest level in 2018 at $74.7 billion in October.

The country’s GIR is the level of foreign-exchange holdings the

Central Bank has during a given period. The GIR is a crucial component of the economy as it is often used to manage the country’s foreign-exchange rate against excess volatilities.

The BSP also said it revised the GIR data as of end-June to $84.93 billion, from $85.77 billion due to the adjustment in the book value of the gold reserves, following its implementation of the provisions of the Philippine Financial Reporting Standards.

Real property valuation reform E-vehicle bill WEAK IMPORT-EXPORT may be done seen to avert infra project delays by Q4, says DATA SEEN TO LINGER

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HE Department of Finance (DOF) is batting for the passage of Package 3 of the Comprehensive Tax Reform Program (CTRP) or Real Property Valuation Reform to avoid right-of-way issues that cause the delay of construction of infrastructure projects.

Finance Assistant Secretary and Spokesman Antonio Joselito G. Lambino II said in a Palace briefing that the bill seeks to establish a single real property valuation system instead of having multiple, overlapping property valuations.

DOF has since said the current real property valuation system

By Cai U. Ordinario

complicates matters, such as assessment and taxation. “[The bill] will help us resolve right-of-way issues because instead of 20 sources of valuation from different agencies…we will have one valuation standard. And because of that we can avoid right-of-way cases that are long pending in courts,” Lambino said.

The finance official reiterated that they expect Congress to pass it within the year, along with other tax reform packages.

Right-of-way

MEANWHILE, Department of Pub-

TYPHOON “HANNA” 600 KM EAST OF BASCO,BATANES LOW PRESSURE AREA 325 KM WEST OF DAGUPAN CITY, PANGASINAN SOUTHWEST MONSOON AFFECTING THE WHOLE COUNTRY as of 4:00 pm - August 7, 2019

lic Works’ Build, Build, Build Committee Chairman Anna Mae Lamentillo said Public Works Secretary Mark Villar has rolled out reforms to address the right-of-way issues considering that it is one of the major causes of construction delay.

“For instance, we have delegated right-of-way [concerns] to implementing offices because before, there [was] no legal division in DPWH regional offices. And during this administration, we have institutionalized legal divisions in our regional offices to efficiently facilitate rightof-way processes,” Lamentillo said.

See “Real Property,” A2

Gatchalian

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BILL seeking to promote the use of electric vehicles (EVs) and establishment of charging stations could be approved in the fourth quarter of the year, according to its author.

“We can expect within fourth quarter [to have this bill approved], and we will be working closely with the lower house. We’re very happy that Congressman [Lord Allan] Velasco is once again the chairman of the Energy committee because he’s experienced when it comes to matters on energy and we’ve talked about e-vehicles extensively. I will be working closely with [him] in pushing this bill,” said Sen. Sherwin Gatchalian, chairman of the Senate Committee on Energy, after Wednesday’s hearing.

Senate Bill 174 or The Electric Vehicles and Charging Stations Act, one of the 10 priority bills of Gatchalian, is the first to be tackled by the Senate Committee on Energy in the 18th Congress.

During the hearing, industry stakeholders expressed full support for the bill. “I didn’t hear any opposition from the stakeholders as well as the government agencies.... All of them support the bill,” said Gatchalian after the hearing.

SB 174 also expands nonfiscal incentives, including exemption from number coding and prioritization in registration, and institutionalizes timebound fiscal incentives for manufacturers and importers of electric vehicles.

“Of course, DOF [Department of Finance] will be hesitant in supporting any fiscal incentives that will run counter to the TRAIN law and also to the Trabaho bill. That is expected because they’re pushing for reform so any bill that will counter the reform they will be against it,” he said, referring to the first and second packages of the Duterte administration’s tax reforms.

Industry stakeholders are expected to submit soon their respective position papers and road map, among others, to Gatchalian.

SB 174 seeks to address the challenges in the development of the electric vehicle industry by mandating the DOE to create an Electric Vehicle Roadmap and distribution utilities to incorporate a Charging Infrastructure Development Plan in their Power Development Plan.

Through this measure, Gatchalian hopes to solve the entire ecosystem of e-vehicles, including one of the most important components: the charging stations.

“Our focus is not only to promote e-vehicles and to promote charging stations but to promote the entire evehicle industry. That includes manufacturing, that includes research and development, that includes training of people and employees.

In fact, there is a suggestion to also go into the software because e-vehicles is software inclined. This is an exciting move for our country” because e-vehicles are here to stay, he said.

See “E-vehicle,” A2

@caiordinario

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HE weak Philippine import and export performance in June will likely linger and could worsen until the US-China trade tiff is resolved, according to local economists.

On Wednesday, the Philippine Statistics Authority (PSA) disclosed the country’s export earnings growth inched to 1.5 percent while the country’s import receipts contracted 10.4 percent in June 2019.

Private sector economist Calixto V. Chikiamco told the BusinessMirror the Philippines is already taking a hit from the trade conflict between its two major trading partners.

“What’s disturbing is industrial output shrank in June by 10 percent.

US-China trade war is taking a toll on our electronic exports,” Chikiamco said.

“Exports will probably decline with the US-China trade war and slowing global economy.”

Chikiamco said the Philippines is not alone, though. Other economies are bound to suffer the same fate as the trade war is expected to slow down the entire global economy.

The National Economic and Development Authority (Neda) admitted as much, saying that the ongoing trade disputes, Brexit-related uncertainties, and rising geopolitical tensions caused the country’s lackluster external trade performance.

Socioeconomic Planning Secretary Ernesto Pernia also admitted in a statement on Wednesday that only 11 (of 38 Neda Board-approved project proposals) out of the 75 infrastructure flagship projects were in the construction phase of implementation.

Pernia lamented that imports continued declining for three consecutive months, with raw material and intermediate goods, and consumer goods posting the biggest contractions at 16.5 percent and 12.8 percent, respectively.

The moderate recovery of exports, Pernia meanwhile said, continued for the third consecutive month. Increased sales of agro-based products, minerals, and manufactures compensated for the decline in outward shipments of petroleum products and other agro-based products.

With this, Chikiamco and University of Asia and the Pacific School of

Insurance. . .

Continued from A1

Faculty members who have taught in the Institute for an accumulated 15 years will also be recognized.

IIAP was founded in 1974 through the effort of then-Insurance Commissioner Gregoria CruzArnaldo and insurance industry leaders. As the only training institution for the sector, it teaches not only insurance courses but even soft skills to enhance the capabilities of the practitioners and prepare them for greater responsibilities.

Joining the IC officials on August 9 are the past and current members of the IIAP Board of Trustees, insurance executives of different insurance companies, representatives of different insurance organizations, faculty members and IIAP employees.

IIAP said it continues to uphold its vision of becoming the preferred insurance institute in the Asia-Pacific region, and will likewise continue its mission of promoting the growth of the industry through education, training and research.

IIAP has graduated thousands of insurance employees. The Institute’s avowed commitment to professionalize the industry extends not only

Economics Dean Cid Terosa do not have rosy projections, especially when it comes to the second quarter, which is expected to be below 6 percent.

Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr. and Unionbank Chief Economist Ruben Asuncion see second quarter growth at around 5.8 percent and 5.9 percent, respectively.

Nonetheless, Asuncion said that while this growth is below target, it remains respectable given the current circumstances. Domestic demand is expected to boost the country’s external trade performance in the coming quarters.

Terosa said consumption spending and capital formation could even boost the country’s third-quarter economic performance, owing to low inflation and improved government spending.

“Slowdown in imports may not be related to exports since we suspect it’s the national government which has been behind their import targets,” Neri commented on the country’s weak external trade performance.

However, on a more positive note, Rizal Commercial Banking Corporation (RCBC) Economist Michael L. Ricafort said the slowdown in import receipts growth improved the country’s trade deficit.

PSA reported that the country’s balance of trade in goods (BoT-G) narrowed to a $2.47-billion deficit in June 2019, from $3.55-billion deficit in June 2018.

It was the narrowest trade deficit since March 2018 when it was at $2.34 billion, Ricafort said.

“Narrower trade deficits/net imports among the narrowest/best since March 2018 in recent months [in terms of slight growth in exports and bigger decline imports] would mathematically lead to some pick up/increase in GDP growth in the second quarter of 2019, assuming all other factors are the same,” Ricafort told the BusinessMirror in an e-mail on Wednesday.

Singapore-based JP Morgan Securities economist Shaoyu Guo agreed and said the trade deficit in seasonally adjusted terms narrowed to $2.7 billion.

Guo said given the performance of the country’s exports, they “expect modest export increases in the coming months amid the ongoing external uncertainties around trade.”

in Metro Manila but nationwide.

At its helm are 15 members of the Board of Trustees concurrently holding executive positions in their respective organizations, led by: the institute’s Chairman Enrique M. Zalamea, president of the E.M. Zalamea Actuarial Services Inc.; its Vice Chairman Melecio C. Mallillin, president of Mercantile Insurance Co. Inc.; and institute President Ramon Y. Dimacali, who is the president of FPG Insurance Phils.

The other institute officers are its treasurer Raul B. Tan, the chairman, president and CEO of JLT Insurance Brokers, Inc.; its Corporate Secretary Alberto A. C. Santos, the business director of BPI/MS Ins. Corp.; the institute’s assistant treasurer, Evelyn T. Carada, who is the EVP and general manager of Fortune Life Insurance Co.; and the Assistant Corporate Secretary Celestino L. Ang, who is the deputy chairman of Prudential Guarantee and Assurance Inc. The Institute, as part of its corporate social responsibility, will continue with its scholarship program, inviting top college graduates to be trained in all aspects of insurance and management courses, with the end in view of getting them employed later on in the insurance industry.

www.businessmirror.com.ph

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In the ad material of Notice of filing of Application for Alien Employment Permit published on July 17, 2019, the Company name and address of Mr. Lee, Taejong should have been read as BOSCH SERVICE SOLUTIONS INC. located at 23/F W Fifth Bldg., 5th Avenue, Cor., 32nd St., Fort Bonifacio Global City, Taguig, Metro Manila and not as published.

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

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

Editor: Efleda P. Campos

Companies BusinessMirror

SMFB income falls 5% as food group weighs on its profits

S

AN Miguel Food and Beverage Inc. said its income dropped 5 percent during the first half of the year to P14.7 billion from last year’s P15.37 billion as the cost and pricing from its food group weighed down on profitability.

Revenues reached P151 billion for the period, up 10 percent from last year’s P137.44 billion, driven mainly by volume expansion across key products of the consumer giant.

Operating income, meanwhile, slid 6 percent to P21.6 billion from last year’s P22.88 billion.

“Despite challenges impacting some of our businesses, we remain positive about the company’s overall growth prospects given our unique position to capture the opportunities directly linked to our fast-growing economy,” SMFB President and CEO Ramon S. Ang said in a statement.

The company’s poultry segment reeled from an industry-wide oversupply that began late last year, but it said with current prices showing signs of recovery, the group is confident it will get out of the slump sooner than expected.

Its beer business had strong revenue and volume growth, coming from its domestic operations.

It is also on track with its expansion plans following the construction of two new breweries in Tagoloan, Northern Mindanao and Santa Rosa, Laguna, it said.

Liquor maker Ginebra San Miguel Inc. said its net income almost doubled during the six months ending June to P980 million from last year’s P506 million as sales surged.

Revenues reached P14.7 billion, 20 percent higher than last year’s P12.04 billion.

Operating income jumped 85 percent to P1.6 billion from last year’s P862 million.

“Aside from wider distribution and improved efficiencies from operations, the campaigns of core brands Ginebra San Miguel and Vino Kulafu for the first half of the year helped to further drive growth as volumes rose 17 percent against last year,” it said.

Supporting brands—light and flavored gin lines—registered an aggregate volume growth of 70 percent, it added.

Meanwhile, revenues of the food group, Pure Foods, increased by over 5 percent to P66.1 billion from last year’s P62.88 billion from higher volumes from a strong portfolio of brands—including Magnolia, Purefoods, B-MEG, Star, Magnolia, DariCreme and La Pacita. VG Cabuag

Cebu Pacific gets its 1st cargo-dedicated aircraft

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UDGET carrier Cebu Pacific received late Tuesday its first cargo-dedicated aircraft, a “significant move” that, according to the manufacturer of the plane, would help bring efficiencies to the operations of the airline.

The freighter, an ATR 72-500 aircraft, gives Cebu Pacific the “ability to bring cargo in and out of destinations served by airports with short runways where only turboprops can take off and land.”

It is the first of its type in the Philippines.

The cargo plane is equipped with a large cargo door that allows for a load of up to seven LD3 (unit load device measurement) air cargo containers. It has a capacity of eight tons of cargo.

“Cebu Pacific’s move into dedicated freighter operations is significant. The Philippine carrier was already carrying cargo in the belly-hold of its passenger aircraft, but the ATR 72-500 is its first dedicated freighter,” ATR, the manufacturer of the plane, said in a media advisory.

It added: “Interestingly, the ATR freighter can carry LD3 containers, as can Cebu Pacific’s A330 passenger aircraft. So it means domestic freight can fly into Manila on the ATR and then be transferred to the A330 aircraft for export.”

The conversion of the freighter was done at a Sabena Technics facility in Dinard, France, with the help of IPR Conversions, which has “supplemental type certificates for ATR passenger-to-freighter conversions.”

Cebu Pacific decided last year to convert two of its ATR planes to dedicated cargo aircraft. The second converted plane will be delivered late this year. Lorenz S. Marasigan

Grab, PCUP team up to give jobs to 10K urban poor folk

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UPER app Grab has partnered with the Presidential Commission for the Urban Poor (PCUP) to provide livelihood opportunities to at least 10,000 members of urban poor communities.

Grab President Brian P. Cu said his group can help connect these people to car and motorcycle owners looking for drivers and motorcycle riders for Grab’s different verticals such as GrabCar, GrabTaxi, GrabExpress and GrabFood.

“We are humbled that we are in a rather unique position to influence inclusive growth across multiple sectors, and do our part to ease poverty in the urban communities of the Philippines. Grab has always committed itself to champion the best interests of the Filpino people, through our platform and the opportunities that come with our growth, every Filipinos’ success is a success for Grab,” he said.

Grab is also supporting the PCUP’s nationwide job fair in Metro Manila, Baguio City, Pampanga, Cebu, Bacolod, Iloilo, Davao City and Cagayan de Oro. “Performing partners from PCUP-endorsed communities will be incentivized. The price of success is hard work — and with Grab, the perseverance of our partners is always being reciprocated,” Cu added.

Cu explained that Grab shall conduct and facilitate driver training and onboarding sessions during the caravan.

Successful applicants who have submitted complete documents and have undergone training from Grab will be matched with operators looking for GrabCar and GrabTaxi drivers, while motorcycle riders will be assigned to GrabFood and GrabExpress delivery services. Lorenz S. Marasigan

Thursday, August 8, 2019

B1

SMIC income up 27% in H1 on banking, retail growth

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M Investments Corp., the holding firm of the businesses of the Sy family, on Wednesday said its income rose 27 percent in the first half of the year to P23 billion from P18.1 billion last year on higher profits of its banking, retail and residential businesses.

Consolidated revenues rose 14 percent to P233.7 billion from P204.3 billion last year.

“We delivered a strong first half, underpinned by remarkable bank earnings and robust residential take-up. Our retail business continues to do well, and we are pleased with the rapid expansion

of our minimart footprint through Alfamart,” SMIC President and CEO Frederic C. DyBuncio said in a statement.

The property and banking businesses accounted for 41 percent and 40 percent of net income, respectively, while retail contributed 19 percent.

SM Retail said its revenues grew 13

percent during the period to P169.8 billion while net income was at P5.7 billion. Excluding the adjustments due to the adoption of Philippine Financial Reporting Standards 16, or the new accounting standard for leases, retail’s net income grew 10 percent to P6.3 billion. VG Cabuag

B2

Companies BusinessMirror

Thursday, August 8, 2019

Megaworld income up 18% in H1 as core business grows MUTUAL FUNDS

August 7, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 258.23 -2.73% -2.14% 0.35% 2.39% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6109 8.99% 5.33% 2.43% 11.81% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0287 -3.91% -2.77% -0.57% 3.22% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9385 1.75% N.A. N.A. 4.16% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8552 -1.14% N.A. N.A. 4.2% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.3448 -2.27% -1.29% 0.31% 1.36% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8572 -4.18% -5.76% N.A. 2.45% MBG EQUITY INVESTMENT FUND, INC. -A 118.94 9.75% N.A. N.A. 2.39% PAMI EQUITY INDEX FUND, INC. -A 51.1685 -0.89% -1.35% N.A. 3.95% PHILAM STRATEGIC GROWTH FUND, INC. -A 536.51 -0.09% -2.06% 0.29% 4.23% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3007 1.1% -0.47% 1.99% 3.72% PHILEQUITY FUND, INC. -A 38.1205 1.16% 0.19% 1.81% 4.06% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0179 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.1932 -0.07% -0.4% 2.25% 4.73% PHILIPPINE STOCK INDEX FUND CORP. -A 867.27 0% -0.68% 2.22% 4.69% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9223 3.99% -0.75% N.A. 7.24% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2749 1.33% -0.21% 1.89% 5.32% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9966 - 0.44% -0.74% N.A. 4.43% UNITED FUND, INC. -A 3.6632 -0.1% 0.97% 2.68% 4.64% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 116.1682 0.45% 0.15% 3.27% 4.89% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9069 -11.9% 1.39% -2.35% -2.39% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2637 -2.05% 7.18% N.A. 14.34% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7309 1.56% -2.3% -1.52% 4.83% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3078 -0.3% -1.32% 0.42% 4.46% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6312 -0.36% -0.84% -1.45% 3.46% GREPALIFE BALANCED FUND CORPORATION -A 1.3391 -1.12% N.A. N.A. 2.67% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9398 3.14% -0.16% 1.27% 5.25% PAMI HORIZON FUND, INC. -A 3.7652 2.92% -1.32% 0.61% 6.68% PHILAM FUND, INC. -A 16.8853 3.41% -1.2% 0.53% 6.15% SOLIDARITAS FUND, INC. -A 2.1326 0.62% -0.23% 1.55% 3.06% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8709 3.52% -0.42% 1.38% 6.01% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0115 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9982 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9948 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9909 4.35% -0.18% 1.16% 7.51% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03787 7.59% 1.7% 2.33% 7.28% PAMI ASIA BALANCED FUND, INC. -A $0.9611 -3.73% 1.45% -1.66% 5.19% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7061 1.25% 5.18% 2.85% 12.01% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1055 3.25% 3.39% N.A. 9.46% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 352.46 3.69% 2.11% 2.29% 2.62% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9074 2.47% -0.07% -0.09% 2.59% COCOLIFE FIXED INCOME FUND, INC. -A 3.0605 5.13% 5.23% 5.23% 2.84% EKKLESIA MUTUAL FUND INC. -A 2.2072 4.09% 1.06% 2.06% 3.66% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3377 5.53% 1.25% 1.61% 6.01% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6079 1.96% -2% 0.13% 2.78% PHILAM BOND FUND, INC. -A 4.2754 8.5% 0.18% 1.71% 9.07% PHILEQUITY PESO BOND FUND, INC. -A

3.7275 6.87% 0.67% 1.64% 5.98% SOLDIVO BOND FUND, INC. -A 0.9506 5.5% -0.45% N.A. 6.67% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0101 9.12% 1.21% 2.49% 8.83% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6711 9.23% 0.75% 2.04% 8.52% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $460.97 3.87% 1.72% 2.76% 2.8% ALFM EURO BOND FUND, INC. -A Є219.31 2.73% 1.34% 1.57% 3.12% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1898 6.57% 1.92% 2.5% 5.69% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 0.92% N.A. 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7152 1.07% -2.06% 0.57% 1.48% PAMI GLOBAL BOND FUND, INC -A $1.0971 6.03% -0.3% -1.63% 5.87% PHILAM DOLLAR BOND FUND, INC. -A $2.3741 9.36% 1.1% 3.47% 9.37% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0596417 5.08% 1.62% 1.91% 4.63% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1312 8.38% 0.58% 3.03% 9.02% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.2 4% 2.57% 2.03% 2.75% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0187 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2323 5.16% 2.21% 1.34% 4.26% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2498 3.88% 2.74% 2.11% 2.51% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0302 2.19% N.A. N.A. 1.41%

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."

M

By VG Cabuag

@villygc

EGAWORLD Corp., the property development arm of businessman Andrew Tan, said its income for the first half of the year ending June grew 18 percent to P8.9 billion, from P7.5 billion last year as all of its core businesses grew at a double-digit rate.

Revenues went up 18 percent for the period to P31.7 billion, from P27 billion last year. Megaworld’s residential business, rental and hotel operations, accounted for 63 percent, 26 percent and 4 percent of total revenues, respectively. The balance of 7 percent came from its noncore revenues.

“The current economic landscape is quite favorable so we continue to be optimistic on the remaining five months of 2019. Interest rates are on a downtrend, which is very positive news for our residential business. Vacancies in both office and commercial segments are at an all-time low, and we don’t see this changing in the near future due to the robust sign-ups we are seeing from big companies and business owners,” Kevin Andrew L. Tan, the company’s senior vice president for commercial division, said.

Residential sales reached P20.2 billion during the period, up 11

percent from P18.1 billion last year.

The company launched a total of P39 billion in new inventory during the period while sales reservations reached P80 billion.

Megaworld’s leasing revenues, meanwhile, amounted to P8.1 billion, a 20-percent growth from P6.8 billion last year.

By end of 2019, the company is expected to complete more than 230,000 square meters of leasable space from its offices and malls all over the country.

Meanwhile, the company’s hotel operations became the fastest-growing segment, but coming from a low base. Revenues from the segment rose 80 percent to P1.3 billion, from P715 million last year.

Megaworld is expected to add another 1,000 room keys this year with the scheduled openings of Belmont Hotel Boracay and Savoy Hotel Mactan Newtown before year-end.

Pilipinas Shell posts net income of ₧3.7B in H1

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ILIPINAS Shell Petroleum Corp. reported P3.7 billion in net income for the first half of the year, 31 percent lower than what it reported in the same period a year ago.

In a statement, the oil company said its January to June earnings represent about 70 percent of its full-year 2018 earnings.

Total volumes increased by 11 percent in the second quarter as marketing businesses posted volume growth across all segments. The company said it grew its retail volumes and maintained its high premium fuel penetration despite higher excise taxes.

Shell opened 16 new retail sites in the first half of the year and is on track to meet its target to open a total of 50 to 70 sites by the end of the year.

Currently, its retail network consists of 1,092 sites in key locations.

The nonfuels retail segment continues to enjoy double-digit growth

year-on-year. It now has 137 Select stores, 63 deli2go stores, and 348 Shell Helix Oil Change+ (SHOC+) and Helix Service Centers (HSC) nationwide. It remains on track to deliver a total of 15 to 20 Select and deli2go stores, and 30 to 50 SHOC+ and HSC. “We are pleased with the business delivery in the second quarter. The strong volume growth across all our business segments demonstrates the strength of our brand and our commitment to deliver world-class fuels and excellent service to our consumers,” said Cesar Romero, president and chief executive officer.

“We will continue to invest in profitable ventures to deliver competitive returns to our shareholders. The country’s macroeconomic fundamentals remain strong and the government is serious about curbing smuggling and enhancing the ease of doing business. We look forward to playing our part.” Lenie Lectura

Transco wants ERC to reconsider denial of intervention in NGCP IPO

T

HE National Transmission Corp. (Transco) will ask the Energy Regulatory Commission (ERC) to reconsider its earlier ruling denying the former’s bid to intervene in the petition for the approval of the IPO (initial public offering) extension filed by the National Grid Corp. of the Philippines (NGCP).

“We will file a motion for reconsideration. If ERC will not reconsider, we will appeal it all the way to the Supreme Court,” said Transco President Melvin Matibag in a text message.

The ERC earlier denied for lack of merit the joint petition for intervention filed by Transco and the Power Sector Assets and Liabilities Management Corp. (PSALM). At the same time, the ERC ruled that it has jurisdiction to hear and decide on NGCP’s petition.

“It is clear that R A 9511 and the Concession Agreement affirmed that neither PSALM nor Transco has the authority to regulate or supervise NGCP’s compliance with its franchise law, only this Commission.” Lenie Lectura

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

August 7, 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 PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

57.7 148 94 26.3 12 71.95 13.1 49.2 57.95 30.5 182.4 59.6 1.15 2.15 18.4 4.47 0.46 740 0.99 188.1 1750

58 149.8 94.1 26.35 12.02 72 13.2 49.3 58.85 30.6 182.5 60 1.21 2.27 18.78 4.65 0.47 769.5 1 191.5 1800

58 144.2 89 26.5 12.02 71 13.18 47.55 58 29.2 173.3 59.05 1.15 2.15 18.3 4.55 0.47 750 0.98 190 1751

59 149.8 95 26.95 12.06 72.2 13.18 49.4 58.95 31 182.4 60 1.15 2.15 18.3 4.69 0.47 750 1 191.5 1751

58 144.2 89 26.35 11.96 71 13.1 47.5 57.85 29.1 170.5 59.05 1.15 2.15 18.3 4.48 0.47 750 0.97 189 1750

58 149.8 94 26.35 12 72 13.1 49.2 57.95 30.6 182.4 60 1.15 2.15 18.3 4.69 0.47 750 1 191.5 1750

9900 1667940 5930830 225800 489500 2463680 11500 361600 540 113500 864350 7260 59000 4000 4000 39000 50000 1180 406000 4090 145

578060 246427156 551294359 6012290 5883962 177237089 150730 17701060 31290 3430855 154996411 434607 67850 8600 73200 176510 23500 885000 398890 779665 253760

INDUSTRIAL

-1845590 275754763.5 -1899415 -4252818 -54811100 -7570650 822395 65068784 -286200 -0 762535 -

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 CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA MABUHAY VINYL PRYCE CORP GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.31 35.95 0.25 25.75 84.9 360 22.35 5.34 4.7 2.66 11.68 37.7 6.9 13.86 15.52 14.5 6.01 9.45 7.63 104.9 0.73 66.5 230.8 8.61 13.72 0.185 1.75 13.2 1.72 4.95 0.126 164 1.34 2.46 73.55 86 3.09 5.2 14.58 9.75 14.06 18.78 9.06 1.14 1.18 106.5 2.04 3.3 5.09 2.01 8.74 1.65 5.4 1 13.78

1.34 36 0.255 25.85 85.4 364.2 22.7 5.35 4.79 2.67 11.7 37.75 7 14.1 16.4 14.58 6.2 9.5 7.64 105 0.74 66.7 231 8.94 13.76 0.189 1.76 13.22 1.74 5.1 0.13 165 1.35 2.54 74.5 87 3.1 5.4 14.6 9.78 14.08 18.8 9.27 1.16 1.2 116.4 2.06 3.43 5.15 2.02 8.75 1.66 5.5 1.05 13.8

1.31 35.4 0.26 25.8 85 363.8 22.35 5.36 4.66 2.65 11.72 37.6 7 14.3 15.8 14.54 6.29 10.12 7.65 103.6 0.74 65.3 235 8.61 13.32 0.186 1.79 13 1.72 5 0.129 164.9 1.3 2.46 77.4 88.65 3.08 5.19 14.14 10.5 14.1 18.94 9.06 1.05 1.16 106.5 2.04 3.4 5.05 2.05 9.03 1.67 5.48 1.05 13.68

1.34 36 0.26 25.85 85 365 22.95 5.37 4.8 2.66 11.76 38 7.05 14.3 16.44 14.6 6.29 10.12 7.65 105 0.74 67.5 239 8.61 13.88 0.186 1.85 13.56 1.76 5 0.129 165.5 1.34 2.46 77.4 88.65 3.11 5.19 14.88 10.5 14.1 18.94 9.27 1.23 1.24 106.5 2.05 3.43 5.37 2.08 9.03 1.68 5.5 1.05 14.36

1.31 34.9 0.25 24.8 84.55 359 22.35 5.25 4.66 2.6 11.68 37.6 6.9 13.9 15.8 14.5 6.02 9.45 7.6 100.8 0.72 64 229 8.6 13.32 0.185 1.74 13 1.66 5 0.129 161.6 1.29 2.46 73.1 87 3.06 5.19 14.14 9.7 14.02 18.5 9.06 1.05 1.15 106.4 2.04 3.21 5.05 1.99 8.71 1.65 5.48 1 13.6

