BusinessMirror August 28, 2019

D.A. GETS P187M TO FIGHT ANIMAL DISEASES

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Department of Agriculture (DA) said the Department of Budget and Management (DBM) has approved its request for more funds to beef up government efforts to keep at bay animal diseases that could cripple the Philippine livestock industry.

Agriculture Secretary William D. Dar said on Tuesday that he followed up with Budget Secretary Wendel B. Avisado the DA’s request for P187 million to implement biosecurity measures and strengthen its capacity against animal diseases.

During a hearing at the House of Representatives, Dar revealed that Avisado has approved

PIGLETS are seen in a backyard hog farm somewhere in Rizal in this BusinessMirror file photo. Agriculture Secretary William Dar said on Tuesday the Department of Budget and Management (DBM) has approved its request for more funds to beef up government efforts to keep at bay animal diseases that could cripple the Philippine livestock industry. NONIE REYES

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

and has committed to release the budget also on Tuesday.

“We followed up our earlier request for P187 million. I talked to Budget Secretary Wendel Avisado and I said [the DA] has a memo for the President and we need the funds to be released quickly,” he said.

“Avisado said, ‘what day is today? Tuesday?’

And he said he’ll release the funds today [Tuesday],” Dar added.

The DA chief said he was about to seek the help of Malacañang as the agency needs additional funds to help hog raisers whose farms were struck by a still-unidentified disease. “[The P187 million] is based on an earlier request and we followed it up. DBM Secretary Avisado is very kind. He believes in the pro-

gram of the President that agencies should help solve the problems of farmers,” Dar said.

Biosecurity measures BUREAU of Animal Industry (BAI) OIC-Director Ronnie D. Domingo said the P187 million will be used to strengthen measures against transboundary animal diseases, such as African swine fever (ASF).

Domingo said the BAI will buy diagnostic kits, laboratory supplies, disinfectants and 20 x-ray machines to be installed in airports.

“Since the beginning of the year, we have already requested that budget from the DBM because exotic diseases or transboundary animal diseases [in the world] are increasing,” he said in an interview with reporters.

See “DA,” A2

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

n

Wednesday, August 28, 2019 Vol. 14 No. 322

House panel OKs 4th package of tax reform T

By Jovee Marie N. dela Cruz

@joveemarie

HE House Committee on Ways and Means approved on Tuesday the fourth package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), which seeks to make passive income and financial intermediary taxes simpler and more efficient.

In approving House Bill (HB) 304 the “Passive Income and Financial Intermediary Taxation Act of 2019”

at the committee level, the ways and means committee chaired by Albay Rep. Joey Salceda invoked House

Rule 10, Section 48, which allows a one-day hearing only on certain bills.

Salceda said HB 304, which he

₧4.2B

Estimated revenue the government can draw from the “Passive Income and Financial Intermediary Taxation Act of 2019,” which reviews the taxes imposed on financial intermediaries and the products they offer: on savings and investments; and debt and equity instruments principally authored, will now be transmitted to the plenary for deliberations.

See “Tax reform,” A2

Hog deaths lead LGUs to ban bacon

P

ROCESSED meat products, such as hot dogs and bacon, from big firms like San Miguel Food and Beverage Inc. (SMFB) and CDO Foodsphere Inc. (CDO), were disallowed in some Luzon provinces due to the animal disease scare.

In a letter to Cabinet secretaries obtained by the BusinessMirror, the Philippine Association of Meat Processors Inc. (Pampi) urged the government to issue “clear-cut” guidelines to resolve the disruption in meat trade caused by different rules being implemented by local government units (LGUs).

Pampi on Tuesday relayed its concerns to Agriculture Secretary William D. Dar, Health Secretary Francisco T. Duque, Trade Secretary Ramon M. Lopez and Interior Secretary Eduardo M. Año.

“On behalf of the meat processing industry, may we respectfully and urgently seek clear and coordinate government policies and/or guidelines See “Bacon,” A2

PESO EXCHANGE RATES n

2018 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

P25.00 nationwide | 5 sections 36 pages | 7 DAYS A WEEK

The only enduring and effective resolution of disputes is found in international law Teddy Locsin Jr.

FREE FIRE Speech delivered by Foreign Affairs Secretary Teodoro L. Locsin Jr. at the 9th East Asia Summit (EAS) Foreign Ministers’ Meeting held in Bangkok, Thailand, on August 2, 2019.

M

R. Chair, excellencies. We cannot emphasize enough the need for concerned states to exercise self-restraint in their activities in the South China Sea. Militarizing disputed areas forecloses what we all claim to believe in: negotiating out of tense and tight situations multilaterally or bilaterally. Militarization hopes to create a fait accompli; a difficult to alter fact or practice in the hope that time will ripen its purpose into right. That will never happen. We all have our claims; none of our governments will survive our countrymen’s reaction to surrendering even an inch of any of those claims.

So let’s keep things fluid; and with that the belief grounded in historical experience that the only enduring and effective resolution of disputes is found in international law, including the United Nations Convention on the Law of the Sea. Continued on A6

Diokno: We’ll cut rates by another 25 bps in ’19 DEPARTMENT FOR OFW? Sen. Joel Villanueva, chairman of the Senate Committee on Labor, Employment and Human Resources, throws questions to Susan Ople of the Blas Ople Policy Center and Training Institute at Tuesday’s organizational meeting and hearing, which tackled the proposed separate department for overseas Filipino workers. Ople gives an account of the discussions arising from that in her column “Scribbles” on page A7. ROY DOMINGO

Philtoa aiming for ₧76-M sales for travel fair

T

HE Philippine Tour Operators Association (Philtoa) is targeting sales close to P76 million during the Philippine Travel Mart this weekend, or up 10 percent from last year’s sales of P69 million.

In a news briefing on Tuesday,

Philtoa President Cesar Cruz disclosed that, despite the inclusion of tour packages to member-countries of the Association of Southeast Asian Nations (Asean) in the last few years, “the majority of our sales is still for domestic destinations.”

Based on last year’s sales, he said, and assuming a tour package of about P20,000 per person, that’s over 3,000 domestic tours that were closed. “So our domestic market is still very, very strong,” he added.

See “Philtoa,” A2

By Bianca Cuaresma

T

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) governor on Tuesday bared his plans to cut rates once more by 25 basis points (bps) before the year ends, after being asked about his commitment to his dovish statements earlier this year.

Speaking to reporters in an Economic Journalists Association of the Philippines (Ejap) Forum, BSP Governor Benjamin Diokno said the Philippines “will get its 25basis-point cut before the end of

the year.”

Just this month, the Monetary Board announced their decision to cut the interest rate on the BSP’s overnight reverse repurchase (RRP) facility by 25 bps to 4.25 percent.

Accordingly, the interest rates on the overnight deposit and lending facilities were reduced to 3.75 percent and 4.75 percent, respectively.

“The Monetary Board’s decision is based on its assessment that price pressures have continued to ease since the previous meeting,” Diokno said in a monetary-policy statement on August 8.

See “Diokno,” A2

US 52.3260 n JAPAN 0.4931 n UK 63.9424 n HK 6.6703 n CHINA 7.3163 n SINGAPORE 37.6880 n AUSTRALIA 35.4456 n EU 58.1028 n SAUDI ARABIA 13.9528

Source: BSP (27 August 2019 )

News

BusinessMirror

A2 Wednesday, August 28, 2019

www.businessmirror.com.ph

‘Retain fiscal perks to gain from trade war’

By Elijah Felice E. Rosales

T

@alyasjah

HE Philippines will only benefit from the tariff war between the world’s largest economies if the current menu of fiscal incentives is retained, as this will attract manufacturing firms fleeing China, industry leaders said on Tuesday.

As such, they called on legislators to rethink their proposal of rationalizing incentives granted to locators in economic zones. Should lawmakers pursue this plan, the businessmen said the Philippines will totally lose out of the opportunity to attract some of the investments China is squandering due to its trade conflict with the United States.

Tax reform. . .

Continued from A1

Under Section 48 of the House Rule 10, “in case of bills or resolutions that are identified as priority measures of the House, which were previously filed in the immediately preceding Congress and have been approved on third reading, the same may be disposed of as matters already reported upon the approval of majority of the Members of the committee present, there being a quorum. The committee secretary shall immediately prepare the necessary committee reports on said measures for inclusion in the Calendar of Business.”

Moreover, Salceda said the “Passive Income and Financial Intermediary Taxation Act of 2019” which seeks to make taxation of the sector simpler, fairer and more efficient, will give the government P4.2 billion in revenues.

The bill also reviews the taxes imposed on financial intermediaries and the products they offer: on savings and investments; and debt and equity instruments.

Under the bill, interests, dividends and capital gains will be levied with a unified income tax rate of 15 percent. According to the bill, unifying and lowering the tax rates on interest income will benefit 75 percent of deposit account holders who are mostly small savers, correcting the inequitable distribution of the tax burden.

The bill also said preneed, pension, and life insurance will be levied a uniform rate of 2 percent.

DST removed

American Chamber of Commerce of the Philippines (AmCham) Senior Advisor John D. Forbes said Manila should exploit the capital flight from China due to its trade tussle with the US by improving the Philippines’s investment climate.

“AmCham has been tracking media reports of relocation of manufacturing firms out of China

ACCORDING to Salceda, various

nuisance documentary stamp taxes (DSTs) will also be removed.

The lawmaker said his committee approved the motion of Baguio Rep. Mark Go to exempt from DST nonmonetary documents diplomas for 1.2 million college graduates per year and 6.5 million primary, junior secondary and senior secondary transcript of records and other school certifications.

Salceda also said the Oath of Office, which covers 650,000 barangay officials and other elective officials before assumption of office, will also be exempted from DST. “[The DST of] Good Moral Standing Certificate required

by PRC [Professional Regulation Commission] for 4.1 millions of professionals for every 3 years and affidavits like affidavit of loss and other certificates/notarized documents, proxies, Certificate of No Marriage Record, baptismal certificate and marriage license [will also be removed],” he said.

This exemption translates to about P450-million forgone government revenue, Salceda added.

Salceda said the poor and the middle class will benefit from this bill as tax on savings will be reduced.

Under the bill, the tax on savings will go down from 20 percent to 15 percent. Meanwhile, the rich who invest in dividends will pay 5 percent more in taxes.

Finance Undersecretary Karl Chua said Package 4 aims to harmonize the country’s current 80 financial tax rates to 41 and repeal 32 out of the 41 special laws that allows special rates and exemptions.

Bacon. . .

Continued from A1

governing domestic trade, both intra-regional and interprovincial, of locally-produced processed meat products,” the letter read.

“During the past week, our industry experienced confusion and disruption in the national distribution of our products to consumers arising from LGUs’ own interpretation and implementation of ASF [African swine fever] control measures,” it added.

Pampi said SMFB, CDO and Pampanga’s Best Inc.’s shipments were unable to enter certain provinces in Northern Luzon due to the temporary ban slapped by LGUs amid the “animal disease scare” sparked by the deaths of scores of hogs in parts of Luzon, downed by a still-unidentified virus. Processed meat products that were disallowed entry were hot dogs, bacon, hams and tocino. Pampi said it has not received complaints from members about LGUs restricting canned meat products.

Confusion PAMPI said the transport and delivery of processed meats have been stopped at provincial borders and its members were required to show

and sharing them with the DTI [Department of Trade and Industry].

Unfortunately, the Philippines is rarely mentioned as an alternative site, [and] we believe this can and should be changed soon,” Forbes told the BusinessMirror.

The Philippines, he argued, can net some of the fleeing investors if the government reduces the corporate income tax (CIT) rate, retains the current set of incentives and shows businesses are protected here—all of which can be achieved if the Corporate Income Tax and Incentives Rationalization Act (Citira) bill is modified.

Under the Citira bill, the CIT will be trimmed from 30 percent at present to 20 percent by 2029, which many investors find too cumbersome. It will also rationalize incentives granted to economic zone firms, including the 5-percent tax on gross income earned paid in lieu of all local and national taxes, which loca-

DA. . .

Continued from A1

“So instead of a reactive response, [the government] is being proactive [in its fight against animal diseases],” Domingo added. The money will also be used to pay for additional workers that the BAI will hire and mobilize for animal disease surveillance.

However, Dar said he wants to channel part of the P187 million to an indemnification program for farm-

Pogos. . .

Continued from A8

Domingo said, however, that freezing the issuance of new licenses will give Pagcor time to take stock of the situation of Pogos and what policies can be crafted moving forward.

“But if they’re really going away, then we can’t do anything about it and there will have to be some adjustments in the sector of course, [but] I think real estate is resilient enough. The Philippines is a huge economy, I mean as long as we get our acts together, demand for property will remain relatively robust,” Neri said.

For his part, ING Vice President and Senior Economist Nicholas Antonio T. Mapa told the BusinessMirror Pogos are partly to blame for high real estate prices.

Mapa said they can push up real estate prices due to their “quite substantial” office and residential rental needs. With this, real estate prices are “a bit inflated.”

“With the floors they rent out, they’re quite substantial sometimes they buy or they rent. If the company itself will rent out units in different areas for their housing, that’s also helping support [the real-estate sector],” Mapa said.

Significant contribution EARLIER, Ateneo Center for Economic Research and Development Director

sanitary or veterinary certificates from the National Meat Inspection Service or authorized veterinary officers. However, Pampi said processed meat products are no longer under the jurisdiction of the NMIS or the Bureau of Animal Industry (BAI) following the implementation of the Food Safety Act of 2013.

Under the Food Safety Act, the Food and Drug Administration (FDA), an attached agency of the Department of Health, was tasked to oversee the domestic trade of processed meat products.

Pampi said it is “totally confused and exasperated” since the products of its members are under the jurisdiction of the FDA“which does not issue veterinary certificates or shipping permits.”

Pampi added that the FDA only issues license to operate (LTO) permits for manufacturing plants and certificate of product registration for specific items.

“Our understanding of the FDA mandate is that if we are compliant with their requirements, our products under their jurisdiction are freely tradable within our country,” the group said.

“Hence, until such time that ASF is conclusively determined to have infected our hog population, it is to the best interest of our economy and of our consumers to allow unhampered trade and flow of processed meat products throughout the country,” it added. Jasper Emmanuel Y. Arcalas

tors strongly oppose.

“The Philippines can attract many billions of US dollars with a lower CIT, enhancement of fiscal incentives for new investors and protecting the thousands of existing investors who have chosen to locate in the Philippines because of its excellent labor force,” Forbes said.

“In the competition for FDI [foreign direct investment], remember the competition never sleeps.

With this current unprecedented opportunity, the Philippines must be alert, proactive and friendly in order to beat the competition,” he added.

FDI inflows

BASED on records from the Philippine Statistics Authority (PSA), investments from China grew 69.21 percent to P713.95 million in the first quarter—the period the trade conflict broke out—from P421.93 million during the same quarter ers whose hogs will be culled. The government culls hogs that are within the 1-kilometer radius of farms that may have been infected. The approval of the fund comes at a time when the DA is trying to contain a mysterious animal disease that has killed scores of hogs in some backyard farms in Luzon.

Dar said the DA will seek additional funds as the government continues to conduct its operations to control the spread of the swine disease, which the agency regarded as a “major economic disease.”

Alvin Ang warned that the country’s realestate industry may be overly reliant on the Pogo locators and foreign workers for their business activities. He cited reports from Colliers International showing demand of Pogo firms for real estate shot up 37 percent for the first half of the year.

Domingo also said last week the Pogos’ contribution to government revenues and the overall economy is significant.

She said that in the past two years, the government has licensed 49 operators and 200 service providers. From these firms, she said, Pagcor earned P11.9 billion.

This year, Domingo said, there are already 58 operators and 214 service providers. To date, Domingo said Pagcor earned less than P4 billion. On top of these, she said the government collected P2 billion in income taxes from Pogos every month. Domingo said the Bureau of Internal Revenue (BIR) has been able to collect P1.25 billion in value-added tax (VAT ) from the expenditures made

by Pogo workers.

Domingo said real estate developers may be earning at least P20 billion a year on lease alone. She expects that real estate firms may earn P8 billion in lease this year on top of the P12 billion in the past two years.

She said Pagcor is optimistic it is on track to meet its P8-billion revenue target from Pogos this year and the P9 billion to P10 billion target next year.

Philtoa. . .

last year.

However, this was just 1.55 percent of the P45.98-billion total investments poured in by foreign sources during the period. The Netherlands, Japan, Thailand, the United States, Singapore and Taiwan outdid China’s capital inflows to the Philippines in the first quarter.

In the January-to-July period, China is also not included among the top overseas sources of investments registered with the Board of Investments.

Philippine Ecozones Association President Francisco S. Zaldarriaga argued the Philippines will “definitely” attract some of the investments fleeing China if incentives are left untouched. This was echoed by Danilo C. Lachica, president of the Semiconductor and Electronics Industries in the Philippines Foundation Inc. “Yes, there is a chance [we can attract fleeing investors] if current incentives are maintained,” Lachica

House. . .

Continued from A8

“First is the inclusion of ‘practice of professions’ in the items listed in the Foreign Investment Negative List, and second, the high number of direct local hires required.”

Yap said the bill aims to exclude the “practice of professions” from the coverage of the negative list so as to attract foreign professionals to come to the country.

“By allowing foreign professionals to practice in the Philippines, they would be able to bring in technology and know-how from abroad, and help create jobs for locals by attractive businesses that require highly skilled professionals in the country,” he added.

Yap said this measure also reduces the number of direct local hires.

“While FIA allows foreign investors to establish small- and medium-sized enterprises with a minimum paid-in capital of $100,00, they are required to employ at least 50 direct local hires.

However, operationally speaking, a small- and medium-sized enterprise cannot immediately sustain a labor force of 50 employees. Thus, there is a need to lower the threshold of employ-

EU envoy. . .

Continued from A8

parts of the world. On trade, Jessen touted significant European investments in the Philippines.

He noted the complementing demographics of the Europeans and Filipinos that could augur well for both: “We have an aging population armed with sophisticated technology on one side, and a young population which can provide labor and could work not necessarily in our region, but for European companies based in the Philippines.”

‘Drug’ issues Continued from A1

The Department of Tourism recently said domestic tourists reached 110 million in 2018, exceeding the 89.2-million target for 2022. Tourism Secretary Bernadette Romulo Puyat has said the 2022 target for domestic tourists will have to be revised.

This year, Cruz said, Philtoa is featuring tour packages to Tawi-Tawi and Zamboanga, which are eager to receive more tourists. “We need to change the perception for Tawi-Tawi and Zamboanga especially among ourselves,” he stressed, adding that it was actually “quite safe” to go these destinations. “The LGUs [local government units] are hoping to be part of the tourism industry. They know that tourism can make big changes in the lives of their people.”

He described Tawi-Tawi to the BusinessMirror as a “millennial destination,” with its culture and its “people who are always smiling and welcoming. There, both Christians and Muslims coexist peacefully. They have houses on stilts [above the water] as a lifestyle, not because they are poor.”

There are 250 exhibitors in the Philippine Travel Mart, which will run from August 30 to September 1 at the SMX Convention Center. The exhibitors range from tours and travel agencies, hotels and resorts, theme parks, airlines, provincial and regional LGUs, and will occupy four halls of the convention center. Ma. Stella F. Arnaldo

EU has helped address the plight of those involved in illegal substance abuse in the Philippines, and Jessen trumpeted one of the established facilities in the province of Tarlac, the Model Drug Recovery Clinic, which aids addicts in recovering

Diokno. . .

Continued from A1

The Central Bank still has three monetary policy meetings left for the year—one in September 26, one in November 14 and one in December 12.

RRR cut, too?

WHILE Diokno did not make a direct comment about the banks’ reserve requirement ratio (RRR) cut, he told reporters that a cut in the deposit requirement is always on the table for the BSP. Diokno said“anything can happen between now and next September [the next policy meeting], because we meet every week. It’s a live issue.”

said in a text message.

Further, lawmakers should expedite the passage of measures seeking to remove restrictions on foreign ownership to allow more investors to come in, according to the European Chamber of Commerce of the Philippines (ECCP).

ECCP Executive Director Florian Gottein said it will take the legislation of numerous liberalization bills for the Philippines to compete with its Southeast Asian counterparts and benefit from the trade conflict.

“The ECCP believes that this can be facilitated through the following: expediting the reduction of corporate income tax; ensuring a competitive incentives regime; and enacting reforms that will further open up the Philippine economy, such as amendments to the Public Service Act, Foreign Investments Act and Retail Trade Liberalization Act,” Gottein said over the phone. ment requirement to 15 direct local hires,” he said.

In his explanatory note, Villafuerte said these amendments to the FIA show the country’s openness to change and willingness to live up to the economic potential by reeling in more foreign investments.

Meanwhile, Gatchalian expressed reservation over the amount of the investment of $100,000 in view of the impact it may create on local industries.

In its position paper, Professional Regulation Commission Chariman Teofilo Pilando Jr. said the PRC maintains its initial position not to exclude the practice of profession from coverage of the Republic Act 7042.

“While we understand the intent of the proposed amendment, the PRC is of the view that practice of profession is still a partially nationalized activity given that under the Constitution, the same falls under National Economy and Patrimony albeit with exceptions,” said Pilando.

“To remove it absolutely in the negative list may not be transparent on the limitation to professional practice by foreigners, and may engender an impression that there exists no restriction at all to their practice,” he added.

Jovee Marie N. Dela Cruz

and eventually finding work opportunities.

The EU envoy took pride in recalling that the delegation was awarded the “Project of the Year” in the BusinessMirror ’s Envoys&Expats Awards in April 2019 for the creation of the rehabilitation center. (Since then, it has accepted more than 500 patients, and has successfully contributed to the recovery of about 300.)

The European envoy also touched on the occurrence of extrajudicial killings in the country, adding this engendered a “murderous climate.”

Jessen believes that it is not only a domestic issue, but “it affects and impacts how the Philippines is seen abroad, including investors.”

To cap the gathering, Jessen was quizzed for sound advice to his successor. He cautioned the next EU envoy to “not react immediately” to the situation, and for him or her to “stay back and wait a little longer” before responding to the issue at hand.

The governor added, “We have a late September meeting on policy cut, could be before, could be after, so we’ll just look [at] the data.”

Amid calls from the market, Diokno earlier this year decided to cut its RRR by 200 basis points.

The implementation of the cut will be in three stages: the first 100 basis point cut was effective May 31; another 50 basis point cut in June 28; and the last 50 basis point cut will be effective July 26.

The RRR is one of the BSP’s monetary tools.

It is the portion of depositors’ balances that banks are asked to keep idle in the BSP’s vaults as reserves. The Philippines still has one of the highest RRRs in the region. This means that a significant chunk of the bank’s funds are kept in the BSP’s coffers instead of being lent out to fuel economic growth.

A4 Wednesday, August 28, 2019 • Editor: Vittorio V. Vitug

News

BusinessMirror

www.businessmirror.com.ph

SC affirms dismissal of former Marine Lawmaker refiles commandant in 1999 allowance scam bill raising UCT

T

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court has ordered the dismissal from the military service of a former commandant of the elite Philippine Marine Corps found guilty by the Office of the Ombudsman of pocketing P36.7 million in combat clothing allowance and individual equipment allowance (CCIE) intended for soldiers.

In a 16-page decision made public last August 22, 2019, the SC’s Second Division, through Associate Justice Amy Lazaro-Javier, reversed and set aside the July 30, 2014, decision of the Court of Appeals (CA) that nullified the order issued by the Ombudsman on February 27, 2009, dismissing Maj. Gen. Renato Miranda from the service along with

four other military officers for grave misconduct and serious dishonesty.

The SC held that the Appellate Court gravely erred when it exonerated Miranda from the charges despite compelling evidence on record showing that he may had committed the offenses.

“What respondent did was truly indispensable to the consummation

of the unlawful disbursement of public funds which caused prejudice to the government,” the SC ruled.

Aside from the dismissal from the service, the Court also ordered the forfeiture of all his benefits, except accrued leave benefits, if there’s any.

Miranda was also perpetually disqualified from reemployment in any branch or service of the government, including government-owned and -controlled corporations.

The former Marine commandant is also facing a graft case before the Sandiganbayan for malversation through falsification of public documents in connection with the anomaly.

Acting on Miranda’s appeal, the CA issued a decision on July 30, 2014 reversing the Ombudsman’s decision and ordered Miranda’s reinstatement to the military service.

The Ombudsman’s motion for reconsideration was denied by the CA in a resolution issued January 13, 2015, prompting it to elevate the case before the SC. In its petition before the SC, the Ombudsman insisted that Miranda

along with his four co-accused Marine personnel conspired to defraud the government through fictitious grant of CCIE allowances to supposed enlisted members of the Marine Corps.

The case stemmed from complaint filed against Miranda and four other Marine officials accusing them of pocketing the CCIE for the year 1999 amounting to P36.768 million.

Each Marine soldier was supposed to receive P8,381.25 as CCIE and P6,337.80 as Individual Equipment Allowance, or a total of Pl4,719.05.

The disbursements were released through 19 checks in various amounts.

However, at least 145 soldiers who were supposed to benefit from the fund, attested that they did not receive any amount in full or in part.

Miranda was ordered dismissed from the military service in 2006 for his involvement in a coup plot to unseat then-President Gloria Macapagal-Arroyo but was granted amnesty by her successor, former President Benigno Aquino III in 2010.

to ₧500 a month

By Jovee Marie N. Dela Cruz @joveemarie

A

LEADER of the House of Representatives is pushing for the passage of a measure increasing the Unconditional Cash Transfer (UCT).

Deputy Speaker Rep. Michael L. Romero of 1-Pacman, in a news statement, said he refiled House Bill 184 for a “substantial” increase in the UCT distributed by the government to at least 7.4 million poor Filipino families.

Romero said the financial assistance granted by the government under the social protection program should be adjusted to P500 a month to cushion the continued negative economic impact of the Republic Act 10963, or the Tax Reform for Acceleration and Inclusion or TR AIN law.

Romero said the UCT has been scheduled for adjustment from monthly P200 in 2018 to P300 in

2019 and 2020.

“Increasing the amount of social subsidy to P500 is more realistic in achieving the noble goals of the UCT,” Romero said.

“This House bill seeks to foster an accelerated program management scheme which will focus on the payroll generation, beneficiary validation and the release of more funds to the beneficiaries of the UCT program,” said Romero.

According to the lawmaker, the UCT was developed by the government “ on the premise that giving cash to citizens allow them to have autonomy over their own lives.”

Romero added his proposal will require the government to set aside an estimated P44 million annually until 2020, which will be taken from the projected P150-billion revenues from the full implementation of the TR AIN law.

