Businessmirror December 03, 2018

D.O.F. SEES NOVEMBER INFLATION AT 6.3%

By Rea Cu

@ReaCuBM

T A STORE employee arranges stocks at the beverage station at a supermarket in Makati City in this file photo. The Department of Finance sees inflation settling at 6.3 percent for the month of November, with the prices of food commodities seen decreasing, specifically for rice and vegetables. BUSINESSMIRROR

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

HE Department of Finance (DOF) sees inflation settling at 6.3 percent for the month of November, with the prices of food commodities seen decreasing specifically for rice and vegetables.

The 6.3 percent is lower than the inflation rate reported in October of 6.7 percent and higher than the 3.3 percent recorded in November 2017.

Finance Undersecretary Gil S. Beltran told reporters, “We expect that it will go down [for November].... So the year-on-year will be

around 6.2 percent, from the 6.7 percent right now. Prices on average are almost not moving.”

The DOF sees a reduction in the prices of rice and vegetables for the month, but meat prices may rise as the Christmas month advances.

“Rice prices have gone down; also the vegetables, but the meat has increased because it’s Christmas time; it will go up,” he added.

The Philippine Statistics Authority (PSA) reported last month that the country’s inflation level for October remained unchanged at 6.7 percent coming from the same figure in September this year.

Prices of commodities for October posted slight changes, with food and nonalcoholic beverages settling at 9.4 percent, and alcoholic beverages and tobacco prices posting a minimal decrease at 21.6 percent.

The Bangko Sentral ng Pilipinas (BSP) earlier reported that it sees inflation for the year to average around 2 to 4 percent.

Earlier, the Duterte administration’s economic managers recommended to the President a number of nontariff measures to rein in the rising inflation levels of the country brought about by supplyside constraints.

BusinessMirror

www.businessmirror.com.ph

A broader look at today’s business Monday, December 3, 2018 Vol. 14 No. 54

n

Senators caution DBCC on 2019 fuel tax hike T

By Butch Fernandez @butchfBM & Bernadette D. Nicolas @BNicolasBM

O suspend or not to suspend. These tough choices face President Duterte, who will have to make a big decision after Tuesday’s Cabinet meeting where he will hear arguments behind the new recommendation of his economic team to push through with the second-round fuel excise tax hike scheduled for January 2019.

The same officials had earlier recommended that he suspend it amid the outcry over how inflation is hitting all sectors, partly blamed on the first round of fuel excise tax hikes mandated by the Tax Reform for Acceleration and Inclusion (TRAIN).

On Thursday, however, the

Development Budget Coordination Committee (DBCC) retracted its earlier decision to suspend the next increase in fuel excise taxes, mainly because of the downtrend of fuel prices in the world market.

At the weekend, several senators struck a cautionary tone on the DBCC’s turnaround, saying

it was shortsighted to withdraw the suspension option simply on the basis of declining global oil prices. They said there were many other inflationary pressures to consider, and adding the nextround increases would burden most sectors.

For 2019 the scheduled increase

₧2 per liter

in fuel excise tax is P2 per liter, according to the TRAIN law. It called for an excise tax of P2.50 per liter on diesel, with an additional P2 to be imposed next year and P1.50 per liter in 2020. This brings the excise tax on diesel to P4.50 per liter in 2019, and P6 per liter in 2020.

From the previous P4.35 per liter, the excise tax on gasoline was increased to P7 this year, with an additional P2 increase in 2019, and P1 in 2020. For 2019 and 2020, the rates will be at P9 per liter and P10 per liter, respectively.

See “Fuel tax,” A2

P25.00 nationwide | 5 sections 28 pages | 7 DAYS A WEEK

Stop smuggling without sacrificing trade Dr. Jesus Lim Arranza

Make Sense

T

HE strict and real enforcement of customs laws by new Customs Commissioner Rey Guerrero could be the longawaited cure for the cancer of corruption at the Bureau of Customs (BOC).

This customs plague continues to cause enormous problems to the nation’s economy, and the government is losing over P200 billion in duties and taxes each year because of unabated smuggling at the ports. We all know that smuggling thrives because of corruption at BOC. Continued on A11

Donald Dee, leader of employers’ group, loses battle to cancer

By Elijah Felice E. Rosales

P

See “Gas prices,” A12

BUSINESS NEWS SOURCE OF THE YEAR

The scheduled second-round increase in fuel excise tax for 2019, under the TRAIN law

Oil, cooking gas prices rolled back ETROLEUM and cooking gas prices dropped over the weekend.

Phoenix Petroleum initiated a price rollback of P2 per liter for gasoline and diesel, respectively, effective noon of Saturday, December 1.

Seaoil Philippines announced on Sunday that it will implement a P2 per liter price cut in gasoline, P2.10 per liter in diesel and P2 per liter in kerosene at 6 a.m. of Monday, December 3.

The oil firms that will reduce their pump prices on Tuesday, December 4, are Petro Gazz and Pilipinas Shell.

Petro Gazz will implement a P2 per liter cut for both gasoline and diesel, while Shell announced a P2 per liter price rollback for gasoline,

2017 EJAP JOURNALISM AWARDS

@alyasjah

E

COUNTDOWN BEGINS The colors incorporated in the countdown clock represent the different colors of the flag of the Philippines, host country for the 2019 Southeast Asian Games. One of the circles with a diameter of 3.7 meters will be fitted with an LED display board back-to-back to show the clock and videos, particularly of the SEA Games. The one-year clock was turned on just as the official logo was lit up for the first time before some 400 spectators in Clark Field on Friday, November 30. NONIE REYES

PESO EXCHANGE RATES n US 52.6080

MPLOYERS lost an icon on Saturday night, but labor groups also praised him for his voice of reason in negotiations for industrial peace. Donald G. Dee, president of the Employers Confederation of the Philippines (Ecop), passed away after fighting cancer for more than two years.

Ecop Acting President Sergio R. Ortiz-Luis Jr. confirmed to the BusinessMirror Dee’s passing over the weekend. He said Dee persevered in his battle against cancer for two years, but lost the fight at 72.

A public wake began on Sunday, according to Ecop Director General Jose Roland A. Moya. Business groups that Dee headed over the years will host the funeral wakes

“We have high respect [for] Mr. Dee’s daily principle that workers should also prosper when business profits. He was a fair and responsible businessman with workers’ welfare deeply regarded in his heart.”—Mendoza

until Tuesday.

“Public wake for Mr. Dee starts at 2 p.m. today [Sunday] at Capella del Señor Santuario de San Antonio [in] Forbes Park. Ecop is host today, Philexport [Philippine Exporters Confederation Inc.] on Monday, PCCI [Philippine Chamber of Commerce and Industry] on Tuesday,” Moya told the BusinessMirror.

See “Donald Dee,” A2

n JAPAN 0.4630 n UK 67.4855 n HK 6.7231 n CHINA 7.5651 n SINGAPORE 38.3161 n AUSTRALIA 38.4564 n EU 59.8206 n SAUDI ARABIA 14.0236

Source: BSP (29 November 2018 )

News

BusinessMirror

A2 Monday, December 3, 2018

DOF pushes bank secrecy in tandem with tax amnesty

T

By Rea Cu

@ReaCuBM

HE proposed tax amnesty measure can only be efficiently implemented if the provision on lifting the bank secrecy law as proposed by the Duterte administration is included, the Department of Finance (DOF) has said.

Finance Secretary Carlos G. Dominguez III reiterated that it is necessary for the government to have the bank secrecy law relaxed in cases where there is suspicion on a company or person, as it will allow for a more efficient and timely implementation of the tax amnesty measure.

“The problem with the bicam [bicameral conference committee] is the fact that our original proposal is not completely adopted. And it is very necessary for us, we believe, that the law on bank secrecy be

Fuel tax. . .

Continued from A1

President’s approval needed

THE DBCC’s new recommendation—to retreat from the stand to suspend, and to instead let the TRAIN law’s second-round hikes take effect —still needs the President’s approval.

“This recommendation is still subject for discussion in next Tuesday’s Cabinet meeting. We cannot limit this issue in a purely economic perspective. We note the sentiments of the Filipino consumers and the President will certainly weigh in the social costs involved,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a statement late Friday.

“Due regard, however, must also be given to the dictates stipulated under the law, which only Congress can modify,” he said. Malacañang has also advised the public to wait for the President’s decision.

“The President’s decision will, as always, be based on national interest and benefit to the people,” he said.

Duterte is expected to consider also the senators’ sentiments, as he had acted favorably on the suspension option not only because his economic team backed it, but also because 17 members of the Senate majority wrote him a letter in early November asking for that precisely.

In separate replies to the BusinessMirror over the weekend, concerned senators noted that despite declining global prices, inflationary pressures remain.

Asked if they agree with the DBCC plan for Malacañang to reconsider the suspension of the 2019 round of fuel tax hike, Sen. Joseph Victor G. Ejercito replied, “I urge our economic managers not to reverse their recommendation to suspend the second round of excise tax increases on fuels.

He recalled that this was “a recommendation which the President has rightly approved after meeting with some majority senators who appealed to him to ease the burden on our people.”

Ejercito added: “Let us remember that the oil price increases merely worsened the inflation rate which was first and foremost

Donald Dee. . .

Continued from A1

In a statement, Ecop said “the business community lost a passionate champion and leader, a stalwart in the industry and a staunch advocate of and for employers.” Dee stood his ground on a number of labor issues at a time the landscape has drastically changed.

Dee served as honorary chairman and chief operating officer of the PCCI, was a founding trustee of the Philippine Business for Education and a former council member of the Association of Southeast Asian Nations Business Ad-

relaxed in cases where there is a suspicion,” Dominguez said.

Package 1B of the Duterte administration’s Comprehensive Tax Reform Program includes provisions for a general tax amnesty, estate tax amnesty, lifting of the bank secrecy law, automatic exchange of information and increasing the motor vehicle user’s charge.

“As I mentioned, this is not being requested frivolously. If there’s a law for us to collect a tax and then you don’t give us the tools to do it,

caused by the first round of excise tax increases in January 2018.

“Now that people are getting a little relief, why are we imposing another round of tax increases that will surely jack up prices of key commodities, Ejercito said n a mix of English and Filipino. “Let us allow inflation to continue its downward trend so the situation stabilizes.”

Instead, Ejercito prodded President Duterte and the DBCC “not to walk back on their decision to lighten the load off the purchasing power of Filipino families.”

Ejercito earlier held out the prospect that majority senators could support legislation amending the TRAIN law.“That is a possibility because the Senate’s approved version of TRAIN had much lower excise taxes on petroleum and SSB compared to the original version. Bicam [the bicameral conference committee] increased all the rates. Was disappointed with the Bicam version.”

Win weighs in

SEN. Sherwin T. Gatchalian, chairman of the Economic Affairs Committee, noted that Department of Finance officials earlier assured the Senate panel that the DOF had firmed up a decision to “suspend the second round” in the first quarter of 2019.

“In fact, I asked them because under the law it should go beyond $80, [but they said they will suspend the next round to give people a chance to recover from the surge in prices of most commodities],”Gatchalian said.

Gatchalian said they were “surprised” with the sudden change of mind, following events that triggered the move not to push through with the oil price rollback.

As far as the senator is concerned, there is still a justification to suspend further oil price hikes if only to “allow businessmen, public-utility drivers to recover their losses and repay their debts.”

Gatchalian said senators are keen to get a clear explanation from the administration’s economic team at the upcoming Senate budget hearings.

TRAIN sponsor Angara and Koko, too

EARLIER, even the chief of the Ways and

visory Council-Philippines.

He was also special envoy for trade negotiations under the Arroyo administration. Further, Dee was the chairman and CEO of the Universal Access to Competitiveness and Trade, the think tank arm of the PCCI. As a businessman, Dee was the president of the Phoenix Resource and Management Corp. He was also a director of the Manila Exposition Complex Inc., president of Pan Pacific Airways and a member of the Beachhead-Southeast Asia New Zealand Trade and Enterprise.

Voice of moderation THE Federation of Free Workers (FFW) expressed its sadness over Dee’s passing.

“As I mentioned, this is not being requested frivolously. If there’s a law for us to collect a tax and then you don’t give us the tools to do it, then it will be very difficult for us to do it.”—Dominguez

then it will be very difficult for us to do it,” he added.

In earlier reports it was pointed out that both the Senate and the House versions of the tax amnesty bill had removed the provisions on easing of the bank secrecy law as well as the automatic exchange of information.

“If there was no such limitation on the bank accounts, the Mighty case might have been solved earlier, and you know that is $600 million or P30 billion. So we do not know how much is out there. So that’s why it’s very necessary,” he said. He was referring to the case of homegrown tobacco giant Mighty Cor p., which the government

Means panel who had sponsored the TRAIN law, Sen. Sonny Angara, was reported to be asking DBCC to reconsider its new stance to take back its earlier recommendation to suspend the second-tranche hike.

Angara wants the economic managers to first deal with inflation before pursuing the TRAIN’s 2019 schedule, i.e., the second of three tranches of fuel excise tax increases.

Angara and former Senate President Aquilino “Koko” Pimentel III were reported to have sent their proposals on DBCC’s plan, which was announced after a meeting last Thursday, to proceed with the increase in the tax hike on diesel and gasoline scheduled in 2019.

They said that the global price decline notwithstanding, the inflationary pressures remained, and it was prudent for the government to first resolve this in order to avoid repeating the 2018 situation where people were burdened by record inflation.

“We should be more concerned with inflation than with the price of oil and or generation of government revenues,” Pimentel said, suggesting that “We should also look at the spike in the inflation rate.

And make sure first that oil excise tax is not the one causing that before we impose the second round of oil excise tax.”

Lacson disagrees with peers

SEN. Panfilo M. Lacson Sr., however, backed Duterte’s economic team.

“Yes, I agree with the economic managers’ recommendation,” Lacson said, adding that “the conditions that call for the suspension of the excise tax hike no longer exist,” in reference to the declines in world oil prices, which briefly touched $80 a barrel but did not meet the TRAIN law stipulation of a three-consecutive-month level of $80 before triggering a suspension of the excise tax hike.

In fact, Lacson said,“it’s much better than what we would have expected. Owing to the oversupply of oil in the world market, we are experiencing oil price rollbacks almost on a weekly basis.”

He hoped “those who loudly call for the suspension realize that shortage in revenue collection would result in more borrowings by the national government, which translates to a bigger budget deficit.”

FFW President Sonny Matula described Dee as a “moderating voice” in the Social Security System (SSS) despite the fact that both of them represented opposite groups from 2006 to 2010.

Matula pushed for the labor position in the Social Security Commission (SSC), while Dee that of the employers.

“He had no dissenting opinion on decisions or resolutions in favor of the workers which I wrote in the nine-man tripartite SSC, a quasi-judicial and policy-making body of the SSS,” Matula told the BusinessMirror in an SMS. He also recalled how Dee became instrumental in the adoption of his proposal for SSS to absorb its contractual workers. “All the employers led by

slapped with a P28-billion tax case after a series of raids revealed, among others, the use of fake BIR excise tax stamps.

The DOF earlier said that the implementation of the tax amnesty measure is expected to generate an estimated P26 billion in revenues for the government.

“We will see what the final version is going to be. But honestly, we really need that partner measure [bank secrecy],” he added.

The finance chief also pointed out that last year lawmakers assured the DOF that Package 1B would be passed during the first quarter of 2018. “This one was promised to us in March this year,” he said.

The measure is explained to curb tax evasion in the country.

Last year President Duterte signed into law the first half of the Tax Reform for Acceleration and Inclusion or Package 1A, which provides for a reduction on personal income tax, as well as implementing offsetting measures such as increasing excise taxes on fuel and tobacco, among others.

The senator fretted that “in the long run, we could be hit by another round of new or higher taxes.”

In rethinking their support earlier for suspending the 2019 fuel tax hike round, the DBCC members had noted the global price declines of petroleum—which led to seven consecutive weeks of price rollbacks, rewarding consumers with a cumulative decrease of P9.85 per liter for gas and P8.40 per liter for diesel.

Although some analysts had warned that the decision to proceed with the secondround tax hikes will be another inflationary pressure, Budget Secretary and DBCC Chairman Benjamin E. Diokno stood firm that they still expect inflation figures to be within targets for next year and 2020 even with the continued implementation of such.

Last week the DBCC noted that Dubai crude oil prices have gone down by 14 percent to $68 per barrel in November, from $79 per barrel last month. The average price, the DBCC said, may maintain a downward trajectory and drop below $60 per barrel next year.

Besides the expected steady decline of fuel prices, Finance Secretary Carlos G. Dominguez III also said they considered the impact of the suspension on the revenue and expenditures program for next year.

A one-year suspension means an estimated net revenue loss of P43.4 billion, assuming that Dubai crude oil prices average $65 per barrel next year.

Dominguez said the erosion in revenue may force the government to cut spending just to ensure that the programmed deficit level of 3.2 percent of GDP for 2019 is not breached.

Inflation, the DBCC said, continues to decelerate due to government efforts to address supply-side constraints as well as falling oil prices. The DBCC has also revised its assumptions on Dubai crude oil prices—from a range of $75 to $85 per barrel, to $60 to $75 per barrel in 2019.

Under the TRAIN law, the excise tax increase may be suspended if the international price of Dubai crude breaches the $80-per-barrel threshold for three months. The law was silent on the mechanism for lifting the suspension.

Donald Dee supported our resolution.

It was unanimously adopted by the Social Security Commission under Chairman Thelmo Cunanan,” Matula said.

Key ally DEE is unpopular among some labor groups due to his position on wage hikes and opposition to the ban on all forms of contractualization.

However, FFW Vice President Julius Cainglet said that Matula was a key ally of labor representatives on several key issues such as making establishments child-labor free and even advocating for a higher SSS premium with employers paying the increase for the workers.

The latter, Cainglet, said did not

www.businessmirror.com.ph

DOE backs bid of oil players to keep perks despite ‘Trabaho’ bill

By Lenie Lectura

E

@llectura

NERGY Secretary Alfonso G. Cusi has thrown his full support for the stand of the petroleum industry to keep the incentives for the upstream petroleum industry.

“We submitted our position. We are so far behind our neighbors that if we are going to restrict them further, then what will happen to the petroleum industry? We are supportive of their call to provide them the necessary incentives,” said Cusi.

The Petroleum Association of the Philippines (PAP) has asked the government not to remove incentives for the upstream petroleum industry amid hard times in discovering new reserves.

The PAP cited fiscal incentives such as tax-free importation of equipment and supplies, exemption from all taxes except income tax, income-tax assumption (i.e., payment of income tax out of the government’s share), accelerated depreciation, free market determination of crude oil price, and easy repatriation of investments and profits, are cited under Presidential Decree (PD) 87.

These incentives will no longer be offered when the proposed Package 2 of the tax-reform program of the Duterte administration is implemented. The House of Representatives Package 2 version is called Tax Reform for Attracting Better and High-Quality Opportunities, or “Trabaho bill.”

PD 87 was issued by former President Ferdinand Marcos to amend the earlier PD 8, which promotes the discovery and development of the country’s indigenous petroleum resources.

Cusi stressed that the Philippines has been grossly trailing be-

hind neighbors in terms of petroleum exploration and development activities.

“It is high time that we step up. We need to attain energy security and sustainability to minimize our vulnerability to global oil price shocks.

Harnessing our indigenous energy resources would also go far in helping us meet the country’s increasing energy demand as we continue to usher in economic progress,” he added.

The chairman of the Senate Energy Committee also expressed support for the PAP position.

“They are not asking money from the government. They just want consistency and stability. So, I’m inclined to support that they not be ncluded in TRAIN 2,” said Sen. Sherwin T. Gatchalian.

The PAP had noted that commercial oil and gas discoveries happened only after the promulgation of PD 87 in 1972.

“None of the major oil companies are engage in oil exploration. At the moment, it’s a wait-and-see attitude on the part of major companies.

TRAIN seeks to minimize or remove incentives. While we support the tax reform in general, we believe it’s not time to remove incentives in the petroleum industry,” said PAP President Rufino Bomasang.

He stressed that for the Philippines to attract technically and financially qualified exploration companies, the incentives should not be touched.

PAP Vice President Edgar Benedict Cutiongco called for stability in fiscal regime. “We don’t want to be included in TRAIN 2. The main effect on us is that if these incentives are no longer present, investors will go to Malaysia, Indonesia, Thailand where they perceive a stable regime,” he said.

Reenacted budget will dent tax reform credibility: Expert

B

ESIDES a possible economic slowdown for two quarters, the government may also risk losing the credibility of its taxreform program because of the possibility that the government will be operating under a reenacted budget next year.

Ateneo School of Government Dean Ronald U. Mendoza told the BusinessMirror that the move signals a return to past practices that have proven to be detrimental to good governance and sound public finance management.

“This undermines the credibility of the government’s public finance reforms, notably TRAIN [Tax Reform for Acceleration and Inclusion] law,” Mendoza said.

He also explained that this may further cause more people to oppose the tax-reform initiatives of the government.

“If the government is unable to uphold proper budget processes, then this gives citizens

much more pause in supporting reforms on the tax side. If the government cannot allocate and spend public resources properly, then it would not be surprising to see many citizens oppose the tax reforms,” he said.

The government has since been pushing for several tax-reform packages which will enable additional revenue streams for the government to support its massive infrastructure program.

For her part, De La Salle University Economics Prof. Maria Ella C. Oplas said this will lead to higher inflation since this will result to increase in government spending.

“Its not good news. It will further result to higher inflation.

The BSP [Bangko Sentral ng Pilipinas] changed its monetary policy recently to curb inflation but it’s now useless with this news,” Oplas said.

materialize. Likewise, the Trade Union Congress of the Philippines (TUCP) said Dee was also a firm advocate of employers being more responsible for the welfare of their workers.

“We always thought of him as our workers’ advocate in the Employers Confederation of the Philippines which he led for quite sometime,” Associated Labor Union-TUCP National Executive Vice President Gerard Seno said.

TUCP said Dee was also a firm supporter of their priority proposals: P500 government subsidy for minimum-wage earners; in-city housing by putting up low-cost, high-rise condominiums in idle government

lands; making health services affordable to workers; and lowering the cost of electricity in the country.

“We have high respect [for] Mr. Dee’s daily principle that workers should also prosper when business profits. He was a fair and responsible businessman with workers’ welfare deeply regarded in his heart,” TUCP President Raymond Mendoza said.

“Thank you Mr. Dee for your advocating for the inclusion of workers in the development of businesses. God bless your soul and God bless your hope and your aspirations for workers and their families. We salute you for your kind heart,” ALU-TUCP Spokesman Alan Tanjusay said. With Samuel Medenilla

See “Budget,” A12

Economy BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, December 3, 2018 A3

Boracay closure prompts DOT to rework tourism goals

By Ma. Stella F. Arnaldo

F

@akosistellaBM Special to the BusinessMirror

OREIGN arrivals targets under the National Tourism Development Plan (NTDP) will likely be scaled down in the wake of the closure of Boracay Island this year.

This was disclosed by Tourism Secretary Bernadette Romulo Puyat to reporters on the sidelines of the recent annual general membership meeting of the Tourism Congress of the Philippines (TCP). “The targets will definitely change,” she said, starting with the foreign arrivals this year.

“We were expecting 7.4 million visitors [this year], but with the closure of Boracay, our top tourist destination, I highly doubt we’re going to reach that.

But it will be higher than last year.”

Targeted foreign arrivals for 2022 is 12 million, up 81 percent from last year’s actual arrivals of 6.6 million.

Not all targets will be cut, though; in some cases, an upward adjustment is called for. She said under the NTDP, the Department of Tourism (DOT) targeted to increase tourism’s contribution to the GDP to 10 percent.

“Now it’s already 12.2 percent of GDP. Then our domestic tourists target by 2022 is 86.2 million, but we’re already at 97 million. So these are the things that have to be revised.”

In her speech to TCP members, Romulo Puyat said, “We are currently reviewing the implementation of the NTDP 2016-2022, and are prioritizing the improvement of policies on environmental protection, access, connectivity, security and enhancement of tourism products and infrastructure. By the first quarter of 2019, there will be a calibration of our targets in the NTDP.” She added she wanted to consult with the TCP on the tourism products that they may want to “include or remove” in the tourism master plan.

For his part, TCP President Jose C. Clemente III said he “welcome[s] a revisit of the NTDP targets and programs, to make these more responsive to the needs of the industry.” He added that it was good idea for the DOT to “update its tourism products in support of the agency’s overarching thrust of sustainable tourism.”

The drafting of the NTDP 2016-

THIS file photo shows tourists in Boracay during the All Saints’ Day holiday weekend trying to capture the sun setting on the horizon. The Department of Tourism may revise its foreign arrivals targets under the National Tourism Development Plan due to the closure of the island this year. STELLA ARNALDO

2022 was started in August 2015 under former Tourism Secretary Ramon R. Jimenez Jr., with its officials regularly consulting with tourism stakeholders for their inputs, several sources said. When this was turned over to his successor Wanda Corazon Tulfo Teo, however, the sector was hardly consulted before it was finalized and presented to President Duterte for approval.

One tourism veteran interviewed who requested anonymity told the BusinessMirror, “We kept asking the DOT for a copy

House OKs on 2nd reading bill aimed at solving housing woes

By Jovee Marie N. Dela Cruz

T

@joveemarie

O wipe out the country’s housing backlog, the House of Representatives has recently approved a measure disposing idle governmentowned lands.

Lawmakers passed on second reading House Bill (HB) 8553, or the “Idle Government-Owned Lands Disposition,” which seeks to prescribe the mechanisms to facilitate the disposition of unused properties that are owned by the government for socialized housing.

The bill mandates the Housing and Urban Development Coordinating Council (HUDCC) through the National Housing Authority (NHA), in coordination with the Department of Environment and Natural Resources (DENR), to prepare the inventory of all lands owned by the national government that have not been used for the purpose for which they have been reserved for the past 10 years.

House Committee on Housing and Urban Development Chairman Alfredo Benitez of Negros Occidental said 2,185 hectares of public land are idle and ready for housing programs.

According to Benitez, the housing needs of Filipinos could balloon to 6.8 million before President Duterte’s term ends in 2022.

The lawmaker, citing data from the HUDCC, said 2 million of these 6.8 million housing backlogs were recorded in 2016.

He said there will be an estimated 774,441 housing needs in 2018; 788,773 in 2019; 803,405 in 2020; 818,363 in 2021 and 833,619 in 2022.

Benitez said at least 1 million units should be constructed every year to address the country’s backlogs.

Under HB 8553, the Department of the Interior and Local Government (DILG) through the local government units (LGUs) shall also be directed to prepare the inventory of all local governmentowned properties within their respective localities that have remained idle.

With these inventories, the NHA, in coordination

with the Land Management Bureau, shall identify the lands owned by the national government that are suitable for socialized housing.

The LGUs, with the assistance of the Housing and Land Use Regulatory Board, shall identify the local government-owned properties that can be utilized for socialized housing, as well.

The measure also provides that if these properties owned by the LGUs and the national government will not be used for socialized housing purposes, then they shall be sold, alienated or encumbered for their development into industrial, commercial or other similar estates.

Otherwise, at least 10 percent of their proceeds shall be set aside for the development of socialized housing projects within, adjacent or near the affected areas in the city or municipality.

The bill stipulates that segregated lands or funds from the properties owned by the national government shall be conveyed to the NHA for the expansion of socialized housing projects. Likewise, the LGUs shall be mandated to retain the lands owned by the LGUs and use these assets exclusively for socialized housing.

For the implementation of the measure, the NHA and the concerned LGUs shall be authorized to enter into a joint venture agreement with private developers, as well as non-government organizations that are engaged in housing production.

To encourage the participation of the private sector and nongovernment organizations, they shall receive incentives pursuant to Section 20 of Republic Act 7279, or the “Urban Development and Housing Act of 1992,” on Incentives for Private Sectors Participating in Socialized Housing.

The measure stipulates that the HUDCC and the DENR shall promulgate the necessary rules and regulations, including the mechanisms and procedures to make the inventory as well as identify the lands suitable for socialized housing.

but we never got the final copy. We would get just bits of information when they made short presentations to stakeholders, but to this day, we don’t even have a printed copy of the NTDP.” The tourism executive said, “they [Secretary Teo’s administration] never even formally rolled out the plan. She apparently didn’t even want to print the NTDP. Normally there would be a formal presentation of the NTDP, like what was done under Secretary Jimenez, before it is implemented.”

(See, “DOT launches tourism blueprint,” in the BusinessMirror, May 6, 2012.)

Another tourism leader, who likewise declined to be identified, said “before there is any recalibration of targets, I hope the DOT can first give us copies of the NTDP so we can give our inputs. How can we stakeholders get on board and support the NTDP when we don’t even know what it is?” According to an NTDP brief prepared for a Cabinet meeting on April 3, 2017, a copy of which was obtained by this

paper, focused group discussions and consultations with tourism stakeholders were supposed to have taken place from January 2016 to February 2017.

