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SEC EYES CUT IN REIT FREE FLOAT LEVEL By VG Cabuag @villygc

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ASEAN FRIEND The Indonesian Navy Training Ship Kri Bima Suci (945) has docked at Pier 15 in Manila for a four-day goodwill visit until August 15. This is the second time that it visited the country. Officials from Asean neighbors the Philippines and Indonesia said the goodwill visit further strengthens the already robust relationship between the two navies. ROY DOMINGO

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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HE Securities and Exchange Commission (SEC) is amenable to reducing the free float level of those applying for the Real Estate Investment Trust (REIT) to 33 percent, but is bent on increasing the minimum public float of listed firms straightt to 25 percent. SEC Commissioner Ephyro Luis B. Amatong said there’s no liquidity issue in the country today that prevents a listed company from raising cash from the system in order for it to increase its public float to 25 percent from the current rule of 10 percent. Some initial public offerings even have their public ownership straight to 40 percent of the company. “We felt that they can do it but we’ll give

them a longer period to comply. Some of these companies are very big but they’ve indicated that if we require them [to increase public float], they’d be able to do it,” Amatong said. While SEC commissioners have yet to discuss how this can be done, Amatong said he is inclined to allow listed firms to comply with the new minimum public float rule in five years, instead of increasing the rate incrementally in three years until the minimum requirement reaches 25 percent. The 25-percent rate is already the standard among the 10-member Association of Southeast Asian Nations. As for the REIT, the SEC is keen on cutting the minimum float to 33 percent, from the current rule of 40 percent upon listing; and bringing it up to two-thirds, or 67 percent, in three years. The current rule

reportedly discouraged the industry from making initial public REIT offerings. Amatong said the government is amenable to changes if the proceeds of the REIT will be reinvested in the Philippines, either in the property sector or infrastructure projects, within one year. Amatong said the SEC is in talks with the Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) for the new draft of the REIT measure, which may be released by the end of the month for public comment. “We are confident that a REIT listing is still possible within the year,” he said. While the two measures are important, Amatong said the SEC will first expedite the new framework on the REIT, as the industry has been waiting for it for years.

BusinessMirror A broader look at today’s business

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Tuesday, August 13, 2019 Vol. 14 No. 307

Finance Assistant Secretary Antonio Joselito G. Lambino II said funds that will be gained from the DOF proposed Package 2 Plus B will help the government implement the Universal Health Care Act, or Republic Act (RA) 11223. “The other thing is the ‘alcopops,’ it is included in Package

2 Plus B. So it is alcohol, which i nc ludes fer mented d ist i l led alcohol and w ine and e-cigarettes and e-juice [for vaping],” Lambino said. Revenue from fermented liquor, or beer, is estimated to reach P24.7 billion under the proposal which the DOF crafted

with the Department of Health; alcopops, P400 million; distilled spirits, P9.2 billion; wines, P40 million; and e-cigarettes, P3.2 billion. The other half of Package 2 Plus—Package 2 Plus A—under the Comprehensive Tax Reform Program of the DOF was signed into

By Elijah Felice E. Rosales @alyasjah

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HE Department of Trade and Industry (DTI) has tempered its growth forecast for exports this year to 2 percent on slower demand from traditional markets resulting from the trade conflict between the world’s largest economies. As such, the DTI expects exports to hit a little over $72 billion by the end of the year, from $69.3 billion last year. Trade Secretary Ramon M. Lopez said the adjustment is necessary to reflect the global condition of reduced purchases from traditional markets, particularly from the United States and China, which are engaged in an on-andoff tariff war. At the start of the year, the DTI set a growth target of 4 percent to 5 percent that should bring exports to over $76.5 billion by

The estimated revenue gain for 2020 from Package 2 Plus A, the other half of Package 2 Plus B, under the CTRP, which was signed into law last month as RA 11346. It provides for a unitary P45 excise tax increase per pack of tobacco products in 2020; followed by a series of P5 hikes until the rate reaches P60 in 2023, and a 5-percent annual increase thereafter

law last month under RA 11346. It provides for a unitary P45 excise tax increase per pack of tobacco products in 2020; followed by a series of P5 hikes until the rate reaches P60 in 2023, and a 5-percent annual increase thereafter. See “Sin taxes,” A2

Dry spell, typhoons cut PHL banana production by 2.83% in H1–report By Jasper Emmanuel Y. Arcalas @jearcalas

HE country’s banana output shrank by an annualized rate of 2.83 percent to 4.375 million metric tons (MMT), as growers harvested smaller and poor-quality fruits due to the dry spell, the Philippine Statistics Authority (PSA) said. The latest figure was 127,000 metric tons lower than the 4.502 MMT recorded in the January-toJune period of 2018, data from the PSA showed. The PSA said the lingering effects of typhoons Ompong and Rosita, which struck the country late last year, caused harvest in Cagayan Valley to go down. In Davao region, the country’s major banana producer, lower output was caused by the moko disease. Insufficient rainfall also resulted in smaller banana bunches during the fruiting stage from March to May, the PSA said. “Further, smaller sizes and lower quality of fruits were developed in Soccsksargen because of the dry spell during the first quarter of 2019,” it added. Due to higher demand and stiff competition among local buyers, the PSA said the average farm-gate

PESO EXCHANGE RATES n

price of bananas rose 13.15 percent to P19.18 per kilogram from P16.95 per kg last year. Because of the higher buying price, the value of the six-month banana output, in current prices, reached P83.927 billion, nearly 10 percent over last year’s P76.314 billion. The PSA also reported that the country’s mango output recovered in the first half and posted a 5.37-percent increment on the back of favorable planting conditions. During the six-month period, total mango production reached 651,790 MT compared to the 626,190 MT recorded in the same period last year, PSA data showed. “More voluntary flowering and fruiting were observed as induced by hot weather condition in Ilocos region. There [was] also lesser occurrence of cecid fly and leafhopper pests in the region,” it said. “Lesser occurrence of cecid fly pests and anthracnose disease was likewise reported in Calabarzon. In Socsksargen, more trees bore fruits as a result of sunny weather condition,” it added. However, the PSA said higher output and the perception of a supply glut pulled down the average farm-gate price of mangoes in the first half. See “Banana,” A2

BUSINESS NEWS SOURCE OF THE YEAR DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

GOVT CUTS FORECAST FOR EXPORTS GROWTH, CITING FALLOUT FROM TRADE ROW

By Jovee Marie N. dela Cruz @joveemarie & Rea Cu @ReaCuBM

HE Department of Finance (DOF) said its proposal to raise the excise taxes on alcohol and electronic cigarettes (e-cigarettes) will yield P36.5 billion for the government’s universal health care (UHC) program next year.

2018 EJAP JOURNALISM AWARDS

P25.00 nationwide | 4 sections 20 pages | 7 DAYS A WEEK

Govt to collect ₧36.5B from other ‘sin’ taxes ₧15.5B T

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See “REIT,” A2

yeare-nd if accomplished. “[A] 2-percent [growth] is reasonable. While our recent months’ export growth was aided by resilient demand from major markets, like China, Hong Kong, the US and the EU, the global slowdown may eventually temper overall pace of demand,” Lopez said in a text message. “Thus, [we see] the need to continuously build [on] new markets, like Russia, India [and] Middle East,” he added. Data from the Philippine Statistics Authority (PSA) showed shipments grew flat to $69.3 billion last year, from $68.71 billion in 2017. While the government attributed the decline to the collapse of the multilateral trading system, exporters blamed it on uncertainties brought about by proposed changes in the tax system, especially the plan to rationalize fiscal incentives. See “Exports,” A2

Multiskilled construction labor eyed By Samuel P. Medenilla @sam_medenilla

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WORKERS at Araneta Avenue in Quezon City continue to build the Skyway project Stage 3 in this August 11, 2019, photo. The Department of Labor and Employment said it was encouraging training for “multiskilled” workers as a way of easing the labor shortage in the construction sector. ROY DOMINGO

Provincial bus ban pro-poor–MMDA’s Lim

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ONTRARY to the claims of some critics and commuters, the planned provincial bus ban is “not anti-poor” and the presumption that it is a “failure” is “premature,” Metropolitan Manila Development Authority (MMDA) Chairman Danilo Lim said on Monday. “We [MMDA officials] know very well that those riding in buses [majority] are considered masses, and

we want to make their travel faster going to their destination. How can that be anti-poor?” Lim pointed out in an interview with the BusinessMirror amid the flak drawn by the agency from commuters after its dry run last week. Very few transport operators joined the dry run, which was voluntary because of a temporary restraining order from the court. Lim stressed that the provincial

bus ban was never really implemented since there is a court order halting the implementation of the policy. “We have not fully implemented it and we have not seen the result yet,” Lim said. Lim reiterated that the agency is giving priority to the “masses” and lamented that the public is just getting the wrong impression.

See “Bus ban,” A2

HE government is planning to create a pool of “multiskilled” workers to address the labor shortage in the construction industry, according to an official of the Department of Labor and Employment (DOLE). In an interview, DOLE’s Bureau of Local Employment (BLE) Director Dominique R. Tutay told the BusinessMirror that this will be the agency’s additional option, aside from increasing the number of new construction workers. Under the DOLE’s plan, existing construction workers will be encouraged to learn more skills related to their industry so they could maximize their employment in a construction project. For instance, Tutay said a welder could train to become a carpenter or even a mason. “Usually, the contract of construction workers end once their role in the project ends. If they have multiple roles, they will be employed in the project longer,” she said. She also said construction workers are likely to be easier to train in other construction related skills because of their workplace experience. “They are already able to witness the said skills based on the works of their colleagues in the same [construction] project,” Tutay said. She earlier said the Technical Education and Skills Development Authority (Tesda) is having a difficult time attracting new trainees for construction skills training due to the impression that construction jobs are labor-intensive, but See “Construction,” A2

US 52.2300 n JAPAN 0.4925 n UK 63.3759 n HK 6.6612 n CHINA 7.4133 n SINGAPORE 37.8013 n AUSTRALIA 35.5164 n EU 58.4036 n SAUDI ARABIA 13.9250

Source: BSP (9 August 2019 )


News

BusinessMirror

A2 Tuesday, August 13, 2019

China may fund first phase of ₧80-B Mindanao railway

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By Cai U. Ordinario

@caiordinario

HE Chinese government may finance the first phase of the Mindanao Railway project, according to the National Economic and Development Authority (Neda). Socioeconomic Planning Secretary Ernesto M. Pernia said the project is set for Neda Board approval at its next meeting. This newspaper reported last month that the project has been approved by the Investment Coordination Committee (ICC).  The ICC approved a cost increase for the Mindanao Railway Project Phase 1 ºTagum-Davao-Digos Seg-

‘Sin’ taxes. . . Continued from A1

The bill also introduces taxation on e-cigarettes, such as vapor and heated tobacco products, which are now becoming increasingly popular among the youth, with the approved measure imposing a P10 tax for every 10 milliliters of vaping liquid. Lambino said the estimated revenue gain from Package 2 Plus A is P15.5 billion for 2020. Earlier, Finance Secretary Carlos G. Dominguez III stressed the importance of passing the remaining CTRP packages immediately, especially the ones that aim to beef up funding for the UHC program.

Hearing on CTRP

THE chairman of the House Committee on Ways and Means will start on Tuesday the deliberations for the remaining packages of the CTRP of the Duterte administration. Albay Rep. Joey Salceda, the panel chairman, said the Executive Department

Exports. . .

ment of 125.25 percent to over P80 billion from the initially approved P35.91 billion. “It’s scheduled [to be financed by] China, the first segment, as of now,” Pernia recently told reporters. “[There was an] increase in the cost because it will go through some mountainous areas.” Pernia said the project is already up for discussion in the next meet-

and Congress agreed to prioritize first the passage of revenue-generating measures before approving the proposed 2020 General Appropriations Act. Salceda said his committee will start hearing the measure increasing and restructuring the excise tax rates on alcohol and vape products. Alcohol and vape taxes are part of Package 2 Plus of the CTRP. He said his committee is eyeing to approve the bill on Tuesday as he will invoke House Rule 48. Under Rule 48, “In case of bills or resolutions that are identified as priority measures of the House, which were previously filed in the immediately preceding Congress and have already been approved on third reading, the same may be disposed of as matters already reported upon the approval of majority of the Members of the committee present, there being a quorum.” House Bill 1026, filed by Salceda, seeks to increase the tax on alcohol products to approximate the 40 percent to 60 percent sharing of alcohol and tobacco expenditure.

ON the other hand, Seipi President Danilo C. Lachica traced the lower-than-expected growth of exports to the government’s plan

to rationalize incentives granted to economic zone firms. In the semiconductor industry, for one, Lachica said firms opted not to expand operations and to hold on to their capital in anticipation of an overhaul in the menu of tax perks. He argued the trade conflict has little to no impact on shipments of electronic products, as demand for these items are always high no matter the global condition. Last year, shipments of electronic products to China grew 6.17 percent to $4.99 billion, from $4.7 billion in 2017; while those to the US grew 16.93 percent to $5.13 billion, from $4.39 billion, in spite of the tariff war between the two economies. According to Lachica, the Philippines lost over $1 billion in investments to the semiconductor industry due to the government’s move to rationalize incentives. He argued these investments could have opened up new operations and created additional jobs,

Banana. . .

REIT. . .

Continued from A1

In February, Lopez said the electronics supply chain in the region was “adversely affected”by the trade conflict, as the economies at war—the US and China—supposedly minimized their orders from their supplier countries, one of which is the Philippines. Exports of electronic products, the country’s top export item, increased 4.9 percent to $38.32 billion last year, from $36.53 billion in 2017, according to official data. However, the figure was lower than the 6-percent growth projected by the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi).

Tax perks plan blamed

Continued from A1

PSA data showed that mango was bought at an average price of P31.51 per kg, 17.03 percent lower than the P37.98 per kg average quotation last year. Due to lower buying prices, the value of mango output in the first half declined 13.64 percent to P20.538 billion, from P23.782 billion recorded last year. The production of pineapples, another dollar earner for the Philippines, inched up to 1.323 MMT in the first half from last year’s 1.319 MMT, according to the PSA. “Bigger fruits were harvested in Bicol region due to the adequate fertilizer application during the crop growth stage. Increased area harvested was also reported in Soccsksargen,” it added. The total value of pineapple output rose by 9 percent to P14.503 billion, from last year’s P13.305 billion due to higher demand from traders, tourists and institutional buyers.

Continued from A1

After this, the SEC can tackle the minimum public ownership of listed firms. The REIT law was enacted in 2009, under the Arroyo administration, with the main aim of broadening the participation of the public in the ownership of real estate in the Philippines and using the capital market as an instrument to help finance and develop infrastructure projects. The implementing rules and regulations of the said law, however, were crafted by the Aquino

Construction. . . Continued from A1

lack benefits. Last week, Tesda vowed to ramp-up the number of its trainees for construction-related skills by forging a partnership with the Department of Trade and Industry (DTI).

2,000 kms

The length of the Mindanao Railway System, which will have two segments that will connect various provinces in Mindanao ing of the Neda Board, the highest policy-making body of the Neda and chaired by the President. He said, however, that discussions on the Mindanao Railway may not be included in the President’s upcoming state visit to China.  Online reports indicated that the President’s visit to China is his fifth since he assumed office in 2016. Reports said the President is expected to discuss the South China Sea issue, among others, with Chinese President Xi Jinping. 

Aside from hiking excise taxes, the bill will also mandate the increase in indexation rate to 10 percent to account for inflation and income.

Citira next

ACCORDING to Salceda, the House will also prioritize deliberations on the proposed Corporate Income Tax and Incentive Rationalization Act (Citira). The panel is expected to discuss Citira by Wednesday. Salceda said Dominguez has proposed that the income tax holiday be granted for a period not exceeding four years, from the original proposal of three years. At present, investors registered with the Philippine Economic Zone Authority (Peza) enjoy tax breaks for four to six years, depending on the industries of locators. Salceda said Dominguez had also recommended that the period for enjoying additional incentives, such as reduced corporate income tax, be extended to three years, from the original proposal of two years in the Tax Reform for Attracting Better and High-Quality Opportunities (Trabaho) bill.

which would result in better performance and higher exports from the industry. Under the Tax Reform for Attracting Better and High Quality Opportunities (Trabaho) bill in the 17th Congress, corporate income tax will be reduced to 20 percent by 2029, from 30 percent at present, while incentives granted to economic zone locators will be rationalized, including the 5-percent tax on gross income paid in lieu of all local and national taxes. In expanding exports to nontraditional markets, the DTI is flying exporters to trade shows and expositions to create linkages with foreign buyers. For one, the Philippines is set to participate in Expo 2020 Dubai that will run for six months and is expected to attract 25 million visits, of which 70 percent projected to come from outside host United Arab Emirates. As of June, exports slipped nearly 1 percent to $34.11 billion, from $34.39 billion during the same period last year. economic team. The IRR included measures on public float and taxing the transfer of assets, which soured the deal for many of the players. The said law was designed to recycle real-estate assets by placing it in another REIT company which the public may invest in by purchasing shares. The shares of the company may also be traded at the Philippine Stock Exchange. “It’s already August and we need to release first the REIT [framework]. I don’t have a clearer date [for the 25-percent minimum public float rule]. But the sooner that we bring it up, the better. The longer-term view is that the economy is doing better...and it should be a good time,” Amatong said. In a related development, Tutay said the DOLE is organizing a summit with the DTI and Tesda to determine the specific labor demands of the construction industry. “We want is to identify what specifics skills are really needed? How many and where?” Tutay said. “Of course, our initiative will complement the [construction] road map [of DTI].”

Documents obtained by BusinessMirror earlier showed the increase in cost was due to the addition of a Davao satellite depot. There were several options presented and the ICC Cabcom chose Option 3 without land development. Option 3 without land development costs P80.887 billion to undertake. It also provides for a single track project, no second track provision and no provision for electrification.  The amount, however, did not cover the new depot, which when added to the cost of Option 3 could bring the project up to around P82 billion.   The Mindanao Railway System is a 2,000-kilometer railway. The railway will have two segments that will connect various provinces in Mindanao.

Citira seeks to encourage investments by bringing down the corporate income tax rate from 30 percent to 20 percent, and modernize investment tax incentives to enhance fairness, improve competitiveness, plug tax leakages and attain fiscal sustainability. According to Salceda, the bill projected that 1.4 million new jobs will be generated from domestic enterprises. In a joint letter to Senate President Vicente Sotto III and Speaker Alan Peter Cayetano, the economic managers said rather than give more incentives, they want Congress to help the government enhance the revenue source to fund priorities, such as the “Build, Build, Build” program. The economic managers said tax exemption deprives the government of revenues without guaranteed benefits, saying they are ineffective in attracting investments to lagging areas. “Should tax incentives prove to be necessary, we support the grant of incentives that are performance-based, targeted, timebound and transparent,” they added.

Bus ban. . .

Continued from A1

Lim said that they are determined to implement the policy once the court order is lifted, as he shrugged off the bashing they got in social media. Prior to the court order, provincial bus operators had pledged 100-percent participation in the dry run of the provincial bus ban supposedly set for August 7. The Quezon City Regional Trial Court Branch 223 issued a writ of preliminary injunction halting the implementation of the Land Transportation Franchising and Regulatory Board (LTFRB) Memorandum Circular 2019-001 and MMDA Regulation 19-002. Under the dry run, provincial buses will be banned from traversing Edsa from 4 a.m. to 10 p.m. No penalties will be imposed against violators of the ban. Also, no actual closure of the existing provincial bus terminals along Edsa will happen. Provincial buses coming from the north may use the Valenzuela Gateway Complex Terminal to load and unload their passengers. Provincial buses coming from the south may use the Santa Rosa Integrated Terminal in Laguna while those with terminals in Pasay City may use the Parañaque Integrated Terminal Exchange. The MMDA shall implement “window hours” from 10 p.m. to 4 a.m. for affected provincial buses. During the window hour period, provincial buses are allowed to traverse Edsa to get to common terminals such as Araneta Center Bus Port in Cubao, Quezon City, and BFCT East Terminal in Marikina City and PITX. Also, the number coding for city operating buses shall also be lifted. An additional 20 percent of cityoperating buses’ fleet will be allowed to operate to ensure there are enough city buses to pick up passengers at the interim terminals. Claudeth Mocon-Ciriaco

www.businessmirror.com.ph

Fate of 7 Pinoy sailors uncertain as Brunei continues search ops By Recto Mercene @rectomercene

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HE fate of seven Filipinos aboard a Brunei-flagged fishing vessel, Radims 2, that capsized off the coast of Brunei remains uncertain. The Department of Foreign Affairs (Dfa) said it continues to monitor the developments. Eleven members of the crew, seven of them Filipinos, were on board, according to a report from the Philippine Embassy in Brunei Darussalam, the official name of the tiny country located on the north coast of the island of Borneo. The DFA said two of the crew members, whose nationalities have not been specified, have already been rescued. “The Department of Foreign Affairs is actively monitoring developments on a report it received that a Bruneiflagged fishing vessel, Radims 2, capsized off the coast of Brunei,” the DFA said in a statement. The report quoted Ambassador to Brunei Christopher Montero as saying they are closely coordinating with Brunei authorities for updates on Brunei’s joint search and rescue operations with Malaysia. Per the Embassy’s Philippine Overseas Labor Office, the last communication between the vessel owner and its captain was on August 7, 2019.   Since then, Brunei’s National Search and Rescue Coordination Committee has sought assistance from the Malaysian Maritime Enforcement Agency in locating missing crew members. 

No Pinoy casualty in Libya MEANWHILE, the country’s Charge d’Affaires in Libya, Elmer Cato, reported that “no Filipinos have so far been

Arrival . . .

Continued from A8

some 15.8 percent to 946,025 in the first six months of 2019. This was followed by China; the United States at 569,204 (+2.04 percent); Japan at 326,907 (+3.43 percent); Taiwan; and Australia at 143,014 (+1.96 percent). The other top markets include Canada at 128,370 (+6.01 percent); the United Kingdom at 106,673 (+4.13 percent); Singapore; Malaysia at 74,307 (+0.87 percent); India at 68,888 (+9.19 percent); and Germany at 55,322 (+15.93 percent). Also helping bolster the tourism growth this year, said Romulo Puyat, is the expansion of the country’s “portfolio of tourism products” and the strategy of “developing and promoting our lesser-known but emerging destinations.” This has led to the arrival of “a large, yet diverse set of foreign travelers,” thus, sustaining the country’s consistent rise in inbound tourists amid the highly competitive Southeast Asian region. Meanwhile, the DOT welcomed the recent decision of the US Department of Homeland Security (DHS) to rescind its travel advisory to the Ninoy Aquino International Airport, following “significant improvements” in the airport’s security procedures. “With the recent development of the DHS to rescind its Public Advisory on security issues at Naia, we can expect more travelers from the US to visit the Philippines in the coming months,” underscored the tourism chief. Romulo Puyat noted that the Department

Illegitimate. . . Continued from A8

or friends of the court. In 2013, a Davao court upheld Aquino’s right to claim her inheritance but the Court of Appeals reversed the RTC’s decision in 2013, prompting her to elevate her plea to the SC. The CA held that “an  illegitimate child has no right to inherit from the legitimate children and relatives of his father or mother,” in the same manner  that such children and relatives inherit the same from the illegitimate child. The appellate court used as basis Article 992 of the Family Code in ruling

reported to be among casualties in Benghazi car-bomb explosion. “Still another close call at Mitiga today,”Cato reported in a tweet to Foreign Affairs Secretary Teodoro Locsin Jr. Cato was referring to the bomb-laden vehicle that exploded Saturday outside a shopping mall in Libya’s eastern city of Benghazi, killing at least three United Nations staff members. The attack came even as the country’s warring sides said they accepted a cease-fire proposed by the UN aimed at halting combat in the capital Tripoli during an upcoming Muslim holiday. The blast took place outside Arkan Mall in the Hawari neighborhood, where people were gathering for shopping a day before the Eid al-Adha holiday begins. The Benghazi municipal council said the attack targeted a convoy for the UN Support Mission in Libya. The site of the attack is close to offices of the mission in Libya. Two of the dead hailed from Libya and Fuji, and the blast wounded nine people. Cato said the explosion occurred near a supermarket and shops frequented by some Filipinos, including those from a nearby hospital.  “@PhinLibya is in touch with Filipino Community there,” Cato said in his official Twitter account.  In a subsequent tweet, Cato showed photographs of the Filipino’s embassy staff in Tripoli, sharing lunch in observation of the Eid Mubarak. “It has been an annual tradition of the Philippines Libyan Embassy to host members of the Filipino Muslim Community for Eid al-Adha,” Cato said, adding for lunch, they feasted on grilled meat from the three sheep that were sacrificed that day.

of Transportation (DOTr) and the Manila International Airport Authority (Miaa), over a seven-month period, improved and enhanced the security operations at the Naia to international aviation security standards with the assistance of experts from the US Transpor tation Security Administration (TSA). Romulo Puyat congratulated the DOTr, headed by Secretary Arthur P. Tugade, and Miaa Chief Ed V. Monreal for w taking corrective measures to address security issues raised by the TSA, which led to the DHS travel advisory in December. She noted the TSA regularly inspects and analyzes Naia’s security operations, maintenance and infrastructure. The DOTr, in a news statement last year in reaction to the DHS travel advisory, said among the TSA’s recommendations to cure Naia’s security defects is the installation of new equipment, such as x-ray machines, walk-through metal detectors, and alarm systems. Another recommendation was the adoption of new background check procedures for newly hired airport personnel, which will include neighborhood and Nica (National Intelligence Coordinating Agency) checks for those implementing security control, and submission of new National Bureau of Investigation clearances for all Miaa access pass holders. The TSA also recommended a change in the “security culture” among longtime Naia personnel in the area of consistent implementation and observance of strict security procedures. against Aquino. The said provision states that an illegitimate child has no right to inherit from the inheritance of the legitimate relatives of his or her parents. But in her plea, Aquino stressed that even though she was born out of wedlock, she has all the status of a legitimate child and that her father’s relatives cannot deny the fact that they had treated her as one of their own. She also cited a 1983 ruling of the SC where the magistrates ruled that unacknowledged natural children have no rights whatsoever but allowed an exception to children who had already been treated as acknowledged and legitimate children.