1.31 35.95 0.25 25.75 85 360 22.35 5.35 4.79 2.66 11.68 37.7 6.9 14.1 16.44 14.52 6.02 9.45 7.64 105 0.73 66.7 231 8.6 13.76 0.185 1.75 13.22 1.74 5 0.129 164 1.34 2.46 75 87 3.09 5.19 14.6 9.75 14.06 18.8 9.27 1.14 1.18 106.4 2.05 3.43 5.09 2.01 8.75 1.68 5.5 1.05 13.8

180000 1414500 3080000 1508000 34830 219290 766000 1839900 4000 41687000 277600 156600 65500 551200 400 478200 230000 7269200 2057900 146740 356000 171360 2161100 4800 349000 360000 7431000 74500 805000 10000 10000 683460 2933000 1000 2010 280 10171000 58900 1231400 4877700 616900 39800 1500 2934000 3310000 1090 200000 10000 12500 10429000 781600 37000 21500 572000 275700

235830 50630820 772000 38596165 2954154.5 79142244 17168080 9765156 19040 109914150 3247634 5932380 457705 7736430 6384 6943798 1423073 69991904 15716448 15304369 256760 11350421.5 501573764 41290 4804924 66900 13146740 986550 1381290 50000 1290 112390969 3901630 2460 149327 24376.5 31432970 305691 18003044 47808219 8670642 742208 13611 3438700 3901900 115996 409500 33210 63818 21014730 6901330 61430 117850 584400 3825248

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 JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.88 15.88 931 49.95 14.8 3.8 7 0.7 1.2 1.24 6.77 9.87 13.64 0.221 891 6.2 66 6.3 0.495 4.41 14.32 0.66 4.64 0.038 1.35 1.35 413 976 176.5 0.9 2.48 256.6 0.23 0.28

0.89 16.02 931.5 50.7 14.84 3.83 7.02 0.72 1.21 1.28 6.79 9.93 13.8 0.235 909.5 6.25 66.4 6.45 0.51 4.46 14.4 0.67 4.65 0.04 1.39 1.37 447 990 178 0.92 2.5 257 0.237 0.285

0.89 16.5 921.5 49.7 14.64 3.77 7 0.7 1.2 1.24 6.8 9.84 13.8 0.221 884 6.25 65.25 6.3 0.5 4.5 14.18 0.64 4.58 0.039 1.41 1.35 413 967.5 175 0.99 2.5 257 0.23 0.285

0.91 16.5 936 51.6 14.9 3.86 7 0.72 1.21 1.24 6.83 9.97 13.8 0.235 909.5 6.25 66.3 6.46 0.51 4.5 14.5 0.67 4.65 0.04 1.41 1.35 449 990 178 0.99 2.5 257 0.23 0.29

0.87 15.8 915.5 49.7 14.64 3.76 7 0.69 1.2 1.24 6.72 9.83 13.4 0.221 883 6.25 64.8 6.3 0.5 4.4 14.18 0.63 4.53 0.038 1.34 1.35 413 960 175 0.9 2.5 256.6 0.23 0.28

0.89 16.02 931.5 49.95 14.8 3.8 7 0.72 1.2 1.24 6.79 9.87 13.8 0.235 909.5 6.25 66 6.45 0.51 4.41 14.4 0.67 4.64 0.038 1.39 1.35 449 990 178 0.9 2.5 257 0.23 0.28

23224000 66200 134440 1166500 6954000 3199000 12600 74000 1053000 100000 813200 3608900 64600 170000 187720 67600 1784260 18100 11000 6142000 1459300 2794000 13142000 2200000 276000 40000 20 293810 277820 2634000 8000 160 90000 3370000

20616600 5182600 1062472 124871220 -50019120 58489135 -37596375 102745048 6952412 12242120 -149530 88200 51810 1269130 124000 5486218 -24443 35,617,072( 15,278,361.0004) 887918 -200300 37850 167888000 -85525075 422500 -125000 117397731 16295011.5 114620 630 5510 27087090 -26486460 21031836 3995524 1821370 -32500 60491250 10283720 85500 374670 54000 8620 287650910 -9695065 49173189 16566207 2413600 20000 41112 -35978 20700 963050 -

HOLDING & FRIMS

2621820 2500 3034305 -566927.5 -4928420 -3098650 -1191979 4790 6800510 25740 -1945155 104560 305038 -1047180 -7992401 4947020 8339927 606042.5 -152917246 4104308 -892440 61724 -51300 -1290 -14327657 -676880 2460 -23490 7843140 -2057686 -7291336 -7028692 18656 11499.9998 -6372680 1186077.9999 -11440 -

PROPERTY

ARTHALAND CORP 1.01 1.02 0.97 1.02 0.96 1.02 6301000 6246980 74500 AYALA LAND 48.45 48.5 48.15 48.85 48.15 48.5 14069000 682935345 -83995260 ARANETA PROP 1.98 2.03 2 2.03 1.97 2.03 216000 429190 BELLE CORP 2.21 2.22 2.2 2.26 2.19 2.22 255000 563290 -24230 A BROWN 0.8 0.82 0.82 0.82 0.8 0.82 316000 257790 -40500 CITYLAND DEVT 0.85 0.87 0.88 0.88 0.88 0.88 1000 880 CROWN EQUITIES 0.235 0.237 0.235 0.24 0.235 0.24 190000 45100 CEBU HLDG 6.03 6.04 6.1 6.1 6 6.04 59100 356336 -153440 CEB LANDMASTERS 4.79 4.8 4.83 4.91 4.77 4.79 962000 4634130 469890 CENTURY PROP 0.57 0.58 0.57 0.58 0.57 0.58 7963000 4554950 17400 CYBER BAY 0.435 0.445 0.45 0.45 0.435 0.435 680000 296850 DOUBLEDRAGON 24 24.1 24 24.35 23.9 24 139400 3350100 -669175 DM WENCESLAO 10.78 10.8 10.78 11 10.7 10.8 235400 2550834 379292 EMPIRE EAST 0.465 0.47 0.47 0.475 0.465 0.465 530000 248000 -139850 EVER GOTESCO 0.13 0.136 0.133 0.134 0.13 0.134 610000 81130 FILINVEST LAND 1.86 1.87 1.87 1.88 1.86 1.87 5882000 10998930 869650 GLOBAL ESTATE 1.34 1.35 1.35 1.36 1.34 1.34 1131000 1524250 -202000 8990 HLDG 15.7 15.72 15.7 15.8 15.7 15.7 958800 15059676 -683888 PHIL INFRADEV 1.5 1.51 1.59 1.59 1.49 1.5 5828000 8870900 478640 CITY AND LAND 0.78 0.79 0.79 0.79 0.77 0.79 29000 22530 MEGAWORLD 6.1 6.11 6.02 6.16 6 6.11 11605900 70798803 4320332 MRC ALLIED 0.32 0.33 0.32 0.33 0.315 0.33 7740000 2497900 -35450 PHIL ESTATES 0.44 0.465 0.45 0.465 0.435 0.465 130000 57750 PRIMEX CORP 2.02 2.04 2.05 2.05 2.01 2.04 278000 561690 -2029.9999 ROBINSONS LAND 25.45 25.5 25.9 26.45 25.35 25.45 2014000 51617875 -19648030 PHIL REALTY 0.385 0.41 0.385 0.39 0.385 0.39 250000 97000 ROCKWELL 2.37 2.38 2.3 2.37 2.29 2.37 441000 1023920 SHANG PROP 3.12 3.21 3.2 3.24 3.08 3.12 24000 76680 STA LUCIA LAND 2.13 2.15 2.18 2.19 2.14 2.16 1004000 2174330 SM PRIME HLDG 36.8 36.85 36.05 36.8 36.05 36.8 15407400 563679975 18117600.0002 STARMALLS 5.86 5.87 5.88 5.88 5.85 5.86 51200 300149 SUNTRUST HOME 0.8 0.83 0.8 0.8 0.8 0.8 60000 48000 PTFC REDEV CORP 43.05 47 42 47 42 47 900 41270 VISTA LAND 7.6 7.7 7.6 7.7 7.55 7.7 4075100 31260346 -6364137

SERVICES ABS CBN 18.54 18.56 18.62 18.62 18.5 18.56 35600 660574 GMA NETWORK 5.36 5.39 5.39 5.39 5.35 5.35 65100 349499 MANILA BULLETIN 0.48 0.49 0.48 0.48 0.46 0.48 240000 114400 GLOBE TELECOM 1954 1960 1980 1994 1943 1960 38660 75926210 -21708620 PLDT 1090 1095 1117 1145 1080 1090 286420 313770805 -133716330 APOLLO GLOBAL 0.048 0.049 0.048 0.049 0.048 0.049 3600000 173300 -14400 IMPERIAL 1.97 2.07 1.97 2.07 1.97 1.97 38000 75960 ISLAND INFO 0.111 0.113 0.114 0.114 0.113 0.113 110000 12450 ISM COMM 5.11 5.12 5.02 5.19 5.02 5.12 2903800 14816932 860376.9997 NOW CORP 2.33 2.34 2.36 2.39 2.32 2.33 1203000 2820380 9420 TRANSPACIFIC BR 0.34 0.345 0.34 0.35 0.34 0.34 1390000 475450 PHILWEB 3.78 3.8 3.73 3.89 3.72 3.8 1975000 7508480 -695520 2GO GROUP 10.5 10.6 10.6 10.8 10.5 10.5 10200 108160 ASIAN TERMINALS 18.5 19.88 19 19 19 19 2700 51300 CHELSEA 7.03 7.04 6.93 7.2 6.93 7.03 897000 6355860 -127901 CEBU AIR 90.35 90.5 89.5 91.2 89.5 90.5 57110 5168914.5 1793430 INTL CONTAINER 125.5 126 123.1 126.8 123.1 126 3333630 418596342 -15031245 LBC EXPRESS 14 14.52 14.02 14.02 14.02 14.02 800 11216 LORENZO SHIPPNG 0.87 0.91 0.87 0.91 0.87 0.91 24000 20960 MACROASIA 19.2 19.4 19.44 19.48 19.2 19.4 93000 1804274 -186084 METROALLIANCE A 1.42 1.45 1.41 1.41 1.41 1.41 1000 1410 PAL HLDG 8.4 8.45 8.5 8.5 8.38 8.4 28100 236228 5070 HARBOR STAR 1.84 1.85 1.81 1.85 1.75 1.85 2113000 3854120 -92300 ACESITE HOTEL 1.52 1.58 1.65 1.65 1.58 1.58 31000 50430 -4950 BOULEVARD HLDG 0.06 0.061 0.059 0.061 0.058 0.06 12970000 769010 WATERFRONT 0.72 0.73 0.71 0.73 0.7 0.73 2329000 1669480 19600 FAR EASTERN U 890.5 895 890 890 890 890 40 35600 IPEOPLE 9.46 9.7 9.7 9.7 9.7 9.7 800 7760 STI HLDG 0.73 0.74 0.74 0.74 0.72 0.74 331000 242330 -13510 BERJAYA 2.3 2.36 2.36 2.36 2.3 2.3 274000 639140 2300 BLOOMBERRY 11.2 11.24 11.44 11.44 11.16 11.2 4791600 53849034 -18568964 PACIFIC ONLINE 2.68 2.7 2.57 2.7 2.57 2.7 48000 128160 LEISURE AND RES 3.57 3.6 3.56 3.61 3.56 3.6 414000 1486470 547790 MANILA JOCKEY 3.2 3.35 3.2 3.21 3.2 3.2 24000 76860 PH RESORTS GRP 4.9 5.2 5 5.2 4.89 4.9 28200 138736 PREMIUM LEISURE 0.7 0.71 0.68 0.71 0.68 0.71 1259000 891150 142000 TRAVELLERS 5.49 5.51 5.46 5.51 5.46 5.49 5202200 28539389 -20760409 METRO RETAIL 2.58 2.6 2.47 2.66 2.45 2.6 4913000 12820770 -256800 PUREGOLD 44 44.05 44.1 45.1 44.05 44.05 667400 29438580 8992969.9999 ROBINSONS RTL 78.15 79.1 78.1 79.7 78.1 79.1 276760 21824932 8988856.4999 PHIL SEVEN CORP 136 137 135 139.4 135 136 2160 296404 56570 SSI GROUP 3.11 3.15 3.17 3.2 3.11 3.11 1459000 4591410 -84460 WILCON DEPOT 15.7 15.72 15.68 15.86 15.66 15.72 1907200 29990946 8298670 APC GROUP 0.51 0.52 0.52 0.53 0.51 0.52 296000 153080 EASYCALL 9.6 9.85 9.9 9.98 9.56 9.85 14000 136209 GOLDEN BRIA 415 420 413 420 412.2 420 800 335054 -4200 IPM HLDG 5.4 5.5 5.55 5.55 5.5 5.5 6200 34310 PRMIERE HORIZON 0.68 0.69 0.68 0.69 0.66 0.69 8683000 5890900 345580 SBS PHIL CORP 9.32 9.4 9.29 9.29 9.29 9.29 100 929

MINING & OIL ATOK 12.44 13 13 13 13 13 1100 14300 APEX MINING 1.27 1.29 1.3 1.31 1.27 1.27 7212000 9278660 769280 ABRA MINING 0.0016 0.0017 0.0018 0.0018 0.0016 0.0017 38000000 65100 ATLAS MINING 2.65 2.78 2.64 2.64 2.64 2.64 10000 26400 BENGUET A 1.1 1.21 1.15 1.15 1.15 1.15 1000 1150 CENTURY PEAK 2.72 2.78 2.72 2.72 2.71 2.72 414000 1124080 DIZON MINES 7.7 7.9 7.75 7.89 7.66 7.89 7000 53859 FERRONICKEL 1.43 1.44 1.44 1.45 1.43 1.44 188000 269710 -85800 GEOGRACE 0.2 0.208 0.212 0.212 0.2 0.208 1200000 242020 LEPANTO A 0.109 0.112 0.112 0.112 0.109 0.112 2560000 285410 LEPANTO B 0.119 0.121 0.114 0.121 0.111 0.121 910000 103210 MANILA MINING A 0.01 0.011 0.01 0.011 0.01 0.011 83000000 897800 MANILA MINING B 0.011 0.012 0.011 0.012 0.011 0.012 11600000 129200 MARCVENTURES 1.03 1.04 1.04 1.05 1.02 1.02 173000 178790 NIHAO 1 1.03 1.03 1.05 1 1.03 16000 16200 2000 NICKEL ASIA 2.5 2.55 2.5 2.58 2.49 2.5 2524000 6371110 -288450 ORNTL PENINSULA 0.83 0.85 0.83 0.85 0.83 0.85 86000 71840 PX MINING 3.99 4 3.97 4.07 3.97 4 2167000 8728970 -8789.9999 SEMIRARA MINING 22.35 22.45 22.55 22.55 22.3 22.45 601700 13494780 2124640 UNITED PARAGON 0.0062 0.0065 0.0063 0.0063 0.0063 0.0063 2000000 12600 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 20000000 240000 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 4600000 50600 PHINMA PETRO 5.95 5.99 6.31 6.51 5.81 5.96 2582800 16133056 -36500 PXP ENERGY 11.26 11.28 11.72 11.86 11.26 11.26 4644900 53752700 -1920336

PREFFERED

AC PREF B1 485.2 492 492 492 490 492 10100 4963200 AC PREF B2 497 499 497 499 497 499 280 139600 ALCO PREF B 100.1 102 102 102 102 102 10 1020 DD PREF 100.5 101.4 100.6 101.4 100.5 100.5 85190 8588646 -50500 SMC FB PREF 2 1000 1010 1010 1010 1010 1010 50 50500 FGEN PREF G 104 106 105.9 105.9 105.9 105.9 40 4236 -4236 GLO PREF P 495 499 498 498 495 495 1020 507900 GTCAP PREF A 950 967.5 950 950 950 950 190 180500 GTCAP PREF B 945 949 945 946 945 945 1600 1512090 LR PREF 0.98 0.99 1 1 0.98 0.98 166000 164130 MWIDE PREF 102 102.4 102.3 102.4 102.3 102.4 1350 138197 -43989 PNX PREF 3A 100 101.7 101.7 101.7 101.7 101.7 330 33561 PNX PREF 3B 106.5 107.4 107 107.4 107 107.4 240 25720 PCOR PREF 2B 1000 1010 1010 1010 1010 1010 1570 1585700 PCOR PREF 3A 1018 1025 1018 1025 1018 1025 6690 6819205 2132710 PCOR PREF 3B 1021 1024 1020 1021 1020 1021 11180 11408630 -30630 SMC PREF 2B 75.3 76.5 76 76.5 76 76 10620 807145 SMC PREF 2C 77.8 77.95 77.5 77.8 77.5 77.8 8410 652183 SMC PREF 2E 73.6 75.5 75.4 75.4 73 73 13400 1001529 SMC PREF 2G 75.7 75.75 75.35 75.75 75.35 75.7 12540 948501.5 SMC PREF 2H 75.8 75.9 75.85 75.95 75.8 75.8 14350 1089549.5 997073.5 SMC PREF 2I 74.85 75.5 74.8 74.85 74.8 74.85 30120 2252976.5 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.4 5.25

17.42 5.35

17.5 5.28

17.5 5.37

17.42 5.27

17.42 5.37

83300 69000

1453004 365450

WARRANTS LR WARRANT

1.7

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.18 XURPAS 1

1.74

1.75

1.75

1.65

1.7

136000

231100

-

6.31 1.02

6.3 1.01

6.46 1.02

6.17 1

6.18 1.02

1033400 1226000

6479953 1231390

87020 -146820

EXHANGE TRADE FUNDS FIRST METRO ETF

118.7

-1453004 -10740

118.9

117.1

118.9

117.1

118.9

9150

1082794

24931

www.businessmirror.com.ph

Banking&Finance BusinessMirror

U.N. REPORT: N.KOREA HACKING BANKS, CRYPTOCURRENCIES

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ORTH Korea has mastered hacking into both old and new financial systems to funnel billions of dollars to its nuclear weapons program, a new United Nations report found.

North Korean agents have amassed about $2 billion by stealing money from financial institutions and cryptocurrency exchanges, a panel monitoring the enforcement of UN sanctions said in a report to the Security Council.

In addition, Kim Jong Un’s regime has about “30 overseas representatives controlling bank accounts and facilitating transactions, including for illicit transfers of coal and petroleum,” the panel said in the report seen by Bloomberg News.

“Ongoing deficiencies in member-states implementation of financial sanctions combined with DPRK’s deceptive practices enabled the country to continue to access the international financial system,” the panel said, using the acronym for the Democratic People’s Republic of Korea. “Large-scale attacks against cryptocurrency exchanges allow the DPRK to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector.”

Aggressive sanctions enforcement is central to President Donald Trump’s effort to get Pyongyang to eliminate its nuclear weapons program.

North Korea’s foreign ministry on Tuesday renewed its threat to take a “new road” in negotiations with the US.

Tensions have steadily increased since Trump became the first sitting American president to set foot in North Korea on June 30 and agreed to restart working-level talks in two to three weeks. North Korea kept its top diplomats away from a chance to meet with US Secretary of State Michael Pompeo at a regional conference in Bangkok last week, while repeatedly testing missiles during his trip.

Another source of hard currency for North Korea may be an army of tech workers, according to the UN panel’s report.

One UN member state told the panel that hundreds of North Koreans are deployed in Europe, Asia, Africa and the Middle East to work as software programmers and developers. They earn about $3,000 to $5,000 a month and pay most of their salaries to North Korean-controlled entities. To obscure their national identity, local citizens serve as nominal heads of the companies employing them, which are paid in turn by North Koreans, according to this account.

The allegations were made in a draft of a twice-yearly report to a UN committee charged with enforcing sanctions on North Korea. After missile launches and nuclear weapons tests by North Korea in 2017, the UN Security Council imposed three rounds of sanctions on Pyongyang, including bans on exports of iron, coal, lead, seafood and textiles as well as some oil-import restrictions.

Sun Life uses ‘Kaakbay’ video series to reach goal of 5-M clients by 2020

S

UN Life Financial Philippines Inc. (Sun Life) is looking to its video campaign, the “Kaakbay” series focusing on its commitment to be a “lifetime partner” of policyholders, to help the company achieve its goal of protecting more Filipinos—with a goal of 5 million clients by 2020.

The lifetime partnership campaign aims to reinforce the deepened relationship between the company and its clients via videos uploaded online featuring five of Sun Life’s ambassadors, and aiming to inform more Filipinos that the company will be with its policyholders throughout their lifetime and for generations to come.

The five ambassadors emphasized through the video campaign the importance of having a partner for life, which is what Sun Life promises to do for their clients, as the campaign applies to all market segments.

“Its important to have a lifetime partner and Sun Life wants to be that lifetime partner for all our clients. Yes [we are tapping all market segments], it’s all life stages. For us, the earlier a person starts to pursue financial security, the better. The younger the better, the more time they will be able to grow their funds and money to secure their future,” said Sun Life Chief Marketing Officer Mylene D. Lopa in an interview with the BusinessMirror.

She noted that the marketing campaign enables the company to have a wider reach, thus, resulting in an increase in its market base in support of its Rise PH program goal.

Launched in June 2016, Sun Life’s Rise PH targets to increase the company’s client base to 5 million by 2020. Lopa said that as of the first half of 2019, the client base of Sun Life is at 4.3 million, nearing its 5 million goal by 2020.

“Based on our count, happy to report that we are now over 4 million clients already. So, we are confident that we might reach the target even before the deadline which is 2020. So for lifetime partnerships, this is the next phase.... It’s about deepening our relationship with our clients,” she added.

The mission statement of Sun Life is to help clients really achieve lifetime financial security and live healthier lives, according to Lopa.

“Sun Life has been that kind of partner for the past 124 years. In fact, we have clients who have been trusting us for as long as eight generations. And this kind of lifetime partner is what we promise to be to all our clients and their loved ones,” she said.

To date, the videos under the Kaakbay lifetime partnership campaign have already generated 2 million views since its launch last month. Rea Cu

Bloomberg News

₧123.4-B TDF tenders signal liquidity is still in the market

T

By Rea Cu

@ReaCuBM

ENDERS made to the Bangko Sentral ng Pilipinas (BSP) term deposit facility (TDF) of P123.414 billion showed that there is still liquidity in the market resulting from the move of the Monetary Board (MB) to cut reserve requirement ratios (RRR).

The BSP’s TDF on Wednesday posted total tenders amounting to P123.414 billion, with local banks showing interest in the 28-day tenor, as rates are expected to move lower after the MB’s policy meeting on Thursday (August 8).

“TDF auction saw a bid to cover ratio of 1.542 with most dealers interested in securing placement at the 28-day tenor given wide expectations for rates to move lower after Thursday’s projected rate cut,” said

ING Bank Manila Senior Economist Nicholas Antonio T. Mapa.

The seven-day TDF window was awarded the full P30 billion on offer, with tenders amounting to P37.187 billion, and a bid to cover ratio of 1.239 percent.

During last week’s TDF auction, the tenor was awarded P31.247 billion from the P40 billion on offer, at a bid to cover ratio of 0.781 percent.

“Bids totaled P123.4 billion in

the week that BSP lowered its TDF auction size to P80 billion from P100 billion. This could show that the additional liquidity freed up by the recent RRR reduction [has] yet to be deployed to boost loan growth and [is] currently plowed back with the BSP through its overnight and term facilities. Perhaps, banks need a little more time to farm out loans given that RRR reductions were completed just a week ago,” Mapa added.

Tenders for the 15-day TDF window amounted to P44.427 billion, with the tenor bucket being awarded the full P30 billion on offer at a bid to cover ratio of 1.480 percent.

The 14-day tenor last week saw bids amounting to P29.77 billion, which was still awarded despite it being short of the P30-billion offering. The bid to cover ratio was at 0.992 percent.

The 28-day TDF window was awarded P20 billion as bids were twice oversubscribed at P41.800 billion, with a bid to cover ratio of 2.09 percent.

Bids for the 28-day TDF window of P27.615 billion last week were

short of the offering of P30 billion, but were still awarded in the end.

The bid to cover ratio was at 0.920 percent.

“Furthermore, after BSP hiked aggressively by 175 basis points in a span of five months in 2018, perhaps corporates still find borrowing costs quite elevated and high rates are usually a deterrent to loan growth,” he said.

In May, the BSP’s Monetary Board moved to cut its deposit requirement on smaller banks in the system, after earlier cutting the rates for the universal and commercial banks RRR. Monetary authorities decided to cut the RRR of thrift banks by 2 percentage points from 8 percent to 6 percent.

The implementation dates for the reduction are as follows: 100 basis points effective May 31; 50 basis points effective June 28; and, 50 basis points effective July 26, 2019.

The MB also cut the RRR of the universal and commercial banks by a total of 2 percentage points, with about P95 billion released in May; about P47 billion in June; and another P47 billion in July.

AUB first half year-on-year net income grows 63%

A

SIA United Bank (AUB) and its subsidiaries posted a net income of P2.6 billion in the first half of 2019, or 63 percent higher than its equivalent period in 2018.

This is a return on equity of 17.6 percent, and a return on assets of 2.2 percent versus last year’s 12.0

PHL launches bid for UN Board of Auditors seat

N

Thursday, August 8, 2019 B3

EW YORK—The Philippines formally launched the candidacy of the country’s Commission on Audit (COA) to the prestigious three-member United Nations Board of Auditors (UNBOA) for the term 2020-2026 at a diplomatic reception hosted by the Philippine Permanent Mission to the United Nations in New York recently.

In her welcome remarks, Chargé d’Affaires a.i. (CDA) Ambassador Kira Christianne D. Azucena highlighted the COA’s extensive experience in the field of external audit, having served twice in the UNBOA for 18 years in 1984-1992 and in 1999-2007, and as external auditor to Food and Agriculture Organization in 2008-2019, World Health Organization in 2012-2019, International Labor Organization in 2016-2019, and United Nations Industrial Development Organization in 2018-2019.

“During these years of service, COA has earned for itself a distinguished track record, expertise and competence, and more important, a unique insight and understanding of the needs and priorities of the organization,” Azucena said.

Azucena introduced the person currently behind the institution’s leadership, Chairman Michael Aguinaldo, who has 25 years of experience as a law practitioner, a government official and a law professor.

She said Aguinaldo intends to steer the COA’s work in the UNBOA, guided by transparency and accountability, and to advocate for dialogue to ensure the independence and integrity of the Board, among others.

In his presentation, Aguinaldo underscored the wide-ranging experience and competencies the organization has built through its people and a pool of around 200 UN auditors, 80 percent of them women, who are ready, willing and able to provide the service needed.

This expertise has driven them to forge ahead and to seek to secure a seat in the UNBOA to make a significant contribution to the strengthening of an important foundation of UN governance. Aguinaldo added that while external audit, by its very nature, is a cornerstone of good governance through the oversight role that it plays, it should not be viewed exclusively as such. Its audit engagements with the various UN agencies have made auditing more insightful and significant, especially at a period when the call for accountability and good governance is crucial to the UN’s survival as an organization.

He said COA has deemed it timely that audits are delivered in accordance with the UN’s operating objectives, especially in the light of current UN reforms and the achievement of the Sustainable Development Goals.

Currently, Germany, Chile and India comprise the Board membership. The Philippines hopes to secure the seat to be vacated by India when it ends its term in June 2020.

percent and 1.6 percent, respectively.

T he i ncome i mprovement comes from both securities trading and loan growth. The net interest income grew 25 percent to P4.5 billion due to a combination of higher lending rates and volume. Thus, net interest margin improved to 4.6 percent. Asset

quality likewise improved, as net nonperforming loans ratio is lower at 1.01 percent.

“We remain bullish with growth

that AUB and all its subsidiaries have been exhibiting for the past six months. Our customers’ continued patronage of all our core services has helped boost AUB group’s total assets, and this is something that we will continue to improve on yearon-year,” Manuel A. Gomez, AUB president, said.

TheBroa

Business

B4 Thursday, August 8, 2019 | www.businessmirror.com.ph

PHL RARING TO BAT FOR BETTER

By Jonathan L. Mayuga

W

@jonlmayuga

HILE some watch the clock on the wall tick down to a crucial environmental forum in December, local officials are eyeing the traffic light from Malacañang to change to green.

