BusinessMirror August 23, 2019

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A broader look at today’s business n Friday, August 23, 2019 Vol. 14 No. 317

PHL posts hot money net inflows in July ’19 $15.02M T

By Bianca Cuaresma

@BcuaresmaBM

HE Philippines got a reprieve in July, as short-term investments made by foreign investors in the local market reverted to the net inflow territory after registering outflows for four consecutive months.

The Bangko Sentral ng Pilipinas (BSP) on Thursday reported an improvement in the country’s foreign portfolio investments (FPI), from a net outflow of $37.72 million in June, to a net inflow of $15.02

million in July.

FPI are known as “hot” or “speculative” money as these are easily pulled in and out of the local platforms in the slight change of global and local sentiment.

This type of foreign investment is usually a measure of the global economy’s investing sentiment to the Philippines in short-term prospects for yields, in contrast to foreign direct investments (FDI)

The net inflow of foreign portfolio investments in July, according to the Bangko Sentral ng Pilipinas (BSP).

It is an improvement from a net outflow of $37.72 million in June

which are investments placed in the Philippines in search for longterm yield.

This is the first monthly net inflow of hot money since February this year, as analysts said short-term investors were pulling out money, or opting not to invest in the Philippines in the previous See “Hot money,” A2

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@caiordinario

HE National Economic and Development Authority (Neda) warned lawmakers that a reenacted budget for next year will be disastrous as this will limit economic opportunities for an expanding Philippine population.

During the first hearing on the proposed national budget at the House of Representatives on Thursday, Socioeconomic Planning Secretary Ernesto M. Pernia said GDP growth could fall below 5 percent if the budget is not passed on time.

Based on historical data compiled by the BusinessMirror, this level of GDP growth has not been seen by the Philippines since 2011, when economic expansion reached 3.7 percent.

“We will have a regressing economic performance. [Growth] will

PESO EXCHANGE RATES n

probably be below 5 percent,” Pernia told lawmakers.

Pernia said this does not bode well for an expanding Philippine population. While the rate of the country’s population growth is slowing, he said the actual number of Filipinos continues to increase.

The Philippine Statistics Authority (PSA) estimated that the country’s population will reach 107.288 million in 2019 and further increase to 115.378 million by 2025. A high population will limit the opportunities in the economy, especially if the economy is not doing well.

The budget delay, Pernia said, caused the country’s GDP to grow by only 5.5 percent in the first semester. Economic expansion in the first and second quarters reached 5.6 percent and 5.5 percent, respectively.

See “Budget,” A2

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ECONOMIC TEAM TO HOUSE: GO SLOW ON ECOZONES

By Jovee Marie N. dela Cruz @joveemarie

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O ensure that Congress will pass more reforms needed to secure an “A” rating for the Philippines, the economic managers will work closely with lawmakers for the passage of Duterte administration’s priority bills. However, they want Congress to go slow on bills creating new economic zones.

During the 2020 budget briefing of the Development Budget Coordinating Committee (DBCC), Socioeconomic Planning Secretary Ernesto Pernia asked Congress to pass 11 emerging key policy reforms of the government.

According to Pernia, continuing the fiscal reforms would be a good start in setting in motion this close collaboration between the two branches to ensure that the Philippines gets a good chance of getting an A credit rating in two years.

Pernia lobbied for the passage of the four remaining tax-reform packages, Budget Reform Bill, amendments to Public Service Act, amendments to the Foreign Investment Act, amendments to Retail Trade Act and amendments to the Build-Operate Transfer law.

He also asked for the passage of the National Competition Policy, Department of Water and Water Regulatory Commission, National Land Use Bill, Disaster Resiliency Bill and National Quality Infrastructure.

Besides ensuring that Congress pass more game-changing reforms, the economic managers, however, also underscored the need to guarantee fiscal discipline.

“This means taking a strong position on what is not in the best interest of the people as a whole,” said the economic team in a joint statement.

See “Ecozones,” A2

DOE still wooing oil, gas players

Pernia to Congress: Pass proposed budget on time

By Cai U. Ordinario

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In this file photo from www.shell.com, Malampaya Phase 2-3 is seen. The consortium-run operations in Palawan supplies nearly half of Luzon’s power needs, but the gas field is expected to run out in a few years, prompting the Philippine government to tap other energy players interested to conduct oil and gas exploration in areas it has identified.

HE Department of Energy (DOE) will continue to encourage investors to conduct oil and gas exploration activities in the country, an official said.

DOE Assistant Secretary Leonido Pulido said a delegation will join a conference in Argentina next week. “We are going to Argentina to further market the areas. We will continue this effort in order to solicit interest and get as many areas as possible,” Pulido said, referring to the predetermined areas (PDAs) that were identified by the DOE or nominated areas that are not part of the list.

The DOE has so far received bid offers from seven groups that are interested to conduct petroleum exploration under the Philippine

US 52.3940 n JAPAN 0.4915 n UK 63.5539 n HK 6.6798 n CHINA 7.4178 n SINGAPORE 37.8569 n AUSTRALIA 35.5231 n EU 58.0892 n SAUDI ARABIA 13.9706

See “DOE,” A2

Source: BSP (22 August 2019 )

News

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A2 Friday, August 23, 2019

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Anti-red tape body to get ₧72-M budget

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By Elijah Felice E. Rosales

@alyasjah

FFORTS to cut red tape may run the risk of getting downgraded, as the Department of Budget and Management (DBM) approved just 15 percent of the funds requested by the Anti-Red Tape Authority (Arta) for next year.

The BusinessMirror learned from a highly placed source the Arta could end up operating next year with only P72 million, or a measly 14.39 percent of the P500 million it requested from the DBM. As a result, the agency tasked to ensure the whole of government is compliant with the Ease of Doing Business (EODB) law is faced with the dilemma of reorganizing its programs and projects, and functioning with less than the required manpower.

According to the source, the Arta is currently operating with only 56

Ecozones. . .

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147 bills

IN the 17th Congress, the economic managers said 147 bills were proposed that collectively would either erode revenues by P178 billion or mandatorily add P799 billion to the budget, or a total of P977 billion, which the government cannot afford.

“While some bills seek to benefit some sectors, they take away money from millions of other poor and jobless people who also deserve our help,”they said.The team also noted the 31 bills creating more tax-free free ports or ecozones, adding to the 546 the country already has as of 2017.

“Many of these ecozones contribute to massive revenue leakages and the assorted incentives they grant are subsidized by taxpayers,” they said.

In the recent meeting between the executive and the legislative, government economists are asking the House of Representatives and the Senate to go slow in creating new economic zones.

In a joint letter to Senate President Vicente Sotto III and Speaker Alan Peter Cayetano, the economic managers said too many ecozones leads to leakages of up nearly 3 percent of the country’s GDP in terms of grant of tax incentives.

The letter was signed by Pernia and then DBM Officer in Charge Janet Abuel, who has been replaced by Secretary Wendel Avisado.

They said the creation of more tax-free zones does not guarantee economic success.

In 2017, economic managers said tax incentives reached P441 billion or 2.8 of GDP or 17 percent of national government expenditures. “Before considering any bill that proposes to create more zones, we recommend that at the minimum, there should be a master plan and cost benefit analysis to identify which areas in the country would benefit from such zones, and which activities in these zones should be supported,” the letter added.

As of Thursday, 14 bills have been filed creating economic zones in different parts of

personnel, far from the 208 plantilla positions allocated by the DBM for the agency.

Also, everyone at the Arta is employed on a contractual basis, as the agency is still awaiting the release of its plantilla positions, the source said. Manpower is the lifeblood of the red tape regulator in carrying out its mandate, particularly in visiting government offices to evaluate their citizen’s charter and assess their service delivery.

“The Arta is mandated to ensure all government agencies are comthe country.

Earlier, President Rodrigo Duterte issued Administrative Order 18 suspending the processing of applications for ecozones in Metro Manila in a bid to spur rural progress through development of special economic zones in the countryside.

Under Administrative Order 18 signed on June 17, the President likewise ordered different government agencies to hasten human capital and infrastructure development, as well as to provide needed interventions to strengthen ecozones in the countryside so as to ensure the development of backward and forward linkages of industries in and around such ecozones.

For his part, Ways and Means committee Chairman Joey Salceda said the House will fast track the deliberation of the Corporate Income Tax and Incentive Rationalization Act (Citira) bill. The measure seeks to encourage in-vestments by bringing down the corporate income tax rate from 30 percent to 20 percent and modernize investment tax incentives to enhance fairness, improve competitiveness, plug tax leakages and attain fiscal sustainability.

Ledac

MEANWHILE, the economic managers also proposed holding informal or technicallevel meetings of the Legislative-Executive Development Advisory Council (Ledac) more often to ensure better working relations with lawmakers.

They also underscored “the need for more clarity on the basis where the executive can support bills with fiscal or economic implications” to manage the expectations of lawmakers on such measures.

“The DOF, DBM and Neda look forward to working more closely with the 18th Congress, under your leadership, to better align the priorities of the legislature with the President’s development agenda,” they said.

“This is to ensure that we can move our country forward and achieve our Ambisyon Natin 2040 objective of becoming a highincome country where poverty is eradicated,” the economic managers added.

plying with the EODB law. We are tasked to evaluate citizen’s charters from the local to the national, and that is only one aspect of our duty.

We really need a lot of manpower, and it requires significant expenditure,” the source said.

For one, the division assigned to examine the citizen’s charters of all government agencies is composed of just four people, the source disclosed. Further, the Arta has no official vehicle that it can use when conducting surprise visits to municipal halls.

A lower budget will also make it difficult for the agency to conduct its series of regulatory impact assessment workshops intended to enable local governments to identify bottlenecks in their permitting and licensing, streamline their processes and reengineer their systems.

“We are trying to get things done here and we hope to secure the budget that we need. Aside from our programs and projects aligned with the implementation of the law, we need capital for our services, trainings and office equipment,” the source said.

Hot money. . .

Continued from A1

months due to the anxiety caused by international developments, particularly the United StatesChina trade war and how it would affect the local scene.

Data from the BSP showed t hat 76.5 percent of investments reg istered dur ing t he month were in Philippine Stock Exchange-listed securities, pertaining manly to banks, holding firms, property companies, retail firms, food and beverage, and tobacco companies; while the 23.5-percent balance went to investments in Peso government securities.

By country source, the United Kingdom, Hong Kong, US, Norway and Malaysia were the top 5 investor-countries for the month, with a combined share to total at 75.6 percent. The US received 77.8 percent of total outflows.

The improvement in the July

Collection. . .

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next year.

According to the DOF, the passage of the remaining tax reform packages is expected to help ensure a reliable revenue base and boost economic growth.

With this revenue and disbursement program, the deficit target will be maintained at 3.2 percent

Sanchez. . .

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Locsin. . .

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Tensions between the Philippines and China heightened anew after Chinese warships made an unannounced passage through the Sibutu Strait in Tawi –Tawi on several occasions in July and August .

While any foreign vessel may be allowed to cross a coastal state’s territorial sea under Unclos without the need to notify the state if they are conducting innocent passage, Defense Secretary Delfin Lorenzana does not consider the passage of the Chinese ships as such because they did it several times.

On the other hand, Supreme Court Senior Associate Justice Antonio Carpio said that in the exercise by foreign merchant ships and warships of innocent passage through the territorial sea or archipelagic waters, the coastal state cannot require prior permission or prior notification.

Pass bill now

CARPIO suggested that Congress immediately

pass the long-pending Archipelagic Sea Lanes Passage bill in order for the President to designate the sea lanes where foreign merchant ships and warships could pass.

“The law can require foreign ships exercising the right to archipelagic sea lane passage to turn on their Automatic Identification System [AIS] and for submarines to surface and show their flag,” Carpio said.

Carpio said Duterte should certify the bill as urgent, since it has been pending in Congress for several years now.

Asil’s agenda

ASIDE from maritime issues, the more than 400 delegates of Asil are expected to come up with proposed legal solutions concerning counterterrorism, human rights, the rule of law and dispute settlement during the two-day event which will end today (Friday).

Also present in the event were Judge Yuji Iwasawa of the International Court of Justice (ICJ), Supreme Court Justice Francis Jardeleza, International Criminal Court Judges Chang-ho Chung and Raul Pangalangan, retired ICJ Judge and the first president of Asil Hisashi Owada.

Sanchez “does not qualify there,” Drilon asserted, adding that “from there alone he cannot avail of good conduct time allowance.

Why was he included there—that reduced yung sentence. It’s wrong.”

The Senate Minority Leader confirmed he had asked the DOJ to defer consideration of Sanchez’s application until this issue is clarified.

“In my reading of what was reported, he is not qualified because of his involvement in the drug trade, so he must serve his full sentence,” Drilon said, adding: “For the record, he [Sanchez] was sentenced for seven life terms. We charged him with conspiracy to rape and kill Sarmenta and Gomez. Under the law, the act of one is the act of all in a conspiracy. Since each of the accused is convicted for 40 years, theoretically, each one has a sentence of seven life terms— that’s 280 years, except that there is a law, the Revised Penal Code, that says that the maximum a person can be jailed is 40 years.

That is why he was supposed to serve 40 years. Having said that, he should serve the full sentence. He should not be included among those with good conduct allowance.”

Most of the office equipment, including computers and even chairs, used by Arta officials and personnel are owned by the Department of Trade and Industry (DTI).

As such, the source said Arta officials will convince legislators, particularly those involved in the crafting of the EODB law, to increase the allocation for the agency.

The House Committee on Appropriations on Thursday started its marathon budget hearings with the goal of passing the General Appropriations Act by October 4 before the congressional recess.

‘Investment’

IN his budget message transmitted to Congress on Tuesday, the President said P72 million of the proposed P4.1 trillion national budget for next year is earmarked for the Arta, wherein P19 million is provided for its programs and projects in enforcing the EODB law.

“To ensure that the objectives of this law will be fulfilled, we have established the Anti-Red Tape Authority to implement and oversee the national policy on anti-red tape FPI figure came after significantly lower net outflows were recorded in June. The BSP attributed this to better-than-expected inflation data for the month of June coupled with easing domestic inflation for the second quarter of 2019 and stronger peso forecast.

The recent change in sentiment, according to ING Bank Manila economist Nicholas Mapa, was due largely to “more accommodative” monetary policy settings both here and abroad.

“For the coming months, we could see at least a partial reversal in these outflows with expectations for easy monetary policy and faster Philippine growth in the second half seen to attract inflows rather than prompt outflows,” Mapa earlier said.

Despite the improvement in FPIs in July, the seven-month figure remained in the net outflow territory at $671.5 million for January to July. This is a reversal of the $458.55-million net inflow seen in the same period last year. of GDP. The government’s GDP growth goal is at 6.5 percent to 7.5 percent in 2020.

On Thursday, the House of Representatives, through the Committee on Appropriations chaired

by Rep. Isidro Ungab, started the deliberations of the proposed P4.1trillion national budget for 2020 with a briefing of the DBCC, the interagency body that sets the overall economic targets, expenditure levels and budget of the government.

Angara weighs in

FOR Sen. Juan Edgardo Angara,“the reduction of prison sentences is not a mathematical formula that can be computed separate and isolated from other factors that must be considered.”

In a statement, Angara said, “It is not an estimation solely driven by the mechanical subtraction of years from the sentence. There are qualitative considerations like good behavior or if the inmate, by his actions, had exhibited true remorse and rehabilitation.”

He added: “If the person had committed a crime while in prison, like stashing shabu inside the statue of the Blessed Virgin Mary, does this not affect his chances of clemency or even forfeits it?

“In his ledger of sins, does the commission of a new crime cancel whatever penalty was extinguished by previous good conduct?

“Does the new law cited by the DOJ exempt “recidivists, habitual delinquents, escapees and persons charged with heinous crimes” from its coverage or does it take the likes of Sanchez from its purview?”

Angara also wondered aloud why, in the grant of clemency, the friends and family of the victims were not “mandatorily consulted.”

As the ones “directly suffering from the loss,” their views should be the first to be solicited and given much weight, he added.

and regulatory reform, as well as to institutionalize and carry out reforms that will improve our competitiveness ranking. An allocation of P72 million is earmarked for the Arta, wherein P19 million is provided for its Ease of Doing Business and Efficient Government Services Program,” the President said.

Philippine Exporters Confederation Inc. President Sergio R. Ortiz-Luis Jr. called on lawmakers to inject additional funding for the Arta to provide it with the financial capacity to carry out its functions, especially in going after red tape ridden government agencies.

“Now that it [EODB law] is implemented, we should not consider it as an expense; we should consider it as an investment. How can everybody be investigated [by the Arta] with that kind of budget? That is a very small budget.

It is like a budget that you really don’t want the agency to do its job or succeed in its mandate,” Ortiz-Luis said over the phone on Thursday.

He argued it is necessary for the government to invest a higher budget for the Arta to bolster the fight

DOE. . .

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Conventional Energy Contracting Program (PCECP).

Under the PCECP, investors may engage in upstream exploration or development activities in two ways: One, choosing an area from the 14 PDA offered by the DOE. Two, proposing their own areas for exploration, which begins by requesting for an Area Clearance.

The DOE is currently evaluating applications of Ratio Petroleum Limited, which submitted an offer for Area 3 (East Palawan Basin); Sulu Sea Energy Resources Development Corp. and Esmaulana Global Ventures Co. Inc. for Area 6 (Sulu Sea Basin); and Philodrill Corp. and PXP Energy Corp. for Area 7 (Sulu Sea Basin).

Esmaulana Global Ventures Co., Inc. also submitted a separate proposal for Area 10 (Agusan-Davao Basin).

For nominated areas, the DOE received offers from Sulu Sea Energy Resources Development Corp., which nominated Sulu Sea Basin; Troika Giant Power Corporation, which nominated Northwest Palawan Basin; and Superior Shipywards Inc., which nominated Southeast Luzon Basin.

The DOE said some firms had earlier nominated various areas

Budget. . .

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“We have many needs, infrastructure needs, and therefore government spending and even private spending on fixed capital formation will be hampered by a reenacted budget of 2020.

That’s why we are praying, we are hoping that it’s not going to happen again,” he said.

Targets

AS it is, Pernia said the country is already behind some of its macroeconomic targets. This makes it more difficult for the government to meet its full-year growth goal of 6 percent to 7 percent.

Due to the lower-than-expected economic performance, Pernia said the GDP growth must reach 6.4 percent in the second semester to meet the low-end of the full-year target.

Gross National Income (GNI) per capita targets have also fallen behind. The target increase in GNI per capita for 2018 and 2019 is 5 percent, but the actual figure reached only 4.1 percent last year and 3.5 percent as of the first semester.

Slower GNI per capita expansion will make it difficult for the Philippines to become an upper middle income country this year. Pernia said this goal may be met by 2020, but this would largely depend on the performance of the economy.

Efforts to meet the poverty and subsistence incidence targets are also faltering as the average poverty incidence in the first semester of 2018 was at 21 percent while the subsistence

against corruption—including red tape—from which the Philippines loses an estimated P700 billion yearly, as claimed in a speech last week by Deputy Ombudsman Cyril E. Ramos.

George T. Barcelon, chairman of the Philippine Chamber of Commerce and Industry, said the allocation is a start. What is important, he argued, is to “use the fund to inculcate government officials to reduce bureaucracy and corruption.

The Arta is the lead implementor of the EODB law, the measure that standardized processing time for government transactions, reduced the number of signatories in securing licenses and permits, placed penalties and sanctions on violators, among others.

These provisions of the law are aligned with the government’s objective of curbing red tape to improve the country’s ratings in competitiveness surveys and, consequently, portfolio to foreign investors. As of the latest review of the World Bank, the Philippines is ranked 124th among 190 economies in terms of ease of doing business. in the disputed zones even before the agency accepted nominations. Among such companies is PXP Energy, the operator of Service Contract 72 in Recto Bank.

“Despite the current situation involving the contentious areas, investors remain eager and committed to explore the area for petroleum resources. In fact, noteworthy companies, particularly Shell Philippines Exploration B.V. and NWP Ventures, both UK-based companies, have likewise nominated blocks for petroleum service contract applications within the disputed areas. Multiple companies, including Spanish firm Repsol, have also shown interest in farming in the West Philippine Sea area.

Many other interested parties are awaiting the government’s policy direction in the West Philippine Sea and have expressed their desire to explore the area should the current Moratorium due to Force Majeure be lifted,” said the DOE. Other areas of interest include the Sulu Sea, Quezon province, Ragay Gulf, and Mindoro.

“We do have an existing territorial dispute. In the discussions that we’ve had with different agencies around the world, we do recognize that the Philippines is not exactly marketable. So there is difficulty, there is a challenge there and we are working on that,” said Pulido.

Lenie Lectura

incidence was at 8.5 percent. The government’s target is 17.3 percent to 19.3 percent for poverty incidence and 6.8 percent for subsistence incidence for 2018.

The Philippine Statistics Authority (PSA) explained that the poverty incidence is “the proportion of families/individuals with per capita income/expenditure less than the per capita poverty threshold to the total number of families/individuals.”

PSA said subsistence incidence is “the proportion of families/individuals with per capita income/expenditure less than the per capita food threshold to the total number of families/ individuals.”

Job generation, Pernia added, was not on track. Neda data showed that as of the first semester of 2019, the economy created only 480,000 new jobs. The target for the year is 900,000 to as many as 1.1 million jobs.

Jobs created in 2017 and 2018 also fell below target. In 2017, the economy actually lost 663,000 jobs when the target was to create 900,000 to 1.1 million jobs. In 2018, employment generation only reached 826,000, also lower than the target of 900,000 to 1.1 million.

Other risks

ON top of these challenges are risks to growth such as extreme weather events, power interruptions that affect manufacturing operations, and delays in various infrastructure projects. These will be compounded by the inability of local government units to fully utilize the resources given to them by the national government.

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Soldiers support DOH fight against dengue via bloodletting

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OLDIERS assigned in Southern Tagalog have turned from warriors into blood donors as the Army’s 2nd Infantry Division spearheaded a massive bloodletting activity in response to the call of the Department of Health (DOH) for help against the dengue disease, which had been declared as a national epidemic.

The 2nd ID under Brig. Gen. Arnulfo Marcelo Burgos collected a total of 74,700 cubic centimeters of blood that would form part of the government’s blood reserve for the mosquito-borne disease.

“This noble undertaking is a testament of the soldier’s heroism and commitment to serve the people and save lives, be it in the battlefield or in the field of public health,” said Burgos said.

The blood donation was held in partnership with the Philippine Blood Center, the Red Cross, rural health units, the DOH and other partner agencies.

Early this month, Health Secretary Francisco Duque III declared a national epidemic for dengue following the spike in cases of deaths and patients associated with the mosquitoborne disease around the country.

In declaring the epidemic, the secretary cited 622 deaths and 146,062 cases of dengue in 14 regions of the country during the seven-month period from January, which is nearly 100 percent higher compared to the same period last year.

From July 14 up to July 20 this year alone, a total of 10,502 cases have been recorded, prompting Duque to call for a national response to the disease, including ensuring the availability of blood reserve.

Defense Secretary Delfin N. Lorenzana, who is the chairman of the National Disaster Risk Reduction and Management Council, has issued a memorandum calling on all member agencies to actively take part in the national response to the disease.

Burgos said the blood donation campaign in all of the units of the 2nd ID will continue in order to not only beef up the country’s blood reserve for dengue victims, but even for other medical cases. Rene Acosta

The Nation BusinessMirror

Editor: Vittorio V. Vitug • Friday, August 23, 2019 A3

DND chief sees POGOs JBC EXTENDS as major security issue NOMINATION

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By Rene Acosta

@reneacostaBM

EFENSE Secretary Delfin N. Lorenzana said the Department of National Defense (DND) is now considering the operation of Philippine Offshore Gaming Operators (POGOs) a matter of national security.

Lorenzana told reporters on Thursday he will discuss the DND’s position on the with the Cabinet and with the Philippine Amusement and Gaming Corp. (Pagcor) as a compromise must be struck between security and the need for investment.

“I’m going to discuss that with the cluster, and maybe discuss it with the Pagcor, with the economic cluster because the POGO operations is bringing us substantial amount of money,” he said on the sidelines of the ceremony welcoming the arrival of the Navy’s new ship BRP Conrado Yap. “Are we willing to lose those POGOs? It depends,” he added. “We will explore and study some more before we can make the recommendation.

The Chinese government through its Foreign Ministry has already called on the Philippine government to ban the operations of POGOs—Beijing said these are not allowed to operate in China—for a number of reasons, including the issue of peace and order.

The call also covered casinos, which had been blamed for the spike in cases of kidnapping and even murder involving Chinese nationals as victims and suspects in the past weeks.

Pagcor has already stopped accepting additional applications for the operations of POGOs in the country.

However, POGOs that have been issued licenses have listed as their operational sites in areas near major

military camps in the National Capital Region. This has raised security concerns from defense and military officials and legislators.

For one, Lorenzana said POGOs located close to military camps and installations could be easily configured for covert Chinese security operations, especially intelligence information gathering.

Some senators and representatives support the DND chief ’s view.

“I’m not saying that they are now spying. I’m just raising the alarm that they could later on because there are too many of them; they are too many here, in thousands.

And not only spying, but some of the social problems that could crop up while they are there in the vicinity of the camps,” Lorenzana said .

“The President said that they can also spy even if they are far away. But it’s better that they are away than very near, proximate to our camps,” he added.

Lorenzana revisited his initial position that if POGOs would be allowed to operate, they should be brought to a hub away from camps and where they can be fully regulated.

“They can be monitored there; they can be controlled by authorities like Pagcor, the police, the Department of Finance because they are interested in getting the taxes from these people,” he said. “But for now, they are scattered [and difficult] to control.”

PERIOD FOR CHIEF JUSTICE

By Joel R. San Juan

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@jrsanjuan1573

HE Judicial and Bar Council (JBC) has decided to extend until September 2 the application and nomination for the Chief Justice position that will be left vacant by CJ Lucas P. Bersamin who will reach the mandatory retirement age of 70 on October 18.

According to Justice Secretary Menardo I. Guevarra, the decision to extend the deadline was “to invite more applicants” to the position.

Guevarra is an ex officio member of the JBC whose primary task is to recommend appointees to the Judiciary and the Office of the Ombudsman for the President’s perusal.

The JBC earlier set the deadline for application to Bersamin’s post last August 20.

Only four—SC Associate Justices Diosdado M. Peralta, Estela M. Perlas-Bernabe, Andres B. Reyes Jr. and Jose C. Reyes Jr.—are vying for the position so far.

Peralta and Perlas-Bernabe were among the five senior associate justices of the SC who were automatically considered by the JBC for the post.

The other three justices are Senior Associate Justice Antonio T. Carpio, Associate Justice Benjamin S. Caguiao and Associate Justice Marvic Mario Victor F. Leon.

However, only Peralta and Perlas-Bernabe accepted their automatic nomination for the CJ post while Carpio, Caguiao and Leonen decided to turn down their automatic nomination.

A4 Friday, August 23, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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Neda: LGUs must improve absorptive capacity

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By Cai U. Ordinario

@caiordinario

HE National Economic and Development Authority (Neda) said on Thursday that local government units (LGUs) must ensure that they will be able to spend the funds they get from the national government if they want a higher budget.

Socioeconomic Planning Secretary Ernesto M. Pernia said LGUs must be able to improve their absorptive capacity in view of the Supreme Court’s decision to grant the Mandanas petition. The High

Court’s decision will take effect in 2022.

Pernia noted that LGUs must focus on improving their fund utilization especially since about 50 percent, or P300 billion, of all rev-

enues of the national government will be given to local governments starting 2022.

“It’s [absorptive capacity] just a risk, it’s a possibility and we are just flagging that as one of the risks. I’m sure there are many LGUs who are very good at implementing projects and absorbing funds. But I’m sure they are not equal. Not all LGUs are created equal,” Pernia said.

He said efforts to improve absorptive capacity can be done by addressing barriers to entry, particularly of investors who are not originally from these provinces, cities and municipalities.

The Neda chief also said during the hearing on the 2020 national budget at the House of Representatives that these barriers to entry will

discourage development.

Neda Undersecretary for Policy and Planning Rosemarie G. Edillon also told reporters that LGUs must also address their manpower concerns before they are given more money in 2022.

Edillon said granting LGUs more resources will not affect the country’s fiscal deficit, but this could lead to fewer national government projects in the provinces and other localities.

“Between now and 2022, there has to be more in terms of coordination, those national government agencies that are now implementing it but [others have yet to] transfer [funds] that’s why as early as now we are flagging it,” she said.

Earlier, newly elected local officials looking to spend more for

various public services and projects during their term may have to consider some belt-tightening measures with the adoption of the 2016 masterlist of land areas.