Neda sets completion of evaluation, approval of infrastructure flagship projects

By Cai U. Ordinario @caiordinario

T

HE national government is keen on completing the evaluation and approval of all its listed infrastructure flagship projects (IFPs) by the end of the Duterte administration, accord-

ing to the National Economic and Development Authority (Neda).

At the sidelines of an Economic Journalists Association of the Philippines (Ejap) Forum on Tuesday, Socioeconomic Planning Secretary Ernesto M. Pernia told reporters that the evaluation and approval of all flagship projects

would ensure implementation by the next administration.

Pernia said this will give the next administration a set of “shovel ready” projects similar to what the Duterte administration received from the Aquino administration in 2016.

“We will try to complete them

in terms of getting them through the Neda Board for approval. We’ll try to complete all of that by just processing evaluation and approval so that, like when we came in, there were also some projects that were shovel ready,” Pernia said.

Pernia also said the government is not worried that while there are only nine flagship projects that are being constructed, there are other game changing projects that are being implemented nationwide.

He added that the Duterte administration will also leave behind functional game-changing infrastructure projects such as the North Luzon and South Luzon Expressway connection, Skyway Stage 3, and the Mega Manila Subway.

However, IFPs that are up for

delisting or reevaluation can easily be replaced to complete the 75 f lagship projects of the Duterte administration.

“We’re thinking of rearranging our 75 to include other projects,” Pernia said. “There are still so many in the list that are hard to get through [so we have to make adjustments]. I think there are about seven that need to be reevaluated, reviewed so we can replace them.”

Earlier, Neda documents stated the Investment Coordination Committee will reevaluate and review a dozen big-ticket projects due to changes in cost and “pending concerns.”

These 12 projects include seven that will be reevaluated for changes in scope and cost, and five that are up for review due

to pending concerns.

The 12 projects cost a total of P465.53 billion. The seven projects for reevaluation amount to P381.24 billion, while the five projects for review cost P84.29 billion.

Neda documents also stated that the Duterte administration will also complete less than a third of the infrastructure flagship projects by the end of the President’s term.

Data showed only 21 projects will be completed by 2022. This is fewer than the Neda’s April estimate of 25 projects.

The 21 projects that are expected to be completed by 2022 cost P187.628 billion. The rem a in ing 54 projects cost ing P2.23 trillion will be completed beyond 2022.

Sugar millers push for institutionalized Tougher penalty study on sugar consumption, demand against wildlife trafficking sought

T

HE government should institutionalize a study that would determine the country’s total sugar demand to provide policy-makers a sound basis in crafting industry programs such as importation, Philippine Sugar Millers Association (PSMA) said.

PSMA Executive Director Cocoy Barrera said they proposed to the Sugar Regulatory Administration (SRA) that a triennial study should be conducted to determine the trends in domestic sugar demand.

He added that a sugar demand study is urgently needed to determine current consumption patterns since the last study on the country’s sugar requirement was conducted by the academe 11 years ago.

The PSMA official said they have already met and discussed with the University of Asia and the Pacific (UA&P) to be the third party that would undertake the proposed study.

UA&P was the one that spearheaded the country’s last sugar consumption study in 2008. “We need a consumption study right now to see what’s the trend of sugar demand [in the country]. How much is the demand for household? For industrial [users]?” he told the BusinessMirror in an interview.

“The study woud be a scientific basis for sound policy-making so that the SR A could adjust programs or policies based on actual demand of sugar,” he added.

Barrera said they proposed that the consumption study to be funded under the Sugar Industry Development Act’s research and development component. He added that the PSMA is willing to cooperate with the SRA in undertaking the consumption study.

The proposed study would determine the country’s raw sugar and refined sugar requirement, as well as total consumption per user classification such as household and industrial, Barrera said.

The PSMA official noted that other sugar-producing countries like Thailand have regular data on their sugar requirements, which are conducted separately by the government, industry and academe.

Sugar industry stakeholders roughly estimate that the country’s sugar requirement could be around 2.3 million metric tons based on recent production levels. Some industry stakeholders estimate consumption levels through the mills’ withdrawal figures.

The SRA, an attached government-owned and -controlled corporation of the Department of Agriculture, projects the country’s sugar output based on standing crops and other factors during the start of a crop year.

The SRA also dictates on where should local sugar output be allocated based on several factors such as prices, demand and crop estimates. The SRA adjusts sugar output allocation as the need arises based on supply situations, such as shortfall or surplus. Jasper Emmanuel Y. Arcalas

By Jonathan L. Mayuga

A

@jonlmayuga

PROPOSED amendment to Republic Act 9147, or the Wildlife Resources Conservation and Protection Act, will impose a stiffer penalty for wildlife traffickers who seem to have brushing off penalties and fines under the law, officials of the Department of Environment and Natural Resources (DENR) said.

Undersecretary Benny D. Antiporda, deputy spokesman of Environment Secretary Roy A. Cimatu, said the DENR will push stiffer penalty under the law and intensify anti-illegal wildlife trade operations through the DENR-led Task Force Pogi.

Although Antiporda maintained that the DENR is not remiss on its duties and has succeeded in putting wildlife criminals behind bars, the DENR official underscored the need to put more teeth to the law to protect and conserve the country’s rich biodiversity.

“To stop illegal wildlife trade, we must impose stiffer penalty,” Antiporda said.

He noted that some illegal wildlife trade are making a mockery of the law by pleading guilty and enter a plea-bargaining agreement with the court for reduced sentence.

A case in point is the recent plea-bargaining agreements entered into by the illegal wildlife traders with the prosecutors, which presiding judges have eventually approved. Last July 18, Presiding Judge Liezl Rosario Mendoza of Branch 1 of the Municipal Trial Court of Tagaytay City sentenced Simforoso Salazar, Jorlan Torrequimada and Victor Equisa up to three months in jail and ordered to pay a fine of P20,000 each, after pleading guilty to violating the provisions of RA 9147, or the Wildlife Resources Conservation and Protection Act of 2001.

The World BusinessMirror

www.businessmirror.com.ph

Iranian president to US: First lift sanctions, then let’s talk

IN this photo released by the official web site of the office of the Iranian Presidency, President Hassan Rouhani speaks in a conference in Tehran, Iran, on Monday, August 26, 2019. Rouhani defended his foreign minister’s surprise visit to the G-7 summit, saying he is ready to go anywhere to negotiate a way out of the crisis following the US pullout from the nuclear deal. IRANIAN PRESIDENCY OFFICE VIA AP

T

EHRAN, Iran—Iran’s president has back-pedaled on possible talks with Donald J. Trump and now says the US president first must lift sanctions imposed on Tehran.

Hassan Rouhani said on Tuesday that otherwise, a meeting between the two would be just a photo op and “that is not possible.”

Rouhani’s change of heart came a day after Trump said Monday there’s a good chance the two could meet af-

ter a surprise intervention by French President Emmanuel Macron during the G-7 summit to try to bring Washington and Tehran together.

Rouhani said that “without the US’s withdrawal from sanctions, we will not witness any positive development.” He added that Washington “holds the key.”

Earlier on Monday, Rouhani expressed readiness to negotiate a way out of the crisis following America’s pullout from the nuclear deal. AP

Oil snaps four-day drop as Trump dials down trade war rhetoric

O

IL recouped some lost ground after US President Donald J. Trump struck a more conciliatory tone on the trade war with China.

Futures in New York were up as much as 0.8 percent after falling 4.8 percent over the previous four sessions. Trump praised comments from China’s Vice Premier Liu He, Beijing’s top trade negotiator, on his willingness to find a solution to the dispute. He also signaled he was open to meet with Iranian President Hassan Rouhani and perhaps ease restrictions on the Islamic Republic.

Oil is still down around 8 percent this month as concerns over global trade weigh on the demand outlook. While Trump was less combative, he gave no indication he would change tactics that have yielded little progress after more than two years of steady escalation. Meanwhile, analysts pointed to the difficulties that the US and Iran would face in reaching a political rapprochement.

“Oil continues to respond to the trade feud between Washington and Beijing,” said Sungchil Will Yun, a commodities analyst at HI Investment & Futures Corp. in Seoul. “What’s different now is that the market has grown less sensitive toward Trump’s conciliatory comments,” suggesting investors aren’t expecting a quick resolution to the conflict, he said.

West Texas Intermediate (WTI) crude for October delivery rose 37 cents, or 0.7 percent, to $54.01 a barrel on the New York Mercantile Exchange as of 11:14 a.m. in Singapore after advancing as much as 45 cents earlier. The contract settled 1 percent lower at $53.64 on Monday.

Brent for October settlement climbed 35 cents, or 0.6 percent, to $59.05 a barrel on the ICE Futures Europe Exchange. It retreated 1.1 percent to $58.70 on Monday. The global benchmark crude traded at a premium of $5.04 to WTI. Trump said Monday that China had “called our trade people and said let’s get back to the table.” A spokesman for China’s foreign ministry wasn’t able to immediately confirm the details of the phone calls. Later, Hu Xijin, the politically connected editor in chief of China’s Global Times newspaper, said in a tweet that top trade negotiators hadn’t spoken by phone in recent days and that Trump was exaggerating the significance of the trade contacts. Bloomberg News

Macron expresses hope for US-China trade agreement as G-7 summit ends

B

IARRITZ, France—With clouds growing over growth, French President Emmanuel Macron ended the Group of Seven (G-7) summit of rich democracies on Monday with a sparse declaration in which leaders committed themselves to “open and fair global trade, and the stability of the global economy.”

The four-sentence section devoted to trade in the summit’s final statement landed amid uncertainty caused by the US-China trade conflict that has slowed trade among nations and held up industrial production and investment. Macron, who said he wrote the one-page document himself based on positions of the other six leaders including US President Donald Trump, praised the “great unity and the positive spirit of their debates” among the participating leaders.

The statement of professed unity among leaders with 40 percent of global gross domestic product at least presented a contrast to the situation around the closing statement from last year’s G-7 summit in Canada, which US President Donald J. Trump repudiated on his way to visit North Korea.

Macron said in his closing news conference that “the discussions

between China and the US have triggered uncertainty and it troubled investors and markets, creating tensions. We saw it on various stock exchanges.”

“The question is, what will be the outcome of these discussions.

We are hoping very much that an agreement is found between the two most important economic powers. President Trump has clearly indicated his will to reach an agreement, and we have seen some positive signals during the last hours of discussions here.”

Yet, the politer tone of the 2019 G-7 summit could not hide the fact that Trump and the other leaders critical of his trade policy such as European Union council President Donald Tusk simply agreed to state their positions and leave it at that, reinforcing the assumption that dealing with static from the trade conflict will simply be part of the economy that investors and

G-7 nations pledge $40M to fight Amazon fires

P

Editor: Angel R. Calso • Wednesday, August 28, 2019 A5

ORTO VELHO, Brazil—The Group of Seven nations on Monday pledged tens of millions of dollars to help fight raging wildfires in the Amazon and protect its rainforest, even as Brazilian President Jair Bolsonaro accused rich countries of treating the region like a “colony.”

The international pledges at a G-7 summit in France included $20 million from the group, as well as a separate $12 million from Britain and $11 million from Canada.

Ottawa has also offered to send firefighting planes to Brazil.

Other groups are contributing support for a region whose rainforests are a major absorber of carbon dioxide from the atmosphere. Earth Alliance, a new environmental foundation backed by Leonardo DiCaprio, is pledging $5 million in aid, saying the Amazon is one of the “best defenses” against climate change.

The funds are widely seen as critical support, but a relatively small amount for dealing with an environmental crisis of such scale threatening what French President Emmanuel Macron called “the lungs of the planet.”

More than $1 billion, for example, has been paid into a fund to help the Amazon in the past decade. And major donors Germany and Norway recently cut donations to Brazilian forestry projects, saying Bolsonaro’s administration isn’t committed to curbing deforestation.

It was unclear how exactly the new money would be administered. Bureaucracy can slow and reduce the amount that reaches programs in the field. Brazil’s environment minister, Ricardo Salles, said the aid was welcome and that Brazil should decide how the resources are used.

More global funding and political will in Brazil will be needed once the fires are extinguished, said John Robinson, chief conservation officer at the Wildlife Conservation Society.

Brazil needs “legislation and regulations that set clear limits preventing landowners—especially large ones—from burning the forest and converting it to agriculture and rangeland, backed by incentives and investment in alternatives,” Robinson said.

The international pledges came despite tensions between European countries and the Brazilian president, who suggested the West was angling to exploit Brazil’s natural resources.

“Look, does anyone help anyone...without something in return? What have they wanted there for so long?” Bolsonaro said.

Bolsonaro has insulted adversaries and allies, disparaged women, black and gay people, and praised his country’s 1964-1985 dictatorship. But nothing has rallied more anger at home and criticism from abroad than his response to the fires in parts of the Amazon region.

The Brazilian leader says he is committed to protecting the Amazon and prosecuting anyone involved in illegal fires, many of which appear to be to have been set in already deforested areas to clear land for farming.

But Bolsonaro initially questioned whether activist groups might have started the fires in an effort to damage the credibility of his government, which has called for looser environmental regulations in the world’s largest rainforest to spur development.

“We believe that there are many mining companies and lumber companies, and farmers who feel that the president has their backs,” said Raoni Metuktire, a Brazilian indigenous chief and environmentalist who traveled to the G-7 summit in Biarritz.

In response, European leaders threatened to block a major trade deal with Brazil that would benefit the very agricultural interests accused of driving deforestation.

The impact of the fires and smoke has disrupted life for many in the Amazon region. The airport in Porto Velho, the capital of Rondonia state, was closed for more than an hour Monday morning because of poor visibility. On Sunday, a soccer match of a lower-tier national league was briefly suspended because of smoke in Rio Branco, capital of Acre state, as fire burned in a field outside the stadium.

In Para state, where fires have swept many areas, resident Moacir Cordeiro said he was worried about their impact on nature and his health. Smoke rose from nearby trees as he spoke. AP

FRENCH President Emmanuel Macron speaks during his final press conference at the G-7 summit on Monday, August 26, 2019, in Biarritz, southwestern France. AP PHOTO/FRANCOIS MORI

business executives have to get used to for now.

The statement omitted mention of key economic issues such as whether countries should apply more stimulus from government spending, although some of those were addressed at a finance minister’s meeting in July. Still, the entire statement, including the trade section and paragraphs on Iran and Russia’s conflict with Ukraine, was at 263 words about the same length as the two paragraphs devoted just to trade in the declaration from last year’s summit.

The declaration nods to several of Trump’s issues by calling for “fair,” as well as “open” trade and calls for a shake-up of the World

Trade Organization so it can better protect intellectual property such as copyrights and patents.

That has been a key issue with China shared by Trump and European Union politicians and businesses that have complained that China requires foreign companies to give up their trade secrets as the price of doing business there.

There was no explicit prohibition on trade protectionism.

“So what is bad for the world economy is the uncertainty, so the quicker we find an agreement the more we reduce this u n c e r t a i n t y,” M a c r o n s a i d .

“And this was clearly the topic of our d iscussions yesterd ay and was also the will of the US president.” AP

A6 Wednesday, August 28, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

What the coconut sector truly needs

T

HE Philippines is currently celebrating what it regards as the “tree of life” and it has been doing so for the past 33 years. The government, through this year’s National Coconut Week celebration that kicked off on August 24, wants to remind (again) the nation of the importance of the tree of life to the country’s economy. Various activities have been lined up by government agencies to remind people of the benefits that can be derived from the coconut.

However, more than three decades after the Philippines first celebrated National Coconut Week, the perennial problems faced by the industry, particularly by farmers, have not been addressed. Until now, farmers continue to grapple with low farm-gate prices. Planters incur losses when traders buy their crop at prices lower than their production cost.

This is because the Philippines remains hostage to the movement in international prices of various vegetable oils, including palm oil.

When the price of palm oil goes down, coconut oil—the top farm export of the Philippines—also becomes cheaper. Cheaper coco oil means traders will offer lower quotations for farmers’ copra. Unfortunately for farmers, the Philippine government has not yet found a way to expand the shipment of other coco-based products, which are potential dollar earners.

Apart from extracting the oil, the Philippines could export other coco-based products. The Philippine Coconut Authority (PCA) said in 2011 that processing just half of the 12 billion coconut husks that the country produces annually will allow the Philippines to earn $225 million in export receipts. According to the PCA, geotextiles or “cocomats” serve as erosion control material that are laid on mountain slopes, riverbanks and dam embankments.

The PCA also said coconut fibers may be transformed into twine or yarn, while fine coco fibers may be used in making beds or mattresses.

Coconut peat or dust can serve as organic fertilizer, soil conditioner or animal beddings. Based on data from the Philippine Statistics Authority (PSA), however, the Philippines remains dependent on coconut oil. Of the total value of coconut products shipped by the country last year, coconut oil accounted for nearly 75 percent of export receipts.

With palm oil prices fluctuating due to factors beyond the control of the government, it must now turn its attention to other coconutbased products. The Philippines cannot continue relying on coconut oil to beef up the country’s export receipts. The government must also not wait for the coco levy before implementing initiatives that will increase the incomes of farmers.

Sadly, farmers relying on the tree of life are now starving due to the steep fall in the price of copra. And dole outs in the form of cash transfers are unsustainable simply because the amount is not enough for the basic needs of farmers and their families. What makes matters worse, the coconut sector is not attracting investments that could help end its reliance on government assistance.

Farmers and the coconut sector in general need access to cheap credit and policies that will entice companies to go into the manufacture of coco-based products. Simple tweaks in policies, such as expanding the use of coco coir in infrastructure projects will be a big boost for the industry. The government must also invest in research and development so that more products can be created from the tree of life.

The only enduring and effective resolution of disputes is found in international law Teddy Locsin Jr.

FREE FIRE Continued from A1

O

N Asean’s Outlook on the Indo-Pacific, we will continue to uphold the principles of openness, inclusiveness, transparency, mutual trust and benefit, and a rules-based framework—and most especially Asean centrality.

We remain mostly focused on the South China Sea and the Pacific; and that already strains our attention not to mention our region’s resources. But we keep the

Loans as lifelines Aurora C. Ignacio

Since 2005

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

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

Online Editor Social Media Editor

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

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

Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Indian Ocean in mind. While we strongly helped and supported the Mauritius initiative on the Chagos archipelago, which met with resounding success in the first

All About Social Security

T

HE Philippines is a country prone to natural disasters. At one point in every Filipino’s life, he experiences devastation from an earthquake, typhoon or flooding. In the past few years, disaster preparedness has been a byword. Yet, every calamity significantly impacts the lives, health, housing and finances of affected families.

Rebuilding one’s life after a calamity is a daunting task. But resilience is a mark of every Filipino. Life after a storm is a constant journey of recovery not just for those who were directly devastated but for the entire nation as well because most Filipinos are willing to lend a helping hand to ease the suffering of the unfortunate victims.

In its own capacity, SSS shows that it cares for affected members and pensioners through its calamity assistance package (CAP) program. Launched in 2016, the pension fund has helped victims of Typhoons Lawin, Nina, Urduja, Vinta, Henry, Inday, Josie, Karding and Ompong; earthquakes in Surigao and Ormoc City, and the armed conflicts in Marawi City, Lanao del Sur. Early this year, the CAP was also offered to the victims of Typhoon Usman and the deadly earthquake in Zambales and Eastern Samar.

The SSS calamity assistance has three features: the calamity loans assistance program (CLAP),

three-month advance pension, and the direct house repair and/or improvement loan.

Through this program, members who are residents of areas declared under a state of calamity by the National Disaster Risk R educ t ion a nd M a n a gement Council may be granted a loan amount equivalent to their respective average monthly salary credit, computed based on the last 12 MSCs or the total amount of damages as certified by the member in the application form, whichever is lower.

Last week, SSS started accepting applications f rom members a nd pen sioners i n Bat a nes who were jolted by a 5.8-magnitude earthquake late last month.

To qualify for a calamity loan, a member must have at least 36 monthly contributions, six of which should be posted within the last 12 months prior to the month of filing of application. If employed, the employer must be updated in the payment of their SSS

On Asean’s Outlook on the Indo-Pacific, we will continue to uphold the principles of openness, inclusiveness, transparency, mutual trust and benefit, and a rulesbased framework—and most especially Asean centrality. We remain mostly focused on the South China Sea and the Pacific; and that already strains our attention not to mention our region’s resources.

round at the UN General Assembly. But we refused to support it in second round out of apprehension

The SSS calamity assistance has three features: the calamity loans assistance program, three-month advance pension, and the direct house repair and/ or improvement loan. Through this program, members who are residents of areas declared under a state of calamity by the National Disaster Risk Reduction and Management Council may be granted a loan amount equivalent to their respective average monthly salary credit, computed based on the last 12 MSCs or the total amount of damages as certified by the member in the application form, whichever is lower. contributions and loan remittances.

SSS members whose houses were damaged due to the earthquake may also apply for the direct house repair and/or improvement loan for a maximum loan of P1 million. It has a low interest rate of 8 percent per year for loan amounts of up to P450,000 and 9 percent annually for over P450,000.

To qualify for a home improvement loan, a member must have at least 24 monthly contributions, three of which should be posted within the 12-month period prior to the month of filing of application. He or she should not be older than 60 years old at the time of filing; and is updated in

about its diluting effect on a strong US naval presence in the Indian Ocean, which is essential to the balance of power where three of the last great powers hold sway: India, China and the United States.

We look forward to the finalization of the draft EAS Statements on Combating the Spread of Illicit Drugs. The only thing that has gotten universal acceptance today is that we should do nothing about the spread of illicit drugs and the threat it poses to viable societies—creating narcostates, on one hand, and defeated states on the other. Drug-dealing is a recognized mode of effective asymmetric warfare as the Opium Wars showed. Thank you, Mr. Chair, excellencies.

the payment of all other existing loans with SSS. Members who are qualified to avail themselves of the CAP, may apply over-the-counter in any SSS branch. They just have to submit a barangay certificate as proof of residency. This also covers overseas Filipino workers and seafarers, who may send their representatives with their author ization letter to apply for either a calamity or direct house repair loan.

Pensioners residing in Batanes may also apply for a three-month advance pension by submitting an accomplished Application for Assistance Due to Calamity or Disaster, which must be duly certified by their respective barangay chairman. However, those who have existing loans under the Pension Loan Program can no longer avail themselves of the three-month advance pension.

Application to the calamity loan and the three-month advance pension may be filed until November 15, 2019, while the direct house repair and/or improvement loan will be open until August 16, 2020.

Before I forget, the calamity loan is a separate loan window from the regular SSS salary loan. So, even if a member has an outstanding salary loan, he or she could still avail of the calamity loan.

Loans are lifelines during emergencies. But since loans are privileges, it is only granted to those who are actively paying contributions to the pension fund. To qualify for SSS loans, one has to save regularly with the pension fund. Remember: SSS is also your emergency savings.

Opinion BusinessMirror

www.businessmirror.com.ph

DOLE needs to get its act together

Solving the problem of unclaimed life insurance benefits accountant, be informed about the insurance.

Atty. Dennis B. Funa

Susan V. Ople

SCRIBBLES

S

ENIOR labor officials who attended the first organizational meeting and public hearing of the Senate labor committee wilted in the face of a succession of questions from the senators regarding the creation of a new department for overseas Filipinos.

Sen. Joel Villanueva, as chairman of the labor committee, presided over the hearing with Senators Francis Tolentino, Franklin Drilon, Nancy Binay, Sherwin Gatchalian, and Koko Pimentel present. Invited as resource persons were presidential adviser on OFW and Muslim A ffairs Abdullah Mamao, Labor Undersecretaries Ric Ebarle, Ciriaco Lagunzad (currently the acting secretary), Claro Arellano and Jing Paras, CFO Undersecretary Astravel Pimentel, Undersecretary Edwin Bael, and top officials of the POEA and OWWA. There were also representatives from the Department of Foreign Affairs, the private sector, as well as other NGOs. Sen. Franklin Drilon of the minority bloc, a former labor secretary, quizzed the labor undersecretaries on the nature of the trust fund being administered by the Overseas Workers Welfare Administration. When one of the undersecretaries cited the lack of repatriation funds under OWWA to service its members, the veteran senator explained why this is so.

Senator Drilon stressed that OWWA is a trust fund of the workers, and is membership-based, so its funds should not be used for general repatriation. The funding for repatriation services can be found in the national budget through the Assistance to Nationals Fund managed by the Department of Foreign Affairs, the senator said.

He also stressed that OWWA, and by extension, DOLE, has been functioning well and that there was really no need to legislate a separate department for overseas Filipinos.

He said that the P19-billion trust fund of the OWWA must be preserved and protected considering that these are workers’ funds being administered by the national government. Acting Labor Secretary Lagunzad voiced his personal opinion that the present setup of OWWA should be maintained.

When asked by Senator Villanueva on why the labor department is now suddenly supportive of bills creating a separate department considering its original stance that there was no need for it, Undersecretary Lagunzad said that their new position was brought about by a recent “enlightenment.”

When Senator Binay asked the undersecretary to elaborate, the answer she got was quite vague.

This exchange led Senator Tolentino to question the DOLE’s seeming reluctance to embrace the President’s directive to support the creation of a new department to serve migrant Filipinos. He reminded the resource persons that carving out new institutions from old ones has been done in the past.

He recalled that the present Department of Agriculture used to be part of the Department of Agriculture and Natural Resources, which was later on split into two major institutions.

The Commission on Filipinos Overseas represented by Undersecretary Pimentel-Naik lamented that the CFO was not included in the consultations held by the labor department on the proposed department. This prompted the senators to direct the DOLE to include the CFO and the DFA in its consultations

As I said in the Senate hearing, the Philippine overseas employment program is more than 40 years old. The upside in all these discussions on whether to create a separate department for OFWs is that it is forcing all of us to look at the mirror and contemplate the future of labor migration and migration governance. considering that the CFO has its own constituency of Filipinos residing abroad.

A few minutes before adjournment, Labor Undersecretary Jing Paras sought the chair’s permission to speak. He clarified that the DOLE fully supports the President’s directive in the State of the Nation Address for the creation of a separate department to cater to Filipinos overseas. This led Senator Villanueva, in his capacity as committee chair, to ask that the DOLE be more prepared in the next hearing.

What I heard as one of the invited resource persons in yesterday’s (Monday) hearing was an orchestra of discordant voices emanating from within the DOLE. I somehow understand their predicament— putting together a position paper on the amputation of your own department is quite a daunting and painful task. There is merit in having an interagency technical group that would handle this painful task together because the clamor to have a new department is real, and heartfelt, from among millions of overseas workers.