Under the tourism master plan, the DOT has identified nine major tourism products: nature-based tourism, which covers ecotourism, farm tourism and adventure tourism; cultural and heritage tourism; health wellness, and retirement tourism; MICE (Meetings Incentives Conventions Exhibitions) tourism; educational tourism; leisure and entertainment tourism; diving, underwater photography and marine sports tourism; and sun and beach tourism.

Under the NTDP, the DOT is also targeting to increase inbound revenue to P922 billion by 2022, from P353 billion in 2016; domestic revenue to P2.95 trillion in 2022, from P1.8 trillion in 2016; the number of people employed in the industry to reach 6.5 million from 5.2 million; raise the tourism industry’s share to total employment to 14.4 percent from 13 percent; and lift the number of poor beneficiaries to 541,000 from 486,000.

Romulo Puyat told TCP members, though, that more than the numbers, it is striking the balance between business opportunities and social responsibilities, which matters most.

“With the tourism sector’s increasing influence over economic and cultural development, we believe that it can also be a driving force in sustainable development in the country.”

‘Asia, Europe to take up slack in OFW deployment caused by Saudization’

T

HE increase in the demand for overseas Filipino workers in Asia, North America and Europe will offset the plunge in the deployment of OFWs to Saudi Arabia, a party-list lawmaker said on Sunday.

ACTS-OFW Rep. Aniceto D. Bertiz III made the statement following a nosedive in the deployment of Filipino workers to the Kingdom of Saudi Arabia (KSA), amid Riyadh’s policy to prioritize its nationals.

Bertiz, citing the Department of Labor and Employment (DOLE), warned of a 30-percent plunge in the number of Filipino workers setting out to the world’s largest oil producer this year, mainly due to Saudization.

“Saudization simply means that certain job openings in Saudi Arabia previously available to foreigners, including Filipinos, may no longer be there because these are now being reserved for [Saudi] nationals,” Bertiz said.

“While Saudi Arabia’s labor market is shrinking, the demand for Filipino workers in other parts of the globe—in Asia, North America and Europe—continues to expand,” said Bertiz.

Citing preliminary figures from the government, the lawmaker said the total number of land-based Filipino workers deployed all over the world this year would reach 1.9 million.

Of the 1.9 million, Bertiz said some 21 percent or 400,000 are new hires, while around 79 percent or 1.5 million are rehires.

Last February, Labor Secretary

Silvestre H. Bello III announced that the Saudi government has intensified the implementation of the program, which prioritizes the hiring of Saudi nationals for certain positions to ease the rising unemployment rate.

While there is a lower demand for migrant workers in KSA, Bello said the DOLE is not expecting any mass displacement of OFWs in the Arab country.

Based on its initial data, the Philippine Overseas Employment Administration said the number of deployed OFWs in KSA last year declined to 417,811. This is around 9.1 percent lower than the 460,121 recorded in 2016.

Until demand for OFWs in KSA starts to pick up, Bello said the government is now preparing alternative destinations for those who would like to work abroad. These alternative destinations include Germany, Japan and Israel.

Bello also said they will encourage aspiring OFWs to consider local employment particularly in the country’s booming construction sector.

‘Persecution’

MILITANT labor group Bukluran ng Manggagawang Pilipino (BMP) on Sunday defended Chinese workers in the country against possible persecution.

BMP Chairman Leody de Guzman said some lawmakers are “fanning the flames of hatred” against Chinese workers by portraying them as “enemies,” who are out to steal their jobs.

He singled out Sens. Emmanuel “Joel” Villanueva and Risa HontiverosBaraquel for making such pronouncements in a Senate hearing last week.

During the hearing, Villanueva and Hontiveros-Baraquel expressed alarm over the influx of Chinese workers in the country competing with local workers for jobs.

De Guzman said such statement is a form “misplaced nationalism,” which could cause discrimination against Chinese workers.

“As a country with a proud history of anti-colonial struggles and as a responsible member of the community of nations, we should not tolerate encroachments of any foreign power to our sovereignty but neither should we approve of xenophobia and racism,” de Guzman said.

He said Chinese workers are “no different” from OFWs, who also seek employment abroad for high-paying jobs.

“As a workers’ organization, the BMP extends its class solidarity with the Chinese migrant workers and calls on the Duterte government to guarantee their safety against racist attacks, verbal or otherwise, in the same way that we want host countries to protect and safeguard overseas Filipino workers,” de Guzman said.

Instead of Chinese workers, the labor leader said the public should attribute the rising local unemployment and underemployment rate to the government’s “faulty labor and economic policies.” Jovee Marie N. Dela Cruz & Samuel P. Medenilla

The Nation

A4 Monday, December 3, 2018 • Editor: Vittorio V. Vitug

BusinessMirror

Government eases deployment terms of Filipino workers to Iraq A

www.businessmirror.com.ph

KOREAN ATTEMPT TO BRING IN MORE DOLLARS THWARTED

R

By Samuel P. Medenilla

@sam_medenilla

ETURNING overseas Filipino workers (OFWs), except household service workers (HSWs), are now allowed to work in Iraq, according to the Philippine Overseas Employment Administration (POEA).

According to Memorandum Circular 17, POEA Administrator Bernard B. Olalia relaxed deployment restrictions for Iraq based on the recommendation of the Department of Foreign Affairs.

Among those exempted from the

deployment ban are OFWs employed in companies with existing contracts with the government of Iraq, the United States and member-states of the International Coalition, as well as with the United Nations and other International Organizations.

Also not covered are those hired by foreign diplomats assigned in Baghdad and for the Government of the Republic of Iraq provided that employers have no laborrelated cases as certified by the Philippine embassy.

The POEA said it will also allow the deployment of OFWs in Iraq if they will work in areas that the Philippine embassy certified as safe like secured compounds in the following Iraqui provinces: Babil, Baghadad, Basra, Dhiqar, Karbala, Maysan, Mathunna, Najaf, Qasdisyah, Saladin and Wasit.

“Provided that their employers bring them to the nearest airport and back to their premises using secured and nonpublic transportation,” Olalia said in the twopage memorandum.

To qualify for the exemption,

returning OFWs must have the following requirements: valid passport valid for at least six months, valid visa or work permit, Verified Employment Contracts, Certification of Employ ment, Certification of Exemption and the necessary undertaking from the employer.

Meanwhile, Olalia emphasized that the processing of both new hires and returning HSWs are still prohibited from being deployed to Iraq.

Furthermore, he said the deployment ban still stays for new hires and returning HSWs in the “no-go” zones in Iraq, namely Salahuddin, Anbar, Nineveh and Kirkuk.

The POEA imposed a total deployment ban in Iraq to the threat posed by Muslim extremists groups.

KOREAN national’s attempt to bring in more than the allowed $10,000 or equivalent denomination was thwarted at the premier airport.

Customs agents stopped the man, identified as Kim Junheon, from slipping the cash just as he was about to exit the passenger terminal’s door.

Seized from Junheon was HK$3.828 million (about P25 million) worth of undeclared cash, shortly after arriving from Hong Kong on Friday night (November 30) onboard Philippine Airlines flight PR 307.

Junheon was about to exit the customs area with his silver hand-carry luggage when he was stopped by Customs Intelligence and Investigation Agent Tomas Maranan. Maranan noticed that the passenger did not subject his luggage to inspection.

The passenger was redirected to place his luggage to the x-ray machine for scanning, which yielded bundles of Hong Kong dollars.

Airport Customs District Collector Mimel Talusan said Philippine laws prohibit passengers from bringing in

more than $10,000 “beyond which, the amount must be declared.”

“The customs examiners have a foreign currency declaration form, which passengers must fill up upon arrival or prior to departure from the Philippine airports, when they intend to bring in or out more than $10,000 or its equivalent denomination,”Talusan said. “Failure to declare the foreign currency is in violation of provisions of the Customs Modernization and Tariff Act (Republic Act 10863) in relation to Bangko Sentral ng Pilipinas Manual of Regulations on Foreign Exchange.”

Talusan said agents from the Customs Enforcement and Security Services have filed criminal complaint against Junheon. He would be subjected to inquest proceedings at the Pasay City Fiscal’s office.

She said Junheon can only get what is authorized by law, “which is $10,000 or equivalent amount in any foreign currency. The rest of his money will be seized in favor of the government.”

She added Junheon can appeal to the Bangko Sentral ng Pilipinas through his lawyer. Recto Mercene, Rea Cu

Panelo: Francis’s words to boost govt campaign vs illegal drugs

A

FTER the recent snide remarks of President Duterte against the Catholic Church, Malacañang on Sunday cited the words of Pope Francis in justifying the government’s campaign against illegal drugs.

In the recently concluded Vatican Forum on addiction during the weekend, Pope Francis called for more intensified international efforts in combatting its root causes, particu-

larly illegal drugs.

“This is precisely the rationale behind the President’s war on illegal drugs in the Philippines: to save the young and future generations of Filipinos from the drug scourge,” Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo said in a statement. “We consider Vatican’s remarks as a boost in our campaign as we battle the twin evils of crimes and drugs.”

Panelo issued the statement after Duterte last week said that Filipinos should no longer go to masses in Catholic churches due to its “archaic” teachings and instead build their own chapels at home.

Panelo said the government is determined its anti-illegal drug drives despite “the noise coming from the loud minority composed of his detractors and critics here and abroad” who are against the police campaign that

has turned violent and bloody.

The campaign drew numerous criticisms from human-rights advocates and Church officials after extrajudicial killings of illegal drug suspects intensified.

The Holy See emphasized that governments should move toward the prevention of such addiction, as well as the treatment, rehabilitation and reintegration of victims.

Samuel P. Medenilla

Villafuerte STARLIGHT backs Palace tack against firecrackers Francis asks Osaka archbishop

A woman carries a colorful bamboo latern (parol) in Las Piñas City. Christmas is the most, if not one of the most, anticipated holidays in the Philippines. The countdown to this season starts as early as September. Lantern-making has been a tradition among denizens of this city; skills are passed on through generations. NONIE REYES

T

O ensure safer Christmas and New Year’s Day celebrations, a lawmaker on Sunday backed the Palace’s directive on stricter rules on the manufacture and called for the improvement of the existing law covering firecrackers.

Camarines Sur Rep. Luis Raymund F. Villafuerte Jr. is pushing for the amendments of Republic Act 7183 by requiring manufacturers, dealers and wholesale distributors of firecrackers and pyrotechnic devices to report all of their accredited retail stores, outlets and resellers to the Firearms and Explosives Office of the Philippine National Police (PNP-FEO).

“The Congress should pass new legislation requiring manufacturers, dealers and wholesale distributors of firecrackers and pyrotechnic devices to indicate the names and addresses of all their accredited retail stores, outlets and resellers to PNP-FEO,” he said.

Earlier, through Memorandum Order 31, President Duterte directed the PNP, among others, to confiscate and destroy prohibited firecrackers and to suspend or revoke the licenses and permits of manufacturers found violating rules on the manufacture and sale of these devices.

Under Villafuerte’s House Bill 8085, this requirement will now be a prerequisite for the grant of a license to engage in the manufacture and wholesale distribution of firecrackers and pyrotechnic devices.

“There shall be a ‘one-store, onepermit’ policy,” he said.

Under the bill, the selling of firecrackers and pyrotechnic devices in places other than those indicated by the licensed manufacturers, dealers or wholesale distributors in their application for a license permit with the PNP-FEO and without the requisite permit shall be considered illegal.

Such violation “shall be cause for the confiscation of the products and being sold without prejudice to the penalties provided herein,” the bill said. Jovee Marie N. Dela Cruz

to grace Manila Cathedral event

N

O less than Pope Francis instructed the Archbishop of Osaka to witness the upcoming 60th anniversary of the reconstruction of the current Manila Cathedral or the Metropolitan Cathedral of the Immaculate Conception this week.

Through a special letter, the Holy See extended the invitation of Manila Archdiocese Luis Antonio Cardinal Tagle to the Archbishop of Osaka Thomas Manyo Cardinal Maeda to reaffirm the religious ties between the two countries “Acceding to his [Tagle’s] counsel, we appoint you as Special delegate to that solemn feast—you we have known to be an eminent pastor, always concerned about the welfare of the Church throughout the world,” Pope Francis said in his letter to Maeda.

The Philippines has been sending missionaries to Japan since 1592 to convert its people to the Catholic faith.

“Counted among the holy martyrs of Nagasaki were six Franciscans who have come to the Philippine islands in

1592 to proclaim the Gospel through words and works of charity, and in a short while have experienced the truth in the words,” Francis said.

The Pope said the deployment of missionaries of the Archdiocese of Manila to other Asian countries like Japan marked its role of being a beacon of the Catholic faith in the region and making it among the “great Catholic nations” in the world.

He said the thanksgiving celebration on December 8 will commemorate the reconstruction of the Manila Cathedral, which has been destroyed seven times by earthquakes and other calamities through the centuries. It latest reconstruction happened in 1958.

Established during the term of Pope Gregory XIII in 1571, the Cathedral Church of Manila is considered as the “mother and head of the Church” in the country since its construction happened almost at the same time the with the creation of the first metropolitan see in the Philippines together with three other dioceses. Samuel P. Medenilla

Satur, 17 others released on bail

D

AVAO CITY—Bayan Muna president and former House representative Satur Ocampo and 17 others facing raps over alleged trafficking of minors were released at half past 8 p.m. last Saturday after each of them posted a bail of P80,000.

Executive Judge Arlene Palabrica, of the Regional Trial Court Branch 31 in Davao del Norte, ordered police authorities to release Ocampo, ACT Teachers Party-list Rep. France L. Castro, the school administrator and teachers of the Salugpungan Community Learning Center, two staff of the ACT, three ministers of the United Church of Christ of the Philippines and

one of the United Methodist church, who were arrested on in Talaingod, Davao del Norte, on November 28.

News of the release came after Education International, the world’s largest federation of education workers’ unions and organizations, said it has sent a letter to President Duterte to demand the immediate release of Castro, its first Filipino board member.

Ocampo, Castro and the other 16 were also accused of violating Republic Act 10364 or the Expanded AntiTrafficking in Persons Act of 2012 and Article 270 of the Revised Penal Code, which defines and provides penalty on the offense of kidnapping and failure to return a minor. PNA

Regions BusinessMirror

www.businessmirror.com.ph

DOF bares list of top 10 demands of private sector

By Manuel T. Cayon

D

@awimailbox Mindanao Bureau Chief

AVAO CITY—More assistance to agriculture to improve farmers’ income and access to education by poor Filipinos are among the demands sought from the government so that more disadvantaged Filipinos could feel the benefits of an improving economy.

These were among the demands in a list by the Department of Finance (DOF) at the conclusion of government-organized dialogues with businesses and private sector representatives across the country last month.

Other demands include improving agricultural output, simplifying loan requirements for small and medium enterprises (SMEs), enhancing peace and order measures, and stricter profiling of the beneficiaries in the conditional cash transfer program.

Improving agricultural productivity and raising farmers’ incomes through education, and the use of new farm technologies emerged as top actionable recommendation from the private sector. According to the DOF, the other top demands include the following: the need to build more physical infrastructure such as

seaports, airports and mass-based transport systems, and simplifying requirements for loans with reasonable interest rates for SMEs and the rural sector.

The other top “actionable recommendations” the DOF gathered nationwide include: improving access to education, especially for the poor (ranked No. 4); implementing stricter profiling of the Pantawid Pamilyang Pilipino Program (4Ps) recipients, monitoring their expenses and providing them livelihood training (ranked No. 5); and speeding up the processing and issuance by the Food and Drug Administration (FDA) of licenses and certificates of product registration (ranked No. 6).

Ranked No. 7 actionable recommendation is properly planning infrastructure projects to reduce dis-

ruptions in business operations, while ranked No. 8 is simplifying processes at the Bureau of Internal Revenue (BIR). Improving peace and order by ensuring police and military visibility in rural areas, intensively monitoring illegal trade activities in coastal areas and continuing the implementation of martial law in Mindanao were ranked No. 9 and No. 10, respectively.

The rest of the recommendations were: improving health services in every part of the country by building more health centers and hospitals, which will help decongest district hospitals; providing tax incentives to MSMEs; and streamlining government processes and reducing red tape.

Finance Assistant Secretary Antonio Joselito G. Lambino II said several of the top actionable recommendations for this year are already being implemented and would continue to be improved by the government.

Moves such as simplifying BIR processes and reducing red tape would be enhanced by implementing the Ease of Doing Business (EODB) law and by building more physical infrastructure via the “Build, Build, Build” program and enhancing peace and order, according to Lambino.

“The rest of the recommendations would be thoroughly studied and acted upon with as much seriousness as we have done in the past,” Finance Secretary Carlos G. Dominguez III told reporters here at the end of the

Davao City leg of the conference called “Sulong Pilipinas” on Wednesday.

The other regional workshops were conducted in Cebu City, San Fernando City in La Union and Clark Freeport Zone in Pampanga, and Davao City.

Dominguez told participants at the Clark and Davao “Sulong” workshops that the Duterte administration has delivered on several key recommendations made two years ago by the private sector to help the government sustain high and inclusive growth, notably on improving the ease of doing business, implementing a national identification (ID) system and instituting tax reform. He said the government has responded to the call of the business sector to modernize the country’s infrastructure and logistics network with its ambitious Build, Build, Build program.

These first set of recommendations were fleshed out by leaders of the business community during the first-ever “Sulong Pilipinas” consultative conference in Davao City in June 2016.

Dominguez said improving connectivity and upgrading the logistics backbone has spurred growth, with the government spending P571 billion in the first nine months of 2018 alone on infrastructure. The amount was 7.2 percent above target and 46 percent higher than the amount spent in the same period last year, he added.

Editor: Dennis D. Estopace • Monday, December 3, 2018

A5

Borongan, Samar folk await return of Balangiga bells

A

S Catholics enter the Season of Advent this Sunday, which is the period of waiting for the birth of Jesus Christ according to the Christian faith, the Diocese of Borongan, Eastern Samar, is also waiting for the return of Balangiga bells.

Borongan Diocese Bishop Crispin B. Varquez said they are hoping for an early Christmas gift, the return of the three bells.

“After years of waiting and uncertainty, this season of Advent, the season of waiting, is yielding us an early Christmas gift—the return of the Bells of Balangiga. God has shown great favor to our local Church and, by extension, to our country,” Varquez said in a pastoral letter issued on Friday.

The Catholic prelate noted that while the bells were taken during a

time of war by the American soldiers in 1901, their impending return would be during the season of hope and peace.

“This is only right because the bells are instruments of prayer and worship, sources of true hope and peace,” Varquez said. He explained that the bells are used for the highest form of praying and worship.

“We ring the bells to signal community acts and to alarm the same community of impending emergencies. In a word, the bells bridge us to God and to one another. The bells are an integral part and parcel of our life in Christ in the community,” Varquez added. The Philippine and United States governments are coordinating for the return of the bells to the Parish of Saint Lawrence, Deacon and Martyr, Balangiga in Eastern Samar. PNA

Manila Water inks deal with Rizal provincial govt

W

ATER Co. Inc. announced recently it has inked an agreement with the Rizal provincial government for coverage of services.

In a statement, the East Zone concessionaire of Metropolitan Waterworks and Sewerage System (MWSS) said the agreement covers the lone city of Antipolo and the municipalities and towns of Jalajala, Baras, Tanay, Teresa, Cardona, Angono, Binangonan, Cainta, Rodriguez, San Mateo, Taytay, Morong and Pililia.

Manila Water said its president and CEO Ferdinand M. de la Cruz explained the firm’s emphasis on used water management as “a vital contributor in reviv-

ing our rivers and waterways.”

De la Cruz added his company is focused on its development plans until the end of concession agreement in 2037, as he recognized MWSS for approving its business and service improvement plan that includes programs that will further improve water, used water and sanitation services not only eastern Metro Manila but also for Rizal province. He also cited that Manila Water will complete six more sewage treatment plants in the whole province of Rizal with total capacity of 300 million liters per day to start with the construction of the 16-MLD capacity Hinulugang Taktak STP.

A6

Agriculture/Commodities

Monday, December 3, 2018 • Editor: Jennifer A. Ng

BusinessMirror

Cost of producing palay in PHL hits all-time high

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE average cost of producing palay in the Philippines rose to an all-time high of P12.42 per kilogram (kg) last year due to more expensive fuel and labor, according to the Philippine Statistics Authority (PSA).

The PSA said the country’s average palay production cost per kilogram in 2017 rose by 1.55 percent, from P12.23 per kilogram recorded in 2016.

“Production cost was higher during the wet season at P12.81 per kg than during the dry season at P11.93 per kg,” the agency said in its report, titled “Updated Production Costs and Returns of Selected Agricultural Commodities.”

Last year, the PSA said rice farmers spent about P49,745, which was 5.15 percent higher than the P47,308 they spent in 2016.

“Production cost of palay was higher during the wet season at P50,511 per hectare and lower during the dry season at P48,784 per

hectare,” the PSA said.

The PSA noted that rice farmers in Davao region incurred the highest production cost at P60,686 per hectare, while those in the Autonomous Region in Muslim Mindnao spent the least at P30,580 per hectare.

Based on the computation of the BusinessMirror, rice farmers spent an additional P851 per hectare for labor in 2017.

PSA data showed that total labor costs amounted to P15,556 per hectare, 5.79 percent higher than the P14,705 per hectare cost recorded in 2016.

Of the total labor expenditure, more than half, or about P8,908, was paid in cash for hired labor, according to the PSA. The hired

labor cost was 5.78 percent higher than the P8,421 per hectare incurred in 2016.

PSA data showed that rice farmers spent 6.76 percent more for fuel and oil expenditures in 2017.

Average fuel and oil costs incurred by farmers amounted to P774 per hectare, compared to the previous year’s P725 per hectare.

Rice farmers’ gross revenue in 2017 expanded by 8.2 percent to P72,957 per hectare, from P67,427 per hectare recorded in 2016, PSA data showed.

On an annual basis, their net income also rose by 15.4 percent to P23,212 per hectare.

“Farmers earned an average of P0.47 for every peso of investment in palay production,” the PSA said.

“It recorded higher during the dry season cropping at P0.52 than during the wet season cropping at P0.43.”

The average farm-gate price of palay in 2017 reached P18.21 per kg, 4.48 percent higher than the P17.43 per kg recorded in 2016.

“It ranged from P18.09 per kg during the dry season to P18.33 per kg during the wet season,” the PSA said.

Data from the PSA indicated that average yield per hectare in 2017 rose by 3.54 percent to 4.006 metric tons, from the previous

year’s 3.869 MT. To make Filipino farmers competitive against their counterparts in Southeast Asia, the government is targeting to reduce the country’s average palay production cost to at least P8 per kg and hike yield to at least 6 MT per hectare.

The reduction in production cost and increase in yield are seen by the government as strategies that will allow farmers to earn despite the expected influx of cheaper rice imports due to the removal of the quantitative restriction on the staple.

In September an official of the Department of Agriculture (DA) said the country’s unmilled rice output may decline by 2.5 percent to 18.8 million metric tons, from a record high of 19.28 MMT last year, after Typhoon Ompong (international code name Mangkhut) destroyed rice crops in Northern Luzon farms.

Prior to Ompong’s onslaught, Agriculture Assistant Secretary Andrew B. Villacorta said the DA had projected that unmilled rice production in the second semester would reach 10.8 MMT. However, based on the initial damage reports collated by the DA, around 600,000 MT of palay have been destroyed by the typhoon, according to Villacorta.

www.businessmirror.com.ph

All eyes on Trump’s dinner date as soybean traders see swings

T

HE soybean market is laser focused on Donald J. Trump’s dinner date.

Agriculture traders are on edge as the United States president prepares to meet Xi Jinping, his counterpart from China, on Saturday amid the Group of 20 meeting in Buenos Aires. The question of the hour: Will the leaders get closer to a trade deal, or at least move to a tariff truce?

As tit-for-tat tariffs ratcheted up between the countries, soybeans became the poster child of the trade war. China started shunning US supplies, and Chicago futures tumbled as a result, beleaguering American farmers. In the final days heading into the G-20 meeting, Trump started to give the market some hope with positive comments about how close the nations are to striking an accord.

Traders are hanging on Trump’s every word (and Tweet), trying to parse out the future for soybean demand. As discussion moved from the possibility of more tariffs on China to deal optimism, the back and forth left some investors cross-eyed. A measure of implied volatility jumped to the highest since August, and futures volume rose. Underscoring the apprehension, hedge funds got more bearish on the oilseed just days before prices posted the best weekly rally in five weeks.

“The sentiment has changed multiple times over the last two weeks,” said Matt Gallik, a market analyst for CHS Hedging Llc. “We know something is coming—we just don’t know what.”

It’s hard to overstate how important China is for the soybean world. It’s the biggest consumer by far, using the oilseed as a protein in livestock feed. Chinese tariffs on US shipments have completely turned usual trade flows on their head. Major exporters like Argentina are now buying dirt cheap American supplies, while domestic premiums in soy king Brazil surged earlier this year.

Many traders and farmers are hoping a China-US pact can help bring things back to normal, or at least make them more predictable.

Trump Wants Soybeans Included in Any US-China Trade Accord In Chicago, January soybean futures volleyed between gains and losses for several days before finally settling up 1.6 percent in the week ended Friday. Just three days earlier, hedge funds boosted their net-short position to 63,862 futures and options, according to data from the US Commodity Futures Trading Commission. The holding, which measures the difference between bets on a price increase and wagers on a decline, was the most bearish in about a month.

Long-only positions and shortonly holdings climbed simultaneously as investors grew divided over the market outlook.

There are signs that some traders are moving to the sidelines amid the expectations for higher volatility. Aggregate open interest in soy futures dropped to 732,129 contracts as of Thursday, exchange data compiled by Bloomberg show.

That’s the lowest since early January. Bloomberg News

Hong Kong lifts one-year import ban on all local poultry products

BLOOMBERG

A

FTER more than a year, the Hong Kong government has lifted its import ban on Philippine poultry products after Manila has resolved the outbreak of avian influenza (AI) in Luzon farms, according to the Bureau of Animal Industry (BAI).

The BAI announced in a recent statement that Hong Kong’s lifting of the ban, which took effect on October 31, through an official notice sent by its government to Agriculture Assistant Secretary Enrico P. Garzon Jr. “The ban was lifted as a result of the HPAI [highly pathogenic avian influenza] situation in the affected areas now reported as resolved,” the BAI said.

“With this, the Agriculture, Fisheries and Conservation Department of the Government of Hong Kong Special Administrative Region remind all importers to follow the guidelines of importation,” it added.

Furthermore, the BAI said Philippine poultry shipments would still be held and tested for the presence of H5 and H7 AI upon arrival in Hong Kong prior to release.

On August 14, 2017, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Depart-

ment announced the import ban on all Philippine poultry products to protect public health in Hong Kong.

However, the CFS said Hong Kong has not imported any poultry products from the Philippines as it has not established an importation protocol with Manila.

In September BAI OIC-Director Ronnie Domingo told the BusinessMirror that Singapore has already lifted its import ban on local poultry after crafting its final follow-up report on the status of the AI outbreak to the OIE’s World Animal Health Information System portal in end-June.

The Philippines’s report contained a summary of what the government undertook to eradicate the dreaded bird-flu virus.

On June 27, Manila, through a follow-up report, has formally informed the OIE that it has totally eradicated the AI virus that struck Central Luzon in August 2017.

“There are no new outbreaks in this report,” it read. “The event is resolved. No more reports will be submitted.”

The report indicated that the AI outbreak that hit quail and layer farms in the provinces of Pampanga and Nueva Ecija was

resolved on March 9.

The bird-flu outbreak was confirmed on August 7, 2017. It started as early as July 24, 2017, in two poultry farms in San Luis, Pampanga.

However, the Philippine report also indicated that the source of the Central Luzon AI outbreak is still “unknown or inconclusive” to date.

This is the first confirmed bird-flu outbreak in the history of the Philippines. Manila had been free from avian influenza before the virus hit farms in Pampanga last year.

Measures rolled out by the Philippines to eradicate the AI virus include official destruction of animal products, official disposal of carcasses, by-products and waste, stamping out, control of wildlife reservoirs, zoning and disinfection.

Procedures were also undertaken to deactivate the pathogenic agent in products, or by-products, and ante and postmortem inspections.

The Philippines recorded four bird-flu outbreaks across Pampanga and Nueva Ecija, which resulted in the deaths of 73,357 birds. The government culled a total of 407,840 susceptible birds in San Luis, Pampanga, and the municipalities of Jaen, San Isidro and Cabiao in Nueva Ecija. Jasper Emmanuel Y. Arcalas

The World BusinessMirror

www.businessmirror.com.ph

G-20 leaders omit mention of protectionism in communiqué

G

ROUP of 20 nations have agreed that the current global trading system has flaws and needs reform, in a communiqué that failed to reference protectionism for the first time.

Representatives of each country agreed in a two-day summit in Buenos Aires to a statement that warns of threats to growth from geopolitics and recognizes the benefits of multilateral trade.