All over the world, environmental and climate justice advocates are gearing up for the next Conference of Parties (COP) to be held in Santiago, Chile, from December 2 to 13.

Yet, accord ing to a spokesm a n o f t h e D e p a r t m e nt o f Env ironment and Natura l Resources (DENR), t here’s sti l l no formal communication from President Duter te about t he Santiago C limate Conference.

Nonetheless, DENR Undersecretar y Benny D. A ntiporda said they are preparing in case Duterte greenlights a Philippine participation for a crucial conference for the planet.

The Santiago Climate Conference is the last chance for United Nations (UN) membercountries to resolve issues to put in place a market mechanism for the operationalization of the 2015 Paris Agreement starting next year.

The Paris Agreement is an international treaty within the UN Framework Convention on Climate Change (UNFCCC), which was signed by official representatives of 197 countries in 1992.

The Paris Agreement seeks to stem the increase in global average temperature below 2 degrees Celsius to 1.5 degrees Celsius.

The Philippines, one of the signatories to the UNFCCC, had initially submitted an ambitious target of reducing carbon emission by 70 percent between 2020 and 2030 under its Intended National Determined Contribution (INDC). It is currently working on the final stages of drafting a more realistic National Determined Contribution (NDC) target for submission to the UNFCCC Secretariat.

These initiatives were bolstered by Duterte himself. During his recent State of the Nation Address (Sona), the President ordered the Department of Energy to cut carbon emission by hastening to enlarge the share of renewable energy in the country’s power mix.

Just icing

DUTERTE’S order is just the latest in several initiatives the Philippine government has undertaken to cut carbon emission.

One of these initiatives is the Clean Development Mechanism (CDM) under the Kyoto Protocol. T he 1997 Kyoto Protocol is an international agreement linked to the UNFCCC, which commits its parties by setting internationally binding emission reduction targets.

Defined in Article 12 of the Protocol, the CDM allows a country with an emission-reduction or emission-limitation commitment under the Kyoto Protocol (Annex B Party) to implement an emission-reduction project in developing countries. Such projects can earn saleable certified emission reduction (CER) credits, each equivalent to 1 ton of carbon dioxide (CO 2), which can be counted toward meeting Kyoto targets.

It was through the CDM that the Philippines was able to facilitate funding for various climatechange mitigation projects.

Unfortunately, the ongoing carbon credit program was shortlived, said Albert A. Magalang,

chief of the Climate Change Division (CCD) at the DENR-Environmental Management Bureau.

The CCD is in charge of the DENR function as the Secretariat of the Designated National Authority for CDM under the Kyoto Protocol.

Magalang said the promise of sustainable benefits is the primary reason the Philippines availed itself of the CDM. “The social, economic and environmental benefits are overwhelming,” he added. “And the money companies may get from selling carbon credits is just icing on the cake,” Magalang said.

“Under the program, companies offered community-based programs and assistance. There are also green jobs.”

Opposing CDM

HOWEVER, nonprofit group Focus on the Global South is challenging the gains of the CDM in the Philippines. The FGS is asking if the CDM met the objectives it was poised to achieve.

Gerry C. Arances of the Center for Energy, Ecology and Development (CEED), said carbon credits mechanisms like the CDM have been widely criticized by climate justice advocates like those belonging to the FGS. These groups, Arances said, see the CDM as an offsetting mechanism that big transnational companies use, especially in developed countries, to say that they have reduced GHG emissions when, in fact, they have not. He added that in many cases, these firms have increased their emissions through their main operations.

“The mechanism is virtually dead as most countries that have caused this climate crisis, mainly the developed countries, have already abandoned the Kyoto Protocol,” Arances said. “It is now basically replaced by the Paris Agreement, which basically replaced the top-down approach in mitigation or reduction of global GHG [greenhouse gas] to the voluntary approach espoused by the Paris Agreement.”

Arances added that this “only shows the continued avoidance [by] the likes of the United States and many European countries of their responsibilities.”

Thus, he added, “more and more citizens across the globe have been suing their governments.”

Not maximized

UNDER the Kyoto Protocol, developed countries are committed to reducing carbon emissions and one way to do it is by buying carbon credits from developing countries through financial and technical assistance for projects that can earn carbon credits t hrough cer t if ied emissionsreduction units.

Under the program, developed countries will assist developing ones to implement climatechange mitigation projects. For projects that are potential greenhouse-gas emitters, the target is to reduce or avoid such emission, according to Magalang.

Arances believes the Philippines was not able to maximize the benefits of the CDM. “Before, it was working, when there was a demand for carbon credits,” he said. “Now, there

FARMERS work at a farm in Pililia, Rizal, with the windmills operated by Alternergy Wind One Corp. at the background. The Philippines’s attempt to further cut carbon emission was bolstered by President Rodrigo Duterte who ordered the Department of Energy to enlarge the share of renewable energy in the country’s power mix. FILE PHOTO

seems to be an oversupply of carbon credit.”

Asked where all the carbon credits came from, he said, in a mix of English and Filipino that, “I can only surmise that developed countries have gone green already.”

An expensive move

AS early as June 2004, an enabling policy for the country’s adherence to the carbon market mechanism was already put in place by virtue of Executive Order 320.

EO 320 signed by then-President Gloria Macapagal-Arroyo on June 25, 2004, designated the DENR as the National Authority for the Clean Development Mechanism.

Subsequently, the implementing rules and regulations was put in place on August 31, 2005, with DENR Administrative Order 200517 signed by then Environment Secretary Michael T. Defensor.

However, the first project enrolled under the program started only in 2012, or eight years after EO 320.

“It’s because of the long gestation period,” Magalang explained. “ The process was too tedious and under a multilateral system, where funding goes through the UN, the bureaucratic setup discouraged private companies from

availing themselves of the CDM.” On top of that, he said coming up with a project designed to avoid carbon emission is expensive “every step of the way:” from development, documentation and registration.

“This is contentious for countries with no capacity,” Magalang said. “In the case of the Philippines, developed countries have put up a consortium and implemented or developed project proposals and facilities.”

Ten projects

NEVERTHELESS, Magalang said the Philippines was able to catch up with the DENR’s intensive promotion of the CDM. “As early as 2010, we’ve started project development,” he said. He noted that the documentation alone is very tedious, and this the reason other countries are not availing themselves of the CDM. The “Kyoto Protocol and Carbon Market and Non-Market Mechanism-Clean Development Mechanism,” a document obtained by the BusinessMirror, revealed the Philippines is not lagging behind.

The document revealed that as of May, the Philippines ranked 12th in terms of the number of CDM projects registered globally, having listed 72 project activities

out of 3,180.

Topping countries with the most number of CDMs is China, whose number of CDM projects and activities accounts for almost half of the total 3,180 projects.

China is followed by India, Brazil, Vietnam, Mexico, Indonesia, Thailand, Malaysia, Chile and South Korea.

Most of the Philippine CDM projects registered are on renewable energy projects, expected to generate total estimated average annual CER units of 3,480,997 tons of carbon dioxide equivalent.

Ten of these project activities were issued a total of 3,095,100 carbon credits or CERs.

new carbon regime.”

CER units are sold per tons. Before, it was $35 per ton. Then it went down to $25 to $20; now it is below a dollar. It’s so cheap that companies will not invest or even enroll in the program anymore, according to Magalang.

He added that the demand for carbon credits went down when the European Union, the biggest buyer of carbon credits in the early years, suddenly stopped buying.

“Maybe [the] EU has acquired enough carbon credits,” he added.

“Some EU member-countries are also claiming to have shifted to renewable energy.”

ACCORDING to Magalang, there’s now a shortage in the demand for carbon credits. Added to this is the fact that the Paris Agreement came up.

Under the Paris Agreement, negotiations are ongoing to put in place a new climate regime, including a market mechanism—for its operationalization starting the year 2020.

“We have 70 projects. That was the time when there was a demand. But after a while, the Paris Agreement came up,” Magalang said. “Hence, there are expected changes because of the need for a

WHEN the demand for carbon credit went down, so did the price of the CER units, according to Magalang. Because of that, the purchase or the percentage or commission of the Philippines in the sale also went down.

If it were up to Magalang alone, the pitch for the next COP in Santiago, Chile should be to put in place a carbon market mechanism that will ensure sustainable benefits to developing countries like the Philippines.

“Under the Paris Agreement, we want the negotiation to transfer the CDM under the Kyoto Protocol

Hoping for changes

A new house

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, August 8, 2019

B5

R CARBON MARKET MECHANISM waste-to-energy (WTE) projects that make use of waste incineration technology.

According to Arances, in the event they get to attend the Santiago Climate Conference, the pitch would go beyond opposing carbon market issues, but will focus on the bigger picture.

“Mostly, we will go for the bigger picture when it comes to COP: How to meet the 1.5 degrees given that the ambition is too low,” Arances said.

He added that whether as a part of the official Philippine delegation or as mere observers, environmental and climate-justice advocates from CEED will focus on mitigation before and after the Paris Agreement.

Undermined by impact

AR ANCES said that under the CDM, there are two compelling issues that revolve on the renewable energy push: the call for distributed renewable energy and the push for non-WTE renewable-energy projects like wind or solar.

He cautioned that there are WTE projects that ride on the CDM scheme.

“But again, CDMs or the same type of mechanisms shouldn’t be used to offset from the developed countries’ end like Japan,” he said. “Japan, domestically and internationally, is still pushing for coal.”

Arances said policy-makers should look at it “ holistically” because, in the end, access to funding for these projects will be undermined by the worsening impacts of climate change because of our failure to prevent the climate crisis.

“We have a very slim window and we are there,” he said. “It’s climate emergency.”

Given the opportunity

to a new house,” he said.

The Santiago Climate Conference is also an opportunity to address the many concerns raised against the CDM under the Kyoto Protocol.

“The multilateral process is very complicated. It’s tedious: the project proposals and documents,” Magalang said. “When you are dealing with multilateral countries, the UNFCCC secretariat, the bureaucracy is multilayer.”

New deals

ACCOR DING to Maga lang , since the CDM is unable to sustain the desired CER units, the Philippines entered into a partnership with the Government of Japan for the implementation of low-carbon growth.

The Memorandum of Cooperation between Japan and the Philippines on Low Carbon Growth Partnership was signed on January 12, 2017, by Environment Secretary Regina Paz L. Lopez for the Philippine side and Ambassador Extraordinary and Plenipotentiary of Japan to the Republic of the Philippines Kazuhide Ishikawa for the Japanese side.

Currently, the Philippines is working with Japan through the MOA for the implementation of the Joint Crediting Mechanism (JCM), a bilateral system where

the Philippines deals directly with only one country.

The JCM was born out of the Framework for Various Agreements (FVA), one of three new mechanisms and approaches to addressing climate change under the Doha Amendment to the Kyoto Protocol adopted in Doha, Qatar, at COP 18 on December 8, 2012. Under the amendment, 31 Annex I Parties agreed to new commitments for the second commitment period to the Kyoto Protocol from January 2013 to December 31, 2020.

More studies

JAPAN’S Intended Nationally Determined Contribution (INDC) submitted in July 2015 targets a reduction of 26 percent by 2030 with the base year of 2013.

While JCM is not included as a basis for the calculation of Japan’s emission-reduction target, it intends to count as Japan’s reduction, the emission reductions and removals acquired by Japan under the scheme.

The JCM is currently a nontradable credit-type mechanism.

The possibilities of extending JCM to a traceable credit-type mechanism may be discussed between the parties—Japan and the host parties—in this case, the Philippines.

So far, 16 host countries have

signed bilateral documents with Japan on the JCM. According to Magalang, JCM is less complicated and is encouraging, based on the two-year experience of the Philippines so far. “ We now have 10 projects.

T he focus is more on renewable energ y,” he sa id. T he fo cus on R E projects under t he JCM, he sa id, is f itting as t he Phi lippines has a big potentia l in renewable energ y.

Under the JCM, he said the project cost is lower and will benefit the renewable-energy sector and will boost the anti-coal campaign.

However, in terms of investment, it is a 50-50 deal between Japan and host countries.

“We started two years ago. But it is still in the gestation period.

The beauty of this is: we are in the process of identifying technology,” he said. “There are feasibility studies going on.”

in Auto Parts Factories” project

by Tokyo Century Corp., Enomoto Philippines Manufacturing Inc. and Aikawa Philippines Inc. was started in June 2017 and was completed in December of the same year in terms of design and manufacturing. The installation and commissioning were completed in April and May 2018, respectively.

L a st yea r, t he “ Inst a l l at ion of t he 1. 2-M W R oof top Sol a r Power System to the Cold Storage for Power Supply ” proj ec t by Tok yo Cent u r y Cor p., Tr a n s n a t i o n a l U y e n o S o l a r Cor p. wa s completed.

A not her proje c t , t he “ I n troduction of 1-MW Rooftop Solar Power System in Vehicle A ssembly Factor y” by Toyota Motor Corp. and Toyota Motor Philippines Corp., initiated in June 2017, was completed in January 2019.

IN a document titled “Progress Repor t for A l l Selected JCM Model Projects,” the projects are in various stages, with four having been completed in 2017, 2018 and 2019—mostly renewable energy that harnesses the power of the sun.

The “Introduction of 1.53MW Rooftop Solar Power System

THERE are two main reasons the CDM or carbon market mechanisms espoused under the Kyoto Protocol are facing rejection by environmental groups and green climate advocates.

Advocates said the CDM, on one hand, does not prevent the development of coal projects but, on the other hand, it promotes

A slew of projects

Yearning for mitigation

ON top of the social, economic and environmental benefits that are not usually factored in or accounted for, in terms of monetary gains, the DENR is hoping for a better deal.

This is the reason why, given the opportunity to attend the climate talks and join the Philippine delegation to the Santiago Climate Conference, he said the DENR will be very vocal about the push for a market mechanism deal.

“Because we are a negotiator, we can play a major role i n t he negot i at ion s. Ma rket mechanisms will be discussed,” Maga lang sa id.

He added that if the President allows it, the DENR will negotiate

for a favorable market mechanism in the next meeting.

“The market for carbon credit should not be lost because it triggers climate-change mitigation.”

Also, under the JCM scheme, there are other opportunities waiting.

“We can do with Russia, China and Australia,” he said. “And we can sell carbon credits.”

Apprised of situation

HOWEVER, Magalang said the trading of carbon credits under the JCM should first be resolved for the Philippines, or Philippine companies specifically are to gain from it financially. “ T he re ’s no t r a d i n g , y e t .

It depends on t he December meeting because t he mod a lities, procedure and guidelines, under t he Kyoto Protocol w i l l have to be put in place,” he added . “ B ei ng a negot i at ion under Article 6, Market Mechanism w ill be discussed w ith the DENR as negotiator.”

According to Magalang, DENR Secretary Roy A. Cimatu has been apprised of the situation by DENR Undersecretary Jonas R. Leones, the DENR’s undersecretary for policy, planning and international affairs, and a leading negotiator for the Philippine delegation in climate talks. “ T he challenge now is how to harmonize w ith the new climate regime under the Paris Agreement. Hopefully, the complications w ill be avoided because it is merely transferring house—from Kyoto to Paris,” Magalang said.

“For the Philippines, bilateral or countr y-to-countr y negotiations for carbon trading is faster and a better option for the Philippines.”

According to Magalang, there’s a need to capacitate the various development projects of the government to access the CDM or JCM. He believes the private sector, as well as the local government units (LGUs) would also benefit from the undertaking.

In some of the ongoing CDM projects, he noted that LGUs get a 20-percent to 30-percent share from the sale of the CER units.

“The DENR is willing to provide technical training for private companies and LGUs to capacitate them,” he said.

On that note, Magalang said the Philippines is ready and negotiators are raring to sit in the climate negotiating table once more.

But for now, the DENR waits for the green light coming from Malacañang.

REGISTERED PHILIPPINE CLEAN DEVELOPMENT MECHANISM PROJECTS PROJECT

YEAR IMPLEMENTED

Bataan 2020 12.5 megawatt (MW) Power Rice Hull Cogeneration Project

2015

San Carlos Renewable Energy Project

2012

Northwind Bangui Bay Project

2017

Quezon City Controlled Disposal Facility Biogas Emission Reduction Project

2018

Sinter-cooler Waste Heat Recovery Power Generation Project (Philippine Sinter Corp.)

2017

Hedcor Sibulan 42.5 MW Hydroelectric Power Project

2016

Wastewater Treatment using a Thermophilic Anaerobic Digestion at an Ethanol Plant in the Philippines

2014

Ambuklao Hydro Electric Power Plant Rehabilitation project

2018

Superior Hog Farms Methane Recovery Project

2014

Methane Project (Joliza Farms Inc.)

2013

B6

Thursday, August 8, 2019

The World BusinessMirror

Editor: Angel R. Calso

Simmering US-China financial war imperils global economy

W

ASHINGTON—Just what the fragile global economy didn’t need: An unpredictable escalation in President Donald J. Trump’s trade war with China, one that spreads the conflict to currency markets, threatens to involve other countries and raises the risk of a global recession.

At a time when growth in the United States and the world is already weakening and Trump has said he’ll impose new taxes on hundreds of billions of dollars of Chinese imports, Beijing is halting purchases of US farm goods and the two sides are trading punches over the value of the US dollar against the Chinese yuan.

The heightened hostilities could hobble world economic growth by depressing financial markets, discouraging trade and elevating uncertainty for businesses trying to decide whether and where to situate factories, buy supplies and sell products.

When companies across the world lose confidence or certainty about global trade policies, they tend to postpone plans to invest, expand and hire. Spread across the global econo-

my and over time, those trends can trigger a severe economic downturn.

“President Trump is playing with fire here, and recession risks are very high,” said Mark Zandi, chief economist at Moody’s Analytics.

Barely a month ago, Trump and President Xi Jinping had announced a truce in their rancorous dispute over allegations that Beijing steals and forces foreign companies to hand over trade secrets, unfairly subsidizes Chinese companies and engages in cyber theft of intellectual property.

The cease-fire broke last week when Trump, professing frustration that 12 rounds of negotiations had failed to break the impasse, said he would impose tariffs September 1 on the $300 billion of Chinese imports that he’d previously left untouched.

On Monday, China hit back. It revealed that it had stopped buying US farm products—a severe blow to Trump supporters in rural America.

Beijing’s central bank also allowed the yuan to sink to an 11-year low against the dollar.

The fall of the yuan drew fire from Trump, who accused China of allowing it to give its exporters an unfair price advantage. On Monday evening, the Treasury Department declared China a currency manipulator for the first time since 1994.

The rapid-fire sequence of events “shatters confidence, trust and expectations,” said Sung Won Sohn, an economist at Loyola Marymount University in California. World stock markets tumbled Monday—the Dow Jones Industrial Average lost 767 points or 2.9 percent—before rebounding Tuesday on signs that China was stabilizing the yuan.

Despite Tuesday’s respite, the prospects for a trade deal, which appeared bright as recently as mid-May, have dimmed to near-invisibility.

“They are all moving in the wrong directions,” Sohn said. “I don’t think the Chinese are looking for a trade deal during the current term of President Trump. They have decided he is too unpredictable to negotiate with.”

The world economy hardly needs the strain. The International Monetary Fund, the World Bank and other

forecasters have all downgraded their forecasts for global growth this year.

It isn’t just the trade war. Manufacturers around the world have allowed their inventories to build up and now are slowing production to bring their stockpiles closer to customers’ demand. JPMorgan’s global manufacturing index fell in July for the third straight month to the lowest level since 2012. Moody’s Investors Service predicts that global auto sales will drop 3.8 percent this year.

The prospect that Britain will leave the European Union without a trade deal—a risk that seemed to rise after Boris Johnson became prime minister last month—is imperiling Europe’s economic prospects.

Japan is preparing to raise its consumption tax in October, threatening to stifle an economy that’s already gasping for growth.

“The timing could not be worse,” said Paul Sheard, senior fellow at Harvard University’s Kennedy School. “Japan is the third-largest economy in the world.”

Trump’s decision to impose tariffs on foreign steel, aluminum, dishwashers, solar panels and hundreds of Chinese imports—and the retaliation it’s drawn from other countries—has chilled global trade investment. Companies are waiting to see whether and how the disputes work out.

“There are considerable downside risks with an escalation of protectionism,” said Sara Johnson, executive director of global economics at the research firm IHS Markit.

“We’re disrupting supply chains, and tariffs ultimately lead to less efficient global production.”

Oxford Economics says business pessimism has risen sharply: 56 percentof the companies it surveyed July 12 to August 1 said the risk of a sharp global slowdown has risen, up from 32 percent in the spring.

“Once you lose economic confidence, it takes a very long time to build it back up,” said Harry Broadman, chairman of Berkeley Research Group’s emerging markets practice and a former White House economic adviser.

The tit-for-tat exchange Monday over China’s currency brought a new, dangerous element into the mix. “We haven’t been on this terrain since the 1930s,” said Joe Brusuelas, chief economist at the consultancy RSM. Trump has made clear he wants to see the US dollar drop against the yuan, the euro and other currencies. That’s one reason he’s applied relentless pressure to the Federal Reserve to cut US interest rates— a move that tends to drive the dollar lower. (The Fed last week cut its key interest rate for first time in a decade.)

“The president has signaled that he has no problem with a weaker dollar,” said Joe Manimbo, senior market analyst at Western Union Business Solutions. “This is certainly unprecedented in modern times.”

Turning a trade war into a currency war heightens the danger. It shifts the battlefield to currency markets, where policy-makers have much less control.

“Currency wars take on a life of their own,” Brusuelas said.

In the 1997-1998 Asian financial crisis, traders dumped Asian currencies and delivered devastating recessions to Thailand, Indonesia and South Korea, where borrowers struggled to repay US dollardenominated loans and left local banks drowning in bad debt.

Indeed, a dollar-versus-yuan fight is unlikely to remain confined to the United States and China. If other countries see Chinese or US exporters gaining a currency advantage, they’ll feel pressure to respond by pushing their currencies lower, too. AP

IN this August 6, 2019, photo, a man walks by a money exchange shop decorated with Chinese yuan banknotes and other countries’ currency banknotes at Central, a business district in Hong Kong. China’s yuan has weakened again after signs its decline was stabilizing helped to reassure financial markets.

AP PHOTO/KIN CHEUNG

China yuan weakens again after signs of stability calm markets

B

EIJING—China’s yuan weakened again Wednesday after hopes among financial traders that the decline was stabilizing helped to calm jittery global markets.

The currency edged down to 7.0488 to the US dollar, about 0.4 percent below its level late Tuesday.

Financial markets tumbled after Beijing allowed the yuan to fall Monday to an 11-year low against the dollar, breaking through the politically sensitive level of 7 to the US currency.

Washington responded by declaring officially that China improperly manipulates its exchange rate, opening the way to possible sanctions.

Tension over currency adds to a sprawling US-Chinese fight over Beijing’s trade surplus and technology policies that companies and investors worry will chill global growth.

The yuan’s moves over the past week are small compared with fluctuations of the euro and other major currencies. But Washington complains the yuan is too weak, making China’s export prices unfairly low and swelling its trade surplus. That makes any decline politically volatile.

The People’s Bank of China sets the yuan’s exchange rate each morning and allows it to rise or fall 2 percent during the day. It can intervene and buy or sell currency—order Chinese commercial banks to do so—to guide the exchange rate.

The bank lowered the opening level for trading again Tuesday, but traders were encouraged when it was slightly higher than they expected.

That, plus a central bank statement late Monday promising to keep the currency stable, helped to fuel hopes the declines had stopped.

On Wednesday, the central bank lowered the starting point for trading again, setting it at 6.9996 to the dollar, almost 0.5 percent below Tuesday’s starting level. That would allow the yuan to slide to below 7.1 to the dollar while staying within the trading band.

Beijing has assured foreign companies the yuan won’t keep falling, “but they haven’t seen that today,” said Chris Weston of Pepperstone in a report. “This is again proving central to move across markets in Asia.”

Stock market benchmarks in Tokyo and Hong Kong fell 0.8 percent.

Seoul was off 0.2 percent.

The Chinese central bank showed it can “steer global markets” and “quickly weaken” the yuan if needed to offset US tariff hikes, said Stephen Innes of Oanda in a report. “This is about China proving a point,” said Innes. “They have a brawny tool at their disposal.”

President Donald J. Trump’s punitive tariffs on Chinese imports have added to downward pressure on the yuan by prompting concern about a slowdown in the world’s secondbiggest economy.

Last week, Trump stepped up their fight by threatening to hike tariffs on an additional $300 billion of Chinese goods, effective September 1.

That came after the latest round of talks aimed at ending the tariff war concluded in Shanghai with no sign of a deal. Negotiators are due to meet again in September in Washington.

Economists say if the September 1 tariff hike goes ahead, the dent in Chinese exports and economic growth could weaken the yuan to as low as 7.2 to the dollar. AP

Japan says export step not aimed at hurting ties with South Korea

T

OKYO—Japan’s government spokesman says his country’s downgrading of South Korea’s trade status is not intended as retaliation for disputes over court rulings ordering Japanese companies to pay compensation for their treatment of Korean laborers during World War II. A decision by the Cabinet last Friday to drop South Korea from a list of countries granted preferred trade status became official Wednesday when it was published in Japan’s official gazette kanpo. The measure will take effect on August 28.

The step adds to Japan’s export controls imposed in July on three key materials for South Korea’s semiconductor industry, an attempt seen

by South Koreans as an attack on the industry at the core of its economy and reminding them of the wartime grievances.

Japan colonized the Korean Peninsula from 1910 to 1945, and insists all compensation issues were settled under a 1965 agreement normalizing ties.

Chief Cabinet Secretary Yoshihide Suga said Wednesday that the measures are about Japan’s national security concerns and not countermeasures for the court rulings. Japan says South Korea violated international law by moving to force Japanese companies to compensate beyond the 1965 agreement, under which Japan already provided $500 million

in grants and loans.

“The revision was a necessary step for Japan to appropriately carry out its export control system from a national security point of view,” Suga said. “It was not intended to affect Japan-South Korea relations, let alone economic countermeasures or retaliation.”

Japanese officials have said that South Korea, with its insufficient export control system and operation, no longer qualifies as a country with preferential status for Japanese shipments.

Suga said the measure only puts South Korea back to a standard class, or second tier of four divisions. “It’s not an export ban,” he said.

Japanese officials have also denied South Korea’s allegation that they are using trade to retaliate, but Prime Minister Shinzo Abe and other officials had earlier suggested a link between the two issues. The officials kept mentioning new reasons, including lack of communication between the two export control authorities, triggering doubts that the real issue may be the historical dispute.

Abe, asked about the deteriorating relations between the neighbors and a prospect for meeting South Korean President Moon Jae-in at upcoming international events, said the main cause of escalating tensions between the two countries is the wartime compensation issue. AP

The World BusinessMirror

www.businessmirror.com.ph

China warns HK protesters that punishment is coming

H

ONG KONG—China warned Tuesday that it will be “only a matter of time” before it punishes those behind two months of pro-democracy protests in Hong Kong that have increasingly devolved into violent clashes with law enforcement.

The comments by Yang Guang, spokesman for the Chinese Cabinet’s Hong Kong and Macao Affairs Office, are a further indication that Beijing will take a hard line against the demonstrators and has no plans to negotiate over their demands for political reforms.

“We would like to make it clear to the very small group of unscrupulous and violent criminals, and the dirty forces behind them: Those who play with fire will perish by it,” Yang said. “Don’t ever misjudge the situation and mistake our restraint for weakness.”

Singling out “brazen, violent and criminal actors” and the “meddling hands behind the scenes” as the focus of law enforcement efforts, Yang said, “As for their punishment, it’s only a matter of time.”

China, so far, has not visibly intervened in the situation, though it has published a series of strongly worded editorials in state media condemning “violent radicals” and “foreign forces” allegedly inflaming them.

Speculation has grown that the Communist Party-led central government will deploy the military to quell demonstrators after Chinese officials pointed to an article in Hong Kong law that allows troops already stationed in the city to help with “public order maintenance” at the Hong Kong government’s request.

While Hong Kong authorities have said they don’t anticipate any need to bring in troops or police from China to help impose order, the Hong Kong army garrison and police in the city of Shenzhen across the border have both released videos recently of their officers training to disperse groups of people dressed in black and wearing masks and construction helmets like many of the Hong Kong protesters.

A former British colony, Hong Kong was returned to China in 1997 under the framework of “one country, two systems,” which promised the city certain democratic freedoms not afforded to the mainland.