That sentiment, however, is not enough. From a policy perspective, the decision to create a new department must be evidencebased, structurally defined, and purpose-driven. Let the numbers speak for themselves. Those numbers reside in DOLE, specifically the POEA and OWWA. For Filipinos abroad that did not go through the POEA, the agencies that have primary knowledge about their needs and numbers would be the DFA and the CFO. Unless these three agencies meet and share their views about pending bills creating a new department for Filipino migrants, then how can the executive branch offer fair and much-needed “enlightenment”?

No less than Senator Vilanueva expressed disappointment in the DOLE’s performance. “I hope DOLE gets its act together, consult all stakeholders and all relevant government agencies.” He said he would not want a repeat of the outcome of the Security of Tenure bill, which was vetoed after three years of hearings, because of the objections of one agency.

As I said in the Senate hearing, the Philippine overseas employment program is more than 40 years old.

The upside in all these discussions on whether to create a separate department for OFWs is that it is forcing all of us to look at the mirror and contemplate the future of labor migration and migration governance. This is the kind of discussion that, though divisive and emotional, needs to happen for the sake of millions of Filipinos overseas and the families they have left behind.

Wednesday, August 28, 2019 A7

INSURANCE FORUM

E

VERY year, around the world, including the Philippines, billions of dollars in life insurance benefits are left unclaimed by beneficiaries. There is no escheatment legislation for unclaimed life insurance benefits in the Philippines. In Singapore, proceeds of over 8,000 policies were left unclaimed as of September 2015. In the US, it is estimated that every year over $1 billion in insurance benefits are unclaimed. It was estimated that the average unclaimed life insurance benefit is $2,000, although it could be as high as $300,000.

This is unfortunate for both the beneficiaries and the insurers. There are several reasons these insurance benefits go unclaimed under two trigger points: a) when an insurance policy has matured, or b) where the insured has died (death claims). Foremost of these are: a) the insurer and the insured have lost contact from each other; b) the death of the insured is unknown to the insurer; c) the beneficiaries could not be located; d) the existence of the insurance is unknown to the beneficiaries; and, although very rare, d) the insurance company could not be located.

Lost contact

LOSING contact between the insurer and the insured is a totally avoidable situation. If the insured moves from one address to another, it is his obligation to inform the insurer where he can be reached. Giving the mailing address and contact numbers is

essential. With the widespread use now of the e-mail address, losing contact should be a thing of the past.

Death unknown

THE death of the insured should be communicated promptly by the beneficiaries to the insurer. They are responsible for notifying the insurers and claiming the benefits.

The insurer would never know of the death unless communicated to them. In this respect, the insurers are passive. They only wait. There is no law or regulation in the Philippines obligating insurers to check death records (for example, going through the death certificates with the Philippine Statistics Authority).

There is no proactive duty to determine whether an insured had died.

Death could not be presumed from circumstances. By implication, it is advisable that the beneficiaries or at least someone, such as the lawyer or

Missing beneficiaries and insurer

AS years or decades would pass from the time an insurance policy is taken, the location or identity of the beneficiaries could become an issue. A beneficiary would have no obligation to inform the insurer of his or her current location or even in instances of change of name. And more common is that the beneficiaries would not even know that they are insurance beneficiaries. The insured may desire to keep the matter a secret from the intended beneficiary in the meantime. The ideal is for the insured to let the intended beneficiary know.

In case of maturing policies, the insurers, by obligation, do their best to contact the beneficiaries. In rare instances in the Philippines, the insurer could not be located.

Finding a solution: Singaporean approach

IN Singapore, if the beneficiaries could not be located within 12 months from the death or maturity, the details of the policyholders are published on the Register of unclaimed insurance proceeds. This register was launched in January 2016. The register is maintained by the Life Insurance Association, and refreshed twice a year. Through this register system, SGD $10 million were paid out in 2017.

United States approach

MOST states in the US, by state law, require insurers to regularly compare company records of in-force policies

against the Social Security Administration’s Death Master File, which is the nearest thing to a national death database in the US. This is known in several states as the Unclaimed Life Insurance Benefits Act which was initiated by the National Conference of Insurance Legislators as a Model Act in 2011.

A study in 2009 found that insurers were not doing enough to pay life policies where the insured had died and the beneficiaries could not be located. In 2011, as a result of a New York State investigation, more than $665 million in benefits were paid to more than 89,000 people across the United States. As of April 2019, seven years from its inception as an NCOIL Model Act, 34 states have passed unclaimed life insurance benefits legislation.

French approach

A JANUARY 1, 2016, law limits the time period within which a claim can be made to 10 years from the time the insurer becomes aware of the death of the insured or after the policy has expired. The insurer must transfer any unclaimed amounts to a French Public Body called the Caisee des depots et consignations within one month after the 10-year time limit. Once transferred, any claims will have to be made through the CDC with the help of its online search tool.

The CDC will hold the amounts for 20 years after the transfer from the insurer. After that the CDC will pass the amounts to the French government which will then forfeit it.

Sexual orientation and gender identity or expression Atty. Lorna Patajo-Kapunan

LEGALLY SPEAKING Conclusion

T

HIS is the continuation of Atty. Lorna Patajo-Kapunan’s column on Monday, where she discussed what the SOGIE bills pending in both houses of Congress seek to accomplish.

k) Publish information intended to “out” or reveal the sex, sexual orientation, or gender identity of persons without their consent, when such has not been made known by the person/s concerned, and has been made with malicious intent or is primarily motivated by a desire for commercial profit; l) Engage in public speech, except religious speech (remarks and comments made in the context of a religious service, ceremony and activity), meant to shame, insult, vilify, or which tends to incite or normalize the commission of discriminatory practices against LGBTIQs, and which acts or practices in turn, intimidate them or result in the loss of their self-esteem. m) Subject persons or groups of persons to harassment generally defined as such unwanted conduct, pat-

tern of conduct, act, or series of acts which tend to annoy, insult, bully, demean, offend, threaten, intimidate, alarm, or create a hostile or emotionally distressing environment, or put them in fear of their safety; and which behavior is motivated in whole or in part by the offender’s bias, belief, or perception regarding the offended party’s gender, sexual orientation, gender identity or expression, regardless of whether the belief or perception is correct. Such prohibited act may include physical assault, stalking, or making derogatory comments, slurs or lewd propositions, and may be conducted through any form of medium, including but not limited to, visual representation, broadcast communication, correspondence or communication through mail or any telecommunication device, or

through the Internet or cyberspace; n) Subject any person to gender profiling or to any investigatory activities, which include (1) unnecessary, unjustified, illegal, or degrading searches to determine whether an individual is engaged in an activity presumed to be unlawful, immoral, or socially unacceptable; (2) recording and analyzing a person’s psychological and behavioral characteristics to make generalizations about a person’s sexuality or to assist in identifying a particular subgroup of people’s sexual orientation or gender identity; o) Prevent a child under parental authority, custody, or guardianship from exhibiting or expressing one’s sexual orientation or gender identity; or manifesting rejection of such child’s sexual orientation or gender identity or expression inflicting or threatening to inflict bodily of physical harm against the child or by causing mental or emotional suffering of the child through intimidation, harassment, public ridicule or humiliation, repeated verbal abuse, or other similar means, or in general, commit any act or omission prejudicial to the welfare and interest of the child as a result of the bias against the sexual orientation or gender identity of the child; p) Subject a person to any other analogous acts that shall have the effect or purpose of impairing or nullifying the enjoyment, recognition,

or exercise of a person’s rights and freedoms.

Penalties imposable, upon conviction, range from a fine of P200,000 to P500,000 or imprisonment of not less than one year but not more than 12 years at the discretion of the court. If any civil, criminal or administrative offense not falling under this Act is committed and proven to be attended by any prohibited discriminatory practice, the offense shall be qualified aggravating circumstance and the penalty applicable shall be in its maximum period.

Administrative sanctions shall likewise be imposed for willful refusal of a government official whose duty is to investigate, prosecute or otherwise act on a complaint for violation of the Act to perform such duty without a valid ground. The proposed bills likewise provide for programs to promote nondiscrimination and diversity, such as social protection programs, diversity programs and policies, information and education campaigns.

While compared to other countries we appear to have a tolerant and friendlier attitude towards the LGBTIQ++ Community, this is not enough. Respect for their equal rights and their right to human dignity must be institutionalized through legislation. Must we wait for another toilet incident?

Wall Street prepares for the end of a crucial era

By Lananh Nguyen & Alexandra Harris Bloomberg Opinion

L

IBOR is dying, warn global regulators and there’s nothing banks can do to stop it. Their only choice is to prepare for the end.

That’s where Jason Granet comes in. Plucked from Goldman Sachs Group Inc.’s asset-management unit last year, he now leads a group of bankers and law yers working day in and day out to ready the lender for the fateful day— still more than two years away— when the world’s most important reference rate is set to be phased out.

The major Wall Street banks—not to mention insurers, money managers, law firms and advisory businesses—are all mobilizing employ-

ees around the globe in anticipation of Libor’s demise. The benchmark’s key role in financial markets—at last count it underpins more than $350 trillion of mortgages, loans and derivatives across various currencies—means they’re being pulled from all corners of the industry. For Granet, the objective is clear: ensure that what many say is one of the most significant and complex transitions in the history of modern finance goes off without a hitch at Goldman Sachs.

“My job completely changed,” said

Granet, who now reports to Beth Hammack in treasury operations after spending the bulk of his almost 20-year career at the bank overseeing money-market funds. “It’s an international, complex intellectual challenge.”

For decades, the London interbank offered rate was a convenient way to determine the cost of floatingrate debt around the world. It’s calculated from a daily survey of more than 15 large banks that estimate the price to borrow from each other without putting up collateral.

But the trading behind those estimates has dried up, and coupled with the post-crisis discovery of rampant manipulation, UK officials two years ago signaled an end to Libor, saying they’ll stop compelling banks to submit quotes after 2021.

The decision has spurred global regulators to push ahead with their own domestic funding-rate alternatives, and forced financial firms to figure how to extricate themselves from a benchmark so thoroughly entwined in global markets.

At a June roundtable, Goldman Sachs, JPMorgan Chase & Co., Wells Fargo & Co. and others discussed how they’re establishing oversight committees, setting up joint steering groups and recruiting employees to build out their Libor transition capabilities. Consulting companies such as Oliver Wyman & Co. and Accenture Plc. are advising clients on how to best manage the shift, while law firms such as Cadwalader, Wickersham & Taft have helped craft fallback language for credit contracts that reference the benchmark.

2nd Front Page BusinessMirror

A8 Wednesday, August 28, 2019

www.businessmirror.com.ph

Pogos should locate outside NCR–Neda

D

By Cai U. Ordinario

@caiordinario

ECONGESTING Metro Manila could also mean regulating where Philippine offshore gaming operators (Pogos) locate, according to the National Economic and Development Authority (Neda).

At the Economic Journalists Association of the Philippines (Ejap) Forum on Tuesday, Socioeconomic Planning Secretary Ernesto M. Pernia noted an “overbuilding” of offices and condominiums in Metro Manila.

Pernia said these Pogos can instead locate in places outside of the National Capital Region (NCR) or Metro Manila to operate. He said the government can encourage them to do this through regulation.

“I think there is too much

House panel OKs bill allowing aliens ‘practice of professions’

T

HE House Committee on Economic Affairs and the House Committee on Trade and Industry on Tuesday jointly endorsed for plenary approval a Duterte administration priority measure amending the Republic Act 7042, or the Foreign Investments Act of 1991 to exclude the “practice of professions” in the Foreign Investment Negative List (FINL).

In a joint hearing, Economic Affairs committee chief Sharon Garin of AAMBIS-OWA and the Trade and Industry Chairman Weslie Gatchalian invoked—in approving the bill —the House Rule 10, Section 48 or

the one-day hearing only, which covers all bills that have been approved on third reading during the previous congress.

“The exclusion of the practice of professions from the coverage of the Foreign Investment Act is noteworthy, because it will enhance the competitiveness of Filipino professionals both in the domestic and international labor markets.

There is, likewise, an advantage for allowing foreigners to practice in the country because it would enable closer cooperation and spread of innovation for our own pool of professionals,” Gatchalian said.

TROPICAL STORM “JENNY” ESTIMATED AT 290 KM EAST OF INFANTA, QUEZON SOUTHWEST MONSOON AFFECTING WESTERN SECTIONS OF SOUTHERN LUZON AND VISAYAS as of 4:00 pm - August 27, 2019

The measure was authored by Albay Rep. Joey Salceda, Deputy Speaker Raymund Villafuerte and Tarlac Rep. Victor Yap. According to Yap, Republic Act 7042 or the Foreign Investments Act (FIA) of 1991 was enacted to attract productive foreign investments to facilitate transfer of technology, enhance skills of Filipino workers, promote the welfare of Filipino consumers, and to generate more employment for the economy.

However, he said two provisions in the law are deemed to be inconsistent with the objectives of the FIA. See “House,” A2

overbuilding of offices and condominiums in Metro Manila. They should go to the regions because infrastructure is being improved and that will improve the performance of our regions,” Pernia said.

“I think Pogos should be regulated in the fashion of where they can locate.”

While there are no exact figures and no official study made on Pogos, local economists list them among the factors driving up the uptake in real-estate prices and spaces in the country.

Rice trade lib sans support fund will hurt farmers–Villar

Pogos need spaces for their business and residential units for foreign workers. This is especially crucial with the plateau of the business-process outsourcing (BPO) industry in recent years.

Bank of the Philippine Islands (BPI) lead economist Emilio S. Neri Jr. told the BusinessMirror at the sidelines of the Ejap Forum that the Pogos filled the gap left by the slowdown in the growth of the BPOs. If the Pogos will no longer be allowed in the country, Neri said the Philippine real-estate sector

may suffer a “double” loss. Nonetheless, Neri said the real-estate sector is “resilient enough” and can withstand this blow.

Pagcor freeze

LAST week, Philippine Amusement and Gaming Corp. (Pagcor) Chairman and Chief Executive Officer (CEO) Andrea Domingo said they are imposing a moratorium on new applications by Pogo players, which will last until the end of the year.

See “Pogos,” A2

E.U. ENVOY ENDS 4-YR ‘EXCITING’ PHL STINT

S

EN. Cynthia Villar picked up the cudgels on Tuesday for farmers worrying over the backlash from the flood of cheaper imported rice into the local market following the end of quantitative restrictions on rice imports.

Villar, who chairs the Senate Committee on Agriculture and Food, reminded authorities to consider the plight of local farmers who, she warned, stand to lose more under a new setup without any support program in place.

Now that Philippine authorities can no longer limit the entry of imported rice, “we impose tariffs and collect the amount to spend for programs that will help improve our farmers’ productivity and profitability under the Rice Competitiveness Enhancement Fund [RCEF],” she said.

“We were under a QR system for 22 years. To my mind, we were given more than enough time to improve but we did not improve,” said Villar, lamenting that “our farmers and fisher folk continue to suffer in poverty while smugglers and cartels continue to enrich themselves.”

Villar said the need to “really push” improvement of the agriculture sector was shared by majority of the senators who joined her in voting 14-0 to approve the enabling bill that President Duterte signed into law last February.

Republic Act 11203 or the rice tariffication law removed the quota on rice imports and imposed tariffs. It allocates the collected revenue of P10 billion a year to RCEF, to be divided as follows: P5 billion for procurement by the Philippine Center for Postharvest Development and Mechanization of farm equipment and machinery, which will be distributed to each of the 947 rice-producing towns in the country; P3 billion for the production and promotion of inbred seeds by the Philippine Rice Research Institute which will increase the farmers’ yield by up to 50 percent; P1 billion to be given to the Land Bank of the Philippines and the Development Bank of the Philippines for the creation of a credit facility with minimal interest rates and collateral requirements; and another P1 billion to PhilMech, PhilRice, the Agricultural Training Institute (ATI) and the Technical Education and Skills Development Authority (Tesda) for skills training in rice crop production, modern rice farming techniques, seed production, farm mechanization, farm machinery servicing and maintenance and knowledge and technology transfer through farm schools nationwide.

In a statement, Villar admitted having apprehensions over the sector’s dire prospects without the enabling law, saying: “If we do not give the RCEF law a chance to be fully implemented and deliver on its promise to improve the competitiveness of our agriculture sector, I don’t think we can ever make it.

In this age of liberalization, our farmers will continue to fear competition because they were not given the chance to improve their ways.” Butch Fernandez

AMBASSADOR Franz Jessen bids adieu to local journalists, describing his stint as nothing short of “exciting.” NONIE REYES

By Mike Policarpio Envoys&Expats Editor

N

EARING the end of his tourof duty in the Philippines, Ambassador of the Delegation of the European Union (EU) Franz Jessen described his fouryear stint as “exciting,” as it coincided with the transition of a new government.

The diplomat, whose amiable demeanor endeared him to the local press, touched on key issues that marked his stay, while he made his presence felt across the archipelago as the top representative of the 28-member regional bloc.

The envoy started his speech on Tuesday by underscoring the EU’s close collaboration with various sectors on peace and stability,

which “we have supported very strongly,” particularly with the diverse spectrum of players: from the Office of the Presidential Adviser on the Peace Process (Opapp), to the Moro Islamic Liberation Front (MILF).

He cited the “good working conditions of the estimated 800,000 overseas Filipino workers” in the continent, adding that they have never received “complaints from [Labor Secretary Silvestre H. Bello III],” and cited the high level of respect for labor rights within the EU. He described the local labor force as “competitive” and “very strong,” such as in the sectors of seafaring, but cautioned that it should not rely on its past successes, as competition is slowly emerging in other See “EU envoy,” A2

DBM: 80% hike in intel funds for OP ‘justified’

T

HE Department of Budget and Management (DBM) said on Tuesday it deemed the proposed 80-percent increase in confidential and intelligence funds of the Office of the President (OP) “justified” considering the national security threats and issues affecting the West Philippine Sea. 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 expense items.

The OP is seeking a grand total of P8.25 billion for next year. This is a 20.9-percent hike from this year’s approved budget of P6.82 billion.

Asked whether the proposed increase in confidential and intelligence expenses is justified, Budget Secretary Wendel Avisado told reporters: “It is to us justified because we ourselves are not privy to the extent of national security issues, and precisely, I said, perhaps [at an] opportune time the President will also be able to share to you or through the major service heads what is

the current security situation of the country in light of all these threats and issues affecting the West Philippine Sea, how much more can we make ourselves present in this area and the ongoing support that we are giving to BARMM [Bangsamoro Autonomous Region in Muslim Mindanao] in the normalization program so that we will be able to institutionalize what is required for us to do, to obtain and achieve lasting peace in Mindanao.”

Meanwhile, Malacañang also defended the budget increase for the Office of the President, saying it will provide efficient, meaningful and effective public service to the nation.

“In times of national emergencies and calamities, coupled with cries for help from all walks of life, and when the departments and agencies that provide basic services or responses to the public run short of funds, the OP steps in to extend a helping hand and augment whatever shortage there may be in delivering the requisite assistance,” said Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo in a statement.

www.businessmirror.com.ph

Companies BusinessMirror

Wednesday, August 28, 2019

B1

Revised Naia Consortium proposal up for review by Neda Board’s ICC

T

By Lorenz S. Marasigan

@lorenzmarasigan

HE National Economic and Development Authority (Neda) Investment Coordination Committee (ICC) will tackle the unsolicited proposal of the Naia Consortium, which was revised to reflect the changes that Transportation Secretary Arthur P. Tugade ordered through a policy declaration.

Socioeconomic Planning Secretary Ernesto Pernia said the Naia Consortium—a group of seven of the largest conglomerates in the Philippines—has successfully submitted a “complete” proposal that was endorsed by the transport agency. “[It will be taken up] in the next ICC meeting in September,” he told reporters on the sidelines of a forum staged by the Economic Journalists Association of the

Philippines on Tuesday.

To recall, Naia Consortium had to resubmit its proposal for the P102-billion redevelopment of the Ninoy Aquino International Airport (Naia) because Tugade ordered all proponents of airport development unsolicited proposals to pattern their offers after the operations and maintenance deal for the Clark International Airport.

T he g roup is composed of Aboitiz InfraCapital Inc., AC In-

DMCI Mining nickel ore shipments up 41% in H1

D

MCI Mining Corp., a unit of publicly listed DMCI Holdings Inc., on Tuesday said its shipment of nickel ore grew 41 percent during the first half of the year, even though the company has not been able to mine all of its sites.

The company said it shipped 343 thousand wet metric tons during the second quarter, raising its total shipment in the first semester to 681 thousand WMT, a 41-percent increase from the 483 thousand WMT it shipped during the same period last year.

All of the shipments came from Berong Nickel Corp.

DMCI Mining’s other nickel asset, Zambales Diversified Metals Corp. (ZDMC), has complied with the conditions set by the Department of Environment and Natural Resources for the lifting of its November 2018 suspension order.

“The Mines and Geosciences Bureau reviewed the remedial ac-

tions taken by ZDMC last April 2019, and confirmed that all the specified conditions of DENR have been met,” DMCI Mining President Cesar F. Simbulan Jr., said.

“MGB has also recommended the lifting of the suspension.

Hopefully, the DENR central office will reach a decision before the end of this year,” he said.

On a stand-alone basis, DMCI Mining recorded flat revenues of P985 million in the first half of 2019 as its shipment of mostly lower-grade nickel commanded a lower average selling price.

Average nickel grade during the period dropped 8 percent from 1.73 percent to 1.6 percent. Average selling price fell 28 percent to $28 from $39.

In the first six months of the year, DMCI Mining saw its standalone net income decline 19 percent year-on-year from P316 million to P254 million. VG Cabuag

REPRESENTATIVES of the seven conglomerates comprising the Naia Consortium are seen in this 2018 BusinessMirror file photo at a press briefing in Makati City. From left, Metro Pacific Investments Corp.’s Kris Anne Arasula; Asia’s Emerging Dragon Corp.’s Lorna Pangilinan; AC Infrastructure Holdings Corp.’s Janet Bautista; Aboitiz InfraCapital Inc.’s Jimbo Reverente; Alliance Global Group Inc.’s Carla Uykim; Filinvest Development Corp.’s Terry Coronel; and JG Summit Holdings Inc.’s Jourdan Lee. NONIE REYES

frastructure Holdings Corp., Alliance Global Group Inc., Asia’s Emerging Dragon Corp., Filinvest Development Corp., JG Summit

Holdings Inc. and Metro Pacific Investments Corp.

It promised to increase the capacity of the Naia to 47 million

during its first year of operations and to 65 million by its second year, more than double its rated capacity.

SEC warns public vs false claims of KAPA

By VG Cabuag @villygc

T

HE Securities and Exchange Commission (SEC) has warned the public on the false claims of KAPA-Community Ministry International, where it said that it had secured the necessary licenses to resume its operations.

KAPA claimed in its Facebook post and on other social media that it already filed with the SEC an application for a secondary license to sell and offer for sale securities to the public.

The SEC said it has not received any application for a secondary license from KAPA, as verified by the SEC Company Registration and Monitoring Department.

“Besides, KAPA does not have a juridical personality to make such application,” the SEC said.

On April 3, the SEC revoked the certificate of incorporation of KAPA for serious misrepresentation of what it could do or was doing to the great prejudice of or damage to the general public.

EMILIO B. AQUINO

The SEC said it is taking note of the false claims by KAPA, in particular, on social media. Supposedly, the group was poised to secure the necessary licenses to resume its operations.

KAPA also claimed that the Bangko Sentral ng Pilipinas released a statement that it approved its investment scheme and questioning delays on the part of the SEC. The Central Bank refuted such claim.

KAPA was registered with the SEC as a nonstock corporation but it so-

licited investments from the public without first securing a secondary license. Worse, the group had employed a Ponzi scheme, the SEC said.

Under its scheme, KAPA enticed the public to donate P10,000 in exchange for a 30-percent “monthly blessing” or love gift for life, without having to do anything other than shell out money and wait for the promised payout.

On June 18, the Commission filed a criminal complaint against KAPA, its founder and President Joel A. Apolinario, trustee Margie A. Danao, Corporate Secretary Reyna L. Apolinario and other promoters of the investment scam.

“We enjoin the investing public to be more discerning with and critical of any promises and persuasions made by fraudsters,” SEC Chairman Emilio B. Aquino said.

“When presented an investment opportunity, take time to verify the legitimacy of the company, especially their authority to solicit investments from the public, and to understand how the promised returns will be generated and delivered.”

S&P assigns BBB+ as maiden rating to BPI

By Bianca Cuaresma @BcuaresmaBM

S

&P Global Ratings assigned its “BBB+” long-term and “A2” shortterm issuer credit ratings (ICR) to Bank of the Philippine Islands (BPI), reflecting the bank’s “dominant market position as the third-largest bank in the Philippines.” The outlook on the longterm rating is stable.

S&P said the rating was based on four Bank-Specific Factors comprising the bank’s stand-alone credit profile.

In particular, BPI achieved “strong, +1 notch” rating for Business Position and Capital and Earnings, an “adequate, neutral position” for Risk Position, an “average” for Funding and “strong, neutral position” for Liquidity.

“We anticipate that BPI’s asset quality will continue to be sound, underscoring the bank’s good underwriting practices and risk control. However, a minor de-

terioration in asset quality is likely as the bank grows its higher-yielding, but riskier, consumer and small and midsize enterprise [SME] portfolio,” S&P said.

“BPI’s funding profile is underpinned by its extensive branch network, well-established franchise, and record of strong depositor confidence. We assess the bank’s stand-alone credit profile [SACP] to be BBB+,” it added.

This is the first credit rating assigned

by S&P to the Bank. BPI’s rating at BBB+ ICR is on a par with the Philippine Sovereign Rating of ‘BBB+’.

S&P upgraded the Philippine Sovereign Rating on April 30, 2019. S&P also classified the banking sector of the Philippines in group “5”; under their Banking Industry Country Risk Assessment (Bicra). The entire ratings process took about three months, from May 2019 to August 2019, in coordination with the bank’s ratings advisor consultant, Mizuho Bank Ltd.

A BRANCH of the Bank of the Philippine Islands in Makati City. S&P Global Ratings assigned its “BBB+” long-term and “A2” short-term issuer credit ratings (“ICR”) to BPI, reflecting the bank’s “dominant market position as the third-largest bank in the Philippines.” The rating was based on four Bank-Specific Factors comprising BPI’s stand-alone credit profile. NONIE REYES

$210-M new investment to boost lending app Tala’s credit expansion

T

HE new investment for lending app Tala will help unlock more financial opportunities for Filipinos, as the fresh round of funding will help the digital loan disbursement application expand its credit facility designed for the unserved and the underserved.