Joel R. San Juan


News BusinessMirror

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Bishop to Catholics: Speak up against ‘unjust attacks’

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By Samuel P. Medenilla

@sam_medenilla

N official of the Catholic Bishops’ Conference of the Philippines (CBCP) urged Catholics to speak up against “unjust attacks.” “To keep silent is to allow the aggressor to bully the innocent victims,” CBCP-Commission on the Laity Chairman Bishop Broderick S. Pabillo said in a statement issued on Monday. “The victims needed to be protected and defended against unjust attacks by others.”     

Pabillo, who is also the Auxiliary Bishop of Manila, said these unjust attacks include fatalities from the government’s war against illegal drugs and the killings in Bulacan, Negros Island and Mindanao.  He also cited the sedition charges filed against four  Catholic bishops,

Tuesday, August 13, 2019 A3

Building an ethical business culture

three priests and 31 government critics as further examples of such attacks. “We all know that the accusation is without basis. We all know that it is a legal harassment. We all know that it is a ploy to frighten the critics of the government,” Pabillo said. “Denounce the aggression. Call the accusations for what they are: lies,” he added.  Pabillo said these incidents of injustice, which has led to the loss of lives, are like to increase unless publicly denounced. “If from the beginning the denunciations had happened from all quarters, since injustice in some areas is injustice to all, many lives could have been spared,” Pabillo said. 

By Henry J. Schumacher

Panelo on ‘gifts’ to public W servants: Use own discretion By Bernadette D. Nicolas @BNicolasBM

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RESIDENTIAL Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said the Executive Branch sees no need for the government to issue clear guidelines and instead urged state workers to use their own discretion when it comes to accepting gifts. “The law is clear: you don’t need guidelines,” Panelo told reporters in an interview.  Reporters sought to clarify President Duterte’s statements in his speech before the Philippine National Police (PNP) on its 118th Anniversary last Friday. “I will not stop you, if you are given something, it is not bribery because it is allowed by law. What I mean, if there is generosity in them, the anti-graft said you cannot accept gifts? Foolishness,” the President said.

Reacting to the President’s remarks, Sen. Panfilo M. Lacson said: “Mr. President, insatiable greed starts with simple, petty graft.” “It could be more addicting than drugs,” Lacson, former PNP chief, added. “There is no detox, nor is there rehab facility available for addiction to money.” On Monday, Panelo said the president’s remarks should not be taken in absolute terms as it reminded government officials they can accept gifts as long as these are of “nominal and insignificant value.” Asked on what specific value of gifts are considered to be nominal, the Palace spokesman said: “The law does not specify.” “So, you use your discretion correctly,” Panelo said. “We have standards on what is considered excessive or not.” He added that the President is not backing down on his anti-corruption

stance, pointing out that what the President hates is accepting gifts in exchange of giving favors to certain individuals or groups. “Corruption is not allowed. Bribes are not allowed. You should not do your job just because you are expecting something in return, or you are doing your job just because you have already accepted something,” Panelo said. “That is prohibited. That is what is clear.”  Republic Act 3019 (Anti-Fraft and Corrupt Practices Act) rules that “directly or indirectly requesting or receiving any gift, present, share, percentage, or benefit, for himself or for any other person, in connection with any contract or transaction between the government and any other part, wherein the public officer in his official capacity has to intervene under the law…constitutes corrupt practices of any public officer and declared to be unlawful.”

Govt to test value-chain lending scheme for farmers in Davao By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Agricultural Credit Policy Council (ACPC) will test in Davao its financing program that would provide credit to farmers through a value-chain approach. The program, called “Agricultural Value Chain Financing Support and Capacity Building through Entrepreneurship and Organizational Development” (ASCeND), came to fruition through a memorandum of agreement (MOA) signed last August 9 by participating entities. These entities include the Philippine Center for Entrepreneurship (PCE)-Go Negosyo, Kennemer Foods International Inc. (Kennemer) and Agronomika Finance Corp. (AFC). The new financing program is in line with Agriculture Secretary William D. Dar’s strategy of treating farm sectors as industries and providing financing to farmers through a valuechain approach. The ACPC said ASCeND is an action research project that aims to demonstrate viability and promote adoption of agricultural value chain financing (AVCF) by nonbank rural financial institutions (NBRFIs). The project would also determine

specific capacity building requirements of an RFI engaged in AVCF and develop relevant tools that they could use to engage in AVCF, the ACPC added. “ASCeND is envisioned to be a learning platform for banks and nonbank RFIs that plan to engage in AVCF, as well as for ACPC and other government agencies involved in developing and supporting agriculture value chains,” it added in a statement on Monday. Under Ascend, nonbank RFIs, such as farmers cooperatives and associations that would provide loans to smallholder farmers would be provided “capacity-building assistance,” ACPC said. On the other hand, small farmers and agriculture entrepreneurs would be trained to enhance their capacity to participate in the value chain, it added. “In addition, loans will be granted to eligible small farmers and agribusiness entrepreneurs and their organizations. Necessary credit enhancements, such as agriculture insurance and credit guarantee for AVCF will also be provided to the participating smallholders and NBRFIs, respectively,” ACPC said. Under the MOA, the ACPC will provide funds for the implementa-

tion of the program, specifically for financing, capacity building, project management, monitoring, and evaluation. The ACPC is an attached agency of the Department of Agriculture. The ACPC would also linkup with AFC in granting AVCF loans to small farmers and in providing capacity building assistance to FOs, particularly in mentoring on credit/ financial management. The AFC is based in Davao City and, in partnership with Kennemer, offers financial products and technical services to farmers and rural entrepreneurs in agriculture value chains, according to ACPC. Kennemer, which operates a grower program with cacao, banana, and abaca farmers, shall be responsible in purchasing farmers’ produce and providing them technical support, ACPC said. For its part, Go Negosyo would provide capacity building assistance to farmers organizations particularly in the areas of business/entrepreneurship and organizational development.  Go Negosyo is an advocacy of PCE, a nonstock, nonprofit organization engaged in entrepreneurship education and providing a marketplace of ideas, innovations, business models and best practices. 

HEN business leaders talk about competitive advantages, building and maintaining an ethical culture must be part of the agenda. They have to be aware that being caught in corruption, unfair competition, data breaches, cybercrime etc., will not only lead to heavy fines but will definitely affect the reputation of the company.

So let’s talk about building an ethical culture in practice. What is the difference between ethics and building a culture of trust? Ethics are a set of principles. An ethical culture is a culture committed to pursuing those principles—and sometimes the pursuit of those principles leads an employee to take actions somebody else might dislike. Perhaps the employee reports suspicions of misconduct, involving bribery or collusion in competition or mismanagement of data privacy. Either way, the employee needs to trust that the company will support that decision to step forward. The apparatus of a corporate compliance program—the training, the internal reporting systems, the Code of Conduct, the due diligence procedures; all of it—should work toward the goal of a strong sense of trust within the organization. When you view “building an ethical culture” from

that perspective, suddenly several tasks rise to the top of the priority list. For example, as much as we all love a strong internal reporting system, most employees report their concerns to managers. Most employees also take their cues about how to behave from managers. Consequently, training managers about how to weave ethical standards into the company’s daily routines is critical.  Formal training will always be important; employees will always need to know what the law says about bribery, or privacy, or collusion, or whatever else comes along. Culture, however, is much more than training, full of informal practices, norms, and expectations. Therefore, ethics and compliance programs must work with middle managers on what those practices, norms, and expectations are, and how to base them on the company’s ethical principles. That’s where you win or lose this battle.  Senior leaders have a crucial role in building an ethical culture too, since they send the signals about the corporate culture that people in operations translate into daily routines. Let’s look at three ways you can build an ethical culture: 1. Develop clear ethical values—honesty, respect, fairness; whatever fits your organization. Talk with senior leaders and the board about what those values should be. Put them in the Code of Conduct, in a place of prominence so that every employee is aware of it. 2. Develop clear training materials based on those values. Create real-life scenarios that employees might encounter, where the resolution shows how ethical conduct is the higher priority than commercial success.  3. Refine your internal reporting system to assure the confidentiality of whistle-blowers. Someone who does report an allegation to a hotline (or some other system that circumvents his or her manager) has a fear about doing the ethical thing. He or she needs to trust that the company will protect their identity—that is, they need to trust the system. They need to see that your internal reporting system is trustworthy. Those are only a few examples of what building an ethical culture entails. It’s long, painstaking work, that relies on communication and collaboration but that’s how you get to an ethical culture. Both the Integrity Initiative Inc. and European Innovation, Technology, and Science Center Foundation, have developed training materials to assist companies in creating trust and ethics—with special emphasis on anti-corruption and data privacy protection. Both organizations are in standby to assist. Feedback is welcome; please email me at schumacher@eitsc.com.

Senators to probe Dengvaxia issue after PHL named fake drugs hot spot By Butch Fernandez @butchfBM

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ENATE President Pro Tempore Ralph G. Recto is seeking a deeper inquiry into the Dengvaxia debacle amid reports that the Philippines was found to have the “highest incidence” of fake drugs in Southeast Asia. Citing findings by the United Nations Office on Drugs and Crime (UNODC), Recto on Monday prodded the Senate to mount a probe into the reported “presence and prevalence of counterfeit drugs in the Philippines.” In filing a Senate resolution to pave the way for an inquiry in aid of crafting remedial legislation, Recto aired concerns that the Philippines was depicted as “a hot spot for knockoff drugs” in the UNODC 2019 report on “Transnational Organized Crime in Southeast Asia: Evolution, Growth and Impact.” Taking the UN agency report to be “a cause for alarm and action,” the Senate President pro tempore noted its  findings that from 2014 to 2017, “fake medicines, mostly from Pakistan, India and China reportedly entered the Philippines

through an illicit trade network.” Recto clarified that the Senate investigation’s aim “is to know the gravity of the problem and formulate remedial measures that will strengthen the capacity of the Food and Drug Administration and all law-enforcement agencies to defeat this problem.” He also cited the reported market penetration of locally manufactured counterfeit over-the-counter medicines. This prompted the senator to ask the Duterte administration to take immediate steps to “unmask which of these misbranded, spurious, fake and falsely labeled drugs have entered the market and have duped Filipinos.” Recto recalled that just last year, “no less than President Duterte described the availability of counterfeited paracetamol brands in the country as a growing threat and ordered the arrest of their makers and sellers.” The senator added that if reports were true that fake medicines are sold for lower prices at sari-sari stores, “then they are victimizing the poor who often have to borrow money to buy medicines or [cut costs] by buying doses lower than

what the doctor has prescribed.” At the same time, he denounced the trade in fake medicines as “a large scale swindle of the cruelest kind, as their victims are of the illusion that they are taking authentic medicines that will cure them and not something made of flour.” Moreover, he observed that not all drug dealers sell shabu (methamphetamine crystals). Others sell fake medicines for infection, rabies, tuberculosis, cancer, cough and fever, the senator said in Tagalog. According to Recto, the staggering amount of money Filipinos spend yearly for medicines and pharmaceutical preparations should prod the government to protect their health, safety and money, citing reports that in 2017, about P187 billion, or half of the P372.8 billion “out-of-pocket” health expenditure of Filipino families, went to pharmacies. For instance, the senator cited that  “households buy half a billion pesos worth of drugs a day.” He added this excludes purchases by private hospitals, government and insurers that he estimates also run into

Traffickers of 10 Palawan pangolins receive ‘slap on the wrist’ from Tagaytay City court

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HREE men caught transporting 10 Palawan pangolins in Tagaytay City last June were sentenced to jail terms of up to three months and a fine of P20,000 each after pleading guilty to the crime of illegal trade in wildlife. The two-page order dated July 18 was handed down by Judge Liezl Rosa-

rio S. Mendoza of the Municipal Trial Court (MTC) in Tagaytay City against Simfroso Salazar, Jorlan Torregquimada and Victor Equisa. The three pleaded guilty to violating Republic Act 8147 or the Wildlife Resources Conservation and Protection Act of 2001. The law prohibits

the killing, injuring, collection, selling and transport of threatened and endangered wildlife species. In a statement, Environment Secretary Roy A. Cimatu lauded the arrest and conviction of the three convicts. Cimatu said such “swift justice” is a sign of just how hard the authorities

were trying to clamp down on poachers and wildlife traffickers and traders in the Philippines. He added that the verdict provides hope and inspiration for the Department of Environment and Natural Resources (DENR) and law-enforcement agencies that go after wildlife offenders.

“We welcome this recent victory not only for the wildlife species that were rescued, but also for the future generations who will benefit from the recuperation and proliferation of its kind,” Cimatu said. The court ruling came 20 days after the three accused were caught at a

checkpoint in Tagaytay City on June 28. Ten heads of the Philippine pangolin were recovered from the three. The pangolins, found in a cramped cage in a van compartment, were initially taken to a DENR rescue center, where they were fed and treated for bruises. Jonathan L. Mayuga


A6 Tuesday, August 13, 2019 • Editor: Angel R. Calso

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editorial

Poor execution and bad timing

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NE could not help but ask—yet again—why so many road and street projects and diggings in Metro Manila and other provinces are undertaken during the start of classes and the onset of the rainy season? These construction works and repairs being done on roads and streets, some by the Department of Public Works and Highways, some by the local governments, still others by water companies, even if they are well-intended and justified, suffer from poor execution and bad timing. Some of these projects were rushed before the elections, others were started shortly after, some seem to have been “ongoing” forever, leading people affected by them to wonder about the quality of their contractors, or perhaps if a good chunk of their budgets went to corruption, hence the delay in their completion. Regardless of the reasons, these projects have stalled traffic, closed down streets and roads, and exacerbated floods. Worse, the ditches and diggings have created stagnant pools of water where mosquitoes can breed, just when the Health department has declared a national dengue epidemic. Sometimes people wonder why even perfectly good streets or roads are suddenly dug up or torn down, just so they can be “repaired.” For instance, residents of Conchu Street in Pablo Ocampo, Manila, were surprised one morning to see their well-paved concrete street being destroyed, to be elevated they were told, without prior notice from the barangay, nor any petition or complaints from the residents asking for such repair. Again, why does the government and its public contractors do these projects after classes have started, when traffic has become heavier, and at the onset of the rainy season? Why not do these projects during the long hot summer months, when traffic is lighter because of school vacation, and the dry weather is ideal for construction work? During a downpour most repair and construction work have to stop. Cold weather makes pavement construction and repair difficult, and the presence of water tends to increase damage. The road has no bigger enemy than water. Wet conditions bring up the cost of repairs. They cause delays and cost overruns, which eventually would be shouldered by the taxpayers. Moreover, the rain creates dangerous conditions for commuters, pedestrians and motorists. Open diggings are traffic hazards. They put human life at risk, especially when areas are submerged in floodwater during heavy downpours. And again, they create mosquito menaces, dengue magnets where there were none, because of the stagnant pools of water. We have heard government people explain that the tedious procurement process, budget allocation and releases prevent the timely implementation of these projects. But most of these projects are not emergency repairs that need to be undertaken right away, as if the government has no choice whatsoever. Most of them are preventive or improvement works that can surely be better scheduled and synchronized by government agencies and their contractors. Let’s face it. Poor management, lethargy, lack of direction and negligence because of corruption and mediocre contractors afflict a lot of these projects. The government should hire better contractors and make them follow deadlines. Blacklist those who cannot meet them. Government auditors should make sure 100 percent of the budget goes to the construction and repair of the roads and streets, and not line the pockets of corrupt officials and their cohorts in the construction business. The people appreciate quality government service in terms of better streets, roads and drainage systems, but part of that service is working efficiently to finish the projects on time, with the least inconvenience to residents, pedestrians, motorists and commuters. Taxpayers should not be made to “grin and bear it” while public contractors are taking their sweet time, oblivious to all the havoc they are creating.

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TABLE consumer prices will allow the economy to expand more vigorously in the next two quarters after the gross domestic product grew by just 5.6 percent in the first quarter and 5.5 percent in the second quarter. I believe economic activities will start picking up in the third quarter after inflation rate eased to a two-year low of 2.4 percent in July, or near the low-end of the government’s target range of 2 percent to 4 percent for 2019. Low prices will encourage households to spend more, businesses to increase investments and the government to proceed with vital infrastructure projects. More important, a benign inflation outlook will encourage the Bangko Sentral ng Pilipinas (BSP) to shift its focus from price stability to supporting economic growth, especially after the Philippine Statistics Authority reported that the GDP growth in the second quarter was the weakest in 17 quarters or for more than four years. This put the government’s growth target slightly off track. Socioeconomic Planning Secretary Ernesto Pernia said to achieve the 2019 growth target of 6 percent to

7 percent, the economy should grow by an average of at least 6.4 percent in the second half. I believe this is possible, as some of the main factors that led to the slower growth in the first semester have dissipated. A 5.5-percent expansion in the second quarter is not that bad considering the many challenges we had to contend with during the period. The National Economic and Development Authority listed the major factors that impacted on our economic performance in the second quarter—the El Niño dry spell, the election ban on construction activities during the midterm elections and the delayed implementation of the national budget. With the approval of the 2019 budget, the government is now in the position to sustain its spending for infrastructure projects, which will become a major stimulus for economic growth in the second half. Remember that we were coming

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from a high-interest rate regime last year when the BSP raised the policy interest rate by a total of 175 basis points that had discouraged people from spending on high-value items, such as housing and vehicles. The good news is that the BSP resumed the interest rate reduction on August 8, as the Monetary Board slashed the overnight borrowing rate by 25 basis points to bring it to 4.25 percent. Private banks are expected to follow the BSP’s lead. BSP Governor Benjamin Diokno also hinted that another rate cut is possible before the end of the year as inflation expectations moderated further to levels consistent with the inflation target. The inflation peaked to 6.7 percent in September and October last year, so this means prices would most likely soften from last year’s high base. In fact, the price of rice—the biggest item in the consumer price basket—registered a reduction or deflation in July. What continues to worry our economic managers is the increasing protectionism in advanced economies, particularly the United States and China. Secretary Pernia noted that the trade tensions had a moderating impact on the information technology-business-process outsourcing sector in the Philippines, where exports of miscellaneous services grew by just 1.3 percent in the second quarter, compared with a double-digit expansion in the previous years. The BSP’s Monetary Board said

the prospects for global economic activity were likely to remain weak amid sustained trade tensions among major economies. On the other hand, the weaker global economic prospects will help temper the inflation outlook. “The risks to the inflation outlook continue to be seen as broadly balanced for 2019 and 2020, while they are seen to tilt to the downside for 2021,” the BSP said. It appears that the BSP will likely take more actions to support economic growth in the second half given the benign inflation outlook. “Domestically, the outlook for growth continues to be firm on the back of a projected recovery in household spending and the accelerated implementation of the government’s infrastructure spending program, after the delay in expenditures due to the legislative impasse in the approval of the budget in January to April 2019,” the BSP said. “On balance, therefore, the Monetary Board believes that the benign inflation outlook provides room for a further reduction in the policy rate as a preemptive move against the risks associated with weakening global growth,” it added. Based on these statements from the economic managers and the BSP, I am very confident that the economy will recover in the third and fourth quarters on the back of the manageable inflation rate. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

The law of large numbers and the stock market John Mangun

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Lower inflation to lift Q3 growth

OUTSIDE THE BOX

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WO weeks ago in an interview on ANC’s Market Edge program, I expressed my opinion that the PSE Composite Index (PSEi) could go down 200 points. I was then asked why, being normally optimistic about the stock market, I was now seemingly pessimistic. I am never either optimistic or pessimistic except to this extent: When prices are going up I am “happy”; when they go down I am “sad.” The stock market speaks clearly and loudly if you listen. I was “optimistic” when the market was saying it wanted to go higher starting on July 12, and “pessimistic” when prices started going down on July 25. Unlike the famous “Dog Whisperer” Cesar Millan, no one can “whisper” to the market to get it to behave in a certain manner. Further, the market rarely, if ever, obeys “the

rules.” The best example of this is with the “Bubble Boys” led by their king Jesse Colombo, a Forbes magazine contributor. Mr. Colombo has written constantly for the last six years how the United States and other stock and asset markets absolutely positively cannot go any higher. When the PSEi was at 5,800 in 2013, he said that this would be the top and “Why the Philippines’s Economic Miracle Is Really a Bubble in Disguise.” Of course, at PSEi 8,000 some 18 months later, he said that what he meant was that PSEi 5,000

“might” be a top. I recently offered Mr. Colombo a substantial cash incentive—10 times more than he might receive for a Forbes column— to do an update on the Philippine “bubble” economy. He has yet to respond. The markets operate on the “Law of Large Numbers,” and, therefore, are never wrong no matter how smart you think you are. Simplistically, if you flip a coin a large amount of times, the heads-to-tails will be 50 percent. If you fill a 20-liter water bottle with jelly beans and ask people to guess the total number of jelly beans in it, it’s unlikely that somebody will get the right answer. However, if you ask a large number—say 2,000—to guess, the average of all the answers will be remarkably accurate. Studies have proven that if you ask enough people, the average will be exactly the number of jelly beans in the container. On Friday last week, the local stock market traded 245 different issues, with P5.62 billion worth of transactions, and 84,972 individual trades. The PSEi was down 0.76 percent or 59.77 points.

No matter how many brilliant reasons you can find why the market should not be going down, has stopped going down, or why prices should be going higher, you should never argue with the “large number.” That is why you should not buy a stock when the price is going down. You should not try to guess the bottom. You should always sell when the price breaks support. You should always buy when prices are going higher. We are told that it is better to be an independent thinker and forge our own path. However, we have the tendency to think we are smarter than the large number results. On the Facebook picture “The first three words you see is what you will be in 2019,” the large number may see “Fortunate.” Be concerned if you are the one who finds the word “Tuna.” 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.


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Shalom to all our Muslim brothers

DOE lays down action plan to solve Palawan power outages Cecilio T. Arillo

DATABASE

Manny F. Dooc

TELLTALES

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ODAY marks the end of one of the holiest days in the Islamic calendar, the Eid al-Adha, which means the Festival of Sacrifice. The highlight of the event is the annual pilgrimage to Mecca in Saudi Arabia where millions of hajj from all corners of the Muslim world gather to commemorate God’s appearance to Ibrahim in a dream, commanding him to sacrifice his son as a supreme act of obedience. However, God stopped Ibrahim when he was about to slay his son and gave him a sheep instead as the offering. On the lighter side, today Eid alAdha is the time when Muslim families gather for get-together, enjoy sumptuous meals, visit loved ones and give gifts to children and charities to the poor. The hajj pilgrimage, which every able-bodied and financially capable Muslim must fulfill at least once in his lifetime, is a serious business. The number of pilgrims allocated per Muslim country is limited and some countries run a lottery to select the pilgrims. The pilgrimage to Mecca is like the Quiapo Feast of the Black Nazarene but only many times over. It is described as a “crush and stampede” event causing numerous casualties. The deadliest hajj disaster took place in 2015 where over 2,000 pilgrims were crushed to death. Muslims feel cleansed by praying before the Kaaba. As one hajji explains, the experience is indescribable—one has to participate in the pilgrimage in order to understand it. Shalom to all our Muslim brothers. Eid Mubarak! nnn

THIS one is for Ripley. Believe it or not, a fart disrupted and suspended an intense debate in Homa Bay county assembly in Kenya. Obviously bothered by the foul smell, one assemblyman rose and addressed the Speaker: “Honorable Speaker, one of us has polluted the air and I know who it is.” This drew a sharp retort from the honorable “wind blower” who exclaimed: “I’m not the one. I cannot do such a thing in front of my colleagues.” If this had taken place in our Congress, this incident would have been treated as a national catastrophe that calls for a congressional investigation. Incidentally, the use of the word “fart” in a debate inside the Canadian Parliament had incensed some members of that august body. Conservative MP Michelle Rempel accused her government of treating the province of Alberta “like a fart in the room.” Reacting to it, the Green Party leader, Elizabeth May, demanded: “I heard her say a word I know is distinctly unparliamentary, and I think she may want to withdraw it.” Truly, we are just one fart away from disaster. nnn

MAYOR Isko reminds me of the most colorful mayor Manila has ever had,

Tuesday, August 13, 2019 A7

the legendary Arsenic Lacson, who was the first elective mayor of any chartered city in the country. Soon after his inauguration, one of the first orders Mayor Lacson issued was the immediate demolition of the makeshift stalls that crammed the Quiapo Church. He also directed the police to demolish and close the cluster of stores that had occupied the City Hall grounds. One of his priorities was to make Manila clean, and its officials dedicated and honest. On his 10th day in office, he led his vice squad in raiding vice dens in the city, which he conducted at dawn to surprise the vice lords. He swooped down on gambling, sex and opium dens in Santa Cruz and Binondo and arrested maintainers who offered him bribes. On his first week in office, Mayor Isko has denounced the criminal elements that had offered him P5-million bribe per day just to let illegal vendors ply their trade in the streets. Just like his great predecessor, Mayor Isko is bent to return the public streets and sidewalks to the public. This early, just like Lacson, Isko Moreno’s name is now being mentioned as a possible presidential contender because of his strong performance as mayor of the premier city of Manila. Unfortunately, Lacson died of a heart attack at age 49. Who knows he could have rewritten our history by becoming our president after Diosdado Macapagal. And there was no love lost between him and Ferdinand Marcos. When both were members of the Second Congress, he and Marcos were engaged in a heated debate over President Quirino’s suspension of the privilege of habeas corpus. While delivering his speech, Marcos kept pointing his finger like a pistol in Lacson’s direction. Suddenly, Lacson stood up and addressed the Speaker: “Mr. Speaker, I demand protection from the Chair!” Bewildered, the Speaker asked: “The gentleman from Manila should explain his demand for protection.” Lacson replied, “Mr. Speaker, I demand protection from the gentleman from Ilocos Norte who reminds me, everytime he points his trigger finger at me, of the murder of Nalundasan.”