But some Hong Kong residents feel that Beijing has been increasingly encroaching on their freedoms.

A string of demonstrations began in June against proposed extradition legislation that would have allowed some suspects to be sent to mainland China for trial.

While the government has since suspended the bill, protesters have pressed on with broader calls for democratic reforms, an investigation into allegations of police brutality and for the city’s leader to step down.

Protesters late Tuesday and early Wednesday surrounded a police station to demand the release of a university student arrested for apparently buying laser pointers in the latest confrontation for the Chinese city. Police used tear gas at one point to try to clear the demonstrators from the blue-collar Sham Shui Po neighborhood.

The Hong Kong Baptist University Students’ Union demanded the release of its president, Keith Fong, in a Facebook post that accused the police of fabricating the weapons charge.

Pro-democracy legislator Fernando Cheung Chiu-hung told reporters earlier Tuesday that Beijing should not make the demonstrations a national security issue because the movement is not targeting the central government, but rather the administration of Hong Kong Chief Executive Carrie Lam. During a “People’s Press Conference,” a protester using the pseudonym Jerry Chan indicated that demonstrators would not attempt to confront the military if it made an appearance.

“I believe the protesters and Hong Kong citizens will ‘be water’ and know what to do,” Chan said, referring to the protesters’ philosophy of taking a fluid approach to their demonstrations. “We will go home and sleep.”

The three protesters who spoke to reporters said the briefing was intended to counter regular government and police news conferences in which authorities have repeatedly decried violent acts by some pro-democracy demonstrators. They also apologized for inconveniences caused by a general strike Monday that paralyzed regular workday operations in the city.

Major roads and public transit lines were blocked, and at least 77 flights at the airport were canceled.

Protesters challenged law enforcement in at least eight districts on Monday, responding to continuous rounds of tear gas with practiced swiftness. Some started fires outside police stations, and hurled bricks and eggs at officers. Hong Kong Security Secretary John Lee said the damage and violence was “unprecedented” since 1997, with more than 15 police stations or facilities attacked and surrounded. AP

Trump imposes new sanctions on Venezuela to oust Maduro

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RESIDENT Donald J. Trump imposed further sanctions on Venezuela, freezing the government’s assets in the US and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolás Maduro.

Property belonging to the Venezuelan government “may not be transferred, paid, exported, withdrawn or otherwise dealt in,” Trump said in an executive order released late Monday by the White House. The US will also block entry into the US by any Venezuelan citizen determined to have assisted or acted on Maduro’s behalf.

Together, the moves put Venezuela on the same footing as countries like North Korea and Iran that the US has sought to isolate from the rest of the world, and threaten nearly any company or person who deals with the country with exile from the international financial system.

The measures “increase the business risk for anybody that has any prospect of doing business in the United States, if it keeps doing business with the government of Venezuela,” National Security Adviser John Bolton told reporters in Lima on Tuesday. “That includes any foreign entity, government, corporation, person who contributes to keeping the Maduro regime in power.”

While the new order is sweeping in scope, it’s unclear whether the new measures will have a significant impact since the vast majority of the Venezuelan government’s income derives from oil and gold—two areas where Maduro’s regime already faces heavy sanctions.

Bolton declined to say how Trump’s latest move will affect companies such as Chevron Corp., which was just granted a three-month waiver allowing it to continue producing oil and gas in the country.

“Chevron has received a limited new

license for 90 days and we’re going to be continuously evaluating all activities in Venezuela,” Bolton said. “I would say to the board of directors and shareholders of any American company, is it in your corporate culture to engage in commercial activity that supports a brutal dictatorship?”

Chevron is reviewing the Trump order, said Kent Robertson, a company spokesman. “We continue to believe that we are a constructive presence in the country,” he said via e-mail.

Unsuccessful efforts

TRUMP’S order follows months of unsuccessful efforts to pressure Maduro into leaving office. Those include the US recognition of Juan Guaidó, the leader of Venezuela’s national assembly, as the country’s legitimate leader, and the imposition of sanctions on more than 100 Venezuelan individuals and entities including the state-run oil company, Petroleos de Venezuela SA. Last week, Trump told reporters he was considering a blockade or quarantine of Venezuela. And White House officials have warned that Maduro had only a short window to voluntarily leave power or face stricter measures.

Bolton is in Lima for a conference of nations that have recognized Guaidó as Venezuela’s rightful leader. US Commerce Secretary Wilbur Ross, who’s also expected to attend the meeting in Peru, last week outlined plans to rebuild Venezuela’s financial institutions and infrastructure.

More than 50 countries including the US have recognized Guaidó as Venezuela’s interim president following Maduro’s 2018 reelection, which was tainted by high voter abstention and claims of fraud. Guaidó in April urged China, the world’s largest oil importer, to also abandon support for Maduro. Bloomberg News

Thursday, August 8, 2019

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Kim says North Korean launches were warning to US, South Korea

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EOUL, South Korea—North Korea said Wednesday leader Kim Jong Un supervised a livefire demonstration of newly developed, short-range ballistic missiles intended to send a warning to the United States and South Korea over their joint military exercises.

The official Korean Central News Agency (KCNA) said two missiles launched from a western airfield flew across the country and over the area surrounding the capital, Pyongyang, before accurately hitting an island target off its eastern coast.

Its four rounds of weapons demonstrations in two weeks come during a stalemate in nuclear negotiations and after President Donald J. Trump repeatedly dismissed the significance of the tests, even though the weapons show North Korea’s ability to strike at US allies South Korea and Japan, and its military bases there.

Experts say Trump’s downplaying

of the North’s weapons displays allowed the country more room to advance its capabilities and build leverage ahead of negotiations, which could possibly resume sometime after the end of the allies’ drills later this month.

Lee Sang-min, spokesman from South Korea’s Unification Ministry, said North Korea’s recent testing activity doesn’t help efforts to stabilize peace and called for Pyongyang to uphold an inter-Korean agreement reached last year to form a joint military committee to discuss reducing military tensions. He did not provide a specific answer when asked whether Seoul believes the North’s weapons dis-

play will intensify.

The KCNA said the launches early Tuesday verified the reliability and combat ability of “new-type tactical guided missiles.” Kim expressed satisfaction and said the launches would send an appropriate level of warning to the military exercises between the United States and South Korea that began on Monday, the report said.

Pyongyang’s official Rodong Sinmun also published photos showing what appeared to be a missile soaring from a launcher installed on a vehicle, and Kim smiling and celebrating with military officials.

KCNA’s report came a day after South Korea’s military said it detected two early morning launches that were likely ballistic missiles.

Seoul’s Joint Chiefs of Staff said the projectiles traveled about 450 kilometers (279 miles) on an apogee of 37 kilometers (23 miles) before landing in waters off the country’s eastern coast. It said the projectiles showed similar flight characteristics to short-range missiles North Korea fired on July 25.

South Korea’s military had described those missiles as similar to the Russian-made Iskander, a solidfuel, nuclear-capable missile that

is highly maneuverable and travels on low trajectories, improving its chances of evading missile defense systems. Last week, North Korea conducted two test firings of what it described as a new rocket artillery system.

Kim Dong-yub, an analyst at Seoul’s Institute for Far Eastern Studies, said North Korea’s decision to fly the missiles over its capital indicated it was confident about the reliability of the system. Kim, a former South Korean military official who had participated in inter-Korean military talks, said Kim Jong Un is making a measured effort to advance the North’s military capabilities without allowing nuclear negotiations with Washington collapse.

North Korea has denounced Washington and Seoul over their joint military exercises. South Korea confirmed they started Monday but hasn’t given details about the drills, which were expected to involve computer simulations and not troops or equipment.

The North’s Foreign Ministry said Tuesday the drills “compelled [North Korea] to develop, test and deploy the powerful physical means essential for national defense.” AP

Brent oil extends loss on trade war

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RENT crude extended losses after falling into bear market as concern the United States-China trade war will continue to sap demand outweighed an industry report showing American crude stockpiles are still shrinking.

Futures in London edged lower after closing down 1.5 percent Tuesday, taking their decline from a late-April peak to more than 20 percent. China’s central bank set the yuan fixing weaker than expected as Washington and Beijing argue about whether the currency is being manipulated. The American Petroleum Institute reported that nationwide crude inventories fell by 3.4 million barrels last week, according to people familiar with the data.

Brent crude has fallen around 10 percent this month as the deteriorating relationship between the world’s two largest economies damped the global growth outlook, eclipsing the threat of supply disruptions in the Persian Gulf.

The ratcheting up of trade tensions in the past week has spurred speculation that China will start avoiding buying American oil in anticipation that Beijing will impose tariffs.

“There is no doubt the US-China conflict will be extended for a long period of time, even though it’s not clear what will happen next,” said Miyoko Nakashima, a senior strategist at Mizuho Securities Co. in Tokyo. West Texas Intermediate crude could fall as low as $45 a barrel this year, she said.

Brent for October settlement declined 18 cents, or 0.3 percent, to $58.76 a barrel on the London-based ICE Futures Europe Exchange as of 7:42 a.m. in London after falling as much as 0.6 percent earlier. The global benchmark traded at a premium of $5.29 to WTI for the same month. WTI oil for September delivery declined 13 cents, 0.2 percent, to $53.50 a barrel on the New York Mercantile Exchange. The contract settled 1.9 percent lower on Tuesday.

Traders are watching the yuan daily fixing closely after China’s central bank allowed the currency to weaken past a previously defended level of 7 per dollar for the first time in more than a decade on Monday. That prompted the US Treasury Department to label China an exchange-rate manipulator and raised fears the trade war was morphing into a currency war. The US still expects Chinese negotiators to come to Washington for another round of trade talks in September, White House Economic Adviser Larry Kudlow said Tuesday.

Bloomberg News

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MSU-Marawi wins the first Business Innovation Idea Challenge

ENACTUS PHILIPPINES' 2019 BUSINESS INNOVATION IDEA CHALLENGE CHAMPION IS MINDANAO STATE UNIVERSITY-MARAWI CAMPUS. Awarding them their Plaque are Members of the EP Board and Sponsors. Leftmost onstage is KPMG R.G Manabat & Co.'s Audit Partner Mr. Ador C. Mejia and on the right is Quisumbing Torres' Partner for Corporate and Commercial Atty Dennis A. Quintero. In the front row are from left to right: Pilipinas Shell Foundation, Inc.'s Executive Director Mr. Sebastian C. Quiñones, Jr, Enactus Philippines' Chairman Dr. Jose P. Leviste,Jr., EP Country Leader Atty. Leo G. Dominguez, Guest Speaker Bambuhay's Founder & Chief Executive Farmer Mark D. Gersava and EEI Corporation's Assistant Vice President for Corporate Affairs Mr. Rodrigo V. Mantaring.

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INDANAO State UniversityMarawi Campus won the first Enactus Philippines Business Innovation Idea Challenge besting four other finalists including De La Salle University - Manila (1st runner-up), Ateneo De Zamboanga University (2nd runner-up), University of the Philippines Mindanao and Technological Institute of the Philippines.

Eleven teams initially submitted project

proposals, which were trimmed down to five.

The five finalists presented their projects or innovation ideas before a panel of esteemed judges at the recently concluded Enactus National Finals on July 27, 2019 at the SMX Convention Center-Manila.

The MSU team’s winning project is “Lily Compost: A Fertilizer from Water Hyacinth”, which addresses the issue in Lake Lanao about the abundance of water

hyacinths invading big parts of its coastal areas and clogging the waterways of the NAPOCOR’s hydroelectric plant. The project aims to turn water hyacinths into an organic compost that local farmers can use as fertilizer. This is also an advocacy project to help the Marawi Seige survivors find ways to organize themselves back to society by utilizing resources that are abundant in the area.

Enactus Chairman Jose P. Leviste, Jr. mentioned, “This competition marks the transition of the Enactus organization to not only focus on business and entrepreneurship as a powerful tool to improve the lives of the communities and people, but to incorporate science, technology, and innovation as an integral part of how we do things.”

Awarding the llaque to MSU team are members of the EP Board and sponsors.

Leftmost onstage is KPMG R.G Manabat & Co.’s Audit Partner Mr. Ador C. Mejia and on the right is Quisumbing Torres’ Partner for Corporate and Commercial Atty Dennis A. Quintero. In the front row are from left to right: Pilipinas Shell Foundation, Inc.’s Executive Director Mr. Sebastian C. Quiñones, Jr, Enactus Philippines’ Chairman Dr. Jose P. Leviste,Jr., EP Country Leader Atty. Leo G. Dominguez, Guest Speaker Bambuhay’s Founder & Chief Executive Farmer Mark D. Gersava and EEI Corporation’s Assistant Vice President for Corporate Affairs Mr. Rodrigo V. Mantaring.

History comes to life at Las Casas Filipinas de Acuzar

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TARTING August 2019, Las Casas Filipinas de Acuzar brings to life iconic Filipino characters that played huge and nostalgic pieces of history through Historyland #HistoryComesToLife.

This project is the heritage hotel and destination’s newest attraction aiming to repaint the country’s rich heritage whilst reminiscing its people and their undeniable bravery.

Rediscover the relevance of every event in the Philippine history through Las Casas’ Historyland.

The Battle of Mactan. Travel back in 1521 where Filipinos first fought against the Spaniards, one of the world’s most powerful at that time. Mighty Lapu Lapu, Mactan Island’s chieftain, believed in sovereignty and he ultimately defended it to the colonizers. Expect to see the death of Ferdinand Magellan and feel the nationality through our blood and veins.

Execution of Jose Rizal. Philippine national hero Jose Rizal lived his entire life to ignite change and inspire his countrymen.

Realize the contribution of our National Hero to the society and its impacts to the future by rediscovering the past.

The Cry of Pugad Lawin. The tearing of cedulas is, more often than not, overlooked as far as our history is concerned. Know the significance of this action, from what encouraged Filipinos to finally fight for their country and the future battles that occurred.

Making of Philippine Flag. Learning the depth of every symbolism in our flag requires thorough understanding. In fact, the Philippine flag we have today underwent a lot of revisions and HistoryLand will give us the opportunity to immerse ourselves in the making of this authentic Filipino symbol.

Fight for Philippine Independence. A long and arduous battle, our forefathers’ fight for the country’s ultimate independence is a part of history we are all very eager to

unravel. Experience this live and in flesh at the first ever history amusement park.

Parade of History. Get a once in a lifetime experience with HistoryLand’s historical figures in a 30-minute Meet and Greet! The characters that are part of HistoryLand will walk through the aisles of Las Casas and have your pictures taken with them!

Located at the heart of Bagac, Bataan, Las Casas Filipinas de Acuzar is a World Class and only Philippine destination that showcases the best of Filipino heritage and culture through the colorful stories as retold by owner Jose “Jerry” Acuzar’s collection of restored Spanish-Filipino houses.

From the majestic architectural design to heart-warming revival of traditions, the heritage resort is the Asia Awards of Excellence winner for Asia’s most excellent destination for 2017 and is a project of the New San Jose Builders, Inc. For inquiries, call 0917.872.9361 or visit www.lascasasfilipinas.com.

Manila Water partners with government, disaster resilience groups for Agapay

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N celebration of the National Disaster Resilience Month, Manila Water Foundation (MWF) inked agreements with its partners from government, private sector and NGOs under its disaster response program Agapay in a Memorandum of Agreement (MOA) signing event held at LB Soriano Hall, Seameo Innotech on July 30, 2019.

Agapay is the disaster response program of MWF that distributes bottled drinking water, deploys water tankers or Mobile Treatment Plants, and builds sanitation facilities for affected families and individuals who were displaced from their

homes and communities. The MOA signing aims to formalize MWF’s partnership with multi-sectoral institutions which will lead to a more collaborative approach and pave the way for seamless disaster response deployments under its Agapay program.

The partnerships formed will be beneficial most especially to vulnerable communities which are prone to disasters and calamities. Institutions whose mission is to bring relief to disaster-stricken communities tooklpart at the MOA signing as Agapay partners and allies- the Office of Civil Defense, Health Emergency Management Bureau of the Department

of Health, ABS-CBN Foundation, GMA Kapuso Foundation, Rise Against Hunger Philippines, Philippine Disaster Relief Foundation, Shared Aid Fund for Emergency Response, YesPipnoy Foundation, and Plan International.

Through Agapay, Manila Water Foundation provides access to safe water and better sanitation facilities to disasteraffected families and communities. In 2018 alone, about 67,500 individuals were served by the program. Through this event, MWF hopes to effectively reach more calamitystricken communities in the years to come for a disaster-resilient Philippines.

CAREER MILESTONE. Capt. Alfonso Julian “Biboy” J. Rodriguez (extreme right), a 39 year veteran commercial pilot, poses for a souvenir shot in the cockpit of a Philippine Airlines (PAL) Airbus Neo 321 with other flight deck crew after completing his “last landing” as captain of the passenger aircraft on July 15, 2019 on PR 405, CTS-MNL. With Capt. Rodriguez are Flight Officer (F/O) Miguel Raphael K. Porcuna; Capt. Nicolo L. Puzon and F/O Monica Maria V. Rodriguez, daughter of Capt. Alfonso Rodriguez. In the entire duration of his career, Capt. Rodriguez also piloted early and late generation airplanes like the HS-748; Fokker-50; Airbus-320; G-150 and Boeing 777-300 ER and Airbus 321.

PCSO officials cite Du30’s decisiveness to weed out corruption

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HE Philippine Charity Sweepstakes Office (PCSO) administrators yesterday cited President Duterte’s decisiveness in stamping out corruption and setting the stage for structural and operational reforms in the agency.

PCSO chair Anselmo Simeon Pinili the President manifested “strong political will” in overhauling the agency’s official hierarchy and suspending albeit only briefly all gaming operations notably the lotto that serves as its main lifeline for revenue generation.

With the suspension order, the Chief Executive sent a strong message that he has no second thoughts about doing what he thinks is best for the PCSO no matter who gets hurt.

“But he also acknowledged the indisputable fact that the PCSO has an inherent mandate to help the poor and the needy particularly those who are sick but do not have the financial capability to secure professional medical assistance, hence he lifted the suspension order after barely one week to put our revenue generation back on track,” Pinili said.

For her part, newly appointed PCSO general manager Royina Garma also thanked the President for “removing all stumbling blocks that thwarted attempts by previous administrators to weed out

misfits and iniquities in the agency.”

On the other hand, Ike “ka Iking” Seneres stressed that “with the road towards organizational and operational reforms cleared of all hindrances, we can now move full steam ahead in setting the PCSO’s state of affairs steadily in the right direction,”.

This means that the general public can expect drastic changes in the PCSO including digital services for the lotto and other gaming draws.

Previously, it is not uncommon for PCSO officials to find themselves at the receiving end of civil, criminal, and administrative complaints arising from their attempts to implement reforms in the agency.

Private lotto operators and service providers are also wont to securing temporary restraining orders from friendly judges, thus tying the hands of the PCSO managers in the process.

“We are humbled yet thankful for the decisiveness and support of the president,” Seneres added.

Pinili and Garma were also one in saying that with President Duterte standing four square behind them, they are optimistic that their mission to put the PCSO in shipshape state is no longer impossible to accomplish.

PWU goes green, celebrates centennial year

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OUNDED in 1919, the Philippine Women’s University (PWU) was the first university for women in Asia founded by women -- to prepare young Filipinas for a life of productive and participative citizenship.

Today’s PWU remains true to the vision of its founding mothers while evolving into a modern institution prepared to meet the opportunities and challenges of the next hundred years. It is now co-educational and includes among its alumni, popular television host Boy Abunda (Dr. Eugenio R. Abunda), who is actively involved in the PWU Centennial Committee’s “100 Reasons to be Proud” campaign.

Celebrating one hundred years of quality education in the service of the nation, PWU started off with a fun run dubbed RunHundred early this year where the public was invited to run in solidarity with PWU and JASMS students, alumni and friends who honored the university’s past with an eye on the future.

A centennial project of the PWU Alumni Association, spearheading the fun run is TV personality “Kuya” Kim Atienza, whose parents, Cong. and Mrs. Lito Atienza, are PWU and Bayanihan alumni.

Last summer, a series of campus activities took place at PWU starting off with a Sayaw Workshop for children and teens under the tutelage of the Bayanihan dancers. It was followed by batik-making and Indonesian culinary showcase. All events were open for the public.

Most recently, PWU simultaneously relaunched several initiatives, among them, the clean and green “oh my gulay project”, a

wellness hub, the balik-aklat library hub and an artistic hub.

“What better way to spin off an ongoing lifestyle celebration as we at PWU enrich ourselves and celebrate this centennial year,” said Suzie Benitez, the associate vice president, Campus Life, and Director of the Center for Culture, Arts, Music and Sports of the PWU. She is also the trustee and executive director of Bayanihan Folk Arts Foundation.

OnesunnySunday,studentrepresentatives from different PWU campuses started planting seedlings at the NBB organic farm in Tagaytay guided by the farmhands of the farm. There was also the harvest time for veggies and fruits needed for the culinary session conducted by the Indonesian embassy teachers . Led by Dr. Lilli Nurlali, they taught and shared five recipes that the students, the farm staff and the PWU faculty members Petra Elepano, Marielle Javellana, Pamela Corales, Ron Olvido and Leo Lorilla prepared, cooked and enjoyed during lunchtime.

This activity launched the urban gardening project at the PWU Taft campus. Grade school students in the past would have their own garden plots at the old JASMS Quezon City campus and grew up valuing the fruits of the soil.

“Today given the fast pace lifestyle an urban garden would keep the students’ appreciation of their own produce, healthy eating as well as a clean and green campus environment. This centennial year, we look back and look forward with excitement to the sustainability of the core values infused by the founders into the PWU educational programs,” Benitez concluded.

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IMA, Peru—It’s student-daughter versus father-coach. It’s the US versus Canada. It may not be the greatest rivalry in equestrian, but it’s the biggest competition in the Deslauriers household.

Lucy Deslauriers has many titles for the US jumping team, sometimes even against her Canada-born father, International Grand Prix rider Mario Deslauriers.

Lucy edged her father again at Tuesday’s first qualifier of the individual and team jumping competitions at the Pan Am Games in Lima.

Galloping with tight turns, she kept control of her horse, Hester, to jump a strong round and finish eighth with a time of 71.45 in a field of 50 riders. Mario was on course for one of the fastest times but after failing to recover quickly after he dropped a rail and ended in 10th.

“We have a lot of fun with it. In the competition ring we’re on different teams, but I think at the end of the day we’re on the same team all the time,” Lucy said, chuckling. “So you know, we get two chances here.”

The 20-year-old Deslauriers is considered one of the most successful young riders in the event. She has won FEI NAYV medals, a UDEF Junior Jumper National Championship and a USEF U25 National Championship. Her father—and

sometimes rival—has been one of her main coaches along the ride.

“I’m really lucky to have him experiencing all of this with me, and he’ll get to ride and tell me what he feels and in response to what he’s seen me do,” said the younger Deslauriers. Her mother, Lisa, is also a Grand Prix rider.

“It’s fun that we can sort of bounce ideas off of each other.”

Do they ever stop talking about their shared passion for the sport? “No, it pretty much goes on all the time,” Lucy Deslauriers said. “On the good days, we celebrate together, and on the bad days, we talk about everything we can do better to prepare for the next round.”

Elizabeth “Beezie” Madden led Tuesday’s qualifying in the individual event, with the US team ranked No. 1 going into the next round. The US team also includes Eve Jobs, the youngest daughter of the Apple cofounder Steve Jobs.

Canada is in third place behind Brazil.

“We’re right in the hunt...we’re right there and you know hopefully we left something in the tank for tomorrow,” Mario Deslauriers said.

Hockey and horses: Growing up in Canada those were Mario Deslauriers’s passions. He began riding professionally in his teenage years and competed

for Canada at the Olympic Games in Los Angeles, where he placed fourth in the individual and team competitions. He continued to ride for Canada when he moved to the United States. But in 2008, he began representing the US and he won the Grand Prix. After nearly a decade of competing for the Americans, he jumped back at the opportunity of riding for Canada. Now, he faces against his US daughter.

“Oh, it’s interesting,” he said. “We compete, you know, every show against each other. But this is a bit different. This is a championship. It’s her first championship.

And there’s a lot more pressure.”

Sometimes, they joke around, he said.

At other times, they give each other advice.

He remains one of her main coaches. But these days, he’s doing his best “not to interfere.”

“We’re doing great so far,” he said.

“I’m just very proud of her.”

Mexico’s Juan Manuel Celaya,

DAUGHTER VS. DAD, U.S. VS. CANADA

CHANTEL MALONE: Winning gold is like me putting my name up there, putting my country up there, just to let them know that we’re here. AP

Giant leap for British Virgin Islands with first-ever Pan Am Games gold

L awesome,” said Malone, who won with her first jump in the Peruvian capital of Lima, leaping out to 6.68 meters, an unrivaled mark.

“I’m happy that I was able to secure it on my first jump,” she said.

“I was like ‘let’s go—one mission and that’s it: to get gold.’”

Not only did she get gold. She beat some of the strongest jumpers in the world. They included Colombia’s Olympic triple jump champion Caterine Ibarguen, who was favored to win the title in Lima after she took the triple jump gold in Toronto 2015 and long jump bronze in Guadalajara 2011. Ibarguen, who had a swollen foot, placed fifth. American Keturah Orji won silver and Jamaica’s Tissanna Hickling earned bronze.

“I knew there were girls out there jumping really well,” Malone said. “But I just went out and focused on myself and did what I had to do.” AP

meanwhile, plunged with power and emerged from the pool with a smile, knowing that the most challenging days had been worth a gold medal in the 1-meter springboard.

Celaya scored 435.60 points. Jamaica’s Yona Knight-Wisdom was second at 429.90, and American Andrew Capobianco took the bronze with 411.25. Celaya, a 20-year-old who attends Louisiana State University, came into the week hoping to gain experience from his veteran teammates.

Instead, he won Mexico’s first gold for diving at the Pan Am Games in Lima.

“I’m so happy, I can’t even smile properly,” said Celaya, who is from the northern Mexican city of Monterrey. “I’m still shaking.”

After his last dive, Mexican fans who donned sombreros handed him a national flag that he carried around the pool.

Celaya moved to Baton Rouge, Louisiana, in 2016 to attend LSU on a scholarship. He says the first year was tough. He missed his family, his friends and the home-cooked meals. He felt lonely, even depressed, he said. But he never stopped training.

On the LSU Athletics site it says that during his freshman season, he became “one of the most decorated divers in school history.”

“All of this was worth it,” Celaya said. “This is a sacrifice that most people don’t see. But this is so rewarding.” AP

MARIO DESLAURIERS competes for Canada on his horse Amsterdam 27 in the first classification round of individual and team equestrian jumping at the Pan American Games. AP

IMA, Peru—It was a giant leap: Chantel Malone won the women’s long jump and the first-ever Pan American Games medal for the British Virgin Islands (BVI) on Tuesday.

“And it’s a gold medal, not just any medal,” Malone said. “Winning gold is like me putting my name up there, putting my country up there, just to let them know that we’re here. Now I have shown that we can do it, too. We’re small, but we’re powerful.”

The BVI is a top sailing destination and is home to a thriving financial and tourism sector. Its blue waters and ocean breezes draw tourists from across the world. But the Caribbean island is still recovering from Hurricanes Irma and Maria, which in 2017 caused widespread devastation.

“We’ve gone through a lot recently with the hurricanes and everything, so to come out and win gold is extremely

L The Associated Press

THE youngest daughter of the Apple founder and former CEO, Steve Jobs, is so far ranked sixth overall among 50 participants. AP

IMA, Peru—Eve Jobs had a strong performance for the US jumping team in her debut at the Pan American Games on Tuesday.

The youngest daughter of the Apple founder and former CEO, Steve Jobs, is so far ranked sixth overall among 50 participants.

The US jumping team’s first qualifier was held in Peru’s capital city. Jobs, from Los Altos Hills, California, had a time of 71.16. The US team was top-ranked going into the next round.

“It’s my first time in the Pan Ams, my first time in Peru and I’ve had a really wonderful week, so hopefully it continues,” she said.

Jobs rode Venue d’Fees des Hazalles, her 14-yearold Belgian Warmblood mare. She called the horse “a phenomenal ride” who gives her confidence.

“I’m just really proud of the partnership I have with her,” she said. “I had a little bit of nerves going into the first day. I think, you know, I just wanted to perform well for my team, and for myself, and my horse jumped amazing. I couldn’t be happier with my round.”