Tala Philippines Country Manager Angelo Madrid said Tala’s $210-million Series D investment— a $110-million equity infusion by RPS Ventures and a $100-million debt—will help drive the company’s “continued growth and support the launch of new products” in the application’s ecosystem.

“As the second-largest market in Southeast Asia, the Philippines presents a massive opportunity. With a population of over 100 million, we have 70 million unbanked Filipinos with a widely unmet need for credit in a growing economy. In the two short years since we launched in the Philippines, Tala has emerged as the top digital lender in the market,” he said.

Tala was the first in the world to offer unsecured loans via mobile phones in 2014, and has since disbursed roughly $1 billion to 4 million customers in three continents.

So far, it has recorded a 90-percent repayment rate.

“We attribute our rapid success to our lean 200-person team in Manila that works with Tala’s global team to deliver best-in-class localized experiences, and our amazing customers, who are the most engaged and loyal that we have seen in any market.

With this round of funding, we look forward to continuing on the path to universal financial inclusion,” Madrid added.

He noted that in the near term, Tala will leverage its proprietary technologies and customer trust to deliver additional products that “accelerate financial health for the underserved in the Philippines and around the world.” Lorenz S. Marasigan

Facebook’s voice transcriptions probed by German data watchdog

F

ACEBOOK Inc. is being probed by Hamburg’s data protection authority over transcribing audio from users of its services, adding to an investigation into Google’s automatic speech assistant.

Facebook “is currently the subject of a separate investigation” into transcription of human-tomachine and human-to-human communications, the Hamburg Commissioner for Data Protection said in a press release on Monday.

“Manual evaluation was used in Facebook Messenger to optimize the transcription function.”

Bloomberg reported earlier in August that Facebook has been transcribing the audio of users who chose the option in Facebook ’s Messenger app to have their voice chats transcribed. The human review was aimed at checking whether Facebook’s artificial intelligence correctly interpreted the messages.

In an e-mailed statement, the Irish data protection commissioner’s office, Facebook’s main privacy watchdog in the EU, said that while the voice-to-text feature was not offered to users in Europe, Facebook inadvertently manually transcribed the audio clips of fewer than 50 European users across 14 countries. The situations occurred when a US-based user of the feature engaged with a Europe-based contact. Bloomberg News

B2

Companies BusinessMirror

Wednesday, August 28, 2019

PSE STOCK QUOTATIONS

August 27, 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 CITYSTATE BANK EAST WEST BANK METROBANK PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BDO LEASING COL FINANCIAL FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH VANTAGE

55 145.5 87.05 25.9 5.09 11.6 70.65 20.8 45 57.85 116 27.5 186.2 59 2.07 18.2 4.89 0.435 710 0.91 186.1 1.11

56.45 146 87.1 26.25 7.9 11.66 70.95 22 45.05 57.95 120 28 186.5 59.1 2.16 18.6 4.95 0.445 750 0.93 187.2 1.17

56 148.4 89.5 26 5.07 11.7 72 22.8 45.95 58 120 27.6 186 59.1 2.06 18.6 4.85 0.435 710 0.93 186.1 1.11

56.45 148.4 89.5 26.3 7.95 11.7 72 22.8 46 58 121 27.6 186.5 59.1 2.06 18.6 5.25 0.445 711 0.94 189 1.11

55 144 86.75 25.9 5.07 11.54 70.65 22 45 57.8 116 27.5 185.4 59.05 2.06 18.2 4.82 0.43 710 0.92 186.1 1.11

56.45 145.5 87.1 26.25 7.95 11.6 70.65 22 45 57.85 116 27.55 186.2 59.05 2.06 18.6 4.95 0.435 710 0.92 187.2 1.11

2040 5062190 3885380 74600 400 276900 4091830 200 144400 2500 460 12900 588740 3120 3000 1100 658000 190000 70 523000 150 410000

113269 736308625 338326327 1942535 2318 3213270 289515523 4480 6527205 144710 55060 355200 109603657 184253.5 6180 20260 3295980 82150 49710 485160 28094 455100

INDUSTRIAL

-20869107 -20400365 -469145 22086 -55761574.5 -167390 -12798613 -116333.5 129290 -230740 -16848 -

ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE LIBERTY FLOUR MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA EUROMED LMG CHEMICALS MABUHAY VINYL PRYCE CORP GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.31 35.2 0.235 26 83.3 361.8 22.35 5.12 4.26 2.78 10.94 34 7.01 16.1 15.02 90.35 15.36 14.04 5.67 8.96 7.24 94.85 0.68 48.55 229.8 41.05 13.64 0.184 1.78 12.2 1.58 5 2.2 0.127 168.4 1.09 2.45 76 80 2.93 5.6 14.96 9.14 14.5 18.48 8.58 1 1.29 2.02 1.6 4.9 3.39 5.02 1.95 8.01 1.49 5.2 1.04 10.86

1.32 35.3 0.24 26.2 83.7 367.4 22.5 5.13 4.4 2.79 11.28 34.45 7.14 16.92 15.2 108.9 15.5 14.06 5.68 9 7.28 94.95 0.7 48.75 230 49.95 13.66 0.195 1.79 12.3 1.66 5.1 2.21 0.131 168.5 1.1 2.55 79 82.4 2.98 5.69 15.06 9.28 14.6 18.52 9.22 1.01 1.3 2.06 1.63 5.08 3.4 5.04 1.99 8.07 1.52 5.5 1.05 11

1.31 36.85 0.238 26.5 83.2 362 22.1 5.12 4.4 2.82 11.02 35.7 7.15 16.1 15 100 15.5 14.04 5.85 8.94 7.25 96.9 0.66 49 229.8 41.05 13.56 0.184 1.79 12.9 1.66 5 2.21 0.126 170.5 1.06 2.45 72 82.7 3.07 5.6 15.1 9.6 14.78 18.6 9.05 1.03 1.12 2.02 1.63 4.61 3.39 5.3 1.9 8 1.54 5.3 1.08 10.02

1.32 36.85 0.242 26.5 84.8 367.4 22.5 5.15 4.41 2.9 11.28 35.75 7.15 16.1 15.28 108.9 15.5 14.06 5.85 9.1 7.5 97 0.69 49.5 230.2 41.05 13.74 0.184 1.79 12.9 1.69 5.1 2.21 0.126 171.2 1.1 2.45 76 85.9 3.08 5.69 15.1 9.61 14.8 18.6 9.1 1.03 1.57 2.02 1.63 5.28 3.39 5.34 2 8.09 1.54 5.3 1.08 11.14

1.31 35.2 0.238 26 83.2 358.2 22.1 5.09 4.4 2.75 10.9 33.2 7 16.1 15 90.35 15.5 14.02 5.68 8.9 7.24 94.35 0.66 48.1 224.4 41.05 13.54 0.184 1.73 12.12 1.53 5 2.21 0.126 165 1.04 2.45 72 78.5 2.92 5.6 14.94 9.1 14.4 18.46 9 0.98 1.1 2.02 1.63 4.59 3.39 5 1.89 8 1.48 5.26 1.03 9.8

1.32 35.2 0.24 26 83.3 367.4 22.4 5.13 4.4 2.79 11.28 34.45 7.14 16.1 15.2 108.9 15.5 14.06 5.68 9 7.25 94.95 0.69 48.55 230 41.05 13.66 0.184 1.79 12.3 1.66 5.1 2.21 0.126 168.5 1.09 2.45 76 82.4 2.93 5.69 15.06 9.14 14.6 18.48 9.1 1 1.29 2.02 1.63 4.9 3.39 5.02 1.99 8.07 1.54 5.26 1.05 11

18000 5439600 410000 1908500 73740 472130 1199000 664400 21000 12170000 99000 351500 72300 1500 951500 110 900 12900 85200 1228700 3651700 237450 458000 181150 1535510 100 95400 40000 11100000 168600 1083000 8700 8000 300000 3671210 5676000 89000 4410 25730 8084000 20100 37600 66700 2287000 3236600 1504000 168000 105800000 18000 2000 889000 20000 1120600 7967000 266300 207000 21100 141000 475000

23610 192325745 97830 49753450 6158959.5 172680254 26822845 3394097 92430 34242170 1104598 12,110,070( 509723 24150 14424626 10606.5 13950 181136 485469 11052876 26999448 22572062.5 312380 8853095.5 351733006 4105 1299882 7360 19514400 2083968 1736030 43540 17680 37800 620126349 6027440 218050 324278 2088196.5 23999830 113487 563038 615054 33386570 59823974 13686050 167960 146832180 36360 3260 4422870 67800 5661001 15472240 2132944 310740 111230 146740 4997438

-66657550 -9503690 -1160236 34415748 -10491590 -360768 -109570 7,073,219.9994) 895926 -9517.5 -9820 1562429 -10228737 -4074599 -670 2255719 43362966 -9618 -350810 71820 -222370 -2039.9999 -134261638 218050 -2623570 -1706 -359737 -6450822 47774716 -13650000 -800470 57630 302100 1516140 374948 -138100

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

0.72 13.38 937.5 49.95 12.24 3.4 7 0.65 1.34 1.35 6.56 8.88 13.52 0.224 853.5 6 66.45 5.04 0.47 4.62 13.6 0.61 4.87 0.038 1.32 2.6 1.33 988 172.1 0.76 248 0.228 0.228

0.73 13.4 940 50 12.26 3.41 7.08 0.67 1.35 1.36 6.76 8.9 13.78 0.241 860.5 6.27 66.5 5.48 0.49 4.63 13.78 0.63 4.9 0.039 1.37 2.86 1.34 995 173 0.78 250.6 0.235 0.234

0.77 13.24 932 51.25 12.26 3.5 7.01 0.67 1.3 1.32 6.8 9.22 13.8 0.235 860 6.27 68.6 5.01 0.495 4.68 13.8 0.59 4.98 0.038 1.38 2.72 1.37 990 175 0.79 251 0.236 0.231

0.77 13.6 945 51.25 12.42 3.5 7.01 0.67 1.35 1.35 6.82 9.24 13.8 0.241 866.5 6.27 68.6 5.04 0.495 4.68 14.06 0.63 4.99 0.039 1.38 2.72 1.37 1000 175 0.79 251 0.236 0.231

0.71 13 926 50 12.1 3.38 7 0.64 1.27 1.31 6.56 8.88 13.52 0.235 851 6 66.05 5.01 0.47 4.55 13.6 0.57 4.8 0.038 1.32 2.6 1.33 985.5 172 0.76 246.6 0.227 0.215

0.73 13.38 937.5 50 12.26 3.41 7 0.67 1.34 1.35 6.56 8.88 13.78 0.241 853.5 6.27 66.45 5.04 0.49 4.62 13.6 0.61 4.87 0.039 1.37 2.6 1.33 988 172.1 0.78 250.4 0.235 0.231

36056000 25600 738420 5029290 13485300 2861000 9400 727000 4204000 610000 819700 15826300 403000 70000 276540 2100 5449210 3800 1080000 4868000 4711500 1639000 43717000 6400000 45000 12000 62000 1102235 221590 505000 255610 700000 2690000

26574190 338588 691177105 251554769 165355532 9841140 65828 475900 5554810 809460 5463704 141061392 5480656 16550 236222570 12843 362326944 19137 508250 22348970 64996172 969960 212879720 247200 61660 32000 83070 1090558840 38171936 387400 63852514 161490 598800

951360 -63758820 -77459298 -36084468 319800 -132000 523770 -2123511 -52729525 -901760 -2530930 -51397924.5 23500 -12930890 -16378520 34432060 -2690 -289661977.5 -28168748 -1265732 -

HOLDING & FRIMS

PROPERTY

ARTHALAND CORP 0.86 0.87 0.92 0.92 0.83 0.87 5427000 4692350 249290 AYALA LAND 47.25 47.5 48.05 48.3 47.25 47.25 30254800 1436226480 -251584690 ARANETA PROP 1.86 1.9 1.93 1.93 1.93 1.93 3000 5790 BELLE CORP 2.14 2.16 2.18 2.2 2.14 2.14 1053000 2266440 A BROWN 0.79 0.8 0.79 0.8 0.78 0.8 721000 564090 CITYLAND DEVT 0.87 0.89 0.85 0.88 0.83 0.87 50000 42480 CROWN EQUITIES 0.229 0.233 0.227 0.241 0.227 0.233 870000 204480 1930 CEBU HLDG 5.8 6.16 6.16 6.16 6.16 6.16 800 4928 CEB LANDMASTERS 4.71 4.74 4.7 4.74 4.7 4.74 129000 609160 CENTURY PROP 0.56 0.57 0.57 0.58 0.56 0.57 20258000 11555900 -315210 CYBER BAY 0.39 0.4 0.39 0.4 0.39 0.39 800000 312500 DOUBLEDRAGON 22.9 22.95 24.1 24.1 22.5 22.9 990900 22723275 1739180 DM WENCESLAO 8.7 8.75 9 9 8.65 8.75 1271700 11187839 -6450802 EMPIRE EAST 0.45 0.465 0.455 0.465 0.45 0.465 40000 18200 FILINVEST LAND 1.53 1.57 1.59 1.61 1.53 1.53 57147000 89119790 -40313570 GLOBAL ESTATE 1.22 1.25 1.27 1.27 1.22 1.25 1169000 1447720 -116250 8990 HLDG 15.36 15.38 15.48 15.5 15.36 15.36 1049100 16224548 -543536 PHIL INFRADEV 1.34 1.35 1.32 1.37 1.3 1.34 2378000 3158070 55490 CITY AND LAND 0.73 0.76 0.76 0.76 0.76 0.76 1000 760 MEGAWORLD 4.81 4.83 4.83 4.9 4.75 4.81 79163000 381768980 -74414280 MRC ALLIED 0.32 0.325 0.295 0.33 0.295 0.32 53090000 16888200 -380450 PHIL ESTATES 0.44 0.465 0.465 0.465 0.44 0.44 350000 159550 PRIMEX CORP 2 2.01 2.03 2.03 2 2.01 257000 515520 ROBINSONS LAND 24.35 24.45 24.6 24.6 23.9 24.45 5448400 132754385 -5997500 PHIL REALTY 0.37 0.38 0.375 0.375 0.37 0.375 1680000 626650 ROCKWELL 2.36 2.37 2.35 2.38 2.35 2.36 303000 714940 SHANG PROP 3.2 3.3 3.3 3.3 3.3 3.3 14000 46200 9900 STA LUCIA LAND 2.4 2.44 2.34 2.49 2.28 2.44 2590000 6078460 12250 SM PRIME HLDG 34.6 34.65 34.85 35.2 34.5 34.65 31057200 1077283885 -203549000 STARMALLS 5.85 5.95 5.82 5.98 5.68 5.95 203500 1198079 -339703 SUNTRUST HOME 0.88 0.89 0.91 0.91 0.86 0.89 1571000 1383570 PTFC REDEV CORP 45.05 53 50 50 50 50 10 500 VISTA LAND 7.26 7.27 7.42 7.42 7.21 7.26 8838500 64114912 -40321193

SERVICES ABS CBN 18.9 18.92 18.62 19 18.52 18.9 63000 1181562 GMA NETWORK 5.31 5.32 5.4 5.4 5.31 5.32 23500 124968 MANILA BULLETIN 0.45 0.46 0.46 0.47 0.44 0.46 670000 304300 GLOBE TELECOM 1880 1917 1899 1919 1880 1880 114375 215821465 -13315365 PLDT 1117 1118 1132 1144 1100 1117 235315 262788675 -23667775 APOLLO GLOBAL 0.045 0.046 0.046 0.047 0.046 0.047 200000 9300 DFNN INC 5.8 6 5.81 5.81 5.8 5.8 5000 29015 IMPERIAL 1.83 1.94 1.93 1.94 1.93 1.94 4000 7750 ISLAND INFO 0.112 0.113 0.111 0.115 0.111 0.114 360000 40480 ISM COMM 4.9 4.92 5.07 5.07 4.75 4.9 3362500 16508778 637098.9999 JACKSTONES 2.93 3.09 3.07 3.09 3.07 3.09 18000 55550 NOW CORP 3.19 - 2.55 3.19 2.5 3.19 76023000 228381000 -5905710 TRANSPACIFIC BR 0.38 0.385 0.35 0.405 0.335 0.38 62920000 23889300 -326900 PHILWEB 3 3.01 3 3.02 2.93 3 1916000 5682450 2GO GROUP 10.3 10.5 10.2 10.5 10.2 10.3 15400 159110 CHELSEA 6.94 6.95 7.2 7.36 6.75 6.95 3919700 27529380 -361801 CEBU AIR 94 94.85 96.25 96.25 93 94 473200 44614098.5 -6797605.5 INTL CONTAINER 131.1 131.8 130 131.1 125.1 131.1 7070270 913995636 -15686809 LBC EXPRESS 14 14.52 14.56 14.56 14.56 14.56 400 5824 LORENZO SHIPPNG 0.83 0.87 0.87 0.87 0.87 0.87 1000 870 MACROASIA 18.2 18.3 19.26 19.26 18.1 18.2 792200 14433344 -1104228 METROALLIANCE A 1.2 1.4 1.19 1.2 1.17 1.2 63000 74450 PAL HLDG 8 8.49 8.02 8.5 7.99 8 18500 148609 10400 HARBOR STAR 1.53 1.54 1.58 1.58 1.52 1.54 1316000 2039730 ACESITE HOTEL 1.48 1.54 1.49 1.54 1.49 1.54 23000 35180 BOULEVARD HLDG 0.056 0.057 0.057 0.059 0.056 0.057 18780000 1075560 WATERFRONT 0.67 0.68 0.68 0.68 0.65 0.67 2216000 1464840 22440 IPEOPLE 9.22 9.66 9.22 9.66 9.22 9.66 900 8342 STI HLDG 0.67 0.68 0.67 0.68 0.67 0.67 2338000 1569890 -639950 BERJAYA 2.26 2.35 2.42 2.42 2.25 2.35 127000 294760 BLOOMBERRY 9.8 9.87 10.12 10.12 9.8 9.8 9730800 95,947,871( 33,123,826.9996) PACIFIC ONLINE 2.67 2.68 2.68 2.69 2.67 2.68 185000 495760 LEISURE AND RES 3.01 3.08 3.23 3.23 3 3.08 2090000 6419260 -15500 MANILA JOCKEY 3 3.09 3 3 3 3 20000 60000 PH RESORTS GRP 4.99 5.1 4.99 5.15 4.99 5.1 270000 1384390 902220 PREMIUM LEISURE 0.66 0.67 0.68 0.68 0.66 0.67 4828000 3234540 -1827770 TRAVELLERS 5.45 5.46 5.45 5.46 5.45 5.46 8627400 47058908 -6504479 METRO RETAIL 2.43 2.44 2.41 2.46 2.41 2.44 323000 784280 -121280 PUREGOLD 44 44.15 44 44.1 43.95 44 1601100 70443550 -12003210 ROBINSONS RTL 78.25 79 80 80 78.4 79 215320 17014100.5 -16273466.5 PHIL SEVEN CORP 136 140 144.5 144.5 144.5 144.5 15530 2244085 -0 SSI GROUP 2.69 2.7 2.8 2.83 2.66 2.7 2255000 6190050 -148450 WILCON DEPOT 16.58 16.62 16.66 16.66 16.56 16.58 2105700 34927302 9154916 APC GROUP 0.57 0.58 0.6 0.61 0.56 0.57 16504000 9644310 EASYCALL 12.32 - 8.99 12.32 8.99 12.32 4196700 48912015 364218 GOLDEN BRIA 413.6 433 416.2 433 413 433 1710 723586 IPM HLDG 5.08 5.3 5.3 5.3 5.3 5.3 100 530 PAXYS 2.85 2.98 2.99 2.99 2.99 2.99 1000 2990 PRMIERE HORIZON 0.47 0.475 0.49 0.49 0.465 0.47 11580000 5469150 525300 SBS PHIL CORP 9.03 9.37 9.04 9.37 9.03 9.37 50700 458870

MINING & OIL ATOK 11.66 12.52 12.6 12.6 11.62 12.56 1700 20052 APEX MINING 1.27 1.28 1.29 1.29 1.26 1.27 2248000 2847300 150440 ABRA MINING 0.0017 0.0018 0.0017 0.0017 0.0017 0.0017 1536000000 2611200 -42500 ATLAS MINING 2.56 2.6 2.59 2.6 2.59 2.6 130000 337990 -335400 BENGUET A 1.15 1.21 1.15 1.15 1.15 1.15 3000 3450 CENTURY PEAK 2.69 2.7 2.77 2.77 2.7 2.7 352000 952030 DIZON MINES 7.8 7.83 7.88 7.89 7.75 7.83 2100 16482 FERRONICKEL 1.41 1.43 1.43 1.43 1.41 1.43 609000 862710 298270 GEOGRACE 0.198 0.203 0.205 0.205 0.197 0.203 630000 125190 LEPANTO A 0.109 0.111 0.11 0.113 0.108 0.112 1230000 134490 LEPANTO B 0.11 0.12 0.113 0.115 0.11 0.11 940000 105050 -50870 MANILA MINING A 0.009 0.0096 0.009 0.009 0.009 0.009 1000000 9000 MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.011 35600000 374200 MARCVENTURES 1.02 1.04 1.01 1.05 1.01 1.04 32000 32480 NIHAO 1.01 1.04 1.03 1.05 1.01 1.04 115000 118570 NICKEL ASIA 2.5 2.53 2.5 2.6 2.49 2.53 814000 2044760 -25600 OMICO CORP 0.46 0.49 0.46 0.46 0.46 0.46 10000 4600 ORNTL PENINSULA 0.81 0.82 0.82 0.82 0.82 0.82 185000 151700 PX MINING 3.71 3.73 3.86 3.86 3.71 3.71 1440000 5368210 308900 SEMIRARA MINING 22.75 22.95 22.65 22.9 22.1 22.9 601200 13585095 5674760 UNITED PARAGON 0.0062 0.0065 0.0061 0.0062 0.0061 0.0062 4000000 24700 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.011 2300000 27300 PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.011 9100000 107100 PHINMA PETRO 7.1 7.11 7.7 8.68 7 7.1 7336100 56189498 463751 PXP ENERGY 13.48 13.5 13.48 13.82 13.22 13.5 6282100 85136444 -410566

PREFFERED

AC PREF B1 496.2 502 500 500 499.8 500 13170 6584978 ALCO PREF B 101.2 105 104.8 105 104.8 105 76730 8054702 DD PREF 101 101.7 101 101.7 101 101.7 450 45485 FGEN PREF G 105.1 107 107 107 105 105.1 36590 3847495 -49679 GLO PREF P 505 509.5 505 505 505 505 10 5050 LR PREF 0.98 1 0.99 1 0.99 0.99 390000 386550 MWIDE PREF 101.2 101.9 101.1 101.1 101.1 101.1 240 24264 PNX PREF 3A 100 103.7 100.4 100.4 100 100 9700 970390 PCOR PREF 2A 1000 1010 996 1010 996 1010 180 181100 PCOR PREF 3A 1032 1040 1040 1040 1032 1032 19935 20670520 PCOR PREF 3B 1042 1050 1040 1050 1040 1042 2190 2288010 -52000 SMC PREF 2B 76 76.5 76.5 76.5 76.5 76.5 300 22950 SMC PREF 2C 78.7 78.9 78.5 78.85 78.5 78.7 67440 5311165.5 SMC PREF 2D 75.5 75.6 75.5 75.6 75.5 75.6 24600 1857760 SMC PREF 2E 75.95 76.2 75.9 75.95 75.9 75.95 10100 766715 SMC PREF 2F 76.15 77 76.1 77 76.1 77 3940 301130 SMC PREF 2G 76.5 77 76.5 77 76.5 77 43390 3322735 SMC PREF 2H 75.15 77 76.5 79.95 76.5 79 98940 7577771 SMC PREF 2I 75.6 76.5 75.6 77 75.6 76.5 771220 58518628 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.64 5.16

18 5.2

17.5 5.2

18 5.2

17.4 5.2

17.58 5.2

192800 100

3455568 520

WARRANTS LR WARRANT

1.51

2489720.0003 -520

1.54

1.52

1.54

1.51

1.54

77000

116440

-

ITALPINAS 7.55 KEPWEALTH 12.66 MAKATI FINANCE 2.29 XURPAS 0.9

7.56 12.72 - 0.91

8.09 14.5 2.27 0.94

8.1 17.36 2.27 0.94

7.3 12 2.27 0.87

7.56 12.66 2.27 0.91

3804800 13217400 1000 9734000

28920030 187589752 2270 8746930

412976 -687686 -221880

FIRST METRO ETF

117.5

SMALL & MEDIUM ENTERPRISES

EXHANGE TRADE FUNDS 117.2

118.2

118.2

116.3

117.2

22980

2694695

1172

www.businessmirror.com.ph

‘Tweaking energy mix to grow RE share key to fighting climate risk ’

O

By Lenie Lectura

@llectura

NE way to address climate change and to fortify the Philippines against climate risks is to review and revise its energy mix, renewable-energy (RE) experts asserted in the 2019 State of Nature Assessment or “Green Sona.”

In the Philippines, coal continues to account for bulk of the country’s energy mix—more than half—and is largely seen as the baseload power of choice due to continued perceptions of cheaper costs.

“This is a wrong notion because the trade-off with coal is permanent and irreversible damage to our environment and to our overall health and well-being, as well

as to the future of our natural resources,” said Miguel S. de Vera, head of strategic initiatives, legal and regulatory office of renewableenergy firm Energy Development Corp. (EDC).

The energy sector is the greatest contributor to climate change, with almost 61 percent of all carbon emissions worldwide coming from electricity production and

industrial processes. “Even if we take into account other sectors that emit carbon and other greenhouse gases, as much as 93 percent of total emissions can already be addressed with the singular act of moving toward renewable-energy sources,” explained de Vera.

Of the various sources of energy being utilized across the globe today, coal-fired power plants are the single largest contributor to emissions. In 2018, it is estimated that coal emissions increased by around 280 megatons, comprising majority of the total 550-Mt increase from 2017 levels. Overall global carbon emissions reached a historic high of 33.1 gigatons (Gt) last year.

Energy storage technologies are also making naturally abundant sources, such as wind and solar more viable. Geothermal energy, meanwhile, remains to be the baseload power of choice for energy experts because of its reliable and

stable nature, according to de Vera.

“Geothermal is a pioneering energy source that played a big role in saving our nation from economic and political turmoil in the 1970s. It is what will save us from the threats of climate change today and in the future,” he said.

The panel discussion reiterated the advantages of renewable energy in the wake of technological advancements and increasingly favorable economic factors. “First, renewableenergy sources, such as geothermal are indigenous to our country. We are not at the mercy of market forces unlike with fossil fuels, such as coal and oil,” said de Vera.