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HE Department of Energy has set in place a concrete action plan to solve the crippling power outages in Palawan, one of the country’s major economic zones and tourist destinations, during a meeting of the DOE-led Inter-Agency Coordinating Committee and Task Force Palawan Electric Cooperative (IACC-TF Paleco) in Puerto Princesa City, Palawan. Energy Secretary Alfonso G. Cusi created Task Force Paleco earlier to conduct an exhaustive assessment and audit of the power situation in the province. This included the determination of the root causes for the frequent power outages, as well as the consolidation of all recommendations from other concerned agencies into the Task Force’s Final Report. Among the findings of TF Paleco were the uncoordinated synchronization of the protection system of Paleco and the National Power Corp.’s transmission lines; obstructing vegetation along both the long NPC transmission lines and Paleco distribution lines; overloaded substations; the unstable temporary generators; derailed coal power plant; and the slow coordination among

various government agencies on distribution line maintenance and improvements. Palawan Gov. Jose C. Alvarez, head of the Palawan Council for Sustainable Development (PCSD), assured the DOE of efficient coordination by local government units (LGUs) in securing all relevant permits and certificates needed by Paleco. “ We are at your ser v ice,” Alvarez said. “We will not stop working until we finally bring this power issue to an end,” Secretary Cusi said, directing immediately Paleco and all relevant government agencies to carry out the recommendations in the final report of the task force. “The livelihood of consumers and the operations of crucial infrastruc-

Revisiting local taxation Atty. Rodel C. Unciano

TAX LAW FOR BUSINESS

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ITH the able leadership of Senate President Vicente Sotto III and newly installed House Speaker Alan Peter Cayetano, the 18th Congress is expected to work overtime to fast-track the passage of the remaining packages of the Tax Reform for Acceleration and Inclusion. I would like to add that we must not stop there. The revision of the Philippine tax system would not be complete without revisiting as well the landscape of local taxation. With the blurry prospect of transforming our system of government into federalism, which could have reshaped local taxation in the Philippines, I would say, it is now timely to look into the infirmities of the local tax system, where overhauling is now due. To this day, the Local Government Code (LGC) of 1991, which is even older than the 1997 Tax Code, remains to be the principal law governing local taxation in the Philippines. Of course, the 1987 Constitution empowered each and every local government units to create their own sources of revenues and to levy taxes, fees, and charges. This means that each LGU, such as barangays, municipalities, cities and provinces,

will have to pass ordinances governing local taxation in their respective jurisdictions. This power is, however, subject to such guidelines and limitations as Congress may provide, consistent with the basic policy of local autonomy. As held in the 1983 case of Basco v. Pagcor, local governments do not have the inherent power to tax except such power as may be delegated to them by law. Hence, the need to revisit the laws governing local taxation. Let me highlight some examples where I think revision is due. Community tax. About seven years ago, in this section of BusinessMirror, I have written that community tax, if well administered, still stands as a good source of government income, particularly among cities and municipalities. This is still true today. However, for lack of

ture, such as hospitals and government offices hang in the balance,” he said. Secretary Cusi gave Paleco until the end of 2019 to complete its rehabilitation.   One of the major problems identified in the audit is the existence of a heavy vegetation problem on the NPC transmission lines in Palawan, especially in the southern towns. To solve this, the PCSD, through the Department of Environment and Natural Resources (DENR), will issue Paleco a special permit for the transportation of the required tools and equipment to be used for the necessary tree cutting and clearing operations. The NPC likewise guaranteed the immediate upgrade of its line protection devices, which minimize the effects of transmission line trippings. For its part, the National Electrification Administration (NEA) has activated the “Task Force Kapatid” program, with the active participation of 10 electric cooperatives (ECs) to help with the rehabilitation of Paleco. Under this program, the participating ECs will be deploying six engineers and 60 linemen to help Paleco until October 2019. The necessary tools and equipment to effect improvements in Paleco’s distribution system will also be provided. Paleco had the opportunity

during the meeting to discuss the progress it has made in the implementation of the action plan it has previously submitted to the DOE. Its presentation prompted various public and private stakeholders to pledge their support to the local EC and guide it toward the necessary steps to effectively and efficiently improve the power-supply condition in Palawan. Vice Admiral Alexander S. Lopez (ret.), DOE undersecretary, led the presentation of the IACC-TF Paleco, together with Assistant Secretary Redentor E. Delola and DOE-Electric Power Industry Management Bureau Director Mario C. Marasigan. PCSD Executive Director Nelson P. Devanadera and representatives from NEA, NPC, DENR, as well as officials from LGUs, nongovernment organizations, and the Western Command of the Armed Forces of the Philippines also attended the meeting. “As members of the energy family, it is our primary duty to provide reliable, stable and affordable electricity services to our countrymen. Help will always be given to those in need of it. However, we must also ensure that those of us in the energy sector are serving our people in the best manner at all times,” Cusi emphasized.

proper implementation, LGUs have so much tax leakages on this item. To many of us, payment of community tax has become a mere compliance rather than an obligation. How many of us have faithfully paid our community tax this year? Real property tax on immovables. The LGC of 1991 imposes RPT on immovables without definitive description on what constitutes immovables for RPT purposes. Under Section 218 thereof, among the real properties mentioned as subject to real property tax are lands, buildings and other structures, and machineries and other improvements. The Code, however, is not clear as to whether the enumeration stated therein is exclusive. Thus, some LGUs passed laws imposing RPT on other forms of immovable following the concept of immovables under Section 415 of the Civil Code of the Philippines. Thus, in some LGUs, trees are included among the properties subject to RPT. A more definitive provision on what constitutes properties subject to RPT is therefore necessary. Absence of central agency implementing local taxation. While the objective of the Constitution is to provide for a more responsive and accountable local government structure instituted through a system of decentralization, a central agency, similar to the Bureau of Internal Revenue (BIR), must be created to oversee implementation of local tax laws.

While the Bureau of Local Government Finance has been issuing rulings relative to the levy and administration of local taxes, there is no provision in the Local Government Code of 1991 that explicitly confers such authority to the BLGF. In the 2001 case of PLDT v. City of Davao, the Supreme Court overruled an earlier opinion of the BLGF and held that BLGF is created merely to provide consultative services and technical assistance to LGUs on local taxation. Giving more authority to BLGF relative to the levy and implementation of local tax laws may expedite resolution of local tax issues without elevating disputes to the courts. With three more years left in the Duterte administration, I remain hopeful for a passage of a law that shall provide for a more responsive and accountable local government structure consistent with the basic policy of local autonomy as enshrined in the Constitution.

Greenland’s rapid melting is a hugely underplayed story By Stephen L. Carter Bloomberg Opinion

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HE announcement that 11 billion tons dropped off the Greenland Ice Sheet in one day turned out to be a made-for-television example of the effects of climate change.  Dramatic videos of water pouring off the glaciers went viral.  But apart from the occasional spectacular image, it’s hard to focus the attention of the news media on the Greenland Ice Sheet. And that’s too bad. Because it’s worse than you thought. Consider:  According to Nasa’s National Snow & Ice Data Center, between June 11 and June 20 of this year, the Greenland Ice Sheet (or GIS) lost an estimated 80 billion tons of ice.  That’s an average of 8 billion tons every 24 hours for 10 days, a record warming event.  But there was hardly a whisper of news coverage, perhaps because there weren’t any exciting videos. Maybe the old cliché is true after

all: A picture is worth a thousand words.  After all, the GIS has been melting for decades. The tough part is getting people to pay attention. In northeast Greenland the sheet is vanishing even faster than climate models predict. Recent research has shown that the most rapid melt is in southwest Greenland, where the glaciers by and large don’t terminate in the sea. This result, which took many climate scientists by surprise, tends to confirm rising temperatures rather than changing ocean currents as the cause. Yes, it’s possible that Greenland’s ice sheet actually grew slightly in 2017.  It’s also possible that snowfall in 2017 and 2018 roughly balanced the mass of ice loss. But before climate-change skeptics bombard me (@StepCarter) with snide told-ya-so’s, bear in mind these are only possibilities.  Unfortunately, the Gravity Recovery and Climate Experiment satellite, our most sensitive measuring tool, stopped giving reliable data in 2016 and went dead during 2017. (Happily, a

follow-on mission lifted into orbit in May of 2018). Besides, recent ice growth, if any, seems to be an anomaly in a long-term melting trend. As the same Danish researchers who made the point about snowfall noted, “the neutral mass change in the last two years does not— and cannot—begin to compensate for these losses.” Even prominent climate skeptics have begun to concede that the disappearance of the GIS is related to the globe’s changing climate.  Alas, a sobering paper from the distinguished Yale economist William Nordhaus argues that we’re already too late. Absent forms of extreme restraint that will be politically impossible, writes Nordhaus, Greenland’s ice sheet is going to melt over the next few centuries, and rebuilding it will be the work of many generations. What would be the result?  A 2017 study found that the Greenland ice sheet, which as recently as 1993 contributed only 5 percent of the rise in sea levels, is now

responsible for 25 percent. Melting of the GIS over the past 40 years has raised sea levels only about half an inch.  According to recent modeling, however, the disintegration of Greenland’s ice is likely to raise sea levels along the East Coast of the US by a minimum of 0.2 meters (about 8 inches) over the next century. Unless you spend a lot of time in littoral areas, this may not sound like much, but bear in mind that those extra inches would be the starting level for future storm surges. (Yes, melting on the GIS may cause similar effects in coastal Europe.) Don’t get me wrong: Climate change poses bigger threats than the melting of the Greenland ice sheet, dramatic as that event might prove. But it’s the GIS that’s in the news right now, and it’s the melting of the GIS that might well prove impossible to stop. If all of this is inevitable, what to do? The buzz words are adaptation and mitigation. Adaptation we might loosely call learning to live with what comes

next. Successful adaptation could reduce the costs of coastal damage over the next century by a factor of seven. For example, people who live along the seacoast might pull up stakes. Although some activists write as though anything short of official mandate represents a policy failure, a degree of adaptation may already be occurring. According to “Climate Gentrification” theory, as people learn about the effects of climate change, those who can afford to move, will. In particular, they will begin to abandon the coast and move further inland. This may already be happening: A study of the Miami real-estate market found that since 2000, properties at higher elevations have appreciated in value faster than similar properties at lower elevations. (The research is often misdescribed in the press as showing that coastal properties have lost value.) Some forms of adaptation have positive results.  For example—don’t laugh!—a recent article in Nature Sustainability notes that as Greenland’s

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

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 403-2001 local 140.

glaciers retreat, the island could become an exporter of sand and gravel. (Apparently there’s a worldwide shortage.) In the US, many companies are likely to profit from the need to strengthen infrastructure. Mitigation involves the effort to limit the effect of climate change, usually through the reduction of greenhousegas emissions. This is where draconian and politically unachievable regulatory proposals usually come in. The optimist in me is more interested in technological solutions. Climate-change activists tend to deride geoengineering as “eclectic, messianic and mostly untested.” Given the urgency of the crisis, however, we should be testing as much as we can.  The most sought-after prize is the ability to inexpensively remove greenhouse gasses from the air.  Carbon capture technology, aimed at using those gasses to create synthetic fuels, has drawn the attention of serious investors, among them Bill Gates.


2nd Front Page BusinessMirror

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S. Korea, China lead surge in tourists to 4.1M in H1 By Ma. Stella F. Arnaldo

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@akosistellaBM Special to the BusinessMirror

HE Philippines is already halfway its goal of achieving its 8.2 million foreign visitor arrivals target this year. This developed as the Department of Tourism (DOT) reported the visit of some 4.1 million inbound tourists in the first half of the year, up 11.43 percent from the same period in 2018. In a news statement, Tourism Secretary Bernadette Romulo Puyat said: “We have already breached the 4-million mark within the first six

months of the year. Seven years ago, it took the entire year to reach 4 million tourists.” She attributed the improved performance of the tourism sector to “increased connectivity. New, rehabilitated and expanded airports have contributed much to this growth.” Data from the DOT indicated substantial increases in the arrivals

from China at 34.12 percent to 866,561, and Taiwan at 32.35 percent to 159,532. Though the surge from China has been consistent, Taiwan’s climb is due to a lower base in arrivals last year. Of all the top markets of the Philippines, Singapore continues to struggle, with arrivals dropping by 11.54 percent to 81,151. Tourism Promotions Board Chief Operating Officer Marie Venus Tan earlier explained,

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a Davao court earlier approved. Specifically, Aquino is seeking a ruling from the Court on whether or not she, who was born out of wedlock, may claim inheritance from her paternal grandfather’s estate considering that she grew up as part of her father’s clan. Aquino claims her father, Arthur, died before she was born and

See “Arrival,” A2

We have already breached the 4-million mark within the first six months of the year. Seven years ago, it took the entire year to reach 4 million tourists.”—Romulo Puyat

SOUTHWEST MONSOON AFFECTING WESTERN SECTION OF LUZON as of 4:00 pm - August 12, 2019

was therefore, unable to marry her mother, Susan, and formally acknowledge her as his child. She claimed that her paternal grandfather took care of her and provided for her needs while she was growing up, as well as education from kindergarten to college. But she said her uncles, her father’s brothers, excluded her from

PROTOCOL PLANNED AFTER ALLEGED CHINESE INCURSION IN SUBIC BAY

Singaporeans were on the constant lookout for new tourism products— “once they go to a place, they don’t go back unless you offer them something new or different.” (See, “TPB steps up promotions in HK, SG, Malaysia due to tepid arrivals,” in the BusinessMirror, July 25, 2019.) The DOT data showed South Korea is still the top source market for tourists, with arrivals rising by

SC sets hearing on rights of illegitimate children HE Supreme Court is set to tackle on the rights of illegitimate children to claim inheritance in an oral argument set on August 20. The petition, filed six years ago by 41-year-old Amadea Angela Aquino, sought to set aside a Court of Appeals decision which denied her claim for inheritance, which

www.businessmirror.com.ph

the inheritance when her paternal grandfather died in 1999 and his estate was divided. In threshing out the issue, the Court has asked the assistance of retired Justice Jose Vitug and UP College of Law Prof. on persons and family relations Elizabeth Pangalangan as  “amici curiae” See “Illegitimate,” A2

DOLE probes Chinese man’s fall from building

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HE Department of Labor and Employment (DOLE) on Monday said it is now probing the death of a Chinese national, who died last week after falling from a building in Las Piñas. “There is already an investigation. I may get the report by tomorrow [Aug. 13] or the following day,” Labor Secretary Silvestre H. Bello III told the BusinessMirror in a phone interview.    The labor chief said they are still determining if the incident is even labor-related.  “ I don’t w a nt to m a ke a premature disclosure. We must first get the cause [of the incident],” Bello said.  For his part, Labor Undersecretary Benjo M. Benavidez said they will also wait for the outcome of the police investigation on the matter.  “The death of the Chinese national is more of a police matter. The victim is allegedly detained,” Benavidez told the BusinessMirror in a SMS.   DOLE earlier assured all workers, both local and foreign, are covered by the Labor Code.    L ast Fr id ay, a 27-year- old handcuffed Chinese national was reported to have died when he fell from a sixth floor of an office building  in Las Piñas.   Federation of Free Workers (FFW) President Sonny Matula condemned the tragic death of the Chinese national, which they said may be work-related. “We are alarmed by the influx of Chinese workers in the country, but, clear in our mind, like any Filipino worker, Chinese workers also have rights that need to be protected,” Matula said in a statement.  “FFW joins Malacañang’s call for t he PNP [Phi l ippine National Police] to investigate this cr imina l act w it h d ispatc h,” he added. Samuel P. Medenilla   

THE pleasure yacht MV Balena II is seen at quayside in the Subic Bay Freeport after being mistaken for a Chinese vessel on Sunday. By Rene Acosta @reneacostaBM & Henry Empeño | Correspondent

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UBIC BAY FREEPORT—Subic Bay Metropolitan Authority Administrator Wilma T. Eisma said the SBMA plans to establish a protocol after a vessel that dropped anchor in one of the resorts in Subic on Sunday was mistaken for a Chinese survey ship. Eisma issued the statement after Defense Secretary Delfin N. Lorenzana confirmed the vessel was, indeed, not a Chinese ship but a yacht owned by a Belgian businessman. “Upon verification by our law-enforcement agencies: the coast guard and the PNP [Philippine National Police] maritime unit, it was found out that the vessel is actually a yacht owned by a businessman based in Subic,” Lorenzana said through a statement issued on Monday. He added their inquiry revealed the yacht used to be the Japanese research-and-survey vessel Tankai Maru. It has been bought and converted into a motor yacht, which “caters to tourists that are already in Subic.” The defense chief said that following his talk with Eisma, it was confirmed that the yacht was registered in Subic as the Balena II. Still, Lorenzana said the vessel had been, indeed, a former Chinese survey ship. Lorenzana said the SBMA will coordinate with the Philippine Coast Guard and PNP maritime units for better monitoring of these cruise ships and recreational marine vessels. MV Balena II, a 40-meter 168-ton yacht, was mistakenly identified in the online news site Subic Bay News as a “Chinese vessel” that allegedly entered Subic Bay without prior notice. Eisma said the vessel in question turned out to be “just a Subic-registered pleasure boat with a bunch of

Chinese guests on board.” She said the boat is registered at the SBMA Seaport Department to Didier Ladriere, a Belgian national who owns the Urban Deli restaurant in the Subic Bay Freeport.  SBMA Deputy Administrator for Port Operation Rani Cruz said the MV Balena II was apparently on a bay cruise with the owner piloting the vessel. Reportedly on board were eight Chinese nationals who were Ladriere’s guests, as well as a crew of 12.  Cruz clarified that the boat had called up the Subic Port communications office at 9:40 a.m. on Sunday, informing authorities that it will cruise the Subic Bay with 10 guests on board. However, the vessel reportedly did not reply when it was hailed several times on radio by local authorities. According to SBMA records, MV Balena II was sighted sailing inbound near Subic’s Alava Pier at 3:10 p.m. but still wouldn’t answer calls. At 4:05 p.m., Subic authorities finally received an answer from the boat as it was being secured at the causeway. A representative of Ladriere’s explained that the boat’s VHF radio was unattended throughout their bay cruise. The boat reportedly dropped anchor near the Camayan Cove at around 11:45 a.m. for casual swimming. Thereafter, the boat passengers had their lunch on board and the yacht remained anchored in the area until the PNP maritime unit told the captain to leave the coral area at 2:00 p.m. MV Balena II then continued with the Subic Bay cruise until it returned to the dock late in the afternoon. Eisma said the protocol would be applied to visiting tourist vessels so that similar issues could be addressed properly.

Group wants Napindan floodgate open amid water hyacinth spread

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MID the proliferation of the water hyacinth in Laguna de Bay, a national federation of small fisherfolk on Monday reiterated its call to permanently open the Napindan Hydraulic Control Structure (NHCS) in Taguig City. The NHCS is a flood-control system closed by authorities for a very long time.  It prevents the free flow of water passing through the Pasig River which connects the Laguna de Bay and Manila Bay. Constructed in 1983, the NHCS prevents the saltwater coming from Manila Bay via Pasig River to enter the 90-hectare lake to prevent flooding.  It also protects the business of raising tilapia and bangus in the country’s largest aquaculture hub because some fish species cannot tolerate salty water. Also, the Laguna de Bay is now a source of raw water for Metro Manila residents.   Both the Maynilad and Manila Water, the two private water concessionaires of the Metropolitan Waterworks and Sewerage System (MWSS), extract water from Laguna de Bay to augment the limited supply coming from Angat Dam.

Water treatment would entail a higher cost through the process called desalination if the water is too salty. In a statement, the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya)-Rizal Provincial Coordinator Ronnel Arambulo, reported that towns of Binangonan and Cardona in Rizal are now “heavily surrounded” by water hyacinth, blocking the waterways of small fisherfolk. The group also sent photographs as proof of the massive proliferation of water hyacinth in some portions of Laguna de Bay. Considered an invasive alien species in the Philippines, water hyacinth, more commonly called water lilies, are known to occur naturally in South America.   This green, leafy free-floating aquatic plant species can rise over a meter in height above the water surface.  It competes with other aquatic plants and fish species. It also blocks the sunlight from reaching the water, hence, preventing the process of photosynthesis.  Water hyacinth also competes with fish for muchneeded oxygen, hence, resulting in massive fish kills.  Jonathan L. Mayuga


Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, August 13, 2019

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‘PSE may operate WESM if operator fails to do its job’

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By Lenie Lectura

@llectura

HE Philippine Stock Exchange (PSE) may operate the Wholesale Electricity Spot Market (WESM) if the current market operator fails to perform its duties, Energy Secretary Alfonso Cusi said recently. “IEMOP [Independent Electricity Market Operator of the Philippines Inc.] is a mere contractor. It is the contractor of PEMC [Philippine Electric Market Corp.]. If IEMOP will fail in its performance, we can give it

to others. We can give it to the PSE,” said Cusi. In 2017, PSE President Ramon Monzon said that,  “our long-term vision, our dream is that we will operate other exchanges,” including the

WESM. “We started talks with the DOE if we could also operate that electricity exchange and basically, of course, the question they ask is, what do we know about electricity? And my answer is, an exchange is really a technology company.”  IEMOP oversees transaction billing and settlement procedures, and maintains and publishes a registry of WESM trading participants. It also sets the dispatch schedule of all power facilities, and monitor daily market trading activities.   For over a year now, IEMOP has operated the country’s trading floor for electricity. The Philippine Electricity Market (PEM) board, which used to operate WESM, now remains the spot market’s governing body.

Cusi said a review of the performance of IEMOP is ongoing. “We’re evaluating all the works. Kaya tinitignan namin kung anong nangyari sa trabaho ng [So we’re looking at what’s happening with the performace of the] IEMOP,” said the energy chief.  In April, the DOE created a task force to assess the performance of the WESM under the governance of an independent market operator (IMO).    “The DOE deems it necessary to assess the performance of the WESM under the current regime to ensure transparency, competitiveness, protection of public interest and integrity of the WESM,” stated DOE Circular 03-0009, which designated DOE Assistant Secretary Leonido Pulido III as chairman of the task force. 

AirAsia’s optimism for PHL market runs high with new airport projects By Bianca Cuaresma @BcuaresmaBM

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UDGET carrier AirAsia expects its Philippine segment to emerge as one of its fastestgrowing markets for this year, on account of the new airport projects in the country. At the sidelines of the AirAsia Asean Day celebrations in Bangkok recently, AirAsia Chief Executive Officer (CEO) Tony Fernandes said they are planning to aggressively increase their market share in the Philippines—the country he considers as his “raw diamond”—in the next few years to take advantage of the infrastructure ramp-up being made in the country. “I just had a meeting and for this year the Philippines and Indonesia will be our two biggest growth stories and we will add as many [planes] as we can,” Fernandes said. AirAsia currently holds an 18-percent market share in the country’s commercial aviation industry.  Fernandes said he is “proud” of and “amazed” by AirAsia Philip-

TOP view of the venue for AirAsia’s Asean Day celebration.

pines’s growth, recounting that AirAsia had a “baptism of fire” while putting up their segment here in the country due to stringent competition with other budget airlines. Asked how he is going to grow AirAsia to get a larger share of the

pie in terms of flights and passengers, Fernandes replied, “Well, add more planes.” He said they are on track to more than doubling their current fleet of 23 planes to 50 in three to four years’ time, with seven planes in the pipe-

line amounting to an investment of around $350 million. AirAsia Philippines CEO Ricardo “Ricky” Isla—who was also present at the event—reiterated Fernandes’ claim, saying they are “determined” to increase AirAsia’s market share in the Philippines.  “The second quarter of this year was a record-breaking year of 2.2 million passengers, and that 2.2 million is something like a 25-percent growth from last year. That alone is an indication that we are really determined to get more market share,” Isla said.  “[The important thing is to] get all the aircraft while there is a continuous growth of airport facilities especially in the next two to three years and we have to be very ready. The moment we get all the slots in the airport we can accommodate more aircraft,” he added.  “More aircraft, more slots in the airport that will give us more destinations—provinces and international—we will surely increase our market share very, very soon,” he said. 

Skin Magical, ABS-CBN tie up on telenovela

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BS-CBN Corp. has struck a partnership agreement with cosmetics maker Skin Magical, riding on the popularity of its afternoon drama series Kadenang Ginto, which will now sport the product labels of Skin Magical. Julie Gutierrez, who heads one of the clusters of ABS-CBN Licensing, said the move to partner with a cosmetics brand is supportive of its goal of empowering Filipino women.  “We’re happy to be working with Skin Magical and we’re just as excited to launch this one with them because they’re one of the up-andcoming local brands that we also support for giving Pinays options and helping them in their livelihood,” she said.  On Friday, Skin Magical will release four beauty rejuvenating sets for varying skin types. Two will represent the innocence of lead characters Cassie and Romina, and the feistiness of villains Marga and Daniela.  Skin Magical COO Ghie Pangilinan added that her group found the partnership to be strategic given the virality, popularity and marketability of the show.  “This will really help Skin Magical because we all know how trending Daniela and Romina are,” she explained. Lorenz S. Marasigan 

AUB, PAG-IBIG FUND MOA Asia United Bank (AUB) and Pag-IBIG Fund signed a memorandum of agreement last August 7, 2019, accrediting

AUB as a partner bank for releasing the new Pag-IBIG Loyalty Card Plus. Given to all Pag-IBIG Fund members, the card acts not only as a loyalty card but as a cash card where members may get the proceeds of their Pag-IBIG Fund transactions. At the MOA signing were (from left): Pag-IBIG Fund Deputy Chief Executive Officer Alexander Hilario G. Aguilar, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, AUB Chairman Abraham T. Co, and AUB Executive Vice President and Head of Operations and Information Technology Wilfredo E. Rodriguez Jr.

Fully digital Overseas Filipino Bank up and running mid-2020–LBP By Rea Cu

@ReaCuBM

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HE Overseas Filipino Bank (OF Bank) is expected to run as a fully digital bank by mid-2020, with the operational framework now being done with the Bangko Sentral ng Pilipinas (BSP), the Land Bank of the Philippines (LandBank) has reported. LandBank President and CEO Cecilia C. Borromeo told financial reporters that the bank is working now with the BSP in crafting the rules for making the OF Bank operate as a digital bank. “I think we can have that digital bank up and running by June of 2020,” Borromeo said. She explained that the OF Bank will be transformed into a branchless digital bank, which will be a first for the Philippines. “The BSP calls it a ‘Beta’ bank. Together with BSP we are crafting the rules because there are no rules yet,” she added. When the OF Bank is transformed into a digital bank, it is envisioned to operate similarly to online lenders, a platform that provides overseas Filipino workers (OFWs) a means to save and invest their money, as well as have insurance. It will also offer other financial services apart from lending money. “We will provide the OF Bank a platform to pay their bills,” she said. According to Finance Secretary Carlos G. Dominguez III, the OF Bank is expected to cater to more than 10 million OFWs, which is why the move to change it into a digital bank is advisable as it will be easier to reach OFWs from different parts of the world. “It just makes sense to do that because the potential cus-

tomers of the OF Bank—overseas Filipinos alone, it’s more than 10 million already. Now, if you’re going to go to the traditional way of doing banking, of setting up a branch, getting permission from the different countries to set up a branch, it’s going to take you forever. It’s better to spend time on doing it digitally, and that’s easier to reach all your potential customers,” Dominguez said. Borromeo explained that the current information-technology (IT) system of LandBank will be tweaked to serve as the primary network of the OF Bank when it is being transformed into a digital bank. “Actually, it won’t be much because the IT platform of LandBank is very robust and it can handle that [shift]. We just need to tweak it and the digital bank will be treated like a branch of LandBank. So it will not entail a huge investment,” she said. Earlier, it was reported that the OF Bank was supposed to roll out its services in January last year but this was postponed to April as LandBank addresses concerns on the mandate of the newly created bank. The Department of Finance also earlier said it is trying to make the OF Bank a digital one so that it will be easier for OFWs to use their smartphones in all of their transactions. In September 2017, Duterte signed Executive Order 44, which turned over the control of the Philippine Postal Savings Bank to LandBank so it could be converted into the OF Bank. “That’s the way we envision operating the OF Bank. We want to leapfrog every other banking institution in this country,” Dominguez added.