The 21-year-old is currently ranked in the top 10 in the FEI Jumping U25 rankings. Her passion for horses began early—at the age of two, when her parents first sat her on a horse. She began riding at six and continues training and competing while she attends Stanford University.

“I went through the ponies and then all like the junior divisions, and I’m really happy to be here now in my career,” she said.

By Luis Andres Henao

hursday, August 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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Eve Jobs rode Venue d’Fees des Hazalles, her 14-year-old Belgian Warmblood mare.

She called the horse “a phenomenal ride” who gives her confidence.

JOBS’S DAUGHTER IN STRONG DEBUT

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AIBA INTERIM PRESIDENT RESIGNS

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OHAMED MOUSTAHSANE has resigned as interim president of the International Boxing Association (Aiba) after less than six months in the role, marking the latest episode in the crisis at the embattled organization.

The Moroccan, who took temporary charge of Aiba in March after Gafur Rakhimov stepped aside, informed the Executive Committee of his decision on Wednesday. He resigned for family reasons, two officials with knowledge of the situation said.

His replacement has not yet been named, although it is likely it will be one of the four remaining vice presidents under Aiba’s statutes.

The African Boxing Confederation head’s resignation means Aiba, suspended as the Olympic governing body for the sport by the International Olympic Committee (IOC) in June because of severe concerns with its governance, finances and refereeing and judging, is searching for its third president in nine months.

Rakhimov, whose election in November triggered the IOC inquiry into Aiba which resulted in the federation being stripped of involvement in the boxing event at Tokyo 2020, tabled his formal resignation last month.

The 67-year-old, who remains on a United States Treasury Department sanctions list as one of Uzbekistan’s leading criminals, had stepped aside in March amid pressure from the IOC.

Moustahsane was elected on an interim basis on March 29 after he was the only candidate.

The Moroccan doctor was among the officials criticized in the report by the IOC Inquiry Committee as he was head of the Draw Commission for the boxing tournament at Rio 2016, marred by a corruption scandal which prompted Aiba to suspend all 36 referees and judges who officiated at the Games.

The latest development deepens the crisis at Aiba prior to the governing body holding an Extraordinary Congress in Lausanne in November, where a permanent replacement for Rakhimov is due to be elected.

Aiba Executive Director Tom Virgets told insidethegames the election could be postponed, however, while the staging of the Congress remains in doubt owing to the organization’s perilous financial situation.

Some Executive Committee members are pushing for a delay to the election and want the Congress to be convened to change the statutes to pave the way for the vote to be held at a separate meeting next year.

Others claim this would be difficult because of Aiba’s finances and believe the body should proceed with the November 15 date.

Insidethegames

Start of Tokyo Para marathons brought forward to combat heat

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HE start times of the marathons at next year’s Paralympic Games in Tokyo have been brought forward by half an hour because of the expected high temperatures in the Japanese capital.

A spokesman for the International Paralympic Committee confirmed the first race will start at 6:30 a.m. instead of 7 a.m. as had been originally planned.

It comes after a working group found temperatures could be high enough at 7 a.m. to warrant cause for concern for the athletes.

Marathons at the Tokyo 2020 Paralympics will be held across five classifications and start times will be staggered.

The move is the latest measure designed to protect athletes from the high temperatures expected in Tokyo during the time of the Olympic and Paralympic Games.

According to Japan-based Weathernews, temperatures near the National Stadium in Tokyo were recorded at 30 degree Celsius at 6 a.m. local time on August 2, the exact date and time of the women’s Olympic marathon next year.

The heat in Tokyo is among the main concerns for organizers in the buildup to the Games.

Fears grew earlier last month when it was revealed that 11 deaths were recorded and 5,664 people were taken to hospital in Japan with heat-related medical issues following the end of the rainy season.

Concerns over heat rose last year after Japan suffered a record heatwave with temperatures reaching 41.1oCelsius.

In June, Tokyo 2020 published an overview of countermeasures being taken to minimize the risk of heat on athletes and spectators at the Games.

Among the measures being considered is allowing spectators to bring their own bottled water into venues under certain conditions, which had previously been prevented at past editions of the Olympic Games due to security and sponsorship.

The Tokyo Metropolitan Government has also been installing special coatings on the city center’s roads, including areas of the marathon course, with materials that are expected to suppress temperature rises by as much as 8 degrees Centigrade.

At the recent beach volleyball test event in Tokyo, misting sprays and air-conditioned tents were among features trialled to combat the effects of rising temperatures. AP

Simmons: I was singled out

SIXERS guard Ben Simmons implies he has been racially profiled by security staff at a Melbourne casino. AP

HEAD Coach Gregg Popovich speaks with the media during a recent training camp for USA Basketball in Las Vegas. AP

COACH POP LOOKS TO GET RIGHT FIT L

AS VEGAS—USA Basketball Coach Gregg Popovich typically has a month of National Basketball Association (NBA) training camp and a half-dozen or so preseason games before he picks a San Antonio team, and then gets a few more months of the regular-season grind to mold those Spurs into playoff shape.

These aren’t the Spurs.

These are not typical times, either.

USA Basketball will finalize its World Cup team on August 17—meaning training camp, which started Monday, lasts less than two weeks. That also means there’s a real urgency in this camp in Las Vegas, since Popovich and his staff won’t have much time to decide who will fill the 12 spots on the roster that will head to China in search of a third consecutive World Cup title.

“We’re looking for guys who are competitive, who can handle the discipline it’s going to take to

M

ELBOURNE, Australia— Philadelphia 76ers guard Ben Simmons has explained a socialmedia post that seemed to imply he’d been racially profiled by security staff at a Melbourne casino by saying he and his friends felt “singled out.”

Simmons posted a video on Instagram in which he asked why he and two black friends were asked for identification but another person in their group who is white was not. He deleted the post Tuesday morning, when it started making news and after the casino issued a statement saying its security staff routinely did ID checks on

A US Open, a summer of stress for Woodland

By Doug Ferguson

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The Associated Press

ERSEY CITY, New Jersey—Gary Woodland made sure plans were in place for him to leave tournaments before he even arrived.

And when he did show up, just the sight of officials in a golf cart made him nervous.

Most of the time, they were on their way to administer a ruling. Woodland always assumed they were coming to tell him his wife had gone into labor.

It was like that for the last six weeks.

So the smile that never left him Tuesday at Liberty National Golf Club had nothing to do with the $15 million prize at stake as the FedEx Cup playoffs begin. It was all about his twin daughters Maddox and Lennox born Thursday, making his best year in golf the greatest year of his life.

“I feel 100 pounds lighter,” Woodland said as he walked off the course during a weather delay in a practice round Tuesday for The Northern Trust. “Obviously, I had a huge win and that was great. But it’s been stressful every week because every cart I see ... ‘Are they coming to get me? Is Gabby going into labor?’ The last month has been stressful for both of us.”

That huge win was the US Open at Pebble Beach, which was filled with plenty of tense moments.

Woodland handled those with ease, no small task with two-time defending champion Brooks Koepka chasing him all the way to the finish line.

He drilled a 3-wood from 263 yards onto the 14th green to set up a pivotal birdie, and then turned to another high-risk shot by using a 64-degree wedge to pitch the ball off one end of the green to a pin some 90 feet away on No. 17, a shot that will

IT’S all about Gary Woodland’s twin daughters Maddox and Lennox born Thursday, making his best year in golf the greatest year of his life. AP

get this done, play a team game and basically fall in love with each other, and have that empathy so that they feel responsible to each other and depend upon each other,” Popovich said. “That obviously means you don’t need the greatest amount of talent in the world.

“Too little talent is not a good thing, but we don’t have that problem.”

The biggest US names—LeBron James, Kawhi Leonard, Stephen Curry, Kevin Durant, James Harden and so on—aren’t playing World Cup. There are four current All-NBA players expected in the tournament, and three of them will be aiming to beat the US. Nikola Jokic will lead gold-medal hopeful Serbia, NBA MVP Giannis Antetokounmpo is playing for Greece, and Rudy Gobert is playing for France.

The only American All-NBA guy in the mix is Kemba Walker, who knows team building over the next few days is vital.

“On the court is pretty easy. I think we’ll get

that,” Walker said. “Off the court is where we need to figure out, where we need to spend more time and communicate more, just have fun with each other. Like Pop said, just love each other. That’s the way it has to be, because it has to translate to on-the-court if we want to do something special with this team.”

Even though the US roster lacks the biggest stars, there’s already a clear sense of competition.

Popovich brought in the select team—the younger NBA players who were invited to Las Vegas this week to push the national-teamers and potentially compete for their jobs—into practice Tuesday, and players said the intensity of play immediately ramped skyward. There’s no grace period for players to ease into camp, not with stakes this high.

“They came to play,” Miami center Bam Adebayo said. “I give them respect.”

It’s already clear that Popovich, entering his

first tournament as the US coach, doesn’t want the 12 best players. He wants the 12 best-fitting ones.

So the roster is still anyone’s guess.

Everything that happens on the practice floor and in scrimmages will matter in terms of evaluation, of course. But there’s also the off-the-court bonds that Popovich will be wanting to see, the ones forged over dinners and meetings and conversations. When the US plane leaves Los Angeles for Australia next Saturday, bonds that might not currently exist will have to be firmly in place.

“It’s about how the group fits together,” Popovich said. “You know, 12 All-Stars probably aren’t going to work great unless you have the right mix of point guards and defenders, big guys who can spread the court and shoot it. It’s how they fit together. It’s about being competitive, who the most team-oriented guys, who are the most dedicated guys. This is a long journey and it takes a hell of a commitment.” AP

anyone who appears younger than 25.

The 23-year-old Simmons, who recently became the highest-paid Australian athlete when he signed a five-year, $170 million contract extension with the 76ers, apparently wasn’t recognized by security at one of the casino’s entry points Monday night. But he was allowed in at a second entry point after providing identification.

After appearing at a charity event Tuesday, he posted on Twitter to explain his earlier video.

“As you know an incident happened last night at Crown, and my

friends and I felt personally singled out, no one likes to feel like this,” the Melbourneborn Simmons said in a tweet. “I am very passionate about equality and I will always speak up even if it means having uncomfortable conversations.”

The casino issued a statement saying its “internal security policy requires our security officers to check identification of those persons they believe to be under the age of 25, this is an enhanced safeguard to ensure that no one under the age of 18 is permitted entry to the casino floor as required by law.

“The group subsequently provided

identification and were permitted entry...[we] strenuously reject reports that it discriminated against a group of visitors last night.”

Simmons, whose father is African American, did not explain why he deleted the post.

Reports in Australian media said he was staying at a hotel connected to the casino.

Simmons was selected for the Australian squad for some exhibition games against the US team in Melbourne later this month and for the world championships in China starting next month, but he withdrew to focus on his preparations for the next NBA season. AP

VILLANUEVA HOLDS BENEFIT HOOPS GAME IN MANILA take its place in US Open lore.

That still didn’t equip him for six weeks of nerves that followed.

“At Pebble, I felt in control. The last month, I’ve had no control,” Woodland said. “That was the hardest part for Gabby and I, the uncertainty.”

It was at the Dell Match Play two years ago when Woodland learned that one of the twins his wife Gabby was carrying had died. Their son, Jax, was born at 30 weeks and spent six weeks in the neonatal intensive care unit.

The following April, she had a miscarriage.

So imagine the surprise—and trepidation— when they learned in January that she was pregnant with twins.

“One, they told us she couldn’t get pregnant,” Woodland said. “Two, they didn’t think there was any chance she’d make it to 36 weeks. That was almost as much a miracle as her getting pregnant.”

S

EN. Joel Villanueva leads a team of legends in Philippine basketball as they face councilors of the City of Manila in a charity basketball game on Thursday afternoon at the San Andres Sports Complex.

Game time is 2 p.m., the highlight of a daylong festivities that Villanueva organized as part of his thanksgiving celebration to mark his 44th birthday recently.

Manila Mayor “Isko” Moreno is expected to lead the ceremonial jump ball.

The senator, who hails from Bocaue, Bulacan, said that he held Manila a special place in his life because he spent his formative years in the capital studying at the University of Santo Tomas. Villanueva was a member of the Growling Tigers that dominated the University Athletic Association of the Philippines in the 1990s.

Villanueva’s team is bannered by four-time Philippine Basketball Association Most Valuable Player Alvin Patrimonio, sharpshooter Allan Caidic and court general Johnny Abarrientos, as well as celebrities Matt Evans, Joross Gamboa and EA Guzman.

The Batang Maynila will have Councilor Terrence Alibarbar, who runs a grassroots basketball program in the city’s third district to promote physical fitness among residents there.

Proceeds of the benefit game will go to the city-run Manila Boystown Complex, the city’s social welfare arm that cares for abandoned children and the elderly. The game is open to the public, Villanueva said.

orts

sMirror

Thursday, August 8, 2019 C3

JUVIC ON TARGET

Skippers’ goal: Stop Black!

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A

UVIC PAGUNSAN picked up from where he left off last June and took his familiar spot on the Philippine Golf Tour (PGT)— on top—as he came out better than Clyde Mondilla and Angelo Que with a three-under 68 to lead Dutch Guido van der Valk and two other locals by one at the start of the International Container Terminal Services Inc. (ICTSI) Riviera Classic at the Langer course on Wednesday in Silang, Cavite.

A delicate 10-foot putt for birdie on the ninth capped Pagunsan’s pair of 34s at the softened par-71 layout, besting the reigning (Mondilla) and former (Que) Philippine Open champions— at least after 18 holes—in the featured group and breaking off a four-way tie to seize control of the field that battled through sun, rain and wind.

“It’s tough playing in the wind and rain,” said Pagunsan, on course for a record fourth win-in-row after sweeping the last three legs of the Visayan swing of the PGT put up by ICTSI in Bacolod, Negros Occidental and Iloilo.

He added that this event could be his last on the local circuit this year as he sets to leave for Japan in two weeks time to resume his campaign, along with Que, on

ARON BLACK looks to continue his stellar play in the Philippine Basketball Association (PBA) Developmental League Foundation Cup when AMA Online Education locks horns with Marinerong Pilipino on Thursday at the Ynares Sports Arena in Pasig.

The son of PBA great and current Meralco Coach Norman Black has been tearing it up this conference, already having two triple-doubles under his belt in just his first two games in the developmental league.

Black is currently averaging 25.5 points, 15.5 rebounds and 12.5 assists, including a 26-point, 16-rebound, 14-assist performance in the Titans’ 110-92 domination of iWalk last week which improved their card to 1-1.

AMA Coach Mark Herrera has been familiar with Black’s game as he had the opportunity to mentor the 22-year-old before, and he’s totally elated to see him flourish with the Titans.

“I am giving Aaron the confidence. I’ve known him long before, he was my player in the under-13,” Herrera said.

So stopping Black will be the primary goal of the Skippers when they meet at 5:30 p.m., which serves as the main attraction of the triple-header that also features Italiano’s Homme versus Technological Institute of the Philippines at 1:30 p.m. and Centro Escolar University against Nailtalk at 3:30 p.m.

“We have something special for Aaron Black,” Marinerong Pilipino Coach Yong Garcia said.

“But our focus is defense.”

The Skippers are fresh from a 118-71 domination of Hazchem in their debut last Monday, and they have their sights set on a repeat as a victory would

JUVIC PAGUNSAN finds himself in a familiar spot—on top. NONIE REYES

Valdez, Cool Smashers seek redemption in PVL

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eight others remain unfazed, all eager and ready to foil Creamline’s crack at a title-retention drive the second time around.

Petro Gazz, in fact, is keen on duplicating Creamline’s sweep of the last year’s twin titles on a team made up of the high-flying Cherry Nunag, Jeanette Panaga, Djanel Cheng, Cai Baloaloa, Cienne Cruz, Jessey de Leon, Alyssa Layug, Paneng Mercado, Jonah Sabete, Relea Saet and Jovie Prado.

PacificTown Army, inspired by its third place effort in Reinforced, is also confident of pulling the rug from under the favorites behind its tested crew composed of MJ Balse-Pabayo, Nene Bautista, Joanne Bunag, Royse Tubino and Jovelyn Gonzaga with the likes of Christine Agno, Jem Gutierrez, Alina Bicar, Angela Nunag and Dahlia Cruz raring to step up and provide the needed backup.

BanKo-Perlas is also out to atone for its foldup when the going got tough in the previous conference with the power-hitting Nicole Tiamzon and block artist Kathy Bersola to combine anew with Roma Doromal, Sue Roces, Mary Tajima, Dzi Gervacio, Gizelle Tan, Ella de Jesus, Jem Ferrer and Rose Cailing.

CLASH OF TOP SQUADS: PETRON VS. F2 LOGISTICS

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HILIPPINE volleyball’s fiercest rivals—F2 Logistics and Petron—collide anew in the Philippine Superliga All-Filipino Conference on Thursday at the Filoil Flying V Centre in San Juan.

Battle erupts at 4:15 p.m. with the Cargo Movers enjoying a slight advantage over the team that has been lording it over the conference for the past couple of years.

Generika-Ayala, meanwhile, shoots for the solo third spot when it tangles with PLDT Home Fibr in the 7 p.m. featured encounter.

Since acquiring Filipino-American Kalei Mau, the Cargo Movers have been invincible as they won 11 straight games to occupy a lofty spot on top of the team standings entering the crucial stretch of the preliminaries of this tourney that also has ESPN5 and Kapatid TV5 as broadcast partners.

The Blaze Spikers, for their part, won 10 of their first 11 matches with their lone loss coming from the hands of the Cargo Movers, making this game a dramatic and action-packed

par-three 17th, the course’s signature hole which plays downwind all the way.

“Very good ball striking under difficult conditions. I also made some good putts and just one back off Juvic and that made me happy,” said van der Valk. “It’s been raining hard in the area the past two weeks so I tried to hit it as hard as possible as there’s no roll. But I kind of hit some so hard that it went past the greens and that’s the only way to offset.

Zaragosa, the former many-time national amateur champion whose rookie season was marred by a string of missed cut stints, appeared headed to clinching the first day honors when he went four-under with three holes left at the front.

But he fell short of his approach shot from the rough on the par-four No. 9, hit a bump-andrun 16 feet way past the cup and three-putted after his bogey bid lipped out that dropped him to joint second at 69 in the event backed by Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc. “It happens,” said the 21-year-old diminutive shotmaker of his mishap. “Part of the [learning] process and will just have to move on and hope for a better round tomorrow [Thursday].”

THE meeting among Senators Christopher “Bong” Go and Francis Tolentino, and newly elected Philippine Olympic Committee President Rep. Abraham Tolentino and Philippine Sports Commission Chairman William Ramirez is all jovial. ROY DOMINGO

improve their win-loss card to 2-0 to seize early leadership of Group A. Ex-pro Eloy Poligrates, JR Alabanza and Dan Sara will once again take the lead for Marinerong Pilipino.

OASTING of a star-studded roster, Creamline hopes to reassert its might in pursuit of backto-back title feat in the Premier Volleyball League Season 3 Open Conference unfolding on Sunday at the Filoil Flying V Centre in San Juan City.

The Cool Smashers won’t be looking too far for motivation, their shock loss to the Petro Gazz Angels in the recent Reinforced finals is enough to spur them to doing what they had failed to do the last time out.

“We’ll bounce back,” assured Creamline star hitter and many-time Most Valuable Player Alyssa Valdez ahead of the opening of mid-season conference of the league organized by Sports Vision that drew a couple of new bidders and a returning squad that hiked the field to nine.

“Going to the all-Filipino conference, I’m not saying that we’re all equal but this is the chance for us locals to work hard, and showcase our talent and skills,” she added.

With Michele Gumabao, Risa Sato, Jema Galanza, Rose Vargas, Celine Domingo, Pau Soriano, Jia Morado and Melissa Gohing along with Kyle Negrito, Heather Guino-o, Fille Cainglet-Cayetano, Rizza Mandapat, Coleen Bravo and Kyla Atienza, the Cool Smashers appear to be the strongest. But the

the region’s richest tour.

“I placed second five times since 2015 so I hope to finally score my maiden win [in Japan] this year,” said Pagunsan, who tamed the rain-soaked layout with five birdies against two bogeys.

Obscure Rico Depilo birdied Nos. 15 and 16 to fire a 69 in preferred lies and tie Rupert Zaragosa and van der Valk at second while 2016 champion Jay Bayron blew a threeunder card after seven holes at the back with three bogeys against one more birdie in the next eight holes to slip to joint fifth at 70 with Art Arbole and Japanese Makoto Iwasaki.

“I was just lucky since it’s tough to score here with the rain and wind although the course is in good condition,” said Depilo, whose career best finish was seventh here last year. He made two other tap-in birdies that negated his two missed green bogeys.

Van der Valk, who nailed his second PGT win in Cebu last June, opened with a bogey but posted a four-under card with a stirring fivebirdie run in a seven-hole stretch from No. 10.

He, however, missed staying on top or gaining a share of the lead with a double-bogey on the

encounter between two teams who have clashing for the All-Filipino crown for the past three seasons.

But Petron Coach Shaq de los Santos toned down the hype.

“We’re excited to play against them and it’s going to be an exciting match for sure,” said de los Santos, whose wards dethroned the Cargo Movers in 2017.

“But like any other game, everything starts in practice. We need to have good preparation to have a better performance.”

F2 Logistics Head Coach Ramil de Jesus agreed, saying that their game doesn’t mean a thing because their ultimate goal is to regain the title.

GO: LET’S UNITE FOR SEAG S

EN. Christopher “Bong” Go called for unity as he gathered major stakeholders of the country’s hosting of the 30th Southeast Asian Games in a hearing-cum-organizational meeting on Wednesday at the Senate in Pasay City.

“I believe that our successful hosting [of the SEA Games] will usher a progressive and new chapter in Philippine sports,” said Go, chairman of the Senate Committee on Sports.

Newly elected Philippine Olympic Committee President Rep. Abraham Tolentino told the committee that the preparations for the November 30 to December 11 SEA Games are going on smoothly and steadily.

Philippine Sports Commission Chairman William Ramirez echoed Tolentino’s declaration

and said facilities and infrastructure are in place—and those that are undergoing renovation will be ready long before the Games.

Ramirez, also the Chef de Mission to the Games, guaranteed the allocated P6 billion fund for the Games “is in good hands.”

“The PSC will continue to assist in the country’s hosting of the Games by ensuring the proper and timely processing of funds,” Ramirez said.

Bases Conversion and Development Authority President Vince Dizon and Philippine Southeast Asian Games Organizing Committee COO Ramon Suzara were also in attendance in the hearing that includes Senators Francis Tolentino, Imee Marcos and Juan Miguel Zubiri.

Dizon assured that the New Clark City will be finished ahead of time. It is projected that the 20,000-seat athletics stadium and the 2,000-seat aquatics center will be ready for local athletes for test events next month.

“Our facilities are almost ready. The athletic and aquatic centers, as well as the athlete’s village are nearing its completion and will be available for usage of our athletes ahead of schedule,” Dizon said.

A total of 56 sports are on the Philippine SEA Games program that would be staged in Clark, Subic, Tagaytay and in other venues in Calatagan, Laguna (Santa Rosa and Los Baños), San Jose del Monte (Bulacan) and San Juan (La Union).

Ramon Rafael Bonilla

Bill filed creating natl academy of sports for HS

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HE country will soon have a national school that is intended solely for young athletes—similar to the Philippine Science High School and Philippine High School for the Arts—as Sen. Christopher Lawrence “Bong” Go has filed a bill seeking to create a National Academy of Sports for High School (NASHS).

Senate Bill 397 provides that the NASHS “will serve as the premier training center to develop the athletic skills and talents of high-school students.”

Based on the proposal, it will be built

in New Clark City in Capas, Tarlac, with an initial proposed funding of P150 million.

Go said that the academy is a gift to athletes and the youth.

The senator shared that as chairman of the Senate Committee on Sports, he aims to bring the country back to its former glory in the world of sports.

“We need to bring the country back as the sports powerhouse of Asia,” Go said.

For the NASHS to be accessible to athletes from different parts of the country, SB 397 “mandates the grant of scholarships, stipends and such other allowances to deserving students.” Scholarships may be in full or partial, and paying students may also be accepted, according to the rules that the board of trustees to be created may promulgate.

Go said that enrolled students will have the best training possible because the academy will be built in Phase 1A of the New Clark City National Government Administrative Center (NGAC), which includes a 20,000-seater athletics

stadium, a 2,000-seater aquatics center, and an Athletes’ Village, surrounded by a 1.4-kilometer river park development with bikeways and jogging paths.

They will be given “proper exposure to worldclass sport facilities and possibly join the National Athletes Pool in various events,” SB 397 states.

The world-class sports complex in New Clark City is expected to be completed later this month, in time for the 30th Southeast Asian Games, to be hosted by the Philippines from November 30 to December 11.

Based on the filed bill of Go, the proposed initial P150 million for the academy “shall be made available from the funds of the National Treasury” and the amount to be used for additional expenses “shall be provided in the annual General Appropriations Act.” The bill also grants the board of trustees the power “to identify satellite branches of the NASHS” so that in the future, the academy can cater to more athletes in the different regions of the country.

Barcelona teams up with TikTok

F GELINE OLARVE in action in Marinerang Pilipina’s 25-12, 25-17, 25-9 setback to Petron on Tuesday.

C BARCELONA has teamed up with TikTok, the world’s leading short video platform, to launch the #BarcelonaChallenge in the Philippines.

Providing a platform for football fans to engage with their favorite FC Barcelona players, TikTok users globally could showcase their love for the team by participating in the challenge.

Starting from now until August 10,

TikTok users in the Philippines are invited to participate in the #BarcelonaChallenge by uploading

videos of themselves sporting the blaugrana (red and blue) colors or wearing a Barça jersey.

Five of the most creative videos will stand a chance to win official FC Barcelona jerseys.

The challenge ends on Saturday.

To kickoff of the #BarcelonaChallenge, FC Barcelona has uploaded videos of their players wearing their Barça jersey.

TikTok is now available in over 150 markets, and in 75 languages, with a robust localization strategy to encourage users to create and interact with content relevant to local cultures and trends.

TESSA JAZMINES tessa4347@gmail.com

PART OF THE GAME

We shall return ON a rainy night in August, thousands of Pinoy MMA fans braved the rain and floods, and showed up just the same at the Mall of Asia Arena. They were there to witness ONE: Dawn of Heroes, a super stacked, blockbuster martial arts event that was described as “the greatest night in Philippine martial arts history” by no less than ONE Chairman and CEO Chatri Sityodtong.

Indeed it was designed to be. Big name in the cards: Vietnamese-Australian flyweight champ, Martin “The Situ-Asian” Nguyen; young, sensational Muay Thai champ Jonathan “The General” Haggerty from the UK; his challenger, the pitbullish, fearless Rodtang “The Iron Man” Jitmuangnon from Thailand with a 4-0 card in ONE Championship. Plus MMA legends and international heroes Demetrious “Mighty Mouse” Johnson and UFC/Bellator champion Eddie Alvarez out to make new myths for themselves in ONE Championship. And that’s just scraping the surface.

At the heart of the August 2 Manila Fight Night was what Pinoy fans came out to see. Five Filipino fighters, all groomed out of the fabled Team Lakay stable, seeing action in this night of nights. Edward Kelly, Honorio Banario, Geje Eustaquio, Danny Kingad and Eduard Folayang were set to face various opponents that would test their mettle. The shouts and the lights combined to give a heady, surreal experience.

The voice-over hype pumped energy at every corner of the arena.

But Lady Luck smiled only on a selected few.

Of the five Lakay heroes, only one—Danny “The King” Kingad—triumphed over his adversary, Reece “Lightning” MacLaren from Australia. The 23-year-old Lakay bet won by split decision over MacLaren in a fierce back-and-forth where Kingad escaped dangerous situations and came out on top in the dying seconds.

The Australian tried to keep the fight on the mat, his comfort zone, but Kingad looked to take it higher where he could strike and reveal his full arsenal. On the mat, Kingad gave MacLaren a dose of his own medicine as well with an armbar that unsettled the wily Oz warrior.

When the decision came and the barker announced the winner of the bout, the Pinoy crowd let out a mighty roar. The win placed “The King” in a very good situation as he now goes on to fight in the ONE Flyweight World Grand Prix Finals in Japan this October.

The other Lakay boys were not so lucky.

