TRAFFIC? ‘NO TO EMERGENCY POWERS’ By Butch Fernandez @butchfBM
G SENATE Public Services Committee chief Sen. Grace Poe (left) throws questions at MMDA General Manager Jojo Garcia at Tuesday’s hearing on the proposed provincial bus ban and related measures to ease road congestion. ROY DOMINGO
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year
RANTING President Duter te emergency powers is not the solution to crippling daily traffic gridlocks in metropolitan Manila’s main thoroughfares, Sen. Grace Poe said Tuesday, after presiding at a Senate hearing on a planned provincial bus ban among other measures being eyed to ease road congestion. “The problem is lack of understanding,” said Poe, pointing out that “right-of-way issues and temporary restraining orders cannot be covered by the emergency powers.” Speaking to reporters after the hearing,
Poe conceded, “we cannot do everything with it [emergency powers],” adding that “maybe”the proponents of the emergencypowers option, whom she did not name, “just want no bidding” for projects to ease traffic problems. Still, Poe—who chairs the Committee on Public Services—said she was not closing the door on such an option but wanted to see the plans for projects to be carried out under emergency powers. “We are open but submit the plans for the emergency powers.”
Drive vs ‘colorum’ THIS, as Senate President Vicente Sotto III and Minority Leader Franklin Drilon, in separate interviews, suggested that
government regulators step up the drive against “colorum,” referring to unfranchised public bus and jeepneys, plying Metro Manila streets. Drilon also suggested a review of the powers of the Metropolitan Manila Development Authority “as far as traffic is concerned,” pointing out that conflicting claims of MMDA and local governments “hamstrung efforts”to ease the traffic mess. For his part, Sen. Sherwin Gatchalian voiced doubts that plans to build four “intermodal bus terminals” could reduce traffic “instead of just limiting buses” to the metropolis boundaries. “Do we have a simulation for that?” he asked the guest officials. See “Traffic,” A2
BusinessMirror
www.businessmirror.com.ph
A broader look at today’s business
n
Wednesday, August 14, 2019 Vol. 14 No. 308
5-month FDI down 37% as investors avoid PHL
F
By Bianca Cuaresma
@BcuaresmaBM
OREIGN players stayed away from the Philippines as their long-term investments in the first five months of the year fell by an annualized rate of 37.1 percent, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).
The BSP reported on Tuesday that net foreign direct investment (FDI) inflows into the Philippines declined to $3.1 billion, from last year’s $5 billion due largely to the drop in net equity capital placements. Figures from the BSP indicated that net equity capital investments fell to $787 million, from
$1.5 billion recorded in the first five months of 2018. Withdrawals rose to $451 million in 2019 from last year’s $139 million. BSP data also showed that net investments in debt instruments during the period contracted by 26 percent to $2.4 billion, from $3.2 billion in 2018. FDI is the type of investment
that is often more coveted, as it stays longer in the economy and creates job opportunities for locals. Such investments are also usually an indicator of long-term sentiment of the global community for the Philippines’s economic dynamics, as FDI are not easily pulled out of the market, unlike their shorter-term coun-
$3.1B The net foreign direct investment (FDI) inflows into the Philippines from January-May 2019, down from last year’s $5 billion due largely to the drop in net equity capital placement
terpart, the foreign portfolio investments. In the first five months of 2019, equity capital placements originated from Japan, the United States, China, Singapore and South Korea. These were channeled largely to financial and insurance, real estate, manufacturing, transportation and storage, and administrative and support service industries. See “FDI,” A12
2018 EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY
DATA CHAMPION
P25.00 nationwide | 5 sections 28 pages | 7 DAYS A WEEK
Asean: Major player in addressing global security challenges »Column on A10
Teddy Locsin Jr.
FREE FIRE
DAR TO N.F.A.: SELL RICE STOCKS TO BOOST FUNDS By Jasper Emmanuel Y. Arcalas @jearcalas
A
GRICULTURE Secretary William D. Dar ordered on Tuesday the National Food Authority (NFA) to fast-track its milling operations and immediately sell rice so it can purchase more palay from farmers. Dar issued the order even if the NFA has been reduced to a buffer-stocking agency following the effectivity of Republic Act (RA) 11203, or the rice trade liberalization law. The NFA is an attached agency of the Department of Agriculture (DA). “[The NFA] should immediately
unload milled rice so it could roll over funds, which it could use to buy more unhusked rice from local farmers,” Dar said in an interview after the turnover ceremony at the DA central office in Quezon City. Dar added RA 11203 does not restrict the NFA from selling its rice stocks. He said the NFA must dispose its stocks, especially old ones, by selling rice to the domestic market. “Do you want their rice stocks to rot in their warehouses? So our option is to sell it,”he added. Dar said the DA will also review the possibility of cutting the NFA’s selling price of rice, currently pegged at P37 per kilogram, to other government agencies. See “Rice,” A2
SMC taps 3 firms behind Changi to design, build P734-B Bulacan airport House panel OKs higher tax D on alcohol By Lorenz S. Marasigan
@lorenzmarasigan
IVERSIFIED conglomerate San Miguel Corp. (SMC) has chosen three of the designers and builders of the world’s best airport to design and build the P734-billion New Manila International Airport (NMIA) in Bulacan. Groupe ADPI, Meinhardt Group and Jacobs—three companies that worked to develop the Singapore Changi Airport—were tapped by the Filipino conglomerate to create the future-ready airport that may replace the aging Ninoy Aquino International Airport (Naia). Initial designs were earlier shared with the media, baring plans of a “future ready” facility that “focuses” on the overall passenger experience, while employing sustainable technologies “consistent with the needs of the environment and the local communities of Bulacan and nearby provinces.” Ramon S. Ang, the company’s president, noted that his group has yet to choose a “world class airport operator” that will help manage facility in the future. “This is our biggest investment in a single project to date, one that will definitely impact the lives of millions of Filipinos and the country in general—all the more reason for us to push for greater sustainability and choose the best people to work with us,” he said. See “SMC,” A2
PESO EXCHANGE RATES n
By Jovee Marie N. dela Cruz
T ARTIST’S sketch of how the New Manila International Airport (NMIA) in Bulacan will look like. San Miguel Corp. has announced it is tapping three global firms involved in designing and building Singapore’s Changi Airport, consistently named the world’s best, to help it bring the NMIA to reality.
@joveemarie
O beef up government funds for the implementation of the Universal Health Care (UHC) law, the House Committee on Ways and Means on Tuesday approved the proposal increasing the excise tax on alcohol products. Voting 43-0, members of the panel invoked House Rule 10, Section 48 in approving the bill in a one-day hearing. Under Section 48 of the House Rules, “in case of bills or resolutions that are identified as priority
US 51.9010 n JAPAN 0.4930 n UK 62.6808 n HK 6.6145 n CHINA 7.3530 n SINGAPORE 37.4277 n AUSTRALIA 35.0436 n EU 58.2122 n SAUDI ARABIA 13.8373
See “Tax,” A2
Source: BSP (13 August 2019 )
News
BusinessMirror
A2 Wednesday, August 14, 2019
www.businessmirror.com.ph
‘ATM fees must be lower than OTC charges’
T
By Bianca Cuaresma
@BcuaresmaBM
HE Bangko Sentral ng Pilipinas (BSP) issued a statement on Tuesday addressing concerns about bank fees, particularly those imposed on the use of automated teller machines (ATMs) in the country.
Traffic. . .
Continued from A1
Senate Majority Floor Leader Juan Miguel “Migz” Zubiri pushed for the construction of elevated walkways and bike lanes along Edsa. Zubiri pressed the MMDA on “the elevated walkway project that has long been budgeted for by the national government and even included in the General Appropriations Act. I see no clear logical reason why it was not implemented. Compared to other infrastructure projects where Right-of-Way issues usually cause delays, this project will not be met with much opposition since government owns the land. We will have to talk only with the public utility companies, which I doubt would oppose this particular public-friendly project.” Zubiri’s proposal was supported by the representatives of ALT and MOVE Manila, an alternative transport advocacy and commuters groups, respectively. “Last week, commuters did the best of the ‘carmageddon’ situation by walking instead of waiting for four hours inside buses in a
standstill in Edsa. I myself would have done that, walked to get home. That crisis is what I precisely hoped to resolve way back in August 2016 in my ‘Inclusive Mobility speech.” Zubiri first spoke of the concept of Inclusive Mobility in the Senate in his first privilege speech upon assumption in the Senate in 2016. Zubiri cited other countries’ successful use of elevated walkways with lanes for walking, biking and even mopeds in the entire Metro Manila up to Parañaque. He also proposed the use of Pasig River as a major mode of transportation.
‘3 years of our lives’
SPEAKING at the start of the hearing of the Senate Committee on Public Services, Poe acknowledged that “a specter is haunting Mega Manila—the specter of traffic [that] takes away our time—28,000 hours, or around three years of our lives, in fact.” At the outset, she lamented that MMDA has turned Metro Manilans as “guinea pigs” for traffic solutions for years now. “In 2015, they said the“chokepoints”at Edsa were the cause [of traffic jams]. Three years after, they tried the singles-only ban–which
“The Bangko Sentral ng Pilipinas acknowledges the concerns of the banking public on news reports about the possible increase in ATM fees. The BSP assures the public that its policy on ATM fees is guided by best industry practices and that it is driven with the broader welfare of consumers in mind,” the Central Bank said. “In any case, said fees should be lower than the fees collected from transactions made over-the-counter
[OTC] and comply with transparency in pricing,” it added. The BSP made clear that it has already issued regulations that will require banks to adhere to the “principles of reasonable and market-based pricing” in their ATM operations. The country’s central monetary regulator also clarified that local banks cannot increase the ATM fee on their own. “Any bank that intends to adjust
only moved traffic to the secondary roads,” the senator said, in a mix of English and Filipino. She recalled an earlier attempt to “put Edsa on a ‘road diet’—as a solution for a highway that is bloated by traffic. And since the 1980s, every possible variation of the number-coding scheme has been tried. Ironically, this only resulted in drivers buying ‘coding cars,’ or extra vehicles for use on a ‘coding day’. This is a textbook example of a perverse incentive.” Poe pointed out that the banning of provincial buses along Edsa is the latest MMDA experiment. “The plan hinges on three steps: First, ‘interim terminals’ would be established, and provincial bus stations within the city would be abolished. Second, provincial buses would be required to terminate their trips at the integrated terminals. Third, city buses would only be allowed to drive on the yellow lanes. These plans were achieved through various issuances from 2012 to the present,”the senator said, adding, “It sounds like a good plan until we actually get to the facts.” She then cited these facts: “First, buses and jeeps account for 70 percent of all trips in Mega Manila. Unduly reducing these vehicles without providing for other modes of mass transportation will only result in longer queues and shorter patience.” Second, she added, “there are 247,000 private vehicles in the region, maybe even more and these take up 80 percent of the roads. So the sheer volume of vehicles is an intrinsic part of the traffic problem.” In fact, Poe added,
even MMDA General Manager Jojo Garcia has been quoted as saying: “‘The provincial bus accounts for just a small percentage of the cause of traffic. I think that’s only about 5 percent of the total traffic.” The third fact, which Poe cited as the most important, is this:“Encouraging private vehicles has never been a good transport policy. A bus can carry 50 people; a car carries 5; and the jeep, 12. Banning over 3,000 provincial buses will result in 15,000 additional cars passing on Edsa,” said Poe. She noted that “ignorance of these facts was evident in the results”: The buses may be seen clustered and barely moving on the yellow lane, while private vehicles zip through the highway. What used to be a commute via bus from Commonwealth Market to Ortigas of one and a half hours, has stretched to three and a half hours. Some people just chose to walk. Others looked for alternatives like the MRT, where the lines were blockbusters; or they took a Grab or habal-habal which of course cost them more.” Poe continued: And here’s the rub: Due to the writ of preliminary injunction issued by a branch of the Quezon City RTC, the bus ban was implemented on a ‘voluntary’ basis. A mere 24 out 3,300 buses ‘volunteered’in good faith,”the senator said, adding, “And at the end of the day, they went back to traveling straight to Manila because there were no passengers in Valenzuela and Sta. Rosa,” where the integrated terminals were located. Poe disputed the claim that only drivers of buses exhibit a “lack of discipline,” adding, “it is equally true that many drivers of cars, buses, and jeepneys are equally undisciplined. Let those who have never swerved, used the wrong lane, or forgot to use their signal light cast the first stone.” She expressed hope the hearing would clarify a lot of issues and allow for a better means of consultations with and by the MMDA.
Tax. . .
Continued from A1
measures of the House, which were previously filed in the immediately preceding Congress and have 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. The committee secretary shall immediately prepare the necessary committee reports on said measures for inclusion in the Calendar of Business.” The bill will be transmitted immediately to the plenary for second and third reading approval. Albay Rep. Joey Salceda, panel chairman, said the government is expected to generate P32.94 billion in revenues in the first year of implementation of a measure increasing alcohol taxes, which is part of Package 2 Plus B of the Comprehensive Tax Reform Program (CTRP).
China. . .
Continued from A12
“Send carping yellows to China when the antiFilipino riots start to take the sacrificial place of our people working at good jobs there,” he added. Based on the records of the Department of Foreign Affairs, there are about 12,254 overseas Filipinos in mainland China. Most of them live in cities, such as Beijing (2,492), Chongqing (164), Guangzhou (4,564), Shanghai (4,264) and Xiamen (7,707). Filipinos constitute the largest ethnic minority in Hong Kong, China’s Special Administrative Region, numbering approximately 130,000, many of whom work as foreign domestic helpers. The Chinese Embassy in Manila requested Philippine authorities to investigate and to give justice for the death of Yang. “The Chinese Embassy in Manila is closely following the death of a 27-year-old Chinese man identified as Yang Kang, who fell out of a window from the sixth story of a building in Las
ATM fees must file its request with the BSP, indicating their proposed fees, as well as the costs currently incurred by the bank with respect to its ATM activities,” the BSP said. The BSP also requires banks to clearly declare costs, properly support their need to raise fees and may be validated by the BSP when deemed necessary. The BSP also forbids the imposition of set fees arising from agreements between market participants.
SMC. . .
Continued from A1
Based on its terms, the diversified conglomerate will build an aerotropolis that will have a capacity of 100 million passengers per year. The airport, to be located in Bulacan, will have four runways, an 8-kilometer toll road linked to the North Luzon Expressway (Nlex), and all aviation-related facilities and equipment. With a 50-year concession deal, the airport will serve as a replacement or a complementary gateway to the existing Naia. Ang also gave assurances that those affected by the development will have “better homes in relocation sites with fishing power boats where they can easily reestablish their livelihood.” “This project’s success is anchored on helping support the local fishing
Rice. . .
Continued from A1
Slashing the selling price, he said, will accelerate the NFA’s disposal of rice stocks since it will be cheaper. “That’s my guidance to [NFA] today: to accelerate the buying, processing and marketing [of stocks]. Don’t stock up only for buffer,” Dar said. Dar said the DA and the NFA will reach out to local government units in the top 10 rice-producing provinces to discuss the setup of a localized palay procurement program.
The Department of Finance said revenues from fermented liquor, or beer, is estimated to reach P24.7 billion; distilled spirits, P9.2 billion; and wines, P40 million. The revenue from additional taxes from alcohol will fund the Universal Health Care Act. The government needs P257 billion for the first year of implementation of the UHC law in 2020. The bill seeks to increase the excise tax imposed on distilled spirits by P6.60, compared to what is implemented under Republic Act (RA) 10351, or the excise tax reform law on alcohol and tobacco. Currently, RA 10351 imposes specific tax of P22.40 and ad valorem tax of 20 percent on distilled spirits. Under the bill, starting January 2020, an ad valorem rate of 22 percent including specific tax rates per proof liter of P30, P35, P40, P45 from 2020 to 2023 will be imposed on distilled spirits. This will be increased by 7 percent annually starting 2024. The committee also approved a shift to Piñas,” the statement read.
Not work-related
THE Department of Labor and Employment (DOLE) said the death of Kang is not work-related. Citing the department’s initial report on the incident, Labor Secretary Silvestre H. Bello III said the Chinese national was not even present in his workplace when he died. Since it is not labor-related, Bello said the DOLE will now just monitor the development on the investigation into the incident being conducted by the Philippine National Police and the National Bureau of Investigation (NBI). Authorities are currently looking at the possibility that the 27-year-old man was a kidnap victim since his hands were handcuffed when he was found. Labor groups have called on the government to investigate the matter out of concern that the Chinese national may have died due to mistreatment from his employer. DOLE earlier assured it will ensure the protection of every worker in the country, regardless of their nationality, as stipulated by the Labor Code.
“Rest assured that the BSP shall examine each request and decide if the increase is warranted to cover the cost of maintaining the ATMs,” the BSP said. “Should an increase be necessary in order for banks to continue providing ATM services to the banking public, the BSP will ensure that the increase will be reasonable and will adhere to pricing principles provided under BSP Circular 980 dated 6 November 2017,” it added.
industry. We are in the process of identifying areas where together we can build a fishing community that will last for generations to come,” he said. Ang added that his group’s vision is to turn Bulacan into the seafood capital of the Philippines, “where seafood is exported to other countries, and tourists come in droves to sample them—similar to what happened to Japan’s Tsukiji for so many years.” When completed, the airport will accommodate an initial 20 million passengers per year, and will “fuel trillion of dollars in economic activity annually,” while creating 20 million direct and indirect jobs. The NMIA is an unsolicited proposal from SMC, which first floated the idea in 2016. It won the contract to build, operate, and maintain the facility last month, when no one challenged the proposal. He said the DA wants to replicate what the provincial government of Nueva Ecija has done for its local rice farmers. Dar noted that the local government of Nueva Ecija now buys palay, which it mills and sells. Nueva Ecija also invested in the construction of warehouses to store palay and rice produced in their area, he added. “I like that model and I want to see it in the top 10 rice-producing provinces,” Dar said. He said the DA will link LGUs of the top 10 rice-producing provinces with banks so they can access credit to build mills and warehouses.
a unitary rate of P650 plus ad valorem of 15 percent for sparkling wines, compared to the two-tiered system under RA 10351. It will be increased by 7 percent annually starting 2024. The bill is proposing to exempt cooking wines with salt contents of not less than 1.5 grams for every 100 milliliter. The tax on still and carbonated wines with below 14 percent alcohol content will go up by P2.10 (from P37.90 to P40), while those with an alcohol content higher than 14 percent will increase by P4.10 effective January 2020. It will go up by 7 percent every year thereafter. Also, the approved tax rate on fermented liquors was pegged at P28, or P2.60 higher than the P25.40 tax rate mandated by RA 10351. It will be increased by 7 percent every year thereafter. Salceda said he will file separate bills increasing excise taxes on heated tobacco and vape products, which are also parts of the Package 2 Plus B of the CTRP.
Space agency. . . Continued from A12
The Director General or Deputy Director General shall also be a citizen and resident of the Philippines, of good moral character, of proven integrity, with an advanced degree in space science, astronomy, physics, engineering or related fields of study. He or she must have at least five years of competence and expertise in any of the following: astrophysics, space science, aerospace engineering, space systems, engineering, remote sensing space industry or human capital development. Chaired by the President, a Philippine Space Council will also be created to be the principal advisory body for the coordination and integration of policies, programs, and resources affecting space and technology applications. Within 90 days from the effectivity of the Act, the PhilSA, in coordination with the Department of Budget and Management, Civil Service Commission and other relevant government agencies shall promulgate the rules and regulations for the implementation of the Act. Bernadette D. Nicolas
News BusinessMirror
www.businessmirror.com.ph
Tugade bares development of Clark transport projects By Ashley Manabat Correspondent
C
LARK FREEPORT—The Luzon International Premier Airport Development Corp. (Lipad) is now poised to take over the operations and maintenance (O&M) of Terminal 2 of the Diosdado Macapagal International Airport (DMIA) here. Transportation Secretary Arthur P. Tugade said on Friday here that by August 16, the Department of Transportation (DoTr) “will be ready to turnover the O&M to Lipad Corp. headed by Bi Yong Chungunco.” The Lipad consortium is led by JG Summit Holdings Inc. and Filinvest Development Corp. (FDC). It was awarded the contract for Clark airport’s O&M in January by the Bases Conversion and Development Authority (BCDA). Tugade added the government is ready to open and make operational Terminal 2 of Clark airport by June next year, “at the latest by July,” with a capacity of 8 million passengers. Another important announcement Tugade made was the cargo rail operation of the Subic-Clark corridor. “We are expected to commence
the process wherein we will be able to connect the cargo operations between Clark and Subic by rail,” he said. “Already, the Chinese Embassy has submitted three shortlist naming three companies,” Tugade said adding that one firm was disqualified. “That is why we will change that one,” he explained. Tugade said that “with all these processes,” the DOTr can confidently say that the construction of the SubicClark rail will begin by the first quarter of 2020 at the earliest or at the latest second quarter of next year. Tugade also announced the status of the construction of the Tutuban-Clark railway project. “As we speak today, we are putting reality to that dream in Pampanga, to that dream in Central Luzon, to that dream of the Filipino people to have a railway operating from Tutuban to Clark airport,” he said. “As we speak today, the construction on two phases [has] already been started.” Tugade said the DOTr expects the Tutuban and Bocaue, and Bocaue to Malolos line “will be partially operable by 2021 and [fully operational] by 2024 at the latest.”
PHL’s most powerful man signs cheaper-power law
F
By Bernadette D. Nicolas
@BNicolasBM
ILIPINOS may soon enjoy reduced electricity rates as President Duterte has signed into law a measure authorizing the government to tap its P208-billion share of Malampaya funds to cover the stranded costs and stranded debt of the National Power Corp. Under the Murang Kuryente Act or Republic Act 11371 signed last August 8 by the President, the remainder of the amount allocated shall also be used to fund energy resource development and energy exploration programs in the event for stranded contract costs, stranded debts, and an-
ticipated shortfalls in the course of payment of such liabilities are fully paid before the exhaustion of the amount. T he universa l charges for stranded contract costs and stranded debts currently being collected may also be covered by the allocated amount from the Malampaya fund
T
“We will not fail this. The commitments are there,” he told reporters in an interview after the ceremony. The DA chief also revealed that he would seek a $500-million assistance for his proposed Provincial Agricultural Extension System (PAES) program, which would empower local government agricultural offices. Under the PAES, the DA would engage local government units (LGUs), particularly its agricultural offices, to craft programs and policies that would focus on improving their respective agricultural areas. The PAES would also involve stakeholders from state universities and colleges, as well as civil society organizations to strengthen agricultural extension in the provinces. Dar said he is keen on requesting the World Bank to provide $100 million for Mindanao to boost the island’s agriculture sector. He said Mindanao is considered as one of the country’s key agricultural areas since it is endowed with vast natural resources. Jasper Emmanuel Y. Arcalas
By Rene Acosta @reneacostaBM
T
‘BRILYANTE ANG PUSO’ Photo shows Sixto O. Brillante Jr., the airport cleaning
attendant who returned a tourist bag with €7,300 (about P430,000) inside, cheerful as always, at his work station at the airport. NONIE REYES
Palace rejects ramping up cops’ presence in schools By Bernadette D. Nicolas @BNicolasBM
R
AMPING up police presence in educational institutions will not deter communist recruitment, Malacañang said on Tuesday. Contrary to the proposal of Sen. Ronald M. dela Rosa and Interior Secretary Eduardo M. Año, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said this will not solve the alleged leftist groups’ recruitment of minors from colleges and universities. “I wonder if the presence of the police will stop the recruitment, because recruitment is done in secrecy,” Panelo said. “The police presence can prevent any crime being committed inside the campus but recruitment? I don’t think it will solve [it.].” Nonetheless, the Palace expressed concern that there were children who went missing after joining communist groups.
subject to the implementing rules and regulations of the law. The Department of Budget and Management shall also ensure the timely release of the amounts allocated and appropriated to the Power Sector Assets and Liabilities Management Corp. (PSALM) according to its debt and independent power producer payment schedule. The PSALM shall submit an annual projected cash flow statement and an annual cash flow statement of the stranded contract costs, stranded debts, and anticipated shortfalls, as well as its debt payment and independent power producer contract payment schedule to the DBM, Department of Energy, Energy Regulator y Commission, Department of Finance and the Joint Congressional Energy Commission. Upon the effectivity of the Act, the JCEC shall exercise oversight powers over its implementation. In a related development, the
President also signed on August 8 the Anti-Obstruction of Power Lines Act, which penalizes construction of structures, prohibiting planting of tall growing plants and conducting hazardous activities along power line corridors. Republic Act 11361 will ensure uninterrupted conveyance of electricity from generating plants to end users. It will also protect the integrity and reliability of the country’s transmission, subtransmission and distribution systems by keeping the land beneath, the air spaces surrounding and the area traversed by power lines clear of dangerous obstructions. Penalties for committing prohibited acts may include imprisonment and/or hefty fines, ranging from P50,000 to P200,000. Both laws will be effective 15 days after its publication in at least two newspapers of general circulation.
Ship donated by S. Korea homeward-bound to PHL
DA to secure $240-M loan from WB for rural project HE Department of Agriculture (DA) said it will seek an additional loan of $240 million to expand the Philippine Rural Development Project (PRDP), which targets to improve farmers’ productivity and income. Agriculture Secretary William D. Dar said the World Bank has expressed interest in collaborating further with the Philippine government for programs that will help local planters. To date, the PRDP has total funding of $760 million. The project aims to increase rural incomes, and enhance farm and fishery productivity in targeted areas by supporting smallholders and fishers to increase their marketable surpluses and their access to markets. “Funding for the PRDP has been increased. We will work out in two weeks the additional funding of $240 million,” Dar said during the turnover ceremony in Quezon City on Tuesday. Dar said the DA is now negotiating for additional funds. He expressed confidence that it would be approved at the soonest time possible.
Editor: Vittorio V. Vitug • Wednesday, August 14, 2019 A3
“We’re concerned especially because the parents are saying that some of their children are suddenly missing, and then later on they will find out that their children already went to the mountains, then died or killed there,” he said. During the hearing of the Senate Committee on public order last week, dela Rosa launched an investigation on the issue. While the Palace spokesman said the President has yet to issue a directive on the matter, Panelo also urged parents to tell their children not to join any subversive organization. However, he clarified that what is wrong is joining leftist organizations that are identified acting to overthrow the government. “If they will join organizations found to be allied with the intention of overthrowing the government, that is wrong,” Panelo said. “But if you join organizations to express legitimate grievances against the
government, certainly it’s not; it’s part of freedom of speech.” Aside from increased police presence, the DILG is also pushing for reinstating the anti-subversion law, which outlawed membership in the Communist Party of the Philippines. Earlier, the DILG said in a statement it is “unfortunate that the Anti-Subversion Act was repealed, saying these leftist groups should be banned for being subversive and illegal.” The law was enacted in 1957 under the presidency of Carlos P. Garcia but was repealed in 1992. The Palace declined to comment on the DILG statement, saying the proposal requires further study. Año claims about 500 to 1,000 youths being indoctrinated by the CPP-NPA every year who either become a guerilla of the New People’s Army or return to their respective schools as student leaders.
HE BRP Conrado Yap, a corvette acquired by the Philippine Navy from South Korea, is already homebound after it left the port in Changwon City, South Korea. The vessel, a former Pohangclass corvette used by the Republic of Korea Navy before it got junked and later refurbished by the Philippine government, left Pier 7 of South Korea’s Jinhae Naval Base on Monday after a send-off ceremony by the ROKN. “[BRP Conrado Yap] is now under the control of its more than 100 maiden crew led by the Commanding Officer, Capt. Marco Buena, who underwent 13 weeks of necessary operational and warfare training in South Korea,” Lt. Commander Maria Christina Roxas, acting chief of the Navy’s Public Affairs Office, said.
Roxas added the acquired vessel will rendezvous with the BRP Davao del Sur at sea for a twin-sail and naval maneuvers while steaming toward Manila. The Navy’s landing dock vessel (LD-602) came from Russia where it participated in the Russian Navy Day celebration in Vladivostok. On its way home, it dropped by South Korea to accompany the corvette’s voyage to the Philippines. Roxas said both vessels are expected to arrive in the country in less than a week and will be given arrival honors led by Defense Secretary Delfin Lorenzana. “As BRP Conrado Yap sails to its new home, the Philippine Navy’s intent of having a beefed up frontline defense in safeguarding our maritime nation and enhanced antiair warfare, anti-surface warfare, anti-submarine warfare capabilities are now nearing realization,” Roxas said.