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Companies BusinessMirror

Tuesday, August 13, 2019

PSE STOCK QUOTATIONS

August 9, 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 IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

57.2 146.5 94.2 26.65 11.9 71.75 13.1 49.35 58.5 29.4 193.5 59.55 1.12 2.17 18.3 4.54 1.3 0.455 1 187.5 1751 1.11

58 146.7 94.25 26.7 11.92 72 13.12 49.5 59 29.5 194.9 59.95 1.18 2.24 18.7 4.7 1.35 0.47 1.02 190.8 1800 1.12

57.25 146 94 26.6 12.18 71.8 13.1 49.5 59 30.4 192 60 1.15 2.27 18.7 4.64 1.3 0.465 1.03 191.7 1751 1.12

58 147.9 94.9 27.05 12.2 72.15 13.12 50.1 59 30.4 202.2 60 1.18 2.27 18.7 4.7 1.3 0.465 1.03 191.7 1751 1.12

57.25 146 94 26.55 11.92 71.75 13.1 48.6 58.4 29.5 190.4 59.1 1.15 2.27 18.3 4.53 1.3 0.455 0.99 190.8 1751 1.12

58 146.5 94.25 26.65 11.92 71.75 13.1 49.5 58.5 29.5 193.5 59.55 1.18 2.27 18.3 4.7 1.3 0.455 1.02 190.8 1751 1.12

2240 2030730 3044760 279400 737900 2458870 21900 603000 2090 55000 1746730 3680 86000 1000 1100 58000 6000 370000 254000 150 10 4000

129515 297628051 287283164.5 7479875 8853322 176853748 286910 29918160 122975 1630930 346897724 218594.5 98930 2270 20170 268980 7800 169050 253910 28667 17510 4480

INDUSTRIAL

-174821722 147267368 -653080 -2559550 -59906077 -17286345 29700 215396273 -21353 -135900 -

ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE BOGO MEDELLIN CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG 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 EUROMED LMG CHEMICALS PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.31 34.5 0.245 26.05 82.15 360 22.5 5.21 4.71 2.66 11.08 37.6 6.94 13.78 90.3 14.58 6.07 9.28 7.61 100.1 0.73 58.85 225 8.64 13.5 1.79 13.2 1.72 5 2.1 0.127 161 1.31 2.43 71 86.5 3.34 5.19 15.22 9.6 14.08 18.7 9.15 1.13 1.12 106.4 2.08 1.72 4.2 5.13 38.1 2.07 8.43 1.62 5.4 1.02 13.76

1.32 35.2 0.25 26.1 83 362 22.85 5.22 4.78 2.67 11.1 37.8 7.05 14 99.15 14.62 6.25 9.29 7.62 100.9 0.74 59 226 8.9 13.58 1.8 13.38 1.73 5.09 2.28 0.13 162 1.32 2.54 73.5 87 3.35 5.4 15.24 9.73 14.1 18.78 9.28 1.14 1.13 116.4 2.09 1.74 4.3 5.25 46.5 2.1 8.45 1.66 5.5 1.04 13.8

1.31 35.25 0.25 26.2 83.7 368.4 22.8 5.35 4.78 2.66 11.3 38 7.1 14 98 15 6.32 9.32 7.62 101.5 0.74 65.75 230 8.9 13.6 1.83 13.44 1.79 5.09 2.31 0.13 161 1.36 2.43 75.5 88.65 3.28 5.2 15 9.94 14.08 18.5 9.28 1.1 1.18 106.4 2.05 1.7 4.2 5.2 40.05 2.08 8.6 1.64 5.54 1.02 14.2

1.31 35.3 0.25 26.5 83.75 368.4 22.8 5.35 4.78 2.7 11.3 38 7.1 14 99.15 15 6.32 9.4 7.62 101.5 0.74 65.75 231.6 8.9 13.8 1.84 13.44 1.79 5.09 2.31 0.13 163 1.37 2.43 75.5 88.65 3.39 5.4 15.36 9.94 14.12 18.8 9.28 1.15 1.18 106.5 2.1 1.74 4.2 5.35 40.05 2.1 8.6 1.67 5.54 1.04 14.26

1.31 34.5 0.244 26.05 81.55 360 22.3 5.21 4.78 2.61 11.1 37.6 6.95 13.8 98 14.5 6.06 9.26 7.56 100.1 0.72 58.55 225 8.64 13.5 1.79 13.32 1.7 5.09 2.1 0.13 159 1.3 2.43 70 87 3.28 5.2 14.96 9.56 14.06 18.5 9.28 1.08 1.11 106.4 2.04 1.7 4.2 5.2 40 2.06 8.41 1.6 5.5 1.02 13.56

1.31 34.5 0.245 26.1 82.15 360 22.5 5.22 4.78 2.67 11.1 37.6 7.06 14 99.15 14.58 6.25 9.29 7.62 100.9 0.73 58.85 225 8.64 13.5 1.8 13.38 1.72 5.09 2.1 0.13 161 1.32 2.43 73.5 87 3.34 5.4 15.24 9.73 14.08 18.7 9.28 1.14 1.12 106.4 2.09 1.74 4.2 5.25 40 2.1 8.45 1.67 5.5 1.02 13.76

53000 695500 1260000 405600 290330 157810 988500 2883900 5000 10523000 61300 60600 138800 959400 390 22300 17300 2075200 880800 374040 271000 1169140 1669050 1300 692000 1320000 14400 2401000 2300 21000 10000 913320 3747000 14000 6440 350 23247000 14100 278800 731800 1611900 100000 600 487000 3434000 380 362000 4000 6000 21800 33400 5693000 598900 457000 3800 69000 113500

69430 24143865 308680 10605715 24084854 57085320 22202870 15111325 23900 28004930 687608 2286850 968795 13404950 38623 327732 107663 19296387 6693685 37624643 197790 70614172.5 379477194 11362 9364962 2386730 193020 4149680 11707 44320 1300 146956202 4930660 34020 461335.5 30854.5 77822040 73340 4215238 7103523 22695770 1866336 5568 536990 3894650 40435 754320 6880 25200 113440 1336045 11836940 5085053 740910 20980 70720 1579144

-18235220 870105 -5968484 -40946764 -1936050 -8960832 -1016130 -753755 21000 -6203200 -97210 -9752780 -838780 24229958 -14800 6702405 -121262914 6860484 45000 -26736 -67553948 -377690 21870 38920829.9996 1229480 847303 -16961972 -749494 114949.9999 -2090 36000 -467470 1022462 -

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 FJ PRINCE A GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER ZEUS HLDG

0.95 15.1 938 49.85 14.16 3.74 7 0.7 1.21 1.21 6.76 9.66 13.4 4.12 882 6.3 63.05 6.04 0.495 4.41 14.12 0.65 4.61 0.038 1.35 1.38 986 176.8 0.86 256 0.275

0.96 15.18 940 50.05 14.18 3.75 7.1 0.71 1.22 1.25 6.77 9.67 13.8 4.79 895 6.44 63.85 6.05 0.51 4.47 14.2 0.67 4.7 0.04 1.39 1.41 990 177.1 0.87 257 0.285

0.97 15.4 930.5 49.95 14.46 3.9 7 0.71 1.22 1.23 6.76 9.8 13.8 4.49 900 6.3 65.8 6.05 0.51 4.41 14.4 0.65 4.73 0.038 1.35 1.4 990 176 0.87 256.2 0.28

0.99 15.98 946 51.4 14.48 3.9 7 0.72 1.22 1.25 6.78 9.86 13.8 4.86 903 6.3 65.9 6.05 0.51 4.47 14.4 0.67 4.75 0.039 1.4 1.42 997 178.2 0.87 257 0.29

0.95 15.1 930.5 49.85 14.18 3.74 7 0.71 1.2 1.22 6.75 9.67 13.4 4.12 882 6.3 63.05 6.05 0.495 4.41 14.12 0.64 4.61 0.038 1.34 1.37 977.5 173.9 0.83 256 0.275

0.95 15.18 938 49.85 14.18 3.74 7 0.71 1.21 1.25 6.77 9.67 13.8 4.12 882 6.3 63.05 6.05 0.51 4.47 14.2 0.67 4.61 0.038 1.35 1.41 986 177.1 0.86 257 0.275

23481000 52200 297850 1380800 2398100 5976000 39500 60000 683000 89000 181300 7007300 121000 6000 45740 5000 966730 100 519000 160000 223800 1062000 9504000 800000 258000 287000 375500 194010 1116000 860 2580000

22774640 795218 279489630 68944665 34168420 22709030 276500 42940 826790 108910 1226240 68093337 1667900 27310 40705850 31500 61950159 605 257885 705660 3176120 688380 44449650 30600 352340 402530 370273700 34206003 942060 220360 715550

987270 -6938835 -45399275 -23523072 843260 -108910 -908606 -46505660 -884580 -23221110 -49328439 605 -75030 -2311318 -17862310 -118540260 -6740438 -28212 288750

HOLDING & FRIMS

PROPERTY

ARTHALAND CORP 1.02 1.03 1 1.04 0.99 1.03 8796000 8960870 -2820 ANCHOR LAND 10.4 11 10.4 10.4 10.4 10.4 20000 208000 208000 AYALA LAND 48.65 48.7 48.55 49.05 48.55 48.65 9555100 466557360 -129997290 ARANETA PROP 1.94 2.02 1.96 2.09 1.92 2.02 588000 1170410 -44999.9998 BELLE CORP 2.2 2.23 2.23 2.24 2.18 2.2 85000 187010 -26430 A BROWN 0.81 0.83 0.83 0.83 0.81 0.83 217000 177910 -830 CITYLAND DEVT 0.85 0.87 0.88 0.88 0.87 0.87 128000 112590 CROWN EQUITIES 0.235 0.24 0.239 0.24 0.234 0.24 3940000 926420 470000 CEBU HLDG 6.01 6.02 6.1 6.1 6.02 6.02 82200 494860 -494859.9995 CEB LANDMASTERS 4.75 4.8 4.8 4.88 4.64 4.8 592000 2798250 171949.9999 CENTURY PROP 0.54 0.55 0.57 0.57 0.54 0.55 58809000 32653630 341800 DOUBLEDRAGON 22.5 23 24 24 22.25 23 1693100 38804970 6958925 DM WENCESLAO 10.3 10.4 10.4 10.66 10 10.4 1531600 15701460 6120865.9997 EMPIRE EAST 0.46 0.465 0.47 0.47 0.455 0.465 3730000 1716150 -92500 EVER GOTESCO 0.13 0.136 0.134 0.134 0.134 0.134 100000 13400 FILINVEST LAND 1.8 1.81 1.85 1.86 1.8 1.81 60124000 109375830 -3680530 GLOBAL ESTATE 1.34 1.35 1.35 1.35 1.32 1.35 1220000 1628010 21600 8990 HLDG 15.72 15.74 15.74 15.74 15.72 15.74 226400 3559274 -753250 PHIL INFRADEV 1.53 1.54 1.52 1.54 1.5 1.53 1833000 2787930 15300 CITY AND LAND 0.79 0.8 0.79 0.79 0.79 0.79 7000 5530 MEGAWORLD 5.7 5.72 5.75 5.83 5.6 5.7 44431700 254167342 -106314351 MRC ALLIED 0.31 0.315 0.315 0.32 0.305 0.31 24590000 7687750 154300 PHIL ESTATES 0.44 0.46 0.44 0.44 0.435 0.435 160000 69750 PRIMEX CORP 2.01 2.03 2.01 2.03 2.01 2.03 64000 128780 ROBINSONS LAND 25 25.5 25.3 26 25 25 2088000 52835575 -42358490 PHIL REALTY 0.39 0.405 0.39 0.39 0.39 0.39 100000 39000 ROCKWELL 2.29 2.3 2.33 2.35 2.3 2.3 372000 858820 STA LUCIA LAND 2.21 2.23 2.17 2.25 2.15 2.23 2984000 6557690 -11150 SM PRIME HLDG 35.5 35.9 36.5 36.7 35.5 35.5 5528400 198997460 -72908000 STARMALLS 5.8 5.81 5.85 5.89 5.81 5.81 118100 689307 SUNTRUST HOME 0.81 0.83 0.8 0.8 0.8 0.8 47000 37600 PTFC REDEV CORP 43.5 49.3 38.05 38.05 38.05 38.05 100 3805 VISTA LAND 7.55 7.57 7.69 7.69 7.53 7.57 7173700 54369800 -28172883 SERVICES ABS CBN 19.16 19.18 19 19.18 18.66 19.16 184200 3501878 GMA NETWORK 5.35 5.39 5.35 5.4 5.35 5.39 122100 656658 MANILA BULLETIN 0.44 0.49 0.48 0.48 0.48 0.48 110000 52800 GLOBE TELECOM 1950 2000 1973 2022 1950 1950 27180 53461480 -32450255 PLDT 1182 1184 1168 1208 1168 1184 232525 276955780 99208050 APOLLO GLOBAL 0.048 0.049 0.048 0.049 0.048 0.049 1300000 62800 DFNN INC 5.85 5.95 5.9 5.9 5.85 5.85 8200 48005 ISLAND INFO 0.111 0.115 0.112 0.115 0.111 0.115 270000 30680 ISM COMM 5.35 5.4 5.18 5.43 5.1 5.35 2878900 15278175 -328428 JACKSTONES 2.82 2.95 2.95 2.95 2.95 2.95 1000 2950 NOW CORP 2.35 2.36 2.35 2.39 2.28 2.35 1033000 2400370 -74210 TRANSPACIFIC BR 0.345 0.35 0.34 0.345 0.34 0.345 1580000 542350 253350 PHILWEB 3.52 3.54 3.8 3.83 3.5 3.54 7280000 26190600 -274450 2GO GROUP 9.9 10 10.6 10.6 10 10 65300 655850 112140 ASIAN TERMINALS 19 19.84 19.84 19.84 19.84 19.84 800 15872 CHELSEA 7.08 7.09 7.08 7.09 6.95 7.09 897100 6282285 -365486 CEBU AIR 92.5 92.75 92.5 93.9 92 92.5 238350 22026204 4640449 INTL CONTAINER 125.5 126.4 130 133.9 125.5 125.5 1570540 200135361 -75056452 LBC EXPRESS 14.52 14.56 14.52 14.52 14.52 14.52 500 7260 1452 LORENZO SHIPPNG 0.88 0.93 0.93 0.93 0.92 0.93 81000 75230 MACROASIA 19.06 19.16 19.14 19.4 18.92 19.16 150900 2872442 1025078 METROALLIANCE A 1.37 1.39 1.39 1.39 1.39 1.39 10000 13900 PAL HLDG 8.5 8.75 8.85 8.85 8.4 8.75 6500 55555 -6389.9999 HARBOR STAR 1.83 1.84 1.91 1.91 1.82 1.84 1240000 2306310 ACESITE HOTEL 1.55 1.62 1.62 1.62 1.55 1.55 18000 28460 BOULEVARD HLDG 0.059 0.06 0.062 0.062 0.058 0.059 19850000 1177190 WATERFRONT 0.72 0.74 0.73 0.74 0.72 0.74 1149000 836690 CENTRO ESCOLAR 6.03 7 7 7 7 7 2900 20300 IPEOPLE 9.43 9.7 9.69 9.7 9.43 9.43 55200 521007 STI HLDG 0.72 0.73 0.74 0.75 0.72 0.73 830000 608490 188670 BERJAYA 2.22 2.34 2.37 2.4 2.2 2.34 287000 651320 BLOOMBERRY 11.52 11.58 11.88 11.88 11.46 11.58 3505100 40622794 -8397116 PACIFIC ONLINE 2.55 2.74 2.7 2.78 2.52 2.74 531000 1374800 187720 LEISURE AND RES 3.33 3.39 3.49 3.5 3.33 3.39 1213000 4092960 30010 MANILA JOCKEY 3.17 3.23 3.16 3.17 3.15 3.17 71000 224640 PH RESORTS GRP 4.75 5.04 4.5 5.04 4.5 5.04 900 4301 PREMIUM LEISURE 0.69 0.7 0.71 0.71 0.69 0.7 2254000 1570590 599630 TRAVELLERS 5.45 5.5 5.5 5.5 5.45 5.45 165200 901587 -30250 METRO RETAIL 2.6 2.63 2.69 2.69 2.58 2.6 1511000 3993810 -321710 PUREGOLD 44.4 44.75 45 45 44.25 44.75 192500 8598675 -4776945 ROBINSONS RTL 78.5 78.55 79.9 79.9 77.05 78.5 749620 58837421.5 35808922 PHIL SEVEN CORP 135 140 136 136 135 135 670 90492 70200 SSI GROUP 3.15 3.16 3.15 3.16 3.1 3.16 1451000 4560490 1375000 WILCON DEPOT 15.72 15.74 15.7 15.78 15.66 15.72 7594500 119262724 101346618 APC GROUP 0.52 0.53 0.52 0.52 0.52 0.52 103000 53560 EASYCALL 9.56 9.74 9.84 9.84 9.55 9.74 9600 93387 GOLDEN BRIA 418.2 420 412 421 411 420 1680 695576 -53432 IPM HLDG 5.2 5.8 5.25 5.25 5.2 5.2 1700 8915 PRMIERE HORIZON 0.56 0.57 0.54 0.61 0.54 0.56 174677000 99601160 1309910.0003 SBS PHIL CORP 9.35 9.38 9.35 9.35 9.35 9.35 100 935 MINING & OIL ATOK 12.4 12.8 13 13 12.32 12.86 9500 120832 APEX MINING 1.29 1.3 1.28 1.32 1.28 1.3 6151000 7990330 -38300 ABRA MINING 0.0016 0.0017 0.0017 0.0018 0.0017 0.0017 1402000000 2383600 -3400 ATLAS MINING 2.67 2.74 2.74 2.74 2.74 2.74 23000 63020 COAL ASIA HLDG 0.27 0.28 0.27 0.27 0.27 0.27 70000 18900 CENTURY PEAK 2.72 2.75 2.7 2.72 2.69 2.72 554000 1493620 10760 DIZON MINES 7.71 7.79 7.7 7.82 7.69 7.79 1200 9279 FERRONICKEL 1.44 1.46 1.49 1.49 1.44 1.46 775000 1124300 GEOGRACE 0.2 0.205 0.207 0.207 0.199 0.205 250000 50580 LEPANTO A 0.108 0.111 0.108 0.111 0.108 0.111 1010000 109350 LEPANTO B 0.112 0.119 0.112 0.119 0.112 0.119 30000 3460 MANILA MINING A 0.0096 0.01 0.0096 0.0096 0.0095 0.0095 40000000 380300 MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.011 14100000 141100 MARCVENTURES 1.05 1.06 1.06 1.06 1.04 1.04 21000 21940 NIHAO 0.99 1 1.05 1.05 0.99 1 123000 122460 49500 NICKEL ASIA 2.56 2.57 2.64 2.64 2.56 2.57 2810000 7270530 -1543420 ORNTL PENINSULA 0.84 0.86 0.86 0.86 0.83 0.86 172000 145620 PX MINING 4 4.01 3.99 4.06 3.99 4 1237000 4963860 140660 SEMIRARA MINING 22.5 22.9 22.45 22.9 22.2 22.9 900800 20361265 -4742870 ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 681600000 7497600 PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.011 30000000 329900 -100100 PHINMA PETRO 5.98 6 6.2 6.42 6 6 1215800 7540698 -123400 PXP ENERGY 11.52 11.54 11.64 11.92 11.48 11.52 4143500 48400238 251834 PREFFERED AC PREF B1 493 495 493 495 491 493 4540 2234250 ALCO PREF B 101.1 105 102 102 102 102 1430 145860 DD PREF 101 101.8 101.4 102 101 101 10990 1110370 SMC FB PREF 2 996 1010 1010 1010 1010 1010 5 5050 FGEN PREF G 104.7 107 104.7 104.7 104.7 104.7 3040 318288 GTCAP PREF B 960 970 969 970 969 970 50 48490 LR PREF 0.98 0.99 0.99 0.99 0.99 0.99 90000 89100 MWIDE PREF 98 102.3 102.3 102.3 102.3 102.3 60 6138 PNX PREF 3A 101.8 101.9 101.7 101.8 101.7 101.8 2350 239145 PNX PREF 3B 107.5 108 107.5 108 107.5 108 1560 167705 PCOR PREF 3A 1030 1040 1030 1030 1030 1030 50 51500 PCOR PREF 3B 1021 1045 1022 1022 1022 1022 30 30660 SFI PREF 1.42 1.73 1.42 1.42 1.42 1.42 1000 1420 SMC PREF 2B 75.6 76 75.5 76.5 75.25 76 14160 1069610.5 -753445.5 SMC PREF 2C 77.95 78 78 78.1 77.95 77.95 78230 6102120 SMC PREF 2D 75 75.5 75.5 75.5 75.5 75.5 6800 513400 SMC PREF 2E 76 79 76 76 76 76 1470 111720 SMC PREF 2F 75.75 76.5 76.7 76.7 76.5 76.5 15500 1186150 SMC PREF 2G 75.6 76.95 76 76.95 76 76.95 4670 356469 SMC PREF 2H 76 79 76 76.2 76 76.2 53410 4061160 SMC PREF 2I 75 76.4 76 76 75 76 56840 4289895 8360

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.38 5.25

18 5.36

17.4 5.36

17.5 5.36

17.32 5.36

17.38 5.36

48100 40000

837008 214400

WARRANTS LR WARRANT

1.63

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.59 XURPAS 1

1.69

1.65

1.67

1.63

1.63

192000

315500

-

6.7 1.01

6.7 1

6.92 1.02

6.4 0.99

6.7 1

1649000 2386000

11206161 2377580

-1660 -152110

EXHANGE TRADE FUNDS FIRST METRO ETF

118.1

-833528 -192960

119.3

119

119.5

118.1

118.1

7020

833063

-

www.businessmirror.com.ph

PSALM resets bidding for Malaya Thermal Power Plant, land asset

T

By Lenie Lectura

@llectura

HE Power Sector Assets and Liabilities Management Corp. (PSALM) has pushed back the bidding for the 650-megawatt (MW) Malaya Thermal Power Plant (Malaya TPP) and its underlying land. The bidding was supposed to take place this month but PSALM President Irene Joy Garcia said a new requirement set by the Office of the Government Corporate Counsel (OGCC) would push the bid schedule to September. “The third-party consultant, PwC [PricewaterhouseCoopers], is almost done with their report. Originally, we scheduled the bid submission this August. But we issued an SBB [supplemental bid bulletin] moving the bid submission date to September,” said Garcia. This was necessary because PSALM needs to comply with the new requirement of the OGCC, she explained.

“We need to secure clearance from OGCC for all agreements to be entered into by PSALM. In the case of Malaya, we will need to enter into an asset purchase agreement [APA] with the bidder. Thus, PSALM is now coordinating with OGCC to secure clearance on the provisions of the said APA. Once that is done, we can proceed with the bidding,” said Garcia. PwC Philippines was earlier named the winning bidder for the valuation of the Malaya plant. As the winning principal consultant, PwC Philippines shall craft financial models and analyses to optimize value for the land and structures of Malaya TPP. The subconsul-

IT-BPO road map recalibration all set for completion in September

T

HE Information Technology (IT) and Business Process Association of the Philippines (Ibpap) expects to finish next month its review of the industry road map, as it seeks to achieve the goals it set to remain significant in the everchanging business environment. “I think the target is within September we should be able to come up with the recalibration of the road map that happened two years ago,” BPAP Chairman Lito Tayag told reporters last week during the fiscal year-ender dinner hosted by Accenture Philippines for the media in Bonifacio Global City, Taguig. According to him, they are still waiting for the final report of Everest Group, the research and consulting company they contracted. “We retained them, but they have not completed [yet] the whole recalibration effort. So we’ll be happy to talk to you around September,” Tayag said.

The review of the current road map is ongoing, including job and revenue projections for the next three years. The country’s IT and businessprocess outsourcing (IT-BPO) industry implementing a road map that runs until 2022. It aims to become a $40-billion industry in the next three years, which translates to an annual revenue growth rate of 9 percent. In 2017, the IT-BPO industry recorded $23.4 billion in revenues. It is expected to generate between $24.5 billion and $24.8 billion in revenues last year. “But all of that—the weak 2017 and lower-than-expected [revenue] for 2018—we’re very hopeful about 2019,” Tayag said. “That is why we went through this exercise of recalibration. But that recalibration is not completed yet. Just like you, we’re very passionate about this industry,” he added.Roderick L. Abad

Versace loses its Chinese brand ambassador amid t-shirt controversy

V

ERSACE has just lost its brand ambassador in China. Chinese actress Yang Mi said she will end her cooperation with the luxury fashion label after a controversy erupted online over claims that its t-shirt design defied the “One China” policy. Yang, Versace’s first Chinese brand ambassador, issued a notice to the company to end her contract and stop all work with the brand after its t-shirt listed Hong Kong as a country rather than a city. It did the same for Macau. Both are special administrative regions of China. Yang said Versace has harmed China’s sovereign and territorial integrity, according to a statement posted Sunday on the official Weibo account of Jiaxing Xingguang, the actress’s studio. Versace has apologized and removed the t-shirt. Hong Kong, a former British colony, became a special administrative region of China in 1997. Versace’s t-shirt is the latest in a string of faux pas by foreign companies in China. Last year, an advertisement from Dolce & Gabbana that showed a Chinese model struggling to eat spaghetti and pizza with chopsticks sparked outrage and a boycott of its products. Earlier this year, Leica Camera AG quickly

distanced itself from a promotional video that prompted a backlash against the company in China for partially focusing on the 1989 Tiananmen Square pro-democracy protests. The controversy around the t-shirt also comes as sensitivities around China and Hong Kong have intensified in the past two months with anti-Beijing protests in the city in their 10th week. This weekend, the demonstrations spilled over from city streets to a sit-in at the airport, the world’s third busiest in terms of international passengers. China also clamped down on Cathay Pacific Airways Ltd. after employees of Hong Kong’s dominant airline joined the protests, one of the strongest signs that Chinese authorities are losing patience with the months-long demonstrations sweeping the former British colony. Versace apologized in its own official Weibo account post for the “wrong design” that incorrectly attached country names to cities. The tshirts were taken off its shelves on July 24 and have been “destroyed,” it said. “This is our negligence and we are deeply sorry about the impact we caused,” Versace said in the post, adding that it “resolutely respects China’s sovereignty.” Bloomberg News

tant, Asian Appraisal Co. Inc., shall be responsible for appraising the land underlying the Malaya TPP. PwC Philippines was supposed to present the results of its valuation to the PSALM board of directors this month on the same day of the conduct of the public bidding for the Malaya TPP and its underlying land.  PSALM has rescheduled the auction for the power asset many times, citing the need to come up with a basis for a base price, which would have to be determined by the third-party consultant. A number of power firms have expressed interest to buy the power plant. PSALM had previously named four qualified bidders, namely, AC Energy Inc., DM Wenceslao and Associates Inc., DMCI Power Corp. and

MUTUAL FUNDS

FGen Reliable Energy Holdings Inc.