The group also committed to pursue reform of the World Trade Organization (WTO), according to a copy obtained by Bloomberg. The leaders are expected to sign the document later Saturday.

The multilateral trading system is “falling short of its objectives and there is room for improvement,” the document says, in an apparent nod to the criticism that has come from President Donald J. Trump as he takes the US on a more protectionist path. Leaders will discuss WTO reform at a meeting in June.

The statement also makes only one mention of climate change, and notes both the US exit from the Paris Agreement and other countries’ ongoing support for the accord aimed at capping emissions blamed for global warming. The communiqué caters widely to Trump’s America First policies, and leaves little doubt of deep divides among the leaders of the world’s biggest economies.

A senior White House official praised the document, particularly the language calling for WTO reform and changes to the global trading system.

Inclusion of wording to explain Trump’s decision to exit the Paris climate accord also was welcomed by the US, the official said.

The statement emerged after a week of round-the-clock negotiations, providing a measure of relief to officials who feared a repeat of recent gatherings such as during the Asia-Pacific Economic Cooperation summit in Papua New Guinea, when no final statement was issued. The G-7 summit earlier this year was upended when the US withdrew its support for the joint statement minutes after its formal publication.

The communiqué welcomed “strong global economic growth while recognizing it has been increasingly less synchronized between countries” and members said they “note current trade issues.”

They agreed that fiscal policy “should rebuild buffers where needed, be used flexibly and be growth-friendly, while ensuring public debt is on a sustainable path.” Bloomberg News

Editor: Angel R. Calso • Monday, December 3, 2018 A7

US, China put brakes on their trade dispute with cease-fire

B

UENOS AIRES, Argentina— The United States and China reached a 90-day cease-fire in a trade dispute that has rattled financial markets and threatened world economic growth. The breakthrough came after a dinner meeting between President Donald J. Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires.

Trump agreed to hold off on plans to raise tariffs January 1 on $200 billion in Chinese goods. The Chinese agreed to buy a “not yet agreed upon, but very substantial amount of agricultural, energy, industrial” and other products from the United States to reduce America’s huge trade deficit with China, the White House said.

The truce, reached after a dinner of more than two hours on Saturday, buys time for the two countries to work out their differences in a dispute over Beijing’s aggressive drive to supplant US technological dominance.

“It’s an incredible deal,” Trump told reporters aboard Air Force One. “What I’ll be doing is holding back on tariffs. China will be opening up, China will be getting rid of tariffs. China will be buying massive amounts of products from us.”

In a long-sought concession to the US, China agreed to label fentanyl, the deadly synthetic opioid responsible for tens of thousands of American drug deaths annually, as a controlled substance. And Beijing agreed to reconsider a takeover

by US chipmaker Qualcomm that it had previously blocked.

The White House announcement framed a victory for Trump and his unflinching negotiating tactics, securing a commitment from China to engage in talks on key US economic priorities, with little obvious concession by the US. Notably, however, the White House appears

to be reversing course on its previous threats to tie trade discussions to security concerns, like China’s attempted territorial expansion in the South China Sea. “It’s great the two sides took advantage of this opportunity to call a truce,” said Andy Rothman, investment strategist at Matthews Asia. “The two sides appear to have had a major change of heart to move away from confrontation toward engagement. This changes the tone and direction of the bilateral conversation.”

The Trump-Xi meeting was the marquee event of Trump’s whirlwind two-day trip to Argentina for the G-20 summit after the president canceled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine. Trump also canceled a Saturday news conference, citing respect for the Bush family following the death of former President George H.W. Bush.

Trump said Bush’s death put a “damper” on what he described as a “very important meeting” with Xi. The United States and China are locked in a dispute over their trade imbalance and Beijing’s tech policies. Washington accuses China of deploying predatory tactics in its tech drive, including stealing trade secrets and forcing American firms to hand over technology in exchange for access to the Chinese market.

Trump has imposed import taxes

PRESIDENT Donald J. Trump with China’s President Xi Jinping and members of their official delegations during their bilateral meeting at the G-20 summit on Saturday, December 1, in Buenos Aires, Argentina. AP

on $250 billion in Chinese products —25 percent on $50 billion worth and 10 percent on the other $200 billion. Trump had planned to raise the tariffs on the $200 billion to 25 percent if he couldn’t get a deal with Xi. China has already slapped tariffs on $110 billion in US goods.

Under the agreement reached in Buenos Aires, the two countries have 90 days to resolve their differences over Beijing’s tech policies. If they can’t, the higher US tariffs will go into effect on the $200 billion in Chinese imports.

US officials insist that the American economy is more resilient to the tumult than China’s, but they remain anxious of the economic effects of a prolonged showdown—as Trump has made economic growth the benchmark by which he wants his administration judged.

A full-blown resolution was not expected to be reached in Buenos Aires; the issues that divide them are just too difficult.

Growing concerns that the trade war will increasingly hurt corporate earnings and the US economy are a key reason US stock prices have been sinking this fall.

Joining other forecasters, economists at the Organisation for Economic Co-operation and Development last week downgraded their outlook for global economic growth next year to 3.5 percent from a previous 3.7 percent. In doing so, they cited the trade conflict as well as political uncertainty.

The US and China also made progress on the regulation of fentanyl, which is 50 times more powerful than heroin. US officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

White House Press Secretary Sarah Sanders says China’s decision to label the drug as a controlled substance means that “people selling Fentanyl to the United States will be subject to China’s maximum penalty under the law.”

The White House also said that China’s government is “open to approving” the purchase of Dutch semiconductor manufacturer NXP

by American chipmaker Qualcomm.

China nixed the proposed takeover earlier this year, citing antitrust concerns, after US and

European regulators approved the deal.

China’s decision earlier this year came amid a period of heightening tensions between the US and China over trade and intellectual property issues.

Qualcomm announced it was dropping plans to proceed with the deal after it failed to receive Chinese government approval. It is unclear whether the transaction could be revived even with China’s acquiescence.

In other developments, Trump announced aboard Air Force One on his return to Washington from Buenos Aires that his next meeting with North Korea’s Kim Jong Un would likely happen in January or February. He said there were three sites under consideration, but he declined to name them.

Trump also said he would shortly be providing formal notice to Congress that he will terminate the North American Free Trade Agreement, giving lawmakers six months to approve the replacement he signed on Friday. He said lawmakers can choose between the replacement, the United States-MexicoCanada Agreement, or nothing. AP

George H. W. Bush mourned as a great statesman, a man of uncommon decency

W

ASHINGTON—Former President George H.W. Bush is returning to Washington as a revered political statesman, hailed by leaders across the political spectrum and around the world as a man not only of greatness but also of uncommon decency and kindness.

Bush, who died late Friday at his Houston home at age 94, is to be honored with a state funeral at National Cathedral in the nation’s capital on Wednesday, followed by burial on Thursday on the grounds of his presidential library at Texas A&M. Before that, his body will lie in state in the Capitol Rotunda for a public viewing from his arrival in Washington on Monday until Wednesday morning.

President Donald J. Trump, who ordered federal offices closed for a national day of mourning on Wednesday, is to attend with first lady Melania Trump and other highranking officials.

Bush’s crowning achievement as president was assembling the international military coalition that liberated the tiny, oil-rich nation of Kuwait from invading neighbor Iraq in 1991 in a war that lasted just 100 hours. He also presided over the end of the Cold War between

the United States and the former Soviet Union.

“We didn’t agree much on domestic policy, but when it came to the international side of things, he was a very wise and thoughtful man,” former Massachusetts Gov. Michael Dukakis, a Democrat who lost the presidency to Bush in 1988, told The Associated Press on Saturday. He credited Bush’s ability to negotiate with former Soviet Premier Mikhail Gorbachev as playing a key role.

“It was a time of great change, demanding great responsibility from everyone,” Gorbachev told the Interfrax news agency. “The result was the end of the Cold War and nuclear arms race.”

During that time and after, Gorbachev said, he always appreciated the kindness Bush and his family showed him.

In Washington, the former Republican president won praise from leaders of both parties.

Republican House Speaker Paul Ryan lauded him for leading the nation with “decency and integrity,” while Democratic House Leader Nancy Pelosi said it was a “privilege to work with him.”

Republican Sen. Bob Corker of Tennessee said Bush “befriended political foes, reminding Americans

A MAKESHIFT memorial for President George H. W. Bush lays across from Walker’s Point, the Bush’s summer home, on Saturday, December 1, in Kennebunkport, Maine. Bush died at the age of 94 on Friday, about eight months after the death of his wife, Barbara Bush. AP

that there is always more that unites us than divides us.”

At the G-20 summit in Argentina, German Chancellor Angela Merkel, who was raised in then-divided East Germany, told reporters she likely would never have become her country’s leader had Bush not

pressed for the nation’s reunification in 1990.

A humble hero of World War II, Bush was just 20 when he survived being shot down during a bombing run over Japan. He had enlisted in the US Navy on his 18th birthday.

Shortly before leaving the ser-

vice, he married his 19-year-old sweetheart, Barbara Pierce, a union that lasted until her death earlier this year.

After military service, Bush enrolled in Yale University, where he would become a scholar-athlete, captaining the baseball team to

two College World Series before graduating Phi Beta Kappa after just two-and-a-half years.

After moving to Texas to work in the oil business, Bush turned his attention to politics in the 1960s, being elected to his first of two terms in Congress in 1967. He would go on to serve as ambassador to the United Nations and China, head of the CIA and chairman of the Republican National Committee before being elected to two terms as Ronald Reagan’s vice president.

Soon after he reached the zenith of his political popularity following the liberation of Kuwait, the US economy began to sour, however, and voters began to believe that Bush, never a great orator, was out of touch with ordinary people.

He lost his bid for reelection to then-Arkansas Gov. Bill Clinton, who would later become a close friend. The pair worked together to raise tens of millions of dollars for victims of a 2004 Indian Ocean tsunami and Hurricane Katrina, which swamped New Orleans and the Gulf Coast in 2005.

“Who would have thought that I would be working with Bill Clinton of all people?” he joked in 2005.

Clinton said he would be “forever grateful” for that friendship. AP

A10 Monday, December 3, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

PHL online shopping and the malls

T

HE American Thanksgiving Day holiday occurs on the fourth Thursday of November. This is followed by the kickoff to holiday shopping called “Black Friday,” because the holiday season is when retail stores see their income statement go from “red” losses to “black” profits.

In 2005 the National Retail Federation (NRF) began promoting “Cyber Monday.” Their research showed that “77 percent of online retailers said that their sales increased substantially on the Monday after Thanksgiving.” While Black Friday was for fighting for bargains in the malls, Cyber Monday was for buying in the quiet of one’s home.

With the US economy showing signs of increased growth—sustainable or not is another question—retail sales for the 2018 Christmas season were good. However, in-store foot traffic on Black Friday fell by 1.7 percent compared to last year.

But the online sales numbers are phenomenal. Thanksgiving Day brought in $3.7 billion in online sales, a growth of 28 percent year-over-year. Black Friday brought in $6.2 billion in online sales, a growth of 23.6 percent yearover-year. Cyber Monday was the biggest sales day of the year with online revenues of $7.9 billion, an increase of 19.3 percent over 2017. Amazon issued a statement saying it sold more items on Cyber Monday than any other day in its history.

The first shopping mall in the US opened in 1956 in Lakewood, California. Eventually the number of malls reached over 1,200. It is estimated that 50 percent will have closed by 2023.

Not all of these closings can be attributed to online shopping as there are many factors that have changed shopping habits. But consumers have made a strong shift to online shopping. That fact cannot be denied.

During the mall boom period, William Kowinski wrote in his 1985 book The Malling of America that malls had become the new Main Street of America. “The home of first jobs and blind dates, the place for family photos and ear piercings, where goths and grandmothers could somehow walk through the same doors and find something they all liked.”

SM City North Edsa mall opened in November 1985. When the 40th SM mall opened in Novaliches, Metro Manila, in 2010, there was talk that malls were overbuilt. The same was said in 2014 with mall No. 50 in Angono. Currently, the SM group has 21 new malls for completion from now until 2020.

Malls both here and in the US are “community centers” where people congregate for more than shopping. Amusement centers, cinemas and other forms of entertainment became part of the mall scene. Are Philippine malls destined to eventually meet the same fate as US malls, seeing their business damaged by online shopping? While the community center environment is the same in both countries, the business model is different.

Online shopping is becoming more popular in the Philippines for everything from whiskey delivered to your door to appliances and clothes. This is a positive development. However, perhaps the mall operators anticipated this shift after looking at the US. Here in the Philippines as in some malls in the US, shoppers can do zumba, attend a church service and listen to a free concert. But those were attractions to keep people in the mall longer in hopes they would spend more.

US malls, in order to survive, are now adopting the Philippine business model of leasing to schools, medical clinics and other traditionally “non-mall” revenue generating businesses. The financial health of Philippine malls is strong enough to withstand Filipino consumers shifting to online shopping.

From female artists: Gifts that matter Atty. Jose Ferdinand M. Rojas II

RISING SUN

I

T’S December, and for most people, it’s the perfect time to start shopping for holiday presents. There are so many possible items to pick up at the stores, but if you want to give valuable, well-crafted gifts and support independent artists at the same time, here are some suggestions you can consider.

Write to Change is a six-week Transformative Writing Workshop by multi-awarded writer Tweet Sering. It’s an online and in-person mentorship program where writing is used as a tool for personal transformation. So if you have friends or relatives who are into writing or journaling, or someone who might be interested in the use of writing as a way to make important life changes, then you can buy him/her a slot in this workshop as

the perfect Christmas present. For more information: tweet.sering@ gmail.com. Enrollment is open until December 7, 2018.

The art of Ann Liebscher. The Bacolod-based independent artist/ fabric artist/herbalist opened a solo show in Iloilo City on December 2.

“Art Before Dishes” may be viewed at Arte Tierra, Festive Walk Mall, Megaworld Boulevard. Her artworks may be viewed and purchased online through www.anarinda9.crevado.

BusinessMirror A broader look at today’s business

Atty. Lorna Patajo-Kapunan

LEGALLY SPEAKING

✝ Ambassador Antonio L. Cabangon Chua 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.–San Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

com Liebscher is also a yoga teacher and the founder of Art That Heals, an art program for the benefit of children and youth at risk. For art lovers, here is a possible holiday present.

Santosha gratitude garlands. The vision of Aimee, the Santosha maker, is to widen the ripple of gratitude so that more and more people will get into the practice of giving thanks for blessings every day.

She makes beautiful mala necklaces (108 beads and 54 beads) and bracelets (18 beads) upon request. Her creation process is a ritual of meditation on the recipient’s personal intentions, such that every piece is made specifically

Mandatory organ donation

Since 2005

Founder

Inside Daniel’s Head is another book that is a great gift idea for young adults, and even the young at heart.

Written by Joji Reynes Santos, Inside Daniel’s Head is a short novel about autism. “A novel without a plot,” the book is written from the point of view of Daniel, a 12-year-old boy with autism. It is the author’s way of helping more people understand the condition.

T

HE incentive for systematic reform of organ and tissue donation has arisen internationally because of the increased incidence of end stage organ failure and the corresponding growth in need for transplants. Several countries have responded to this challenge by implementing strategies to increase organ and tissue donation, and now, have established reform models.

The “opt-in” or “opt-out” donation models are the more known. opt-in donation system means that only those with explicit consent are considered as donors. While, optout donation system means that everyone is treated as a donor unless they specifically object to do so. Both strategies allow individuals (or their next of kin) power to determine what happens to their cadaveric organs: the difference between them is the “default” treatment of someone who has expressed no wish either way.

Opt-out strategies are likely to increase donation rates because those who do not register a preference either way will be treated as donors.

Opt-out organ donation systems are often called “presumed consent” (WHO Bulletin 2015, http:dx.doi. org/10.2471).

In recent years, technical, social and public opinion in many countries has shifted toward the view that Opt-out provisions can help promote

organ donation. Two components of transplantation legislation—presumed consent and allocation priority—are thought to increase the donor population by decreasing the ease of opting out and giving registered donors priority among the pool of individuals in need of organ transplant. The joint implementation of these components is believed to yield beneficial effects. Explicit Opt-Out laws have long been among the major interventions used to increase the pool of potential donors in countries such as Austria, Belgium, the Czech Republic, Finland, France, Greece, Hungary, Israel, Italy, Luxembourg, Norway, Poland, Slovenia, Spain, Sweden and Turkey. There is evidence that supports the association between presumed consent and increased donation rates and that countries with Opt-Out laws have rates 25 percent to 35 percent higher than those in countries requiring explicit consent. However, presumed

consent appears to be only one of several factors. Other factors include potential donor availability, transplantation infrastructure, healthcare spending and public attitudes, as well as familial consent and donor registries (Ibid).

In the Philippines, a Senate Bill (the Organic Act of 2018) introduced

by Sen. Richard J. Gordon seeks to provide an “Opt-Out System of Organ and Transplantation, amending Republic Act 7170 otherwise known as the Organ Donation Act of 1991.”

The proposed bill recognizes that there is an increasing number of kidney diseases that affect Filipinos.

Despite the availability of dialysis machines, kidney transplantation is still the treatment of choice for End Stage Renal Disease (ESRD) because it offers a better-quality life and longterm survival. The estimated life expectancy posttransplant is 17.19 years compared to only 5.48 years, if the patient remains on dialysis.

Moreover, the difference in the total quality of life in terms of physical, social, emotional, spiritual, and financial aspects between transplant vis-à-vis dialysis patients was determined to be 18.12 percent greater in transplant patients. Unlike in other developed countries, kidney donors in the Philippines come mostly from living related donors (95 percent) and a mere 5 percent from decreased donors despite efforts made by the government and nongovernment organizations to encourage organ donations. The objective of the proposed bill is to increase donation rates, because those who do not

for the person requesting it. To make a request: 0921-4800-342 Franchising Secrets for Beginners is Ann Lourdes P. Agustin’s first book wherein she reveals the business secrets she has learned through the years. As a successful entrepreneur and franchisor, Ann draws from her personal experiences and shares her wisdom and learnings with her readers in this book. So if you know someone who is considering buying a business franchise, you can get him/ her this book for additional advice and helpful information. To order: 0919-468-4429 Inside Daniel’s Head (Adarna House) is another book that is a great gift idea for young adults, and even the young at heart. Written by Joji Reynes Santos, Inside Daniel’s Head is a short novel about autism. “A novel without a plot,” the book is written from the point of view of Daniel, a 12-year-old boy with autism. It is the author’s way of helping more people understand the condition. This book is available at Fully Booked.

register a preference either way will be treated as donors, and to provide better quality of life and long-term survival (Explanatory Notes).

Section 3 of the proposed bill defines death (or brain death) as the irreversible cessation of circulatory and respiratory functions or the irreversible cessation of functions of the entire brain, including the brain stem in accordance with the Brain Death Criteria, as provided by the Philippine Neurological Association.

Key provisions of the proposed bill are as follows: n Section 3. Removal of Organ After Death. The designated physician or surgeon of a hospital or Transplant Center may, subject to and in accordance with this section, authorize, in writing, the removal of any part of the body of a person who has died in the Center for the purpose of transplantation of the organ to the body of a living person. n Section 4. Opt-Out System (Presumed Consent). Any person who objects to the removal of any part or organ from his body after his death may register his objection, in respect of that organ, with the Department of Health-Philipp\ine Network for Organ Sharing. Objection may be done through the National Registry or local registries which shall be established in each region.

Upon receipt, DOH-PhilNOS shall issue a certification and an opt-out card to the person which shall serve as a proof that his objection was duly recorded and registered. n Section 5. Opt-In System.

See “Kapunan,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Introduction to Integrated Reporting

Stop smuggling without sacrificing trade Dr. Jesus Lim Arranza

Joshua Tangca

DEBIT CREDIT

T

HE relationship between businesses, its investors, its stakeholders and the society as a whole has become relevant now more than ever. The drive of technology toward transparency and inclusiveness brings in the challenge of meeting the information needs of various players in a wide array of business undertakings.

Business organizations are heavily restrained by superfluous and cluttered reporting cycles that are short-term framed, are contextualized in past events and subjective hindsight, have a compliance-driven character, and have a fragmented approach—making a report unnecessarily complex that it does not convey a holistic story at all. With excessive emphasis on financial information, investors cannot get enough access to relevant information beyond what is presented as ordinary numbers and figures—widening the gap of mistrust between the business entity’s management, its investors and its stakeholders.

In response to the new and wider value creation model, businesses have been adopting the Integrated Reporting and Thinking <IR> framework. The <IR> has emerged as a global movement to institutionalize a more cohesive and efficient approach to corporate reporting. It aims to communicate to investors quality information on how organizations allocate and manage their resources and relationships—or comprehensively their capitals—to create value over the longer term.

The <IR> identifies six broad categories of capitals used by organizations in meeting the needs of different stakeholders. These capitals include financial, manufactured, intellectual, human, social and relationships, and natural. Integrated Reporting gives organizations a rounded and well-supported perspective on their strategy and plans, and its impact on the different capitals, making betterinformed decisions, managing key risks, and taking advantage of key opportunities.

Integrated Reporting was born out of the lapses of the traditional corporate reporting system. The financial focus of corporate reporting practices has overshadowed other equally important concerns for different stakeholders such as societal

Kapunan. . .

continued from A10

Any natural-born Filipino who lost his or her citizenship and obtained citizenship in another country, but who is a resident of the Philippines, and who desires to donate his or her organ, may register, in respect of that organ, with the DOH-PhilNOS. n Section 6. Proposed Recipients of Organs. A person who has not registered any objection at any given time with the DOH-PhilNOS in respect of any organ shall be prioritized; a person who has registered his objection with the DOH-PhilNOS, in respect of any organ, but who has withdrawn such objection shall have priority over a person who has registered such objection; and a person who has registered his objection with the DOH-PhilNOS shall be given least priority. n Section 9. Persons Authorized to Perform the Removal and Transplant of Organs, Tissues and Corneas. Only authorized physicians or surgeons in a hospital or transplant center shall perform the removal and transplant. The removal of corneal tissues shall be performed only by ophthalmic surgeons and ophthalmic technicians trained and duly certified by the accredited National Association of Ophthalmologists.

welfare and environmental protection. There is growing concern over the capitalist market’s expansion and the stability and preservation of resources for future use. Enthusiasm over adopting measures to achieve productive and inclusive growth without endangering future generations is picking up pace. Futureoriented information becomes more relevant than objective yet historic information.

Aside from improved resource allocation, accountability and stewardship, <IR> is also seen ending the incentive and rewards systems that perpetuate short-term thinking and decision-making; effecting reporting practices apt to modernday business models; evolving a system of capital allocation that is more aligned toward achieving the long-term goals of businesses and the society; painting a more comprehensive picture of the company and its prospects to investors; and over all, bringing together key players in the society in the bonds of trust and confidence.

Integrated Reporting and Thinking should be the next step in the evolution of corporate reporting and it will likely become the catalyst for a more sustainable global economic governance mechanism. As it brings together different key players toward a better level of understanding and strategic relationship, we can just wait and see how Integrated Reporting will make congruent goals and objectives work for the benefit of the present and the future business ecosystem, or life and nature in general.

This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat.@gmail.com.

Joshua Tito Tangca is a BS in Accountancy graduate of the Technological Institute of the Philippines Quezon City.

Section 10. Transport of Donated Organs, Tissues and Corneas. To maintain the quality and integrity, ensure traceability, and to minimize any potential risk, it must be packaged, labeled and transported, in a timely manner, through portable organ perfusion machines. n Section 11. PhilHealth Assistance. Determined through fair and transparent assessment process. n Section 12. Prohibited Acts and Penalties. The selling and buying of organs and the performing of organ removal and/or transplantation by an unauthorized person is punishable by imprisonment of 20 years and a fine of P1 million to P2 million. Advertising, forging, mutilating and altering of registries is punishable by imprisonment of two years and a fine of P100,000 to P500,000. n Section 14. Education and Information Campaign on organ donation and transplantation is required under the bill.

Last, the proposed bill underscores that moral duty must be the foundation of our organ donation laws. The duty places a legal obligation on all citizens to contribute to the system they stand to benefit from. If a person can be an organ recipient, she should also be able to give an organ. This is reciprocal altruism!

Monday, December 3, 2018 A11

Conitnued from A1

I

T is for this reason that we in the Federation of Philippine Industries (FPI) fully support Commissioner Guerrero’s cleansing and reforms at the Bureau of Customs. Like the industry experts we have assigned at the BOC to help Customs officials in the determination of product standard compliance of imported goods, we are always ready to help Commissioner Guerrero in his all-out campaign against smuggling.

Smuggling is also creating big problems for the country’s industry sector. The smuggling of cheaper but lower-quality products, for instance, is unfairly competing with locally manufactured goods in the market.

The tightened scrutiny and inspection of shipments at the BOC,

including those that could get through the green lane easily without hitch, is also causing delays in the release of much-needed imported materials for the industry sector.

Thus, perhaps, the Bureau of Customs can consider allowing the conditional release of shipments

Rivalries and victories Siegfred Bueno Mison, Esq.

THE PATRIOT

I

N the United States, college football is one of the most watched sporting events. The second oldest rivalry in college football is between the two military service academies, West Point and Annapolis. Around the world, servicemen in the United States military are tuned into their TV sets every first week of December to watch the Army-Navy game, live via satellite. Incidentally, the oldest rivalry in US college football is between Harvard and Yale.

In the Philippines, the fierce rivalry between Ateneo University and De La Salle University perhaps matches the intensity of the Army-Navy game. Every time these two schools meet, students, teachers, parents and alumni engage in frolicking trash talk, in the spirit of gamesmanship.

While playing the game, studentathletes will definitely display grit, hustle, teamwork and, hopefully, respect for other players in their quest for victory. For some coaches and players, victory is never measured by the statistics in the “win-loss” column. Victory is attained whenever the game is played with dignity.

And how you win in sports will likely

dictate how you win in life.

General Douglas MacArthur once said, “On the fields of friendly strife are sown the seeds that on other days, on other fields will bear the fruits of victory.”

How a student-athlete plays on the court is reflective of how he behaves off the court. And such principle also applies to the fans of these teams. I have seen supporters who are magnanimous in victory as much as I have seen those who are degenerate in defeat.

In the ongoing 81st UAAP Men’s Basketball tournament, the entry to the finals of the surprising team from the University of the Philippines has

that are subject to mandatory standard to help decongest the ports, by allowing the mandatory testing to be done at the importer’s warehouse, provided that a cash bond that would not be less than the value of the shipment would be raised by the importer.

This would enable the BOC to forfeit the bond should the importer sell the imported goods prior to its mandatory testing, among other violations the importation may have incurred in the process.

This way, the continuous flow of much-needed imported raw materials and/or semi-finished products for the industry sector will not be hampered, even as payment of appropriate duties and taxes for importations will be guaranteed and the safety of consumers also secured.

Therefore, allowing the conditional release of shipments, especially those that are subject to mandatory testing, will not only help secure consumer safety and revenue collection, but more importantly, it will also help

in decongesting the ports.

And, by the way, maybe Commissioner Guerrero can have all the empty container vans now parked at various port operators in the country inventoried. Thousands of them could have been parked in the country for more than 90 days already.

Under the law, empty container vans of international shipping lines that remain in the country for more than 90 days should be taxed. Otherwise, shipping companies must reexport their empty container vans to avoid paying taxes.

But there are serious allegations that, while the government is not able to collect the duties and taxes on some overstaying empty container vans in the country, some government officials, and maybe even officials of private port operators, are allegedly receiving grease money from shipping companies for them to turn a blind eye on the overstaying container vans parked in the country.

generated a lot of banter in keeping with the school spirit. Whatever the outcome of the UP-Ateneo Finals and of the Army-Navy game on December 8, I am confident that players from both sides will exhibit their love for the game by playing their hearts out. Hopefully, the athletes, coaches and fans will stand united at the end of the friendly yet competitive series.

However, what is exciting in the UP-Ateneo Finals is the fact that what was once a seemingly impossible event for UP has the potential of becoming a reality. In recent years, the UP men’s basketball team has been perennial cellar dwellers in the tournament. This time around, it can actually win a championship by beating the formidable team from Ateneo, twice. The task is difficult but never impossible.

When athletes face adversity, they usually seek solace in the powerful Bible verse found in Philippians 4:31, “I can do all things through Him who strengthens me.” I have seen professional athletes in the United States who have openly declared how their faith turned impossibility into reality. For instance, NBA players and teammates Stephen Curry and Kevin Durant of the Golden State Warriors, Super Bowl winning NFL quarterbacks Drew Brees, Aaron Rodgers,

and Russell Wilson, and professional golfer Bubba Watson have all attributed their successes to Him. While some athletes think that the outcome of the competition depends on their abilities, there are some who will always acknowledge that victory is always at hand whenever the game is played with respect to the other competitor. After all, in the fields of friendly strife, even the Greatest of All Time, Tiger Woods, Michael Jordan and Roger Federer, for instance, cannot win all the time.