DILG warns policemen vs receiving gifts
I
NTERIOR Secretary Eduardo M. Año of the Department of the Interior and Local Government on Tuesday warned employees, including uniformed personnel under DILG-attached agencies like the Philippine National Police (PNP), against receiving gifts. According to Año, all employees of the DILG including police officers will be held accountable should they accept gifts of monetary value from people they serve or deal with as they perform their official functions. “The DILG believes in the sanctity of the government bureaucracy as an institution for the selfless delivery of service to the people because public service is a reward in itself,” Año said in a statement posted on the DILG’s official web site. “Therefore, as a matter of policy, employees under the DILG, including police officers, will be held criminally and administratively liable if they receive or solicit gifts of monetary value from people they serve or transact with in relation to their official functions,” he added. According to Año, such policy is enunciated in National Police Commission Memorandum Circular 2016-002 that orders imposing penalties on “the act of soliciting or accepting directly or indirectly any gift of monetary
value or the act of receiving for personal use of a fee, gift or other valuable thing in the course of official duties in expectation of receiving a favor or better treatment.” He also cited Section 14 of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act. That section states that “unsolicited gifts or presents of small or insignificant value offered or given as a mere ordinary token of gratitude or friendship is an exception to graft and corrupt practices.” “Our laws are not unmindful of the Filipino culture of showing their appreciation toward those who help, including public servants,” Año said. Still, while an exception is provided for in the law, Año reminded government workers, especially those in the PNP, that their services are already fully paid by the people through their taxes. Hence, he said gifts received in exchange for favors or as a form of bribe is in direct violation of their oath of service and is a violation of law. “In fact, it has been my practice in my own office that I do not accept gifts from local government officials or other functionaries,” he said. “And any such gift sent to my office [is] immediately returned to the sender.” Jonathan L. Mayuga
Fortyish Neda to turn 84 after shedding Marcos roots, moving anniversary date
O
N its next “birthday,” the National Economic and Development Authority (Neda) will turn from a hip forty-something to an octogenarian as the oversight agency sheds its Marcos roots. In a statement, Neda decided to move its anniversary to the founding
date of its forerunner, the National Economic Council (NEC), which was created on December 23, 1935. This would make Neda 84 years old this year instead of only 46 years old. The Neda was created on January 24, 1973, during the administration of the late dictator Ferdinand Marcos.
“As an independent country, Filipino leaders have been planning for our country’s development decades before Neda was officially established as the central planning agency of the Philippines,” said Socioeconomic Planning Secretary Ernesto M. Pernia. “The creation of the National Eco-
nomic Council in 1935 forms an important part of Neda’s identity and it is only fitting that we recognize December 23, 1935, as our founding date,” he added. Neda said it was on December 18, 1935, when former President Manuel L. Quezon proclaimed before the National
Assembly his proposal to create the NEC. This proposal, Neda said, established development planning in the Philippine government. Neda said through the years, several presidents enhanced development planning. In 1990, former President Corazon C. Aquino proclaimed De-
cember 17 to 23 as Socioeconomic Planning and Development Week. “There has long been recognition of the need to have long-term, continuing, integrated and coordinated programs and policies. For almost 84 years now, Neda has always been at the forefront in this area,” Pernia said. Cai U. Ordinario
A4 Wednesday, August 14, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Wednesday, August 14, 2019 A5
A6 Wednesday, August 14, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Wednesday, August 14, 2019 A7
A8
Wednesday, August 14, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Wednesday, August 14, 2019
A9
If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011. ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR
A10 Wednesday, August 14, 2019 • Editor: Angel R. Calso
Opinion BusinessMirror
www.businessmirror.com.ph
editorial
Govt must invest in our farmers
C
OUNTRIES that have a productive and strong farm sector have one thing in common: They all provide support to their food producers in the form of subsidies and fiscal incentives. The United States, Thailand, Vietnam, and European countries have invested in their agriculture sector way before their accession to the World Trade Organization and their entry into regional trade agreements. They are now reaping the fruits of the foresight of their past leaders through the export dollars they are earning. Thailand, for example, is earning more than $20 billion annually from its food exports, including rice. Vietnam is also raking in money from its rice shipments to its neighbors, including the Philippines. Farm producers from the US and European countries are profiting from their poultry and livestock sectors and the Philippines is one of the major buyers of their beef, poultry and pork. These nations invested heavily in their farm sector and food production for many years, allowing them to feed their citizens and at the same time enable producers to increase their income. Aside from financial support they give to farmers, these countries supported research and development activities and allowed their planters to tap cheap credit. Thai producers, for example, are now earning more because they have learned to add value to their products. The experience of these nations illustrate that a government cannot improve agricultural productivity and expand food exports by merely praying for good weather. If the Philippine government is truly serious about improving agricultural output and doubling farmers’ income, it should not be averse to shelling out money for the sector. Apart from increasing investments in the agriculture, government officials must take the time to assess Philippine farm policy and make the necessary adjustments to achieve the government’s food production goals. There is no doubt that Acting Agriculture Secretary William D. Dar is qualified for the job of propping up food output, but his expertise will count for nothing if his agency is not given the funds to implement interventions for farmers. A “business-as-usual” approach will no longer work, given the rising demand for food and the difficulty of meeting the requirements of an expanding population due to climate change. Extreme weather conditions, such as drought and strong typhoons, are among the factors that prevent the Philippines from growing farm production by an annualized rate of 3 to 5 percent—the current target of the Duterte administration. Dar needs the support not only of the national government, but also of local government units to pursue his initiatives to double farmers’ income, such as crop diversification. LGUs play a critical role because the Local Government Code of 1991 gave them the mandate to provide agricultural extension services to their planters. Encouraging farmers to shift to other crops will fail sans municipal agricultural officers who can guide them. Feeding an entire nation is an expensive proposition, but there’s no other recourse for the government but to lead the way and invest in Filipino farmers. We urge officials to go beyond providing conditional or unconditional cash assistance to farmers, which is not enough to help them fund their planting requirements (See, “DBM thumbs down CCT program for farmers,” in the BusinessMirror, August 12, 2019). Investments in the sector will take a while to bear fruit, but the experience of Thailand and Vietnam has shown that these investments will pay great dividends. Since 2005
BusinessMirror A broader look at today’s business
Asean: Major player in addressing global security challenges Teddy Locsin Jr.
FREE FIRE
Speech delivered by Foreign Affairs Secretary Teodoro L. Locsin Jr. at the 52nd Asean Foreign Ministers’ Meeting held in Bangkok, Thailand, from July 29 to August 3, 2019. Excellencies,
I
THANK the secretary-general for his briefing. We congratulate Thailand on deliverables so far achieved under its chairmanship, including the adoption of the Asean Leaders’ Vision Statement on “Partnership for Sustainability,” the establishment of the Network of Asean Associations, and the establishment of Asean Satellite Warehouses in Chai Nat, Thailand, and Manila under the Disaster Emergency Logistics System for Asean. One of Asean’s unique characteristics as a model of regionalism is its ability to bring together the world’s major powers to discuss pressing issues of global peace, stability and progress. Asean is not just a convenor but also a major player in addressing regional and global, traditional and nontraditional, security challenges. Asean Centrality is the lynchpin of mechanisms like the East Asia Summit, the Asean Regional Forum,
Pray for Hong Kong Susan V. Ople
✝ Ambassador Antonio L. Cabangon Chua
SCRIBBLES
Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors
T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace
Online Editor Social Media Editor
Ruben M. Cruz Jr. Angel R. Calso
Creative Director Chief Photographer
Eduardo A. Davad Nonilon G. Reyes
Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager
Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.
www.businessmirror.com.ph
Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF
and the Asean Defense Ministers’ Meeting Plus. While help from Dialogue Partners contribute to regional peace and stability, it is Asean that must put forward ideas and initiatives that bolster Asean’s role as the main driver of its regional architecture—not other powers. This is ours; let’s keep it ours. The only hegemony we should recognize is our associated own. On the Master Plan on Asean
I
F you are a tourist or a foreign worker in Hong Kong, wear red, or blue, or green. Don’t wear black or anything black and white. A Filipino dancer did, while on his way home from work, and the police arrested him. They thought he was part of a throng of protesters because he wore black. Until when will black be dangerous in Hong Kong? No one knows, and it’s that kind of uncertainty that has driven businesses to a sharp twodigit decline in profits. The spontaneity of the protests and the huge crowds it drew in the initial weeks were inspiring to see. Hong Kong residents rallied against a proposed law that would make extradition to China legal. As the crowds grew bigger in every rally, Carrie Lam, as Hong Kong’s chief executive, announced the suspension of the legislative measure. Protesters thought the announcement was a sham. The protests now revolve around a longer list of demands that include Lam’s resignation. Violence has marred some of the rallies, and some speculate that triad members may be responsible. The Chinese government prefers to point a finger at the United States. On Monday, protesters flooded the
international airport, paralyzing operations and causing the cancellation of hundreds of flights. The protest actions are now on its 10th week, and for a bustling, multicultural city like Hong Kong, that period is almost an eternity. Hong Kong adheres to the One Country, Two Systems governance scheme, as part of the turnover agreement between Great Britain and China. That agreement is set to expire in 2047. If this is already happening in 2019, as an offshoot of a proposed extradition bill, what more when the agreement lapses, and China maintains full control over the entire city? There are deeper roots to this series of protests that outsiders like us may not be aware of. The world is keenly, if not nervously, watching what China intends to do. Its rhetoric has become edgier with words such as “terrorism” and
Connectivity 2025, we note progress in the implementation of the Master Plan and welcome the interest of our Dialogue Partners, especially Asean’s rolling pipeline of Asean infrastructure projects. The Philippines hopes for the adoption in November of the Asean-Japan Joint Statement on Connectivity; the Asean Plus Three Leaders’ Statement on Connecting the Connectivities Initiative; the Asean-China Statement on Smart City Cooperation Initiative; and the Asean-China Joint Statement on Synergies between the Belt and Road Initiative. On Migrant Workers, Asean’s role is to promote skilled and adaptable work forces; encourage productive employment; foster harmonious, safe and progressive workplaces; and, in the name of decency, the social protection of workers regardless of nationality. We exploit no one. We commend AICHR for imparting a human-rights perspective on all three Asean Community pillars. Mainstreaming the Rights of Persons with Disabilities and its subsequent adoption by the Asean Leaders in November 2018 is a milestone in promoting inclusiveness in Asean. The Philippines welcomes the
conduct of an Asean Political-Security Community Fact-Finding Mission to Timor-Leste in September 2019 to assess its readiness to join Asean. We support efforts by Asean member-states to continue to provide capacity-building programs to assist Timor-Leste toward meeting the institutional requirements of Asean membership. We acknowledge the work of the Committee of Permanent Representatives to Asean in facilitating Asean cooperation with Dialogue Partners. To date, 91 non-Asean ambassadors have been accredited to Asean, indicating the increased number of countries seeking formal partnership with Asean. On Asean Secretariat Operations we welcome the new Asean Secretariat building in Jakarta. We thank Indonesia for its generosity in its construction. We also thank Indonesia for its warm hospitality toward the Asean Secretariat. We call on the rest of us to reaffirm our commitment to the strengthening of the Asean Secretariat as an institution, including through an increase in member-states’ annual contributions. This will allow the Secretariat to keep pace with Asean’s needs in an increasingly complex regional and global environment. Thank you.
Should our government suspend the deployment of workers to Hong Kong? I don’t think so. To declare a moratorium now could be misinterpreted as a political decision favoring one side or the other. A great majority of our 240,000 workers in Hong Kong remain safe with their employers looking out for them.
good salary that they enjoy. The Philippine Consulate and the office of the labor attaché constantly remind our OFWs to steer clear of any political exercise. Our OFWs there must use social media judiciously. They would have to avoid places where the protests would take place. They need to visit the Philippine Consulate General in Hong Kong Facebook Page, which posts advisories written in Filipino on which places to avoid and when. Considering the abnormal political and economic conditions in Hong Kong, it may be necessary to augment our diplomatic corps even just for the coming months, perhaps until the end of the year. An augmentation team would allow our Consulate to increase its mobile consular and labor services, especially during weekdays since protest rallies are usually held on Sundays, thus affecting public transport. There may also be a need to invest in more psycho-social services, to promote mental and emotional wellness at the time our workers need to be cool, calm and collected. Hong Kong-bound OFWs must be thoroughly oriented about the abnormal situation that they would likely find themselves in. It would be best if the Overseas Workers Welfare Administration (OWWA) takes over the mandatory pre-departure orientation seminars for OFWs bound for See “Ople,” A11
“black terror” now included. For the Philippines, the stakes may even be higher. We have around 240,000 workers in Hong Kong, most of them are breadwinners of their respective families. For these OFWs, life in Hong Kong has become even more stressful. The transport stoppages and constant protests have made some of them think twice on where to go, or whether to even leave the house, on their usual Sunday days-off. Disneyland employees were forced to walk home on the day that the trains stopped running. Some worry over the safety of their employers, as well as the children of their employers who are active in the protest movement. The OFWs that I have talked to online were one in expressing sadness over the events in Hong Kong. They are all hoping and praying that the protests would be over soon. Many of them have fallen in love with Hong Kong, and the freedom it offers, and the
www.businessmirror.com.ph
Opinion
Exclusive only
Living benefits of life insurance
BusinessMirror
Atty. Dennis B. Funa
Atty. Amabelle C. Asuncion
INSURANCE FORUM
Competition Matters
I
F there is one word in the lexicon that evokes special or expensive, or both, that would be the word “exclusive.” Attach exclusive to anything and it magically turns into something rare and highly coveted. A club, an event, a film screening, or an interview that is labeled exclusive straightaway sets itself apart and beyond reach. Making anything exclusive builds imaginary walls around it, multiplying its value because of the limited access. People are attracted to exclusives because this makes them feel special and marks them as insiders, assuring them of a place that they would otherwise have to fight for and best others if it were open to everyone. “Exclusivity” signifies a perk that grants access to something from which others are restricted, in exchange for some premium payment. While it can be commercially rewarding, it is rather elitist as it is selective and deliberately exclusionary. In competition law, exclusionary practices are considered anticompetitive. Exclusionary practices are those that have the object or effect of driving out competition, that is, foreclosing competitors from entering or growing in the market. If a company enjoying a dominant market position engages in such conduct, then it is considered abuse of dominance that is violative of Section 15 of the Philippine Competition Act. The most palpable example of exclusionary conduct is exclusive dealing arrangements. This can come in different forms, the most common of which are exclusive purchase agreements where a customer is bound to buy only from one supplier to the exclusion of the supplier’s competitors. It is like “exclusive dating,” as the youth of today calls it, where neither party is allowed to entertain other suitors, regardless if they could potentially find better partners. Just like in exclusive dating, an exclusive arrangement is usually explicitly agreed upon whereby the customer agrees not to deal with any other supplier. Where the supplier involved in an exclusive purchase agreement is a dominant player, limiting the customer’s ability to source its requirements from the supplier’s competitors could result in their exclusion or exit from the market. This would be especially true if the exclusivity arrangement is to be effective for a long period. At the same time, the customer is left with no options even when the supplier’s goods or services deteriorate in quality or increase in price. A less apparent way of effecting exclusivity is by offering preferential discounts or rebates conditioned on purchasing exclusively from the supplier. To be sure, awarding rebates is in itself not anticompetitive. However, where the rebate is based on purchasing all or most of a customer’s requirements from the same supplier, it can be akin to an exclusivity arrangement. In such a case, the rebate will be considered as having the object or effect of restricting competition as it limits the customer’s ability or freedom to source its requirements from another supplier. The exclusionary effect becomes more patent when the supplier in question is a dominant player, which, in some situations, would even be an unavoidable trading partner as when it must stock
Ople. . .
continued from A10
Hong Kong to ensure that the delicate political situation, as well as the do’s and don’ts would be carefully explained. Should our government suspend the deployment of workers to Hong Kong? I don’t think so. To declare a moratorium now could be misinterpreted as a political decision favoring one side or the other. A great majority of our workers in Hong Kong remain safe with their employers looking out for them. Let’s pray that the situation does not deteriorate to the point where employers choose to leave, and
products. In such a case, the rebate will most likely induce the customer to procure all its requirements from that supplier. The nagging question from the business perspective, however, is when it impairs parties’ freedom to contract and ignores business considerations for wanting an exclusive arrangement. The plain response to this is that competition law is indeed a check on business judgment and freedom to contract. Companies are free to make business decisions and choose with whom to contract and under what terms, provided these are not anticompetitive. The deeper rationale, however, is that exclusivity arrangements can drive out competition and harm consumers because, in a way, the supplier enjoys monopoly power over the captive customer. This could then translate to higher price levels, lower quality of goods or services, and limited consumer choice. This happens when the prestigious underpinnings commonly associated with the general concept of exclusivity are replaced with the oppressive consequences of a lock in arrangement. Exclusivity arrangements are actually barriers to entry because the customer base is already reserved to the current market players. This prevents other market players from coming in and competing, even if they could potentially provide better goods or services at affordable prices. It perpetuates inertia as it encourages the current market players to relax because they are protected from the normal threat of their customers being lured away. At a time when most anything is a dime a dozen, the challenge is to distinguish oneself and rise above the others. There are many legitimate and creative ways to respond to this dare. Competition law emphasizes that the challenge is in fact to be a cut above the rest, not to cut off the rest. Before her appointment to the Philippine Competition Commission, Commissioner Asuncion was engaged in corporate and commercial practice and served as chief legal counsel of a top company and a corporate partner of a law firm. She was also previously involved in legislative, law and policy reform, advocacy, and adjudication work. Commissioner Asuncion has a Master of Laws degree (with distinction) in International Legal Studies from Georgetown University Law Center in Washington, D.C., and is admitted to the New York bar.
our workers are forced to come home. When prolonged political disputes lead to a spiraling economic decline, then job cuts may be inevitable. Meanwhile, if you are a tourist or an OFW, don’t wear black in Hong Kong. And keep your social-media posts clean. And when caught in a protest rally, stay calm and extricate yourself. For Filipinos who are looking forward to a tour of Hong Kong, this is obviously not the best time. Pray for Hong Kong. Please. Susan V. Ople heads the Blas F. Ople Policy Center and Training Institute, a nonprofit organization that deals with labor and migration issues. She also represents the OFW sector in the InterAgency Council Against Trafficking.
W
HILE life insurance usually looks forward to giving insurance benefits to beneficiaries upon the death of the insured, life insurance can also carry certain benefits for the insured to be enjoyed by him while he is still alive. These are called living benefits, as distinguished from death benefits. These living benefits are available only where equity or “cash value” accumulates. This cash value increases as the policy matures. These can be found in whole life insurance, variable unit-linked insurance, and endowments but not in term life insurance. The right to avail of these benefits are stipulated in the insurance policy itself or as benefits in nonforfeiture clauses. A nonforfeiture clause would provide that a policyholder can avail herself of certain living benefits after a lapse due to nonpayment of premiums. The living benefit allows the insured to access a portion of the death benefits, usually in cash, while the insured is still alive. Otherwise, the death benefit, equivalent to the face amount, will go to the beneficiaries
upon the death of the insured. Therefore, living benefits refer to the cash benefits available to the insured after they have paid premiums over a specific period or number of years. The cash values and the endowment proceeds of a permanent life insurance policy are considered living benefits since they are made available to the insured while they are alive. Thus, the insurance policy can, in fact, be tapped as an alternative source of funds. This is done by tapping into the cash value of the policy
Wednesday, August 14, 2019 A11
such as by availing of a policy loan. A life insurance builds up a cash value that accumulates over time. The cash value of the insurance policy may be used for any financial need whatsoever. The natural consequence is that in tapping into the cash value, the insurance policy is at risk of not providing any money to the intended beneficiaries. The living benefits may be availed of through any of four nonforfeiture benefit options: a) loan value, b) extended term insurance, c) paid up insurance, and d) cash surrender value. Loan value is also known as the policy loan or life insurance loan. The policyholder may take out a loan against his insurance policy as the collateral. This loan need not be paid back, unlike a regular loan. The amount payable will just be deducted from the death benefit that should go to the beneficiaries. Just like a regular loan, interest rates apply. Extended term insurance “allows the policyholder to use the cash value to purchase a term insurance policy with a death benefit equal to that of the original whole life policy.” The whole life insurance policy is surrendered in place of the term policy, which will end after a certain number of years. The insurance policy is
only canceled at the end of this term. In acquiring the term policy, no premium payments coming anew from the insured would have to be made. Paid up insurance is where the unpaid insurance policy will be considered as fully paid but the policy will have a corresponding reduced amount. Thus, the policyholder will receive a lower amount of fully paid whole life insurance. The attained age of the insured will determine the face value of the new policy. This, however, will depend on how much cash value has been generated. A life insurance company will usually require three years of premiums before a policy would become available for reduced paid up insurance. The cash surrender value is the sum of money an insurance company pays to a policyholder, or an annuity contract owner in the event that his or her policy is voluntarily terminated before its maturity or an insured event occurs. This cash value is the savings component of most permanent life insurance policies, particularly whole life insurance policies. Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016. E-mail: dennisfuna@yahoo.com.
An added layer of social security protection Aurora C. Ignacio
All About Social Security
G
ETTING fired or laid off is perhaps one of the most terrible situations that an employee might experience. When employees suddenly lose their jobs, they have to find ways to hurdle their financial challenges to continue supporting their family while overcoming the mental and emotional trauma of sudden unemployment. How protected are Filipinos employed in the private sector from the contingency of involuntary separation? The Philippine Statistics Authority recorded unemployment rate in January 2019 at 5.2 percent. There are a number of reasons for getting laid off from work. One could be due to the closure of a company. Or, calamities and economic slowdown could have forced the company to cease operation. In the past, employees are not protected from involuntarily separation. But now, the Social Security System’s (SSS) newest offering— unemployment or involuntary separation benef it—prov ides
added protection to private sector employees. This new provision under the newly enacted Republic Act 11199 or Social Security Act of 2018 aims to provide involuntarily separated employees with financial assistance to support themselves and their families while they are looking for a new job. The Philippines is one of the countries in Asia that offers unemployment insurance. Other countries in the region that give protection to the unemployed are Japan, China, and Thailand. SSS covered employees, kasambahay, and overseas Filipino workers can avail themselves of unemployment benefit, an added layer of social
security protection. The pension fund has started accepting applications for unemployment benefit last week. Qualified member-applicants may be granted a cash benefit of half of their average monthly salary credit (AMSC) for a maximum of two months. To illustrate, a member earning P10,000 per month who was involuntarily separated from employment may be granted a cash assistance of half of his AMSC, which is P5,000 per month or a total of P10,000 of unemployment benefit for a maximum of two months. To qualify for this benefit, the covered employee must not be more than 60 years old at the time of involuntary separation, while underground and surface mine worker, and racehorse jockey members must not be older than 50 and 55 years old, respectively. The member must have also paid at least 36 monthly contributions, 12 months of which should have been made in the 18-month period immediately preceding the month of involuntary separation. They must also have no settled unemployment benefit within the last three years prior to the date of involuntary separation.
Unemployment insurance only applies to employees involuntary separated from work without fault. These include installation of labor-saving devices, redundancy, retrenchment, closure of operation, disease or illness. Employees who lost their jobs due to negligence cannot avail themselves of this benefit. One of the documents that must be submitted to avail of unemployment benefit is a certification from the Department of Labor and Employment to confirm involuntary separation. Qualified member-applicant may only file for this said benefit once every three years from the date of involuntary separation. They may file their claims at any SSS branch or foreign office. With SSS’ unemployment insurance, we hope to alleviate the financial and emotional burden of employees who suddenly lost their jobs by providing them with temporary financial aid while they try to start anew. Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.
Christine Lagarde’s biggest problem at the ECB is Germany By Ferdinando Giugliano Bloomberg Opinion
C
HR ISTINE L AGAR DE is still to be confirmed as the European Central Bank’s (ECB) next president, but work is already piling up on her desk. The euro zone is in danger of becoming the biggest collateral victim of the United States-China trade war and Lagarde will need all her political skills to plot an escape route from the threat of recession. The euro zone is uniquely vulnerable to any blockages in international trade. In 2017, exports of goods and services amounted to 27.9 percent of its gross domestic product compared to 12.1 percent for the US, according to the ECB. The monetary union had a current account surplus of €323 billion ($362 billion), or 2.8 percent of GDP, in the year to May. While countries such as Germany and Italy might be very different in their commitment to fiscal rectitude —and in how they’re viewed by the bond market—they both share the same export-led model of economic growth. The euro area faces two big problems in the trade war. First, it can
do very little to stop it. President Donald J. Trump and Xi Jinping, the US and Chinese presidents, are calling the shots while Europe’s leaders can only run for cover. True, JeanClaude Juncker, the departing head of the European Commission, has managed to delay a full-blown trade confrontation between the US and the European Union. Nevertheless, the worsening relationship between Washington and Beijing is weighing on exports and investment decisions in the EU. Second, the monetary union has few tools with which to combat a trade-induced slowdown. Most people expect the ECB to loosen monetary policy at its next policy meeting, cutting rates further into negative territory. It could also resume its program of net asset purchases. Still, the ECB is in a weaker position than the US Federal Reserve. The American economy’s stronger recovery has allowed the Fed to raise rates in the past few years. That gives it more room to cut if the slowdown persists. In principle, the euro zone should rely more on fiscal policy, where comparisons with the US are more
flattering. Aggregate debt in the bloc was 85.1 percent of GDP last year, compared to 105.8 percent in the US. Deficit levels are much lower too: A mere 0.5 percent in the monetary union, against 4.3 percent in the US. Germany enjoys a hefty fiscal surplus. Yet, the political obstacles to a well-designed fiscal stimulus are formidable. Though Berlin might be warming to the idea of borrowing to fund measures to combat climate change, according to a Reuters report, there’s no sign that it’s willing to change its so-called debt-brake fiscal rule (which limits its structural deficit to 0.35 percent of GDP). Any extra climate spending would be welcome but it’s unlikely to be meaningful. If domestic unemployment stays low, German politicians probably won’t feel the urge to open the public purse. Even if Berlin did change the habits of a lifetime, it wouldn’t solve everything. A chunky stimulus package in Germany would boost the domestic and euro zone economies. But countries in difficulty, such as Italy, would benefit only a little from the cross-border spillover effects of any extra German spending. If the
euro area had a centralized budget, it would let it allocate funds where they’re needed most. That would help enormously. Lagarde’s political skills are sorely needed. On monetary policy the ECB will have to continue with the playbook put together by Mario Draghi, the departing president. This means keeping negative rates as low as possible and restarting quantitative easing if needed. A hawkish tilt, including raising the deposit rate, would be foolish at a time when inflation is below target, growth is stuttering, and European manufacturers need a weak euro. The new ECB chief’s real challenge will be to convince Berlin that it’s time to take off the spending caps. That alone will require a seismic shift. She’ll also need to make the case for a centralized euro zone fiscal capacity, although that’s unlikely to get very far as long as the rest of the currency area feels countries like Italy might abuse it. Her chances of success are, unfortunately, slim. The euro zone has a masochistic tendency to act only in a crisis. Europe is walking naked into Trump’s trade war.
2nd Front Page BusinessMirror
A12 Wednesday, August 14, 2019
www.businessmirror.com.ph
LTFRB ordered to release TNVS licenses
T
By Elijah Felice E. Rosales
@alyasjah
HE Anti-Red Tape Authority (Arta) on Tuesday ordered the release of the certificates of public convenience (CPCs) of all pending transportation network vehicle service (TNVS) applications with complete documentary requirements. In an order of automatic approval, the Arta declared the completeness of all pending TNVS applications before the Land Transportation Franchising and Regulatory Board
(LTFRB) that have no missing documents, were duly paid and were duly heard from July 7—20 days after the effectivity of the Ease of Doing Business (EODB) law—until July
24—20 days immediately prior to the issuance of the order. As such, the LTFRB should issue immediately the CPCs of TNVS applications that made the cut in accordance with the Arta order. “Consequently, the aforementioned applications are deemed automatically approved by operation of law. In view thereof, LTFRB is hereby ordered to issue the corresponding CPCs, or other appropriate licenses or certifications for all these TNVS applications,” the order read. Further, the LTFRB is tasked to furnish the Arta with a list of all pending TNVS applications that have submitted complete documentary requirements, have duly paid
the required fees and have been duly heard from July 7 until July 24, but whose CPCs have yet to be issued, within three days from the receipt of the order. The Arta made the declaration of completeness in the face of mounting complaints that there are several pending applications with complete requirements and are just awaiting the issuance of their respective CPCs. TNVS drivers are required to get a CPC in order to operate within the TNVS industry. Arta Director General Jeremiah B. Belgica said in a news briefing the Arta will be compelled to file an administrative case against the LTFRB if it does not comply with the order.
