Businessmirror August 16 2019

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A broader look at today’s business n Friday, August 16, 2019 Vol. 14 No. 310

$2.3-B June remittance biggest drop in a year F

By Bianca Cuaresma

@BcuaresmaBM

ILIPINO migrant workers sent less money back home in June this year, compared to the volume of remittances they sent in the same month 2018, marking the largest decline of overseas Filipino workers’ (OFW) cash transfers in a year.

The Bangko Sentral ng Pilipinas (BSP) on Thursday reported cash remittances to have reached $2.29 billion in June 2019. This is the lowest monthly remittance volume to the country for the year.

It is also 2.9 percent lower than

the remittances of $2.36 billion sent by OFWs in the same month last year.

The slowdown of remittance flows during the month brought the six-month average growth to 3.2 percent, with a total volume of

$14.64 billion.

Tracing the source of the drop, the Central Bank traced the decline largely to land-based Filipino migrant workers, whose remittances dropped by 5.4 percent during the month. The overall

”There will be months of ups and downs but by the end of the year, overseas Filipinos’ remittance growth should settle right at 3 to 4 percent and will help the Philippines chase 6-percent growth by year-end.”—Mapa

decline would have been larger, the BSP said, if it were not mitigated by the 6.3-percent increase in the cash transfers of sea-based workers.

Mideast slump

BY country source, the BSP pinpointed Saudi Arabia and Qatar as the countries that contributed most to the decline.

See “Remittance,” A2

E

@sam_medenilla

CONOMISTS on T hursday gave a bleak economic growth outlook for the second half of the year primarily due to the slowdown in government spending and decline in the country’s dollar earners.

Citing the latest projection of the Ateneo Center for Economic Research and Development (Acerd), former Socioeconomic Planning Secretary Cielito Habito said they project GDP growth in the next six months to only reach 5.6 percent— lower than the 6 percent GDP target of government economic managers for the entire 2019.

“It is very hard to find any reason to expect a rebound in the second quarter,” Habito said during his presentation at the Ateneo Eagle Watch Forum in Makati City on Thursday.

PESO EXCHANGE RATES n

See “Outlook,” A2

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

REAL-ESTATE SECTOR FATE TIED WITH ‘POGO’–EXPERT

F

OR good or for bad, the fate of they country’s real-estate industry is now tied with the Philippine Offshore Gaming Operators (Pogo), which employ hundreds of thousands of foreign workers whose need for housing and work stations has caused property rates to spike.

Ateneo Center for Economic Research and Development Director Alvin Ang warned on Thursday that the country’s real-estate industry may be overly reliant on the locators and foreign workers of the Pogo for their business activities.

“If they will suddenly pull out, our real-estate sector will decline since its growth relies on them,” Ang said in a forum on Thursday.

He cited reports from Colliers International which showed the demand of Pogo firms for real estate shot up 37 percent for the first half of the year.

Meanwhile, property demand of knowledge-process outsourcing and voice-process outsourcing firms declined by 14 percent, and 9

percent, respectively. Ang said the local consumers will not be able to immediately replace foreign-dominated Pogo firms in purchasing.

“The problem is, the prices of properties are currently high so the absorptive capacity of local consumers will not be able to cope with it. It will take some time before the prices go down,” Ang said.

Former Socioeconomic Planning Secretary Cielito Habito said China may be already aware of this and may soon be able to take advantage of it.

“China came out with a statement they will crackdown on Pogos....Now some mischievous thinkers are thinking this may have some relationship with the President’s pronouncement that we are going to invoke the arbitral ruling on the territorial dispute,” Habito said.

He theorized the Chinese have been quietly assessing the situation after becoming aware “that it has been benefiting our economy, especially the real-estate sector.”

Samuel P. Medenilla

BCDA inks SEA Games self-driving cars deal

Slow progress

HABITO, who is also a senior fellow of Acerd, blamed this on the low “absorptive capacity” of the government’s two main infrastructure agencies—Department of Public Works and Highways (DPWH) and the Department of Transportation (DOTr).

No less than the Commission on Audit (COA), the economist said, has flagged both agencies for their slow utilization of their budget for their infrastructure projects.

For 2017, he said DPWH only spent 34 percent of its budget, and DOTr, only 26 percent.

Acerd Director Alvin Ang said this was already reflected in the slow completion of the government’s 75 big-ticket infrastructure projects under its Build, Build, Build (BBB) program, which would have injected P2.2 trillion into the economy.

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Experts bare bleak growth outlook for second half

By Samuel P. Medenilla

2018 EJAP JOURNALISM AWARDS

By Ashley Manabat

C CDC President Noel Manankil (from left), BCDA Vice President Arrey Perez, Coast Autonomous Chairman and CEO David Hickey, BCDA President and CEO Vince Dizon and Coast Autonomous Chief Technology Officer Pierre Lefevre hold up copies of their MOA after signing the agreement to deploy the first driverless vehicles in a major event in Asia. ASHLEY MANABAT

@ashleymanabat

L ARK FREEPORT—The contract for the first deployment of driverless cars in Asia for a major international event was signed on Tuesday between the Bases Conversion and Development Authority (BCDA) and Coast Autonomous Llc. The memorandum of agreement was signed by BCDA President and CEO Vince Dizon and Coast Autonomous Chairman and CEO David Hickey at the BCDA office at the Clark Global City here.

“We share the vision that really emulates New Clark City [NCC],

US 52.1950 n JAPAN 0.4929 n UK 62.9628 n HK 6.6532 n CHINA 7.4299 n SINGAPORE 37.5558 n AUSTRALIA 35.2160 n EU 58.1452 n SAUDI ARABIA 13.9157

See “BCDA,” A2

Source: BSP (15 August 2019 )

News

BusinessMirror

A2 Friday, August 16, 2019

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Pagcor prods Chinese victims to file cases

F

By Cai U. Ordinario @caiordinario & Jovee Marie N. dela Cruz @joveemarie

there 24/7, because I think it is our responsibility,” Domingo said.

OREIGN nationals in Philippine Offshore Gaming Operators (Pogo) hubs may lodge complaints at any time against those who would harass them in these premises, according to the Philippine Amusement and Gaming Corp. (Pagcor).

In a statement on Thursday, Pagcor Chairman Andrea Domingo said these complaints may be filed 24/7 since there are enforcers stationed at Pogo hubs to provide these workers with protection from various threats.

She said even employers who overstep their authority by, among others, harassing their workers may also be complained against by Pogo workers anytime.

“The Pogo concept was put into implementation because we wanted to protect the foreign workers from being harassed,” Domingo said in a recent television interview. “If they are in a hub together with us 24/7, they can always lodge complaints.”

Domingo reiterated that Pogo

hubs are not meant to limit the freedom of workers. Instead, they offer convenience and protection to foreign workers, who are mostly Chinese.

Aside from the offices of Pagcor, Bureau of Internal Revenue (BIR), Bureau of Immigration (BI) and Department of Labor and Employment (DOLE), Domingo said Pogo hubs will have hospitals and clinics to provide health services.

Domingo said the idea behind their information technology parks is to provide integrated working spaces for Pogos that are safe and secure.

“This is like a one-stop shop, the BIR will be there, the DOLE will be there, BI will be there, we will be

Dominguez’s support

EARLIER, Finance Secretary Carlos G. Dominguez III supported the creation of online gaming hubs or IT parks that host Pogos and other service providers for easier monitoring and tax collection.

In terms of tax management, Dominguez said it is easier for the BIR to monitor and collect appropriate taxes if foreign workers, who are mostly Chinese, are concentrated in one place.

The Department of Finance and BIR expect to collect at least P2 billion in personal income taxes per month from foreign workers. The government disclosed that line agencies have collected P200 million from the sector for the month of July.

House inquiry

MEMBERS of the House minority on Thursday filed a resolution asking the House Committee on Games and Amusement and the Committee on Good Government and Public Accountability to look into the proliferation of Pogo, and their effects on the Filipino people, the local economy and national security.

In House Resolution 221, Bayan

Muna Reps. Carlos Isagani Zarate, Rep. Ferdinand Gaite and Rep. Euefemia Cullamat cited what they described as rising concern that the operation of offshore gambling in the country is not only being used by its operators to skirt their respective countries’ laws, particularly in mainland China, but also to flout the laws of their host country.

“Gambling is illegal in mainland China, except for their autonomous regions like Hong Kong and Macau. State-run lotteries are the only forms of gambling in China; unauthorized gambling is a crime, including online gambling,” the resolution said.

The lawmakers said the recent concerns over national security cannot be ignored as Pogo hubs are being set up near military or naval installations, like the resort formerly known as Island Cove in Cavite.

Offshore gaming operations were introduced by the Pagcor in 2016. These Pogos are gaming firms that facilitate online gaming via the Internet.

The Pagcor claims that Pogo was conceptualized to “enable the Philippine government to capture a greater share of the growing, yet previously unregulated, online gaming pie.”

The Pagcor also said the system

US, PHL to set up counterterrorism training center at PNP Academy

A

S part of their deepening bilateral counterterrorism partnership, the United States and Philippine governments have agreed to establish a new stateof-the-art Regional Counterterrorism Training Center in the Philippines.

Philippine National Police (PNP) Chief Police General Oscar D. Albayalde and Deputy Chief of Mission John C. Law signed on Thursday a memorandum of understanding to construct and operate the center on the grounds of the PNP Academy in Silang, Cavite.

The US Department of State has secured P520 million ($10 million) in counterterrorism partnership funds to establish and jointly operate the center with the PNP. Once constructed, the center will provide counterterrorism training for law enforcement units and personnel from the Philippines and regional partner nations.

The initiative comes in response to a request from the PNP for a state of the art facility to provide enhanced regional counterterrorism training. The establishment of this center reflects the US’s enduring commitment to support Philippine counterterrorism efforts and work together to address threats to peace and security in the region.

Remittance. . .

Continued from A1

In a response to a query, Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the relatively lower global oil prices in recent years may have reduced demand for OFWs in major oil-producing countries that host huge numbers of OFWs, especially in the Middle East. This, as lower oil prices reduced the revenues of these oil-producing countries, resulting in fewer mega infrastructure projects and less government spending, thereby reducing the deployment of OFWs in these countries.

The United States continued to register the highest share of overall remittances from January to June 2019 at 36.4 percent.

Outlook. . .

Continued from A1

He said only 2 percent of the said amount has been absorbed in the economy from two BBB projects, which have been completed, and 9 others that are going through construction.

Tax uncertainty HABITO noted it is crucial for the government to increase its spending since it is currently one of the main drivers of economic growth, especially with the dipping inflows of foreign direct

DEPUTY Chief of Mission John Law shakes hands with PNP chief Oscar Albayalde after signing an agreement to set up a new Regional Counterterrorism Training Center in the Philippines PHOTO COURTESY OF U.S. EMBASSY

Other culprits identified

ECONOMISTS, however, said problems in the Middle East were not the only reason behind the contraction of remittances during the period.

Seasonality, in particular, was a reason behind the decline for the month. ING Bank Manila economist Nicholas Mapa said the June slowdown was something they expected and forecast, as June is now considered a “weak” month for remittances annually.

“We’ve noted increased volatility in remittance flows over the past three years and this could be due to the fact that overseas Filipinos may be getting their salaries delayed from time to time,” Mapa said in a response to a query.

Ricafort echoed this sentiment, saying OFW remittances for the investments (FDI).

During the first quarter of 2019, FDI inflows slowed to 1.94 percent from 2.29 percent in the same period last year.

On Wednesday, the Bangko Sentral ng Pilipinas (BSP) reported that for the month of May, FDI inflow was as it lowest in the last four years.

The investment decline, Habito said, might be due to uncertainty from the Tax Reform for Attracting Better and High-quality Opportunities (Trabaho) bill, now known as the Corporate Income Tax and Incentive Rationalization Act (Citira) bill.

month of June also tend to taper off after some seasonal increase in May. “[This is] when there are seasonal increase in OFW remittances and conversion to pesos to finance spending by OFWs and their families for tuition payments, other back-toschool expenses, vacations and even fiestas,” Ricafort said.

The strength of the peso against the dollar may also have pushed OFWs to hold off sending more dollars during the month, as these translate lower in peso terms, and the workers would rather wait until the peso loses value against the dollar, economists said.

Ricafort said the slower global economic growth and outlook may be another factor to slower remittances in June as this may have partly dampened demand for OFWs worldwide.

Remittances will still fuel economy

“The threat to rationalize fiscal incentives has really sent jitters down the spines of many, especially in the economic zones,” Habito said.

annual growth,” Habito said.

(See related story on page A1, “$2.3-B June remittance biggest drop in a year.”)

Ang said the situation could further worsen in the coming years especially because of the shifting nature of OFWs going abroad.

“From highly paid professionals, most OFWs who are deployed abroad are now low-skilled,” Ang said.

Habito said they hope the trend will be reversed if inflation remains low and BSP reduces interest rates.

“This would hopefully perk up consumer spending,” Habito said.

Remittance-related FUR THER dampening economic growth, Habito noted, is the decline in household consumer spending despite the prevailing low inflation and interest rate.

He theorized this may be related to the decline in the dollar remittances from overseas Filipino workers (OFW). “While there was 20-percent annual growth in the last decade, now it is only 2.4-percent

ASKED if the decline in remittances could spark a negative trend for the overall transfers to the Philippines in the coming months, Mapa said remittance flows remain “very healthy” and are “more consistent than any other type of flows.” Thus they will continue to provide good support for the Philippine peso.

“There will be months of ups and downs but by the end of the year, OF remittance growth should settle right at 3 to 4 percent and will help the Philippines chase 6-percent growth by year-end,” Mapa said.

Mapa said in the coming months, the Philippines can expect increased flows of remittances, particularly as the “ber” months approach.

is strictly for foreigners or what it refers to as “offshore-authorized players.” Filipino citizens, even while overseas, are not allowed to play.

The lawmakers said the Philippine government harps on the same string, emphasizing the revenue from Pogo.

Pagcor expects to account for additional revenue of P6 billion from Pogo just this year. The BIR expects to collect an estimated P2 billion a month, or P24 billion a year, from the agreement.

“Pogos, though, are currently saddled by several serious issues such as the monitoring of revenues and taxation, the unbridled entry of foreigners that eventually work at these Pogos without valid work permits. There are also related serious issues of money laundering, usury or loan sharking, illegal immigration, human trafficking and other crimes. Of late, the PNP has reported a rising number of Chinese nationals now involved in the commission of crimes, like illegal recruitment, kidnapping, extortion and even murder,” the resolution said.

Report sought

ACT-CIS Rep. Eric Yap, chairman of the House Committee on Games and Amusement, said the panel will

BCDA. . .

Continued from A1

that cities must be for people,” said Hickey after the signing.

“Our technology is really designed to put the pedestrians first to make the cities more walkable, to make the cities more breathable, to cut down on pollution,” he added.

Hickey was with Pierre Lefevre, chief technology officer of Coast Autonomous, who explained that the driverless vehicles will have their own 3D electronic mapping technology to determine their route.

Lefevre was referring to LIDAR, a high-definition mapping machine which uses an instrument that fires rapid pulses of laser light at a surface, some at up to 150,000 pulses per second, equipped with a sensor that measures the amount of time it takes for each pulse to bounce back, lending more accuracy to its method.

He explained that the autonomous vehicles run at a slow 10-kilometer per hour on busy streets full of people but can accelerate up to 60 kilometers per hour.

“The vehicles are not dependent on GPS [global positioning system] and thus can operate in urban canyons created by tall buildings, under tree canopies and even underground or in tunnels. COAST’s technology is highly flexible and makes cities and campuses more walkable. The future mobility should be connected, autonomous, shared and electric,” he added.

The LIDAR mapping machine was installed on a vehicle on

Chinese. . .

Continued from A16

victim had been allegedly held by his employer for the supposed nonpayment of a debt.

Villanueva then cited a recent statement of the Chinese Embassy, which pointed out that some of its nationals recruited to work here in the Philippines are apparent victims of human trafficking.

“Just as we campaign against the trafficking of Filipinos who are lured to work overseas by unscrupulous recruiters, our government should also prevent the trafficking of foreign nationals who are lured to work here in the country with false promises,” Villanueva explained.

ask the Bureau of Immigration, Bureau of Internal Revenue, Department of Labor and Employment to report to the committee the situation relating Pogo.

He said the committee will also study the creation of an interagency unit to regulate and document the entry of Pogo workers in the country.

“We want to know how many Pogo Chinese workers in the country and how much taxes they are paying to the government,” he said.

Pagcor said there are 57 Pogos and about 260 to 270 service providers operating in the country.

The Department of Finance, citing its initial list, counted 138,000 foreigners working in Pogo, of whom 54,241 were given Alien Employment Permits with another 83,760 holding special working permits.

Yap said creating an interagency office could help resolve the reported kidnapping, extortion, theft and other misbehavior involving Chinese workers.

Earlier, the Chinese Embassy expressed “grave concern” over Pagcor’s potential move to come up with Pogo hubs to address the complaints of Filipinos over the reported unruly behavior of some Chinese workers.

Wednesday to map out the course for the autonomous vehicles at the NCC. BCDA president and CEO Vince Dizon said for the first time in Asia, driverless cars will be deployed in a major international event, referring to the SEA Games on November 30.

“We now have cars without drivers. This technology showcases what is possible today with technology,” he said.

Dizon said three driverless cars that can accommodate 14 passengers each are expected to arrive sometime in October, as he also thanked Coast Autonomous for choosing NCC for their self-driving cars.

“We will be very proud to be the first place in the country for Coast Autonomous and first in Asia to experience this,” he added.

Hickey said: “The SEA Games celebrate athletes, but in NCC we celebrate leadership, vision and really just true grit in building a city, the first smart city in the Philippines so we knew we have to part of it and we are just honored to be selected.”

The autonomous vehicles will be fully electric and will have minimal or zero carbon footprint.

The autonomous self-driving vehicles will be used to transport athletes and the riding public during this year’s SEA Games.

Meanwhile, there are 56 sports to be played by nearly 10,000 athletes from 11 countries at the biennial event. The 11 countries are Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste and Vietnam.

“We call on the government to closely coordinate with the Chinese Embassy so that Chinese nationals who intend to work here in the country are properly apprised of the correct procedures that should be followed to obtain proper working permits and work visas. Through this, both our governments can help minimize, if not eliminate, the rising cases of trafficking involving our citizens all over the world,” the senator continued.

He warned foreign employers who subject their workers to maltreatment, saying the country’s labor laws, including occupational safety and health laws, and related laws, specifically prohibit any untoward acts against employees.

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The Nation BusinessMirror

Mindanawans off to New Zealand for leadership devt, peace program

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—Eight young leaders from Mindanao have been selected to participate in a four-month leadership program in New Zealand.

The selected participants came from the cities of Marawi, Cagayan de Oro, Davao, and Kidapawan, Esperanza in Agusan del Sur, and Bongao in Tawi-Tawi.

They would be feted to a send-off program here on Monday before going to Wellington, the capital, to take part in the Mindanao Young Leaders Programme (MinYLP), New Zealand Ambassador HE David Strachan said.

MinYLP is a four-month “bespoke leadership program supported by the New Zealand government and managed by UnionAID in collaboration with International Alert Philippines and Victoria University of Wellington,” theInternationalAlertPhilippinessaid in an Internet posting on Thursday.

“It aims to enhance the knowledge, skills and confidence of young community leaders from Mindanao

to actively participate in the sustainable peaceful development of their communities by exposing them to new ideas and institutions in New Zealand, inspiring them to think critically about what they can apply in their own communities, developing the participants’ research, evaluation, presentation, communication and analytical skills,” the statement said.

The International Alert Philippines said the program would be important “in the fragile peace situation in Mindanao because it harnesses young people’s energies and dynamism to create change in their communities.”

“While a new Bangsamoro is viewed as the key to securing lasting peace and development in Mindanao, the transition is fraught with risks that may create new cycles of violence borne from exclusion and betrayed expectations,” it added.

The group said the input and experiences that the scholars gain incountry and in New Zealand would strengthen their participation in addressing issues faced by their sector, “especially those vulnerable to the influence of violent threat groups.”

DOF to tap Middle East, Opec for cheaper power in BARMM

By Cai U. Ordinario @caiordinario

T

HE Department of Finance (DOF) plans to tap funding from the Organization of the Petroleum Exporting Countries (Opec) and other Middle East countries to provide cheaper electricity for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Finance Secretary Carlos G. Dominguez III said in a statement on Thursday that this is just one of the measures to be undertaken by the DOF to help the growth and development of the BARMM. DOF said Dominguez recently met BARMM Chief Minister Al Hajj Murad Ibrahim and other officials regarding this and their plan to involve the private sector in infrastructure projects.

“This is an opportunity for [the Middle Eastern countries] to assist in providing funding for infrastructure projects in the BARMM area,” Dominguez told Murad and other BARMM officials present at the meeting at the DOF office in Manila. “Power generation is crucial to you especially in the island-communities and some communities that are off the [power] grid.”

During the meeting with Murad at the DOF, Dominguez also broached the possibility of approaching the Development Bank of the Philippines (DBP) and other statelending institutions to help finance BARMM’s electrification program.

Murad said providing electricity is one of their challenges, particularly in far-flung areas. He agreed with Dominguez that partnering with the private sector would be one way to solve this problem.

Nag u ib Si n a r i mbo of t he BARMM Ministry of the Interior and Local Government said the lack of power supply prevents the region from expanding its rubber and coconut production.

“As of now, they cannot process these products because electricity is very expensive,” Sinarimbo said.

To help BARMM residents, private firm Powersource Philippines Inc. has proposed the use of renewable-energy sources, such as standalone microgrids in remote places in the BARMM. TheBARMMofficials welcomedthe proposalandsuggestedthattheelectrification program start in the provinces of Basilan, Tawi-Tawi and Sulu, and Bongo Island in Cotabato City.

Murad said Powersource can also discuss its proposal with the BARMM Ministry of Environment, Natural Resources and Energy.

Sinarimbo said that BARMM will also study ways to cut red tape and simplify the processing of permits for potential investors like Powersource to speed up the implementation of the electrification program.

This was after Powersource pointed out that it takes around 146 permits for every area before his firm can set up microgrids.

DENR wants Navotas to be model city via river cleanup, rehabilitation

T

HE Department of Environment and Natural Resources (DENR) is eyeing to put up a one-stop shop for businesses in Navotas City as it gears up to clamp down on erring companies that violate various environmental laws.

The DENR said orders to cease-anddesist would be issued to erring companies that will require them to seek new environmental permits.

The agency’s Environmental Management Bureau-National Capital Region Office and the North Field Office will help expedite the processing of environmental permits.

This will ensure that there will be no disruption of business activity in the area once the rehabilitation of the Bangkulasi River, one of the important water bodies that directly drain into Manila Bay, begins.

This after Environment Secretary Roy A. Cimatu has given the green light for the DENR to begin the river’s rehabilitation and wants it done by

December this year.

Cimatu, it was learned, wants Navotas City to be a model city with lawabiding businesses as development partners, through the rehabilitation of the Bangkulasi River. Part of the Malabon-Navotas River System, the Bangkulasi River is an essential part of the ongoing Manila Bay rehabilitation program, the DENR said.

So far, a DENR team has been assigned to the river system to “produce drastic improvements by December this year” in order to reduce the fecal coliform levels in Manila Bay by yearend, according to a DENR official.

The team would “aim to prevent more wastes from flowing into the river system before cleaning it.”

During a meeting, Undersecretary Benjamin D. Antiporda informed local officials that the DENR will be issuing cease-and-desist orders against establishments that have no proper sewage treatment plants. Jonathan L. Mayuga

Editor: Vittorio V. Vitug • Friday, August 16, 2019 A3

DOT starts fight vs exploitation of women, children by tourists

REPRESENTATIVES of government agencies and nongovernment organizations pledged their commitment to ensure a tourism industry that protects children and women from sexual exploitation and trafficking. Tourism Secretary Bernadette T. Romulo Puyat (seventh from left) led the signing of the covenant. Other signatories were: Dolores SD Alforte (ECPAT Philippines Inc.), Renay Farrell (Friends International), Jose Clemente III (Tourism Congress of the Philippines), PBGen. William S. Macavinta (PNP), Mary Mitzi Cajayon-Uy (CWC), Roosque Calacat (DILG), George Ortha II (DOJ), Janet Ramos (CFO) and Cecille Gutierrez (PCW). COURTESY DEPARTMENT OF TOURISM

By Ma. Stella F. Arnaldo

T

@akosistellaBM Special to the BusinessMirror

HE Department of Tourism (DOT) on Tuesday moved to combat sex trafficking of minors and the exploitation of women by tourists.

Tou r i sm Sec ret a r y B er n adette T. Romulo Puyat told the BusinessMir ror her agenc y will “remove the accreditation of tourism establishments found v iol at ing Phi l ippine l aws on women and children.”

“Their business permits will also be revoked,” Romulo Puyat added.

She said complaints received by the DOT about such establishments will undergo due diligence and investigation.

According to Philippine National Police (PNP) data cited by the Department of Social Welfare and Development, about 182 cases of child prostitution and 41 cases of child pornography were reported to government in 2018. In the first half of the year, there were 29 cases of child prostitution and 13 cases of child pornography recorded.

The DOT, together with various government agencies signed a covenant pledging their commitment in ensuring a tourism industry that will keep children and women safe.

Those who signed the covenant included Tourism Congress of the Philippines (TCP) President Jose Clemente III, End Child Prostitution Executive Director Dolores Alforte and Cecille Gutierrez of ����������� the Philippine Commission on Women.

This developed as the DOT presented the Tourism Integrates, Support and Minds Women’s Respect and Child Safety, or “���� TourISM WoRCS,” Program. “TourISM WoRCS” is a series of trainings and seminars that promote sustainable tourism practices, which will be mounted to ensure that the rights of children and women are protected. It will also facilitate the establishment of “child safe and women in tourism” focal persons in every regional office. “ We w i l l tra in f ront l iners against sexual exploitation of women and children in all regional offices through ‘TouISM WoRCS.’ For all the hotels, we will include the training as part of their accreditation,” Romulo Puyat said.

“Frontliners like receptionists should be able to determine if there are suspicious activities involving women and children.”

She added the training is ongoing in some DOT regional offices.

Asked how massive the problem of sexploitation of women and minors, the tourism chief said: “only in certain places and not as rampant.”

“But, of course, this does not mean we won’t address it,” Romulo Puyat said. “We will move ahead to address the problem.”

S h e e m p h a s i z e d t h at f o r

suspicious activities in this area, the hotline to call is 1343. Tour

guides are also being warned against encouraging the sexploitation of minors and women.

For his part, TCP’s Clemente vowed support for the DOT program, adding to further enforce the laws protecting women and children from exploitation.

“We can make an inventory of hotels that have policies against child prostitution and promote those properties,” he explained. “For example, we can be more vigilant when we feel there is something

fishy when a guest brings in someone who looks like a minor.”

Originally the Child Wise Tourism Program in 2006—the advocacy that evolved into the Child Safe Tourism (CST) program in 2014—TourISM WoRCS is the comprehensive version incorporating gender and development concerns and interventions.

The program will also pave the way for the creation of an interagency working group for “Child Safe Tourism Philippines” and provide “Child Safe” information to travelers in the country.

The DOT, in partnership with the Friends International, a nongovernment organization focusing on children and the youth across the globe, earlier released the “7 Travellers Tips����������������� .” These tips include reminders on what to do if a sex worker appears underage or if one sees an adult propositioning a child. The tips also inform travelers to report to the authorities if he or she witnesses child labor in their travels in the Philippines.

Travelers and the general public are encouraged to report if a child is in danger to authorities.

Romulo Puyat sternly warned violators of rights of children and women: “We certainly do not need tourists in the Philippines who would prey on the young and women.”

Economy BusinessMirror

A4 Friday, August 16, 2019 • Editor: Vittorio V. Vitug

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‘Policies unkind to middle-class Pinoys’

P

By Cai U. Ordinario

@caiordinario

OLICY-MAKERS seem to be taking for granted middle-class Filipinos as many of them continue to lack access to basic services, the National Economic and Development Authority (Neda) said on Thursday.

At the Fourth Asean Statistical Forum on Thursday, Socioeconomic Planning Secretary Ernesto M. Pernia said the country continues to face income inequality, unemployment insecurity, environmental

degradation, and increasing disaster risks.

These have become evident in what is termed as the “missing middle class” who, Pernia said, still lack access to basic services despite

increasing incomes.

“When households incomes increase, they tend to be taken for granted. So we shouldn’t forget them,” Pernia told reporters at the sidelines of the event. “We should [also] pay attention to those [living] above the poverty line.”

Former National Statistical Coordination Board (NSCB) SecretaryGeneral Romulo A. Virola told the BusinessMirror that the lack of programs and policies for the middle class are still lacking.

When he was still at the helm of the NSCB in 2010, Virola said that Filipinos, regardless of whether they are poor or earning big incomes, are getting poorer.

Nearly a decade after, he said the situation has not changed. To pre-

vent Filipinos from getting poorer, the government must craft policies that also help even those living above the poverty line.

These policies and programs, Virola said, should also cover those that seek to “empower” Filipino households to contribute to the country’s economic growth.

One of these policies should include access to affordable credit in case middle-income households would like to get capital to start a business or skills training to sustain their sources of livelihood.

“I do not see a serious commitment to improve the situation of the middle class in the Philippines,” Virola said. “Even if it was included in the AmBisyon2040, I did not yet see any projects that specifically

target the middle class.”

However, the Philippine Statistics Authority (PSA) does not have an official estimate of how many middle-class households there are in the country.

Nonetheless, Virola said data is available but it needs to be mined and analyzed. For one, the government collects data from all households, including the middle class, via the Family Income and Expenditure Survey (FIES).

Philippine Institute for Development Studies Senior Research Fellow Jose R amon A lbert earlier said the Philippines has no definition for a “middle class household.”

In 2018, Albert defined middleclass households. Using the latest

PHL natural-gas output hits 83,026 MMcf, says DOE

By Lenie Lectura

@llectura

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HE country’s natural-gas output from January to August 7 this year stood at 83,026 million standard cubic feet (MMcf), bringing the total production since 1994 to 2,176,589 billion cubic feet (Bcf).

Latest data from the Department of Energy (DOE) showed that of the total gas output up to August this year, 79,535 MMcf was consumed during the period.

Of the figure, 78,198 MMcf was utilized to boost the country’s power

generation. The industrial sector took up 1,337 MMcf. The transport industry recorded zero consumption.

The country’s natural-gas output peaked in 2018 at 150,804 MMcf. From 1994 up to August 7, 2019, the same data showed that output reached 2,176,589 Bcf, while consumption stood at 2,096,793 Bcf. During the period, natural-gas consumption for power generation totaled 2,058,793 Bcf, 37,816 MMcf for industrial sector; and 184 cubic feet for the transport sector.

DOE officials said the country’s natural gas is being consumed domestically. It relies on the Malampaya deep-water gas field.

At present, the Malampaya Deep Water Gas-to-Power project is producing 3,400 megawatts. The gas field in offshore Palawan fuels three natural gas-fired power stations with a total generating capacity of 2,700 megawatts to provide 30 percent of Luzon’s power generation requirements.

The agency highlighted the need for the country to expand the country’s gas facility before the depletion

of the Malampaya gas reserves. The DOE said gas reserves will fall to 1,000 MW possibly seven years from now.

The Malampaya project is a joint undertaking of the Philippine government and the private sector. The project is spearheaded by the DOE, and developed and operated by (Shell Philippines Exploration BV with a 45-percent stake on behalf of joint-venture partners Chevron Malampaya Llc.—also with a 45-percent stake—and PNOC Exploration Corp. The latter holds the remaining 10 percent.

New MinDa chief renews appeal to lift ban on export of coconuts

By Bernadette D. Nicolas

@BNicolasBM

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EWLY appointed Mindanao Development Authority (MinDA) Chairman Emmanuel F. Piñol again urged Malacañang to lift the Marcos-era ban on the export of mature coconuts.

The former agriculture chief said he made the request to Executive Secretary Salvador Medialdea on Wednesday, after he took his oath in Malacañang.

“In my first official act as the head of the Mindanao Development Authority, I asked Executive Secretary Salvador Medialdea yesterday to consider the lifting of a Marcos Presidential Decree which bans the export of mature coconuts,” Piñol said in a Facebook post on Thursday.

“The Executive Secretary promised to have my recommendations reviewed as the Palace also seeks options to address the [woes] of the country’s 3 million coconut farmers [caused by] the collapse of copra prices,” he added.