Laoag asset for sale

MEANWHILE, the agency said it is selling via public bidding its land asset in Laoag City, Ilocos Norte. The asset has a total area of about 3,530 square meters with a minimum bid price of P70.6 million. This asset used to be the location of the Laoag Diesel Power Plant. PSALM set the bid submission deadline at 12 noon of September 5. Due diligence activities may be conducted by interested bidders starting August 8 until two days before bid submission deadline. PSALM has scheduled on August 22 a pre-bid conference for bidders to raise their inquiries on the technical aspects of the sale.

August 9, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM ALFM GROWTH FUND, INC. -A 261.08  -1.93%  -1.85%  0.59%  3.52%  ATRAM ALPHA OPPORTUNITY FUND, INC. -A   1.6229  8.42%  4.66%  2.54%  12.64%  ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A   4.0872  -2.83%  -2.54%  -0.32%  4.72%  CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A   0.9533  2.22%  N.A.  N.A.  5.8%  FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A   0.8677  -0.29%  N.A.  N.A.  5.73%  FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A   5.4365  -1.18%  -0.94%  0.66%  3.09%  FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6   0.8733  -2.51%  -5.28%  N.A.  4.37%  MBG EQUITY INVESTMENT FUND, INC. -A   119.77  9.01%  N.A.  N.A.  3.1%  PAMI EQUITY INDEX FUND, INC. -A   52.1262  0.53%  -0.81%  N.A.  5.9%  PHILAM STRATEGIC GROWTH FUND, INC. -A   545.49  1.24%  -1.6%  0.62%  5.97%  PHILEQUITY DIVIDEND YIELD FUND, INC. -A   1.3222  2.38%  -0.18%  2.17%  5.44%  PHILEQUITY FUND, INC. -A   38.7543  2.34%  0.58%  2.11%  5.79%  PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3   1.0344  N.A.  N.A.  N.A.  N.A.  PHILEQUITY PSE INDEX FUND INC. -A   5.2911  1.38%  0.17%  2.62%  6.7%  PHILIPPINE STOCK INDEX FUND CORP. -A   883.63  1.45%  -0.12%  2.59%  6.66%  SOLDIVO STRATEGIC GROWTH FUND, INC. -A   0.9315  4.42%  -0.5%  N.A.  8.31%  SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A   4.3445  2.52%  0.27%  2.22%  7.04%  SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A   1.0154  1.01%  -0.17%  N.A.  6.4%  UNITED FUND, INC. -A   3.7261  1.2%  1.44%  2.98%  6.44%      EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2   118.342  1.87%  0.72%  3.64%  6.86%  ATRAM ASIAPLUS EQUITY FUND, INC. -B   $0.9223  -11.17%  1.49%  -1.95%  -0.73%  SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A   $1.2616  -2.78%  6.69%  N.A.  14.15%  BALANCED FUNDS     PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A   1.7297  1.23%  -2.32%  -1.5%  4.75%  ATRAM PHILIPPINE BALANCED FUND, INC. -A   2.3322  0.66%  -1.09%  0.69%  5.57%  FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A   2.665  0.54%  -0.45%  -1.16%  4.79%  GREPALIFE BALANCED FUND CORPORATION -A   1.3505  -0.71%  N.A.  N.A.  3.54%  NCM MUTUAL FUND OF THE PHILS., INC. -A   1.9569  3.81%  0.08%  1.45%  6.17%  PAMI HORIZON FUND, INC. -A   3.8089  3.82%  -0.99%  0.85%  7.92%  PHILAM FUND, INC. -A   17.08  4.34%  -0.88%  0.77%  7.37%  SOLIDARITAS FUND, INC. -A   2.1497  0.98%  0.03%  1.73%  3.89%  SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A   3.9147  4.26%  -0.05%  1.61%  7.21%  SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4   1.0259  N.A.  N.A.  N.A.  N.A.  SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4   1.0155  N.A.  N.A.  N.A.  N.A.  SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4   1.0121  N.A.  N.A.  N.A.  N.A.  SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A   1.0049  5.4%  0.29%  1.48%  9.03%      PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A   $0.03824  8.54%  1.97%  2.58%  8.33%  PAMI ASIA BALANCED FUND, INC. -A   $0.9573  -4.77%  0.97%  -1.68%  4.77%  SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A   $3.7047  0.84%  4.91%  2.9%  11.97%  SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A   $1.11  3.49%  3.34%  N.A.  9.9%  BOND FUNDS     PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A   352.92  3.77%  2.18%  2.32%  2.75%  ATRAM CORPORATE BOND FUND, INC. -A,1   1.9084  2.51%  0.09%  0.07%  2.65%  COCOLIFE FIXED INCOME FUND, INC. -A   3.0611  5.14%  5.23%  5.23%  2.86%  EKKLESIA MUTUAL FUND INC. -A   2.2174  4.56%  1.3%  2.19%  4.14%  FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A   2.3467  5.84%  1.42%  1.66%  6.42%  GREPALIFE FIXED INCOME FUND CORP. -A   P 1.6078  1.62%  -1.91%  0.13%  2.77%  PHILAM BOND FUND, INC. -A   4.2989  9%  0.36%  1.89%  9.67%  PHILEQUITY PESO BOND FUND, INC. -A   3.7236  6.71%  0.74%  1.62%  5.87%  SOLDIVO BOND FUND, INC. -A   0.9533  5.72%  -0.36%  N.A.  6.97%  SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A   3.0215  9.25%  1.41%  2.57%  9.25%  SUN LIFE PROSPERITY GS FUND, INC. -A   1.6779  9.32%  0.98%  2.12%  8.96%      PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A   $461.64  4%  1.73%  2.81%  2.95%  ALFM EURO BOND FUND, INC. -A   Є219.59  2.79%  1.35%  1.58%  3.25%  ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B   $1.191  6.62%  1.92%  2.53%  5.8%  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   $1.7158  1.07%  -2.06%  0.59%  1.51%  PAMI GLOBAL BOND FUND, INC -A   $1.0978  6.1%  -0.28%  -1.63%  5.93%  PHILAM DOLLAR BOND FUND, INC. -A   $2.3876  9.87%  1.25%  3.62%  9.99%  PHILEQUITY DOLLAR INCOME FUND INC. -A   $0.0598018  5.34%  1.7%  1.97%  4.92%  SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A   $3.1424  8.71%  0.69%  3.15%  9.41%  MONEY MARKET FUNDS     PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A   124.25  4.02%  2.58%  2.04%  2.79%  FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5   1.0194  N.A.  N.A.  N.A.  N.A.  PHILAM MANAGED INCOME FUND, INC. -A   1.2361  5.45%  2.31%  1.41%  4.59%  SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A   1.2501  3.89%  2.74%  2.12%  2.53%      PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A   $1.0303  2.19%  N.A.  N.A.  1.42%                                                    A - NAVPS AS OF THE PREVIOUS BANKING DAY.    B - NAVPS AS OF TWO BANKING DAYS AGO.     C - LISTED IN THE PSE.     D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018.  2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018.     3 LAUNCH DATE IS JANUARY 3, 2019. 4 - LAUNCH DATE IS JANUARY 28, 2019.     5 - LAUNCH DATE IS FEBRUARY 1, 2019.     6 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."


www.businessmirror.com.ph

The World BusinessMirror

US-China tariff war leaves Europe as collateral damage

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RANKFURT, Germany—Like a sleek Mercedes crunched between two freight trucks, Europe’s economy is being knocked off course by the conflict between the US and China over trade. The bill for damages from the US-China collision could be painfully high, starting this week if new growth figures on Wednesday show that Europe’s economic motor, Germany, is stalled or shrinking. Beyond that, economists say there are signs that years of jobs growth since the depths of the Great Recession and the eurozone debt crisis may be ending. And if the trade wars escalate to include higher US tariffs on cars made in Europe, the picture could look even worse. The heart of the matter is Germany, Europe’s largest economy and a key trade partner of both the US and China. Almost half the German economy—47 percent, according to World Bank estimates—comes from trade, as its companies play a dominant role in global markets for luxury autos and complex industrial machinery. Supply chains from Germany extend into neighboring countries, as well, while German profits are often invested in factories in places like Slovakia, Hungary and Poland. It’s great for Germany and Europe when trade is booming—but it means Germany remains more vulnerable than less open economies, such as Portugal or France to a slowdown in global trade in goods and services. And that is what’s happening. Germany has spewed wretched economic data for weeks: an 8-percent annual fall in exports in June, a 1.5-percent drop in industrial production in June from the month before, three times bigger than expected. Surveys of company executives suggest the industrial sector is in recession, with consumer demand and services propping up the economy. But the damage from trade may be spreading to consumers and companies that do business only at home. While unemployment remains low

at 3.1 percent, job gains have stalled recently. Ironically, trade between Germany and the US, and between Germany and China is holding up pretty well. It’s mainly the uncertainty about the outcome of the clash between US President Donald Trump and the Chinese Communist leadership that has been weighing on business confidence and deterring decisions to invest, and buy across global markets. Last week, Trump imposed a 10-percent tariff on an additional $300 billion in Chinese goods effective September 1. As a result, research firm Oxford Economics forecasts world-trade growth of just 1.2 percent this year, far below last year’s 4.9-percent rise. There are a few small benefits for Europe. While the US and China ramped up barriers against each other, the US has largely kept tariffs on European products the same, except for introducing charges on steel and aluminum imports. China has actually lowered charges on exports from the 19 European countries that use the euro. “That mildly positive effect for the eurozone has been, however, more than offset by the hit to business sentiment and demand,” says economist Florian Hense at Berenberg bank. “As uncertainty about the future trading regime is pervasive, businesses have cut their outlook and their investment plans. The slowdown in Chinese actual and potential growth, which the trade tensions have exacerbated, also weighs on demand for eurozone exports.” Trump has recently repeated threats to increase tariffs on autos if he does not get a satisfactory new trade deal with the European Union. Germany’s top companies issued cautious outlooks along with their earnings for the most recent

quarter, even those that are doing relatively well. Volkswagen CEO Herbert Diess warned that “growing protectionism also poses major challenges for the globally integrated auto industry.” Siemens AG CEO Joe Kaeser said that “geopolitics and geo-economics are harming an otherwise positive investment sentiment.” The auto industry in particular, with its dependence on demand from operations in China, looks less healthy. Daimler, maker of Mercedes-Benz luxury cars, has issued four profit warnings over 18 months, and saw its first quarterly loss since 2009. BMW lost money on its auto business in the first quarter for the first time in a decade. Some of Europe’s troubles can’t be blamed on the trade dispute. The auto industry is under pressure to meet lower greenhouse gas emissions limits, imposed by the European Union. Automakers had expected to rely on more fuel-efficient diesels to help meet the requirements, but saw diesel sales plunge after Volkswagen was caught in 2015, cheating on diesel emissions tests. Another source of uncertainty is Britain’s impending departure from the EU, currently set for October 31. British Prime Minister Boris Johnson has said he wants to leave without an extension, even if that means no divorce deal to smooth trade. In an effort to ward off a steeper slowdown or possible recession, the European Central Bank has signaled it could provide more monetary stimulus at its September 12 meeting, including new purchases of bonds, which pump newly created money into the economy. It’s a measure of Europe’s reversal of fortune that a four-year, €2.6-trillion ($2.9 trillion) bond purchase program was halted only in December. “What is hurting German exports, currently, is the uncertainty which has spread across the globe, and has also paralyzed many European economies,” said Carsten Brzeski, chief economist for Germany at ING. “Looking ahead, the outlook for German exporters is clearly in the hands of the US and China.” AP

HK airport cancels all flights on Monday

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ONG KONG—Hong Kong’s airport, one of the world’s busiest, has canceled all remaining flights for the day at 4:30 p.m. on Monday after thousands of pro-democracy protesters crowded into the main terminal. Hong Kong International Airport said in a statement Monday afternoon that the demonstration “seriously disrupted” airport operations. It said all check-in services for departing flights had been suspended. It said only those flights that have a lready completed the

check-in process will move ahead. Hong Kong has experienced more than two months of mass protests calling for democratic reforms and an independent inquiry into police conduct. The protest movement’s demands also include the resignation of the Chinese territory’s leader and an election for her successor. Hong Kong, a former British colony, was returned to China in 1997 under the “one country, two systems” principle. Hong Kong police showed off water cannons at 2 p.m. on Monday

as pro-democracy street protests stretched into their 10th week with no sign of either side backing down. The demonstration of specially equipped armored cars came after another weekend of protests at Hong Kong’s bustling international airport and on the streets of one of the city’s main shopping districts. Legislators and journalists were invited to witness the display of extreme crowd control tactics, which Amnesty International warned last week could lead to serious injuries if misused within Hong Kong’s confined spaces. AP

UK boosts police powers in crime clampdown

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ONDON—British Prime Minister Boris Johnson is promising more prisons and stronger police powers in an effort to fight violent crime. The government announced plans on Sunday to create 10,000 more prison places to ease overcrowding, and said it would allow police to stop and search people

without reasonable suspicion “if serious violence is anticipated.” Such powers are contentious because young ethnic-minority men are disproportionately likely to be stopped and searched. Opposition Labour Party lawand-order Spokesman Diane Abbott said it was “a tried-andtested recipe for unrest, not

violence reduction.” Official statistics show that violent crime has begun to rise, after declining for two decades. The crime clampdown is the latest in a series of policy promises that Johnson, a conservative, has made since taking office last month, sparking speculation that an early election is looming. AP

Editor: Angel R. Calso • Tuesday, August 13, 2019 B3

S. Korea to remove Japan from trade list

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EOUL, South Korea—South Korea said on Monday that it has decided to remove Japan from a list of nations receiving preferential treatment in trade, in what was seen as a countermeasure to Tokyo’s recent decision to downgrade Seoul’s trade status amid a diplomatic row. It wasn’t immediately clear how South Korea’s tightened export controls would impact bilateral trade. Seoul said South Korean companies exporting to Japan will be able to receive exceptions from case-bycase inspections that are normally applied to exports to nations with lower trade status and go through a faster approval process they currently enjoy. South Korean Trade Minister

Sung Yun-mo said the government decided to remove Japan from the country’s 29-country “white list,” because it has failed to uphold international principles while managing its export controls on sensitive materials. Sung and other South Korean officials did not specify what they saw as Japan’s problems in export controls. They say that Seoul will work to minimize negative impact on South Korean exporters and bilateral trade. Sung said the changes are expected to enter effect sometime in September, following a 20-day period for gathering public opinion on the issue, and further regulatory and legislative reviews. He said Seoul is willing to accept any

request by Tokyo for consultation over the issue, during the opiniongathering period. South Korea’s announcement came weeks after Japan’s Cabinet approved the removal of South Korea from a list of countries with preferential trade status. Seoul had vowed retaliation, while accusing Tokyo of weaponizing trade to retaliate over political rows stemming from their wartime history. Japan’s move came weeks after it imposed stricter controls on certain technology exports to South Korean companies that rely on Japanese materials to produce semiconductors and displays for TVs and smartphones, which are key South Korean export items. AP


B4 Tuesday, August 13, 2019

Duty Free Philippines opens first supermarket inside airport

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ANILA, Philippines – Passengers passing through Ninoy Aquino International Airport (NAIA) Terminal 3 will be treated to a wide selection of products from chocolates, perfumes, apparel, home furnishing, wines and liquors, cigarettes, sporting goods –

and even groceries. Duty Free Philippines (DFP) has opened its first supermarket inside an airport located at the DFP Arrival Mall, South Arrival Lobby, NAIA Terminal 3, making travelling and shopping much easier.  The over 800 square-meter supermarket

boasts a complete section of grocery items for mass consumption such as laundry detergents, shampoo, condiments, canned goods, frozen foods, and snacks.   It also has shelves for cereals, baby care, pasta and noodles, cheese, yogurt, and other items.   According to DFP Chief Operating Officer (COO) Vicente Pelagio A. Angala, the supermarket offers a complete section featuring dedicated wall bays and an increased product assortment to serve the travelers better with a fully-stocked supermarket right at the airport.    “We came up with this idea to raise the bar of the Duty Free pasalubong shopping experience. Instead of buying grocery items abroad that will add up to their baggage fees, they can shop the same brands when they arrive at the airport at a duty-free price,” said Angala.   “Other than keeping yourself from paying unnecessary baggage fees, this also adds convenience. Imagine arriving at the airport after a vacation or working abroad, one can just conveniently grab groceries or do grocery shopping with their family,” he added. 

PLDT-SMART Foundation helps power up the nation’s national defense

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HE PLDT Groupthrough its social outreach arm the PLDT-Smart Foundation, donated one of its cell towers in Pasuguin,  Ilocos  Norte to the Philippine Air Force (PAF). The  cell  tower located at PAF’s Paredes Air Station, will help support the aerial branch of the country’s Armed Forces C4iStar Project. C4iStar is a program by PAF meant to enhance its telecommunication capabilities and upgrade its online facilities.  The formal turnover of the tower was done at the Heroes GolfTournament

hosted by the Makati Medical Center Foundation in Villamor Airbase Golf Club in Pasay City.  In photo during the event  (from left to right)  PLDT-Smart Foundation President Esther Santos, Makati Medical Center Foundation (MMFC) Trustee Susana A.S. Madrigal, SVP & Head of PLDT and Smart Enterprise Business Business Groups Jovy Hernandez, PLDT Chairman & CEO and MMCF Chairman Manuel V. Pangilinan,  Lt. Gen.  Rozzano  Briguez, and  Lt. Col. Oliver Banaria.

Cinemalaya 2019 stages events for book lovers

Globe advocacy campaigns win big in 2019 PANAta Awards

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LOBE has proven that it can marry limitless creativity with brand-building objectives by winning six trophies at the recently held PANAta Awards which include the Gold for PANAta Brand Bravery Award for #SeeYouTomorrow mental health awareness campaign. “All Globe corporate campaigns are now geared towards advocacies that directly contribute to the company’s sustainability development goals (SDGs) commitment. Anchored from our company’s purpose of treating people right to create a Globe of good, the #SeeYouTomorrow campaign for  instance addresses SDG #3 which is to ensure healthy lives and promote wellbeing for all at all ages,” says Yoly Crisanto, Globe Chief Sustainability Officer and SVP for Corporate Communications Globe also bagged honors for its CSR efforts by winning two awards under the Excellence in Brand CSR category: a

Silver for #SeeYouTomorrow, a Bronze for the #TimePlease Volunteer Program, and another Silver for its National Teachers’ Month Campaign. The #SeeYouTomorrow campaign made waves last year with a heartwarming video that takes viewers into the world of a person battling depression, from the perspective of someone closely affected by the person suffering. There is value in the story presented through the video, but more than the powerful execution, it sends a message of hope and encourages the 3.3 million Filipinos suffering from depression, to seek assistance by calling HOPELINE, toll-free. Launched in May 2018, Time Please is a nationwide volunteering program that matches individuals or groups of volunteers with volunteering opportunities anywhere in the country. Over 9.5 million hours volunteer hours were pledged in within the span of two months through the online volunteer

registration portal developed by Globe. Another Globe advocacy that won in PANAta was National Teacher’s Month campaign which kicked off in September last year with a video that pays tribute to teachers. The #IbaKaTeacher video sheds light on the seemingly insurmountable challenges of engaging in such a profession. As moving they were, the social media and video components were but smaller parts of the whole. Presented yearly by the Philippine Association of National Advertisers (PANA), PANAta is the premier recognition program for standout brand building campaigns in the country. It gives merit to advertisers that effectively utilize marketing communications to build their brand and grow their business. The awarding ceremonies were held last July 19 at the Marquis Events Place in BGC. For more about Globe’s advocacies,  follow Globe Bridging Communities on Facebook.

Build your business with Go Hotels Timog-QC

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OXACO-ASIA Hospitality, the brand behind successful operations of several Go Hotels franchises, continues to deliver delightful and balanced experiences through expanding its array of offers starting with Go Hotels Timog – Quezon City. Perfectly nestled along the dynamic street of Timog, Go Hotels now opens their doors to becoming the go-to the meeting venue as

they are designed with the highest standards in mind. Behind the property’s seemingly modern façade is a contemporary 70-seater space that ignites inspiration and sparks creativity. Moreso, they also carry pocket meeting rooms that can accommodate up to a maximum of 15 persons. These meeting rooms are honed in

on three basic things: a minimalist yet contemporary design matching the hotel’s interiors, equipped with technology that will help groups run their meetings more efficiently, and lastly, the vibe that the hotel exudes – guests can lounge around the fun and friendly atmosphere after a long planning session. Go Hotels Timog features 219 rooms – Queen, Twin, and PWD - all designed in a contemporary style and equipped with complimentary Wi-Fi,TV sets with cable channels, and working areas. The majority of rooms feature spectacular views of the city’s rising skyline. The property’s convenient location is accessible to public, private, and for-hire transportation. It is also walking distance from entertainment areas such as the country’s top networks – GMA and ABSCBN, from medical institutions including Capitol Medical Center and Belo Medical Group. The vicinity is also home to the best and eclectic food hubs. Other Go Hotels branches are located in Cubao, North Edsa, Ermita, and Manila Airport Rd. Paranaque. For inquiries and/or reservations, call (02) 366.3469 or 0917.838.0585, email dmtmg@roxacoasiahospitality.com.

Ricky Lee

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HE Cinemalaya 2019 offered two book events for book lovers during the festival.   Award-winning scriptwriter, Ricky Lee,  launched his new book entitled  The Ricky Lee Film Scriptwriting Workbook on August 3. This new masterpiece contains tips on writing, story and character templates, guidelines on fleshing out the premise, checklists for stories and for troubleshooting the script, creative triggers and exercises, plus blank pages for notes and doodles. Lee has written anything from movies and plays to novels and books. His books include  Para Kay B,  Si Amapola, and  Bahay ni Marta.  His film writing catalog is made up of Himala, Moral Karnal, Anak, and Jose Rizal.  In addition, he also has written the plays  Himala the Musical  and  DH and his scriptwriting manual, Trip to Quiapo.

Michael Kho Lim The following day, Michael Kho Lim, an independent film producer, contributing writer, researcher and an international scholar who teaches at De La Salle University and Monash University in Australia, staged a book discussion of his book entitled Philippine Cinema and the Cultural Economy of Distribution. In this book, Lim explores the complex interplay of culture and economics in the context of Philippine cinema.  He compares the various aspects of mainstream and independent filmmaking, examines film distribution and exhibition systems, and investigates how existing business practices affect the sustainability of the independent film making.  Cinemalaya Film Festival 2019 is ongoing at the CCP. 

’’Pizzaiolo Extraordinaire’’on showcase for La Vida Italia

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S part of the Hotel’s celebration of its 5th Anniversary, Marco Polo Ortigas Manila presents the Philippine debut of premiere pizza acrobat, Chef Pasqualino Barbasso, who performs at the hotel from 28 August to 5 September 2019. Chef Pasqualino hails from Palermo in Sicily, where he developed his skills as a pizzaiolo as part of his family’s tradition. He is a two-time World Champion of Pizza Acrobatics, and recently completed tours showcasing his talent at the Marco Polo Hongkong, Niccolo Chongqing and Niccolo Changsha. With over 25 years of pizzamaking experience, Chef Pasqualino heads a pizza school in Italy, where he champions the art and intricacies of making this

beloved culinary staple. He has showcased his acrobatic talents in restaurants across the world, including Brazil, the United States of America, India, the United Arab Emirates, Malaysia and Argentina, to name a few. Chef Pasqualino is set to enthral the young and the young-atheart with his wacky pizza stunts when he visits Cucina for La Vida Italia from 28 August to 15 September 2019. For more information and reservations, please call (02) 7207720 or email restaurant.mnl@marcopolohotels.com. Log-on to www.marcopolohotels.com for more details on the Hotel’s ongoing promotions. Or get updates via facebook. com/MarcoPoloOrtigasManila and @ MarcoPoloManila on Twitter and Instagram.


RUSSIA ACCUSES TOKYO OF POLITICIZING GAMES

Sports BusinessMirror

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| Tuesday, August 13, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE map on the official web site for next year’s Games includes the Liancourt Rocks, which are governed by South Korea but claimed by Japan.