“If they do not issue the CPCs and submit the inventory of TNVS applications, it opens up the possibility of filing an administrative case against persons concerned. The law says we can declare completeness and, since the applications are already approved, we need not make it harder for the public to get their government papers,” Belgica said. Among the persons who might face trial are board members, including the chairman, of the LTFRB. Under the EODB law, government officials found guilty of practicing red tape will be punished with a suspension of six months for first offense. On second count, the government official will be fined with a
penalty between P500,000 and P2 million, one to six years of imprisonment, and termination of retirement benefits. The Arta is also asking all government agencies to submit a citizen’s charter in accordance with the requirement of the EODB law. The charter should list the summary of the mandate of the agency; its transactions; requirements for every transactions; fees to be paid to acquire such; and processing time. Under the EODB law, simple government transactions should be completed within three days; complex transactions within seven days; and highly technical transactions within 20 days.
PHL allows China to join probe PHL to set up AVOID HONG KONG agency of citizen’s fatal fall from building space as law signed NOW–PALACE ADVICE By Recto Mercene @rectomercene
& Samuel P. Medenilla
F
@sam_medenilla
OREIGN Affairs Secretary Teodoro Locsin Jr., on Tuesday said it is international practice to allow foreign investigators to participate in investigations in the country where the crime occurred. “When a foreign national is killed on our soil, we are obliged to
allow the foreign national’s state to send its own investigators to solve the crime we seem unable to. That is international practice,” Locsin said in his official Twitter account. He was referring to the death of a Chinese national, identified as Yang Kang, who was found dead after allegedly jumping from the sixth story of a building in Las Piñas City. Yang, 27, was handcuffed when a security guard found Yang’s lifeless
SOUTHWEST MONSOON AFFECTING WESTERN SECTIONS OF NORTHERN AND CENTRAL LUZON as of 4:00 pm - August 13, 2019
body on Sunday morning, August 11. “One hundred percent agree with China on this one. We go down this road of letting Chinese nationals be hurt, our people in China will pay,” Locsin said. The secretary agreed to bring in Chinese police authorities to join in the investigation of Kang’s suspicious death after a blogger questioned the wisdom of allowing foreigners to participate in the probe. See “China,” A2
P
RESIDENT Duterte has signed the Philippine Space Act, enabling the Philippines to establish its own national space agency and its research facilities in Clark Special Economic Zone in Pampanga and Tarlac. Under Republic Act 11363 signed on August 8, the Philippine Space Agency (PhilSA) is created to be the country’s official representation in the international space community for establishing cooperation agreements and linkages on space development. With an initial funding of P1 billion, PhilSA will also be an attached agency under the Office of the President. “A land area equivalent to at least 30 hectares under the administration of the Bases Conversion and Development Authority [BCDA] within the Clark Special Economic Zone in Pampanga and Tarlac shall be allocated exclusively for the PhilSA office and its research facilities,” read the newly signed law, a copy of which was only released on Tuesday. PhilSA is also mandated by law to plan, develop and promote the national space program in line with the Philippine Space Policy. This will serve as the country’s primary strategic roadmap for space development and embody the country’s central goal of becoming a space-capable and space-faring nation within the next decade. Heading PhilSA is a director general to be appointed by the President. The director general shall have the rank and compensation of a Cabinet Secretary and shall also be subject to confirmation by the Commission on Appointments. The director general is also tasked to administer the Philippine Development Fund. This fund shall be sourced from the following: ■ P10 billion taken from the national government’s share in the gross income of the Philippine Amusement and Gaming Corp. (Pagcor) and the BCDA; an amount of P2 billion per year shall be released to PhilSA ■ Income from specialized products, services and royalties produced by PhilSA ■ Loans, contributions, grants, bequests, gifts, donations, whether from local or foreign sources Moreover, an initial funding of P1 billion is also appropriated to PhilSA, taken from the current fiscal year’s appropriation of the Office of the President. Thereafter, the amount needed for the appropriation and maintenance of PhilSA shall be included in the national budget. Assisting the director general are three deputy directors general who shall also be appointed by the President upon the recommendation of the director general. See “Space agency,” A2
By Bernadette D. Nicolas
M
@BNicolasBM
A L AC A ÑA NG advised the public on Tuesday to avoid going to Hong Kong amid antigovernment protests at its international airport. “If you want to go to Hong Kong this is not the right time to go there because your flight might be canceled,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo told reporters in a Palace briefing. “Avoid going there. That’s the advice. Because you’re not sure whether you’re going to reach Hong Kong in the first place,” he added. Reports said protesters have
succeeded in shutting down the Hong Kong International Airport, one of the busiest in Asia. Following violent clashes of protesters with the police over the weekend, almost 200 flights were canceled to and from Hong Kong as of Monday. The Manila International Airport Authority also announced several flight cancellations to and from Hong Kong. P rotest s i n Hong K ong stemmed from a controversial bill—since suspended—that would allow extradition to China. Last week, Labor Secretary Silvestre H. Bello III said the Philippines will still continue to deploy workers to Hong Kong even amid the protests.
BTR awards full ₧20B on offer for T-bonds
T
HE Bureau of the Treasury (BTr) has awarded the full P20 billion on offer for reissued 10-year Treasury bonds (T-bonds) during its auction on Tuesday. National Treasurer Rosalia V. de Leon told reporters that the auction committee decided to award the full P20 billion as liquidity is present in the system coming from the recent move of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to cut by 25 basis points key interest rates last week. “We expect that rates will be coming down given the pronouncements by the [Central Bank] Governor and of course the actions of the MB last Thursday which reduced policy rates by 25 basis points. And coming from the [BSP] Governor [Benjamin E. Diokno], they are also looking at possible RRR [reserve requirement ratio] cut in September or within the fourth quarter,” de Leon said. Tenders for the reissued 10-year T-bond amounted to P65.216 billion, with the average annual rate
FDI. . .
Continued from A1
Reinvestment of earnings expanded by 12.9 percent to $418 million, from $371 million in the same period last year. For the month of May alone, FDI declined by 85.1 percent to $242 million, from last year’s $1.6 billion net inflows. Some economists, however,
posting a decline of 144.8 basis points to settle at 4.196 percent, which prompted the auction committee to award the P20-billion offering. The previous average annual rate for the security was at 5.644 percent which was awarded last May 28, 2019. “On the domestic front, it’s really more driven by, we see, the increasing liquidity and lower rates. Eventually, they will again [cut the rate] so they are taking the opportunity right now to also lock in, particularly, for the 10 years,” she added. Last week, Diokno announced the MB’s decision to cut the interest rate on the BSP’s overnight reverse repurchase facility by 25 basis points to 4.25 percent. The interest rates on the overnight deposit and lending facilities were slashed to 3.75 percent and 4.75 percent, respectively, on the back of the inflation downtrend as well as the tepid gross domestic product (GDP) growth in the April-to-June period this year. This the second cut in key interest rates made by the BSP for this year. Rea Cu expressed optimism that the country’s FDI numbers will recover toward the end of the year. “S&P upgraded the Philippine credit ratings by one notch to BBB+, two notches above the minimum investment grade. This reflects improved international investor sentiment/confidence on the Philippines, and may increase FDI inflows into the country,” the RCBC economic team said.
Editor: Efleda P. Campos
Companies BusinessMirror
Wednesday, August 14, 2019
B1
PCC tells Grab: Keep service quality, fare transparency offers
T
By Elijah Felice E. Rosales
@alyasjah
HE Philippine Competition Commission (PCC) has instructed Grab to continue implementing until October its voluntary commitments on service quality and fare transparency as part of the conditional clearance of its acquisition of Uber.
reach an agreement on a new set of voluntary commitments, the conditional clearance on the merger will be reevaluated by the competition body. “The task ahead for PCC and Grab is to ink a renewed set of commitments that is fair and reasonable and that protects consumers from Grab’s currently unchallenged dominance in the market. We also hope to raise the level of competitive intensity in the market and bring about market conditions conducive to new entrants,” Balisacan said in a statement on Tuesday. The existing voluntary commitments are on service quality, wherein Grab should bring back market averages for acceptance and cancellation rates before the acquisition, and response time for rider complaints; and on fare transparency, wherein Grab should show the fare breakdown per trip, including distance, fare surges, discounts, promo reductions and per-minute waiting charge in every trip receipt.
The PCC extended Grab’s voluntary commitments for 71 days, or from August 11 to October 20, to provide the government and involved parties the time to negotiate a new or amended set of commitments intended to address competition issues in the ride-hailing market. Grab was first ordered to undertake steps on service quality and fare transparency for a period of one year, or only until last Saturday. Aside from the existing voluntary commitments, the PCC is
planning to clamp down on Grab’s price surges and driver discrimination resulting from booking cancellations. PCC Chairman Arsenio M. Balisacan said the urgent task for his agency and Grab is to come up with a new list of measures for the firm to carry out. These commitments, he argued, should safeguard riders from any anticompetitive practice that may arise from Grab’s virtual monopoly of the ride-hailing market. If the PCC and Grab fail to
CPG income up by half in Jan-June
Cebu Pacific profits double in H1 to ₧7.14B from ₧3.31B
R
EAL-ESTATE developer Century Properties Group Inc. on Tuesday said its income was up by more than half to P760 million for the six months of the year ending June from P490 million last year, still mostly contributed by its high-rise developments—a segment that it is running out of selling in the next few years. Consolidated revenues grew to P5.44 billion or 26 percent higher than the previous year’s P4.39 billion, the company said. For the second quarter alone, its net income almost doubled to P336.74 million from last year’s P189.76 million. “We expect this positive momentum to continue as revenues from our expansion plans have started contributing significantly and steadily to CPG’s bottom line even as our existing in-city projects still significantly provide a stable revenue stream. Our affordable housing business now accounts for 12 percent of our revenue and is expected to further ramp up as more homes will be completed in the third and fourth quarters,” said Ponciano S. Carreon Jr., the company’s chief finance officer and head for investor relations. The company, however, is running out of highrise projects to develop with no new development launches, and will rely more on its horizontal business. CPG’s affordable housing firm PHirst Park Homes Inc., a joint-venture company with Japan’s Mitsubishi Corp., is continuing with its five-year plan of rolling out 15 master-planned communities worth P57 billion in key growth areas in the country, the company said. Aside from its current projects in Tanza, Cavite; Lipa, Batangas; and San Pablo, Laguna, the PHirst Park Homes brand will launch two to three more additional projects this year in north and south Luzon. As for its in-city developments—mostly high-rise projects—the company has completed three additional buildings in 2018 with P7 billion in sales value: the Boracay Tower at the Azure Urban Resort Residences in Parañaque; Osmeña East Tower at the Residences at Commonwealth in Quezon City; and Iguazu Tower at Acqua Private Residences in Mandaluyong City. CPG completed one more Commonwealth tower this year with two more to follow by the fourth quarter of 2019. “We expect that the encouraging performance of our core businesses coupled with cost-reduction measures and improvement in our operating efficiencies will help sustain our double-digit NIAT [net income after tax] growth for the next three to four years,” Carreon said. Under its recurring income portfolio, CPG is scheduled to complete this year the Century Diamond Tower office building in Century City, Makati, with a gross floor area of 63,110 square meters. This will further add to its leasing assets target of 300,000 sq m of GFA and P2 billion in revenues by 2020. VG Cabuag
C
EBU Air Inc., the operator of budget carrier Cebu Pacific, saw its profits doubling in the first half of the year fuelled by a double-digit gain in revenues and slower growth in its expenses, a disclosure to the local bourse showed. During the first semester, Cebu Air booked P7.14 billion in profits, a 115.7-percent surge from P3.31 billion the year prior owing to the 18.2-percent growth in its top line, which ended at P44.70 billion in end-June. Its three main revenue streams all posted increases in varying paces. Its passenger revenues rose by 17.8 percent to P33.25 billion owing to the 8.8-percent increase in average fares for the first six months of the year and the 8.3-percent growth in passenger volume to 11.21 million. Cebu Air’s ancillary revenues jumped by 23.8 percent to P8.52 billion, as passengers opted to pay for premium services such as food, beverage and seat selection, among others. Its cargo business climbed by
6.9 percent to P2.84 billion as both volume and yield of cargo transported in the first semester increased. The Gokongwei-led carrier’s expenses, on the other hand, grew by a slower 8.2 percent to P35.77 billion from P33.06 billion, even as it expanded its operations due to increased seat capacity from the acquisition of new jets and the weakening of the Philippine peso against the greenback. As of end-June, the Cebu Air Group, which operates Cebu Pacific and Cebgo, has a fleet of 72 aircraft, comprising 33 Airbus A320s, seven Airbus A321ceos, one Airbus A320neo, two Airbus A321neos, eight Airbus A330s, eight ATR 72500s, and 13 ATR 72-600s. The carrier operates an extensive network serving 67 domestic routes and 39 international routes with a total of 2,718 scheduled weekly flights. Cebu Air shares added P1.50 apiece or an increase of 1.62 percent to end Tuesday’s trading at P91 per share. Lorenz S. Marasigan
FORTUNE SMILES ON MUTYA
FORTUNE Life Insurance Co. sealed its first sponsorship agreement as the official insurance partner of Mutya Pilipinas 2019 through Mutya’s president, Socorro “Cory” R. Quirino (center) recently at CWC Interiors, 830 Arnaiz Avenue, Makati. Representing Fortune Life were Senior Vice President/Assistant General Manager and Officer in Charge for Marketing and Sales Division Emma M. Abad (right) and Asst. Vice President for Marketing Garry Pasion. One of the candidates of Mutya Pilipinas 2019 will be chosen to receive a special award as Empowered Woman of Fortune Life.
Also, Grab was tasked to maintain pricing at a level comparable to the period prior its buyout of Uber. Grab should also not introduce any policy that will result in drivers and operators being exclusive to the firm. There were also commitments on incentives monitoring and improvement plan, both of which seek to keep in check Grab’s position in the market. The PCC last year initiated a motu proprio review of the GrabUber merger and raised competition concerns resulting from the transactions. The competition body argued the buyout virtually made Grab a monopoly in the ridehailing market. The PCC’s conditional approval of the transaction lies upon how Grab will comply with the commitments it set. These measures are designed to maintain the conditions in the market as if Uber or another competitor is present to set a competitive constraint on Grab. They are also aimed at making it easy for new players to come in and rival Grab’s position.
ICTSI posts 42% profit growth in H1 on bigger earnings from terminals By Lorenz S. Marasigan @lorenzmarasigan
P
ORT operator International Container Terminal Services Inc. (ICTSI) posted a 42-percent growth in profits in the first six months of 2019 owing to improved contributions from some of its terminals and the decrease in equity loss in Columbia. In absolute terms, its net income stood at $128.5 million, a figure that would have been higher if not for the nonrecurring gain from an interest rate swap in Mexico the year prior. Fuelling this growth is the increased contribution of its terminals in Iraq, Australia, Congo and Subic. “ICTSI’s performance in the first half of 2019 has been very positive. The group’s focus on generating high-quality earnings from our ports, ramping up activities at our newer terminals and strong cost control has enabled us to continue to deliver on our strategic objectives,” ICTSI President Enrique K. RazonJr. said.
During the same comparative periods, the company’s gross revenues rose by 14 percent to $751.8 million from $661.8 million, as it handled over 5.04 million twenty-foot equivalent units of cargo, a 7-percent increase from 4.71 million TEUs the year before. Its consolidated cash operating expenses, meanwhile, grew by a slower 5 percent to $232 million versus the $221.2 million it spent last year on the account of increases in volume, salaries, investments in technology, and some cost contribution in Papua New Guinea. The company spent roughly $120.5 million in capital outlays in the first half of 2019, representing 32 percent of its $380-million programmed capital expenditures for 2019. “Our business remains relatively unscathed by current geopolitical headwinds, but we remain vigilant and continue to monitor the situation closely. ICTSI is a robust business, strongly placed for the second half and the board remains confident of the future,” Razon noted.
B2
Companies BusinessMirror
Wednesday, August 14, 2019
PSE STOCK QUOTATIONS
August 13, 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 MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE
57.2 144.2 90 26.3 11.5 70.4 13.1 47.6 57.6 27.85 190 59.1 1.11 1.81 18.3 4.9 1.26 0.435 750 0.95 190 1755 1.11
58 144.4 91.65 26.35 11.52 70.5 13.18 47.8 57.95 27.9 195 59.6 1.18 2.26 18.7 4.91 1.35 0.44 770 0.98 190.1 1800 1.12
57.2 146.2 93.9 26.7 11.92 71.75 13.1 50 58.8 29.65 194 59.6 1.18 2.26 18.3 4.71 1.26 0.45 750 1 191.7 1800 1.11
57.2 146.3 94.15 26.75 11.92 72.25 13.18 50 58.8 29.75 195 59.6 1.18 2.26 18.7 4.91 1.26 0.45 750 1 191.7 1800 1.12
57.2 141 89 26.25 11.48 70 13.1 47.25 57.55 27.9 183.6 59 1.18 1.8 18.3 4.7 1.26 0.44 750 0.95 188.1 1800 1.11
57.2 144.2 91.65 26.3 11.52 70.4 13.18 47.8 57.65 27.9 195 59.1 1.18 1.8 18.7 4.9 1.26 0.44 750 0.98 190 1800 1.12
1650 1969360 3921770 211700 1309300 3121750 4600 896600 5990 110800 484190 67010 15000 93000 800 669000 1000 1440000 80 561000 7460 350 22000
94380 -2860 280,750,038( 87,707,100.0003) 360602486.5 79494795.5 5588480 -3068020 15144128 -1714480 220218658.5 -118764375 60500 42965920 4235355 348014.5 3140825 -163715 91747444 -4009500 3958156 -1153967.5 17700 193640 31000 14880 3220880 1260 639300 45000 60000 546370 1960 1417342 -366660 630000 24620 -2220
INDUSTRIAL ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP 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 PRYCE CORP GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG
1.29 34.1 0.24 25 81.05 354 22.5 5.09 2.71 10.2 36.55 6.8 13.52 15.56 14 6.07 8.92 7.49 99.7 0.71 55.75 217.4 8.35 13.42 0.183 1.65 12.62 1.68 5.05 2.1 0.127 162.7 1.15 2.43 70.5 82.05 3 5.19 14.8 9.2 13.84 18.34 8.7 1.1 1.08 105.3 2.02 5.08 1.98 7.99 1.53 5.4 1.01 12.2
1.31 34.7 0.243 25.45 81.5 369.8 22.55 5.1 2.72 11 36.75 6.98 14 16 14.14 6.1 8.95 7.5 101.5 0.72 56 218 8.8 13.76 0.184 1.68 12.7 1.72 5.1 2.24 0.129 163 1.16 2.48 73 85 3.03 5.4 14.86 9.28 14.02 18.36 9 1.12 1.1 116.5 2.07 5.22 1.99 8 1.59 5.55 1.02 12.3
1.31 34.5 0.25 26 82.3 360.6 22.5 5.21 2.73 11 37.8 6.95 14 15.52 14.58 6.28 9.29 7.61 98.9 0.71 58.2 225 8.64 13.52 0.184 1.79 13.2 1.76 5.09 2.1 0.126 160.8 1.27 2.48 72.5 88.5 3.31 5.19 15.36 9.52 14.08 18.7 9.1 1.14 1.12 105.3 2.08 5.23 2.09 8.45 1.66 5.55 1.01 13.76
1.32 35 0.25 26.3 82.4 369.8 22.7 5.25 2.78 11 37.8 7.06 14.26 16.3 14.58 6.28 9.29 7.61 101.5 0.74 59 226 8.64 13.82 0.184 1.79 13.2 1.76 5.1 2.29 0.129 164 1.27 2.48 73.5 88.5 3.31 5.19 15.36 9.59 14.08 18.7 9.1 1.14 1.15 105.3 2.08 5.23 2.09 8.45 1.66 5.55 1.01 13.76
1.29 34 0.24 25 81 350 22.4 5.1 2.68 10.02 36.4 6.8 13.52 15.52 14 6.1 8.82 7.49 96.9 0.71 55 217.2 8.35 13.4 0.184 1.63 12.4 1.66 5.09 2.1 0.126 157.3 1.12 2.48 70.3 82.05 2.96 5.19 14.74 9.2 13.76 18.24 9.06 1.08 1.06 105.3 2.02 5.2 1.97 7.7 1.5 5.55 1 12.16
1.29 34.1 0.243 25.45 81.05 369.8 22.5 5.1 2.71 11 36.75 6.8 14 16.2 14 6.1 8.92 7.5 101.5 0.71 56 217.4 8.51 13.42 0.184 1.68 12.62 1.72 5.1 2.29 0.129 163 1.15 2.48 73.5 82.05 3.03 5.19 14.8 9.2 13.84 18.36 9.06 1.12 1.08 105.3 2.02 5.22 1.99 7.99 1.51 5.55 1.01 12.2
1179000 1259900 1710000 2449100 178720 269440 558700 3003700 39086000 120300 363900 181900 1296100 1800 1546700 21600 5797500 1180500 134920 856000 492780 1578160 11000 765600 300000 11811000 1486200 709000 1000 3000 30000 1013630 27186000 18000 1150 970 18911000 700 694100 713000 2634000 734800 2800 531000 3257000 30 399000 7900 7078000 906600 610000 5000 142000 383400
ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG
0.9 14.7 933 49.15 13.54 3.56 7 0.69 1.16 1.21 6.66 9.14 13.3 0.225 852 6.1 64.55 6.06 0.49 4.38 14 0.61 4.55 0.039 1.29 1.36 969 174 0.81 255 0.229 0.255
0.91 14.78 940 51.5 14.12 3.58 7.1 0.7 1.17 1.24 6.73 9.15 13.78 0.242 855 6.3 65.6 6.46 0.52 4.4 14.4 0.62 4.6 0.04 1.3 1.39 987 177 0.84 257 0.237 0.265
0.95 15.4 935 49.85 14.18 3.7 7 0.69 1.2 1.24 6.9 9.65 13.4 0.243 882 6.3 63 6.04 0.51 4.41 14.2 0.67 4.64 0.038 1.35 1.39 986.5 177 0.88 256.6 0.23 0.275
0.96 15.4 940 51.5 14.18 3.7 7 0.71 1.22 1.24 6.9 9.65 13.78 0.243 882 6.3 65.6 6.04 0.52 4.41 14.4 0.67 4.64 0.039 1.35 1.39 988 177 0.88 257 0.23 0.28
0.88 14.6 918 49 13.34 3.5 7 0.69 1.15 1.24 6.6 9.06 13.4 0.243 850 6.2 61.05 6.04 0.5 4.38 13.9 0.61 4.47 0.038 1.26 1.37 958 174 0.8 255 0.229 0.25
0.9 14.76 940 51.5 14.12 3.56 7 0.71 1.16 1.24 6.66 9.14 13.78 0.243 855 6.3 65.6 6.04 0.52 4.4 14.4 0.61 4.6 0.039 1.3 1.37 987 177 0.84 257 0.23 0.265
27966000 82400 327740 2135900 7329800 6030000 82800 346000 3337000 8000 1659900 6010600 54500 150000 107210 367000 2360120 900 64000 103000 2197700 2657000 19168000 1800000 1340000 19000 274520 127500 1021000 3020 1870000 7640000
HOLDING & FRIMS
1535370 42987910 -33994405 411820 62765850 5548145 14620969.5 -6904340.5 97473374 -38208834 12554290 5069755 15475514 614365 107070920 -4676130 1279226 1080 13,461,750( 5,030,595.0003) 1254945 18159890 6790952 28610 22057240 -3373376 132078 -26894 52,232,918( 15,685,831.9996) 8898353 -6067355 13414219 -8994375.5 613450 265130 27997662 8098045.5 344837226 -126680428 93412 -8500 10340844 6942546 55200 19943900 -3383800 18,755,746( 2,937,103.9999) 1199190 -17000 5098 6490 3810 -1290 163585519 -75129618 32072070 -823400 44640 81569 81716 58704880 7877140 3633 10301360 440198 6645494 -3099486 36750918 -14655870 13,479,794( 5,682,492.0002) 25448 586940 3589710 -540410.0001 3159 812790 41148 14121220 -1328510 7139341 100161.9997 971650 27750 142960 4823756 43852
25520150 1209194 303918085 106300325 100588576 21703620 579600 238810 3899850 9920 11046846 55590385 742390 36450 91526705 2307810 149628765.5 5436 32550 451980 30994440 1658330 87167590 69300 1720100 26290 266811295 22419618 832530 772246 430010 2041900
2931700 -55267565 -58071670 -46480384 1534030 -9920 -1029583 -23937270 -76055750 -2072250 -61422755 -78910 -3321908 15500 3579140 -65000 -85414735 -1392067 -115072 -
PROPERTY
ARTHALAND CORP 0.94 0.95 1.04 1.06 0.9 0.94 20803000 20291610 97330 ANCHOR LAND 10.12 11 10.06 10.12 10.06 10.12 121100 1225466 AYALA LAND 47.25 47.4 48.4 48.4 46.3 47.25 25680900 1206533415 -482107420 ARANETA PROP 1.94 2 2 2.03 2 2 454000 911300 -4059.9999 BELLE CORP 2.18 2.19 2.22 2.22 2.18 2.19 447000 979940 -157440 A BROWN 0.78 0.8 0.83 0.83 0.8 0.8 1071000 864120 CITYLAND DEVT 0.84 0.85 0.85 0.9 0.82 0.84 270000 228200 CROWN EQUITIES 0.232 0.233 0.241 0.241 0.232 0.232 4550000 1063480 CEBU HLDG 5.94 6.1 6.02 6.1 5.96 6.1 80600 480746 -480746 CEB LANDMASTERS 4.64 4.67 4.9 4.92 4.61 4.65 2449000 11664300 673990 CENTURY PROP 0.54 0.55 0.55 0.57 0.52 0.54 36894000 20095570 1053680 CYBER BAY 0.42 0.425 0.43 0.43 0.42 0.42 3620000 1533700 212500 DOUBLEDRAGON 23 23.05 22.4 23.4 22.3 23 1049400 23924370 7279570 DM WENCESLAO 10.04 10.18 10.6 10.6 10 10.18 1788000 18211418 8883328 EMPIRE EAST 0.455 0.47 0.455 0.47 0.455 0.47 420000 193850 EVER GOTESCO 0.125 0.134 0.125 0.125 0.125 0.125 50000 6250 FILINVEST LAND 1.67 1.68 1.81 1.81 1.68 1.68 83528000 143501750 -64821690 GLOBAL ESTATE 1.32 1.33 1.33 1.36 1.32 1.33 1515000 2013450 8990 HLDG 15.7 15.72 15.8 15.84 15.7 15.7 1826000 28761152 -1237510 PHIL INFRADEV 1.48 1.49 1.54 1.54 1.49 1.49 4715000 7087330 390350 KEPPEL PROP 3.95 4.72 4.72 4.72 4.72 4.72 2000 9440 CITY AND LAND 0.75 0.79 0.78 0.79 0.75 0.75 129000 98070 -67270 MEGAWORLD 5.33 5.4 5.6 5.6 5.25 5.4 114634200 614926802 -131443564 MRC ALLIED 0.31 0.315 0.31 0.32 0.305 0.315 7890000 2463350 221600 PHIL ESTATES 0.45 0.46 0.44 0.46 0.44 0.45 1240000 555450 -126000 PRIMEX CORP 2.03 2.06 2.01 2.09 2 2.05 1389000 2845750 -41000 ROBINSONS LAND 24.5 25 24.9 25 23.75 25 4107400 100400315 -29628875 PHIL REALTY 0.38 0.395 0.39 0.39 0.38 0.39 980000 374900 ROCKWELL 2.16 2.18 2.29 2.29 2.09 2.16 627000 1356420 SHANG PROP 3 3.18 3.22 3.22 3 3 259000 801360 9060 STA LUCIA LAND 2.28 2.29 2.24 2.3 2.24 2.28 1023000 2328880 SM PRIME HLDG 34.7 34.75 35.5 35.9 34.45 34.7 20577300 716137300 -483315310 STARMALLS 5.75 5.76 5.8 5.81 5.76 5.76 162600 938802 SUNTRUST HOME 0.8 0.84 0.81 0.84 0.8 0.8 63000 50740 PTFC REDEV CORP 45.05 49.4 49.4 49.4 49.4 49.4 100 4940 VISTA LAND 7.32 7.33 7.45 7.57 7.27 7.32 8620800 63308589 -24463054 SERVICES ABS CBN 18.74 18.8 19.18 19.18 18.7 18.74 307500 5827050 GMA NETWORK 5.33 5.37 5.39 5.4 5.32 5.33 114300 610634 MANILA BULLETIN 0.45 0.46 0.47 0.47 0.42 0.45 390000 171850 GLOBE TELECOM 1905 1965 1976 1976 1891 1965 87545 168834315 -76501110 PLDT 1170 1174 1185 1210 1140 1170 393760 462442535 -27282785 APOLLO GLOBAL 0.048 0.049 0.046 0.049 0.046 0.049 10500000 500100 DFNN INC 5.84 6 5.76 6.4 5.76 6 177700 1125156 -28800 IMPERIAL 1.86 2 1.86 1.86 1.86 1.86 3000 5580 ISLAND INFO 0.109 0.11 0.112 0.112 0.11 0.11 3950000 437810 -310800 ISM COMM 5.18 5.2 5.4 5.43 5.15 5.2 2865000 15117301 -174189 JACKSTONES 2.82 3.07 2.95 2.95 2.95 2.95 4000 11800 NOW CORP 2.27 2.28 2.35 2.35 2.23 2.27 1276000 2881250 -63550 TRANSPACIFIC BR 0.32 0.325 0.34 0.35 0.32 0.325 7200000 2378900 252100 PHILWEB 3.37 3.38 3.52 3.6 3.31 3.37 3667000 12514370 -298530 2GO GROUP 9.71 9.8 10 10 9.7 9.8 34500 339530 990 ASIAN TERMINALS 19 19.5 19.84 19.84 19.5 19.5 242100 4721290 1950 CHELSEA 6.82 6.83 7.15 7.16 6.81 6.82 1519100 10536861 -625771 CEBU AIR 91 91.45 92.8 93.9 89.5 91 372350 33816517 -1034745.5 INTL CONTAINER 120 120.6 127.4 130.5 120 120 2311550 285210416 34115406 LORENZO SHIPPNG 0.88 0.9 0.94 0.94 0.92 0.92 10000 9220 MACROASIA 18.78 18.8 19.06 19.06 18 18.8 248700 4689738 -505604 METROALLIANCE A 1.28 1.38 1.39 1.39 1.26 1.26 13000 17030 METROALLIANCE B 1.28 1.55 1.27 1.27 1.27 1.27 12000 15240 PAL HLDG 8.5 8.55 8.75 8.75 8.45 8.5 7500 64225 HARBOR STAR 1.67 1.68 1.82 1.82 1.64 1.67 4150000 7049290 -69500 ACESITE HOTEL 1.6 1.61 1.55 1.63 1.55 1.6 27000 42880 BOULEVARD HLDG 0.059 0.06 0.059 0.06 0.057 0.059 13540000 800040 DISCOVERY WORLD 2.03 2.1 2.06 2.06 2.06 2.06 5000 10300 GRAND PLAZA 9.78 10 9.78 9.78 9.78 9.78 200 1956 WATERFRONT 0.7 0.72 0.74 0.75 0.7 0.71 2523000 1786340 332500 FAR EASTERN U 890 920 890.5 890.5 890 890 250 222560 IPEOPLE 9 9.7 9.43 9.7 9 9.7 77200 710930 STI HLDG 0.73 0.74 0.72 0.75 0.72 0.74 3087000 2273790 -17020 BERJAYA 2.25 2.34 2.3 2.34 2.25 2.25 251000 566320 BLOOMBERRY 10.98 11 11.54 11.54 10.94 11 8380700 92626106 -31600386 PACIFIC ONLINE 2.69 2.73 2.68 2.74 2.68 2.69 79000 212370 -26900 LEISURE AND RES 3.3 3.35 3.35 3.4 3.27 3.3 528000 1742610 -209160 MANILA JOCKEY 3 3.14 3.15 3.15 3 3.14 141000 436340 PH RESORTS GRP 4.71 5 4.75 5 4.7 5 112000 532071 PREMIUM LEISURE 0.68 0.69 0.69 0.7 0.68 0.68 1985000 1362320 204000 TRAVELLERS 5.43 5.44 5.45 5.46 5.43 5.43 175900 956609 -91936 METRO RETAIL 2.48 2.49 2.62 2.62 2.47 2.49 1539000 3858190 -266750 PUREGOLD 43.75 44.5 44.75 44.75 43.65 44.5 1262300 55597470 16107650 ROBINSONS RTL 77.4 81.7 77.4 81.7 77.4 81.7 323730 25548772 2507387.5 PHIL SEVEN CORP 136 141 140 140 140 140 50140 7019600 30800 SSI GROUP 3.05 3.06 3.16 3.17 3.03 3.05 2493000 7599730 1284230 WILCON DEPOT 15.72 15.74 15.72 15.74 15.64 15.72 2382800 37371178 12741898 APC GROUP 0.5 0.52 0.53 0.53 0.5 0.5 3238000 1663090 -156000 EASYCALL 9.4 9.42 9.75 9.75 9.42 9.42 37400 355127 GOLDEN BRIA 412 419.8 418 420 411.2 414 1360 564112 33440 IPM HLDG 5.35 5.7 5.4 5.4 5.4 5.4 2000 10800 PAXYS 2.91 3.04 2.91 2.91 2.91 2.91 5000 14550 PRMIERE HORIZON 0.485 0.49 0.55 0.55 0.48 0.485 100428000 51284070 -2173340 SBS PHIL CORP 8.97 9.36 9.31 9.37 8.97 9.36 1405900 12694093 -126340 MINING & OIL ATOK 12.32 12.94 12.7 13 12.32 13 33500 428802 APEX MINING 1.36 1.37 1.31 1.37 1.3 1.36 24780000 33117970 250560 ABRA MINING 0.0016 0.0017 0.0017 0.0017 0.0016 0.0017 134000000 227700 -1600 ATLAS MINING 2.66 2.76 2.78 2.78 2.65 2.65 41000 108800 BENGUET A 1.1 1.2 1.15 1.15 1.15 1.15 19000 21850 CENTURY PEAK 2.68 2.69 2.72 2.72 2.69 2.69 1386000 3749080 DIZON MINES 7.71 7.83 7.7 7.85 7.68 7.71 2800 21631 FERRONICKEL 1.41 1.42 1.47 1.47 1.41 1.42 2819000 4024770 -2525810 GEOGRACE 0.2 0.208 0.209 0.209 0.2 0.208 30000 6170 LEPANTO A 0.112 0.116 0.115 0.119 0.112 0.116 2720000 317650 LEPANTO B 0.113 0.119 0.112 0.12 0.112 0.12 40000 4560 MANILA MINING A 0.0094 0.0095 0.0096 0.0096 0.0095 0.0095 26000000 248100 MANILA MINING B 0.01 0.011 0.011 0.011 0.01 0.011 40100000 433800 MARCVENTURES 1.02 1.04 1.05 1.05 1.02 1.04 109000 111890 NIHAO 0.99 1 1.01 1.01 0.99 1.01 123000 121850 NICKEL ASIA 2.41 2.46 2.57 2.6 2.4 2.41 7131000 17526720 -1268370 ORNTL PENINSULA 0.83 0.85 0.84 0.85 0.83 0.85 90000 74840 PX MINING 4.05 4.07 4.04 4.22 4.01 4.05 4395000 18028120 -768360 SEMIRARA MINING 22.35 23.5 22.8 23.5 21.55 23.5 1623400 35955570 5484440 UNITED PARAGON 0.0062 0.0066 0.0062 0.0062 0.0062 0.0062 1000000 6200 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 200000 2200 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 736300000 8835600 PHILODRILL 0.01 0.011 0.011 0.011 0.011 0.011 22000000 242000 -11000 PHINMA PETRO 5.49 5.5 6.17 6.17 5.5 5.5 1728700 9822470 1100 PXP ENERGY 12.1 12.12 11.62 12.46 11.62 12.12 6051600 72895576 13314768 PREFFERED HOUSE PREF A 99.2 99.5 100 100 99 99 5890 586210 AC PREF B1 494 498.8 494.6 495 494.6 495 1460 722688 AC PREF B2 497 500 497 500 496 500 14000 6985998 DD PREF 101.2 101.8 101 101.3 101 101.2 28040 2836353 SMC FB PREF 2 995 1008 996 996 996 996 40 39840 FGEN PREF G 104.7 106 104.7 104.7 104.7 104.7 150 15705 FPH PREF C 470.2 500 498 498 498 498 50 24900 GLO PREF P 491 500 495 495 491 491 6000 2966050 GTCAP PREF A 950 967 950 950 950 950 1600 1520000 LR PREF 0.98 0.99 0.98 0.99 0.98 0.99 527000 516780 PNX PREF 3A 101 102 101.9 101.9 101.8 101.8 8930 909174 -101900 PNX PREF 3B 107.5 108 107 107.5 107 107.5 2210 237230 PCOR PREF 3A 1030 1035 1030 1035 1030 1035 1270 1314200 PCOR PREF 3B 1021 1028 1025 1025 1022 1022 360 368085 SMC PREF 2B 75.55 76 76 76 76 76 37000 2812000 SMC PREF 2C 78 78.7 78 78.85 78 78.7 6280 491020.5 SMC PREF 2E 76 76.5 75.8 76 75.8 76 7030 533980 SMC PREF 2F 75.8 76.5 75.75 75.8 75.1 75.8 29500 2227940 SMC PREF 2H 75.5 76.5 76 76 75 75 13000 976720 SMC PREF 2I 76 76.4 76 76 76 76 5000 380000 -