The ban on the export of mature coconuts and dehusked coconuts has been in place since President Ferdinand E. Marcos issued Executive Order (EO) 1106 in 1985.

Piñol said his recommendation to lift the ban as early as last year already included a draft executive order to amend EO 1106.

If the ban is lifted, the former agriculture chief said the Philippines could initially export some 1,500 metric tons of mature coconuts.

Noting that the Philippines is the world’s second-biggest coconut producer and the largest exporter of coconut products, Piñol said there is now a “growing demand for dehusked whole mature coconuts and green coconuts for coco water.”

“The importers apparently intend to process the whole mature coconuts into high-value products like coconut milk, coconut flour and bottled coconut water while at the same time process the coco shells into coco charcoal briquettes,” he said.

The former DA chief noted that the Chinese province of Hainan, which imports mature coconut from Vietnam, Thailand and India for processing into coconut milk, could buy from the Philippines.

Data from the Philippine Statistics Authority showed coconut output in the fourth quarter of 2018 reached 4.03 million metric tons (MMT), up by 2.7 percent from 3.93 million metric tons in 2017.

THE LAST LEAF

Planters in Ilocos Sur use tobacco leaves to shield them from the heat of the sun. Farmers in major tobacco-growing provinces said they may stop planting the crop due to the increase in cigarette taxes under the Comprehensive Tax Reform Program. NONIE REYES

Asean nations face huge challenges in collecting data on SDGs–officials

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EMBERS of the Association of Southeast Asian Nations (Asean) are facing “numerous difficulties” in collecting data to track their progress in terms of achieving the Sustainable Development Goals (SDGs), an official of the Philippine Statistics Authority (PSA) said.

In a presentation at the Fourth Asean Statistical Forum on Thursday, PSA Assistant National Statistician Wilma A. Guillen said Asean member-states are able to collect data on some 31 percent of SDG indicators.

Data were collected from all Asean members except Lao PDR and covered 133 indicators, including sub-indicators. Around 46 indicators and subindicators were submitted in the first round and 87 submitted in the second round of submission.

“At least four Asean members are able to regularly submit the indicators,” Guillen said.

“There is a need to align 63 priority SDG indicators into the AEC [Asean Economic Community] and the ASCC [Asean Socio-Cultural Community] Sectoral KPIs [Key Performance Indicators].

Once finalized [these will be used] for measuring the progress of the Asean community.”

Guillen said challenges encountered by Asean countries include non-

applicability of SDG indicators. For instance, the poverty indicator is not applicable for both Brunei Darussalam and Singapore.

Another example is data in the Red List Index, which tracks the animals that are already facing the threat of extinction. This is not applicable to Singapore.

For countries like the Philippines, the challenge includes the non-availability of annual data for certain indicators. This is because censuses or surveys are conducted periodically, such as every 10 years.

Other challenges, Guillen said, include the difficulty of collecting indicators from other ministries, data sensitivity issues and a long process of data clearance to be submitted.

These will be addressed through a multiyear workplan for 2020 to 2030 crafted by the Asean Working Group-SDG Indicators. The workplan includes efforts to harmonize SDG data and implement capacity-building efforts in Asean member-states and AseanStats on SDG data production and dissemination.

The workplan also aims to improve data dissemination and reporting through an online Asean SDG indicators database portal which will be publicly available by September 2020.

She added that the workplan includes strengthening the AseanStats and statistical expertise of Asean countries. It will seek to coordinate and facilitate IT knowhow via international/regional trainings or seminars related to SDG implementation monitoring. Cai U. Ordinario

FIES data, he said the middle-income class earns between P31,560 to P78,900 per month while the upper middle income earns P78,900 to P118,350 per month.

Around 3.6 million households in the Philippines are considered middle-income class while 470,000 households are classified as “upper middle income.”

The upper crust of the Philippine middle class is composed of the upper income (but not rich) and the rich which earn P118,350 to P157,800 a month and at least P157,800 a month, respectively.

T here are around 170,000 households classified as upper income (but not rich) and 150,000 households considered part of rich middle class.

SC: Club membership fees exempted from income tax, VAT

By Joel R. San Juan

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@jrsanjuan1573

HE Supreme Court has declared that membership fees, assessment dues, and other fees collected by clubs which are organized and operated exclusively for pleasure, recreation and other nonprofit purposes are not subject to income and value-added taxes (VAT).

With this, the Court’s Second Division through Associate Justice Estela Perlas-Bernabe set aside the ruling issued by the Regional Trial Court (RTC) in Makati City on November 7, 2016, which upheld the validity of Revenue Memorandum Circular (RMC) 35-2012 issued by the Bureau of Internal Revenue (BIR).

RMC 35-2012, entitled “Clarifying the Taxability of Clubs Organized and Operated Exclusively for Pleasure, Recreation, and Other Non-Profit Purposes,” states that “clubs which are organized and operated exclusively for pleasure, recreation, and other nonprofit purposes are subject to income tax under the National Internal Revenue Code [NIRC] of 1997, as amended.”

On the VAT component, the circular states that “the gross receipts of recreational clubs including but not limited to membership fees, assessment dues, rental income, and service fees are subject to VAT.” In issuing the circular, the BIR said “the provision in the 1977 Tax Code which granted income tax exemption to such recreational clubs was omitted in the current list of tax-exempt corporations under the 1997 NIRC, as amended.”

However, the SC said the BIR’s interpretation of the provision of the 1997 NIRC was incorrect as it erroneously imposed a sweeping interpretation that membership fees and assessment dues are sources of income of recreational clubs from which income tax liability may ensue.

The Court agreed with petitioner Association of NonProfit Clubs Inc. (ANPC) which asserted that membership fees, assessment dues, and other fees of similar nature only constitute contributions to and/or replenishment of the funds for the maintenance and operations of the facilities offered by recreational clubs to their exclusive members.

The SC said these represent funds “held in trust” by these clubs to defray their operating and general costs and hence, only constitute infusion of capital.

“In fine, for as long as these membership fees, assessment dues, and the like are treated as collections by recreational clubs from their members as an inherent consequence of their membership, and are, by nature, intended for the maintenance, preservation, and upkeep of the clubs’ general operations and facilities, then these fees cannot be classified as ‘the income of recreational clubs from whatever source’ that are ‘subject to income tax,’” the Court pointed out.

“Instead, they only form part of capital from which no income tax may be collected or imposed,” the ruling read.

The Court also declared as invalid the BIR’s interpretation of RMC 35-2012 that membership fees, assessment dues, and the like are part of “the gross receipts of recreational clubs” that are “subject to VAT.” The SC said ANPC correctly pointed out that, membership fees, assessment dues, and the like are not subject to VAT because in collecting such fees, the club is not selling its service to the members.

“Conversely, the members are not buying services from the club when dues are paid; hence, there is no economic or commercial activity to speak of as these dues are devoted for the operations/maintenance of the facilities of the organization. As such, there could be no ‘sale, barter or exchange of goods or properties, or sale of a service’ to speak of, which would then be subject to VAT under the 1997 NIRC,” the SC explained.

Thus, the SC directed the BIR to realign its memorandum circular in accordance with the High Court’s decision.

The case stemmed from the dialogue between the ANPC and the BIR in October 2012 concerning the implementation of RMC 35-2012.

The association was asked to submit its position paper on the issue but the BIR failed to act on ANPC’s request to set aside the circular, prompting the latter to file a petition for declaratory relief with the trial court. The group sought to declare the circular as “invalid, unjust, oppressive, confiscatory and in violation of the due process clause of the Constitution.”

On July 1, 2016, the RTC dismissed ANPC’s petition as it upheld the validity and constitutionality of the BIR’s circular.

www.businessmirror.com.ph

News BusinessMirror

Friday, August 16, 2019 A5

Chinese warships’ sneaky transit scored

By Rene Acosta @reneacostaBM & Bernadette D. Nicolas @BNicolasBM

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ALACAÑANG on Thursday took offense over the passage of Chinese warships through Philippine waters without informing the country’s authorities, saying it was “not an act of friendship.”

In a Palace briefing, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo also said he will call China’s attention to the issue since five more Chinese warships have been recently spotted in Sibutu Strait.

This, even after Defense Secretary Delfin N. Lorenzana has secured a commitment from Chinese Ambassador to the Philippines Zhao Jianhua that Beijing will require their ships to inform the Chinese Embassy about the intended passage in Sibutu so that they could relay this to Manila.

“Let’s just say that we express concern with that kind of incident because if they keep on saying that we are friends, I don’t think this is an act of friendship,” Panelo told reporters.

The Palace spokesman also said he intends to raise the issue to Zhao in a dinner meeting. “We will call their attention. The Chinese Ambassador has invited me for dinner one of these days.

Maybe I will raise that to him.”

Reports indicated that two Chinese warships were again spotted in July and three more were spotted this month.

Last July, Lorenzana revealed Chinese warships passed through Sibutu Strait in “four instances” starting early this year without informing the Philippine government.

The defense chief said Manila has always required navies to seek diplomatic clearance from the Philippine government when they are passing through.

Last week, the Department of Foreign Affairs said it is filing a diplomatic protest over the reported presence of Chinese survey ships entering the Philippines’s exclusive economic zone.

President Duterte is set to go have a bilateral meeting with Chinese President Xi Jinping in Beijing this month to invoke the arbitral ruling that invalidated China’s claims in the West Philippine Sea. The President has also said he wants to hasten the conclusion of the Code of Conduct to prevent untoward incidents in the West Philippine Sea. The Philippines is the country coordinator for Asean-China Dialogue Relations until 2021.

‘Disrespectful’

CHINA appeared to have lost its respect for the Philippines as a sovereign state since its military warships continue to sail through the country’s waters.

“It seemed like they already owned Sibutu and Balabac Straits,” said Lorenzana on Thursday in response to the report of the Armed Forces Western Mindanao Command (Wescom) about the continued passage of Chinese Navy vessels.

The ships reportedly tried to conceal their identities by shutting off their automatic identification system (AIS).

Sibutu and Balabac Straits are the country’s maritime waters and are located in Tawi-tawi and Palawan, respectively.

Since February this year, at least 14 Chinese warships have already passed through the two waterways, but all of the vessels have turned off their AIS or even deliberately ignored calls to identify themselves.

“They did not inform us nor responded to challenges from our naval monitoring stations. They also shut their automatic identification system,” Lorenzana said in response to the latest incursions by the Chinese warships.

On Wednesday, Wescom Commander Major Gen. Cirilito Sobejana disclosed that two Chinese Navy vessels transited through the Sibutu Strait last month, while three more Chinese warships sailed through the same waters this month.

“It was not an innocent passage because if it is innocent passage, it should only be in straight line. If you swerve, that is no longer an innocent passage,” he said referring to the course taken by the five ships while they were in the Sibutu Strait.

As a maritime practice, any ship can pass through the maritime waters of any state by way of innocent passage, but for military ships, they must at least identify themselves and ensure that their AIS are on while transiting. A proper protocol even requires the military ship to obtain clearance prior to its passage to any state’s waters.

Sobejana said that when the Chinese warships were

Typhoon Krosa prompts PAL to cancel Nagoya, Osaka flights

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LAG carrier Philippine Airlines canceled its flights to Japan due to the effects of Typhoon Krosa.

PAL Holdings Inc., PAL’s trade name, said the following f lights to and from Osaka and Nagoya are canceled: PR412 and PR408, both Manila to Osaka (Kansai International Airport).

PAL said passengers of the canceled flights will be reaccommodated on replacement flight PR5408 departing Manila at 3:30 a.m. of August 16 and arriving at Osaka (Kansai) at 8:45 a.m. the same day.

Meanwhile, passengers of the canceled flight PR411 will be reaccommodated on the regular PR411 also on Friday.

PAL added that passengers of the canceled PR438 will be reaccommodated on replacement flight PR5438 departing Manila at 3 a.m. on August 16 and arriving at Nagoya at 8 a.m.

Passengers of the canceled PR410 will be reaccommodated on replacement flight PR5410 departing Cebu at 1:20 p.m. of August 16 and arriving at Osaka (Kansai) at 6:40 p.m.

Passengers of the canceled PR480 will be reaccommodated on replacement flight PR5480 departing Cebu at 2:20 p.m. also on Friday and arriving Nagoya at 7:50 p.m. of August 16.

Passengers to/from Osaka and Nagoya who wish to check the status of their flights may visit the Flight Status page of the PAL web site, the airlines said. Recto Mercene

spotted by the Wescom’s naval assets, the ships immediately sailed out of the country’s maritime territory. However, the incidents were reported to the military’s general headquarters and to the Department of National Defense.

Lorenzana scored China over its demeanor, saying it was only Beijing that has not been observing proper maritime conduct, something that has been the concern by its other neighbors in the region and

even by the United States.

“All other warships, we are informed of their passing. Only the Chinese refuse to conform to internationally accepted norms by ignoring them,” the defense chief said.

“This, despite the Chinese Ambassador’s word that henceforth he would ask the PLA [People’s Liberation Army]-Navy to inform their embassy in the Philippines, who will, in turn, inform us of any pass-

ing PLAN warships passing through our territorial waters,” Lorenzana added.

The assurance was given after Lorenzana relayed to Zhao the government’s concern over the successive transiting of four Chinese warships beginning in February this year in the Sibutu Strait, but without identifying themselves and even shutting down their AIS. A Chinese aircraft carrier had also reportedly passed through Sibutu Strait.

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Friday, August 16, 2019

The World BusinessMirror

Bond market smells recession amid intensifying global stress N

EW YOR K— Compa red to the free-swinging and sometimes emotional stock market, the bond market is supposed to be the sober and measured one.

It’s getting more alarmed.

Bonds sounded their loudest warning bell yet of recession on Wednesday, when the yield on the 10-year Treasury briefly fell below the two-year yield. Such a thing is rare: Investors usually demand more in interest for tying up their money in longer-term debt.

When yields get “inverted,” market watchers say a recession may be a year or two away.

An inverted yield curve has histor ica l ly been a reliable, though not perfect, predictor of recession. Each of the last five recessions was preceded by the two- and 10-year Treasury yields inverting, according to Raymond James, taking an average of about 22 months for recession to hit.

The last inversion of this part of the yield curve began in December 2005, two years before the Great Recession tore through the global economy.

This latest inversion is the result of a steep slide in long-term yields as worries mount that President

Donald J. Trump’s trade war may derail the economy. Discouraging economic data from Germany and China, two of the world’s largest economies, also unnerved investors on Wednesday.

The temporary flip in yields sent stocks sliding, and the S&P 500 was down as much as 2.7 percent in the afternoon. The bond market has been much more pessimistic about the health of the economy in recent months than the stock market, which set a record high just last month.

If all the talk about yield curves sounds familiar, it should. Other parts of the curve have already inverted, beginning late last year.

But each time, some market watchers cautioned not to make too much of it.

In December, for e x a mple, the yield on the five-year Treasury dropped below the two- and three-year Treasur y y ields. It wasn’t a big deal at the time because academics and economists pay much more attention to the relationship between three-month yields and 10-year yields.

When the three-month yield rose above the 10-year yield earlier this year, it drew more atten-

tion. But traders said the inversion would need to last a while to confirm the warning signal, and they pointed out that the widely followed gap between the two-year yield and the 10-year yield was still positive.

Now, that trip wire has been crossed too, and the three-month Treasury yield remains above the 10-year yield.

One of the biggest concerns is that all the uncertainty around the United States-China trade war— where the world’s hopes of a resolution can rise and fall with a single tweet or statement—may cause businesses and shoppers to wait things out and rein in their spending. Such a pullback could hurt corporate profits and start a vicious cycle where companies cut back on hiring, leading to further cutbacks in spending and more damage for the economy.

The concerns have sent the 30year Treasury yield sinking, and it touched a record low Wednesday.

But it remains above shorter-term yields, which means not all of the yield curve is inverted and offers a bit of solace. The 30-year yield sat at 2.04 percent Wednesday afternoon, above the 1.58 percent 10-year yield and the 1.56 percent two-year yield.

Some market watchers also say the yield curve may be less reliable an indicator this time because of technical factors that are distorting yields. Bonds in Europe and elsewhere have even lower yields than US bonds and are negative in many cases. That’s sending buyers from abroad into the US bond market, putting extra pressure downward on US yields.

The Federal Reserve is also holding more than $2 trillion in Treasury securities, which it amassed to pull the economy out of the 2008 financial crisis and keep longerterm interest rates low.

Broader measures of the US economy, meanwhile, are not pointing to an imminent downturn. The job market, consumer spending and consumer confidence all remain solid to strong.

“The only thing that’s flashing red or yellow right now is the yield curve,” said Jay Bryson, global economist at Wells Fargo.

Eric Winograd, senior economist at AllianceBernstein, said he expects growth to slow to an annual rate of about 1.5 percent in the second half of this year, down from a 2.5 percent pace in the first six months. AP

www.businessmirror.com.ph

HUAWEI TELLS TEXAS JUDGE THAT U.S. LAW DENIES IT DUE PROCESS AN employee walks past a logo in the reception area of the Huawei Technologies Co. Cyber Security Transparency Centre in Brussels, Belgium, on April 15.

GEERT VANDEN WIJNGAERT/ BLOOMBERG

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UAWEI Technologies Co. told a federal judge in Texas that Congress improperly decided, without any judicial review, that the company was a pawn of the Chinese government, depriving it of due process that other Chinese companies get.

The Chinese telecom giant sued in May to invalidate a law Congress passed last year barring government purchases of its products. Wednesday’s filing expands on earlier arguments made by the company and specifically calls out Congress’s use of Section 889 of the National Defense Authorization Act for 2019.

“By marking Huawei and its employees as untrustworthy and disloyal to the United States, Section 889 stigmatizes them, disrupts existing contracts, and chills purchases and use of uncovered Huawei equipment and services, as well,” the company said.

US politicians wrongfully singled out Huawei by finding it’s controlled by China’s Communist Party “and thus is supposedly their tool for carrying out cyber attacks and cyber espionage,” Huawei said. It called the

law “so highly selective as to cast unique, punitive aspersions on Huawei.”

Th e l i t i g at i o n i n Tex a s i nvo l ve s Huawei’s ability to sell equipment into the US market and is separate from the US government’s blacklisting of Huawei by not allowing it to buy components from American suppliers.

President Donald J. Trump in July announced that US companies will be allowed to sell their equipment to Huawei when there are no national security concerns, thereby easing the blacklist restrictions the Commerce Department imposed in May. Section 889 is a prohibition on certain telecommunications and video surveillance services or equipment.

The US has been engaged in a global campaign to block Huawei from so-called 5G communications networks, calling the company a security threat. The Trump administration has alleged the Chinese government could use Huawei’s products to spy on countries that use them in their networks. Bloomberg News

Editor: Angel R. Calso

The World BusinessMirror

Trump suggests trade deal can wait for Hong Kong resolution

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ASHINGTON—President Donald J. Trump suggested Wednesday that trade talks with China can wait until tensions in Hong Kong have eased, tweeting: “Of course China wants to make a deal. Let them work humanely with Hong Kong first!”

Trump also praised Chinese President Xi Jinping, calling him a “great leader” and saying he could quickly resolve the unrest in Hong Kong if he wanted to. “I have zero doubt that if President Xi wants to quickly and humanely solve the Hong Kong problem, he can do it. Personal meeting?” Trump tweeted.

Trump has previously said little about the protests in the semiautonomous Chinese city, except to make it clear he believes that Hong Kong and China need to “deal with that themselves.” He has urged the two sides to exercise caution and voiced hopes that the situation will be resolved peacefully.

His more extensive comments Wednesday came as US stock markets tumbled, in part because of uncertainty over Trump’s trade standoff with Beijing.

Investors have also been rattled about the widespread protests in Hong Kong. Flights resumed at Hong Kong’s airport after two days of disruptions that descended into clashes with police.

While Trump has been reticent to take sides, some Republican and Democratic members of Congress have voiced their support for the protesters. House Speaker Nancy Pelosi, for example, issued a statement

last week saying that “dreams of freedom, justice and democracy can never be extinguished by injustice and intimidation.”

The demonstrations are against what many Hong Kong residents see as an increasing erosion of the freedoms they were promised in 1997 when Communist Party-ruled mainland China took over what had been a British colony.

Trump said he knows Xi well and called him a “great leader who very much has the respect of his people.”

Trump also voiced optimism about the off-again, on-again trade negotiations with China. Administration officials publicly and privately have voiced beliefs that a trade deal is still a ways off even as the president voices frustration about the lack of progress. Unhappy with the pace of negotiations, Trump announced two weeks ago that the US would apply 10-percent tariffs on about $300 billion in Chinese imports, beginning September 1. But the administration moved Tuesday to delay the tariffs on a wide range of Chinese-made products, including cell phones, laptop computers, some toys, computer monitors, shoes and clothing.

And it’s removing other items from the list based “on health, safety, national security and other factors.”

Trump tweeted that delaying the tariffs would help China more than the US. “The American consumer is fine with or without the September date, but much good will come from the short deferral to December.” AP

Friday, August 16, 2019

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S. Korea’s Moon calls for talks to end trade dispute with Japan

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EOUL, South Korea—South Korean President Moon Jaein offered an olive branch to Japan to end an ongoing trade dispute Thursday, saying Seoul will “gladly join hands” if Tokyo wants to talk.

Moon i n a n at ion a l ly te le v i sed speec h a l so dow npl ayed t he t h reat posed by Nor t h K o rea’s recent shor t-ra nge ba ll i st ic l au nc hes a nd e x pressed h o p e t h a t Wa s h i n g t o n a n d P yong yang wou ld soon resume nuc lea r negot i at ions.

“If a countr y weaponizes a sector where it has a comparative advantage, t he order of peaceful free trade inev itably suffers. A countr y that accomplished growth first must not kick the ladder away while others are follow ing in its footsteps,” Moon said in reference to Japan.

“If Japan better late than never

chooses the path of dialogue and cooperation, we will gladly join hands,” he said.

Moon’s speech at a ceremony marking the 74th anniversary of Korea’s liberation from Japanese rule at the end of World War II came amid heightened public anger and diplomatic fallout over Tokyo’s recent moves to impose trade curbs on South Korea.

Seoul has accused Tokyo of weaponizing trade to target its export-dependent economy and retaliate against South Korean court rulings calling for Japanese companies to offer reparations to South Koreans forced into labor during World War II.

Tokyo’s measures struck a nerve in South Korea, where many still harbor resentment over Japan’s ruthless colonial rule from 1910 to 1945.

After threatening stern countermeasures and declaring that South Korea would “never lose” to Japan again, Moon has taken a more conciliatory tone over the past week as there was relief in Seoul that the impact of Japan’s trade measures might not be as bad as initially thought.

There have also been concerns that the government’s nationalistic calls for unity were allowing public anger toward Japan to reach dangerous levels.

Nevertheless, tens of thousands of people were expected join anti-Japan protests planned for Thursday, including an evening candlelit vigil near Seoul’s presidential palace.

T housands of protesters dressed in raincoats marched in heavy rain toward the Japanese Embassy in Seoul. They carried signs that said “Apologize for War Crimes” and “Compensate Forced Laborers.”

“I have a lot that I want to say,

but I can’t,” said an emotional Lee Chun-sik, 95, the only survivor among four plaintiffs who won a landmark compensation case last October against Japan’s Nippon Steel & Sumitomo Metal Corp., decades after being forced to work at the company’s steel mills during World War II. Lee thanked the marchers for taking part.

The trade dispute comes as South Korea’s relations w ith North Korea worsen. Pyongyang has been ignoring Seoul’s calls for dialogue and in recent weeks test fired a slew of new short-range weapons that potentially threaten the South.

Experts say the North’s recent launches are aimed at building leverage for nuclear talks with the United States, and pressuring Seoul to coax major concessions from Washington on its behalf.

“In spite of a series of worr ying actions taken by North Korea recently, the momentum for dia log ue remains unshaken,” Moon said.

He called for new negotiations between the Koreas and the US “at the earliest possible date.” AP

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The World BusinessMirror

US: Taiwan defense spending to increase with China threat

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AIPEI, Taiwan—America’s top representative in Taiwan said Thursday that Washington expects the island to continue increasing its defense spending as Chinese security threats to the US ally continue to grow.

William Brent Christensen said the US had “not only observed Taiwan’s enthusiasm to pursue necessary platforms to ensure its self-defense, but also its evolving tenacity to develop its own indigenous defense industry.”

That was a nod to President Tsai Ing-wen’s drive to develop domestic training jets, submarines and other weapons technolog y, supplement i ng a r ms bought from the US. “These investments by Taiwan

are commendable, as is Taiwan’s ongoing commitment to increase the defense budget annually to ensure that Taiwan’s spending is sufficient to provide for its own self-defense needs,” Christensen said in a speech. “And we anticipate that these figures will continue to grow commensurate with the threats Taiwan faces.”

Christensen is the director of the American Institute in Taiwan, which has served as the de facto US Embassy in Taiwan since

formal diplomatic relations were cut in 1979.

While China and Taiwan split during a civil war in 1949, Beijing still considers Taiwan Chinese territory and has increased its threats to annex the self-governing democracy by force if necessary.

Despite the lack of formal diplomatic ties, US law requires Washington to ensure Taiwan has the means to defend itself.

Since 2008, US administrations have notified Congress of more than $24 billion in foreign militar y sales to Taiwan, including in the past two months the sale of 108 M1A2 Abrams tanks and 250 Stinger missiles, valued at $2.2 billion dollars, Christensen said.

T he Trump administration alone has notified Congress of $4.4 billion in arms sales to Taiwan, he said.

China has responded furiously to all such sales and recently announced it would impose sanctions on any US enterprises involved in such deals, saying they undermine China’s sovereignty and national security.

Tsai has adamantly rejected Chinese pressure to reunite Taiwan and

China under the “one-country, twosystems” framework that governs Hong Kong. She and many Taiwanese have said that the people of the island stand with the young people of Hong Kong who are fighting for democratic freedoms in ongoing protests.

Tsai, who says she will seek a second four-year term next year, has said Taiwan was also stepping up training as it prepared to transition to an all-volunteer force and has raised the defense budget for three consecutive years.

China’s spending on the People’s Liberation Army rose to 1.2 trillion yuan ($178 billion) this year, making it the second-largest defense budget behind the United States.

Beijing has cut contacts with Tsai’s government over Tsai’s refusal to endorse its claim that Taiwan is a part of China and sought to increase its international isolation by reducing its number of diplomatic allies to just 17.

It has also stepped up efforts at military intimidation, holding military exercises across the Taiwan Strait and circling the island with bombers and fighters in what are officially termed training missions. AP

TRUDEAU’S SNC-LAVALIN GROUP SCANDAL RESURFACES WEEKS BEFORE CANADA ELECTION

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RIME Minister Justin Trudeau was plunged back into the biggest scandal of his term just two months before elections, after the nation’s ethics watchdog ruled he inappropriately interfered in a judicial matter.

In a report released Wednesday, Ethics Commissioner Mario Dion said Trudeau sought to pressure his former attorney general last year to help SNC-Lavalin Group Inc. settle corruption charges out of court, partly for political reasons.

Since the Montreal-based engineering firm would have benefited financially from Trudeau’s efforts, the prime minister’s actions contravened conflict of interest laws, the watchdog concluded.

“The authority of the prime minister and his office was used to circumvent, undermine and ultimately attempt to discredit” the attorney general’s authority, Dion said.

The reprimand is a blow to Trudeau, just 10 weeks ahead of an October election, and will bring renewed focus to what has been the most damaging scandal of his administration. The prime minister saw his popularity sink this year amid

accusations of judicial interference, though his poll numbers had been lately recovering as the controversy settled over the summer.

The ruling effectively undermines Trudeau’s argument that he did nothing wrong and was only seeking to stave off job losses, chalking up the disagreement with his attorney general to the normal operations of government. At a press conference Wednesday, Trudeau accepted responsibility “for everything that happened,” even though he said he disagreed with some of the conclusions.

“My job as a prime minister is to stand up for Canadians and defend their interests and, yes, it is essential we do that in a way that defends our institutions, that upholds prosecutorial independence,” Trudeau said. “But we need to be able to talk about the impacts on Canadians right across the country of decisions being made.”

Trudeau said he would implement new measures to reinforce the independence of the attorney general’s office, including new protocols to govern ministerial consultation in specific prosecutions. Bloomberg News

www.businessmirror.com.ph

UK Labour leader lays out plan to stop a no-deal Brexit

L

ONDON—T he leader of Britain’s biggest opposition party on Wednesday urged other opposition forces to unite, topple Prime Minister Boris Johnson’s Conservative government and prevent Britain from leaving the European Union in October without a divorce agreement.

The move came after Johnson accused anti-Brexit UK politicians of collaborating with the EU to stymie Britain’s exit from the bloc.

Jeremy Corbyn, who heads t he m a i n opposit ion L abou r Party, said he planned to call a no-confidence vote in Johnson’s government “at the earliest opportunity when we can be confident of success” once Parliament returns from its summer break in September.

In a letter to other opposition leaders and pro-EU Conservative lawmakers, the Labour chief said Parliament should then unite behind a Corbyn-led “temporary government” that would seek a delay to Brexit day—currently scheduled for October 31—and call a national election.

The plan is feasible under Parliament’s rules, but is likely to face resistance. The smaller opposition parties agree on the need to avoid a no-deal Brexit, but don’t want to put Corbyn—a veteran leftwinger whom many distrust— in power. Labour, meanwhile, is likely to oppose a politician from any other party heading a national unity government.

Johnson has vowed that Britain will leave the EU on October 31— just 11 weeks away—with or without a divorce deal. He is demanding the EU to make major changes to the agreement the bloc made with his predecessor, Theresa May. The EU refuses to renegotiate, so a no-deal Brexit appears increasingly likely.

Johnson claimed Wednesday there was “a terrible kind of collaboration” between an intransigent EU and UK politicians who want to prevent Brexit.

“We need our European friends to compromise, and the more they think there’s a chance Brexit can be blocked in Parliament the more adamant they are of sticking to their positon,” Johnson said during a question-and-answer session on Facebook.

Many economists say leaving the EU without an agreement on the terms will trigger a recession and cause economic mayhem, with shortages of fresh food and other goods likely as customs checks snarl Britain’s ports.

Johnson and other Brexit supporters argue that any short-term turbulence will be outweighed by new economic opportunities once Britain leaves the 28-nation bloc and can strike trade deals around the world—notably with the United States. Critics note that the EU accounts for almost half of Britain’s trade and any new trade deals are likely years away.

Philip Hammond, who was Britain’s Treasury chief until three weeks ago, accused Johnson on Wednesday of steering the country toward a damaging no-deal Brexit that isn’t backed by Parliament or British voters.

Hammond, a Conser vative legislator who stepped down as finance minister just before Johnson became prime minister last month, told the BBC that Johnson had moved from a tough negotiating stance to a “wrecking” one by insisting on changes to the withdrawal agreement between Britain and the EU that the bloc would not accept.

He said while he believed Johnson wanted a deal, “there are other people around him whose agenda is different”—an apparent reference to advisers such as Dominic Cummings, one of the architects of the country’s 2016 decision to leave the EU. Hammond criticized Johnson’s government for per petuating “myths” that the British people voted for a no-deal Brexit and that leaving the EU without a negotiated settlement would be painless.

“There is no mandate for leaving with no deal,” Hammond said, adding that “during the referendum campaign there was virtually no mention made by the leaders of that campaign at all of the possibility of leaving with no deal.”

Johnson has refused to rule out suspending Parliament if legislators tr y to delay or prevent Brexit in the fall. Hammond said that would “provoke a constitutional crisis.”

House of Commons Speaker John Bercow, who controls the day-to-day business of Parliament, said he would seek to prevent the prime minister from overriding Parliament.

“If there is an attempt to circumvent, to by pass or— God forbid—to close down Parliament, that is anathema to me,” Bercow told the Edinburgh Festival Fringe in comments reported by the Herald newspaper. “I will fight with every breath in my body to stop that happening.” AP

GUNMAN WOUNDS AT LEAST SIX PHILADELPHIA POLICE

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HILADELPHIA—At least one gunman opened fire on police Wednesday as they were serving a drug warrant in Philadelphia, wounding six officers and triggering a standoff that extended into the night, authorities said.

Two other officers were trapped inside the house for about five hours after the shooting broke out but were freed by a SWAT team well after darkness fell on the residential neighborhood.

None of the officers sustained life-threatening injuries and they’ve been released from the hospital, Philadelphia police Sgt. Eric Gripp said.

“It’s nothing short of a miracle that we don’t have multiple officers killed today,” said Philadelphia Police Commissioner Richard Ross as officers continued their standoff with the gunman.