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USSIA has accused Japan of politicizing the Olympic Games after organizers appeared to include some of the disputed southern Kuril Islands on a map of the Torch Relay route. Foreign Ministry Spokesman Maria Zakharova claimed Japan had acted “illegally” by depicting at least three of the islands, which both Moscow and Tokyo lay claim to but, on the map on the official Tokyo 2020 web site. The four southernmost Kuril Islands— Kunashir, Iturup, Shikotan and the rocky Habomai islets—are at the heart of a dispute that has spilled over into the Olympic world. Japan believes the Islands, which the government calls the Northern Territories, belong to Tokyo and has been seeking their return since the end of World War II. But Russia, which has jurisdiction, claims the southern Kuril Islands—which stretch between the Japanese island of Hokkaido at the southern end and the Russian Kamchatka Peninsula at the

northern end—belong to Moscow and became part of the country after the war. It has not been resolved since, with both countries claiming it has ownership of the Islands, inhabited by around 19,400 people. The Tokyo 2020 Torch Relay for the Olympics is due to visit Hokkaido on June 14 and 15 next year. “These actions are illegal,” Zakharova said. “Besides the legal side of the matter, [adding the islands to Japan’s Summer Games torch relay map] poisons the atmosphere of addressing complicated issues.” “Tokyo’s desire to politicize such an important international sports event as the Olympic Games and Japan’s apparent abuse of the role of the host country of the Games meant to promote the unity of the people is deeply regrettable,” she added. The row follows South Korea lodging an official complaint after a Tokyo 2020 Olympic Torch Relay map included disputed islands as

Japanese territory. The map on the official web site for next year’s Games includes the Liancourt Rocks, which are governed by South Korea but claimed by Japan. Japanese officials have earlier rejected the Korean complaint, which was made through the country’s embassy. The Rocks appear on the map, used to show the route of the Torch Relay, as a small dot. They lie in the Sea of Japan in between the two countries and are valuable due to rich fishing waters and natural gas deposits. South Korean calls the islands Dokdo but in Japan they are known as Takeshima. Both countries claim historical ties with around 50 people currently living there. “South Korea, through the Japanese Embassy in South Korea, has lodged a protest on the issue,” Japan’s Cabinet Secretary Yoshihide Suga said. “Japan told the South Korean side that the protest is not acceptable given that Japan owns

US men’s volley team captures Olympics berth

Takeshima and given Japan’s position on the Sea of Japan.” This is not the first time that the dispute has spilled over into the Olympics. At the Opening Ceremony of Pyeongchang 2018, both South Korea and North Korea marched together behind a unification flag which did not include the islands as part of a map outline. The islands had appeared on a flag at a practice event with Suga describing this as “unacceptable.” Earlier this month the islands were the location for a major diplomatic incident after a Russian military plane allegedly entered their airspace. South Korean jets fired 360 machine-gun rounds in response with Japan saying it also scrambled aircraft. Russia, carrying out a military exercise with China, has denied violating another nation’s airspace. Insidethegames

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BILES SOARS TO 6TH GYMNASTICS TITLE K

ANSAS CITY, Montana—The choice was entirely hers. Only there really wasn’t of one for Simone Biles to make. Sure, she could have taken her tripletwisting double-flip (a.k.a. “the triple-double”) out of her floor exercise routine during the final night of the US women’s gymnastics championships on Sunday. She surely didn’t need it to assure herself of another national title. Still, even as her Coach Laurent Landi left the option up to her after the Olympic champion’s bid to become the first woman to complete the triple-double in competition came up a bit short on Friday, he knew the answer. Spend enough time in he gym around the 22-year-old who is redefining what’s possible in her sport one exhilarating routine at a time and it quickly becomes evident that sidestepping a challenge isn’t really her thing. So she threw it at the end of her first tumbling pass, fueled by adrenaline, ambition and otherworldly skill. When the dizzying combination ended with her feet firmly on the floor—if barely in bounds—the jolt through the packed arena was palpable. The smile on her face unmistakable. And the competition—just like it has been for six years and counting whenever Biles is involved—was over. The triple-double served as the exclamation point on her sixth national championship. Her two-day total of 118.500 was nearly five points clear of 16-year-old Sunisa Lee in second and more almost seven points ahead of third-place finisher Grace McCallum. Yet, Biles doesn’t pay too much attention to the margin or her scores for that matter. She’s been a fixture atop the podium for six years and counting. Attempting to find the boundaries of her immense talent is what drives her. It’s why she got so angry after putting both hands down as she tried to land the triple-double on Friday. It’s why she never thought about ditching it on Sunday. And it’s why she sneaked a peek at her phone while rotating from floor to balance beam, typically a no-no during a meet. Well, at least for

anyone not named Simone Biles. “I wanted to see how it looked,” she said. Here’s a word: historic. “It’s like she hit a hole in one and we were all there,” USA Gymnastics High Performance Director Tom Forster said. “It’s a big deal and we all know it. No one in the world has done it before in the women and actually, she does it better than most of the men who have done it. She should be super excited about that.” She was. When Biles finished off a two-hour showcase that highlighted how wide the gulf between herself and the rest of the world has become by drilling her dismount on uneven bars: she danced. Well, sort of. Biles gave Landi a relieved high-five before sticking out her tongue and waving her arms as she ran to hug the rest of competitors in her rotation. The anger of Friday night—when she openly seethed after shorting the triple-double and making a bit of a mess on bars—was gone. “I was a lot happier today,” Biles said. “I feel I haven’t been as confident on bars this year as I was last year. To finally do a good routine like I can do it, I was really happy. I was very happy and the last event, so I was like, ‘Thank God we’re done.’” For now anyway. Biles is two months away from a trip to the world championships—where her 20 medals are tied for the most by a female gymnast—and a year away from a return to the Olympics. She was a sensation in 2016, cementing her status as one of the best ever with two weeks of gymnastics that came as close to perfection as the sport allows. A year to go before a return trip to the games, Biles is even better. And really, it’s not close. “She’s a freaking beast,” said MyKayla Skinner, an alternate on the 2016 Olympic team who clinched a spot on the national team by finishing eighth. “Like, I don’t even understand. I always ask her, ‘Do you realize how good you are?’ And she’s like ‘Yeah, but I don’t know.’ It just comes so naturally, it’s amazing.”

In a sport that sometimes forces athletes to choose between skill and execution, Biles doesn’t have to. She not only puts together the most difficult routines in the world, she does them better than anyone else. Biles won floor, balance beam and vault, and finished third on bars even with her “meh” set on Friday. “She does stuff that I never thought people could do,” Lee said. Lee and 2017 world champion Morgan Hurd were the only women in the field to place ahead of Biles on any event, finishing one-two on bars, solidifying their chances of joining Biles

at world championships in Germany in October in the process. Hurd rebounded from a rocky floor exercise on Friday that dropped her to eighth overall to zoom up to fourth despite admitting she “wanted to throw up a little” when the night began. She promised she would be better on Sunday and she was, despite a technical glitch before her floor when the music started before she took her starting position. She walked off the podium, exhaled, and then went out and drilled her set. AP

SIMONE BILES is all smiles as she extends her domination of US gymnastics as bespectacled Morgan Hurd competes in the floor exercise during the senior women’s competition on Sunday. AP

OTTERDAM, Netherlands—The US men’s volleyball team secured a bid to the 2020 Tokyo Olympics on Sunday, beating the Dutch host, 25-18, 25-20, 17-25, 25-21, to go unbeaten in the round-robin Tokyo Volleyball Qualification Tournament. Ranked second in the world, Coach John Speraw’s squad will look to build on the bronze the Americans won in Rio three years ago. The US men reached the Olympics for the 10th straight time and 12th in all, winning gold in 1984, 1988 and 2008 and also a bronze in 1992. “It is not easy playing three matches in a row, especially when you’re the favorite,” Speraw said. “It is always difficult to go out and play against teams that have nothing to lose. I think we handled that stress really well. We were poised and competed incredibly hard and played a great collective team game.” No. 15 Netherlands, which gave up 31 points on errors, also was 2-0 in Pool B of the tournament before matching up with the US American opposite Matt Anderson had 18 points with 16 kills and two blocks. The US welcomed back Aaron Russell after he dealt with a knee injury earlier this summer. He contributed 17 points with 14 kills, a block and two aces. The Americans also beat Belgium and Korea on the way to qualifying for Tokyo. “It was a tough tournament, but I’m really happy with how we all played,” Anderson said. “Aaron coming back and playing lights out for almost every part of every match.” Last weekend, the US women’s volleyball team earned a spot in Tokyo after also earning bronze in Rio de Janeiro. AP


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Tuesday, August 13, 2019

LOOK WHO’S BACK: ANDY! THE three-time major champion Andy Murray is back to playing singles at a Masters event—the Western & Southern Open. AP

Viviani wins Euro road race crown

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LKMAAR, the Netherlands—Elia Viviani of Italy capped an already successful summer with victory in the road race at the European championships on Sunday. Viviani won a two-man sprint ahead of Yves Lampaert of Belgium after crosswinds played havoc with the peloton during the final 11 laps of the 165-kilometer race in Alkmaar. Pascal Ackermann of Germany finished third, eight seconds behind his breakaway companions. Viviani’s Italian teammates worked hard throughout the day and caused the split that left a group of 13 riders at the front before the leading trio moved away from the pack with two laps to go. “I think we did a completely different tactic from what we were thinking this morning,” Viviani said. “This morning we were thinking about the sprint, but then we wanted to make the race hard.” With Viviani the best sprinter in the group, Lampaert attacked with 3.5 kilometers left to leave Ackermann and Viviani in his wake. Viviani waited patiently on Ackermann’s wheel then surged ahead to close the gap with Lampaert, his Deceuninck-Quick Step teammate on the World Tour. Lampaert launched the final sprint but quickly stopped his effort when Viviani passed him with ease. Less than a week after Belgian rider Bjorg Lambrecht died following a crash during the Tour of Poland, Viviani pointed a finger to the sky as he celebrated his win, then crossed himself. “It’s one of my best wins,” said Viviani, who won the Prudential RideLondon-Surrey Classic last weekend and won a Tour de France stage last month. “It was totally different from a bunch sprint. After a Grand Tour, I always have a lot of resistance and big legs.” Alexander Kristoff won the main peloton sprint to finish fourth. AP

Bagley withdraws from US hoops pool

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ASON, Ohio—Andy Murray smiled as he walked off the court after a brisk practice session, pain-free and moving better all the time. Retirement? Out of mind for now. Instead, the three-time major champion is back to playing singles at a Masters event. Murray is the first-day focus at the Western & Southern Open. A painful exit at the Australian Open left him thinking the end of his career was in sight. He had a second hip operation in January that implanted metal, eliminated the pain and totally changed his outlook. His against-the-odds comeback takes another step when he faces Richard Gasquet in the first round Monday afternoon. A lot of

challenges remain before he’s ready to play at a high level again. “That’s the situation I’m in, and I would have signed up for being in this position I’m in six months ago, absolutely,” said Murray, wearing a shirt that said “Believe” across the front. “Hopefully it makes for some exciting early round matches.” Once the surgery eliminated the hip pain that had hobbled him for a long time, the 32-year-old Murray chose to make a comeback. He played doubles in several tournaments, including Wimbledon with Serena Williams and the Citi Open with brother Jamie. After practicing singles the past few weeks, Murray felt good enough to give it a go. The Western & Southern Open offered him a wildcard slot, and he’ll use the tournament near Cincinnati as a gauge.

Americans protest on medals stand at Pan American Games

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IMA, Peru—Two Americans used their medal-winning moments at the Pan American Games to draw attention to social issues back home that they feel are spiraling out of control. During their medals ceremonies at the multisport event in Lima, fencer Race Imboden took a knee and hammer thrower Gwen Berry raised her fist. Both athletes could represent

the US less than a year from now at the Tokyo Olympics, where similar protests would be seen by a much wider audience. “Racism, gun control, mistreatment of immigrants, and a president who spreads hate are at the top of a long list” of America’s problems, Imboden said in a tweet sent after his team’s foil medals ceremony. “I chose to sacrifice my moment today at the top of the podium to

“I have zero pain,” Murray said. “I’m not expecting to be moving, as well as I used to, but I still think I can probably move better than I am now. But that will take time. I started playing singles a couple weeks ago. “There’s still some improvement to come from my hip operation, as well. So in the next few months, I’ll build up to that.” His singles return reunites the “Big Four” for the first time since the Australian Open. Defending champion Novak Djokovic, seven-time champion Roger Federer and 2013 champion Rafael Nadal also are in the tournament. Nadal won the Rogers Cup on Sunday in Montreal. Djokovic won Cincinnati for the first time last year after five finals losses, beating Federer to claim the only Association of Tennis call attention to issues that I believe need to be addressed. “I encourage others to please use your platforms for empowerment and change.” Berry raised her fist as America’s national anthem was played to honor her win in the hammer throw. She called out injustice in America “and a president who’s making it worse.” “It’s too important to not say something,” Berry told USA Today. “Something has to be said. If nothing is said, nothing will be done, and nothing will be fixed, and nothing will be changed.” The history of high-profile protests at the Olympics dates to the 1968 Games in Mexico City, when sprinters Tommie Smith and John Carlos

THE US’s Race Imboden takes a knee as teammates Mick Itkin and Gerek Meinhardt stand on the podium after winning the gold medal in team’s foil of fencing at the Pan American Games in Lima, Peru. AP

Professionals (ATP) Masters 1000 title that had eluded him. Djokovic is the first singles player to win all nine events. The Big Four has dominated in Cincinnati, win ning 11 of the past 14 titles. The Big Four also has claimed 11 straight Grand Slams and 16 of the past 17, with Djokovic beating Federer in a fifth-set tiebreaker at Wimbledon last month. “We’re still playing our best in the Grand Slams and events that matter most,” Djokovic said Sunday. Murray is a long way from the form that helped him win the US Open in 2012 and Wimbledon titles in 2013 and 2016, but there’s hope ahead. He’s hoping to get back to playing singles regularly on the tour. He’s also pondering doubles in the 2020 Olympics with his brother. raised their fists during the medals ceremony for the 200-meter dash. The issues haven’t changed all that much in the ensuing 50 years. Quarterback Colin Kaepernick has been out of a job since shortly after he started kneeling during the national anthem before 49ers games in 2016 to protest police brutality and social injustice in America. Since then, athletes representing the US have faced scrutiny about what, if any, signs of protest they might show if they land on the podium at an Olympics or other major event. Among the issues that have been fodder for possible protest have been race relations, the treatment of the LGBT community, social injustice and disagreements with President Donald J. Trump. The actions by Berry and Imboden will test the Pan Am Sports Organization, and the US Olympic and Paralympic Committee’s (USOPC) resolve to enforce rules that restrict political protests. The USOPC said in a statement on Sunday that its leadership is reviewing possible consequences. Berry is on the US team that will head to the track and field world championships next month. “Every athlete competing at the 2019 Pan American Games commits to terms of eligibility, including to refrain from demonstrations that are political in nature,” the statement said. “In these cases, the athletes didn’t adhere to the commitment they made to the organizing committee and the USOPC. We respect their rights to express their viewpoints, but we are disappointed that they chose not to honor their commitment.” AP

COLORFUL, FESTIVE CLOSING CEREMONY CAPS LIMA GAMES

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IMA, Peru—Dancers in colorful costumes took the capacity crowd of 50,000 at Lima’s National Stadium—and millions following across the world—on a trip along Peru’s coast, over its mountains and deep into the dense forests and jungles of the Amazon. The Pan American Games closed Sunday with a ceremony that gathered nearly 1,000 performers from more than a dozen nationalities. The ceremony that capped the 17-day multisport event paid homage to Andean civilizations with the set design inspired by stonework from walls used by the Incas to build their

colossal cities. It also highlighted the natural wealth of a country whose name itself, from the Quechua Indigenous word, means land of abundance. But it also showed a modern side of Peru with a DJ mixing cumbia beats on a stage-turned-dancefloor, and colorful “Chicha” posters and graffiti that are often on display on the streets of Lima. Fireworks burst at the end of a ceremony that also included performers dressed as hunters, fishermen and warriors, a parade of athletes from the 41 competing countries and a woman who played a tiny Andean guitar known as the charango.

It was a huge way to close the Games that showcased world-class venues, world-class cuisine and enthusiastic fans who braved Lima’s chilly, damp weather to cheer on athletes from across the Americas. The tournament also featured the debut of surfing in a country that is known as the Hawaii of South America and that rode a wave of support at home to dominate with gold medals and a likely ticket to Tokyo 2020. Nearly 7,000 athletes competed in the games. A record 21 of the 61 sporting disciplines served as qualifiers for next year’s Olympics. The

Americans finished atop the medal standings with 293, followed by Brazil with 171 and Mexico with 136. The British Virgin Islands and Aruba won their first medals. Jamaica’s Shelly-Ann Fraser-Pryce broke the 40-year-old Pan Am Games 200-meter record and El Salvador flexed its muscles winning both men and women’s categories in the debut of bodybuilding. Colombia’s two-time BMX Olympic gold medalist Mariana Pajon and triple Greco-Roman wrestling gold medalist Mijain Lopez from Cuba cemented their legacy in their sports by winning it all. AP

After seeing how things go in Cincinnati, he’ll decide whether to enter another tournament later this year to continue rebuilding his game. “Obviously I’ll find out on the court tomorrow if I have doubts about my movement, and how my hip and stuff is feeling, but I’ve done what I could to make that easy on myself,” Murray said. “There’s nothing for me to worry about, but I know it’s easy to say that but when you get on the court, psychologically it can be tricky.” In the two opening matches on the men’s side Sunday, 11th-seeded John Isner served 27 aces while beating Dusan Lajovic, 7-6 (3), 1-6, 7-5, getting his only break point of the match to finish it. Also, Alex de Minaur beat Marco Cecchinato, 6-7 (5), 6-1, 6-2. AP

Reed sinks clutch putts to top FedEx Cup opener

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OLORADO SPRINGS, Colorado—Sacramento forward Marvin Bagley III has told USA Basketball that he is withdrawing from consideration for the roster that will be sent to China this month for the Fiba World Cup. Bagley’s decision was revealed Sunday, two days before he was to report to El Segundo, California, for the second week of training camp. Bagley was not immediately replaced, and, unless that changes, the US will have 16 players still in the mix for 12 final roster spots. The New York Times first reported Bagley’s decision to withdraw. Bagley was on the select team—younger National Basketball Association (NBA) players brought in to compete against national-team candidates—last week in Las Vegas, and earned a promotion to the national team Friday night following USA Basketball’s intra-squad scrimmage. Sacramento still has two players left as World Cup roster candidates, with Harrison Barnes and De’Aaron Fox headed to camp this week. Boston has four—Jaylen Brown, Marcus Smart, Jayson Tatum and Kemba Walker. Milwaukee’s Brook Lopez and Khris Middleton remain candidates, along with Brooklyn’s Joe Harris, the Los Angeles Lakers’ Kyle Kuzma, Toronto’s Kyle Lowry, Utah’s Donovan Mitchell, Denver’s Mason Pluelee, Houston’s PJ Tucker, Indiana’s Myles Turner and San Antonio’s Derrick White. Lowry (thumb surgery) and Smart (calf strain) are both dealing with injuries, with clarity on their situations expected to come early this week. The Americans will practice at the Lakers’ facility Tuesday through Thursday, then face Spain in Anaheim, California, on Friday night. AP

ERSEY CITY, New Jersey—The harder he worked, the farther Patrick Reed felt he was falling behind. That’s when the people around him sought drastic measures by making him leave his golf clubs alone for 10 whole days. Recharged from his pre-summer break, Reed finally found the result he was looking for Sunday in The Northern Trust, and it couldn’t have come at a better time. He delivered key shots on three straight holes on the back nine at Liberty National—two for birdie, one for par—to overtake Jon Rahm, hold off Abraham Ancer, close with a two-under 69 and win the FedEx Cup opener. It was his first victory in 16 months over 41 tournaments worldwide dating to the 2018 Masters. “The longer that time period is in between wins, it just makes it tougher,” Reed said. “I was pushing too hard and was trying harder and all of a sudden, it was going the wrong direction. My team was smart enough to tell me to back off, shut it down, and reset and get clear, because we can finish the year right. We can get a couple Ws, and no better place that starting the first week of the playoffs.” Points are quadrupled in the Professional Golfers’ Association (PGA) Tour postseason, so the victory vaulted Reed from No. 50 to No. 2. His place in the Tour Championship is secure. His odds of the $15 million prize are greatly increased. It still wasn’t enough for him to get in the top 8 qualifiers for the Presidents Cup, to be decided after next week. Reed went to No. 12 and he would have to win the BMW Championship next week to qualify. Even so, it was the kind of victory to at least get the attention of US captain Tiger Woods. Reed finished at 16-under 268 and won for the seventh time in his career on the PGA Tour. Ancer felt like a winner when it was over. He also played bogey-free over the final 12 holes,

and his birdie on the 17th gave him hope. But his approach to the 18th came down below a ridge, and his long birdie putt to force a playoff went some 6 feet by the cup. He made that to finish alone in second, his best PGA Tour finish. That was enough to send him from No. 67 to No. 8, with more perks that he could count. Ancer is a lock to make it to the Tour Championship in two weeks, meaning he earns his first spot in the Masters. He wrapped up a spot on the International team for the Presidents Cup, making him the first Mexican in the event. AP PATRICK REED’S victory comes at a better time. AP


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THAI EYES REPEAT AT MALARAYAT

HAILAND’S Onkanok Soisuwan hopes to make her return to Mount Malarayat a success the second time around as she shoots for back-to-back championships in the International Container Terminal Services Inc. (ICTSI) Mount Malarayat Ladies Classic which unfolds on Wednesday in Lipa City. Soisuwan marked her pro debut at Mount Malarayat’s composite course with a wire-to-wire seven stroke romp over Filipina amateur Mikha Fortuna last year although she struggled in her succeeding stints on the Ladies Philippine Golf Tour (LPGT), including a missed cut stint at Pradera Verde Classic, which also served as part of the Ladies Professional Golf Association (LPGA) Tour of Taiwan last month.

But for sure, she’ll be coming into the 54-hole champion well-motivated though she will be hardpressed to duplicate her feat given the strength of the field, both from the local aces and the compact roster of other foreign bidders in the P750,000 tournament serving as the 10th leg of the seventh season of the LPGT put up by ICTSI. They include rising Korean star Hwang Min-jeong, who humbled a stellar pro field to reign here as an amateur in 2015. She has actually joined the pro ranks last year and marked it by winning the Splendido Classic last January. That makes the chase for top honors in the 54-hole event organized by Pilipinas Golf Tournaments Inc. keen and doubly interesting with Cyna Rodriguez, the former three-time Order of Merit winner, also heralding her return

ONKANOK SOISUWAN debuted as a pro with a bang at Malarayat last year.

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EP. Abraham “Bambol” Tolentino presides over his first General Assembly (GA) as president of the Philippine Olympic Committee (POC), expecting none of the fireworks that are supposed to flare up Tuesday’s exercise at the Diamond Hotel. Tolentino secured a quorum in the second of two Executive Board meetings he called since his election last July 28—the first being five days earlier when only Chairman Steve Hontiveros was present

Cardinals’ Victoria, week’s best player

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AURENZ VICTORIA made sure to steal the thunder from the rivalry game between San Beda and Letran. In the National Collegiate Athletic Association (NCAA) first game in 11 years at Cuneta Astrodome, Victoria fired a season-high 29 points to lift the Mapua Cardinals to their breakthrough win in the Season 95 Seniors Basketball Tournament last Saturday. “It’s been tough, each time we lost, we lose morale,” Victoria recalled about their horrible 0-5 won-lost start. This time around, the Mapua captain did not allow any meltdown to happen against the Arellano University Chiefs. Up by just two with a minute left, the 22-yearold guard took matters into his own hands, scoring on a fadeaway jumper to give the Cardinals some breathing space. After a defensive stop, Victoria then aggressively drove through the lane, drew a foul, and then knocked down two clutch free throws that halted Arellano University’s hijack attempt. For his heroic that lifted Mapua to a 73-64 win over Arellano University, the 6-foot guard was hailed as the Collegiate Press Corps NCAA Player of the Week. “We need to be aggressive. It’s our only chance to get a win. After the jump ball, I attacked immediately,” disclosed Victoria, who also tallied eight rebounds, three assists and a steal against the Chiefs. “What I only care for is for us to win.” College of Saint Benilde, meanwhile, tries to protect its unbeaten run and tie San Beda at the top when it battles Arellano University at the resumption of the elimination round on Tuesday at the Filoil Flying V Centre in San Juan City. Riding on their best start since joining the league in 1998, the Blazers (4-0) try to bag their fifth win in a row against the lowly Chiefs (1-5) in match set at 4 p.m. Mapua (1-5) shoots for its second straight victory when it tackles Emilio Aguinaldo College (1-5) at 2 p.m. The Blazers have not played since July 30 when they beat the San Sebastian Golden Stags, 77-72, with Unique Naboa and Chris Flores manning the offense in the absence of injured stalwart Justine Gutang.

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to action following a long hiatus due to health woes. Backing Soisuwan are compatriots Chouvarest Chourkittisopon, Numa Gulyanamitta, Nimmita Juntanaket, Ajira Nualraksa, Sangkagaro Pimpadsorn and Poomklay Preenaphan with Kang Da Yun and Kwon Taeyon joining Hwang in the Korean roster. With Princess Superal, winner of the last LPGT leg at John Hay, back in the Japan LPGA Step Up Tour, former leg winners Chihiro Ikeda and Sarah Ababa will help lead the local challenge and try to keep the LPGT crown at home along with Alex Etter, Apple Fudolin, Pamela Mariano, Sheryl Villacencio and Marvi Monsalve. Eight amateurs also toughen up the field with Eagle Ace Superal and fellow Team The Country Club mainstays Mafy Singson and Arnie Taguines making up the roster that includes Samantha Bruce, Nicole Abelar, Samantha Dizon, Laurea Duque and Sam Martirez.