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR
17.38 5.2
17.4 5.36
17.5 5.25
17.5 5.36
17.38 5.2
17.4 5.36
81200 39700
1416280 208856
WARRANTS LR WARRANT
1.62
SMALL & MEDIUM ENTERPRISES ITALPINAS 6.52 XURPAS 0.99
1.65
1.64
1.67
1.62
1.62
266000
435760
3320
6.54 1
6.67 1
6.67 1.02
6.25 0.98
6.52 1
963700 3962000
6186739 3946940
-311880
EXHANGE TRADE FUNDS FIRST METRO ETF
117.2
-1364080 -208856
118
119.3
119.3
116.1
117.2
42300
4932626
-242164
www.businessmirror.com.ph
Ayala Corp. income more than doubles in first half
A
By VG Cabuag
@villygc
YALA Corp. on Tuesday said its net income more than doubled in the first six months of the year ending June to P37.83 billion from last year’s P16.06 billion, driven by its core businesses and gains from the merger of its education unit with the Yuchengco group and the disposal of other energy assets. Equity earnings from Ayala’s business units, which include its divestment gains from the merger of AC Education with iPeople and partial divestment of AC Energy’s thermal assets, doubled to P41.7 billion during January to June. Revenues for the period, however, was flat at P137.51 billion from last year’s P134.52 billion. “Our first-half results reflect the strength of our core holdings in real estate, banking and telecommunications. This was complemented by the value realization initiatives in
our energy business,” the company’s President and COO Fernando Zobel de Ayala said. “We are pleased with the rapid growth of AC Energy, its growing contribution to our overall profitability, and the regular value realization exercises to deliver investment returns to Ayala,” he said. AC Energy’s net profits reached P23.2 billion in the first half of the year, lifted by the recovery of costs incurred from adjustments in the construction and operations of its power plants, as well as gains from
RWM operator income slides by half on higher finance charges
T
RAVELLERS International Hotel Group Inc., the operator of Resorts World Manila, said on Tuesday its net income was cut in half to P842.6 million from last year’s P1.68 billion, mainly as a result of higher finance charges for its expansion and other depreciation expense. Gross gaming revenues rose by half during the first six months of the year to P13.53 billion from last year’s P9 billion. Blended win rate for the first half of the year was at 5.1 percent, down from last year’s 5.3 percent. VIP segment win rate for the period improved 3.3 percent from last year’s 3 percent, while overall drop volume, or the money wagered at its gambling joints, amounted to P263.31 billion from last year’s P170.65 billion. Revenue from hotel, food, beverage and others also rose by half to P2.3 billion from P1.52 billion last year. “The increase was primarily due to the higher number of covers at
restaurants, higher occupancy rates, 747 new hotel rooms as a result of the launch of Hilton Manila Hotel in the fourth quarter last year and Sheraton Manila Hotel in the previous quarter,” it said. Occupancy rate for the five hotels all hovered at more than 70 percent, with the exception of Sheraton Manila Hotel at 56 percent. Total room count as of June 30 was at 2,201. The 326-room Courtyard by Marriott in Western Visayas located in Iloilo registered an occupancy rate of 29 percent in the first half. “The company is looking to complete its Grand Wing facility in the latter part of this year, which will include two levels [of] gaming, entertainment and retail spaces. It will also include three international branded hotels with Hilton Manila and Sheraton Manila which have already started operations, while Hotel Okura Manila is slated to be launched in the first quarter of 2020,” it said. VG Cabuag
UPC/AC buys into Australia's Baroota
U
PC\AC Renewables Australia, the partnership between AC Energy Inc. and UPC Renewables of Australia, is acquiring a 51-percent interest in the Baroota Pumped Hydro and the Bridle Track Solar Farm projects in Australia. UPC\AC Renewables entered into a conditional share purchase agreement with Rise Renewables, the power arm of conglomerate Ayala Corp. said Tuesday. Under the terms of the agreement, UPC\AC Renewables intends to accelerate remaining development, fund construction and to retain long-term ownership of the two projects. “We just signed a couple of days ago to develop pumped hydro for Aus-
tralia. We’re also looking at whether it makes sense to add batteries. That’s pumped hydro, which would complement renewables very well. That one, hopefully, we can get to NTP [notice to proceed] in the next six months,” said AC Energy International Chief Operating Officer Patrice Clausse. Baroota Pumped Hydro will consist of 2 x 125-megawatt (MW) units and the construction of upper storage, penstock, pipeline and power station with the utilization of the existing SA Water Baroota Reservoir as lower storage. The Baroota Pumped Hydro project is located strategically in the Mid North of South Australia and within 1 kilometer of the 275-kV Bungama to Davenport transmission line. Lenie Lectura
the partial divestment of its thermal assets. The company is trying to rebalance its generation portfolio as it aims to grow its renewable-energy assets with a target of achieving at least 5 gigawatts of attributable renewable-energy capacity by 2025. On the other hand, AC Industrials Inc. suffered a P510-million loss during the period, dragged by the weakness in performance of Integrated Micro-Electronics, whose income fell 81 percent to just $5.8 million from last year’s $31.6 million by the trade war between China and the US. The entire industrials group, on the other hand, was affected by the global slowdown in the automotive industry, persistent component shortages, among others. In Philippine automotive distribution, AC Motors registered a net loss of P158 million on weaker sales across the existing Honda, Isuzu and Volkswagen brands, which continue to navigate tightening competition and the automotive
MUTUAL FUNDS
industry’s product cycles. AC Motors further scaled its portfolio by launching the Maxus commercial vehicle brand in June, building on the start-up of the Kia distributorship business earlier in the year. These two new businesses, the company said, are envisioned to strengthen and diversify the overall group in both the medium and short term. In its first five months of operations, AC Motors’s Kia operations doubled the brand’s sales from a year ago, resulting in a net income of P42 million in the first half of the year. On the two-wheel side, KTM motorbikes has a domestic network of 104 stores nationwide, while export sales accounting for 63 percent of volumes. Meanwhile, all its other units including property developer Ayala Land Inc., Bank of the Philippine Islands, Globe Telecom Inc. and even East zone concessionaire Manila Water Inc. reported better performance for the first half.
August 13, 2019
NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM ALFM GROWTH FUND, INC. -A 259.08 -2.02% -2.03% 0.44% 2.73% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6143 7.13% 4.13% 2.46% 12.04% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0588 -2.94% -2.95% -0.57% 3.99% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.947 2.03% N.A. N.A. 5.11% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8628 -0.39% N.A. N.A. 5.13% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.3929 -1.65% -1.08% 0.5% 2.27% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8666 -2.31% -5.37% N.A. 3.57% MBG EQUITY INVESTMENT FUND, INC. -A 119.77 7.81% N.A. N.A. 3.1% PAMI EQUITY INDEX FUND, INC. -A 51.7375 0.38% -1.03% N.A. 5.11% PHILAM STRATEGIC GROWTH FUND, INC. -A 542.03 1.07% -1.78% 0.43% 5.3% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3151 0.94% -0.4% 1.96% 4.87% PHILEQUITY FUND, INC. -A 38.5134 0.79% 0.33% 1.88% 5.14% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0241 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2512 1.23% -0.08% 2.39% 5.9% PHILIPPINE STOCK INDEX FUND CORP. -A 876.95 1.29% -0.37% 2.35% 5.86% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9276 4.74% -0.61% N.A. 7.86% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3186 2.41% 0.06% 2.03% 6.4% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0077 0.84% -0.41% N.A. 5.6% UNITED FUND, INC. -A 3.7013 1.01% 1.16% 2.78% 5.73% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 117.4675 1.71% 0.46% 3.4% 6.07% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9325 -10.42% 1.44% -1.78% 0.37% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2843 -1.09% 7.04% N.A. 16.21% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7057 0.14% -2.8% -1.87% 3.3% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3251 0.57% -1.28% 0.51% 5.25% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6535 0.58% -0.63% -1.18% 4.34% GREPALIFE BALANCED FUND CORPORATION -A 1.3457 -0.74% N.A. N.A. 3.17% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9523 3.83% 0% 1.37% 5.92% PAMI HORIZON FUND, INC. -A 3.7987 3.94% -1.06% 0.75% 7.63% PHILAM FUND, INC. -A 17.0429 4.5% -0.94% 0.68% 7.14% SOLIDARITAS FUND, INC. -A 2.1409 1.26% -0.03% 1.62% 3.47% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9036 4.26% -0.17% 1.51% 6.91% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0238 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0105 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0071 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.0047 5.55% 0.21% 1.45% 9.01% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03826 8.57% 1.93% 2.55% 8.39% PAMI ASIA BALANCED FUND, INC. -A $0.9645 -4.55% 0.82% -1.5% 5.56% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.742 1.78% 5.07% 3.03% 13.1% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1142 3.82% 3.26% N.A. 10.32% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 353.17 3.84% 2.21% 2.33% 2.82% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9095 2.63% 0.09% -0.03% 2.71% COCOLIFE FIXED INCOME FUND, INC. -A 3.0614 5.11% 5.27% 5.22% 2.87% EKKLESIA MUTUAL FUND INC. -A 2.2243 4.88% 1.33% 2.21% 4.47% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3548 6.2% 1.56% 1.71% 6.79% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6078 1.57% -1.99% 0.2% 2.77% PHILAM BOND FUND, INC. -A 4.3113 9.38% 0.42% 1.85% 9.99% PHILEQUITY PESO BOND FUND, INC. -A 3.7359 7.35% 0.8% 1.71% 6.22% SOLDIVO BOND FUND, INC. -A 0.9564 6.1% -0.25% N.A. 7.32% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0319 9.53% 1.47% 2.68% 9.62% SUN LIFE PROSPERITY GS FUND, INC. -A 1.685 9.73% 1.04% 2.26% 9.42% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $461.77 4% 1.67% 2.78% 2.98% ALFM EURO BOND FUND, INC. -A Є219.55 2.65% 1.25% 1.56% 3.24% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1911 6.6% 1.92% 2.5% 5.81% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 0.79% N.A. 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7159 0.73% -2.2% 0.55% 1.52% PAMI GLOBAL BOND FUND, INC -A $1.098 5.96% -0.48% -1.69% 5.95% PHILAM DOLLAR BOND FUND, INC. -A $2.3889 9.82% 1.13% 3.56% 10.05% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0598202 5.34% 1.71% 1.97% 4.95% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1478 8.5% 0.61% 3.12% 9.6% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.31 4.04% 2.59% 2.05% 2.84% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0199 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.239 5.69% 2.39% 1.45% 4.83% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2503 3.89% 2.74% 2.12% 2.55% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0304 2.19% N.A. N.A. 1.43% 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
Editor: Angel R. Calso • Wednesday, August 14, 2019
B3
China’s Xi Jinping gets tougher HK airport reopens after crippling protests on Trump after new tariff threat
IN this June 29, 2019, file photo, US President Donald J. Trump shakes hands with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan. Facing another US tariff hike, Xi is getting tougher with Washington instead of backing down. Both sides have incentives to settle a trade war that is battering exporters on either side of the Pacific and threatening to tip the global economy into recession. AP PHOTO/SUSAN WALSH
B
EIJING—Facing another US tariff hike, Chinese President Xi Jinping is getting tougher with Washington instead of backing down. Beijing fired what economists called a “warning shot” at Washington by letting its yuan currency weaken in response to President Donald J. Trump’s latest threat of more punitive import duties on September 1. Chinese buyers canceled multibillion-dollar purchases of US soybeans. Regulators are threatening to place American companies on an “unreliable entities” list that might face curbs on their operations. Both sides have incentives to settle a trade war that is battering exporters on either side of the Pacific and threatening to tip the global economy into recession. But Xi’s government is lashing out and might be, in a revival of traditional Chinese strategy, settling in for prolonged wrangling in response to what it deems American bullying and attempts to handicap China’s economic development. Negotiators are to meet in September in Washington, but China’s political calendar makes progress unlikely. The ruling Communist Party is preparing to celebrate its 70th anniversary in power on October 1—a nationalism-drenched milestone that puts pressure on Xi, the party leader, to look tough. “The downside risk of no deal has increased,” said Raoul Leering, chief trade analyst for Dutch bank ING. Six months ago, Chinese negotiators were discussing possible concessions including more purchases of American farm goods, market opening and changes in business rules. But by May, Chinese leaders had turned skittish
in the face of what they saw as constantly shifting American priorities on a list of demands that range from narrowing their trade surplus to opening markets to possibly scrapping their economic development strategy. Talks broke down in May over how to enforce any settlement. Beijing says once it takes effect, Trump has to lift punitive 25-percent tariffs imposed on $250 billion of Chinese imports. Washington insists the tariffs stay to enforce compliance because Beijing has broken too many past promises. The tone of Chinese state media toward Trump, relatively mild to that point, turned nasty. The ruling Communist Party newspaper accused Washington of “American bullyism.” “Good faith broke down and we took many steps backward,” said Bryan Mercurio, a former Canadian trade official and law professor at the Chinese University of Hong Kong. Despite a June agreement by Trump and Xi for more negotiation, neither has shown willingness to compromise. A round of talks in Shanghai last month ended with no sign of progress. Trump says Beijing needs a deal more than he does. On paper, he is right. Their lopsided trade balance means American demand contributes four times as much to Chinese economic activity as China’s purchases provide for the United States. But Trump’s demand for changes to Beijing’s industrial policy strikes at the heart of a development strategy Communist leaders see as the
basis of their economic success and a path to prosperity and global influence. That includes initiatives to transform China into a global competitor in profitable technologies through nurturing champions in robotics, electric cars and other fields with subsidies and shielding them from competition. Washington, Europe, Japan and other trading partners say those violate Chinese market-opening commitments and are based on stealing or pressuring companies to hand over technology. Chinese officials retort that they are entitled to develop higher-value industries and have tried to deflect criticism by saying foreign companies might be allowed a role. Chinese leaders insist on “maintaining their system of economic development. They can’t have that crumble,” said Mercurio. Chinese suspicions deepened when, after the May talks, Trump imposed sanctions on telecom equipment maker Huawei Technologies Ltd., blocking its access to American technology. Trump cited security concerns but Chinese officials saw an attempt to cripple China’s first global tech brand. Washington is “using improper official measures to suppress Chinese enterprises,” a foreign ministry spokesman, Hua Chunying, said last week. Xi might feel more confident because, after facing accusations he bungled relations with China’s biggest export market, he has strengthened his political position and silenced critics, said Willy Lam, a politics specialist at the Chinese University of Hong Kong. A year ago, Xi felt threatened enough that he was “anxious to get this over with,” said Lam. But now, he has gathered support and “can dig in for the long haul.” That would mark a return to
Beijing’s traditional “war of attrition” strategy of holding out—for a decade or more, if needed—to get what it wants from the United States, Europe and other partners. China spent 12 years, longer than any other government, negotiating its 2001 entry into the World Trade Organization. Eighteen years later, it still is dickering over terms for joining the Government Procurement Agreement, which extends WTO free-trade principles to official purchases. “I’m not really surprised that they are doing this,” said Leering. “I was more surprised that they had been so low profile from 2017 onwards, when Donald Trump took office.” In a sign Beijing might be digging in, two veteran trade envoys —Commerce Minister Zhong Shan and one of his deputies, Yu Jianhua—were added in July to the delegation led by Vice Premier Liu He. Liu is Xi’s economic adviser but has little experience in negotiations. The government has told exporters to find new markets and replace American farm goods with imports from Russia, Brazil and other sources. Xi also might be looking to the US political calendar for leverage—a possibility Trump cited when he accused Beijing in July of stalling in hopes he would fail to win reelection next year. Xi might not want to wait that long, because support in Washington for action against Beijing crosses party lines, say political analysts. But they said Chinese leaders might hope as Trump’s campaign picks up, he will need a settlement to burnish his status as a trade warrior. “Trump will want deals to show to the public,” said ING’s Leering. He said without that, Trump’s track record of agreements with Canada, Mexico and South Korea looks “pretty meager” for a leader who made trade a cornerstone of his 2016 election campaign. That means “in the end, the US will be prepared to give in a bit more,” he said. China also might be holding out for a deal that lets it keep subsidizing technology industries and “cheating on intellectual property,” said Lam. That might include retaining leverage to pressure foreign companies to give or license technology at low prices to Chinese competitors. Letting the yuan slide to an 11year low against the dollar on August 5 reflects another traditional Chinese strategy: Showing an opponent that China can endure painful losses to get what it wants. A weaker yuan would make Chinese exports cheaper abroad and help to offset Trump’s tariff hikes. But economists warn a further decline will harm Chinese banks, construction companies and others that have hundreds of billions of dollars in foreign debt by making that more expensive to repay. AP
H
ONG KONG—Some flights started taking off again from Hong Kong’s airport Tuesday, though more than 100 remained canceled a day after prodemocracy protesters forced one of the world’s busiest transport hubs to shut down to highlight their calls for an independent inquiry into alleged police abuse. A few thousand protesters have once more gathered at the airport, where demonstrations were occurring for a fifth day. Thousands took over the facility’s main terminal on Monday, leading to the cancellation of more than 200 flights. The central government in Beijing ominously characterized the protest movement as something approaching “terrorism” that posed an “existential threat” to the local citizenry. Meanwhile, paramilitary police were assembling across the border in the City of Shenzhen for exercises in what some saw as a threat to increase force brought against the mostly young protesters who have turned out in their thousands over the past 10 weeks. Hong Kong leader Carrie Lam said the ongoing instability, chaos and violence have placed the city on a “path of no return.” The demonstrators have shown no sign of letting up on their campaign to force Lam’s administration to respond to their demands, including that she step down and entirely scrap legislation that could have seen criminal suspects sent to mainland China to face torture and unfair or politically charged trials. While Beijing tends to define terrorism broadly, extending it especially to nonviolent movements opposing government policies in minority regions such as Tibet and Xinjiang, the government’s usage of the term in relation to Hong Kong raised the prospect of greater violence and the possible suspension of legal rights for those detained. Demonstrators have, in recent days, focused on their demand for an independent inquiry into what they call the police’s abuse of power and negligence. That followed reports and circulating video footage of violent arrests and injuries sustained by protesters. Some protesters have thrown bricks, eggs and flaming objects at police stations and police said they arrested another 149 demonstrators over the weekend, bringing the total to more than 700 since early June. Police say several officers have suffered burns, bruises and eye damage inflicted by protesters. Lam told reporters Tuesday that dialogue would only begin when the violence stopped. She reiterated her support for the police and said they have had to make on-the-spot decisions under difficult circumstances, using “the lowest level of force.” “After the violence has been
stopped, and the chaotic situation that we are seeing could subside,” Lam said, “I as the chief executive, will be responsible to rebuild Hong Kong’s economy...to help Hong Kong to move on.” She did not elaborate on what steps her government will take toward reconciliation. After two months, the protests have become increasingly divisive and prompted clashes across the city. The airport shutdown added to what authorities say is already a major blow to the financial hub’s crucial tourism industry. Kerry Dickinson, a traveler from South Africa, said she had t rouble get t i ng her lu g g a ge Tuesday morning. “I don’t think I will ever fly to Hong Kong again,” she said. T he protests early on were staged in specific neighborhoods near government offices. However, the airport protest had a direct impact on business travel and tourism. Analysts said it could make foreign investors think twice about setting up shop in Hong Kong, which has long prided itself as being Asia’s leading business city with convenient air links across the region. Adding to the protesters’ anger, Hong Kong’s Cathay Pacific Airways told employees in a memo that the carrier has a “zero tolerance” for employees joining “illegal protests” and warned violators could be fired. Hong Kong was promised democratic rights not enjoyed in Communist Par t y-r u led ma in land China when Beijing took over what had been a British colony in 1997, but some have accused Beijing of steadily eroding their freedoms. Those doubts are fueling the protests, which build on a previous opposition movement that shut down much of the city for seven weeks in 2014 that eventually fizzled out and whose leaders have been imprisoned. While China has yet to threaten sending in the army—as it did against pro-democracy protesters in Beijing in 1989—the exercises in Shenzhen were a further demonstration of its ability to crush the demonstrations, even at the cost to Hong Kong’s reputation as a safe haven for business and international exchange. Images shown on the internet showed armored personnel carriers belonging to the People’s Armed Police driving in convoy Monday toward the location of the exercises just across the border from Hong Kong. The People’s Liberation Army also stations a garrison in Hong Kong, which recently released a video showing its units combating actors dressed as protesters. The Hong Kong police on Monday also put on a display of armored car-mounted water cannons that it plans to deploy by the middle of the month. AP
Russia, Iran and others debate how to split Caspian oil riches
T
U R K M E N B A SH I , Tu r kmenistan—Five countries bordering the energy-rich Caspian Sea met Monday at an economic forum hosted by Turkmenistan in a bid to agree on how to divide the region’s oil wealth. Last year, the leaders of Russia, Iran, Azerbaijan, Turkmenistan and Kazakhstan signed a convention aimed at ending decades-long uncertainty over exploitation of its resources. T he agreement establishes rules for declaring each country’s territorial waters and fishing zones, but the issue of dividing seabed that contains rich oil and gas fields is subject to further ne-
gotiations. Russia and Iran are yet to ratify last year’s agreement. Russia’s Prime Minister Dmitry Medvedev, who attended Monday’s forum in Turkmenistan, said that the ratification is expected “in the near future.” Iranian Vice President Eshaq Jahangiri was noncommittal, making no commitments in his speech at the forum. Jahangiri argued that nonCaspian nations shouldn’t meddle in the region’s affairs and charged that the United States’s unilateralist policies and its emphasis on sanctions threaten stability of the region.