The shooting began around 4:30 p.m. as officers went to a home in a north Philadelphia neighborhood of brick and stone rowhomes to serve a narcotics warrant in an operation “that went awry almost immediately,” Ross said.

“I was just coming off the train and I was walking upstairs and there were people running back downstairs who said that there was someone up there shooting cops,” said Abdul Rahman Muhammad, 21, an off-duty medic. “There was just a lot of screaming and chaos.”

Many officers “had to escape through windows and doors to get [away] from a barrage of bullets,” Ross said.

Shots were still being fired three hours later, police said, and officers returned fire.

Around 9:30 p.m., police said, a SWAT team freed the two officers who had been trapped inside, along with three people that officers took into custody before the shooting as part of the drug warrant. But the gunman remained barricaded.

Police were imploring him to surrender, at one point patching in his lawyer on the phone with him to try to persuade him to give up, Ross said.

“We’re doing everything within our power to get him to come out,” Ross said, adding: “He has the highest assurance he’s not going to be harmed when he comes out.”

Temple University locked down part of its campus, and several children and staff were trapped for some time in a nearby day care.

Police tried to push crowds of onlookers and residents back from the scene. In police radio broadcasts, officers could be heard calling for backup as reports of officers getting shot poured in.

Dozens of officers on foot lined the streets.

Others were in cars and some on horses. AP

www.businessmirror.com.ph

Banking&Finance BusinessMirror

BPI readies 2nd dollar bond issue to refinance borrowings

B

By Bianca Cuaresma

@BcuaresmaBM

ANK of the Philippine Islands (BPI) on Thursday bared its plan to issue another multimillion-dollar bond this year as it looks to refinance its maturing borrowings for the year.

BPI Executive Vice President and Chief Finance Officer Maria Theresa Javier told the press about BPI’s strategy to “remain opportunistic” in debt capital markets to supplement the banks funding requirements.

Javier said they are currently in talks with potential arrangers and underwriters, and have not yet finalized the size of the issuance. She, however, noted that will likely

be smaller than their $600-million maiden dollar bond issuance in 2018.

“We are just looking at some finer points, but we will definitely come up with the specifics soon,” Javier said, confirming that they are issuing this bond “most likely this year.”

In 2018 BPI raised $600 million via their debut US dollar bond in August. BPI President Cezar Consing attributed the success of their first-ever issuance of the notes to

the “investors’ confidence” in the bank’s credit strength.

‘No plans to tap the equity market’

JAVIER, meanwhile, said BPI is not looking at tapping the equity market to raise capital anytime soon. The CFO said the bank believes its capital, at its current level, is ample to finance its growth strategies.

As of the first half of the year, BPI’s total equity reached P259.88 billion, with an indicative common equity tier 1 ratio of 15.55 percent and a capital adequacy ratio of 16.44 percent.

The bank also earlier reported that it has incurred a net income of P13.74 billion in the first half of the year, up by 24.6 percent from the P11.03 billion registered in the same period last year.

Micro-influencers for associations?

Y

OU must have heard the phrase, “social-media influencers.” You also probably would think of them as celebrities with millions of followers on Facebook, Instagram, YouTube or Twitter.

And that using them to market your association’s product or service would be very expensive. I Googled “Filipino influencers” and found out that there are hundreds of them: individuals and organizations in various fields of profession and industry.

Influencer or influence marketing is a form of social-media marketing that involves endorsements from influencers.

Influencer content may be framed as testimonial advertising where they play the role of a potential buyer themselves, or

involved as third parties. These third parties can be spotted either within the supply chain (retailers, manufacturers, etc.) or from among so-called value-added influencers, such as celebrities, journalists, academics, industry analysts and professional advisers.

According to an article posted by Associations Now magazine senior editor Tim Ebner, influencers on social media do not always have millions of followers.

Not all influencers, too, are defined by their star power or follower counts. There are many “micro-influencers” who have created small communities—hundreds or a few thousand followers—with high engagement value. These are voices that

Association World Octavio Peralta associations can harness to connect with audiences they may not otherwise reach.

Micro-influencers are also great for associations with “micro-budgets” that are ready to give influencer marketing a go.

A case in point is the American Chemical Society. To reach new audiences, ACS targeted micro-influencers at a conference focused on technology, arts and pop culture—the South by South-

Friday, August 16, 2019 A11

Senate panel poised to block higher ATM fees

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ENATOR Grace Poe, citing reports that several banks are seeking to impose higher fees for automated teller machine transactions, vowed to block the proposed 36 percent to 50 percent increase in ATM fees ensuing from the Bangko Sentral ng Pilipinas’s move lifting the moratorium on ATM fee hikes.

In filing a Resolution 96 to pave the way for a Senate inquiry, Poe aired concerns that the “practice of imposing hefty bank fees, including ATM charges, is financially disadvantageous to our country’s more than 58-million ATM cardholders.”

She noted that currently, bank charges range from P10 to P15 for interbank withdrawals and P2 for interbank balance inquiry.

Regardless of the amount, Poe pointed out that an increase in bank charge would be “disadvantageous to an estimated 4.1 million minimum-wage earners who would need to carry the burden of these fees as many of them receive their salaries through ATM cards and withdraw from these machines at least twice a month.”

Asserting her duty as chairman of the Senate Committee on Banks and Financial Institutions, Poe vowed to immediately look into the plan to increase the fees for ATM transactions amid concerns this would “further burden hard-up Filipino workers.”

west conference (SXSW)—creating a ripple effect that fueled a membership marketing campaign.

In about six months, ACS and a team of marketers created a membership awareness campaign designed to showcase how chemistry drives innovation in the STEM (science, technology, engineering and mathematics) fields. With the tagline “chemistry for innovation,” the campaign was designed to catch the attention of micro-influencers who would then spread the message beyond ACS’s traditional membership base. Below were a few tactics the campaign used to create ripples: n Video storytelling. As video content is often shared on influencer plat-

She gave assurances that the committee will promptly hold a public hearing on the matter as soon as Resolution 96 is formally referred to the committee when session resumes next week.

Poe lamented that while savings earn meager interest, the banks charge higher deductions for balance inquiry and withdrawals. “It’s bad enough that interest on savings is so small, yet that’s compounded by the big charges on balance inquiry and withdrawals,” the senator said in a mix of English and Filipino.

She noted that depositors are virtually lending their money to the banks when they make deposits on their ATM accounts. “Kung tutuusin, para tayong nagpapahiram ng pera sa bangko kapag itinatabi natin ito sa ATM. Kung nagwiwithdraw tayo, kinukuha lang natin kung ano ang atin. Bakit ang laki ng kaltas sa bawat transaction, tapos may hiling pang dagdag ngayon?” she asked.

Poe indicated plans to call a Banks Committee hearing to look into the matter, saying she was keen to know “how much banks collect from these charges and why the customers are being made to shoulder the cost of what should be part of the banks’ services.” The BSP, she said, will, likewise, be asked to inform the Senate committee on, BSP’s course of action when the moratorium on ATM fees lapses. Butch Fernandez

forms, the campaign started with strong video stories about chemists at work in STEM. n Personality-based quiz. ACS used this format as a social conversation starter at its annual meetings. The quiz—“Which Element Are You?”—asks a few simple questions that connect personality traits to elements found on the periodic table. n Chemistry swag. A fun extension of the personality-based quiz was free conference swag (giveaways) that rewarded quiz takers with t-shirts reflecting the element they matched with. Photos of the shirts were posted on social media by microinfluencers, and attendees wore them in the expo hall, raising the visibility of ACS’s

booth. Try micro-influencers in your next association marketing campaign.

The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific (Adfiap) and the CEO and founder of the Philippine Council of Associations and Association Executives (PCAAE). PCAAE is holding the Associations Summit 7 (AS7) on November 27 and 28, 2019, at the Philippine International Convention Center (PICC) which is expected to draw over 200 association professionals here and abroad.

The two-day event is supported by Adfiap, the Tourism Promotions Board and the PICC. E-mail inquiries@adfiap.org for more details on AS7.

Agriculture/Commodities BusinessMirror

A12

Friday, August 16, 2019 • Editor: Jennifer A. Ng

www.businessmirror.com.ph

Cash assistance to rice planters gets Villar’s nod

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE Senate Committee on Agriculture and Food said it supports the Department of Agriculture’s (DA) cash assistance program for rice farmers who incurred losses due to the entry of more imports following the effectivity of Republic Act (RA) 11203.

Sen. Cynthia A. Villar, panel chairman, said she approves the unconditional cash transfer program since it is allowed under the rice trade liberalization law.

Villar also said the government has enough funds to bankroll the proposed UCT program of the DA. “It’s in the law that in excess of the P10 billion [the DA] can give cash grant. We already have excess tariff collection,” she told reporters on Thursday.

“The government has collected P6.5 billion in the first six months.

And we just have to release P5 billion this year so you have an excess of P1.5 billion and they can use that [for the cash assistance],” Villar added.

Last week, Agriculture Secretary William D. Dar and Finance Secretary Carlos G. Dominguez III have agreed to implement a UCT

program for rice farmers who were affected by the drop in the farmgate price of palay.

The Federation of Free Farmers said rice planters have lost some P40 billion in the first half as cheaper imports that entered the country following the effectivity of RA 11203 pulled down farmgate prices.

The UCT program will be implemented through the expanded Survival and Recovery (SURE) program of the Agricultural Credit Policy Council (ACPC), an attached agency of the DA. The proposed UCT program is on top of the interventions that will be bankrolled by the Rice Competitiveness Enhancement Fund (RCEF), which was created

by RA 11203.

The UCT program has been identified by Dar as one of the im-

mediate short-term solutions to ease the drop in farm-gate prices.

“The unconditional cash assistance program is meant to help cushion the initial impact of lower palay prices on our farmers as they transition to the new rice tariffication regime,” Dominguez said in a statement released last Sunday.

The FFF had also urged the DA to immediately impose trade remedy measures to prevent local planters and traders from incurring more losses due to the influx of rice imports.

FFF appealed to Dar to slap antidumping duties on imported rice as rice farmers have lost at least P40 billion due to the 23-percent drop in palay prices.

The group said the entry of at least 1.8 million metric tons (MMT) of rice after the effectivity of RA 11203 has resulted in a supply glut and pulled down farmgate prices. This forced traders to lower their quotations for local unhusked rice.

“Many local traders could not unload their stocks from the previous season due to the large volume of imported rice in the market,” FFF National Manager Raul Q. Montemayor said in a statement.

“Unless they find a way to free up their inventories, they will either stop buying palay, or they will buy at much lower prices in order to cover for anticipated trading losses. Either way, farmers will end up carrying the bag,” Montemayor added.

PHL fisheries production slightly higher in April-June–PSA report

WORKERS prepare to deliver bangus (milkfish) from Pangasinan to Metro Manila markets in this B usiness M irror file photo. The Philippine Statistics Authority said fisheries output grew slightly in the second quarter. MAU VICTA

T

HE country’s fisheries output in the second quarter grew slightly to 1.139 million metric tons, from 1.134 MMT recorded last year, the Philippine Statistics Authority (PSA) said in a report.

“Across the three subsectors, production from commercial fisheries and aquaculture showed decreases of 2.4 and 0.3 percent, respectively,” read the PSA report, which was published recently. “Municipal fisheries production exhibited an increase of 4.3 percent.”

The PSA said commercial fisheries output reached 280,810 metric tons, lower than the 287,680 MT recorded in the April-to-June period last year.

Data from the PSA indicated that commercial fisheries production accounted for 24.6 percent of total fisheries output.

Municipal fisheries output fell by 4.3 percent to 309,860 MT, from 297,050 MT last year, the PSA said. The subsector contributed 27.2 percent to total fisheries production.

“Of its total production, 87.2 percent came from marine municipal fisheries while the rest were from inland fisheries,” the report read.

Marine fisheries output reached 270,174.66 MT, 5.18 percent higher than the 256,858 MT recorded in the second quarter of last year, PSA data showed.

The remaining volume of municipal fisheries output were from inland fisheries, which reached 39,687 MT, 1.26 percent lower than last year’s record of 40,194 MT. “During the second quarter of 2019, total aquaculture production was estimated at 548,390 metric tons. It was 0.3 percent lower than the output during the same period of previous year of 550,010 metric tons,” the report read.

“The subsector contributed the biggest share of 48.1 percent to the total fisheries production in the second quarter of 2019,” it added.

At current prices, the value of fisheries production at P74.7

billion was 9.42 percent more in the second quarter of 2019, the PSA said in a recent report on the performance of the agriculture sector.

“Yellowfin tuna made a turnaround with its 57.73 percent growth in the value of output due to expansion in production and increase in prices. These reasons, likewise, caused the uptrends in the values of production of tiger prawn by 9.53 percent and tilapia by 3.01 percent,” the report read.

“Output expansion pushed up the value of round scad production by 3.84 percent. Because of price hikes, higher values of outputs were noted for seaweed by 16.70 percent and skipjack by 14.62 percent. Meanwhile, production shortfalls and price drop resulted in the reduction in the value of milkfish production by 3.42 percent,” it added.

In the first six months of the year, the PSA said fisheries output was up by 1.51 percent.

Jasper Emmanuel Y. Arcalas

ExecutiveViews BusinessMirror

www.businessmirror.com.ph | Friday, August 16, 2019 A13

I

ADAM BOWEN, AND THE PARAMOUNT MISSION OF

IMPROVING THE LIVES OF ADULT SMOKERS NONIE REYES

By Rizal Raoul Reyes

N today’s world of technology and disruptive concepts, innovation is an important ingredient to help a company satisfy the needs of its customers. If there is one industry, however, that seems to remain untouched by breakthroughs, it would have to be the tobacco industry.

The cigarette remains to be a thin paperclad roll of finely cut tobacco, with a filter at its end. While the packaging may have slightly changed, and now includes graphic warning labels, the stick that the US Surgeon General claimed to have caused a multitude of health issues in 1964 remains the same.

But when one leverages on technology to become a great, unstoppable engine of change, life-altering magic happens.

Such is the story of JUUL Labs, which has embarked on an exhilarating yet crucial mission of improving the lives of the world’s one billion adult smokers. Today, it is the leading vapor brand in the United States, and well on its way to achieve its primary goal of facilitating positive change.

“It is important to note that we created the company with adult smokers in mind, to give them a simple, clean, and satisfying alternative to cigarette smoking,” began Adam Bowen, Founder and Chief Technology Officer of JUUL Labs. “According to data from the World Health Organization (WHO), tobacco use kills one out of every two smokers per year, which totals to more than seven million deaths per year. Here in the Philippines, there are over 100,000 who die annually due to smoking-related illnesses.”

Bowen and James Monsees, Founder and Chief Product Officer of JUUL Labs, started to develop the JUUL system, a smokeless nicotine delivery device, in the mid-2000s, as part of a thesis project while students at the Stanford Design School. As former smokers, the pair was becoming increasingly alarmed and dissatisfied with the health and social impacts of cigarette smoking but were unable to find true alternatives.

Bowen recalls that he started smoking during his high school years, something that he initially did out of curiosity, since a lot of his classmates and friends were already into the habit.

“I started smoking in high school, experimenting. When I entered college, and even after graduating, I found myself smoking more and more until I realized that wow, I’m an addicted smoker. How did that happen?” Bowen related.

His story is no different from others who have found themselves hooked with the pleasure sensation that comes from nicotine. However, Bowen is also aware of the many health hazards related to cigarette smoking, which was why he tried many times to quit. Sadly, he only failed, and failed miserably.

“A few years later, I was in graduate school at Stanford University, and that’s where I met James, who was a smoker himself, and was also looking for a way to effectively cut back, if not quit, using cigarettes. We talked about how bad the habit was and how harmful it is to the body. We tried an assortment of nicotine replacement therapies (NRT) that were available but it was unfortunate that none of these proved to be true and effective alternatives to smoking. We saw this (lack) as an opportunity to create one,” Bowen shared.

For close to a decade, Bowen and Monsees dedicated themselves to learning all the aspects and intricacies of their product, producing over 1,000 prototypes. Despite the many challenges, they moved forward, motivated by their genuine mission to help smokers like themselves. “On average, a person makes at least 30 attempts to quit smoking before they are successfully able to do so. Helping smokers make the switch to less harmful smoking alternatives, if not completely stop cigarette use, motivated us to keep on with our project.”

The JUUL system employs a controlled vaporization of JUUL Labs’ proprietary eliquid nicotine formulation to produce an inhaled vapor. Its technology is unique, as it can deliver nicotine in a satisfying way expected by smokers but without the tar, carbon monoxide, and over 7.000 other harmful chemical compounds present in combustible tobacco.

The pods contain a proprietary saltbased nicotine e-liquid formula, which is mixed under strict quality-controlled processes. When heated, this liquid creates a vapor that successfully mimics the look, feel, and sensation of cigarette smoking.

During his visit to the country in June for the company’s official Philippines launch, Bowen shared that JUUL Labs considers Asia Pacific as an important region, seeing an opportunity to help address the local smoking epidemic.

“There are over 16 million adult smokers in the Philippines, making it one of the top countries in Asia with the highest incidence of smoking. 75% of these smokers have expressed their interest to quit smoking but of that, only 4% were able to successfully do so,” said Bowen.

Every year, the smoking epidemic translates to roughly P270 billion in healthcare costs and productivity losses, equivalent to 1.9 percent of the country’s GDP. The high rate of smoking incidence has prompted the Department of Health to refer to continued tobacco dependence as a key development issue that impacts wellbeing, productivity, and overall quality of life.

Bowen is optimistic that JUUL Labs’ devices and pods can help address the local tobacco epidemic, and with proper regulation and taxation of electronic nicotine delivery systems (ENDS), augment the funding requirements of the country’s Universal Healthcare Act, which seeks to give all Filipinos access to the full continuum of health services that they need.

He also adds that JUUL Labs is committed to helping the local government reduce the incidence of underage smoking by keeping their products inaccessible to individuals below the legal age of 18. “JUUL should not be used by anyone who doesn’t smoke, and we certainly don’t want youth using them. It is bad for public health and bad for our mission.”

JUUL Labs is implementing measures and initiatives to effectively limit youth appeal and access to its products, including closely monitoring retailer compliance on age-gating, the prohibition of bulk purchasing, and exiting social media.

“This is indeed one of the most rewarding parts of what we do – seeing how we can effect positive change in the lives of adult smokers,” Bowen said.

A14 Friday, August 16, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The country’s stable economy

W

HILE it is important to closely monitor changes in our economic growth rate, we need to realize the Philippine economy’s stability. For years there have been concerns about the slower growth of overseas remittances and the health and future of the outsourcing business.

However, through it all, economic growth has been consistent within a fairly narrow range. That is good.

Certainly, we would like to see higher growth. But stable growth— while still increasing over time—is healthier in the longer term.

“Emerging Asia” has been the best global economic zone in the 21st century. This is not only true in comparison to “mixed” regions like both America with the US, Canada, and Mexico or Europe. But particularly true against other emerging economies such as the majority of South America, Africa, and other countries like Russia and areas like South Asia.

Stability is so important that it is considered the main factor in longterm economic growth performance. Capital Economics describes it this way: “Economic crisis can cause huge dislocation, which damage future growth prospects. In contrast, stable growth makes it easier for businesses to plan for the future, boosting investment and creating a virtuous cycle that boosts an economy’s long-run prospects.”

One way to measure stable growth is called the Coefficient of Variation, which plots deviations from the average annual economic growth rate. During the period 2010 to 2018, the worst of all Emerging Market countries was Argentina with a high factor of 3.1. The Philippines—along with Indonesia—has a better CV than all other EMs at 0.2.

There are several reasons for this. Nations with a high percentage of economic production that is dependent on exports are particularly vulnerable, as seen during the US-China Trade War. Economies that are exporters of commodities also see high fluctuations in growth, as prices of commodities are volatile, making growth forecasts unreliable and actual growth unstable.

Further, the Philippine government has a sound financial situation with a low debt-to-GDP ratio and low budget deficit to GDP ratio.

Volatile interest rates—with its own CV—also creates an unstable economy. A nation with both a low economic growth and interest rate Coefficient of Variation factor also allow monetary policy-makers wide flexibility to successfully adjust to external headwinds.

An additional factor in judging a stable economy is the amount of domestic consumption as a percentage of the GDP, in relation to the amount that exports contribute to GDP. If domestic consumption cannot support the economy, then a country is too dependent on its foreign sales to have stable economic growth.

Therefore, the conclusion is apparent. The Philippines has a balanced economy, getting its growth from various sources. The country is better shielded from external headwinds than most others. A track record of stable and increasing economic growth predicts a better economic future.

Growth is certainly important. But it is like eating. All food will make your body grow. But healthier food will make the body stronger and more able to fight illness and aging.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

T. Anthony C. Cabangon

BETTER DAYS

R

ECENTLY, some Metro Manila mayors have been very much in the headlines. Upon the President’s orders, the Department of the Interior and Local Government has issued a 60-day deadline for local government units to clear public roads being used by street vendors, and by car owners as parking spaces.

Finally, there is a big push to put order in the streets of the metropolis.

But at the same time, such action also puts a much-needed spotlight on the plight of our many street vendors.

Some see them as eyesores, but more often than not, they are the breadwinners for thousands, even millions of families in our country.

Street vendors, the informal bazaars they are clustered in, and other similar street-level structures are part of what is called the informal sector. In fact, this hidden part of our economy is all around—from fishball vendors to jeepney and tricycle drivers, from vulcanizing shops to bottle collectors.

As the Philippine Statistics Authority defines it, the informal sector is composed of unincorporated enterprises that engage in casual employment or are self-employed individuals who engage in low-income

businesses. They operate and work outside the purview of the government, unreported and unenrolled in social services such as SSS and PhilHealth. With low salaries and no job stability or assurance, informal sector employees are very vulnerable to economic downturns.

As the recent actions of Manila Mayor Isko Moreno and Quezon City Mayor Joy Belmonte have shown, issues about street vendors—and others from the informal sector— can be very complicated. For both Manila and Quezon City, alternative legal spaces for street vendors to stay in are needed, and the issue of unscrupulous individuals abusing other street vendors and other people like them must be addressed as well.

In many ways, the informal sector in our country is the elephant in the room. Because their employment, by nature, exists outside of

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official and legal structures, they have little or no social security and safety nets. The Department of Labor and Employment estimates that there are 16.7 million workers in the informal economy. This means that roughly two in five Filipinos who are 15 years of age and older are in the informal sector.

Among Asean members, the informal sector has become a buffer for economic slowdowns. As people are laid off in the formal economy, many find jobs in the informal sector. However, this is at the cost of job protection and growth, health insurance, and other social services.

In Indonesia, where less than 2 percent of informal workers have registered as members of the Workers’ Protection Agency, the Indonesian Central Bank started processes to provide easier credit to smalland medium-sized enterprises to address the informal economy. In Thailand and Malaysia, however, the informal economy is part of why household income growth is low. Clearly, the solution is to find a way to integrate these workers into the formal economy.

Our country’s large informal sector is the reason I have been filing the Magna Carta of Workers in the Informal Economy (MACWIE) since I started serving as representative for Aurora Province, and why I have refiled it since becoming senator in 2013.

Hopefully, both houses of Congress will now prioritize this

Free and responsible discourse

Jennifer A. Ng Vittorio V. Vitug

Ruben M. Cruz Jr. Angel R. Calso

MEMBER OF

Sonny M. Angara

Lourdes M. Fernandez

Online Editor Social Media Editor

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

Bringing the informal sector to the mainstream

Rev. Fr. Antonio Cecilio T. Pascual

SERVANT LEADER

B

ROTHERS and sisters, according to a survey conducted by the Social Weather Stations or SWS, it appeared that 59 percent or almost six out of 10 Filipinos believe they openly and fearlessly claim whatever they wish to say even if what they speak of is against the administration. This indicates that our freedom of speech is still very strong.

However, Filipinos are divided in the perspective of broadcasting comments and criticisms regarding the administration as dangerous even if they are true. According to the survey respondents, 51 percent agreed to this. Aside from this, there are many who believe the media (like the TV, radio and newspapers) is still liberated—67 percent or almost seven out of 10 Filipinos believe there are no serious threats toward journalists.

This kind of data is of great help to illustrate, though fleeting, the social issues—like the freedom of speech and journalism. But we must

not completely rely on numbers and percentages. It is important for us to see the stories behind the numbers, as they say.

For example, how much do Filipinos understand the concept of freedom of speech? Does it only derive from the criticisms on the wrongdoings of our leaders? Or, much like the belief of the zealous supporters of the President, that this is the freedom of harsh and rude sayings toward our fellow people? Is it not what they always say about President Duterte’s freedom of speech that liberates him from ruining the public and his

critics, cursing those he despises, and making obscene jokes?

This is how the Constitution protects freedom of speech: “Laws that reduce the freedom of speech, journalism, and even expression, or the rights of the people in peaceful gatherings and petitions against the government in order to reveal their weaknesses must not be reinforced.”

However, much like all our rights, there are limits to them in propagating our thoughts. If we abuse this, we may be charged with, for example, lying in order to ruin others, if we say obscene things about our fellow man, or if we urge others to violate the law.

But if we explain our comments on our leaders’ mistakes, it is not only freedom of speech. It is our duty as citizens to be served by the government. We may do this now according to the survey; but these surveys do not reflect the shrewd harassment toward the people expressing their thoughts regarding policies, actuations, and even the language of those in government. There are online trolls swarming the critics of the administration. Legitimate journalists are called bayaran or sellouts and the truth they disclose is called fake news.

important measure. This is because aside from the fact that those from the informal sector have no social services and safety nets, their livelihoods are also outside of the law.

That means that they can be forced to vacate their selling spots, or to have their goods arbitrarily confiscated.

The 2002 International Labor Organization document on informal economies said the government has the responsibility to bring informal workers into the economic and social mainstream, to reduce their vulnerability and exclusion, and to ensure that they are covered by a legal and institutional framework.

MACWIE seeks to address this by providing the following: access to mechanisms for social protection and justice, inclusion in statistics, accreditation, the creation of standards and regulations for their sector, and the development of government plans, policies, and programs that will harness their full potential as a major force in the country’s economy. Given that here in the Philippines, the Informal Sector contributed P5.03 trillion out of P14.48 trillion to the GDP in 2016, we can do no less for our informal workers.

Sen. Sonny Angara has been in public service for 15 years—nine years as representative of the Lone District of Aurora, and six as senator. He has authored and sponsored more than 200 laws. He recently won another term in the Senate.

E-mail: sensonnyangara@yahoo.com|Facebook, Twitter and Instagram: @sonnyangara.

In the social teachings of the Church, it is emphasized that the reality that each and every individual, as creations of God in His image, has rights as free and responsible being.

With this freedom comes the sharing and expression of our ideas and thoughts. But this freedom is accompanied by responsibility, much like what the laws indicate. Even if there is no clear indication in the Holy Scriptures regarding freedom of speech, there are a lot of reminders about how we must be vigilant in the words we speak. In the Book of Colossians 3:8-9, we are reminded to “rid ourselves of all such things as these: anger, rage, malice, slander and filthy language from our lips,” and “not lie to each other, since we have taken off our old self with its practices.”

Lastly, brothers and sisters, our freedom of speech must focus on the truth and the desire to uplift our fellowmen.

Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph and follow its Twitter and Instagram accounts @veritasph and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

Opinion BusinessMirror

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Is patriotism still alive in the hearts of our public servants?

Manny F. Dooc

TELLTALES

N

OW is the time for Congress to demonstrate its resolve to stick to the economic agenda of the President. One sure way of removing the stigma of its failure to pass the 2019 budget on time is for Congress to enact the other components of the expanded Comprehensive Tax Reform Program, also known as the Package 2+.

Our below target GDP performance of 5.5 percent in the second quarter was largely blamed by Socioeconomic Secretary Ernesto Pernia to the bickerings of our legislators over the enactment of our 2019 budget, which has caused the inordinate delay. The revenues to be generated from the implementation of Packaged 2+ will be earmarked to cover the costs of the Universal Health Care, a flagship social program of this government. Finance Secretary Carlos Dominguez III has said that what is critical is to “get the revenue measures down because UHC is the train that is leaving and you might as well make sure it has enough gas.”

Right on, Mr. Secretary. I’m glad that our economic managers have remained focused on their priority to keep our trains running and, more important, to make them leave the station on time. nnn

I HOPE we don’t see a repeat of the 2019 budget debacle. Under the new leadership in the lower House, which enjoys cross-party lines support, we trust that this centerpiece legislation of the Duterte administration in the second half of its term, which is now being heard by the Ways and Means Committee of the HOR under Rep. Joey Salceda, will not suffer delay. We can expect this given the overwhelming majority of pro-Duterte allies in Congress. As the funding source of the UHC, a landmark legislation by any government, approving Package 2+ will be a singular achievement by any legislative body. It will be the defining moment of the 2019 Session of the 18th Congress. nnn

STEERING this measure to its passage will be a formidable challenge to its authors and the leaderships of both the House and the Senate.

Both Vicente C. Sotto and Alan Peter Cayetano are not greenhorns and their long years of service as legislators will serve them in good stead to navigate the legislative maze and come out with a good law—not a watered down version full of sizzle but no steak. As usual, we can expect the opposition to scrutinize the measure and ensure that the proposed law will provide greater benefits to our people than the burden that it will impose.

There may be some fireworks but at the end of the day we will have the law. This would require a united

Congress that is not stymied by factionalism and divided by partisan interests. This is the opportunity for our honorable representatives and senators to vote on a bill of national significance unfettered by narrow political ends without their eyes moist on the Senate presidency or the speakership of the House of Representatives or committee chairmanship. This is their chance to show that statesmanship is not in short supply among our present crop of leaders. It will be a proof that patriotism, not self-interest, is alive in the hearts of our public servants. nnn

AFTER Secretar y Dominguez, two young technocrats in the Finance Department are very much on top of the tax reform initiatives, Undersecretary Karl Chua and Assistant Secretary Tony Lambino. Both are well mannered and soft-spoken and, without a doubt, good looking. We should credit Secretary Sonny Angara for bringing the two to the fold of the government.

Hearing them expound their position on the complex and intricate issues of tax reform is like breathing a whiff of fresh air. We know how much they have given up by trading their lucrative jobs outside the government in exchange for a paltry salary and the risks of working in a snake pit called the government.

They have shown that there are things in life that matter more than money. They are our modern day Katzenjammer Kids who love creative adventure but instead of pulling pranks and mischief would engage in productive endeavor designed to uplift the welfare and well-being of their suffering countrymen. It’s a joy to watch how they parried questions thrown at them during congressional hearings and media interviews. Lesser mortals would have quibbled and squirmed but they handled all challenges with grace and aplomb, making every mother watching to wish that they were her sons. We doff our hats to you, Karl and Tony. You are both young to leave a legacy but getting the tax reform measure passed during Secretary Sonny’s watch will be a feat that future generations will remember and thank you for. They will not forget that it’s the Finance team that built the coalition and provided the support needed to legislate this measure.

Friday, August 16, 2019 A15

From scraps, our nation’s history Tito Genova Valiente

ANNOTATIONS

H

ISTORY can be built from scraps, a book is telling me that, presently. Courtesans and Fishcakes: The Consuming Passions of Classical Athens is that book. Written by James Davidson, it has a title that does not bring any imagery of ancient Greece used as we are to reading books and documents about the said civilization with lofty and grand frontispiece.

But what is immediately enticing about the said book is its cover.

Davidson writes of that cover as a mosaic art called the Unswept Floor, made by the most famous mosaicists, Sosos: “Across a white background is an even scattering of debris: a wishbone, a claw, some fruit, various discarded limbs of sea creatures, the remains of a fish.” Davidson’s analysis illuminates further what we can see and should see on the piece: “But the floor is not really the subject at all.”

Like his approach to history, which does not rely on formal elevated documentations, the use of the cover indicates an interest in something else, with sources ignored because they are not part of the canon. Davidson asks us to look at “scraps that have fallen from tables of ancient literature, snatches of conversation, anecdotes abruptly curtailed and stories that seem to make no sense…”

Strangely enough, the problem of scholars with Ancient civilizations has also become our problem.

How to write our histories when the archives historians are beholden to are located somewhere else?

Realize this: our history as written owes its power to two nations that brought literacy connecting us to the reading world. They were colonizing nations that happened to teach because it was a default act. From then on, inscription was vetted by Western scholarship and pedagogy. The nonliterate aspect of our “civilization” was conquered, vanquished and thrown aside. The binary created was illiterate versus literate. Nowhere in this configuration can be located the nonliterate

even as we had our own syllabaries.