TROUBLE-FREE G.A. FOR BAMBOL? from the POC’s “other side”—making the 9 a.m. GA a mere ceremonial exercise for approving the new president’s appointments in crucial committees. Football Secretary-General Edwin Gastanes was picked as the new POC secretary-general in lieu of Patrick Gregorio, with former actor and athlete, fencing President Richard Gomez, serving as deputy secretary-general. Atty. Alberto Agra of obstacle sports was also chosen as chief legal counsel of the Olympic body, with cycling Secretary-General Avelino Sumagui serving as his deputy. Also appointed were muay’s Gen. Lucas Managuelod as head of the membership and accreditation committee, and immediate past

President and boxing Chief Ricky Vargas as head of constitutional amendments. In that Thursday board meeting, the Executive Board gave Tolentino the green light to deal with the Philippine Sports Commission and Philippine Southeast Asian Games Organizing Committee in a tripartite agreement for the country’s hosting of the 30th SEA Games. The tripartite agreement is scheduled to be signed on Wednesday at the PSC Offices at the Rizal Memorial Sports Complex among Tolentino, PSC Chairman William Ramirez and Phisgoc Chairman, Speaker Alan Peter Cayetano. Ramon Rafael Bonilla

VINCENT JUICO @VJuico Instagram vpjp_j vince.juico@gmail.com

Chinle Wildcats

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VER the long weekend, I watched the first episode of the Netflix series, Basketball or Nothing. It is the story about the Chinle Wildcats from the Apache County in the state of Arizona in the US. The location of the school is in one of the areas of the Navajo Nation. The school’s population is 99 percent Native American, mostly Navajo. The school has only one sports team, the Chinle Wildcats. The team’s tallest player is 6-foot-3 Angelo Lewis and the shortest is 5-foot-4 Josiah Tsosie who also competes in athletics. Their best player is 6-foot-1 Cooper Burbank, who has the talent and the potential to play in an NCAA Division 1 school. Their coach is legendary Arizona basketball Coach Raul Mendoza. Basketball is the only sport in Chinle and most of these players are playing undersized and out of position. But there’s no question about their heart and their desire to win. They play an aggressive in-your-face trapping pressure defense, taking advantage of their quickness and active hands. They like to run and gun similar to those Loyola Marymount teams in the 80s and 90s coached by former Los Angeles Lakers Coach Paul Westhead. The team serves as an outlet and an inspiration for the community plagued by the problems of alcohol, drugs and gang activity. I’ve only watched the first episode so we’ll see how far this team goes. The documentary follows the team’s campaign—and hopefully on winning the state championship.

BEERMEN TIE SERIES San

Miguel Beer’s Christian Standhardinger tries to shake off TNT’s Marion Magat during Game Four of the Philippine Basketball Association Commissioner’s Cup Finals on Sunday at the Smart Araneta Coliseum. The Beermen won, 106-101, to tie the race-to-four series at 2-2.

Chargers, Soldiers prevail in D-League

WALK unveiled its full power late in the game to blast Hazchem, 90-76, for its first win while Asia’s Lashes Tomas Morato spanked Nailtalk-St. Dominic Savio, 77-62, on Monday in the Philippine Basketball Association Developmental League Foundation Cup at the Ynares Sports Arena in Pasig City. Wowie Escosio uncorked 17 of his 22 points in the second half to spark the Chargers’ breakaway in the fourth quarter where they scored 16 unanswered points to flip a 64-62 deficit to a 78-64 lead with 3:25 remaining. Escosio also grabbed six rebounds as iWalk rose to 1-1 won-lost in Group A. Jasper Parker added 12 points and six boards, JM Cruz tallied a double-double of 10 points and 12 rebounds with five assists, five steals and two blocks, and Bernie Bregondo also chipped in 10 points and

nine boards for the Chargers. It was Jonas Villanueva’s first victory as a head coach. “It feels different, and I got that lump off my throat,” Villanueva said. Raymark Matias led the Green Warriors with 15 points and eight rebounds, while Kris Torrado had 11 points, six boards and four assists. It was the second straight defeat for Hazchem, which dropped to a 1-2 card. Jhygruz Laude posted 16 points, six rebounds, five assists and three steals off the bench, including a layup that gave the Soldiers a 17-point lead, 79-56, with 2:08 to play. Rickson Gerero chipped in 10 points and four boards, while Francis Camacho also scored 10 points for the Soldiers. It was a different Asia’s Lashes squad

that got out of the lockers. The team scattered 31 points in the third quarter alone to turn a 26-32 deficit at the half to a commanding 57-42 lead after three periods. “I told the boys at the half to execute our plays because our opponents are breaking us apart,” Coach Alvin Grey said. The victory allowed the Soldiers to bounce back from their 107-77 defeat to the Centro Escolar University Scorpions two weeks ago. Cameroonian big man Rudolph Mienlam poured 15 points, 11 rebounds and two blocks, while Mike Calomot got 10 points and three boards for Nailtalk-Savio, which dropped to 0-3.

BEST Coach Justin Tan of Solid San Juan and his players receive their 13-under championship trophy from Metro Manila Sports Fest Chairman Bonnie Tan and other Metro League officials headed by deputy tournament Director Fidel Mangonon III.

Solid San Juan tops cagefest

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SPORTS WITHOUT BORDERS

OLID San Juan completed a comefrom-behind 77-71 upset of heavy favorite Octagon, to claim the Metro League 13-Under Boys Basketball Tournament crown on Sunday at the San Juan Gym. Staring at a 49-60 deficit early in the final period, the determined La Salle Greenhillsbacked squad launched a blistering 22-9 blast capped off a Zio Hizon transition lay-up to snatch the driver’s seat at 71-69 with only two minutes remaining.

Buoyed by a wild crowd, San Juan just would not be denied from thereon as it even pounded Octagon with a 6-2 windup highlighted by a monster triple by Janeil Peralta and Hizon’s free throws to seal the win for the crown in the tournament backed by the Metropolitan Manila Development Authority and the Philippine Basketball Association (PBA) with Barangay 143 as presentor. Hizon finished with 10 points, six rebounds and two assists while Michael Zion Cortez, son of Blackwater Elite player Mike, and Peralta

added 11 and 10 points, respectively. Tournament Most Valuable Player Bryan Andrei Hachuela was also instrumental with 14 points, seven boards and four blocks in San Juan’s breakthrough championship. Miguel Geof Lopez’s 15 points and 17 went down the drain in the AMA Online Educationbacked Octagon squad’s loss. Romeo Ebdane III also posted a 15-point, 10-rebound double-double of his own for Octagon. Hachuela along with Kyn Meneses Vicente (Octagon), Manuel Dabao (Muntinlupa), Vince Richard Hagos (Caloocan) and Neil Joaquin Abequibal (Makati) were named to the Mythical Five.

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MANNY MAN IN PSA FORUM

T’S going to be a special edition of the Philippine Sportswriters Association (PSA) Forum on Tuesday as no less than the current president of Manny Pacquiao (MP) Promotions will be gracing the weekly session at the Amelie Hotel-Manila. Sean Gibbons, international matchmaker and manager, makes his first-ever appearance in the public sports program presented by San Miguel Beer, Braska Restaurant, Amelie Hotel and the Philippine Amusement and Gaming Corp. as he talks about the next possible fight of Sen. Manny Pacquiao, current International Boxing Federation (IBF) super flyweight champion Jerwin Ancajas and the other fighters under the MP Promotions. Also invited in the forum is the Philippine junior girls tennis team that placed fifth in the International tennis Federation World Juniors Championships. The session starts at 10 a.m.

Cignal, Foton tackle separate foes in crucial Superliga duels

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HE race for third spot heats up as Foton and Cignal tackle separate foes when the Philippine Superliga All-Filipino Conference returns to the Malolos City Sports and Convention Center on Tuesday. The Tornadoes tackle listless Marinerang Pilipina at 4:15 p.m. while the HD Spiker collide with slumping F2 Logistics in the 7 p.m. main encounter. After bowing to Petron during the Spike on Tour at Corpus Christi gym in Cagayan de Oro City over the weekend, Foton tied Cignal at fourth spot with a 7-6 win-loss card. Petron, however, remains on top of the team standings with a 13-1 card erstwhile unbeaten F2 Logistics fell to second spot with an 11-2 mark—no thanks to a heart-breaking five-set loss to PLDT Home Fibr also last Saturday.

Generika-Ayala is at solo third with 8-6, making the bids of Foton and Cignal crucial as the league enters the final stretch of its doubleround preliminaries where the top team faces the No. 8 squad, No. 2 battles No. 7, No. 3 collides with No. 6 and, No. 4 tangles with No. 5 in the sudden-death quarterfinals. The HD Spikers have a handsome chance of sealing third spot with a superior quotient and a victory over the Cargo Movers will book them a quarterfinal showdown with PLDT, which is sitting at sixth with a 6-8 record. “This is our best and only chance to get the third spot so we have to give our all,” said Cignal Head Coach Edgar Barroga, who will take advantage of the bruised morale of the Cargo Movers following their back-to-back losses to the Blaze Spikers and Power Hitters.


Sports BusinessMirror

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| Tuesday, August 13, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

‘GET LOST, NEYMAR!’

PARIS Saint-Germain fans show displeasure over Neymar as Edinson Cavani scores on a penalty kick for his side’s opening goal against Nimes at the Parc des Princes Stadium in Paris on Sunday. AP

Man U defeats Chelsea to ruin Lampard’s EPL coaching debut

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ANCHESTER, England—Manchester United beat Chelsea, 4-0, to ruin Frank Lampard’s debut as a

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ARIS—Fans expressed their anger at Neymar with chants and banners demanding his departure as Paris Saint-Germain (PSC) started the defense of its French league title with a 3-0 win over Nimes on Sunday. Neymar, who reported late to training from his summer holidays and has been linked with a move away from PSG to Barcelona or Real Madrid, was not included in Coach Thomas Tuchel’s squad. Some PSG hardcore fans mocked Neymar’s behavior with one banner at the Parc des Princes saying “Get lost Neymar.” Neymar, who became the most expensive player in the world when he moved from Barcelona to PSG for €222 million (about $250 million) in 2017, has made clear in recent weeks that he wants to leave the club. In his absence, PSG dominated

Premier League coach in their season-opening game on Sunday. Marcus Rashford scored twice, Anthony Martial grabbed another and substitute Daniel James completed the rout on his debut, but it was also an impressive defensive performance from United with the world’s most expensive defender, Harry Maguire, playing his role in keeping the visitors at bay. Maguire, who completed his £80 million

($97 million) transfer from Leicester last Monday, was man-of-the-match after playing from the start on his United debut. “It’s a great start for myself and obviously the team,” Maguire told Sky Sports. “We rode our luck a little bit in the first half. We gave them too many chances and were sloppy on the ball. In the second half we were a lot better.” Aaron Wan-Bissaka also impressed on his debut after playing from the start. “The boys have been working hard and this is just the start,” United Coach Ole Gunnar Solskjaer said. Chelsea dominated possession, twice hit the post and had more efforts on goal, but the visitors were picked apart by counterattacks with United midfielder Paul Pogba showing his importance to the side with two assists. “If you give it to our front three you’ve always got a chance of scoring because they’re so dangerous,” Maguire said. Chelsea fans will be left questioning the club’s wisdom in allowing center back David Luiz join city rival Arsenal as the transfer window closed. Tammy Abraham struck the left post early on for Chelsea, which had Mateo Kovacic involved in the thick of the action early on. The Croat also set up Pedro’s effort almost straight afterward. Chelsea goalkeeper Kepa Arrizabalaga easily gathered Martial’s effort after the French winger was gifted the ball by defender Kurt Zouma, whose day was about to get worse. While Chelsea looked confident, the side had a blow when Zouma brought Rashford down with a clumsy challenge in the 17th. Rashford took his time before sending the resulting penalty to the top left corner. Momentum switched as Chelsea looked rattled by the setback. Martial continued to probe, having a shot blocked after good work from Pogba. The visitors recovered toward the end of the half, when Ross Barkley had an effort saved and Emerson was the next to hit the post. Chelsea maintained its pressure in the second half, when Emerson drew a smart save from David de Gea. AP

from the start and monopolized possession to camp in Nimes’ half of the pitch. Edinson Cavani put the hosts in the lead from the penalty spot in the first half before Kylian Mbappe scored his 63rd league goal near the hour mark and then set up Angel Di Maria’s goal. Mbappe was in superb form with his trademark dribbles and bursts of speed, while new signing Pablo Sarabia worked well with his teammates and delivered several good passes from the right flank which destabilized the visitors’ defense. Nimes held out until Pablo Martinez was sanctioned for an unintentional hand ball in the box following a VAR review. Cavani took the penalty and beat goalkeeper Paul Bernardoni with a powerful strike in the 24th. Sarabia was dangerous again in the 34th with a fine volley at the far post that drew a spectacular save from Bernardoni, and Cavani missed an easy chance from close range with a

poor touch from Mbappe’s cross. Mbappe fired the ball into the top left corner in the 57th for 2-0 after connecting with a cut-back pass from Juan Bernat, and then delivered a perfect assist to the unmarked Di Maria inside the area. The Argentina forward, who came on as a substitute, controlled the ball and beat Bernardoni with a left-footed shot for his 40th French league goal.

OSIMHEN SCORES 2

LILLE forward Victor Osimhen scored twice on his French league debut to help the northern side to a 2-1 win over Nantes. Runner-up last season behind Paris SaintGermain, Lille hired the Nigeria striker this summer to compensate for the loss of Nicolas Pepe, who joined Arsenal. The 20-year-old Osimhen, who scored 20 goals for Belgian side Charleroi last season

SLOW, PAINFUL EXIT FOR RAIDERS FANS FANS root for the Oakland Raiders during the second half of their team’s game against the Cincinnati Bengals in Oakland in September 2015. AP

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AN DIEGO—The slow, agonizing demise of the Oakland Raiders will continue for at least one more season. There will be one more “final” home game at the Oakland-Alameda County Coliseum, on December 15 against the Jacksonville Jaguars. There have been possible “final” home games for a few years now because the Raiders have had one foot out the door since 2015, when they joined with the American Football Conference (AFC) West rival Chargers in a failed attempt to build a stadium in the Los Angeles suburb of Carson. This time, though, it almost certainly will be farewell for one of the National Football League’s (NFL) most recognizable teams and fan bases. The Raiders are scheduled to move into a gleaming new $1.8 billion, 65,000-seat stadium in Las Vegas in 2020. The climate-controlled palace— funded in part with $750 million in public money— will make the Coliseum look like a relic. It will be the second time the Raiders have moved since Chris Dobbins, 47, has been a fan. This time, they won’t be back. “Oh, it’s disastrous,” said Dobbins, an attorney who is cofounder and president of Save Oakland Sports. “In terms of twice in my lifetime when the team’s left, it’s very depressing.” The Raiders have been the definition of lame ducks. Their move to Las Vegas was approved by

the NFL in March 2017, but they’ve had to stay in Oakland until the new stadium is ready. They explored other options for this season, then agreed to a lease in Oakland for this year, plus an option for 2020 in case the Las Vegas stadium isn’t ready. Fans know the end is near. “This is the ultimate ‘Hard Knocks’ for Oakland Raider fans who have now lost their

team for the second time,” said Andy Dolich, a longtime sports executive and Bay Area sports fan. He was referring to the HBO series that is featuring the Raiders this year. Of course, relocations are nothing new in the NFL, which celebrates its 100th season this fall. Some are quick, like the Baltimore Colts escaping to Indianapolis in Mayflower moving

vans in the middle of the night. Others are drawn out and painful. They tear at the fabric of communities and rip fan bases apart, with some swearing allegiance to their team no matter where it plays, while others stay loyal to the soil and cut ties for good. Bitter Twitter exchanges rage between fans angry about losing their teams and new fans who say the affected cities didn’t do

after starting his professional career in the Bundesliga, showed both his athletic abilities and technical skills to put the hosts in the lead. After Nantes gave the ball away in Lille’s half of the field, Osimhen collected a lofted pass with perfect chest control, pushed the ball forward with a fine touch, surged past a defender with a burst of speed and scored from close range with great composure. After Zeki Celik’s own-goal put Nantes back in the game soon after the interval, Osimhen was decisive again with nine minutes left with a near-post finish from Celik’s cross. Turkish international Yusuf Yazici also made his league debut for Lille after completing his move from Trabzonspor. Although he did not score, Yazici came off the bench as a replacement for Timothy Weah to add a dose of creativity in midfield and came close with a menacing free kick which went just over the bar in the 78th minute. AP enough to keep the NFL. Many jilted fans swear off the NFL itself, saying the league cares more about money than them. Once the Raiders are in Las Vegas, the recent wave of relocations of three teams will have affected five markets, with Los Angeles gaining two teams, St. Louis, San Diego and Oakland losing America’s most popular sport. With the NFL looking to end its 22-year absence from Los Angeles—which had been a nice bargaining chip for owners elsewhere to wrangle new stadium deals to stay put—the Rams won the race for the nation’s second-largest city. Stan Kroenke, one of the league’s richest owners, dazzled his peers with plans for a nearly $5 billion stadium complex in Inglewood. The Rams were given approval in January 2016 to leave St. Louis and return to their former home. The Chargers and Raiders were told to give it another try in their home markets. Both of those efforts failed, in large part because Californians are generally loathe to bestow public money on billionaire owners. “Stadiums are the main story, much more so in the NFL than other leagues,” said Andrew Zimbalist, a professor of economics at Smith College in Massachusetts. “The reason people leave in football isn’t so much they want to go to a large demographic center, it’s because there’s a better stadium somewhere else. It’s purely a stadium-driven thing in the NFL.” San Diego voters, weary of the Chargers’ 15-year effort to wrangle public money and/ or land to build a new stadium, said no to Dean Spanos’s hastily written ballot measure in 2016 and lost its team of 56 years to Los Angeles, where the second-generation owner likely will benefit from Kroenke’s vision and deep pockets. Oakland city officials made it clear that public money would go to related infrastructure but not a stadium itself, and Mark Davis, another secondgeneration owner, found a sweetheart deal for the Raiders in bustling Las Vegas. AP


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Just God

EAR God, Saint Bonaventure sought and served You with the gifts You gave to him. We join our hearts with him and pray: May our lives glorify You, oh God. Inspire Your Church to recognize and rejoice in the gifts You bestow upon her through those called to the single vocation. Strengthen us to surrender our burdens to Your tender care. Loosen our tongues to proclaim the ways in which You have worked in our lives, may God grant success to the work of our hands and hearts, by the power and grace of the Holy Spirit. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

CIRCLES: OHANA, OHLALA: REEN BARRERA ON THE FAMILIES OF TODAY D4

BusinessMirror

Fall décor’s style song: Feel-good vibes and personality

Tuesday, August 13, 2019

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❶ CB2’s Logan sofa CB2 VIA AP

❷ THE Inside

shows their Slipper Chair. “Interiors have been clean, mid-centuryinspired and fairly generic for the past few years,” says Christiane Lemieux, the founder of DwellStudio, who now runs custom furniture retailer The Inside. “Now people are craving the ‘new and more’. Enter maximalism, specifically through the lens of British design, which is experiencing a major revitalization.” THE INSIDE VIA AP

❸ CB2’s

Gwyneth side chair. On this season’s trends, designer John McClain says one big trend he’s seeing in fall décor is a range of deep, cozy textures like boucle and shearling. CB2 VIA AP

❹ CB2 has

several options, including the Gwyneth side chair, Logan sofa and Azalea chair. CB2

VIA AP

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By KiM COOK The Associated Press

OR keen serial redécorators, it’s time to start thinking about an autumn refresh. This fall, interior designers say there’s demand for eclectic styles, interesting prints, rich hues and warm textures.

sTyLe sense THE trim, tailored lines of mid-century décor have been ensconced in the home furnishings marketplace for several years now; versions of iconic pieces can be found in all big-box retailers. Has the beloved style peaked? Some designers see an easing of the fever, but that doesn’t mean midmod is going anywhere. “It has saturated the market,” says designer Elizabeth Stuart of Mount Pleasant, South Carolina. “[But] I think the interesting thing, is that unlike the ‘industrial’ look, the mid-century ‘comeback’ has proven, not to be just a fad, but an awareness and a respected way of designing. Amazing furniture and fabric designers came out of that time—Florence Knoll, the Eameses, Saarinen—design that’s held its own and shown the world that it never really left.” Christiane Lemieux, who founded the homedesign and fashion brand DwellStudio, and now runs the custom furniture retailer The Inside, sees change coming. “Interiors have been clean, mid-century-inspired and fairly generic for the past few years, [but now] people are craving the ‘new and more.’ Enter maximalism, specifically through the lens of British design, which is experiencing a major revitalization,” she says. Elaborate patterns, ornamentation and luxe materials are hallmarks of that style. Designers like Miles Redd and Ken Fulk are known for their max-y, layered, curated interiors. “The beautiful thing about maximalism is that it’s entirely personal,” says Lemieux. “You’re

encouraged to choose pieces that visually express your individuality. My No. 1 maximalism tip: Strive for personalization over perfection, and you can’t go wrong. The more you mix, the better the result.” She has introduced a chintz fabric collection at The Inside. And at August Abode, there’s a Notting Hillinspired chintz wallpaper collection. In his furnishings collections, British designer Timothy Oulton melds respect for history with a modern-cool, slightly rebellious vibe. He takes classic pieces like tufted leather chesterfields, steamer trunks and Deco-era chandeliers, and plays with scale, incorporates a cheeky flag print, or reinterprets a saddle or aviator’s chair as seating. Another fun way to bring a sense of history into a space: GE has a new collection of oversize vintagestyle lighting. The LED bulbs come in ball, bulb and cylinder shapes with interesting filament designs, and all with the warm glow of the Edison fixtures that inspired them. If you’re not comfortable going to the max, there’s another emerging look that finds the sweet spot between “lots” and “little,” and that’s maximal minimalism. This allows you to keep your clean-lined aesthetic while adding just a touch of something bold. Maybe it’s wild throw pillows. Or oversize art. Or a collection of objects—but instead of covering every surface, you display them in a contained way on a sleek shelf. ALL THE FEELS “SHEARLING and bouclé and velvet, oh my!” says John McClain, whose studio is in Orlando, Florida. “Deep, cozy textures are cropping up on more than just pillows these days—entire sofas, chairs and headboards are sporting luscious upholstery reminiscent of lambs, puppies and ponies.” These materials create a calming, homey feeling, he says. He suggests also adding a hide rug, faux-fur throw or Nordic knit pouf for a fashionable look. You’ll find seating from CB2, Houzz and Article upholstered in soft, nubby bouclé. West Elm, Target

and World Market are among retailers offering poufs with Scandinavian-style patterns. SOPHISTICATED HUES MCCLAIN is excited about some new, warm grays, like Benjamin Moore’s Gray Owl, Dunn Edwards’s Foggy Day and Sherwin-Williams’ Repose Gray. “Adding layers of darker, moodier colors on top of this new gray leads to a sophisticated and almost sexy feel for fall,” he says. Benjamin Moore color and design expert Hannah Yeo notes another chic combo: “From pale buttermilk to rich gold, yellows are making a strong visual statement. Soft yellow mixes well with gray and warms up wood tones.” And Los Angeles designer Breegan Jane’s favors colors that “appeal to the emotions.” “I see fall’s color trends moving toward darker, deeper hues like dark teal, maroon, plum,” she says. “These colors create a relaxed atmosphere that contrasts the bright, electric tones of spring and summer.” PPG’s color of the year is Chinese Porcelain, a dusky navy. Fashion’s fall collections from Armani, Philip Lim, Christian Siriano and others featured the hue in variations ranging from quiet grayed blues to vibrant cobalts. Navy is a perennial favorite, but McClain suggests trying peacock, deep teal or juniper. “These warmer, greener blues are just as versatile, conjuring feelings of a relaxing snuggle by the fire on a fall evening,” he says. And Joan Craig of the New York architectural and interiors firm Craig & Company says bold hues are finding their way into the kitchen, too. “Many of our clients are interested in the black stainless finishes, which are handsome and fingerprint-resistant,” she says. “The trend for color in appliances is staying strong. What’s not to love about a burgundy, deep blue or brilliant green La Cornue range?” BRASS NOTES COMPLEMENTING all the rich blues, teals, berries

Amaia Scapes Iloilo now provides units that grow with families ONE crucial feature that prospective buyers look for in an ideal home is sufficient space. Will there be enough room in the house for a family to live in comfort? Are there provisions for expansion which ensure the home will accommodate a growing family, or an upgraded lifestyle or even the family’s pets? Whatever a family’s future needs might turn out to be, most homeowners put a premium on space. Ample accommodations, for them, are a feature that is right up there with well-designed units, a strategic location and recreational facilities. Because Amaia Land (www.amaialand.com) thinks of such possibilities and solutions for the long term, Amaia Scapes Iloilo now offers units that allow more space to adapt to the changes in residents’ lifestyles. For instance, its Bungalow Pod, which has a floor

area of 34 square meters and a lot area of 75 sq m, may expand to an additional 15 sq m of space for the ground floor and 57.5 sq m for the second floor. The Single Home, with a 56-sq-m floor area and 92-sq-m lot area, may be given an additional 15 sq m in the ground area and 15 sqm in the second floor when expansion is called for. From a floor area of 47 sq m and a lot area of 92 sq m, the Twin Homes may add 13 sq m of space to its ground area and 24 sqm to its second floor. Finally, from a floor area of 47 sq m and a lot area of 92 sq m, the Twin Pod may now expand to 49 sq m in the ground area and 49 sq m in the second floor. Amaia Scapes Iloilo, and its stylish and expandable homes. are in Barangay San Jose in San Miguel, very near schools like University of San Agustin, University of the Philippines Visayas

and Central Philippine University; retail hubs like Robinsons Place Iloilo and SM City Iloilo; and key establishments like Iloilo Technohub, Western Visayas Medical Center and Qualimed Iloilo. Residents of this Amaia development enjoy amenities, such as a basketball court, mini-soccer field and a swimming pool, plus the calming sight of tree-lined roads and patio greens that serve as their homes’ extension. Because Amaia Land seeks to make functional and well-designed homes more available to Filipinos, easy payment schemes like cash, deferred cash and bank financing are offered to prospective buyers. Amaia continues to serve prospective homeowners, with affordable and sustainable developments that aim to elevate the Filipino living experience in a well-secured environment.

and greens are the metals, and designers say mixing them up is the way to go now. “Mixed metals definitely infuse an eclectic balance this fall,” says Jane. Rose gold may be on the wane, but brass and gold accents are trending, as is matte black. Silvery nickel and steel are always in. The mix isn’t solely about material or color; it’s also about finish. Matte, polished, antiqued and brushed give home décorators many options to provide interest and depth. How do you decide which to use? McClain’s trick: repetition. “Create a rhythm through themes,” he says. “For example, appliances and plumbing fixtures are stainless steel, cabinet hardware and light fixtures are brushed brass, and all door, hardware and window frames are matte black. Then punctuate your metal mixtures with picture frames, lamps and accessories.” GE Café’s new appliance suite lets you customize knobs and handles, for example. “One of my clients opted for copper accents on her stainless appliances for fall, and plans to change again for spring,” McClain says. SURFACES WITH PERSONALITY “WALLPAPER is having its day,” says Craig, citing papers with natural textures, customizable handpainting and small-scale prints. “Beyond rooms, we’re lining ceilings, cabinet interiors and bookcases,” she says. Terrazzo has found a home in many designers’ hearts. “It’s been around for 10,000 years and it still looks modern,” says Craig. “There are so many variations, and we love the design impact it gives a space.” She’s mixing cream, buff and gray-blue stones in an off-white matrix for one project, while in another the team’s combining charcoal, gold and cream with bronze. “Besides being beautiful, epoxy terrazzo is lightweight and easy to maintain,” she says. You’ll even find terrazzo as a pattern on fabrics, kitchenware and tabletop accessories. n