In an interview with the BusinessMirror, Neda Regional Development Office Undersecretary Adoracion M. Navarro said the National Land Use Committee has instructed concerned agencies to adopt the 2016 masterlist of land areas based on the latest cadastral survey of the Land Management Bureau.

Based on the 2015 cadastral survey, the land area of the Philippines became significantly smaller than previously estimated. This, Navarro said, will impact not only on the size of the LGUs but also on the internal revenue allotment (IRA) they receive from the

national government.

In its July 3, 2018, decision, the High Court increased the IRA of LGUs to include the tax collection of other agencies aside from the Bureau of Internal Revenue as basis for the computation.

However, concerns on the implementation of the decision were raised by the national government in a motion for reconsideration filed soon after the SC decision was released.

In April this year, the SC has maintained its decision which declared that the IRA share of all LGUs be based on the collections of all national taxes, and not only from national internal revenue taxes collected by the government. The SC also moved to implement the new computations in 2022.

DBM seeks P31B for salary hike of state workers in 2020 Airfares to go down next month @BNicolasBM

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HE Department of Budget and Management (DBM) on Thursday said the salary of state workers may be adjusted by at least 10 percent should Congress approve its proposed budget of P31 billion for the pay increases in 2020.

This was confirmed by Acting Budget Secretary Wendel B. Avisado during the 2020 budget deliberations in Congress which kicked off on Thursday.

Some law makers, however, ex pressed reser vations about the proposed salary increase for state workers.

Bayan Muna Party-list Rep. Ferdinand Gaite said an estimated salary hike of P1,000 for a government worker under Salary Grade (SG) 1

receiving at least P11,000 monthly will not be enough.

“A P1,000 salary increase is too small. According to the representatives of the different government agencies, a comfortable salary is anywhere from P30,000 to P42,000 a month, according to the Neda [National Economic and Development Authority] and yet, the salaries of government workers are only approximately 1/3 or P1/4 of that amount,” Gaite said.

Responding to Gaite’s remarks, Avisado said the P31-billion allotment for the salary hike next year for government workers was based on a survey that the DBM conducted with the Governance Commission on government-owned and -controlled corporations.

“Regarding the P31-billion increase which is being tagged as small, we had a survey and it

turned out that the money needed for the tranche of Salary Standardization law (SSL) will reach P31 billion and that is the basis for the allocation for the salary increase of P31 billion,” he said.

Avisado added that the government did not give another round of increase for uniformed personnel next year since their pay was adjusted this year.

For her part, ACT-Teachers Party-list Rep. Franz Castro expressed doubt over the capability of the government to give a salary increase of at least P1,000. Castro said state workers under SG-11 are currently receiving an increase of more than P500 under the fourth tranche of the SSL. Avisado maintained that there was survey which the government used as basis for making a pitch for the increase. He said, however, that

the report and its results have yet to be submitted to the DBM. Aside from this, the DBM chief said the agency will propose a bill to Congress in September. While he did not give specific details, he said this will assure that “what is due will be granted.”

He said the DBM will submit a document showing the comparison in the salary increases under the previous tranches and the next tranche.

“For everything that the government has to do there should be a corresponding basis that is why we had a survey. Historically, the President has been acting quickly,” Avisado said.

The DBM has proposed a budget of P4.1 trillion for next year, which is 12 percent higher than the 2019 nationa l budget of P3.662 trillion.

NFA opens rice sale to retailers

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INGAYEN, Pangasinan—The National Food Authority’s (NFA) office in western Pangasinan has announced an open house sale to allow even non-accredited retailers to purchase its rice.

“Marami tayong supply ngayon dahil sa local procurement. Since nag-focus tayo sa pagbili sa mga local farmers, mas marami tayong naiipon [We have much supply because of the local procurement. Since we focused on buying from the local farmers, our stocks have increased],” NFAWestern Pangasinan Assistant Manager, Chona Maramba, said in an interview Thursday.

Maramba said 160,000 sacks of rice were stored in their warehouse.

With the removal of exclusivity, even rice mill owners may also procure NFA rice, she added.

Maramba noted that the NFA does not see the sale of rice to nonaccredited retailers as a threat, as rice sells at a lower cost comparable to the price of NFA rice.

Regular-milled rice sells for about P28 to P32 per kg.; well-milled rice for P33 to P40; premium milled rice for P45; and NFA rice for P27.

Maramba assured the public of sufficient supply of NFA rice despite the lean months.

“Kahit na nagbebenta po tayo sa mga non-accredited retailers, sapat na sapat po ang suplay natin ng bigas para sa mga consumers at sa emergency [Even though we sell to nonaccredited retailers, our supply is more than enough for our consumers and for emergency purposes],” she added.

Non-accredited retailers may purchase NFA rice at P1,250 per cavan.

NFA procurement from farmers continues, with a purchasing price of P17 to P22 per kilogram of palay. PNA

as CAB approves fuel surcharge cut

BusinessMirror file photo

By Bernadette D. Nicolas

By Lorenz S. Marasigan @lorenzmarasigan

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HE Civil Aeronautics Board (CAB) reduced the fuel surcharge for air tickets for September to October, as it noted a decline in jet-fuel prices from June to July, a document from the regulator showed.

From Level 3, the air-services regulator decided to pare down the fuel surcharge component to Level 2, after jet-fuel prices averaged at $78.54 per barrel in the international market.

“This is equivalent to P25.29 per liter, which corresponds to Level 2 of the Passenger Fuel Surcharge Matrix,” the document read.

There are seven levels in the fuel surcharge matrix, each defining how much the airlines can charge on a per-kilometer basis.

Under the matrix, the second level of fuel surcharge allows airlines to charge passengers from P45 to P171 for domestic flights, and from P218

to P2,076 for international flights.

“Airlines wishing to impose or collect fuel surcharge for the same period must file its application with this office on or before the beginning effectivity period, with fuel surcharge rates not exceeding the stated level,” the document read.

The regulator monitors jet-fuel prices and decides on the fuel surcharge level for air tickets every two months. Once average prices of jet fuel reach P21 per liter, the regulator may decide to remove the fuel surcharge component again.

A fuel surcharge is a temporary relief granted to airlines to help them recover losses incurred from higher jet-fuel prices. Fuel accounts for over 60 percent of the expenses of carriers.

Data from the International Air Transport Association showed jet-fuel cost was at $75.64 per barrel as of August 16, 13 percent less than the yearago price, and 4.6 percent lower than a month ago.

IPOPHL pushes more inventions to improve lives of Filipinos

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HE Intellectual Property Office of the Philippines (IPOPHL) has encouraged its Innovation and Technology Support Office (ITSO) partners to intensify their innovative capacity towards potential inventions that will benefit more Filipinos.

IPOPHL Director General Josephine Santiago noted that while the country had been dubbed an innovation achiever, it still needs to do more not for the sake of rankings but geared toward the improvement of lives of countrymen.

In the 2019 Global Innovation Index (GII), the Philippines zoomed to 54th from 73rd a year ago. The massive jump placed the country to be part of the 42 percent leading innovative economies.

“The lives of millions of Filipinos are at stake here. The ITSOs have the capability and the government is now more supportive of R&D [research and development] and technology transfer,” she said in a speech during the IPOPHL-ITSO Presidents’ Summit 2019 on Monday as delivered by IPOPHL Deputy Director General Teodoro Pascua.

IPOPHL has developed a network of 85 ITSOs composed of higher education and research development

institutions. The program seeks to foster creation of intellectual property (IP) in academe and research sectors, particularly in invention and utility models.

Science Secretary Fortunato de la Peña said his department has invested heavily in the research and development institutes (RDI) that are members of ITSO not only by providing funds for their research and programs, but also in developing, protecting and commercializing the resulting technologies.

“For instance, out of the 2,320 IP applications assisted by DOST, about 67 percent are from ITSO-member universities and RDIs, and DOST has invested P42.6 million to file these applications,” he said.

Pascua told reporters that more inventions will benefit industries and create employment.

He cited, as examples, pharmaceuticals that come from indigenous plants—sambong and lagundi—which have been invented through the University of the Philippines.

“Marami pa tayong mga [We have many] plant varieties or sources for medicinal plants or pharmaceuticals, ang kulang kasi [but what is lacking is] research,” he added. PNA

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Friday, August 23, 2019 A5

DA: Hogs slipped past areas PHL cattle, goat production declined currently under quarantine procedure,” he added.

Dar reiterated that live pigs without veterinary health certificates shall not be allowed for slaughter.

“All suspected animals will be put on ‘On Hold Status’ and must be reported immediately to BAI Quarantine Office,” he added.

Aid to raisers

BLOOMBERG NEWS

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE Department of Agriculture (DA) on Thursday said some of the hogs from farms that were ravaged by a “mysterious” disease have been transported to other parts of the country.

Agriculture Secretary William D. Dar said the agency is now investigating how this happened.

He did not provide more details.

“Some hogs [from affected farms] have been transferred to other areas. That has happened.

These hogs have reached some provinces,” Dar said in a mix of Filipino and English during a live television interview on Thursday morning.

The movement of pigs happened despite the DA’s implementation of a total lockdown and

control of the areas affected by “one of the major economic diseases” seen in the animals.

The DA is observing the “1-710” principle which entails the set up of a control zone, quarantine zone and surveillance zone within the 1-kilometer, 7-km and 10-km radius of the suspected infected farm.

New order

DAR issued on Thursday Administrative Order (AO) 4 which reiterated the need for local government

units (LGU) to implement more stringent food safety measures and veterinary quarantine procedures.

The AO was addressed to provincial veterinary offices (PVOs), city veterinary offices (CVOs), municipal veterinary offices (MVOs) and municipal agriculture offices (MAOs).

“In view of the reported increasing swine mortalities, all PVOs, CVOs, MVOs, MAOs are reminded to continue implementing precautionary measures to ensure food safety and food security,” Dar said in the AO. Under the AO, Dar ordered that all animals brought to slaughterhouses should be checked for fever and signs of diseased conditions.

Dar also reminded all meat vendors to display the National Meat Inspection Service or LGU Meat Inspection Certificate (MIC) to prove that their products have been inspected. “[Sans the] MIC, the carcasses shall be considered as hot meat and shall be confiscated, condemned and properly disposed as per BAI [Bureau of Animal Industry]

DAR assured raisers that they will be compensated for the hogs will be culled by the government and will get assistance that will allow them to immediately recover their losses.

“The DA will extend cash assistance to them. The government will give 50 percent of the assistance once we get the hogs and give the remaining half after the hogs are buried,” he said.

“We will also give assistance once the area is already ready for rearing, when it has been disinfected and the DA finds that the virus is not present there anymore.

Raisers will get piglets,” he added.

In a statement on Thursday, Senate President Pro Tempore Ralph Recto said the government must prepare a financial package for farmers that would incur losses due to the mysterious hog disease.

Recto said the financial assistance should not be only shouldered by the DA but also by other government agencies, as well.

“We must be ahead of the curve.

We should be ready for every imaginable scenario. If there is mass culling, what other types of assistance should be given to hog raisers? As early as now, there should quiet pencil pushing to determine expenses,” Recto said.

“Of all the powers of the DA secretary, the power to appropriate or to release allotments is not one of them.

It is something that is discussed in the highest levels of government, in the Cabinet, in both houses of Congress, more so if it requires a huge amount of money and bridge financing,” he added.

Ecuador fights banana fungus threatening America’s favorite fruit

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HE detection of a banana-killing fungus in neighboring Colombia is setting off alarm bells in Ecuador, the world’s biggest exporter of Americans’ favorite fruit.

Growers in Ecuador, where bananas generate $2.6 billion in exports and 2.5 million jobs, are battling to prevent Fusarium TR4, also known as Panama Disease or Fusarium wilt. Some farms are disinfecting shoes, tools and vehicles, and have set up unique access paths for workers. Others are considering putting up fences to isolate crops, the association of banana exporters said.

Ecuador has more than 7,000 growers, many with very small plots that sometimes share water supplies, leaving areas vulnerable to infestation. The fungus’ arrival could be “catastrophic,” said Marianela Ubilla, vice president of the association.

“This is very worrisome to us because the fungus is moving about 100 kilometers [62 miles] a year,” and has traveled to the Middle East, Asia and Australia, Ubilla said by telephone from Quito.

While Ecuador began preventative measures even before Colombia detected the fungus earlier this month in 175 hectares (432 acres) near the border with Venezuela, tensions are now running higher in the region. Colombia authorities have stepped up surveillance to try to contain the disease.

Fusarium TR4 can be transmitted through planting materials or infested soil particles carried by clothes, water or vehicles. It can remain dormant in soil for

A WORKER takes bananas from a wash bin at the Nueva Colonia processing facility in Guayaquil, Ecuador. EDUARDO LEAL/BLOOMBERG

decades. Smuggling plants across borders is another way of spreading the disease.

While the fruit is safe to eat, there’s no treatment for plants, which wither and die.

Colombia Agriculture Minister Andres Valencia Pinzon met earlier this month in Quito with representatives of the 15 main exporting countries to present steps his country has taken. The ministry is also considering offering funding for smaller producers as part of efforts to have all growers meet export standards.

In Guatemala, the top supplier to the United States, authorities are tightening customs on goods, as well as setting up airport checkpoints to scan for people arriving from countries suspected of having the disease.

The menace comes as Latin American

farmers face low prices for some of the regions’ other top farm exports, including sugar and coffee. The Philippines, Costa Rica, Colombia and Guatemala complete the list of five biggest banana shippers. Latin America accounts for 25 percent of world banana production and 80 percent of exports.

The region’s efforts to prevent the spread of the fungus should be of keen interest to US consumers, who gobble down more than 28 pounds of bananas each a year on average, according to Rabobank, citing 2017 data, the most recent.

US import prices climbed to multiyear highs early last year amid weather and disease disruptions. With most supply coming from one variety, the export market is vulnerable, said Rabobank analyst Roland Fumasi. Bloomberg News

in April-June–PSA T

HE country’s cattle and goat output recorded a slight decline in the April-to-June period due to lower production in eight regions, the Philippine Statistics Authority (PSA) said in its latest report.

The PSA said cattle output during the period fell by 1.9 percent to 65,200 metric tons from last year’s 66,460 MT. The agency attributed this to the decline in the output of eight regions.

Of the eight regions, Zamboanga Peninsula registered the biggest drop at 28.1 percent to 1,430 MT, from 1,990 MT a year ago, according to the PSA. “Among the regions, Northern Mindanao was the top producer of cattle at 10,470 MT, liveweight,” the PSA said in its Cattle Situation Report published recently.

“This was followed by Calabarzon and Ilocos Region with production of 9,510 MT and 7,240 MT, liveweight, respectively. These three regions contributed 41.8 percent to the country’s total cattle production,” it added.

The country’s total cattle inventory as of July was estimated at 2.56 million heads, slightly higher than the 2.55 million heads recorded in the same period a year ago, the PSA said.

“In backyard farms, cattle inventory at 2.41 million heads increased by 0.4 percent from the previous year’s count of 2.40 million heads,” it said. “Stocks in commercial farms at 153,930 heads decreased by 0.04 percent from the previous year’s count of 154,000 heads.”

The top five regions in terms of cattle inventory were Ilocos Region, Central Visayas, Calabarzon, Western Visayas and Northern Mindanao, the PSA said.

“The combined stocks of these five regions accounted for 52.6

percent of the country’s total cattle inventory,” it added.

Goat production

FROM April to June, the PSA said goat output fell slightly to 17,590 MT from last year’s record of 17,690 MT. The PSA attributed this to the production declines recorded by eight regions.

“Among these regions, Soccsksargen reported the highest decline in production of 13 percent, from 1,130 MT, liveweight in 2018 to 980 MT, liveweight in 2019,” the PSA said.

“Among the regions, Ilocos Region was the highest producer of goat at 3,220 MT, liveweight. This was followed by Northern Mindanao and Central Visayas with production of 2,140 MT, and 2,080 MT, liveweight, respectively,” it added.

The PSA said the country’s total goat inventory as of July 1 rose by 1.4 percent to 3.83 million heads from 3.77 million heads last year.

“Inventory of goat in backyard farms at 3.78 million heads posted an increase of 1.4 percent compared with its previous year’s level of 3.72 million heads,” it said.

“In commercial farms, total inventory of goat was 48,760 heads.

This was 0.9 percent higher than its previous year’s level of 48,340 heads,” it added.

The PSA said in a recent report that livestock production, including hogs and cattle, rose by 3.22 percent in the second quarter. Hog and dairy came up with output gains during the period.

Figures from the PSA indicated that the value of livestock production amounted to P77.7 billion at current prices. In the first half of 2019, livestock production grew by an annualized rate of 2.24 percent. Jasper Emmanuel Y. Arcalas

A6 Friday, August 23, 2019

BusinessMirror

www.businessmirror.com.ph

Editor: Angel R. Calso

The World BusinessMirror

Report shows US deficit seen exceeding $1 trillion

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ASHINGTON—The federal budget deficit is expected to balloon to more than $1 trillion in the next fiscal year under the first projections taking into account the big budget deal that President Donald J. Trump and Congress reached this summer, the Congressional Budget Office (CBO) reported Wednesday.

The return of $1 trillion annual deficits comes despite Trump’s vow when running for office that he would not just balance the budget but pay down the entire national debt.

“The nation’s fiscal outlook is challenging,” said Phillip Swagel, director of the nonpartisan CBO. “Federal debt, which is already high by historical standards, is on an unsustainable course.”

The office upped this year’s deficit projection by $63 billion and the cumulative deficit projection for the next decade by $809 billion. The higher deficit projections come even as the CBO reduced its estimate for interest rates, which lowers borrowing costs, and as it raised projections for economic growth in the near term.

The number crunchers at CBO projected that the deficit for the current fiscal year will come to $960 billion. In the next fis-

cal year, which begins October 1, it will exceed $1 trillion.

The CBO said the budget deal signed into law earlier this month, which took away the prospect of a government shutdown in October and the threat of deep automatic spending cuts, would boost deficits by $1.7 trillion over the coming decade.

Increased spending on disaster relief and border security would add $255 billion.

Downward revisions to the forecast for interest rates will help the picture, trimming $1.4 trillion.

Swagel said the federal debt will rise even higher after the coming decade because of the nation’s aging population and higher spending on health care.

To put the country on sustainable footing, Swagel said, lawmakers will have to increase taxes, cut spending or combine the two approaches.

The CBO projects that the economy will expand more slowly, from 2.3 percent this year to 1.8 percent on average in the next four years. The assumption reflects slower growth in consumer spending and government purchases, as well as the effect of trade policies on business investment.

It also projects the unemployment rate will remain close to its current level of 3.7 percent through the end of 2020 and then rises to 4.6 percent by the end of 2023.

The CBO’s estimate is the first to reflect the hard-won budget and debt deal signed into law earlier this month.

“The recent budget deal was a budget buster, and now we have further proof.

Both parties took an already unsustainable situation and made it much worse,” said Maya MacGuineas, president of the private Committee for a Responsible Federal Budget.

MacGuineas said lawmakers should ensure the legislation they enact is paid for and redouble efforts to control the growth in health-care costs and restore the solvency of the Social Security program.

Her organization is focused on educating the public on issues with significant fiscal policy impact.

Senior White House adviser Kellyanne Conway pivoted to the president’s desire to fund the military and other programs when asked about the report.

“We’re always concerned about the deficit,” Conway said. “We also need to fund a lot of the projects and programs that are important to this country.” AP

Friday, August 23, 2019

a7

HK faces worst earnings recession since 2008 crisis

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ong Kong stocks are poised for their worst quarter since 2015 and corporate earnings are unlikely to save them.

After a sell-off erased more than $600 billion from the city’s equities, attractive valuations stood as a potential bright spot. But those multiples don’t look so good when analysts keep slashing their profit forecasts for 2019. Their call for an average 19-percent slump in operating income would be the biggest contraction for Hang Seng Index companies since the global financial crisis, data compiled by Bloomberg show.

While a protracted US-China trade war and a weak yuan are to blame for a big chunk of the profit reductions, the latest cuts reveal a deeper issue.

With Hong Kong’s slowing economy buckling under the pressure of 11 straight weeks of protests, demand for everything from bank loans to utility gas may be jeopardized.

“The third quarter could be even worse given the local political situation and the trade war escalation,” said Jackson Wong, asset management director at Amber Hill Capital

Ltd. “Potential downside surprises have not been fully reflected in share prices.”

Shangri-La Asia Ltd. slumped as much as 7.5 percent Thursday after saying “political events” in Hong Kong affected one of its flagship hotels in the city, while the weaker yuan hurt revenue in mainland China. Cathay Pacific Airways Ltd. also said the protests will have a “significant impact” on revenue from August. The airline, which saw its employees’ participation in the Hong Kong protests draw the ire of Beijing, cited weaker business and leisure traffic into the city.

Shares of utility provider Hong Kong and China Gas Co. fell 5.3 percent Wednesday after it posted disappointing results and said the local business environment is “full of challenges.” Political unrest in Hong Kong may dampen its sales to the hospitality industry as people opt to cook at home rather than dine out, analysts at Daiwa Securities Group Inc. said.

The threat from the trade war and weeks of local unrest has been apparent in the property market, as well as hotel occupancy and retail sales. CK

Asset Holdings Ltd., whose shares fell to lowest since January 2017 last week, postponed a luxury residential project because of the protests. It spent about $3.3 billion buying British pub owner Greene King Plc. HSBC Holdings Plc. and BOC Hong Kong Holdings Ltd. have lost about 9 percent this month as investors become increasingly concerned about capital flight.

A weak yuan is also bad news for the Hang Seng Index: its firms get an average 64 percent of revenue from the mainland, and 22 percent from Hong Kong, Morgan Stanley calculates. The currency broke past the key 7 per dollar this month for the first time since 2008, and has traded weaker than that level for more than two weeks.

The gloomy profit outlook comes at a critical time for Hong Kong’s equity market. While cheap valuations spurred some dip-buying this week, strategists at Morgan Stanley and Credit Suisse Group AG are among those turning more bearish. The Hang Seng Index is still down 13 percent since its April high, one of the worst returns in the world.

Bloomberg News

G-7 ‘counter-summit’ protest mobilizes against inequality

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RUN, Spain—Protesters are beginning to set up camp on both sides of the border between France and Spain ahead of this year’s G-7 summit of the world’s major industrialized nations.

They’re calling it a “counter-summit ” and have a packed schedule of conferences and workshops along

the Basque coast to protest social and economic inequality, climate change, migration policies and other concerns.

S eba st ie n B a i l le u l , a spokesman for the protesters, said Wednesday several thousand people are expected. He said that they’re expecting the protest to be peaceful, in contrast with previous summits

when protests have degenerated into running battles with police.

The G-7 summit is hosted

by French President Emmanuel Macron. US President Donald J. Trump and other leaders of the Group of Seven nations arrive on Saturday for three days in the French resort town of Biarritz. AP

A8

The World BusinessMirror

Friday, August 23, 2019

www.businessmirror.com.ph

India finance minister Donald Trump’s fake accent angers Former nabbed for alleged corruption Asian Americans as they veer left I

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HEN Amanda Berg heard reports that President Donald J. Trump mocked the accents of the leaders of South Korea and Japan at a recent fund-raiser, it brought back painful memories from her childhood.

Berg, a Korean American who grew up in Fort Collins, Colorado, recalled kids doing the “stereotypical pulling at the eyes and the mocking accent.” It made her feel like she was a foreigner in her own community.

Berg, a registered Democrat, is among a growing and crucial bloc of Asian American voters leaning further to the left in the age of Trump, and his stunt, reported by the New York Post, angered her and many others.

“It empowers people who would be predisposed to doing that kind of thing anyway,” said Berg, a high school English teacher in Denver.

“And it makes it acceptable to be openly, increasingly discriminating.”

Trump has used racist rhetoric to fire up his conservative base ahead of the 2020 election—most notably against four Democratic congresswomen of color. Telling them to “go back” to their home countries triggered widespread outcry last month, but his reported mocking of Asian accents garnered a more tepid reaction.

Some worry the frequency of Trump’s racially offensive remarks makes them easier to shrug off, a concern that could weigh on an Asian American voting group that’s only growing in power.

The Asian American voting-age population has more than doubled in the past two decades, leaping from 4.3 million in 1998 to 11.1 million in 2018 according to the US Census Bureau. A majority of those new voters lean Democratic.

By 2016, some Asian ethnic groups that had leaned Republican shifted into the Democratic camp, said Natalie Masuoka, an associate professor of political science and Asian American studies at the University of California, Los

Angeles. A larger share of Asian American Republicans voted for John McCain in 2008 than for Trump in 2016.

A Pew Research Center survey said 53 percent of Asian American registered voters in 1998 identified with the Democratic Party. That figure rose to 65 percent in 2017.

“They are adding more and more new voters to the electorate,” Masuoka said. “Alongside Latino immigrants, they’re important for candidates to mobilize.”

Asian American voters also could become a key factor in swing states. In Nevada, Asians make up 5 percent of registered voters and 9 percent of the eligible voting population. They comprise 5 percent of registered voters in Virginia and are 6 percent of the eligible voting population.

The GOP, meanwhile, remains appealing to Asian Americans who are strongly anti-communist, as many are in Vietnamese communities. Some data also suggests that a large proportion of Filipinos and wealthy, higher-educated Chinese Americans are more likely to go Republican, Masuoka said. There is no solid answer for why, but religion is one often-cited reason, she added.

But it may be hard for some to look past Trump’s reported words.

“He’s willing to use Asian stereotypes, Asian accents in his public speeches,” Masuoka said. “In that way...the way Americans are talking about race is now shifting possibly back to what historically was effective before the civil-rights revolution”—explicit and sometimes offensive talk about race.

The New York Post reported that Trump imitated South Korea President Moon Jae-in and Japanese Prime Minister Shinzo Abe, both

Putin says US missile test raises new threats to Russia

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ELSINKI—Russian President Vladimir Putin said Wednesday that the test of a new US missile banned under a nowdefunct arms treaty has raised new threats to Russia and will warrant a response.

The US tested a modified ground-launched version of a Navy Tomahawk cruise missile that accurately struck its target more than 500 kilometers (310 miles) away. Sunday’s test came after the US and Russia withdrew from the 1987 Intermediate-range Nuclear Forces (INF) Treaty that banned such weapons.

Speaking after talks Wednesday with Finnish President Sauli Niinisto, Putin argued that the quick test indicated the US had begun work on the missile long before declaring its intention to withdraw from the pact.

“The Americans have tested this missile too quickly after having withdrawn from the treaty,” Putin said. “That gives us strong reason to believe that they had started work to adapt the sea-launched missile long before they began looking for excuses to opt out of the treaty.”

The US has explained its withdrawal from the treaty by Russian violations—the claim Moscow has denied.

The Russian leader said that Russia would also work to design such weapons, but reaffirmed that it wouldn’t deploy the missiles previously banned by the INF Treaty to any area before the US does that first. Putin charged that Sunday’s test was performed using a launcher similar to those stationed at a US missile defense site in Romania. He argued that the Romanian facility and a prospective similar site in Poland could also be used for missiles intended to hit ground targets instead of interceptors.

“Such missiles could be launched from facilities in Romania, as well as those to be deployed in Poland,” he said. “It only requires software tweaks. I’m not sure that our American friends will share the information about which software they use even with their European partners.”

He said that for Russia that means “the emergence of new threats, to which we will react accordingly.” AP

IN this July 6, 2017, file photo, US President Donald J. Trump (center) meets with Japanese Prime Minister Shinzo Abe (right) and South Korean President Moon Jae-in before the Northeast Asia Security dinner at the US Consulate General Hamburg in Germany. In August 2019, Trump angered some Asian American voters after the New York Post reported that he mocked the accents of Moon and Abe at a fund-raiser in the Hamptons. AP PHOTO/EVAN VUCCI

close US allies, at a fund-raiser in the Hamptons this month. Trump used a fake accent to boast about Moon relenting in negotiations over the costs of US military aid to South Korea and when rehashing talks with Abe had about trade tariffs, according to the newspaper.

Trump has imitated Asian people before. At an August 2015 campaign rally in Iowa, he talked about his ability to deal with Asian negotiators and used broken English, saying, “When these people walk into the room ...they say ‘We want deal!’”

In the past, such comments have led to outrage.

In 1995, then-New York Sen. Alfonse D’Amato used a faux Japanese accent when discussing OJ Simpson trial Judge Lance Ito, who is Japanese American, in a radio interview. The Republican senator’s apology was criticized at the time by the Asian American Defense and Education Legal Fund.

“It was a time where even though we were very offended by the remarks, we thought it might make a difference to ask for an apology. But with President Trump, one doesn’t expect that,” said Margaret Fung, the group’s executive director.