No evidence!—That is the tragic outcome of this colonized world.

No wonder even martial law has lost its evidence.

On August 8, 2019, Jovee Marie de la Cruz wrote here in BusinessMirror this piece of news: “Sandigan junks P102-billion case vs Marcoses.” The news stated: In a 67-page ruling dated August 5, the Sandiganbayan Second Division said the Republic of the Philippines represented by the Presidential Commission on Good Government has failed to present evidence against the Marcoses and 11 others.”

The photo accompanying the news shows Imelda Marcos blowing the candles on her birthday cake.

Everyone practically was wearing red. The image does not illustrate the news but rather creates a tension between the ultimately tragic injustice (for those who believe in the Marcos dictatorship and the deceit and malevolence of martial rule) and the celebration and joy of those who perpetrated and perpetuated the oppression.

This lack of evidence or even the absence of evidence is present in our histories.

The days following the 1986 People Power Revolution was followed by the “Demarcosification” of places, objects and persons in our nation.

This was talked about. Given what we have now, a systematic purging of what the martial law generations have ingested was not accomplished.

Unlike the court, which did not see a preponderance of evidence, we have places and acts utilized for the full return of the Dictator’s family

and associates. First, there was the comeback facilitated by an administration ran by a president who, by kinship and management, was linked to martial law years. Second, Marcos was laid to rest—rest is the crucial term here—in the site reserved for heroes and patriots. Third, the Marcoses were elected into power.

All our evidences of the goodness of “those” years, formal, authoritative and forbidding.

On our side, what we do have are scraps from the table of events, leftovers from great parties, whispers and rumors.

Note for a fact that “rumor-mongering” was a crime during martial law. Not historical discourse but rumors are our salvation from forgetting.

Our generation that witnessed martial law killings and disappearances could also be blamed: we were coward enough to forget the banalities of the bad and the ugly in our midst as we are coward, at present, to remember those sad, sorrowful years of perverted ruling.

We need to imagine, to remember and to memorize the unwritten and the shadows of those years. The reports contained in the government archives are suspect. The newspapers or those allowed to publish openly are crimes against truths in the making. The statistics collated by government functionaries are pernicious objects against which we can only imagine.

The words of Michel Foucault

Bloomberg Opinion

I

T only took a small taste of what a US recession might be like for President Donald J. Trump to suggest that he wants a trade deal with China after all.

The Dow Jones Industrial Average plunged 800 points in its worst rout of the year after the gap between the two-year and 10-year Treasury yields turned negative for the first time since 2007. An inverted yield curve has preceded the last seven recessions in the US. Ever sensitive to stock movements, the president tried to calm the markets after the close. Abandoning his hawkish trade rhetoric,

Trump extended an olive branch to Chinese President Xi Jinping in a series of tweets, calling him a “great leader” and a “good man.” He ended his posts with “Personal meeting?,” without specifying whether he was proposing a summit.

The question is how Xi will respond to Trump’s overture. Who’s more desperate for a trade deal right now?

Consider where China and the US are in their respective business cycles. Since the trade war started, American consumers have sat tight and enjoyed their prosperity—just as Trump has boasted. China’s economy, by contrast, has been having a much tougher time. In the past year and a half, Beijing has had to

E-mail: titovaliente@yahoo.com

US businesses are stuck in trade war uncertainty

By Michael R. Strain Bloomberg Opinion

T

HE tariff burden from the USChina trade conflict is “falling almost 100 percent on China,” President Donald J. Trump’s senior economic adviser Larry Kudlow argued last week. But take a look at what’s happening to business investment in the US, and it’s obvious Kudlow is wrong.

Some businesses stand to gain from the president’s trade policy— especially those that compete with Chinese imports. Many others stand to lose. And none can be certain how Trump’s conflict with China will play out over the coming months and years. This leads companies to delay investment decisions, in hopes that

the outlook will one day clear up.

Their paralyzing uncertainty is driven by the president’s veering from one position to another. Businesses seem increasingly convinced that he doesn’t understand the basics of international economics. Trump bemoans the relative strength of the dollar one day, declaring China a currency manipulator, and the next he praises dollar-strengthening inflows of foreign investment. With such a tenuous grasp on the facts of the situation, how can he make predictable policy? How can businesses anticipate what he’ll do?

At the same time, events are making the post hoc rationalizations about Trump’s trade regime—that he is actually a radical free trader using tariffs to make trade even

more free in the future—increasingly unpersuasive. There’s growing acceptance that the president really is a protectionist to his core.

The US had been imposing a 25 percent levy on $250 billion in Chinese imports. In June Trump agreed not to impose additional tariffs and to restart trade negotiations with China. Earlier this month, he abruptly changed his mind, instituting a 10-percent tariff on the remaining $300 billion of US imports from China, effective September 1. But then came Tuesday, when he delayed much of this action until December. “We’re doing this for the Christmas season,” the president explained. “Just in case some of the tariffs would have an impact on US customers.” This is a shocking reversal from his longstanding

Trump’s yield curve panic prompts trade war overture to Xi

By Shuli Ren

whose trenchant historicizing looms over the perspectives of Courtesan and Fishcakes is of utmost relevance: “The imaginary is not formed in opposition to reality as its denial or compensation; it grows among signs, from book to book, in the interstice of repetitions and commentaries; it is born and takes shape in the interval between books…”

In the discourse of cultural renaissance, we find in the gaps monuments like the ghastly and ghost-rich Manila Film Center; the Cultural Center of the Philippines eternally monolithic and centralized; the Folk Arts Center, which has nothing to do with folkways; the reclamation of a bay and the death of sea; the rise of hotels in just a few months to house technocrats and bureaucrats; the slums and squatters hidden by arches from those who would think we were poor; the Coconut Palace, a caricature for a Pope who did not sleep there during his visit. You could add more: the canonization of a saint in time for the visit of a Pope; the film festivals with porn to make suffering people forget; the militarization of the bureaucracy and civil service still alive today; and the poverty that continues not as a curse but as a by-product of those who salivate at the thought of the Strongman as the greatest concept in political science.

As for dictators and bad rulers, they rise always from the ashes of forgetfulness.

deal with all sorts of credit issues that could escalate into a wider economic crisis.

Examples abound. Last year, regulators changed margin-financing rules as the stock market suffered one of the world’s worst routs. The declines stemmed partly from listed companies pledging shares as collateral to secure shortterm bank financing. This spring, the People’s Bank of China (PBOC) undertook the first commercial bank seizure in two decades and was forced to calm ensuing jitters in the interbank market. Meanwhile, Beijing has had to deal with periodic peer-to-peer lending crises and bond defaults by stateaffiliated entities.

That might sound bad, but it helps China now. If a fireman has to put out fires every day for a year, he gets more proficient. That’s where Beijing is now.

The same can’t be said of the US. The slide in its sovereign long-term bond yields—a measure of investor confidence—has been fast and furious. Just two weeks ago, when Federal Reverse Chairman Jerome Powell described the US rate cut as a “mid-cycle adjustment,” the gap between the two-year and 10-year bond yields was still 21 basis points.

On Thursday morning in Asia, the 30-year yield, which more reflects traders’ view of the overall health of the economy rather than the depth of the current easing cycle, fell to a

record low below 2 percent.

To be sure, China’s economy is slowing: Industrial output growth is at its weakest since 2002. But digging deep into the data, the picture that emerges is of a government that’s measured and confident. For instance, some of the weakness in the July data reflected moves to rein in shadow financing and restart property deleveraging. If Beijing wants better-looking industrial output numbers, it just needs to reopen the liquidity taps—as we saw in the first quarter.

On Thursday, the PBOC was showing no signs of panic. The central bank rolled over 383 billion yuan ($54 billion) of medium-term facility loans with interest rates

insistence that his tariffs don’t have a negative effect on the US. Who can tell what he’ll do next?

Will something he sees on cable news goad him into reversing the delay?

Will he raise the new tariffs to 25 percent? Or higher? For businesses in this environment, the option value of delaying investment decisions is quite high.

Huseyin Gulen of Purdue University and Mihai Ion of the University of Arizona have attempted to quantify the effect of elevated policy uncertainty on corporate investment. In a 2016 paper, they show that a doubling of the level of political and regulatory uncertainty—after controlling for measures of broader economic uncertainty—is associated with an 8.7-percent decline in investment.

unchanged. While the world’s largest central banks are racing toward zero rates, the PBOC has been sitting on the sidelines, saving its firepower for later.

China’s system has its advantages when it comes to economic management, as I’ve written. The ability of ministries to co-ordinate their policy responses means China can practice the ultimate in modern monetary theory, which is probably what the US needs right now to restore its yield curve.

So while Trump may think his olive branch is a big deal, the message to Washington is: Don’t think you’ve got China on the ropes. Xi was panicking a year ago; he can afford to wait now.

2nd Front Page BusinessMirror

A16 Friday, August 16, 2019

www.businessmirror.com.ph

‘Manufacturing feeling the heat of trade war’

T

By Samuel P. Medenilla

@sam_medenilla

HE Philippine manufacturing sector is now feeling the adverse impact of the trade face-off between the world’s economic giants, the United States and China, an economist said on Thursday.

In a forum organized by the Ateneo Eagle Watch, former Socioeconomic Planning Secretary Cielito Habito said the impact of the trade war is evident in the performance of radio, TV and communication (RTC) equipment in the first semester.

RTC equipment, the top import and export commodity of the Philippines, recorded a 0.3-percent decline in the January-to-June period.

Habito attributed this to the ongoing trade war between the US and China. Markets were rattled as the two economic giants slapped onerous tariffs on commodities

produced within their borders.

“It is the global value chain of main products affected, among others, by the US-China trade war,” he said during the forum held in Makati City on Thursday.

“So our part in that value chain, we assemble circuit boards, and immediate components that go through those electronics will slow down as well,” Habito added.

However, the former socioeconomic chief said Manila can take advantage of the development by wooing businesses from China and the US, which are now planning to relocate to other countries to avoid

excessive tariffs. “[The Philippines] can benefit from it [trade conflict] if the country can attract investments in the higher-level value chain,” he said.

Currently, Ateneo Center for Economic Research and Development (Acerd) Director Alvin Ang said, the Philippines has limited exposure to the US-China trade war. “[The Philippines] did not really win from it, but the country did not really lose from it either,” Ang said.

He said those that greatly benefited from the US-China trade tiff are Vietnam, South Korea, Taiwan, and Bangladesh. Ang noted that

businesses fleeing from the two economic giants relocated to these places.

Last June, Hinrich Foundation Research Fellow Stephen Olson said Chinese firms affected by the trade war will likely relocate to the Asean region but will prioritize Vietnam and Malaysia due to their business environment.

Olson said the Philippines may not benefit from the ongoing USChina trade war as some firms caught in the middle of the “tariff” war are opting to relocate to Vietnam and Malaysia, where infrastructure is deemed better and production costs are cheaper.

DOF to ask Senate to restore original excise tax hike version CEBU PACIFIC POISED

By Jovee Marie N. dela Cruz @joveemarie

T

HE Department of Finance (DOF) on Thursday said it will ask the help of the Senate to ensure timely passage of its original version of Package 2 Plus B of the Comprehensive Tax Reform Program (CTRP), which covers additional excise taxes on alcohol products, heated tobacco and vapor products.

In a press briefing at the House of Representatives, Finance Undersecretary Karl Chua said their version of the bill will generate P32.94 billion in revenues in the first year of implementation of the measure increasing alcohol taxes on alcohol

products, heated tobacco and vapor products. “[In the] last Congress, Senator [Emmanuel] Pacquiao adopted the DOF and DOH [Department of Health]. We will ask the same senator and other senators to possibly adopt and file,” said Chua.

In the same briefing, Albay Rep. Joey Salceda, the panel chairman, clarified that House Bill 1026 or the Package 2 Plus B will give the government revenues that are P17 billion lower than the DOF-DOH version.

“I have to stand for the House version; if they [DOF] want a higher tax they should come back here and justify it,” Salceda said.

“But if the bicameral comes up with

SOUTHWEST MONSOON AFFECTING WESTERN SECTIONS OF NORTHERN AND CENTRAL LUZON as of 4:00 pm - August 15, 2019

a higher rate, then I have to justify it to the members and leadership of the House...It happens many times that the House approves lower and the Senate approves higher and we end up [with] something in the middle, which is usually higher than the House,” he added.

On Wednesday night, the House approved the inclusion of the excise taxes on heated tobacco and vapor products in the coverage of the House Bill 1026, which originally covers additional taxes on alcohol products.

“I told the DOF If you wanted a higher rate [as provided in the DOF version] then we need go to the entire process again, we will start from the start. Time is more important here. If

that happens we will allow the lobby groups again in the committee hearings,” Salceda said.

In approving the bill at the committee level, the ways and means committee invoked House Rule 10, Section 48 or the one-day-hearing-only rule.

While amendments will not be entertained at this level as they resort to the said Section 48, a substitute bill or amendments may be introduced at the plenary level. Before the second-reading approval Wednesday night, the House Committee on Rules introduced the amendments, which include the excise taxes on heated tobacco and vapor products, in the coverage of the House Bill 1026.

Under Section 48 of House Rule 10, “in case of bills or resolutions that are identified as priority measures of the House, which were previously filed in the immediately preceding Congress and have 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.”

Owwa sets aside ₧1B for rebate program

T

HE Overseas Workers Welfare Administration (Owwa) on Thursday announced it has allocated P1 billion to fund its rebate program for its first batch of qualified long-time members.

Based on the actuarial study of Owwa, the rebate program will include 556,000 beneficiaries who were covered by the first cut-off of the program in December 2017.

It allocated another P2 billion for the second batch.

The beneficiaries of the program will get P941.25 up to P13,177.50 depending on their year of contribution.

Owwa Administrator Hans J. Cacdac said they will start the implementation of the program by next month.

“The opening of the online portal to set an appointment for the rebate processing is on September 1,” Cacdac said.

The rebate program is based on the provision of Republic Act 10801 or the Owwa Act. It covers those who have become Owwa members for at least 10 years and have not availed themselves of any benefit from the agency.

Additional information about the program is available at https://www. owwa.gov.ph/orp.html#myCarousel.

Samuel P. Medenilla

TO BECOME LARGEST AIRLINE OUT OF CLARK

By Ashley Manabat @ashleymanabat

CLARK FREEPORT—Philippine low-cost carrier, Cebu Pacific (CEB), is poised to become the country’s largest airline operator out of the Clark airport.

CEB President and CEO Lance Y. Gokongwei said last week that

by October, CEB will be starting the Clark-Puerto Princesa flights and by the end of December, CEB will be the largest airline operator out of Clark.

He said CEB will fly to seven domestic and four international destinations, about 170 flights per week with almost 30 percent into Clark.

“We’re very eager to grow here because we inaugurated Clark in 2006 and it is now our 13th year, and we are very supportive of Clark as a tourist and business destination,” Gokongwei said.

He said next year CEB will add even more destinations as it is set to receive seven more aircraft this year and about 15 more in the next five years.

“So definitely Clark is in our plans,” he added, especially with the opening of the new Clark passenger terminal which has a capacity of 8 million passengers plus the original four million.

“So, a lot of room to grow. I do expect that Clark will be our fastest-growing hub in the next five years and I think it will eas-

ily triple in the next five years,” Gokongwei said.

“I think the infrastructure to Clark has definitely improved and by 2024 and 2025 with the railway, it’s going to grow and the constraints in Naia are also supporting the growth of Clark,” he observed.

“Because if you want to serve Luzon or you want an international hub to the Visayas and Mindanao, then Clark is the place to do it,” he added.

CEB is the biggest airline with four international destinations out of Clark but domestically, it’s Philippine Airlines, said Alexander Lao, CebGo president and CEO. CEB flies to Cebu, Davao, Boracay, Tagbilaran, Bacolod, Iloilo and soon Puerto Princesa domestically. “Our strategy is to keep increasing the number of frequencies on those thicker routes,” Lao said.

C E B ’s f ut u re pl a n s i n clude making the four times weekly Narita f lights daily and mount f lights to Kansai since it is the second largest city in Japan.

However, long-haul flights out of Clark are not yet in the horizon for CEB because “it is not viable for us,” Gokongwei said.

“But I think there is enough catchment basin in this area to service domestic and short haul international flights,” he added.

Villanueva to DOLE: Probe dead Chinese worker’s employer

T

HE circumstances surrounding the death of a Chinese national last week merits a closer scrutiny by labor inspectors who should assess whether the victim’s employer complies with pertinent labor standards and regulations, according to Sen. Joel Villanueva.

Villanueva, chairman of the Senate Committee on L abor, Employment, and Human Resource Development, likewise called on the Department of Labor and Employment (DOLE) to dispatch an inspection team to verify whether foreign workers at the victim’s employer obtained proper employment permits and whether the employer’s operations are legitimate and compliant with labor laws and other regulations.

“The fate of the Chinese national who fell from a building

to escape from his employer is so horrible. We call on the DOLE to send inspectors and investigate labor practices of the company,” Villanueva said in a statement.

“A legitimate employer in the Ph i l ippi nes mu st fol low ou r prevailing labor laws and regulations. Employers cannot hold their workers against their will, especially for nonpayment of debt. That might qualify as kidnapping. In fact, no less than our Constitution guarantees that ‘no person shall be imprisoned for debt.’”

Initial reports said the victim attempted to escape from a room at his office building in Las Piñas on Friday last week by going out of the window. The Chinese national unfortunately fell from the sixth floor of the office building.

Police investigators said the See “Chinese,” A2

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Senators vow to increase budget for sugarcane law

S

By Jasper Emmanuel Y. Arcalas

@jearcalas

ENATORS have committed to push for increasing the fund meant for the sugar industry to at least P1.5 billion next year despite the difficulties faced by agencies in implementing the provisions of the Sugarcane Industry Development Act (Sida).

Sen. Cynthia A. Villar, chairman of the Senate Committee on Agriculture and Food, also appealed to the Department of Budget and Management (DBM) not to further cut the funding for Sida.

Villar relayed her appeal to Budget Undersecretary Tina Rose Marie L. Canda who was present during the Senate committee’s inquiry on the implementation of Sida.

The Sida, which was enacted in 2015, aims to improve the competitiveness of the sugar industry. The Sugar Regulatory Administration (SRA) oversees its implementation.

“I want to inform the DBM to please not cut the funding for the infrastructure and scholarship [components of the Sida] since they are easy to implement,” Villar said on Thursday.

Under the Sida, the government would allocate P2 billion annually for programs to develop and improve the country’s sugar industry. The money would go to infrastructure development (P1 billion), research and development (P300 million), socialized

credit (P300 million), capability building and technology transfer (P300 million), and scholarship grants for children of sugar farmers (P100 million). Since its enactment, however, funds allocated by the DBM to the SRA were drastically cut by P500 million annually due to underutilization.

The SRA received P2 billion in 2016, as mandated by law, but the amount was reduced to P1.5 billion in 2017. It was further pared down to P1 billion and P500 million in 2018 and 2019, respectively.

Canda said the proposed Sida budget for next year is P500 million, which will be used for infrastructure programs.

“What we can only push for during the budget hearing is to give [SRA] P2 billion [next year] because it’s part of the law. We will request for that funding because P500 million is too small,” Villar said.

During the Senate inquiry, Villar grilled SRA Administrator Hermenegildo R. Serafica over the agency’s underutilization of the Sida fund. Serafica revealed during the

hearing that the implementation of the program hit a snag due to the delay in the Philippine International Trading Corp.’s (PITC) procurement of farm machines.

He also said the P300-million credit component of the Sida could not be implemented because the SRA and the Land Bank of the Philippines (LandBank) could not agree on how to implement it.

For one, farmers said they are having difficulties availing the socialized credit program due to the stringent requirements of LandBank, according to resource persons present during the hearing.

The SRA said it was able to roll out only the infrastructure support component and scholarship grant under the Sida.

Villar and Sen. Juan Miguel Zubiri, appealed to the LandBank to streamline and simplify their requirements and procedures to allow farmers to easily avail themselves of Sida credit.

“It has been four years, there should be no more adjustments. What is important is that the fund gets to the farmers,” Villar said.

She said the SRA, LandBank and the PITC are all accountable for the delays in the implementation of the Sida programs.

Agriculture Secretary William D. Dar said the income and productivity of sugarcane farmers have not improved due to the slow implementation of programs and underutilization of funds. “[Sida] is a good law because it provided the ingredients for the development of the industry, such as infrastructure support, institutionalization of block farming, human resource development, financial assistance and socialized credit,” Dar said.

House OKs alcohol, e-cigarette tax hikes

By Jovee Marie N. dela Cruz @joveemarie

T

HE House of Representatives late Wednesday approved on second reading the Package 2 of the Comprehensive Tax Reform Program (CTRP) with the inclusion of heated tobacco and vapor products in its coverage.

Through voting, members of the lower chamber approved the inclusion of the excise taxes on heated tobacco and vapor products in the coverage of the House Bill 1026, which originally covers additional taxes on alcohol products.

On Tuesday, the House Committee on Ways and Means only approved the proposal increasing the excise tax on alcohol products in a one-day hearing, invoking House Rule 10, Section 48.

Albay Rep. Joey Salceda, the panel chairman, said the government is expected to generate P32.94 billion in revenues in the first year of implementation of the measure increasing alcohol taxes, which is part of the Package 2 Plus B of the CTRP of the Duterte administration.

The Department of Finance has said revenue 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 proposed Universal Health Care Act. The government needs P257 billion for the first year of the implementation of 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 10351 or excise tax reform law on alcohol and tobacco.

Currently, RA 10351 is imposing distilled spirits a P22.40 specific tax and an ad valorem tax of 20 percent.

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; and it will be increased by 7 percent annually starting 2024.

The committee also approved a shift to 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 said cooking wines with salt contents of not less than 1.5 grams for every 100 milliliter will be exempted from excise tax.

Meanwhile, the tax on still and carbonated wines with lower than 14-percent alcohol content was increased by P2.10 (from P37.90 to P40), while those with an alcohol content higher than 14 percent saw a P4.10 increase effective January 2020. It will be increased by 7 percent every year thereafter.

Also, the approved tax rate on fermented liquors was P28, P2.60 higher than the P25.40 tax rate mandated by RA 10351. It will be increased by 7 percent every year thereafter.

Tobacco products

MEANWHILE, the inclusion of heated tobacco and vapor products will bring in an additional P3.2 billion in the projected revenues.

Under the bill, heated tobacco products or the so-called e-cigarettes, will now be levied P45 per pack of 20 beginning January 1, 2020; and P50 in 2021, P55 in 2022 and P60 in 2023; and 5 percent yearly increase effective January 1, 2024.

For vapor products, individual cartridge, refill, pod or container of its liquid solutions or gel will now be charged P10 per 10 milliliters. If the product being sold is more than 50 ml, it will be charged P50 excise tax plus P10 per additional 10 ml.

The rates imposed on vapor products shall be increased by 5 percent every year effective January 1, 2024.

The measure also provides excise taxes on nicotine salt and classic nicotine from P30 to P45 from 2020 to 2023, respectively, and an additional 5 percent after 2024.

The bill also carries stiffer penalties against illicit tobacco trade, with monetary fines.

Proceeds from the taxes, 50 percent of which will be used exclusively for the implementation of UHC and health programs, will be determined by the Department of Health.

Portions of the revenues collected shall also be allocated and divided among the tobacco-producing provinces and utilized exclusively for programs to promote economically viable alternatives for tobacco farmers and workers.

‘Service Charge law may not cover supervisors and managers’

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HEDepartment of Labor and Employment (DOLE) said it is determining which positions in the hotel and restaurant industry will be covered by the recently signed Republic Act 11360 or the Service Charge law.

Labor Secretary Silvestre H. Bello III said this will be contained in the implementing rules and regulations (IRR) of the law, which was signed by President Duterte on August 7, 2019.

“We will determine up to what level [in the plantilla] the law will apply to…. Perhaps, supervisor and managers, will no longer be covered since they already have a significant pay. I think it [the law] is intended for minimum-wage earners and those with low pay,” Bello said in an interview.

RA 11360, which amended the Labor Code, stipulates that service charges from hotels and restaurants should be “completely and equally” distributed among covered workers except “managerial employees.”

The law defined managerial workers as those “vested with power” to set and enforce company policies, including hiring, transferring and sanctioning other employees.

Prior to said legislation, only 85 percent of service fees were given to employees while the remaining 15 percent was retained by management.

DOLE was given 60 days from the effectivity of the RA 11360 to issue its IRR. Bello said they would not likely impose any cap for the service charges since it is not

specified in the law.

The legislation, however, stressed that service charges could not be used as basis in determining an increase for minimumwage rates.

The labor chief also said they may not be able to impose any fines for any violation of the law.

“There is no penalty [provision] there. So we could only issue compliance order asking employers to release [the service charges],” Bello said.

RA 11360 states that a “grievance mechanism” is established to resolve labor disputes related to service charges.

Bello said DOLE’s labor inspectors will check the law’s implementation after they release its IRR. Samuel P. Medenilla

Friday, August 16, 2019 AA17

OFWs in Hong Kong observe curfew to stay safe amid protests–DOLE

By Samuel P. Medenilla @sam_medenilla

O

VERSEAS Filipino workers (OFW) in Hong Kong are now implementing a self-imposed curfew amid frequent anti-government protests there, according to the Department of Labor and Employment (DOLE).

Citing the report from Philippine Overseas Labor Office (POLO) on Tuesday, Labor Secretary Silvestre H. Bello said many of the OFW in Hong Kong, particularly household service workers (HSW), have complied with the recommendation of Filipino officials there to avoid going to public places for now.

“Since the riots usually occur in the evening, they [HSWs] are advised to stay at home by the time of the end of their working hours,” Bello said in an interview.

“Most of the domestic workers have curfew during their day off,” he added.

Bello said those who opt not to follow the advice, will solely be responsible for their wellbeing if are hurt during demonstrations.

“They will not be able to blame their employers and our POLO officer,” Bello said.

As an additional precaution, Bello also reported the POLO in Hong Kong has advised

foreign recruitment agencies (FRA) during a meeting on August 8 to “pick up the worker upon arrival at the airport, whether old or first-timer.”

FRAs were also required to regularly update the POLO regarding the status of their OFWs. Likewise, Bello said Philippine recruitment agencies (PRA) must send local SIM cards to their OFWs. “This will allow the PRAs to individually check the whereabouts [of their OFWs],” Bello said.

Lastly, he said employers of OFWs in Hong Kong were reminded not to bring their OFWs, if they will be attending anti-government protests.

As of press time, Bello, who also heads the governing board of the Philippine Overseas Employment Administration, said they have yet to issue a deployment ban for Hong Kong pending the necessary recommendation of the Department of Foreign Affairs (DFA).

“If it can be established by our DFA that the protest actions are going out of control and that the local police could no longer control the activities, that is when we will prevent our workers from going there in order to prevent putting them in a compromising situation,” Bello said.

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In the ad material of Notice of filing of Application for Alien Employment Permits published on May 23, 2019, the Name of Mr. Cui, Liangyu under JINSHENGLONG BUSINESS SUPPORT, INC. should have been read as Cui, Liangyi and not as published.

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

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Cebu Landmasters reports H1 net profit of ₧1.1 billion

By Roderick L. Abad

Contributor

P

@rodrik_28

UBLICLY listed company Cebu Landmasters Inc. (CLI) reported on Thursday its consolidated net profit reached P1.109 billion in the first half of 2019, up 34 percent from P826 million during the same period last year.

Combined revenues, likewise, grew by 34 percent from P2.613 billion to P3.495 billion year-on-year (YoY) due to construction progress from ongoing projects.

“I do want to note that a lot of the percentage completion revenues go from higher-end projects,” CLI Chief Finance Officer (CFO) Beauregard Grant L. Cheng said during their First Half 2019 Investors’ and Analysts’ Briefing held at the Shangri-La Hotel in Bonifacio Global City, Taguig.

The biggest surge in the topline was posted by high-value projects, primarily the 38 Park Avenue residential development within the Cebu IT Park in Cebu City. Standing at 38 floors, this New Yorkinspired project has an inventory of 756 dwelling units.

Parent net income from January to June of 2019 amounted to P855 million, representing a 13-percent increase from P759 million in the same period last year. This translates to earnings per share of P0.51 for the period.

The firm continues to have a strong presence in Cebu, where all its projects account for 61 percent of the total revenues. This is followed by developments in Bacolod and Dumaguete that contribute 16 percent and 9 percent, respectively.

“I’d like to believe that we are one of the best at not just packaging, but also the delivery with our on-time construction and quality of construction,” said Jose Franco B. Soberano, executive vice president and chief

operating officer of CLI. Consolidated reservation sales of the leading developer in the Visayas and Mindanao expanded from P5.187 billion to P5.263 billion YoY. The bulk of this came from Davaobased projects. Among them is the newly launched One Paragon Place, 78-percent sold-out at present. This is a prime residential tower integrated within The Paragon Davao, a master-planned lifestyle destination.

“We’re not in a hurry. We still have three years to build. But it means that there’s so much liquidity [in this city province],” he said.

Developments in Cebu, Cagayan de Oro and Bacolod also reported high booking sales in the first six months of the year, as well as projects in expansion areas.

According to the real-estate company, more projects are set for launch in new cities, including the rollout of its fastest-selling brand Casa Mira in Iloilo, Dumaguete, Bacolod and Bohol in the second half of the year.

They are expected to enable CLI to achieve its P12.5-billion combined reservations sales target by end of this year.

Leasing is another growth segment as the company registered a 16-percent hike in revenues from P23.87 million to P27.7 million during the two periods in review. This was because of the increase in gross leasable area (GLA) after the recent turnover of retail areas in Casa Mira Towers Labangon and Base Line Center developments in Cebu.

@llectura

L

OPEZ-LED First Gen Corp.

(First Gen) posted an P8.2billion recurring net income attributable to shareholders of the parent in the first six months of the year, up 36 percent from the P5.9 billion posted in the same period last year.

The company’s portfolio of clean fuel platforms all performed notably during the period, it said.

During the period, it delivered recurring earnings of P8.7 billion at end-June this year from P4.5 billion in the same period a year ago “due to the higher electricity sales of its natural gas, geothermal and hydro platforms, foreign exchange

gains, and benefits from deferred income taxes.”

All four gas plants delivered increased recurring earnings.

While the two older plants—the 1,000-megawatt Santa Rita and the 500-MW San Lorenzo—benefitted from lower operating expenses, the two newer gas plants—the 420MW San Gabriel and the 97-MW Avion—generated higher electricity sales from their respective customers.

From a recurring attributable net income of the parent of P4.6 billion in the first semester of 2018, the gas platform generated P5.5 billion for the same period in 2019.

Energy Development Corp. (EDC) delivered recurring earnings from its geothermal, wind and solar plat-

JOSE SOBERANO III (right), chairman and chief executive officer of Cebu Landmasters Inc. fields questions at the Cebu Landmasters first-half 2019 analysts and investors briefing in Bonifacio Global City. With him is Jose Franco Soberano, CLI executive vice president and chief operating officer. ROY DOMINGO

Overall, the firm’s GLA as of the first half of this year is at 11,815.15 square meters. With 69,234 sq m of GLA under construction, it is on track to complete its planned total GLA of 200,000 sq m by 2023.

CLI plans to widen its hotel business to more than 1,100 rooms by 2023 via a strategic partnership with serviced residence owner-operator The Ascott Limited. Citadines Cebu City, their first property together, will open next month.

The Cebu-based developer also tied up with Radisson Hotel Group for the pioneering Radisson Red in the country. This will be located at the Astra Centre in Mandaue City.

“Cebu Landmasters has rapidly expanded in its current areas. It is also preparing to launch projects in new VisMin cities in the second half of 2019. Our first township, DGT in Davao, is already under way and we have recently disclosed our partnership with Xavier UniversityAteneo de Cagayan for a 63.5-hectare University township,” said Cebu Landmasters President and Chief Executive Officer Jose Soberano III. “We foresee that the volume and diversity of developments, backed by our growing pipeline, will empower us to consistently hit our targets.”

The company’s balance sheet continues to be robust, with assets amounting to P29.309 billion as of end-June 2019, or 15 percent higher than P25.427 billion last year, pri-

marily due to the higher volume in receivables as more units are completed and prepared for take-out.

The top executive said this will allow the company to generate cash for reinvestment for future developments. In support of its expansion plans, the firm continues its land bank initiative, which to date has a total of 1,131,771 sq m of land in 10 key VisMin cities.