In the game called life, we will not have our way all the time, no matter how hard we try. It has been said many times, we just have to do our best and let God do the rest.

In the Bible, Proverbs 3:6 tells us, “In all your ways acknowledge Him, And He will make your paths straight.” I believe that those who acknowledge Him in every single task, whether in sports or otherwise, are all winners in whatever they do. For athletes, they are blessed to have the opportunity to compete. For all of us, we are blessed to have the opportunity to live each day with a rivalry between good and evil. Fighting evil is difficult, but victory over it is never impossible.

For questions and comments, please e-mail me at sbmison@gmail.com.

Marriott hacking exposes data of up to 500 million guests

By Amie Tsang & Adam Satariano

n

New York Times News Service

T

HE Marriott International hotel chain said on Friday that the database of its Starwood reservation system had been hacked and that the personal details of up to 500 million guests going as far back as 2014 had been compromised.

The hotel group, which runs more than 6,700 properties around the world, was informed in September about an attempt to access the database, and an investigation this month revealed that unauthorized access had been made on or before September 10, Marriott said in a statement.

The hotel chain said personal details including names, addresses, dates of birth, passport numbers, e-mail addresses and phone numbers for hundreds of millions of guests may have been compromised.

The investigation also found that an “unauthorized party had copied and encrypted information, and took steps toward removing it,” the statement said.

Hackers also obtained encrypted credit-card information for some customers, but it was unclear if the hackers would be able to use those payment details.

Marriott said it wasn’t sure how many passport numbers and dates of birth were stolen but that it was a “subset” of the larger number of affected

consumers, since this information is not a part of every reservation.

Richard Gold, head of security engineering at the cybersecurity firm Digital Shadows, said the breach ranks among the largest of consumer data, on par with breaches at Yahoo and the credit-scoring giant Equifax.

“This is an incredibly big number,” Gold said.

He said hotels are an attractive target for hackers because they hold a lot of sensitive information, including credit-card and passport details, but often don’t have security standards as tough as those of more regulated industries, like banking.

“We deeply regret this incident,” Arne Sorenson, Marriott’s president and chief executive officer, said in a statement. “We fell short of what our guests deserve and what we expect of ourselves. We are doing everything we can to support our guests, and using lessons learned to be better moving forward.”

The New York state attorney general, Barbara D. Underwood, said her office would investigate the Marriott breach.

The breach is far larger than the one last year at Equifax, a credit bureau, from which attackers stole information on 148 million people, including names, Social Security numbers, birth dates and addresses.

In that case, the thieves also grabbed scans of around 3,200 passports from people who had uploaded them to an

Equifax customer service web site.

Equifax has spent more than $400 million on recovery from its breach, according to the company’s regulatory filings.

Marriott said it had set up a dedicated web site and call center to deal with questions guests might have about their personal information and had notified regulatory and legal authorities. Marriott also said it would try to reach affected customers on Friday to inform them of the security breach.

The company is offering one year of free enrollment in Web Watcher to people who live in the United States, Canada and Britain. Marriott described it as a service that keeps on eye on Internet sites where thieves swap and sell personal information and then alerts people if anyone is selling their information.

Customers who wanted to enroll were already confused on Friday because the user interface was unclear.

To enroll, customers should first click their country of residence at the bottom of Marriott’s information page. On the next page, on the right side halfway down, click “I believe I am affected by the Starwood Reservation Database security incident.”

Then, click “Enroll Now.” Upon clicking “Enroll Now,” users see a page with branding for Kroll, the security firm.

Kroll owns Web Watcher, but no mention of Web Watcher appears until after you enroll on the Kroll-branded page.

Marriott, based in Bethesda, Mary-

land, is the world’s largest hotel chain, having bought Starwood Hotels and Resorts Worldwide two years ago for $13.6 billion. The merger brought brands like Westin, W and Sheraton under the same roof and prompted questions about whether the brands being acquired would lose some of their cool factor.

Customers also complained about problems with rewards programs after efforts to merge data from Starwood’s rewards program into Marriott’s left the records of millions of customers in limbo for weeks.

The company has also been grappling in recent weeks with strikes by thousands of workers, who walked out of 49 hotels in nine cities to call for better health care, wages and protection from sexual harassment.

In August the Justice Department indicted members of an Eastern European cybercrime ring called Fin7.

Hotel chains were among its targets.

In 2015 Starwood disclosed that the point of sale systems at some of its hotels had been hacked, resulting in the loss of payment card details.

Knowing the culprits behind the latest breach would help investigators know what the information will be used for, Gold said. Passport information is particularly useful to criminals for identity theft, he said. A nation state is more likely to use the information for intelligence purposes, such as learning about the whereabouts of important people.

2nd Front Page BusinessMirror

A12 Monday, December 3, 2018

Hot money inflows hit $267M since Jan 2018, spike in Nov

T

By Bianca Cuaresma

@BcuaresmaBM

HE sentiment of foreign shortterm investors to the Philippines turned positive in mid-November this year, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Foreign portfolio invesments (FPI) from the start of 2018 up until the first two weeks of November showed a marked improvement to hit a net inflow of $266.63 million, contrasting with the $770.25-million net outlfow in the same period last year.

FPI are known as “ hot” or

“speculative” money because they are easily pulled in and out of the local platforms in the slight change of global and local sentiment.

The recovery was made after the Philippines got its biggest weekly net inflow in the week ending November 16, at $251.79 million. This is the country’s biggest weekly net

$251.79M

The Philippines’s biggest weekly net inflow in the week ending November 16. This is the country’s biggest weekly net inflow since March this year inflow since March this year.

It was during that week when the BSP pulled its trigger anew to hike its main policy rates by 25 basis points, despite the slower-thanexpected growth rate of the country in the third quarter, as announced by the economic managers earlier that month at 6.1 percent.

Latest statements from the

Central Bank show that the United States continued to be the main destination of outflows, receiving 77.7 percent of total hot money remittances in October.

The top 5 investor countries, meanwhile, were the United Kingdom, the United States, Singapore, Norway and Luxembourg— with a combined share to total of 82.4 percent during the month.

About 68.8 percent of investments registered in the previous month were in PSE-listed securities, pertaining mainly to holding firms, food, beverage and tobacco firms, banks, property companies and telecommunication companies.

The balance went mostly to peso government securities at 31.2 percent and peso time deposits.

CA upholds Waterfront bid for casino hotel license

By Joel R. San Juan

T

@jrsanjuan1573

HE Court of Appeals has affirmed the ruling by trial court directing the Philippine Amusement and Gaming Corp.

(Pagcor) to issue a license to Waterfront Philippines Inc. to operate a casino hotel as part of the Bagong Nayong Pilipino Manila Bay Integrated City Project, formally known as Entertainment City Manila.

In a 19-page ruling penned by Associate Justice Samuel Gaerlan, the CA’s Sixth Division found no grave abuse of discretion on the part of Presiding Judge Armando Yanga of Branch 173 of the Regional Trial Court (RTC) in Manila in granting the petition for mandamus filed

by Waterfront Philippines in his

August 1, 2017 order.

The appellate court held that Pagcor has the ministerial duty to act on Waterfront’s application considering that it has completed all the requirements for its project application, including the agency’s demand for it to deposit $100 million cash in any commercial bank.

Waterfront filed the petition for mandamus on March 12, 2015, after Pagcor refused to act on its application despite its submission of all the necessary documents and repeated demands.

“In this case, we find that the RTC rulings supported by factual and legal justifications, thereby negating the imputation of grave abuse of discretion on its part,” the CA ruling said.

“Considering that no additional

NORTHEAST MONSOON AFFECTING LUZON as of 4:00 am - December 2, 2018

documents were further required to be submitted, Waterfront is deemed to have completed the requirements for its project application, which warranted the review and evaluation thereof,” it added.

The CA also sustained the award of P100,000 as moral damages, as well as P100,000 as exemplary damages to Waterfront, which is eying to build the Grand Waterfront Hotel and Casino.

It stressed that the trial court’s decision should be implemented without delay, especially the issuance of a provisional license to operate in favor of Waterfront, “which license is similar to those granted to Resorts World in Manila, City of Dreams, Solaire Resort and Casino and Okada Manila.”

“All told, our finding remains that there is no grave abuse of discretion on the part of the RTC in issuing the assailed decision and resolution. Accordingly, this Court agrees that the same are already final and executory,” the CA said.

Pagcor, through its former chairman and chief executive officer (CEO) Efraim Genuino, had conceptualized the building of a $20-billion casino and tourism complex located on approximately 100 hectares of reclaimed land along Roxas Boulevard and Manila Bay in Parañaque City.

In connection with this, Pagcor published in September 2007 the terms of reference for the Bagong Nayong Pilipino Manila Bay Integrated City Project.

Waterfront subsequently submitted and filed with Pagcor its proposal on the proposed Grand Water Hotel and Casino and complied with the other requirements imposed by the agency.

In 2011 Waterfront sent Pagcor two letters seeking action on its application for provisional license, but the agency failed to act on its demands prompting the former to file a petition for mandamus.

Concurring with the ruling were Associate Justices Celia LibreaLeagogo and Maria Filomena Singh.

Gas prices. . .

Continued from A1

P2.10 per liter for diesel and P2 per liter for kerosene.

Other oil firms are expected to follow suit.

The fuel price rollback is on its eighth consecutive week, bringing overall price reduction in gasoline anywhere between P12.05 and P12.20 per liter, and between P10.45 and P10.65 per liter for diesel for the past two months.

“This is to reflect movements in the international petroleum market,” Seaoil said.

There is a perceived oversupply of petroleum products in the world market, according to the monitoring unit of the Department of Energy (DOE). Oil firms also rolled back prices of liquefied petroleum gas (LPG) over the weekend.

Petron Corp. said its Gasul and Fiesta Gas prices went down by P6.40 per kilogram, or P70 per 11kg cylinder or tank. Petron’s auto LPG prices also declined by P3.50 per liter. Solane said it reduced LPG price by P6.36 per kg.

Eastern Petroleum’s EC Gas LPG price also went down P6.50 per kg, or P71.50 per 11-kg cylinder.

Lenie Lectura

www.businessmirror.com.ph

Expenses shrink to P80.6B amount generated by water collection, treatment, supply

By Cai U. Ordinario @caiordinario

T

HE country’s water collection, treatment and supply establishments only generated P80.6 billion, according to the Philippine Statistics Authority (PSA).

Based on the final results of the 2016 Annual Survey of Philippine Business and Industry (ASPBI), the total value of the water collection, treatment and supply sector represented a contraction of 1.59 percent from the P81.9 billion it generated in 2015.

The decline in total output may be due to the 18.83-percent increase in expenses to P73.2 billion in 2016, from P61.6 billion in 2015.

The PSA also noted a 43.41-percent decline in subsidies for the sector to P268.8 million in 2016, from P475 million in 2015. “Subsidies are all special grants in the form of financial assistance or tax exemption or tax privilege given by the government to aid and develop an industry,” the PSA said.

In terms of total output at the industry level, water collection, treatment and supply, which yielded the highest output value of P69.8 billion, accounted for 86.6 percent of the total. This was also a contraction of 4.38 percent from the P73 billion it posted in 2015.

Other industries that contributed to the total output in 2016 were collection of nonhazardous waste, P4.4 billion or 5.5 percent of the total; and sewerage, P2.6 billion or 3.3 percent.

The list includes materials recovery

Budget. . .

Continued from A2

Meanwhile, the Palace said on Sunday it remains confident that the 2019 national budget will be passed before Congress goes on Christmas recess.

“Members of the upper chamber of Congress who support this administration’s efforts in bringing overall progress to our nation have already publicly stated that they will be working 12 hours a day starting next week to tackle the budget. It is the Filipino people who will ultimately benefit from the passage of the budget; hence, we are positive that the rest will follow suit,”Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a statement.

The Palace, however, distanced itself from the issue of budget insertions. House Majority Leader Rolando G. Andaya Jr. said last Wednesday in an interview that congressmen and senators would receive P60 million and P200 million, respectively, for their pet projects.

Andaya added, however, that they are trying their best to comply with the Supreme Court decision declaring Priority Development Assistance program as unconstitutional.

“On the reported insertions in the budget, this is something that Congress has to discuss, review and deliberate upon. The Palace acknowledges the independence of Congress on these matters and we manifest our respect as regards its competence in enacting the budget,” Panelo said.

Last Wednesday Senate President Vicente C. Sotto III gave assurances that they are working on a solution to avert a reenacted 2018 national budget should the two chambers of Congress fail to ratify a reconciled final version of the 2019 budget bill.

Sotto acknowledged that the tight congressional calendar approaching the Christmas recess may force lawmakers to work overtime, as Budget Secretary Benjamin E. Diokno had requested.

Diokno, who earlier warned that enactment of the 2019 budget law in January—instead of December— would dent growth prospects in the first and second quarters, met with Senate leaders on Wednesday and pushed his appeal for Congress to

at P2.1 billion or 2.6 percent of the total; treatment and disposal of hazardous waste, P0.5 billion or 0.6 percent; and all other industries, P1.2 billion or 1.4 percent. In terms of expenses, the highest spender among the industries was water collection, treatment and supply, with P64.1 billion or 87.6 percent of the total. This, however, was a 16.97-percent increase from its expenses worth P54.8 billion in 2015.

In 2016 the other major spender was sewerage at P2.9 billion, or 4 percent of the total. This was a 137.7-percent increase over the P1.22-billion expense it incurred in 2015.

The total number of establishments engaged in water supply sewerage, waste management and remediation activities in the formal sector of the economy reached a total of 1,098 in 2016.

Leading the sector was water collection, treatment and supply industry with 933 establishments, or 85.0 percent of the total. This was followed by materials recovery with 72 establishments at 6.6 percent of the total, and sewerage with 32 establishments or 2.9 percent.

The 2016 ASPBI is one of the designated statistical activities of the PSA. Data collected from the survey provide information on the levels, structure, performance and trends of economic activities of the formal sector in the entire country for the year 2016.

The survey was conducted nationwide in 2017 with the year 2016 as the reference period of data, except for employment which is as of November 15, 2016.

work overtime in order to have the budget signed by the President by year-end.

He told reporters after the meeting he got the sense that lawmakers were willing to amend their legislative calendar in order to make this possible.

The meeting happened after Diokno said the national budget for next year may not be signed into law before the year-end based of the new calendar transmitted by the Senate. The latter had to adjust its timetable after the House of Representatives delayed transmission of the budget bill despite having gotten the Executive’s submission on July 23, right after the President delivered his State of the Nation Address (Sona).

According to the updated calendar, the earliest date for Congress ratification will be on January 25, 2019, and the latest possible date would be on February 7.

If this calendar will be followed, the government will be operating under a reenacted budget, the first under the Duterte administration.

Earlier, Diokno warned that Congress’s failure to approve the 2019 budget will affect the country’s economic growth for the first and second quarters, as there will be a five-month implementation gap for the infrastructure projects.

However, he clarified that this will mainly cover the small projects, such as roads and school buildings, and this development will not affect the big infrastructure projects as most of them are covered by the Multi-Year Obligational Authority.

Although Diokno stopped short of zeroing in on a figure, he said there will likely be a slowdown in the capital outlays for the first two quarters next year.

Diokno has since said the President has given Congress “more than enough time to scrutinize the budget.” He recalled giving the Executive’s budget proposal right after the Sona.

However, the reshuffle in the House of Representatives, with the changing of the Speaker to Rep. Gloria MacapagalArroyo and a long tussle between House leaders and Department of Budget and Management over the introduction of the first-ever cash-based budget, derailed the budget timeline.

The House has already transmitted the budget bill to the Senate.

Bernadette D. Nicolas

Editor: Efleda P. Campos

Companies BusinessMirror

Monday, December 3, 2018

B1

DNL to spend ₧8B for expansion of integrated facility in Batangas

C

By VG Cabuag

@villygc

HEMICAL firm D&L Industries Inc. (DNL) said it will spend P8 billion to expand its facility at the 26-hectare property in First Industrial Township—Special Economic Zone in Tanauan, Batangas.

The company is building two new plants—one for food ingredients, under D&L Premium Foods Corp., and an integrated facility to manufacture oleochemicals and downstream packaging, under Natura Aeropack Corp.

DNL President Alvin Lao said the company may source part of the investments from debt and part from its earnings.

“Work has started in our new facility. We started to build over 50 storage tanks,” Lao told reporters.

The P8-billion spending for the project will cover the construction of the plant-specific buildings, machineries and equipment. About 70 percent of the spending will come from debt and the rest from internally generated cash.

Lao said its borrowing will take place over the next two years as the need for funding arises for the construction.

The company currently has low levels of debt, with net gearing coming in at just 8 percent as of the end of the third quarter this year.

D&L Premium Foods is a wholly owned subsidiary of Oleo-fats Inc., to cater to the growing export business for food.

Meanwhile, Natura Aeropack

is 70 percent owned by Chemrez Technologies Inc. and 30 percent owned by Aero-Pack Industries Inc. Natura’s facilities will be dedicated for the manufacture of coconut-oil fractions, coconut-based surfactants, and downstream packaging for consumer products which are sustainable, naturally derived, mild and nonirritant. Product applications extend to health care, personal care, home care, as well as baby care.

The first phase of the construction involves building storage tanks. More than 50 tanks, which can be as large as 2,000 cubic meters, will be built for the two plants.

The property company of the Lao family will finance and own

the land and site infrastructure, including buildings for generic purposes. In turn, these will be leased to the company at an arm’s length basis.

Aside from the planned facilities, there are no other major capital expenditures planned for the next few years. This initiative will position D&L Group for the next 20 years of growth, as part of the group’s stra-

tegic direction to grow its exports while focusing on higher-value and higher-margin products.

The project is expected to generate about 700 new jobs, with construction and commissioning to be completed by 2021. During this time, the company’s current operations in Metro Manila will not experience any significant disruption, Lao said.

PT&T wants SC to overturn decision disqualifying it from 3rd telco process

T

HE Philippine Telegraph and Telephone Corp. (PT&T) is honoring its undertaking with the National Telecommunications Commission (NTC) by not seeking an injunction order against the third telco initiative.

Instead, it only sought for relief to

annul its alleged “illegal and unjust disqualification” from the process and set aside the “unwarranted selection of Mislatel Consortium” as the third major telco player, PT&T Managing Director Anton V. Gregory said on Sunday.

He said that based on its petition

for certiorari, his group just wants the Supreme Court to overturn the decision of the regulator to disqualify PT&T from the process, saying the selection committee “acted with grave abuse of discretion and beyond its jurisdiction.”

Gregory said the committee com-

mitted these actions when “it revised the terms of reference in regard to technical capability by applying only to foreign telcos the rule that having a regional scale of telecommunications operations for the last 10 years qualifies as operations on a national scale.”

“Under the terms of reference, that rule applies, without distinction or discrimination, to both local and foreign telcos, which thus would qualify PT&T, the same having operated from Region 4A as an offshoot of the regionalization mandated by President Fidel Ramos in the 1990s,”

he explained. So, Gregory said, when the selection committee decided to override this rule, it committed graft, which is “does injury to local telcos while giving unwarranted advantage and preference to foreign telcos through manifest partiality and evident bad faith.” Lorenz S. Marasigan

B2

Companies BusinessMirror

Monday, December 3, 2018

PSE STOCK QUOTATIONS

November 29, 2018

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED 59.5 59.7 59.5 59.7 59.5 59.7 5060 302070 297905 BDO UNIBANK 130.1 130.2 128.4 130.5 128.4 130.2 9430050 1227358951 -2568874 BANK PH ISLANDS 94 94.1 94 94.15 93.8 94 3848280 361742420.5 135644800.5 CHINABANK 27.65 27.7 27.7 27.7 27.55 27.65 85300 2354525 -143440 EAST WEST BANK 11.52 11.72 11.66 11.8 11.34 11.52 762900 8890422 -3815564 METROBANK 74.5 74.6 75.9 76.9 74.6 74.6 61612920 4613166269 423220607 PB BANK 10.9 11.34 10.9 10.9 10.9 10.9 100 1090 PHIL NATL BANK 41.2 41.4 40.85 41.45 40.85 41.2 374500 15448430 -9194285 PSBANK 71.3 73.9 71.5 72.5 70 71.25 25320 1791906 28799 PHILTRUST 105.1 117 117 117 117 117 1500 175500 RCBC 28.95 29 28.75 29 28.75 29 61700 1789130 SECURITY BANK 160.4 161 160 163.9 158.4 161 1375700 221797720 -3586728 UNION BANK 67.7 67.9 69 69.1 67.4 67.7 9920 675302 18233 BRIGHT KINDLE 1.5 1.6 1.51 1.6 1.49 1.6 4005000 5970510 37250 BDO LEASING 2.3 2.33 2.3 2.3 2.3 2.3 1000 2300 COL FINANCIAL 15.34 15.5 15.5 15.5 15.34 15.5 2400 36854 FIRST ABACUS 0.55 0.67 0.67 0.67 0.67 0.67 203000 136010 FERRONOUX HLDG 3.99 4.12 4.09 4.14 3.91 4.14 367000 1476350 FILIPINO FUND 7.18 8 8 8 8 8 100 800 IREMIT 1.41 1.51 1.41 1.41 1.41 1.41 1000 1410 MEDCO HLDG 0.45 0.465 0.43 0.465 0.43 0.45 230000 102500 MANULIFE 785 835 830 830 830 830 100 83000 NTL REINSURANCE 0.77 0.8 0.78 0.8 0.76 0.8 403000 314730 156470 PHIL STOCK EXCH 171.2 175 171.1 171.1 171.1 171.1 450 76995 SUN LIFE 1825 1870 1825 1825 1825 1825 140 255500 VANTAGE 1.14 1.22 1.14 1.14 1.14 1.14 1000 1140

INDUSTRIAL ALSONS CONS 1.24 1.25 1.25 1.28 1.24 1.28 140000 175350 ABOITIZ POWER 31.7 32.35 33.4 33.5 31.7 31.7 4328600 139089095 -59131325 BASIC ENERGY 0.242 0.25 0.245 0.25 0.235 0.25 7740000 1907110 -1485000 FIRST GEN 17.7 17.72 17.38 17.8 17.38 17.72 6886700 121597394 -13453962 FIRST PHIL HLDG 62.05 62.9 61.6 63 61 62.05 4423850 274157654 -20095376 PHIL H2O 4.7 4.85 4.66 4.87 4.66 4.87 132000 633190 MERALCO 383.8 384.2 387.6 387.6 383.2 384.2 1693130 650732844 2748350 MANILA WATER 26.35 26.95 26.1 26.95 26.05 26.95 840700 22354610 12564020 PETRON 8.19 8.2 8.2 8.2 8.1 8.2 1605000 13,135,870( 2,802,087.9995) PETROENERGY 3.9 3.95 4 4 3.9 3.9 38000 148770 PHINMA ENERGY 0.88 0.9 0.88 0.9 0.87 0.9 588000 521940 -45000 PHX PETROLEUM 10.96 11.02 10.76 11.02 10.72 11.02 192800 2111600 -771000 PILIPINAS SHELL 47.35 47.4 48.5 49 47.4 47.4 7253700 345110385 -46460350 SPC POWER 5.4 5.49 5.58 5.6 5.4 5.4 3844100 20928461 77700 VIVANT 15.22 16.98 15.2 15.2 15.2 15.2 200 3040 AGRINURTURE 17.5 17.8 17.48 17.8 17 17.8 1242100 21528326 -4668770 BOGO MEDELLIN 95 109.9 93.05 100 93.05 100 70 6791.5 CNTRL AZUCARERA 16.72 17 16.2 17 16.2 17 700 11620 CENTURY FOOD 15 15.74 14.5 15.74 14.4 15.74 1225300 19002828 10901106 DEL MONTE 6.8 6.85 6.89 6.9 6.85 6.85 900 6198 -4823 DNL INDUS 10.2 10.6 10.2 10.7 10.2 10.2 3987900 41,360,004( 13,023,393.9996) EMPERADOR 6.97 6.98 6.96 6.99 6.96 6.98 280000 1954415 -1408762 SMC FOODANDBEV 82.8 82.85 83 83 82.75 82.85 2800670 232156572 49649776 ALLIANCE SELECT 1.04 1.05 1.04 1.06 1.02 1.05 11860000 12378500 148100 GINEBRA 24.6 25 24 25 24 25 70100 1734405 JOLLIBEE 278.4 278.6 280 284 278.4 278.4 2113500 590784184 -90074214 MAXS GROUP 9.93 9.98 10.2 10.2 9.9 9.98 514500 5128650 -561810 PEPSI COLA 1.34 1.35 1.4 1.4 1.34 1.35 300000 412650 -316380 SHAKEYS PIZZA 10.7 10.74 10.5 10.7 10.5 10.7 72400 772740 -727060 ROXAS AND CO 1.86 1.91 1.91 1.91 1.85 1.91 49000 91840 RFM CORP 4.7 4.75 4.75 4.75 4.7 4.75 21000 99700 -4700 ROXAS HLDG 2.75 2.8 2.8 2.8 2.8 2.8 2000 5600 SWIFT FOODS 0.122 0.126 0.123 0.123 0.123 0.123 30000 3690 UNIV ROBINA 128 129.9 129.9 130.4 128 128 2771450 357370047 -76629017 VITARICH 1.74 1.75 1.6 1.75 1.59 1.74 29707000 49535250 -4722970 CONCRETE B 70.05 78.05 78.05 78.05 78.05 78.05 200 15610 CEMEX HLDG 1.7 1.73 1.74 1.75 1.67 1.7 27360000 46536600 -12577910 DAVINCI CAPITAL 5.5 5.75 5.4 5.75 5.4 5.5 215300 1183170 EAGLE CEMENT 15.3 15.5 15.24 15.6 15.22 15.5 288200 4459368 3126182 EEI CORP 8.61 8.64 8.6 8.65 8.49 8.64 296800 2562524 839339 HOLCIM 5.78 5.8 5.95 5.95 5.79 5.8 187000 1085012 -1062400 MEGAWIDE 18.14 18.2 17.86 18.68 17.86 18.2 16765200 308518132 -6358618 PHINMA 8.7 8.78 8.7 8.78 8.6 8.78 8200 71302 TKC METALS 0.82 0.84 0.84 0.84 0.81 0.84 142000 117770 VULCAN INDL 1.69 1.7 1.71 1.78 1.69 1.7 15835000 27453820 -239910 CHEMPHIL 171.8 190 190 190 190 190 150 28500 CROWN ASIA 1.55 1.57 1.54 1.56 1.53 1.56 109000 168840 24690 LMG CHEMICALS 4.07 4.75 4.62 4.62 4.62 4.62 15000 69300 MABUHAY VINYL 3.24 3.34 3.34 3.34 3.34 3.34 25000 83500 PRYCE CORP 5.17 5.4 5.06 5.2 5.06 5.2 181600 936226 -232130 CONCEPCION 36.15 36.4 36.5 37.35 36.05 36.4 25600 934960 -32945 GREENERGY 2.09 2.1 2.08 2.19 2.04 2.1 21118000 44845380 699400 INTEGRATED MICR 9.13 9.18 8.81 9.18 8.81 9.18 3172600 28647385 -356970 IONICS 1.62 1.64 1.66 1.66 1.61 1.64 594000 969400 PANASONIC 6 6.1 6 6 5.88 6 20400 120900 SFA SEMICON 1.28 1.36 1.38 1.4 1.3 1.36 509000 698040 CIRTEK HLDG 32.3 32.5 34 34 32 32.5 183400 6010395 32600