Tu rk me n i s t a n’s P re s id e nt Gurbanguly Berdymukhamedov, who has wielded all-encompassing power since taking office in 2006, styling himself as the former Soviet republic’s Arkadag (protector), told the forum that the Caspian energy riches should provide a powerful incentive for the region’s development. Turkmenistan and Azerbaijan have yet to agree on how to share the reserves under the seabed. That has impeded progress of the Trans-Caspian natural gas pipeline that would carry Turkmen gas across the sea to Azerbaijan and further on to Western markets. “It’s a very sensitive issue,” said
Bahram Huseynov, a vice president of Azerbaijan’s state oil company Socar. “No concrete steps have been made yet and it’s too early to discuss specifics.” Huseynov added that demilitarization of the sea border between A zerbaijan and Turkmenistan could facilitate the talks on dividing the energy riches. The West has long encouraged prospective trans-Caspian pipelines as part of its efforts to diversify sources of energy, while Russia and Iran have watched the plans with unease. More energy exports from the Caspian would compete with energy shipments from Russia, which
has sought to expand the sales of its oil and gas to European markets. Iran has argued for energy shipments from the Caspian to cross its territory, arguing that trans-Caspian routes are too costly and unsafe.
“Iran is against any trans-Caspian pipelines,” said Behruz Namdari of Iran’s National Gas Co. “The construction of a trans-Caspian pipeline could inflict a serious damage to the environment.” AP
B4 Wednesday, August 14, 2019
Book on PH Jesuit mission sweeps 2019 awards season
‘O
N the March,' a coffeetable book on the Jesuit ministry in the Philippines, scored its fourth major award this year – a Philippine Quill under the publications category – adding to its Gold Anvil Award and Platinum Anvil Award from the Public Relations Society of the Philippines and its Gold Quill (Award of Merit) from the prestigious International Association of Business Communicators. Fr. Jose Arcilla, SJ was principal author of the book, which was edited by John Nery and published by Media Wise Communications. Manuel Paras Engwa and Ramoncito Ocampo Cruz were co-publishers. On the March chronicles the Jesuits’ ministry of education and the many aspects
of their apostolate in the Philippines as they bring the faith to the most remote corners of the archipelago. “This latest recognition affirms our commitment to use excellent communications to help the organization achieve its goals and make a difference in society, true to the Philippine Quill’s own aims,” said Cruz, who is also Media Wise president and CEO. On the March is a fund-raising project for the Philippine Jesuit Aid Association, which helps elderly, retired and infirm Jesuits. PJAA is headed by Fr. Jose Quilongquilong, S.J. In January, On the March bagged its Platinum Anvil, a recognition given to
entries that stand out among the Anvil Gold winners. The PRSP cited the book for “recognizing the vital role of Jesuits in the country, the book highlights their mission and achievements, including their evangelical counsels of poverty, chastity, and obedience.” The Anvil is the symbol of excellence in public relations, awarded to outstanding PR programs, tools and practitioners. In June, Cruz flew to Vancouver to receive the book’s Gold Quill from San Francisco-based IABC at the 2019 IABC World Conference. Just four other Filipino organizations have received the coveted international distinction. The IABC awards committee said On the March earned the distinction for “exhibiting high-quality writing and superior production values.” “The book is well-organized, consistent... from the beginning to end. It flows well. It’s clear that [Mediawise] brought together the right mix of interviewers, writers, designers and publishers to produce a high-quality communication vehicle,” said the committee. In photo are, from left: Fr. Joseph Y. Haw, S.J., Fr. Jose Ramon T. Villarin, S.J., Fr. Primitivo E. Viray, S.J., Ramoncito O. Cruz, and Fr. Karel S. San Juan, S.J. For more information, you may contact Monching Cruz at mediawise02@ yahoo.com or +639178987571.
PLDT -SMART SIGNS MOA TO LAUNCH WIFI IN MANILA. PLDT-SMART, the leading digital solutions and connectivity provider in the country, recently entered into a memorandum of agreement (MOA) with the City of Manila to provide fast and free SMART WIFI across the city, especially in government offices, hospitals, universities and other key areas. At the signing ceremonies, from left: MVP Group Media Bureau managing director Atty. Michael T. Toledo; Manila Mayor Francisco “Isko Moreno” Dumagoso; PLDTSMART Chairman and CEO Manuel V. Pangilinan; and PLDT Chief Revenue Officer Alfredo S. Panlilio. Pangilinan thanked the local government of Manila for trusting PLDT and SMART as their digital solutions and connectivity partner.
LOVE FOR EACH OTHER, PEACE FOR ALL THROUGH DANCE. What better way to bring the world together in one gathering celebrating life through arts and culture but through the most beautiful and the biggest festival in Europe, this year the 20th Buyukcekmece World Festival. Suzie Benitez, trustee and executive director of Bayanihan Folk Arts Foundation, realized this as she recently served once again as a member of the panel of jurors. With 71 countries participating in various categories which included: the golden bridge folk dance competition, the contemporary dance competition, photography contest, sculpture, and many more. The leadership of Mayor Dr. Hassan Akgun is palpable all throughout the varied activities as people crowded to catch every event. After the evening concerts at the huge amphitheater all the participants are hosted with country nights of party and food, and more dancing. Meeting new friends and loving embraces from old friends make each night unforgettable. Indeed there is hope and the fulfillment of humanity’s dream for peace seems achievable through cultural interface and understanding.
Save the environment with ecooters
W
E’RE in the age where technology has become our lives. Everywhere we go and in everything we do. we rely on technology, But some of these developments have also taken its toll on our environment, and with pollution reaching its peak, especially air pollution, what changes are we willing to make for the planet? How drastic, or maybe how simple would it be to decrease our carbon foot print? With this in mind, there have already been business that have taken the lead in terms of saving mother earth. These include recycling, reduction of usage of plastics and other products that will further weaken our environment, and those that have stepped towards and pushed for pollution-free way of living. What better way to save mother earth by taking it to the next level through travelling without contributing to the pollution anymore. Established in 1992, Da Yang Motors has moved towards a viable solution with the
release of their electronic motorcycle series in March 2017. An environmentally-friendly alternative to fossil fuel guzzling motorcycles, the Ecooter also known as “Sports Car of All Electric Scooters” was launched in the hopes of bridging the gap between our ever-growing reliance on technology and conservation of our planet. Today with a joint venture with China’s top IT group and leading global suppliers, the company brings consumers the ECOOTER E2, which boasts a 4200W electric motor that reaches top speeds of 90 km/hr over the 2500W of the ECOOTER E1. The model also features a larger battery capacity for longer travel (140 km) and an ergonomic design for a relaxing and comfortable drive. Keeping consumers in mind, the E2 is also coupled with an intelligent interactive cloud system that allows users to view real time vehicle information through the Ecooter App, providing easy monitoring and maintenance for the super scooter.
DIOCELDO SY SIGNS WITH LUXURY WATCH BRAND Ever Bilena CEO Dioceldo “Deo” Sy (center) recently signed with French luxury watch brand Rene Mouris. A man known for his confidence, power and humility, Deo embodies the brand that takes pride in blending eminent craftsmanship to create timepieces that are classic, elegant and affordable to all. Also joining him in this partnership is (L-R) Sam Cu and Jacob Munez with Rene Mouris representative Dynes Regner and Ever Bilena COO Siliman Sy.
Sports BusinessMirror
ATHLETES are concerned about heat and water conditions at the marathon swimming test event.
C1
| Wednesday, August 14, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
CONCERNS ON HEAT, WATER BUG TOKYO
I
NTERNATIONAL Swimming Federation (Fina) officials vowed to monitor the water conditions in Tokyo after several athletes voiced concerns following the marathon swimming test event at the 2020 Olympic venue on Monday. Despite the event at Odaiba Marine Park, part of the “Ready Steady Tokyo” series of test runs, starting at 7 a.m., the temperature was already over 30 degrees Celsius in the capital city. A total of 57 people have died across Japan as a result of a heatwave between July 29 and August 4, and the country’s main broadcaster NHK reports another 18,347 people have been taken to hospital, with temperatures remaining above 31 degrees Celsius since July 24.
“That was the warmest race I’ve ever done,” threetime Olympic medalist Oussama Mellouli from Tunisia told Agence-France Presse (AFP). “It felt good for the first 2 kilometers then I got super overheated.” Fina rules state that athletes cannot race in open-water swimming events when the water temperature is higher than 31 degrees Celsius. Fina Executive Director Cornel Marculescu promised they would continue to examine how to best ensure athlete wellbeing, and said the start time in the Olympic event could be moved even earlier. “Based on this information, we will decide the time the event will start,” he said. “Could be 5 a.m., could be 5:30 a.m., 6 a.m, can be 6:30 a.m.—depends on the
S
Several rowers treated for heatstroke at world juniors in Olympics test event
EVERAL rowers were reportedly treated for heatstroke at the 2019 World Rowing Junior Championships, which also served as a test event for the Tokyo 2020 Olympic regatta. The Championships were held at the Sea Forest Waterway, built by sectioning off a shipping channel in Tokyo Bay, which will serve as the location for the rowing events at next year’s Olympic and Paralympic Games. While the conditions on the water were suitable for competition, the extreme heat and temperatures caused problems for rowers, who were all under the age of 18. Temperatures reached around 34 degrees Celsius, with Japanese agency Kyodo News reporting that a British rower was unable to move following his race and had to be
stretchered to the medical station, while athletes were seen “staggering” during the medal ceremonies. A member of medical staff said additional safety measures, including a dedicated cooling off area, would be needed during the Olympics, while officials said the ice baths and mist cooling system used during the Junior Championships were not enough. There are also concerns over the safety of spectators, as around half of the 2,000 seats at the venue are uncovered. An executive from the Japan Rowing Association said: “A roof is absolutely necessary, even if it is of the simplest design.”
water temperature.” “The water temperature was high, so I’m a bit concerned about that,” Japanese swimmer Yumi Kida said. Kida also told reporters that the water was “a little stinky, and the clarity was not very good so I really want to improve the quality.” Water quality at Odaiba Marine Park, which will also host the swimming leg of the Olympic triathlon, had previously been a concern after worries it would not meet Fina’s health standards. Fina and the International Triathlon Union (ITU) had raised concerns in 2017 after test results showed levels of E. coli up to 20 times above the accepted limit, and faecal coliform bacteria seven times higher than the permitted levels.
Immense summer temperatures in Tokyo are proving a major concern one year prior to the 2020 Olympics. In the competition itself, Germany topped the medal table with five golds, including in the men’s eight and women’s single sculls, and 12 in total. Alexandra Foester also added gold for Germany in the women’s single, holding off a strong challenge from Russia’s Anastasiia Liubich, who got silver, while bronze went to Katelin Gildersleeve of the United States.
Those worries have been allayed in recent months with the introduction of underwater filters, and Fina Medical Committee member David Gerrard told reporters that disease was now a lesser worry. “What we have had are readings from the last month, daily readings that have given us very clear indications of the water quality, which has been good,” Gerrard said. A total of 35 athletes, 22 men and 13 women, took part in the test event. Both races were contested over 5 kms, half the Olympic distance of 10 kms. Tokyo 2020 told insidethegames that the event was for operational testing purposes, and, therefore, no results were issued. The event gave Tokyo 2020 and Fina a closer look at conditions at Odaiba Marine Park, which is also due to host
China collected six medals with two golds, including in the women’s eight, placing them second on the overall medals table. Italy, who earned seven medals, won their only gold in the first Final of the day, the women’s coxed four. Australia, meanwhile picked up gold in the men’s double sculls, Hamish Henriques and Harrison Fox completing the regatta undefeated. “We’ve [been] training for the last two years to try and achieve this, so it’s a really special moment,” Henriques said. “The dream would now be to represent Australia—both at
triathlon at next year’s Games. Last October, organizers announced “positive” water quality test results from the venue. Fina and the ITU raised concerns in 2017 regarding the quality of the water after a survey revealed it was not good enough to meet their required standards. Fears have been allayed since, although Tokyo 2020 will be keeping a close eye on the standard of the water during the test event. The Organizing Committee has also taken measures to monitor and improve the quality levels at the venue, including underwater screens, which could be deployed during the Olympic and Paralympic Games. Insidethegames
Under-23 level and then ultimately at the senior level.” International Rowing Federation President JeanChristophe Rolland paid tribute to the regatta course. “We are very proud to have this excellent new rowing course,” he said at the conclusion of the event. “The installations and fittings are remarkable. I would like to recognize the significant investment in this project.” Insidethegames
GERMAN rowers top the medal table with five golds.
JAPANESE EXPECT INCREASE IN TOURISM
H
ALF of municipalities across Japan are expecting an increase in foreign visitors next summer when Tokyo hosts the 2020 Olympic Games. A Kyodo News survey of 1,780 local governments in municipalities across Japan found 51 percent are expecting those who have traveled for the Games to also visit their areas.
Currently 17 percent of municipalities outside Tokyo have started advertising campaigns, while 42 percent are planning to in the months building up to the Games. An official from Hakodate, a port city in Hokkaido prefecture 865 kilometers north of the capital, told the Japan Times: “We see a high possibility of tourists to our city increasing in tandem with the rise in the overall
THE Japanese are hopeful of more foot traffic during the Games.
number of foreign visitors to Japan.” However 24 percent of local governments said they are not anticipating an increase in tourism. An official from the city of Makurazaki in Kagoshima prefecture to the very south of Japan—nearly 1,500 kms away from Tokyo said: “We don’t expect the Olympics to bring benefits to every part of the country.” The Japanese Government has set a target of attracting 40 million foreign visitors for the 2020 Olympics and Paralympics. They anticipate tourists will spend ¥8 trillion ($76 billion) in Japan in 2020. Insidethegames
C2
Spo
Business
Wednesday, August 14, 2019
MURRAY TUMBLES IN STRAIGHT SETS
M
ASON, Ohio—Andy Murray moved well in his first singles match since January, but not well enough to move on— even to the US Open. Using a bottomless arsenal of drop shots, Richard Gasquet snapped a five-match losing streak against Murray with a 6-4, 6-4 win in the first round of the Western & Southern Open on Monday. The singles match was Murray’s first since a painful exit from the Australian Open that had him thinking his career might be over. The three-time Grand Slam champion underwent a second hip surgery on January 28, receiving metal implants that helped eliminate the pain that had hobbled him for a long time. Murray played doubles in several tournaments, including Wimbledon with Serena Williams and at Washington with brother Jamie, before deciding to try singles at Cincinnati, where he is a two-time champion. “I don’t really know what I was expecting, to be honest,” Murray said. “I think I did OK. I think there was a lot of things I would like to have done better in the match, but, you know, you also have to be somewhat realistic, as well, in terms of what you can expect in terms of how you actually play and hit the ball. “I think physically, you know, my legs were a little bit heavy at the end of the match in comparison to maybe what they normally would be if you played, you know, a bunch.” The US Open’s wild-card timing led Murray to decide against playing in New York. “We were hoping to maybe hold a wild card until a little bit closer to
ANDY MURRAY loses in the first round in his return to singles action as Canada’s Eugenie Bouchard smiles while responding to questions during a news conference at the Odlum Brown VanOpen West Vancouver, British Columbia, on Monday. AP
L
M
IA GEMIDA mastered top seed Corazon Lambonao twice to emerge the lone double gold medalist in the Palawan PawnshopPalawan Express Pera Padala (PPS-PEPP) Baybay national age-group tennis tournament at Baybay City Tennis Club in Leyte over the weekend. Gemida surprised fellow Ormoc City bet Lambonao in the girls’ 16-and-under finals, 6-3, 6-2, then toughened up in the second set to score a repeat in the 18-U championship, 6-3, 7-5, and bag the Most Valuable Player honors in the Group 2 tournament presented by Dunlop. She actually finished with three titles as she later teamed up with Cassandra Laguna to rout Annah Gonzaga and Nicky Rizada, 8-2, in the 18-under doubles finals. The young Lambonao, meantime, averted a shutout campaign by ruling the 14-under division, holding off Kimi Brodeth, 6-2, 6-4, while Jewel Velasco from Maasin City dominated the 12-under category with a 6-2, 6-0 triumph over Brodeth. Nicolas Ocat from Valencia, completed the Ormor City bets’ romp in the four-day event which served as part of the nationwide PPS-PEPP
age-grouper, upending No. 1 Gerald Gemida, 6-4, 6-3, in the boys’ 14-under finals. “The PPS-PEPP circuit continues to grow [in numbers] because of these youngsters seeking to raise the level of their games and aspiring to become the country’s next superstars,” Palawan Pawnshop President and CEO Bobby Castro said. “With new, fresh faces emerging from each stop, we’re confident to produce the next batch of tennis heroes in due time.” Top seed Cedrick Bravo from Ormoc, however, foiled Ocat’s bid for a second title, hacking out a 5-7, 6-3, 11-9 decision in the 16-U championship with unranked Cymer Casem shocking the No. 1 Bravo, 7-5, 7-5, in the 18-U finals of the event sanctioned by the Unified Tennis Philippines made up of PPS-PEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg. The other singles winners were Baybay City’s Thirdy Jocson (boys’ 12-under), Kenzo Brodeth from Ormoc (10-under unisex), while sharing top honors in doubles were Ocat and Casem (18-under), Bert Manlimus-Franz Solemne and Lambonao-Kimi Brodeth (14-under), and Christian Laguna-Kenzo Brodeth (10-under unisex).
PABLO BACK IN ACTION FOR COOL SMASHERS
A
FIRED-UP Alyssa Valdez and a healthy Myla Pablo brace for a power duel as Creamline shoots for a second straight victory and Motolite tries to kick off its campaign right in the Premier Volleyball League Season 3 Open Conference at the Filoil Flying V Centre in San Juan on Wednesday. The two of the country’s top players didn’t actually go at it in the recent Reinforced Conference as Pablo suffered a lower back injury just right before the start of their campaign and was hardly a factor for the rest of the tournament. Although far being 100 percent, the former National University stalwart said she’s slowly but surely getting back in form and expects to be in top shape come gametime at 4 p.m. “I’m really excited since I wasn’t able to play the way I wanted to in the Reinforced,” Pablo said. “I the time to see how I feel and get some matches, hopefully, and a bit of practice, but they were announcing the wild cards today and didn’t want to wait,” he said. The 32-year-old’s rust was evident as he double-faulted on his first serve, but he recovered to last one hour, 36 minutes with no apparent health issues. “When he drop-shotted, there was a few times I didn’t even run to the ball, didn’t react to it, and that’s nothing to do with my hip,” Murray said. “That’s just me not running for a ball, which I did do that better at the end of the match. I reacted and got to a few and won points.” Top-seeded Novak Djokovic and third-seeded Roger Federer remain in the men’s draw. It’s the first tournament for both players since their five-set final at Wimbledon, won by Djokovic in a match considered one of the greatest in history. The other member of the Big Three, Rafael Nadal, withdrew from the Masters event, citing fatigue after he won the Rogers Cup in Montreal on Sunday. The women’s Rogers Cup champion, Canadian Bianca Andreescu, also withdrew from Cincinnati to rest for the US Open. Andreescu won in Toronto after Serena Williams retired with back problems. Gasquet will play fourth-seeded Dominic Thiem in the second round. Before a standing-room only Granstand Court crowd, including a teen boy waving a red-and-white piñata shaped like a horse, Nick Kyrgios reached the second round with a 7-5, 6-4 win over Lorenzo Song. Kyrgios will face eighthseeded Karen Khachanov. In the women’s draw, five-time Grand Slam winner Maria Sharapova moved on to a second-round matchup with top-seeded Ashleigh Barty by knocking off fellow wild card Alison Riske, 6-3, 7-6 (4). Eleventh-seeded Anastasija Sevastova became the highest seed to fall, losing to wild card Svetlana Kuznetsoza, 7-6 (3), 6-7 (4), 6-4. Caroline Wozniacki, the 2018 Australian Open champion, was eliminated by Dayana Yastremska, 6-4, 6-4. Also, 14th-seeded Johanna Konta was upset by qualifier Rebecca Peterson, 6-3, 3-6, 7-5. Unseeded Venus Williams won the last four games against qualifier Lauren Davis for a 7-5, 6-2 victory, earning a second-round match with fifth-seeded and defending champion Kiki Bertens. AP
PROMOTER PUTS PROFITS OVER POLITICS ONDON—Putting profits ahead of politics, the promoter of heavyweight boxer Anthony Joshua is dismissing concerns over the decision to contest a championship fight in Saudi Arabia. The human-rights organization Amnesty International contends Joshua will be part of “sportswashing”—the Saudi government being given a chance to cleanse its image—with the heavyweight title rematch against Andy Ruiz Jr. in December on the outskirts of the capital, Riyadh. “I don’t understand that term,” promoter Eddie Hearn said Monday in an interview with The Associated Press. “What I do know is all the events that they have been running have been hugely accepted by the public, enjoyed by the public and you will see when Joshua fights Ruiz in Saudi Arabia the public will love this event. They will grow the sport of boxing in that region.” Hearn sees no reason why he should not cash in as long as other sports events and concerts are being held in Saudi Arabia. “Every promoter under the sun has been trying to land a mega fight in the Middle East for many, many years,” Hearn said in a London hotel. “I’m the one that’s done it, and with that comes a little bit of a stick because we’re the trailblazers behind that.” Just last week, the Saudis announced plans for the world’s richest horse race in Riyadh in
Gemida scores double in Baybay
February with a $20 million prize pool. “Financially, obviously, it was a good deal for AJ,” Hearn said. Many in Italy were outraged when one of the country’s soccer trophies—the Super Cup—was contested in Jeddah in January, with Cristiano Ronaldo’s Juventus beating AC Milan. Janet Jackson and 50 Cent appeared in the country last month—performances cited by Hearn, who overlooked Nicki Minaj pulling out of the same Jeddah World Fest lineup over humanrights concerns. While laws have loosened in the kingdom with women now allowed to drive and attend events at sports stadiums, there have been reports several women’s rights activists have been tortured while in detention. Minaj said she wanted to show support for women’s rights, freedom of expression and gay rights. Hearn showed a lack of awareness of the country’s anti-LGBT laws, and the impact on visiting boxing fans or any gay members of his own staff. “You’re asking me questions that are more political based,” Hearn said. “I’m a sports promoter and how I answer that is, is that they have a vision for the sport of boxing and a vision for sport. You either believe in that, or you think that has potential, or you refer to other stories.” Stories such as the investigation into the brutal killing of Washington Post columnist
Jamal Khashoggi at the Saudi consulate in Istanbul last year. Saudi Arabia has denied any involvement by Crown Prince Mohammed bin Salman but its own investigation acknowledged the operation was planned by two of the prince’s top aides. “We knew the criticism we may face when we announced it,” Hearn said. Hearn has turned to journalism recently by hosting an interview podcast series for the BBC. “I refer to the fact that I’ve been to Saudi to an event,” Hearn said, citing the World Boxing Super Series final in Jeddah last year when asked about the Saudi state being implicated in Khashoggi’s death. “It was a first-class event.” There is no disassociating the Ruiz-Joshua title fight from the Saudi government, with the General Sports Authority’s name appearing under “Clash on the Dunes” on the news conference set in London on Monday. Hearn said he also had offers from Qatar, Dubai and Abu Dhabi across the Gulf. The bout will be aired on streaming subscription service DAZN in the United States and by Comcast-owned Sky in Britain. A purpose-built 12,000-seat open-air stadium will be the setting in Diriyah on December 7 for Joshua’s attempt to win back the IBF, WBA and WBO belts he lost to Ruiz at New York’s Madison Square Garden in June. Buying a ticket will secure a tourist visa for visiting fans. AP
wasn’t fully recovered that time but now I’m good.” That guarantees a slam-bang face-off between the defending champion Cool Smashers and the Power Builders out to make up for their forgettable fifth-place finish in season-opening conference of the league organized by Sports Vision. Valdez primed up for her face-off with Pablo by helping lead the Cool Smashers to a 25-23, 25-20, 25-15 victory over the returning Air Force Jet Spikers in Sunday’s inaugurals of the midseason conference of the league backed by Mikasa, Asics and KFC. BanKo-Perlas, also out to atone for its fourth place finish in the first conference, toppled Reinforced Conference titlist Petro Gazz, 25-20, 11-25, 25-21, 25-18, also last Sunday and, like Creamline, is gunning for a second straight win against PacificTown Army at 6 p.m.
Hachimura scores 35 points as Japan beats New Zealand
C
MANNY PACQUIAO Promotions Head Sean Gibbons offers a long list of possible Manny Pacquiao foes. ROY DOMINGO
Who’s next for Pacquiao? Garcia, Garcia, Porter, etc.