Part of its latest acquisitions is an existing resort in Mactan, Cebu, with 18,000 sq m of land area. It will be redeveloped and integrated with a residential component. It also bought a 9.4-hectare property in Ormoc to be developed into a residential project in 2020. The property developer’s strong sales posted from the last quarter of 2018 and first three months of 2019 will qualify more units for revenue recognition. As of June 30 this year, the firm continued to enjoy net growth in unrecognized revenues by 9.3 percent to P12.9 billion versus December 2018 because of strong reservation sales.

Looking forward, CLI is bullish to attain its year-end goals of P2.6 billion in consolidated net income and P2 billion in parent net income, as well as P8.4 billion in combined revenues.

“Based on our internal tracking and the results that we’re seeing in the first half, we are reiterating our guidance in the market,” Cheng stressed.

form of P2.6 billion in the first half of the year.

The hydro platform likewise performed well with P0.7 billion for the period as it gained from higher sales to the Wholesale Electricity Spot Market (WESM) and ancillary services.

First Gen’s consolidated revenues from the sale of electricity increased by 15 percent to P58.1 billion in the first semester of the year. The natural gas portfolio accounted for P36.2 billion or 62 percent of its total consolidated revenues. EDC’s geothermal, wind and solar revenues accounted for P19.6 billion, or 34 percent of total consolidated revenues.

First Gen Hydro Power Corp., owner of the 132-MW PantabanganMasiway hydroelectric plants, deliv-

ered better revenues at P1.7 billion, as sales to WESM increased in terms of volume and price.

“First Gen’s focus on clean, low carbon and renewable energy continues to pay off as our first semester results overtakes last year’s. For the remainder of the year, we expect all the platforms to continue to deliver stable earnings,” First Gen President Francis Giles Puno said.

First Gen is a leading independent power producer in the Philippines that primarily utilizes clean and indigenous fuels such as natural gas, geothermal energy from steam, hydroelectric, wind and solar power.

It has 3,492 MW of installed capacity in its portfolio which accounts for 21 percent of the country’s gross generation.

Tan-Genting’s Travellers offers to buy out minority holders for ₧5.50 per share

T

RAVELLERS International Hotel Group Inc., the operator of Resorts World Manila, on Thursday said it is buying out the company’s minority holders for P5.50 per share for a maximum offer size of P8.7 billion.

Travellers, a joint venture between businessman Andrew Tan and Malaysia’s Genting Group, said in its disclosure that it is offering to

buy 1.58 billion of its shares held by minority shareholders.

The company, however, said it must buy at least 838.21 million common shares worth P4.61 billion for the delisting to proceed. Travellers’ share price was last traded on August 13 and closed at P5.43 per share.

Travellers plans to voluntarily delist from the PSE by October 15, 2019.

Tan is taking the company private

PSE STOCK QUOTATIONS

after only a few years as a public entity. Aside from expanding the hotel and gambling spaces in Resorts World Manila, it is also building its $1.5-billion integrated resort and casino in Entertainment City in Parañaque.

“The conversion from a public entity into a private company will allow the company to timely address evolving market demands and rapidly changing customer needs without com-

promising its business strategies to competition,” the company said in its disclosure. Travellers earlier said 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 six months of the year to P13.53 billion from last year’s P9 billion. VG Cabuag

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August 15, 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 PHILTRUST RCBC SECURITY BANK UNION BANK BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH VANTAGE

57 145 89.9 26.15 11.4 70 13.1 46.8 57.05 111.3 28.15 189 59 1.96 18.22 0.53 4.81 0.425 0.96 186.2 1.11

58 146 90 26.3 11.44 70.1 13.18 46.85 57.55 115.2 28.5 189.3 59.05 1.97 18.58 0.59 4.9 0.455 0.98 189 1.15

57.1 143.1 89.2 26.3 11.52 70 13.1 47.5 57.55 111.3 28 187 59.2 2.2 18.3 0.53 4.8 0.435 1.01 187.1 1.11

57.1 146 90 26.4 11.52 71.3 13.1 47.5 57.55 111.3 28.35 189.8 59.2 2.2 18.7 0.53 4.9 0.435 1.01 189 1.11

57.1 140.5 86.25 26.15 11.28 69.1 13.1 46.4 57.5 111.3 27.6 183.6 59 1.93 18.3 0.53 4.73 0.42 0.96 186.1 1.11

57.1 145 90 26.15 11.4 70 13.1 46.8 57.5 111.3 28.15 189.3 59.05 1.97 18.68 0.53 4.9 0.43 0.98 189 1.11

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First Gen 6-month net income at P8.2B, up 36% from P5.9B

By Lenie Lectura

Friday, August 16, 2019

-1713 -45046114 -38813874 -3129895 -1930534 -109291869 -16308720 82655 14585372 -255355 -130889.9997 -0 -

ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE BOGO MEDELLIN 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 CROWN ASIA EUROMED LMG CHEMICALS MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.31 34.6 0.24 25.7 80.6 360 22.5 5.03 4.4 2.94 10.46 35.9 6.92 16.02 13.92 90.35 15.58 13.62 6.05 8.79 7.39 100.7 0.69 52.95 235.2 8.35 13.56 0.183 1.79 12.5 1.76 5 2.2 0.126 165.8 1.14 2.45 90.5 147 3.1 5.25 14.66 9.19 13.9 18 8.7 1.02 1.1 2.04 1.63 4.16 3.21 4.98 35.8 1.89 8 1.47 5.3 1.1 11.4

1.33 34.9 0.245 25.75 81 360.6 23.4 5.06 4.69 2.95 11 35.95 6.99 16.16 14.2 99.15 16.4 13.9 6.1 8.83 7.4 101 0.7 53 235.4 8.8 13.58 0.195 1.8 13 1.77 5.1 2.27 0.129 166 1.15 2.49 91 148 3.13 5.7 14.92 9.2 14 18.28 9.25 1.08 1.11 2.05 1.74 4.28 3.3 5 36 1.91 8.28 1.53 5.49 1.12 11.5

1.32 34.2 0.241 25 81.15 356.6 22.75 5.08 4.7 2.79 11.1 36.7 6.9 16.12 14.2 98 15.52 13.86 6.07 8.99 7.5 100 0.72 54.9 229.6 8.35 13.48 0.184 1.77 12.5 1.75 5 2.29 0.126 166 1.16 2.45 83 102 3.05 5.25 15.06 9.15 14 18.22 9.1 1.07 1.12 2.02 1.74 4.2 3.37 5.01 36.1 1.97 8 1.56 5.4 1.04 12.1

1.34 34.9 0.245 25.9 82.35 364.6 23.5 5.09 4.7 2.98 11.1 36.7 6.99 16.12 14.24 99.15 16.4 13.86 6.07 8.99 7.5 101 0.72 54.9 235.2 8.35 13.56 0.184 1.83 12.62 1.81 5.1 2.29 0.126 168.9 1.16 2.45 96.95 150 3.18 5.75 15.1 9.6 14 18.28 9.27 1.1 1.12 2.05 1.74 4.2 3.37 5.05 36.1 1.97 8.28 1.59 5.5 1.15 12.1

1.32 34 0.24 24.75 80.6 353.6 22.35 5.01 4.4 2.74 11.1 35.35 6.9 16.1 13.9 98 15.5 13.52 6.03 8.75 7.29 97 0.65 50.2 224 8.35 13.3 0.184 1.71 12.32 1.68 5 2.29 0.125 161.3 1.13 2.45 76 95 3 5.25 14.2 9.1 13.88 17.6 8.7 1.02 1.06 2.02 1.74 4.16 3.3 4.92 36 1.87 7.7 1.42 5.3 1.04 11.4

1.33 34.6 0.245 25.7 80.6 360.6 22.5 5.03 4.69 2.94 11.1 35.95 6.99 16.1 14.2 99.15 16.4 13.62 6.05 8.79 7.4 101 0.69 53 235.2 8.35 13.56 0.184 1.8 12.42 1.77 5.1 2.29 0.125 166 1.14 2.45 91 147 3.1 5.7 14.66 9.2 14 18.28 9.05 1.02 1.1 2.05 1.74 4.16 3.3 4.97 36 1.89 8 1.48 5.5 1.12 11.4

36000 1007300 1410000 2830000 324170 178510 1107400 1393200 181000 59175000 900 263100 63400 3900 891000 420 5600 552500 112300 1454500 3378100 102110 1830000 294320 1056160 700 334300 40000 15663000 483900 1593000 11700 5000 280000 1626690 3506000 150000 71450 54490 9019000 27800 380700 734300 1145500 1341300 2505300 774000 1652000 18000 9000 28000 7000 78400 33600 10783000 534000 528000 23400 1584000 382000

47600 34621590 340130 71365445 26269810.5 63779692 24935005 7024123 808330 171524250 9990 9462585 441230 62810 12660032 41204.5 89786 7517398 679386 12796331 24888172 10197477.5 1256260 15475343.5 244148972 5845 4500742 7360 27990290 6005740 2750670 58795 11450 35180 269088630 4005970 367500 6401563.5 6760085.5 27859840 147010 5558186 6770507 15980216 24189208 22672347 803130 1795450 36590 15660 116860 23380 390354 1209630 20484260 4241155 788910 124870 1756560 4452208

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

0.88 14.3 934 49.05 12.66 3.61 7 0.67 1.15 1.18 6.64 8.79 13.7 0.224 864.5 5.81 66.5 5.56 0.49 4.4 14 0.62 4.6 0.038 1.23 1.35 1020 175 0.8 255.2 0.227 0.245

0.89 14.86 934.5 49.25 12.68 3.64 7.09 0.71 1.17 1.23 6.7 8.8 13.8 0.241 868 6.28 66.7 6.4 0.51 4.42 14.06 0.63 4.63 0.039 1.25 1.39 1021 176 0.81 256.8 0.237 0.26

0.86 15.3 920 48 13.06 3.58 7 0.71 1.16 1.19 6.88 9.03 13.76 0.225 849.5 6 63.5 6.06 0.5 4.4 14.06 0.62 4.47 0.038 1.27 1.36 990 174.3 0.81 255 0.237 0.265

0.89 15.38 934 49.25 13.06 3.65 7 0.71 1.18 1.2 6.88 9.03 13.98 0.225 875 6.28 66.5 6.47 0.52 4.4 14.16 0.63 4.65 0.039 1.3 1.39 1020 176 0.81 256.8 0.237 0.265

0.85 14.3 915.5 47.9 12.4 3.51 7 0.67 1.15 1.18 6.6 8.75 13.76 0.223 830 6 62.45 5.55 0.49 4.3 13.6 0.6 4.37 0.038 1.25 1.35 979 170.9 0.79 255 0.227 0.24

0.89 14.86 934 49.25 12.68 3.61 7 0.71 1.17 1.18 6.7 8.8 13.8 0.225 864.5 6.28 66.5 6.4 0.51 4.4 14 0.63 4.63 0.038 1.25 1.39 1020 176 0.81 256.8 0.227 0.26

19609000 88400 291010 2007700 18355000 3163000 6800 84000 8894000 214000 883800 6294800 1580800 110000 117910 10100 1798350 38300 332000 227000 1632100 423000 22889000 5500000 253000 110000 507205 163580 544000 330 1000000 2920000

17027880 -85000 1302538 268702390 -73086545 97656635 -43975150 232963322 -142043486 11341150 1134190 47600 57980 10301960 253680 -23800 5902414 -2277101 55,458,773( 30,724,368.0003) 21812474 -16573760 24710 100900865 -43156300 60628 -60628 116280514 -28214457.5 214754 1756 165515 988640 -60920 22846406 1340386 256970 104091580 14714080 209100 7600 320920 148970 13500 512381640 -43755712.5 28447991 1754004 435410 84350 -79214 227100 731750 -

HOLDING & FRIMS

-20309295 7580735 8722915 -7741556 -1977740 -2628047 13380 -7023930 -7797475 690 491976 -5721596 -7931806 -10623258 -2390479.5 34000 1450305.5 6931456 3273104 -6051140 1752466 -340770 -108903076 -118510 357700 19628.5 6089880 -158082 2101169 -5793534 -5585378 -22644220 137620 500 111600 -6436490 4735 -21800 -118354

PROPERTY

ARTHALAND CORP 0.95 0.97 0.94 0.98 0.93 0.97 9880000 9446650 417610 AYALA LAND 48.5 48.85 47.4 49 47 48.85 17971500 866237205 -193161020 ARANETA PROP 1.91 1.97 1.91 1.91 1.91 1.91 80000 152800 BELLE CORP 2.16 2.18 2.17 2.2 2.13 2.18 1255000 2695810 -254210 A BROWN 0.78 0.8 0.78 0.81 0.78 0.78 1435000 1136290 CITYLAND DEVT 0.83 0.84 0.82 0.86 0.82 0.84 47000 39440 CROWN EQUITIES 0.227 0.231 0.232 0.232 0.228 0.228 5200000 1197600 228000 CEBU HLDG 5.81 6.16 5.94 5.99 5.81 5.81 132700 775221 -772301 CEB LANDMASTERS 4.62 4.63 4.65 4.7 4.55 4.63 1029000 4749200 -208110 CENTURY PROP 0.55 0.56 0.55 0.56 0.54 0.56 6969000 3825370 CYBER BAY 0.41 0.425 0.41 0.415 0.41 0.41 1610000 662100 DOUBLEDRAGON 22.5 22.8 23 23 22.25 22.8 759600 17269590 7467150 DM WENCESLAO 9.85 9.86 9.98 9.98 9.74 9.86 597900 5854298 202981 EMPIRE EAST 0.46 0.465 0.46 0.46 0.455 0.46 1180000 538200 FILINVEST LAND 1.65 1.66 1.66 1.68 1.6 1.65 46947000 77631430 -24131130 GLOBAL ESTATE 1.27 1.28 1.31 1.31 1.27 1.27 2546000 3264110 8990 HLDG 15.32 15.44 15.34 15.7 15.3 15.44 511000 7848080 -613218 PHIL INFRADEV 1.37 1.38 1.42 1.42 1.35 1.37 4654000 6412290 -177350 CITY AND LAND 0.74 0.76 0.77 0.77 0.74 0.76 168000 124740 49580 MEGAWORLD 5.37 5.39 5.2 5.39 5 5.39 73685700 385129206 -40693531 MRC ALLIED 0.305 0.31 0.31 0.31 0.305 0.31 9240000 2821200 PHIL ESTATES 0.435 0.46 0.455 0.46 0.435 0.46 30000 13500 PRIMEX CORP 2.02 2.03 2.03 2.03 1.99 2.02 911000 1826520 -666220 ROBINSONS LAND 24.15 24.4 24 24.6 23.75 24.15 3183400 76747265 -41429785 PHIL REALTY 0.385 0.395 0.395 0.4 0.395 0.395 120000 47550 ROCKWELL 2.19 2.24 2.15 2.25 2.14 2.24 175000 384520 SHANG PROP 3.2 3.27 3.1 3.25 3.1 3.2 3212000 10264370 445000 STA LUCIA LAND 2.39 2.4 2.29 2.4 2.23 2.4 4977000 11409500 14040 SM PRIME HLDG 34.45 34.5 35 35.05 34 34.5 21786000 749746780 -467952165 STARMALLS 5.58 5.73 5.63 5.63 5.57 5.58 37100 207497 SUNTRUST HOME 0.8 0.82 0.8 0.8 0.8 0.8 363000 290400 VISTA LAND 7.31 7.4 7.4 7.4 7.25 7.4 6143000 45137537 -21248527

SERVICES ABS CBN 18.2 18.38 18.44 18.44 17.78 18.38 127800 2315828 GMA NETWORK 5.31 5.34 5.35 5.35 5.31 5.31 107700 573268 MANILA BULLETIN 0.42 0.43 0.41 0.43 0.41 0.43 360000 152400 GLOBE TELECOM 1945 1960 1960 1980 1910 1960 46675 91241465 -16906515 PLDT 1152 1155 1163 1165 1126 1152 116125 132692095 -48606630 APOLLO GLOBAL 0.047 0.049 0.047 0.049 0.047 0.049 2800000 131900 IMPERIAL 1.86 2.05 2.06 2.06 2.05 2.05 14000 28710 ISLAND INFO 0.108 0.112 0.113 0.113 0.113 0.113 20000 2260 ISM COMM 5.05 5.08 5.12 5.21 5.04 5.05 2927800 14874105 454876 NOW CORP 2.1 2.12 2.2 2.2 2.06 2.1 2275000 4825020 -27580 TRANSPACIFIC BR 0.31 0.315 0.32 0.32 0.3 0.31 14560000 4486850 -268650 PHILWEB 3.39 3.4 3.45 3.45 3.3 3.39 2009000 6798820 16800 2GO GROUP 9.9 9.95 10 10.1 9.95 9.95 12700 126635 -1000 CHELSEA 6.65 6.66 6.75 6.75 6.5 6.65 1193700 7865020 -164804 CEBU AIR 92.1 93 91 93 89 93 357090 32620528 -1061062.5 INTL CONTAINER 124 125.7 124 125.9 121 124 2291130 283348857 13845728 LORENZO SHIPPNG 0.88 0.92 0.88 0.93 0.87 0.92 135000 117960 MACROASIA 18.92 19 19.2 19.2 18.92 19 350700 6673604 200888 METROALLIANCE A 1.11 1.2 1.07 1.2 1.02 1.2 93000 99380 METROALLIANCE B 1.28 1.56 1.28 1.28 1.28 1.28 5000 6400 PAL HLDG 8.15 8.25 8.25 8.5 8.1 8.25 3200 26275 HARBOR STAR 1.57 1.58 1.64 1.64 1.56 1.58 1867000 2983290 -72450 ACESITE HOTEL 1.51 1.58 1.54 1.58 1.5 1.58 48000 72920 BOULEVARD HLDG 0.057 0.058 0.058 0.058 0.056 0.058 15990000 913230 GRAND PLAZA 9.76 11 9.78 9.78 9.78 9.78 16300 159414 WATERFRONT 0.68 0.69 0.7 0.7 0.67 0.68 7136000 4857760 IPEOPLE 9.22 9.69 9.65 9.73 9.65 9.73 58200 564228 STI HLDG 0.69 0.71 0.73 0.73 0.68 0.7 5030000 3544320 14000 BERJAYA 2.25 2.29 2.25 2.25 2.24 2.25 146000 327950 -20260 BLOOMBERRY 10.74 10.76 10.98 10.98 10.56 10.74 7562400 81060572 -35182084 PACIFIC ONLINE 2.66 2.67 2.6 2.66 2.54 2.66 100000 260060 LEISURE AND RES 3.21 3.25 3.28 3.28 3.2 3.24 477000 1539120 PH RESORTS GRP 4.97 5 4.97 4.97 4.97 4.97 5400 26838 PREMIUM LEISURE 0.69 0.7 0.68 0.69 0.68 0.69 1606000 1101210 87560 PHIL RACING 7.9 9.24 8.23 8.23 8.2 8.2 8500 69880 METRO RETAIL 2.51 2.55 2.5 2.55 2.46 2.55 1240000 3099320 -254700 PUREGOLD 44.15 45.7 44.5 45.7 43.4 45.7 1303000 57737620 -19357345 ROBINSONS RTL 77.2 77.6 78.55 78.55 76.9 77.6 504820 39166419 -10356311 PHIL SEVEN CORP 143 143.5 143 143 143 143 590 84370 77220 SSI GROUP 2.98 3 3.03 3.05 2.95 2.98 7498000 22438330 -3161780 WILCON DEPOT 15.7 15.72 15.76 15.78 15.38 15.7 1152300 18000040 3896330 APC GROUP 0.5 0.52 0.51 0.52 0.5 0.51 1543000 781700 EASYCALL 8.73 8.9 9.35 9.35 8.72 8.72 20900 187844 GOLDEN BRIA 415 420.8 419.8 419.8 419.8 419.8 1070 449186 IPM HLDG 5.2 5.35 5.25 5.25 5.25 5.25 5000 26250 PRMIERE HORIZON 0.52 0.53 0.51 0.53 0.495 0.52 32607000 16729955 1614070 SBS PHIL CORP 9.03 9.35 9.36 9.36 9.36 9.36 500 4680

MINING & OIL ATOK 12.42 12.7 12.7 12.7 12.5 12.5 2000 25020 APEX MINING 1.3 1.31 1.35 1.36 1.3 1.31 11779000 15626630 41760 ATLAS MINING 2.59 2.63 2.66 2.66 2.59 2.59 3699000 9627810 -9547010 COAL ASIA HLDG 0.27 0.28 0.27 0.27 0.265 0.265 560000 150050 -27000 CENTURY PEAK 2.71 2.72 2.71 2.73 2.71 2.71 762000 2071020 -40650 DIZON MINES 7.73 7.8 7.88 7.9 7.66 7.85 30600 241348 220920 FERRONICKEL 1.42 1.43 1.43 1.44 1.41 1.42 474000 675260 -36940 GEOGRACE 0.204 0.206 0.207 0.208 0.204 0.206 150000 30910 -10250 LEPANTO A 0.11 0.114 0.114 0.117 0.11 0.114 1380000 156190 LEPANTO B 0.112 0.116 0.115 0.116 0.112 0.116 140000 16020 1120 MANILA MINING A 0.0095 0.0098 0.0095 0.0095 0.0095 0.0095 3000000 28500 MARCVENTURES 1.03 1.05 1.05 1.06 1.03 1.03 330000 343180 NIHAO 0.98 1 0.99 1 0.99 1 92000 91090 NICKEL ASIA 2.45 2.46 2.45 2.5 2.4 2.46 1971000 4844800 -759220 ORNTL PENINSULA 0.82 0.83 0.83 0.83 0.81 0.83 519000 424840 PX MINING 3.86 3.87 4 4 3.78 3.87 2456000 9501180 943330 SEMIRARA MINING 22.15 22.7 22.1 22.7 21.9 22.7 789300 17468285 -5986715 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 20700000 240100 PHILODRILL 0.011 0.012 0.01 0.012 0.01 0.011 6200000 70500 -5500 PHINMA PETRO 5.37 5.39 5.56 5.65 5.38 5.39 900800 4900110 108000 PXP ENERGY 12.3 12.34 12.68 13.4 11.9 12.3 7560900 96073272 2846230

PREFFERED

HOUSE PREF A 98 100 99.45 100 99.45 100 2500 249520 AC PREF B1 490 496 494 495 490 490 10010 4910524 AC PREF B2 500 503 497 500 497 500 170 84880 ALCO PREF B 101.3 104.9 104.9 104.9 104.9 104.9 300 31470 DD PREF 101 101.8 101.1 101.5 101 101 20000 2022375 SMC FB PREF 2 996 1008 995 1010 995 1008 420 423250 9950 FGEN PREF G 104.8 106 106 106 106 106 12970 1374820 GLO PREF P 492 505 491.6 491.6 491.6 491.6 40 19664 4916 GTCAP PREF A 950 967 967 967 967 967 10 9670 GTCAP PREF B 950 960 969 969 960 960 5660 5433690 -5424000 LR PREF 0.98 0.99 0.99 0.99 0.98 0.99 36000 35580 MWIDE PREF 99.5 102 102 102 102 102 100 10200 PNX PREF 3B 107.5 109.5 108 108 108 108 1760 190080 PCOR PREF 2A 995 1012 995 995 995 995 10 9950 PCOR PREF 2B 1019 1030 1019 1019 1019 1019 200 203800 PCOR PREF 3A 1030 1035 1030 1035 1030 1035 780 807050 PCOR PREF 3B 1030 1035 1030 1040 1030 1035 990 1028400 SMC PREF 2B 76 76.5 75.55 76 75.55 76 1340 101723 SMC PREF 2C 78 78.75 78.85 78.85 77.5 78 48560 3789639 SMC PREF 2D 75.5 75.6 75.6 75.6 75.5 75.5 1930 145738 SMC PREF 2E 76 76.2 76 76.2 76 76 29370 2233694 SMC PREF 2F 76.2 76.4 76 76.5 76 76.5 45700 3480991 SMC PREF 2H 75.1 76.5 76 76 73.1 73.1 15550 1157307 SMC PREF 2I 76 76.25 76 76 76 76 1330 101080 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

16.9 5.12

17.4 5.14

17.36 5.21

17.36 5.21

16.9 5.12

16.9 5.12

188900 118500

3235764 609730

WARRANTS LR WARRANT

1.55

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.9 MAKATI FINANCE 2.71 XURPAS 0.96

1.66

1.6

1.6

1.5

1.55

176000

274410

-

6.91 2.94 0.97

6.39 2.71 0.98

6.9 2.71 0.99

6.39 2.71 0.95

6.9 2.71 0.96

1257000 35000 4691000

8442822 94850 4525860

-71410 -34440

EXHANGE TRADE FUNDS FIRST METRO ETF

116.5

-2881814 -241178

117.5

117.5

117.5

114.9

117.5

21970

2548013

-28205

B2 Friday, August 16, 2019

BusinessMirror

www.businessmirror.com.ph

Companies BusinessMirror

www.businessmirror.com.ph

HK faces new threat as Chinese companies reconsider IPO plans

S

EVERAL Chinese companies are rethinking fund-raising plans in Hong Kong as anti-government protests rock the city, an ominous sign for its future as a financial gateway between Asia’s largest economy and the rest of the world.

One company scrapped preliminary preparations for a $500-million initial public offering in Hong Kong partly because of the unrest and will instead pursue a US listing, according to a senior banker on the deal, who asked not to be named discussing private information.

Another banker said at least two companies are considering the same move for IPOs worth a combined $1 billion, adding that final decisions will depend on market conditions and whether the turmoil in Hong Kong eases.

While the deals represent a small portion of the money raised by Chinese businesses in Hong Kong in recent years,

FORD RECALLS 108K CARS; SEAT BELTS MAY NOT HOLD IN A CRASH

they bode ill for the city’s status as one of the world’s premier financial hubs.

Two senior bankers said Chinese clients are worried about more than just this week’s shutdown of Hong Kong’s airport and other logistical headaches caused by the protests; they’re also questioning whether the city will remain a stable place to do business over the long term.

“The social and political instability has had an impact on people’s perceptions,” said David Cho, a partner at law firm Dechert LLP based in Hong Kong.

“The pipeline isn’t looking strong for the remainder of the year, and things could get even worse if China decides to crack

D

ETROIT—Ford is recalling over 108,000 midsize cars in North America to fix a problem that could stop the seat belts from holding people in a crash.

The recall covers certain Ford

down more forcefully in Hong Kong.”

The city’s benchmark Hang Seng Index has tumbled 12 percent over the past three weeks as clashes between protesters and police turned increasingly violent, raising fears that the Chinese military may intervene to restore order.

The S&P 500 Index fell about 5 percent during the same period.

The stakes could hardly be higher for Hong Kong, whose economy is highly dependent on the financial industry. Chinese companies accounted for $9 billion of the $11 billion raised via IPOs in the former British colony this year, as well as about 80 percent of bond sales in the city, data compiled

by Bloomberg show. Outstanding China-related loans by Hong Kong banks totaled more than $560 billion at the end of the first quarter, according to the Hong Kong Monetary Authority.

The city faces competition from international hubs like the US and Singapore, as well as financial centers in mainland China. A gradual loosening of restrictions on foreign investment has turned Shanghai and Shenzhen into

Fusion and Lincoln MKZ cars from the 2015 model year. The company says the cars’ front seat belt cables can lose strength due to heat buildup and may not adequately restrain passengers.

increasingly feasible options for Chinese firms who want access to overseas funds.

Even so, few expect China to abandon Hong Kong’s financial system en masse.

US markets are seen as a more stable, but their appeal to Chinese issuers has also diminished somewhat in recent months as the trade war soured relations between the two countries.

One closely watched test of Hong Kong’s appeal is Alibaba Group Holding Ltd.’s proposed mega-listing in the city. The e-commerce giant has filed a listing application for a share sale that may raise as much as $20 billion, people familiar with the matter said in June, but the company has stayed quiet about its intentions since the protests escalated.

Even if the Alibaba deal proceeds as planned, there’s little doubt that Chinese executives have become more wary of Hong Kong. In addition to those rethinking IPOs, several are canceling or postponing meetings with investors in the city to avoid the risk of getting caught up in protest-related violence or travel disruptions, bankers said. Some are using videoconferences instead.

Ford says it’s aware of one injury from the problem.

Dealers will apply a protective coating to the cables. Owners will be notified starting September 9.

AP

Friday, August 16, 2019 B3

NLEX SPENDING P7.7B TO EASE NCR CONGESTION, EXPAND EXPRESSWAYS

By Lorenz S. Marasigan

N

@lorenzmarasigan

LEX Corp. is spending a total of P7.7 billion to expand and improve traffic congestion in Metro Manila and its network of expressways, a ranking official said on Thursday.

Luigi L. Bautista, the company’s president, said the amount involves projects of varying stages, and are expected to contribute to the economic growth of the regions of Central and Northern Luzon.

“A number of projects are simultaneously being implemented in our expressway network in order to ease traffic and prioritize the safety and convenience of our motorists,” he said.

This includes major projects such as the Nlex Harbor Link Segment 10 C3-R10 Section and the capacity expansion of the Subic Freeport Expressway (SFEx).

Currently, the construction of the C3-R10 Section is at 33 percent and is targeted for completion by December 2019. It will connect Segment 10 to R10 in Navotas City.

Meanwhile, the SFEx expansion involves the construction of two additional expressway lanes, a tunnel, and two new bridges to serve the increasing number of vehicles traveling to Subic. Construction works for these have recently started.

The list of projects also includes the construction of the 600-meter Nlex Balagtas northbound entry, which is almost complete and will be opened to motorists within this month, and the building of the new Tambubong Interchange in Bulacan.

Last on the list is the Ciudad de Victoria Interchange construction, which involves the addition of two lanes along the Bocaue Municipal Road.

“With all these enhancements, we are hoping to raise the level of convenience and satisfaction of motorists traveling our expressways,” Bautista said.

B4

Companies BusinessMirror

Friday, August 16, 2019

Megaworld eyes ₧12-B sales from Pasig residential project

P

By VG Cabuag

@villygc

ROPERTY developer Megaworld Corp. on Thursday said it is building its second residential development in its 12.3-hectare Arcovia City mixed-use development in Pasig.

Megaworld said it expects to generate around P12 billion in sales from Arcovia Palazzo, which will be composed of three residential towers in varying heights: the 40-story Altea Tower, the 45-story Benissa Tower and the 49-story Cantabria Tower.

The project, due for completion in 2025, will have a total residential inventory of 1,472 units. It will offer a wide variety of residential units ranging from studio with or without balcony of up to 32 square meters; one bedroom with or without balcony of up to 46.5 sq m; two

bedroom with balcony up to 77 sq m; and three bedroom with balcony up to 193.5 sq m.

Select bi-level units for onebedroom and two-bedroom setups are also available, offering layouts of up to 107 sq m for the one-bedroom unit, and 139 sq m for the two bedroom ones.

Arcovia Palazzo will offer generous amenities at the fifth level— an infinity pool with pool deck, pavilion, Jacuzzi, game room, fitness center, daycare center, outdoor seating lounge, children’s playground, function rooms and a multipurpose lawn.

At the towers’ ground level will be retail spaces with direct views of the iconic Arco de Emperador,

the township’s own landmark, the company said.

Arcovia Palazzo is designed by United Kingdom-based world-renowned architectural firm, Broadway Malyan.

Last year, the company launched its first residential development in Arcovia City, the 37-story 18 Avenue de Triomphe, which offers 576 units worth P4 billion. The tower, due for completion in 2023, is now almost sold out, and its construction has already commenced.

Once completed, the township will become a master-planned mix of residential towers, office towers, commercial developments and parks in one sustainable community along the C5 corridor.

FDC income surges 19%, fueled mainly by property development G

OTIANUN family-led Filinvest Development Corp. said its net income grew 19 percent in the first half of the year ending June to P6.12 billion, from last year’s P5.14 billion, with property development contributing more to its profitability.

Revenues grew 14 percent to P37.22 billion, from last year’s P32.72 billion, largely from contributions of its core businesses in property and banking together with its power and sugar businesses.

“FDC believes that property, composed of the real estate and hospitality segments, continues to be a solid source of growth for the group, contributing more than half of FDC’s

bottom line,” the company said.

FDC’s banking and financial services subsidiary, East West Banking Corp. delivered net income of P2.7 billion in the first half of 2019, or 33 percent higher than the same period last year.

Its power subsidiary, FDC Utilities Inc. (FDCUI), posted net income growth of 87 percent to P1.4 billion.

FDCUI revenues surged by 28 percent to P5.3 billion due to additional power purchases spurred by higher demand and the sale of replacement power to other power generators.