HOLDING & FRIMS ABACORE CAPITAL 0.58 0.59 0.55 0.59 0.55 0.58 25424000 14536560 476269.9997 ASIABEST GROUP 19.8 19.9 19.82 20.4 19.8 19.9 2541600 50782481 48946970.0001 AYALA CORP 948 951 951 958 950 951 1009260 960750370 -12559340 ABOITIZ EQUITY 52.2 52.45 54.5 56.75 51.9 52.2 14084830 746621281 -27993898.5 ALLIANCE GLOBAL 11.42 11.44 11.3 11.58 11.16 11.42 35605500 406640780 9432138 ANSCOR 6.3 6.42 6.33 6.42 6.33 6.42 117300 746902 727030 ATN HLDG A 1.5 1.51 1.47 1.52 1.46 1.51 9230000 13724120 ATN HLDG B 1.49 1.51 1.47 1.51 1.47 1.51 1845000 2751940 205620 COSCO CAPITAL 7.06 7.21 7.15 7.4 7.02 7.06 2385900 17211702 3249394 DMCI HLDG 12.34 12.5 12.8 12.96 12.34 12.34 16741000 209341888 -107092272 FILINVEST DEV 9.3 9.5 9.7 9.7 9.2 9.3 2537500 24180373 9500 FJ PRINCE A 4.6 5.07 4.69 5.09 4.69 5.09 4000 19560 GT CAPITAL 885 888 881 894 880 888 319400 283754475 -4442635 JG SUMMIT 48.2 49.5 49.65 50.45 48.2 48.2 5534700 269499720 -92000130 KEPPEL HLDG B 4.43 6.47 4.43 4.43 4.43 4.43 2000 8860 LODESTAR 0.51 0.53 0.54 0.54 0.52 0.53 6000 3190 LOPEZ HLDG 4.07 4.08 4.08 4.11 4.07 4.08 15165000 61782090 -2620570 LT GROUP 15.98 16 15.8 16.08 15.8 15.98 4154600 66411532 28746998 MABUHAY HLDG 0.61 0.62 0.59 0.63 0.59 0.62 594000 350660 METRO PAC INV 4.69 4.7 4.62 4.72 4.61 4.7 71194000 331932260 14032050 PACIFICA 0.036 0.037 0.035 0.038 0.035 0.036 41000000 1512100 PRIME ORION 2.26 2.28 2.33 2.33 2.28 2.28 431000 992660 58000 PRIME MEDIA 1.19 1.24 1.24 1.24 1.2 1.24 66000 80690 SOLID GROUP 1.27 1.34 1.26 1.35 1.26 1.35 2000 2610 SYNERGY GRID 435.2 475.8 478 478 438 475.8 110 50958 SM INVESTMENTS 908.5 921.5 921 933 908.5 908.5 1054100 968463465 -463074285 SAN MIGUEL CORP 173.6 174.7 174.6 174.8 172.1 174.7 205720 35828902 -1380568 SOC RESOURCES 0.78 0.8 0.77 0.78 0.77 0.78 108000 83990 TOP FRONTIER 278 280 280 280 271.8 280 6260 1748800 WELLEX INDUS 0.24 0.245 0.245 0.245 0.235 0.245 1510000 359950 2350 ZEUS HLDG 0.197 0.215 0.215 0.215 0.215 0.215 150000 32250

PROPERTY ARTHALAND CORP 0.57 0.58 0.56 0.58 0.55 0.57 652000 371300 AYALA LAND 41.6 41.65 41 41.75 40.7 41.65 27201700 1132508815 27283885 ARANETA PROP 1.75 1.85 1.77 1.85 1.76 1.85 80000 140920 BELLE CORP 2.22 2.23 2.2 2.24 2.2 2.22 2084000 4629110 -4346430 A BROWN 0.76 0.77 0.75 0.78 0.75 0.77 1048000 801680 CITYLAND DEVT 0.86 0.87 0.87 0.87 0.87 0.87 12000 10440 CROWN EQUITIES 0.214 0.217 0.213 0.217 0.212 0.217 620000 131980 CEBU HLDG 5.9 5.98 5.98 5.98 5.98 5.98 200 1196 -1196 CEB LANDMASTERS 4.04 4.07 4.06 4.08 4.03 4.08 198000 805040 24359.9999 CENTURY PROP 0.41 0.415 0.41 0.415 0.41 0.41 4290000 1759000 -123000 CYBER BAY 0.34 0.375 0.34 0.34 0.34 0.34 480000 163200 DOUBLEDRAGON 18.18 18.2 18.1 18.3 18.1 18.2 324800 5910286 1375762 DM WENCESLAO 7.8 7.85 7.9 7.9 7.8 7.85 77200 606098 EMPIRE EAST 0.485 0.49 0.5 0.5 0.49 0.49 350000 171700 EVER GOTESCO 0.109 0.116 0.108 0.108 0.108 0.108 110000 11880 FILINVEST LAND 1.44 1.47 1.44 1.48 1.43 1.45 10788000 15711480 589080 GLOBAL ESTATE 1.03 1.04 1.02 1.03 1.01 1.03 2735000 2794480 8990 HLDG 7.53 7.54 7.55 7.56 7.52 7.55 477100 3598572 PHIL INFRADEV 2.44 2.45 2.5 2.54 2.4 2.45 24310000 59601510 330130 CITY AND LAND 0.85 0.89 0.84 0.84 0.84 0.84 10000 8400 MEGAWORLD 4.51 4.6 4.75 4.82 4.51 4.51 41602000 190017570 -83107740 MRC ALLIED 0.375 0.38 0.38 0.39 0.365 0.38 32930000 12380550 633800 PHIL ESTATES 0.465 0.47 0.47 0.47 0.46 0.47 1250000 580700 PRIMEX CORP 3.59 3.64 3.59 3.64 3.58 3.6 378000 1358990 -36000 ROBINSONS LAND 20.45 20.9 21.15 21.65 20.45 20.45 6113800 128472325 -10467100 PHIL REALTY 0.38 0.39 0.375 0.39 0.375 0.39 200000 75350 ROCKWELL 1.95 1.96 1.95 1.95 1.95 1.95 98000 191100 SHANG PROP 3.1 3.12 3.14 3.14 3.1 3.12 39000 121990 STA LUCIA LAND 1.16 1.18 1.19 1.19 1.16 1.18 1447000 1689730 SM PRIME HLDG 34.7 34.9 34.1 35.4 34.1 34.7 23809600 829646380 9784345 STARMALLS 5.12 5.17 5.48 5.73 5.05 5.12 2405600 12675598 10240 VISTA LAND 5.28 5.3 5.3 5.3 5.27 5.3 8118200 42995834 -26203427

SERVICES ABS CBN 19.86 19.9 19.8 19.9 19.7 19.86 33300 659448 GMA NETWORK 5.25 5.28 5.29 5.3 5.25 5.25 126900 669083 MANILA BULLETIN 0.335 0.35 0.35 0.35 0.35 0.35 40000 14000 MLA BRDCASTING 15.6 18 15.1 15.5 15.1 15.5 600 9100 GLOBE TELECOM 1970 1976 2010 2038 1970 1970 107140 212974000 -734770 PLDT 1158 1159 1180 1200 1158 1158 347045 404829525 -36119820 APOLLO GLOBAL 0.037 0.038 0.038 0.038 0.037 0.038 2900000 108200 ISLAND INFO 0.1 0.103 0.104 0.106 0.1 0.104 7490000 769110 51400 ISM COMM 6.41 6.42 5.3 6.52 5.27 6.41 65390900 389230993 18253940 JACKSTONES 3.34 3.44 3.34 3.44 3.34 3.44 2000 6780 NOW CORP 3.44 3.45 3.6 3.81 3.4 3.45 5255000 18723870 42280 TRANSPACIFIC BR 0.385 0.39 0.4 0.4 0.38 0.385 48220000 18633700 1074200 PHILWEB 2.97 2.99 2.95 2.98 2.89 2.97 660000 1940200 -681680 2GO GROUP 9.94 9.96 9.98 9.98 9.9 9.96 8500 84472 ASIAN TERMINALS 13.02 13.42 13.02 13.02 13.02 13.02 100 1302 CEBU AIR 73.55 74.15 71 74.4 71 74.15 285820 21119871.5 5395903.5 CHELSEA 7.15 7.17 6.53 7.17 6.53 7.17 6366900 44134284 -570253 INTL CONTAINER 93.5 93.7 96.5 98.7 93.5 93.5 7414180 698146209 -217814259.5 LORENZO SHIPPNG 0.73 0.78 0.78 0.78 0.77 0.78 51000 39650 MACROASIA 14 14.5 14 14.5 13.78 14.5 826500 11761352 3801874 METROALLIANCE A 1.91 1.94 1.85 2.12 1.85 1.94 3336000 6657850 METROALLIANCE B 1.84 2 1.89 2.18 1.8 1.85 179000 353240 PAL HLDG 7.9 8 7.9 8 7.9 8 300 2380 HARBOR STAR 3.42 3.43 3.4 3.47 3.36 3.43 1675000 5711380 55930 ACESITE HOTEL 1.31 1.44 1.44 1.44 1.44 1.44 14000 20160 DISCOVERY WORLD 2.08 2.34 2.36 2.36 2.36 2.36 1000 2360 WATERFRONT 0.6 0.61 0.59 0.62 0.57 0.61 3498000 2109650 -580 CENTRO ESCOLAR 7.7 7.97 7.97 7.97 7.97 7.97 1100 8767 IPEOPLE 10.8 10.98 10.58 10.98 10.58 10.8 1000 10850 STI HLDG 0.61 0.62 0.6 0.62 0.6 0.61 4730000 2891470 -1552940 BERJAYA 2.34 2.35 1.95 2.48 1.95 2.35 25279000 57508000 -187740 BLOOMBERRY 8.33 8.34 8.1 8.35 8.1 8.34 19164800 158474061 7199737 PACIFIC ONLINE 10.04 10.32 10.44 10.44 10.4 10.4 2000 20840 LEISURE AND RES 3.19 3.3 3.12 3.39 3.1 3.3 17873000 58235760 -2351900 MANILA JOCKEY 5.28 5.5 5.54 5.54 5.25 5.5 34200 182416 MELCO RESORTS 6.99 7.25 7.2 7.25 6.9 7.25 643300 4638116 1992300 PREMIUM LEISURE 0.64 0.65 0.66 0.66 0.64 0.64 73988000 47410600 -14770260 TRAVELLERS 5.29 5.3 5.23 5.3 5.23 5.3 631600 3339669 -398952 METRO RETAIL 2.2 2.21 2.21 2.26 2.2 2.2 1980000 4393350 275780 PUREGOLD 42.55 42.7 42.95 42.95 42.55 42.55 396900 16921605 -9492460 ROBINSONS RTL 76 76.4 75.9 77 75.9 76.4 1342980 102864676 -7023845 PHIL SEVEN CORP 108.2 111.9 108 112 108 112 27060 2930814 213294 SSI GROUP 2.31 2.32 2.4 2.4 2.28 2.32 12669000 29371580 2212070 WILCON DEPOT 12.04 12.06 12.3 12.32 12 12.06 18775700 226998780 1739376 APC GROUP 0.38 0.39 0.385 0.385 0.375 0.38 1680000 642950 38000 EASYCALL 18.1 18.2 19 23.7 18.04 18.2 2974900 62600055 -557533 GOLDEN BRIA 315 325 322 326 309.4 325 3260 1041766 IPM HLDG 7.18 7.2 7.2 7.2 7.2 7.2 10000 72000 PAXYS 3.09 3.31 3.22 3.32 3.02 3.09 70000 214790 -151780 PRMIERE HORIZON 0.315 0.335 0.34 0.34 0.315 0.33 360000 116650 SBS PHIL CORP 6.76 7.49 6.79 7.49 6.76 7.49 122000 881480 576730

MINING & OIL ATOK 13.92 14 14 14 13.5 13.92 7700 106584 APEX MINING 1.56 1.57 1.61 1.62 1.56 1.57 7555000 11968900 48800 ABRA MINING 0.0018 0.0019 0.002 0.002 0.0018 0.0018 69000000 129000 -0 ATLAS MINING 2.4 2.65 2.37 2.64 2.37 2.64 23000 54780 BENGUET B 1.06 1.2 1.11 1.11 1.11 1.11 2000 2220 -2220 CENTURY PEAK 1.89 1.91 1.91 1.91 1.9 1.9 420000 800200 DIZON MINES 6.99 7 7.06 7.06 7 7 2400 16809 FERRONICKEL 1.69 1.7 1.7 1.7 1.67 1.7 398000 668460 -238950 GEOGRACE 0.199 0.202 0.2 0.202 0.2 0.202 30000 6020 LEPANTO A 0.091 0.096 0.09 0.097 0.09 0.097 12000000 1094520 LEPANTO B 0.099 0.1 0.103 0.103 0.096 0.1 1070000 106990 -96000 MARCVENTURES 1.05 1.1 1.05 1.11 1.05 1.11 3000 3210 NIHAO 0.99 1.03 1.03 1.03 1.02 1.03 3000 3080 NICKEL ASIA 2.22 2.29 2.32 2.33 2.21 2.22 40293000 89944810 -32044060 OMICO CORP 0.53 0.55 0.53 0.53 0.53 0.53 154000 81620 ORNTL PENINSULA 0.88 0.89 0.88 0.89 0.87 0.88 369000 323180 880 PX MINING 2.56 2.57 2.62 2.62 2.55 2.56 1613000 4151960 -2789940 SEMIRARA MINING 26.2 26.45 26.1 26.6 26.1 26.2 1228400 32350835 9551250 UNITED PARAGON 0.0059 0.0066 0.0065 0.0068 0.006 0.006 13000000 85100 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.013 67300000 829900 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 9200000 110400 PHILODRILL 0.012 0.013 0.012 0.012 0.012 0.012 24300000 291600 266400 PHINMA PETRO 3.16 3.21 3.18 3.21 3.18 3.21 23000 73430 PXP ENERGY 14.42 14.46 14.74 15.04 14.38 14.42 2924300 42815480 -7950180

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 SMC FB PREF 2 GLO PREF P PNX PREF 3A PNX PREF 3B PCOR PREF 2A PCOR PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

94 455 489 970 460 99.05 101.8 930 940 76.4 71.4 72.05 74.9 73 73 73.3

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR

5.09

95 460 490 998 475 102 102 990 - 76.55 73 74.95 75 75 74 73.5

95 460 489 980 475 102 102 990 1000 76.55 71.4 74.95 73.2 75 74 73.5

95 460 489 998 475 102 102 990 1010 76.55 73 74.95 75 75 74 73.5

95 460 489 980 475 102 102 920 1000 76.55 71.4 74.95 70.05 75 74 73.4

95 460 489 998 475 102 102 989.5 1010 76.55 71.4 74.95 75 75 74 73.5

5.15

5.08

5.09

5.06

5.06

2050 5440 250 510 30 10 3280 350 100 1000 29060 5500 24180 2200 1000 8280

28400

194750 2502400 122250 508800 14250 1020 334560 339450 100500 76550 2096835 412225 1773212.5 165000 74000 608030

56100 -

144273

76859

WARRANTS LR WARRANT

1.95

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.44 XURPAS 1.3

1.96

1.9

2.03

1.88

1.96

1028000

2015710

-

4.46 1.32

4.47 1.18

4.55 1.33

4.36 1.15

4.44 1.32

359000 14586000

1597930 18569520

-35780 -4694430

EXHANGE TRADE FUNDS FIRST METRO ETF

110.2

110.5

110.1

111.2

110.1

110.5

8270

917466

-5505

Editor: Efleda P. Campos

Cathay Land invests ₧1B in two condo projects in Silang, Cavite

C

By Elijah Felice E. Rosales

@alyasjah

ATHAY Land has invested P1 billion in two new residential condominium projects in Silang, Cavite, in another show of booming real-estate development in Southern Luzon.

Cathay Land President Jeffrey T. Ng said Southern Luzon is on the uptrend in industrial and residential activities. This development compelled the firm to invest P1 billion on two low-rise condominiums in South Forbes Golf City in Silang.

“Industrial and residential activities are on the uptrend in the south,

particularly in the Metro Santa RosaSilang-Tagaytay area. This makes it an opportune time to launch two of our new low-rise condominium projects both for the investor and end-user communities,” Ng said in a news release.

Both Stanford Suites 3 and Fullerton Suites are located within the 500-hectare South Forbes Golf City.

This is the firm’s largest township investment to date.

Stanford Suites 3 is intended for young families, retirees and investors given its location near Westborough Town Center. This soon-to-rise commercial area will house Marketplace by Rustan’s and Coffee Bean and Tea Leaf as anchor tenants to serve the needs of this continuously growing residential and business community.

Fullerton Suites is targeting to attract young families, educators and businessmen since it is near the upcoming Chiang Kai Shek College, scheduled to open in 2020 near the Santa Rosa-Tagaytay road.

The strategic location of Fullerton Suites provides businessmen easy access to the Silang East interchange of the Cavite-Laguna Expressway, which is under construction. With this road’s future connection to the

Cavite-Tagaytay-Batangas Expressway, business and leisure spots in Southern Luzon are expected to be a short drive away.

Studio and one-bedroom units are available in both suites. Meanwhile, those who require bigger spaces have an option to combine adjacent units at the upper floors.

“Our introductory price starting at only P1.5 million for a studio unit, with a monthly amortization of about P23,000 for the first year, make both Stanford Suites 3 and Fullerton Suites an ideal investment,” Ng said.

“Given that our completed condominium projects have significantly appreciated in value over the past few years and enjoy high lease rates among the local expatriate and education community, both projects will surely get a warm reception from the market,” he added.

PetroEnergy net income in 1st 9 months up 27% to $9.77M

P

ETROENERGY Resources Corp. (PERC) of the Yuchengco group posted a 27-percent increase in consolidated income in the first three quarters of 2018.

Net income reached $9.77 million (about P513.98 million) at end-September this year from $7.71 million (P405.6 million) for the same period in 2017. The net income attributed to PERC’s equity holders also increased by 40 percent compared to the same period last year.

The improved performance was mainly brought about by the company’s renewableenergy projects. PERC through its RE holding

firm, PetroGreen Energy Corp., is a partner in operating firms Maibarara Geothermal Inc. (MGI), PetroWind Energy Inc. (PWEI), and PetroSolar Corp.

PERC’s robust performance for the first nine months of 2018 is due to additional revenues from MGI’s 12-megawatts Maibarara-2 geothermal plant, a 52-percent increase in net income from PWEI’s 36-MW Nabas-1 wind plant due to strong winds in the third quarter and a 30-percent increase in crude oil revenues due to rise in global oil prices during the period. Lenie Lectura

STOCK-MARKET OUTLOOK LAST WEEK

SHARE prices ended flat last week, with the main index remaining at the 7,300-point level.

The benchmark Philippine Stock Exchange index (PSEi) gained 27.67 points to close at 7,367.85 points.

“Turnover value for the week stands at an impressive P41.78 billion with most of it coming on the last day of trading because of the MSCI rebalancing and some window dressing since it is the last trading say of the month,” said Christopher Mangun, research head at Eagle Equities Inc. Foreigners were net-sellers during the four-day trading week at P733 million.

Among the subindices, the Industrial index was the only sector that ended in the red during the week at 10,655.14, down by 128.5 points from last week’s 10,783.64.

“There was heavy trading in second-liners and speculative, specifically companies related to the new major player in telco and other telco aspirants on the back of the news that the new player is open to possible partnerships with other firms for a better rollout,” Mangun said.

The broader All Shares index was up 32.1 points to 4,441.33; the Financials index gained 15.52 to 1,754.71; the Holding firms index added 81.31 to 7,230.90, the Property index increased 26.98 to 3,601.14; the Services index gained a measly 3.08 to 1,401.5; and the Mining and Oil index expanded 114.67 to 8,487.63 Universal Robina Corp. was down more than 5 percent for the week to P128 per share and Aboitiz Power Corp. was down more than 3 percent to P31.70.

THIS WEEK

SHARE prices are expected to continue its ascent during the week, the first trading day of December, which many could start what they call Christmas Rally.

“Junctures or ‘turning point’ typically has its ‘hesitation’ phase. Such has been the case when the market fetched an intra-week high of 7,482, with mixed data elicited through combined weak market breadth or declining stocks outnumber advancing issues, versus net foreign buying. This indicates a tug-of-war between optimists and skeptics is already being felt, ahead of the bourse’s sequel move,” broker 2TradeAsia said.

It said the PSEi would have to break past 7,500 to support an ascent to 7,6007,700. There may be supply pressure ahead as this zone is traversed, given the supply overhang of those locked at 7,850, it said. It sees solid support for the main index at 7,300.

“Continue to trade within range and go selective shopping,” it said.

Mangun said the continuing drop in oil prices will tame inflation coupled with the strengthening of the currency will entice investors to get back into the market.

“The only concern is the continuous outflow of foreign money. However, with western markets starting to correct, we may see them flock back to emerging markets like the Philippines,” he said.

STOCK PICKS

BROKER 2TradeAsia placed a long-term buy on the shares of refiner Petron Corp.

It said Petron’s refinery capacity expansion will help support growth, apart from sustained volume drive. Movements in global crude pricing is something to watch out for, as wrong moves on inventory buildup might be negated by weaker pump pricing.

It placed a target price on the stock at P10.55.

Petron shares closed on Thursday at P8.20 per share.

Meanwhile, other analysts said big losers last week—AboitizPower, Megaworld Corp. and DMCI Holdings Corp.—could make a rebound this week, but mainly on bargain hunting.

AboitizPower closed at P31.70 last week, Megaworld at P4.51 and DMCI at P12.34. VG Cabuag

MUTUAL FUNDS

November 29, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 248.5 -12.65% -0.24% 1.67% -15.25% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3806 -12.91% 4.33% 2.17% -13.54% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.8504 -13.71% 0.58% 0.36% -16.16% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8914 -11.81% N.A. N.A. -12.35% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8159 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.1805 -11.64% -1.48% 1.21% -13.85% MBG EQUITY INVESTMENT FUND, INC. * ****** 113.06 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8274 -15.61% N.A. N.A. -16.65% PAMI EQUITY INDEX FUND, INC.* 48.7295 -10.79% 0.87% N.A. -13.59% PHILAM STRATEGIC GROWTH FUND, INC.* 509.52 -10.72% -0.26% 1.15% -13.41% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2425 -9.23% 1.43% N.A. -11.52% PHILEQUITY FUND, INC.* 36.2653 -9.52% 1.86% 3.91% -11.75% PHILEQUITY PSE INDEX FUND INC.* 4.9049 -10.8% 1.55% 3.57% -13.56% PHILIPPINE STOCK INDEX FUND CORP.* 819.16 -10.64% 1.3% 3.59% -13.38% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8525 -9.4% -0.77% N.A. -11.85% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.045 -9.35% 1.39% 2.1% -11.69% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.944 -10.99% 1.35% N.A. -13.66% UNITED FUND, INC.* 3.4504 -8.28% 2.58% 2.32% -11.4% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***109.4581 -10.31% 2.45% N.A. -13.1% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9545 -14.27% 1.86% -0.35% -13.88% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1777 -5.68% N.A. N.A. -6.92% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6451 -9.78% -2.14% -1.53% -11.72% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1849 -9.47% 0.12% 0.42% -11.07% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.5042 -8.06% -3.07% -1.87% -9.59% GREPALIFE BALANCED FUND CORPORATION* **** 1.2993 -9.37% N.A. N.A. -10.69% NCM MUTUAL FUND OF THE PHILS., INC* 1.8312 -6.02% 0.54% 1.36% -8.1% PAMI HORIZON FUND, INC.* 3.5097 -8.41% -0.78% 0.54% -10.42% PHILAM FUND, INC.* 15.7946 -8.18% -0.72% 0.42% -10.04% SOLIDARITAS FUND, INC.* ******** 2.0519 -7.04% 0.57% 2.18% -8.48% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6425 -7.23% 0.2% 0.73% -8.85% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9256 -7.33% -0.32% N.A. -9.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03484 -3.68% -0.59% 1.3% -3.49% PAMI ASIA BALANCED FUND, INC.* $0.9425 -10.51% 1.57% -1.36% -9.98% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.4449 -4.78% 3.02% 1.69% -5.68% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0282 -7.28% N.A. N.A. -7.55% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 342.62 1.83% 2.01% 1.68% 1.63% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8445 -2.8% -0.95% -0.76% -2.53% COCOLIFE FIXED INCOME FUND, INC.* 2.9584 5.48% 5.34% 5.24% 4.83% EKKLESIA MUTUAL FUND INC.* 2.1271 1.49% 1.42% 1.16% 1.18% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2054 -0.46% -0.06% 0.13% -0.49% GREPALIFE FIXED INCOME FUND CORP.* P 1.5644 -3.02% -0.6% -1.54% -2.8% PHILAM BOND FUND, INC.* 3.8998 -3.61% -0.66% -0.76% -3.71% PHILEQUITY PESO BOND FUND, INC.* 3.4883 -0.03% 0.27% -0.24% -0.47% SOLDIVO BOND FUND, INC. * 0.8896 -3.38% -0.93% N.A. -3.64% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7642 -0.56% 0.91% 0.15% -0.46% SUN LIFE PROSPERITY GS FUND, INC.* 1.5356 -1.05% 0.4% -0.21% -0.91% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $446.97 0.31% 2.29% 3.02% 0.23% ALFM EURO BOND FUND, INC. * Є212.41 -0.55% 0.94% 1.52% -0.61% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1228 -1% 0.82% 1.86% -1% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6857 -5.13% -0.49% 1.07% -4.84% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0239 -5.25% -0.73% -2.67% -4.62% PHILAM DOLLAR BOND FUND, INC.* $2.1391 -4.83% 0.38% 2.38% -4.97% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0569195 -0.9% 0.88% 1.8% -0.49% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8661 -5.01% 0.48% 1.58% -4.87% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.41 2.56% 1.77% 1.51% 2.38% PHILAM MANAGED INCOME FUND, INC.* 1.178 1.84% 0.5% 0.44% 1.78% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2151 2.55% 2.22% 1.51% 2.5% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0146 1.54% N.A. N.A. 1.59%

* - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE.

**** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.).

***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Monday, December 3, 2018

B3

Reforms to simplify financial tax scheme will put PHL apace with Asean peers: NTRC

T

By Rea Cu @ReaCuBM

HE National Tax Research Center (NTRC) has pointed to the need to implement reforms to simplify the country’s financial tax scheme, in order to put the Philippines on a par with its Association of Southeast Asian Nations (Asean) neighbors.

In its research journal on the review of the taxation of shares of stock in the Philippines, the NTRC noted that reforms proposed under Package 4 of the Duterte administration’s Comprehensive Tax

Reform Program (CTRP) will enable the country to keep pace with its peers, specifically on capital income taxation.

“The taxation of stock investments is indeed ripe for reforms.

The foregoing proposed reforms, which form part of Package 4 will put the Philippines on a par with it’s neighboring countries and would encourage stock-market participation of both individual and cor porate investors,” the NTRC said.

Taxation reforms included for shares of stock on Package 4 propose a uniformed final tax (FT) on dividend income of 15 percent, up from 10 percent, for resident individuals and nonresident aliens engaged in trade or business, while retaining the exemption of domestic and foreign corporations on intercorporate dividends except sole corporations.

Also, it proposes a single rate of 15-percent FT on nontraded shares for capital gains tax (CGT) from the current 6 percent. In addition, the measure proposes a gradual reduction by 0.1 percentage point on the

stock transaction tax (STT) every year until it reaches 0.1 percent by 2024, from the current 0.6 percent.

The measure also seeks the removal of the initial public offering tax (IPO), which is a tax on capital not considering income generation.

Furthermore, a reduction of the documentary stamp tax (DST) on original issue on shares of stock from 1 percent to 0.75 percent is included.

The DST on shares of stocks traded in the Philippine Stock Exchange is proposed to be retained, but the DST on the sale, agreements to sell, memoranda of sales, deliveries, or transfer of shares or certificates of stocks is proposed for deletion.

“With the tax-reform proposal, the country can compete better for capital and investments, which are urgently needed to fi-

Special unit on financial crimes pitched

A

MEMBER of the House Committee on Banks and Financial Intermediaries on Sunday called for the urgent creation of a specialized bureau on financial crimes amid the spate of investment scams and illegal lending schemes reported in the country.

Assistant Majority Leader Michael L. Romero of 1-Pacman party-list said he will ask the financial regulators, the National Bureau of Investigation, the Philippine National Police, the Department of Justice, and the Department of Information and Communication

Technology for their inputs and a draft bill.

Romero said he wants the new bu reau to have invest igat ion and prosecutorial powers and functions.

He also asked the Department of Finance to propose to President Duterte the creation, through executive order, of an interagency task force on financial scams.

“Lessons learned from the operations of this task force will g ive ex per ientia l w isdom to Congress on the crafting of the needed bill or bills,” the party-list lawmaker said.

Since early 2018, the SEC has warned the public against unregistered companies that engage in investment scams and illegal lending schemes.

A s of December 2 Romero said the Securities and Exchange Commission has posted 44 advisories this year to warn the public of various investment scams and illegal lending and moneym a k i ng sc hemes —m a ny pro liferating on social media and on the Internet.

Romero said the government should create a specialized bureau on financial crimes or the revival

of the economic intelligence and investigation bureau to address the problem.

“It is high time we give the regulators more potent weapons against investment scams and other financial crimes. Advisory warnings are apparently not enough to protect consumers from the financial predators,” Romero said. “ The money f lows of these scammers must also be subjected to the same level of scrutiny similar to what money launderers are subjected to,” he added. Jovee Marie N. Dela Cruz

Perspectives

Understanding the Five Mys

A

S consumers, our choices have always been influenced and governed by multiple factors, but never has this been as complex and subject to disruption as it is today.

This was our impetus to develop the Five Mys framework, designed to help identify what consumers value in an experience, understand the moments that matter to them, get smarter about the connections that contextualize their lives and learn about the trade-offs they make around time and money.

Many organizations will already explore elements of the Five Mys in isolation, or solely in the context of their category or a specific life stage of their consumer. We believe it is the combination of the Five Mys that generates richer stories, analysis and insight into consumers’ unmet needs, the trade-offs they are making and the totality of factors influencing their decisions across all aspects of their lives that is simply not possible within a single “my.” How these factors work in concert across the different life stages and life events of a consumer is the key to unlocking real insights, and understanding not just the consumer of today but predicting what will drive the consumer of tomorrow.