Edward Kelly, was the first to succumb as he lost in a second-round technical decision against Chinese Xie Bin. Honorio Banario lost next to Korean Dae Sung Park via unanimous decision after three rounds.

The first shocker came when former ONE flyweight world champion Geje Eustaquio was knocked out at 1:59 of the first round by Japanese knockout artist Yuya Wakamatsu. It was the first knockout defeat of his professional career.

But the bout that broke Filipino fans’ hearts was the much-awaited encounter between former ONE Lightweight World Champion Eduard Folayang and former UFC lightweight world champion Eddie Alvarez. Folayang got the crowd going early on with an early dominance of the multi-titled American former champ also known as “The Underground King.” He raised the cheers at max level when he sent Alvarez to the ground with one of his mighty kicks.

From there Folayang proceeded to ground and pound, and keep his opponent down. But Alvarez saw a patch of blue and managed to escape, Within a few seconds he had reversed the situation and was atop the Lakay warrior, whose mighty back was dangerously exposed.

That spelled doom for Folayang who had no choice but to tap out when Alvarez applied the “garrote” on him, the dreaded rear naked choke.

The fight was over at 2:17 of the first round.

Looking back, Folayang acknowledged that it was his impatience that cost him the fight.

At the post-fight presscon, Lakay Coach Mark Sangiao said “this isn’t the first time that this has happened to Team Lakay. We will take all the lessons from this, go back to Baguio and work on all the weaknesses that we saw last Friday.

We will pay attention to all the little details in training because these small details are a huge factor in the fights.”

Bruised and humbled, each of the Lakay boys faced the media and acknowledged their pitfalls, even while keeping their strong resolve, like the people of the mountains that they are.

As they stood up to leave the media tête-à-tête, Eduard Folayang left a statement that brought a smile back to the room. “In the words of General MacArthur, we shall return,” the Lakay warrior said.

God’s in his heaven, all’s right with the world.

ROONEY’S GOING HOME D The 33-year-old former England captain will remain at DC United until the end of the season before joining second-tier Championship team Derby County as player-coach from January.

Sports BusinessMirror

CELEBRATION

New York Yankees right fielder Aaron Judge (99) leaps with left fielder Mike Tauchman while celebrating the team’s 9-4 win over the Baltimore Orioles in the Major League Baseball on Tuesday in Baltimore. AP

ERBY, England—Wayne Rooney will be leaving Major League Soccer (MLS) after less than two seasons to return to play in England and be closer to his

family.

The 33-year-old former England captain will remain at DC United until the end of the season before joining second-tier Championship team Derby County as playercoach from January.

Rooney has signed an 18-month contract that can be extended until the end of the 2021-22 season.

“I am very excited about the opportunity that Derby County have provided me with,” Rooney said. “I am sure I can make a big

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| Thursday, August 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Chelsea apologizes over ‘prolific child abuser’ coach at club

succeeded Lampard as Derby manager. “He has enjoyed a wonderful career, both in club football and for England, and he still has so much to give, as well.

“His credentials speak for themselves.

But to have a player with his leadership, skill, experience, character and work ethic will be huge for us. He knows what it takes to succeed as a player and I have no doubt he will have a positive impact right across the club. The inspiration and motivation this can generate is massive for all of our players from the first team right through to the youngsters in the Academy.

It is entirely in keeping with, and in support of, the club’s philosophy and approach.”

In Cairo, the African soccer confederation on Tuesday cleared one of its vice presidents of headbutting a referee because of insufficient evidence.

The Confederation of African Football’s disciplinary committee said that VP Fouzi Lekjaa, who is also president of the Moroccan soccer association, was found not guilty of assaulting Ethiopian referee Bamlak Tessema Weyesa following the second leg of the CAF Confederation Cup final in May. Moroccan club RS Berkane lost the final on penalties to Zamalek of Egypt after the two legs ended 1-1 on aggregate.

CAF’s disciplinary board ruled there was “insufficient solid and corroborated evidence” to prove Lekjaa’s guilt. The referee alleged in his match report that he was assaulted by Lekjaa after the game.

CAF did hand out a four-game ban and $10,000 fine to Berkane defender Omar Namsaoui, who was sent off for violent conduct and later confronted match officials during the trophy presentation. The club was also fined $30,000 for players and officials making “aggressive gestures” toward the match officials.

Both Berkane and Zamalek were fined a further $22,500 each for fans throwing water bottles and other objects during both legs of the final. AP

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ONDON—English Premier League club Chelsea has apologized for the “terrible past experiences” of some former youth players after an investigation into child sexual abuse.

Barrister Charles Geekie found that Eddie Heath, who coached Chelsea’s youth teams from 1968-1979, was a “dangerous and prolific child abuser. His conduct was beyond reprehensible.”

Geekie said the abuse by Heath, who died in 1983, “was able to occur unchallenged,” and his report documented “the life-changing impact it had on those affected.”

Former Crewe Manager Dario Gradi, who was

suspended by the Football Association in 2016 amid separate investigations, was criticized by Geekie for failing to stop Heath when working at Chelsea in the early 1970s.

“Mr. Gradi is the single example of a clear account of an adult in a position of responsibility at the club being informed about an allegation in relation to Mr. Heath at the very time of the events complained of,” Geekie said.

“The consequence of my findings is that the complaint made about Mr. Heath was not referred to more senior members of the club and an opportunity to prevent Mr. Heath from going on to abuse others was lost. I consider it absolutely necessary in order to achieve the purpose of the review to name Mr. Gradi.”

The 252-page report by Geekie details how Heath targeted vulnerable boys, earning their trust, abusing them and then using “fear to secure silence.” Chelsea Chairman Bruce Buck has met with 17 of the abuse survivors, with the club saying compensation will be paid.

“The board wishes to thank all the survivors and witnesses who came forward to assist the reviews and the club apologizes unreservedly for the terrible past experiences of some of our former players,” Chelsea said in a statement.

“It is evident that Heath was a dangerous and prolific child abuser. His conduct was beyond reprehensible. The report details how abuse was able to occur unchallenged, and the lifechanging impact it had on those affected.”

Gradi was appointed an assistant coach at Chelsea in January 1971, with the review unable to establish if he left in 1975 or 1976. Now 78, Gradi is accused of attempting to smooth over allegations of Heath assaulting a youth player during a visit to the player and his father.

Gradi told Geekie’s investigation team that the father of the boy did not want the complaint to “get Eddie Heath into trouble”, insisting he informed club management of the allegations.

“The fact that he [the father] didn’t want it to go any further, in other words, took the pressure off me as far as I was concerned,” Gradi is quoted as saying in the Geekie report.

“I think I probably would have tried to stand up for Eddie Heath a bit.”

When asked if he offered an apology, Gradi told the Geekie report: “No. What could I apologize for?” AP

contribution and can’t wait to meet everyone, especially the supporters. I am equally excited to begin my coaching career at Derby County working with both the first team and academy.”

Rooney, who is the record goal scorer for Manchester United and England, had another two years remaining on the contract he signed with DC United after joining from Everton in 2018.

“After speaking to Wayne and understanding his difficult situation of being so far away from his family, we have accepted that this is the best decision for all parties,” said DC United Cochairmen Steve Kaplan and Jason Levien. “Wayne is an exceptional leader and one of the most iconic players to play the game, so we look forward to his continued contributions to the team this season.”

The Washington-based team remains in contention for the MLS playoffs, so the striker’s stay in the United States could end in November.

“I must also take this opportunity to thank DC United, their owners, executives and supporters who have been superb to work with,” Rooney said. “I want them to know that I will give my all in support of our push for the playoffs.”

Derby has been out of the Premier League since 2008 and lost a playoff final in May to return to the top division. Rooney’s former England teammate, Frank Lampard, was in charge of Derby last season before moving to manage Chelsea.

“Wayne Rooney is an extremely talented and topclass footballer,” said Phillip Cocu, who

WAYNE ROONEY will be joining DC United. AP

Veteran Alves eyes Qatar 2022 World Cup in return to Brazil S

DANI ALVES will be 39 years old in 2022. AP

ÃO PAULO—More than 40,000 Brazilian fans showed up Tuesday night to see Dani Alves join his boyhood club São Paulo FC. The former Barcelona, Juventus and Paris SaintGermain (PSG) defender said the move aims to keep him in shape for the 2022 World Cup in Qatar, when he will be 39 years old.

The captain of Brazil’s title-winning Copa America team signed a contract that runs to December 2022.

He left PSG on a free transfer after his contract expired in July.

Alves has lifted 40 trophies in his professional career and is looking for more.

“I have the dream of playing the next World Cup and I need a team that believes in me, in my history in soccer,” Alves said. “I am coming to São Paulo to bring results, I don’t want anyone thinking I have come to end my career.

I still have many goals.”

Alves did not play in last year’s World Cup because of a knee injury. He was on Brazil’s squad for the 2010 and 2014 editions of the tournament, but in both occasions he lost his place in the starting lineup to Maicon.

Alves move to midfield to help extend his career.

Another São Paulo historic player, 2007 Fifa Player of

the Year Kaká, handed Alves his number 10 shirt in front of excited fans who haven’t seen their club win major trophies since the 2012 Copa Sudamericana title.

Alves did not hide his emotion when it comes to the warm reception he has received since his arrival at São Paulo’s Congonhas airport.

“Today São Paulo did not sign a player, the club signed a fan like you all,” the defender said during Tuesday night’s presentation.

FC Barcelona stars Lionel Messi and Luis Suárez appeared on Morumbi Stadium’s giant screen with messages for the veteran Brazilian.

“I want to wish you the best in this stage of your career,” Messi said. “I hope you enjoy returning to your country and playing there after so much time abroad.”

Alves said he wants to play Saturday against Brazilian championship leader Santos, but club doctors are not sure whether it will be possible.

São Paulo is in fifth position in the Brazilian championship with 21 points in 12 matches, 11 behind the leader.

Alves has not played since Brazil’s 3-1 win over Peru in the Copa America final on July 7 at the Maracanã Stadium. AP

Wondrous God

D

EAR God, You show compassion on all Your children.

In hope and mercy we pray: Let us be instruments of Your mercy, oh God. You remove our transgressions: Help us to forgive one another. You show divine righteousness upon Your children: increase understanding among Christians, Muslims, Jews and other faith communities. You reign forever: advance efforts toward peace among and within nations. Inspire us to continue knowing You more, loving You most and serving You endlessly. May God favor us with mercy and love and grant us salvation, through Jesus our Brother. Amen.

GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

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MUSEO ni Jose Rizal

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PUNTO del Desembarco de Rizal (or the Rizal Disembarkation site)

Life

REELING: IN SILENCES, ‘HELLO, LOVE, GOODBYE’ SOARS D4

BusinessMirror

Thursday, August 8, 2019

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CASA Redonda, Rizal’s clinic

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CASA Residencia, Rizal’s home in exile

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THE Church of Saint James The Greater where Rizal heard Mass

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VISIT of Pio Valenzuela to Dapitan, a brass sculpture by Julie Lluch

HOW ABOUT THAT BEACH GETAWAY WITH THE GANG?

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With the unique travel goals of friends in mind, Discovery Shores Boracay (www. discoveryshoresboracay.com) has created the Beach Squad package for a group of four, with rates starting at P25,300+ per night on lean season and at P32,000+ per night during peak season, while Club Paradise Palawan (www.clubparadisepalawan. com) has crafted the Palawan Pals package, also for a group of four, with rates starting at P23,000+ per night on lean season and P27,000+ during peak season.

Enjoy exclusive perks such as round-trip airport transfers, daily breakfast, drinks and pizza, plus a hearty boodle fight feast with three of your friends, all compliments of the resort.

Take that well-deserved break and leave the stresses of the city. Make your beach getaway dreams into reality and create unforgettable island memories with your best friends. Now you can trade-up your hectic morning routine with a leisurely breakfast by the beach or a rejuvenating hike up a mountain, or a bike trail around the island, followed by an afternoon of snorkeling or kayaking. There is a ton of unique island activities that you can do in Boracay and Palawan from sunup to sundown. You can choose your kind of bonding moments with your buddies— whether you prefer a serene beach escape with your closest friends or a vibrant and active island adventure.

Book your barkada beach trip, reconnect with your best pals and together discover beachside bliss, creative cuisine and exciting water sports. Making wonderful memories has never been this exciting.

WITNESS the true beauty of the new Boracay with your best buddies with Discovery Shores Boracay’s Beach Squad room offer.

Retracing Rizal’s footsteps in Dapitan

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By BenJAmin LAyUG

HAVE retraced Rizal’s footsteps in many places associated with him in Manila and Laguna, and, to complete it, I joined my son Jandy, wife Grace, her boss Engr. Eulalio “Loy” Ganzon and her officemates in a three-day trip to Sindangan (where Loy studied) in Zamboanga del Norte. Upon landing in Dipolog City, we had lunch at Ariana Hotel, visited Onay Museum (housing the memorabilia of Gen. Alexander Yano, the first Mindanaoan to become AFP Chief of Staff) and proceeded to Dapitan City. It is the site of Rizal’s exile from July 17, 1892 to July 31, 1896.

Fittingly, we first visited the Punto del Desembarco de Rizal (Rizal Disembarkation Site) which marks the spot, on the beach in Santa Cruz, where Rizal landed, together with Delgras (captain of the steamer SS Cebu) and three artillery men, to begin his life in exile. Across the landing site is a 20-foot cross erected to symbolize the propagation of Christianity in the locality of Dapitan.

We next proceeded to the Rizal Park and Shrine, our National Hero’s place of exile. Near the shrine’s main gate is the Museo ni Jose Rizal. It houses Rizal’s personal writings (books, letters, poems, etc.); some of his personal wardrobe; periodicals; replicas of his artworks (including paintings of his wife Josephine Bracken); his tools for fishing; his original medical instruments; the original blackboard, table and chairs used for teaching his

pupils; and other historical exhibits.

The park has a collection of five faithfully reconstructed houses of bamboo and nipa, originally built by José Rizal, as well as other auxiliary structures, all in their original location.

The Casa Residencia, the rectangular main house of Rizal and the biggest structure in the place, was where Jose and Josephine Bracken lived as husband and wife. Jose’s mother and sisters also stayed here during their visits. To the left of the main house is the Cocina (outdoor kitchen).

The Casa Cuadrada (Square House) doubled as a secondary dormitory for Rizal’s students. The area underneath the hut served as vocational workshop where Rizal taught his students. The octagonal Casa Redonda, on stilts, served as the pupil’s quarters. It was later converted to a clinic where Rizal operated on George Taufer, Josephine’s foster father. It was also here where he removed his mother’s cataracts. The hexagonal Casa Redonda Pequaña, on the right of the main house, served as a chicken house. The Casitas Hospitales (or Casitas de Salud), originally intended as tea houses, were later converted into clinics to accommodate patients from far-flung municipalities.

The aqueduct system or lagoon, cutting across the shrine, was built in 1895 by Rizal with the help of his pupils. The water system, feeding a water reservoir connected by bamboo tubes to the kitchen and lavatory, also provided adequate and year-round water supply for Rizal’s farm needs. The natural,

heart-shaped Mi Retiro Rock, reclaimed from the sea and set in an artificial lagoon, is where Rizal scribbled the beautiful poem Mi Retiro (A Mi Madre) and the song “Himmne a Talisay” (Hymn to Talisay). This is also where he exchanged commitment vows with Josephine Bracken.

Rizal also spent many hours watching the sunset here. It is also called Batong Lumayag because it appears to be afloat during high tide.

Beyond Mi Retiro Rock is a 500-seat, semicircular and open-air amphitheater, built in 1978. Strategically located within the sprawling shrine are Julie Lluch’s beautiful life-size brass sculptures depicting José Rizal as traveler, Rizal and Pio Valenzuela in a huddle, and Josephine Bracken.

Our last destination was the Church of Saint James the Greater. A marker here marks the spot where Rizal stood when he heard Mass every Sunday during his exile. In front of the Dapitan Church is the Relief Map of Mindanao. With the help of Francisco Paula de Sanchez, his teacher in Ateneo, Rizal created the map during his first two months in Dapitan.

He intended it to be a teaching aid for geography and history lessons. On June 20, 2005, the Relief Map was declared by the National Museum as a National Cultural Treasure. Nearby is a marker on the site of the Casa Real where Rizal was presented to Don Ricardo Carnicero, the Spanish military governor of the district. He stayed here for eight months (July 17, 1892 to March 1893). n

Cebu Pacific passengers raise $1 million to benefit children BY donating spare change in every flight, Cebu Pacific passengers raised over $1 million through the “Change for Good” initiative to improve the health and nutrition of thousands of Filipino children at the most important period of brain development.

Cebu Pacific, the Philippines’s leading airline, made the announcement as it marked a milestone in the fourth year of its partnership with the United Nations Children’s Fund through the project. Through the Change for Good initiative, passengers are invited to make a donation to help fund Unicef’s First 1,000 Days Health and Nutrition program.

“Unicef thanks Cebu Pacific and the generosity of its passengers for raising funds to help children in their first 1,000 days, the most crucial period of their life. These donations helped advocate for laws and policies such as the First 1,000 Law. Now, mothers and children in every barangay can have better access to

basic services starting from conception until the child is two years old,” said Unicef Deputy Representative Julia Rees.

In the Philippines, 95 children are estimated to die every day due to malnutrition.

The passage of Republic Act 11148, or the Kalusugan at Nutrisyon ng Mag-nanay Act, known as the First 1,000 Days Law, will improve access for families to services critical to child development: health and nutrition, water and sanitation, education, disaster preparedness and social protection programs.

The law strengthens local government systems to provide quality services to mothers and children at the right time. These include training of health workers, nutrition checks and breastfeeding counseling, health checkups, psycho-social support for mothers, socialwelfare support for marginalized families, and home visits for families in far-flung places.

“Cebu Pacific values our partnership with

Unicef to help ensure that the most vulnerable children get timely support through the First 1,000 days program. We commend our staff

and crew and, most of all, our passengers for their contributions which have now reached the $1-million mark,” said Lance Gokongwei,

Cebu Pacific president and CEO. He added, “The amount is a testament of the public’s support in sharing the vision of Unicef and the airline for a healthier future for our children.”

Change for Good is an innovative partnership between Unicef and the global airline industry since 1987. Thanks to the generous support of customers and participating airlines, the global Change for Good program has generated more than $156 million, which has contributed to Unicef’s efforts to improve the lives of millions of children around the world.

Cebu Pacific is the first and only partner of Unicef in the Change for Good initiative in the Philippines and Southeast Asia. To date, it is also the only local airline partner to raise funds to benefit children in its home country since July 2016.

More information on Change for Good is available at www.cebupacificair.com.

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Thursday, August 8, 2019

Entertaining BusinessMirror

For this roasted salmon, skip the butter and go for relish

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By America’s Test Kitchen The Associated Press

T’S no wonder salmon is one of the most popular fish. Its flesh is rich-tasting, thanks to high levels of heart-healthy oils, and it takes well to many treatments. The key is to avoid overcooking it, especially wild salmon, which is leaner than farmed.

Our hybrid roasting method solved this by heating the oven to 500°F before dropping the temperature to 275°F. The initial blast of heat firmed the exterior and rendered some fat while the fish gently cooked.

Salmon is often roasted in butter, but we wanted a healthier approach that would contrast with the fish’s richness. So we made a bright tangerine relish perked up with spicy ginger.

Skin-on salmon fillets hold together better during cooking. If you can’t find tangerines, you can use oranges. If your salmon is less than 1 inch thick, start checking for doneness early. If using farmed salmon, cook until thickest part of fillet registers 125°F.

CELEBRITIES BORN ON THIS DAY: Casey Cott, 27; Countess Vaughn, 41; Joely Collins, 47; Dustin Hoffman, 82.

HAPPY BIRTHDAY: Check out every option before you decide to make an important decision this year.

A reminder to stay within your budget and to only do what’s necessary will help you accumulate more and stabilize your financial reputation. The end result will be solid gains as you head into next year. Smart thinking and maneuvers are the keys to your success. Your lucky numbers are 2, 12, 21, 27, 33, 36, 48.

b

TAURUS (April 20-May 20): Surround yourself with friends and allies. Whether in a work, family or group situation, find out how everyone else feels before you share your opinion. Sharing too much information will leave you in a vulnerable position. HHHH

c

GEMINI (May 21-June 20): Listen to your heart and your head, not what someone else tells you.

You are the best person to rely on when faced with responsibility. An energetic approach to life, work and love will pay off. HHH

d

CANCER (June 21-July 22): Emotions will rise to the surface, causing relationship problems with loved ones or coworkers. Be careful not to back yourself into a corner. Share as little personal information as possible. Listen to complaints before airing your own. HHH

e

LEO (July 23-Aug. 22): Look for solutions before you engage in a discussion regarding how to deal with taxing situations.

Keeping the peace without giving in to someone’s unrealistic demands will be tricky but doable. HHH

f

VIRGO (Aug. 23-Sept. 22): Share your feelings with someone you feel may be limiting you from reaching your goals. An open discussion will clear the air and help you convince someone to support you. HHHH

For the relish: Place tangerines in fine-mesh strainer set over medium bowl and drain for 15 minutes. Pour off all but 1 tablespoon tangerine juice from bowl. Whisk in scallion, lemon juice, oil and ginger. Stir in tangerines, and season with salt and pepper to taste.

For the salmon: Adjust oven rack to lowest position, place aluminum foil-lined rimmed baking sheet on rack, and heat oven to 500°F. Pat salmon dry with paper towels, rub with oil, and season with salt and pepper.

Once oven reaches 500°F, reduce oven temperature to 275°F. Remove sheet from oven and carefully place

salmon, skin-side down, on hot sheet. Roast until center is still translucent when checked with tip of paring knife and registers 120°F (for medium-rare), four to six minutes.

Slide fish spatula along underside of fillets and transfer to individual plates or serving platter, leaving skin behind; discard skin. Top with relish and serve. n

Enjoy all you can of Japanese goodness TOKUBETSU Sashimi

By Eugenia Last

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Salmon: 4 (4- to 6 ounce) skin-on wild-caught salmon fillets, 1 inch thick 1 teaspoon cold-pressed extra-virgin olive oil Salt and pepper

IF you’re on a quest for delicious Japanese fare, Ogetsu Hime has a trove of stellar beef dishes, sushi and premium menu favorites right here in the city. Named after Ogetsu Hime, the food goddess of Japan, the restaurant offers only the best from the Land of the Rising Sun, with premium ingredients you won’t find elsewhere.

A cut above all other run-of-the-mill Japanese restaurants, Ogetsu Hime brings the freshest and most authentic seafood from the famous Tsukiji Market regularly.

It follows Japanese food philosophy and delivers only high-quality delights at reasonable prices to its customers.

This includes the world’s rarest, most tender cut of marbled beef from Japan’s Mie prefecture.

And if you thought that was all, there’s another mouthwatering reason to go to Ogetsu Hime. You can enjoy a premium, top quality selection of the most delicious Japanese fare at an order-all-you-can price!

Sample an array of high-grade, authentic

Today’s Horoscope

ARIES (March 21-April 19): Get your feelings out in the open. If you refuse to discuss matters, you won’t solve anything. Have a solution in mind and you will make progress. Helping someone out will end up being of great value to you, as well. HH

OVEN-ROASTED SALMON WITH TANGERINE AND GINGER RELISH Servings: 4 Start to finish: 35 minutes

Relish: 4 tangerines, rind and pith removed and segments cut into 1/2 inch pieces (1 cup) 1 scallion, sliced thin 2 teaspoons lemon juice 2 teaspoons cold-pressed extra-virgin olive oil 1 1/2 teaspoons grated fresh ginger Salt and pepper

www.businessmirror.com.ph

dishes made with ingredients imported from Japan now. Indulge in the ultimate Japanese buffet experience with the Oget and Enjoy All-You-Can. You can also enjoy

unlimited US Angus Tenderloin, premium sushi and more than 100 specialties on the clean plate price when you dine in at any of the restaurant’s two branches. Pay

only P988 for lunch weekdays; P1,088 for dinner weekdays; and P1,088 for lunch and dinner during holidays and weekends throughout the year.

Enjoy the US Angus Tenderloin (and other meat and seafood you choose) as a tasty teppan, cooked by a Master Teppan Chef over a Japanese flat iron grill right in front of you. The teppanyaki is a popular cooking method as it brings out the natural goodness of the meat with the vegetables, but also because the chef’s culinary gymnastics with their steel spatulas are so fun to watch.

Make the most of the awesome eat-allyou-can deal and feast on limitless sushi, from the best selection of sashimi and makimono, to Ogetsu Hime’s signature specialty rolls like the Ogetsu Hime Roll, Goma Ebi Tempura Roll, the Kaisen Fried Roll, Tokubetsu California Roll and the Momo Teri Maki.

More information is available at www. facebook.com/OgetsuHime.

g

LIBRA (Sept. 23-Oct. 22): Respect elders or those with more experience, but don’t feel obligated to give up on your dreams to accommodate unrealistic demands. Pace yourself; you will accomplish your goals. HH

h

SCORPIO (Oct. 23-Nov. 21): Look for alternative solutions if you face adversity.

Keeping the peace will be in your best interest. Concentrate on the projects you enjoy the most to make headway. An emotional family situation needs immediate and responsible action. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Communication should be honest.

Exaggeration will lead to trouble and a poor reputation. Keep your financial and medical information private. Don’t leave personal business incomplete. A romantic encounter with someone from your past or a coworker will be tempting but complicated. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Pour your heart into your work and professional partnerships. The more time spent nurturing your position and the people who contribute to your success, the easier it will be to advance. Don’t let your personal life interfere with your professional goals. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Learn from the best and take the information, skills and experience you gain and give them your own unique twist. There is money to be made using your talents. HHH

l

PISCES (Feb. 19-March 20): Make a decision that will help stabilize your life emotionally and financially. A personal commitment or altering the way you live will contribute to your emotional outlook. A change of status, reputation or position will improve your life. HHHHH BIRTHDAY BABY: You are demonstrative, appealing and spirited.

You are persuasive and forceful.

‘diversion’ BY GEORGE JASPER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Alitalia’s main hub in Italia 5 Secular 9 Consume soup annoyingly 14 Bauxite and hematite 15 Idris of Thor: Ragnarok 16 Thin cookie 17 In the mail 18 Crying face emoji feature 19 Bond agent?

20 “Tough luck, buddy!” (see letters 2-7) 23 They’re below pecs 24 Put away the groceries?

25 Canadian sentence enders 28 “This is between us” (letters 7-12) 34 Opposite of paleo 35 Yoko’s youngest 36 German politician Merkel 37 Wiener schnitzel meat 39 Bragg and Ticonderoga: Abbr.

41 Kids’ guessing game 42 “That makes sense” 45 Golfer Aoki 48 Afternoon affair 49 Judge Marilyn Milian’s reality show

(letters 9-14) 2 Always, to a poet 5 53 “No more details, pls” 54 Like Aleve, briefly 55 Veer, and a hint to the indicated letters in 20-, 28- and 49-Across 61 Think the world of 64 Colombian metropolis 65 Rock that flows 66 Mars explorer 67 Frozen snow queen 68 Ripens 69 Plugs of tobacco 70 Rod’s partner 71 Mystical character DOWN 1 Like an optimistic outlook 2 Twist-apart treat 3 Aid in choosing sides?

4 Stellar 5 “Hmm” 6 A Baldwin brother 7 Vowel-shaped beam 8 A resume summarizes it 9 Make more desirable, as a deal 10 Sgt. Friday’s force

1 Craft sighted in the Beaufort Sea? 1 12 “Oedipus ___” 13 Get too personal 21 Flows back 22 “Fuzzy Wuzzy ___ bear...”

25 Mocedades hit of 1974 26 Elf, to Santa 27 Patronize on vacation 28 Ask to a party, say 29 Acquire incisors 30 Do-nothing 31 Clumsy sort 32 Wait ___ Dark (Audrey Hepburn thriller) 33 Sci-fi flick FX 38 Back talk 40 Minnesota-to-Alabama dir.

43 Leashes 44 “Brave New World” drug 46 Unlikely to mingle 47 Eight: Prefix 50 Lobster claw 51 Of the eye 55 All hands on a ship 56 The Wizard of Oz surname (or wind!)