Green Sona was organized by nonprofit eco-coalition Green Convergence together with the Forest Foundation Philippines. This year’s conference was held in Puerto Princesa City in Palawan, one of the largest and most important ecotourism and ecological sites in the country.

PANA calls for more collaboration with UPMG to bring key messages to public

I

N today’s fast-changing time, every business or organization needs to champion responsible brand building to ensure continued success. This was the key takeaway from the recently held seventh general membership meeting of the United Print Media Group (UPMG) that revolved on, “Building Brands Beyond Media Advertising.”

Leading the discussion was guest speaker Chito S. Maniago, president of the Philippine Association of National Advertisers (PANA), the biggest and oldest nonstock, nonprofit organization that unites users of advertising belonging to every major industry in the country.

Maniago underscored the importance of brand building to the success of the company or an organization and selecting the most suitable channels to convey stories. He encouraged more collaboration with UPMG members to deliver stories to the public in an engaging manner.

“Considering the limited resources we have, we have to be very creative and strategic. Right now, when you speak of advertising, you consider digital, videos, web site portals, handheld devices, apps, and a whole gamut of things. There are a lot of touch points we are now considering for us to say [that] we are building our brands,” Maniago said.

Citing a data from Kantar, Maniago said the Internet and web sites are the primary sources of consumers these days when it comes to brand information, due to their accessibility. This is followed by friends and family, review sites, social media, advertising, company web sites, print, blogs and celebrity endorsements.

“The advertising mix we see here

is a combination of both traditional and new channels, as well as, let’s say, institutional and personal channels,” Maniago said, highlighting the significance of customer touch points, or the brand’s points of customer contact from start to finish, in this matter.

According to Maniago, it is important to identify and improve the touch points along the way to help get proper feedback from clients and ensure that the brand is built beyond traditional means.

Maniago also identified key strategies to build brands outside traditional media. These include brand building through customer centricity and through sustainability and corporate social responsibility (CSR).

Being customer-centric means thinking about the welfare of the customers first instead of the company. Meanwhile, in terms of brand building through sustainability and CSR, he said that organizations nowadays have to align their operations with the Sustainable Development Goals of the United Nations, as well as each of their CSR initiatives with their core purpose.

Maniago told members of the UPMG to keep on evolving and growing their respective brands, while continuously understanding their market, looking for silver lining, promoting collaboration and nurturing relationships.

“Print is here to stay,” Maniago assured his audience. “Let’s collaborate more. Let it be a challenge for all of us to, really, define key messages that will resonate more to our audiences and ensure that we have fruitful and meaningful partnerships along the way.”

AFreight Group lets OFW track status of their packages online

O

FWs may now check the status of the deliver y of their packages with AFreight Group’s own online tracking system.

With AFreight eTrack, customers can now check the real-time status and updates of their balikbayan boxes. This eliminates the hassle of calling customer service hotlines and visiting branches to follow-up the deliver of their boxes.

Company officials said the launch of AFreight eTrack is in time

for the upcoming Christmas season when OFWs send a record number of packages to their loved ones in the Philippines. Initially, the online tracking platform will be available to Filipino clients and will eventually be available as well to Indonesian clients soon.

The launch of AFreight eTrack is part of AFreight Group’s celebration of its 35th anniversary in 2020 as the leading door-to-door cargo service provider to the Philippines and Indonesia.

MUTUAL FUNDS

August 27, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM ALFM GROWTH FUND, INC. -A 258.84 -2.16% -1.51% 0.37% 2.63% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5355 2.44% 2.59% 1.74% 6.57% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0158 -3.68% -2.87% -0.87% 2.89% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9552 2.83% N.A. N.A. 6.02% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8646 -0.61% N.A. N.A. 5.35% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4174 -0.78% -0.45% 0.54% 2.73% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.871 -0.77% -4.57% N.A. 4.1% MBG EQUITY INVESTMENT FUND, INC. -A 118.69 3.28% N.A. N.A. 2.17% PAMI EQUITY INDEX FUND, INC. -A 52.0319 0.9% -0.3% N.A. 5.71% PHILAM STRATEGIC GROWTH FUND, INC. -A 543.22 1.32% -1.17% 0.12% 5.53% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3141 0.64% 0.1% 1.42% 4.79% PHILEQUITY FUND, INC. -A 38.6007 0.84% 0.85% 1.48% 5.37% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0329 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2818 1.71% 0.63% 2.01% 6.51% PHILIPPINE STOCK INDEX FUND CORP. -A 881.61 1.72% 0.34% 1.95% 6.42% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9108 2.43% -0.68% N.A. 5.91% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3114 1.49% 0.48% 1.51% 6.22% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0133 1.33% 0.29% N.A. 6.18% UNITED FUND, INC. -A 3.7137 1.41% 1.94% 2.57% 6.08% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 118.1871 2.16% 1.17% 3% 6.72% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9245 -10.15% 1.08% -2.3% -0.5% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2826 -0.32% 6.96% N.A. 16.05% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6791 -1.49% -2.85% -2.25% 1.69% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.311 0.07% -1.16% 0.36% 4.61% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6579 1.25% -0.1% -1.08% 4.51% GREPALIFE BALANCED FUND CORPORATION -A 1.3491 -0.71% N.A. N.A. 3.43% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9593 4.07% 0.45% 1.25% 6.3% PAMI HORIZON FUND, INC. -A 3.8163 4.29% -0.53% 0.67% 8.13% PHILAM FUND, INC. -A 17.0848 4.67% -0.48% 0.54% 7.4% SOLIDARITAS FUND, INC. -A 2.1566 1.93% 0.48% 1.73% 4.22% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9024 3.61% 0.34% 1.16% 6.88% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0232 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0129 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0096 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9988 3.72% 0.37% 0.74% 8.36% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03846 8.92% 2.03% 2.41% 8.95% PAMI ASIA BALANCED FUND, INC. -A $0.9664 -2.64% 1.09% -1.71% 5.77% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7467 2.57% 5.17% 2.68% 13.24% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1161 4.41% 3.25% N.A. 10.5% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 353.75 3.86% 2.27% 2.36% 2.99% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9115 2.61% -0.07% 0.03% 2.81% COCOLIFE FIXED INCOME FUND, INC. -A 3.0758 5.4% 5.37% 5.28% 3.35% EKKLESIA MUTUAL FUND INC. -A 2.22 4.52% 1.51% 2.2% 4.26% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3482 5.82% 1.46% 1.72% 6.49% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6079 1.41% -1.37% 0.24% 2.78% PHILAM BOND FUND, INC. -A 4.3262 9.4% 0.72% 2.01% 10.37% PHILEQUITY PESO BOND FUND, INC. -A 3.7428 7.77% 1.44% 1.75% 6.42% SOLDIVO BOND FUND, INC. -A 0.9541 5.65% -0.21% N.A. 7.06% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0284 9.16% 2.03% 2.66% 9.49% SUN LIFE PROSPERITY GS FUND, INC. -A

1.6799 9.2% 1.57% 2.22% 9.09% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $462.64 4.08% 1.7% 2.74% 3.18% ALFM EURO BOND FUND, INC. -A Є219.96 2.96% 1.29% 1.54% 3.43% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1948 6.84% 2% 2.47% 6.14% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 0.92% N.A. 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7168 0.55% -2.14% 0.49% 1.57% PAMI GLOBAL BOND FUND, INC -A $1.1025 6.03% -0.37% -1.53% 6.39% PHILAM DOLLAR BOND FUND, INC. -A $2.4074 10.52% 1.49% 3.44% 10.9% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0600166 5.63% 1.78% 2.01% 5.29% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1613 8.7% 0.76% 2.95% 10.07% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.46 4.08% 2.61% 2.06% 2.96% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0207 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2388 5.6% 2.36% 1.45% 4.81% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2518 3.91% 2.76% 2.14% 2.67% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0311 2.2% N.A. N.A. 1.5%

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."

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Wednesday, August 28, 2019

B3

BSP, AMLC to look into impact of discontinuing POGOs–Diokno

B

By Bianca Cuaresma @BcuaresmaBM

ANGKO Sentral ng Pilipinas (BSP) Governor Benjamin Diokno announced on Tuesday that the Central Bank’s financial stability team and the Anti-Money Laundering Council (AMLC) will team up to investigate the impact of discontinuing the operation of Philippine Offshore Gaming Operators (POGOs) in the Philippines.

The Church and the State

T

HE premise for this article is that man is the end and purpose of every social organization and not the other way round. From this, we infer that the family, professional and other organizations, and the political state exist for the good and benefit of man. In short, the human person is the foundation and purpose of political life.

Individuals and family groups create associations and organizations for cultural, social and economic purposes. Our present civilizations have come about in this manner, for as population grew, the need for a political society came about, and with it the demands of a social organization to secure the common good of the people. Government and laws are therefore the result of this need—the State enacts and implements and enforces laws in order to benefit the large civil society.

The Church has often been criticised as “interfering” with matters of State. The separation of Church and State must start with the roles of the government and the church.

The government deals with the “secular”—secular comes from the Latin secula, which means time.

Government’s role is thus timeoriented. The role of the Church, on the other hand, is about preparing people in this world who live in time for when they are no longer living in time.

The separation of Church and State is good, as neither should interfere in matters that belong to the other—that is, the State is concerned with the secular, while

FINEX FREE ENTERPRISE Mercedes B. Suleik the Church is concerned with the spiritual, although both are concerned with the welfare of the same object: the human person. The role of the Church is to shine the light of conscience on its faithful, and has to do with the values that flow from faith, and how people are to relate to certain secular acts.

Since the human person is the foundation and purpose of the political community, this means that the state must recognize and respect human dignity, and defend and promote fundamental and inalienable human rights. For example, in the case of abortion: while it is denied that the State favors this, couching this in innocuous terminologies such as “a woman’s right to choose,” what the Church is saying is that there is another human right: The right of the unborn individual to his life.

So when may the Church not interfere? And when may the State say, “this is our turf”?

The Church may not, for example, tell people to vote or not to vote for specific individuals, or to condemn specific individuals as being corrupt, or for their beliefs. The Church, however, has the duty to inform, to shine the light of truth about wrongdoing, because not

Diokno said during a forum organized by the Economic Journalists Association of the Philippines (Ejap) that while the AMLC is involved in the investigation, the issue is not necessarily about POGOs being conduits of money laundering but its impact on the larger economy should their operations are discontinued.

“We are looking at the economic risks of having POGOs here. One of our mandates is financial stability.

[Finance] Secretary [Carlos] Dominguez’s concern is the tax component.

Mine is financial stability issue,” Diokno told reporters.

The BSP governor said while the AMLC and Philippine Amusement and Gaming Corp. (Pagcor) already studied POGOs in terms

to speak up means allowing such wrongdoing to be perpetuated.

Neither can the State demand that the Church stay only within the bounds of telling people to go to Mass, say the rosary, etc. and to keep out of acts which the Church considers as flouting of moral values. The Church is duty-bound to “form the conscience” of individuals, from which consideration they may therefore act or react. The Church has the right to shine the bright light of truth so that individuals are able to exercise their rights, fulfill their obligations, be able to express their opinions on public matters, speak out on their own political sentiments that would lead to the common good, in light of their God-given dignity.

Political authority is but an instrument to direct and coordinate means by which individuals, government, and civic bodies may move toward an order in which relationships, institutions, legislation, and procedures are placed at the service of integral human growth. Thus, the State must always exercise its political authority within the limits of morality and on behalf of the common good, according to its laws, which citizens are consciencebound to obey.

Authority must be guided by moral law. The political community exists to achieve the full development of each of its members, who, in turn, must cooperate to attain the common good.

For feedback, send an e-mail to Mercedes B. Suleik at merci.suleik@ gmail.com.

of tax evasion, his concern is the POGO’s ties in the real-estate sector and their implications to the food industry.

“It’s a study for the guidance of the monetary board and AMLC,” the governor said.

Reports earlier showed that the government is considering barring foreign nationals from applying in some positions in the POGO industry.

Earlier this month, Bayan Muna party-list representatives asked House Committees on Gaming and Amusements, and Good Government and Public Accountability to look into the effects of POGOs especially on the local economy, national security and the people in general.

In a recent BusinessMirror report, Ateneo Center for Economic Research and Development Director Alvin P. Ang warned on Thursday that the country’s realestate industry may be overly reliant on the locators and foreign workers of the POGO for their business activities.

T

delay for four months in the 2019 budget enactment and we have extended the Extended Payment Period for another six months, which is actually or estimated to be the same delay owing to the delayed budget enactment, as well as the election ban.”

Moreover, Av isado a lso told repor ters t hat t hey have yet to deter mine if t hey will also extend further the Extended Payment Period for the 2020 national budget to six months just like what they did under 2019 budget.

“We will look at the end of this year and find out what can be done precisely,” he said. “We’re in transition now but hopefully we will be able to fully implement that by 2022.”

Abuel added: “For 2019, we have 18 months so we decide on how many months will we extend for 2020. We are going to look at how we are going to fare for this year. So, one possibility is to shorten the 18 months; like decrease it by three months.

We are not really sure but if we see that the agencies are still struggling, maybe we can [still try] the 18 months again. So it is still tentative until we see the result of the system by the end of the year.”

In May, Soc ioeconom ic Planning Secretary Ernesto M. Pernia called for the temporary suspension of the cashbased budgeting system under

dinario and Sam Medenilla

We are looking at the economic risks of having POGOs here. One of our mandates is financial stability.

[Finance] Secretary [Carlos] Dominguez’s concern is the tax component. Mine is financial stability issue.”—Diokno

Govt plans to issue ‘prize bonds’ to boost savings

By Cai U. Ordinario @caiordinario

T

HE national government is exploring the possibility of issuing “prize bonds” similar to the ones issued in Pakistan to encourage more savings, according to the Bureau of the Treasury (BTr).

On Tuesday, National Treasurer Rosalia V. de Leon told reporters that the government is developing “innovative structures” to increase savings.

“Look ing at some possible structures like what others have also been doing, for instance, Pakistan, they have a prize bond. So, on top of the usual coupon that you get, there’s also an opportunity for you to win in a drawing,” de Leon said.

“But that’s something that we still need to explore further. [We have to] evaluate in terms of the requirements like infrastructure and also even in terms of the legal issues that may come up,” she added.

Prize bonds in Pakistan, according to Pakistan’s National Savings, have different denominations that are drawn periodically.

The bonds have denominations of as small as 1,000 rupees to as high as 700,000 rupees.

Last week, Pakistan’s National Savings reported that there was

DBM eyes full implementation of cash-based budgeting by 2022 HE Department of Budget and Management (DBM) is now eyeing the full implementation of cash-based budgeting system by 2022 as it currently is on a wait-and-see mode on the government’s performance during the transition period in relation to adjusting to the cash-based budgeting system.

During the budget briefing by the Development Budget Coordination Committee, DBM Acting Secretary Wendel E. Avisado said the proposed P4.1 trillion 2020 national budget was actually a “mixed” of obligation-based and cashbased budgeting systems.

DBM officials also added that what prompted the decision on when the cash-based budgeting will be fully implemented was not the reservation of some agencies on the cash-based budgeting system but the impact of the delay in the passage of the 2019 budget, as well as the election ban.

“It is not actually the reservation of agencies. It is a DBM-initiated decision because, as mentioned earlier, on the delay of the passage of the 2019 budget, as well as the election ban,” DBM Undersecretary for Legal Affairs Janet B. Abuel said. “So we realized that we have lost six months. So if you are going to strictly impose the three month Extended Payment Period only, which will give the agencies implementation up to December 31, 2019, and deliver and payment only until March 31, 2020, that would really be difficult.” “ So u nder nor m a l c i rc u m st a nces t h at wou ld not be a s d i f f ic u lt but g iven t he

“If they will suddenly pull out, our real-estate sector will decline since its growth relies on them,” Ang said in a forum. He cited reports from Colliers International that showed the demand of POGO firms for real estate shot up 37 percent for the first half of the year. With reports from Cai Or-

a reenacted budget.

Pernia argued that reverting to obligationsbased budgeting under a reenacted budget would allow the government to continue spending funds beyond the one-year and three-month grace period provided for in the cash-based budgeting system as he pointed out that any delay in government spending will negatively impact on economic growth.

The DBM originally proposed that the Extended Payment Period be limited to three months after the fiscal year but this was extended further to six months to resolve the budget impasse on the 2019 budget due to the opposition of the House to the implementation of cash-based budgeting system.

The impasse was broken after the DBM and the House of Representatives agreed on a transitory cash-based system for the 2019 budget. Bernadette D. Nicolas

1 winner of the 700,000 rupees prize bond, three winners of the 200,000 rupees prize bond and 1,199 winners of the 1,000 rupees prize bond.

Based on the text of the 1,500 rupees prize bond, the holder of the bond is entitled to receive 1,500 rupees free of interest “and, in addition, such prizes may be won on this bond in accordance with the rules framed by the Government of Pakistan.”

Apart from Pakistan, prize bonds are also being used in the United Kingdom and New Zealand. In the UK, these bonds are called “Premium bonds” while in New Zealand they are called “Bonus bonds.” “[We are still] exploring this right now. In order that, aside from the RTB, we will be able to encou rage more sav ings,” de Leon said.

Treasury bonds

ON Tuesday, the BTr has awarded the full P20 billion on offer for reissued three-year Treasury bonds (T-bonds) during its auction on Tuesday.

The BTr’s auction committee said the three-year T-bonds fetched an average rate of 3.961 percent, lower than previous auction and prevailing secondary market rate. The issue attracted tenders of P56.6 billion, thrice

oversubscribed.

De Leon said the results were expected given the pronouncements of the United States Federal Reserve “will be acting appropriately given the slowdown in the global economy.”

Further, she said, the recent announcement by the Bangko Sentral ng Pilipinas (BSP) of further interest rate cuts in September increased the interest for the issuance.

“We also see that the Fed will be acting appropriately given the slowdown in the global economy, and also on the onshore, we see that the Central Bank also released their inflation forecast for August and, again, we expect the outlook, looking at benign inflation even for the year, below 3 percent,” de Leon said.

Recently, BSP Governor Benjamin Diokno announced the MB’s decision to cut the interest rate on the BSP’s overnight reverse repurchase facility by 25 basis points to 4.25 percent.

The interest rates on the overnight deposit and lending facilities were slashed to 3.75 percent and 4.75 percent, respectively, on the back of the inflation downtrend, as well as the tepid GDP growth in the April-to-June period this year. This the second cut in key interest rates made by the BSP for this year.

B4 Wednesday, August 28, 2019

CESAFI Season 19 harnesses student power

DepEd, Israel discuss education partnership

D

EPARTMENT of Education (DepEd) Secretary Leonor Magtolis Briones welcomed Israeli Ambassador to the Philippines Rafael Harpaz during a courtesy call on August 14 to discuss prospective areas of partnership in education.

The Israeli Ambassador proposed and requested the inclusion of the story of the Holocaust in the country’s basic education curriculum since not all Filipinos know about it. Such inclusion, according to the Ambassador, should contain the invaluable support that the Philippine government extended to the Israelis, through the

efforts of then President Manuel Quezon.

Harpaz also stressed that the Philippines, under the administration of Quezon, was the only country in Asia that accepted Jewish refugees during World War II. The Education chief regarded the request as timely and relevant: “This is very timely because right now, the Department of Education is in the process of reviewing the curriculum. I quite agree that the history books were heavily influenced by the American history, and this is a neglected aspect. Only in our generation and in certain places

where there are Jewish families who know the story of Manuel Quezon’s humanitarian act.”

Briones further shared: “It is ironic that many Filipinos know about the Holocaust not only from books, not only from schools, but from films as well, because there are many beautiful films with the Holocaust as the theme, but not all of us are aware of what Quezon did, especially in this generation.”

Other areas tackled during the meeting include distance education, training, technologies, DepEd’s challenges, and the Last Mile Schools.

The Ambassador proposed to involve the private sector, through Yad Vashem, Israel’s official memorial to the victims of the Holocaust, so that the training of trainers will be easily facilitated.

Also present in the meeting were OIC-Assistant Secretary for Curriculum and Instruction Alma Ruby Torio, International Cooperation Office Director Margarita Consolacion Ballesteros, Bureau of Curriculum Development Director Jocelyn Andaya, Israel Embassy Deputy Chief of Mission Yulia Rachinsky-Spivakov, and Mashav Officer Gladys Baniqued.

O

VER 100 student volunteers from various Cebu Schools Athletic Foundation, Inc. (CESAFI) memberuniversities complete their preparations for CESAFI Season 19. The volunteers are shown here with CESAFI Commissioner Felix O. Tiukinhoy, Jr. (middle, third row from bottom).

2019 marks a milestone in the history of the CESAFI: Season 19’s production and coverage, marketing, and digital media committees are organized and managed by student volunteers from the league’s various universities. This makes CESAFI the only student league in the Philippines to have such student-managed production, media, and marketing teams.

Season 19 of the league begins on Saturday, August 31, at the Cebu Coliseum.

An initiative of CESAFI Commissioner Felix O. Tiukinhoy, Jr., the CESAFI Season 19 student-volunteers corps is called CESAFI LIVE. It provides the students with training and practical real-world experience in the fields of marketing, creative design, media, and

production, while drumming up support for the league’s events, players and contenders.

“We take CESAFI one step further this Season 19, not only by improving the environment for our student-athletes and other event contenders, but also by including more students not merely as spectators and fans, but as actual organizers and managers of various committees that make CESAFI a success,” said Tiukinhoy.

“This way, we can truly say that CESAFI is not just for the students, but also of the students and by the students. Basta CESAFI, estudyante!”

CESAFI Season 19 starts with an opening program, parade and oath-taking of studentathletes, and basketball games to be played by Don Bosco Technological Centre versus Cebu Eastern College (high school) and Cebu Institute of Technology-University versus University of San Jose-Recoletos (college).

BusinessMirror, The Philippines Graphic, Health & Fitness and Pilipino Mirror are media partners.

Global Wellness Summit in October to tackle Social Responsibility for Businesses

B

INOD Chaudhary, Chairman of CG Corp Global, and other notable speakers and presenters from different corporations will be sharing their expert opinions about business and the wellness industry in Asia during the annual Global Wellness Summit to be held this coming October 15-17 at the Grand Hyatt in Singapore.

The Global Wellness Summit is an exclusive gathering of industry leaders and visionaries from different parts of the world to shape the business of wellness and the future of the $4.2 trillion global wellness economy. The Farm at San Benito, a multi-awarded eco-luxury holistic medical wellness resort in Batangas, Philippines became a proud member of CG Corp Global through the property’s acquisition by one of its business verticals, CG Hospitality in September 2018. Since then, The Farm has been undergoing expansions and improvements in order

to provide the best up-to-date holistic treatments to individuals who wish to achieve optimum health.

As part of the corporation, The Farm at San Benito’s improvements and future additions are also focused on sustainability as well. The green business aims for a cleaner and healthier environment as The Farm not only believes in the healing power of nature but in healing nature as well.

For this reason, and also knowing about its health benefits, The Farm supports and encourages guests to apply veganism during their stay.

“Veganism is said to be the single biggest way to reduce environmental impact on the earth and The Farm at San Benito puts this at the forefront of its values. A pioneer when it comes to delicious, organic, vegan cuisine, The Farm is home to awardwinning Alive! Restaurant – one of Asia’s first and finest restaurants offering vegan cuisine.” Chaudhary says.

DLSU-SHORE and WWF team up for coral reef research

D

E La Salle University Br. Alfred Shields FSC Ocean Research Center (DLSUSHORE) and the World Wide Fund for Nature (WWF) Philippines embarked on consecutive reef research trips last April and May of this year.

Dubbed “Designing of Monitoring and Evaluation System for Coral Reef Resilience and Fisheries Sustainability in Northeast Palawan through Marine Protected Areas (MPAs) or Network of MPAs,” the collaboration, which was funded by WWF-Singapore, covered the areas of Tubbataha, Cagayancillo islands, Honda Bay, and Taytay, Palawan.

It also included an assessment of the ship grounding sites of Ming Ping Yu and the USS Guardian. According to DLSU-SHORE Director Dr. Wilfredo Licuanan, both of these sites are recovering. He also added that based

on the team’s continuous monitoring, they were able to hypothesize that the corals in Arena atoll in Narra, Palawan may be climateresilient.

In addition to the research efforts, DLSU-SHORE and WWF Philippines held reef assessment training in Puerto Princesa.

Delegates from the Tubbataha Management Office, Western Philippines University, Palawan State University, Palawan Council for Sustainable Development, Office of the Provincial Agriculture, Office of the Puerto Princesa City Agriculture, Provincial Environment Office of the Department of Environment and Natural Resources, and Smart Seas Philippines attended the program.

These efforts underscore the importance of generating the information needed to save coral reefs.

SERENA LEADS MARIA TO EXIT IN 59 MINUTES N Sports

By Howard Fendrich

BusinessMirror

The Associated Press

EW YORK—Serena Williams was not about to let Maria Sharapova make a match of this.

So facing a break point early in the second set, Williams conjured up a backhand passing shot so good, so powerful, so precise, that Sharapova had no chance to reach it. Williams watched the ball land, and then raised a clenched left fist toward the night sky.

In her first match at the US Open since last year’s loss in a chaotic, controversial final, Williams stretched her winning streak against Sharapova to 19 matches with a nearly flawless performance that produced a 6-1, 6-1 victory Monday.

Asked whether she could even imagine losing that many matches in a row across 15 years against one opponent, Williams paused for a moment, then replied: “Gosh, I never thought about it like that.”

She now leads their head-to-head series 20-2.

“Every time I come up against her,” Williams said, “I just bring out some of my best tennis.”

She sure did this time; the whole thing lasted all of 59 minutes.

Williams won twice as many points, 56-28. She saved all five break points she faced and lashed serves at up to 115 mph. She broke five times.

“I always said her ball somehow lands in my strike zone,” Williams said. “I don’t know. It’s just perfect for me.”

Few players would have stood a chance against Williams the way she was hitting balls deep and true—and certainly not a diminished Sharapova, who is ranked 87th after missing much of this season with a bad right shoulder that needed surgery.

This was a showdown fit for a final, at least in theory: These two met in a title match at each of the other three Grand Slam tournaments but never had faced each other in New York.

Williams arrived at Flushing Meadows, where she’s won six titles, accompanied by questions about her back, because spasms that flared up this month forced her to stop playing during the final of one hard-court tune-up tournament and pull out of another one entirely.

It didn’t seem to be an issue against Sharapova.

Not one bit.