My motivation

OUR best experiences have become our basic expectations. We no longer compare a company solely to its closest competitors, but rather to whoever sets the highest standard for our best experience as consumers. We crave quality, convenience and more intuitive, personalized experiences. We value peer reviews and social reference, and many people place more confidence in individual influencers than in companies and institutions. We want the organizations and institutions we interact with to “know me,” “value me” and “make it easy for me”—and, in times of heightened trust and anxiety, to “protect me,” This is only amplified in the era of fake news.

My attention

WE’RE all subject to unprecedented volumes of information, increasingly available whenever and wherever we want it. And we’re all

increasingly a product of the technologies that ease, define or govern our lives, whether our mobile devices, smart technologies or artificial intelligence and voice-powered connectivity, all of which, in one way or another, have changed our attention spans relative to our more analogue experiences of yesteryear. This abundance of information and hyperconnectivity collide to create constant pressures on our attention.

And as our time has become more precious, we are making fundamental shifts in how we process and filter information, and otherwise divide our days.

Yet while our patience and attention thresholds are falling, we continue to make time for the things that matter to us. Understanding how we prioritize and marshal our time and attention is essential to breaking through the noise, and to building deeper, more meaningful relationships with each of us as customers.

My connection

AS a result of our increased connectivity, we are having more digitally connected interactions, which produce a data exhaust or trail that grows seemingly exponentially. Consequently, the world is getting smarter about us: who we are as individuals, about other people like us, communities, cultures, macro and micro trends, and groups sharing commonalities—and, in turn, we’re getting smarter about the world.

Understanding the shape and patterns of these wide-ranging connections and networks is central to understanding how our decisions are influenced, when and by whom. The companies that cultivate such an understanding will be those best equipped to engage with consumers on their terms.

My watch

HOW much time we have, or think we have, influences how we interact with other people, services and companies. And we’re increasingly using technology to automate or accelerate tasks throughout our lives, whether with recurring grocery and household orders or embracing algorithms that curate and help guide us on what

to purchase, watch or listen to next.

My wallet

Many organizations still believe that their primary competition is a rival company in their own industry—but our research and experience continue to show that our only true competitor is the customer wallet. In 2017’s inaugural “Me, My Life, My Wallet” report, we analyzed wallet outflows—specifically, how changing customer attitudes and expectations were affecting the consumption and spending mix.

This year we’re looking at wallet inflows—especially income, wealth and related impacts on spending. Across the globe, factors ranging from income, taxes, education, retirement, debt and interest rates all converge to influence the shape of individual customer wallets. The changing nature of careers and employment is impacting the inputs to the wallet, whether through the growth of the gig economy and contingent labor, or the emergence of semiretirement and second careers. How we live and our attitudes toward—and the affordability of—home ownership is unleashing its own profound impact on the spending and saving priorities of younger generations. The transfer of assets and wealth differs by generation and geography, and is only subject to further change as longer living and increasing health-care costs make their mark.

Understanding the totality of factors influencing the wallet, the interrelationship between income, consumption and spending, as well as new ways to explore, buy and receive products and services is crucial. Only then can we hope to recognize our true competition, and determine how to position effectively against it.

The excerpt was taken from the publication, entitled “Me, My Life, My Wallet.” © 2018 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in the Philippines. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

nance infrastructure, create more and better jobs, and boost the inclusive and sustainable growth of the economy,” the NTRC added.

In the Asean, Cambodia imposes a 14-percent withholding tax for nonresident corporations while dividend income on local businesses is tax-exempt. Indonesia imposes a 10-percent final income tax on dividend income for resident individuals.

In Lao PDR, a 10-percent FT on dividend income is imposed regardless of the recipient. The 10-percent FT on dividend income is also true for Thailand.

Dividend income for the rest of the Asean member-countries is tax-exempt.

The NTRC added that from 2019 to 2022, or the period the reforms are being eyed for implementation, the estimated revenue impact from the proposed reforms on stock investments are esti-

mated to hit an average of P8.2 billion on capital taxes.

Broken down, reforms on dividends are estimated to contribute an average P12 billion for government revenues and a revenue loss of P3.8 billion from the proposed reforms on CGT, STT and IPO tax.

Proposed reforms on the DST are estimated to hit an average revenue loss of P2.2 billion.

The Department of Finance earlier described the fourth package of the CTRP as a revenue-neutral measure.

Last month, Finance Undersecretary Karl Kendrick T. Chua said that Package 4 will deepen capital markets in the country.

The measure will collapse financial tax rates from the current 80 to at least 41, and repeal 32 out of the 41 special laws that have been granting special rates and exemptions.

Watered-down tobacco tax imperils universal health care–NVAP

A

NTI-TOBACCO advocates, senior citizens and other civilsociety organizations have warned that the benefits of universal health care in the Philippines would not be reached with the Lower House’s Ways and Means Committee succumbing to pressures from the tobacco industry and approving a miniscule tax increase against tobacco products.

New Vois Association of the Philippines (NVAP) President Emer Rojas said it would be difficult for the government to fully implement and achieve the targets of universal health care for all Filipinos if there is not enough money to fund the program.

“We applaud the efforts of the bicameral committee led by Senator JV Ejercito in passing the universal health care bill that will ensure that all Filipinos will be under a national health insurance. This will allow them access to needed health services including mental, dental, palliative, emergency support and out-patient services that will register them under a primary care health service of their choice,” Rojas said.

“But while this is a step forward toward the achievement of universal health care, the victory was immediately snatched when the Lower House’s Way and Means Committee decided to favor the tobacco industry

and approved a measly P2.50 increase in tobacco tax per year, an amount even lower than the Train law tax on tobacco,” he said. This has the effect of “endangering the swift implementation of the UHC, which could have been a triumphant event for health,” he added.

Under the “railroaded” tobacco tax version, the tax of cigarettes will cost P37.50 per pack starting July 2019 and will thereafter increase by P2.50 every year until 2022 when a pack would cost P45.

Rojas said the small revenues to be collected from these “miniscule” adjustments in tobacco prices would not only create a funding gap in achieving universal health care but will also increase the risks of more Filipinos taking up smoking and dying prematurely from tobacco-related diseases.

Fatima Lorenzo, president of the Philippine Association of Patient Organizations, warned that the country remains among those with the highest smoking prevalence in Asia—with 17 million smokers and more than 240 people dying of tobacco-related diseases everyday.

“Smoking is a common risk factor for the top three causes of disease in the Philippines, which are heart disease, cancer and pneumonia,” she said.

B4 Monday, December 3, 2018

ON ITS 13TH YEAR: 10 NEW STARS ADDED TO EASTWOOD CITY WALK OF FAME

T

EN new stars honoring inductees coming f rom t he fields of movies, television and public affairs are set to be unveiled at the 13th anniversary of Eastwood City Walk of Fame on December 8.

A ll set to receive their stars from t he Ger m a n Moreno Fou nd at ion at t he Hol ly wood- i n s pi red Wa l k of Fa me i n E a st woo d C it y w a l k are si x persona lities from the film i ndu st r y, i nc lud i n g mo v ie s t a r s D e re k R a m s ay, Ja me s R e id a nd Ju lia Bar reto.

A lso set to be inducted are awardw inning director Chito Roño, the man behind the iconic films Dekada 70, Fe n g S h u i a n d T h e H e a l i n g ; and Mar ichu Vera Perez-Maced a, mov ie pioneer a nd m at r i a rc h of the legendar y Sampaguita Pictures, fond ly k now n by many in the showbiz circle as Manay Ichu.

Joining Vera Perez-Maceda and receiving a long overdue posthumous award is his father, the late Dr. Jose Roxas Perez. K now n by many as a certified star maker, Perez built the stars of mov ie icons Glor ia Romero, Eddie Garcia and the late Romeo Vasquez. He is a lso considered as one of the finest mov ie producers of a l l time and exa lted by many

for h i s i nv a lu able cont r ibut ion s to Phi lippine enter ta inment, inc lud ing usher ing in what is reg a rde d a s t he “G olde n A ge of Cinema” in the countr y.

L ead i ng t h i s yea r ’s i nduc tees f rom t he T V c at e gor y a re M i s s Universe 2015 Pia Wur tzbach, T V host and comedian V hong Navar ro, and Chinese-Filipino actor and host Ken Chan.

R ece iv i ng t he lone st a r f rom pu bl ic a f f a i r s c ate gor y i s BB C ’s f irst Fi l ipino news anchor and broadc a st jou r n a l i st R ico H i z on , who w i l l be f ly ing in st ra ight f rom Si ng apore. H i z on c u r rent ly anchors BBC World News’s Newsday a nd A sia Bu sines s R e por t, wh ic h i s broadcast to more t han 400 mi l lion hou se hold worldw ide.

A brainchild of the late Master Showman G er m a n “ Kuy a G er m s” Moreno, t he Wa l k of Fa me Philippines star ted in 2005 w ith the main goa l of honor ing those who d id not on ly e xce l i n t hei r profession and field of work, but a l s o he lp e d i n s pi re ge ne r at ion s of actors, directors, T V and radio persona lities, musicians, athletes and jour na lists Since its creation, 343 celebrities

and personalities have been awa rded w it h t heir ow n st a rs at t he Wa l k of Fa me, wh ic h ha s a lso become an iconic attraction unique on ly to East wood Cit y a nd rema ins a s one of t he most coveted a nd p r e s t i g io u s r e c o g n it io n s i n t h e enter t a inment indust r y.

“It w il l be a big disser v ice not t o c o nt i n u e m y f a t h e r ’s l e g a c y pro j e c t . It h a s a l w ay s b e e n h i s dream to honor the stars that have made a sig nificant contr ibution to the enter tainment industr y,” says Feder ico Moreno, president of the Ger ma n Moreno Found at ion a nd Wa lk of Fame Philippines.

A side f rom honor ing t he best a nd t he br i g htest i n Ph i l ip pi ne entertainment, the Eastwood City Walk of Fame was founded to support Mowelfund, or the Movie Workers Welfare Foundation, an organization providing for the welfare of the workers in the film industry.

The Eastwood City Walk of Fame’s 13th anniversary will take place at the Eastwood Central Plaza on December 10 at 6 p.m. For more information, please contact the Megaworld Lifestyle Malls Concierge at 709-9888, 7090888 or 0917-8380111, or visit www. megaworld-lifestylemalls.com.

MOBILE LEGENDS SUCCESSFULLY LAUNCHES FIRST-EVER PHILIPPINE STREET BATTLE

L

ISTEN up, heroes! Mobile Legends: Bang Bang (MLBB) has successfully launched its first-ever street battle in the Philippines on November 17 and 18 at Barangay 159 multipurpose plaza in Malibay, Pasay City. Dubbed as “Mobile Legends: Bang Bang Liga,” the three street-battle event aims to gather nonprofessional e-sports legends in the country.

As a multiplayer online-battle arena, the MLBB believes that there are still excellent players in the nonprofessional league, therefore, hoping to provide for them an arena to show off their skills.

Since it was announced on October 30, avid players of MLBB celebrated because a liga finally happened in the country. Hundreds of squads have immediately signed up to be part of the three street battles in different barangays in Metro Manila.

“As a globally launched game, [the] MLBB has always placed a strong focus on local popular culture and aims to connect with players at a deeper level,” MLBB Vice President Cherry Xia says. “Holding a liga-themed event—being a popular culture within the Philippines and among MLBB players—was a natural decision for us.”

Meanwhile, the MLBB liga launch was graced by “Pambansang Bae” and a self-confessed Mobile Legends enthusiast Alden Richards. He then joined Zeus and Z4PNU

as a shoutcasters in the first day of the challenge. The Kapuso actor said he has been playing Mobile Legends since it was introduced in the Philippines in 2016.

“I started playing when the game started here in the Philippines,” Alden said. “I’m so excited to be here. Galing pa akong Broadway; bini-beat ko ’yung traffic para umabot ako kasi last round na raw.”

The MLBB battle is a two-day event, which was joined by 64 preselected squads. The groups’ e-sports skills were tested in a best-of-one elimination on the first day.

Then, the top 16 squads on the first day of the liga returned for the semifinals and championship rounds, where the best team will be hailed as a winner.

The first liga was won by the NexPlay squad. While Umeda White Ravens was hailed the winner on the second leg of the liga on November 25 in Quezon City.

The MLBB Liga’s last street battle will be held on December 1 and 2 from 11 a.m. to 6 p.m. at the SM Mall of Asia. MLBB aficionados can watch the game live on its official Facebook page. The prize pool of each MLBB Liga is P55,000 cash and 100,000 diamonds.

After entering the Philippines for over a year, the MLBB has become one of the most popular apps among Filipino e-sports fans. In fact, a Filipino professional squad already won as champions in MLBB Southeast Asia Cup 2018.

SITEL SENIOR OFFICER IS ASIA C.E.O. AWARDS’ EXPATRIATE EXECUTIVE OF THE YEAR

T

HE prestigious Asia CEO Awards named Craig Reines, Sitel chief operating officer for Asia Pacific, as the Executive Expatriate of the Year at the gala night recently held at the Marriott Hotel Grand Ballroom in Pasay City.

Reines is an accomplished senior executive who has lived and worked in 35 countries on six continents.

He is widely acknowledged as an innovator in customer management, building customer-centric cultures and crafting business-process systems that help reduce cost, expand revenue and improve customer satisfaction.

His career began with Sitel in 2015 to help lead Sitel’s expansion into Asia Pacific. An avid proponent of countryside development, Reines focused on moving jobs outside of Metro Manila, and pursued a growth strategy that enabled Sitel to expand to Tarlac, Baguio and Puerto Princesa. This expansion has created over 8,000 new jobs, bringing Sitel’s total employment to over 20,000 across the Philippines.

The Expatriate Executive of the Year Award honors Reines’s bold leadership, vision and pioneering efforts toward elevating Filipino BPO talent and nurturing

countryside development.

“It was with honor and humility that I accepted this award,” Reines shared. “Life as an expatriate is not easy, but I am inspired by both my family and my work family—the Sitel barkada—who have supported me [in] every step of the way. They remain focused on continuously improving our customer experiences, building new and bigger communities, and strengthening the Philippine BPO industry....”

Sitel’s leadership team was also honored as part of CNN’s Executive Leadership Team of the Year’s Circle of Excellence, for their exceptional leadership skills and keen focus on cultivating a strong employee-focused organization, maximizing stakeholder value and client satisfaction, and investing in countryside expansion.

The Asia CEO Awards is the largest business awards event in the Philippines and Southeast Asia. They recognize businesses and individuals who demonstrate extraordinary leadership while making a contribution to society.

Photo shows Reines (middle) receiving the Expatriate Executive of the Year Award at the Asia CEO Awards from Lizanne Tan and Antonio Sabarre of Jones Lang La Salle Inc.

Sports BusinessMirror

C1

| Monday, December 3, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

TIGER WOODS is in last place, 11 shots out of the lead. AP

Tiger Woods isn’t putting a lot of stock into an event, and he wasn’t about to make any comparisons to his return to golf in the Bahamas last year.

By Doug Ferguson

T

The Associated Press

TIGER DOWN THERE

ONY FINAU had never seen Albany Golf Club until the pro-am at the Hero World Challenge, and one aspect of the course caught his eye immediately.

“When I’m playing well, I feel like I can score on any golf course, especially a course that has five par 5s,” Finau said.

He made birdie on four of them on Saturday, leading him to a five-under 67 that gave him a share of the lead with Henrik Stenson and Jon Rahm and set up a wide-open conclusion that could feature more than half the 18-man field.

The tournament host is not among them.

Tiger Woods took three shots from just off the green at the par-5 third hole—chipping is tough on everyone at Albany—for a double bogey and a ragged start that never got much better until a few late birdies salvaged a 72.

He was in last place, 11 shots out of the lead.

“It’s definitely not alarming, for sure,” said Woods, in his first 72-hole event since winning the Tour Championship. “I just haven’t played clean.”

Stenson and Rahm each had a three-under 69 to join Finau at 13-under 203.

Stenson and Finau are going for their first victory of the year, even though this holiday event is not attached to any tour and

is considered unofficial except for the world ranking points, which are more than four of the domestic events in the fall on the Professional Golfers Association (PGA) Tour.

Finau did everything right except win this year, including his first Ryder Cup appearance.

Stenson has won at least once around the world in five of the last six years.

Winning is always nice,” said Stenson, a runner-up to Hideki Maruyama two years ago in the Bahamas. “It never gets old no matter how big or small the tournament. You can’t say that this is a small tournament given the field. Who you’re playing against is obviously going to give you a nice boost if you managed to win it.”

Gary Woodland, who was over par toward the end of his opening round, had a 67 and suddenly is only two shots behind. Rickie Fowler also had a 67, and suddenly the defending champion is back in the mix at three shots behind.

Fowler’s name was mentioned more than once on Saturday. A year ago, he started seven shots behind and closed with a tournament-best 61 to win by four.

“If you get wind all day, you don’t expect people to low,” Rahm said. “But I don’t think they did last year, and Rickie shot 11 under, right?

I’ve kept saying it the same way. I think whoever plays the par 5s...with the better score’s going to have a chance.”

Advantage Finau, at least over the last two days.

He decided to add 2 degrees of loft to his putter after opening with a 72, and he has followed with rounds of 64-67. Most of that is due to the par 5s, which he has played in nine under the last two rounds.

“We play a lot of golf courses on the PGA Tour where there’s only two or three, so to be able to have those couple extra par 5s, you just know you’re going to have some opportunities to score,” Finau said. “And I’ve been able to take advantage of those opportunities on those par 5s.”

Saturday had plenty of action beyond the birdies.

Dustin Johnson, one shot out of the lead, took two chips and one putt to get up the slope right of the green on the par-3 second and made triple bogey. He was four

HENRIK STENSON (below) and Jon Rahm—along with Tony Finau—set up a wide-open conclusion that could feature more than half the 18-man field. AP

over for the round after two holes, got it back to even par at the turn and had to settle for a 72. He still was only four shots behind, along with Xander Schauffele (66).

Patrick Cantlay also made triple bogey on No. 2—playing with Johnson, giving them a combined score of 12 on the par 3—after chipping over the green and taking two shots to get on. He also was the only player in a rain suit this week, but only to step into the water on No. 12 to play a shot.

Alex Noren had a 70, but it was far from dull.

The Sweden made eagle on the par-5 15th, followed that with a triple bogey on the 16th, and then responded with an ace on the par-3 17th. That would be eagle-triple bogeyeagle for those scoring at home.

As for Woods?

He isn’t putting a lot of stock into an event, and he wasn’t about to make any comparisons to his return to golf in the Bahamas last year.

“Last year I was in a completely different spot, completely different scenario and trying to piece together, see if I could actually play this game again,” Woods said. “I know I can play now, and I know I can win. I just have not done a very good job this week of playing clean and keeping my rounds going like I should and could have.”

Bush leaves legacy of passion for golf, fast play

A

S much as former President George H.W. Bush loved golf, he was never on the course very long.

For all his passion and heritage in golf—his grandfather and father were US Golf Association presidents—the 41st president was mainly known for being the best example of the Rule 6-7: “Play without undue delay.”

Davis Love III discovered this during one outing at Cape Arundel Golf Club in Kennebunkport, Maine.

“We were playing and one of the Secret Service guys, his phone starts ringing,” Love said. “He said, ‘Mr. President, it’s President Clinton.’ And President Bush says, ‘Well, I’m hitting.’ He hands me the phone and says, ‘Talk to him for a second.’ So I’m there talking to President Clinton while President Bush is hitting his shot. You just never knew what was going to happen next.”

Bush died on Friday night at his home in Houston at age 94.

“His name is synonymous with golf,” said Tiger Woods, who played with Bush in Houston while still an amateur. “Being around him for all these years and getting a chance to be around him at Presidents Cup... he was such a class act. Anyone who’s ever been around him knows how much he loved his golf and how much he supported it and how much we’re going to miss him.”

He was one of two presidents to be inducted into the World Golf Hall of Fame,

in 2011, two years after President Dwight D. Eisenhower, and his involvement went well beyond the golf he played so quickly.

He was honorary chairman of The First Tee, the program that began in 1997 to bring golf’s core values to kids. He was chairman of the Presidents Cup, and stayed involved by rarely missing the biennial match, whether it was in Australia or South Africa.

Former Professional Golfers Association (PGA)Tour Commissioner Tim Finchem said at Bush’s induction ceremony that The First Tee had reached 4.7 million youngsters and “but for President Bush, that would not have happened.”

“He attended openings of facilities. He wrote letters to people that gave money. He traveled, he spoke, he got on the telephone,” Finchem said. “He wasn’t a chairman in name only. He worked at it.”

Instead of ribbons, which are hard to find on short notice in the Bahamas, some players at the Hero World Challenge wrote “41” on their caps.

Love was among the regulars whom Bush would invite to Kennebunkport for golf; Love said they were treated like family.

“He was so excited about Fred Couples or me or Brad Faxon trying to beat the course record at Cape Arundel,” Love said. “We wanted to go fishing or play horseshoes, and he wanted to play golf. But it only took us three hours. He just loved being out there.”

The running joke at Cape Arundel is that Bush used to claim he had the course record—

not a score, but fastest to play 18 holes.

Woods could attest to that.

“It was basically club, ball, one look, gone,” he said.

Bush also claimed to have his name on at least one trophy, saying in 2011 that he once captured the club championship.

“I dusted a guy named Chad Brown,” Bush said. “My name is embellished there. It’s on the board. You can’t take it away from me.”

His golf heritage dates to his maternal grandfather, George H. Walker, after whom the Walker Cup is named. His father, Prescott Bush, was a scratch golfer.

“There’s a genetic shortfall and it never took,” Bush once said. “Except that I loved the game.”

Bush was honored by all the major golf organizations—the Distinguished Service Award from the PGA of America in 1997; the Bob Jones Award from the USGA in 2008; the Lifetime Achievement Award in 2009; and the Hall of Fame in 2011.

“From his love of playing to his selfless dedication and support, golf held a special place for President Bush,” Finchem said. “He was the consummate ambassador for golf.”

Bush was part of the presidential trio that played in the 2005 Bob Hope Classic, joining former Presidents Bill Clinton and Gerald Ford. He hit two spectators, one man in the back of the leg and one woman on the bridge of her nose, drawing blood.

More than the golf, however, Love kept

FORMER President George H.W. Bush (left) and golfing great Arnold Palmer acknowledge the gallery at the Champions Tour golf tournament in The Woodlands, Texas, in October 2010. AP

referencing relationships Bush forged as he told stories for 10 minutes uninterrupted.

“He treated every single person the same,” Love said.

Love recalled 2001, when Bush came to St. Simons Island, Georgia, for the Walker Cup

and stayed with Love.

“We had this party for both teams at our house,” Love said. “I had put in a horseshoe pit because he was coming, and he’s going to play the first game. He’s all excited. But after about five minutes, he looks over his shoulder

and said: ‘This is rude. We ought to go back to the party.’ So here’s the president, dictating what we should be doing. He went over to the pool, and all the Sea Island employees who were working the party, he walked down the line and introduced himself.” AP

Spo

Business

C2 Monday, December 3, 2018

600 BETS IN SUBIC TRIATHLON

M

ORE than 600 entries beat the early bird cutoff for the National Age-Group Triathlon (NAGT) Subic Bay race set for January 27 at San Bernardino inside the Subic Bay Freeport.

The event organized by the Triathlon Association of the Philippines (TRAP), in cooperation with the Subic Bay Metropolitan Authority (SBMA) Tourism Department, will feature competitions in the Standard Distance (1.5-km swim/40-km bike/10-km run), Sprint Distance (750-meter swim/20-km bike/5-km run) and Super Sprint Distance (500-meter

swim/13-km bike/2.5-km run) that will start and end at San Bernardino.

The NAGT series serves as TRAP’s main development and recruitment program from the grassroots level. The next stops are in Cebu, Dipolog City, Roxas City and Cagayan de Oro. According to competition manager Kenneth Romero, members of the Philippine team who are aspiring for slots for the 2019 Southeast Asian Games—including Claire Adorna, Kim Kilgroe, Nikko Huelgas, John Chicano, Mark Hosana, JC Abad and Edward Macalalad—will be racing for their respective early season tests.

Several prominent junior elite and youth triathletes from around the country have registered, including Cebuano standouts Andrew Kim Remolino, Karen Manayon and Moira Frances Erediano.

At stake in the event sponsored by the Philippine Sports Commission, Gatorade, Standard Insurance, Asian Centre for Insulation Philippines and the SBMA are medals for the top 3 winners by age group.

Registration is still ongoing with entry fees set at P3,750 for Standard Distance, P3,000 for Sprint Distance, P2,500 for Super Sprint Distance and P7,500 for Team Relay competitions. Registration will end on December 31 to ensure that the field will not exceed the capacity of the venue.

PISTONS SPOIL CURRY’S RETURN

NBA RESULTS New York 136, Milwaukee 134, OT Detroit 111, Golden State 102 Washington 102, Brooklyn 88 Boston 118, Minnesota 109 Houston 121, Chicago 105 Toronto 106, Cleveland 95 Sacramento 111, Indiana 110

D

ETROIT—Golden State got Stephen Curry back on Saturday night.

Even that wasn’t enough for the Warriors against Detroit’s Blake Griffin and Andre Drummond.

Griffin scored 26 points and Drummond added 16 points and 19 rebounds as the Pistons extended their winning streak to five games with a 111-102 victory over the Warriors.

“That’s obviously a great win,” Griffin said. “You could tell by the crowd and the atmosphere tonight that we were facing a big team, and we protected our home floor.”

Drummond finished with eight offensive boards.

“It is so tough to play Andre, because when they get some penetration, the bigs normally try to help, but if you take your body off him for a second, he’s going to get the rebound,” Kevin Durant said.

Detroit had six players score in double figures, including reserves Stanley Johnson and Ish Smith.

“Our guys understand their roles and they are accepting the role and being the most valuable player they can in that role,” Pistons Coach Dwane Casey said.

“We’re playing with energy and we were able to beat the champs on a night when

we only shot 44 percent and 34 percent from the line.

“We know we can play better than this.”

Curry returned after missing 11 games with a groin strain and scored 27 points on 10-of-21 shooting, including 20 in the second half. Curry went 3 of 9 from three-point range.

“It felt good to be back out there, but in the first half, I was going 100 miles an hour without my timing being back,” he said. “In the second half, I played a lot closer to where I want to be. The shots started falling and I was aggressive without making stupid plays.”

Golden State Coach Steve Kerr blamed himself for the defeat, which saw the Pistons finish with 12 three-pointers and 14 offensive rebounds to Golden State’s six and eight, respectively.

“This has to go down as one of the worst games I’ve ever coached,” he said.

“We got into some foul trouble early, and I was searching for a lineup that could match up with Blake and Andre, and I never gave us an effective group. We weren’t shooting threes or getting to the glass.”

Durant scored 28 points for Golden State, and Klay Thompson added 21.

“I think our spacing is screwed up, and we aren’t playing with enough urgency,” Durant said. “None of that is on coach. That’s our fault.”

Curry missed his first three shots, all three-pointers, but drove to the basket for a three-point play on the first possession of the second quarter.

Detroit led by as many as 11 points in the second and led 54-46 at halftime.

Stanley Johnson had 13 points off the bench for the Pistons, while Thompson and Durant combined for 25 for Golden State. Curry had seven on two-of-nine shooting, missing all five three-pointers.

“We played a terrible first half, and that pretty much summed up the night,” Curry said. “They are playing really well and we didn’t do anything to take them out of their comfort zone.” AP

Cignal HD Spikers take on Hammers

M

EN’S volley action shifts into high gear on Monday as top-seed Sta. Elena faces No. 4 Cignal and No. 2 PLDT collides with third-ranked Air Force in the Final Four of the Spikers’Turf Open Conference at the Blue Eagle gym in Quezon City.

The Cignal HD Spikers actually clipped the Sta. Elena Ball Hammers in four sets in their lone eliminations face-off on October 19 but the latter has since recovered and went on to claim the top spot into the semifinals.

Game time is at 1 p.m. with Sta. Elena Coach Dante Alinsunurin hoping to draw the best from the likes of Bryan Bagunas, Nicolas Almendras, James Natividad, Kim Malabunga and skipper Francis Saura, as

they try to get back at their tormentors and gain the head start in their best-of-three series.

But Ysrael Marasigan, Wendel Miguel, Fauzi Ismail, Rex Intal and Peter Torres will be going all out to reassert their mastery of the Ball Hammers and fuel their own drive to the finals of the third season of the league organized by Sports Vision.

The 3 p.m. clash between PLDT and Air Force also promises to be a toss-up, although the former swept the latter in their elims matchup on October 11. But the Agilas are raring to put one over the Home Power Hitters behind Alnakran Abdilla, Howard Mojica, Edwin Tolentino and Jeffrey Malabanan.