D
ANNY GARCIA. Mikey Garcia. Shawn Porter. These are just three names under the radar of boxing legend Manny Pacquaio for his next possible opponent when he returns to the ring in early 2020. Sean Gibbons, president of Manny Pacquiao (MP) Promotions, said the three fighters are among those who caught the interest of the 40-year-old fighting senator who is coming off a 12-round split decision win over Keith Thurman last month. “Danny Garcia, Mikey Garcia, there’re other guys out there to fight. Shawn Porter,” Gibbons said as he rattled off the names of the three world champions when he appeared for the first time in the Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel-Manila on Tuesday. Before taking on the 30-year-old Thurman, Pacquiao’s camp initially considered Danny Garcia, the former holder of the World Boxing Council (WBC) version of the 147-lb belt, following his April 20 fight against Adrian Granados. Mikey Garcia has also been added to the mix, although he lost to reigning International Boxing Federation (IBF) champion Errol Spence via unanimous decision in his first attempt as a welterweight last March. The 31-year-old Garcia, younger brother of champion trainer Robert Garcia, was a former lightweight and junior welterweight title holder. Porter, meanwhile, was a former sparring partner of Pacquiao and current WBC champion who is scheduled for a unification match against Spence this September at the Staples Center in Los Angeles, California. “Let’s say if Shawn Porter somehow came out winning, he can get into the mix. I’m not against fighting Shawn Porter,” Gibbons told the session presented by San Miguel Corp., Braska Restaurant, Amelie Hotel-Manila and the
Philippine Amusement and Gaming Corp. That being said, Gibbons made it clear a rematch with Thurman is definitely out of the window. “He [Thurman] had his opportunity, he had his shot,” stressed the veteran international matchmaker, who once fought as a lightheavyweight. “If there’s a real demand for it like the [Juan Manuel] Marquez, the [Marco Antonio] Barrera, the [Eric] Morales, those type of fights. If the public have a huge demand to do it again, if there’s an outcry for it. But he [Pacquiao] beat him clean.” Gibson even reasoned out that there was hardly any controversy generated by the fight other than the outcome of a split decision caused by the score of 114-113 by judge Glen Feldman favoring Thurman. “There was no controversy. At the end of the day, everybody knows who won the fight,” said the MP Promotions official. Gibson did admit the object of Pacquiao’s camp is still to get Floyd Mayweather Jr. But until Floyd Jr. made everything official that he’s coming out of retirement to face the Filipino boxing great, speculations of Mayweather willing to mix it up again with Pacquiao will just remain all talk.
HIBA, Japan—First-round National Basketball Association (NBA) draft pick Rui Hachimura scored 35 points to lead Japan to a 99-89 win over New Zealand in World Cup warm-up game at Port Chiba Arena. Hachimura became the first player from Japan to be chosen in the first round of the NBA draft, taken with the No. 9 overall pick by the rebuilding Washington Wizards in June. The former Gonzaga University star played in the NBA’s Summer League for the Wizards but now will take up national duties for Japan at the World Cup and for other warm-up games, including New Zealand again on Wednesday. “We got off to a good start and went from there...I want to lead this team,” Hachimura said after Monday’s game. “I’m just happy to be back in Japan after a while for these friendly games.” The 21-year-old from Toyama Prefecture scored 22 points in the first half and impressed Detroit Pistons Head Coach Dwane Casey. “I think he’s going to be a heck of a player, the NBA is a physical game, a tough game. He’s got a great body for the NBA,” Casey, who is in Japan for a coaching clinic and was at the game as a spectator, told Kyodo News. “I see Rui...developing his game to move out to the three-point line. Because that’s where the NBA is. Great kid, great work ethic.” Tai Webster led New Zealand with 18 points. Japan played without Memphis Grizzlies’ forward Yuta Watanabe, who has an ankle injury. AP
JAPAN’S Rui Hachimura goes up for a shot against New Zealand in a World Cup warm-up game in Chiba, Japan. AP
orts
sMirror
P
RINCESS SUPERAL delayed her departure for the Japan Ladies Professional Golf Association (LPGA) Step Up for a week to spearhead the local challenge against a crack roster of rivals from Thailand and Korea in what promises to be an explosive start to the International Container Terminal Services Inc. (ICTSI) Mount Malarayat Ladies Classic on Wednesday in Lipa City. Superal was set to leave for Hiroshima to prepare for her next tournament in the farm league of LPGA Japan Tour following her come-from-behind four-shot triumph at John Hay last month. But she deferred her plans to join the likes of Chihiro Ikeda, Sarah Ababa, Marvi Monsalve, Alex Etter and the comebacking Cyna Rodriguez in the P750,000 event serving as the 10th leg of the seventh season of the Ladies Philippine Golf Tour (LPGT). The reigning LPGT Order of Merit (OOM) missed this event last year that saw young Thai Onkanok Soisuwan rip the field to mark her pro debut in winning fashion with the duo, along with a slew of others, gearing up for three days of battle of shotmaking and iron game in the wind. Though Superal has opted to tone down expectations for another title romp, she remained hopeful of duplicating her Baguio feat. “I don’t expect to win just like what happened in Baguio where I rallied from four-down in the final round and won by four. But I have set my goal—stay focused and enjoy it,” Superal said. “Actually, I’m
Wednesday, August 14, 2019 C3
Superal delays Japan sortie, leads locals’ charge in Lipa preparing for Japan so I practice a lot.” That should make the former US Girls’ Junior champion the marked player together with Rodriguez, who vowed to go for no less for the crown coming off a three-month break due to operation. “My goal is not only to get a good score but to win,” said Rodriguez, a former threetime OOM winner who underwent surgery last May. “Now I’m back, fully motivated and ready to start again.” So does Soisuwan, who is raring to recall the form that netted her a runaway seven-shot romp over rookie Mikha Fortuna last year in one of six victories the Thais posted in the 12-stage edition of the country’s premier circuit organized by Pilipinas Golf Tournaments Inc. “I will try my best to get another championship but now I will consider the wind factor. If it blows, I will just bump it and consider some adjustments. But for sure, I’ll give my best,” said Soisuwan, who is also using this event to hone up for next week’s
Thailand Qualifying. Ikeda, meanwhile, hopes to buck a wrist injury that has hampered her campaign in the last two legs as she seeks to score a follow-up to her playoff win over Pauline del Rosario at Midlands last May. “It hurts every time I hit it hard. But I won’t give up, I will fight till the end,” said Ikeda. Hwang Min-jeong is also expected to slug it out with the big guns till the final hole as the young Korean tries to rekindle her old fire at Malarayat where she reigned as an amateur in 2015. The 2018 Philippine Amateur Open champion also marked her pro debut with a victory at Splendido last January, where she edged Superal by one. Other Thais expected to dispute top honors are Chouvarest Chourkittisopon, Numa Gulyanamitta, Nimmita Juntanaket, Ajira Nualraksa, Sangkagaro Pimpadsorn and Poomklay Preenaphan with Kang Da Yun and Kwon Taeyon joining Hwang in the hunt for another Korean victory.
AL MENDOZA alsol47@yahoo.com
THAT’S ALL
All eyes on Castro, Jones
counsel), Avelino Sumagui (deputy legal counsel), Gen. Lucas Managuelod (membership and accreditation commission) and immediate past president Ricky Vargas (constitutional amendments). Tolentino said Araneta was a comprehensive choice. “Football in the Olympics [under 23] is not as hot as the World Cup, and that’s the main reason why we chose Mr. Araneta—because his association is not that busy at the Olympics,” Tolentino said. Tolentino’s first order to Araneta was to check on all athletes who could qualify for Tokyo 2020. “It’s very difficult to qualify for the Olympics and that will be the chef de mission’s primary task—get the list of those who could make the grade and get them to Tokyo,” the cycling chief said. Tolentino said that potential Olympic qualifiers could come from weightlifting, skateboarding, cycling, surfing, boxing, taekwondo and other combat sports. Araneta will fly to Tokyo next week to attend the first chef de mission meeting. Although surprised with his appointment, he politely welcomed the task. “I’ll do my best to help the team, help the Philippines. Hopefully we will have a good performance in Tokyo,” he said. Tom Carrasco (triathlon), a deputy director general at the Philippine Southeast Asian Games Organizing Committee, also briefed the assembly on the progress of preparations for the 30th SEA Games in November.
IF three of your eight players fired 20-plus points apiece in a championship series, your team ought to be the champion. If four of your eight players combined for more than half of your squad’s total output in a championship series, your team ought to be the champion. And, if all of your eight players fielded in scored in a championship series, by all means your team ought to be the champion. Didn’t Coach Leo Austria’s boys accomplish all that, resulting in a 106-101 San Miguel Beer (SMB) victory over TNT-KaTropa in Game Four over the weekend? In that series-tying SMB win, import Chris “The Saviour” McCullough scored 27 points, Alex Cabagnot 25 and June Mar Fajardo 22 for a combined 74 points. Add Von Pessumal’s extremely timely hits totaling 14 points and the quartet accounted for 88 of the Beermen’s total. The remaining 18 San Miguel markers were niftily tossed in by Chris Ross (7 points), Christian Standhardinger (5), Terence Romeo (4) and Arwind Santos (2). Their points may look puny, but they more than compensated for that with their outstanding efforts in other departments of the game. Assisting and stealing by Ross, rebounding and tough physicality by Standhardinger on TNT import Terrence Jones, quarterbacking chores plus those crucial back-to-back bank shots by Romeo near the endgame and Santos’s never-say-die defense plus completing a Ross-initiated theft that led to Cabagnot sinking two free throws for SMB’s secure 102-96 lead with 16.3 seconds left. And how about the closing killer six charities by Cabagnot and Ross that essentially snuffed out a game-ending fivepoint barrage by Troy Rosario and Jones? If at all, the win produced yet again a Sunday Suspense Thriller, giving the Beermen a precious 2-2 deadlock in the PBA Commissioner’s Cup Finals and, more significantly, allowing SMB to avoid a precarious 3-1 hole in the best-of-seven title playoffs. Not only was McCullough’s 27 points spectacular. How about his 22 rebounds—many of them crucial, with one follow-up via a dunk off a driving miss by Ross pushing SMB virtually out of harm’s way, 98-92, with mere seconds remaining? But even as TNT showed its usual resilience to get to within 96-98 on four straight points by Jones, Fajardo would quickly restore order for SMB on a quick escape stab, 100-96, from a McCullough assist time down to 27 seconds. And then on the return play, Ross, tireless as ever, sneaked from behind, swiped the leather out from the hands of a dribbling Jones, the ball landing on Santos’s hands. That’s when Cabagnot cased his two of four charities in the last 16 seconds capped by Ross’s closing free throws for SMB’s winning 106-101 count. In retrospect, Fajardo and McCullough might have played with vengeance in their eyes in Game Four, having lost the best import and best player of the conference awards to TNT’s Jones and Jayson Castro, respectively, minutes before the start of the match. Now, should Fajardo and McCullough retain that same fire in their eyes in tonight’s Game Five, I see no reason why SMB could not win again to snare a pivotal 3-2 lead in the series now reduced to a best-of-three. But will Castro and Jones get bamboozled two in a row? If yes, then there’s but one word to describe their trophies: Fluke. THAT’S IT Although he is out for good in the ongoing PBA Commissioner’s Cup Finals due to injury, Marcio Lassiter has made it a point to be on the SMB bench to cheer his teammates on every single game. If that’s not a sterling display of what a true team guy is, sanamagun. And in Lassiter’s absence, Von Pessumal is proving he’s a worthy replacement—thus far.
Conversion and Development Authority and also Philippine SEA Games Organizing Committee venue manager. The sports facilities at the NCC includes the Athletics Stadium and Aquatic Center which will be officially certified by the sports’ international federations as Class 1 venues. Ramirez said as chef de mission, he will continue to update President Duterte, through Executive Secretary Salvador Medialdea and Committee on Sports Chairman Sen. Bong Go
on the developments of the venues. The Athletes Village which features 525 rooms with 2,100 beds for athletes will be opened on of November 20. The other sports that will be played in North Luzon are sailing, windsurfing, arnis, sambo, wrestling, dancesport, athletics, aquatics and chess. A total of 530 events in 57 sports will be played during the November 30 to December 11 Games.
PRINCESS SUPERAL is on top of a local roster filled with talent.
HOTTER&TIGHTER
Cardinals storm past Generals in ‘NC’ hoops
S
AN MIGUEL Beer and TNT find themselves back to square one in Game Five of the best-of-seven Finals series of the Philippine Basketball Association Commissioner’s Cup that has become a pendulum of a duel. But the Beermen are hoping to prevent the pendulum from swinging to the other side when they take on the KaTropa in Game Five at 7 p.m. on
Wednesday at the Smart Araneta Coliseum. San Miguel Beer went heavily to June Mar Fajardo and import Chris McCullough to hack out a 106-101 victory in Game Four to tie the series at 2-2. McCullough had a monstrous 27 points and 22 rebounds, while Fajardo played his best game yet in the series with 22 points, including a basket off his import’s feed that put them on top, 100-96, with 27 seconds left. Coach Leo Austria knew the victory was just an equalizer and they need another solid strategy to repeat against TNT. “We have the momentum. With the series tied at 2-2, everything is back to zero,” Austria said. “It’s best-of-three, so we really need to work harder and map out a good game plan. I know they will come back.” “I hope we follow our game plan to the letter,” Fajardo said.
It was not only Fajardo and McCullough who provided the points and crucial plays for the Beermen. Alex Cabagnot also chipped in 25 points highlighted by his clutch free throws at crunchtime. TNT was in jubilation mode after Terrence Jones hoisted the Best Import trophy and Jayson Castro took the Best Player of the Conference award. The KaTropa momentarily held the lead, 65-64, before San Miguel unleashed a 12-0 run behind Fajardo’s 10 straight points. Jones carried the fight for the KaTropa and made it a close game, 96-98. But Fajardo scored underneath with less than 30 seconds left, and Cabagnot and Chris Ross sealed the match with their free throws. Jones had 32 points and 16 rebounds for TNT, while Troy Rosario added 24 points and eight boards. Ramon Rafael Bonilla
JUNE MAR FAJARDO helps carry the Beermen on his shoulders.
CALM FOLLOWS STORM AT P.O.C.
EMILIO AGUINALDO College’s Marwin Taywan and Mapua’s Justin Serrano chase the loose ball. NONOY LACZA
M
APUA used a strong third quarter to dispose of Emilio Aguinaldo College (EAC), 76-66, for its second win in the National Collegiate Athletic Association Season 95 men’s basketball on Tuesday at the Filoil Flying V Centre in San Juan City. The Cardinals were within striking distance with a 35-27 lead at the half but went off to an explosive third quarter where they scattered 25 points against the Generals’ 12. EAC tried to mount its own run in the final period, but the cushion was too big and Mapua notched its second straight win after toppling Arellano University over the weekend to improve to 2-5 won-lost. Cyril Gonzales piled his points in the middle quarters to lead the Cardinals with 13 points, along with three rebounds and two steals. Paolo Hernandez added 11, while Laurenz Victoria finished with 10 points. “Coach Randy [Alcantara] put premium on team bonding. We focused on individual skills and,
at the same time, on defense,” Mapua Assistant Coach Yong Garcia said. The long layoff—games were suspended because of typhoons—also benefited the team, according to Garcia. “The rest was a big factor, it helped the boys rest their tired bodies,” he said. The Cardinals made their presence felt in defense in the second half where they unleashed a decisive 21-0 run that spelled nightmare for the Generals. JC Luciano tried to rally EAC when he fired 10 of his 12 points in the fourth period, but his efforts came too late as the Generals dropped to their fifth straight loss for a 1-6 record. With only the final score to be decided, things got a little sour when Jasper Salenga was thrown out after a disqualifying foul on Luciano with 22.5 seconds remaining. Joaqui Garcia was also slapped with an unsportsmanlike foul with 1.5 seconds left. Ramon Rafael Bonilla
By Ramon Rafael Bonilla
A
TRIATHLON SET TO TEST NEW CLARK CITY IN CAPAZ
T
HE New Clark City sports complex is geared up for a triathlon race slated on October 19 and 20 where at least 700 participants are expected at the New Clark City Triathlon 2019 to test the country’s new sports facilities ahead of the 30th Southeast Asian (SEA) Games. “New Clark City is a perfect venue for a triathlon since it’s the first [modern] facility intended for the SEA Games. Participants will have a chance to be one of the first to use the pools at the Aquatics Center and the track oval at the Athletics Stadium,” said GoClark Sports and Events Director Jumbo Tayag. GoClark is an organization that promotes health and wellness through endurance and multisport events. The 20,000-seater Athletics Stadium and 2,000-seater Aquatics Center in the Capaz facility are already more than 90 percent completed. “This is totally a fresh change from the usual venues in Subic and Clark,” he added. Tayag also cited the new access road from the new city to the Subic-Clark-Tarlac Expressway which will
boost accessibility in the area and ease traffic especially during main events. The race also serves as a send-off for the national triathletes who will compete at the biennial games. Tayag will lead the opening ceremony of the race together with Bases Conversion and Development Authority (BCDA) President and
CEO Vince Dizon and MTD Clark Inc. President Engr. Patrick Nicholas David. Celebrity athletes are also expected to join the race. The first day will start with a 5-km fun run and a triathlon for kids or NCC TriKids, to be held in two distances—100-m swim, 6-km bike and 1-km run, and 300-m swim, 10-km bike and 2-km run.
GENERAL Assembly (GA) originally called to impose a new administration at the Philippine Olympic Committee (POC) went smoothly on Tuesday with Rep. Abraham “Bambol” Tolentino securing the approval on all his appointments in key positions in the body. There was no objection on Mariano “Nonong” Araneta’s appointment as chef de mission for the Tokyo 2020 Olympics—with the football association president replacing volleyball’s Jose Romasanta, who was appointed by former President Jose Cojuangco Jr. to the prestigious post. “I want to thank all members of the GA. I hope the GA would always be this way, smooth and informative, transparent in everything. Hopefully, this will last,” Tolentino said. Tolentino’s presidency teetered in its first week when he failed to get a quorum in the first Executive Committee meeting which he called five days after his election last July 28. He called for another board meeting and got the numbers, a guarantee that the GA at the Diamond Hotel on Roxas Boulevard in Manila would be smooth and free of fireworks. Thirty five members of the assembly—out of the 46—attended the meeting. Also approved by the assembly were the appointments of Atty. Edwin Gastanes (football) as secretary-general and Richard Gomez (fencing) and Renauld “Sonny” Barrios (basketball) as deputy secretarygeneral for national sports association and administration, respectively. The others were Alberto Agra (chief legal
Chef de mission Ramirez inspects Games venues
T
EAM Philippines Chef de Mission William Ramirez and his deputies visited the competition venues for the 30th Southeast Asian Games in Subic and New Clark City in Capas, Tarlac, on Tuesday. Joining Ramirez were deputies Stephen Fernandez and PSC Commissioners Ramon Fernandez, Charles Maxey and Arnold Agustin.
Ramirez first visited the Subic Boardwalk which will be the venue for triathlon, duathlon, open-water swimming and modern pentathlon, followed by the Subic covered court gym that will be the venue for sepak takraw and subic tennis courts, as well as the venues for beach handball and beach volleyball. They also visited the Subic Bay Exhibition
and Convention Center (SBECC) where muay, pencak silat and table tennis will be played. “We are thankful to the President [Duterte] for supporting Philippine sports,” Ramirez said. The group made its last stop at the New Clark City, which is now 90 percent completed, according to Engr. Jerico Bondoc of the Bases
By Doug Ferguson
J
The Associated Press
ERSEY CITY, New Jersey—Patrick Reed still hasn’t reached top 5 in the world. He is a Masters champion. He won a World Golf Championship five years ago, when he first said he felt he was among the top 5 in golf. He now has two victories in the opening FedEx Cup playoff event, which can make a case as having one of the strongest fields of the year this side of a major. It’s what happens in between these big wins that is holding him back. A lot of golf. Not a lot of trophies. Dating to his victory at Kapalua in the Tournament of Champions to start the 2015 season, Reed had played 148 times worldwide with just two victories. One of those came with a green jacket from Augusta National. That makes up for a lot. Reed ended another long drought Sunday when he rallied from a two-shot deficit in the final hour to win The Northern Trust. It was timely because it assured him a spot in the Tour Championship and raised his odds of having a shot at the $15 million prize for the FedEx Cup. It also was overdue. The victory ended a drought of 41 tournaments over 16 months since the 2018 Masters, his most recent victory. It wasn’t from a lack of effort. “I don’t like long gaps,” Reed said after his one-shot victory. “It’s not fun, you know what I mean? I’ve always played to win golf tournaments. I’ve always wanted to compete to win. I’m not really satisfied with a second, third, fourth, 10th.... You’ll have good finishes in there, but as a competitor, you ask any of the guys out here in the top 10, 15 in the world, they would rather win a golf tournament than have eight second places.” Reed showed the kind of game at Liberty National that makes him believe so much in what he can do. He lost an early lead Sunday at The Northern Trust. Even with his caddie chasing off geese from the 13th fairway, he failed to birdie the par five and was two shots behind with time running out and not many birdie holes left. And then he seized control with a little imagination and plenty of grit. It started with a pitching wedge to a back right pin on the par-3 14th, which he hit so perfectly that it caught the ridge and fed down to 8 feet for a birdie. That was important because Jon Rahm, who had a two-shot lead, and just made bogey on the 14th. Reed said his caddie—brother-in-law Kessler Karain—told him, “You have to have him feel that bogey.” On the next hole, Reed kept the momentum and the lead by saving par with a 10-foot putt. And then he drilled his tee shot about 25 yards short of the 296-yard 16th hole with water down the right side, pitched that to 4 feet to a front pin and made another birdie. Then, it was a matter of holding off Abraham Ancer, and Reed was holding another trophy. Winning is hard. Winning is what matters. What keeps Reed from the elite in golf—no matter how much he pumps his fists when playing for the flag in the Ryder Cup or Presidents Cup—is winning with more regularity. That’s what makes the top 5 in the world stand out. Brooks Koepka has won each of the last six years, including four of the last 10 majors. Dustin Johnson has gone only one year without winning on the Professional Golfers’ Association (PGA) Tour since he turned pro. Justin Rose is on his 10th straight year winning on the PGA Tour. Rory McIlroy only had one drought, and one year without a title starting in 2009. Rahm is just starting out, but he has six wins in his three full years as a pro. For Reed, this is the next step. “The longer that time period is in between wins, it just makes it tougher,” he 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.” His process to posing with a trophy might have started in May, when he felt he had no energy at the PGA Championship. The people around him persuaded him to take a break, so for 10 days Reed didn’t touch a golf club. He can’t remember the last time he stepped away from golf for that long without doing something. They rented a house in the Hamptons where they had stayed for the US Open last year at Shinnecock Hills. Even with a manicured lawn he said was 300 yards long and 50 yards wide—perfect for hitting balls—he used it to play with his two children. “If anything, I came back stronger and with a clearer picture and mind and I was able to go out and play,” he said. Reed was able to win again. And he can only hope he doesn’t have to wait that long for the next one.
A LOT OF GOLF, BUT NOT A LOT OF TROPHIES
Sports BusinessMirror
C4
| Wednesday, August 14, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
WITH the New York skyline in the distance, Patrick Reed studies his prospective putt on the 14th green at the Northern Trust tournament at Liberty National Golf Course on Sunday. AP
NCAA amends agent rules on college degree policy
I
NDIANAPOLIS—The NCAA has backtracked on new certification standards and will no longer require a bachelor’s degree for a sports agent to represent Division I men’s basketball players who declare for the National Basketball Association (NBA) draft while maintaining college eligibility. The requirement drew criticism last week when the certification standards were revealed, including a social-media blast by NBA star LeBron James. The requirement was quickly dubbed the “Rich Paul Rule” in reference to James’s agent, who does not have a college degree. The NCAA announced Monday it would amend the standards so bachelor’s degrees would not be required for agents currently
WHOSE BALL? Bayern Munich’s Joshua
Kimmich (left) challenges Energie Cottbus’s Felix Bruegmann for the ball during their German Cupmatch in Cottbus, Germany, on Monday. AP
certified and in good standing with the NBA players union. The NCAA had said last week it modeled its rules after those of the National Basketball Players Association. “We have been made aware of several current agents who have appropriately represented former student-athletes in their professional quest and whom the [NBPA] has granted waivers of its bachelor’s degree requirement,” the NCAA said in a statement. “While specific individuals were not considered when developing our process, we respect the NBPA’s determination of qualification and have amended our certification criteria.” The NCAA rule permitting players to obtain an agent, yet, still return to school after withdrawing from the draft was part of recommendations from the Condoleezza Rice-led Commission on College Basketball, which was
formed in response to a federal corruption investigation into the sport. The change took place last August, and the first players to take advantage of the rule did so in the spring. They were permitted to sign with an agent certified by the NBPA— which was the stopgap standard until the NCAA put together its own certification requirements—though they had to terminate the deal if they decided to withdraw from the draft and return to school. The amended policy still requires the agent to be certified by the NBPA for at least three consecutive years, as well as taking an in-person examination, going through a background check and paying required fees. In its release last week, the NCAA said agents would pay a $250 application fee and an annual $1,250 certification fee separate from NBPA certification requirements. AP
Michigan State agrees to protect patients in deal with feds
L
ANSING, Michigan—Michigan State University (MSU) has agreed to better protect patients from sexual assaults, including following a chaperone requirement for sensitive medical exams, to resolve a federal civil-rights investigation into Larry Nassar’s abuse of young gymnasts and other athletes under the guise of medical treatment. The three-year agreement announced Monday is the first one struck under a section of the Affordable Care Act that prohibits discrimination in certain health-care programs or activities, said Roger Severino, director of the US Department of Health and Human Services’ Office for Civil Rights. The deal covers not only students under Title IX but also patients who are not students.
The university and two associated entities— MSU HealthTeam and MSU Health Care Inc.—will require that a second health team member be present at sensitive medical exams. The school previously instituted a chaperone requirement in 2017 in the wake of the scandal involving its former sports doctor, Nassar, and his abuse of hundreds of girls and women, but Severino said it now must comply or face consequences. “It’s one thing for an institution that has failed repeatedly to police itself to say that they’re going to do better this time compared to the federal government [which has] the ability to strip federal funds in case of repeated noncompliance,” Severino said. He added that federal officials will be monitoring closely, which is a key difference. He said the Office for Civil Rights opened the probe on its own about eight months ago and not in
response to a complaint. When sensitive exams are conducted, patients will be given an appropriate gown, privacy to dress and undress, and sensitive draping to maximize their privacy. The university and the health entities also will revise their nondiscrimination notices and sexual misconduct policies, improve their processes for investigating and resolving complaints, conduct all-staff training and report twice a year to the Health and Human Services’ Office for Civil Rights. University President Samuel Stanley Jr. said the revisions recommended by federal officials “further enhance the many protection and policy improvements MSU has made since Nassar’s arrest.” He said those include the school’s own version of a chaperone policy-as well as a protocol to review all reported allegations of inappropriate interactions between practitioners and patients. The university also will add investigators to handle grievances and complaints, he said. AP
SAFE AT THIRD
Pittsburgh Pirates’ Kevin Newman (right) slides safely into third, beating the throw from the outfield to Los Angeles Angels third baseman Matt Thaiss on a single by Starling Marte during the first inning of their Major League Baseball game in Anaheim, California, on Monday. The Pirates won, 10-2. AP
D
Creating God
EAR God, all of Your creatures look to You for food and other needs. Trusting in Your providence, we pray: Hear us, oh God. Animate Your Church to heed the teachings and example of Pope Francis regarding charity, stewardship and joy in living the Gospel. Further collaborative efforts among nations to ensure clean water for present and future generations. Transform our hearts and minds to embrace an attitude of reverence and concern for every species. May the Spirit of God animate us in hope, guard us in love and fill us with peace. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com
Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com
Life BusinessMirror
SUI GENERIS: OUT OF YOUR COMFORT ZONE D4
Wednesday, August 14, 2019
D1
Huawei unveils phone system that could replace Android RICHARD YU, CEO of Huawei Consumer Business Group, speaks during a news conference in Dongguan, China, on August 9. Huawei unveiled a smartphone operating system that it said can replace Google’s Android, adding to the Chinese tech giant’s efforts to insulate itself against US sanctions. AP
B
By Joe mCDonaLD The Associated Press
EIJING—Huawei on Friday unveiled a smartphone operating system that it said can replace Google’s Android, adding to the Chinese tech giant’s efforts to insulate itself against US sanctions. The announcement of HarmonyOS highlights the growing ability of Huawei, the No. 2 global smartphone brand and biggest maker of network gear for phone carriers, to create technology and reduce its reliance on American vendors. US curbs imposed in May threatened Huawei’s smartphone sales by limiting access to Android and blocking Google, a unit of Alphabet Inc., from supporting music and other services based on the system. Huawei Technologies Ltd. wants to keep using Android, Richard Yu, CEO of its consumer device unit, said at a conference for software developers in the southern city of Dongguan. “However, if we cannot use it in the future, we can immediately switch to HarmonyOS,” Yu said. He said that could be done in as little as two days if needed. Huawei, China’s first global tech brand, is at the
center of a battle between Washington and Beijing over the ruling Communist Party’s ambitions to develop companies that can compete in robotics and other fields. The Trump administration says Beijing’s efforts are based on stealing or pressuring companies to hand over technology. Washington and other trading partners say the Chinese campaign violates its freetrade obligations. Washington has labeled Huawei a security threat, an accusation the company denies. Some officials also see the rise of Huawei and other Chinese tech competitors as a potential threat to US industrial leadership. Huawei spends about $12 billion a year on US semiconductor chips and other components. The company said the US export curbs might cut its projected sales by $30 billion over two years. Since then, authorities have said vendors will be allowed to supply technology that is available from other sources. That came after American technology suppliers warned they would be hurt by the loss of one of their biggest customers. Huawei also has developed its own chipsets for low-end smartphones and servers, though it still needs US vendors for its most advanced products.