“The body’s good. I feel good,” Williams said. “My back’s a lot better. So I’m excited. This is going to be fun.”

A year ago, she was beaten by Naomi Osaka in straight sets in a US Open final that devolved after a back-and-forth between Williams and chair umpire Carlos Ramos. When Williams was asked Monday night what she thought of the US Tennis Association’s decision that Ramos would not officiate any match involving her or her older sister, Venus, at this year’s tournament, this was the reply: “I don’t know who that is.”

LOL, as the kids say.

Williams was calm and cool as can be against Sharapova, only rarely showing the slightest hint of emotion with a cry of “Come on!” or the occasional fist pump, such as the one

C1

| Wednesday, August 28, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

after the key backhand on break point.

Sharapova called that shot “great.”

It shaped up, at least, as far and away the most intriguing matchup on Day 1 at the year’s last Grand Slam tournament.

Few athletes in any sport have been as popular in recent decades.

Williams owns 23 major singles title, Sharapova five.

Both have a career Grand Slam.

Both have been ranked No. 1.

So, yes, there were plenty of other matches around the grounds Monday, with Roger Federer dropping his first set of the tournament against a qualifier ranked 190th before coming back to eliminate Sumit Nagal of India 4-6, 6-1, 6-2, 6-4, No. 1 Novak Djokovic opening defense of his title with a 6-4, 6-1, 6-4 victory over Roberto Carballes Baena, and 21-year-old American Reilly Opelka providing the biggest upset of the afternoon in his US Open debut by eliminating No. 11 Fabio Fognini of Italy 6-3, 6-4, 6-7 (6), 6-3.

And, sure, 2016 champion Angelique Kerber continued her rough Grand Slam year with a first-round exit against Kristina Mladenovic by a 7-5, 0-6, 6-4 score, while 2016 runner-up Karolina Pliskova and reigning French Open title winner Ash Barty both struggled through rough starts before emerging.

The Williams family only dropped a total of three games in two matches Monday, because Venus beat Zheng Saisai 6-1, 6-0 earlier.

Nothing brought out the spectators the way Serena Williams versus Maria Sharapova did, with full-throated roars greeting them when they walked from the locker room into a dimly lit stadium.

When the lights came on, Williams proved far more ready for prime time.

Only once before had Sharapova lost a night match in Arthur Ashe Stadium, going 22-1 until Monday.

“I’ve had a lot of tough matches here and a lot of tough losses,” Williams told the crowd afterward, “but coming out here tonight makes it all worthwhile.”

SERENA WILLIAMS is calm and cool as can be against Maria Sharapova, only rarely showing the slightest hint of emotion with a cry of “Come on!” or the occasional fist pump, such as the one after the key backhand on break point. AP

VENUS STILL LOVES HER ‘JOB’ N

EW YORK—Venus Williams still loves her job. And she’s still capable of doing it rather well.

Playing in the US Open for the 21st time, tying Martina Navratilova’s record, Williams improved to 21-0 in first-round matches at Flushing Meadows by beating Zheng Saisai, 6-1, 6-0, in all of 66 minutes in

ROGER FEDERER shrugs off that slow start and came back to beat a qualifier from India ranked 190th. AP

Louis Armstrong Stadium on Monday.

“I was happy with today,” Williams said, “so I’m not going to ask for more.”

Williams is a two-time champion in New York—back in 2000 and 2001—and owns seven Grand Slam singles titles in all, along with another 14 in doubles. But she’s also 39, had lost in the first round at the French Open and Wimbledon this year and her ranking is down to No. 52. That puts her 14 spots behind Zheng.

Sure didn’t seem that way on this afternoon. Williams dominated from beginning to end, winning twice as many total points, 58-29, compiling more than four times as many winners, 25-6, and two fewer unforced errors than her opponent.

Williams also showed off her big serve, reaching 121 mph, and set up a match against No. 5 seed Elina Svitolina next.

For years, as her ranking has slipped further away from

the No. 1 spot she once briefly held, and her results have been less than what they once were, Williams repeatedly has faced questions about whether she was considering retirement. She never really paid any heed to that, often saying that she feels she has more to give to the sport.

And Monday, she sure looked and sounded as if she still does.

“It’s a wonderful job, and it’s all-consuming. So if you don’t love it, it’s really hard to do well at it,” Williams said.

“And the fact that I have done well has shown that I have loved it, and will love it, and I’ll always love it. Even when it’s all over, I’ll still be a tennis player.”

OPELKA DOES IT AGAIN

REILLY OPELKA is making a habit of

eliminating seeded players at Grand Slam tournaments. The 6-foot-11 American’s latest such win came in his main-draw debut at the US Open, against No. 11 Fabio Fognini of Italy.

That 6-3, 6-4, 6-7 (6), 6-3 victory Monday on Court 17 came courtesy not so much of Opelka’s booming serve, although he did smack 26 aces, but his impressive

Federer survives Nagal (not Nadal) N

EW YORK—Roger Federer dropped the first set he played at this year’s US Open—against someone named Nagal.

No, not Nadal.

Nagal.

Federer shrugged off that slow start and came back for a 4-6, 6-1, 6-2, 6-4 victory Monday night against Sumit Nagal, a qualifier from India ranked 190th.

How did the 20-time Grand Slam champion deal with digging himself that hole?

“Just try to forget it,” Federer said during his on-court interview in Arthur Ashe Stadium. “Play tough. Stay with him. It was a tough first set for me.... Credit to him.”

When that first set ended, there were plenty of people looking on in disbelief—in Federer’s guest box, certainly; around the stands, of course; and in

front of TVs at home, surely.

“People expect a different result,” Federer said. “I expect something else.”

This was not, after all, Rafael Nadal, someone Federer has never faced at Flushing Meadows but

trails 24-16 head-to-head overall.

Instead, it was Nagal, who is now 0-5 in tour-level matches for his career, trailing Federer by 1,224 victories.

“It would have been a better story,” said Nagal, who now heads to Genoa, Italy, to enter a low-tier Challenge Tour event on red clay, “if I had got another set or more.”

Federer was a big part of what transpired in the early going: Of the 32 points Nagal won in the first set, only three arrived via his own winners. Of the other 29, 19 were thanks to unforced errors by Federer, and another 10 were forced errors off the Swiss star’s racket.

One particular issue was Federer’s serve: He won merely seven of his initial 20 second-serve points.

But he returned well throughout, breaking in Nagal’s first service game of every set, and eventually, the rest of Federer’s game came around, too.

performance at the baseline, including thanks to a backhand Fognini called “very strange.”

Opelka, currently ranked a career-high 42nd, acknowledged that his serve wasn’t at its very best, but said the victory “shows that I’ve got more than that to back it up.”

BYE, KERBER

ANGELIQUE KERBER seems to alternate good Grand Slam years with bad ones. This was a bad one.

The three-time major champion and former No. 1 bowed out of the US Open in the first round Monday, beaten by Kristina Mladenovic 7-5, 0-6, 6-4.

Kerber, who was seeded 14th, won more points, 105-93 thanks to the way she controlled the second set, but just couldn’t hang in there down the stretch.

This comes after a second-round loss at Wimbledon, which followed a first-round loss at the French Open.

In 2016, Kerber won the Australian Open and US Open for her first two Slam titles. In 2017, though, she had a pair of first-round exits at majors. In 2018, Kerber won Wimbledon and reached another Slam semifinal. Now she’ll hope the pattern continues in 2020 after a disappointing 2019.

“Not really the best year for Grand Slams for me,” she said. AP

SOFIA KENIN serves to CoCo Vandeweghe during their first round match on Monday. AP

“Maybe it’s not a bad thing to go through a match like this,” said Federer, who has now won his past 62 first-round Slam matches. “It was very similar at Wimbledon.”

That’s true. He ceded his very first set at the All England Club in July, then wound up making it all the way to the final—even holding championship points before eventually losing to Novak Djokovic in a fifth-set tiebreaker.

Nagal soon saw a better Federer than was present at the outset Monday.

“He loves putting pressure on the other guy. The thing with him is you don’t know what type of shot [he’ll play],” Nagal said. “He’s always making you think.... You have no idea where the ball is coming back.” AP

C2

Spo

Business

Wednesday, August 28, 2019

GASOL, 34, CARRIES SPAIN’S CUP HOPES S HANGHAI—Marc Gasol is 34 years old, which means he’s particularly fond of off-seasons.

He didn’t get much of one this year.

There’s a very good reason for that—a most unusual and, he thinks, worthwhile opportunity.

After helping the Toronto Raptors win the NBA championship in June, Gasol is now looking to lead Spain to a World Cup title in September. And although the 7-foot-1 veteran center’s body may have preferred some more downtime before the grind of another season begins, Gasol could not pass up this chance.

“It’s a special group of guys,” Gasol said. “It’s always special when you put on this jersey. And I couldn’t leave them hanging. That’s what my heart told me and that’s what it keeps telling me.”

Gasol was on the team that won the World Cup—then called the world championship—for Spain in 2006, rolling past a Greece team that had just beaten the United States in the tournament semifinals. He helped Spain win silver medals at the 2008 and 2012 Olympics, losing both times in the title game to the US. He’s the oldest player on a very seasoned team that will play for Spain in this World Cup. Out of the 12 on the final roster for Coach Sergio Scariolo, eight have celebrated their 30th birthdays already. But it’s also clear that Gasol, even on a roster featuring the likes of Phoenix’s Ricky Rubio and Real Madrid standout Sergio Llull, is the leader of the bunch.

“It was probably a key move for us, one of the important ones, the most important one,” Scariolo said. “We need somebody to be the guy

who you can give the ball in the tough moments, not necessarily for the shot but to make a good play—whether it’s to create a shot for a teammate, to take a shot himself, to draw a foul and be a solid free-throw shooter. He’s extremely important and the rest of the players respect him a lot.”

That respect was there before Toronto topped Golden State in six games for the NBA title.

But the ring Gasol will be getting on opening night certainly adds to his legacy.

Among players born outside the United States, Gasol is one of only seven—a list that also includes his older brother Pau Gasol, who would have played in this World Cup had he not gotten injured last season—to have amassed more than 11,000 points, 6,000 rebounds and 2,700 assists at the NBA level. And when the Raptors added him in a trade last February, their entire makeup seemed to change.

“I think we started passing the ball, our assists started going way up, we became the No. 1 3-point shooting team in the league because of the extra passes and the contagious passing,” said Raptors Coach Nick Nurse, who is coaching Canada at the World Cup. “And our team’s sense of who they thought they could become went up.”

The same could ring true for Spain.

The US has won the last two World Cups, though a third consecutive gold in the event— something that no nation has ever accomplished— hardly seems guaranteed. Spain lost to the Americans by nine in an exhibition earlier this month in Anaheim, California, a game where

neither side was exactly in tournament form.

Spain should have little, if any, trouble getting through its group phase: It faces Iran, Tunisia and the Dominican Republic in its first three games at Guangzhou, China starting on Friday. The top 2 teams will advance to the second round. Those first three games will likely become mere tune-ups for Gasol and the Spainards, as they get ready for the bigger matchups later in the tournament.

“The teams that are in the past, they’re in the past,” Gasol said. “What matters is the guys who are playing today and their talent and their qualities.”

There has been minimal rest for Gasol this summer.

The Raptors won the title, had a parade a few days later, and within a few days after that Gasol was simultaneously starting recovery and workouts for the Fiba challenge. Spain spent about a week in the US for the game against the Americans, using that as a bonding trip of sorts. Then it was back to Spain for more games, before heading out to China.

All worth it, Gasol said.

“I cherish every second of it, every practice, every trip, every lunch that we have together,” Gasol said. “I know how special it is. Obviously it’s not ideal, but I think it was completely worth it to play all the way to June.... Whenever it is, 10 years from now, when I’m sitting on the beach in Spain, I won’t be able to reproduce this feeling.” AP

MARC GASOL is now looking to lead Spain to a World Cup title.

Nets sign guard LeVert to contract extension

N

EW YORK—The Brooklyn Nets have signed guard Caris LeVert to a contract extension after his remarkable recovery from injury last season.

The 2016 first-round pick was averaging a team-best 18.4 points in his first 13 games before sustaining a dislocated right foot, a gruesomelooking injury that had players in prayer as he was taken off the court on a stretcher.

But it was quickly determined that he wouldn’t need surgery and would be able to return during the season, which he did after missing about three months. He helped the Nets make the playoffs, where he averaged 21 points in a first-round loss to the Philadelphia 76ers.

Terms of the deal announced Monday were not disclosed.

The Nets respect the way LeVert has overcome injuries dating to college at Michigan, and view him as an important piece of a team that signed superstars Kevin Durant and Kyrie Irving in July.

General Manager Sean Marks says “Caris personifies what it means to be a Brooklyn Net, and we firmly believe his best basketball is in front of him.” AP

Inkster takes experience to round out Solheim team

J

ULI INKSTER used her two Solheim Cup captain’s picks on Stacy Lewis and Morgan Pressel on Monday, wanting to add experience to an American team so young that eight of the 12 players have never competed in the tournament when it is away from home.

“I think they can bring a little calming factor to our team,” Inkster said in a conference call from New York.

Qualifying ended Sunday after the CP Women’s Open in Canada.

Of the 10 players who earned automatic spots on the US team— through Solheim Cup points or from the women’s world ranking—five are Solheim Cup rookies and three have never played the matches away from home.

The Solheim Cup is from September 13 to 15 at Gleneagles in Scotland, the course where Europe won the Ryder Cup five years ago.

Lewis, the last American to reach No. 1 in the world ranking, will be playing in her fifth Solheim Cup. The twotime major champion won her last tournament two years ago.

She missed the second half of last year to have her first child.

Lewis made her Solheim Cup debut in Ireland in 2011 and recalled the nerves of walking to the first tee in foursomes, realizing she had the opening shot.

“I hit a horrendous tee shot,” she

said. “That was kind of the moment for me that I wasn’t necessarily prepared for that I want the other rookies to be ready for.”

Pressel has played on five Solheim Cup teams dating to 2007, the year she won the Kraft Nabisco Championship at 18 to become at the time the youngest woman to win a major championship. Pressel has lost only once in five singles matches in the Solheim Cup. She didn’t play in the last Solheim Cup, a US victory in Iowa. Pressel showed enough form for Inkster to take her, particularly a tie for fourth in the Women’s British Open earlier this month at Woburn. It was the third top 10 of the year for Pressel, whose last—and only second—victory was in 2008 at Kapalua.

Inkster said she spoke to the 10 players who qualified and listened to who they wanted to fill out the team.

“Super excited when I got the call from Juli that she wanted me on her team,” Pressel said. “It’s a huge honor to play for Juli, to play for Team USA. And like she said, to have my teammates want me as part of the squad, as well, is definitely a confidence booster. I feel like I’ve been playing really well, especially this summer.”

Inkster is captain for the third straight time, and she will have a chance to become the only captain with three victories since the Solheim Cup began in 1990.

Missing from the US team is Cristie Kerr, who had played on nine consecutive Solheim Cup teams dating to 2002. Brittany Lincicome is on maternity leave, while Michelle Wie is recovering from injuries that have hampered her career.

They are among seven players who were in Iowa last year who will not be part of this team.

The qualifiers were Lexi Thompson, Danielle Kang, Jessica and Nelly Korda, Lizette Salas, Angel Yin, Marina Alex, Brittany Altomare, Annie Park and Megan Khang.

Inkster said while experience matters, making a Solheim Cup debut away from home can help. AP

BENNETT RULES VUELTA STAGE 3

A

LICANTE, Spain—Sam Bennett won the third stage of the Spanish Vuelta on Monday, with fellow Irishman Nicolas Roche keeping his overall lead ahead of Nairo Quintana.

Bennett dominated the final sprint in the 188-kilometer mostly flat stage from Ibi to Alicante, beating Edward Theuns and Luka Mezgec to the finish line.

“I knew it would be a very fast sprint so I really wanted to kick first,” Bennett said.

“I’m delighted to get a Grand Tour victory.

I’m delighted we are giving the Irish fans something to cheer for.”

It is the first time that Ireland has had both the stage winner and overall leader at the Vuelta on the same day.

There were no major changes to the overall standings as Roche and Quintana finished in the main peloton.

Roche will keep a two-second lead going into Tuesday’s 175-kilometer ride from Cullera to El Puig on

Spain’s eastern coast.

“Today has been more stressful than we thought. The team did a great job on keeping ourselves at the front,” Roche said. “It was a fast finish, so it was important to be on your toes for the final kilometers. I’m happy for myself to be able to keep the jersey.”

Quintana, the 2016 Vuelta winner, was briefly held by a mechanical issue early in Monday’s stage but easily recovered to rejoin the peloton.

It was pure coincidence that Team Ineos and Movistar, the winning teams in the Giro d’Italia and Tour de France this year, had their buses parked next to each other at the stage start of the Vuelata España in Ibi on Monday.

But the difference in atmosphere outside the buses could not have been greater—and so too, since Sunday, are the two teams’ objectives in the Vuelta.

Outside the Movistar team vehicle, hordes of Colombian fans gathered around the edges of crash barriers, and when Stage 2 winner Nairo Quintana emerged to head for the sign-on, a deafening cheer rolled up and down the boulevard where the buses were parked.

Just a few meters away at Ineos, in stark contrast, team staff sat on pavement or stood quietly chatting in a semi-circle at one end of the bus while barely half a dozen fans stood half-way along waiting for the riders to emerge. Mostly what could be heard, in fact, were the cheers and applause from the Movistar crowd.

The distance between the two Grand Tourwinning teams might have been a short one physically on Monday morning in the Vuelta but in terms of race objectives, they are now miles apart.

That’s because after Stage 2’s victory for Quintana, the Colombian is clearly in the thick of the GC battle. In contrast, for Ineos, whose two protected riders, Tao Geoghegan Hart and Wout Poels crossed the line on Sunday’s turbulent stage nearly 10 minutes down, any overall ambitions for the Briton and Dutchman have now gone up in smoke.

As for what actually happened on Stage 2, sports director Nico’ Portal told a small group of reporters on Monday, “we don’t want to hide anything, there is no point in looking for excuses. AP SAM BENNETT dominates the final sprint in the 188-kilometer mostly flat stage from Ibi to Alicante.

orts

sMirror

Wednesday, August 28, 2019 C3

YULO, TOM DOMINATE

By Ramon Rafael Bonilla

P

KARL ELDREW YULO scoops five gold medals and settles for two silvers in gymnastics.

UERTO PRINCESA City— Rising star Karl Eldrew Yulo scooped five gold medals and settled for two silvers in gymnastics to easily seize the spotlight on the second day of the Batang Pinoy National Championships on Tuesday.

The 11-year-old bet Yulo from Manila topped the vault, mushroom, parallel bars and floor exercise to take the individual all around crown in Class 2 of men’s artistic gymnastics at the City Coliseum.

The younger brother of Tokyo Olympics hopeful Caloy goes for a

sweep of the competition the way he did in the Baguio City Finals last year, but the Grade 6 student of the Aurora A. Quezon Elementary School faltered in high bar and the team contest to take two silvers.

Yulo could’t be more frustrated, especially when he missed his routine in the high bar. He worries that his mom would not be satisfied with his runner-up finishes.

Nevertheless, the promising gymnast lived up to the hype.

“I’m very proud of myself,” declared Yulo after his fruitful harvest. “But I wish my parents are proud, too. I hope they will not get mad because I had silvers.”

Fajardo all praises for BEST Center

N

EW JERSEY-BASED Ella Fajardo, who saw action for the Gilas Pilipinas girls team that clinched bronze in the recent Fiba 3x3 U18 tournament, looked back to the days when she started honing her skills at the Milo Basketball Efficiency Scientific Training (BEST) Center program.

“I was nine years old when I first joined Milo BEST,” the 16-year-old Fajardo told the Philippine Sportswriters Association Forum at the Amelie HotelManila on Tuesday.

Fajardo, a standout with the New Jersey Sparks from seventh to ninth grades, brought with her the bronze medal she won in Malaysia last week, and was joined in the forum by her parents and siblings.

The Fajardo couple made it a point to bring their daughter to the Philippines during summer so she could pursue classes at the Milo BEST. “I’ve finished all the levels. Now, my sisters are into it,” the promising basketball player told the forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel-Manila, and the Philippine Amusement and Gaming Corp.

Fajardo played a key role in Gilas Pilipinas’s campaign in Malaysia, which included a stunning 14-11 victory over 2018 champion China in the battle for the bronze. Australia won the gold, and Japan the silver. Other members of the team are Kristine Cayabyab, Angel Surada and Camille Clarin.

Also at the forum were Milo BEST Center Founder and Chairman Nic Jorge, Milo Sports Executives Lester Castillo and Luigi Pumaren.

“Ella is just one of many players that we’ve produced at Milo BEST, which is the first basketball school in Asia,” said Jorge as he named the clinic’s illustrious products, among them Kobe and Andre Paras, and Kiefer and Thirdy Ravena.

Over at the Speaker Ramon V. Mitra Sports Complex pool, Audrey Tom of Cainta (Rizal) and Mark Bryan Dula of Parañaque City captured their fourth gold medals to remain on course to a 5-for-5 performance in the premier grassroots competitions organized by the Philippine Sports Commission and supported by Milo.

With three gold medals around her neck, Tom claimed her fourth mint in the 12-under 50-m butterfly (31.41 seconds). She could go home unbeaten if she tops the 50-m freestyle in her next race.

After dominating the 12-under 50-m backstroke and 100m butterfly on opening day, Dula clocked 29.28s seconds to rule the 50m butterfly then followed it up with a 2:31.95 performance in 200-m backstroke. He could swim home with five mints if he prevails in 100m backstroke on Wednesday.

In the track oval, Laguna Province made its presence felt with victories of Rowee Bryan de Luna (400-m boys), Magvrylle Chause Matchino (1500-m girls)

and Evita Ruth Belloso (100-m hurdles girls).

The other winners were Lyka Catubig of Davao City (2,000-m walk girls), Aaron Gumban of Santo Tomas, Davao del Norte (5000m boys), Gio Beguna of Cebu Province (shot put boys), Vincent Sarabia of Tagbilaran City (high jump boys) and Rufo Aidan Raguine of Pangasinan Province (long jump boys).

Action fired off in cycling at the Palawan International Circuit with Pangasinan Province securing a 1-2 finish with Homer Bordeos and Lawrence Redila reigning in the boys’ 14-15 individual time trial.

Hometown pride Joel de la Rosa took bronze.

In the girlsanta Rosa (Laguna) bagged the gold, while Sophia Belican of Malaybalay City and Asia May Araneta of Davao City completed the podium.

As of 2 p.m., Laguna Province had six golds, eight silvers and two bronzes to lead the medal tally.

Davao City ran second (5-2-7), while Cebu City stayed in third (4-6-4).

P

confidence in his team. “I feel these guys can step up when the time comes,” Guiao dold the forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp.

For Norwood, seeing action in his second World Cup, the current batch of Gilas is almost the same as the one that competed in 2014 in Spain where the Filipinos played competitive games against Croatia, Greece, Argentina, Puerto Rico and Senegal.

“In terms of the players with the 12 out there, I think there’s a lot of similarities [with 2014],” said the big guard of Rain or Shine, adding the only difference was in terms of the “different level of preparation that comes in,” after Fiba decided to reformat the tournament by holding a home-and-away series of qualifiers for the worlds.

Gilas is bracketed in Group D with Serbia, Italy

and Angola. It leaves for Foshan, China, on Thursday and will play the Azurri on opening day Saturday.

President Duterte, who will be leaving for Beijing on Wednesday for an official state visit, will watch the Gilas-Italy game.

“As of now were working with the Presidential Office and with the Samahang Basketbol ng Pilipinas [SBP, making sure that he [Duterte] gets good seats to support and cheer the Philippines,” Cui said. “We’re really happy and looking forward to having the President watch us there. We really appreciate his support.”

Efforts are also being arranged for the team to personally meet Duterte.

“Definitely, we’ll find a way to have him [Duterte] meet the team. We will have it schedule with the Presidential Staff. They’ll coordinating with the SBP as of now,” added the Gilas team manager.

chief operating officer, Steve Reilly, together with celebrity leaders lead runners of the 10K category in this year’s Run With Me X. Team Green emerges winner of the benefit of Tahanang Walang Hagdanan. Also sharing the spotlight are Blue Team for ERDA TECH Foundation (fourth), Orange Team for EPCALM Adult Leukemia Foundation (third) and Yellow Team for HERO Foundation (second).

Mau commits to go all-out for Cargo Movers in finals

A

a champion as the Cargo Movers enjoy a 1-0 edge over the HD Spikers in this battle that also has ESPN5 and Kapatid TV5 as broadcast partners.

“I want it more than anything,” said Mau, who played as starting open spiker for the Arizona Wildcats in the US National Collegiate Athletic Association.

“The mindset is that it’s ours. Every opportunity we get, every set I get, I’m going to put it down because we’re not playing around. The stakes are high and I’m excited to get my first title.”

True enough, Mau has been doing

everything to help the Cargo Movers snap its three-year title drought in the All-Filipino.

She erupted for 27 points carry the Cargo Movers to a 25-22, 26-24, 18-25, 17-25, 15-8 victory in Game 1 over the weekend at the Smart Araneta Coliseum.

Prior to that, she served as the biggest threat in offense when the Cargo Movers raced to a 12-2 win-loss mark in the preliminaries before creaming Santa Lucia in the quarterfinals and Foton in the semifinals.

Still, she knows that prevailing over Cignal will never be easy.

“Cignal is not going down without a fight.

GUIAO: WE NEED TO SHOOT WELL I

T’S imperative for Gilas Pilipinas to shoot well from the outside if it wants to keep in step with most of the top basketball powers in the China Fiba World Cup. National Coach Yeng Guiao stressed the point on Tuesday in the Philippine Sportswriters Association Forum at the Amelie Hotel-Manila, noting that in the games where the Filipinos won during training camp in Spain and in two tune-ups against a visiting Australian pro club, good perimeter shooting had been the common denominator.

“When we’re shooting well, we win games. When we’re shooting well, it becomes a little bit easier to win games,” said Guiao during the weekly forum, where he was joined

by Gilas captain Gabe Norwood and team Manager Gabby Cui. “That’s exactly true in the tune-up games that we played. Last Sunday, we had a bad shooting day and we lost to Australia,” the national coach said, referring to the friendlies the team played against the Adelaide 36ers, which the two sides split.

Then there’s the 10-day training camp in Guadalajara and Malaga, which included a pocket tournament featuring world No. 2 Spain.