“That’s part of the way he speaks, the way he acts which is offensive.

Unfortunately, it doesn’t get the kind of attention that maybe it should.”

Officials for Trump’s reelection campaign defended his record with Asian Americans.

“The Asian American community has never been stronger than under President Trump’s leadership,” campaign Spokesman Kayleigh McEnany said in a statement.

“Millions of Asian Americans have secured access to the strongest economy in modern history, with the Asian American unemployment rate hitting a record low under the leadership of President Trump.”

A representative for the White House did not immediately respond Wednesday to a request for comment.

Trump supporters like Farhana Shah, of the Arizona GOP Asian American Coalition, however, say his personality is irrelevant. She praised Trump for creating jobs, passing a tax cut and keeping the country safe. Shah, who emigrated from Bangladesh in 2006 and is self-conscious at times about her own accent, also disagrees that his reported words were racist or done out of cruelty.

“He has a humorous attitude.

He has a funny way of expressing things,” Shah said. “Did he harm any political negotiations? Did the leaders [themselves] react to that? If not, then it didn’t do any big harm.

So why should I get offended?”

Shah has gotten into debates with those who question her support for Trump.

“President Trump might not speak very posh, but he is trying to resolve these problems,” Shah said. AP

Rohingya still fear safety in Myanmar, repatriation unlikely

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OX’S BAZAR, Bangladesh—The repatriation of hundreds of Rohingya Muslims appeared unlikely to proceed as planned Thursday after those who were eligible told the UN refugee agency and the Bangladesh government they didn’t want to return to Myanmar unless their citizenship and safety were ensured.

“We have not found anybody yet who has agreed to go back, but all our preparations are in place,” said Khaled Hossain, a senior official with the Refugee, Relief and Rehabilitation commissioner’s office.

Members of at least 221 Rohingya Muslim families were interviewed Wednesday and Tuesday ahead of the repatriation that was scheduled to start Thursday. Bangladesh Prime Minister Sheikh Hasina said her government will not force the refugees to return and the repatriation will only happen if they are willing.

Myanmar has certified 3,450 refugees from 1,056 families as eligible for repatriation from Bangladesh’s Cox’s Bazar district, where about 1 million Rohingya refugees are sheltered.

Myanmar’s military began a harsh counterinsurgency campaign against Rohingya Muslims in August 2017 in response to an insurgent attack. More than 700,000 Rohingya fled what has been called an ethnic cleansing campaign involving mass rapes, killings and burning of thousands of their homes.

IN this January 22, 2018, file photo, Rohingya children and refugees raise their hands and shout that they won’t go back to Myanmar during a demonstration at Kutupalong near Cox’s Bazar, Bangladesh. Officials from the UN refugee agency and Bangladesh government say few Muslim Rohingya refugees have responded to plans for their repatriation to Myanmar.

AP PHOTO/MANISH SWARUP

The UN refugee agency “is working with concerned governments to help create conditions conducive to return, to assess whether or not these people are going back voluntarily,” UN Spokesman Stephane Dujarric said in New York.

“The voluntary nature of repatriation is really a bedrock of our position,” he said.

Dujarric said Secretary-General Antonio Gutteres, a former UN refugee chief, has stressed that it’s important for refugees to have the information they need to decide whether or not to return.

An earlier repatriation attempt last November was suspended because no

one was willing to go back. Thousands of refugees protested and chanted “We won’t go back” and “We want justice,” forcing authorities to halt the process.

This time, the camps have been quiet with no reports of major protests ahead of Thursday’s plan.

Bangladesh refugee commissioner Abul Kalam was happy with that.

“This is a good sign and I think this is a good progress. Last year they fled their camp homes as the day neared, but this time they are coming forward and facing interviews and talking freely,” Kalam said Wednesday. “They have confidence in us.” AP

NDIA’S former finance minister and a senior leader of the main opposition Congress party, Palaniappan Chidambaram, will appear in a local court on Thursday following his arrest by the country’s federal investigative agency for alleged corruption during his tenure.

Chidambaram was taken on Wednesday night from his residence in New Delhi, soon after he appeared at Congress party offices to address reporters, saying he had not been hiding for the past 24 hours—as many believed—but seeking protection of the law.

Flanked by party colleagues and senior lawyers, he said no charge had been filed in a court by the investigating agencies. “Yet, there is a widespread impression that grave offenses have been committed and my son and I have committed those offenses,” said Chidambaram.

“Nothing can be further from the truth.”

When Chidambaram returned to his residence after addressing the media, a team from the Central Bureau of Investigation arrived and whisked him away.

A lawyer with a degree from Harvard Business School, Chidambaram is one of the most prominent members of the Congress party and is a lawmaker in the Upper House of parliament.

He’s been facing allegations since May 2017, when the CBI registered a case against his son and unknown officials from the finance ministry for corruption in an overseas investment approval when Chidambaram was the finance minister in 2007. Since then, the Enforcement Directorate, which investigates financial crimes, has also begun investigating a case of alleged money laundering.

Chidambaram had sought interim protection in both cases.

PALANIAPPAN CHIDAMBARAM PHOTO BY DHIRAJ SINGH/BLOOMBERG

However, the Delhi High Court on Tuesday refused to grant him bail, saying he appeared to be “kingpin” and “key conspirator” of the alleged scam. The Supreme Court will hear his plea on Friday seeking a stay of the High Court order.

Now 73, Chidambaram was finance minister for more than six years in Manmohan Singh’s Congress-led coalition government until 2014 and was also the country’s home minister following the November 2008 terrorist attacks in Mumbai.

Chidambaram has denied all the allegations and earlier said the government was intimidating him to silence his criticisms of Prime Minister Narendra Modi’s administration. The Congress party has accused the Modi government of targeting opposition leaders, calling the action a “political vendetta.” “ This is quite unusual, unprecedented,” said Ajoy Bose, a Delhi-based independent political analyst, adding it’s difficult to understand whether the custodial interrogation of Chidambaram was necessary when he was already appearing before an investigating agency. “Obviously questions will be raised about whether this is just or if there is some political angle to it.” Bloomberg News

Yemen’s infighting tests alliance crucial to Trump Mideast policy

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RAGING conflict threatening to further splinter Yemen is also casting a shadow over a crucial Arab alliance that has backed Donald J. Trump’s policy against Iran.

Clashes between forces loyal to Yemen’s internationally recognized authorities and a southern separatist group escalated this month. The government has accused the United Arab Emirates of backing the armed rebellion, a charge denied by the Gulf state.

The escalation followed a UAE decision to scale back its military presence in Yemen more than four years after joining Saudi Arabia in a war to crush Houthi rebels backed

by Iran. The conflict has caused one of the world’s worst humanitarian crises.

In addition to complicating an already-struggling UN attempt to end the war, the infighting has raised questions about the strength of a Saudi-UAE alliance that has been a linchpin in the Trump administration’s efforts to contain Iran.

“The Saudi-UAE alliance in Yemen is at a crossroads,” said Paul Sullivan, a Middle East Expert at the National Defense University in Washington, D.C. “The forces to split Yemen apart seem much greater than the forces to keep it together. There will be vituperative blame games coming around the bend. Frankly, getting involved with Yemen was a losing play to begin with.”

In a statement following an emergency meeting in Riyadh on Tuesday, the Yemeni government called on Saudi Arabia to support its efforts to restore order. Addressing the United Nations Security Council on the same day, it said the attacks wouldn’t have occurred “without the full backing” of the UAE.

In response, the UAE’s deputy UN permanent representative denied his government’s involvement and said it would do its best to help de-escalate the conflict.

Anwar Gargash, the UAE State minister for foreign affairs, said on August 12 that the alliance with Saudi Arabia is a “geo-strategic fact for decades to come and the key element to achieving stability in the region.”

Yemen was divided between north and south before the two united in 1990. Southerners often complain of economic marginalization, and separatist movements fought a civil war in 1994 in an unsuccessful attempt to secede.

Stronger ties between Saudi Arabia and the UAE have helped shape Middle East politics in recent years. Aside from Yemen, they’ve spearheaded an unprecedented boycott of neighboring Qatar and extended billions of dollars in support to governments cracking down on Islamist groups.

But the escalating showdown between Trump and Iran has prompted the UAE to rethink its priorities to avoid a conflict that could have a devastating impact on its economy.

“There have always been differences between the Emiratis and the Saudis,” said James Dorsey, senior fellow at Singapore’s S. Rajaratnam School of International Studies and its Middle East Institute. “Those differences have become more evident with the UAE’s partial withdrawal from Yemen.”

A delegation from the Yemeni separatists traveled to Jeddah to take part in Saudi-brokered peace talks. The government said Wednesday it would not take part in the dialogue unless the separatists pulled out of the positions they recently captured in the south.

Bloomberg News

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Friday, August 23, 2019 A9

DOH upholds FDA revocation of CPR for Dengvaxia

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By Claudeth Mocon-Ciriaco | Correspondent

OLLOWING calls for the lifting of the ban on the use of Dengvaxia, the Department of Health (DOH) upheld the Food and Drug Administration’s (FDA) permanent revocation of the certificates of product registration (CPRs) of the controversial dengue vaccine due to the continued failure of manufacturer Sanofi Pasteur Inc. to submit post-approval requirements.

The efficacy of Dengvaxia itself is not an issue in this case, Health Secretary Francisco T. Duque III said.

The DOH said that in the midst of a nationwide dengue epidemic, Sanofi has been informed that it may reapply for new CPRs, faithfully complying with all relevant laws, rules and regulations.

The Dengue Vaccine National Expert Panel recommended that Sanofi submit updated data on pharmacovigilance and post-marketing surveillance.

“The decision concerns Sanofi’s complete disregard of FDA regulations, which were precisely put in place by law to ensure safety,” Duque said after the release of the decision on August 19, 2019.

As a holder of the CPRs for Dengvaxia and Dengvaxia MD, Sanofi is bound by post-marketing commitments, including the submission of Risk Management Plans (RMP).

Given that Dengvaxia is an innovative drug, the importance of complying with these post-marketing commitments is critical to public safety, the DOH explained.

The DOH found that, while Sanofi has submitted the first and second versions of

the RMP, it has failed to submit the third version, and has belatedly submitted the fourth version, in violation of its post-marketing commitments and pertinent FDA rules and regulations.

“The Department of Health is committed to strong and strict implementation of our health laws and regulations. We know how critical this is to our efforts to rebuild public trust and confidence in our public health programs and in vaccines that have long been proven effective,” the Health chief added.

This should show what the company has done in terms of monitoring and preventing the drug’s adverse effects for the more than 830,000 individuals vaccinated.

DOH maintains that the registration of Dengvaxia is for FDA to act upon and that the DOH is currently focusing on its response to dengue.

“We assure the public that the Department of Health has been working tirelessly in response to the nationwide dengue epidemic. We are intensifying the 4S strategy through our ‘Sabayang 4o-clock Habit’ and ensuring that our health facilities are adequately equipped to serve its patients,” Duque concluded.

Duterte unveils PHL’s biggest solar diesel microgrid plant

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RESIDENT Duterte on Wednesday led the inauguration of the country’s first and largest hybrid solar diesel microgrid with battery facility located in Tablas Island, Romblon.

Owned and operated by Suweco Tablas Energy Corp.

(STEC), the P550-million Tumingad Solar Power Plant can produce 7.5 megawatt peak of electricity—enough to supply the daytime power require- PRESIDENT Duterte chats with Sunwest Group of Co. founder and Ako Bicol ments of the island’s 43,400 Party-list Rep. Zaldy Co and Energy Regulatory Commission Chairman Agnes households.

Devanadera on the sidelines of the launch of the Tumingad Solar Power During cloudy weather, ex- Plant, the country’s first and largest hybrid solar diesel microgrid with cess solar power stored in the battery facility. CONTRIBUTED PHOTO plant’s batteries will supply energy, while diesel generators will produce resources and the development of alternaelectricity at night. tive ones. In this regard, I trust that SecreSTEC is scheduled to commence comtary Cusi shall fast-track the development mercial operations by September. The of renewable-energy sources, and reduce decompany said its power plant is expected pendence on the traditional energy sources to save about 3 million liters of fossil fuel such as coal,” the President said in his State and reduce carbon emissions by 6.5 million of the Nation Address last July. kilograms per year.

In Tablas alone, some 43,400 households “An estimated P180 million per year experience daily power outages due to limitwill be saved from the government subed supply from state-owned National Power sidy for universal charge for missionary Corp. Small Power Utilities Group. SPUG electrification,” STEC said. areas are those that are not connected to Located on a 9-hectare property in Tabthe national grid and therefore depend on las, STEC’s solar facility is committed to diesel-power sets. provide clean, green and reliable energy to STEC is a wholly owned subsidiary of the entire island.

Sunwest Water and Electric Co. Inc., a maThe power plant’s inauguration comes on jor power player in Catanduanes, Sorsogon, the heels of Duterte’s call to the Department Romblon and Antique which operates sevof Energy to facilitate the development of eral mini-hydro and diesel power plants. renewable-energy resources to reduce the The firm is a member of the Sunwest Group country’s dependence on traditional energy of Co., a business conglomerate founded by sources like coal.

Zaldy Co., a Legazpi-based entrepreneur and “We recognize the urgent need to enbusinessman who is now representative of sure the sustainability and availability of the Ako Bicol Party-list.

A10 Friday, August 23, 2019 • Editor: Angel R. Calso

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editorial

A wake-up call for Congress to act

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E are not reluctant to giving “emergency powers”—up to and including Harry Potter’s magic wand—to anyone who might be able to solve the nation’s problems.

This is particularly true with regard to the traffic problems in Metro Manila. An immediate focus on the vital Edsa highway is a critical issue for traffic management.

In response to Congress’ failure to grant him emergency powers to deal with the worsening traffic situation, President Duterte said, “Let Edsa rot.”

But this is not a new situation. When the same issue of emergency powers arose and was not granted in 2018, the President said, “I cannot repair it with saliva. I need to spend. I need to have money. Let Edsa remain as it is for the next 20 years. Don’t bother.”

Some years back, the government of Thailand commissioned a study by an international group to find a solution to Bangkok’s traffic woes. You think Edsa traffic is bad? The Royal Thai Police had special “flying squad” on call to assist pregnant women caught in traffic that went into labor. The average was one “traffic birth” per day.

The study concluded that it would take five years and $4 billion and yet, when all the proposed projects were completed, Bangkok traffic would still be about the same. Even now, Bangkok is in the midst of an expansion of its subway and “Skytrain” service. Yet, the city adds 1,000 new automobiles to its traffic jam every single day.

What is the administration looking for in its desire for emergency powers?

Obviously, additional funding is a key component and here critics of these powers are cautioning that short cuts to spending are potential areas for corruption. Sen. Grace Poe has called for the Department of Transportation to specify particular projects aimed at addressing traffic crisis. That would seem to make sense.

However, House Bill 4334, or “The Traffic Crisis Act of 2016” and Senate Bill 1284, or the “Traffic and Congestion Crisis Act of 2016” are still pending, which does not speak well for the urgency that Congress is giving to the traffic problem.

Those in favor of emergency powers say emergency powers do not only facilitate the release of funds, it would also allow for more “flexibility” to “urgently utilize all necessary government resources, exercise police power and the power of eminent domain, and employ executive actions to ensure effective procurement, implementation, reconfiguration, harmonization, and completion of national and local transportation projects intended to address traffic and congestion crisis.”

That sounds good on paper. But we know that every move will be fought by one group or another on both reasonable grounds (read: to avoid bidding shortcuts) and to protect self-interests, like the provincial bus ban on Edsa. Further, lawyers will be queuing at the courthouse door to legally stop implementation.

The bottom line is that Congress failed to perform its obligation.

If Congress does not want the President to have emergency powers, then it should pass the laws necessary to put someone in charge of helping solve the problem. All of that talking is costing us time and energy. It’s time for Congress to buckle down to legislate solutions to our traffic woes.

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BETTER DAYS

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RECENT Forbes Magazine article listed the Philippines as the world’s sixth fastest-growing market for freelancers (specifically those who work remotely via the Internet), based on the 2019 Global Gig Economy Index by online payments company Payoneer.

According to the index, the 2019 second-quarter earnings of Filipino freelancers grew 35 percent from the year before. Such pace puts us at a rank higher than India (29 percent), Bangladesh (27 percent), Russia (20 percent) and Serbia (19 percent)—but behind Ukraine (36 percent), Pakistan (47 percent), Brazil (48 percent), the United Kingdom (59 percent), and the United States (78 percent).

Indeed, in recent years, the socalled gig economy has grown significantly in our shores. According to Paypal’s 2018 Global Freelancer Insights Report, the Philippines has apparently one of the highest freelancers per capita, among the 22 countries included and analyzed in the survey. In fact, as much as 2 percent, or 1.5 million of the Philippine population are said to be freelancers.

Clearly, online freelancing has become a viable option for many Filipinos—not only for those in urban centers, but also in far-flung, rural areas, where at times longdistance connectivity is only possible via information and communications technology (ICT).

Numerous economic opportunities abound online. Hence, it’s reassuring to note that government projects like the Rural Impact Sourcing Project of the Department of Information and Communications Technology (DICT) exist to help our countrymen learn much-needed “digital skills.”

Recently renamed DigitalJobsPH Technical Training, this project aims to help people find work as digital entrepreneurs and freelancers in the ICT field. DigitalJobsPH targets socioeconomically disadvantaged areas, where the target populations

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There is still enough time to find one’s rightful place in history.

It would be unfortunate, if not tragic, to be caught on the wrong side of history. Posterity will be the final judge of a public official’s role in running our government. need the right education to land the right jobs in the online world.

The program’s beneficiaries undergo a comprehensive monthlong program that focuses on marketing, content creation and development, and search engine optimization, as well as blogging and understanding cyber and data privacy laws.

Micro, small and medium enterprises are also assisted by DigitalJobsPH, as the project beneficiaries help local MSMEs with the creation of online presences and business platforms.

The results so far have been encouraging. In 2017, 597 graduated— a number that increased to 1,380 in the following year. Today, up to 230 have already finished training, with more to graduate in the coming months.

In total, up to 712 now have online jobs because of this DigitalJobsPh Training. Nearly 40 BPO companies have been established and more than a thousand MSMEs started their e-commerce activities between 2017 and 2018. Meanwhile, an

estimated P34 million in total sales have since been generated.

This program is proof of how the right kind of education helps our countrymen find much-needed employment. This is why, as a vice chairman of the Senate Committee on Finance during the 17th Congress, we worked to increase the budget for this project.

Where the Executive initially proposed P17.24 million in the 2017 budget for the office handling DigitalJobsPH, we raised it to P100 million. In 2018, we pushed for an additional P27-million allocation. Then for the 2019 budget, we sought an extra P20 million and directed the DICT to hold DigitalJobsPH training courses in 48 provinces, with at least 20 participants per location.

We believe this project helps people in economically challenged areas to find decent employment without having to venture far and leave their homes. Even better, the local MSMEs that will be encouraged by DICT will help rural and developing communities move ever faster toward economic stability and prosperity.

Apparently, the program has also helped persons with disabilities find jobs in traditional workplaces.

The DICT itself has cited Ms. Racquel Sarah Castro, who underwent training. She was born with cerebral palsy, and in one of the DICT’s short films about her, she talked about See “Angara,” A11

Be pro-life in the midst of the war on drugs Rev. Fr. Antonio Cecilio T. Pascual

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace Ruben M. Cruz Jr. Angel R. Calso

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Online opportunities for Filipinos

SERVANT LEADER

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ROTHERS and sisters, Buhay Party-list Rep. Lito Atienza persuaded his colleagues in Congress to propose a resolution proclaiming their support to President Duterte’s “war on drugs.” The reason of these so-called pro-life lawmakers was that this resolution will help in cleaning President Duterte’s negative image in the eyes of the United Nations and foreign media. Atienza also encouraged senators to release the same claim.

We could remember in the past months, the United Nations Human Rights Council or UNHRC passed a resolution to observe the situation of human rights in our country. Meanwhile, the New York Times has released editorials commenting on the Duterte administration’s actions, particularly on the bloody war on drugs. These disturbed Atienza, which is why he wished for politicians to support the Duterte administration’s

ongoing war on drugs. For Caloocan Congressman Edgar Erice, even though the campaign against illegal drugs must be supported, a comprehensive and clear policy is still needed.

There is basis for the attention we got from the international community and media. Noted by humanrights groups, around 27,000 people have perished since the start of the war by the government against illegal drugs three years ago. This is far

from the changing official count of the government—from over 6,000 since May of this year, they lowered it to 5,500 in June. Whichever is the truth, we are talking about thousands of human lives and the people they left behind.

It is a great contradiction that those who stand against abortion and death penalty are supporting the bloody war against illegal drugs, a war that has claimed the lives of thousands of our fellow Filipinos, including innocent children. Is it hard to see the explicit trampling of dignity and human life through the methods implemented in the war on drugs that resulted in the death of thousands of people?

The book of Corinthians 3:16 said: “Don’t you know that you, yourselves, are God’s temple and that God’s Spirit dwells in your midst?”

Man’s life is sacred because God created us in His image. No one can deny anyone his right to live, no matter what crime is committed. It is not in the hands of man to deny anyone the right to live—whether an infant in the womb, a criminal, or even those considered society’s

problems, including those using or peddling illegal drugs.

The social teachings of the Church also remind us that a society that does not accord respect to the dignity of life cannot be considered righteous. In other words, all policies, laws, and programs implemented by the government must focus on improving man’s life and dignity.

Brothers and sisters, the true victory of the government’s fight against illegal drugs does not come from the number of people killed but the number of lives built, and given opportunity to change. This is not about the President having a cleared name or the number of supporters of his policies, no matter how bent they are. In the end, the true measure of victory in the battle against drugs is about being truly pro-life and in asserting for a righteous society.

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.

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Posterity will judge our public officials

A day in August Tito Genova Valiente

ANNOTATIONS

Manny F. Dooc

TELLTALES

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E remembered on Wednesday Ninoy Aquino’s martyrdom, although it was hardly marked by any official commemoration. This is sad because even the present dispensation owes its existence to Ninoy’s supreme sacrifice, which eventually freed us from the clutches of the dictator. For no one can dispute that August 21, 1983, was the turning point which galvanized all Filipinos to rise against a tyrant and his minions who have robbed the people of their rights, honor and dignity for almost 18 years. Yet, some revisionist forces are out to rewrite these noble pages in the chapter of our nation’s life and discredit the character of its legitimate heroes.

We should not allow this to happen, otherwise we strip ourselves of a rallying cause with which to inspire and rekindle our people’s desire to persevere against a despot. Our school children should be taught about Ninoy’s great life, which ended in the tarmac of the Manila International Airport that now bears his noble name. Whatever may be our political color or persuasion, we should help preserve his heroic acts for posterity’s sake.

The evil regime may have snuffed his mortal life but his great deeds shall resonate immortal stirrings in our hearts anytime a despot violates our democratic space.

There is still enough time to find one’s rightful place in history. It would be unfortunate, if not tragic, to be caught on the wrong side of history. Posterity will be the final judge of a public official’s role in running our government. All Philippine presidents have performed distinctive parts in the affairs of the state, albeit in varying degrees. Some played lesser roles while others performed stellar parts. Undoubtedly, great times produced great leaders like our revolutionary President Emilio Aguinaldo, our Commonwealth President Manuel Quezon, and our first post war President Manuel Roxas. President Ramon Magsaysay ascended to his office largely due to the Huk Insurgency.

President Ferdinand Marcos lifted our spirit with his promise of a New Society during his first term of office, only to find ourselves on the road to perdition later. President Cory’s integrity restored our faith in our fledgling democracy, which was gradually eroded by subsequent governments largely due to unabated corruption and the growing menace of illegal drugs and narcopolitics. A Messiah is born to save our country every time we are gripped by a crisis. In 2016, a redeemer was delivered to the Filipino people and his name was Rodrigo Roa Duterte.

Wiping out corruption in government, restoring peace and order, and war against illegal drugs won the hearts and minds of our people. His unrelenting drive against these evil forces, which have long bedeviled our society, has given us hope in government. Still so much twists and turns will unfold before his presidential term ends, but when the definitive history is finally written this decade, the longest chapter will be devoted to PRRD. If concretized, the “Build, Build, Build” program will be demonstrable

Angara. . .

continued from A10

how her disability discouraged people from hiring her. She did not allow that to stop her. She graduated at the top of her batch. She is now an author of a few independently published books, and her interest in writing has translated to content creation and Web design. She, and others like her who have difficulty finding employment, are those who need DICT’s assistance in looking for opportunities online.

Filipinos by nature are drawn to

There is still enough time to find one’s rightful place in history.

It would be unfortunate, if not tragic, to be caught on the wrong side of history. Posterity will be the final judge of a public official’s role in running our government. All Philippine presidents have performed distinctive parts in the affairs of the state, albeit in varying degrees. evidence of his enduring achievements. The tax and financial reforms, which his administration has undertaken, particularly if the train engine is adequately oiled and all its five cars are running, shall be additional feathers on his cap. His legislative successes in enacting pro-poor social legislations continue to endear him to the unlettered and the unwashed. On this score, he has written more anti-poverty laws than the former president who once uttered that those who have less in life should have more in law. What is sorely missing in what could be a solid bite in his governance is his position on human rights, ethical and moral issues, and justice for those perceived to be his political nemesis.

PRRD has all the makings of a great president and I am proud to have been part of his team for a while. His place in history will be secured if he addresses the deficiencies that he suffers from. Let us not forget the immortal words of Jesse Jackson when he criticized George W. Bush when the latter attacked the liberals and the civil libertarians: “The moral arc of the universe is long, but it bends toward justice.” I had the honor and privilege to serve with utmost loyalty and dedication both President P-Noy as the insurance commissioner, and President PRRD as acting chairman and PCEO of SSS. The former had already served out his term but history has not yet served its final verdict on his six-year presidency.

Definitely, his strong adherence to democratic ideals is his strong suit and his anti-corruption stand throughout his term stood out, but like our other presidents, he has his own deficiencies.

PRRD has all the makings of a great president and if he overcomes his own deficiencies, his face will be included in our own Mount Rushmore. the Internet. We are the top Internet users in the world, spending an average of 10 hours online daily, as social-media companies WeAreSocial and Hootsuite have reported.

Let us use that to our advantage, by pushing for education programs that will allow our citizens to find employment online.

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.

W

EDNESDAY was dark and stormy. I was back in the old city, for a break.

August in Naga straddles the hot weather haunting the months before it and the early chill coming from an approaching September.

I was home, and home was sleeping tight and late. It is the sleep of the just even as the evil of an unjust administration continues unchecked, even as politicians rear their ugly heads bereft of the wisdom of truth.

A call from a friend came in: it is holiday today, he was telling me.

Why, I asked him? Ninoy’s day. He was as sleepy as I was. I looked at the calendar on my phone: August 21, it was marked in deep green.

August 21, 1983. It was afternoon. I was meeting an old friend from Sorsogon who was staying then somewhere in Quezon City. When he arrived, he told me Ninoy Aquino was shot upon his arrival at the then Manila International Airport.

I could not believe what he told me because that was the most ridiculous ending to the saga of the life of Aquino. He had been wanting to come home from exile and the dictator kept warning him something could happen to him and he, the dictator, would not be blamed for it.

That is a rumor, I warned my friend.

For those who care to remember, “rumor-mongering” was one of the oddest crimes institutionalized by martial law.

In the absence of true media and with no mobile phones and Internet yet, it was already early evening when that sad news was confirmed. There were no immediate responses, yet.

That evening though, along España, close to where I lived with my cousins, the Badillos, at Adelina Street, in Sampaloc, people started to burn tires. Something was happening. After decades of people not being able to express their political sentiment, the burning tires on the streets were disturbing. The black

smoke and the putrid smell from the rubbers were the newest sensation to a nation pushed to silence for many years.

Classes continued the next day. I remember taking the Blue Bus, which passed by España, entered UP, then made a circle, exited to Balara and proceeded to Ateneo. Passing by Quezon Avenue, I noticed a crowd going to Times Street. A few days after his assassination, the body of Ninoy was transferred to Santo Domingo Church to accommodate the growing number of sympathizers.

Long lines started to form around the area of the Dominican church for days.

Friday, August 23, 2019 A11

It was on August 31, 1983, when the funeral procession carrying the remains of Ninoy started at nine in the morning from Santo Domingo Church. I was not aware of this event.

It was when I stepped out to catch the jeep along España that I saw the gathering multitude occupying the street. España was already impassable. There was no way for me to go anywhere. I opted to stay by the roadside, perhaps one of those curious enough to know this man who was able to bring out the people to brave the sun and the rain, and the warning of the dictator.