The company operates an aggregate 405-megawatt clean coal plant in Misamis Oriental, the largest

PSE income rises in H1 despite absence of IPO

Seaoil credits Aussie partner with boosting its expansion

T

HE Philippine Stock Exchange Inc. (PSE), the operator of the country’s equity market, said its net income for the first half of the year rose by more than a third to P341.72 million, from P253.64 million last year, despite the absence of any initial public offering (IPO) for the year.

The PSE traced the increase to the surge in the company’s other income, which rose sevenfold to P176.29 million due to higher interest income and fair value of equity investments.

For the January-to-June period, PSE’s operating revenues were down by 13 percent to P605.24 million, from last year’s P699.58 million on lower trading-related fees and listing-related fees.

“Several factors prompted issuers and investors to shy away from the stock market and this had a negative impact on our main revenue sources. Capital raising may still be challenging given the rate cuts and the reduction in banks’ reserve requirements, but we are optimistic that several companies are still keen on raising funds through the equities market,” PSE President and CEO Ramon S. Monzon said.

“While value turnover is still marginally higher year to date, we may see market activity tempered by ongoing geopolitical concerns. We hope that these issues will be resolved soon so investors find their way back to the stock market,” Monzon added. Total expenses were down by 6.1 percent to P364.50 million, the PSE said.

In August, the PSE had the pilot run for the local small investor subscription platform for IPO. The PSE has also submitted to the Securities and Exchange Commission (SEC) the comments of its stakeholders on the proposed amendments to the PSE Listing Rules for Real Estate Investment Trust.

“Work continues on several projects, including initiatives with partner exchanges. The PSE remains committed to introducing products and services that will help make our stock market more competitive in the region,” Monzon said. VG Cabuag

S

EAOIL Philippines’s strategic partnership with Caltex Australia has helped the latter extend its reach throughout the country.

“Their experience and expertise helped us a lot to aid at our expansion,” Seaoil Chief Executive Officer Glenn Yu said Thursday.

The Australian company acquired a 20-percent interest in Seaoil in 2018.

The oil company has 450 retail stations nationwide, of which over 200 stations are located in Luzon.

Yu said Seaoil continues to put up three to five additional stations a month. “There are plans to open new stations. A review is set toward end of the year. We need to understand the trade war.”

China and the United States have

operating base load power plant in Mindanao, 302 megawatts of which is contracted under mostly long-term power purchase agreements.

“We are pleased with the results of our various business lines, with notable improvements resulting from the ramp up of our leasing, hotel and power businesses,” FDC President and CEO L. Josephine G. Yap said. “We are positive that the trajectory is sustainable in the second half of the year as demand for our products and services across the different business lines continue to be strong,” Yap added.

FDC has started pouring in investments in the high-growth Clark corridor through its two major devel-

been engaged in a trade war through increasing tariffs and other measures since 2018. “We want to continue expanding and, at the same time, we’re watching what happens to the trade war. Obviously, it’s a concern that wasn’t existent 18 months ago.

That one really is affecting not just both countries but even those in the periphery. I definitely think it is playing in the minds of every player because we’re talking about the two largest consumers of... two largest countries... the consumers of oil.

The two largest consumers of oil, if something happens in either of their economies, how this will affect [us],” said Yu.

First in fuel marking

MEANWHILE, Seaoil was heralded as the first fuel company to comply

opments, namely, the 201-hectare Filinvest Mimosa Plus Leisure City or the former Clark Mimosa Estate, and the 288-hectare development in New Clark City.

The company also has a 25-year concession agreement to develop commercial assets, operate and maintain the new terminal in the Clark International Airport.

FDC is a lead consortium member with a 42.5-percent stake in Luzon International Premier Airport Development Corp., the Clark airport concessionaire. JG Summit, Changi Airports Philippines Pte. Ltd. and Philippine Airport Ground Support Solutions Inc. are its partners in this venture. VG Cabuag

with a new government initiative to curb oil smuggling.

The Fuel Marking Program (FMP) aims to plug revenue leakages from oil smuggling by placing a molecular marker on imported, manufactured and refined fuel products, such as gasoline, diesel and kerosene.

Seaoil’s Bulk Terminal in Mabini, Batangas, was the site for the inaugural marking to launch the program, where live marking of imported fuel is implemented. The FMP is expected to be implemented also in other depots in the future.

Following the recent completion of the implementing rules and regulations for the FMP, all tax-paid gasoline, diesel and kerosene store in depots and terminals shall be tested for complying with the prescribed dilution level. Lenie Lectura

Strong ad revenues from political placements buoy networks’ profits

B

ROADCASTING giants ABSCBN Corp. and GMA Network Inc. both posted profits during the first half of the year, buoyed by strong ad revenues from political advocacies and placements, separate disclosures to the stock exchange showed.

The filing of the Lopez-led multimedia conglomerate showed that it registered a 98.1-percent growth in net profits, ending the first semester

at P1.47 billion, from P741 million the year prior.

Its revenues increased by 9.8 percent to P20.80 billion, from P18.94 billion, with advertising revenues jumping by 17.8 percent to P11.29 billion, from P9.58 billion, while consumer sales was flattish at P9.52 billion.

Meanwhile, the Gozon-led television network’s net income stood at P1.36 billion at end-June, a 10-per-

cent growth from P1.23 billion the year prior.

GMA’s revenues rose by 7 percent to P7.91 billion, from P7.37 billion, with advertising revenues making up the lion’s share at P7.26 billion, and its subscription business accounting for the P653.10-million balance.

GMA’s total operating expenses increased by a slower 6 percent to P6.01 billion, from P5.69 billion. Lorenz S. Marasigan

www.businessmirror.com.ph

ABS-CBN inks deals on in-train streaming, technosport Hado

A

BS-CBN Corp. announced two different partnership deals on Thursday, one with a London-based media and marketing agency, and one with a Japanese technology group, both of which are expected to introduce new revenue streams to its growing portfolio of businesses.

Under its partnership with Phar Partnership Inc., the local subsidiary of the British multinational Phar Group, ABS-CBN will stream its original content in Tube, Phar’s in-train television network.

Currently, Tube is available in all Metro Rail Transit (MRT) and Light Rail Transit (LRT) lines. Around 1,000 screens have been installed in the trains of the overhead railway systems. The current partnership deal between Phar and ABS-CBN will run also for a year, which is considered the trial period for the new service.

ABS-CBN Creative Programs Inc. Head Paolo Pineda said the tie-up hopes to attract more advertisers to Tube, revenues of which will be shared.

“It’s a revenue-sharing deal.

What we want to do together is approach advertisers and encourage them to invest in this new kind of TV train setup,” he said.

MUTUAL FUNDS

Deal on Hado

MEANWHILE, ABS-CBN’s partnership with Meleap Inc., a Tokyo-based tech gaming company, involves the introduction of the latter’s technosport Hado, an augmented realitypowered group fighting sport.

On Thursday afternoon, the two groups introduced Hado Pilipinas, which is described to be a blend of dodgeball, tennis and multiplayer battle arena. Players of two teams may launch energy balls and activate shields during gameplay.

“This technosport combines physical and digital play in a game that various teams, groups of friends, and even families can play and enjoy,” ABS-CBN Themed Experiences Head Cookie Bartolome explained.

Bartolome’s group has signed a deal with the National Collegiate Athletic Association to introduce this sport to colleges in the Philippines.

Ultimately, the goal of this partnership is to introduce a new attraction at ABS-CBN Experience Store, an indoor theme park that targets families and groups of friends.

“The vision is to make it a family activity, which is very much in line with the vision of our company,” Bartolome said. Lorenz S. Marasigan

August 15, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM ALFM GROWTH FUND, INC. -A 258.33 0.95% -1.98% 0.35% 2.43% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5645 6.05% 3% 1.71% 8.59% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0239 -0.46% -3.22% -0.84% 3.1% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9416 4.17% N.A. N.A. 4.51% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8632 2.75% N.A. N.A. 5.18% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4003 1.7% -0.81% 0.44% 2.41% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.867 1.08% -5.16% N.A. 3.62% MBG EQUITY INVESTMENT FUND, INC. -A 118.44 7.11% N.A. N.A. 1.96% PAMI EQUITY INDEX FUND, INC. -A 51.768 4.13% -0.89% N.A. 5.17% PHILAM STRATEGIC GROWTH FUND, INC. -A 541.19 4.2% -1.68% 0.24% 5.14% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3129 3.89% -0.29% 1.75% 4.7% PHILEQUITY FUND, INC. -A 38.4907 3.96% 0.44% 1.72% 5.07% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0259 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2538 5.02% 0.04% 2.19% 5.95% PHILIPPINE STOCK INDEX FUND CORP. -A 877.56 5.09% -0.24% 2.14% 5.93% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.917 6.47% -0.85% N.A. 6.63% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3037 5.51% 0.06% 1.78% 6.03% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0084 4.62% -0.28% N.A. 5.67% UNITED FUND, INC. -A 3.701 4.42% 1.37% 2.58% 5.72% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 117.5562 5.49% 0.59% 3.19% 6.15% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9235 -8.88% 0.97% -2.16% -0.6% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2788 -0.23% 6.85% N.A. 15.71% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.68 0.49% -3.17% -2.23% 1.74% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.315 2.13% -1.34% 0.39% 4.79% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6549 2.87% -0.48% -1.18% 4.4% GREPALIFE BALANCED FUND CORPORATION -A 1.346 1.29% N.A. N.A. 3.2% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9536 5.54% 0.08% 1.28% 6% PAMI HORIZON FUND, INC. -A 3.8042 6.27% -0.85% 0.68% 7.79% PHILAM FUND, INC. -A 17.0349 6.61% -0.86% 0.58% 7.09% SOLIDARITAS FUND, INC. -A 2.14 2.96% 0.02% 1.6% 3.42% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.897 6.3% -0.04% 1.35% 6.73% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0225 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0099 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0065 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9985 7.11% 0.02% 1.12% 8.33% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03846 9.11% 2.14% 2.67% 8.95% PAMI ASIA BALANCED FUND, INC. -A $0.9546 -3.53% 0.5% -1.84% 4.48% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7332 2.61% 4.92% 2.93% 12.83% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1144 4.69% 3.27% N.A. 10.34% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 353.17 3.75% 2.24% 2.31% 2.82% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9106 2.59% 0.1% 0% 2.76% COCOLIFE FIXED INCOME FUND, INC. -A 3.0634 5.1% 5.27% 5.23% 2.93% EKKLESIA MUTUAL FUND INC. -A 2.2234 4.8% 1.48% 2.22% 4.42% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.353 6.12% 1.53% 1.7% 6.71% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6078 1.63% -1.63% 0.21% 2.77% PHILAM BOND FUND, INC. -A 4.3172 9.48% 0.59% 1.95% 10.14% PHILEQUITY PESO BOND FUND, INC. -A 3.7401 7.59% 1.26% 1.73% 6.34% SOLDIVO BOND FUND, INC. -A 0.9549 5.86% -0.3% N.A. 7.15% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0329 9.6% 1.8% 2.7% 9.66% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6828 9.65% 1.36% 2.24% 9.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $462.22 4.1% 1.7% 2.79% 3.08% ALFM EURO BOND FUND, INC. -A Є219.71 2.78% 1.29% 1.56% 3.31% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1923 6.66% 1.94% 2.51% 5.92% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 4.44% 0.92% N.A. 4.44% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7165 0.76% -2.16% 0.56% 1.56% PAMI GLOBAL BOND FUND, INC -A $1.0981 5.83% -0.45% -1.7% 5.96% PHILAM DOLLAR BOND FUND, INC. -A $2.4027 10.7% 1.33% 3.65% 10.68% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0599262 5.54% 1.76% 2% 5.13% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.161 8.92% 0.77% 3.18% 10.06% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.36 4.08% 2.6% 2.06% 2.88% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.02 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2389 5.73% 2.38% 1.45% 4.82% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2509 3.9% 2.76% 2.13% 2.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0306 2.19% N.A. N.A. 1.45%

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."

REFEREE Stephanie Frappart (center) and assistant referees Michelle O’Neill (left) and Manuela Nicolosi pose for a picture before the start of the UEFA Super Cup match between Liverpool and Chelsea in Besiktas Park in Istanbul on Wednesday. AP

FEMALE REFEREES CALM, IN CONTROL

I

STANBUL —In the highest-profile men’s game yet for a female referee, Stéphanie Frappart made it look like any other.

A month after she oversaw the Women’s World Cup final, the French ref dealt with everything in Wednesday’s Super Cup game between Liverpool and Chelsea—star players’ tantrums, soccer’s tangled handball rules, and the physical test of extra time.

Such was her control, her milestone presence was hardly felt.

In only the sixth minute she made the crucial call not to give Liverpool a penalty when Sadio Mané’s scissor-kick shot hit Andreas Christensen’s arm.

The thorny issue of exactly what constitutes an “unnatural” arm position has been much discussed lately, not least when Liverpool won a penalty against Tottenham’s Moussa Sissoko in similar circumstances in the Champions League final, but the video assistant referee system didn’t review Frappart’s call.

Frappart had few problems keeping pace with the world’s top male players—a concern sometimes voiced by critics of female referees—and was quietly authoritative.

Frappart kept Chelsea’s players under control when they twice had goals ruled out for offside on the way to a penalty shootout loss to Liverpool.

She greeted aggrieved players with a firmly outstretched palm and faced down objections calmly, such as when Chelsea’s César Azpilicueta was upset to receive a booking for shoving Mané. Frappart could be jovial too, smiling and patting Chelsea’s Jorginho on the back after blowing the whistle for halftime.

Frappart became the first woman to referee a French top-flight men’s game when she oversaw Amiens against Strasbourg in April. She has been promoted to a full-time role for the French men’s league this season.

She said in June she was “proud and honored” to gain that promotion and hoped she could inspire more young girls to take up refereeing.

For the Super Cup, Frappart was accompanied by assistants Manuela Nicolosi of France and Michelle O’Neill from Ireland, reuniting the team which officiated the United States’s win over the Netherlands in the Women’s World Cup final last month. AP

By Doug Ferguson The Associated Press

M

EDINAH, Illinois—The course is familiar to Tiger Woods. The circumstances are not.

Medinah is where Woods buried that 8-foot par putt on the 17th hole in 1999 to win the Professional Golfers’ Association Championship for the first time by holding off teenage Sergio Garcia. He returned to Medinah in 2006 and won the PGA Championship again, this time making history as the only player to win multiple majors in consecutive years.

“I’ve had some good memories,” Woods said.

What he needs now is good health and a good week at the BMW Championship.

Otherwise, one of his best memories from last year will remain just that.

Woods withdrew last week after one round of the FedEx Cup playoffs opener, citing a mild strain of the oblique. That dropped him from No. 28 to No. 38 in the FedEx Cup because points are quadruple during the postseason.

The PGA Tour projects that he needs to finish at least 11th—he has only one top 10 since winning the Masters—to have any chance of being among the top 30 players who advance to the Tour Championship for the FedEx Cup finale and a shot at the $15 million bonus.

Woods is the defending champion at East Lake, capping off his comeback from four back surgeries with a vintage performance at the Tour Championship.

“I’m trying to win this tournament just like anybody else in this field, and trying to get to

East Lake and trying to get to a place where a lot of things changed for me last year,” Woods said after his pro-am.

“And hopefully, I can make that happen.”

That it even might happen is a mild surprise.

Woods says he didn’t feel right last week at Liberty National, and it showed in a pro-am round when he didn’t hit full shots on the back nine, only chipping and putting. When he withdrew after a 75 in the first round with the oblique injury, it seemed as though that might be the end of his season.

But he showed up Tuesday at Medinah, only to start this week in the same way as last week.

“Took the back nine off, chipped and putted quite a bit,” Woods said. He then added that his body “definitely doesn’t feel like it did on Friday, that’s for sure.”

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Sports

| Friday, August 16, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BusinessMirror

TIGER NEEDS GOOD WEEK, GOOD HEALTH

TIGER WOODS says he didn’t feel right last week at Liberty National, and it shows in a pro-am round when he doesn’t hit full shots on the back nine, only chipping and putting. AP

“It was nice to take those days off,” he said, referring to the threeday weekend from withdrawing. “I had to just let it calm down and get a bunch of treatment on it, and it feels so much better.”

Woods attributed the injury to slight changes in his swing to alleviate pressure off a fused lower back.

“As I’ve said before, the forces have got to go somewhere, and unfortunately when I make any kind of tweaks and changes to my swing, it’s like a new body part is aching,” he said.

“Unfortunately, I can’t play around the back like I used to. And unfortunately, things flare up.”

So many others are in better position, minus the history at Medinah.

Brooks Koepka remains atop the FedEx Cup standings, even with another pedestrian week in the playoffs. Koepka tied for 30th at Liberty National. The world’s No. 1 player has only two top 10s in 16 appearances in these postseason events.

He described it as frustrating, though nothing four major championships won’t soothe.

“I’ve been so burned out,” Koepka said.

“I’ve done a better job of being in shape and focusing a little bit more, focusing a little bit harder and trying to gear the schedule for around this. The way the schedule worked out this year, the last

four months, just really haven’t had too many weeks off.”

Most of the focus is on the 30 players who advance to East Lake. There is no cut in the 69-man field, which should help (Kevin Na withdrew because his wife is expecting to give birth). Andrew Putnam is holding down the 30th spot by four points over Ryan Palmer, but anyone can advance. Patrick Reed was 50th starting the playoffs, and his victory at Liberty National moved him to No. 2.

Among those with plenty of work to do are Jordan Spieth, Phil Mickelson and Ian Poulter, who has never been to the Tour Championship since the FedEx Cup playoffs began in 2007. He still recalls— vividly—the time 10 years ago when he finished two-hundredths of a point behind 30th place.

“I was sitting on the plane, tied 30ths, delighted to go to East Lake, and then being told the plane is going somewhere else,” Poulter said. “So great, yeah, I remember it. It’s only been 10 years.”

Poulter has the strongest memories of Medinah this side of Woods from having led Europe to the greatest Ryder Cup comeback by a visiting team in 2012. Poulter birdied the last five holes to win a fourballs match Saturday evening that salvaged European hopes, and he went 4-0 for the week.

So does Rory McIlroy, at No. 3 in the FedEx Cup. Not only did he meet his wife during the Ryder Cup at Medinah, he forgot what time zone he was in and needed a police escort to the course to avoid missing his tee time.

That squad car was later put up for auction.

Poulter bought it for $7,000.

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Friday, August 16, 2019

WORKING ON BONDING E

L SEGUNDO, California—USA Basketball Coach Gregg Popovich doesn’t have many rules for his World Cup team. They’re more like suggestions, such as the one about limiting phone usage when the team is having breakfast together.

He doesn’t mind if guys are talking.

He just wants them talking to one another.

Part of the challenge the US faces in the road to this Fiba World Cup—the tournament opener for the Americans in Shanghai against the Czech Republic is just a little over two weeks away—is taking individuals who know one another and turning them into a real team. It’s been a top priority for Popovich since the national

team assembled for camp last week, and players say they feel bonds being forged.

“We’ve got the group text going already,” Milwaukee’s Khris Middleton said.

“Practices, we’re constantly talking to each other. The bus rides, the breakfast meetings when there’s no phones, just getting to know each other to see what they’re all about, see how they are, just get to know them.”

So off-court matters are coming together.

The on-court product is still a work in progress.

The World Cup candidates played a team of mostly G League players in practice scrimmages on Wednesday and struggled mightily, losing one of those short games

A

King’s court: LeBron dedicates court at his hometown school

KRON, Ohio—LeBron James went back to school and back in time on Wednesday.

Joined by four high-school teammates, the NBA superstar dedicated a multicolored outdoor basketball court at the I Promise School, which he founded last year for underprivileged children in his hometown.

James took a break from his starring role in Space Jam 2, currently in production, to spend time with the kids and support his family foundation.

Before taking the court for a quick pickup game against the youngsters, James took the microphone and addressed the kids, encouraging them to chase their dreams the way he and his friends have.

“This is a basketball court and we see basketball hoops, but it teaches you so much more than just basketball,” he said. “To be able to create a brotherhood or sisterhood and create things that will last forever. A lot of people say things you do in high school you’ll forget. Well, we created a friendship 25 years ago and we’re still firm and strong. This is our way of giving it back to you guys—paying it forward.”

And then, James was again dribbling and passing with Dru Joyce III, Willie McGee, Romeo Travis and Sian Cotton, the “Fab Five” from Saint Vincent-Saint Mary High School, a group that won a state title and became nationally known as James rose from an Ohio teen prodigy to professional icon.

His former coach, Dru Joyce, was also on hand.

James, who is spending more than $1 million on various upgrades for the school, dunked to break in one of the new hoops but missed a couple of long three-pointers.

The 34-year-old will soon begin his second season with the Los Angeles Lakers. He missed the playoffs last season, failing to make the Finals for the first time in nine years.

The four-time MVP did not speak to the media following his on-court appearance.

James and the Akron Public Schools teamed up on the school, which is providing a nurturing academic environment for atrisk kids. AP

36-17. The first real dress rehearsal for the Americans in advance of the tournament comes Friday night in Anaheim against Spain.

Results in practice shouldn’t be read into that much, and for what it’s worth Popovich wasn’t exactly putting his team on blast afterward.

“Every day’s an opportunity to work on execution and put a year’s worth of business into a couple of weeks,” Popovich said. “Every day’s a little bit better.”

Brooklyn’s Joe Harris said facing adversity in camp will only help the Americans when adversity strikes for real when games count in China.

“This is where you figure it out,” Harris said. “You don’t want everything to be

seamless right now. These are the moments right now in practice where you want it to be difficult, take your licks a little bit and figure it out. It’s making us come together.

You can’t do it alone and this is helping us become a collective unit.”

The team had the weekend off after an intrasquad scrimmage in Las Vegas last Friday, then reassembled at the Los Angeles Lakers’ practice facility on Tuesday. If the Americans—the two-time defending World Cup champions—make the gold medal game in Beijing on September 15, that means Tuesday was the start of 34 consecutive days together for a group currently composed of 15 players from 10 different NBA franchises. The roster will be

pared to 12 before the World Cup begins.

A lot of players knew each other relatively well before last week, but Popovich wants them to get very close very fast.

“I agree with Pop,” Boston’s Kemba Walker said. “Cell phones, you don’t need them, not all the time. There’s definitely time to be on your cell phones but now, right now, in the situation that we’re in we have to gain some camaraderie pretty fast.”

For his part, Walker thinks that camaraderie is building.

“We just have a bunch of high-character guys, hungry guys, guys who want to be here and guys who want to win,” Walker said. “So yes, it’s been easy for us to get along.” AP

TEST EVENT FOR TOKYO 2020 Athletes dive into the water at the start line during a women’s triathlon test event at Odaiba Marine Park, a venue for marathon swimming and triathlon at the Tokyo 2020 Olympics, on Thursday in Tokyo. AP LEBRON JAMES is triple-teamed by I Promise School students during a pickup game at the school on Wednesday in Akron, Ohio. AP

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Friday, August 16, 2019 C3

Ramirez wants another ‘Miracle’ in SEA Games

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SAN MIGUEL BEER GOES FOR CROWN

S

AN MIGUEL Beer goes for the kill against TNT in Game Six of the tightly contested Philippine Basketball Association Commissioner’s Cup best-of-seven Finals on Friday at the Smart Araneta Coliseum.

The action went beyond fever pitch in Game Five with the Beermen ending up as the visibly composed squad to score a 99-94 win and move on the verge of their 27th crown and a second ring this season after regaining the previous All-Filipino conference.

The match set at 7 p.m.

As expected, things did not go as easy as San Miguel Beer had to erase a 16-point fourth-quarter deficit—a long and tough stretch where import Chris McCullough wore the hero’s cape by scoring 19 of his 35 points—including a gutsy drive that gifted his team the lead, 95-94, with 13.3 seconds left.

Coach Leo Austria knew that in critical scenarios, the Beermen always have the advantage with their tradition of winning championships.

“In a situation like this, composure is really important,” Austria said after the win.

The pattern in the series drastically changed as San Miguel Beer finally caught the driver’s seat by winning two straight in the series that went back-and-forth.

The Beermen played the catcher’s role from the beginning after losing Game One and Three. With two victories in a row and a shot for the crown, there’s no way the squad is going to let it slip.

“For sure, if there’s an opportunity to grab the title, we will go for it,” he added.

However, TNT, will be determined to force a deciding Game Seven. Coach Bong Ravena believes so.

“The series is not yet over. They have the advantage, but we’ll see what we can do,” Ravena said.

After losing their double-digit lead, the KaTropa seemed to lose rhythm. Turnovers also hurt the team as miscues by Best Import Terrence Jones led to momentum-shifting baskets in the pivotal fourth frame.

In all, Jones had seven turnovers. It overshadowed his super effort of 35 points, 17 rebounds, eight assists, four blocks and two steals.

“We are in the Finals, we just can’t underestimate the team. Another lesson—we have to take care of the ball until the end,” Ravena said.

McCullough added 22 rebounds, while Terrence Romeo and June Mar Fajardo had 22 and 16 points, respectively.

Ramon Rafael Bonilla

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minutes left when the Knight used an 8-2 run to make the game exciting. Luckily, the comeback fell too short allowing the Mendiola-based squad to escape with the victory.

“My young guys are developing. They’re stepping up their game. So, we wish this would continue. It’s tough and it’s a long season, we will take it one game at a time,” San beda Coach Boyet Fernandez said.

The Blazers, on the other hand, brushed off the rust from a two-week break to beat the Arellano University Chiefs, 82-77, last Tuesday.

Clement Leutcheu scored 13 points, while returning forward Justin Gutang added 12 points, seven rebounds and five assists in his first game since suffering a knee injury last month.

“Still, a tough stretch for us playing at least the top 3 teams in the league. This is an opportunity to be at the top 2, and maybe our best finish of the first half of the season,” Blazers Coach TY Tang said.

Ramon Rafael Bonilla

Gemida targets repeat in Calbayog

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IA GEMIDA brims with confidence as she sets out for a reprise of her two-title feat in Leyte last week, headlining the field in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Mayor R. Aquino national age-group tennis tournament, which gets going on Friday in Calbayog, Samar.

But the rising star from Ormoc City is in for a stiff challenge from the very same players she humbled in Baybay, including young Corazon

Lambonao, whom she upended twice to reign in the 16- and 18-and-under classes of the Group 2 tournament presented by Dunlop at Calbayog Lawn Tennis Society courts.

Ashley McKenzie, meanwhile, firms up the cast in the girls’ top 2 age categories with sibling Kimberly McKenzie also going all out to foil Lambonao’s back-to-back title bid in the 14-U play of the event serving as part of the PPS-PEPP circuit.

This marks the first time that Calbayog is

this year, Ramirez said there is no reason for Filipinos not to aim for the overall championship.

“It’s not okay to finish third or fourth. With a P6 billion budget, there’s no room for not finishing on top,” he added.

Ramirez stressed the PSC’s full support to the foreign training of the national athletes in preparation for the SEAG. “The PSC has already appropriated P600 million for the foreign training of our athletes and we are appropriating P400 [million] to P600 million more,” he said.

Besides foreign training and exposure, the PSC has also allotted additional budget for the equipment of national athletes.

Close to 10,000 athletes from the 11 Asean countries are expected to participate in the Games that will feature 530 events in 56 sports.

This year marks the fourth time that the country will host the biennial meet after 1981, 1991 and 2005.

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THAI CLINGS TO 1-SHOT LEAD

EMITTRA JUNTANAKET held her ground against Princess Superal’s early charge and barely stayed ahead in a faltering finish for a 73, just one up on a charging fellow Thai Pimpadsorn Sangkagaro in the second round of the International Container Terminal Services Inc. (ICTSI) Mount Malarayat Ladies Classic in Lipa City on Thursday.

Superal pulled to within one with a twounder card after 11 holes in the wind but, like in the first round, the ace Filipina shotmaker wavered at the finish at Mount Makulot and remained three strokes behind with a 73 at Mount Malarayat’s composite course.

That moved Juntanaket 18 holes away from a dream victory on the Ladies Philippine Golf Tour as the 22-year-old shotmaker bucked a shaky long game to rescue a 36-37card for a 145 and cling to the lead over Sangkagaro, who birdied two of the last eight to shoot the day’s best 70 in third-to-last flight and take the challenger’s role at 146.

“Despite my poor driving, I was able to play good in the first nine [at Mount Malipunyo] with my superb short game,” said Juntanaket, chasing her second pro win after winning the Pan Thai Open in 2017. “‘llI try to hit it on the fairways and greens and make the most of birdie chances tomorrow [today] to win again,” the Thai ace added.

Superal, seeking to make it two-in-row after ruling the John Hay stop of the circuit put up by

hosting a leg of the country’s premier and longest running age-grouper with Palawan Pawnshop President and CEO Bobby Castro recognizing host Mayor Ronaldo Aquino’s efforts to help develop the sport and keep Calbayog’s youth busy and away from the lure of vices.

Cedric Bravo, also from Ormoc, meanwhile, seeks redemption from a shock loss to Maasin’s Cymer Casem in the boys’ 18-under finals last week as he leads the cast that includes Nicolas Ocat, Glenn Mancol, Louie Chavez, Mark Baguio and Grant Regino among others.

RAMIREZ

ICTSI in Baguio last month, bogeyed No. 12 and dropped two strokes on the tricky par-five 14th after overshooting the green and missing it on a lob shot. She birdied No. 16 from 10 feet but dumped her tee-shot on the par-3 17th into the left greenside and failed to get up-and-down.

Though she improved from an opening 75 with a 73, the reigning LPGT Order of Merit champion stayed three adrift at 148 with Thais Ajira Nualraksa and defending champion Onkanok Soisuwan joining her at third with 72 and 73, respectively.

“I just couldn’t sustain it at the finish, but I hope to put it all together tomorrow [today],” said Superal, still hopeful of a strong windup for a crack at the top P150,000 purse.

Another Thai, Numa Gulyanamitta, turned in a 74 for solo sixth at 149 while Marvi Monsalve, who started the round just two off Juntanaket, struggled in tough conditions all day, limping with a birdieless 77 and tumbling to seventh at 151.

Korean Hwang Min-jeong, who won here as an amateur in 2015 who scored a breakthrough as a pro at Splendido last January, also failed to get going, her 75 and a 153 put her seven shots off the pace heading to the final round of the P750,000 championship organized by Pilipinas Golf Tournaments Inc.

SAN MIGUEL Beer import Chris McCullough goes for a highlight slam in Game Five.

Red Lions face Altas; Blazers meet Pirates AN Beda University and College of Saint Benilde stake their unbeaten records when they battle separate foes in the National Collegiate Athletic Association Season 95 men’s basketball tournament on Friday at the Filoil Flying V Centre in San Juan City.

The defending champion Red Lions (5-0) put their record on the line against the University of Perpetual Help Altas (2-4) at 12 noon.

The Blazers (5-0) take on the third running Lyceum Pirates (5-1) at 4 p.m. Jose Rizal University (3-4) tackles Mapua (2-5) in the other match at 2 p.m.

San Beda stayed unblemished after posting a close 70-66 win over Letran last Saturday at the Cuneta Astrodome in Pasay City.

Evan Nelle topscored with his 18 points that went with seven rebounds and three assists for San Beda.

Donald Tankoua added 15 points, while James Canlas and Calvin Oftana each had 11 points.

The Red Lions were in control with less than three

EAM Philippines Chef de Mission William Ramirez believes the “Miracle of 2005”— when the Philippines emerged overall champion as host of the Southeast Asian Games— would again take place when the country rolls the red carpet for the biennial games’ 30th edition from November 30 to December 11.

“It’s very possible for the Philippines to be overall champion again in the SEA Games. With the government’s full support—in funding— that is very possible,” said Ramirez, also chairman of the Philippine Sports Commission.

Ramirez signed on Wednesday a tripartite agreement with the Philippine Olympic Committee (POC) and Philippine SEA Games Organizational Committee Inc. (Phisgoc) at the Rizal Memorial Sports Complex. The agreement focuses on a successful hosting of the games and the Filipino athletes’ domination of the competitions.

With a P6-billion budget for the Games hosting

ANOTHER Thai, Pimpadsorn Sangkagaro, comes charging in the second round.

Engineers earn slot to playoffs

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ECHNOLOGICAL Institute of the Philippines (TIP) punched a ticket to the Philippine Basketball Association Developmental League Foundation Cup playoffs, but not without incident as it avoided a 28-point meltdown to score the 110-99 win over Black Mamba on Thursday at the Ynares Sports Arena in Pasig City Russell Tan went bonkers with his 5-of-7 shooting from deep to pour 25 points off the bench for the Engineers.