Asian chessfest lures 16 teams

S

IXTEEN countries led by powerhouse China, India and Iran will compete in the 17th Asian Continental Chess Championships (Second Manny Pacquiao Cup) set from December 9 to 19 at the Tiara Hotel in Makati City.

China’s Grandmasters (GMs) Wang Hao (2730), Wei Yi (2728) and Ni Hua (2683), Iran’s GM Parham Maghsoodloo (2689), and India’s GM Baskaran Adhiban (2682) and GM SP Sethuraman (2664) are among the players to watch in the tournament sanctioned by National Chess Federation of the Philippines led by its president Butch Pichay and sponsored by Sen. Manny Pacquiao and the Philippine Sports Commission.

China’s Woman GM Guo Qi, who clinched silver team and individual plays at the 2014 World Chess Olympiad in Tromso (Norway) and currently rated 2368, is the top seed in the women’s division, while China’s WGM Wang Jue (2367) and India’s WGM Padmini Rout (2341) are also expected to battle challenge Guo. GMs John Paul Gomez, Darwin Laylo and Joey Antonio; promising International Masters Jan Emmanuel Garcia, Haridas Pascua, Marvin Miciano, Paolo Bersamina and recently crowned Asean seniors champion International Master Chito Garma will lead the country’s challenge in the men’s division. WGM Janelle Mae Frayna is the country’s top bet in the women’s side.

orts

sMirror

Monday, December 3, 2018

COACH BO: IT’S POSSIBLE TO BEAT BLUE EAGLES

Lady Chiefs battle Mapua volleybelles

A

RELLANO University and San Beda try to keep their record unblemished when they tackle Mapua and Lyceum of the Philippines University, respectively, in the 94th National Collegiate Athletic Association women’s volleyball tournament on Monday at the Filoil Flying V Centre in San Juan City.

Reigning champion Arellano University turned back a vastly improved College of Saint Benilde, 25-17, 20-25, 25-18, 18-25, 16-14, while San Beda smashed Mapua, 30-28, 25-17, 25-14, on Tuesday to stay unscathed in two outings and share the lead with San Sebastian College.

Arellano University tangles with Mapua at 2

U

NIVERSITY of the Philippines (UP) lost Game One, 79-88, on Saturday but for the Fighting Maroons’ Head Coach Bo Perasol, the setback revealed the Ateneo Blue Eagles are beatable.

“If there is one takeaway that I can take home and think about is that it’s possible—it’s possible!— that we can beat Ateneo,” said Perasol minutes after absorbing the defeat in the University Athletic Association of the Philippines Season 81 men’s basketball Finals at the Mall of Asia Arena.

p.m. while San Beda faces Lyceum that has split its first two outings highlighted by a 25-19, 25-22, 20-25, 26-24 victory over Jose Rizal University at 4 p.m.

Nicole Ebuen starred in the Lady Chiefs’ previous victory by dropping 22 points while Princess Bello

and Regine Anne Arocha, last season’s Finals Most Valuable Player, scattered 18 and 13 hits, respectively, in their last match.

LADIES CLASSIC UP Y

UPAPORN KAWINPAKORN seeks to cap a sterling 2018 campaign on the Ladies Philippine Golf Tour (LPGT) as she shoots for a third victory in the International Container Terminal Services Inc. (ICTSI) Pradera Verde Ladies Classic beginning on Tuesday in Lubao, Pampanga.

Kawinpakorn, who won the Philippine Ladies Amateur Open crown at The Country Club in 2007, is back as spearhead of a big 19-player Thai delegation raring to slug it out with the country’s best players in the P1million event put up by ICTSI. The veteran campaigner posted a pair of three-stroke victories at the Beverly Place and Summit Point stops of this year’s LPGT, anchoring an imposing six-victory romp by the country’s perennial regional rivals in the recently concluded 11-stage 2018 LPGT season.

But she and the rest of the Thais will be in for a tough challenge with LPGA Tour-bound Dottie Ardina anchoring the locals’ bid in what promises to be a wild, fierce battle for top honors right from the start of the 54-hole event organized by Pilipinas Golf Tournaments Inc. at the relative flat but challenging layout.

Ardina, gearing up for the world’s premier ladies circuit, is thrilled over playing again on the home front, eager to flaunt the form that netted her the overall No. 2 spot from a number of runner-up finishes in the Symetra Tour for an outright LPGA Tour berth.

She will be backstopped by former three-time LPGT OOM winner Cyna Rodriguez, former LPGT leg winner Chihiro Ikeda, Daniella Uy, Marvi Monsalve, Alex Etter and Gretchen Villacencio and newly crowned LPGT OOM champion Princess Superal, who is also eyeing a third win this year after back-toback feats at Riviera and Midlands.

But Kawinpakorn remains confident of adding another championship to her growing trophy room with Onkanok Soisuwan and Wannasiri Sirirampant also hopeful of scoring a second win on the country’s local pro circuit, backed by Custom Clubmakers, BDO, Meralco, Sharp, KZG, PLDT, Champion, Summit Mineral Water and K&G Golf.

The other Thais competing are Alisara Wedchakama, Arpichaya Yubol, Chakansim Khamborn, Chatprapa Siriprakob, Chommapat Pongthanarak, Chonlada Chayanun, Chouvarest Chouskittisopon, Dolnapa Phudthipinij, Jaruporn P Na Ayutthaya, Kanokwan Yospak, Omnicha Konsunthea, Pattaporn Kraturuk, Pimpadsorn Sangkagaro, Preenaphan Poomklay, Trichat

A

L GLORIA and Dennis Gonzales captured the overall low gross championship with a two-day haul of 106 points in Summit Point Golf and Country Club’s 11th Invitational Tournament in Lipa City recently.

Gloria and Gonzales gunned down key birdies down the stretch on the second day under the aggregate format for 69 points—a sterling follow up to their opening 37 in best ball format.

Rona Cordovez and Antenor Banagale were the noncompetition big winners for bagging Toyota Wigo cars courtesy of Toyota Calamba, Laguna, in the raffle.

Nelson Ventura and Katy Katigbak combined for a net 125 points (46-79) to top Division 1. Wendell Lucido and

RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

Looking at Ateneo’s Game 1 win over UP YOU have to give credit to the University of the Philippines (UP) Fighting Maroons who picked up from where they left off (the Final Four triumph over Adamson University) with their frenetic pace and scorching shooting that had the Ateneo Blue Eagles reeling.

Some of the Blue Eagles’ starters and bench players didn’t get the job done as opposed to their UP counterparts that it took the individual brilliance of Thirdy Ravena and Matt Nieto to win Game One of the Season 81 Finals, 88-79.

In fairness to the Blue Eagles’ bench and even the UP players, in my opinion it was the moment. That was some shooting display from the outside—their best of the season. When you have Diego Dario nailing shots from a few steps past the three-point arc like that—and he has been much of an afterthought since Bo Perasol came on board—there isn’t much you can do...at least for a half.

And this was the first game the Blue Eagles won despite being torched from the outside.

Team Ateneo UP

3pts 1st Qtr` 3-6 (50%) 4-6 (66%)

3pts 2nd Qtr 4-9 (46%) 0-8

3pts 3rd Qtr 4-7 (57%) 4-7 (57%)

T

EAM Pilipinas found itself burdened by a tough task of toppling powerhouse Iran on Monday as stakes got more difficult in the Fiba World Cup Asian Qualifiers.

Action fires off at 7:30 p.m. at the Mall of Asia Arena with the national team plunging into a crucial match to keep hold of the third spot with a 5-4 won-loss record.

The Filipinos dropped an 88-92 result to the visiting Kazakhstan national team last Friday to share third place with Japan, which beat Qatar, 85-47, on the same day.

“There’s more pressure on us now to win against Iran. I’m not giving up our chances,” Team Pilipinas Head Coach Yeng Guiao said.

Australia comfortably sits on top with an 8-1 record. Iran, which was given a rude

Gloria, Gonzales rule Summit Invitational

3pth 4th Qtr 2-6 (33%) 3-6 (50%)

How did they win that despite the barrage from UP? The Blue Eagles hit their triples when they needed it the most with huge shots coming from Matt Nieto, Tyler Tio and Gian Mamuyac.

Ratcheting up the D especially in the fourth period.

Hermie Perez had 131 (49-82), ruled Division 2, while Bill Williams and Eric Kasilig dominated Division 3 with 134 (51-83).

Jerome Ngo and BJ Cadayong triumphed in the guest/sponsor division in the event sponsored

by K&G, Pepsi/ Gatorade, Resorts World Manila/ Emperador, Golf PH/Mission Hills, Batangas

Let’s take a look at the defensive stats of that quarter.

Defensive Rebounds 5 5

Steals 1 4

Blocks 0 0

Turnovers 7 3

Pts off TOs 0 7

And let’s compare the Big Threes of each team Team Ateneo (Kouame/Nieto/Ravena) UP (Akhuetie/Desiderio/JuGomezDeLiano)

Ateneo became far more active when it mattered most, revalidating their tag as the favorites to run away with the crown and frustrate a foe that has not won in 32 years.

The UP fans were a sight to behold, according to Perasol. But the loss, despite tough, gave them a peek of how to beat Ateneo in Game Two, which is set for Wednesday across Metro Manila at the Smart Araneta Coliseum.

“That’s just something else. With this kind of magnitude [of fans] that cheers you onto deliver, or at least give them something, is something to be proud of,” Perason said.

“I told the boys ‘we fought it out with a twiceto-beat disadvantage against Adamson [University], why not do it again against Ateneo?’ I’m still very positive about our chances,” he added.

Perasol vowed they will play hungry in Game Two. “We need to do some preparation which we did not have in the last few days. But I’m quite sure we’ll be better on Wednesday,” he said.

Ramon Rafael Bonilla

TEAM PHL IN TOUGH MATCH VS. IRANIANS

YUPAPORN KAWINPAKORN eyes her third victory in Lubao.

Team Ateneo UP

It was obvious that UP cornered much of the 21,000-plus tickets that were sold for that game as evidenced by sea of maroon-clad fans who were raucous all game long—especially in the second quarter when their team went ahead and their cheers turning the referee’s whistle to a mute.

It was in that period when UP’s Jun Manzo led a spirited fight back he highlighted by a buzzer-beating triple at halftime that made it just a one-point 39-38 game.

Manzo’s 10-point effort in that period was immediately supplemented with seven points in the third frame. His gun went silent though in the final 10 minutes.

Leading his team in scoring in the first three quarters, Manzo couldn’t find the back of the net in the final quarter, when the Fighting Maroons desperately tried to crack the Blue Eagles’ championship poise.

ATENEO’S Kakou Kouame and Thirdy Ravena double team University of the Philippines’s Paul Desiderio.

Cheenglab and Waralee Athcarerk.

The field also includes nine amateurs, led by club bet Annyka Cayabyab, Junia Gabasa, Laurea Duque and Team The Country Club’s Eagle Ace Superal, Samantha Dizon, Mafy Singson and Nicole Abelar, all seeking to prove their worth and spoil the big guns’ title drives in the event.

C3

Fourth Quarter 18 points 12 points

I earlier mentioned that Nieto and Ravena carried the team. Others did their part—Anton Asistio, Raffy Verano, Tyler Tio, Mike Nieto...but Angelo Kouame, in addition to not playing well, was bothered by his “foul” on Akhuetie as the UP crowd booed him. For the third time this season (the other two were the first-round losses to Adamson University and Far Eastern University), he flailed around, was a step slow, and really shrunk in the face of the challenge. I will give this to him. It can be unnerving when you are booed by half the people in the arena. While I believe that experience counts, it is not the determining factor. In the moment, Kouame shrunk. But he will be better for it now that he has experienced it. For sure, he wanted to contribute and he did just enough in the fourth.

Speaking earlier of benches, UP’s sparkled earlier in the game, but come crunch time, two of the Blue Eagles bench mob remained in the game and gave a very good account of themselves. There was Tyler Tio who continued to be a UP killer (that was a huge triple he fired in the fourth) and he was steady—no turnovers in 13 minutes of action. And there was Gian Mamuyac who was matched up against Juan Gomez de Liaño. Mamu hit a key triple from the left-corner pocket in the fourth and he issued a key assist that Tio converted into a triple for a 66-61 lead at the 9:21 mark. He finished with five points, four rebounds and four assists.

I also mentioned that I believe that championship experience is a factor but not the overriding one. Cases in point, Ateneo defeated DLSU in the 2008 finals despite the latter being the defending champs and the former not having that finals experience save for Chris (the others didn’t play much in their previous 2006 finals stint). And there was, of course, NU knocking down FEU in 2014 even if the Tamaraws had a lot of players with finals experience.

Summing it up, it came down to Ateneo’s top guns finishing off UP on both offense and defense (the free throws are a by-product of that, too).

For Game Two, I wonder if UP can continue to wax hot from the outside and how both teams will adjust now to each other and I figure Kouame will play better. Can Ateneo close out the series? One thing is for sure, it will be another electric atmosphere.

welcome in Melbourne with a 47-76 loss last week, has a 6-3 card.

The result of Monday’s games would determine many of the teams’ fate entering the last window in February. Just before the Team Pilipinas-Iran tipoff, Japan hosts Kazakhstan at the Toyoma City Gymnasium.

Only seven teams from Asia will advance to the World Cup in China next year.

Against Kazakhstan, the Filipinos were entangled in a tight battle and visitors showed more heart at crunchtime.

Six-foot-9 forward Alexandr Zhigulin led the Kazakhs with 30 points, including six triples.

Stanley Pringle, who played as the team’s naturalized player, powered the hosts with 29 points, four assists and three rebounds.

June Mar Fajardo added 14 points, while

Marcio Lassiter chipped in 13.

Guiao admitted that it was the long bombs of the agile Kazakh big men that torched the Filipinos. “We’re disappointed. We were mismatched in terms of quickness of our big men,” Guiao said.

The Iranians, on the other hand, were simply overpowered by the Aussies with Behnam Yakhchali churning in the lone double-digit score of 12 points. Iran was limited to a woeful 15-of-67 shooting in the match.

Guiao will have Christian Standhardinger as his naturalized player to match the bigs of the Iranians. Backing him up are Fajardo, Lassiter, returnees Jayson Castro and Troy Rosario, Gabe Norwood, Matthew Wright, Japeth Aguilar, Beau Belga, Arwind Santos, LA Tenorio and Scottie Thompson. Ramon Rafael Bonilla

Maharlika Golfers and Sta. Lucia Land.

Summit Point Director Teddy Valenton aced the par-3 No. 8 using a Beres five-iron and a Titliest Ball No. 4 to win a Texas Eagle golf cart plus P10,000 worth of consumables either at the club or pro shop in the event supported by Gerry’s Grill, Lemans and Summit Point Realty

Vice Gov. Marc Leviste, Manny Rabe, Funai, Sonny Ricablanca, Anthony Arevalo, Teddy Valenton, Raul Montealto, Danny Odeste, Tony Ilagan, Vincent Duke, Nuat Thai, Gerry Aguado, Robertp Alvarez, Narcing Dimapilis, Alan Alegre, Nelson Ventura, Marvin Jovero, Joeben Caballes, Blades and Saturday Group, Pocari Sweat, Microtel and Santomas Suites backed the event.

WILDER-FURY DUEL ENDS IN SPLIT DRAW

By Greg Beacham

L

The Associated Press

OS ANGELES—Tyson Fury dominated long stretches of his heavyweight title bout against Deontay Wilder with shifty technique and graceful defense.

He still ended up flat on the canvas in the 12th round, his eyes rolling backward while Wilder celebrated above him.

Fury somehow gathered his wits, rose and made it to the final bell. That’s when both hulking men heard a verdict that didn’t satisfy them, but nearly guaranteed a rematch of this exciting showdown.

Wilder and Fury fought to a split draw on Saturday night, with Wilder retaining his World Boxing Council heavyweight title after knocking down his British challenger twice.

“One hundred percent we’ll do the rematch,” Fury said. “We are two great champions. Me and this man are the two best heavyweights on the planet.”

Wilder (40-0-1) floored Fury (27-0-1) in the ninth and final rounds, yet Fury clearly outboxed Wilder for large portions of their meeting at Staples Center.

Fury appeared to be on his way to a decision victory when he came out for the final round— and a minute later, he looked totally finished when Wilder put him on his back with a right-left combination. Yet Fury rose, summoning strength at the critical moment of his comeback from a two-and-a-half-year ring absence amid bouts of drug abuse and depression.

“I hope I did you all proud after nearly three years out of the ring,” Fury said. “I was never going to be knocked out tonight. I showed good heart to get up. I came here tonight and I fought my heart out.”

While Wilder kept his belt, Fury remained the unofficial lineal champion of the heavyweight division by virtue of his victory over Wladimir Klitschko in November 2015.

Judge Robert Tapper scored the fight 114-112

for Fury, while Alejandro Rochin favored Wilder 115-111. Judge Phil Edwards and The Associated Press scored it a 113-113 draw, with Wilder’s knockdowns compensating for Fury’s superior technique.

“We gave each other all we’ve got,” Wilder said. “We’re the best in the world. The respect was mutual.”

While both men thought they won, neither was overly upset by the verdict in front of a frenzied Hollywood crowd. They embraced warmly and immediately talked about a rematch in the spring.

“When you get two warriors, you get a great fight,” Wilder said. “That’s what we proved tonight, and I’m ready to do it again.”

The bout was a rare meeting of two unbeaten heavyweight stars in their apparent primes, with both fighters putting aside caution and the typical squabbles over money or belts to stage one of the most compelling matchups in the glamour division’s recent history.

And the fighters delivered, each in his unique way. The 6-foot-9 Fury spent nearly every moment of the fight nimbly avoiding Wilder’s punches in a masterful display—except for the two moments when the 6-foot-7 Wilder viciously knocked him to the canvas.

A punch to the top of Fury’s head shockingly put him down in the ninth, but he bounced up quickly.

With just two minutes left in the fight, Wilder buckled Fury’s knees with a right hand and knocked him senseless with a perfect left on the way down.

Even though Wilder made a throat-slashing gesture and mouthed “It’s over,” Fury beat the count and went back to work.

Wilder failed to win for the first time since his semifinal bout at the Beijing Olympics, and he failed to knock out his opponent for only the second time in 41 career bouts. Yet, the Bronze Bomber showed remarkable resourcefulness and power, avoiding what would have been a decision loss with those two knockdowns.

Sports BusinessMirror

C4

| Monday, December 3, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

DEONTAY WILDER (left) and Tyson Fury trade punches during their World Boxing Council heavyweight championship match on Saturday in Los Angeles. AP

Gvozdyk stops Stevenson in 11th round

Q

UEBEC CITY—Oleksandr Gvozdyk stopped Adonis Stevenson at two minutes and 49 seconds of the 11th round on Saturday night to take the World Boxing Council light heavyweight title from the Canadian.

The 41-year-old Stevenson was put on a stretcher after the fight and left Videotron Centre in an ambulance. There was no immediate word on the nature of the injury.

The 31-year-old Gvozdyk, from the

Ukraine, improved to 16-0. Stevenson dropped to 29-2-1 with his first loss since 2010 and first in Canada.

Stevenson was making his 10th title defense since winning the belt against Chad Dawson in 2013. Stevenson was ahead on two of the judges’ card and tied on the third when he was stopped.

Stevenson fell early, in the third round, after getting hit by Gvozdyk. But referee Michael Griffin said it was a slip. Gvozdyk, however, was the more aggressive of the two,

and it showed the rest of the round.

In the sixth round, Stevenson threw more punches to the body, something that he rarely does. He hit Gvozdyk in the abdomen and shook him, and Stevenson finished the round strongly.

Stevenson controlled the center of the ring for part of the match, but in the 10th round, Gvozdyk finished with a series of blows that seemed to motivate him for the 11th round.

Gvozdyk continued with his series of flurries that got Stevenson in the ropes in the middle of the 11th, before sending the Canadian to the canvas with three solid right punches. AP

FUTURE OF BOXING IN OLYMPICS HANGS

T

OKYO—The International Olympic Committee (IOC) wants boxing to be held at the 2020 Tokyo Olympics. That much we know.

But IOC President Thomas Bach could not give an ironclad promise on Saturday that it will happen when the Olympics open in just over 20 months.

“We want to have the boxing tournament in the games in Tokyo, and we will make all efforts to have it,” said Bach, who was asked several times about it on Saturday as the IOC closed two days of meetings in the Japanese capital.

Accusations of corruption and malfeasance surrounding the boxing federation that runs the sport at the Olympics have left the future of boxing up in the air.

The IOC on Friday initiated a formal inquiry into AIBA—an acronym for the International Boxing Association—and has given itself six months to work behind the scenes to solve a problem it’s been facing for a year.

“We also have received a request from the national boxing federation of Japan, pleading to have an Olympic boxing tournament,” Bach

added. “We’re absolutely in line with this request.”

Bach didn’t say it, but there is speculation the IOC could run the event, using AIBA judges and referees. It seems unlikely a new body would be created from the ground up.

Or the tournament might not be staged at all, which is a long shot.

IOC member Nenad Lalovic of Serbia is heading the inquiry, a strong Bach ally and president of United World Wrestling—the Olympic wresting body.

IOC sports director Kit McConnell said the inquiry into AIBA was unprecedented.

“I’m not sure it’s one that has ever been done in any other circumstance,” McConnell said. “We’ve been trying to find a solution to this throughout the course of 2018.”

A major problem is Gafur Rakhimov of Uzbekistan, who was elected president of the body on November 3 despite being on a US Treasury Department sanctions list. He has replaced CK Wu as president, an IOC member who was forced out as AIBA president with the body facing bankruptcy.

THOMAS BACH doesn’t say it, but there is speculation the International Olympic Committee could run boxing in Tokyo. AP

Rakhimov denies alleged links to organized crime networks and the international drug trade. The long-time AIBA executive committee member was prevented from attending the 2000 Sydney Olympics and 2012 London Olympics by Australian and British government authorities.

The American federal sanctions bar US citizens and companies from doing business with him.

In a statement on Friday, the IOC said it was investigating AIBA’s finances, governance, ethics, anti-doping, and refereeing and judging, which was repeatedly questioned at the 2016 Rio de Janeiro Olympics.

The IOC said it “understands the AIBA is unable to maintain or open a bank account in Switzerland, where its headquarters are based.”

The IOC has said the inquiry could lead to the “withdrawal of recognition” for AIBA, which can only take place in June at the next full congress of the IOC. The Tokyo Olympics open on July 24, 2020.

Left in the lurch are the athletes, which the IOC says it always seeks to protect.

“Any situation that involves the athletes and a sport like this is not a comfortable one for any of us to be in,” said McConnell, who urged athletes “to carry on” training while the IOC seeks a solution.

McConnell rejected a suggestion the IOC was simply buying time to dig itself out of a mess.

“I really don’t see it as kicking the can down the road,” he said.

Tokyo organizers are also stuck, though they will also keep working behind the scenes to prepare the venue.

During the IOC-appointed inquiry, the Tokyo Olympic boxing program will be frozen: No tickets will be sold, no test event held and no qualifying format approved. The IOC had previously suspended payments to AIBA from Olympic revenues.

Tokyo plans to hold boxing in the Kokugikan, the storied sumo hall in east Tokyo—a venue perfectly suited to boxing.

Toshiro Muto, the CEO of the Tokyo organizing committee, chose his words carefully. AP

F

Forgiving God

ORGIVING God, You heal wounds and restore life. In faith, we pray: Show us mercy. Alleviate the struggles and suffering of military families and veterans. Calm those who fear death, and give everlasting peace to those who die alone. May Almighty God have mercy on us, forgive us our sin and grant us salvation, through Christ, our Redeemer. 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

AND THEN SOME: IS THERE A PERMANENT REMEDY FOR PIMPLES? D4

Monday, December 3, 2018

D1

Daring Givenchy fragrance gets a provocative update

AS 2018 comes to a close and the new year is just around the corner, Givenchy creates a new L’Interdit fragrance which invites women to have the courage to step into that space beyond convention—to embrace the frisson of freedom and forbidden sensations; to transgress imaginary, real, invented limits and codes, because sometimes the only limit is within.

With acclaimed actress Rooney Mara as its stunning face, Givenchy’s L’Interdit is a fragrance to remind women that sometimes audacity is the key to freedom. And that beyond what might hold one back, lie many of life’s thrills.

L’Interdit in 1957 was Givenchy’s first daring fragrance. Its new iteration is a tribute to freedom, a new fearless classic.

Created by master perfumers Dominique Ropion, Anne Flipo and Fanny Bal, L’Interdit unveils a floral white bouquet of orange blossom, jasmine and tuberose. In contrast, earthy dark tones emanate from the vetiver and patchouli. The new eau de parfum is available in 35 ml, 50 ml and 80 ml.

Best of 2018: Team Philippines wins at Malaysia Fashion Week TEAM Philippines flanks design legend Jimmy Choo: Randolph Keith Jinky Petalcorin of Agusan del Norte, Jor-el Espina of Iloilo City, Dong Omaga-Diaz, Adante Leyesa of Batangas, Jet Salcedo of Iloilo City and Dodjie Batu of Davao City. Not in photo is Len NepomucenoMortel, based in Bangkok, Thailand. LEO BARTOLOME

TOTA PULCHRA MISS CHARLIZE

@misscharlize

K

UALA LUMPUR, Malaysia—As awards were handed out one after the other during the gala night of Malaysia Fashion Week (MFW) on November 25 (Exhibition of the Year 2018 to Sabah, Best Malaysian Designer to Adamaya, Best Accessories Designer to Illiza Ho of Taiwan, Most Promising International Designer of the Year 2018 to Tasmiah of China), excitement ran high at the White Box of Publika Shopping Gallery.

When the special awards from the event cofounder were given out (Professor Datuk Dr Jimmy Choo Award Malaysian Designer: Adamaya

and Professor Datuk Dr Jimmy Choo Award International Designers: Sarene Fu of Taiwan and Sayee of Indonesia), Dong Omaga-Diaz sat composed, though inwardly tense, in the front row.

Then the all-important “Best Showcase of the Year” was up, and the Philippines was called.

Omaga-Diaz, head of the Filipino contingent of designers, smiled from ear to ear and received the award. The distinction is for a group that consistently showed polished, beautifully crafted and widely applauded designs.

“All designers from the Philippines must come forward because this is a country award,” the host announced. Waving Philippine flags like they did during their curtain calls, the beaming designers joined Omaga-Diaz onstage in a proud moment of solidarity.

“My primary task for Malaysia/Mercedes-Benz Stylo Asia Fashion Week is to find able and capable designers to represent the country. In my sixth year as country head, I chose to open the doors to designers from all over the archipelago. My search wasn’t easy. It took a while before the final lineup was completed,” said Omaga-Diaz, a former president of the Fashion and Design Council of the

Philippines (FDCP).

He eventually selected Len NepomucenoMortel, an FDCP designer based in Bangkok, to represent overseas Filipino designers; Randolph Keith Jinky Petalcorin from Butuan City in Agusan del Norte, Dodjie Batu from Davao City, Jor-el Espina and Jet Salcedo from Iloilo City, and Batangas’s Adante Leyesa, an accessories designer and new FDCP member.

“I have learned that participating in international shows is triple the hard work, and to never lose hope, and to always continue to learn and grow. Fashion is never-ending learning. There is always something new. You have to be open to new ideas and recognize the creativity of new and young designers,” said Nepomuceno-Mortel, a favorite among expats and diplomats for her chic aesthetic. “Fashion means diversity. Different people, different designers, different cultures, different tastes. Living in Thailand and participating in international shows opened my mind to accept and embrace all these.”

Salcedo was at a low point in his personal life but traveling to Kuala Lumpur lifted his morale.

“Being part of the winning team is a massive breakthrough in my career as a designer because

it’s on an international platform. It may bring in added pressure from now on because people will expect more from me but I will strive to maintain this level of excellence in my craft,” the fast-rising edgy Ilonggo designer said.

Batu is the lone menswear designer from the allwomenswear lineup. “Every time I hear my name called as an ‘International Fashion Designer’ in an event such as MFW gives me honor and pride. It’s because I am not only showing my designs to a different market but it also gives me a chance to represent my country, which I am most proud of,” said the past president of the Davao Fashion and Design Council.

Espina played on his strength as a postmodern Filipiniana designer while Petalcorin cornered the luxe market. The designers also sold their wares in pop-up stores at the mall adjacent to the runwayshows venue.

Leyesa, no stranger to design competitions, still felt the tension: “It was nerve-wracking. Not to mention the cost, but also the logistics, tasks and activities that you have to do on your own—away from the comfort of your own studio surrounded by your own staff. Becoming familiar with the new place is another story, even looking for a store to buy pins becomes a very big challenge. Other than these, everything is exciting: standing in front of an unfamiliar crowd, impressing onlookers and sharing my stories, meeting potential international business clients and winning new friends from a foreign land.

Every international show always brings a new and different experience, and a fresh perspective.”