The day was strange: the sun would come out, hide and then the drizzles would follow. The ominous and the fateful were conspirators in the narrative we all had access to— how the universe could give signs of condemnation when human spirits had long tolerated evil.

We did not know what time the procession had left Santo Domingo until after many years when the dictator was gone and a freer declaration of facts came back. That “democratic space” would be brought back by no less than the spouse of this fallen leader. The chronicle would then tell us that from nine in the morning, the procession/parade reached the resting place of this hero at about nine in

The good, the bad and the lucky Luis F. Dumlao

EAGLE WATCH

O

N August 8, 2019, the Philippine Statistics Authority announced that the gross domestic product or GDP grew by 5.5 percent for the second quarter of 2019. This is good.

For one, the growth is better than the World Economic Forum’s forecast for 2019 of 3.2 percent for the world, 2.6 percent for advanced economies, and 4.1 percent for the emerging market and developing economy group where the Philippines is included.

Looking into the past presidential administrations, the Duterte administration still has the fastest average growth of 6.4 percent compared to the 6.1 percent and 4.6 percent of the Aquino and the Arroyo administrations, respectively.

This is also bad. While it is standard practice to compare the Philippines with the emerging market and developing economy group, it is better practice to compare it with its closer neighbors and economic partners—the emerging market and developing Asia group. Using the World Economic Forum’s forecasted growth, the Philippine GDP growth of 5.5 percent is still less than the said group’s 6.2 percent.

Long-term wise, the economy has a certain natural growth. If, for instance, the population grows by 2.3 percent per year, then naturally, the number of workers (suppliers) and consumers (demanders) increase by the same magnitude, hence a natural increase of 2.3 percent per year.

On top of that, the economy also

grows naturally due to technological advancement, improvement of knowledge, better productivity and so on. Counting population growth and others, this natural growth has slowly but steadily increased from just over 3 percent in the beginning of the 21st century to about 6 percent at present.

Naturally, the actual growth sometimes outpaces the natural growth of 6 percent which results in what is referred to as positive output gaps. But sometimes, output growth underperforms the natural growth which results in what is referred to as negative output gaps. With the natural growth of 6 percent in mind, the GDP growth of 5.6 percent in the first quarter of 2019 marks the first time in four years that the economy is in negative output gap, and the growths

in the first and second quarters of 2019 mark the first time in six years that the economy is in negative output gap for two consecutive quarters.

As mentioned, the Duterte administration still has the fastest average growth of 6.4 percent among the 21st century administrations.

However, evidence seems to indicate that this happens out of luck.

Toward the end of the Aquino administration, that is since the first quarter of 2015 when GDP grew by 5.1 percent, it continued to accelerate approaching 6.7 percent in the first quarter of 2016, the quarter before the presidential election, and peaked to 7 percent in the second quarter of 2016, the quarter of the election.

After the election of President Duterte, momentum seemed to carry on when we experienced seven consecutive quarters of GDP growths above the average of 6.4 percent from July 2016 to March 2018. But after that, momentum seemed to reverse when we experienced five consecutive quarters of below average growths from April 2018 to March 2019. In the beginning of the reversal, growth roamed just below 6.4 percent. But in 2019, it dipped to 5.6 percent in the first quarter and then grew the slowest to 5.5 percent in the second quarter.

Looking back, the average growth is fastest in this administration only because, by luck, the previous administration effected above average growths.

The good thing is that the present administration is only halfway through its term. Halfway, the

the evening. In between, a lightning, it was told, had hit an onlooker who was on top of a tree for a vantage view of the event. Those who sympathized with the regime used this to caution the growing restiveness about the danger of uprising, or of anything that was against the dispensation.

When the procession finally passed by the corner of P. Campa and España, rain started to fall. Some started to bring out their umbrellas.

Upon the sight of umbrellas, many started shouting to “close those umbrellas! You are not Imelda! Do not be like Imelda!”

People could not be stopped anymore.

It would take some three years more before an uprising would take place. It would take three days of people occupying a major highway before the dictator and his family would be booted out of the Palace.

But they are back. We all know that. And many more are back, and, perhaps we don’t know this and we will never know why.

It was the 21st of August, 1983, the Year of our Lord, 36 years ago.

And that day have come again this year, August 21, 2019, the Year of the Damned.

E-mail: titovaliente@yahoo.com

administration’s array of infrastructure projects in the “Build, Build, Build” program has a dig-ahole-only-to-cover-it effect. Halfway through, by BBB, nothing gets built, yet. All the construction that goes on are still not functional.

They are as good as constructions of digging and covering. Toward the end, BBB actualizes real functional infrastructures. Such infrastructures will only help the economy, so that toward the end, the economy may grow faster.

The bad thing is that momentum is on the side of slowing economic growth. The trend so far is clear.

Seven-consecutive quarters of above 6.4-percent growths have been followed by five-consecutive quarters of below 6.4-percent growths, and it is still slowing. More so, an economy that is supposed to be on a buildbuild-build mode is expected to see a construction led growth, and this expectation was met except in the last two quarters, where, in reverse momentum and inexplicably, it has been one of the sources of economic slowdown.

It was mentioned earlier that the present administration was lucky enough to benefit from economic growths that likely had to do with the previous administration’s sound macroeconomic policy.

Hopefully, this administration will succeed in its policies so that it may have some luck to pass on to the next administration.

Luis F. Dumlao, PhD, dean, John Gokongwei School of Management, Ateneo de Manila University

2nd Front Page BusinessMirror

A12 Friday, August 23, 2019

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Respect ‘constitution of the oceans’–Locsin

F

By Joel R. San Juan

@jrsanjuan1573

OREIGN Affairs Secretary Teodoro L. Locsin Jr. on Thursday stressed the importance of respecting treaty obligations under the United Nations Convention on the Law of the Sea (Unclos) to avoid conflict that could lead to war.

In a speech at the opening of the 7th Biennial Conference of the Asian Society of International Law (Asil), Locsin referred to Unclos as the constitution of the oceans.

However, despite its near universal acceptance by 168 states parties, Locsin said “the most imminent and potentially the most disastrous

dangers in our world today pertain to marine and maritime affairs.”

“If only we respected pacta sunt servanda in our obligations under Unclos, there could be less animosity with its greater likelihood of conflict,” Locsin said, apparently alluding to China. The Asian giant signed Unclos but has refused

to participate in—and rejected the outcome—of a case filed in a tribunal arising from Unclos provisions.

In July 2016, the Hague-based Permanent Court of Arbitration ruled in favor of the Philippines, which filed a complaint seeking to declare as invalid China’s claim of historic rights to seas falling within its nine-dash line policy.

The arbitral tribunal’s ruling was based on the 1982 UN Convention on the Law of the Sea but China has refused to recognize the ruling.

The US, too

LOCSIN also took a swipe at the United States for its failure to be part of Unclos.

“If only the greatest power on Earth led by example of subscribing to Unclos, it would be a safer world.

The only cure for the uncertainty that gnaws at our sense of security

—and invites us to prepare for war to find its opposite in peace—is the universal acceptance of international law. Not in place of the national self-interest but to serve it better,” he added.

The US and China are at odds over the long-seething territorial disputes in the South China Sea, where Beijing has turned several former reefs into artificial islands with military facilities, runways and surface to air missiles.

Although Washington is not a party to the disputes, it has declared that it is in its national interest to ensure freedom of navigation and overflight in the contested waters where the Philippines, Vietnam, Malaysia, Brunei Darussalam and Taiwan have overlapping claims, but claimed nearly in its entirety by China.

See “Locsin,” A2

Senate leaders aghast, set probe of Sanchez’s impending release

By Butch Fernandez @butchfBM

A

BIPARTISAN consensus is emerging in the Senate for a full investigation of the circumstances behind the reported impending release—under a law on good conduct time allowance—of former Mayor Antonio Sanchez, convicted and sentenced to seven life terms for the rape and murder of a UPLB coed and the torture and murder of her boyfriend.

Senate Minority Leader Franklin Drilon thumbed down the prospect of releasing Sanchez, who was sentenced with six others and has been in prison for 26 years.

“Sa akin po, disqualified siya [As far as I’m concerned, he’s disqualified],”said Drilon, who served as secretary of Justice before his election to the Senate.

For his part, Senate President Vicente Sotto III filed a resolution seeking an investigation into how Sanchez ended up being qualified for the law that was

TROPICAL STORM “INENG” ESTIMATED AT 670 KM EAST OF CASIGURAN, AURORA SOUTHWEST MONSOON AFFECTING WESTERN SECTIONS OF LUZON AND VISAYAS as of 4:00 pm - August 22, 2019

meant to decongest prisons by speeding up the release of qualified inmates with good-conduct time allowance.

Drilon pointed out that “under existing implementing rules and regulations, good conduct is defined as conspicuous and satisfactory behavior, which involves active participation in a rehabilitation program, coupled with faithful observance of the rules of the detention.”

From those alone,“he cannot qualify for good conduct,” Drilon said in a mix

of English and Filipino.

As indication of Sanchez’s “bad behavior,” Drilon noted that the jailed mayor was “reported to be involved in shabu trading in Muntinlupa.”

Drilon who was Justice secretary when Sanchez was convicted, noted that the“premise on good conduct time allowance is, as the rule says, conspicuous and satisfactory behavior [which includes] rehabilitation programs and compliance with the rules of detention.”

See “Sanchez,” A2

OP seeks ₧4.5-B intel, confidential expenses

By Bernadette D. Nicolas

T

@BNicolasBM

HE Office of the President (OP) is seeking an 80-percent increase in its confidential expenses as well as intelligence expenses, reaching a total of P4.5 billion for 2020.

Data from the 2020 National Expenditure Program submitted by the Department of Budget and Management (DBM) showed that confidential expenses as well as intelligence expenses will have the biggest allocation among the P6.70-billion total Maintenance and Other Operating Expenses of the OP. Inclusive of automatic appropriations, the proposed budget for OP amounted to P8.25 billion. This is 20.91 percent higher than its 2019 budget allocation of 6.82 billion.

Should Congress approve the proposed budget allocation for these two items, OP’s budget for confidential expenses and intelligence expenses will rise by a billion each from the current P1.25 billion to P2.25 billion, or a total of P4.5 billion for both expenses.

Malacañang, however, was quick to defend the hike in its proposed budget allocation, saying the OP “needs to have the resources to determine the threats against the State.”

“It is hard to secure the whole country. You need money. You need people, you need machines, technology. There are a lot of of things to spend on,” said Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo.

“The Office of the President is one of the better offices that can secure the security of the land,” he added.

Despite the ongoing issues on the country’s territorial waters especially with Chinese warships passing through without notice, the executive branch allotted only P10 million in intelligence expenses to the Department of National Defense and P39.74 million for the same item under the Philippine Navy.

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. (left) and International Court of Justice Judge Yuji Iwasawa shake hands at the opening on Thursday (August 22) of the 7th Biennial Conference of the Asian Society of International Law. NONIE REYES

‘HALT IN POPULATION PROGRAM HURT PHL ANTI-POVERTY DRIVE’

By Cai U. Ordinario @caiordinario

A

BANDONING the country’s family planning program has led to increases in poverty and lack of provisions such as food and social services, according to the National Economic and Development Authority (Neda).

In the budget hearing on Thursday, Socioeconomic Planning Secretary Ernesto M. Pernia said these issues linked to the increase in population have become an “imperceptible crisis.”

Pernia said a country’s population and development are strongly linked. He said this is why it was important to continue the family planning program of the government through the full implementation of the Responsible Parenthood Reproductive Health (RPRH) law.

“It’s not a firefighting kind of thing; that is why it’s a longer, slowmoving, imperceptible crisis. And I think if we had sustained our family planning program since the start

...the country would have been much better off,” Pernia said.

Pernia said if the Philippines only continued its population program, the country would have had sufficient resources to invest in social services, infrastructure, school buildings, and investment in human capital, education and health.

He added that the country would also be on a par with its neighbors in Southeast Asia. Many of these countries have seen faster growth alongside the implementation of a family planning program.

He cited Thailand, which had the same population as the Philippines of about 27 million in the 1970s.

Thailand continued its program while the Philippines did not.

As a result, Pernia said, Thailand’s population still increased but at a slower pace, bringing the total population of the country to about 97 million. This is significantly lower than the Philippines’s population which is expected to reach 107 million by year-end.

Govt’s collection target for next year at ₧3.5T

By Jovee Marie N. dela Cruz

T

@joveemarie

HE national government is targeting to collect P3.5 trillion, mostly in taxes, next year, the Department of Finance (DOF) told lawmakers during the first budget hearing on Thursday.

During the briefing of the Development Budget Coordinating Committee (DBCC) on the proposed 2020 budget, Finance Undersecretary Gil Beltran said the expected revenue for 2020 is 12 percent higher than the projected collection P3.1 trillion this year.

Beltran said the government has programmed disbursements at P4.2 trillion for 2020.

Of the projected revenue for next year, the DOF said P3.3 trillion will come from taxes.

Beltran said the Bureau of Internal Revenue’s goal for next year is pegged at P2.5 trillion, higher than this year’s target collection of P2.2 trillion.

He added that the Bureau of Customs is targeting to collect P731

billion next year—higher than its goal of P661 billion this year.

The rest of the tax revenues, amounting to P25.1 billion, will come from other offices.

For 2020, Beltran said the Train law, tax amnesty and tobacco excise tax, and other proposed measures are projected to produce some P195 billion.

For the first six months of the year, the government collected P1.547 trillion due largely to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law. The figure is higher than P1.410 trillion recorded in January to June 2018.

Moreover, Beltran said the government is expecting P20 billion in revenues next year from the passage of Package 2 Plus, or the additional excise taxes on alcohol products, heated tobacco and vaping products.

Nontax revenues, he said, will amount to P201 billion. Some P106.9 billion will come from other nontax proceeds, such as the Malampaya royalties, which are expected to contribute P24.1 billion See “Collection,” A2

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In the ad material of Notice of filing of Application for Alien Employment Permits published on August 17, 2019, the name of Mr. Berlincourt, Sascha Marcel under VIVENTIS INTERIM INC.should have been read as Mr. Berlincourt, Sascha Marcel 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

Companies BusinessMirror

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Vista Land targets to launch ₧50-B residential projects

V

By VG Cabuag

@villygc

ILLAR-LED Vista Land and Lifescapes Inc. on Thursday said it targets to launch at least P50 billion worth of residential projects this year, and said the company targets more of the overseas Filipino workers and domestic buyers, and not the foreign Chinese workers for the offshore gambling sector.

“Our leasable spaces are mostly retail malls which limits our

Pogo [Philippine offshore gaming operators] exposure and any

crackdown on those Pogo will not impact to our overall financial performance,” Manuel Paolo A. Villar, the company’s president and CEO, said.

The company launched residential projects with an estimated value of P16 billion in the first semester and are looking at adding more for the remaining half of the year as demand from its core residential business both from overseas Filipino and domestic homebuyers remains strong, Villar said.

“We target to launch at least P50-billion projects in terms of project value for 2019, which will still be mostly in the low and affordable segment and outside Metro Manila,” he said.

Vista Land earlier said its net income grew 11 percent during the six months of the year ending June to P5.8 billion from P5.2 billion last year on strong sales of its residential developments while its offices are boosted by its retail expansion.

Revenues rose at the same pace 11 percent to P23.4 billion from P21.13 billion last year.

Leasing revenues for the period increased by 17 percent to P3.9 billion, from P3.3 billion in the prior year period.

Reservations sales grew 8 percent during the period to P41 billion, which is still majority overseas Filipino and over 90 percent are end-users, the company said.

Andrew Tan’s ownership in Megaworld to go down to 50.15% after share sale

B

USINESSMAN Andrew Tan’s ownership in property developer Megaworld Corp. will slightly be diluted after the company sells part of its unissued common shares to certain investors that hold its perpetual bonds.

A disclosure to the Philippine Stock Exchange said the ownership in Megaworld of Tan’s holding firm Alliance Global Group Inc. (AGI) will go down to 50.15 percent from the previous 52.54 percent, while New Town Land Partners Inc.’s

share in the developer will slide to 14.15 percent from 14.82 percent.

New Town is a unit of AGI. Megaworld is issuing some 1.82 billion common shares to certain holders of the company’s

$200-million senior perpetual bonds, which has a yield of 5.375 percent, that will also be listed at the PSE. The shares were sold at P5.70 per share, or based on the company’s stock closing price on August 9. VG Cabuag

Friday, August 23, 2019

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Emirates wants to expand operations in PHL as demand for Dubai-Manila air travel rises

By Lorenz S. Marasigan @lorenzmarasigan

W

ITH the demand for air travel between Dubai and Manila seen almost doubling in the coming years, gulf carrier Emirates is seeking to expand its operations to and from the Philippine capital by either adding more flights or up-gauging its existing ones.

However, constraints on flight entitlements, as well as infrastructure are seen as barriers for this initiative, according to Emirates Country Manager for the Philippines Satish Sethi, who noted that Emirates is willing to work with the Philippine government to address these issues.

“We need...more capacity in the Philippines, but we know there’s a severe bottleneck here.

We’ve been trying to negotiate with the Philippine government to see how we could bring in more tourists to the Philippines and give options to overseas Filipino workers living in Dubai and across our network,” he said in a media roundtable on Thursday.

There are two ways to expand its Manila operations. One, getting more flight entitlements from the Civil Aeronautics Board (CAB) and two, by shifting the Boeing 777 operations to a twoclass Airbus A380.

More entitlements

“OUR immediate request is for more frequencies. Our loads are pretty high, our seat factors are running in mid-90s, which leaves little room for growth and for more travelers to choose us,” he said.

Seat load factor refers to the percentage of the passengers onboard and the capacity of the

aircraft. Typically, an 80-percent load factor generates profits for airlines.

“Our appetite is large, we’re carrying a million passengers a year. The kind of demand that we have is at least two more flights a day. But it’s not realistic when it comes to Naia, so we have requested for at least three more flights a week to be added,” Satish said, referring to the Ninoy Aquino International Airport.

Currently, Emirates flies 18 times from Manila to Dubai per week.

“We have recently seen a reduction in capacity from some airlines to the United Arab Emirates— from two airlines that fly to Abu Dhabi. We have requested to consider giving us part of those, so that it doesn’t really cost additional burden to Naia,” he explained.

As its request is being discussed by the regulators, Emirates is also asking the Philippines and the UAE to conduct a fresh round of air services negotiations to expand their current air pact.

Upgrade to up-gauge

ITS second option is to up-gauge its aircraft to a double-decker Airbus A380, which has 615 seats compared to the roughly 440-seat capacity of the Boeing 777, which currently serves the Manila-Dubai route.

“We have been looking for more capacity and flights in the form of bigger aircraft. The A380 has been the pillar of our fleet...and we are in discussion to see how we can mitigate,” Satish said.

He noted that it might not be the most viable for Emirates due to the “technical aspects” of the Manila airport, including the runway specifications and the disembarkation requirements for a double-decker airliner.

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PSE STOCK QUOTATIONS

August 22, 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 PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FERRONOUX HLDG NTL REINSURANCE PHIL STOCK EXCH

57.05 145.6 87.6 26.2 11.58 70.85 13.1 22.25 45 57.85 27.9 187.9 59.05 1.12 2.06 18.58 4.9 0.92 187

57.5 147 88.5 26.3 11.66 71.65 13.2 22.4 45.1 58 28 189.4 59.1 1.18 2.18 18.6 4.91 0.94 189.8

57.05 145 88.5 26.3 11.76 71.15 13.1 22.25 46 58 27.55 187.2 59.75 1.12 2.06 18.58 4.91 0.97 189.9

57.05 147 88.5 26.4 11.76 71.65 13.1 22.4 46.15 58.05 27.9 190 59.75 1.12 2.07 18.68 5.54 0.97 189.9

57 143.3 87.2 26.2 11.54 70.4 13.1 22.25 45 58 27.35 186 59 1.11 2.06 18.58 4.9 0.91 187

57.05 147 88.5 26.2 11.58 71.65 13.1 22.4 45.1 58 27.9 189.4 59.05 1.11 2.06 18.6 4.91 0.94 187

1170 2328690 1834060 114200 1091900 4079580 1800 2400 646200 16880 121900 608800 89820 100000 12000 100700 2998000 1281000 290

66741 339952313 161584565.5 3002665 12647340 289279627.5 23580 53640 29193370 979656 3342450 114402856 5303842 111500 24740 1872562 15420290 1208410 54648

INDUSTRIAL

-1141 93595221 -67321240 -2460985 2162868 -413519.5 -5742100 -749954 138200 -34266919 -4025625.5 1859519.9997 188660 -673550 -26558

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 UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA EUROMED LMG CHEMICALS PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

35.5 0.233 26.7 83.2 360 22.05 5.2 4.4 2.85 10.84 35.65 7.05 16.1 14.82 90.35 15.52 14.14 5.91 8.99 7.24 97 0.67 52 224.2 8.47 13.84 0.185 1.75 12.4 1.81 5.06 2.05 166.5 1.08 2.45 76.45 87.25 2.94 5.3 15.08 9.37 14.66 18.6 9.14 1.02 1.13 105.3 2.02 1.7 4.79 6.38 33.55 1.9 8 1.5 5.3 1.1 11.42

36 0.242 26.8 83.7 365.8 22.3 5.22 4.45 2.86 11.24 35.7 7.15 16.88 14.9 109 16.08 14.2 5.95 9 7.25 97.1 0.68 52.8 225 8.5 14 0.199 1.76 12.5 1.83 5.09 2.32 172 1.09 2.54 78.75 89.5 2.95 5.4 15.1 9.5 14.7 18.62 9.15 1.05 1.15 110 2.05 1.74 4.85 6.44 35.85 1.91 8.02 1.54 5.49 1.12 11.5

36 0.241 26.4 84.5 361 22.15 5.4 4.45 2.92 10.7 37 7.1 16.1 14.36 105 16.1 13.98 5.91 9.07 7.32 97.25 0.69 54.5 224.4 8.5 14.2 0.185 1.89 12.42 1.75 5.1 2.22 167 1.14 2.46 76.65 89 3.06 5.7 14.98 9.4 14.5 18.38 9.13 1.07 1.23 110 2.02 1.74 4.47 4.99 35.9 1.97 8.1 1.51 5.3 1.11 11.9

36.1 0.242 26.9 84.5 365.8 22.5 5.41 4.45 2.98 11.28 37 7.15 16.1 14.96 109 16.1 14.44 6 9.1 7.32 98.85 0.69 54.5 225 8.5 14.26 0.185 1.95 13 1.9 5.1 2.32 172 1.14 2.46 78.95 90 3.09 5.7 15.14 9.6 14.8 18.7 9.14 1.07 1.25 110 2.02 1.74 4.9 7.1 35.9 1.98 8.11 1.51 5.3 1.13 11.9

35 0.233 26.2 83.2 355 22.05 5.2 4.4 2.85 10.7 35.65 7 16.1 14.36 105 15.52 13.98 5.9 8.93 7.24 96 0.67 52 220.4 8.5 13.78 0.185 1.71 12.34 1.75 5.07 2.03 165.2 1.03 2.45 76.35 86.5 2.92 5.3 14.92 9.2 14.5 18.3 9.13 1.02 1.13 110 2.01 1.74 4.17 4.97 35.85 1.88 8 1.49 5.3 1.1 11.4

36 0.242 26.8 83.2 365.8 22.05 5.2 4.4 2.86 11.24 35.7 7.15 16.1 14.9 109 15.52 14.2 5.95 9 7.25 97 0.68 52.8 225 8.5 14 0.185 1.75 12.4 1.81 5.08 2.32 172 1.08 2.45 76.4 89.5 2.95 5.48 15.1 9.5 14.66 18.6 9.14 1.05 1.13 110 2.02 1.74 4.79 6.44 35.85 1.9 8 1.5 5.3 1.1 11.5

1186500 2670000 2000100 127570 248000 5117400 1148500 65000 25536000 59000 453600 63800 1200 1463100 100 200 1098400 50100 1963200 2598000 164280 1336000 134110 891050 1500 505100 200000 44083000 346800 5033000 479700 63000 1093980 13726000 21000 9280 17740 14622000 17800 160600 622600 3983800 1373100 1800 159000 4521000 60 170000 34000 386000 4324000 600 12087000 167600 191000 4900 385000 281700

42508185 631670 53359485 10647626.5 90057956 113134995 6103492 286710 74063440 652006 16396160 453693 19320 21607966 10590 3162 15593858 298068 17626356 18839186 15932021 899700 7058527 198776324 12750 6993104 37000 79210170 4312930 9107360 2,443,155( 133210 184083931 14712970 51530 712653.5 1550925 43675900 98560 2424280 5893833 58409844 25428578 16444 164640 5379640 6600 343270 59160 1791710 28263230 21515 23457810 1346328 285940 25970 426280 3245280

5099675 28570520 -169469 7821286 -13030005 -531882 -1338490 -3024370 -34362 2575706 -71386 -85085 -5916053 -17783022 -9690597 3372599 -24632226 5209686 26500 -65908 -1000 2,348,959.9997) -27031116 15750 31850 414159 9488940 337056 668326 -45410924 14969522 -386610 20200 -400960 -94720 -418373 134235.9997

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 KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.82 14.26 928 50.5 12.76 3.66 7 0.64 1.27 1.26 6.8 9.08 13.6 0.224 856 6.02 67.15 3.22 0.475 4.64 13.54 0.59 5.04 0.038 1.34 2.72 1.37 995 174.6 0.78 249 0.228 0.22

0.83 14.3 938 50.75 12.8 3.67 7.09 0.68 1.28 1.28 6.85 9.13 13.78 0.233 856.5 6.28 67.5 5.78 0.5 4.65 13.58 0.6 5.05 0.039 1.38 2.88 1.4 1000 175.3 0.79 249.2 0.229 0.23

0.81 14.8 935 50.55 13.2 3.74 7 0.68 1.22 1.24 6.76 9.3 13.7 0.224 874 6 66.8 8.99 0.5 4.62 13.54 0.58 5 0.038 1.34 2.87 1.4 998 177.3 0.78 245 0.229 0.235

0.85 14.96 954 51.35 13.2 3.74 7 0.7 1.29 1.28 6.8 9.31 13.8 0.233 874.5 6.28 67.5 8.99 0.51 4.65 13.68 0.6 5.24 0.039 1.41 2.87 1.4 1010 177.3 0.79 255 0.229 0.235

0.8 14.26 921.5 50 12.64 3.6 7 0.64 1.21 1.24 6.61 9.01 13.6 0.224 850 6 65.3 5.79 0.48 4.6 13.4 0.58 4.99 0.038 1.24 2.87 1.37 988 174.4 0.76 245 0.227 0.22

0.83 14.3 938 50.5 12.8 3.66 7 0.69 1.28 1.28 6.8 9.13 13.6 0.233 856.5 6.28 67.5 5.8 0.48 4.65 13.54 0.6 5.05 0.039 1.39 2.87 1.37 1000 175.3 0.79 249.2 0.228 0.22

21383000 53000 539300 1433640 19390800 2463000 153000 591000 6069000 740000 2791300 6983400 219600 50000 274780 1100 1488350 37800 828000 433000 2714300 1232000 48730900 3300000 721000 3000 36000 543645 82800 874000 380 500000 5360000

17668200 765896 502513745 72275466.5 248566388 9019020 1071000 393870 7659470 935900 18767777 63541625 2987550 11290 235413280 6740 99570251.5 236429 397795 2007040 36719330 725690 246784794 126400 957350 8610 49550 541469012.5 14501446 673890 95304 114090 1215710

-48780 -52666860 -17585703.5 -9530234 -598070 -1400 545400 13686080 -10948184 -2860140 -36921295 -3140 17807310.5 -469660 -12495610 67078840 15200 20250 -116330992.5 -6358218 -95304 -