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Is there ‘Sex in the City’ for women in their 50s? By Ann Levin The Associated Press

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ARRIE’S back! Or at least her real-life alter ego, Candace Bushnell, whose loosely autobiographical newspaper columns and book about the dating adventures of single women in their 30s became the basis of the hit HBO show Sex in the City. This time, Bushnell and her posse are hurtling toward their 60s, dealing with arange of middle-aged problems, including broken marriages, second careers and vaginal dryness. Only this time, the gang is bigger than Carrie, Miranda, Samantha and Charlotte. There are at least six gal pals, plus friends and acquaintances, making their stories a little harder to keep track of in Is There Still Sex in the City? (Grove Press). But their trials and tribulations and outrageous escapades—on Tinder, with men 20 or 30 years younger; in the highpriced salons of Madison Avenue—are narrated in the smart, sassy voice that legions of fans came to love during the six-year run of the show in the late 1990s and early 2000s. Is There Still Sex in the City? begins with a brisk update on Bushnell’s real life since she got famous—a marriage, divorce and a couple of shrewd real-estate deals that gave her the means to acquire a small apartment in Manhattan

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and “a quaint run-down farmhouse” in the Hamptons. Much of the action takes place in the latter, where she ultimately meets a smart, sexy, age-appropriate guy who becomes her MNB—“my new boyfriend”—one of several acronyms in the book that indicate a type or a condition. The book is dedicated to him, which suggests that everything worked out happily ever after, as it did for Carrie when she ended up with Mr. Big. But it would be a mistake to dismiss this book as romantic fluff. Bushnell’s style may be arch and breezy, but many of the characters deal with disappointment, heartbreak, and perhaps, just as lethally, resignation. A young woman who regularly uses Tinder asks Bushnell wistfully, “What were dates like when you were young?” A 40-something divorcee’s decision to marry for money the second time around is seen by her friends as “payback for men using women for, well, just about everything.” A rich but not particularly attractive 75-year-old man blithely assumes that women will sleep with him because “society colludes to tell men they’re a little bit better than they actually are, while it tells women they’re a little bit worse.” From Cosmos to rose, her current beverage of choice, Bushnell may drink pink, but she knows how to write dark. n

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Shani Davis, 37; Debi Mazar, 55; John Slattery, 57; Dawnn Lewis, 58. HAPPY BIRTHDAY: Clean up unfinished business and prepare to leap into the future with optimism and enthusiasm. Put the past behind you and make room for new beginnings. The time to be practical is now as you strive to get in shape emotionally, mentally, physically and financially. Trust in who you are and what you are capable of doing. Keep life simple. Your lucky numbers are 6, 13, 20, 26, 33, 35, 49.

a

ARIES (March 21-April 19): Think matters through and do what you can. Use your intelligence and physical abilities to reach your goal. Keeping the peace and giving free rein to others are in your best interest. Accept the inevitable instead of making a fuss. HHH

b

TAURUS (April 20-May 20): Keep a close watch, but don’t interfere in other people’s business. Focus on what’s important to you and doing your very best. If you want change, start within. Set personal goals and strive to look, be and do your best. HHHHH

c

GEMINI (May 21-June 20): Move forward, regardless of emotional situations. If you keep a steady pace doing positive things, it will ease any stress or disruption someone makes. Do your research, or someone will mislead or manipulate you. Ask questions and question motives. HH

d

CANCER (June 21-July 22): Put health and happiness first. Let your feelings be known, and discuss options you feel will help improve an important relationship. Take a unique approach to your work; finish what you start. HHHH

e

LEO (July 23-Aug. 22): Listen, consider suggestions and keep the peace. Do the work and avoid having to put up with someone eager to complain or criticize. Stick to moderate and realistic plans that will encourage greater stability. Spend less and do more for yourself. HHH

f

VIRGO (Aug. 23-Sept. 22): Mull over the changes you want to make, and put your plans in motion. A cultural event will open your eyes to a less stressful lifestyle that will encourage you to chill a bit and live in the moment for a change. HHH

g

LIBRA (Sept. 23-Oct. 22): Look inward. Structure how to revamp your look, attitude or future plans to best suit your needs. Trying to please someone negative or critical will be a waste of time. Fitness, diet and personal growth should be your priorities. HHH

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Digital dating proves complicated in ‘Love at First Like’ DATING in the digital age can be tricky business, especially when you project an image on social media that is in no way a truthful depiction of your relationship status. In Love at First Like (Atria Books) by Hannah Orenstein, Eliza Roth accidentally leads her Instagram followers to believe that she is engaged, and quickly learns that maintaining a picture-perfect life is extremely complicated. Sophie and her sister Eliza co-own a jewelry shop in Brooklyn, New York. While Eliza pours all of her time into the artistic design of their pieces, Sophie manages the marketing and social-media side of the business. After discovering her ex-boyfriend is newly engaged, Eliza comforts herself by trying on one of the shop’s most extravagant rings on a very important finger. She snaps a photo, saves it to her Instagram account, and wallows the rest of the night in self-pity. The next morning, Eliza is shocked to learn that the photo is posted to her Instagram feed. The feeling of horror slowly morphs into intrigue. It seems

that her 100,000 followers have grown by several thousand more overnight. Eliza makes the executive decision to continue the ruse, especially when the shop begins to welcome more patrons than ever before, thanks to the “engagement” post. Sales are through the roof. She couldn’t ask for better publicity. When the offers of wedding sponsorships and donated gifts start filling her inbox, Eliza can’t help but to fall completely into the charade. She even posts a wedding date. The only way to move forward is to find a future husband. Blake seems like the ideal candidate. But there’s a problem: He has no idea Eliza is secretly pushing him toward a posh rooftop wedding. What’s worse is that in the midst of the chaos, Eliza actually falls for someone she likes. Soon the lies begin to catch up with her and Eliza realizes that one post may cost her everything. Love at First Like is a fun romance with a digital twist. Hannah Orenstein proves that even though we present our lives through screens, it’s important to live life unfiltered in the real world. AP

SCORPIO (Oct. 23-Nov. 21): Stick to the facts. Don’t overreact because someone is being negative or critical. Offering an honest rendition of what’s happening or how you feel will help straighten out a misunderstanding. Change begins within; be innovative and proactive. HHHH

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SAGITTARIUS (Nov. 22-Dec. 21): Don’t let emotions stop you from getting things done. Take care of personal finances, and observe what others are doing at work. Prepare to counter any interference that could make you look bad. HH

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CAPRICORN (Dec. 22-Jan. 19): Drum up old emotions as a reminder of how best to handle a situation you face with a friend, relative or lover. It’s best to explain your position, thoughts and intentions before someone gets the wrong impression. HHHHH

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AQUARIUS (Jan. 20-Feb. 18): Keep active. If you have too much time to think, your anger will take over, causing havoc when dealing with important relationships. Personal improvements are in your best interest and will encourage better health and a more current appearance. HHH

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PISCES (Feb. 19-March 20): Put energy, passion and attitude behind your every move. Partnerships will improve with friendly banter and promises. A change at work or to how you earn your living will bring favorable results. HHH BIRTHDAY BABY: You are outspoken, generous and passionate. You are changeable and perceptive.

‘jet set’ BY ROBERT E. LEE MORRIS The Universal Crossword/Edited by David Steinberg

ACROSS 1 Chance pile, in Monopoly 6 “Dancing Queen” group 10 Legal document 14 Salty expanse 15 ___ pro quo 16 Angel’s ring 17 Poppycock 19 Paris airport 20 Memorable span 21 Brings in the harvest 22 Garden implement 23 Moved down the runway 25 Skirmish 28 Batman, notably 32 Birthday party centerpiece 35 Come to terms 36 ___ Max (“Sweet but Psycho” singer) 37 Somber news item, briefly 38 Brown or white baking supply 39 Neglect to mention 40 Auction unit 41 African country that split in 2011 42 ___ facto 43 Super Bowl spot, say

7 Recreational watercraft brand 4 48 Audition 52 Bylaw, informally 53 Running free 56 First Greek letter in Psyche 57 Annoying radiator sound 59 All in the Family creator 61 Mythical matchmaker 62 Money guru Orman 63 Lofty lair 64 Warrior princess of 1990s TV 65 Oodles and oodles 66 Lose a lap? DOWN 1 Celestial streaker 2 Many of its car models end in “X” 3 Century 21 competitor 4 Bit of gel 5 One “sawing logs” 6 Bluish-green 7 Uneven road feature 8 Lobster eaters’ protectors 9 Fuss 10 Rushing sound 11 Collectible whose price may cause

sticker shock? 2 Feeling crummy 1 13 Christmas list item 18 Luke Skywalker, for one 22 Enormous 24 Rapper/actor on Law & Order: SVU 25 Layer 26 Big name in jeans 27 Muse of love poetry 29 All in the Family spinoff 30 Samantha of The Molly Maguires 31 Swiss currency 32 NFL team with a horseshoe logo 33 Superior to 34 Famed frontiersman 38 Contact sport for heavyweights 39 Unnervingly smooth 41 Urban haze 44 City in Texas or Ukraine 45 “___ boy!” (delivery room cry) 46 Sports venues 49 Performance at the Met 50 Lightning-fast Bolt 51 Worn out 53 Boor

4 Rice-shaped pasta 5 55 Black cat, maybe 57 Voodoo spell 58 Miffed feeling 59 Hush-hush org. 60 “I won’t ___ you down”

Solution to yesterday’s puzzle:


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Show BusinessMirror

Tuesday, August 13, 2019

D3

‘Hobbs & Shaw’ repeats at No. 1 against slew of newcomers

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By Lindsey Bahr The Associated Press

OS ANGELES—Audiences helped the Fast & Furious spinoff Hobbs & Shaw take another lap at No. 1 even with an onslaught of four new major releases this weekend. From family films to R-rated adult fare, moviegoers had their pick as studios tried to capitalize on the waning days of summer. But although August can be a great opportunity for non-superhero films, it’s not a sure thing. And this weekend some, such as Scary Stories to Tell in the Dark, fared better than others, like the Melissa McCarthy and Tiffany Haddish mob thriller The Kitchen. “There are always going to be casualties when there are this many openers,” said Paul Dergarabedian, the senior media analyst for boxoffice tracker comScore. “They cannot always be lined up in the top 4 rankings.” Hobbs & Shaw managed to hold on to first place again. According to estimates from Universal Pictures Sunday, the Dwayne Johnson and Jason Statham action flick fell 58 percent from its first weekend but added $25.4 million from North American theaters. It’s now grossed $108.5 million domestically and $332.6 million worldwide. Second place went to the PG-13 film Scary Stories to Tell in the Dark, from CBS Films and eOne Entertainment, which cut through the clutter with a better than expected $20.8 million. Lionsgate distributed the Guillermo del Toro-produced horror which had been tracking to open in the mid-teens. “The filmmakers and the team at CBS Films are thrilled that moviegoers are embracing the world of Scary Stories,” del Toro said in a statement Sunday. “It’s particularly satisfying to see families experiencing the fun of the movie together.” Good reviews helped raise its profile, although audiences were more underwhelmed after the fact, slapping it with a “C” CinemaScore. Dergarabedian noted that, even with a PG-13 rating, horror movies once again prove to be, “a consistent draw at the box office.” Close behind in third was The Lion King with $20

million in its fifth weekend in theaters. With $1.3 billion globally, it’s now surpassed Beauty and the Beast as Disney’s highest-grossing “live-action” release. Newcomer Dora and the Lost City of Gold, from Paramount Pictures, found a healthy audience, too, earning an estimated $17 million for a fourth place start. Starring Isabela Moner, Dora, based on the popular television series, also got good reviews from critics and audiences, who gave it an “A” CinemaScore. And in fifth place, Quentin Tarantino’s star-vehicle Once Upon a Time...in Hollywood added $11.6 million and crossed the $100 million mark. But not all the newcomers were so lucky. The dog owner tearjerker The Art of Racing in the Rain, with Milo Ventimiglia, opened in sixth place with $8.1 million. The Fox 2000 property was inherited by Disney in the

takeover. And the 1970s-set McCarthy and Haddish crime thriller The Kitchen flopped in seventh with only $5.5 million. Based on an obscure Vertigo comic, the film from first time director Andrea Berloff (an Oscarnominated screenwriter) features both McCarthy and Haddish in more dramatic roles. But critics were not impressed: The film currently has a dismal 20 percent on Rotten Tomatoes and audiences also largely stayed away. Warner Bros. Distribution Head Jeff Goldstein said that they were “very disappointed” with the results. “I think that the filmmakers took a very bold approach to their choice with the movie and I think it just didn’t resonate with the viewers,” Goldstein said. “The good news is the movie was a fairly

low-budgeted film.” Audiences also had a slew of new limited releases to choose between: The BTS concert film Bring the Soul: The Movie, which earned $2.3 million from only 873 locations; Brian Banks, based on the real story of a false accusation that upends a promising football star’s life which debuted in 1,240 locations and earned $2.1 million; The Peanut Butter Falcon, with Shia LaBeouf and Dakota Johnson, which earned $205,236 from 17 locations; and After the Wedding, with Michelle Williams and Julianne Moore ($57,124 from five locations). Still the weekend is down 10.2 percent and the year continues to lag 6.3 percent, too. “Audiences are confounded by the number of newcomers,” Dergarabedian said. “There was so much overlap with all of these titles.” But the marketplace is already looking ahead to the fall and the release of It Chapter Two. “It’s going to feel like summer in September when It opens,” Dergarabedian said. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Fast & Furious Presents: Hobbs & Shaw, $25.4 million ($60.8 million international) 2. Scary Stories to Tell in the Dark, $20.8 million ($2.5 million international) 3. The Lion King, $20 million ($51.4 million international) 4. Dora and the Lost City of Gold, $17 million ($2.5 million international) 5. Once Upon a Time...in Hollywood, $11.6 million ($7.7 million international) 6. The Art of Racing in the Rain, $8.1 million ($1.1 million international) 7. The Kitchen, $5.5 million 8. Spider-Man: Far From Home, $5.3 million ($5.3 million international) 9. Toy Story 4, $4.4 million ($9.7 million international) 10. Bring the Soul: The Movie, $2.3 million ($5.9 million international). Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Ne Zha, $64.4 million 2. Fast & Furious Presents: Hobbs & Shaw, $60.8 million 3. The Lion King, $51.4 million 4. The Bravest, $28.9 million 5. Line Walker 2, $27.9 million 6. Shanghai Fortress, $16.2 million 7. The Secret Life of Pets 2, $15.4 million 8. Exit, $12.5 million 9. The Battle: Roar to Victory, $11.9 million 10. Toy Story 4, $9.7 million. n

‘HELLO, LOVE, GOODBYE’: FINDING LOVE, PURSUING A CAREER AND LIFE HAPPENING IN BETWEEN LOVE and career are two of the important things that most people consider in making major decisions in their lives. Most generations are asked which they prioritize and often their answers vary—but what does the younger generation get to say about this topic? TFC asked two young overseas Filipinos to answer the question: “What will you choose, love or career? Why?” Snooky, 27, from Japan, chose career. She explained: “Love can come anytime, while you have to build your career from scratch until you reap what you have sown. Also, frankly speaking, nowadays there is a bigger chance to find an ideal partner once you are financially stable. It makes me feel happier and satisfied to attain my personal goals in life first before settling down.”  On the other hand, Bianca, 28, from Canada, chose love over career. “I’ll choose love because this will make me the happiest. I feel that love can give me the more genuine kind of happiness, while my career is only fulfilling the ambitious side of me. Love is a complete package even in its simplest form,” she explained. This is the dilemma the characters of Kathryn Bernardo and Alden Richards face in the Star Cinema film Hello, Love, Goodbye, written by Carmi Raymundo and under the direction of the multiawarded blockbuster director Cathy Garcia-Molina.  Joy (Kathryn) and Ethan (Alden) are two overseas Filipinos in Hong Kong with different goals in life. Joy is a domestic helper who is determined to do everything to have a better life, compared to the life she had as a child. Meanwhile, Ethan is a bartender who is building a permanent life in Hong Kong but has always been afraid of commitments. In the process of getting to know each other, Joy

and Ethan also discover new things about themselves, which could possibly affect the plans they have with their respective lives. Hello, Love, Goodbye marks the first time that two of the prime stars today from Philippine media giants ABS-CBN and GMA are working on one project that tackles the lives of overseas Filipinos.  “I appreciate the OFW more after seeing how hard their life is,” Kathryn said about portraying the life of an overseas Filipino. “In Hong Kong, they live a fast-paced life because they need to save. This movie opened me to different things and experiences that I can say made me whole. I salute the OFWs.”  On the other hand, Alden shared a bit what the audiences will expect in watching the film. “With this movie, the audience will see the struggles and the good side of being an OFW. Also, they will see how OFWs evolve from the usual OFWs, whose only concern is the welfare of their family, into people who also think of themselves,” he said. Also part of the film are Maymay Entrata, Jameson Blake, Joross Gamboa, Kakai Bautista, Lovely Abella and Jeffrey Tam.  Get a glimpse on the life of the overseas Filipinos and how it has changed over the years via Hello, Love, Goodbye as it screens in the different regions on these dates: August 18 in Hong Kong; August 23 in Malaysia; September 1 in Spain and Japan; September 9 in Greece; September 28 and 29 in South Korea; and coming soon in Indonesia, Myanmar, Thailand and Vietnam. Kathryn Bernardo and Alden Richards graced the premieres in Dubai on August 9 and in Abu Dhabi on August 10. The superstar tandem is also set to attend the premier in Singapore on August 18. There will also be a special screening on August 25 in Cambodia. For the cinema list, visit emea.kapamilya.com.

IN this July 10 file photo, singer Taylor Swift performs at Amazon Music’s Prime Day concert at the Hammerstein Ballroom in New York City. AP

CASE DISMISSED AGAINST MAN ARRESTED NEAR TAYLOR SWIFT’S HOME SOUTH KINGSTOWN, Rhode Island—The case of a man arrested near Taylor Swift’s beachfront mansion in Rhode Island for carrying burglary tools has been dismissed by prosecutors. A spokesman for the Rhode Island attorney general’s office tells WJAR-TV that they’ve “declined to pursue filing charges” against 32-year-old David Page Liddle. The Des Moines, Iowa, man was charged with possession of burglary tools and possession of a weapon other than a firearm after his arrest in Westerly on July 19. Liddle told police he was looking to “catch up” with the singer because he knew her personally. Swift’s security personnel said Liddle is on their watch list and had previously been accused of stalking her. AP

MILO VENTIMIGLIA in a scene from the dog owner tearjerker The Art of Racing in the Rain, which failed to bark up strong enough numbers, finishing in 6 th place at the North American box office with an $8.1 million haul. AP


D4

Art

BusinessMirror

Tuesday, August 13, 2019

THE artist with It’s Lonely Up Here, a 10-foot installation of his signature character, Ohlala.

GUS ALBOR’S ‘ENCOMPASSING’ AT TALL GALLERY AN experimental play of contrasts and surfaces is Gus Albor’s latest exhibition Encompassing. At its center stands a 7 ft-high interactive revolving door made of metal and acrylic. Fastened on its acrylic wall is a paper in white, gray and earth tones, while charcoal, sticks and pencils are attached to the door’s blade or vertical side. As one enters and the door turns, thick and thin horizontal linear imprints marks the paper, creating in the process flat abstracted pieces. Parallel to this is a large painting inspired by the structure itself; however, this time it is static and steady. This duality in experience allows viewers to see in one space both the dynamic and changing beside the stationary and fixed. The interaction created by the mechanism also breaks the division between artist and spectator as visitors become instrumental in the very generation of the markings on the paper. In its entirety, one is able to witness the possibilities in producing works of minimalist abstraction. Conceptualized in 2012 in Mataasnakahoy, Batangas, the piece was a version of Albor’s entry to the Venice Biennale four years ago that ultimately couldn’t be showcased due to logistical issues. Gus Albor’s exhibition ongoing until August 28, 2019, at Tall Gallery, Finale Art File, La Fuerza Plaza, Makati City.

FAMILY DAY, Reen Barrera, 2019, acrylic on canvas, 60”x 72”

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SLEEP-OVER, Reen Barrera, 2019, acrylic on canvas, 60”x 72”

Ohana, Ohlala: Reen Barrera on the families of today CIRCLES JT NISAY

jtnisay@gmail.com

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N a modern world where no social construct goes unchallenged, the concept of family is no exception. What is considered as the basic unit in society now comes in all forms, with relationship replacing bloodline as qualifier. A group of friends, a single mom and her child, or even a homosexual couple rearing five cats is as much a family as the next one in today’s world. Visual artist Reen Barrera takes on the idea through various mediums in his ongoing solo show, titled Family Day, at Vinyl on Vinyl Gallery in Makati City. Born in Paris, Barrera is a son of OFW parents. He was brought to the Philippines as an infant and was raised by his grandparents. As a child, Barrera fixed religious wooden sculptures in his neighborhood, the excess wood from which he

used to make his own toys. The natural-born artist pursued higher studies to hone his talent, and majored in Fine Arts in Far Eastern University. After graduation, however, Barrera went corporate until he, eventually, returned to the art scene as a full-time artist. He is known for a neo-expressionist style influenced by one of the genre’s greatest artists, Jean-Michel Basquiat, who died 31 years ago yesterday at age 27. Another feat of Barrera’s art are his signature characters. One of whom is a head-wrapped, pointyeared humanoid called Ohlala. The name is a sexual innuendo in Paris, the artist said, but he remembers his father using the term differently, such as when he’s disappointed at something. According to Barrera, the idea of the character comes from the idiom “It’s written all over your face,” wherein people, devoid of words, can still convey emotions, feelings through facial expressions. “It’s a silent way of communicating something without noise,” said the artist, who actively tries to imprint facial expressions on his mind and create artwork from the recall, mixing the image with his trademark symbols and patterns. In his ongoing solo exhibit, his seventh, Barrera showcased his most imposing iteration of Ohlala to date, titled It’s Lonely Up Here, which is a 10-foot, deadpan iteration of the recognizable character,

made of the artist’s old bed frame, along with cloth and metal. The piece stands tall in the show, which explores the idea of family in today’s world. In a debut sculpture series titled Blessing in Disgust, composed of four mother-and-child pieces, Barrera expresses his admiration for single parenting. “Society has a lot of issues/comments with regards to this, but for me, it is something to be praised,” he said. The artist also showed that familial ties aren’t limited between humans. Displayed in a one of two automata pieces is Ohlala with another Barrera character, Duge, both perched on a box emblazoned with the piece’s title, Best of Friends. The show features seven paintings, as well. One is a 60”x 72” acrylic on canvas, titled Family Day, which shows Barrera in full-bloom as a neo-expressionist in earthy tones with rich detail. The piece marks the first time Barrera used an airbrush in painting. It was just one of the many uncharted territories that the artist explored for the show, which, he said, is a staple undertaking in every major exhibition. “I require/pressure myself to create something new with my techniques and compositions,” he said. “And with the help of certain events in my life, inspirations and the aim to do something different, that becomes possible.” n

Interactive border wall mural tells stories of deported By eLLiOT sPAGAT The Associated Press TIJUANA, Mexico—Lizbeth de la Cruz Santana returned on Friday to the Mexican beach where her father entered the US illegally before she was born, this time to put final touches on a mural of adults who came to the US illegally as young children and were deported. Visitors who hold up their phones to the painted faces are taken to a web site that voices first-person narratives. There is a deported US veteran. There are two deported mothers with children who were born in the US. There is a man who would have been eligible for an Obama-era program to shield people who came to the US when they were very young from deportation, but was deported less than a year before the Deferred Action for Childhood Arrivals program, known as DACA, took effect in 2012. The project blends Mexico’s rich history of muralists with what can loosely be called interactive or performance art on the 1,954-mile (3,126-kilometer) US-Mexico border. At the same Tijuana

beach during an art festival in 2005, David Smith Jr., known as “The Human Cannonball,” flashed his passport, lowered himself into a barrel and was shot over the wall, landing on a net with US Border Patrol agents nearby. In 2017 professional swimmers crossed the border from the US in the Pacific Ocean and landed on the same beach, where a Mexican official greeted them with stamped passports and schoolchildren cheered. Last month, an artist installed three pink seesaws though a border wall that separates El Paso, Texas, from Ciudad Juarez, Mexico. De La Cruz Santana, 28, conceived the interactive mural as part of a doctoral dissertation at University of California, Davis, in Spanish with a focus on literature and immigrant experiences. The faces are affixed with barcodes that link to audio on the project web site. Her dissertation will include written arguments for Daca-style benefits to anyone who comes to the US as a young child, without any of the disqualifiers like criminal history that former President

Barack Obama included. “Technology is one of the best ways and venues for people to tell their stories,” said de la Cruz, whose parents obtained legal status through former President Ronald Reagan’s amnesty law. With a $7,500 grant, de la Cruz, who was born and raised in California, directed about 15 people who painted on polyester canvass at a Tijuana art gallery, called House of the Tunnel, which was once used to smuggle drugs in a secret underground passage to San Diego. She partnered with Mauro Carrera, a longtime friend and a muralist who lives in Fresno, California. The project is also deeply personal for Carrera, 32, who was born in Mexico, crossed the border illegally as a toddler, and obtained legal status through his father, who had amnesty. He grew up with friends and neighbors in the US illegally. Carrera said the project aims to “see the people behind the politics.” The deportees painted at least 80 percent of their own faces under his direction. “I feel I’m right in the middle of the

VOLUNTEERS help install a new mural on the Mexican side of a border wall that shows faces of people deported from the US with barcodes that activate first-person narratives on visitors’ phones, in Tijuana, Mexico. AP

issue,” he said as others rolled canvasses over steel poles that were topped with coiled wire installed after Donald J. Trump became president. Last year, many Central Americans in a large caravan of asylum seekers gravitated to the beach, which is downhill from a light tower, bull ring and restaurants. The US side of the beach is

usually empty, except for Border Patrol agents parked in their vehicles and occasional hikers. De La Cruz Santana is struck by the lively atmosphere on the Mexican side and quiet in the US. “If you look past this wall on the US side, there’s nothing,” she said. “I wanted to erase the border.”

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BusinessMirror August 13, 2019  

BusinessMirror August 13, 2019  

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