“It’s the same way in Spain. The only bad game we played was the game against Congo when we shot really bad from the outside. But the three games that we won in Spain, we really

shot well,” said Guiao, who noted that Gilas pulled those wins even without top gunners Marcio Lassiter and Roger Pogoy.

Because of an MCL sprain he suffered during the Philippine Basketball Association Commissioner’s Cup playoffs, Lassiter was left out of the official 12-man roster which is composed of Andray Blatche, June Mar Fajardo, Troy Rosario, Japeth Aguilar, Pogoy, Norwood, Mark Barroca, Paul Lee, Raymund Almazan, comebacking Kiefer Ravena and Gilas newcomers Robert Bolick and CJ Perez.

As it is, Pogoy is the only natural shooter on the team in the absence of Lassiter and Matthew Wright, another injured player.

While it is a concern, Guiao has a lot of

Mission next to impossible

And they did a really good job coming back and pressing us, and challenging us,” said Mau, who is clashing with close friend and former United VC teammate Alohi Robins-Hardy of the HD Spikers.

“I know Alohi was kind of quiet in the first two, that wasn’t her. I told my team that ‘hey look, they’re gonna get beaten in three, tonight, they gonna come harder in the third set so we gotta play even harder.’”

“I think my team, we have to control what we can control. We could have minimize a lot of our errors and you know, all we gotta do is learn from this and we gotta move on come the next game.”

RWM RUN WITH ME X Resorts World Manila employees and executives led by its

FTER a luckless season, Kalei Mau vowed to do everything to help F2 Logistics in its trek back to the throne of the Philippine Superliga All-Filipino Conference.

Mau, the Filipino-American spiker from Arizona, said she is on a mission as the Cargo Movers head into crucial Game Two of their best-of-three finals series against Cignal.

This could be Mau’s first title in the country’s women’s volleyball league.

She arrived last year and played for United VC, which failed to get past the semifinals.

Now, she has a golden chance of becoming

THAT’S ALL

GILAS Pilipinas is definitely on an impossible mission when it goes to action in the Fiba World Cup kicking off—for the Filipinos—this Saturday in Foshan, China.

Our first foe is none other than Italy, whose ceiling-laden lineup will again pose a major problem as in our past forays on the global stage.

But if Italy is formidable enough for us to conquer, what more with Serbia After our one-day rest from the Italy encounter, we battle next the Serbians, who have become perennial world title contenders that’s why their stars usually snare juicy contracts with NBA (National Basketball Association) teams in the US. We face Serbia on September 2, after which we take on Angola on September 4 for our third and final outing in the first round.

Our mission next to impossible is to win two games to advance to the next round.

And which among Italy, Serbia and Angola, are beatable for us?

Italy? Maybe.

Serbia? No way.

Angola? Possible.

We need superhuman efforts to snatch the two wins against Italy and Angola. Easier said than done.

But against Serbia? Miracle period.

Serbia was the losing finalist to the US in the 2014 Spain Worlds.

We could only win once in Spain—an 81-79 overtime escape over Senegal in the eliminations where we lost to Croatia, Greece, Argentina and Puerto Rico.

But although we lost four times in Spain, we won the hearts of spectators, who applauded us lustily after dropping close games due mainly to breaks of the game.

In the China event, serving as the qualifying for the 2020 Tokyo Olympics, our chances again in even making it to the second round are, to be honest, virtually zero.

But then, if you believe in the parting of the Red Sea, or Jesus Christ walking on water, then Gilas may also make a miracle in Foshan.

Our chief drawback in the World Cup and other global wars has always been our lack of ceiling. It is a fact as ancient as the invention of the clock.

We’ve mastered the game why not?

We can dribble well. We can shoot threes.

We can slash the paint.

What we can’t usually do, almost perennially, is to waylay taller players.

And yet, we can do almost anything except rebounding.

You don’t grab rebounds, no ball to shoot.

You have nothing to shoot, no points.

As the old adage goes, height is might in basketball.

And tell me, how can we stop a 6-foot-8 that dribbles like a speeding 5-foot-9 point guard on his way to the hoop?

Winning on the world stage is not just hard, but is the hardest.

For us not tall enough like the Italians, Serbians and even the Angolans, we can only hope that a miracle happens.

Puso? We’ll see.

THAT’S IT Not seven of eight but eight of nine.

That’s the record of Coach Leo Austria insofar as the actual count of championships he won in the Philippine Basketball association thus far.

He made it an overall haul of eight titles when he piloted San Miguel Beer to a 4-2 victory over TNT KaTropa in the best-of-seven Finals of the just-ended PBA Commissioner’s Cup. If memory serves, that’s the best winning percentage ever by any coach in PBA history.

Lady Troopers vs Perlas Spikers ACIFICTOWN Army seeks to dish out top form coming off a weeklong break as it takes on a struggling Petro Gazz today, looking for a third straight victory in the Premier Volleyball League Season 3 Open Conference at the Filoil Flying V Centre in San Juan.

Motolite and Choco Mucho, likewise, shoot for a follow-up to their romps the last time out as they face Air Force and BanKo-Perlas, respectively, in pursuit of a third win and boost to their bids in the season-ending conference of the league organized by Sports Vision.

The Lady Troopers toppled the Perlas Spikers in four then outlasted the Flying Titans in a marathon record duel last August 21 to remain the only other unbeaten squad in the nine-team field next to defending champion Creamline, which swept its first five matches.

But Army will be facing a Petro Gazz side itching to get back into the thick of things following a stinging shutout loss it absorb from Creamline last weekend that dropped the recent Reinforced Conference champion to sixth with a 1-2 card.

Gametime is at 4 p.m. with Royse Tubino, Jovelyn Gonzaga, Jem Gutierrez, Nene Bautista, MJ BalsePabayo, Lutgarda Malaluan and setter Alina Bicar eager to slug it out with the likes of Cherry Nuñag, Jeanette Panaga, Paneng Mercado, Jovielyn Prado, Djanel Cheng and Jonah Sabete in what promises to be slam-bang duel.

Meanwhile, Motolite, with Myla Pablo, Fil-Am setter Iris Tolenada and the rest of the squad putting up solid outing the last two matches, sets out for another romp against winless Air Force at 2 p.m. with the Power Builders riding on the momentum of their back-to-back shutout victories over the Chef’s Classic Red Spikers and the BaliPure Water Defenders following a crushing 0-3 setback to the powerhouse defending champion Cool Smashers.

Choco Mucho, on the other hand, also shoots for its third win in four games against BanKo-Perlas in the 6 p.m. main game with the latter out to break a win-loss-winloss-win run against a young but tall rival in a bid to stay at second in a crowded leaderboard.

AL MENDOZA alsol47@yahoo.com

Sports

No-hitter or not, bullpens need to be always ready

BusinessMirror

C4

I

| Wednesday, August 28, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

INTER Milan’s players celebrate with Romelu Lukaku after he scores his side’s third goal in the Serie A against Lecce at the San Siro stadium in Milan on Monday. AP

NEW RULES GET MORE CRITICISM

B

By Ciarán Fahey The Associated Press

ERLIN—Newly implemented handball rules in soccer were supposed to provide greater clarity for those playing or watching the game.

In Germany they are causing confusion and leading to renewed criticism of the increasingly unpopular video assistant referee (VAR).

Two decisions in Saturday’s top game between Schalke and Bayern Munich, and others scattered among other Bundesliga games over the weekend, led players, fans, coaches—and even former referees—to question whether the changes are benefiting the game at all.

“How rules are changed again and again is making football worse,” Werder Bremen striker Niclas Füllkrug said after he had a goal ruled out in his side’s 3-2 loss at Hoffenheim on Saturday.

Füllkrug had thought he’d equalized but VAR intervened after the ball touched his arm.

“I don’t understand it. But according to the rules it isn’t a goal,” Füllkrug said.

The new rule states that even an accidental handball by the attacking player will be penalized, leading to a sarcastic reaction from Füllkrug’s teammate Kevin Möhwald.

“That’s the new brilliant rule that we have. It’s top!”

Möhwald said.

Freiburg felt hard done by in a game at Paderborn when it wasn’t awarded a penalty after Jerome Gondorf’s free kick struck defending Paderborn captain Christian Strohdiek’s arm.

“What upsets me is that there is a difference between handball by a forward and handball by a defender. That’s causing discussions without end,” former referee Thorsten Kinhöfer wrote in a column for the mass circulation Bild am Sonntag tabloid.

Schalke Coach David Wagner was aggrieved not to get two penalties against Bayern.

“Honestly, I’m looking forward to an explanation,” Wagner said.

Bayern defender Benjamin Pavard’s arm blocked a header from Matija Nastasic, then Daniel Caligiuri’s free kick was deflected out of play by Ivan Perisic’s arm.

Referee Marco Fritz allowed play continue and did not review the scenes again. Fritz later said he did not receive a signal from video assistant Bastian Dankert in Cologne that there had been an error.

Lutz Michael Fröhlich, the German soccer federation’s head of the referees, acknowledged that Fritz should have checked again.

“For the power of persuasion and the effect externally, it would probably have been best if he’d formed his own picture,” Fröhlich told broadcaster Sport1.

Patience is running thin, with Borussia Moenchengladbach Coach Marco Rose another to add his voice to the criticism.

“If you don’t at least go out and look at it again, then I also don’t understand the point of the video referee,” Rose said.

BRANDT’S IMPACT AFTER coming on as a substitute to resuscitate Borussia Dortmund in Cologne on Friday, Julian Brandt was in no mood for praise despite his role in the 3-1 win.

“That’s why we’re sitting on the bench, so we can improve the side and freshen things up,” Brandt said after an impressive 28 minutes.

Brandt, who joined in the offseason from Bayer Leverkusen for €25 million ($28 million), made an immediate impact as Dortmund recovered from a goal down. The 23-year-old Germany midfielder played a decisive role in both late goals and made his case for a starting role.

“I like to play in the center. But the most important thing is I want to play. And I want to win,” said Brandt, who thought of teammate Mario Götze. “There are players who also have good names on their backs who didn’t play at all today.”

INEOS TAKES OVER NICE A COMPANY led by British billionaire Jim Ratcliffe has completed a takeover of French league club Nice.

Chemicals giant Ineos and the French club both confirmed the deal on Monday, making Nice the latest sports acquisition by the London-based company.

Ratcliffe, Britain’s richest man who is the Ineos chairman, said: “We are absolutely delighted about acquiring OGC Nice. It has been quite a long journey getting here, but it is unique, and we were determined to complete the purchase of the club.”

Nice, which is coached by former France international Patrick Vieira, has won both its opening matches of the French league season after finishing seventh last year.

Ineos bought Swiss club Lausanne in 2017 and also sponsors a cycling team that bears its name, which includes this year’s Tour de France winner Egan Bernal.

Ratcliffe said the company looked at “a lot of clubs” before deciding to buy Nice, and that it is determined to establish it “as a team that competes in European club competition on a regular basis.”

He added: “We made some mistakes at Lausanne but we are fast learners, these have been rectified and we are already seeing the benefits. Clubs need to be successful off the pitch, as well as on it, and Nice will be no different, as we look to take the club from strength to strength in all aspects over the coming years.”

F a pitcher takes a no-hitter into the sixth or seventh inning, that’s usually around when it starts to feel possible.

It’s also apparently a decent time to pull him.

In the past week, three pitchers were taken out with no-hitters in progress in the sixth inning or later, part of a growing trend in which managers are willing to go to the bullpen even when the starter has a chance to make history. In an era when complete games are rare, this isn’t a surprise, but it’s noteworthy all the same.

Of the three no-hitters thrown this season, two were combined efforts. Only Mike Fiers of Oakland pulled one off by himself, May 7 against Cincinnati.

When Houston’s Aaron Sanchez, Will Harris, Joe Biagini and Chris Devenski blanked Seattle on August 3, it was the 14th combined no-hitter in major league history.

Five of them have come in the last eight years.

That number did not increase this past week.

Dakota Hudson of Saint Louis was lifted after 6 2/3 no-hit innings, and the Cardinals ended up throwing a one-hit shutout against Milwaukee on Monday night.

Four days later, Jordan Lyles of the Brewers was pulled after six innings, and Arizona broke up that combined no-hit bid in the seventh.

On Sunday, Reynaldo López of the White Sox left after five no-hit innings, although there were extenuating circumstances: He was dealing with dehydration and flu-like symptoms. Texas broke up the no-hitter in the sixth.

According to the Play Index at Baseball-Reference. com, López was the ninth starting pitcher this season to end his outing with at least five innings and no hits allowed. Only Fiers went the full nine innings. In fact, none of the other eight pitchers lasted more than seven.

Hudson said he didn’t even realize he had a nohitter until after he’d been taken out. Lyles said he understood being pulled. He’d thrown 99 pitches and knew it wasn’t a good idea to throw another 30 or 40 in pursuit of a no-hitter.

If a starter has a high pitch count through six or seven innings, pulling him isn’t all that controversial nowadays.

After all, he’d still have a lot of work to do to complete the no-hitter.

Once a pitcher works into the eighth, however, it’s still rare for him to come out with a no-hitter intact. That’s only happened twice since the start of the 2010 season, both times in 2016. Adam Conley of the Marlins left after 7 2/3 innings and 116 pitches, and Ross Stripling of the Dodgers was taken out after 7 1/3.

Elsewhere around the majors:

IN THE CARDS

IT wasn’t long ago that St. Louis was a postseason regular and always seemed dangerous in October, but the Cardinals haven’t made the playoffs since 2015.

They’ve been overlooked to some extent this year, but after beating Colorado on Sunday, the Cardinals have won 13 of their last 16 and lead the NL Central by two-and-a-half games.

Saint Louis is second in the National League in ERA thanks to Hudson and fellow youngster Jack Flaherty. The Cardinals have also gotten good work from their bullpen.

HIGHLIGHT

AARON JUDGE homered in three straight games for the Yankees at Dodger Stadium, but before that, he connected fo a 467-foot drive at Oakland on Tuesday night that didn’t take long to clear the wall. AP

Isinbayeva appeals for IAAF to lift Russia’s ban for worlds

M

YELENA ISINBAYEVA says the athletics body “definitely” should reinstated Russia because “the criteria, the roadmap points, which the [Russian] federation was issued have been completed.”

OSCOW—Former Olympic pole vault champion and current International Olympic Committee (IOC) member Yelena Isinbayeva has called on the International Alliance of Athletics Federations (IAAF) to lift Russia’s ban from international track and field in time for the world championships next month.

Russia has been suspended since 2015 over widespread doping, though the IAAF allows dozens of Russians to compete as neutrals.

In comments to Russian state news agency Tass, Isinbayeva says the IAAF “definitely” should reinstated Russia because “the criteria, the road-map points, which the [Russian] federation was issued have been completed.”

The IAAF has expressed concern Russia could be backsliding on earlier commitments, such as enforcing bans on coaches involved with doping. IAAF President Sebastian Coe told The Associated Press on Sunday that Russia could “technically” be reinstated for the world championships in Qatar.

Isinbayeva won the 2004 and 2008 Olympic titles but missed the 2016 Rio de Janeiro Games because of the ban on the Russian team, before joining the IOC. The International Volleyball Federation (FIVB), meanwhile, says it imposed a three-game ban on a Russia women’s team coach for an offensive gesture he made after qualifying for the Olympics by beating South Korea.

Sergio Busato was photographed smiling and making

a slant-eyed gesture with his fingers after Russia beat the Koreans in a decisive qualification match for the 2020 Tokyo Olympics in Kaliningrad, Russia, on August 4.

The FIVB governing body says Busato’s gesture violated its disciplinary rules. He was ordered to serve the suspension in Russia’s first three group-stage matches at the Women’s European Volleyball Championship, which is currently being played across four nations.

The FIVB says its disciplinary panel “reserves the right to reopen the proceedings if Mr. Busato fails to serve his sanction.”

Switzerland’s Olympic team leaders, on the other hand, foresee challenges coping with heat and humidity next year in Tokyo and venues scattered outside the city.

Swiss team chief Ralph Stöckli says a team of around 110 athletes should be selected. Switzerland sent 105 to the 2016 Rio de Janeiro Olympics and won seven medals, including three gold.

Speaking at a news conference after returning from Tokyo, Stöckli says the working visit left a positive impression of organizers’ preparations for the July 24 to August 9 games.

He says the main challenges are preparing for the expected climate, plus supervising athletes and deciding the delegation’s accommodation in sports held outside central Tokyo.

The IOC has published a “Beat The Heat” guide to help athletes acclimatize and regulate their body temperature. AP

CHICAGO White Sox starting pitcher Reynaldo López delivers during the first inning of their game against the Texas Rangers. AP

D

God You are forever faithful

EAR God, in trust we pray to You: Lead us to share in Your everlasting life, oh God. You support all who fall: renew the spirits of those who suffer failure, grave disappointment or loss. Raise those who are bowed down: restore life in those who are burdened by financial loss, unemployment or family challenges. You satisfy those who open their hand: rouse us to feed the hungry, care for the homeless and show kindness to the children. May all flesh bless God’s holy name, now and forever. 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

DISNEY TEASES ‘STAR WARS,’ ‘FROZEN 2,’ MORE AT CONVENTION D3

Wednesday, August 28, 2019

D1

Introducing ‘Operator 4.0,’ a tech-augmented human worker

T

By thOrSten WUeSt West Virginia University

HE Fourth Industrial Revolution has arrived. The first was the steam enginedriven Industrial Revolution; the second involved the innovations from Henry Ford’s assembly line. Third, microelectronics and computer power appeared on factory floors.

Now, manufacturing businesses are beginning to integrate robotics, automation and other data-driven technologies into their workflows.

Robots have taken over difficult, dangerous and repetitive physical tasks, improving factory safety, worker comfort and product quality. The next phase of labor innovation will do the same thing for cognitive work, removing mentally stressful and repetitive tasks from people’s daily routines.

Human work will become more versatile and creative. Robots and people will work more closely together than ever before. People will use their unique abilities to innovate, collaborate and adapt to new situations. They will handle challenging tasks with knowledge-based reasoning. Machines enabled by the technologies that are now becoming commonplace— virtual assistants like Siri and Alexa, wearable sensors like FitBits and smart watches—will take care of tedious work details.

People will still be essential on the factory floors, even as robots become more common. Future operators will have technical support and be super strong, super informed, super safe and constantly connected.

We call this new generation of tech-augmented human workers, both on factory floors and in offices, “Operator 4.0.” There are several types of enhancements available, which can be used individually or in combination to put humans at the heart of this technological revolution.

SUPER STRONG ONE straightforward enhancement would let workers wear robotic exoskeletons to enhance their strength.

A “super-strength operator” could let a human truly control the physical power of a large robot.

In today’s warehouses and construction sites, workers risk injury and exhaustion by handling heavy objects themselves. Or they are forced to compromise, using a more powerful tool with less adaptability, like a forklift.

The benefits go well beyond the workplace. Of

course, a worker in a powered robotic suit could easily handle extremely heavy objects without losing the flexibility of natural human movements. The worker would also be far less likely to suffer severe injuries from accidents or overwork. And at the end of a day, a super-strength worker could take off the exoskeleton and still have energy to play with the kids or spend time with friends.

SUPER INFORMED FIGHTER pilots use heads-up displays, which provide them with crucial information right on the cockpit windshield and directly in their line of sight. This is “augmented reality,” because it displays information within a live view of the world.

It used to be very specialized and expensive technology. Now, Microsoft’s HoloLens makes it available for consumers.

An “augmented operator” can get directions or assistance without interrupting the task he or she is working on. Often, when new equipment or processes are developed, trainers need to travel long distances to factories, staying for weeks to teach workers what to do. Designers do the same, getting feedback

for refinements and improvements. All that travel takes up a huge amount of time and is extremely expensive. With augmented reality available, it is often unnecessary.

A worker wearing a set of smart glasses can receive individualized, step-by-step instructions displayed right in front of his or her eyes, no matter where he or she is looking. With earbuds and a microphone, she or he could talk directly to trainers in real time.

SUPER SAFE MANY manufacturing environments are hazardous, involving heavy equipment, caustic chemicals and other dangers that can maim and kill human workers.

A “healthy operator” may be equipped with wearable sensors tracking pulse rate, body temperature, chemical exposure or other factors that indicate risks of injury.

This type of system is already available: Truck drivers can wear the Maven Co-Pilot, a hands-free headset that detects fatigue symptoms, like headbobbing movements. It can also ensure drivers check their rear-view mirrors regularly to stay aware of nearby traffic. It can even provide reminders to take

scheduled breaks. This helps keep the truck’s driver safe and improves everyone else’s road safety.

AND BEYOND… POSSIBILITIES are limitless. An “analytical operator” would wear a monitor showing realtime data and analytics, such as information on chemicals in a sewage treatment plant or pollutants at an incinerator. A “collaborative operator” may be linked to collaborative robots, or co-bots, like the assembly assistant YuMi. A “smarter operator” could be equipped with an intelligent virtual personal assistant, like an advanced Siri or Alexa.

There does not have to be conflict between robots and humans, with machines taking people’s jobs and leaving them unemployed. Technology should be designed with collaboration in mind. That way, companies and workers alike will be able to capitalize on the respective strengths of both human and machine. What’s more, the inherent flexibility of “Operator 4.0” workers will also help to ensure workplaces of the future that can change and adapt.

That means getting ever more efficient and safer, as new technologies emerge. AP

Globe celebrates new day with new Huawei P30 Pro Amber Sunrise THE much-coveted Huawei P30 Pro Amber Sunrise, now available from Globe.

SMARTPHONES are the tools of the modern storyteller, the device that helps capture the special details of your unique life.

For those brave enough to show the world their distinct perspective, Globe introduces the new Huawei P30 Pro Amber Sunrise.

The Huawei P30 Pro Amber Sunrise boasts of a revolutionary Leica Quad Camera system, making it ideal for photographs and videos.

This includes a 40MP Super Sensing Camera with f/1.6 aperture, designed for better light capture; a 20MP Ultra Wide Angle lens, letting you capture more of the landscape in a single shot; and SuperZoom Lens, which allows you to zoom in up to 50x and get highquality close-up shots.

Shoot more stunning creations by playing around with the night mode (for incredibly low-light conditions), real-time bokeh video (for artistic blur effects), and machine-learning AI HDR features (for auto-selecting the proper lens based on what you’re taking a photo of). Keep your creations worry-free with 512GB internal storage, an upgrade from the regular P30 Pro’s 256GB storage.

Enjoy minimal downtime with its 30-minute 75 percent charging capacity, and keep everyone going with a cool Power Sharing feature, which allows you to transfer power to another compatible device by placing one device on top of the other.

Plus, all this power is packed in the gorgeous new Amber Sunrise color. Globe took the Huawei P30 Pro Amber Sunrise for a spin with “Practice: A Photo Walk for the Brave Creators.”

Renowned photographer JC Gellidon, along with social-media creatives communities Where

AN iconic Baguio scenery, Valley of Colors, photographed by the Huawei P30 Pro Amber Sunrise.

To Next?, Sino Pinas, and VSCO Philippines took part in a hands-on workshop and an interactive photowalk through the Unesco-recognized “creative city” of Baguio.

These talented visionaries took the new Huawei P30 Pro Amber Sunrise through its paces, as they visited Oh My Gulay, Ili Likha Artist Village, Valley of Colors, Tam-Awan Village and the Baguio Craft Brewery. Using Huawei’s state-of-the-art features, the group was able to capture a vision of Baguio as only

each individual can.

You too can document your distinct views and vision. Shoot and share your own takes on the world with the new Huawei P30 Pro Amber Sunrise, now available on Globe Postpaid’s ThePLAN. Order yours today from Globe Postpaid at www.globe.com.ph/ huawei-P30 and enjoy free Huawei Freelace Earbuds and Huawei GT Watch worth P15,990.

More information about Globe Postpaid plans is available at www.globe.com.ph/postpaid/theplan.

D2

Wednesday, August 28, 2019

Pet Corner BusinessMirror

Doggy Con: A pop culture convention for furry fanatics A DOG dressed as Yoda from Star Wars won the cosplay costume contest award at Doggy Con in Woodruff Park, Atlanta on August 17. AP

A

z

By Andrea Smith The Associated Press

TLANTA—Atlanta’s scorching August heat didn’t stop Megan Nelson from slipping on a long faux fur coat and dressing up like Cruella de Vil for her first Doggy Con convention, a pet event for costumed canines inspired by the upcoming Dragon Con convention.

Doggy Con drew hundreds of dog owners and spectators recently to an Atlanta park for their own small cosplay convention, dressing up like fictional characters from video games, movies and other corners of the pop culture universe. For Nelson, that meant strutting and posing for photos alongside her dog Darla, a young chocolate Labrador retriever mix sporting a Dalmatian costume.

“It’s everybody coming together for just pure cuteness and joy,” said Ansley Whipple, Woodruff Park project manager.

The Doggy Con event in Atlanta’s downtown Woodruff Park signaled the approach of the internationally known Dragon Con pop culture convention. For more than 30 years, Dragon Con has attracted thousands of cosplay devotees and others to Atlanta for its annual costumed fandom events.

Paige Sullivan, marketing manager for Atlanta Downtown, said the Doggy Con celebration is a smallscale convention organized with the locals in mind.

“Doggy Con kind of kicks off Dragon Con season downtown,” Sullivan said. “I think that’s very unique to our city.”

The highlight of Saturday’s convention was a pet parade and costume contest in which prizes were doled out for dressed-up dogs and human companions. Dragon Con donated prizes including two day passes to its convention from August 29 to September 2, Sullivan said.

Nelson and Darla won the judges’ award for best dog and owner combination costume. The highest-scoring dog wore gold-rimmed sunglasses,

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Florence Welch, 33; Armie Hammer, 33; Jack Black, 50; Shania Twain, 54.

HAPPY BIRTHDAY: You can turn things around this year by taking action. It’s now time to reap the rewards that come with learning your lessons and using experience to get ahead. Engage in talks and participate in events that will broaden your outlook. You will make a dent in your bucket list. Travel, partnerships and building equity are favored. Your lucky numbers are 5, 16, 20, 28, 33, 37, 41.

a

ARIES (March 21-April 19): Take a moment to assess a situation. Knowing all the particulars and searching for a positive response will help you make the right choice. Relationships take patience, work and dedication. HHH

b

TAURUS (April 20-May 20): Strive for perfection in all that you do. Learn from experience. Take hold of an idea or plan and follow through. Change will make a difference in the way you move forward and how you live life. HHH

c

GEMINI (May 21-June 20): Only share what’s relevant. Giving someone information about your personal life or finances isn’t necessary and may jeopardize your chance to get what you want.

Friendly gestures and chitchat will hold someone’s interest and can lead to an interesting opportunity.