HOLDING & FRIMS

PROPERTY

ARTHALAND CORP 0.91 0.92 0.96 0.98 0.9 0.92 11468000 10698530 81890 ANCHOR LAND 9.9 10.4 10.38 10.4 10.38 10.4 1600 16610 AYALA LAND 48.9 49.15 49 49.15 48.35 49.15 15526900 758084245 69718250 ARANETA PROP 1.9 1.91 1.96 1.97 1.91 1.91 476000 917030 -204710 BELLE CORP 2.16 2.17 2.17 2.2 2.14 2.16 761000 1647060 -86120 A BROWN 0.79 0.8 0.81 0.81 0.79 0.79 1242000 994670 CITYLAND DEVT 0.85 0.89 0.89 0.89 0.85 0.85 3000 2630 CROWN EQUITIES 0.226 0.233 0.235 0.236 0.225 0.225 1430000 331050 CEBU HLDG 5.82 6.16 6.16 6.16 6.16 6.16 100 616 CEB LANDMASTERS 4.74 4.76 4.77 4.8 4.7 4.75 301000 1427380 9690 CENTURY PROP 0.56 0.58 0.57 0.58 0.56 0.58 18312000 10,422,910( 1,590,999.9997) CYBER BAY 0.4 0.41 0.4 0.4 0.39 0.39 270000 106000 DOUBLEDRAGON 23.6 23.7 23.55 23.6 23 23.6 509700 11994485 9173880 DM WENCESLAO 9.35 9.4 9.95 9.95 9.3 9.4 1986100 19123268 -6208907 EMPIRE EAST 0.45 0.46 0.455 0.46 0.45 0.46 2350000 1070650 FILINVEST LAND 1.68 1.69 1.72 1.73 1.65 1.68 56088000 93942620 39610260 GLOBAL ESTATE 1.27 1.28 1.3 1.3 1.27 1.27 1321000 1693790 8990 HLDG 15.5 15.52 15.5 15.52 15.48 15.5 338900 5253538 595800 PHIL INFRADEV 1.38 1.39 1.43 1.43 1.38 1.39 2065000 2881510 13900 CITY AND LAND 0.74 0.78 0.74 0.78 0.74 0.77 11000 8250 MEGAWORLD 4.84 4.85 5.15 5.15 4.8 4.84 120639900 588764180 -211754241 MRC ALLIED 0.3 0.305 0.305 0.31 0.3 0.305 10410000 3148350 -283550 PHIL ESTATES 0.44 0.45 0.435 0.45 0.435 0.44 1540000 677400 PRIMEX CORP 2.01 2.03 2.01 2.03 2 2.01 169000 339550 ROBINSONS LAND 24.05 24.2 24.55 24.7 23.85 24.05 6927900 166573730 -26578755 PHIL REALTY 0.38 0.39 0.395 0.395 0.38 0.38 890000 339100 ROCKWELL 2.38 2.4 2.4 2.4 2.38 2.4 313000 749500 -120000 SHANG PROP 3.25 3.3 3.33 3.33 3.25 3.29 539000 1778010 1217700 STA LUCIA LAND 2.4 2.45 2.47 2.47 2.35 2.45 1697000 4065410 SM PRIME HLDG 34.75 35 35.85 35.85 34.65 35 15420500 538376685 22615895 STARMALLS 5.74 5.9 5.72 5.94 5.72 5.74 118700 688037 SUNTRUST HOME 0.98 0.99 1.05 1.05 0.95 0.98 7527000 7484110 293300 PTFC REDEV CORP 51.75 53.9 50 53.9 45 53.9 880 44183.5 VISTA LAND 7.43 7.47 7.58 7.6 7.42 7.47 7540100 56328460 -27082271

SERVICES ABS CBN 20.15 20.2 18.84 20.2 18.84 20.15 627600 12511549 GMA NETWORK 5.31 5.35 5.39 5.39 5.3 5.35 174100 924903 MANILA BULLETIN 0.44 0.475 0.44 0.47 0.44 0.47 80000 36800 MLA BRDCASTING 15 15.08 15.16 15.16 15.16 15.16 100 1516 GLOBE TELECOM 1894 1900 1900 1939 1894 1900 97455 185247990 65400835 PLDT 1130 1131 1106 1135 1090 1130 249975 278912035 23811415 APOLLO GLOBAL 0.045 0.046 0.047 0.048 0.046 0.046 8600000 399300 DFNN INC 5.71 6 5.62 6 5.61 6 8300 48483 IMPERIAL 1.86 1.95 1.86 1.98 1.86 1.98 14000 27050 ISLAND INFO 0.108 0.111 0.109 0.111 0.109 0.109 690000 75230 ISM COMM 4.75 4.78 5.04 5.05 4.75 4.75 9616400 46611827 1507616 JACKSTONES 2.97 3.11 3.07 3.11 3.07 3.11 32000 98880 NOW CORP 2.12 2.15 2.14 2.15 2.1 2.12 1054000 2231300 -36340 TRANSPACIFIC BR 0.33 0.335 0.325 0.345 0.31 0.335 7560000 2507150 -57800 PHILWEB 3.07 3.08 3.38 3.38 3.03 3.08 5570000 17462070 -650280 2GO GROUP 10.08 10.68 9.8 10.88 9.55 10.06 77000 794584 ASIAN TERMINALS 18.5 18.56 18.62 18.62 18.5 18.5 11700 217114 CHELSEA 6.5 6.52 6.7 6.71 6.43 6.5 2316600 15103630 765859 CEBU AIR 95.5 95.9 95.65 95.9 95.5 95.9 142840 13668956 6277864.5 INTL CONTAINER 129.8 130 129 131.4 127 130 1856430 239989791 -4870930 LORENZO SHIPPNG 0.87 0.89 0.87 0.88 0.85 0.88 618000 532990 MACROASIA 18.9 18.98 19 19 18.92 18.98 316700 6012778 2890770 METROALLIANCE A 1.26 1.41 1.43 1.43 1.43 1.43 3000 4290 PAL HLDG 8.09 8.1 8.07 8.1 8.06 8.1 20900 169074 HARBOR STAR 1.62 1.64 1.68 1.7 1.61 1.65 1060000 1750910 ACESITE HOTEL 1.46 1.53 1.45 1.53 1.45 1.53 27000 40030 BOULEVARD HLDG 0.058 0.06 0.058 0.059 0.057 0.059 14620000 845800 DISCOVERY WORLD 2.03 2.26 2.03 2.27 2.03 2.27 4000 8360 WATERFRONT 0.67 0.68 0.67 0.68 0.66 0.67 3028000 2027140 21220 IPEOPLE 9.23 9.64 9.23 9.65 9.23 9.65 500 4657 STI HLDG 0.68 0.69 0.69 0.69 0.68 0.68 1697000 1154470 -30 BERJAYA 2.3 2.32 2.29 2.42 2.22 2.32 572000 1339970 BLOOMBERRY 10.48 10.5 10.64 10.64 10.44 10.5 6819100 71,625,296( 2,274,088.0001) PACIFIC ONLINE 2.66 2.67 2.64 2.68 2.61 2.68 161000 426580 LEISURE AND RES 3.21 3.22 3.18 3.22 3.18 3.21 146000 466510 30 MANILA JOCKEY 2.86 3.04 3.17 3.17 2.85 3 77000 229700 PH RESORTS GRP 4.62 4.99 4.71 4.71 4.69 4.69 9000 42300 PREMIUM LEISURE 0.67 0.69 0.7 0.7 0.67 0.69 659000 450110 TRAVELLERS 5.46 5.47 5.46 5.47 5.45 5.46 2569800 14028871 208073 METRO RETAIL 2.45 2.46 2.52 2.52 2.45 2.45 1683000 4158450 -39290 PUREGOLD 44.1 44.3 45.5 45.5 44 44.3 1464400 65225810 -20068695 ROBINSONS RTL 77.5 77.65 77 77.5 77 77.5 1995330 153869329 -4795095 PHIL SEVEN CORP 136.1 144 136 144.5 136 144.5 100 13685 SSI GROUP 2.67 2.68 2.78 2.8 2.66 2.68 8448000 22966790 6369800 WILCON DEPOT 16.58 16.6 16.4 16.62 16.4 16.6 2260100 37479214 17772050 APC GROUP 0.54 0.55 0.5 0.55 0.5 0.54 4840000 2562470 -21600 EASYCALL 8.7 9 8.9 9.3 8.7 8.7 44000 386814 GOLDEN BRIA 426 426.6 411.8 464 411 426 30310 13145002 PRMIERE HORIZON 0.5 0.52 0.53 0.53 0.5 0.5 17789000 9100110 -173060 SBS PHIL CORP 9.14 9.37 9.1 9.37 9.08 9.37 28100 256219

MINING & OIL ATOK 12.36 12.66 12.34 12.68 12 12.34 17800 216464 APEX MINING 1.28 1.29 1.3 1.32 1.28 1.29 6605000 8558540 -323000 ABRA MINING 0.0016 0.0017 0.0017 0.0018 0.0016 0.0017 1222000000 2077400 BENGUET B 1.11 1.29 1.11 1.11 1.11 1.11 29000 32190 -32190 CENTURY PEAK 2.72 2.77 2.7 2.72 2.7 2.72 60000 162100 DIZON MINES 7.74 7.85 7.82 7.89 7.75 7.85 1400 10959 FERRONICKEL 1.42 1.43 1.42 1.44 1.41 1.43 1557000 2208570 98380 GEOGRACE 0.2 0.206 0.206 0.207 0.2 0.206 360000 73910 4120 LEPANTO A 0.112 0.113 0.114 0.114 0.112 0.113 1780000 200190 MANILA MINING A 0.009 0.0096 0.0091 0.0096 0.0091 0.0096 2000000 18700 MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.011 9000000 92200 MARCVENTURES 1.04 1.09 1.05 1.1 1.01 1.09 1162000 1248480 30240 NIHAO 0.98 1.03 0.98 1.05 0.98 1.03 51000 51440 NICKEL ASIA 2.6 2.61 2.55 2.6 2.51 2.6 2734000 7015600 742580 ORNTL PENINSULA 0.81 0.83 0.85 0.85 0.81 0.83 59000 48970 PX MINING 3.86 3.87 3.8 3.9 3.78 3.86 1380000 5331080 -19400 SEMIRARA MINING 22.8 22.9 22.4 23 22.4 22.8 523500 11895610 6636765 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 13600000 163200 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 800000 9600 PHILODRILL 0.011 0.012 0.011 0.012 0.011 0.011 23900000 264500 PHINMA PETRO 9.15 - 6.15 9.15 5.85 9.15 15535100 124415074 -1212255 PXP ENERGY 13.54 13.6 13.12 13.7 13.12 13.6 3495300 47234278 784464

PREFFERED

HOUSE PREF A 96 100 100 100 100 100 3300 330000 AC PREF B1 495.2 499 495.2 496 495 495.2 6270 3104744 -2971000 AC PREF B2 500 504 498 500 498 500 210 104720 ALCO PREF B 100.8 104.8 101 101 101 101 500 50500 DD PREF 101 101.3 101.1 101.1 101 101 10300 1040600 SMC FB PREF 2 990 1006 990 990 990 990 3000 2970000 FGEN PREF G 105.2 107 105.2 105.2 105.2 105.2 5000 526000 GLO PREF P 505 510 505 505 505 505 3780 1908900 GTCAP PREF A 970 995 970 970 970 970 4000 3880000 GTCAP PREF B 970.5 978 971 971 970 970 4350 4220000 -4220000 LR PREF 0.99 1 0.99 1 0.99 1 78000 77240 PCOR PREF 2A 1000 1020 1000 1000 997 1000 210 209430 PCOR PREF 3A 1035 1040 1040 1040 1040 1040 5595 5818800 -52000 PCOR PREF 3B 1040 1045 1040 1040 1040 1040 2580 2683200 SFI PREF 1.4 1.73 1.4 1.4 1.4 1.4 5000 7000 SMC PREF 2B 76 76.95 77 77 76 76 5740 436859 SMC PREF 2C 78.35 78.45 78.05 78.5 78.05 78.5 36530 2866673.5 SMC PREF 2D 75.55 75.6 75.6 75.6 75.55 75.55 502200 37966310 SMC PREF 2E 76 76.2 75.9 75.9 75.9 75.9 2400 182160 SMC PREF 2F 75.85 76.95 77 77 75.75 75.75 49660 3782195.5 SMC PREF 2G 75.8 76.4 75.5 75.65 75.5 75.65 2300 173845 SMC PREF 2H 75.1 76.45 75.1 76.5 75 76.5 9200 690400 SMC PREF 2I 75.65 75.7 75.7 75.7 75.7 75.7 5950 450415 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

17.5

17.56

17.68

20

17.38

17.56

1279100

23136322

WARRANTS LR WARRANT

1.58

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.99 KEPWEALTH 18.32 XURPAS 0.96

1.68

1.53

1.68

1.53

1.68

49000

75660

-

7.03 - 0.97

7.39 13 0.98

7.46 18.32 0.98

6.86 13 0.95

7.03 18.32 0.96

2369000 33665800 2796000

16651657 559954752 2679900

480 -755334 -70600

EXHANGE TRADE FUNDS FIRST METRO ETF

117.5

-15137558

118

118.6

118.6

117

117.5

8980

1057083

373254

www.businessmirror.com.ph

Sale of Malaya Thermal, land needs OK from PCC

T

By Lenie Lectura

@llectura

HE sale of the 650-megawatt (MW) Malaya Thermal Power Plant (Malaya TPP) and its underlying land would have to be cleared by the Philippine Competition Commission (PCC), the Power Sector Assets and Liabilities Management Corp.

(PSALM) said.

“The subject privatization activity will fall under acquisitions as defined under Republic Act 10667 otherwise known as the Philippine Competition Act, its

implementing rules and regulations, as well as relevant PCC issuances,” PSALM’s Supplemental Bid Bulletin No. 10 stated.

PSALM and the winning bid-

der must “observe and abide by the PCC’s guidelines, particularly on the Compulsory Notification or Non-Coverage Requirement, whichever is applicable.”

The same bid bulletin extends the deadline of bid submission to September 18 from September 12.

PSALM said the extension is necessary in order to accommodate the mandatory review of the Office of the Government Corporate Counsel (OGCC) on all of PSALM’s privatization documents, including the asset purchase agreement (APA).

“We need to secure clearance from OGCC for all agreements to be entered into by PSALM. In the case of Malaya, we will need to enter into an asset purchase agreement with the bidder. Thus,

PSALM is now coordinating with OGCC to secure clearance on the provisions of the said APA. Once that is done, we can proceed with the bidding,” explained PSALM President Irene Joy Garcia.

PSALM has rescheduled the auction for the power asset many times citing the need to come up with a basis for a base price, which would have to be determined by third-party consultant PwC (PricewaterhouseCoopers).

A number of power firms have expressed interest to buy the power plant. PSALM had previously said there were four qualified bidders, namely AC Energy Inc., DM Wenceslao and Associates Inc., DMCI Power Corp., and FGen Reliable Energy Holdings Inc.

First Gen LNG asks DOE to extend notice to proceed in Batangas project F GEN LNG, a wholly-owned subsidiary of First Gen Corp., is seeking an extension of its notice to proceed (NTP) for its FGEN Batangas LNG (liquefied natural gas) terminal project.

The NTP granted to FGEN LNG took effect on March 7, 2019, and will expire on September 7.

The Lopez-led firm said Thursday it has requested the Department of Energy (DOE) for an extension of the NTP. Pursuant to DOE Circular 2017-11-0012 (Rules and Regulations Governing the Philippine Downstream Natural Gas Industry), the NTP is subject to a six-month extension upon application with and approval by the DOE. First Gen will construct an LNG terminal in the First Gen Clean Energy Complex in Batangas City with its partner Tokyo Gas Co. Ltd. Under the deal, Tokyo Gas will take a 20-percent participating interest in the FGEN LNG project and provide support in development work to achieve a final investment

decision (FID).

Once an FID is reached, the parties will enter into a definitive agreement to proceed with the construction of the FGEN Batangas LNG terminal project.

First Gen is one of the biggest independent power producers in the country and the leading gas power generation company in the Philippines with approximately 2,000 MW in operating gas assets composed of four gas-fired power plants: the 1,000-MW Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 414MW San Gabriel Power Plant, and the 97-MW Avion Power Plant, all of which currently operate on Malampaya gas supply.

“The FGEN Batangas LNG terminal project is intended to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” it said.

The company broke ground for its LNG project last May.

Lenie Lectura

Higher energy demand from co-ops spurs 19% hike in DMCI Power sales

D

MCI Power Corp. (DPC) reported a 19-percent increase in sales in the first half of the year, driven by an increase in energy demand from its electric cooperatives in Palawan, Masbate and Oriental Mindoro.

The Consunji-led power firm said Thursday there was an upsurge in power demand, and improvement of distribution and transmission line systems in key operating areas. During the period, sales volume reached 169.50 gigawatt hours compared to 142.91 GWh posted in the same period a year ago.

T he Pa l awa n seg ment accounted for 43 percent of the total sales volume, followed by Masbate and Oriental Mindoro at 35 percent and 22 percent, respectively.

“The significant sales growth in Palawan is attributable to the increase in DPC’s level of dispatch following the expiration of Delta-P’s old power supply contract in April,”

said DPC President Nestor Dadivas.

“Our Palawan power plants became the second priority in terms of energy dispatch so we were able to maximize our contractual capacity in the area,” he added.

Meanwhile, the continuous rehabilitation of the 69-kV transmission lines in Oriental Mindoro and ongoing improvement of distribution lines in Masbate accounted for the double-digit sales growth in both provinces.

On a stand-alone basis, DPC grew its first semester bottom line by 10 percent year-on-year, from P213 million to P234 million.

DPC, one of the country’s biggest off-grid energy players in terms of total installed capacity, is constructing a P20.92-million point-to-point limited facility that will connect its 2 x 4.95-megawatt bunker-fired power plant in Palawan to the Palawan main grid of the National Power Corp.

Lenie Lectura

MUTUAL FUNDS

August 22, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM ALFM GROWTH FUND, INC. -A 259.99 1.71% -1.64% 0.54% 3.09% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.559 5.33% 2.5% 1.89% 8.2% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.044 0.14% -2.93% -0.66% 3.61% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9512 5.24% N.A. N.A. 5.57% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8662 2.85% N.A. N.A. 5.54% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4233 2.55% -0.62% 0.61% 2.84% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8706 2.76% -4.96% N.A. 4.05% MBG EQUITY INVESTMENT FUND, INC. -A 120.26 8.29% N.A. N.A. 3.52% PAMI EQUITY INDEX FUND, INC. -A 51.9985 4.97% -0.72% N.A. 5.64% PHILAM STRATEGIC GROWTH FUND, INC. -A 543.47 5.01% -1.54% 0.27% 5.58% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3168 4.28% -0.13% 1.62% 5.01% PHILEQUITY FUND, INC. -A 38.6533 4.54% 0.62% 1.66% 5.52% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0326 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2789 5.89% 0.29% 2.18% 6.46% PHILIPPINE STOCK INDEX FUND CORP. -A 881.13 5.9% -0.01% 2.12% 6.36% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.917 6.53% -0.83% N.A. 6.63% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3285 5.95% 0.31% 1.77% 6.64% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0127 5.43% -0.05% N.A. 6.12% UNITED FUND, INC. -A 3.7288 5.22% 1.83% 2.77% 6.51% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 118.0855 6.3% 0.83% 3.18% 6.63% ATRAM ASIAPLUS EQUITY FUND, INC. - B $0.9307 -7.83% 0.84% -2.13% 0.17% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2796 0.5% 6.78% N.A. 15.78% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6867 1.07% -2.95% -2.14% 2.15% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3208 2.5% -1.24% 0.46% 5.05% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6607 3.73% -0.34% -0.99% 4.62% GREPALIFE BALANCED FUND CORPORATION -A 1.3487 1.65% N.A. N.A. 3.4% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9577 5.82% 0.23% 1.29% 6.22% PAMI HORIZON FUND, INC. -A 3.8176 6.98% -0.76% 0.73% 8.17% PHILAM FUND, INC. -A 17.0892 7.18% -0.73% 0.6% 7.43% SOLIDARITAS FUND, INC. -A 2.1544 3.92% 0.29% 1.77% 4.12% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9122 6.56% 0.08% 1.34% 7.15% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0234 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0123 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.009 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.0013 6.82% 0.13% 0.93% 8.64% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03856 9.33% 2.19% 2.62% 9.24% PAMI ASIA BALANCED FUND, INC. -A $0.969 -1.08% 0.91% -1.69% 6.05% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7383 3.19% 4.99% 2.72% 12.99% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.114 4.83% 3.18% N.A. 10.3% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 353.48 3.83% 2.21% 2.33% 2.91% ATRAM CORPORATE BOND FUND, INC. -A,1 1.911 2.67% 0.07% -0.05% 2.79% COCOLIFE FIXED INCOME FUND, INC. -A 3.074 5.42% 5.39% 5.29% 3.29% EKKLESIA MUTUAL FUND INC. -A 2.2183 4.41% 1.29% 2.17% 4.18% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3485 5.86% 1.44% 1.74% 6.5% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6078 1.53% -1.82% 0.24% 2.77% PHILAM BOND FUND, INC. -A 4.3268 9.62% 0.66% 1.98% 10.38% PHILEQUITY PESO BOND FUND, INC. -A 3.7422 7.86% 1% 1.75% 6.4% SOLDIVO BOND FUND, INC. -A 0.954 5.74% -0.27% N.A. 7.05% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0285 9.29% 1.62% 2.67% 9.5% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6801 9.36% 1.13% 2.23% 9.1% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $462.81 4.17% 1.69% 2.78% 3.21% ALFM EURO BOND FUND, INC. -A Є219.95 2.85% 1.3% 1.57% 3.42% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1946 6.89% 1.99% 2.53% 6.12% 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 $1.7173 0.69% -2.13% 0.51% 1.6% PAMI GLOBAL BOND FUND, INC -A $1.1032 6.29% -0.41% -1.61% 6.46% PHILAM DOLLAR BOND FUND, INC. -A $2.414 11.07% 1.5% 3.64% 11.2% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0600765 5.75% 1.81% 2.04% 5.4% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1705 9.12% 0.87% 3.14% 10.39% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.42 4.08% 2.61% 2.06% 2.93% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0204 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2379 5.51% 2.35% 1.43% 4.74% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2515 3.91% 2.76% 2.14% 2.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.031 2.2% N.A. N.A. 1.49%

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."

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Law vs ‘hidden’ ATM fees sought

By Butch Fernandez

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@butchfBM

HE Senate was asked to pass remedial legislation mandating banks to post charges for using automated teller machines to effectively stop “hidden, surprise and unreasonable” ATM fees.

In filing Senate Bill 635, Sen. Francis P. Pangilinan proposed early enactment of a law to be known as the Automated Teller Machine Fee Regulatory Act requiring financial institutions to disclose on the ATM screen the total transaction fee or surcharge to be imposed for each transaction

prior to its completion.

Pangilinan says this provision will give bank clients the option to cancel the transaction after the fee is disclosed.

The senator noted that customers complained that “banks always make ATM transactions a shocking experience for us because it’s only

in the end when know how much we are charged.”

“Ano yun? Sisingilin ka para kunin ang pera mo, [What’s that? They banks would charge you for taking your own money.],” he added.

“Mula balance inquiry hanggang sa withdrawal, may kaltas.

Kakarampot na nga ang sweldo ng ating mga kababayan, babawasan pa ng bangko,” Pangilinan lamented, noting that Senators Grace Poe and Risa Hontiveros made similar proposals on ATM fees. “Wala naman tayong magawa dahil karamihan sa atin ay sa ATM pinadadaan ang sweldo. [From balance inquiry to withdrawal, there’s a charge. The banks eat into the salaries of our countrymen that are already low and there’s nothing they can do because most payroll are coursed through the ATM.]” Pangilinan pointed out that according to the Bangko Sentral

ng Pilipinas (BSP), as of October 2012, withdrawal fees can go as high as P100; balance inquiry fees, P10; and, interbank transfer fees, P100, even as he noted that “ATM cardholders may be charged up to P100 without them knowing it.”

The senator asserted that SB 635 was crafted “to protect ATM cardholders from hidden, surprise, or unreasonable fees.” He emphasized the bill “promotes transparency by requiring all financial institutions to inform cardholders of the charges they incur during ATM transactions.”

In addition, Pangilinan’s bill provides several fee restrictions on ATM transactions through imposing a cap on transaction fees, no ATM transaction fee shall exceed 1 percent of the total transaction amount and screen display and printed receipt requirement.

It adds that no customer shall be charged any fee or surcharge by a financial institution for an ATM transaction unless the fee or surcharge is displayed on the screen prior to transaction.

Moreover, SB 635 covers mobile phone or telephone transactions, providing that “no customer shall be charged any fee or surcharge for any ATM transactions initiated via telephone or mobile phone.”

As for single fee per transaction, Pangilinan proposes that “no bank customer shall be billed for more than one fee per ATM transaction regardless of the number of financial institutions involved in the transaction.” A separate provision on cash dispensing requirement provides that “no customer shall be charged any fee or surcharge for a transaction that did not dispense cash.”

Lower bids halt TDF’s Indonesia surprises with 2nd two-week streak of rate cut to support growth oversubscription I

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ENDER S for t he Ba ngko Sentral ng Pilipinas’s (BSP) term deposit facility (TDF) snapped its two-week streak of oversubscription on Thursday, data from the Central Bank showed.

Bids for both six-day term deposits and 13-day term deposits were lower on Thursday, reversing the surge seen in the previous weeks following the BSP’s cut in the banks’ reserve requirement ratio (RRR).

In particular, tenders for the seven-day term deposits hit only P35.82 billion this week, declining from last week’s P51.25 billion and was not enough to cover the P40-billion volume offered for Thursday’s auction.

The same is true for the 13day term deposits, where bids hit P26.055 billion on Thursday. This is lower than the total tenders of P40.75 billion in the previous week and was also not enough to cover the P30 billion offered for the week.

Meanwhile, banks still flocked the 27-day term deposits, with a total volume of bids at P41.12

billion. While this is lower than the previous week’s P45.14 billion bids, it is an oversubscription of the P30 billion offered for the week.

The TDF is one of the BSP’s liquidity absor ption facilities to manage circulation in the economy.

As banks park funds in the BSP’s facility, the TDF effectively siphons off a part of liquidity from the financial system to bring market rates closer to the BSP’s main policy rate.

The movement of the rate, meanwhile, showed mixed movement during the week parallel to the movement of volume on Thursday.

For the seven-day term deposit, rates increased from 4.4389 percent last week to 4.4597 percent this week. For 14-day term deposits, meanwhile, the rate rose from 4.4905 percent last week to 4.4938 percent this week.

For 28 -day ter m deposits, meanwhile, the rate declined last Thursday to 4.4613 percent, down from 4.4961 percent in the previous week. Bianca Cuaresma

NDONESIA unexpectedly cut interest rates for a second straight month to spur an economy facing increasing risks from a global slowdown and intensifying trade war.

Bank Indonesia lowered its seven-day reverse repurchase rate by 25 basis points to 5.5 percent on Thursday, a move predicted by only 13 of the 34 economists surveyed by Bloomberg News. The majority expected the bank to keep policy unchanged after it lowered rates for the first time in almost two years in July.

Gov. Perry Warjiyo said the rate cut was consistent with the bank’s low inflation forecast and serves as a “preemptive measure to push economic growth momentum in the future.” The move also retains the attractive yield on domestic assets, he said.

Indonesia is using a mix of monetary and fiscal policy to stimulate Southeast Asia’s biggest economy after growth slowed to a two-year low in the second quarter. Low inflation and the Federal Reserve’s dovish policy outlook is giving Bank Indonesia room to reverse some of last year’s rate hikes.

“Indonesia is lucky with its continuing economic growth momentum, but we must take anticipa-

Associations reimagined

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N invitation by the Philippine Retailers Association (PRA), through fellow association executive and PRA Secretary-General Evelyn B. Salire, I attended the opening of the two-day 26th National Retail Conference and Stores Asia Expo 2019 (NRCE) at the SMX Convention Center on August 15, 2019. Over a thousand participants attended the successful event.

The NRCE is the centerpiece of PR A’s efforts in helping local retailers attain global competitiveness. This annual event serves as the hub for retailers and partner-industries to know about the latest trends, developments, and technologies in retailing. This year’s NRCE theme was “Retail Reimagined.”

I n con fe re nce s t h at I at te nd , I a m a l w ay s o n t he lo ok out for id e a s a nd trends resonating with associations that spea kers a nd t he event itsel f present.

I n t h i s c a se, I w a s not d i s ap poi nte d .

The opening keynote by Mr. Jesus Vega, technolog y evangelist and former mana g i n g d i re c tor of Z a r a - I nd ite x Spa i n , h a s t hree t a keaways t h at a ssoc i at ions can relate to. Through his presentation, titled “Surfing the Digital Transformation Tsunami in Reta i l,” I lear ned t he following insights: 1. Retail is not only about stores. Putting up a physical store to sell a product is no longer the only option. Online retailing is here and expanding. Retailing is also now about

Association World Octavio Peralta customer experience and not focused only on marketing the product. The same thing is happening in the association world. Associations selling education programs, conferences and publications to their members need to have the capability to undertake these online.

2. Offline and online retailing are merging. There is, however, a limitation in online retailing and this is customer experience. Customers still prefer to see, touch and feel the product they are buying. Stores m a ke t h is e x per ience possible. Hence, there is a need to consider both offline and online options. This is also true with associations that still have to engage members face-to-face in educational sessions and conferences and sell publications at these events.