Yu said Huawei’s first device using HarmonyOS would be released Saturday under its Honor brand. Huawei, headquartered in the southern city of Shenzhen, near Hong Kong, reported earlier its smartphone shipments rose 24 percent in the first half of 2019 over a year ago to $118 million. “We could have done better, but due to the challenges we face in the international market, our shipments dropped a bit,” Yu said. Huawei reported that sales in the six months through June rose 23.2 percent over a year earlier to 401.3 billion yuan ($58.3 billion). That was up from 2018 growth of 19.5 percent, but Chairman Liang Hua warned Huawei will “face difficulties” in the second half. Liang said then that Huawei was reviewing its product lineup to make sure it could fill orders without US components if necessary. On Friday, Yu said HarmonyOS is designed to operate on PCs and tablet computers, as well as smartphones, allowing users to integrate music and other functions across multiple devices. HarmonyOS will be open source to allow outside developers to contribute to its development, Yu said. “We want to build a global operating system, so it will not be used by Huawei alone,” he said. n
D2
Show BusinessMirror
Wednesday, August 14, 2019
www.businessmirror.com.ph
z
Today’s Horoscope
BLIND SPOT BRUCE C.
By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Mila Kunis, 36; Halle Berry, 53; Jackee Harry, 63; Steve Martin, 74. HAPPY BIRTHDAY: You’ve got plenty going for you this year, so don’t sell yourself short. You don’t have to go overboard to get things up and running. Baby steps will lead to the success you’re looking for. Plan, strategize and calculate your every move. Don’t let change become bothersome. Work with what you have, keeping a steady pace and an open mind. Your lucky numbers are 2, 14, 23, 25, 33, 38, 43.
ROLLING HER EYES
THE starlet was at a brand-sponsored event with other stars, who were accommodating and cordial toward the people present. It was a surprise to people associated with the brand when the starlet rolled her eyes after they asked if they could have their photographs taken with her. This isn’t the first time that the starlet had exhibited such behavior. There have been several instances when she refused to even smile at fans while her rumored boyfriend and favorite costar would agree to grant autographs and photo requests. This guy is the only thing the starlet has got going for her right now, so we wish that she’d take her cue from him. She really needs good PR right now because of allegations that she “stole” the guy from his baby momma, who is loved by the public. The starlet has always needed good PR even before she became the guy’s girlfriend.
HIS BAD HABITS
SO it’s true that pressure from her family was one of the reasons behind the disintegration of this celebrity’s relationship with a seasoned actor. That and his continued smoking and drinking, and the fact that he allowed his appearance to deteriorate. The girl’s family felt that the actor’s heavy smoking and drinking was not healthy in a home with a baby. They also felt that him not working anymore at such a young age was not good. The girl, despite what appears to be her wild ways, actually comes from a very traditional family that believes in hard work. They weren’t very comfortable with the actor’s Bohemian lifestyle and the speculation that he takes drugs.
GHOSTED
GHOSTING is a very popular term these days, and that’s exactly what happened to this starlet who was dating the son of a rich celebrity and his wife. At first, the wife of the rich celebrity liked the starlet for her son. But as time went on, she began to notice things such as huge grocery charges in her son’s credit-card bills. She talked to the starlet about this. The charges stopped but that did not stop the mother from asking someone to investigate the girl and her activities. It was then that she found out the truth—the starlet had a rich and married benefactor. So the rich mom asked her son to stop seeing the girl and being an obedient son, he followed her instructions. So that’s how the starlet was ghosted.
CHEATING ON HIS GIRL
THE actor is know for his devotion to his girlfriend, who is also in show business. But what is this we hear that the actor spends time with paid escorts when he is out of town or abroad? It’s allegedly always a different girl for every stop. The actor has allegedly told friends he is getting tired of being with someone whose family still disapproves of him after all these years. The girl’s family don’t like any guy who gets involved with her, to be honest. This is because they don’t want her to get married and possibly be alienated from them. There is no excuse for cheating but perhaps the girl’s family can back off a little and let her live her life.
a
ARIES (March 21-April 19): Don’t worry so much about what others do. As long as you are happy with your performance, kindness, and personal and spiritual growth, you can be proud of who you are and what you have to offer. HHH
b
TAURUS (April 20-May 20): A change of plans shouldn’t throw you off your schedule. Don’t become disconcerted if someone isn’t into doing what you do. Carry on and enjoy yourself, regardless of who is in your corner and who isn’t. Consistency matters. HHH FROM left: Tiffany Haddish, Melissa McCarthy, Elisabeth Moss and Domhnall Gleeson in a scene from The Kitchen.
‘The Kitchen’ stars find humility in mobsters’ ruthlessness
L
By Katie Campione The Associated Press
OS ANGELES—Ever seen a female-led mob movie? Neither had The Kitchen writer and director Andrea Berloff, and that’s why she says she jumped at the chance to adapt DC Vertigo’s comic series of the same name. But first, she had some key changes to make to the source material. “I said to the studio: ‘I don’t want to make a movie about three white women. I want to figure out a way to authentically make one of these characters African American,” she said, noting she had just finished work promoting Straight Outta Compton, which she cowrote. The Kitchen tells the story of three mob wives in 1970s Hell’s Kitchen who are forced to take over the family business when their husbands are sent to prison. Elisabeth Moss, Tiffany Haddish, and Melissa McCarthy play women who, despite a common goal, are motivated by different experiences. McCarthy’s Kathy is a mother of two who loves her husband and is worried for her family while he’s away. Moss’s Claire, who suffered through an abusive relationship, feels liberated by her husband’s arrest. Haddish’s Ruby is the only black woman associated with the Irish mob and has a unique perspective because of it. In order to embrace their characters’ journeys, the three actresses had to think about what happened to the wives up until the day the cameras started rolling. “I always thought about Kathy as just always being smart, always being capable and no one ever asking for her opinion and knowing that she wasn’t able to even offer it,” McCarthy said. “And I thought, ‘What is that resentment and frustration?’ And then when you mix that with the panic of not being able to take care of your children
and keep a roof over their head. What is that person willing to do?” Treating each woman with humility was essential to embodying them, Moss said. She added that her character finds solace in the more gruesome parts of the job because of her past. “Somebody who has only experienced violence and has only experienced that kind of physical pain, to her that means power and strength,” Moss said. “To her, the person who is hitting the hardest is the person who is in power.” Although disturbing, Claire’s attraction to the violence is understandable, Moss said. Luckily, her costar, Domhnall Gleeson, who plays her love interest and a former hitman, embraced the same mentality. “They’re just a kind of a really weird couple, but they seem real happy,” he said. “So, you look over and they’re smiling and they’re very much in love, and you know they’re going back to chop up a body in the bathtub.” While audiences may wince at some of the more grotesque scenes, they may also feel a strange sense of empowerment watching these women take control of their lives. The three women at the center of the film certainly did. “There are definitely a few moments that I think we did like walking down the street together in a row that I think we felt pretty cool about ourselves,” Moss said. “We felt ourselves sometimes, for sure. But a lot of the time, I mean, what I felt was empowering was this support that we all gave each other as the three actors in the film. There was no hierarchy.” They just clicked. “It felt like a reverse Girls Trip to me,” Haddish said. “We were having fun on the camera, but like being silly when there’s no action, and then they say, ‘action’ and we’re serious. That was super fun. They’re gonna be my friends for a long time. They don’t know this, but they’re not going to be able to get rid of me.” n
c
GEMINI (May 21-June 20): Update your appearance to give yourself a boost. How you present who you are and what you are capable of doing will make a difference. Rely on your intelligence to help you sort through any differences you have with others. HH
d
CANCER (June 21-July 22): Problems at home will fester if you are moody or don’t address the real problem. Skirting issues or sulking will only make others distance themselves from you. Look at whatever positive you can find in any situation; you’ll turn things around. HH
e
LEO (July 23-Aug. 22): Travel, communication and sorting out any differences you have with someone will lead to greater success and happiness. Work with, not against, what’s best in the long term. Short-term benefits will not sustain what you are trying to achieve. HHHH
f
VIRGO (Aug. 23-Sept. 22): A change to the way you approach others will help you uncover problems that are holding you back. If you want someone to see things from your perspective, find a fun way to display your feelings and plans for the future. HHH
g
LIBRA (Sept. 23-Oct. 22): If emotions start to take over, look for something to do that gives back. If you are helping someone, you will realize everyone faces adversity, and doing something about it instead of dwelling on the negative is your best recourse. HHH
h
SCORPIO (Oct. 23-Nov. 21): Keep things in perspective. Steer clear of those unwilling to budge so you can continue to do your own thing without having to put up with nonsense that will slow you down. HHH
i
SAGITTARIUS (Nov. 22-Dec. 21): A positive attitude will draw attention to how proficient you are. Build solid relationships at work, as well as in your personal life, but don’t let others cost you. HHHH
j
CAPRICORN (Dec. 22-Jan. 19): Don’t let negativity seep into your conversations or the way you treat others. Confront any issues you have with an open mind and heart. Let others do what works best for them; you’ll get more in return. HH
k
AQUARIUS (Jan. 20-Feb. 18): Put all your papers, feelings and plans for the future in order. Knowing what you want to end up with will help you move forward at an even pace. Don’t let the actions of others lead to costly setbacks. HHHHH
l
PISCES (Feb. 19-March 20): Look for new ways to make your money work for you. Go over contracts, negotiate and look for innovative ways to move forward with your plans. Align yourself with positive, productive people who are heading in a similar direction. HHH BIRTHDAY BABY: You are amicable, fun-loving and sensitive. You are passionate and caring.
‘slices of pi’ BY TRENT H. EVANS The Universal Crossword/Edited by David Steinberg
ACROSS 1 To-do list item 5 Calm 11 Dance move that demonstrates sneezing hygiene 14 f, for Facebook 15 Times, to geologists 16 World Cup shout 17 Genie’s offer 19 Thor, e.g. 20 California or Rwanda? 21 Get rid of a rind 22 “Planet of the ___” 23 Canon DSLR model 24 Mao ___-tung 26 “At Last” singer James 28 Rules violation query 33 Bodybuilder’s sound 35 Winter bar order 36 “Warm” counterpart 37 Military org. that Prince William served in 38 Ballet bend 39 Igpay Atinlay 42 Little laugh
4 Person skilled in only a single area 4 46 Click some stars online 47 Like the name Rex, for a bad driver 48 Trojans’ sch. 51 Hoda of Today 53 “Gosh darn it!” 56 GPA padder 58 Bygone kind of tray on airplanes 59 Monument in Colorado, Utah, Arizona and New Mexico 61 LAX safety org. 62 Rainn’s The Office role 63 “No doubt!” 64 Use chopsticks 65 Bothers 66 Best Comeback Athlete, for one DOWN 1 Give 10 percent 2 Sound that warrants a blessing 3 Puts into separate piles 4 ___-jerk reaction 5 Affix some buttons, say 6 Lifesaving allergy device 7 Two tablets, e.g. 8 “Heart” or “head” follower
9 Democrats, informally 10 Superman suit symbol 11 Simple swimming stroke 12 Sunburn soother 13 Flower-growing spots 18 “Rocketman” subject John 22 Waste away from disuse 25 Watch the kids 27 Tater ___ 28 Soda can opener 29 Express appreciation 30 Sound after a punch 31 ___ Brickell & New Bohemians 32 Bourbon relative 33 Cross the threshold 34 “Got it,” in radio lingo 36 Naval noncom 37 Wrestler Flair 40 Self-portraits and such 41 Secure with rope 42 “Drawer” or “shelf” starter 43 Cross the threshold 45 Like some fog or grass 48 Mac ___ (Apple devotees) 49 Sappy sweet?
0 “___ at the Bat” 5 51 McKinnon of SNL 52 Mountain near Olympus 54 Destroy 55 2012 movie about a fake movie 57 Poker fee 59 Vape regulator 60 NFL tiebreakers Solution to yesterday’s puzzle:
A BusinessMirror Special Feature
www.businessmirror.com.ph
Wednesday, August 14, 2019 D3
X marks the spot: RWM celebrates 1st decade with multi-segment promos
(FROM left) Boy Beloso, RWM Director for Hotel Operations, Holiday Inn Express Manila Newport City; Ana Vergara, GM of Sheraton Manila Hotel; Bruce Winton, GM of Marriott Hotel Manila; RWM President and CEO Kingson Sian; Alliance Global CEO Kevin Tan; RWM Chief Gaming Officer Hakan Dagtas; Simon McGrath, GM of Hilton Manila; Jan Marshall, GM of Hotel Okura Manila; and Rey Fabricante Area Director of Operations for Savoy Hotel Manila and Belmont Hotel Manila.
‘W
By Jt Nisay
HAT can happen in ten years?” Resorts World Manila kicked off the launch of its 10th anniversary celebrations with a question from RWM Director for Corporate Communications Joee Guilas. Speaking at The Plaza in Newport Mall before an audience of media members, and company employees and executives, Guilas said that one can see an “infant grow into a big kid” in a span of a decade, alluding to how RWM has developed from an ambitious project to a trailblazer in the integrated resorts segment in the
Philippines. Since opening its doors on August 28, 2009 in Pasay City, RWM has evolved into a pioneering one-stop, non-stop entertainment and leisure destination with a gamut of world-class services in hospitality, gaming, dining, and meetings, incentives,
conventions, and events (MICE). Today, the 25-hectare property developed and operated by Travellers International Hotel Group Inc.,-- a joint venture between Alliance Global Inc., and Genting Hong Kong, now boasts the most number of room keys in a single property in the country,
with 3,600 across seven hotels brands, and an 8th set to open later this year. The distinction has made RWM a prime staycation destination for various markets in the region. Part of RWM’s 10th anniversary promos allows guests to experience wide-
ranging accommodation offers through the Grand Staycation Package. At only P28,000, guests can enjoy overnight stays at six of RWM's eight acclaimed accommodation brands, including three global five-star hotels: Marriott Hotel Manila, Sheraton Manila Hotel, and the Hilton Manila. Guests also get overnight stay vouchers via practical luxury accommodations at Holiday Inn Express Manila Newport City (HIEx Manila), Belmont Hotel Manila, and Savoy Hotel Manila. RWM has always been big on food with more than 70 dining outlets and growing. Another promo under the property’s milestone celebration is the “Grand Food Trip” which for only P10,000, grants guests access to delectable buffets from RWM's signature restaurants and partner hotels. Participating outlets for the Grand Food Trip include The Terrace at Maxims Hotel, Silogue and Victoria Harbour Café at the RWM Garden Wing Gaming Area, Silk Road at the Grand Wing, Kusina by Hilton Manila, S Kitchen at Sheraton Manila Hotel, Marriott Café at Marriott Hotel Manila,
Savoy Café at Savoy Hotel Manila, and Café Belmont at Belmont Hotel Manila. On the entertainment front, RWM celebrates its storied 10-year journey with a twonight exclusive performance from Ms. Lea Salonga in Perfect 10: A Gala Night Concert at the award-winning Newport Performing Arts Theater on August 30 and 31. Joining the Tony and Laurence Olivier award winner are special guests Esang de Torres, Nicole Chien, Tanya Manalan and American theater actor Michael K. Lee, who starred alongside Lea in Miss Saigon and Allegiance. Meanwhile, lined-up this month at RWM Garden Wing entertainment venue Bar 360 is a special concert series featuring Richard Poon on August 17, Moonstar 88 on August 24, and Nyoy Volante on August 31. “This kid’s journey is far from over,” Guilas said. “We at Resorts World Manila call ourselves ‘thrillmakers’ and as we remain undaunted in delivering on that promise, we can only remind you to be prepared for more worldclass thrills to come.”
D4
Image BusinessMirror
Wednesday, August 14, 2019
www.businessmirror.com.ph
GLOBE’S #SeeYouTomorrow mental-health awareness campaign won the Gold for the PANAta Brand Bravery Award.
GLOBE ADVOCACY CAMPAIGNS WIN BIG IN 2019 PANATA AWARDS GLOBE has proven that it can marry limitless creativity with brand-building objectives by winning six trophies at the recently held PANAta Awards, including the Gold for PANAta Brand Bravery Award for #SeeYouTomorrow mental-health awareness campaign. 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. “All Globe corporate campaigns are now geared toward advocacies that directly contribute to the company’s Sustainable Development Goals 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 well-being 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. As a leading telecommunications provider in the country, Globe hopes to empower customers not only through the services it provides, but also through the impact of its gamechanging campaigns. It won two trophies for Excellence in Customer Empowerment: a Silver for #SeeYouTomorrow and a Bronze for #TimePlease. 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 volunteer hours were pledged within the span of two months through the online volunteer registration portal developed by Globe. Another Globe advocacy that won in PANAta was the National Teachers’ 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. Globe’s National Teachers’ Day campaign gave hundreds of private- and public-school teachers the opportunity to join workshops, as well as a three-week professional training program. The company also provided Internet connectivity and mobile tech equipment to qualifying schools. A total of 130 entries were submitted for consideration to this year’s PANAta awards and only 74 qualified for the short list. The awarding ceremonies were held on July 19 at the Marquis Events Place in Bonifacio Global City. Globe’s multiple victories show that market share and service delivery are not the only factors that define a brand. Engaging customers and adding value to their everyday lives are crucial to brand building, and one way of doing this is through crafting thought-provoking, yet moving marketing communication campaigns.
Out of your comfort zone SUI GENERIS CARLO ATIENZA
biblisko@gmail.com
O
NE of the most turbulent times in my life was when I shifted my career from the academe into the corporate world. I did not know what was ahead of me but I knew I still wanted to teach—just not in a school setting. I learned so much from my students, as well as from colleagues, but I also knew I wanted to do something more. And so from being an academic coordinator, I accepted a position as a trainer for managers and executives. On hindsight, that stint as a trainer has prepared me to become a content developer, a workgroup lead and then as a manager. I knew I would not be where I am today had I not taken that first step to step outside of my comfort zone into a world of opportunities beyond the academe. One of the things which can cause discontent and frustration is when you become stuck on something which no longer helps you grow and there are no longer any opportunities for you to improve your work or your career. In this case, you need to challenge yourself and take a step outside your comfort zone so you can see what else you can do to achieve your career and personal goals. When you step out of that zone, you develop new skills and in the process learn new things about yourself and what you can do. You also create new opportunities for yourself to expand options for other tasks so that routine work does not bog you down, consequently developing other skills which will grow your career. But before you step out of your comfort zone, you first need to assess yourself. You need to make sure you are stable and your career is not in any transition. In construction, they put up the foundations and let it cure first before putting on additional walls and columns. They let the cement cure to strengthen it and ensure it can support additional weight. Similarly, you need to ensure you are in a position to take on additional tasks or have time to develop new skills
because if you are not ready to take on more, you will lose more than what you started with. Once you have ensured you are at a stable point in your career, list your personal and professional goals. Knowing what you want to accomplish in your personal and career lives helps you filter tasks and activities which do not support your goals. Your actions become purposive and intentional because it becomes easier to say “no” to things which will not support your end goal. This happened to me last week when a fellow manager asked me to do something which I know is not within my purview. He said it will help me develop my facilitations skills and expand my sphere of influence. I had to turn it down because I know it will not add value to what I am currently doing and what I intend to do in the future. It even has the potential of getting me stuck in a task which will derail me from doing my main responsibility. I can develop my facilitation skills in other ways which are still aligned with my work, and I do not need to expand my sphere of influence at the moment because I am still establishing one in another part of the organization. Knowing what my career goals are helps me, say, “no” to seemingly good opportunities and say “yes” to ones which I know can help me further my personal and career goals. And when you do find that the new tasks and opportunities presented to you are aligned to your personal and career goals, research on what the tasks entail. Fear of getting out of your comfort zone stems from not knowing what you are getting into. Try to understand as much as possible what is required by the new tasks by reading about them or talking to people who have done similar tasks. It will help taking on new tasks easier and you can plan better how to go about it. Take it a step further by asking others who have similar career goals to join you in your journey out of your comfort zone. This will strengthen your resolve and give you the needed boost when you feel discouraged. I have heard this so many times but it is worth mentioning here: Failure to plan is planning to fail. And for you to succeed outside your comfort zone, you need to plan carefully and deliberately. Planning and knowing more about the new task or a new opportunity in your career also means you prepare for the worst-case scenario and create contingency plans to mitigate the effects. This will help you develop action plans which will address them if they do come up and lessen the anxiety which goes with uncharted territory. And when you do
Eleanor Roosevelt once said, “Do one thing every day that scares you.” If you want to grow and become the best version of yourself, you need to understand growth means fulfilling your full potential. And you can only discover how far you can go and how much you can accomplish if you step out of your comfort zone. encounter a hiccup, keep going. Of course you will plan as much as you can, but there are things that could happen which you may not have planned for but, as the British would say, keep calm and carry on. You will still discover something about yourself and could become the door to new ways of working. And when a new venture ends up in failure, adopt the Fail Mindset—First Attempt In Learning. Use the lessons as a way of improving present processes and methods. Eleanor Roosevelt once said, “Do one thing every day that scares you.” If you want to grow and become the best version of yourself, you need to understand growth means fulfilling your full potential. And you can only discover how far you can go and how much you can accomplish if you step out of your comfort zone. n
DOST-FNRI partners with MetaMetrics to boost campaign vs malnutrition THE Department of Science and TechnologyFood and Nutrition Research Institute (DOSTFNRI) partnered with MetaMetrics, the first comprehensive nutrient-testing laboratory in the Philippines and Asia, to boost government efforts to end the cycle of malnutrition in the country via the NutriCheck campaign. The agency conducting food and nutrition research and development, DOST-FNRI inked the partnership deal with MetaMetrics (www. MetaMetricslab.com) during simple rites held recently at the Philippine International Convention Center in Pasay City, which coincided with the celebration of Nutrition Month 2019. Under the partnership, MetaMetrics will complement and optimize the campaign of DOST-FNRI using social media as a platform, as well as other forms of communication materials in collaboration with health-care institutions to disseminate updated and more comprehensive information about proper nutrition.
According to DOST-FNRI Director Dr. Mario V. Capanzana, DOST-FNRI needs new science-based information that can be used for further research. Part of this is the conduct of various tests to know more about the metabolic functions of different nutrients and how certain foods affect changes in the body. “All these require certain biochemical testing, and although we have capabilities for some of the tests, there are unique tests that only MetaMetrics can do,” Capanzana said. MetaMetrics Laboratory has the most comprehensive nutrient-focused clinical diagnostics in Asia, which specializes in metabolomics—the study of individual chemical fingerprints created during metabolic and cellular processes. “We’re excited for this collaboration because this is the first major partnership that MetaMetrics will go into since it started operations September last year, and we’re happy that it is with DOST-FNRI, an agency that is at the forefront of food and nutrition,
and is committed in making a difference in the lives of Filipinos,” MetaMetrics General Manager Rosalie A. Victorino said of the newly inked partnership. “DOST-FNRI and MetaMetrics are both advocates of public health, and need to make Filipinos aware that health and nutrition can be afforded by everyone,” Victorino said. “NutriCheck is not just limited to nutrienttesting. It’s an advocacy to make people more conscious about nutrition. People should know what they are eating, what they are putting on their plate. It’s about educating people, enabling them to make the right choices,” Victorino added. To help combat malnutrition, especially since poverty-stricken Filipinos are the common victims of malnutrition, Capanzana said DOST-FNRI continuously develops technologies to create nutritious foods that are affordable for everyone. These technologies, Capanzana added, can be more utilized with the help of industry partners like MetaMetrics.
FROM left: Lhea Laurel de los Reyes, manager, MetaMetrics; Rosalie Victorino, general manager, Metametrics; Brenda Nazareth-Manzano, undersecretary for Regional Operations, DOST; Dr. Mario V. Capanzana, director, DOST-FNRI; Alex Fernandez, corporate vice president, MetaMetrics; Dr. Milflor Gonzales, chief science research specialist, DOST-FNRI; and Dr. Charina Paras-de Silva, laboratory director, MetaMetrics.
Business
E2 Wednesday, August 14, 2019
Living like a local S
OON-TO-OPEN Citadines Cebu City ensures long-stay guests a personalized stay by taking the much-loved Ascott Host program to new levels and combining it with warm Visayan hospitality. Imagine being welcomed home the moment you open your door— with a gift basket of your favorite treats based on your preferences. Your Ascott Hosts know just what you like—whether it’s the mangoes you rave over, the cookies your children love, the kind of water you drink or anything else your family adores. Ascott Hosts will be there to make you feel more at home and get to enjoy your stay like a local. They will let you know the best Cebuano delicacies and where you can find them, providing you with their mobile number so you can reach them whenever. Got questions about Cebu? Your Ascott Hosts are ready to give you tips on the best spots, whether you are looking for pristine beaches, lush forests or dive spots. They can help you find the best lechon and just about any local treats you want. Just when you are beginning to miss home, you can always turn to your Ascott Hosts to help quash your blues and bring you back to enjoy the moment with birthday cards and small gifts. On some cases, they might even surprise you with notes from folks back home! Along with other Ascott Hosts,
they would also organize pocket events and activities that you can attend, such as neighborhood get-togethers, celebrations and a quarterly gathering of residents. Of course, your hosts will also remind you of the essentials—your security, parking, Internet, and other concerns. The warm yet unobtrusive presence of your Ascott Hosts ensure that your Cebu experience is exactly what you would like it to be. From the moment you step into the main lobby, you know that your comfort is assured.
Vibrant living in the Queen City
DESIGNED to be both functional and cozy, Citadines Cebu City boasts spacious apartments that combine all the conveniences of a modern home and the services of a hotel. Each unit has its own fully equipped kitchen, wireless Internet access, and even a builtin a washer and dryer in some. For business travelers, it also has conference and meeting facilities, as well as a gym to help tenants stay fit and healthy. Slated to open in September 2019, Citadines Cebu City boasts a local, fun and functional vibe. Visitors are greeted by a burst of tropi-
cal coastal colors intermingling with natural wood, latticework, cane waves, stones, shell inlays and local weaves. Accent lighting, cove ceilings, niches and trellises, all made by local craftsmen, evoke a natural feel. “Cebu has so much to offer in terms of business and travel op-
portunities, but we would also like our guests to experience the service par excellence of our Ascott Hosts,” said Daniel Wee, country general manager for The Ascott Limited, Philippines. Citadines Cebu City, located at Baseline Center along Juana Osmeña Street, is the fourth Cita-
dines Apart’hotel property in the Philippines, joining Citadines Salcedo Makati, Citadines Millennium Ortigas Manila and Citadines Bay City Manila. Recognizing the opportunity to meet growing expectations, The Ascott Limited, one of the leading international lodging owner-
operators, formed a synergistic partnership with leading developer Cebu Landmasters Inc. to open Citadines Cebu City, as a way to level up the hospitality industry. “Visayas is on a high-growth phase and we would like Ascott to be there, to provide options that travelers are looking for,” said Wee.