Bryan Santos chalked up 20 points, nine rebounds, five steals and two assists, while GC Carurucan added 19 points, nine assists, seven boards and three steals. Ivan Santos got 16 points, nine rebounds and three assists for TIP,

which rose to 4-1 won-lost in Group B. “Very big thing for us, for a school team. It’s a nice thing to give to the school, we’re just trying to compete every game,”TIP Coach Potit de Vera said.

The Engineers had to buck a forgettable second half that saw their 59-31 second quarter lead gobbled up and trimmed to as low as five, 94-89, with 5:16 left thanks to a Dahrell Caranguian trey.

But a well-timed 16-7 finishing kick brought TIP back up 14, 110-96, 1:34 left, to lock up the conquest.

“I just reminded them to execute and be in control. We’re out of control. There was that scary moment, but I never showed any panic.

I’m happy for the kids that they responded,” de Vera added.

The Engineers missed Senegalese center Papa Ndiaye, who is nursing a hamstring injury and is a game time decision for their last game against Alberei on Monday.

Champion squads boost PVL Collegiate Conference

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WELVE of the country’s leading colleges and universities, led by the reigning champions from the University Athletic Association of the Philippines (UAAP) and National Collegiate Athletic Association (NCAA) gear up for a two-month long duel of power, guts and styles in pursuit of the crown in the Premier Volleyball League Season 3 Collegiate Conference firing off on Saturday at the Filoil Flying V Centre in San Juan.

Ateneo, which ended a four-year title spell with a sweep of University of Santo Tomas in the UAAP finals last May, and Arellano University, which completed a three-peat in the NCAA last February by beating the very same team—University of Perpetual Help—to score a “slam” in the league five years ago, spearhead

their respective sides in the two-group tournament set on weekends so as not to disrupt the ongoing Open Conference of the league organized by Sports Vision.

Joining Ateneo in Pool A are Perpetual, Adamson, San Beda, San Sebastian and Letran while completing Pool B are College of Saint Benilde, Lyceum of the Philippines University, Technologica Institute of the Philippines, UST and Far Eastern University.

National University, which swept FEU in the finals of the inaugurals in 2017, and last year’s surprise winner University of the Philippines, have opted to skip the tournament.

But the depth of the field remains as talent-laden as ever with the Lady Eagles and the Lady Chiefs hoping to live up to the hype in an attempt to nail a second major

3X3 ELITE LEAGUE UP

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CHANCE to represent the Philippines is at stake when the 3x3 Elite League Manila 2019 is staged from September 20 to 22.

The 3x3 competition open to players aged 18 to 40 years old will be held for the second straight year with the eliminations set on September 20 and 21 at the Dumlao Sports Center in Mandaluyong City. The championship is scheduled on September 22 at the Market!

Market! Mall in Taguig City.

The champion team in the competition organized by Mediapro Asia and SINA in partnership with the National Basketball League (NBL) and Samahang Basketbol ng Pilipinas (SBP) will win $3,000 and will fly an all-expense paid trip to Beijing to represent the Philippines in the SINA 3x3 Elite League 2019.

The Philippine squad will then compete against teams from the United States, China, Australia, Japan and Korea.

Last year, the Dasmariñas Ballers Club of JP Rabe, Junard Caparida, Gesmar Isorena and Roberto Sayawan represented the country and were pitted against world-class teams Liman Tesla Voda of Serbia, Ulaanbaatar of Mongolia and Townsville of Australia.

Registration fee is P4,000 inclusive of four reversible jerseys. For more information, call 09065085861 or 09273780785, or visit facebook. com/eliteleaguemanila.

championship this year.

The top 2 teams from each side after the single round-robin prelims will advance to the crossover best-of-three semifinals with the winners disputing the crown in another bestof-three affair.

Focus will also be on the Lady Tams, who are itching to end a run of bridesmaid finishes.

They launch their bid against the Lady Blazers at 8 a.m.

The Lady Eagles, on the other hand, face the Letran side at 10 a.m. while the Lady Red Lionesses take on the Lady Falcons at 12 noon in an explosive triple-bill.

The Lady Chiefs open their title drive on Sunday against the TIP side at 10 a.m. after the 8 a.m. match between the Tigresses and the Lady Pirates while the Lady Altas clash with the SSC spikers at 12 noon.

Ronaldo lawyers want lawsuit to go to private arbitration

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Sports

| Friday, August 16, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BusinessMirror

COURT documents asks a US judge to declare that a 2010 confidentiality agreement and $375,000 hush-money settlement with Cristiano Ronaldo’s accuser are still in effect. AP

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AS VEGAS—Cristiano Ronaldo’s lawyers want to push a Nevada woman’s lawsuit accusing the soccer star of raping her in 2009 out of a US court and into closed-door arbitration.

Court documents filed in Las Vegas asked a US judge to declare that a 2010 confidentiality agreement and $375,000 hush-money settlement with Ronaldo’s accuser, Kathryn Mayorga, are still in effect.

Such a ruling would stop the public proceeding and invoke a provision allowing out-of-court mediation between Mayorga, a 35-year-old former schoolteacher and model, and representatives of one of the most recognizable and highly paid players in sports.

Ronaldo, 34, plays in Italy for the Turinbased soccer club Juventus and captains the Portugal national team.

The Associated Press generally does not name people who say they are victims of sexual assault. Mayorga gave consent through her lawyers to be named.

Her attorneys, Leslie Mark Stovall and Larissa Drohobyczer, did not immediately respond Wednesday to telephone, email and text messages.

Ronaldo’s attorney, Peter Christiansen, declined to comment.

Ronaldo’s lawyers have conceded that Ronaldo and Mayorga had consensual sex in 2009 in his suite at a Las Vegas casino hotel.

The attorneys deny it was rape.

Mayorga’s lawyers maintain she didn’t break the confidentiality agreement and instead say Ronaldo or his associates allowed reports of it to appear in European publications in 2017. AP

By Mesfin Fekadu

league (Reid criticized Jay-Z’s new deal with the league).

When asked why he didn’t involve Kaepernick in the new Roc Nation-NFL deal, Jay-Z said: “You’d have to ask him. I’m not his boss. I can’t just bring him into something.

That’s for him to say.”

Jay-Z also said he and Kaepernick had a conversation about the new deal but offered no details about what was discussed.

Kaepernick didn’t comment on the deal, but tweeted about his social justice work Wednesday.

“Today marks the three year anniversary of the first time I protested systemic oppression. I continue to work and stand with the people in our fight for liberation, despite those who are trying to erase the movement!

The movement has always lived with the people!” he wrote.

The NFL and Jay-Z’s entertainment and sports representation company announced Tuesday they were teaming up for events and social activism, a deal Jay-Z said had been in the works over the last seven months.

“First thing I said to Roger was, ‘If this is about me performing at the Super Bowl, then we can just end this conversation now,’” Jay-Z said.

The league plans to use Roc Nation— home to Rihanna,

JAY-Z: I SUPPORT PROTEST T

The Associated Press

HE Grammy winner and entrepreneur fielded questions Wednesday at his company’s New York City headquarters alongside National Football League (NFL) Commissioner Roger Goodell. When directly asked if he would kneel or stand, Jay-Z said: “I think we’ve moved past kneeling and I think it’s time to go into actionable items.”

He then added: “No, I don’t want people to stop protesting at all. Kneeling—I know we’re stuck on it because it’s a real thing—but kneeling is a form of protest. I support protest across the board. We need to bring light to the issue. I think everyone knows what the issue is—we’re done with that,” he added. “We all know the issue now. OK, next. What are we moving [on to] next?...And I’m not minimizing that part of it because that has to happen, that’s a necessary part of the process. But now that we all know what’s going on, what are we going to do? How are we going to stop it?

Because the kneeling was not about a job, it was about injustice.”

Jay-Z has been among the biggest supporters of Kaepernick, who sparked a fissure in the NFL when he decided to kneel when the national anthem was played before games to protest the killings of blacks by police officers. Some called him unpatriotic, and he has not played for the NFL since he opted out of his contract with the San Francisco 49ers in 2017. Earlier this year, the NFL settled a lawsuit brought by Kaepernick and Eric Reid that alleged that owners colluded to keep them from playing in the

THAILAND TRIES, FAILS TO COMPETE IN WORLDS T HAILAND caused a major surprise by declaring that it wants to compete in the International Weightlifting Federation (IWF) World Championships next month—despite its self-imposed exile for multiple doping offenses.

But its hopes were swiftly doused by the IWF, which said “no Thai athletes will be entitled to participate” at the World Championships, to be held in Pattaya in Thailand from September 18 until 27.

At last year’s IWF World Championships, nine of Thailand’s team tested positive, including two Olympic champions.

The Thai Amateur Weightlifting Association (Tawa) suspended itself from international competition in March, but changed its mind this week and said it wanted its athletes to take part in Pattaya and to have a chance to qualify for Tokyo 2020.

A report claimed Thailand’s aboutturn would be discussed in Pattaya by the IWF Executive Board.

But an announcement by the IWF said “The IWF Executive Board will not be reviewing Tawa’s decision at its meeting in September, and therefore Tawa’s self-suspension and the suspension of Thai athletes from competing in weightlifting events will remain in place.”

Of the nine members of Thailand’s team who tested positive at last year’s IWF World Championships in Ashgabat in Turkmenistan, three had won gold medals and two, Sukanya Srisurat and Sopita Tanasan, were winners at Rio 2016.

Samples originally came up clean but when they were further tested at a laboratory in Cologne, the positives emerged.

News of the violations came out in stages, painting an ever worse picture

NATIONAL Football League Commissioner Roger Goodell (left) and Jay-Z appear at a news conference at ROC Nation on Wednesday in New York. AP

DJ Khaled and other stars—to consult on and co-produce its entertainment presentations, including the Super Bowl halftime show. The NFL will also work with Jay-Z’s company to help its Inspire Change initiative, created by the league after an agreement with a coalition of players who demonstrated during the national anthem to protest social and racial injustice in this country. Those demonstrations were sparked by Kaepernick kneeling during the national anthem in 2016.

“Everyone’s saying, ‘How are you going forward if Kaep doesn’t have a job?’ This was not about him having a job. That became part of it,” Jay-Z said. “We know what it is—now how do we address that injustice? What’s the way forward?”

Jay-Z added that “the NFL has a huge platform and we can use that huge platform.”

“I believe real change is had through conversation, real conversation and real work... and what better way to do it

than where the conversation first took place.”

Jay-Z has turned down invitations to perform at the Super Bowl, even rapping about it in a song. Rihanna has also turned down the gig.

Jay-Z said he is not performing at the 2020 halftime show, which his company will co-produce, and said he turned down the offer in the past because he “didn’t like the process.”

“You take four artists and everyone thinks they’re playing the Super Bowl, and it’s almost like this interview process,” he said. “I think the process could have been more definite.”

Maroon 5 headlined this year’s halftime show and when it was announced that Travis Scott was to join as a special guest, reports surfaced online that Jay-Z didn’t want the rapper to perform. Jay-Z acknowledged that was true, but clarified it didn’t have anything to do with Kaepernick.

“My problem is [Travis] had the biggest year to me last year,” Jay-Z explained, “and he’s playing on a stage that had an M on it.

I didn’t see any reason for him to play second

fiddle to anyone that year and that was my argument.”

Goodell also answered several questions Wednesday. When a reporter asked a question, looking at both Goodell and Jay-Z, the rapper said: “Are you asking me?”

“I’m not the commissioner yet,” Jay-Z said as the room burst into laughter.

SAVE! The Atlanta Braves’ Matt Joyce is safe at home plate as New York Mets

catcher Wilson Ramos tries to make the tag during the seventh inning of their Major League Baseball game on Wednesday in Atlanta. The Braves won, 6-4. AP

AT last year’s world championships, nine of Thailand’s team tested positive, including two Olympic champions.

for the Tawa in December, January, February, when two athletes who had already been suspended came up positive again, and April.

By the time of the final suspension announced on April 4 —by which date Thailand had a total of 12 unresolved doping violations within a year—Tawa had suspended itself from international competition.

On March 7 Tawa made an announcement “in order to keep in existence our high honor and proud dignity,” making three undertakings—Thai athletes would not compete internationally until the situation unfolded, they would not take part in the Tokyo 2020 Olympic Games or any of its qualifying competitions—of which the World Championships is the most important one and Thailand would carry on hosting the 2019 World Championships, without any of its athletes taking part, “so as to express our accountability

for the Thai nation and all Member Federations of the IWF.” Tawa changed its mind and, earlier this week, said it wanted athletes who had not tested positive to compete in Pattaya and have a chance to qualify for the Olympics, though none of the “clean” Thai lifters is well placed in the rankings.

Tawa President Intarat Yodbangtoey believes the athletes who tested positive in Turkmenistan were given a pain relief gel by a former coach. They were unaware that the gel contained traces of an anabolic steroid.

Yodbangtoey, a vice president of the IWF, also believed his nation had been singled out for rigorous testing, and said, “Where is the justice?”

The International Olympic Committee, which put weightlifting “on probation” for nearly two years until May because of past doping problems, will have taken note.

Insidethegames

God of abundant mercy

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EAR God, You protect all who hope in You. With trust in Your loving kindness we pray: Lead us to Your light, oh God. Heal Your Church of all that keeps us from living the Gospel with joy and sharing the Gospel in love. Advance understanding, dialogue and respect among Christians, Muslims, Jews and other religious denominations. Inspire homilists, spiritual writers and catechists. May God transform our hearts by the Word of life and enrich us with every gift of the Spirit. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

CASEY AFFLECK EXPLORES PARENTING IN THE APOCALYPSE D4

Friday, August 16, 2019

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Opera legend Plácido Domingo in a #MeToo storm

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By JoCelyn GeCKer The Associated Press

OR decades, Plácido Domingo, one of the most celebrated and powerful men in opera, has tried to pressure women into sexual relationships by dangling jobs and then sometimes punishing the women professionally when they refused his advances, numerous accusers told The Associated Press.

Regarded as one of the greatest opera singers of all time, Domingo also is a prolific conductor and the director of the Los Angeles Opera. The multiple Grammy winner is an immensely respected figure in his rarefied world, described by colleagues as a man of prodigious charm and energy who works tirelessly to promote his art form.

But his accusers and others in the industry say there is a troubling side to the 78-year-old Domingo— one they say has long been an open secret in the opera world.

Eight singers and a dancer have told the AP that they were sexually harassed by the long-married, Spanish-born superstar in encounters that took place over three decades beginning in the late 1980s, at venues that included opera companies where he held top managerial positions.

One accuser said Domingo stuck his hand down her skirt and three others said he forced wet kisses on their lips—in a dressing room, a hotel room and at a lunch meeting.

“A business lunch is not strange,” said one of the singers. “Somebody trying to hold your hand during a business lunch is strange—or putting their hand on your knee is a little strange. He was always touching you in some way, and always kissing you.”

In addition to the nine accusers, a half dozen other women told the AP that suggestive overtures by Domingo made them uncomfortable, including one singer who said he repeatedly asked her out on dates after hiring her to sing a series of concerts with him in the 1990s.

The AP also spoke to almost three dozen other singers, dancers, orchestra musicians, backstage staff, voice teachers and administrators who said

they witnessed inappropriate sexually tinged behavior by Domingo, and that he pursued younger women with impunity.

Domingo did not respond to detailed questions from the AP about specific incidents, but issued a statement saying: “The allegations from these unnamed individuals dating back as many as 30 years are deeply troubling and, as presented, inaccurate.

“Still, it is painful to hear that I may have upset anyone or made them feel uncomfortable—no matter how long ago and despite my best intentions. I believed that all of my interactions and relationships were always welcomed and consensual. People who know me or who have worked with me know that I am not someone who would intentionally harm, offend or embarrass anyone.

“However, I recognize that the rules and standards by which we are—and should be—measured against today are very different than they were in the past.

I am blessed and privileged to have had a more than 50-year career in opera and will hold myself to the highest standards.”

Seven of the nine accusers told the AP that they feel their careers were adversely impacted after they rejected Domingo’s advances, with some saying that roles he promised never materialized and several noting that while they went on to work with other companies, they were never hired to work with him again.

Only one of the nine women would allow her name to be used—Patricia Wulf, a mezzo-soprano who sang with Domingo at the Washington Opera.

The others requested anonymity, saying they either still work in the business and feared reprisals or worried they might be publicly humiliated and even harassed.

The accusers’ stories lay out strikingly similar patterns of behavior that included Domingo persistently contacting them—often calling them repeatedly at home late at night—expressing interest in their careers and urging them to meet him privately under the guise of offering professional advice.

None of the women could offer documentation, such as phone messages, but the AP spoke to many

colleagues and friends that they confided in. In addition, the AP independently verified that the women worked where they said they did and that Domingo overlapped with them at those locations.

Two of the women said they briefly gave in to Domingo’s advances, feeling they couldn’t risk jeopardizing their careers by saying no to the most powerful man in their profession.

One of them said she had sex with him twice, including at the Biltmore hotel in Los Angeles. When Domingo left for a performance, the woman said, he put $10 on the dresser, saying, “I don’t want you to feel like a prostitute, but I also don’t want you to have to pay to park.”

The women making the accusations—who said they were emboldened to speak out by the #MeToo movement—were mostly young and starting their careers at the time.

Several said they took extreme measures to avoid Domingo, including asking colleagues to stick with them while at work and not answering their home phones. The dancer called her avoidance technique “the bob and weave, the giggle and get out,” and one soprano labeled it “walking the tightrope.”

One singer who is among Domingo’s accusers was 23 and performing in the LA Opera chorus when she first met the superstar in 1988. She said she remembers wiping his saliva off her face from a sloppy, wet stage kiss after which he whispered in her ear, “I wish we weren’t onstage.”

Domingo started calling her at home frequently, she said, although she had not given him her number.

“He would say things like, ‘Come to my apartment.

Let’s sing through some arias. I’ll give you coaching.

I’d like to hear what you can do for casting,’” she said.

Whenever he returned to Los Angeles over the course of the next three years, she said he was uncomfortably affectionate, slipping a hand around her waist or kissing her on the cheek too close to her mouth. He would enter her dressing room uninvited, she said, which she said she assumed was to catch her undressed.

The mezzo-soprano said she strenuously tried to avoid being alone with him, while also striving not to insult him. But he did not take the hint, she said.

She said she agreed to meet Domingo about 11 pm one night “and then I had a full-blown panic attack. I freaked out, and I just kept not answering the phone.

He just filled up the machine, calling me until 3:30 in the morning.”

In 1991, she said, “I finally gave in and slept with him. I ran out of excuses. It was like, ‘OK, I guess this is what I have to do.’”

She said she had sex with Domingo on two occasions, at his Los Angeles apartment and at the Biltmore hotel, where he left the money on the dresser.

Another young singer at the LA Opera, where Domingo was the incoming artistic director, said he immediately started calling her at home after she met him at a rehearsal in 1988.

“He would say, ‘I’m going to talk to you as the future artistic director of the company’” and discuss possible roles, she said. “Then he would lower his voice and say, ‘Now I’m going to talk to you as Plácido,’” she said, and ask her to meet him—for a drink, to see a movie, to come to his apartment so he could cook her breakfast.

During one of his frequent visits to her dressing room, he admired her costume, leaning forward to kiss her cheeks and placing one hand on the side of her breast, she said.

The singer—who was 27 and just starting her career—said she felt trapped.

“I was totally intimidated and felt like saying no to him would be saying no to God. How do you say no to God?” she said.

As the calls wore on, she stopped picking up the phone. In person, she gave excuses, she said: She was busy, she was tired, she was married. Finally, she said, she surrendered to “a feeling of impending doom” that “I wasn’t going to have an opera career if I didn’t give in.”

She said she went to his apartment, where they engaged in “heavy petting” and “groping.”

In the days and weeks after, she said Domingo repeatedly called her. “I felt like prey. I felt like I was being hunted by him,” she said.

Continued on d4

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Friday, August 16, 2019

Society BusinessMirror

www.businessmirror.com.ph

z

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Cameron Monaghan, 26; Steve Carell, 57; Angela Bassett, 61; Madonna, 61.

HAPPY BIRTHDAY: You can think big, but don’t set goals that are unreasonable. Plan and prepare for anything and everything. Knowing what you are doing and living within your means will help you move forward without loss or regret. Be methodical and thorough, and stick to your budget. You will reap rewards for being patient and paying attention to detail. Your lucky numbers are 5, 12, 23, 29, 32, 37, 41.

EASTWEST FVP and Consumer Lending Cluster Marketing and Sales Head EASTWEST President and Deputy CEO Patrick Dennis Solosa, and EastWest VP Consumer Lending Cluster Service Jesus Roberto Reyes Delivery Head Paolo Salcedo

FROM left: Singapore Airlines Regional VP for Southeast Asia WK Lim, Singapore Ambassador to the Philippines H.E. Gerard Ho, Singapore Airlines VP Loyalty Marketing Ryan Pua

a

ARIES (March 21-April 19): Put more thought into the way you handle your relationships with the people you live or work with before you decide to make changes that could alter the way others feel about you. Compassion, thoughtfulness and understanding will be required. HHH

b

TAURUS (April 20-May 20): Share your feelings, but don’t make a fuss. Have a plan in mind or a suggestion or solution ready if you think adjustments need to be made. Be willing to listen to what others have to say. HHH

c

GEMINI (May 21-June 20): Stabilize your personal life and home environment. Talk matters over with loved ones if you feel changes need to be made. Be open to suggestions and willing to make adjustments in order to keep the peace. HHHHH

d

CANCER (June 21-July 22): Trust your intuition over your emotions. If you let someone take advantage of you, it will lead to an argument that will be difficult to resolve. Look at every angle of an issue before you make a statement.

HH

EastWest VP Consumer Lending Cluster Alternative Channels Head Marie Perpetua Socorre Castaneda and EastWest SAVP Consumer Lending Cluster Portfolio Management Head Mylene Pilares

SINGAPORE Airlines Station Manager Manila Daniel Ho

FROM left: EastWest SEVP and Head of Consumer Lending Cluster Jacqueline Fernandez, Mastercard Philippines Country Head Rowell del Fierro, and Singapore Airlines General Manager Philippines Lee Yong Tat

EastWest and Singapore Airlines launch co-branded card

By Pauline Joy M. Gutierrez

FROM left: Singapore Airlines Regional Marketing Manager Southeast Asia Jeff Wang, Singapore Airlines Head of Marketing and PR Aiza SollerGarcia, EastWest FVP and Head of Bank Marketing and Corporate Communications Sandro Villaraza, and EastWest SEVP and Head of Retail Banking Cluster Gerardo Susmerano

E

ASTWEST Bank has set its sights on a thriving channel of finance: travel credit cards. Luckily for the top local bank, flagship carrier Singapore Airlines Ltd. was happy to establish a partnership to boost its KrisFlyer program’s distribution network.

The co-branded EastWest Singapore Airlines KrisFlyer Mastercard, which is available in Platinum and World variants, allows frequent fliers to earn three times more miles when they purchase tickets from the Singapore Airlines Group, or use the card for their overseas expenses, as well as convert their everyday purchases into rewards.

“We recognize the importance and resurgence of travel among Filipinos, which is why we have taken our service to the next level by partnering with one of the world’s top airlines to bring jetsetters a premier travel credit card,” EastWest Vice President and Head of Consumer Lending Jacqueline Fernandez said in a statement. But just how much KrisFlyer miles do you need to redeem or upgrade a flight? Singapore Airline’s Miles Calculator (bit.ly/33tQdsa) show that members need 12,500 miles to avail an Economy Saver Award Ticket, and 25,000 miles for an Economy Advantage Award Ticket, for a one-way trip from Manila to Singapore. For business class, the required KrisFlyer miles range from 21,500 to 40,000 miles.

One-way flight tickets to Malaysia and Indonesia from the Philippines, on the other hand, require 20,000 miles, while Manila to Japan and Manila to Sydney start at 43,000 to 58,000 miles, respectively.

e

LEO (July 23-Aug. 22): Stick close to home and concentrate on personal, physical and emotional improvements. The better you feel about who you are, what you represent and what you do, the easier it will be to get things done.

Don’t give in to temptation. HHHH

f

VIRGO (Aug. 23-Sept. 22): Visit places that are unfamiliar. Experience what life has to offer. Broaden your horizons and expand your circle of friends. Change will do you good and open your eyes to new possibilities. HHHH

g

LIBRA (Sept. 23-Oct. 22): You can’t please everyone. Offer help where you can and ignore those who criticize or ridicule you. Arguing will not be productive or help calm your nerves. Follow your heart, be good to yourself and offer love and peace. HHH

h

SCORPIO (Oct. 23-Nov. 21): Look at all possibilities and consider what suits you best and is most comforting and self-gratifying. Bring about changes that will eliminate negativity in your life and help you maintain balance, as well as enforce a debt-free lifestyle. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Reconnect with people who have been helpful in the past, not those who have leaned on you without giving anything in return. Don’t lose sight of the cost involved in bringing about a change that someone wants you to make. HHH

Cardholders earn points for every spend category: three KrisFlyer miles are given for every P45 spend on Singapore Airlines, SilkAir, Scoot and KrisShop, as well as international transactions.

One KrisFlyer mile is awarded for every P45 local spend, while a P100,000 spend within three months from the card activation date equates to 3,000 points, and 5,000 KrisFlyer miles for P100,000 spend within 12 months from card approval date.

The EastWest Singapore Airlines KrisFlyer Platinum Mastercard comes with Priority Pass membership inclusive of two complimentary access for the cardholder per year, giving them access to connected spaces in over 1,200 VIP airport lounges around the world. Premium cardholders can also enjoy free travel inconvenience benefits and a low foreign currency exchange rate of 1.70 percent.

Other premium privileges include curated

domestic and cross-border getaways, culinary adventures, shopping opportunities and family entertainment pursuits. Cardholders are also given access to a global concierge service that can assist with hotel and restaurant reservations, gift delivery services, and car and limousine rentals.

“This is a first of its kind partnership in the Philippines for us, and it’s something that we’re really proud of,” said Singapore Airlines Vice President for Loyalty Marketing Ryan Pua during the launch in Taguig City.

“This premium card is especially curated and will enable members to ‘Earn Easier, Redeem Faster, and Travel Better,’” said Singapore Airlines Vice President Ryan Pua. “We believe this new credit card will enrich the travel and lifestyle needs of every KrisFlyer and PPS Club member, and make their journey with us even more rewarding.” n

j

CAPRICORN (Dec. 22-Jan. 19): Get serious about the changes you want to make. Whether personal or professional, it’s important to follow through with your plans after careful consideration of the end result you are trying to achieve. HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Too much of anything will lead to trouble. Use intelligence and common sense to help you avoid emotional purchases or making promises that aren’t realistic or affordable. Look inward and concentrate on personal gains. HH

l

PISCES (Feb. 19-March 20): Someone from your past will surprise you with an unexpected offer, gift or payback for something you did a long time ago. Attending a reunion or offering to help someone in need will change your life or the way you move forward. HHHHH BIRTHDAY BABY: You are helpful, encouraging and dedicated.

You are innovative and adaptable.

‘many happy returns’ BY CHRISTOPHER ADAMS The Universal Crossword/Edited by David Steinberg

ACROSS 1 Online auction site 5 Puerto ___ 9 Deep gorge 14 Trifling 15 Supply-and-demand subj.

16 Reached a cost of 17 Ready to go on stage (first 4 letters + last 2) 19 Barely defeated 20 Filmed again 21 Enjoys sushi, say 23 Poetic preposition 24 Mahershala of Green Book 25 Seashore sculptures (first 2 + last 3) 28 Fish that cats like 30 Lamborghini, e.g.

31 Protest violently 32 Hit the gym (first 2 + last 4) 35 Desktops with Retina displays 37 ___ Ado About Nothing 38 Jacob’s twin 39 Synagogue speaker 41 Ballpark figure (first 3 + last 3) 45 Actress Ward

6 Downsides 4 48 Greek war god 49 Celtics great Bird, to fans (first 2 + last 2) 53 Small recipe amt.

54 Mileage meter prefix 55 Deborah of The King and I 56 Supplements 58 Subway fare, once 60 April boons, and a hint to the starred answers’ indicated letters 62 Spanish for “egg” 63 Woman’s nickname hidden in The View 64 Timothee’s Call Me by Your Name role 65 Scatter (about) 66 Guns, as an engine 67 New York team DOWN 1 Abu Dhabi or Dubai 2 European alliance of three nations 3 Inverse trig function 4 Michelle of Crazy Rich Asians 5 Mononymous Parks and Recreation

actress 6 Critical hosp. area 7 Mature, as a CD 8 Sans intermission 9 Pungent salad green 10 “I’ve ___ enough!”

11 Heavenly 12 Sound systems 13 How humblebraggers try to be 18 “Help, we’re sinking!”

22 Follower of Laozi 26 Humorous Ogden 27 Emotional injury 29 Upper-body martial arts hold 33 Lioness’ baby 34 Eaves dropper?

36 “Boo’d Up” singer Ella 38 In ___ (existing) 39 Scientific instrument’s display 40 Today weatherman 41 Etch 42 Bargain event at a gallery 43 DIY diagnostic aid 44 Husbands, in Jalisco 45 Three-toed tree huggers

7 Discus champion Al 4 50 “...get what I mean?”

51 City districts, slangily 52 E. Germany, to residents 57 Judge (to be) 59 December 24 or 31 61 14, to Flavia

Solution to yesterday’s puzzle:

www.businessmirror.com.ph

DENVER Nuggets point guard Monte Morris and NBA legend Muggsy Bogues are all smiles as they encourage fans to believe in themselves by sharing their own personal stories of hardship and triumph.

Relationships BusinessMirror

BANGKO Sentral ng Pilipinas Governor Benjamin Diokno and Jaime Augusto Zobel de Ayala (BPI)

Friday, August 16, 2019

VALENTIN MENDOZA (MUFG Bank), Belinda Caraan (BSP) and Sanjiv Vohra (Security Bank)

Insurer encourages consumers toward self-belief story & Photo By JessiCa Maureen Gaurano TOP insurance brand AXA Philippines, in partnership with NBA in the Philippines, has formally introduced its new brand campaign, Know You Can, featuring stories from athletes who underwent the journey toward self-belief.

Know You Can hopes to demonstrate the company’s objective to become the encouraging partner that helps customers feel more comfortable in achieving their objectives and going further. The campaign aims to empower individuals to live better lives by encouraging self-belief.

“Through this new brand campaign, we want to show that we can assist them through the alternatives we give, and by being there for our clients at every step of their life. We can help them achieve the lives that they want,” explained Chief Customer Officer Amor Balagtas.

She added that Know You Can aims to spread the idea of encouragement by providing services that will help their clients be the best version they can be.

Together with the NBA, AXA Philippines will host several activities aligned with the campaign, including the recent meet-and-greet with NBA Denver Nuggets point guard Monte Morris and NBA legend Muggsy Bogues, who also encouraged fans by sharing their own stories of self-belief and their journey toward triumph.

NBA Philippines Managing Director Carlo Singson shared his excitement over the partnership with AXA Philippines.

During the meet-and-greet, Bogues and Morris shared how they rose from the ranks and made a name for themselves in the NBA field. For Bogues, he did not let his physical limitations stop him from playing and earning his spot among the legends. Their stories are the ideal embodiment of the campaign, which encourages individuals to strive for greatness by developing self-confidence.

Moreover, Morris and Bogues look forward in helping to promote the insurer’s goal of providing services to their clients that will help them bring out their fullest potential. For Morris, this campaign will serve as an avenue for him to encourage the younger generation. “I look forward to building a great relationship with AXA. I also look forward to watching kids play, giving them advice and confidence in the long run,” Morris said.

On the other hand, Bogues shared his gratitude to the company and what it has done for the NBA in the past few years. “AXA has been a big help to the NBA in being one of its major sponsors. It has been such a great relationship, and we’re thankful that they came on board to help us promote the game of basketball in the Philippines,” Bogues added.

AXA Philippines also introduced the company’s new brand ambassador, world-renowned tennis champion Serena Williams, who shared her own journey toward self-belief.

From being introduced to tennis as a kid, to battling a life-threatening ailment not so long ago and returning to competition after childbirth, Williams also embodies the message of self-belief. Her story serves as a reminder that no matter the circumstance, one can break the limitations and improve by simply believing in oneself.