3. People have to rank first in retailing.

People do not compete with technology; they compete with other people who use technology better. So retailers have to invest in building the capacity of their people to be

tive, preemptive steps in facing the risks of a slowing global economy,” Warjiyo said.

Accommodative policy mix

CENTRAL banks in emerging markets like India, Brazil and Russia— and, closer to home, Thailand, Malaysia and the Philippines—have all cut rates this year to reignite growth.

The Jakarta Composite Index rebounded immediately after the rate cut, but was down 0.2 percent at its close. The rupiah gained 0.1 percent against the dollar, while the yield on the 10-year benchmark rupiah bonds was down 4 basis points.

Warjiyo said the central bank will “continue its accommodative policy mix.” It sees growth for this year below the government’s projection of 5.2 percent, while inflation—which reached 3.32 percent in July—will probably come in below the midpoint of the 2.5-percent to 4.5-percent target band.

“It seems that growth worries have taken on a greater urgency,” Eugene Leow, a fixed income strategist at DBS Group Holdings Ltd., said.

“And with many central banks across the world easing, BI probably felt comfortable enough to follow suit.”

Indonesia’s rate cut complements President Joko Widodo’s plans—

more creative, innovative and competitive.

Associations, which relate constantly with people—members, volunteers and staff— should do similarly, i.e., to tool up, retool, and upgrade the capabilities of their people.

Reimagining associations, like retailing, comes down to knowing and sticking to your purpose and how best to achieve it consistently. For retailers, their purpose is not selling per se but to make people happy with the product they have purchased. Associations are not in the business of selling; their purpose is to provide their members, services that are relevant to them, either to advance their profession or industry, solve their problems, or sustain themselves into the future, or all of these.

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 (PCA AE). The PCA AE 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.

outlined in his budget last week— to boost growth to 5.3 percent next year through record spending of $178 billion and tax incentives to businesses. The economy grew 5.05 percent in the second quarter, a far cry from the 7-percent growth the president targeted in his first term.

Gradual pace

ACCORDING to Tamara Mast Henderson, Asean economist, Bank Indonesia shifted its policy stance to one that preemptively supports growth. This suggests a willingness to cut rates more aggressively, in our view. Ability to follow through, though, is likely to hinge on risk appetite which affects the currency and capital flow.

Most economists predicted the central bank would keep rates on hold this month given heightened market turmoil and a widening in the current-account deficit to 3 percent of gross domestic product. The rupiah has slumped about 2 percent against the dollar in the past month, though it’s still among a handful of gainers in Asia this year.

Economists see more rate cuts in coming months, but probably at a gradual pace. HSBC Holdings Plc. sees a pause in September and another reduction in the fourth quarter. Bloomberg News

Friday, August 23, 2019

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Credit Suisse: Fed needs rate cuts to plug repo black hole

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HE Federal Reserve needs to cut rates further to address a looming funding squeeze in US money markets being fueled by foreign central bank demand for its reverse repurchase agreements, according to Credit Suisse Group AG. Usage of the foreign repo pool— where central banks invest cash with the New York Fed at rates comparable to money-market repo rates—is close to $100 billion so far this year, driven by haven flows, strategist Zoltan Pozsar wrote in a research note last Wednesday. It could hit $200 billion by year-end, exacerbating a glut in collateral caused by $800 billion in Treasury supply and driving up short-term funding costs.

Pressure caused by this “supermassive black hole” would seep into the foreign-exchange forward, crosscurrency basis and Libor-OIS markets, according to the note.

“Because inflows into the facility sterilize reserves and add collateral to the financial system, they worsen the collateral surplus,” Pozsar wrote.

“When banks are at their intraday liquidity limits it means that every penny that flows into the facility makes it harder for banks to fund dealers.”

Rate shopping

THANKS to the trade war and inverted US yield curve, central banks attempting to weaken their currencies are making use of the RRP pool rather than buying Treasuries as they did in the past, Pozsar said. “Central banks are rate shopping and an uncapped foreign RRP facility is what enables that.”

A series of rate cuts to steepen the US yield curve and incentivize them to switch back to currencyhedged Treasuries would help solve the problem, rather than a technical fix, such as a standing repo facility or asset purchases that could lead to Treasury monetization, according to Pozsar.

What is required is rate cuts “aggressive enough to re-steepen the curve so that dealer inventories can clear,” Pozsar said. “Monetizing record deficits is likely not what this FOMC wants to be remembered for.”

Investors fully expect another rate cut at the Fed’s September 17 and 18 meeting and further easing this year.

A big clue could come from Chairman Jerome Powell when he speaks on Friday at the Kansas City Fed’s annual policy retreat in Jackson Hole, Wyoming. Bloomberg News

Bank’s IT expert emphasizes collaboration in cyber security

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HE chief information security officer (CISO) of East West Banking Corp. (EWBC) believes the best defense the banking industry has against cyber attacks are collaboration and cooperation with competitors.

This was part of the message of Manuel Joey A. Regala at a local gathering of the Financial Services Information Sharing and Analysis Center (FS-ISAC) last August 7.

Regala, who is also the president and one of the founding members of the Information Security Officers Group, said ISOG members learned “coompetition,” a portmanteau of cooperation and competition.

“We cooperate to compete with the enemies, which are the hackers,” Regala said. This collaboration led Regala and a number of other CISOs to found the ISOG, allowing them to strengthen the industry’s information security as a whole through awareness and education programs and be more proactive against cyber threats.

The group’s work together has resulted in the adoption of important cyber-security advances within EWBC, such as constant information security awareness training for employees, and the use of a cyber threat intelligence service that third parties provide. These services draw from different online sources, such as social media, human intelligence, and the deep Web or dark Web to proactively identify and defend the bank and its customers from both internal and external attacks.

Despite the ISOG’s efforts in defending the banking industry from attackers and fraudsters, Regala also emphasizes the important role the public has in helping protect their own data and assets against online threats.

B4 Friday, August 23, 2019

Disaster-resilient SMEs are key to a sustainable value chain

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MALL and medium enterprises (SMEs) form the lifeblood of the Philippine economy through the stimulation of economic activity. SM, as a staunch supporter of MSME growth, recognizes that disaster resilient MSMEs are the key to a sustainable value chain and in attaining business continuity.

“Empowering supply chains is particularly close to our hearts because SM’s roots were borne from our father’s entrepreneurial spirit,” relates Hans T. Sy, SM Prime Holdings Inc. Chairman of the Executive Committee and SM Investments Corporation Adviser at the United Nations Global Compact- Global Reporting Initiative regional sustainability summit held in August 20 at the Conrad Manila.

Mr. Sy is a strong advocate of disaster resilience and is the first Filipino representative to the Private Sector Advisory Group of the United Nations Office for Disaster Risk Reduction.

SM Prime is taking a step further by helping SMEs bounce back immediately after a disaster. It built an SM Reliance Center (Center) in SM Clark, Pampanga to serve as the data storage and capacity building facilities for SME partners. The Center also serves as the information and communications for SM. SM Prime has partnered with the National Resilience Council, APEC Emergency Preparedness Capacity Building Center, United Nations Office for Disaster

Risk Reduction and Global Education and Training Institute, Department of Trade and Industry, among other disaster risk reduction organizations to provide capacity building and technical assistance on the Center’s operations.

SM works with nearly 25,000 small and medium enterprises, both directly and indirectly, representing 27% of total SMEs in the Philippines today. These are SM’s mall tenants, traders and suppliers mainly in retail.

SM has integrated three platforms in terms of its operations and sustainability to include investing 10% of its capital expenditure on disaster resilient features depending on a mall’s existing hazards; capacity building and collaboration and public-private partnerships at the global, regional and national levels.

For many years, SM and Mr. Sy have been leading disaster risk reduction efforts for the private sector in the Philippines in partnership with various organizations and government agencies.

Some of SM’s notable DRR initiatives include the additional elevation of the SM Mall of Asia complex as protection against storm surges and flooding; SM City Marikina built on stilts after considering the 100 year old flood cycle of the locale to allow the natural flow of the Marikina River; SM Seaside City Cebu has an elevation of more than 4 meters, has design provision for earthquakes and uses water treatment facilities that recycle used

Bloodletting activity kicks off Fortune Life’s journey to 35th year

I water among other hmmfeatures; and 20 SM Malls built with Rainwater Catchments to help minimize flood water; Capacitybuilding and public-private partnerships with the National and local government units through ARISE Philippines and the National Resilience Council; and its recently-launched Business Continuity Program for its Small and Medium Enterprise (SME) mall tenants.

N partnership with the Philippine Red Cross, Fortune Life Insurance Company kicked off its Journey to 35 Years Celebration on July 23 with a bloodletting activity at the 20th floor Citystate Centre, Pasig City. It was held in July in support of the National Blood Donors Month.

Among the registered participants were company employees and agents as well as representatives from Eastern Defender Security Agency, Citystate Savings Bank Inc., Fortune General Insurance Corporation, FortuneCare, Aliw Broadcasting Corporation and Eternal Plans, Inc. A total of eight beds were set up to accommodate the blood donors. The first 35 donors got to pick special

prizes composed of corporate items. Some of the participants had fun taking their photos in a designated photo wall while some enjoyed the special merienda served in the afternoon as they watched the videos of Fortune Life’s previous events and ads.

With the activity’s theme “Be a hero, be a donor”, Fortune Life aims to promote awareness of the benefits of donating blood and how one unit of blood can save hundreds of lives. At the center are Fortune Life SVP/AGM & OIC for Marketing and Sales Division Emma M. Abad, EVP and General Manager Evelyn T. Carada and Philippine Red Cross Medical Officer, Dr. Ma. Lourdes T. Resurreccion.

IN1GO PARTNERS WITH AIM FOR DATA SCIENCE PROJECT. In1Go Technologies, Inc., an information technology services and BPO company, has partnered with the Asian Institute of Management (AIM) for a data science project that will use real data to solve real-world problems and challenges faced by businesses today. Under the Capstone collaboration, In1Go provided students of AIM’s Master of Science in Data Science program live data that they studied, analyzed and used to develop a solution model that could benefit various industries. Present at the signing ceremony held at AIM were (from left) Dr. Tahrini A. Garcia, chief finance officer of In1Go; Ramon S. Garcia, chief executive officer of In1Go; Dr. Christopher P. Monterola, executive director, ACCeSs@AiM and school head of AIM’s Aboitiz School of Innovation Technology and Entrepreneurship; and Dr. Erika Fille T. Legara, deputy director, ACCeSs@AiM and program director of AIM’s Master of Science in Data Science program.

INSPIRED EDUCATION. Prof. Cecilia Manikan (seated), known the in the education sector as the “trainer of trainers and teacher of teachers” recently launched her new book ‘Becoming a Great Teacher’, published by Abiva Publishing House, Inc. The book is part of Manikan’s advocacy to elevate Philippine education by repositioning schools for 21st century learning, outcomes-based education, brain-compatible teaching, and the transformation of teachers as catalysts of change. In photo, Manikan is joined by Jorge Abiva (second from left), president of Abiva Publishing House, Inc., with son Johann Paolo and wife Tetch Garcia.

Health advocates back House Bill raising tax on heated tobacco products

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EALTH Justice Philippines and Philippine Pediatric Society expressed support for the tax proposals increasing the excise tax rates on heated tobacco products and electronic cigarettes.

“We call on our lawmakers to approve the bill as soon as possible given the entry of big manufacturers of electronic cigarettes in the country. We are hopeful that President Duterte, himself a staunch tobacco control advocate especially during his years as the Mayor of Davao City, will also certify the measure and sign it into law,” the leaders of HealthJustice and Philippine Pediatric Society urged.

“We fully support House Bill (HB) No. 1026, which aims to raise excise tax rates on heated tobacco products and electronic cigarettes.

This bill, if adopted into a law, will introduce a public health measure designed to protect the people, especially the youth, from the hazards associated with getting hooked on addicting products like heated tobacco products and e-cigarettes,” said Mary Ann FernandezMendoza, President of HealthJustice.

“There are numerous studies proving that high taxes on cigarettes discourage the youth from smoking. This effect will surely apply in the case of heated tobacco products and electronic cigarettes if they are levied with high tax rates” she further said.

“The public must be warned of the risks involved in using e-cigarettes and heated tobacco products. These still contain nicotine and are highly addictive. There are no studies proving claims that these are ‘safe alternatives’ to smoking. The only real alternative to smoking is quitting and prioritizing one’s health,” Dr. Riz Gonzalez of Philippine Pediatric Society.

The incremental revenues from the increased taxes will be used to fund the implementation of the Universal Health Care Law, among other public projects.

HealthJustice is a think tank with legal expertise in tobacco control and health promotion. It is a Bloomberg Awardee for Global Tobacco Control.

Philippine Pediatric Society is a specialty division of the Philippine Medical Association.

Defending champs Osaka, Djokovic No. 1 seeds N

EW YORK—Defending champions Naomi Osaka and Novak Djokovic are the No. 1 seeds for singles play in the US Open.

Osaka, who beat Serena Williams in last year’s final for her first Grand Slam title, recently regained the top spot in the Women’s Tennis Association rankings from Ash Barty. Barty is the No. 2 seed, followed by Karolina Pliskova, Wimbledon champion Simona Halep and Elina Svitolina.

Williams was given the No. 8 seed Wednesday by the US Tennis Association. Madison Keys, the 2017 runner-up who just won the Western & Southern Open, rounds out the top 10 seeds.

Djokovic, bidding for his second straight major title, is followed by fellow past US Open champions Rafael Nadal and Roger Federer.

Dominic Thiem is No. 4 and surging Daniil Medvedev, who won the title outside Cincinnati last week in what was his third straight tournament reaching the final, is fifth.

The draw will be held Thursday and main-draw play begins Monday.

Top-seeded Wang Qiang, meanwhile, advanced to the quarterfinals of the Bronx Open with a 6-1, 6-4 victory over Fiona Ferro on Wednesday.

The Chinese player, who will be the No. 18 seed in next week’s US Open, will next face Anna Blinkova, who had to wait out a third-set rain delay before outlasting Mihaela Buzarnescu, 1-6, 6-3, 6-3 in a match that lasted two hours and six minutes.

No. 10 seed Karolina Muchova also reached the quarterfinals by beating Kristie Ahn, 6-3, 6-1, moving on to play Magda Linette. Linette knocked off ninth-seeded Aliaksandra Sasnovich, 6-1, 6-4.

Goran Ivanisevic, Sergi Bruguera, Conchita Martínez and Jonas Björkman, on the other hand, are the four candidates for the International Tennis Hall of Fame’s class of 2020.

The four players announced Wednesday, all former

Grand Slam tournament champions, are in their second year of a three-year possible candidacy in the player category.

Ivanisevic won the 2001 Wimbledon title and reached the final three other times. The hard-serving Croatian, who reached No. 2 in the world rankings, is now working with top-ranked Djokovic.

Bruguera won back-to-back French Open titles in 1993 and 1994, while fellow Spaniard Martínez won the 1994 Wimbledon championship among her 33 singles titles. She also helped Spain win five Fed Cup titles.

Björkman won the career Grand Slam in doubles and reached No. 1 in the doubles rankings. He won 54 doubles titles and helped Sweden win three Davis Cup championships.

The 2020 class will be announced in January. Induction is set for July 18.

In the Fed Cup, the US will face Latvia for a place in next year’s finals, the first time the “World Cup of Tennis” tournament system will be used.

The draw for February’s qualifying matches pits the Americans against a Latvian team that could include former French Open champion Jelena Ostapenko and last year’s US Open semifinalist Anastasija Sevastova.

Romania, the home country of Wimbledon champion Simona Halep, will play Russia, while Spain will face Japan, Canada plays Switzerland and Britain takes on Slovakia.

Four nations, including 2019 Fed Cup finalists Australia and France, and host nation Hungary, have already qualified for the inaugural 12-team final tournament in April 2020. AP

NAOMI OSAKA recently regains the top spot in the Women’s Tennis Association rankings as Novak Djokovic bids for his second straight major title. AP

Sports BusinessMirror

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| Friday, August 23, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

U.S. OPEN: A YEAR AFTER A

SERENA WILLIAMS talks with chair umpire Carlos Ramos during her final of the US Open against Naomi Osaka in September last year. AP

By Howard Fendrich The Associated Press

S the start of the 2019 US Open approaches, the indelible image from last year’s tournament does not involve a particularly remarkable shot or a champion holding a trophy.

Instead, it is, and likely forever will remain, Serena Williams pointing her index finger at chair umpire Carlos Ramos while insisting that he owed her an apology after they clashed during the women’s final.

The tenor of that match between Williams—who then was, and currently is, seeking a 24th Grand Slam singles trophy—and Naomi Osaka—whose terrific performance during a 6-2, 6-4 victory largely was ignored amid the chaos that enveloped Arthur Ashe Stadium that day—shifted after Ramos warned Williams for receiving a coaching signal from the stands and devolved from there. She eventually was docked a point and, later, a game—and afterward, was fined $17,000.

Almost a full 12 months later, with first-round play beginning Monday at Flushing Meadows, the ramifications of that one-hour and 19-minute contest still reverberate, including this: Ramos will not officiate matches involving Serena Williams or her older sister, Venus.

“We’ve decided that there are over 900 other matches and Carlos, for 2019, will not be in the chair for a Williams sisters match,” US Tennis Association (USTA) executive Stacey Allaster said in a telephone interview. “We want the attention of the competition to be on the athletes.”

Among the key story lines that carry over: Serena Williams, also the runner-up at Wimbledon each of the past two years, is trying to equal Margaret Court’s mark for most major singles

championships. Osaka, who added her second Slam title at the Australian Open in January, returns to New York ranked No. 1— and dealing with knee discomfort that forced her withdrawal from a tuneup tournament last week.

What’s more, the tennis world is filled with ongoing discussions and debates about such matters as the proper role of chair umpires, the way the code of conduct is constructed and, maybe above all, whether in-match coaching should be permitted everywhere.

On that last subject, there are those who would like to see it, such as the USTA itself—which lobbied, to no avail so far, the folks who run the other majors to approve coaching—or Williams’s coach, Patrick Mouratoglou, who acknowledged right after last year’s final that he was attempting to communicate with his player and also noted, correctly, that surreptitious coaching happens all the time and goes unpunished.

Says Allaster: “I understand it’s polarizing, but ultimately, we have to look at how tennis competes and is relevant... access is a key part of it; engagement with fans that want to hear from the players and coaches.”

Says Mouratoglou: “I have never understood why tennis is just about the only sport in which coaching during matches is not allowed.”

There are others, such as Roger Federer or the person in charge of Wimbledon, who think it goes against the very fabric of the game.

Says Federer: “I’m of the opinion that we shouldn’t have coaching in tennis.... It’s what actually makes our sport unique.”

Says All England Club Executive Chairman Richard Lewis: “Most of the men have said they’re against it. A lot of coaches have said they’re against it. There’s a lot of people—Wimbledon, as much as anybody—who feel that tennis is very special because it is a

gladiatorial contest.... You’re on your own.”

It’s a topic that hangs over the season’s last major, even if there are plenty of results-related questions for the hard-court tournament’s two weeks: How healthy is Williams, who withdrew two events because of back spasms? Can Osaka make another deep run? Will Wimbledon champion Simona Halep get past the semifinals at the only Slam where she hasn’t? How will 15-year-old Coco Gauff follow up her run at Wimbledon? Can Federer, defending champ Novak Djokovic or Rafael Nadal make it 12 major titles in a row for the Big Three?

Might a 20-something man finally break through?

None of that, though, is fraught with the greater significance of a possible rule change. As things stand, there is nothing consistent about coaching, a reflection of the eachweek-is-different situation in a sport without a commissioner or a single rulebook.

“I wish [men and women] had coaching,” said Sam Querrey, a Wimbledon semifinalist in 2017, “and you could talk to your coach whenever you want.”

Grand Slam tournaments do not allow coaching, for male or female players, in main-draw matches, although the US Open began trying it for qualifying and juniors in 2017.

The International Tennis Federation does allow it for Davis Cup and Fed Cup matches, even letting coaches sit courtside.

The Association of Tennis Professionals doesn’t allow it for tournaments on the men’s professional circuit.

Yet, the Women’s Tennis Association does let coaches come down out of the stands to talk to players during changeovers, something that was ushered in more than a decade ago—when Allaster was the CEO of the women’s tour.

“Either have it everywhere or nowhere,” 2016 US Open runnerup Karolina Pliskova said, “but I prefer nowhere.”

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Friday, August 23, 2019

COACH POP WARY OF AUSSIE CAGERS M

ELBOURNE, Australia—Team USA Coach Gregg Popovich sees Australia as a title threat at the upcoming World Cup in China.

He’ll soon find out how much of a threat when the teams meet Thursday in the first of two exhibition games in Melbourne. A record Australian basketball crowd of 50,000 is forecast for the match at Marvel Stadium. The second game is set for Saturday.

“Huge, huge threat,” Popovich said of the Boomers. “They are one of the teams that can win the whole thing, without a doubt. I’m not saying that because I’m here. It’s just a fact.”

“They’ve been close for several years, and they are hungry. They are talented. They have the toughness and physicality to go with it.

I think they are one of the top contenders without a doubt.”

Australia, led by Patty Mills, who is coached by Popovich at San Antonio, lost the bronze medal final at the 2016 Olympics to Spain.

The US team is thin on superstars, with only Kemba Walker, Khris Middleton and Brook Lopez combining for five National Basketball Association All-Star appearances in comparison to their last Olympics squad which had 33.

But Walker, who last month joined Boston after eight seasons in Charlotte, said criticism of the US team was spurring them on ahead of its title defense in China.

“We don’t care—we want to be here and are putting in the time to be here and

we definitely take that as motivation,” Walker said Wednesday. “We have a bunch of guys who don’t mind being the underdogs. We are hungry and we are going to go out there to try and win a gold medal.”

Walker said he, Utah Jazz star Donovan Mitchell and Celtics guard Marcus Smart would share the captaincy duties as part of a leadership group.

“I take pride in being a leader and guys looking to me and I’m here to set the tempo and bring my experience and energy,” he said.

Australia, meanwhile, hopes to end 55 years of losses against the US. The Americans have won all 25 games against Australia since 1964.

Phil Scrubb scored 24 points to lead Canada to a 103-100 overtime win over New Zealand in a pre-World Cup exhibition

For Celtics, World Cup camp a preseason bonus

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XCEPT this summer, green—Celtics green, to be precise—would work on that palette, as well.

The Boston Celtics will have at least three and possibly four players on the final 12-man roster that USA Basketball will take to China next week for the Fiba World Cup. So these Team USA practices have been a get-to-know-you bonus of sorts for new Celtics guard Kemba Walker and Boston teammates Jayson Tatum, Jaylen Brown and Marcus Smart.

“It’s pretty cool,” Brown said. “It’s a blessing, of course. I take it very seriously to be able to represent not only your family and Boston but the country. We

take it serious, and we come to play basketball.”

Walker, Tatum and Brown seem like locks to make the final US roster. Smart is perhaps a question mark only because of a strained calf that he’s been dealing with since the first week of training camp in Las Vegas earlier this month. He’s expected to play Thursday when the Americans play a pre-World Cup exhibition against Australia in Melbourne—with a crowd of about 50,000 expected.

The US-Australia game is at Marvel Stadium, the third-biggest stadium in the Australian Football League. Ed Sheeran packed a total of

more than a quarter-million people in there for a series of four concerts last year, about 45,000 fans were there for a Fifa World Cup qualifier in 2013 and now another massive crowd is coming for a Fiba World Cup warm-up.

“This definitely will be the most amount of people I’ve ever played in front of,” Milwaukee’s Khris Middleton said. “So I’m excited about it.”

For the Celtics, getting this time together before training camp in October is a clear perk— especially since Walker, who will take over for Kyrie Irving at point guard in Boston, could obviously benefit from extra time around his new

COMPTON OUT A

LEX COMPTON stepped down as head coach of the Alaska Aces with Jeff Cariaso taking over the post for the remainder of the season.

Alaska management confirmed the news in a statement on Thursday as the team parted ways with the Compton who coached the Aces for five seasons. His contract is also due to expire at the end of the month.

KEMBA WALKER (left) talks to Coach Gregg Popovich during the first half of the team’s exhibition game against Spain. AP

basketball game Wednesday in Sydney.

Corey Webster led New Zealand with 33 points, including a three-point play on a driving shot with 13 seconds remaining that forced the game into overtime at 81-81.

On Tuesday, Canada beat New Zealand

122-88. Canada plays Team USA next Monday, also in Sydney. Australia plays Team USA in games on Thursday and Saturday in Melbourne.

The World Cup begins in China on August 31. AP

teammates who all just happen to be very big parts of Celtics Coach Brad Stevens’s game plans on a nightly basis.

But when USA is across their chest, they’re not thinking about what’ll be happening in Boston.

“I was already coming, regardless,” Walker said. “Before I even signed with the Celtics, I was already committed to this.”

The non-Celtics teammates have made a bit of a running joke about Boston bonds being formed in USA camp, talking about how when they see multiple Celtics together they immediately send someone over to break them up. The reality, of course, is that Brown, Tatum and Smart were close already.

And Walker feels like he has the personality to fit in with anyone.

“It goes hand in hand and for me, I’m all about the camaraderie, all about the togetherness,” Walker said. “I’ve always felt that your off-the-court relationships translate on the court. I’ve always felt that way, I’ve always been big on that way so that’s why I’m trying my best to get acclimated to those guys as best I can.”

The games against Australia—the teams will meet again in Melbourne on Saturday— even get the Celtics a chance to face some former Celtics. Aron Baynes, a key player for Boston over the last two seasons before getting traded to Phoenix on draft night, is expected to be in the lineup for the Aussies. AP

ALEX COMPTON resigns as Alaska coach.

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T, CARIASO IN

“We are very sorry to see Alex leave the team. He had a tremendous impact on the team and was very concerned with the players’ well-being on and off the court,” team owner Wilfred Steven Uytengsu said.

“We also share that winning with integrity is an important aspect of our team and are grateful that Alex stepped aside to pave way for someone else to lead the Aces to our next championship,” Uytengsu added.

In his five years with Alaska, Compton led the team to five Finals appearances but failed to win one. The last time the Aces won a title was in 2012 when Coach Luigi Trillo swept Barangay Ginebra in the Philippine Basketball Association Commissioner’s Cup. Compton bared that Uytengsu asked him to resign. He said he has no qualms in leaving the 14-time champion squad.

“I accepted his direction and have agreed to resign as head coach of Alaska Aces. It has been an honor for me to coach such a storied franchise,” Compton said.

Cariaso was one of Compton’s deputies.

“Truly a blessing to elevate into this level,” Cariaso said. “I am honored and genuinely humbled as I face the challenge.”

Ramon Rafael Bonilla

Friday, August 23, 2019 C3

RAMIREZ

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RAMIREZ: IT’S POSSIBLE!

HEF de Mission William Ramirez reiterated his call for an overwhelming performance

by Filipino athletes in the 30th Southeast Asian Games during the Third Consultative Meeting of Team Philippines on Thursday at the Philippine International Convention Center (PICC) in Pasay City.

“Our objectives are bigger than us, so together we will make what seems impossible possible. It’s by continuous conversation that we find solutions,” Ramirez told presidents and secretary-generals of 53 national sports associations (NSAs) involved in the SEA Games.

Only three NSAs were absent from the meeting which aimed to monitor athletes’

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ENTRO Escolar University (CEU) shredded iWalk by 36 points, 120-84, to clinch a playoff spot in the Philippine Basketball Association Developmental League Foundation Cup on Thursday at the JCSGO Gym in Cubao, Quezon City.

Senegalese big man Malick Diouf was at the forefront of the Scorpions’ well-deployed attack, filling up the stat sheets with 29 points, 21 rebounds, eight assists, five blocks and two steals.

Rich Guinitaran added 21 points, six rebounds, and three assists, Kyle Sunga made 17 points and nine assists, and Eric Tuadles chimed in 12 points in the win that improved CEU’s card to 4-0 in Group A. CEU was in control early, before Tuadles and Joshua Abastillas joined hands in a 9-0 blitz for a 42-24 lead with 7:34 left in the second quarter.

The Scorpions enjoyed a lead of as many as 39, 116-77, after Diouf’s lay-up with 2:36 left to play as they cruised the victory that made them the second team in the group to punch a playoff ticket.

Wowie Escosio had 14 points and six rebounds, while Achie Iñigo and Janus Lozada each chipped in 11 points in the blowout loss that dropped iWalk’s record to 2-2. Black Mamba Energy Drink, meanwhile, escaped defeat from the hands of Italiano’s Homme, 80-75, to return to the win column.