HHHH

d

CANCER (June 21-July 22): Expand your interests. Hone your skills and turn a project into something exciting and meaningful.

How you approach work, hobbies or your personal responsibilities will make a difference. Show a little creativity and do things that emphasize your talent.

HHHHH

e and another dressed like Yoda from Star Wars won for best cosplay costume. A fan-favorite pair of Dachshunds were costumed like Starbucks coffee cups, complementing their owner who dressed as a Starbucks barista.

Although Nelson had never before attended Doggy Con, she was no stranger to fandom festivities. She has

attended Dragon Con since she moved to the Atlanta area five years ago and owns about 60 costumes, she said. “I love dressing up, obviously, so what better excuse?” Nelson said.

Organizers sold out of vendor spots and welcomed pet retailers, animal welfare nonprofits and food trucks to the park, Whipple said. n

BRADYS BEND, Pennsylvania—A cat in western Pennsylvania is bucking stereotypes with its love of swimming. Tissy is an orange Maine coon who regularly cools off in the family pool in Bradys Bend Township, about 55 miles north of Pittsburgh.

Sonny Herr tells the TribuneReview she rescued Tissy as a homeless kitten about five years ago from a parking lot near the county fair. She says Tissy got curious about water when the kitty was about a year old and started to swim. Tissy’s favorite thing is to swim with Herr’s 9-year-old daughter Taylee.

Tissy even wears a floatie around the waist and likes to be snuggled in the pool. The cat also loves bubble baths.

According to the Cat Fancier’s Association, many cat breeds enjoy water, including Turkish angora, American shorthair, Norwegian Forest cat and the American bobtail. AP

LEO (July 23-Aug. 22): You can think big and make plans, but when it comes right down to the nitty-gritty, you should take baby steps and budget seriously. You can get a lot accomplished without going into debt if you do the work yourself. HHH

f

VIRGO (Aug. 23-Sept. 22): Take part in functions that promote business opportunities. An unusual partnership will develop if you engage in conversations with people from different backgrounds. An interesting point of view will lead to new ideas and beginnings. HHH

g

LIBRA (Sept. 23-Oct. 22): Personal problems should be handled discreetly.

Refuse to let someone from your past disrupt your life. Stick to a tight budget, regardless of what others do. HHH

PENNSYLVANIA CAT DIVES INTO SUMMER WITH LOVE OF SWIMMING TISSY, a Maine coon cat that was rescued by the Dawn family of East Brady, Pennsylvania, enjoys cooling off in the pool. AP

www.businessmirror.com.ph

h

SCORPIO (Oct. 23-Nov. 21): Your insight and ability to turn an idea into a masterpiece will make some people jealous and others proud of you. Don’t worry about negative comments. Do your own thing; unexpected benefits will come your way. HHHHH

i j

SAGITTARIUS (Nov. 22-Dec. 21): Keep your head down and do your best to finish what you start. Don’t let anyone use emotional tactics to guilt you into taking on a responsibility that doesn’t belong to you. HHHHH

BPI TO HOLD ITS FIRST DOG DAY IN THE SOUTH

THE Bank of the Philippine Islands (BPI, www.facebook. com/bpi) is set to host its first “Dog Day Saturday” event on August 31 at Ayala Malls Solenad, Santa Rosa, Laguna.

The full day event, open to its clients and Laguna residents, will feature dog obstacle courses, partner brands, and a lineup of activities that pets and owners will surely enjoy. Guests can watch dogs strut the runway in their best costumes or join the basic obedience training session facilitated by a dog expert.

“Dog Day Saturday is one of the many ways for us to connect with the community our branches are in. This is an opportunity to engage with our existing and potential clients through activities that are relevant to them,” says BPI Division Head for South Luzon Liza Sta. Ana.

CAPRICORN (Dec. 22-Jan. 19): Handle personal matters carefully. Someone will pry into your affairs. A change you make at home should be made for the right reason. Do your best to add stability to your life, not disrupt what you’ve worked so hard to build. HH

k

AQUARIUS (Jan. 20-Feb. 18): Careful what you spend your money on. Someone will take advantage of you if you are gullible.

Don’t purchase products or services that profess to do the impossible. HHHH

l

PISCES (Feb. 19-March 20): Trust in yourself, your ability to get things done and your intuition. Walk away from anyone trying to belittle you or make you feel as if you don’t know what you are doing. HHH BIRTHDAY BABY: You are disciplined, steadfast and ambitious.

You are helpful and insightful.

‘spinners’ BY DEBBIE ELLERIN The Universal Crossword/Edited by David Steinberg

ACROSS 1 Mosey along 6 Silicon Valley industry, briefly 10 Rabbit’s feet 14 Where one’s do is done 15 Trendy berry 16 Activewear brand 17 Great writer who movingly captured the American dream in Goodbye, Columbus 19 Tirade 20 Greed or pride 21 Elephant org.

22 Infamous New York prison 24 Sty 26 Legendary five-time NBA championship coach 28 Fabric that originated in India 30 Up and about 31 Bit of gel 32 Lyft rival 34 Old-style “Yikes!”

38 Word before “entry” or “point” 39 Some image polishers, or a hint to the starred clues and their answers’ initials

1 Apt herding dog name 4 42 Correct a text 44 Number two 45 In the pink 46 Comes down to earth 48 Like some energy 50 Reds superstar who came clean from his rocky past 53 Dog who visited Oz 54 O, on the periodic table 55 Not many 56 Classic British sports cars 59 Landlord’s employee, informally 60 Patriotic silversmith whose daring ride shaped American history 64 First family’s residence 65 Live! cohost Kelly 66 Operating system with a penguin logo 67 Spend time on Time 68 Leave off 69 Did nothing DOWN 1 Venomous snakes 2 Half a Hawaiian fish 3 Romantic setup

4 Texter’s chuckle 5 Puzzler 6 Rain delay cover 7 Friendly starter 8 Manx, for one 9 Drum kit parts 10 Final cross words 11 Be of help to 12 Grimace 13 Thai appetizer on a stick 18 Suddenly appears 23 Balancing yoga pose 25 Subject of a Snopes investigation 26 Logical assumption 27 Ran on TV 28 Created 29 Driver of Girls 33 Thin fasteners 35 When the lightbulb turns on 36 Place to get a schmear 37 Blueprint detail, briefly 40 Like Felix, vis-a-vis Oscar 43 Truth’s counterpart 47 College player, e.g.

49 Beach spreads 50 Puzzler

1 Ooze out 5 52 Intense personality 55 Apartment, across the pond 57 Pub eats 58 Hot 61 “We ___ to please” 62 News letters 63 Itinerary word Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Wednesday, August 28, 2019

D3

BLIND SPOT BRUCE C.

INTERTWINED

THE showbiz lives of these two young actresses have always been intertwined. Young actress 1 was already dating young actor 1 when he was cast in a project with young actress 2. At the time, young actress 2 was very popular and she was cast in a project with young actors 1 and 2. She took a liking to young actor 2, who liked her back but was wary of her. Young actor 2 was comanaged with young actress 2’s studio so the network wasn’t too keen on him to be young actress 2’s permanent screen partner. So this is how she ended up with young actor 1, who was told to break up with young actress 1 and he did. So young actress 2 and young actor 1 embarked on a relationship and later on, young actress 1 and young actor 2 became a couple. Young actress 2 and young actor 1 have since broken up. The second couple is still together. We wonder how many more twists and turns this story will take.

Young actress 2 is currently embroiled in a controversy while young actress 1 recently weathered a scandal.

RESTRICTIONS PEOPLE line up in front of the Anaheim Convention Center during the 2019 D23 Expo on August 24, in Anaheim, California. AP

Disney teases ‘Star Wars,’ ‘Frozen 2,’ more at convention

A

By Lindsey Bahr The Associated Press

NAHEIM, California—At the Walt Disney Company’s biannual D23 convention, a faint image of the Star Wars character Emperor Palpatine in the background of a new poster can cause as much of a stir as actual appearances from movie stars such as Angelina Jolie and Dwayne Johnson. But that’s no surprise for the most powerful studio in the world, whose characters are stars as big, if not bigger, than the A-listers playing them—at least for the people attending the company’s fan convention.

Even the word “fan” is too impersonal for this kind of loyalty. As Walt Disney Studios Cochairman Alan Horn told the audience Saturday: “You’re not just fans, you’re family.”

Right across the street from Disneyland, nearly 7,000 people packed a giant convention hall in Anaheim on Saturday hoping to get a look at or at least more information about Disney properties coming to theaters in the next few years, including Star Wars: Episode IX-The Rise of Skywalker, Frozen 2, Black Panther 2, Black Widow, Cruella, Soul and more, with a parade of stars, such as Jolie, Johnson, Chris Pratt, Tom Holland, Jamie Foxx, Julia Louis-Dreyfus and Daisy Ridley all gracing the stage to help drum up excitement for all that’s to come. Kristen Bell, Idina Menzel, Josh Gad and Jonathan Groff even serenaded the audience with a performance of a new song from Frozen 2 as fake fall leaves fell down on the audience like confetti to close out the presentation.

Disney kicked things off with Star Wars, revealing a new poster, which every audience member got a copy of, and glimpses of some new footage from Star Wars: Episode IX-The Rise of Skywalker. The film, which hits theaters December 20, ends the Skywalker saga that began over 40 years ago.

Anthony Daniels, who has played the droid C-3PO

since the beginning seemed to get a bit choked up onstage. “It’s kind of hard for me to understand that the story is ending, but what an ending,” Daniels said.

“You’ll love it.”

He was joined onstage by fellow original trilogy veteran Billy Dee Williams, and the stars of the new trilogy—Ridley, Oscar Isaac and John Boyega—as well as writer-director JJ Abrams.

Lucasfilm President Kathleen Kennedy promised that the film “is an incredibly good time.”

But Star Wars itself is hardly ending for Disney.

“With the close of this chapter, the future is wide open,” Horn said. The studio on Friday debuted a new trailer for the Disney Plus series The Mandalorian to great enthusiasm.

Not all reveals are created equal at D23, however.

For Black Panther 2, writer-director Ryan Coogler was only able to disclose a release date: May 6, 2022. For Jungle Cruise, both Johnson and Emily Blunt bantered on stage about their theme park ride adaptation, showing a fair amount of teaser footage for the film coming to theaters next summer that they say is tonally similar to fun adventure epics, such as Indiana Jones and Romancing the Stone. And Emma Stone, via video message, teased that the 101 Dalmatians spin off Cruella has a “punk rock” vibe and is set in London in the 1970s.

The audience got extended looks at the live-action Mulan, Maleficent: Mistress of Evil, the animated films Raya and the Last Dragon and Frozen 2, which codirector Chris Buck said works together with Frozen to form “one complete film.”

Various casting decisions were also announced in films across the brands. Evan Rachel Wood will be voicing the mother in Frozen 2 and Sterling K. Brown is playing a character named Lieutenant Matthias.

Kit Harington is officially on board to join the Marvel film The Eternals, which will reunite him with his Game of Thrones costar Richard Madden, as is Crazy Rich Asians star Gemma Chan. And Foxx, Tina Fey,

Questlove, Phylicia Rashad and Daveed Diggs are leading the voice cast for Pixar’s jazz-themed film Soul. Soul director Pete Docter, taking the stage for the first time as Pixar’s chief creative officer, said that in his nearly 30 years at Pixar they’ve come up with some “weird ideas.”

“Rats who cook, robots who collect trash, old men who fly houses,” Docter said. Soul continues that tradition, he said, asking the ultimate question: “Why am I here?”

“Who would make a film about that?

Metaphysics?” Docter said with a chuckle. The film imagines that all humans graduate a “you seminar” pre-birth where they get their quirks, interests and passion. But with jazz musician Joe Gardner (Foxx), “there has to have been a mistake” that he grew up to be a middle school band teacher.

Jon Batiste is contributing original songs for the film and Oscar-winners Trent Reznor and Atticus Ross are doing the score.

Expected in theaters in June 2020, Soul is one of two original Pixar films coming next year. The other is Onward about elf brothers voiced by Pratt and Holland. The audience screamed wildly for Holland when he took the stage. The cheers and shouts were not for his Onward role, but for another character whose Disney association is in jeopardy: Spider-Man. Earlier this week, it was reported that the crossstudio partnership between Disney and Sony, which allowed Holland’s Spider-Man to appear in Marvel films, such as Avengers: Endgame and Marvel Studios to have a hand in producing stand-alone Spider-Man films like this summer’s Far From Home, was ending.

The timing of the Spider-Man turmoil was not lost on Holland, who went straight for the fans with a closing message from the stage quoting a line that Tony Stark says in Endgame.

“Listen, it’s been a crazy week but I want you to know, I am grateful from the bottom of my heart and I love you 3000,” Holland said. n

IT’S never been proven that the actor is the father of the former starlet’s child but he supports her kid financially because he was in a relationship with the mother during his salad days. So much has changed in the actor’s life. Recently, the actor has been telling the girl’s mother to restrict the girl’s movements, both in real life and on social media. He doesn’t want the girl photographed nor interviewed. It is understandable, but what is weird is that he doesn’t want her out of the house as much as possible. He basically wants the starlet’s kid to live like a hermit when the starlet is a young girl with her whole life ahead of her.

CAN’T BE HIMSELF

WHO is the actor who had a fling with someone during a show abroad? The actor has long been rumored to be gay and there’s really nothing wrong with that. It’s actually sad that in this day and age, someone has to hide his sexuality from the public or he will be judged. The actor has been linked to this guy and that, and was once in a relationship with a woman.

The actor met the guy he had a fling with during one of their shows and he couldn’t help himself as the guy was quite aggressive. Who wouldn’t be? The actor is good-looking, has a great body and is smart and kind. He is quite a catch. It’s too bad he has to pretend to be something he is not.

SHE LIKES THEM OLDER

THE young actress had a boyfriend when she started working with the senior actor. But there was instant attraction there and the actress has always been in awe of the actor, who is old but has a great body. He is also single and while the young actress has no intention of being in a relationship with him, she is OK with playing around. The only hitch is that she has (or, at that time, had) a boyfriend. The non-showbiz suspected something was up and started spying on the young actress and he indeed caught her on a date with the senior actor. So what happened next? They broke up and the actress is now happily single. So is she dating the senior actor? Nobody knows but everybody’s watching what happens next.

LIAM HEMSWORTH (left) is seeking a divorce from Miley Cyrus after seven months of marriage.

AP

Peta gives back through ‘Rak of Aegis’ PETA’S Rak of Aegis recently celebrated its 400th show last August 15, with a special performance to launch its creative advocacy campaign, “Sulong! Lusong! Taga-alog 2019,” a partnership project with the National Commission for Culture and the Arts (NCCA) and the Pasig River Rehabilitation Commission which aims to promote the Pasig River as a space for cultural identity and collective memory.

Since its humble beginnings in 2014, Rak of Aegis has been a means for awareness-raising campaigns and fund-raising initiatives of various civic groups and charity organizations. The show has helped raise funds for educational institutions like the Phinma Foundation and the Gerry Roxas Leadership Awardees Inc., and scholarship programs for private schools and universities like Miriam College, Xavier School, Saint Pedro Poveda College, La Salle Green Hills, Philippine Science High School and La Consolacion College, to name a few.

Through Rak, medical foundations like the Kythe Foundation, Philippine Children’s Medical Center and Philippine Society of the Pediatric Cardiology have collected donations for the medical needs of indigent children with cancer and other chronic illnesses.

Known for celebrating the resilience of the Filipino spirit,

Rak has also helped grow resources of disaster-response groups like the Citizens’ Disaster Response Center, which provides community-based disaster management training and psychosocial support services for blighted communities.

In 2014, the phenomenal musical also enabled the social enterprise brand Human Nature Philippines to raise funds for the construction of 100 homes for families who lost theirs to Supertyphoon Yolanda.

“Rak of Aegis has been a gift to Peta and to many people that it has touched. It is the play that keeps on giving. So we are inspired to do just that—to give back and recognize the many nameless faces who have inspired us to use theater to transform more lives,” says Noel Cabangon, who plays Kiel in the musical.

As Rak closes on September 29 with almost 450 shows under its belt, it will go down in history as one of the Filipino productions that pushed into the limelight the trend of jukebox musicals, giving birth to a newfound appreciation for theater and OPM that has fueled Rak to become the longestrunning original contemporary Filipino theater musical. More important, Peta hopes that Rak will always remind Filipinos about the power of love, hope and resilience, and the power of every individual to become a hero in their own right.

Rak of Aegis runs from Wednesday-Sunday until September 29, at the Peta Theater Center, 5 Eymard Drive, Quezon City. For tickets, visit www.ticketworld. com.ph or www.petatheater.com/rakofaegis.

MILEY CYRUS TAKES TO TWITTER TO DENY CHEATING RUMORS

NEW YORK—Miley Cyrus denied rumors on Thursday that she cheated on her soon-to-be ex-husband, Liam Hemsworth. In stream-of-consciousness mode, the pop star concluded: “You can say I am a twerking, pot smoking, foul mouthed hillbilly but I am not a liar.”

Hemsworth, 29, and Cyrus, 26, were on-again, off-again for 10 years but were married just seven months ago. He filed for divorce on Wednesday, citing irreconcilable differences.

Cyrus and Kaitlynn Carter, the estranged partner of Brody Jenner, were seen kissing in photos that surfaced earlier this month. Cyrus didn’t mention Carter by name on Twitter but admitted to cheating in relationships when she was younger.

“There are NO secrets to uncover here,” Cyrus tweeted.

“I’ve learned from every experience in my life. I’m not perfect, I don’t want to be, it’s boring. I’ve grown up in front of you, but the bottom line is, I HAVE GROWN UP.” Cyrus said she was faithful once she and Hemsworth reconciled, adding: “I can admit to a lot of things but I refuse to admit that my marriage ended because of cheating. Liam and I have been together for a decade. I’ve said it before and it remains true, I love Liam and always will.” AP

D4

Image BusinessMirror

Wednesday, August 28, 2019

More money can lead to more problems

By KeLSey Sheehy NerdWallet A FEW years ago, my best friend said something that really stuck with me. The gist was this: It doesn’t matter whether you make $25,000 or $100,000 a year—you’ll still feel like you don’t have enough money. That’s easy for someone making $100,000 to say, I thought at the time.

But here’s the thing. She was right. In the span of a few years, I went from being an intern to a legit professional. My salary doubled, but I was still living paycheck to paycheck.

The reason? Lifestyle creep.

“People who see their income increase, a lot of times they’re just not that much better off,” says Brian Madgett, head of consumer education at New York Life. “Because as your income changes, you give yourself permission to spend more money.”

You buy nicer clothes. You upgrade your living arrangements. You go on vacations. You pay for conveniences. That permission slip can quickly lead to debt, especially if you give yourself the green light to spend beyond your means.

“You often see an increase in consumer debt when that salary increases [because] that increased salary gives someone the confidence to say, ‘Hey, we can buy this. We don’t have the money in the bank right now, but we’re confident that over time, we can pay that off,’” Madgett says.

Jumping off that roller coaster of large spending, new debt, large spending, new debt can be difficult.

But curbing lifestyle creep in your 20s and 30s, when you’ll likely see your biggest wage increases, can give you more financial freedom down the road.

Don’t worry. No one expects you to have three roommates and live off ramen noodles for the rest of your life. Some lifestyle upgrades are OK. These tips will help you keep it from going too far.

COUNT YOUR MONEY WHEN you’re broke, you keep a close eye on every dollar. But that vigilance can fade when you have some cash to spare. Suddenly, your checking account is tapped and you have no idea where the money went.

Tracking your spending, via an app or an oldfashioned spreadsheet, will keep you tuned in to where your money is going. Then you can make informed decisions around your spending, like whether you really want to shell out that much money on takeout.

PLAN FOR INDULGENCES TOM and Donna (RIP, Parks and Recreation) know not to “Treat Yo Self” every day. Instead, make it special.

And make it part of your plan. Carve out room in your budget for fun and set aside funds for things like vacations, concerts or big purchases.

You’ll enjoy indulging more when you know you have the money set aside, Madgett says.

“Some of the most successful people, lifestylewise—the ones who don’t have any stressors around money—bucket out money for all the things they want to spend on,” he says.

KEEP PACE WITH SAVINGS IF your income (and spending) increases, your savings should, too. This applies regardless of lifestyle creep, because living generally gets more expensive as you get older—you might buy a house, you might have babies, you might run into medical issues or have to care for an aging parent.

So get in the habit of bumping up your savings as you go. “Set up regularly occurring automatic transfers to your retirement account, emergency fund and any other savings accounts,” says Logan Allec, a certified public accountant and owner of personal finance site Money Done Right.

And increase those contributions every time you get a raise. Otherwise, your savings might not keep up with your lifestyle, Madgett says.

“If you’re not taking a close look at your savings, you could wake up in 20 years with savings based on the income you had 20 years ago,” he adds.

You don’t need to bank the full amount, he says. If you get a 10-percent raise, for example, bump up your savings by 5 percent and give yourself permission to spend the rest.

IGNORE THE JONESES DON’T get lured into someone else’s lifestyle, whether it’s a colleague, a close friend or an Instagram influencer. Instead, keep your eyes on your prize—the financial goals you’ve set for yourself.

“It’s way too easy to fall into the trap of keeping up with those around us because we want to look as successful as they do,” says Steve Adcock, founder of ThinkSaveRetire.com.

“The Joneses are probably broke because they are trying to keep up with their neighbors.” AP

www.businessmirror.com.ph

When to quit your job SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

O

NE of the things I wrestled with in the past was whether to stay in my job or to look for other opportunities. It was several years ago when I decided to start looking for another career option outside academe. As someone who leads a team, it was especially difficult for me to leave the teaching profession since I have mentored and forged relationships with each of my faculty members. I was also working well with the principal and it was especially difficult for me to tell them I was leaving the company. But I knew I had to do it. I am currently in my fourth job after graduating from college and I have learned several things I need to consider before I start looking for another job.

The very first thing you need to look at is the job fit and your passion. My first job was as an overall administrative function for creating an alumni database and organizing the first grand alumni homecoming. My job entailed encoding alumni information, creating layouts for flyers, posters and tickets, coordinating with suppliers, and other odds and ends as the need arose. After the homecoming, the organization offered me a job as an administrative staff. I would have taken it only as a temporary post but I felt that would be unfair to the organization since I intended to leave as soon as I found a job that was more suitable for me. Much as I liked the organization and the people I worked with, I knew I was not suited for it because much as I liked what I was doing, I knew I wanted to teach more than do administrative work.

I taught in college as part of my internship and I enjoyed doing it. So much so that I received an award as an educator during our graduation rites—and the award was normally given to education majors, which I was not. I knew I was going to be good as a teacher and I loved teaching, so I decided to turn down a better paying administrative job to become a teacher. One of the ways you can tell if you need to look for a new job is to look at your skill set and your passion to help guide you in whether to stay or go.

Another thing which prompted me to start looking for another job was the lack of opportunities for learning new things. There was a time in one of my jobs when I noticed I was doing the same things over and over again, and it had become too predictable that the challenges were anything but truly challenging.

Others were comfortable with it but I was not. I wanted to do more but I could not see anything beyond the routine work because the organization did not allow for any changes. On the other hand, I also had a job whose challenges were so grueling and the sustained pressure was relentless that people started leaving the company. I stayed on because of the overall vision of my leader but even that could not sustain me to stay. One of the things you should consider when thinking of leaving your present company is if you can see yourself growing in the company. If the growth opportunities are enough for you, then you should stay. Otherwise, you should start taking stock of your personal and professional development needs, and talk with your supervisor on how they can be achieved. Otherwise, you might get stuck doing something you did not want to do in the first place.

This leads me to another indicator in determining whether you need to look for another job or not. How do you feel about your current job? What you feel indicates how the different aspects of your job affect you. Do you feel a sense of dissatisfaction with the way things are? Do you dread going to work? Do you vent to your friends what happens in the office far too often? These signify an underlying issue in your job which remains unresolved, either because you or your supervisor has no way of controlling, or the issue is ingrained in the culture of the organization. In these cases, you might want to start looking at other options. Of course, you have to exhaust all means to address and resolve the issue but when you hit a brick wall despite having done your due diligence, you have

to make a decision to live with how you feel or look for another job.

What you don’t need to compromise is your health. If your job continuously puts your health at risk, you better look for another means of living.

Your health could be affected not only by the physical working environment but social factors like difficult colleagues, unfair working conditions or adverse office politics. These could compromise your mental well-being which would inadvertently lead to physical ailments like hypertension, heart disease, insomnia or general restlessness. Remember, no job is worth your health. If your health is compromised because of your job, move along.

Another thing you should also start looking at is whether you subscribe to the vision of the organization and your immediate supervisor.

Examine how their vision aligns with your personal and career goals. If they align, your job becomes your accomplishment rather than a means to an end.

Confucius once advised to find a job you love and you will never have to work a day in your life. Which is why you see people who work deliberately and tirelessly into the night but never complain because they have found their fulfillment in what they do.

If this is you, then good. But if you find yourself constantly questioning the organization’s direction or your supervisor’s motives, it’s time to look for an organization which will best fit your own vision.

Choosing whether to stay or go should depend on your long-term plan for yourself. But you need to set for yourself what you want so it becomes easier to eliminate which are the negotiables from the musthaves. You will spend roughly a third of your life working. It would be such a waste of time being stuck in a job you find meaningless and does not fulfill your full potential. Choosing to go is a deliberate choice on your part—not only to find what fulfills you, but also to look for what makes you happy. n

You will spend roughly a third of your life working. It would be such a waste of time being stuck in a job you find meaningless and does not fulfill your full potential. Choosing to go is a deliberate choice on your part– not only to find what fulfills you, but also to look for what makes you happy.

ANCE 2019: NETWORK MARKETING’S PROBLEM IS NOT BUSINESS MODEL, BUT SELFISH INTENTIONS THE bad rap hounding network marketing comes from practitioners with selfish agendas and not from its business model, an industry expert said.

According to Asian Networkers Convention and Expo (ANCE) Founder Shahin Pilli, network marketing is a 200-year-old practice with an

“amazing” business structure.

“It’s just that some of the people involved with it has different intentions,” he said.

Pilli headed the recent ANCE 2019 at Metrotent in Pasig City.

The global event sought to unite the industry in eliminating the public prejudice against networking.

The event returned to the

country for the fourth time in six years, welcoming more than 2,500 participants and 40 speakers from over 25 countries.

Among the topics discussed were the identification of a legitimate investment company, how to avoid an investment scam, and the ideal regulations for a healthy investment and market industry.

ASIAN Networkers Convention and Expo Founder Shahin Pilli and Cofounder Robert Butwin