Additionally, Morris and Bogues attended the NBA 3X, presented by AXA Philippines, on August 3 and 4, held at the SM Mall of Asia Music Hall and the Philippine International Convention Center Forum Tent, which featured a 3-on-3 tournament for men (under-13, under-16, under-18 and open category) and women’s (under-18 and open category) teams. The 2019 NBA Champion Toronto Raptors mascot, the Raptor also made a special appearance at NBA 3X. Aside from the basketball tournament, NBA 3X also prepared a series of interactive activities for the fans.

FLOR TARRIELA (PNB), former BSP Governor Say Tetangco, Lucio Tan (PNB), William Go (Chinatrust), MB member Peter Favila, BSP Deputy Governor Chuchi Fonacier

An evening of stars SOMETHING LIKE LIFE

MA. STELLA F. ARNALDO

@akosistellaBM

D

ESPITE the gloomy weather, all the stars were out on the evening of July 26— banking “stars,” that is: those elegantly dressed women and handsomely suited men of the country’s financial industry who trooped to the Assembly Hall of the Bangko Sentral ng Pilipinas (BSP) for a celebration of 70 years of central banking.

It being the first time for BSP Governor Benjamin Diokno to host a reception for the banking community, attendees were visibly eager to listen to what he had to say, and what directions the monetary authority will be taking with the former budget chief now at its helm.

Of course, eagle-eyed observers of the BSP already have an inkling of the governor’s stance on most economic matters with his statements since he was appointed to fulfill the remaining term of our dearly missed Governor Nesting Espenilla, who left us in February. Still, there were nuggets of wisdom he imparted to all those in attendance.

Among the early arrivals were former BSP Governor Say Tetangco, slim and dapper in his charcoal gray business suit; taipan Lucio Tan (Philippine National Bank), who was incessantly bugged that night by reporters wanting to know who would be the new Philippine Airlines president; the always headturning Monetary Board Member Peter Favila; and the gush-worthy Jaime Augusto Zobel, who leads everyone’s “favorite” bank, Bank of the Philippine Islands (BPI).

Also mingling among the VIPs were Finance Secretary Sonny Dominguez and his lovely wife Ball, who keeps the usually prickly finance chief warm and witty.

The grand dame among the bankers—Tessie Sy Coson (Banco de Oro)—was also in the mix, shooting sunbeams with her gracious smile to everyone.

Through recently retired, former BSP Deputy Governor Diwa Guinigundo was also on hand.

Anyone who has covered the banking beat can attest that it is always a learning experience when discussing economic issues with Bro. Diwa. We will miss his “lectures.”

In his remarks, Governor Diokno underscored financial inclusion as being top of the BSP agenda, as it pursues priority legislative measures like the Financial Consumer Protection bill, which aims to provide a comprehensive financial consumer protection regime that consolidates financial inclusion, financial education, good governance, and effective supervision for the purpose of consumer protection.

He added, “The BSP is not only pursuing the delivery of its primary mandates. It recognizes the

need to democratize the access of the public to various financial instruments, products and entities. This is the essence of financial inclusion.

So alongside these commitments, the BSP will continue to pursue liberalization reforms in the foreign-exchange market to foster a more enabling environment for economic activities.”

Despite external factors that may weigh on the country’s growth, he said, “we remain optimistic that the Philippines provides a unique value proposition that is not short-lived. It is anchored on a dynamic track record of a durable, resilient and sustainable economic growth.”

Governor Diokno also pointed out that the BSP would be more transparent in its moves, which can only help the market prepare its own directions. “We will intentionally bring the BSP closer to the people. A central bank cannot operate from an ivory tower. It is important that BSP stakeholders understand what we are mandated to do. It is crucial that our stakeholders trust our integrity and our capability to carry out our mandate.”

That evening was also an opportunity for the BSP to launch its newest coffee-table book, From 1949 to 2019. The Story of Philippine Central Banking: Stability and Strength at Seventy. (During his speech, the governor plugged the book by joking that it could be purchased using the PESONet and InstaPay options, online retail payment systems the BSP had been rolling out with the private sector.)

Though he was not a popular choice among BSP fans, Governor Diokno seems determined to prove that he can steer the monetary ship just as ably as his predecessors did. So we wish him well. n

SM Cinema treats kids to free screening of ‘The Lion King’ MORE than 400 children, along with parents and caregivers from the Payatas community in Quezon City, flocked to SM Cinema’s free screening of the much-anticipated live action movie The Lion King, held at SM City North Edsa recently.

During the screening, kids and the kids-at-heart couldn’t help but be amazed by the fascinating effects, memorable characters and, of course, the phenomenal songs from the movie. This special treat for underprivileged children in the community conveys the message that SM is a place for all.

“We always ensure that our corporate social responsibility activities serve as a catalyst for positive change in communities where our cinemas and malls are present. Today, we embark on a simple yet meaningful step to enjoin the children and families from the Payatas Community to experience the wonderful world of SM,” said Ruby Ann Reyes, SM Cinema vice president for Corporate Marketing.

SM Cinema, supported by SM Cares, offered this free, exclusive screening of Disney’s The Lion King

to indigent families from Payatas, Quezon City, as testament to their pledge in supporting communities wherever SM is present.

“We want to provide these kids from the Payatas community a venue where they can discover and develop their love for movies,” Reyes added.

Daily Manna Feeding Payatas Community volunteer Gemma Rabe shared that the kids couldn’t contain their excitement over the experience.

“Very grateful kami na may ganitong activity ang SM.

Talagang excited sila dahil makakatungtong sila sa SM. Makakapasyal sila at makakanuod na rin sa wakas ng movie sa SM,” she said.

SM Cares (www.smcares.com.ph) is the corporate social responsibility arm of SM Prime Holdings Inc. Its advocacies include Programs on Persons with Disabilities, Children and Youth, Women and Breastfeeding Mothers, Environment Sustainability, Senior Citizens, and Overseas Filipino Workers (SM Global Pinoy).

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D4

Show BusinessMirror

Friday, August 16, 2019

www.businessmirror.com.ph

Casey Affleck explores parenting in the apocalypse BALITANG Amianan is anchored by seasoned TV journalist CJ Torida (center), and award-winning local news correspondents Joanne Ponsoy (left) and Jasmin Gabriel-Galban

BALITANG Bisdak is anchored by tri-media personality Bobby Nalzaro (center), award-winning local news correspondent Alan Domingo, and news presenter Cecille Quibod-Castro

GMA REGIONAL TV NEWSCASTS ‘BALITANG BISDAK,’ ‘BALITANG AMIANAN’ NO. 1 IN RATINGS

GMA Regional TV’s award-winning local news programs— Balitang Amianan in North Central Luzon and Balitang Bisdak in Eastern and Central Visayas—both emerged as the leading local news source in their respective areas for the period January 1 to July 20.

According to data from Nielsen TV Audience Measurement, Balitang Amianan registered an average people rating of 4.4 percent during the said period, which outscored TV Patrol North Luzon’s 3.4 percent in MCTAM Dagupan. It also posted its biggest margin to date in Partial July (July 1 to 20) with 6.3 percent as against competition’s 4 percent.

Balitang Amianan is anchored by seasoned TV journalist CJ Torida, and award-winning local news correspondents Joanne Ponsoy and Jasmin Gabriel-Galban.

The GMA local news program in Luzon is simultaneously aired in key cities and provinces in North Central Luzon, through GMA’s local channels GMA TV 10 Dagupan, GMA TV 5 Ilocos Norte, GMA TV 48 Ilocos Sur and GMA TV 7 Abra. It airs from Monday to Friday at 5 pm.

Balitang Bisdak, likewise, ruled over its counterpart program with an average people rating of 7.4 percent, while TV Patrol Central Visayas got 6.8 percent in MCTAM Cebu.

GMA Regional TV’s Cebuano newscast also recorded its biggest lead to date with 7.3 percent versus rival’s 5.5 percent in Partial July (July 1 to 20).

Also airing weekdays at 5 pm, Balitang Bisdak features comprehensive and in-depth delivery of news and information in Central and Eastern Visayas (Cebu, Leyte, Siquijor, Bohol, and parts of Negros Oriental) which is broadcasted through the network’s local channels GMA 7 Cebu, GMA 10 Tacloban, GMA 11 Bohol and GMA 12 Ormoc.

Balitang Bisdak is anchored by tri-media personality Bobby Nalzaro, award-winning local news correspondent Alan Domingo, and news presenter Cecille Quibod-Castro. Joining the team are various local news teams based in Cebu and local news stringers based in different parts of Central and Eastern Visayas lead by Chona Carreon, Lou Anne Mae Rondina and Nikko Sereno.

“The ratings success of our local newscasts is a result of the collective efforts of the men and women of GMA Regional TV who are true to their commitment of ‘Serbisyong Totoo’ as we reach more viewers in the regions. However, we do not rest on our laurels as we recently launched bigger, better Balitang Amianan and Balitang Bisdak to continue improving the quality of our service to our loyal Kapuso viewers,” says GMA Regional TV Vice President and Head Oliver Amoroso.

L

By Lindsey Bahr The Associated Press

OS ANGELES—Casey Affleck had been working on a script about a parent and child for years. He’d written scenes about a bedtime story and an argument about taking a trip into town and things seemed to be going well. As the father of two boys, Affleck had defaulted to writing the child as a son. But then, deep into the process, his boys came back with a request: They didn’t want it to be about them.

“They were pretty adamant that they did not want it to be a father-son story,” Affleck said. “I had already put in a lot of work and I was like, don’t do it....”

But, despite the heartburn of having to rework the story again, he caved and made the child a girl, and it ultimately helped the story. He’d been looking for stakes in this parenting saga and now a genre construct was possible. What if a disease had wiped out all of the women, except this man’s daughter?

“This was about someone who was very nervous about protecting their kid. I wanted to make the stakes of that as big as possible so it wasn’t just like, I’m protecting them from having a bad fourth grade experience,” Affleck said. “It’s like I’m protecting them from an entire world who wants to kidnap them.”

The result is the slow-burn dramatic thriller Light of My Life now playing in theaters and available on demand. Affleck directed, wrote and stars in the film, which premiered earlier this year at the Berlin Film Festival. It knowingly echoes modern classics like Children of Men. He and casting director Avy Kaufman went on an epic search to find the right girl to play his daughter, Rag, and discovered a little-known Canadian actress named Anna Pniowsky who fit the bill perfectly.

“I was still a little girl. I think I was 11 when I sent my tape in,” Pniowsky, now 13, said. “I wasn’t expecting anything to happen. I didn’t get a lot of roles back then.”

Since then, her profile has risen with roles in the Hulu show Pen15 as one of the popular girls and The Hot Zone. And she fell easily into her role as a preteen who still acts out and defies her fathers’ rules even in this bleak and dangerous reality. Critics have hailed her performance, much of which is spent in “disguise” as a young boy, as a breakout.

“She didn’t need a whole lot,” Affleck said. “She was just good at doing this naturally. Sometimes I felt like if I interfered too much in the scene or the natural progression of the scene that I was just getting in the way.”

Together, Affleck and Pniowsky have a lighthearted rapport where you can see the seeds of why their father-daughter dynamic works. They can’t even agree on whether or not Affleck gave her anything to prepare beforehand.

Affleck: “She says I did, but I don’t remember and I don’t think she read it anyway.”

Pniowsky: “He made me read three books. I only remember one of them. It was Little House on the Prairie.... They were all kind of older books.”

Affleck: “Obviously they really sunk in.”

Light of My Life is Affleck’s first time behind the camera since the 2010 film I’m Still Here that led to civil lawsuits for breach of contract from two women, a cinematographer and a producer, who worked on the film. One also sued for sexual harassment, and both described an uncomfortable atmosphere on the set of the unconventional mockumentary. Both were settled

out of court, and Affleck apologized last year in an interview with The Associated Press for allowing and contributing to “an unprofessional environment.”

Behind the scenes, Affleck has been quietly doing his part to try to chip away at inequality in his industry. In Light of My Life, he worked with a number of women on the crew, including Memento editor Dody Dorn and assistant director Liz Tan, who has worked on epics like The Lord of the Rings.

His next two films also have female directors: The Friend, a terminal illness drama from Gabriela Cowperthwaite, which is premiering at the Toronto International Film Festival and his own production company’s period frontier film The World to Come, directed by Mona Fastvold and cowritten by The Assassination of Jesse James by the Coward Robert Ford

scribe Ron Hansen.

“I’m certainly happy to do that and create a little more equality and get different voices telling stories and different perspectives than the same old stuff that we’ve had forever,” Affleck said. “That seems like definitely a worthy cause and one I’m all for. But also these people are just great storytellers and they’re both super talented. They deserve to be there.”

Affleck would also like to continue directing. He loves “big fantasy movies” like The Lord of the Rings and The Hobbit but thinks he’s a ways off from figuring out how to make them work.

As for whether he’s working on anything at the moment?

“Not really,” Affleck said. “[But] someone told me if you’re writing something, never ever admit it.” n

Opera legend Plácido Domingo in a #MeToo storm Continued from D1 The singer said that once Domingo took over control of casting decisions at the LA Opera in 2000, he never hired her again.

Another singer who worked in Los Angeles in the mid-2000s told the AP that she already knew of Domingo’s reputation when he took an extreme interest in her career and made sure she always had an excuse for leaving right after work.

One night after rehearsal, however, he caught her off-guard by asking her for a ride home, she said, which she found “ridiculous. Why would Plácido Domingo not have a ride home? But what was I going to do?”

In the car, she said, he put his hand on her leg, told her to pull over near his building and then “leaned in and tried to kiss me.” She said he asked her upstairs, which she avoided by saying she had other plans.

Several weeks later, she said, Domingo approached her on a night he knew she was scheduled to stay late and invited her

to his apartment to run through an aria.

She went, she said, because “I felt like I have dragged this out and avoided him for six weeks and he is Plácido and he is my boss and he is offering to work with me on this role.”

After he poured two glasses of wine, she said, “He sat down at the grand piano and we really did sing this aria, and we worked on it. And he gave me coaching and was very complimentary.”

But then, she said, “When it was over, he stood up and slid his hand down my skirt, and that was when I had to get out of there.”

“I went home and was terrified to go back to work,” she said. “I was frozen in terror for that whole contract.”

Since then, she has sung at New York’s Metropolitan Opera, the San Francisco Opera and elsewhere, but said she has never again been hired to sing at the Los Angeles house or with Domingo.

At the Washington Opera, where Domingo served as artistic and then general director for 15 years, mezzosoprano Patricia Wulf said the star would

confront her night after night with the same whispered question.

“Every time I would walk off stage, he would be in the wings waiting for me,” she said. “He would come right up to me, as close as could be, put his face right in my face, lower his voice and say, ‘Patricia, do you have to go home tonight?’”

She said she regularly would rebuff him, but that his pursuit remained relentless.

It got to a point, Wulf said, that she would try to hide from Domingo behind a pillar. She also would hide in her dressing room and peek to make sure he was not in the hallway before she left, she said.

“As soon as you walk away and get away, you think, ‘Did I just ruin my career?’ And that went on through that entire production.”

A dancer who worked with the superstar in several cities said a flirtatious Domingo called her late at night on-andoff for about a decade in the 1990s, leaving brazen messages that she would listen to in shock with her husband.

Domingo would ask her to meet him,

including in his hotel room, but she said she would only go to lunch with him, always framed as a business meal. Still, she said, his hands would wander to her knee or he would hold her hand or kiss her cheek in ways that made her uncomfortable.

She said she would wonder to her husband: “Does he understand the risk he’s putting me in, that he could wreck my marriage, wreck my career?”

“When you’re working for the most powerful man in the opera, you try to play ball,” she said.

One afternoon when they were working together at the Washington Opera, she said Domingo asked her to meet for lunch at his hotel restaurant to discuss work. After the meal, he said he needed to stop at his room before they walked to a rehearsal.

“He took me up to his room, ostensibly to pick up his stuff, and he invites me in,” she said. “And he starts hugging me and kissing me.”

She pushed him away, she said, and insisted she had to get to rehearsal.

“When I clearly said I was not going to have sex with him, he just walked me to the elevator and went back to his room,” she said. “The elevator doors opened, and I dropped. I just fell to the floor in the elevator and was sweating profusely.”

A former opera administrator said he was aware for years that Domingo was “constantly chasing” the dancer. And a conductor who is friends with the dancer said he recalled after she “said no to Domingo, she had the rug pulled out for several years.”

After the hotel incident, the dancer said she didn’t work with the superstar for several years.

“There were years when I was a wreck about it and scared that I’d never be hired again,” the dancer said. Eventually, she said, she was “let back into his good graces.”

“What he did is wrong,” she said. “He used his power, he stalked women, he put women in positions of vulnerability.

People have dropped out of the business and been just erased because of submitting or not submitting to him.” n

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

Friday, August 16, 2019

E1

The NLR77 Class 2 PUV design

by Santa Rosa on display at the Philippine Bus and Trucks 2019 expo VMSC Chairman and Treasurer Jeffrey Hao Lin (from left), SBMA Chairman and Administrator Atty. Wilma Eisma, VMSC President Jason Hao, IPC President Hajime Koso, IPC Sales Division Head Joseph Bautista, and SBMA Deputy Administrator for Business and Investments Renato Lee III

Moto

Business

E2 Friday, August 16, 2019

NEW BR-V WANDERS AROUND A

Story & photos by Randy S. Peregrino

FTER the successful launch of the refreshed BR-V, Honda Cars Philippines Inc. (HCPI) hosted another drive event for this unique seven-seater subcompact SUV. It has been almost three years since the first time it wandered the challenging roads through the county’s surfing capital.

That entire drive, not only validated what a Honda entry-level SUV could do, but also exceeded our expectations in so many ways. In fact, when the BR-V was first launched, it was well-received that almost 15,000 units were already sold since then— making it Honda’s second best-selling model in country.

This time, HCPI picked the province of Bataan to conquer. Every-

thing started in an early assembly at the Bonifacio Global City, where six brand-new BR-V (V and S variants) units were commissioned for select members of motoring media to try out. For the most part, the exterior enhancements inspired by the grand concept of “Enhance SUV Image” focused mainly on the front and rear ends.

The updated fascia now sports a

AUTO NATION INTRODUCES THE NEW M-BENZ GLE

FRANCIS JONATHAN C. ANG, COO of the Auto Nation Group, with the 2019 Mercedes-Benz GLE.

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Story & Photo by Patrick P. Tulfo

EFORE the launch, Auto Nation Group, the exclusive distributor of Mercedes-Benz vehicles in the country, gave the local media a taste of what it feels like to drive their latest offering. Dubbed as the “Hungry for Adventure” campaign, it has been going on for three years now, and it has been held in several markets across Southeast Asia. Its purpose is to break the mold and change the perception on how the company is highly capable of what SUVs can give its owners, which is an adventure of a lifetime.

The Mercedes-Benz GLE is the latest addition to the company’s already impressive lineup of luxurious vehicles and now on its fourth generation. This premium SUV comes with a plethora of safety features for both drivers and passengers, the most advanced technology including its voice activated MBUX infotainment system, and a spacious and comfortable interior that seats seven passengers, just to name a few.

Its redesigned body is a certified head turner because of its muscular and yet sporty profile. The chrome accents around the window, on the other hand, exudes luxury, and is similar to those found on its sedan counterparts. The GLE’s new Multibeam LED and Ultra Range beams guarantees great visibility in any driving conditions, while the 21-inch light alloy wheels doesn’t only look good, but was made to go off-road as well, based on the video presentation. As mentioned earlier, the roomy cockpit features a striking dashboard design capped by a 64-colored premium ambient lightning to suit the taste of both the driver and the passengers. The longer wheelbase benefits the interior space greatly as it now offers more space for passengers than the previous model. The electronically adjustable and folding rear seat to accommodate longer items and luggage as well, is a feature first seen in a Mercedes-Benz SUV. The tailgate can now be opened via a kicking motion just beneath the rear bumper making it more convenient to load items.

But the impressive MBUX or the Mercedes-Benz User Experience system, which first made its debut in the A-Class and has now found its way the company’s SUV lineup, is one of its best features so far. The GLE, which now sports the latest generation of the MBUX system, has two 12.3 inches touch screen that are arranged side by side that gives it a widescreen look.

But its most impressive feature is the highly intelligent virtual assistant, which is activated by pressing a button in a steering wheel or by simply saying, “Hey Mercedes” from anywhere in the cabin. The voice command function gives one the freedom to just simply say the destination, choose music, make a phone call, adjust the climate control and even the ambient lighting system. The MBUX comes with a natural speech recognition program that nearly understands all sentences from the field of multimedia to vehicle operation and, by the way, it also has Apple CarPlay feature, too.

Last, but not the least, is the powertrain. The new GLE is powered by an in-line 4 turbo diesel engine that is paired with a 9G-TRONIC nine-speed automatic transmission. It is rated at 245 hp and 500 N-m of torque respectively, and like its predecessor, it offers the 4Matic all-wheel drive system that makes driving on the most challenging terrains a breeze. And since this is a new model, it also offers another first in the lineup of Mercedes vehicles in the country, the EQ Boost, a mild hybrid feature wherein energy recovered from braking and systematic engine shutoffs deliver a boost of power when needed.

The new GLE comes in only one variant the 300D 4Matic, and is now available in all Mercedes-Benz dealerships nationwide and is priced at P5.690 Million.

new and larger chrome front grille.

Those bumper’s side contours are now more prominent with inserted black trims. Even the fog lamps received fresh frames with chrome finishes.

While the projector-type halogen headlights were retained for both variants, the top spec V variant received new integrated LED Daytime Running Lights. The rear end, in the meantime, also obtained a newly designed bumper. Both variants still have the roof rail but the top variant now has a new Shark Fin Antenna along with the Power Folding Door Mirrors with Integrated Side Turn Signals. Moreover, those new 16-inch alloy wheels now look even better.

As for the interior, the new BR-V still offers that comfortable and spacious cabin, as well as ample legroom and head clearance. Further, there are more added trims. The V variant has red leather accents on its new leather seats and door armrests. There are also red stitches in the steering wheel and shift knob. But standard to both variants are the new Dark Steel decoration, along with the 7-inch Capaci-

tive Touchscreen Display Audio. The V variant is also equipped with Apple CarPlay, Android Auto, Smart Entry with Push Start System and paddle shifters. Of course, there’s the Honda Eco-Assist System, which consists of the ECON mode and Eco-Coaching Ambient Light.

Retained under the hood is the Euro-4 compliant 1.5 liter SOHC iVTEC gasoline engine. This small motor is capable of generating 118 hp and 145 N-m of maximum torque.

It is coupled to a continuously variable transmission (CVT) with Earth Dreams Technology.

Freeway comfort and convenience

BOARDED the top spec edition, still present was that familiar comfortable driving position ideal for long drives.

You’ll definitely feel that snug seating posture once settled, even if it lacks level adjuster. But noteworthy was the surprisingly expansive cabin. The leather wrapped seats definitely provided that premium feel with ample cup holders everywhere. Even with the third-row seats situated, we still

THE top spec V model at the Anvaya Cove

managed to fit our luggage with some at the cargo bay.

The route HCPI designed for the drive event was an extended one. We drove through the stretches of Nlex, SCTEx and Bataan provincial highway. The level of comfort was still as good with improved noise, vibration and harshness proofing. Behind the wheel, acceleration was smooth to reach cruising and high-speed limits.

Highway runs is where the CVT shines with seamless shifting. The engine’s

low rpm on final drive at high-speed limits was remarkable. But on sport mode, the motor runs on higher revs.

As a rear passenger, meantime, the level of comfort was even more extant.

That’s not bad at all for a torsion beam rear suspension. There were only minimal tire rebounds on random road imperfections. The reclining and sliding, 60:40 split, second row benches really provided that absolute suitability for comfort and rear legroom. What is more, the ceiling

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Friday, August 16, 2019

D BATAAN mounted air-con vents were more than enough to distribute cold air inside the cabin. These made the initial long drive so seamless that we reached the stopover in Mariveles, Bataan, feeling relaxed.

Power, agility and the unexpected capability

AFTER a quick lunch break, the entire convoy proceeded to traverse the remaining stretch of the highway and reached the Bagac-Mariveles road.

There, we were greeted with constant and tight winding roads. This was when the paddle shifters became handy.

Throughout the climbs and extreme turns, there was a need to really push the mill from low gears to squeeze out more power.

Understandably, hauling a bigger frame with four occupants and sizable suitcases, not to mention the punishing road terrain, we still find the power delivery fairly apt for the vehicle’s purpose. Well, the BR-V may not have that potency from a turbocharged or bigger displacement motors, but it does the job done, convincingly.

Meanwhile, handling is certainly

one of the BR-V’s strongpoints. Body rolls were very minimal and with the vehicle stability assist (VSA) feature, the car maintained great form. You can only hear the new tires working really hard to sustain good traction and control. Every turn, passengers at the back still would lean securely.

Steering feedback, meantime, was also good.

But what really surprised us the most was when we had to go through the dirt and clay paths of the mountain road. At first, we were hesitant considering the vehicle’s lack of 4x4 drivetrain, including the heavy load. So when we proceeded, lo and behold, the vehicle managed to crawl without stalling, not even once, thanks to the 201mm ground clearance and new tires. To make it more convincing, all six BR-V units made it through the series of soft clay paths. Now that’s one for the books.

The new BR-V surprised us anew with its willing-to-get-dirty character, aside from just being a family mover.

Momentarily, we reached the Anvaya Cove in Morong, Bataan, where we settled and relaxed.

THE refreshed BR-V models after conquering the dirt and muddy roads.

SAME dashboard layout but with new accents and trims

MORE cargo space when rear seats are collapsed

6 tips to stay safe on the road this rainy season

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HE Metro has been lashed by heavy, torrential rains lately, and as you very well know, wet, rain-drenched roads mean decreased visibility and increased risk of accidents. Let these tips guide you to be ever vigilant and stay safe on the road.

Slow down

DRIVING fast in the rain is dangerous because it increases your chance of hydroplaning and losing control of your car. When rain starts to pour, slow down to manageable speed, keeping in mind the minimum speed limit if there’s any. In case your tires start to lose its grip, don’t step on the brakes in panic. Reduce speed instead until you regain control of your vehicle, then bring your car to the side of the road.

Turn your headlights on

IF your car doesn’t come with running lights, make sure to switch your headlights on when you begin to have a hard time seeing what’s in front of your car. If you can’t see far ahead, chances are your fellow drivers are having the same problem.

Turning on your headlights makes it easier for them to spot you. And make sure to practice proper turn signals for the sake of those behind you.

Replace worn wiper blades

A STREAKING wiper blade is not only a nuisance; it can also impede your ability to see the road clearly. Make sure to replace your wiper blades once a year—twice, if you use your car frequently.

Make sure your brakes are in good condition

YOUR brakes are your most potent protection against road mishaps, so make sure to stick to its periodic maintenance schedule. If you start encountering problems with it, such as if the brake pedal feels mushy, sticks to the floor, or if it takes longer for you to come to a full stop, have your brake system inspected by a mechanic straight away.

Avoid flooded roads

WHEN you’re stressed by the rain and traffic, it can be easy to be tempted into driving into a flooded road. In these cases, it pays to know your car’s wading depth. Better yet, park your car and wait for the water to subside, or turn around and look for another route. Avoid letting your emotions get the best of you. It’s better to be safe than sorry.

Fuel up

YOU don’t want to end up stranded with an empty fuel tank when the weather rears its ugly head. For safety and convenience, keep your tank no less than onefourth full, and avoid driving around with your low-fuel light on. These are good driving practices regardless if you’re driving in the rain or not.

If the rain starts to fall and you notice your gas level is low, visit your nearest Clean Fuel station, where you can experience “Quality Fuel for Less” and find high quality Euro 4 Diesel, Clean 91, Premium 95 octane gasoline at a lower price than major fuel distributors.

In case of a heavy downpour, Clean Fuel stations also boast clean and spacious restrooms with air-conditioning, easily accessible air and water services, and a bunk bed station for private and taxi drivers set up at selected Clean Fuel stations for those times when driving into flooded streets is simply not an option.

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La Salle gets rare hybrid treat; Shawin’s speech I

T is always wise to involve schools when automotive platforms are under review. Toyota has taken the lead anew in this aspect. Seemingly, the market leader is always one step ahead of the pack.

Just recently, Toyota tapped De La Salle University (DLSU) in a partnership to highlight Toyota’s hybrid electric vehicle (HEV) campus tour in Metro Manila.

A seminar on hybrid car technology highlighted anew the occasion, capped by a forum to discuss common misconceptions about hybrid electric vehicles.

In the audience were mostly students and faculty members of the

DLSU’s Department of Mechanical Engineering, listening intently as Toyota’s technical experts expounded on the beneficial effects of Toyota hybrid technology to the environment.

The attendees were also introduced to the Prius model up close, which was displayed at the school’s Central Plaza. Free vegetarian snacks were handed out, courtesy of Quorn.

“Our cont inuous act iv it ies on HE Vs a re gea red towa rd t he yout h bec au se t he y a re t he ones who w i l l benef it most f rom t h is tec hnolog y. Wit h enough suppor t a nd proper i mplement at ion, t he u nt a p p e d p ot e nt i a l of hy b r i d s c a n i mprove ou r t ra nspor t at ion

s ystems a nd ou r env i ron ment i n t he long r u n,” sa id T MP First Vice P resident C r ist i n a A re va lo.

It was in March when Toyota went to Mapua to break the wonders of the hybrid electric technology. This was followed by a similar conference at BGC’s Grand Hyatt Manila before a jam-packed crowd coming from the government, academe and environmental organizations.

“TMP is well on its way to introducing various technologies and features available in other countries, such as the Hybrid Synergy Drive for fuel efficiency and Toyota Safety Sense for human safety,” Arevalo said. “This year, we will continue to push for electrification, and customers can definitely expect more options from Toyota if they’re looking to own environment-friendly cars.”

It can’t get any better than this.

Sherwin Supra speech

AS I keep saying, late is never late.

And so, here is the speech of Sherwin Chua Lim, the first vice president for vehicle sales of Toyota Motor Philippines, during the launch of

the all-new Supra: “To all our friends from the Media, good afternoon.

“I am very pleased to have the opportunity to present to you the highlights of the all-new Toyota GR Supra.

“Did you know that the origin of the word ‘Supra’ is Latin for ‘above’?

“From its very name, we have seen the Supra surpass limits and defy expectations and this latest version of the iconic car is, of course, no exception. “ The GR Supra we are introducing today is the fifth-generation model. It retains the straight-si x f ront e n g i ne, re a r - w he e l d r i v e configuration, thus giv ing you the same exciting feeling experienced in the past generation models.

“As you may have already noticed, this iteration now proudly carries the GR or Gazoo Racing name.

“Toyota Gazoo Racing embodies the commitment to overcoming every limit to make ‘ever-better’ cars.

This is made possible by forging new technologies and solutions under the extreme conditions of motorsports.

Khun Vickie, president (from left), Ford ASEAN; PK Umashankar, managing director, Ford Philippines; and Ryan Lorenzo, marketing director, Ford Philippines

“Toyota will never stop innovating racing cars and pushing each product to learn from the toughest challenges.

This is engineering the future DNA of Toyota to build ‘ever-better’ cars.

“Today, we launch the GR Supra, the first global Toyota Gazoo Racing model. And this is a testament of Toyota’s years of research and development, which we are now bringing to Philippine soil.

“Carefully studying the local market situation, we have observed that there are around 60 to 85 unit sales per month of the Specialty PC Segment.

We saw the opportunity to further excite this niche market with the introduction of the GR Supra.

“The design team has been guided by the Condensed Extreme Principle as follows: Short wheelbase and large diameter tires. The golden ratio between the wheelbase and tread realizes a high level of limit performance and maneuverability.

Tight cabin with wide stance. The cockpit is designed so that drivingrelated information is clearly visible at a glance.

Two-seater, long nose, short cabin.

The design elevates the anticipation of driving performance through the racing image.

Straight-six front engine, rearwheel drive configuration—you can immediately feel the outstanding 500 Nm of torque delivered right from low RPM. Lightweight body and the 50:50 front-rear weight distribution enable agile steeling and stable cornering.

“To ensure that the cars are provided with aftersales care and service, we have certified 16 GR Performance dealers nationwide, which have the full capacity to take care of our GR Supra customers in the long run.

“Today, the long wait for the coming of the all-new Toyota GR Supra is over! She has arrived!”

It’s been almost a decade since I first heard Sherwin—Shawin to Sir John—deliver a speech. That was in Boracay, when the fabled Roadtrek ended there from Iloilo.

I got a kick out of his last line in his well-applauded talk that night: “As my good friend, Al Mendoza, loves to say, ‘Mabuhay kayo!’”

Mabuhay ka, Shawin!