Japanese and Filipino real-estate companies LG CELEBRATES HISTORY WITH TOMORROW’S A.I. TECHNOLOGY partner for quality housing projects
THE agreement was signed by Giovanni J. Olivares (third from right), president and CEO of MCDC, and Hisao Nakashima (third from left), executive vice president of Kyushu Yaesu. It was also witnessed by Hideki Tanifuji (left), AMAL’s founder and CEO together with executives from MCDC and Kyushu Yaesu.
T
WO companies that share the same passion of building quality housing projects have come together via a partnership agreement signing held recently at the Diamond Residences Makati. Both companies— Malate Construction and Development Corp. (MCDC) based in Metro Manila and Kyushu Yaesu based in Fukouka, Japan, formalized the partnership vowing to build more projects and rely on each other’s strengths to create landmark housing communities that will benefit more Filipinos. The partnership between MCDC and Kyushu Yaesu is very timely and fruitful as both will now start
with a 1,700-home project in Candelaria, Quezon province. “We are very happy with our partnership with Kyushu Yaesu since it is built on trust,” said Giovanni J. Olivares, president and CEO of MCDC. “We hope that our relationship will be very harmonious, just like Reiwa or beautiful harmony, which characterizes the era of the new Japanese Emperor.” On the part of Kyushu Yaesu, the partnership is very appropriate as the Japanese company’s expertise is also on the economic housing side. “We felt that our partnership with MCDC is perfect. In Japan, we are known for our quality homes
sold at affordable prices for more than 40 years and this is also the same with MCDC which has a solid track record for 30 years,” said Hisao Nakashima, executive vice president of Kyushu Yaesu. This perfect partnership would not have happened if not for the due diligence and foresight of Asian Mergers & Acquisitions Link (AMAL). Founded and led by its CEO Hideki Tanifuji, AMAL is one of the top rising mergers and acquisitions (M&A) companies in the country today. Launched in 2015, it has steadily grown its profile—from expanding its portfolio to having the most number of employees. “We are connecting two com-
panies from different countries. We provided advisory services and assistance throughout the entire process. After assessment and evaluation of Kyushu Yaesu’s needs, we matched them with a Filipino company that has similar corporate goals and objectives,” said Tanifuji. “We extended all our efforts and resources so our clients are assured that they will receive dedicated service from AMAL.” When Kyushu Yaesu approached AMAL, Tanifuji’s team of young Filipino professionals buckled down to work. They listed down clients, introduced them to M&A, did negotiations and evaluations down to assisting the company in coming up with the necessary contracts, papers and permits. From this, MCDC turned out to be the perfect match for Kyushu Yaesu. “AMAL was very professional. I don’t think we can find an ideal partner for our expansion without AMAL,” revealed Olivares. “They were very helpful in filling the gap between the two cultures. Because of this, we were able to earn the trust and confidence of Kyushu Yaesu.” This statement was also agreed on by Kyushu Yaesu. “AMAL made sure that the entire process is smooth. Even though there are differences between Japanese and Filipino cultures, we did not feel it at all as AMAL made sure that proper arrangements and cultural sensitivities were observed,” said Nakashima. Aside from the Candelaria project which will provide quality, affordable homes for more than a thousand families, both companies are looking at various provinces to build their next projects, such as townhouses and villages.
IA Administrator Atty. Guiller Asido and LG Managing Director Inkwun Heo formalize the partnership in the newly opened Museo de Intramuros
H
ISTORY was made yet again as the Intramuros Administration (IA), the government agency tasked for the orderly restoration, management, development and promotion of Intramuros as a national heritage, celebrated its 40th Anniversary in the recently opened Museo de Intramuros. To celebrate the momentous occasion together with IA, LG Philippines made their presence felt as they simultaneously unveiled their newest line of state-of-theart OLED TVs, putting side by side our rich and colorful history together with tomorrow’s technology. LG PH Managing Director Inkwun Heo led the festivities as he formally handed over six units of the LG TVs to the museum. Present during the event was Atty. Guiller Asido, administrator of the Intramuros Administration, who was ecstatic about the educational possibilities of the TV donations. Referring to the event’s official hashtag #TheTVThatUnderstandsYou, he quips “I would like to rephrase our hashtag, this is not just the TV that understands you—it is the TV that understands the history and culture of the Filipino people.” Also unveiled during the program was
another gift of LG to IA: a special AVP made by TBA Studios, the creative geniuses behind local hit movies Heneral Luna and Goyo. The video which featured Museo De Intramuros was directed by JP Habac with cinematography by Pong Ignacio. Habac and Ignacio were awestruck with how vivid the color rendition of the LG OLED TVs was. “Every bit of detail is seen the way it’s supposed to be seen. The dynamic range is really something to behold,” says Habac. LG commissioned the video featuring the Tourism Secretary Bernadette Romulo Puyat and museum curator Dino Santos to showcase the enchanting beauty of Intramuros through its crystal-clear OLED displays. With the release of their flagship OLED TV, LG takes another step ahead in their vision of a truly interconnected smart home. As the Internet of Things grow day by day, LG has answered the call to provide personalized, proactive, efficient and easy solutions, while seamlessly incorporating integrated multifunctional technology into your life. Powered by the ThinQ Artificial Intelligence technology, these innovations work together in sync and in perfect harmony, adapting to your needs every step of the way.
sMirror
Editor: Tet Andolong
E3
Federal Land responds to rising demand for branded luxury condos
B
RANDED residences are gaining ground globally, propelled primarily by the coming together of real-estate developers and hotel operators to meet the rising demand for luxury high-rise living by an expanding ultra-wealthy market. According to the 2019 Branded Residences Report, a Knight Frank Global Research report, the preferences of the wealthy are diversifying offerings in the market. To date, there exist over 400 branded residences around the world and about 30 percent of these are in Asia. Aside from the prestige in adopting this new kind of address, the report shares that interest in branded residences has skyrocketed for factors to do with developer quality, services, physical amenities, building maintenance and management, and investment yield potential. All of which are offered in these taller and newer landmarks, attracting higher premiums compared to generic residences with price differentials of up to 132 percent in some parts of Asia. In the Philippines, Federal Land Inc.,a prime real-estate company driving industry growth for 47 years has moved aggressively in this market, investing in building luxury high-rise homes with internationally acclaimed names in hospitality. Its most recent offering is Grand Hyatt Manila Residences, a two-tower luxury residential development, adjacent to Grand Hyatt Manila hotel. The condominiums and the hotel bearing the brand of Grand Hyatt serve as the icons of Grand Central Park, Federal Land’s 10-hectare mixeduse development featuring the most upscale residential, business, commercial and retail establish-
ments in North Bonifacio Global City, Taguig. The move to develop condominiums that solely carry the Grand Hyatt brand in Southeast Asia is a response to the next wave of luxury residents, going beyond the amenities and services and extending to five-star experiences that separate this form of living into a completely new category. The launch of Grand Hyatt Manila Residences South Tower, the second tower, draws buyers by leveraging its success from the first tower and harping the value proposition of hotel-like living expressed in terms of the building’s design that melds style and functionality; spacious units; thoughtful amenities; and resident support such as concierge, housekeeping and security services for utmost comfort and convenience. Pushing the bar of premium living, Grand Hyatt Manila Residences homeowners also get easy access to more luxurious offerings at Grand Hyatt Manila hotel, plus a highly coveted Globalist Membership to the World of Hyatt Loyalty Program, which affords special privileges like priority room bookings and reservations at the hotel’s prestigious restaurants like The Grand Kitchen, The Cellar, The Lobby Lounge, No. 8 China House and The Peak. Buying into this luxury and exclusivity requires an investment of about P360,000 per square meters
for two-bedroom and three-bedroom unit options. Grand Hyatt Manila Residences South Tower is a low density condominium of three zones, limited to 188 spacious residential units. Three-bedroom configurations go as far as adding in
a den and private garden space for some units. Exclusivity increases as one goes higher—eight units for low zone, four units for mid zone, and two units for high zone. Residents can expect innovative eco-friendly functions and custom-
ized furnishings, European no less, within the space. This new standard of living set by branded residences for the affluent is seen to further grow in the country. Federal Land, being among the first to recognize and set
this trend locally, is fully committed to continuing its investment in this category through Grand Hyatt Manila residences South Tower. http://www.grandhyattmanilaresidences.com.ph
LENOVO CONCEPT STORE GETS A SLEEK MODERN REVAMP AboitizLand expands 25 years of foothold
C
ELEBR AT ING its 25t h year of building communities, real-estate developer AboitizLand continues to expand in Central Luzon with the launch of Ajoya in Pampanga. The midmarket residential development is the third Ajoya community to be launched in Central Luzon within a year, and AboitizLand’s fifth residential project in Luzon. “With our solid credentials in Cebu for the past 25 years, we’re in a position to continue our Luzon expansion which started a few years ago,” said David Rafael, AboitizLand president and chief executive officer. “We are proud to aggressively roll out our expansion plans to elevate the lifestyle of more Filipino families in emerging cities.” The launch comes on the heels
A
MORE premium and sophisticated experience awaits customers at Lenovo’s Exclusive Concept Store SM Megamall, which recently underwent a redesign in its efforts to deliver outstanding customer service. Located at the fourth floor in Cyberzone, the refurbished store now gives more room for visitors who want a firsthand experience of Lenovo’s latest devices, accessories and peripherals. The exclusive concept store showc a ses L enovo’s g row i ng portfolio of products across its YOGA, IdeaPad, Legion, IdeaCentre, ThinkPad and ThinkStation lineups.
For Lenovo Philippines Countr y General Manager Michael Ngan, the renovation of the concept store will provide an overall better experience for their customers. “One of the key strategies for growth that has helped Lenovo become the world’s #1 PC Company in the first quarter of 2019 is to focus efforts into excellent customer service by giving them everything they need before they even know it. From the latest laptops to professional advice and support from our expert staff, our concept stores have all of these and that makes shopping for a new device a completely hassle-
free experience,” said Ngan. This strategy has helped position Lenovo as a global technology leader. During the fourth quarter of fiscal year 2018-2019, the company’s net income soared to $118 million while at the same time posting revenue of $11.7 billion and gross margin of 16.2 percent, both surpassing projections. These figures earned Lenovo the No.1 spot in PC shipments by Gartner for the first quarter of 2019. There are currently 19 Lenovo Concept Stores serving clients in key cities across the nation. The Lenovo Exclusive Store-SM Megamall is open daily during mall hours from 10 a.m. to 9 p.m.
AJOYA five-bedroom single detached
of the highly successful launch of Ajoya in Nueva Ecija and Tarlac last year. The former is a 19-hectare property in Barangay Valle Cruz, Nueva Ecija, while the latter spans 13 hectares and is in Barangays Talaga and Estrada in Tarlac. Another Ajoya community will soon arise in Pampanga where vecinos can create lasting memories and stronger connections. Spanning 17 hectares, it will feature a town plaza, clubhouse, multipurpose hall, swimming pool, generous pocket parks and greenbelts, designed to foster interactions with neighbors. “We take pride in being proponents of modern Filipino architecture,” said Rafa de Mesa, AboitizLand’s first vice president of operations. “We show this by
incorporating classic Filipino elements to contemporary house designs.” Ajoya’s homes are inspired by the Filipino bahay na bato, but given a modern twist. Located in Barangay Eden, Mexico—less than a two-hour drive from Metro Manila and easily accessible via the North Luzon Expressway—Ajoya Pampanga is near the burgeoning economic hub New Clark City and key businesses and conveniences. Its proximity to the capital, strategic location, coupled with its amenities and master plan, makes it an excellent place to settle in and build a young family. Ajoya Pampanga property prices range from P2.5 million to P4.2 million. For inquiries, visit http:// aboitizland.com.
BusinessMirror E1 | Wednesday, August 14, 2019 • Editor : Tet Andolong
MÖVENPICK Resort & Spa Boracay
Mövenpick partners with Visa Philippines
M
By Roderick L. Abad
@rodrik_28
ÖVENPICK Resort & Spa Boracay has partnered with Visa Philippines in an exclusive promotion for its cardholders to enjoy a discounted luxurious stay in the tropical beachfront retreat nestled at the Punta Bunga Cove on the bucolic northwest tip of the world-famous beach.
Per their agreement, users of the largest and most popular international payment provider can avail themselves of the 30-percent off on the best available rate for all types of accommodation, ranging from the stylish superior rooms to the spectacular Sol Marina Villa. But it does not end there. Upon arrival at the resort cum spa, Visa Philippines cardholders will be entitled to additional amenities and services. These include complimentary shared transfers to and from Caticlan Airport, 15-percent discount on private roundtrip airport trans-
fers, and 25-percent off on food and beverage in many of its world-class restaurants and bars. What’s more, guests will enjoy discounts at the serene Sagay Spa, including 20-percent off on ritual massages and 10-percent off on facial treatments. “Visa is one of the world’s leading payment companies, so we are delighted to extend this promotion to its esteemed customers. Under our new agreement, Visa Philippines cardholders will be able to experience everything our exquisite resort has to offer, from delectable dining to sublime spa
treatments and much more,” said André Brulhart, general manager of Mövenpick Resort & Spa Boracay. “We look forward to treating even more Visa customers to amazing experiences on the pure shores of Boracay in the future,” he added. Either online or telephone reservations made directly with the hotel, this promo is valid for bookings and stays taken until December 31, 2019. Other terms, conditions and blackout dates apply. Launched in December 2017, Mövenpick Resort & Spa Boracay
boasts of 312 rooms, suites and villas, with dining options and first-class facilities, including the 3,300-square meter multilevel swimming pool. This is the second Philippine-based property of global high-end hotel management firm Mövenpick Hotels & Resorts. The first is Mövenpick Hotel Mactan Island Cebu. The Swiss hospitality chain manages more than 83 hotels, resorts and Nile cruisers across Africa, Asia, Europe and the Middle East. It is on track to meet its target of operating 125 properties by next year.
LUXURY AND EASE AT THE HEART OF METRO SOUTH
THE luxuriously inviting lobby of Bristol at Parkway Place
T
HE majestic Bristol at Parkway Place, Filigree’s newest high-end condominium in Filinvest City, Alabang that opened its doors to lucky unit owners in 2018, has become not only a residence to take pride in but also a truly worthwhile investment in luxury. Investors are already enjoying excellent returns by as much as 50 percent, no doubt one of the main reasons only a few units in the luxury development remain unsold. And Bristol’s value continues to rise. “As unit owners steadily make Bristol at Parkway Place their home, they can already enjoy a handsome return on investment. With its strategic location, luxurious features, and exceptional
amenities, Bristol has all the high-value attributes that make it a remarkable asset,” said Filigree Head Kate Ilagan. Luxurious, modern, and sophisticated, the 40-story residential building at the corner of Corporate and Parkway Avenues, popularly known as the Millionaire’s Row, of the progressive and urban Filinvest City, Alabang, has become a landmark, the prestigious address of a privileged few. Bristol exemplifies luxury. A private, gated circular driveway leads to the grand, hotel-like reception lobby. Living spaces are elegant. Spacious and beautiful one bedroom for singles, two bedroom for young couples and threebedroom units for growing families are designed for ease, openness and
sophistication in their flow and design. Each unit has a balcony offering a picturesque panoramic view of the urban center that stretches to Laguna de Bay. Complementing Bristol ’s wellplanned building design are amenities befitting a life of leisure and sophistication—fitness center, swimming pool with landscaped pool deck, kiddie pool and children’s gym playground, tree courtyard, library, function room, entertainment center and a private circular driveway that leads to the grand lobby. Without a doubt, Bristol at Parkway Place, which is more than ready to welcome a few more homeowners, is a cut above other upscale property projects in Metro South.
BREATHTAKING view of the Metro South skyline at the Bristol’s Sky Lounge
Entrepreneur
E4 Wednesday, August 14, 2019 • Editor: Vittorio V. Vitug
BusinessMirror
PayMaya: Providing a wide range of cashless acceptance solutions By Rizal Raoul S. Reyes
A
@brownindio
Contributor
LTHOUGH e-commerce offers vast opportunities to small and medium enterprises (SMEs), entrepreneurs must still develop their capability to maximize their potential through a digital road map, which can provide the widest range of cash-less acceptance options to their customers. “Consumers have ever-evolving demands and at PayMaya we aim to empower all businesses by providing them with the latest and most comprehensive payment acceptance solutions,” said Orlando B. Vea, PayMaya founder and CEO, in a press statement. Vea said PayMaya has equipped SMEs and big enterprises—from street vendors to the top 1,000 corporations with online payment solutions to grow their business. For 2019 and beyond, these technologies are poised to bring SMEs into the new economy. He said that a lot of Filipino consumers are already digital-savvy, and they want nothing but convenience, instant connection and accessibility. “They are always on and have various devices to connect to the Internet, which impacts how consumers purchase,” Vea said. A large portion of these consumers are already shopping online, with 44 percent of Filipinos purchasing goods via ecommerce. Based on Voyager’s consumer survey in 2018, 70 percent of the respondents said they shop both in physical and online stores. Vea said the majority of the current generation of consumers do not give much importance to the channels where they shop, but they do care a lot about convenience and price points, because they think of shopping as a single, unified experience. He acknowledged that cash is still a dominant form of payment for goods and services. However, he also pointed out that electronic payment methods are gaining
traction because of the convenience they offer as more consumers discover the perks of the cashless lifestyle. The penetration of credit-card population in the country is now at 9 percent, debit card ownership is at 37 percent, and e-money account ownership is at 31 percent. As social media and instant messaging are part of their daily life, the new Filipino shoppers are used to doing everything at the speed of digital, said Vea, adding “they expect the same speed whenever they want to pay for their purchases.” In fact, he said the primary reason users prefer paying with PayMaya is convenience: payments happen via their e-wallets, linked to their mobile phones. Sellers on e-commerce platforms such as Shopify, Magento and WooCommerce can get paid in seconds by installing Plugins that enable them to securely accept card payments through PayMaya Checkout. For his part, PayMaya President Shailesh Baidwan said their platform provides several options based on the capabilities of SMEs. “One of the biggest challenges for SMEs is how they can offer their customers different payment options—given their limited scale and capital. The solution is an ‘all-in-one payment platform’ that can accept all kinds of payments— like debit, credit, prepaid, or QR codes— whether online, mobile, or in their physical stores.” PayMaya has been equipping merchants and government agencies with
A MCDONALD’S outlet using PayMaya solutions. The primary reason users prefer paying with PayMaya is convenience.
ORLANDO B. VEA, PayMaya founder and CEO
PAYMAYA President Shailesh Baidwan
PayMaya One. Recently, the Professional Regulation Commission and Home Development Mutual Fund, and merchants from Cebu, tapped PayMaya for its digital payments solutions that allow businesses to offer greater payment convenience and new cashless experiences to their customers. PayM ay a i s t he on ly d ig it a l
financial services company with an integrated suite of solutions for consumers and merchants complemented by the widest remittance partner agent network. It is the fintech arm of Voyager Innovations, the leading technology company in the country backed by PLDT, KKR, Tencent, World Bank’s IFC, and the IFC Emerging Asia Fund.
Investor explains why she made an early bet on Tesla By Brian Eckhouse Bloomberg Markets
N
ANCY PFUND has been turning ideas into businesses for most of her life. Soldering wires with her inventor father instilled an affinity for entrepreneurs that drew her to venture capital. Pfund made early investments in companies such as Elon Musk’s Tesla Inc. and in 2008 spun off a “double bottom line” fund—focusing on both profits and social impact—from JPMorgan Chase & Co. San Francisco-based DBL Partners, where Pfund is cofounder and managing partner, has raised a total of $750 million across four investment pools. In this interview, Pfund, 63, describes what she’s learned and where she’s investing now. Brian Eckhouse: How did you find your way to venture capital? Nancy Pfund: I didn’t know what venture capital was when I was in college. I was very interested in innovation and policy and tech. I worked at Intel for a few years after business school and then moved to San Francisco. There weren’t any tech companies there back then, which is hard to believe, but there were a few VCs and investment banks that were funding tech companies. I joined Hambrecht & Quist in 1984 as a securities analyst. But I switched a few years later to venture capital after realizing that I was much more interested in private companies than public stocks. BE: What drew you to cleantech and policy? NP: Well, my father was a patent attorney and an inventor. My mother was very involved in campaigns and policy. While in college at Stanford, I was part of a student group to identify whether gas prices were transparent. My first job out of college was with the Sierra Club, and I
worked with Stanford Medical School on biotech policy. So it’s always been in my DNA, kind of that intersection of where technology, innovation and the environment meet policy. BE: What did your father invent? NP: He invented things that our family needed. Our car got stolen when I was in third grade. And so, long before antitheft devices were anywhere near cars, he invented something called a Stop Thief, which had three buttons that you wired to the steering wheel. If you didn’t have the right combination of those buttons, the horn would go off. I have four sisters, and we handled marketing and manufacturing. We were soldering wires together in the basement for this product. BE: How did you get your start in venture capital at H&Q? (H&Q was acquired by Chase Manhattan Corp. in 1999. Chase became JPMorgan Chase in early 2001.) NP: Long before we went public and long before we were acquired, H&Q had a very small fund that looked at environmental issues at our founder Bill Hambrecht’s behest. We were the first investor in Odwalla (the juice company) when sustainability wasn’t in anyone’s vocabulary. It wasn’t just an investment success. It created jobs. It made an environmental improvement. BE: How did the idea of a double-bottom-line impact fund come about? NP: The tech and dot-com booms created a lot of prosperity but didn’t help the poor neighborhoods of the Bay Area. Community groups went to a business association called the Bay Area Council and said, “Look, all this wealth is not helping our neighborhood. Do something about it.” The Bay Area Council started a venture capital fund to invest in interesting young companies—but
one that paid attention to place. The council came to me and to my boss (the late Dan Case) and asked if we’d be interested in raising and managing the fund. It ended up morphing many times during fund-raising because we wanted the small companies to drive top-tier returns. One of the first things we did as an early investor in Tesla in 2006 was to aid its search for a plant to eventually house the Model S sedan. We showed Tesla that there were ways to stay in the Bay Area that helped level the playing field against cheap labor in other parts of the world— using economic development programs that were already in place, like job-training programs or certain rent-abatement strategies, because we were going to create jobs. There’s a whole tool kit that people use. Now it’s kind of famous because of companies like Amazon, but back then the only companies that knew about this were big companies that had the staff to do this. Tesla eventually found the factory in Fremont, California. BE: How did you first get to know Tesla? NP: Through a contact at Stanford, Jane Woodward, who runs Mineral Acquisition Partners. She was very interested in electric cars. She had us over to learn more—and that’s when we met JB Straubel (Tesla’s chief technical officer at the time). That was our first encounter. And we were very excited about it. Our mission drove us to invest at a time when it was very risky. It’s well-chronicled that the 2007-2008 period was brutal for Tesla and (solar panel company) SolarCity. It was very difficult to find people who would invest, and the businesses were capital-intensive. There were some pretty scary moments. I don’t think we knew how much of a phenomenon Tesla would become.
BE: You stayed in cleantech when many investors—you’ve described them previously as “drive-bys”—left. Why? NP: We’ve fared extremely well. Tesla and SolarCity were big wins in part because we were in early, so our cost basis was extremely low. After the dot-com crash, people had an allergic reaction to the Internet. That led to some heated rounds in cleantech. But many people didn’t understand cleantech, including the policy and regulatory sides, and it was being politicized at the time. Some investments started going awry, and broader tech got healthy again. That was sort of the tourist phase of cleantech; it didn’t work well. But fast-forward to today, there are family offices and corporates doing cleantech. It’s a much healthier ecosystem. BE: What technologies interest you today? NP: Among other things, energy storage to reshape the grid and inverter technologies that can help drive down the cost of solar power. Like what Zola Electric is doing in Nigeria. When you have a weak grid, people use diesel generators to fill in gaps. With better smart batteries and inverters, you can allow your solar and your battery to seamlessly take over for the grid and vice versa without blowing up your devices. There are at least 100 million diesel generators in Africa alone. We’re also looking at conservation; one company that we’re invested in, Better Place Forests, allows people to use protected trees in forests instead of tombstones in cemeteries to commemorate the dead. BE: You’ve invested in cleantech. Do you use cleantech products at home? NP: I have solar panels, two Teslas, and home-charging. I don’t have batteries yet—I got solar before batteries were available—but eventually I will.
www.businessmirror.com.ph
When it’s easier to book a flight to New York than a bus ride to a local place
W
HEN she decided to become an entrepreneur after working for more than 25 years in the telecommunications sector, Aurora Soriano looked for a problem to solve. Six years ago, she cofounded PinoyTravel after she realized that the provincial travel industry remained in SORIANO an archaic state where people still need to go to the bus terminals to buy tickets. She lamented that in most parts of the country the absence of bus terminals forced people to wait by the roadside as chance passengers despite having a smartphone in their possession. Soriano thought it was astonishing to realize that it was much easier to book a flight to New York than to book for a bus ride to a local destination just a few miles away. This led to the establishment of PinoyTravel. Soriano was joined by her husband Ruel, former colleague Sherwin Sowy, and scuba diving friend Bogie Puzon to create a feasible business plan for PinoyTravel. When it was done, they pitched at Ideaspace for funding. Separately, Maui Millan, with a team of six from RideIn was also vying for the funding with a similar business concept. When the two groups learned about this, they decided that instead of competing with each other, both teams should join forces. This decision gave them greater synergy to complete all competencies needed to create, launch and sustain an online bus reservation business. Soriano told the BusinessMirror in an e-mail interview that PinoyTravel has grown in terms of volume and coverage as more bus and ferry companies have started embracing online booking and ticket issuance automation at the terminals and ports. We have grown in terms of volume and coverage as more bus and ferry companies have accepted online booking and ticket issuance automation, Soriano said. “Customers are much happier now because of this option. Operationally, we have experienced many mistakes and have learned from these mistakes. We are more mature and smarter now in dealing with the issues of the business,” Soriano added. Bus partners of PinoyTravel include Amihan Buslines, Bataan Transit Co. Inc., Bicol Isarog, Cherry, Cisco, CODA, Del Monte Land Transportation Bus Co., Fariñas Transit, First North Luzon, Five Star, Joy Bus, Genesis Transport Service, Jam, Omayami, PhilTranco, Peñafrancia Tours and Travel Transport Inc. and RSL. Ferry Partners are 2GO Supercat, Cokaliong Shipping Lines Inc., Island Water, 2GO Travel, FastCat and Weesam Express. In terms of expansion, Soriano said entrepreneurs in the travel industry should practice caution in promoting local tourism. She added promoting a certain destination depends upon a lot of factors such as saturation, among others. “Some are already heavily promoted to the point of destruction. Take Boracay and Sagada as examples. Once, an environmentalist called me out saying that making things too easy and cheap will cause overtourism, which is detrimental to some destinations. Personally, I agree with her, but I think the promotion should also include responsible traveling and the locals should be taught how to protect their tourist destinations,” Soriano said. As far as the provincial bus industry is concerned, Soriano said the main challenge is the lack of buses during peak travel days. One solution, according to Soriano, is to try to spread out the market by encouraging travels during off days and the best way to do this is to adopt dynamic pricing. “Many of the bus companies are actually willing to lower the fares during off-peak, sadly, the fares are highly regulated and lowering of fares is illegal,” she said. PinoyTravel is gearing up for more expansion, as it has yet to sign all bus and ferry companies. “The long-term plan is to have everyone on board so passengers are shown all their options,” she said. She added they faced challenges at every stage of the business. Earlier, the biggest challenge of PinoyTravel was convincing the bus companies to adopt online booking. Then the company faced payment issues because the majority of the market did not have credit cards and bank accounts. PinoyTravel also had to address its escalating operational cost to increase revenues. “We have to upgrade our booking because the bus companies and market had become more sophisticated. And along the way there we shareholder issues, and employee issues,” Soriano said. Nevertheless, Soriano made sure she was not overwhelmed by these problems. She said, however, there was a time when the challenges seemed insurmountable that she almost decided to close the company. “I addressed the issues one at a time and made sure I forgave myself for the wrong decisions I made and moved on,” she said. “We started to see growth on our third year,” she added. Asked what it takes to succeed in the travel industry, Soriano said one has to be an avid traveler as this would allow one to anticipate what the market would want and create a business model that is relevant. “I thought of PinoyTravel because of my travels abroad when I experienced efficient public transportation,” she said. Rizal Raoul S. Reyes