John Tayongtong led the Energy Drink with 23 points, five rebounds, five assists and four steals. Nicol Bolos had 11 points and nine rebounds, while PJ Barua supplied 10 markers in the victory.

Black Mamba improved to 2-1 in Group B. Francis Munsayac had 21 points, five assists and four rebounds to lead Italiano’s Homme (1-2).

OREAN Hwang Min-jeong charged back from four shots down with three birdies in the last five holes to card a 69 and catch Thai Nemittra Juntanaket at the helm, and set up a final round shootout for The Women’s Championship at Summit Point in Lipa City on Thursday.

Hwang bucked windy play and tough pin placements and birdied Nos. 14, 15 and 17 for the second straight day to save a 35-34 while pouncing on Juntanaket’s flubbed par-putt from 3 feet on No. 15 to force a tie at seven-under 137 after the Thai ace slowed down with a 71 after a fiery opening 66.

Tiranan Yoopan, also from Thailand, shot a 70 and snared a spot in the championship flight with a 139, while Chihiro Ikeda and defending champion Yupapron Kawinpakorn matched 70s again for 140s,

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just three strokes off the joint leaders heading to what looms to be a duel of power and strategy in the final round of the P750,000 championship put up by the International Container Terminal Services Inc. Supakchaya Pattanakrueang, who shared the first round lead with Juntanaket, stayed in the hunt with a 35 start but fell with a thud with a bogey on No. 10 and a quadruple bogey on the par-4 11th on a couple of errant shots. The Luisita leg winner last year ended up with a 76 and dropped to joint sixth at 142 with fellow Thai Ajira Nualraksa, who matched par 72, now five shots behind.

Samantha Dizon, meanwhile, birdied the last hole to salvage a 72 for solo eighth at 146 as she zeroed in on the low amateur honors after erstwhile frontrunner Eagle Ace Superal skied to an 80 for a 152.

After 10 players broke par in the first day, the Robert Trent Jones Jr.-designed layout, which features 18 of the world’s renowned golf holes, yielded just five under-par cards in tough conditions yesterday, including Hwang, whose

Cool Smashers survive gritty Perlas Spikers

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KOREAN Hwang Min-jeong comes charging in the second round.

Blu Girls relentless in Olympic bid HE Blu Girls stayed relentless in their bid to qualify for the Tokyo 2020 Olympics by continuously training under the watchful eyes of Amateur Softball Association of the Philippines (Asaphil) officials.

Asaphil President Jean Henri Lhuillier said he is confident that the Blu Girls have a huge chance of making it to Tokyo 2020 with their impressive run spanning two years now.

“Our Blu Girls have consistently worked hard and have been improving tremendously in the past two years. They’ve also proven that they can go head to head with some of the world’s powerhouse teams such as when they toppled then world No. 3 Canada, as well as Australia which is currently ranked seventh, and world No. 6 Chinese-Taipei,” Lhuillier said.

and Athletics Stadium at the New Clark City in Capas, Tarlac, will host official test events on October 26 and 27.

The Bases Conversion and Development Authority (BCDA), meanwhile, on Thursday began its series of tree-planting activities in New Clark City.

The activity dubbed “100 Trees for 100 Days” was held 100 days before the opening of the Games and a week before national athletes transfer to the New Clark City Athletes’Village. Clark will serve as the main hub of the biennial meet.

The first batch of trees—narra, bignay and dita—were planted by participants from BCDA and its business partners, MTD, Phisgoc,

Capas local government unit and police, and the Philippine Army and Philippine National Police.

BCDA Vice President for Business Development and Phisgoc Deputy Director General for the Athletes’ Village Arrey Perez said the event “symbolizes the planting of hope.”

“We have not come this far to only go this far. We are here because we only have 100 days to go before a major event, the SEA Games. But more than that, we gather today to plant trees for our future, especially our youth,” Perez said.

“This is part of BCDA’s legacy to do small things that will last.”

“The BCDA is committed to develop New Clark City consistent with the UN Sustainable

Korean rallies with 69, catches Thai atop field

K Scorpions bag playoff berth

preparations for the November 30 to December 11 SEA Games—which marked its last 100 days countdown on Wednesday.

In the same meeting, Philippine SEA Games Organizing Committee President and Chief Operating Officer Ramon Suzara told the NSA officials that promotions for the Games have gone full blast.

“We now have promos on billboards on Edsa and Slex [South Luzon Expressway] and Nlex [North Luzon Expressway] for the Games,” Suzara said. “Hopefully, by early next month, we will be awarded with the company which will do the promotion of the Games.”

Suzara also said that the Aquatics Center

The Blu Girls created a stir in the World Cup and Canada Cup in 2017 where they beat Canada and Mexico twice, and also stunned Australia and ChineseTaipei. Their victims are in the world’s top 6.

The Blu Girls also came from a fourth place finish in the recent Asia Cup Women’s Softball Championship in Jakarta, earning a spot in the World Baseball Softball Confederation Softball Asia/ Oceania 2019 Qualifying Event set September 24 to 29 in Shanghai, China.

The Cebuana Lhuillier-backed Blu Girls flew to the US last July to participate in the USA Softball International Cup where they competed against powerhouse teams—world No. 2 Japan, No. 4 Puerto Rico, No. 5 Mexico, No.6 ChineseTaipei and No. 20 Peru.

The Blu Girls are ranked 13th in the world.

SOFTBALL association President Jean Henri Lhuillier gives a pep talk to the Blu Girls before a game.

REAMLINE dropped a set for the first time in four matches but the Cool Smashers still found a way to emerge on top and extend their unbeaten run by thwarting BanKoPerlas, 25-10, 25-19, 17-25, 25-23, late Wednesday and firming up their hold of the lead in the Premier Volleyball League Season 3 Open Conference at the Filoil Flying V Arena in San Juan City.

After clipping the Perlas Spikers in the first two sets with their cohesion and power game, the defending champions appeared headed to keeping their unblemished card but uncharacteristically squandered a huge 11-3 bulge in the third.

Finding their rhythm and pouncing on their rivals’ sudden slump, the Perlas Spikers came through with 10 unanswered points to wrest control then fended off every Creamline charge to deal the Cool Smashers their first set loss of the conference following the latter’s straight-set romps over Air Force, Motolite and Chef’s Classic.

“We have faced BanKo a number of times so practically, we know each other’s moves, tendencies, capabilities and abilities more than skills,” Creamline top hitter Alyssa Valdez said. “They play with a lot of heart so it’s really tough to beat them.”

But they did, putting Creamline two full games ahead of PacificTown-Army, which swept its first two games in the season-ending conference of the league organized by Sports Vision.

After a 13-point game against the Jet Spikers, a 15-hit output versus Motolite and a 16-marker effort against Chef’s Classic, while keeping all the others involved in offense, Valdez unloaded 26 hits against the Perlas Spikers, including six aces and two kill blocks while producing 15 digs in another sterling performance.

The match started two hours late owing to a pair of five-set thrillers that saw the Lady Troopers hacking out a come-from-behind win over the Choco Mucho Flying Titans in record fashion (39-41, 19-25, 25-19, 25-20, 15-12) and the BaliPure Water Defenders ending a long scoreless campaign with a 26-24, 16-25, 25-19, 17-25, 17-15 escape over the Air Force Jet Spikers.

late charge put the 2018 Philippine Amateur Open champion on track for a second crown after beating Princess Superal at Splendido to mark her pro debut last January.

“My second shots were not so good but had so many birdie opportunities,” said Hwang, who hit 10 fairways and missed four greens while defying her father-caddie Hwang Byung Sug, who had wanted her to attack and go for the pins.

“I got a little confused because my father wanted me to play aggressive but I opted to play it smart,” said Hwang, 17, who had two birdies against the same number of bogeys after 12 holes. “So he gave me the chance to play my game at the back.”

But she vowed to heed her father’s advice in the final 18 holes and guaranteed no less than a victory in the penultimate leg of the 12-stage seventh season of the circuit organized by Pilipinas Golf Tournaments Inc. “I think my father was right after all. So, I’ll play it aggressively and try to get more birdies, or even an eagle, tomorrow [today]. This time, I expect to get the trophy,” said Hwang.

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Development Goals,”BCDA Vice President for Investments Promotion and Marketing Atty.

Joanna Eileen Capones said. “Today’s event shows that our partners, our communities and our stakeholders share that commitment with us. We work as one, we win as one.”

Engr. Patrick Nicholas David, president of infrastructure developer MTD Clark Inc., said the initiative will ensure that New Clark City will be truly resilient.

“This is not an afterthought. This is the first area we developed with BCDA to ensure there is biodiversity and a good environment in building a city,” David told the participants gathered at the New Clark City River Park amphitheater.

Benilde draws San Beda in NCAA chess

OLLEGE of Saint Benilde battled San Beda University to a 2-2 draw on Wednesday in the 95th National Collegiate Athletic Association seniors chess tournament at the San Beda Gym. Letran stayed within striking distance of the defending champion Blazers following its 4-0 romp of Jose Rizal University (JRU).

Despite the third round draw, the Blazers still hold the top spot with nine points, half-apoint ahead of the Knights.

In other results, Lyceum of the Philippines University nipped Emilio Aguinaldo College (EAC), 2.5-1.5, while Arellano University edged Mapua, 2.5-1.5.

The Pirates and the Chiefs are in joint third with 5.5 points.

In juniors play, San Beda overwhelmed Saint Benilde-La Salle Greenhills, 4-0, to raise its league-best total of 11.5 points; Arellano University routed Mapua, 3.5-.5; and

titleholder University of Perpetual Help System Dalta blanked San Sebastian, 4-0.

The Braves ran second with 11 points, half-a-point behind the Junior Red Woodpushers. The Junior Altas sat in third place with 10.5 points.

Lyceum scored a 3-1 victory over EAC while Letran nosed out JRU, 2.5-1.5.

San Beda, meanwhile, tries to preserve its immaculate run when it battles Saint Benilde at the resumption of men’s basketball on Friday at the Filoil Flying V Centre in San Juan City.

Carrying a perfect 7-0 card, the defending champion Red Lions face the previously unbeaten Blazers (5-1) at 12 noon.

Perpetual Help (3-5) and San Sebastian (33) clash at 2 p.m., while Lyceum (6-2) tangles with Arellano University (1-6) at 4 p.m.

San Beda is coming off a huge 88-73 win over two-time runner up Lyceum three days ago. Ramon Rafael Bonilla

Sports

BOWLING Green’s (Kentucky) Jackson Idlett (1) celebrates hitting a double as Australia’s Harrison Ford watches during the second inning of their Little League World Series game recently. AP

Figure skating champion coach Callaghan banned

by SafeSport

BusinessMirror

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| Friday, August 23, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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PURE, SIMPLE BASEBALL S

By David Eckert The Associated Press

OUTH WILLIAMSPORT, Pennsylvania—The bleachers at Volunteer Stadium were nearly full when Kentucky took on Australia, but to outfielder Jackson Idlett, the whole thing felt low key.

The pressure was off for the Monday morning game, and the butterflies had settled. Both teams were out of the running for the Little League World Series title after 0-2 starts.

“It’s almost like backyard baseball,” Jackson said.

Early elimination doesn’t mean an early trip home for most teams at the series. They stick around to play in consolation games, pitting one eliminated international team against an eliminated team from the United States side of the bracket.

After enduring an exhausting string of high-stakes baseball games just to get to South Williamsport, and the stress that comes with playing before thousands of fans—not to mention the TV audience—it’s often a nice return to pure and simple baseball.

For Jackson, who played sparingly throughout this Bowling Green, Kentucky, team’s run to the Great Lakes Region title, it also was a chance to see the field. He went 2-for-4 with a double at the plate, driving in a pair of runs in a 4-1 Kentucky win—not that the final score impacted much.

“It just felt really good because I didn’t really play much in state or districts or even regionals that much,” Jackson said. “But I got to go out there and do my job, and that’s what I did today.”

Little League World Series success can often come down to which teams adjust best—and fastest—to the stage it’s played on, and Kentucky just never got going. The bats went uncharacteristically silent on this group, which scored just two runs in two tournament-opening losses.

Just like that, Kentucky’s bid for a title was over. But the consolation game offered the players a chance to regroup.

“The first two days, it didn’t hit me,” Luke Idlett, Jackson’s brother, said.

“I had butterflies the

first game. As the week went on, it hit and just felt amazing. I wasn’t as nervous as I was the first game.”

After a 4-3 defeat against Oregon in a consolation game Tuesday, Italian Manager Francesco Lamanuzzi said through an interpreter that the real reward was simply getting to South Williamsport.

The consolation game simply provided his players a last chance to carve out memories.

Federico Tamburini made one when he ranged into shallow left field from his shortstop position to snare a pop-up with his back turned to the infield, all while avoiding the left fielder, who was also charging hard to make the play.

The 4-foot-10, 94-pound infielder earned a heap of praise from well-known baseball reporter and analyst Tim Kurkjian on ESPN’s broadcast.

Asked in the postgame news conference what his favorite takeaway from the Little League World Series would be, Federico didn’t hesitate.

“The catch,” he said through an interpreter. “The catch for sure.”

The consolation games also give teams from the US bracket a chance to play games against opponents from other countries.

After completing their game on Monday, the Australian and Great Lakes teams met in a huddle near the mound, exchanging hats with one another and snapping photos.

“It’s just cool because you get to meet new people, and it’s something that you’ve never experienced before,” Jackson said.

But don’t be fooled by all the postgame camaraderie. You don’t get to the series if you don’t have a competitive edge.

As Luke spoke about the things he enjoyed about playing Australia—which shared a building with Kentucky in the Little League barracks where teams stay—Jackson moved closer to the microphone, ready to jump in after his brother failed to state Kentucky’s main goal against the Aussies.

“Win,” Jackson added.

FIGURE skater Tara Lipinski with her Coach Richard Callaghan receives a hug after it was announced she wins the gold medal at the US Figure Skating Championships in Nashville, Tennessee, in February 1997. AP

ICHARD CALLAGHAN, who coached Tara Lipinski to Olympic gold, has been banned from figure skating by the US Center for SafeSport for sexual misconduct.

Callaghan, who also coached six-time US champion Todd Eldredge, was ruled “permanently ineligible” on Wednesday for actions involving a minor.

Callaghan was accused by a former student, Adam Schmidt, in a lawsuit.

Schmidt alleged that Callaghan sexually abused him from 1999-2001.

Schmidt was 14 in 1999.

Also in 1999, Callaghan was investigated for sexual misconduct involving another coach, Craig Maurizi, but US Figure Skating dismissed those charges. Maurizi said the incidents began in 1976 when he was 13, and continued for years.

Now 73, Callaghan was suspended in March 2018 by SafeSport and by the federation. He sued SafeSport, but the lawsuit was dismissed.

US Figure Skating said in a statement Wednesday that it “has made Richard Callaghan permanently ineligible, in compliance with the policies and procedures of the US Center for SafeSport. This action follows Callaghan’s March 6, 2018, suspension of membership.”

Adam Schmidt sued Callaghan and US Figure Skating in San Diego County Superior Court. He is seeking unspecified damages for several counts, including negligence, sexual harassment against both assault and sexual battery that he said began in 1999, when he was 14.

Schmidt, once known as Adam Baadani, quit a promising skating career because of the physical and emotional toll from the abuse, his lawyer said.

“Our client is an extremely talented young athlete who dreamed of nothing more than to stand on an Olympic podium and hear our national anthem,” Atty. John Manly said. “The US Figure Skating Association and the ice rinks where Callaghan worked ignored complaints against him for years. If they had done their legal duty in 1999 and reported Callaghan to the police, our client and other children could have been protected from this monster.”

Callaghan’s lawyer in Michigan said his client had not been served with the suit or told about Schmidt’s allegations.

“Mr. Callaghan denies any wrongdoing at any time,” Atty. Dean Groulx, said in a statement.

Callaghan was accused of sexual misconduct by a former student in a 1999 New York Times article. Craig Maurizi, who later became an assistant to Callaghan in San Diego and Detroit, said the coach began inappropriate sexual contact with him when he was 15 years old.

The article also detailed complaints against Callaghan dating to 1991 by other students, including making sexual advances, inappropriate remarks and exposing himself to a former student in a hotel room.

Callaghan denied the allegations.

The lawsuit said US Figure Skating said it reviewed the allegations raised in the article, but dismissed them because the victim had not filed a grievance within 60 days of the alleged incident.

US Figure Skating declined to comment, citing its policy on pending litigation. It said in a statement that it supports victims of sexual abuse and encourages them to report misconduct. AP

RONALDO: 2018 WORST YEAR OF MY LIFE L

CRISTIANO RONALDO said the rape allegation against him is an attack on his honor. AP

ISBON, Portugal—Cristiano Ronaldo said the rape allegation against him was an attack on his honor and led to one of the worst years of his life.

Ronaldo was accused of raping a woman in Las Vegas more than 10 years ago but won’t face criminal charges after it was determined that the investigation failed to show the claim could be proven at trial beyond a reasonable doubt.

Ronaldo has told Portuguese television TVI that “2018 was probably my worst year ever, personally speaking.”

He said that “when people question your honor, it hurts, it hurts a lot.”

The Juventus player did not directly talk about the 2009 accusation brought on

by Kathryn

Mayorga, an American who in a separate lawsuit says she was pressured to sign an agreement to keep quiet in exchange for $375,000.

The 34-year-old Ronaldo said he was not “comfortable speaking” about the case, “but when people attack your honor, it is difficult.”

He said he was thankful and proud that “once again” his innocence was proven.

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.

Lionel Messi was back in full training again on Wednesday and may be fit to face Real Betis in the Spanish league on Sunday.

Messi had been training separately from the squad since injuring his right calf in the preseason.

He missed the team’s 1-0 loss to Athletic Bilbao in the league opener on Friday.

Barcelona has not said how long it expects Messi to be sidelined.

Coach Ernesto Valverde is also dealing with injuries to forwards Luis Suárez and Ousmane Dembele.

Dembele is certain to miss Sunday’s match at the Camp Nou because of a left thigh injury that should keep him out for about five weeks.

Suárez also isn’t likely to play this weekend because of a muscle injury sustained before halftime of Friday’s game in Bilbao.

Two-time defending champion Barcelona hadn’t loss a league opener in 10 seasons.

Men’s Olympic soccer qualifying for the Confederation of North, Central American and Caribbean Association Football (Concacaf ), meanwhile, will take place during a Fifa international match window from March 20 to April 1, a decision that means the United States may be able to use top young players with European clubs, such as Christian Pulisic, Weston McKennie and Tyler Adams.

Concacaf, the regional governing

body, said Wednesday the eight-nation qualifying tournament will be played at Guadalajara, Mexico, in the Jalisco and Akron stadiums.

While Fifa requires clubs to release players to senior national teams during international windows, soccer’s rules leave the decision to clubs on whether to release players to youth national teams. Olympic men’s soccer qualifying is limited to players born on or after January 1, 1997.

The United States failed to qualify for the 2012 and 2016 Olympic men’s soccer tournaments, a stumble by youth teams that preceded the senior national team’s failure to qualify for the 2018 World Cup. The US, Canada, Costa Rica, El Salvador, Honduras and Mexico are assured places in the qualifying tournament and will be joined by a pair of Caribbean nations to be determined next month. The two semifinal winners qualify for the 16-nation men’s tournament in Japan, to be played from July 23 to August 8. At the Olympics, each men’s national teams can include up to three players over the age limit on its 20-man roster. AP

God our maker

D

EAR God, You create us out of love and invite us to share in Your creative genius. With joy we pray: God, give success to the work of our hands. For Pope Francis, bishops and Church leaders. For parents, teachers, coaches and servant leaders. For engineers, architects and construction workers. For all dedicated volunteers in different areas of responsibility. May God bless us, be gracious to us and give us peace, through Jesus our Shepherd. 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

40 years ‘Apocalypse Now’

later

Director Francis Ford Coppola revisits his troubled, towering masterpiece DIRECTOR Francis Ford Coppola on location directing a scene in Apocalypse Now: Final Cut. The movie returned to North American theaters on August 15 on its 40th anniversary. AP

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GAB FAB: REMEMBERING GINA LOPEZ D4

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z

Today’s Horoscope

SHACKLETON Brand Manager Pia Bonalos-Mercado and Emperador Inc. Executive Director Kendrick L. Tan

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jeremy Lin, 31; Kobe Bryant, 41; Scott Caan, 43; Shelley Long, 70.

HAPPY BIRTHDAY: Embrace change and make it work for you. Pour your heart into getting ahead professionally, financially or personally. Building new skills and gaining experience will give you a better chance to show off what you have to offer. Personal situations will escalate if you don’t address issues. An adjustment to your lifestyle will make a difference. Your lucky numbers are 4, 15, 19, 22, 28, 30, 42.

a

ARIES (March 21-April 19): You can make a difference if you are clever about the way you help others. While assisting someone in need, one of your peers or a relative will make it possible to find a solution. Initiating patience will be an asset.

HHHH

Roving iceberg museum spreads the legend of Shackleton

T

By Jt Nisay

HE legendary whiskey discovered under ice is now being served around it.

Shackleton Blended Malt Scotch Whisky goes on a tour around the Metro via a mobile “iceberg museum,” where the temperature can drop to as low as -15 degrees Celsius.

According to Shackleton Brand Manager Pia Bonalos-Mercado, the idea is to bring the Antarctic experience closer to whiskey aficionados, much like how the drink was enjoyed by a group of polar explorers over a century ago.

In 1907, British adventurer Sir Ernest Shackleton made a daring attempt to become the first man to reach furthest south in the South Pole. Facing bitter winds, days of total darkness and the perils of unknown terrain midway into the expedition, Sir Ernest decided to abandon the quest just 97 miles

short of their destination. The group raced against time toward safety and left behind all their supplies at their base camp in Cape Royds, including three crates of Mackinlay’s Rare Old Highland Malt Whisky.

One hundred years after the failed expedition, in 2007, members of the New Zealand Antarctic Heritage Trust carried out conservation work on Shackleton’s expedition hut, where they discovered the abandoned crates.

Master Blender Richard Paterson, known in the spirits industry as “The Nose” for his unparalleled expertise, was tasked to recreate the special find. He reproduced the actual Mackinlay’s whisky taken from the ill-fated 1907 expedition and helped create the Shackleton Blended Malt Scotch Whisky. The drink is noted for a mixture of vanilla, cinnamon and ginger on the nose, with a dark sugar/glazed pineapple taste and hot mulled wine finish, topped off with a whisper of bonfire smoke.

“I don’t know if anybody else could have created a more faithful representation of that whiskey,” said Emperador Inc. Executive Director Kendrick L. Tan of Paterson, the master blender of Whyte & Mackay, the Scottish alcoholic beverages company now owned by Emperador Inc., a subsidiary of Alliance Global Group.

Shackleton is the first blended malt brand to join Whyte & Mackay’s portfolio as a permanent offering.

Tan said that of the three variants of whiskey—single malt, blended scotch and blended malt—they are the only players in blended malt, which uses no grain that can “hamper the enjoyment of whiskey.”

“It’s 100 percent malt,” he added.

The first destination of the roving iceberg museum is at Landers Arcovia in Pasig City, followed by stops at other Landers branches around the Metro and in a number of Megaworld Lifestyle Malls properties.

Updates on the tour will be posted on the Shackleton Whiskey account on Instagram and Facebook. n

b

TAURUS (April 20-May 20): Don’t give up when a couple of critical changes can get you back in the game. Strive for perfection, and be open to suggestions. Don’t be afraid to step into the spotlight and get things done. HH

c

GEMINI (May 21-June 20): Take note what others are doing, but don’t share too much about your plans. If you are too revealing, someone will take advantage of you. Focus on home, family and projects you can work on with loved ones.

HHH

d

CANCER (June 21-July 22): Emotional stress will lead to ill health. Ease your stress by getting involved in something that brings you joy. A relationship with someone unusual is best handled with care. A misunderstanding will get blown out of proportion. HHH

e

LEO (July 23-Aug. 22): Excessive behavior will cause worry. Whether it’s you who is overreacting or someone close to you, it’s better to step back and rethink the best way to handle a situation that can alter your living standard if handled improperly. HHH

f

VIRGO (Aug. 23-Sept. 22): A change will do you good. Get out and meet new people, take a course or pick up skills that will help you change direction. Getting together with friends or family will lead to information that will encourage you to make a move. HHHHH

g

LIBRA (Sept. 23-Oct. 22): Keep the peace, regardless of what others do or how they react. Use your charm and diplomacy to keep things moving forward. Stabilize your situation before you introduce the changes you want to make.

Protect against theft, loss and emotional manipulation.

HH

h

SCORPIO (Oct. 23-Nov. 21): Take pride in what you do. Look out for close friends and relatives. A change will strengthen important relationships. Be willing to try something new, as well as compromise. Don’t share secrets or personal information with colleagues. HHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Change will take place if you let your emotions take over. Keep your opinions to yourself, and avoid getting involved with people who tend to be pushy or excessive. Don’t share personal information with peers. HHHH FROM left: Romina Cortegiani, Bally head of Trade Marketing; Shaira Luna; and Tommaso Beretta, Bally head of Travel Retail

j

CAPRICORN (Dec. 22-Jan. 19): Be a leader and bring about change. How you handle your money, health and legal matters will result in a better future. Home improvements will help cut monthly costs. Buying and selling are favored. HHH

FROM left: Sacho Ilustre, Rex Intal, Ciacia Mendoza, Angelique Manto and Synjin Reyes

A campaign for ‘Champions’ GLOBAL luxury brand Bally celebrated its “Champions are Made” campaign and the recent opening of its new Greenbelt boutique in Makati City.

The event offered customers and VIPs the chance to engage in a panel discussion hosted by radio DJ Justin Quirino in conversation with special guest photographer Shaira Luna. The exchange explored the challenges, highlights and learnings of Shaira’s career.

The event was followed by cocktails with an exclusive set by Kat DJ. Gifted with an extraordinary IQ of 164, Shaira

made the brave decision to follow her passion for photography at an early age. Determined to pursue her dream, she has found success by staying true to herself—a quality that the new Bally (www.bally.com) campaign celebrates.

A Swiss luxury brand established in 1851, Bally, which is exclusively distributed in the Philippines by Stores Specialists Inc., is anchored in an exceptional heritage of shoemaking. Today the brand offers unique designs across shoes, accessories and ready-towear, driven by a strong, retro sportswear aesthetic.

k

AQUARIUS (Jan. 20-Feb. 18): Share your thoughts and be willing to listen to suggestions. Setting a budget will help you avoid getting talked into spending more than you can afford. HHH

l

PISCES (Feb. 19-March 20): Emotions will be difficult to control when dealing with people you are helping or working alongside.

Look for opportunities that allow you to secure your position and be rewarded for your input and ability. HH BIRTHDAY BABY: You are steady, loyal and adaptable.

You are persistent and intense.

SIDNEY YAP and Richard Juan

‘study up’ BY YONI GLATT The Universal Crossword/Edited by David Steinberg

ACROSS 1 First name at Tesla 5 Psycho motel 10 Marathoner’s speed 14 Scottish island 15 Brooklyn star Cohen 16 City tricked by a wooden horse 17 Marquess’ superior 18 Paul Revere, e.g.

19 Food that’s sometimes dirty 20 Suffix for “Japan” 21 “Let ___!” (“Move on!”)

22 Fathers, to toddlers 23 Felipe VI and Juan Carlos I 25 Out late at night?

28 Foe of Wonder Woman 30 Lickety-split 34 Kind of garage 37 Honey drink 38 Cheer after a goal 39 Category for this grid’s top 3 rows, but not its bottom row 42 Manual communication syst.

43 Hacks off 44 “___ no place like home” 45 2000s TV show set in Baltimore

7 On the ocean 4 48 Pronoun used for emphasis 50 Ohio rubber city 54 Heartbeat 57 J. Lo’s partner 59 Wall St. debut 60 English horn relative 61 Pertaining to bees 63 Tel ___ 64 One may list desserts 65 Dig find 66 Headey who played Cersei Lannister 67 Kind of school focused on college admissions 68 Early school type 69 Nursery school, informally DOWN 1 Down from a duck 2 No-goodnik 3 Proper way to sing 4 Refusal near a loch 5 Yellow Muppet 6 Girlfriends, in Guatemala 7 Big fusses 8 Before, to Dickinson 9 Damascus’ country: Abbr.