57 If all ___ fails

8 Roasted Garlic Pasta Sauce maker 5 59 Frozen reindeer 60 Lack of stress 61 Storyline shape 62 Homer Simpson utterance 63 Egg cells

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

www.businessmirror.com.ph

Thursday, August 8, 2019

MARIO LOPEZ WALKS BACK REMARKS ON KIDS AND GENDER IDENTITY NEW YORK—Mario Lopez has apologized for telling conservative commentator Candace Owens that it’s “dangerous” and “alarming” for parents to honor the wishes of young children who identify with a gender other than the one assigned at birth.

“The comments I made were ignorant and insensitive, and I now have a deeper understanding of how hurtful they were,” the longtime Extra host said in a statement released by his publicist recently.

“I have been and always will be an ardent supporter of the LGBTQ community, and I am going to use this opportunity to better educate myself. Moving forward I will be more informed and thoughtful,” Lopez said. He outraged many when he told Owens on her PragerU YouTube show that, like Owens, he is “blown away” when parents tolerate very young children who make gender determinations that early.

Owens asked Lopez about “weird trends” in Hollywood and mentioned that Charlize Theron recently said her seven-year-old, Jackson, did not identify as a boy. Owens described as a “new Hollywood mentality” such celebrity parents who believe their kids have the “mental authority” to choose a gender.

Lopez agreed and added: “I’m never one to tell anyone how to parent their kids, obviously, and I always say if you come from a place of love, you really can’t go wrong.”

He then continued: “But, at the same time, my God, if you’re three years old and you’re saying you’re feeling a certain way and you think you’re a boy or girl, whatever the case may be, I just think it’s dangerous as a parent to make that determination then.”

And he went on yet again: “My daughter thinks some boys have cooties. You don’t know anything about sexuality, yet. You’re just a kid.”

Lopez left Extra to be a host of Access Hollywood. He’s due to debut there in September.” AP

KING Sue Pandesal Muffin Pizza

Perfect food provisions for school or work PARENTS, stereotypically moms, are always on the lookout for nutritious, delicious and, of course, economical foods that they can prepare for their kids as baon to bring to school. People who go to work also search for the same attributes to nourish their mind, body and soul when they leave home.

No need to search far and wide because it’s easy to find King Sue meat products at your nearby supermarkets, and easier still to prepare food to go and bring as baon for your kids and yourself.

Give it a welcoming “aloha” with the King Sue Hawaiian Ham, best served in a hot pan de sal, tossed in your special fried rice, or as a pica-pica.

Meanwhile, the brand’s German Franks are certainly great to chomp on. Serve grilled or fried or roasted over an open fire, these frankfurters are good as hot snacks. Put the hot dogs in a warm bun and top it with your favorite condiments.

This is a great choice to feed a hungry party. If you believe that “breakfast is the most important meal of the day,” then you will simply love the sound of King Sue Sliced Bacon as it sizzles in the frying pan. It curts while you cook it and becomes crispy on its edges.

To make it easy for moms to put together baon made scrumptious by King Sue meat products, recipes are available at www.kingsue.com.

D3

FROM left: My copy of Mind Maps for Kids

by Tony Buzan; Marcus’s own review diagram (top) for the 7 sacraments and (below) my first Mind Map done October 2008 on my goal to happiness; and my copy of The Ultimate Book of Mind Maps by Tony Buzan.

‘Mind maps’ for school and life MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

C

LASSES have just started for many of our kids. How do you manage your child’s school work? Do you have difficulty getting your child’s attention? Is it easy for your child to memorize facts?

I remember how I studied when I was in grade school. My grand aunt tutored me on Chinese daily till I was in the second grade. Because my memory was not really that good, my grand aunt patiently guided me with repeated test papers at night and early morning reviews. After that, I learned to manage on my own. Below is the process on how I studied: n Read and highlight notes and textbook. Put formulas and key concepts on index cards. n Prepare 1 spring notebook. n Do test questions based on the notes and textbook on the spring notebook. n Answer on a separate sheet. n Check work. Mark my mistakes. n Review the test paper and repeat writing my mistakes again the next morning. n When Unit Test time comes, I compile all the quiz test questions on the same subject from my spring notebook and then answer them again on a separate sheet of paper. n When periodical exam comes, that’s the only time I directly answer on my test sheets. n For Chinese, where it is harder to review just the answers, I would use carbon paper and do three sets

from the time we have our first quiz.

When my kids were about to start the big school, I started wondering how to prepare them. Do I employ my rigorous study methods on them?

Is there a quicker way than the repeated drills and test papers? Based on my experience for my two kids, I have discovered that as much as methods may vary due to the personality and the learning type of each, I was able to use one method that worked for both of them.

When my daughter was two, I chanced upon a business tool in a seminar called Mind Maps. My intention for attending this seminar was for our company’s goal-setting. It was great that this method was actually helpful both at work and at home.

According to author Tony Buzan in his book Mind Maps for Kids, “Mind Maps have helped me to write, solve problems and make my life easier, and be more successful...Mind Maps have already helped millions of students around the world get better grades with less work.”

The premise of Mind Maps is that our brain thinks in colors and pictures. The book discusses how our brain has the left and right sides. In line with making notes at school or doing one’s homework, the book states that the left brain picks up words, logic, numbers, sequence, linearity, analysis and lists.

The right side, on the other hand, works on rhythm, awareness, imagination, daydreaming, color and dimension. Normally, a person would use the left brain to study, which means he or she is using only half of the brain. With Mind Maps, you can actually use both sides of the brain.

The five easy steps to follow are: n Use a blank sheet or unlined paper and colored pens. n Draw a picture at the center representing your main topic. n Draw thick, curved, connected lines from the photo to branches of the subtopics. n Name each of these ideas or draw a little picture

of each that represents the keywords. n From each of these ideas, you can add thoughts by adding branches.

Mind Maps helped a lot when I was teaching my kids. When my daughter started the big school, she had a hard time listening when learning. She would always get distracted. One time she had to memorize a poem. I would dictate a line and asked her to repeat it. We did it so many times but she would mostly be looking around. I then drew out the song in pictures, presenting the stanzas similar to a Mind Map. It made learning more effective and relaxed. I later on used this method to teach her core subjects. Today, my daughter does her customized “Mind Maps” in remembering facts in Social Studies and Science.

Even when my kids had a tutor in their first and second grade, I would still use Mind Maps to work through concepts which they found difficult to grasp.

In the last school year when Marcus was in Grade 3, I was training him to study on his own. I was surprised that when I asked him to do a reviewer for his Christian Living class, he made the diagram (shown in the collage above) on his own.

Mind Maps is a great tool you can share as a family.

I remember even using this tool with my daughter for her first fund-raising project in school. The very first Mind Map I did is also seen in the collage. The facilitator asked us to do one about our own life. My center image represented my goal for happiness. The branches showed different facets of what happiness concretely is for me. Because it was a diagram, I felt my goals imprinted in my head. From my family life to my far-fetched goal to write and study more, and even to my kids being nation-loving, this Mind Map has continuously guided me through many things I aimed for in 2008. A funny anecdote I have is that I had only one child then and was not pregnant with my second, yet. I specifically drew a boy beside my daughter in this Mind Map. It is a blessed coincidence that I did give birth to a son the next year!

Happy “Mind Mapping,” everyone. n

❶ MR.

MONOPOLY dances with joy at Toy Kingdom’s Giant Monopoly event held at SM Mall of Asia.

❷ SOCIAL

❶

❷

influencer mom Joy Sotto, wife of Quezon City Vice Mayor Gian Sotto, and her kids Sandro, Hugo, Edrigu, Rossano and Amari had a fun Monopoly game time experience at SM Megamall.

❸

❸ TOY

Toy Kingdom’s giant Monopoly at SM Supermalls CELEBRITY families were literally on board to play an iconic board game together, as Toy Kingdom (www.toykingdom.ph) recently brought the first-ever giant Monopoly to the country at SM Supermalls.

At SM Megamall and SM Mall of Asia, celebrity guests like Barbie AlmalbisHonasan, Joy Sotto, Priscilla MeirellesEstrada and Luigi Muhlach together with their respective families had the chance to experience the fun and exciting giant

Monopoly firsthand.

As board game enthusiasts know, Monopoly is a fast-dealing property trading game by Hasbro where players roll two dice to move around the board game. Purchasing and trading properties, as well as turning them into houses and hotels are part of the game. There are also various chance and community chest cards and tax squares where players can earn or pay money.

Toy Kingdom’s giant Monopoly was

larger-than-life. And celebrity families enjoyed a friendly competition with one another as they rolled two huge dice and used the oversized community and chance cards, green houses and red hotels.

Players walked through the life-sized board game boxes holding their respective tokens as one family.

The game included the usual property squares in the Monopoly board but since this was the first-ever giant Monopoly in the

Philippines, the life-sized board game also included Philippine and SM themed property squares, such as: Light Rail Transit, Seaside Boulevard, Mall of Asia Arena and SM by the Bay which made the game even more fun and exciting.

Toy Kingdom’s first giant Monopoly was also opened to public where kids and kidsat-heart enjoyed playing with the life-sized Monopoly board game with their families and friends.

Kingdom’s Giant Monopoly, the first-ever life-sized Monopoly board game in the Philippines, was on display recently at SM Megamall and SM Mall of Asia.

D4

Show BusinessMirror

Thursday, August 8, 2019

www.businessmirror.com.ph

In silences, ‘Hello, Love, Goodbye’ soars KATHRYN BERNARDO and Alden Richards in Cathy GarciaMolina’s Hello, Love, Goodbye.

REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

I Mariah Carey records new song as theme for ABC’s ‘mixed-ish’ LOS ANGELES—Mariah Carey has recorded a new song that will debut as the theme of ABC’s black-ish spinoff.

ABC announced on Monday that Carey has cowritten and sings the theme music to mixed-ish.

Carey says in a statement that she loves the show’s pilot, which focuses on the 1980s upbringing of Tracee Ellis Ross’s character, Rainbow.

Carey says she has wanted to collaborate with black-ish’s creators for some time, and providing music for a show focused on a biracial woman like herself is a natural fit. mixed-ish is set to premiere on ABC on September 24. It stars Arica Himmel as young Rainbow, and Mark-Paul Gosselaar and Tika Sumpter as her parents. AP

50 YEARS OF PHILIPPINE FILM HISTORY AT THE CCP FOR CINEMALAYA’S 15TH THE Cultural Center of the Philippines (CCP) presents an extensive exhibition on Philippine film history that opened on August 3 at the CCP Bulwagang Juan Luna (Main Gallery).

Titled Scenes Reclaimed: CCP 50 x Cinemalaya 15, the exhibition traces the historical participation of the CCP in the development of Philippine cinema across its first 50 years of service, culminating in its establishment of the first nationwide independent film festival, Cinemalaya, currently also celebrating its 15th year anniversary.

Scenes Reclaimed presents a rich array of artworks, artifacts, photographs and videos representing crucial moments and issues throughout the history of the Philippine film in the context of the CCP. The exhibit is curated by the team of Patrick F. Campos, Karl Castro, Tito Quiling Jr., and Louise Jashil Sonido, with the CCP Visual Arts and Museum Division and the CCP Film, and New Media and Broadcast Division.

The exhibit may be viewed until September 24 at the CCP’s Bulwagang Juan Luna (Main Gallery).

Exhibit viewing hours during the Cinemalaya Film Festival (ongoing until August 11) are from 9 am to 9 pm. Regular viewing hours are Tuesday to Sunday, 10 am to 6 pm.

Hours are extended until 10 pm on days with evening performances at the CCP Main Theater.

For more information, visit culturalcenter.gov.ph.

N the end, a plane flies above the city of anonymity: Is that the plane carrying Joy, or is that somebody else’s flight of happiness. No one knows, no one cares.

Would I spoil the audience’s right to enjoy Cathy Garcia-Molina’s Hello, Love, Goodbye by narrating my story about this lovely film from its ending? Well, you might ask: Can anyone spoil at all one’s appreciation of a Filipino rom-com? One can, with regard to this film.

And that is the good news.

The bad news first: Hello, Love, Goodbye is ruined by noise and it is not coming from the city. The noise is provided by a gaggle of actresses—Kakai Bautista, Lovely Abella and Maymay Entrata— whose performances are not only over-the-top, but over any tolerable intelligent decibel. The three players seem to belong to a school of acting which warrants a lot of screaming, shrieking and flailing of arms. The first time they appear the feeling is one of amusement. The succeeding scenes where they are around are not only aggravating but constitute an invasion of any moviegoer’s private and sacrosanct privilege to view a film that succeeds to convince us that love—in more than an hour or so—can indeed grow between two souls burdened by all the conflicts the universe can provide.

The story by Carmi G. Raymundo (with the screenplay from Garcia-Molina, Rona Co and Raymundo herself) has many twists and turns that it is to the credit of the director and the two leads that we never get confused where the story is leading us.

What Hello, Love, Goodbye is simply telling us is that two people can really fall in love, be sincere and pure about their feelings toward each other even without... ah, how do I write this review without revealing the ending of the film?

Joy Marie Fabregas and Ethan del Rosario are two Filipinos working in Hong Kong. Joy is a domestic helper (how old is this term already?) and she does not have a stable status in the city. Ethan works in a bar and is near becoming a resident. He also lives with his father who may be sick but nevertheless stands for a semblance of a family. This is not the case for Joy, whose mother, we discover, is also in Hong Kong living in with a Chinese “husband”. This mother is battered but she clings on to the Chinese because he is her only reason why she is able to live in the former British colony. To complicate the personal violence in this woman’s life, her husband—Joy’s father—is still alive. He, the Filipino husband, knows his wife is shacking with a Chinese husband who serves as a guarantor. The Filipino husband, brave yourself, is also blind.

Joy works as a caregiver to the aging, cantankerous mother of a woman. This woman has a child who has, depending on the moment, a kind of cerebral palsy that makes her both endearing and troublesome. I am not shaming disability here; I am looking at the uneven performance of the child-actress playing the role of Joy’s ward. As if the role of a domestic helper with bad papers is not bad enough, she is also supplied with characters of such extreme handicaps.

It is in one of those precarious situations when Joy meets Ethan. The young woman encounter this

young man as she looks up from a bundle of trash after running away from the Hong Kong policemen.

It is not the kind of romantic entanglement that is easy to accept. One can even say there is dirty (pun intended) manipulation in this section of the narrative. The fact also that Ethan has the temerity to make fun of a woman or a person while she is cowering in fear, shame and dirt can be just too much.

And yet, when the camera looks up—as we become Joy trying to discover who that man is behind that voice—we realize what close-up (0r medium shots) can do to a film.

Was it the great songwriter who said “A close-up onscreen can say all a song can”?

In the theater where I watched the movie, there was a swoon as Kathryn Bernardo and Alden Richards, as Joy and Ethan, respectively, gazed at each other. I can understand that swoon as the two actors enact for us what happens when chemistry and fate and the stupid, silly, scary, lovely forces of the universe conjure to create a tale of love.

The close-up shots, the lingering gazes are threads running and unspooling as the story of Joy and Ethan unfold. In between the making of the tapestry are the commercial compromises of incorporating comedic shots that force us to laugh or, when they are too much, distract us unfairly.

Interestingly, the noise of the city gets muted in Hello, Love, Goodbye. In hindsight, I wish the other scenes had been muted, as well.

The sight of Filipino women in Hong Kong is real, but it is an imagery that proves to be an unnecessary

clutter. Not that they need not be talked about but when the phenomenon is not explored appropriately, their presence is in itself a violence, a utilization of a crowd that does not explain why they are there.

Two fathers disabled is too much. A younger brother who carries the burden of his elder brother’s failure in love is obsessive. We are not interested in their stories.

What we are interested in is what happens to Joy and Ethan? Will they live happily ever after, as the celebrity of Kathryn Bernardo teaming up with the unusual career trajectory of an Alden Richards threaten to engulf this narrative?

What happens is nothing short of a filmic miracle—a credible ending to film that teases us for being unreal first. Holding up this shrine to love are two discoveries—for me, at least. There is Bernardo with perhaps the quietest performance for any actress of her generation. Bernardo can act within a small frame, holding her face solidly as if a slight movement will mar that portrayal. In love stories, the actress usually is the sole recipient of the loving gaze of the camera. Not in Hello, Love, Goodbye: Alden gets the cinematographic love, as well. His Ethan starts fun and ends tragic but with lots of hope, even if it does not matter what happens to that hope. When those tears fall from Richards’s eyes, they bring us back to those old, old cinemas of leading men looking beautiful and strong in grief.

It is to the credit of the director that she ends the film with the cityscape. We have witnessed a story about love, and that is good—beautiful—enough. n

CINE ARGENTINO’S 2019 FILM LINEUP EXPLORES THE DIFFERENT PERSPECTIVES OF ARGENTINE CULTURE

By JessicA mAUreen P. GAUrAnO IN this year’s lineup, Cine Argentino will showcase a various set of films that differ with a broad spectrum of genres that aims to resonate with the Filipinos. Through these films, Cine Argentino hopes to show the diversity of Argentine society and its culture. This year, Cine Argentino, a film festival that shows the diversity in Argentine society, will familiarize its Filipino audience to a wide range of films from drama to blackand-white movies.

Additionally, the Embassy of Argentine Republic’s Chargé d’affaires Facundo D. Herrera said that Cine Argentino hopes to strengthen the relationship between the Philippines and Argentina by introducing Argentinian culture through cinematic storytelling. Cine Argentino will feature five blockbusters from renowned Argentine filmmakers that have earned critical acclaim both locally and internationally. The film festival will open with El Clan (The Clan), a biographical crime film written and directed by Pablo Trapero, which is based on the true story of the notorious Puccio Clan known

for murdering and kidnapping; followed by the Oscar nominee for Best Foreign Film, Relatos Salvajes (Wild Tales), written and directed by Damian Szifron, an anthology that consists of six short tales that explore themes of social injustices and vengeance. These shorts are Pasternak, Las Ratas (The Rats), El Más Fuerte (The Strongest), Bombita (Little Bomb), La Propuesta (The Proposal) and Hasta que la muerte nos separe (Til Death Do Us Part). Also to be featured in the festival are Dos mas Dos (Two Plus Two), directed by Diego Caplan, a story that centers on family and romance; Ariel Winogard’s comedy Mamá se fue de viaje (10 Days Without Mom), which tells the story of a father who was left to care for his children when his wife decides to take a short vacation with a friend; and the black-and-white film La Luz Incident (Incident Light), directed by Ariel Rotter, which tells the intimate story about family, love and mourning that takes place in Buenos Aires during the 1960s. The story depicts the start of a complex relationship when a young widow with twin daughters encounters a charming yet mysterious gentleman.

For Herrera, what makes this year different from the

previous film festivals is that the film lineup will have a more contemporary approach than the usual. The selected films will present an interesting take on the distinct perspectives of Argentine culture and the diversity of its society that will easily identify with its Filipino audiences. With a wide range of films, Cine Argentino aims to show the different angles of how the Argentine people are faced with societal ills such as greed, corruption and injustice.

Lala Fojas, Shangri-La executive vice president and general manager, shares her excitement to have Shangri-La Plaza host this year’s Cine Argentino once again as it returns for its 5th year. “It’s Shangri-La Plaza’s privilege to be Cine Argentino’s home here in the Philippines, and we hope our local audience continues to appreciate the beauty of Argentine culture through these cinematic masterpieces,” Fojas said.

Cine Argentino is presented by the Film Development Council of the Philippines and the Embassy of Argentine Republic. The filmfest will be screening the movies for free starting August 14 to 17 at the Red Carpet in Shangri-La Plaza.

Envoys&Expats

www.businessmirror.com.ph | Thursday, August 8, 2019 E1

THE FILIPINO DIPLOMAT UPDATES

Fresh perspectives on PHL-US linkages

I

By Recto L. Mercene

@rectomercene

T’S quite rare that the country has, for an ambassador, one with a catchy name, and who is also a veteran journalist at that…

Who else could easily connect with fellow writers than the Ambassador of the Philippines to the United States Jose Manuel G. Romualdez, constantly regaling members of the media with an inside look into America’s soul, its foreign policy and the inner workings of the greatest military power in the world, among others?

These items and more used to be inaccessible to fellow snoops, deadline beaters and a generally gossipy lot, which the jolly ambassador shared with us over a cup of coffee.

But the gems that “Babe”—the name he is called by close friends and acquaintances—dish out are not empty chatter, but rather, substantial news. His views and inside information are clear-eyed recalibration and reassessment of the Philippines’s relations with the US, an ally of the country in the last seven decades.

These rare insights are the result of two years of being this country’s top envoy to the heart and soul of America itself, Washington, D.C., aside from having been on first-name basis with many of the diplomats and ranking military officials he had the chance to befriend during his long and stellar career as a newsman.

Much is being said about President Rodrigo Duterte’s pivot to China. This has roiled the country into two distinct, disruptive lines: a division between those loyal to a former colonial master; and the other, a rekindled friendship with a

much older and closer kin, by affinity, geographical nearness and blood relations.

How did our good ambassador put across to the Americans this dilemma?

“It used to be that we in the media had the tendency to say, ‘We want this, we want that.’ But when I [assumed] my post, I endured 30 minutes of their lectures of what I’m supposed to do,” Romualdez revealed in a medley of Tagalog and English.

The Filipino diplomat said he listens with intent to everything the Americans dish out. After the “homily,” he told them: “You know, Senator, we respect whatever you are telling me. But our [countries’ relations at this time are] more important than the two of us put together; more important than our presidents’.

We’ve been around for 70 years. It’s for our mutual interest that our relations remain stable and enduring.”

“We are not here to ask for anything,” the envoy would start his own discourse, with the image of Filipinos going to the United States in the back of his mind.

“Iba na ngayon. [It’s now different.]

I said, ‘We’re friends; let’s talk about what’s good for both of us.’”

The key message, according to him, was always, “‘Respect our sovereignty.’ We’re no longer ruled by Washington, D.C. We have our own democratic system, our own president. I think they understand that

now more than ever.”

Having put his message across, Romualdez said he would feel an awakening of some sort from his counterparts “precisely because of the situation. I think we should develop it in that manner where we’ll have a situation [that] we are on equal footing.”

This renewed, refreshed understanding between two longtime allies would translate into more substantial reaction, so that during the last strategic bilateral dialogue, Romualdez said the result was “one of the best, because the US is prepared to tell us how they want us to work with them.”

“Before, it used to be, ‘We’ll tell you what our relations are all about.’ Now, it is, ‘What do you really want, so that we would have a fruitful dialogue?’”

From previous experiences, Filipinos attending this dialogue would always hear one side: that of the Americans. “Now, it’s more equal. Both sides are being heard, which is good for both countries. We don’t take each other for granted anymore.”

According to Romualdez, former Stargate Media Corp. CEO and one-time publisher of People Asia Magazine: “That’s where we are today in our relationship with the US and other countries. We’re not just following everything that they tell us anymore.”

Respect and gratitude

THE ambassador said the effect of that newfound respect was shown when Iceland proposed a resolution at the United Nations Human Right Council, which called for action against the spate of killings in the Philippines. (Recall that there were 18 countries that voted in favor of the probe. Fourteen were against

it, and 15 abstained.)

“You could see that there are more abstentions than representations.

That means tactically, they did not get the majority. That’s our award for diplomacy now. We’re trying to do things which are best for us.”

Romuladez said he followed the advice of a lawmaker of our republic that we should not get out of the UN. “It’s a forum where we can use diplomacy to counteract all the negative issues that are thrown against us.”

In one of the dialogues with an American legislator, the Filipino envoy reminded his host of his countrymen’s gratitude for the help extended by members of the US military who helped in Central Visayas during the aftermath of Supertyphoon Yolanda (international code name Haiyan). “Filipinos will never forget that. We will always appreciate it.” “ Then the senator smiled, wrapped an arm around me and said, ‘Ambassador, you let me know what we can do.’”

Requests and preparations

IN the course of his US posting, it is unavoidable that Romualdez would receive various forms of requests from fellow Filipinos asking for his “connections” to bridge the gap between what is possible and the improbable.

“Some people will call me: ‘Ayusin mo na ’yung ‘ano,’ kaibigan mo naman si ‘ganun,’ [Would you please arrange or solve this for me? Anyway, so and so is your friend.]”

“Oh no, that’s not the way the American system works,” Romualdez would protest, and then admonishes the caller: “Sorry, chief. I can’t do what you’re telling me to do. That’s outside of my purview.”

At other times, he would receive some pleas, such as, “Ambassador, I am going to visit Washington. Will you please arrange this for me?” To which he would diplomatically reply: “That would require preparations.

The Americans would like to be told way, way in advance what you would like done.”

Which is what secretaries such as defense chief Delfin N. Lorenzana and his foreign affairs counterpart, Teodoro L. Locsin Jr., do when they are scheduled to visit the US. Romualdez is duly informed way ahead of their visit.

“We have to give the Americans enough time to prepare, because they really take meetings seriously. They take down notes, not ‘drawings’ [in local parlance: a mock activity, or pretending to do something]. All you say would be written down, and it will go down the chain of command.

If it’s military, it’s all the way up to the White House.”

Sometimes, Romualdez volunteered, it is the National Security Adviser who tells him: “We can do this” or “We can’t do this.”

Incoming US envoy

WHO is America’s next ambassador when Sung Kim departs?

That was the instance when our top envoy to the US became animated, as he explained the chain of events that led to the report of the alleged posting of Mina Chang, an executive from the US Agency for International Development, and the supposed withdrawal of that appointment.

Romualdez said the announcement of Chang’s impending appointment as the new US ambassador to the Philippines was from the US State Department. He relayed that Chang was scheduled to attend a recent

bilateral strategic dialogue (BSD) between Filipino and US diplomats.

“When people found out she was coming and she should be the ambassador, it spread like wildfire.

The Americans were so shocked with what happened on social media,” Romualdez revealed, then added that Chang herself was amazed with the reports going viral online.

“She said she couldn’t believe it. We told her [that she is] already a star in the Philippines. That was why they canceled her trip coming [to the Philippines], because it will be a distraction from the BSD, and it will be about ‘Mina Chang,’” the Filipino diplomat explained.

The American Embassy in Manila has since denied that the stunning 32-year-old diplomat will replace Washington’s current envoy Sung Kim. The Americans instantly denied Chang’s reported nomination to the Philippines by US President Donald J. Trump as assistant administrator of the USAID. “She was supposed to come here for the BSD in July, where the two long-time allies discussed ways to bolster cooperation in various areas, particularly on trade, defense and security,” Romualdez offered.

On the other hand, Kim will wrap up his tour of duty in about two months, and will be posted in Indonesia after Manila. Romualdez said the current US ambassador would be missed for his keen knowledge of the Asian region, telling his friends in Washington, D.C., “You really should have someone like Ambassador Kim. There’s no doubt, he has a very good rapport with President Duterte and with all [members of his] cabinet. He was sincerely liked.”

Continued on E2

Envoys& BusinessMirror

E2 Thursday, August 8, 2019

THE FILIPINO DIPLOMAT UPDATES

Fresh perspectives on PHL-US linkages Continued from E1

Because Kim is highly regarded

by Philippine officials, the Filipino emissary revealed that Malacañang even proposed for his extension. He said the State Department will try to do something about his bidding, “but it will be difficult.”

At that time, Kim’s Indonesian posting has already circulated, “so it would be very hard to withdraw it,” Romualdez explained.

He said there were many Asian experts in the State Department who expressed their hopes that the next US representative to Manila will be more like the amiable Kim, who understands Asian culture, being of Asian descent himself.

Next battlefield: cyberspace

OUR discussion turned to the “flavor of the month”—the reported order of Trump for US companies to boycott Huawei products. The electronic giant caught the world’s attention with their announcement that they are currently ahead of all countries in deploying 5G wireless technology.

Romualdez insisted that the Huawei subject “is really a security issue.”

He said that when Locsin visited Washington, D.C., one of the first things he arranged was for the US intelligence community to brief him about the telecommunications giant.

“5G is a very important frequency. I didn’t even know [that it can be used to] control drones, so that’s a security issue for them.”

The Philippine ambassador to the US said that eventually, Huawei would also get involved locally minus the telco function, “so we have to be very careful, because Huawei can actually listen in.”

“That’s the concern: the security angle. But I think we have addressed those issues already, like other countries [such as the United Kingdom going to] Huawei, including [a local telco company].”

Romualdez said “we can’t stop Huawei anymore, but we really have to be careful in terms of security, not necessarily Huawei, but even [a global Korean electronics manufacturer]. We must be in control of the security aspect. You know, the cyber crime of cyberspace: spying and everything. [Those are] for real, and in the US, they have lots of drills to fight that. If they attack your cyberspace, you’re dead.”