0 Letter-shaped sink pipes 1 11 Like the Kalahari 12 ___-Cola 13 Optometrists examine them 21 Ancient Samaritan 22 Right in front 24 Pricing word 26 In ___ of (replacing) 27 Passes, as a law 29 Autocorrect targets 31 Film genre associated with black and white 32 Burn reliever 33 Pigs’ homes 34 (What I’m pointing at) 35 Hope against hope 36 Look at creepily 37 O.R. figures 40 Common sword in crosswords 41 Heavy wood 46 Get the message 47 Scared 49 An Ali 51 Yangtze or Mekong 52 Voice a view 53 2019 Wimbledon champion Djokovic

4 Showy display 5 55 ___ Eats (food delivery service) 56 Solitary 58 ___ in a while 61 It’s next to Uru. 62 Pricing word 63 Mont Blanc, for one

Solution to yesterday’s puzzle:

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Friday, August 23, 2019

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Of pigs and pygmalions SOMETHING LIKE LIFE

MA. STELLA F. ARNALDO

@akosistellaBM

N

O party in a Filipino household or a celebration with friends and colleagues, and no town fiesta is complete without the ubiquitous lechon (roasted pig on a

spit).

The pig, stuffed with lemongrass, with drizzled salt in its stomach cavity, or its skin bathed in the ever-present Filipino condiment patis (fish sauce) or soy sauce—there are different ways of preparing lechon in every region of the country— is then roasted on a bamboo spit over hot, fiery charcoals until the skin is a crispy red, and the meat juicy and delicious from whatever seasonings have been used.

For 55 years, Lydia’s Lechon has been a household name, having sprung from a small stall in Baclaran, with Nanay Lydia de Roca, now a spry 72, at its helm. (Our comrade-instomach Spanky Enriquez tells us that despite Nanay Lydia’s advanced years, she can still wield a butcher knife and swing it with great force to chop a lechon almost in half, which he watched her do recently. Wow.) Today, Lydia’s Lechon has gone beyond just serving its succulent roasted pig, becoming a trusted restaurant dishing up Filipino favorites.

I recently visited its branch along Roces Avenue in Quezon City, and I was surprised it was packed with diners at lunchtime. With our media colleagues, I had a taste of its pinakbet, pork

barbecue, a really thick and malinamnam dinuguan, sinigang na salmon head sa miso, and fresh lumpia ubod, among others.

Of course, lechon is also used in the restaurant’s other dishes like the kare-kare, which I found to be more flavorful, with chunks of skin still remaining crispy despite having been blended in the sauce.

“We want our patrons to enjoy Lydia’s Lechon in different ways,” says Nanay Lydia. She also has creative desserts like ube banana turon, and good old favorites like suman at mangga, and halo-halo.

Now, Nanay Lydia has 25 stores, ready and able to reach out to an even growing list of picky diners via delivery partners GrabFood and FoodPanda.

And starting September 1, diners can also order a Lechon-in-a-Box from them.

How many times have you ordered a lechon for a party, only to realize you don’t have a butcher’s knife on hand to chop up the roasted pig, so you and your guests end up first picking off the crispy skin, thereafter leaving a lot of the meat on the carcass?

Lechon-in-a-Box takes away this hassle and for P2,500 you get 2.2 kilos of luscious roasted pork chunks topped by slices of crispy skin, which can feed 10 to 12 persons. No more tadtad blues! And everyone gets a fair shake of eating both the meat and the skin, unless you’re the type to hog (pun intended) all the crispy balat to yourself. ’Wag naman.

Meanwhile, Lydia’s Lechon has also launched its online customer rewards apps in partnership with Globe Rush along with Lydia’s Lechon HAPPYCard for free, where the bearer is entitled to a 5-percent discount on a whole lechon, and a 10-percent discount for dine-in orders.

Lydia’s Lechon promises more thrilling offers as it gears up for its 55th anniversary celebration. “We are excited to bring you more surprises, especially now that we are on our 55th year of bringing everyday lechon happiness to everyone,” Nanay Lydia enthuses.

For a 55-year-old, this lechon restaurant is

certainly as agile as its founder, reinventing itself and its dishes to remain ahead of the competition.

We lechon fans look forward to more of its delightful and delectable Filipino fare. nnn NOW, every time we have leftover lechon, the go-to dish to make is paksiw na lechon, using leftover lechon sauce, as well. Having taken home some of Lydia’s Lechon, I whipped up other dishes using the yummy leftovers.

For one, I marinated the meat and skin in fish sauce for 30 minutes to an hour, then deep fried the pieces to a crisp. Some people use vinegar and crushed garlic as dipping sauce for this, but I personally stick to the usual lechon liver sauce as a dip.

Another way to use the leftover lechon is to make it as a stuffing for cuapao. Your favorite supermarket will likely have some cuapao buns in its frozen breads section. I got mine for P50 for six buns.

I roughly chopped the pork into little chunks, then warmed them in the microwave. (You can fry them lightly over the stove, of course.)

After steaming the cuapao buns, just assemble everything. Stuff the lechon chunks in the buns, squeeze some hoisin sauce over it, then top with ground peanuts. (Aha, I finally used my coffee grinder for something else other than coffee beans!)

Most cuapao recipes call for brown sugar, but I avoid cane sugar as much as possible, so I used coconut sugar instead, and sprinkled some on the stuffing. Chop up some kinchay or cilantro and toss that in as well, but if it’s not your thing, feel free to omit.

There are probably other ways to deal with leftover lechon—sinigang na lechon also sounds terrific—just use these in your traditional pork dishes and elevate their taste. n For more information on Lydia’s Lechon, go to www. lydias-lechon.com.

NANAY Lydia de Roca, founder of Lydia’s Lechon

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Friday, August 23, 2019

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THE hit GMA series Inday Will Always Love You is now airing in Myanmar as Happy Together.

THREE GMA DRAMAS CURRENTLY AIRING IN MYANMAR

Remembering Gina Lopez GAB FAB JET VALLE

@jetvalle

V

ISIONARY is a word routinely applied to dreamers who see the world differently.

And one thing that makes them a visionary is that they seem to go beyond the rules of the world. Heck, sometimes they think it doesn’t apply to them. This frightens a lot of people who are stickler for rules. They believe norms and laws, and adherence to these is what makes the world safe—and they’re right. But where would we be if we insist on living and following the same rules day after day after day? This is why often visionaries are regarded as crazy or nuts—because they threaten the safety of the constant, the known, the expected.

Imagine if everyone was normal and everyone would just follow the rules? And no one was “crazy” enough to defy them? Nothing would change and everything will be boring and everything that’s

ugly will remain ugly. Change, good or bad, can be attributed to “crazy” people. And that is why they are visionaries.

One such visionary is Gina Lopez. She may have been called a lot of glowing names but there were also not a few people who found her eccentric, to say the very least. Stubborn and unreasonable to some. “Na buang na” was what one Facebook commenter posted when footage of her singing “I Believe I Can Fly” made the rounds of social media. But it is undeniable: Gina Lopez was one extraordinary person.

Her achievements are many. Long before it was chic to be civic-minded, Gina already was. She spearheaded a lot of programs for the environment and Filipino communities, and became the managing director of the ABS-CBN Foundation. She initiated Bantay Bata 163, the country’s first media-based hotline. She also founded Bantay Kalikasan, and produced various educational TV shows. Gina also served as the vice chairman of the ABS-CBN Bayan Foundation which provided microfinance assistance to microentrepreneurs, and was also the chairman emeritus of Southeast Asian Children’s Television.

Gina also initiated the rehabilitation of the Pasig River that led to the cleaning of numerous tributaries, and was also responsible for the reforestation of the La Mesa Watershed Reservation.

Gina was also an anti-mining advocate, giving large-scale miners a splitting headache with her

PHOTO: ABS-CBN NEWS

determination. It was for these efforts that President Duterte appointed her to head the Department of Environment and Natural Resources.

She hit the ground running in her new position, ordering an audit of all mining sites and firms in the country, and stripping companies of their environment permits when found to be in violation of environmental laws. She also had plans to create buffer zones and revitalize a lot of protected areas.

Back to Gina being a visionary. Of course it goes without saying a lot of people were up in arms about her and two years ago, her tenure as Environment secretary ended as her appointment was rejected by the Commission on Appointments. She was replaced by former military general Roy Cimatu who, in his own words, was capable of replacing her because “nagtanim naman ako ng puno dati.”

But this did not stop Gina. In the press conference after her rejection, she graciously thanked the people who believed in her but, more important, urged legislators to always look after the needs of the poor.

Such was Gina Lopez. She was a woman doing the seemingly impossible in order to achieve great things for the country.

And at a time when our dreams for a better future are getting crushed every minute, it is nice to be reminded that there was a courageous person in Gina Lopez who did things in her own little way that ended up grand in scale. n

THREE of GMA’s top-rating drama series are currently airing in different TV channels in Myanmar. GMA dramas continue to gain popularity in Myanmar through successful partnerships between GMA Worldwide Inc., (GWI) the network’s content distribution subsidiary, and prominent broadcasters and content aggregators in the country.

GMA’s hit prime-time series Heart and Soul (Kambal Karibal) is currently being shown on channel 7, the second free-to-air channel of Myanmar’s Forever Group Co. Ltd. It is a fantasy drama about two sisters whose bond is tested even in the afterlife.

It features the tandem of Bianca Umali and Miguel Tanfelix who were also paired in prime-time dramas Once Upon A Kiss and Sahaya. The series also launched actress Kyline Alcantara who later on headlined Written in the Stars.

Meanwhile, Happy Together (Inday Will Always Love You), GMA’s top-rating romantic comedy series, is airing on Myanmar National TV Channel (MNTV), a free-to-air TV channel seen in most major cities in the country by an estimated 25.3 million viewers. It stars Barbie Forteza (Meant to Be, Kara Mia) as a simple girl whose life becomes complicated when she becomes an instant millionaire.

Last, Angela (Haplos), one of GMA’s most successful 2018 daytime dramas, is currently shown on MRTV Entertainment ME Channel, a free-to-air channel owned by state-run Myanmar Radio Television (MRTV). It stars Sanya Lopez (For Love or Money) and Thea Tolentino (The Half Sisters) as half-sisters who both possess superpowers: one can heal with her touch while the other causes pain.

Other GMA dramas that recently aired in Myanmar include the epic fantasy series Encantadia, romantic comedy My Sweet Heart, and revenge dramas The Stepdaughters and Contessa. The dramas are aired in the original Filipino language and subtitled in Burmese. The continuous demand for GMA’s top-rating content is one of the many things that strengthen the economic and cultural ties between Myanmar and the Philippines.

GWI looks forward to continuing its presence in the country by providing quality Filipino dramas sure to captivate Burmese viewers.

‘Apocalypse Now’ 40 years later

By JaKE COyLE The Associated Press NEW YORK—If filmmaking is a war, then Apocalypse Now was very nearly Francis Ford Coppola’s Waterloo.

The battles Coppola fought while making his 1979 epic nearly destroyed him. A typhoon wrecked a major set. Harvey Keitel was replaced by Martin Sheen. Coppola searched desperately for an ending.

He worked even harder to coax a few lines out of Marlon Brando.

But out of that tumult Coppola created a masterpiece. And 40 years later, Apocalypse Now has never looked so good. Coppola has supervised a 4K restoration of the film and, for the second time, tweaked the cut. Having perhaps gone too far in his 2001 Redux, which added 53 minutes, Apocalypse Now: Final Cut, which opens in theaters on Thursday and on home video on August 27, splits the difference at 183 minutes.

In its present and restored form, the majesty and madness of Apocalypse Now is more vivid and hallucinatory than ever. Coppola considers it the definitive version. It completes a four-decade journey turning what was almost a mess into the masterwork he envisioned from the start.

Coppola, 80, has lately been busy with equally audacious plans.

In 2017, he published a book, Live Cinema and its Techniques, about his experiments and hopes for a new art form that combines cinema, television and theater in a live experience. He’s also recently returned to a long-delayed passion project, Megalopolis, a sprawling sci-fi, New York-set epic. Coppola has been working on the script and casting, and searching for production partners. “Or maybe now it’s at the stage I can do it by myself, I don’t know,” he says.

In a recent interview, Coppola spoke about Apocalypse Now then and now, why he was “terrified” after making it and why he has so much trouble

letting go.

You’ve talked before about the theatrical version of Apocalypse Now missing some of the “weirdness” you wanted. What did you mean?

In the 1979 version when it first opened, the various people who had sponsored it and were distributing it felt that it was too long and too weird.

So we went through a tough few evenings trying to make it shorter and trying to make it appear more normal as opposed to “weird.” So we took some things out. Some of them were just 30 seconds long or a minute long but generally we were trying to make it shorter and less weird, which I guess is another word for “surreal.” After it was clear, the movie had survived—meaning, you never know when you make a movie if its opening is going to be the last you heard of it or it’s going to have a life after that—I was looking at it on television and it didn’t seem so weird or surreal. It stuck out less as something unusual. For that reason, people kept saying to me, “Maybe you should have put back what you took out.”

Did you consciously want to put your stamp on the war movie?

The Vietnam War was different than other American wars. It was a West Coast sensibility rather than an East Coast sensibility. In war movies before Apocalypse, there was always a sort of Brooklyn character, an East Coast and Midwest personality. In Apocalypse Now, it was LA and it was surfing and it was drugs and it was rock ‘n’ roll so it was more of a West Coast ambiance to the war. In addition, there were many sort of odd contradictions that related to the morality involved. There was a line I once read that’s not in the film but to me it sums up the meaning of the movie. It was: “We teach the boys to drop fire on people yet we won’t let them write the word ‘f___’ on their airplanes because it’s obscene.”

You’ve gone back and made changes to a number of your films. For you, is a film ever really finished?

The only reason I’m in a position to go back and evaluate some of these decisions is because I own the film, which is the same reason George Lucas looks at some of his movies. Obviously, most filmmakers don’t own their films and would not be permitted to change a cut. But the version that you open with, you’re very concerned that it will have some longevity. And so you may do things for the opening that you’d rather not do but you don’t want to risk a negative reception because a film that opens with a negative reception is dead.

If you can get it to be a positive reception or even a qualified positive reception then it has a chance of surviving. If you look at all the films I made, only The Godfather was just a runaway creative hit. Most of the other films were highly qualified and that meant that I was trying to nurse them into persisting and surviving. Later on, since I own them, I very often decided to undo things that were pushed on me by distributors or people at the time, and do what I wanted to do.

Did you emerge from Apocalypse Now a different filmmaker?

Yeah, but no more than I was after the extreme experience of the Godfather movie. Every film I have made has been a new sheet of paper. I rarely would repeat a style. Every movie I worked on, I came out of it being a different person.

How did you feel after Apocalypse Now? I was terrified. For one thing, I was on the hook for the whole budget personally—that’s why I came to own it. In addition, in those days interest was over 25 percent, 27 percent. So it looked as though, especially given the controversy and all the bogus articles being written about a movie that no one

knew anything about but were predicting it was “the heralded mess” of that year, it looked as though I was never going to get out of the jeopardy I was in. I had kids, I was young. I had no family fortune behind me.

I was scared stiff. It was no different after Godfather.

‘Godfather was a project I was constantly about to be fired from, that the studio hated what I was doing looked like. I didn’t think I was going to survive that.

All of those movies, which were these monumental attempts at art, left me in a different place when I finished than when I started. But then it was followed by another one that was a similar challenge. I’m 80 now but from age 25 to 60, my life was one crisis after another.

The long life your films have had can lead to strange places. Prosecutors want to show The Godfather II during Roger Stone’s trial.

Donald J. Trump has cited it as one of his favorite films.

The list of fans of the Godfather films not only includes the gentleman you speak of but also Saddam Hussein and Gaddafi. Just go through all of the toughest dictators in the modern world and their favorite movie is The Godfather.

What do you make of that?

Because The Godfather is an American story of an immigrant family that ultimately finds success in America. Success is not a bad thing but it depends on how you define it. If you define success as wealth, influence, power and fame, you have to know that does not bring happiness. We could go through the famous top 1 percent who have all the things we just mentioned and you’ll find some of the most unhappy people on Earth. What brings happiness is friendship, learning, creativity. We know what brings happiness.

But what are you going to do when every nation in the world is pointing its main objective toward something that does not add up?

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

Friday, August 23, 2019 E1

HERE COMES THE ALL-NEW MAZDA3 I Story & photos by Randy S. Peregrino

T’S finally here. Bermaz Auto Philippines (BAP), the official distributor of Mazda vehicles in the country recently rolled out the muchawaited all-new Mazda3.

THE Sportback Speed variant has Burgundy shades THE Sportback Speed variant’s bolder front end

THE 2.0-liter Skyactiv-G engine of the premium models

Even though the model was already previewed months back, seeing it again in the metal rekindles that same kind of excitement felt before. After all, the all-new Mazda3’s mission is to amaze and delight customers all over the world. Achieving that involves applying humancentric philosophy for dramatic improvements in every area: design, driving performance, NVH, environmental performance and quality feel. Well, that’s exactly what Mazda did.

“We are proud to finally introduce the all-new Mazda3 to the Philippine market. Mazda has raised the standards of quality, craftsmanship and safety to never-before experienced levels in this class. Through exquisite design, superior finish, refined quietness and engaging vehicle dynamics, owners of the all-new Mazda3 will surely experience class-above driving pleasure,” shared BAP President and CEO Steven Tan. “This is a bold new step for Mazda as we deliver on our promise to give our loyal customers the true premium driving experience they deserve,” he added. Since its introduction in 2004, more than 19,000 Mazda3 units have already been sold in the country, which makes it the most successful Mazda model on record.

Back in Malaysia, we met Project Manager Ken Tashima who presented the all-new Mazda3 models. He couldn’t have been clearer about the new design inspiration. The all-new Mazda3’s distinctive Kodo design language has gone more distinct. The front grille is now more pronounced, headlamps are now slimmer, and there are the delineations all

over are nothing short of sleeker.

Among all the Mazda models, the all-new Mazda3 is the closest to express design influences from both the Vision Coupe and the RX-Vision concept cars. Just like that distinctive curvature in the car’s door panels which gradually bends in.

Tashima explained that this particular profile resulted from the intention to eliminate mainstream side panel contours. True enough that the bends flow smoothly. According to Mazda, its designers took an unprecedented approach to design that eliminates all character lines to achieve a form that is determined by the interplay of light, shadow and reflections of the surrounding environment. The all-new Mazda3 comes in two variations—the five-door Sportback and the four-door Sedan.

There are also two engine options for the standard and premium trims, along with additional comfort and safety features.

These two variants have interesting distinctive design differentiations, as well as respective characters to project. Aside from the Sportback’s larger rear pillars, it has an exclusive darkened grille frame and a different bumper design with dark chin, side skirts and rear diffusers, which elicit a sense of excitement and freedom. But the Mazda3Speed Sportback edition further streamlined the exclusivity with a broader dark chin and rear diffuser. The sedan, meantime, sports that chrome accent we’re accustomed with, along with a different bumper design. The distinct look projects that sleek and elegant proportions present to every Mazda sedan vehicle.

THE sleek sedan’s elegant fascia

THE equally stunning rear end of the Sportback Speed variant

Interior-wise, the approach was to further strengthen the connection between car and driver, every aspect of the cockpit has been laid out in perfect symmetry. Just like how Mazda did it with the exterior design direction—“less is more.” The cabin’s new layout evidently now looks cleaner and precise.

Another noteworthy element

is the new windshield-projected Active Driving Display Information displaying vehicle speed, traffic signs and navigation information.

Soft-to-the-touch surfaces abound with Mazda’s own grain designed to express the richness and warmth of genuine leather. Exclusive to the Mazda3Speed Sportback edition is the newly developed Burgun-

dy interior color. The amount of metal trims, on the other hand, are just enough to create that needed accentuations. As for audio setup, the standard models have the eight-speaker Mazda Harmonic Acoustics sound system while the 12-speaker Bose Audio Premium Sound System is exclusive to the premium variants.

There are two gasoline engine options for the all-new Mazda3.

One is the 1.5-liter Skyactiv-G producing 109 hp and 153 N-m of maximum torque. The bigger and more powerful 2.0-liter SkyactivG motor for the premium models, meantime, generates 155 hp and 213 N-m of maximum torque.

Both motors are mated to a sixspeed Skyactiv Drive automatic transmission with manual shift mode and paddle shifters (premium models).

Safety-wise, there’s a standard and additional air bag (knee area) for all models. But on top of the other standard safety features, the premium variants are equipped with advanced iActivsense technologies, which include Mazda Radar Cruise Control (MRCC), Driver Monitoring System, Lane Departure Warning System (LDWS), Cruising and Traffic Support (CTS), Front and Rear Cross Traffic Alert, Smart Brake Support (SBS) Rear.

The all-new Mazda3 will come in five distinct trims. The 1.5-liter Elite Sedan is priced at P1.295 million while the 1.5-liter Elite Sportback version is valued at P1.320 million. As for the top models, the 2.0-liter Premium Sedan is priced at P1.495 million while the 2.0-liter Premium Sportback is valued at P1.510 million.

The special edition 2.0-liter Mazda3Speed Sportback retails at P1.590 million.

Moto

Business

E2 Friday, August 23, 2019

THE 2020 Geely Coolray

COOLRAY’S cockpit

GEELY Headquarters in Hangzhou

GEELY Research Institute Hangzhou Bay

oring

sMirror

Friday, August 23, 2019

CMA Final Assembly Plant in Ningbo

CMA Kuka Welding in Ningbo

JUST two of the several units of mu-X and D-Max RZ4E variants utilized during the 2019 Fuel Eco Challenge Car Club Edition

IPC Sales Division Head Joseph Bautista and IPC Vice President for Sales Yasuhiko Oyama during the series kickoff

CMA Plant in Ningbo

DONGFENG CAPTAIN SERIES

PRICE

Captain E 4W 10FT

P950,000

Captain C 4W 12.5FT

P980,000

Captain E 6W 14FT

P1,000,000

Captain C 6W 14FT

P1,010,000

Captain C (Cummins) 6W 14FT

P1,180,000

Captain C (Cummins) 6W 16FT

P1,250,000

Captain C (Cummins) 6W 20FT

P1,260,000

Captain Double Cab 6W

P980,000

Captain Mini Dump (Cummins) 6W

P1,210,000

E3

Motoring BusinessMirror

E4 Friday, August 23, 2019

Socco resurrection biggest news in town

W

HY do some companies retire employees that are still as useful as when the day they hired them? In fact, they become, most of them anyway, better performers with the passing of years.

The age of retirement has come?

The owners just following the rules?

Company policy?

What a crazy move, if not a downright stupid idea—retiring still good-as-new employees due to one rule that is as old as prostitution.

Research brims with stories of manpower getting better as they age, of a person growing older becoming usually more reasonable and, therefore, doubly efficient in the performance of his work.

Why many companies still insist on sticking to a policy of imposing

a retirement age to their employees is simply an outmoded narrative already. It is as obsolete as the Betamax in this Netflix-flooded environment.

Aren’t we forging a lasting employer-employee relationship by striking out the exit-age curse, as in a marriage intended to never getting dissolved for it to last a lifetime?

And look at this: Just to skirt the company policy, a retired employee gets himself rehired by making him as a consultant by his very own bosses. That means that the worker is either still useful or en-

SOCCO

joys preferential treatment from his employer. But as consultant, the employee abdicates company benefits like vacation leaves, bonuses and other perks he used to enjoy.

It’s a crazy world but then, that’s how the universe, at times, unfolds.

But Toyota has sort of made a milestone detour regarding retirement policy recently. That’s when it reactivated Vince S. Socco as the country’s No. 1 carmaker has sort of jarred the automotive landscape from its comfort zone.

Socco is simply too big a fish in the industry to be set free just like that. Only sixtyish, his immense talent is an automotive watershed

and Toyota is just fully well aware of it. It would be foolhardy for the global brand to just watch the dude walk out the door. Look, a mere mention of Socco’s name would trigger tremors on capricious captains steeped on policy directions.

A mind of Socco’s stature instills quiet dignity that if every major player would try to covet his services, no surprise there I tell you.

Here’s the frank, unexpurgated and straightforward release from Toyota Motor Philippines (TMP) about Socco’s return to the aquarium of truth that he rightfully belongs to spread more cheers to the motor world “till the seas run dry.”

Thank you to Elvin “Hayes” Luciano

for the following: “August 14, 2019. Makati City, Philippines. GT Capital Holdings Inc. [GT Capital /stock symbol]: “GTCAP disclosed today its appointment of Mr. Vicente Saniel Socco as Chairman of GT Capital Auto Dealership Holdings Inc. [GTCAD].

“GTCAD is a wholly-owned subsidiary of GT Capital and is the automotive dealership holding vehicle for the Group.

“He brings close to 40 years of expertise in the automotive sector.

“Mr. Socco was appointed general affairs manager of Toyota’s Manila liaison office before being assigned in 1988 to Toyota Motor Philippines Corp. [TMP], where he rose through the ranks to become senior vice president [SVP] for marketing.

“In 2007, Mr. Socco was appointed SVP at Lexus Asia, concurrent with his role as an executive for country operations at Toyota Motor Asia Pacific [TMAP] in Singapore, the automaker’s regional office.

“Then, in 2014, he became TMAP’s general manager, reporting to Toyota’s global headquarters in Japan. He then returned to Singapore at his TMAP post in 2017 until his retirement in July 2019.”

To say that Socco is a byword in the automotive business is an understatement. To say that Toyota’s latest move was merely to resurrect a living legend, think again, fellas.

If that’s not another Toyota master stroke, I don’t know what is.

In an interview, Socco told Visor’s editor in chief, Vernon B. Sarne: “I am very glad to be back in the Philippine automotive industry. I really look forward to leveraging my local, regional and global experience toward the development of the Philippine economy and the pursuit of mobility for the Filipino nation.”

Did he really leave us?

Your departure—if it can be called that—was just a furlough, if I may remind you, buddy Vince.

Indeed, Socco’s wealth of experience will carry GT Capital to new heights. You doubt that and you know nothing about the magic behind the initials VSS. As Sarne said it: “Expect GT Capital-owned Toyota dealers to be more aggressive but also more creative in the coming days.”

I couldn’t agree more.

PEE STOP No, not P375 billion but

P735 billion as the budget earmarked by San Miguel Corp. for the international airport in Bulacan, to be called the “aetropolis” when it is finally opened for operation hopefully six years from now…Nice to know that Froi Dytianquin, who used to be a pillar at Mitsubishi Motors, is back as a top gun at Geely.

Cheers, Froi!...But when will Arlan Reyes, Froi’s partner at Mitsubishi, resurface from his self-imposed exile from the motoring scene?

Rhino PHL to host Off Road Expo 2019

B

LACK Rhino, the brand synonymous with extreme off-roading is staging the country’s largest gathering of 4x4 vehicles in September. To be held at the sprawling grounds of Arcovia in Pasig City, the first-ever Black Rhino 4x4 Expo will feature not just the different styles of Black Rhino wheels, but also different brands of 4x4 vehicles in vary-

ing degrees of customization and tuning.

“The expo will allow visitors the chance to drive off-road vehicles and even use their own vehicles in a basic off-road track,” said Sammy Liuson of Wheel Gallery, the exclusive and authorized distributors of Black Rhino wheels in the country. “This is our way of providing a boost to the ever growing popularity of

off-roading in the country,” added Liuson.

The weekend 4x4 Expo will see patrons enjoying a light off-road obstacle course, technical talks to be hosted by known personalities in the off-roading community, a media press conference, a display of different 4x4 rigs, a car club display and EB plus an off-road show to see who’s got the best 4x4 setup.

THE BENEFITS OF MOTUL’S 300V & 8100

T

HIS is the most frequently asked question of any car owner. When it comes to picking the right motor oil, the most common question is which is more suited for my car, the 300V or 8100?

Here we explain the differences between 300V and 8100 so you can choose the most suitable product for your application and vehicle.

The most important thing to know is that 300V is truly a racing oil. Mechanics at the Dakar Rally or LeMans endurance race empty a can of the stuff into the competition vehicles they service, and it’s the exact

same stuff that you can buy off-the-shelf at your local Motul dealer or service provider.

Racing oils provide the same things that “street” (or regular) oils do. Racing oil protects the engine, improves power, the reliability and longevity of components. 300V is a very specific product, and there are even different formulations for different racing applications, from sprint races to endurance rallies.

300V does its job well, but unlike 8100, it’s designed as it is typical of a racing lubricant—to have a more frequent replacement interval than a street oil like 8100.

8100, as a high-quality lubricant, can be changed at your car’s stated service intervals, while 300V would require replacing far sooner for the optimum performance.

So, besides those with actual racing cars, who should use 300V? Avid motorsport enthusiasts whose vehicle are in a high state of tune or which are used regularly at track days or sporting events, such as time attacks, gymkhana or drag races.

And that’s not to say 8100 can’t do it either—those who attend occasional track days but do a majority of driving on normal roads will find 8100 up to the task.