Attending a briefing on the future of cyberspace warfare among highly industrialized countries, the envoy said they saw—with their current technology—the way hostile countries could shut down the US overnight through digital wizardry.

“Think of [the] many American flights daily [that would be affected: thousands of them]. All you have to do is do something digital, and the planes would collide.”

From the short briefing on the cyber situation and its implications, Romualdez said, “It is very scary actually. Of course, the US [could withstand cyber attacks, but we in the Philippines] will be affected. So we have to cooperate, because that’s the next battlefield: cyberspace.

That’s where everything is going, in the end.”

Accordingly, he said the US will not discourage the Philippines from engaging with Huawei. “They just want us to be careful, and not give away too much. Of course, they are concerned. They want us to be the one to work with them [to supply the technology] because of our relationship.”

Romualdez said, it is like saying:

Investments and infrastructure

“We are married; don’t leave us.” In response, the Filipino diplomat would tell the Americans: “Don’t worry, we will never give you a divorce. We don’t have divorce in the Philippines. Don’t get mad; we’re with you—even if we have a lot of other suitors.”

Security and social media

THE existing links between the Philippines and the US bring dealings with Uncle Sam to another level.

“Whether we like it or not,” Romualdez warned, “we want to go to the US. That’s why I always tell Filipinos: Once you leave, don’t burn your bridges, because [eventually], you’ll return.”

To place his warning into a proper perspective, the ambassador said that those wanting to immigrate or visit America should avoid being banned by following strictly their rules and regulations.

He said the previous restrictions lasted for seven years before one can reapply for a migrant visa. Today, however, with the current situation of fighting terrorism, it’s totally different.

“Once they deport you, it’s almost impossible to go back.”

This warning applies to those who go to the US on the pretext of being tourists. But once the visa expires, they remain behind by trying to look for a job or staying with relatives.

To avoid this situation, Romualdez advises those whose visas had expired to voluntarily leave, and not engage in what we euphemistically term as “T-N-T.” “Once you break the law, especially if you have committed a felony, it’s almost impossible to go back. No more. Finished.”

Despite this dire situation, the envoy said the number of those applying to go to the US from the Philippines to the US remains high, with about 1,200 per day.

“I think we’re the biggest now— bigger than Mexico—in terms of applicants.”

To cope with this statistic, the American Embassy in Manila has enlisted about 1,000 employees who deal with Filipinos applying for a tourist visa, or something else.

He said Filipino tourist visa applications used to be processed in the country, but not anymore, “not because the Americans are trying to make life hard for [us], but because the US is also under siege.”

Our envoy to the US said Trump really believes that many of those applying for permanent status—not necessarily from the Philippines— are out to do harm.

“In fairness to him, many of these people have really committed crimes in the US,” he emphasized, then added that the worst offense one could commit is to become a threat to security.

“It’s a fact that there is this problem in the US. They’re really vetting them now, more than ever. You know, they can crosscheck everything. Before, once you get through US Immigrations, you are in the clear.”

Today, Romualdez said visitors have to go through the gauntlet of Homeland Security, the Transportation Security Agency, the Federal Bureau of Investigation, and the International Police, as all of them interconnected. “And if you have committed a crime, they [can] deny you right away, even while here in the Philippines.”

The good ambassador did not give credence to reports that visa applicants, as a recent requirement, should list their different social media affiliations, so that US agents could trace those who malign Trump

ROMUALDEZ (from left), Miss Universe 2018 Catriona Gray and US State Department Undersecretary for Management Brian Bulatao offer a toast to the long-standing friendship between the Philippines and the United States at a reception commemorating the 121st anniversary of the proclamation of Philippine independence. DFA

or any other US officials in various platforms.

Then again, Romualdez thought, “Well, maybe not. Our president curses the Americans a lot, but he’s still invited [to the US]. I think, so far, no. But Trump is the type of guy that takes things personally.”

Open invitation between presidents

SPEAKING of the temperamental US leader, Romualdez said Trump’s invitation to Duterte remains open up to now. The Philippine president has indicated his willingness to proceed, but is looking at a proper time.

“I suggested the Apec Summit in November could be a window, when the President is on [his] way to Chile to attend the summit.”

The country’s ambassador to the US said there are two invitations being extended by Trump: the first, through a telephone call; the second, a handwritten note from US strongman himself. Both presidents, he noted, are in good rapport with one another.

He opined that if Duterte flies to Chile, the Philippine leader could drop by the White House to meet his American counterpart in Washington, D.C..

“If he goes to visit the US, he could exit via Florida [en route to Chile], which is 7 to 8 hours away by plane.”

COC in the SCS

WHAT are the Americans’ plans to deal with the sensitive issues concerning the South China Sea (SCS)?

According to Romualdez, the American Navy is already conducting the Freedom of Navigation Operations, or Fonops, in the SCS, but the Philippines objected to the idea.

“We don’t want to be pulled into their presence in the SCS. But at the end of the day, because of where we are—the most prime real estate right in the center of Asia—the US is asking us for more port calls [and] more facilities for their US navy.”

Our representative to the US is hoping that most of the Americans’ requests would be granted, “but I think we’re trying to balance [everything].”

Despite our seeming misgivings, he said US military operations would continue: “That’s a fact—not only here, but all over.”

He said Indonesia and Malaysia—two countries with overlapping claims with four other countries: the People’s Republic of China, the Philippines, Taiwan and Brunei Darussalam—are doing several military exercises with the US, as the Americans continue to consolidate the Asean to be more active in this part of Asia “to balance it. So far it’s been successful to a certain extent.”

On the other hand, the Philip-

pines wanted, as soon as possible, to finish the code of conduct (COC) with the Asean, which would define the manner each of the claimant countries should behave, in order to avoid conflicts with the rest.

“It’s very important for us that the Asean is involved in this COC, so that when we [finally] have an agreement with China, it’s clear that we are not alone in that quest for a peaceful settlement of the resource-rich waters, where some $5 trillion worth of goods pass through annually.”

Despite China’s protestation not to include an “outsider” into the mix, he said the Americans would never agree to that.

“Of course the US will not agree, because they’re talking to us, [as they also] talk to other countries.”

He said the COC is for everyone, “and any country can be involved [in its eventual resolution].”

The Philippines, Romualdez averred, recognizes the Americans’ concerns, but added: “We’re not going to be locked-in by what they tell us.

We’re saying, ‘This has to be [in agreement with] all the Asean members.’”

Notwithstanding such, the Philippines has forged close relations with Japan, which provided a dozen frigates and many forms of aid.

“Since World War 2, our relations with Japan were the best ever. Again it’s for their best interest, [because China is their top] concern.”

He added that there’s a possibility of a multilateral air patrol of the SCS among the Philippines, Japan and the US. “It’s possible,” Romualdez said, when asked about the partnership happening, and added: “Right now, we have one with Indonesia and Malaysia. We have an agreement with them for a joint exercise...together with some countries that have [similar] issues.”

In fairness, the Filipino diplomat said the Chinese really think the Americans are trying to contain them. “On the other hand, the US feels challenged by China’s rising economic and military might.”

It is in this situation, the ambassador has it, that the Philippines feels being trapped between two contending giants. “Both are flexing their muscles. Everybody knows that we’re being courted like hell by China. To the Americans, it’s an affront. It’s [both] good and bad. But now, we [keep on reminding the Asian superpower about their aggressive behavior of arming their reclaimed islands]: that’s not the way in the SCS.” Romualdez pointed out the clear message of the President in the recent State of the Nation Address, as the Chief Executive declared ownership on the disputed area in the SCS: “That is ours.”

EDCA and the Lina Law

AMBASSADOR Romualdez said there are many American projects related to the Enhanced Defense Cooperation Agreement establishing more military outposts that could not be started because of the restrictions imposed by the so-called Lina Law. The legislation calls for providing a separate location and housing for informal settlers. The diplomat said the same law has prevented even the aviation authorities from proceeding to equip several provincial airports with night-landing capacities.

“The Civil Aviation Authority of the Philippines could not extend the runway or expand the airport area if there are squatters who have to be relocated,” according to Romualdez.

He said the expansion of many airports across the country, such as the extension of runways to accommodate bigger aircraft, are stalled, as squatters near airports may not be asked to leave unless they have a new place to relocate.

This is also the reason the American proposal to put up another military facility in Palawan could not proceed.

“They [the Americans] have many requests, [but we tell] them: Finish first the other three of four projects before you [proceed to other areas, like in] Palawan.”

“That’s a stumbling block to the progress of this country. And now I can see even our security is being affected. That’s why the Americans are frustrated, because they have all of these plans, but we can’t react to it. It is a stalemate, as far as they’re concerned.”

He said the pro-poor stance of the Lina Law does not really help the poor, because it is costing the government so much money simply to pay for the right-of-way, or to relocate the informal settlers, thus “even the ‘Build, Build, Build’ infrastructure projects of the administration are being affected by that Lina Law.” The solution, Romualdez believes, is to amend the questionable law.

“We have to amend [it], because it stops things from being done. How can we find a place for these people to be relocated?”

According to the envoy, he finds it ridiculous that the Lina Law allegedly protects the poor. But in many instances, the recipients are professional squatters who profit from the transactions.

“We’re talking here about the economy and the security of the country. It’s a stupid [piece of legislation]. Many senators agree with that, but again, we have to follow the system. They have to change, amend or scrap it altogether.”

ROMUALDEZ said because of the Philippines’s exemplary standing, there are many business people and investors coming to see him asking where to invest.

“I’ve been around long enough.

I’ve never seen anything like this.

This is the best time, really. I kept telling this to many Americans and Filipinos, especially those Fil-Ams wanting to invest here. I tell them this is the best time to do it. Never has the economy been this good.”

According to the envoy, there is close to $80 billion worth of infrastructure projects that the country would like to put up, including ports, airports, a subway system and railways, among others. “This is being done right now. All of that, going into full gear.”

He said Japan leads the way in the amount of investments. “[It has] the biggest funding for our infrastructure, representing close to 10 percent, or a little over [that], of what we require. The rest is being funded by the US. Maybe, China [has] from 3 percent to 5 percent. It’s quite small, not what people fear.”

American tourists coming to the country are not as many as their Chinese peers, but “tourism is going to be the biggest beneficiary of all of these infrastructure,” said Romualdez, who added: “[Going around the country] would no longer be an ‘obstacle course.’”

He pointed to a companion, Arthur Lopez, who is the president of a hotel association. “He was telling me that the [construction] of hotels all over the country is four to five times more than it ever was.”

Because of the scramble for real estate to construct these resorts and hotels, Romualdez observed that areas which used to have a frontier area a few years ago, like in Bohol, have ran out of beachfront property to sell. “Otherwise, it’s too expensive already.”

“So that’s all tourism related. Our tourism will boom like anything else when everything is in place. The movements of people will be easy.”

‘Favorable financial standing’

THE Philippines’s concurrent emissary to the Commonwealth of Jamaica, Republic of Haiti, Republic of Trinidad and Tobago, Antigua and Barbuda, the Bahamas, Barbados, Dominica, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Saint Lucia, Romualdez was asked whether the multibillion peso loans we have incurred from the Chinese would put us into a debt trap.

He replied that our loans with China represent only less than 5 percent of those that are being offered to us. Most of them are still being looked into and studied carefully.

“I think we’re smart enough to know which ones are good for us, and which are not. We’re not going to fall like Sri Lanka and other countries desperate for investments who have just signed the dotted lines to be able to receive the loans.”

The ambassador revealed that right now, the country’s credit ratings are so good “that we have so many finance companies, as well as other countries outside of the US, China and Japan, that are willing to lend us money.”

He attributed this favorable financial standing to our high credit rating. “It’s really phenomenal,” he said. “We’re enjoying positive ratings, and our image remains good concerning our economy.”

&Expats

envoys.expats.bm@gmail.com | Thursday, August 8, 2019 E3

TRAVELING AND TOURISM

Israel stages tourism expo in Manila, Cebu

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IMING to enhance commercial ties with Filipino travel associations, Israel has announced a two-city road show in key cities this month, aligned with its plan to increase Filipino tourist arrivals to the Holy Land.

Its embassy in Manila has announced that the Israel Ministry of Tourism (IMOT) has scheduled a stop in Manila on August 13, and one in Cebu City on August 15.

The events will start off with a destination presentation, which will lead to an interactive workshop between Filipino travel agencies and destination management companies (DMCs) from Israel. The IMOT is expecting to host around 300 members of travel trade associations in Manila, and about 150 in Cebu City.

The Israeli delegation, led by IMOT Director for India and the Philippines Sammy Yahia, together with Marketing Manager Anna Oraiza Aban, will include roughly 25 participants, including DMCs and airline representatives.

Regarding the road shows, Yahia said, “Israel is an emerging destination for the leisure traveler. Filipino tourist arrivals have been growing progressively over the last couple of years. 2018 was a record-breaking year, as close to 31,000 Filipino tourists visited our country, which result-

ed in a 26-percent growth over 2017.

Since June 2019, approximately 14,300 tourists from the Philippines have completed their travel to the Holy Land—a 19-percent increase over the same period last year. We are confident this trend will continue.”

The IMOT executive said, “We are constantly working to increase destination awareness among travelers and the travel trade, [while we work toward bringing] leisure tourism to Israel from the Philippines, as well.”

With increased connectivity, the embassy claimed there is great potential to increase the tourism figures to Israel from the Philippines.

Turkish Airlines and Cathay Pacific currently serve the Manila-Tel Aviv sector via Istanbul and Hong Kong, respectively, while Philippine Airlines has announced its interest in serving flights between the two capital cities, with planning in its final stages before the flag carrier can commence this route.

Yahia added, “Israel is becoming a popular destination among leisure and travelers for MICE [meetings,

JERUSALEM

TEL AVIV marina

MOUNT of Olives churches

THE Dead Sea

incentives, conferences and exhibitions or events] from other Asian countries. We are working on adding these segments to outbound travel from the Philippines, as well. Beauti-

ful landscapes, historic attractions, availability of multiple cuisines and increased flight connectivity make Israel a great place for leisure and incentive travelers.”

PHILJETS’ BELL 505:

Ready to cruise above and beyond Metro traffic

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HEN all else fails on the ground, might as well take traveling to the skies...

That’s the grand plan, at least for PhilJets Aero Charter Corp., in addressing the monstrous traffic situation in the city, with a recent announcement of its acquisition of a Bell 505 Jet Ranger X helicopter through a series of customer-demonstration flights and static displays at the aviation company’s hangar in Pasay City early this week.

A privileged few from members of the local media went airborne for a quick 20-minute cruise aboard a Bell 505 and were provided an excellent vantage point of the adjacent Aseana Business Park, the Manila Bay area and portions of Cavite. They were accorded the opportunity to travel above and beyond the city’s road networks that were experiencing gridlock on a late Monday morning.

Taking flight inside the 505 was a pleasant ride, with a smooth vertical takeoff, cruising and landing, as the chopper was ably maneuvered courtesy of a Bell-certified pilot, Genaro Camacho-Olivero.

Interiors of the cockpit are also engineered with the passengers’ comfort and vantage point in mind, as those in the backseat have just the same panoramic view as those in front. Legroom is also a plus factor, as riders have the same premium feel inside a premium sport-utility vehicle—only, they are airborne, and moving past multiple motoring mess.

Back in the PhilJets headquarters, Bell Asia Pacific Managing Director David Sale started his talk as he shared the long history of Bell and its contribution to mankind’s quest for defying the physics of flight.

“Bell engineered the first plane which surpassed the speed of sound [with the X-1], as well as placed a jet pack behind a human being,” Sale told those in attendance.

The Bell executive shared that the idea behind bringing the 505 was to get around Metro Manila in a “quick and meaningful way,” cognizant that the capital is also smarting from vehicular jams that are constant fixtures in other Asean neighbors, such as Jakarta and Bangkok.

Sale also disclosed that they are aiming to attract high net-worth individuals and executives to be served by the newly acquired aircraft via PhilJets. Aside from PhilJets and other corporate entities, he, likewise, revealed that Bell is also servicing the Philippine government with its procurement of new chopper units.

“The aircraft performs exceptionally well, and we believe our Philippine customers see the value and versatility that the Bell 505 can bring to their operations.” Sale pointed out.

Proof of the model‘s safety and reliability, PhilJets claims that there are close to 40 Bell 505s operating in Asia Pacific today across a wide variety of

He shared that Israel offers a plethora of activities catering to the discerning traveler: “From the historical city of Jerusalem, the beach city of Tel Aviv, the

Dead Sea—the lowest point on Earth, to the marvelous underwater marine life of the Red Sea in Eilat, Israel, is truly a dynamic destination.”

PHL showcased in Germany tourism event

CONSUL General Evelyn D. Austria-Garcia (second from right) participates in a panel discussion on Asian tourism.

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THE Bell 505 Jet Ranger X

CRUISE control: Inside the 505’s cockpit

segments. These include tourism flights in Australia, Cambodia, Indonesia and Vietnam, and for the training of Japan’s new Coast Guard cadet pilots.

In a statement, PhilJets is set to operate an increasing number of Bell helicopters that will join its fast-growing fleet in the Philippines, especially following the successful joint launch of the 505.

“Our teams at PhilJets are excited to operate the ‘505.’ We strongly believe it is the best aircraft in its segment,” PhilJets CEO Willyn Villarica averred. “Bell has also has the reputation of being [a top original equipment manufacturer], as far as customer support is concerned, for the past years.”

Thus, expect to see a lot of the Bell 505 to be flying the Philippine skies soon. Mike Policarpio

R ANKFURT—The Philippine Consulate General in this German city, represented by Consul General Evelyn D. Austria-Garcia and the local office of the Department of Tourism (DOT), participated in the German-Asian Business Circle’s “Top Destinations in Asia” tourism event in Offenbach, Hesse, on July 15.

Focused on select Asian countries, the activity served as a platform for the Philippines to showcase its tourist destinations and address travelers’ concerns in front of approximately 100 participants from the private sector, the Consular Corps, local government, media, academe, tour operators and travel agencies.

The event’s guest speaker, Dr. Norbert Noisser of the Hessian Economic Ministry’s Department of Foreign Trade, emphasized Hesse’s international character in view of the state economy’s reliance on foreign trade, as well as Frankfurt’s preeminence as a transport and logistics hub, including the abundance of trade fairs. He underscored Hesse’s commitment to globalization and

multilateral exchanges.

In a panel discussion, AustriaGarcia tackled travelers’ safety a nd sec u r it y considerat ions, among other topics, as she said the government of the Philippines “would not promote areas that would be considered unsafe.”

Insofar as natural disasters are concerned, the consul general assured “the country has existing bodies that oversee preparations in the event of calamities.”

She also reiterated the country’s commitment to combat climate change and its impacts, as well as the current administration’s efforts toward sustainable tourism, as exemplified by the cleanup drive in Boracay.

DOT-Frankfurt Director Margarita Valdes made a presentation on the Philippines’s tourism industry and key travel sites, as she highlighted the former’s importance to the Philippine economy, including its contribution to the local gross domestic product and national employment. She also described the country’s air accessibility, with several routes through selected Middle Eastern and Asian destinations. DFA

Envoys&Expats BusinessMirror

E4 Thursday, August 8, 2019

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

ASEAN @ 52: Foreign Affairs Secretary Teodoro L. Locsin Jr. led the Department of Foreign Affairs’s (DFA) celebrations of the 52nd anniversary of the Asean on August 5 at the government agency’s headquarters. Together with representatives from embassies from the region’s member-states, former Philippine

ambassadors to the Asean, DFA officials and persons with disabilities, Locsin formally opened a photo exhibit, with the theme “Asean: Leaving No One Behind,” honoring the Asean-Enabling Masterplan 2025-Mainstreaming the Rights of Persons with Disabilities in the bloc’s community (second photo). On behalf of President Duterte, the DFA chief also bestowed a posthumous Order of Lakandula Grand Collar, with rank of Supremo, on former Asean Secretary-General and Filipino diplomat Rodolfo Severino, which was received by wife Rowena Severino and son Howie Severino (third photo). DFA-OSCR/VANESSA UBAC

PHL, Indonesia sign treaty on EEZ boundaries

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N agreement delineating the boundaries between the overlapping exclusive economic zones (EEZs) of the Philippines and Indonesia officially entered into force, following the exchange by the two countries’ foreign ministers of the instruments of ratification in a special ceremony held on August 1 in Bangkok.

Foreign Affairs Secretary Teodoro L. Locsin Jr. and Indonesian Foreign Minister Retno Marsudi signed the Protocols of Exchange

of the instruments of ratification concerning the delimitation of the EEZs between the two countries, on the sidelines of the Southwest

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. and Indonesian Foreign Minister Retno Marsudi DFA/ANTHONY CORNISTA

SFA, Japan envoy sign Metro Cebu project for water management

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OREIGN Affairs Secretary Teodoro L. Locsin Jr. and Ambassador of Japan Koji Haneda exchanged notes on key projects in the Philippines and Asean in simple rites on July 23 at the Department of Foreign Affairs.

The two officials exchanged notes on official development assistance (ODA)-supported projects, specifically on the Septage Management of Metro Cebu Water District, as well as the regime of Privileges and Immunities for the Asean-Japan Technical Cooperation Agreement (TCA).

In his remarks during the event, Locsin pointed to a joint press event with Prime Minister Shinzo Abe in Tokyo, where President Duterte paid high compliments to Japanese ODAs, as the Chief Executive called them the “gold standard” by which the Philippines reckons its development cooperation with other partners.

“None will dispute the tribute.

Whether in terms of Japan’s reliability as a partner for bridging gaps in our infrastructure investment and financing needs, [concession] of terms, or the quality and impact of resulting projects, Japanese [ODAs are] unrivalled.

Visible signs of the PhilippinesJapan development partnership dot our cityscapes and the countryside,” the foreign affairs secretary underscored.

Benefiting from a Japanese grant with a provision of up to ¥2.052 billion, the project on the Septage Management of Metro Cebu Water District will address the widespread environmental pollution in the “Queen City of the South” caused by inadequate drainage treatment and illegal dumping of sludge into rivers, as the absence of septage treatment

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. and Ambassador Koji Haneda DFA-OSCR/NILO PALAYA

has also been a major public health concern because of groundwater contamination.

The project will reduce water pollution and waste, as well as improve waste disposal in Compostela, Liloan, Consolacion, Mandaue City, Cebu City and Talisay City, with large-scale waste treatment technology such as septic tank sludge treatment facilities and procured vacuum trucks in place. It is in consonance with the 2017-2022 Philippine Development Plan’s Water Quality Management objective.

It is expected to contribute to stable economic development by promoting proper household sludge treatment and improving water and hygienic environmental pollution.

Meanwhile, the TCA sets out the legal framework for the provision by the Japan International Cooperation Agency of direct assistance to Asean

as an international organization, as opposed to assistance extended to individual member-states of the region.

The exchange of notes on the privileges and immunities of the TCA between Locsin and Haneda confirms the agreement by the two governments to have the privileges and immunities provisions of the counterpart bilateral agreement— the Philippines-Japan Agreement of Technical Cooperation of 2006—apply to the Philippines’s implementation of the Asean-Japan TCA. These privileges and immunities will be in effect chiefly to technical experts dispatched in connection with assistance projects.

Officials of the Metro Cebu Water District, the Department of Foreign Affairs and the Japanese Embassy witnessed the exchanges of notes. DFA, Embassy of Japan-Manila

Pacific Dialogue at the 52nd Asean Foreign Ministers Meeting.

The two countries formally signed the agreement on May 23, 2014, in Manila, which was first discussed from June 23 to 25, 1994.

President Duterte ratified it on February 15, 2017, and the Indonesian Parliament on April 27, 2017.

To complete domestic procedure, the Philippine Senate concurred with the President’s ratification on June 3, 2019.

The agreement is expected to benefit both countries—economically and politically—by promoting more bilateral cooperation in the EEZs to advance the common interests of managing and preserving the resources in the area while further strengthening their mari-

time-security cooperation.

The Philippines and Indonesia, two of the largest archipelagic states in the world, are parties to the 1982 United Nations Convention on the Law of the Sea, or Unclos, and are thus entitled to EEZs of 200 nautical miles. Under the convention, states have sovereign rights to explore and exploit, conserve and manage natural resources, among others, within their EEZs. Wide overlaps in the EEZs of the Philippines and Indonesia, which run across the Mindanao Sea and Celebes Sea, and in the southern section of the Philippine Sea in the Pacific Ocean, required the two countries to negotiate and agree on a shared boundary. DFA

Instituto Cervantes holds exhibit on Spanish icon’s literary legacy

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NSTITUTO Cervantes de Manila is currently running an exhibition, Miguel Hernández: A plena luz (In Full Light), centering on the Spanish icon of poetry and enlightenment.

The exhibition, ongoing until September 16, offers a glimpse of the life of Miguel Hernández through photographs and interactive devices displaying digital copies of his works and various documents. The collection also contains original pieces such as manuscripts, letters, book editions, photographs and other personal objects embodying the legacy of the Spanish writer.

The Diputación de Jaén (provincial government of Jaén, a south-central city in Spain) acquired the materials through the writer’s heirs, as well as organized the exhibition as one of the projects to commemorate the 75th anniversary of the death of Hernández, who hailed from Orihuela, Alicante. Its purpose is to make people aware of his literary legacy, which the Diputación treasures and safeguards through the Instituto de Estudios Giennenses.

With Juan José Téllez, director of the Centro Andaluz de las Letras as its curator since its inauguration in Jaén in December 2017, A plena luz... went on an international tour in 2018, which took the poet’s work to three continents. To this day, visitors can view the exhibit in Instituto Cervantes London, Manchester, New York, Chicago and Dublin. After Manila—the only Asian city in the international tour—the exhibit will head to Toulouse and Paris.

During the planning of its international tour, Instituto Cervantes de Manila was already marked as an obligatory destination, since the center’s library is named after Hernández. For more than a decade, the Manila center of Instituto Cervantes had been programming cultural events to commemorate the poet from Orihuela.

Considered one of the most authentic figures

SNAPSHOTS in the life of Miguel Hernández INSTITUTO CERVANTES DE MANILA

THE Spanish literary icon’s works on display INSTITUTO CERVANTES DE MANILA

in 20th-century Spanish literature, Hernández’s literary beginnings marked the essence of religiosity, which was predominant during that period, and a self-taught literary education based on the classics of the Spanish Golden Age. His book El rayo que no cesa (The lightning that never stops, 1936) made him famous in the poetry circles of Madrid, where he had decided to move in order to try his luck as a poet.

The Spanish Civil War did not disrupt Hernández’s literary career; in fact, during this time, he published Viento del pueblo (Village Wind, 1937) and El hombre acecha (A man stalks,

1938). After the war, the writer was arrested and imprisoned, where he died in subhuman conditions in 1942.

This project is in collaboration with the Junta de Andalucía, together with the Centro de Estudios Andaluces, the Centro Andaluz de las Letras, the Generalitat Valenciana, Instituto Cervantes and Intramuros Administration.

The Exhibit Room of Instituto Cervantes de Manila is in San Luis Complex, Intramuros, Manila. Entrance to the exhibit is free. For further information, visit http://manila.cervantes.es and Instituto Cervantes Manila on Facebook.

India to honor natal day of Sikh founder with nationwide blood drive

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HE Embassy of India in Manila enjoins everyone to commemorate the 550th birth anniversary of Guru Nanak Dev Ji, the founder of Sikhism.

In collaboration with the Philippine Red Cross and the local Sikh temples (gurudwaras) in the cities of Manila, San Pablo and Biñan (Laguna), Batangas, Marikina, Tarlac, Cauayan (Isabela),

Angeles (Pampanga), Baguio (Benguet) and Cebu, the embassy will host a simultaneous blood drive and langar in the Philippines. All these activities are in keeping with the teachings of Sikhism, which is sacrifice and service for the well-being of others.

According to the embassy, the main idea behind the concept of langar is “[communal] dining, equality among people, as well as the

feeling of oneness and sharing, as it would like to commemorate the guru’s life and teachings by raising awareness and encouraging people to donate blood to save lives.”

Everyone is invited to participate in these events throughout the Philippines from 1 to 5 p.m. in the above-mentioned gurudwaras. Contact pic1.manila@mea.gov.in for more information.