Overall, despite the overwhelming odds against designers from the host country, China, Taiwan, Vietnam and Indonesia, Omaga-Diaz is grateful for the great showing of the hardworking Pinoy designers: “This award goes to each and every member of the Philippine contingent who, from their collective efforts, made an unforgettable showing in Malaysia. Our many thanks to all those who supported us, to all those who believe in what the Filipino can achieve. Maraming salamat po!”

Next year will be a bigger challenge, as OmagaDiaz hopes to bring 10 designers to “defend our crown” amid a new “battleground”: the shows will be held in the vicinity of the imposing Petronas Towers.

“I’m excited to discover and bring promising designers to Malaysia in 2019,” he shared. “But for now, let me tell this year’s winning designers: You have my respect and my admiration. With or without this award, I will continue to admire all of you because you showed love and dedication not only to fashion but also to our nation, which you have represented so well!”

D2

Monday, December 3, 2018

Style

BusinessMirror

www.businessmirror.com.ph

z Looking forward to spring

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Amanda Seyfried, 33; Bruno Campos, 45; Holly Marie Combs, 45; Julianne Moore, 58.

HAPPY BIRTHDAY: Bring it on and put it behind you.

Tie up loose ends and embrace new beginnings. Make this year count by being productive, not destructive.

You may be tempted to party and be indulgent, but that will not measure up to the recognition and rewards you’ll receive if you focus and channel your energy into something useful and practical. Your lucky numbers are 5, 11, 21, 24, 33, 42, 45.

a

ARIES (March 21-April 19): Take stock of what’s going on around you before you jump in to help. Knowing what you are up against will help you make better decisions when dealing with someone in an authority position. A change of heart can be expected. HHH

b

TAURUS (April 20-May 20): A change will do you good. An expert will offer you valuable information about something you want to pursue. Turn an idea into a reality. A physical change will boost your confidence or promote better health.

Romance is highlighted. HHH

c

GEMINI (May 21-June 20): Problems will mount if you or someone you are dealing with overreacts. Take the time to fully understand what’s going on before you take action or get into an argument that could ruin a relationship with someone important or influential. HHH

d

CANCER (June 21-July 22): Spruce up your image and look your best. Staying current mentally and physically will help you fit in and gain respect. You have plenty to gain if you are proactive and innovative. Romance will improve your personal life. HHHHH

e

LEO (July 23-Aug. 22): Too much of anything will lead to trouble. Emotional matters will escalate if you or someone close to you is indulgent. If you want to implement a change, make sure you have whatever approval is required before you begin. HH

T

f RUE to its talent for harnessing contemporary trends, Lacoste does away with the remaining relics of a hypergendered fashion to reveal a genuine link between both the male and female

wardrobes.

With an angle that’s neither political nor provocative, Lacoste, which is exclusively distributed around these parts by Store Specialists Inc., presents a Spring-Summer 2019 collection that focuses on style rather than gender.

With a mix of timeless pieces and seasonal ones, Lacoste induces a powerful vintage feeling by merging the brand’s tennis DNA with the streetwear universe of the ‘90s. It’s a creative and offbeat take on

the “sportcore” style that advocates a certain type of uniqueness, as well as liberating nonconformity.

A new impetus is given to the brand’s identity markers. The polo shirt, unisex sportswear icon, is central to this new collection. As the streets embrace tennis, basics are jostled to enter the subversive world of street style, becoming a new standard of everyday life. Here, cotton is held up to more technical materials such as polyester or diamond taffeta, while volumes and proportions are amplified, relying on oversizing and layering to structure the silhouette and increase possibilities.

Indifferently worn by men or women, the logoed sports pants and their matching jacket make a new life for themselves. The men’s suit turns into a pants and

blazer outfit for women, the XXL polo shirt is paired off with a long-pleated skirt or with technical jersey shorts that are worn high-waisted, restrained by a strap belt.

The line between fashion and sports has been rubbed out.

The logo stands out, resolutely clannish and radically displayed on a bucket hat that is casually dropped onto a cap, and signs a pair of retro aviator sunglasses. The crocodile also brands two pairs of sneakers, the white canvas Sideline model with its tennis court-inspired multicolored streaks; and the Masters model, whose minimalist leather line was drawn from the Lacoste archives.

Talk about scoring a stylish grand slam.

All Blacks to wear rainbow laces in support of Thomas THE All Blacks were the latest rugby team to wear rainbow laces in their boots last weekend in a show of support for Gareth Thomas after the former Wales captain was the victim of an anti-gay attack.

Thomas, who announced in 2009 he is gay, recorded a video recently saying he was assaulted in Cardiff in “a hate crime for my sexuality.” He had bruises on his face in the video.

Police in Cardiff have said a 16-year-old boy has admitted to carrying out the assault.

New Zealand said in a tweet its players would wear the rainbow laces in a tribute to Thomas in Saturday’s test match against Italy.

Thomas reacted to the All Blacks tweet by saying on Twitter, “I wish I could put in words what this means.”

Wales and France have already said they will do the same during their games on Saturday, but England

and Australia are letting the players choose for themselves.

Some England players have said they won’t wear the rainbow laces.

“That’s more to do with the thickness of the laces, they are actually really uncomfortable in my boots,” flanker Sam Underhill said. “And they are really long.

“I won’t be wearing them, but I fully support the LGBT community. That’s something we are all very, very keen that people know.

“On game day, little things can make quite big differences. If it was on a shirt or something like that, I don’t think anyone would say anything. But it’s just the fact that you get two bits of kit that are yours— your boots and your gumshield.

“It sounds a bit stupid, but changes in things such as your laces can make a big difference to a player. You like to keep your routine the same.”

Center Ben Te’o also won’t wear the special laces.

“I’ll just leave my boots as they are, as I’ve had them for the autumn,” Te’o said. AP

VIRGO (Aug. 23-Sept. 22): Start a new health regimen, make physical changes that will build confidence, or learn skills that will help you get ahead. Determination and dedication will prove to be a great asset when dealing with colleagues or superiors. HHHH

g

LIBRA (Sept. 23-Oct. 22): Keep your emotions under control when dealing with someone you live with or deal with daily.

Offer alternatives if someone complains or criticizes.

Gather information that will help clear up any misconception you or someone else might have. HHH

h

SCORPIO (Oct. 23-Nov. 21): Set up a routine that encourages fitness and proper dietary habits. Benefits will result in greater energy that will help you accomplish your goals. A unique approach is favored as long as you stick to a budget. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Slow down.

Make sure your footing is secure and that you have gone directly to the source for any information that can influence the outcome of whatever you are working toward. Don’t let someone’s charm lead you astray. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Listen but don’t let anyone pressure you into something you don’t want to do. Stick to your plan and encourage others to do the same. Keep in mind that charity begins at home. Tuck your money away and protect your assets. HH

k

AQUARIUS (Jan. 20-Feb. 18): A change in the way you earn or handle your money looks promising. An opportunity should not be ignored because someone is making you feel guilty for the choice you want to make. Do what’s best for yourself. HHHHH

l

PISCES (Feb. 19-March 20): Establish who is on your side and who isn’t. Don’t follow someone who is indulgent or lives beyond his or her means. Stick to friends and colleagues who share your standards, morals and integrity. Personal improvements are favored. 3 stars BIRTHDAY BABY: You are playful, competitive and secretive. You are sensitive and helpful.

‘answer me!’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Plaything 4 Ratchet parts 9 Rub too harshly 14 Minimal number 15 Anticipate 16 Angry dispute 17 Neutral possessive 18 Periods of long-ago 20 Operated with a surgical beam 22 Some wool providers 23 Apparitions 26 Supernaturally evil 31 A one-in-a-million thing 33 Con’s early release 34 Wine vat kin 36 Nursery inhabitants 38 Ale alternative 39 State with certainty 41 Stand for an artist 43 Very dry 44 Transported by Greyhound 46 Emulate a masseuse 48 Dum-Dum’s twins?

49 Martini inserts 51 Nicaragua’s Daniel 53 Welsh dish 55 Some in the Middle East 58 Has birthdays 60 Seashore recess 61 “That never existed” 67 Mine find 68 Puff up 69 Dashboard item 70 Commandment taboo 71 With wings 72 “Get ___ of yourself!”

73 Collector’s unit DOWN 1 Works hard 2 Like draft brew 3 Private answers?

4 Prospectors may strike it 5 Wonder 6 Used to be 7 Diet package word 8 Beef and Irish 9 Fancy glass material

10 Color 11 Santa ___ wind 12 Christmas tree type 13 Grandstanding threesome?

19 Do this with a scythe 21 History book subject 24 Cheap backyard swing 25 Meaty entree 27 Certain Algerian 28 Something you won’t miss 29 End of the small intestine 30 Some breath mints 32 Type of question 34 Fife go-with 35 Pendant in the throat 37 Future visionaries?

40 “___ Only Just Begun” 42 Not punctual 45 Fiasco 47 Kinda deified entity 50 “Well, whatever” exhalation 52 Certain hard liquor 54 Fore four?

56 Seriously creepy

57 Surgery tube 59 1979 Middle East exile 61 US spy grp.

62 Head-turning creature 63 Poseidon’s place 64 With none better (Abbr.)

65 “What can ___ for you?”

66 Nada kin Solution to Friday’s puzzle:

www.businessmirror.com.ph

Show BusinessMirror

Monday, December 3, 2018

D3

Love and loneliness during the holidays ALL ACCESS RICKY GALLARDO

rickygallardoTFI@gmail.com

T

HE Christmas season should be a happy time, but not every one shares the same excitement and joy that most people feel during this festive month.

In a world where technology dictates how most should go about their everyday lives, personal intimacy, bonding with family and even mere conversations over coffee have become quite a rarity.

A thematic exhibit presented by The Julia Buencamino Project, titled Will You Still Love Me?, opened recently at the Cultural Center of the Philippines (CCP) and its focus is on mental-health awareness.

For those who are not aware, Julia Buencamino is a young teenage artist who took her own life a few years back. Her artist-parents Nonie and Shamaine decided to put up The Julia Buencamino Project to spread awareness on suicide prevention, and the couple makes time to speak on campuses and they donate the “Julia Buencamino bench” to symbolize a safe place where people can sit, recharge and talk to others about anything that’s bothering them.

The event at the CCP will culminate in a Festival of Arts & Ideas on the weekend of December 8 and 9 where participants will be engaged in art-related activities that will deepen their understanding and appreciation of the many mental, emotional and psychological issues that are prevalent these days.

There will be live performances, poetry reading, forums, film screenings and workshops scattered in different venues of the CCP. “Everyone is welcome,” enthused Shamaine, adding, “The more people we touch, the more we can disseminate information about mentalhealth issues, and the more we can understand each other. We have invited different facilitators who are specialists in their respective fields to share their expertise and mentor the participants.”

For those who love to dance, the festival offers a Movement Connection class, which is a dance healing session that aims to reconcile the internal thoughts through external movements. This will be facilitated by

CHRISTIAN BAUTISTA

ANDREA TORRES

Christian, Andrea give tribute to overseas Filipinos via GMA Pinoy TV

NONIE and Shamaine Buencamino and their late daughter Julia.

Christine Crame, and dance background is not a requirement.

Short films on mental conditions will be screened which will be followed by a forum facilitated by psychologist Dr. Maricar Paulino Fajardo.

The participating films include Oh Aking Katoto, Jordan and Comfort Room with directors Kelvin Aguilar, Vic Acedillo Jr. and Leia Reyna Pasumbal sharing how art and films can help cope with depression.

A performance art program will also be one of the highlights of the festival. Underwater is a self-revelatory performance where Issa Manalo Lopez interrogates the roots of her mental disorder, and allows the audience to step in as witness. The creators are Issa, J Laspuna, Sheka Ong, Ina Azarcon-Bolivar and Kat Bonillo. Other ruminations is a biographical theater performance by Shamaine Buencamino in collaboration with Layeta Bucoy, Jose Estrella, Kare Adea and Gerald Mercado.

A special visual arts workshop, billed as Cultivating Attunement, Inner Composure and Resilience Through Arts, introduces some basic guides on how to be more mindful with one’s thoughts and emotions, offering a friendly attitude toward one’s experiences in life. It also provides some basic experiential exercises on cultivating inner composure and resilience that the participants may be able to apply in their day-to-day encounters.

The Buencamino couple will also take part in poetry reading session, and some friends will participate in dance interpretations choreographed

by Gerald Mercado and Nonoy Froilan.

It will be a weekend of awareness and awakening, of bonding and brotherhood, of fun and newfound friendships. Love is the reason for the season and it should always overpower loneliness.

Let’s all have a Happy December.

THIS December Pinoys abroad can come home to a special musical extravaganza as GMA Pinoy TV brings the network’s stars to join fellow Filipino performers through “Awit Pasasalamat: A Tribute to Overseas Filipinos.”

Slated to happen on December 15 at the Newport Performing Arts Theater in Resorts World Manila, witness a night of sheer Pinoy talent featuring no less than Christian Bautista and Andrea Torres together with guest performers Joey Ayala, Rose Fostanes, Tanya Dawood and many more.

“This show will serve as a warm welcome to our kababayan and we promise to make their stay even more memorable as they celebrate Christmas with their family and loved ones,” Christian assured.

“Para sa mga minamahal nating Kapuso galing abroad, hayaan po ninyong kami naman ang mag-treat sa inyo ngayong kapaskuhan. At sana po through this show ay madama ninyo kung gaano kayo ka-special para sa amin,” said Andrea.

The special concert is organized by Advocates and Keepers Organization of OFWs in partnership with Bantay OFW Inc. and JSP Events, and with the exclusive media partnership of GMA’s flagship international channel GMA Pinoy TV as their way of giving back for the overseas Filipinos’ sacrifices, hard work and contribution to the country.

More important, in true Christmas and OFW spirit, the proceeds of the concert will be used to finance Pasay General Hospital’s equipment for its OFW ward.

Ticket prices for “Awit Pasasalamat” are at P850, P1,200, P1,500, P3,000 and P5,000. More information is available at www.ticketworld.com.ph.

Style

D4 Monday, December 3, 2018

www.businessmirror.com.ph

Is there a permanent remedy for pimples?

our faces, mainly because it contains many irritating ingredients. Strangely though, this remedy sometimes works for me as a spot treatment. I wouldn’t really recommend it though.

AND THEN SOME DINNA CHAN VASQUEZ @dinnachanvasquez luckydinna@gmail.com

I

’M not exaggerating when I say that 80 percent of my life has been devoted to finding the cure for acne. I was pimpleplagued teenager at a time when very few options were available for us. I tried everything from deodorant soap to toothpaste but acne seemed to love my face too much.

I had active acne until I was in my late 20s but to this day, I still have occasional breakouts.

Unfortunately, my daughter has the same problem. Luckily, our pimples don’t leave deep scars, just some dark spots that fade away in time.

At this point, I don’t believe that there’s a permanent remedy for pimples/acne/ blackheads except maybe for oral medication, which a lot of people say really works but with some side effects.

So here are some remedies and medications that I have tried on myself and my daughter: 1. APPLE CIDER VINEGAR Someone suggested this to my mom when my daughter started having pimples and to be honest, it worked at first and it wasn’t so stinky that you could smell it on your face at night. To use, apply a thin layer on affected areas after cleansing in the evening. Apple cider vinegar has bacteria-killing properties and contains lactic acid, which is also effective in keeping skin pimple-free. Some people say apple cider vinegar also helps prevent scarring.

2. TOOTHPASTE I’ve read so many stories enumerating the reasons we shouldn’t use toothpaste on

3. WITCH HAZEL My daughter and I used this in toner and/ or astringent form. I’ve never met anyone who used witch hazel and didn’t like it but for me, it was drying and irritating. I would never use it again.

4. CLINIQUE 3-STEP SKIN CARE ROUTINE I used this when I was younger. The routine, which includes bar soap (now in liquid form), clarifying lotion and moisturizer, was slightly drying but it worked in keeping my face blemish-free. I now realize that I stopped using it because it was very expensive at that time.

5. PROACTIV My daughter used Proactiv, which has benzoyl peroxide as the main ingredient, for years. It worked but I had so may issues with it.

The product would cause stains on clothes, bed linens and towels. Eventually, my daughter’s skin became too dry. I think benzoyl peroxide works in killing bacteria that causes pimples but it also damages healthy skin by making it dry and irritated. Another thing I didn’t like about it was that you needed tons of sunscreen to protect your skin during the day. I know that everyone needs sunscreen but being a Proactiv user means that you need more than the usual.

6. THE AIVEE CLINIC’S CLINDAMYCIN TONER This toner really works and I love how it comes in a spray container so it’s very easy to use. The only thing is that you’d need to be a client of The Aivee Clinic to be able to purchase it, meaning you’d have to consult with a doctor.

7. EPIDUO FORTE This treatment combines benzoyl peroxide and adapalene. Epiduo helps tone down inflammation so it works for red and inflamed pimples. The side effects are dryness, flaking and mild irritation, so what I do is limit its usage to three times a week instead of every day.

Local cosmetics brand leads zero-waste management campaign

EVER Bilena, a popular local cosmetics brand, took a step closer to protect and preserve the environment as it launched recently its zero-waste management program. A highlight of the launch was the unveiling of the iECO-800, a thermal burner that is smokeless and odorless, and burns almost all kinds of solid waste. Present during the launch were (from left) ABS-CBN Publishing President and CEO Ernie Lopez, Pacific Online Systems Corp. Chairman and President Willy Ocier, Department of Public Works and Highways Secretary Mark Villar, Ever Bilena President and CEO Dioceldo Sy and SM Prime Executive Committee Chairman Hans Sy.

BusinessMirror

www.businessmirror.com.ph

Monday, December 3, 2018 E1

What if banks were the main protectors of customers’ private data?

FOR BETTER RETAIL PROMOTIONS, ASK THESE QUESTIONS

By Jon Weber & Chris Randall

M

ANY large retail organizations already have the tools and data they need to craft more effective promotions. What they lack, more often than not, is a logical way to structure their analysis. The solution can be found by asking a series of strategic questions, then carefully parsing the data for the answers. n When are discounts most likely to stimulate a sufficient sales response? Promotions vary in effectiveness depending on the time of the year, key holidays and even the day of the week. Retailers who have a firm grasp of how their customers shop during different periods can use this information to formulate more precise promotional strategies. Furthermore, retailers should use this insight to educate themselves on when aggressive promotions are a waste of effort and valuable margin dollars. n Does the promotion work best instore or online? It’s important to structure promotions based on what works best for a particular channel. n What products are most likely to garner more response when promoted?

Not all items a retailer sells are created equal. Some have higher elasticities or stronger pricing power. At the same time, retailers need to be aware of the signals they send to consumers when deciding which items to promote, and how often. n How does response vary across tactics? Make sure your promotional structure is aligned to your desired outcome and the manner in which your customers shop. n Who is most likely to respond?

Companies now have the data and analytic power to create specific customer profiles at relevant group levels, and craft promotional offers tailored specifically to these groups. n Getting promotions right. Of course, the most effective promotional strategy will differ for each retailer, and must account for many things, including the intended value proposition, competitive position and pricing power, and the specific consumer segments served.

But through data science and a careful, strategic approach, retailers can solve the promotional Rubik’s Cube and unlock substantial value.

Jon Weber and Chris Randall are managing directors and partners at L.E.K. Consulting.

T

Remote workers are more disengaged and more likely to quit

E

By Dan Schawbel

MPLOYEES around the world yearn for freedom and flexibility.

The most common form of flexibility that companies offer is the ability to work remotely.

But after interviewing over 2,000 employees and managers globally, we discovered that two-thirds of remote workers aren’t engaged, and over a third never get any time to be with their team, even though over 40 percent said it would help build deeper relationships. The study also found that remote workers are much less likely to stay at their company

for the long term.

While the population of remote workers is growing, some companies are simultaneously rolling back their remote work programs and forcing their employees to be at the office every day. They believe it’s the best way to build a strong culture, increase engagement and fuel work relationships.

Instead of saving money by promoting remote work, many companies are investing money in their office designs. A well-designed office, with an assortment of meeting spaces, gives employees the flexibility they desire, but in a collaborative environment. These companies understand that employees’ proximity to one another matters. The closer we sit to our colleagues, the more likely that we will interact with them and form the relationships that lead to longterm team commitment.

Aside from the lack of physical proximity, communication can be much slower with a remote work force. Getting everyone on the same page, on the same call and in the same mindset is challenging when people aren’t located in the same place.

Although research shows that remote workers are more productive—and they’ll tell you they enjoy the flexibility—they typically won’t reveal how isolated they are. Some companies have gone to extremes to either force everyone into the office to work or enable all employees to work remotely. But very often, meeting in the middle is best.

Give remote workers the flexibility to be able to work at the office, while maintaining for them the option of working remotely part-time, based on their position and needs.

They need face time, even if they won’t admit it, and companies need an engaged work force in order to retain talent and compete in the global economy.

Dan Schawbel is a partner and research director at Future Workplace.

WILL WALL STREET BE ABLE TO EARN THE TRUST OF YOUNGER INVESTORS?

By Eddie Yoon & Kyle Okimoto

U

BER and Netflix have fundamentally shifted consumer behavior and disrupted incumbent firms. In our research, we’re beginning to see signs that Wall Street is being threatened by similar forces.

In financial services, there are signs that traditional products like mutual funds are beginning to wane. Meanwhile, new investment exchanges and IRA accounts are emerging that provide alternatives to traditional stocks, bonds

and mutual funds. They have similar liquidity but greater transparency, and were previously available only to the ultrawealthy.

One next-generation example that is already available is YieldStreet, which offers a wide variety of debt investments, including real estate, marine finance and litigation finance. Platforms like AngelList, WeFunder and Republic enable ordinary retail investors to participate in the world of start-up investing. Through these platforms, Main Street investors can screen start-ups by industry, review business plans and ask questions

© 2018 Harvard Business School Publishing Corp. (Distributed by The New York Times Syndicate)

of founders directly. Perhaps the biggest sign of future disruption to traditional Wall Street incumbents can be seen in how young these alternative investment superconsumers are. Our data shows that the consumer that is “extremely interested” in alternative investments is very young and has a high income, with an average age of 35 and average annual income over $130,000.

Disrupters show the way by bringing investments that are easier to understand and more purpose- and passion-driven, both of which are highly appealing to millennial investors. How

much disruption could Wall Street be facing? It depends on how prepared and proactive they are.

The alternative-investment superconsumer represents about 20 million to 25 million households, who have approximately $25 trillion in investable assets and nearly $8 trillion in retirement assets.

The youth of these superconsumers is perhaps the most critical insight. Incumbent Wall Street firms never had a relationship with these younger superconsumers, so it was much harder for them to anticipate the disruption. The average customer of a traditional wealth-management firm is in his

or her mid-50s.

Much like the threat that millennial cord cutters have posed to cable TV companies, traditional financial institutions are not likely to see the change that’s coming, and will face similar disruption challenges unless they take action now.

Eddie Yoon is the founder of Eddie Would Grow, a think tank and advisory firm,andadirectorattheCambridgeGroup.

KyleOkimotoisthefounderofMarketJunctions, a growth-strategy consulting firm.

By Carissa Véliz

HE ability to collect and exploit consumers’ personal data has long been a source of competitive advantage in the digital economy. It is their control and use of this data that has enabled the likes of Google, Amazon, Alibaba and Facebook to dominate online markets.

But consumers are increasingly concerned about the vulnerability that comes with surrendering data.

The most practical consequence of the concerns generated by data hacking has been the imposition of more stringent privacy regulation.

We can certainly expect this trend to continue around the world. And digital natives are likely to become more rather than less sensitive to the value of their data. The obvious consequence from these trends is that the big tech firms will find it increasingly difficult to legally use the personal data they collect.

In this environment online merchants will have to find ways to do more with less data—whether through smarter application of analytics or because they introduce a business model that enables them to offer their services without collecting sensitive data. Yet those changes do not really resolve the underlying challenge: How can consumers protect their digitized data?

This points to a business opportunity. But whose?

PERHAPS the best-suited institutions to manage digital data are banks. In a sense, banks are already data guardians. After all, most of the money in circulation is virtual— nothing but data. They also have a long history of being at the forefront of security methods, from the development of the vault to multifactor authentication. Moreover, banks have experience in safeguarding privacy through their commitment to confidentiality.

Finally, banks tend to have more local and personal relationships with their clients in ways that might make users feel safer than trusting their data to an international corporation. Banks’ business model and their experience give them a comparative advantage over other businesses to become our personal data guardians.

Of course, banks are far from perfect. But given that governments have an interest in making sure their citizens can keep their personal data safe, and that banks may need to innovate and transform themselves in order to outlive their fintech competition, these possible obstacles do not seem insurmountable. Maybe in the not so distant future we will keep our data where we keep our money.

Carissa Véliz is a postdoctoral research fellow at Oxford.

E2 Monday, December 3, 2018 • Editor: Efleda P. Campos

Education BusinessMirror

DepEd-ARMM calls for more support for Marawi schools

By Roderick L. Abad @rodrik_28

M

Contributor

ORE than halfway through the school year since the reopening of classes in June, Marawi City still recuperates from the devastating war, especially on the education sector that needs intervention and other forms of assistance both for the educators and learners, according to a top academic official in the region.

She added the constant supply of hygiene kits and the conduct of school feeding programs by partner-donors and the government’s education arm has helped in their goal of normalcy.

The latter initiative serves as an intervention to encourage students to study again and, at the same time, relieve parents from the stress of sending them to schools given their current situation. Assistance from both the public and private sectors, structure-wise, also poured in to provide the students with conducive learning environments.

“In fact, a foundation has just turned over to us four classrooms with two toilets each,” Alonto said.

“What we need now for our students are some uniforms, school kits, hygiene kits and to continue our feeding program to let them stay in school.”

The top education officer also called for help to all of the city’s 1,100 educators who, despite being the hardest hit by the war, are all safe and have returned to teaching.

“I think what they need now are finances, uniforms and soft interventions,” the assistant superintendent said. Capacitating the educators with the latter initiative, she noted, will further enhance the learning process of students.

Looking at their situation in the long term, Alonto expressed optimism on the government’s effort to rebuild Marawi, with President Duterte leading the groundbreaking ceremonies for the debris management of the MAAs late October.

“That’s a signal of a new beginning for Marawi,” she said. “So we are also expecting the reconstruction and rehabilitation of ground zero, where the 20 damaged schools are located, will be finished on time. Our government promised to bring back the normalcy in Marawi by 2022.”

The Marawi siege, she appealed to the public, should not be forgotten as

part of the country’s history.

“God forbids, but this can happen also to others. It may be unwanted, but we learned a lot from this war. We want to share to all Filipinos that it was also the time when we saw how the Christians and Muslims helped one another,” she said in reference to the four storybooks that highlight the culture, identity, values and resilience of Maranaos.

These are The Day the Typhoon Came written by Carla Pacis; Water Lilies for Marawi, by Heidi Emily Eusebio-Abad; Marawi Land of the Brave, by Melissa Salva; and Lost and Found: A Song of Marawi, by Randy Bustamante.

Launched by the Philippine Business for Social Progress (PBSP), together with The Bookmark Inc., during the event called “iRead4Peace” in celebration of the National Reading Month, these series of reading materials catered to children were based on actual experiences of survivors of the Marawi conflict.

“PBSP partnered with us for the storybooks because they wanted to help the children of Marawi, not only to cope but to adjust to their new lives after the siege,” explained Anna Maria Tan-Delfin, GM of The Bookmark.

“This book will serve as a link between our Christian brothers and us in Marawi for the readers to feel and understand what we have gone through during the war. It’s not easy to be coming back [or] rising back again [from what we experienced].

It will take maybe two decades for us to really go back to normalcy,” Alonto noted.

Written in both English and Maranao and brought to life by professional illustrators, the storybooks will be given to every child in Marawi and will also be donated to the DepEdMarawi to improve the reading skills of children and serve as a tool for peace education and trauma healing.

“We’re trying to go back to normalcy,” Department of EducationAutonomous Region in Muslim Mindanao (DepEd-ARMM) Assistant Division Superintendent Ana Zenaida U. Alonto told the BusinessMirror on a sideline interview during the launch of the Marawi Storybook Series held recently at the Ramon Magsaysay Center in Manila.

Following the siege that broke in May 2017 displacing thousands of people, 42 out of 69 public elementary and high schools in the war-torn city resumed classes on June 4 this year.

“But 20 [of them] were damaged in ground zero,” she said of the state-run learning institutions located within the most affected areas (MAAs) in Marawi.

Apart from the 40 regular primary and two secondary schools, four other interim schools were built that now accommodate returning students.

Before the strife led by the militant Maute brothers broke, Marawi had more than 22,000 public elementary and high-school students, based on

records of the DepEd-ARMM. Its latest actual headcount revealed 17,107 returned to school.

Alonto said the rest of the 5,000 schoolers, whether enrolled or not, are believed to have moved to different areas where they sought refuge.

Asked about the present situation of the educational system in Marawi, she said everything has been put in place given that more than half of the schools are now operational following the stoppage of classes for one school year because of war.

“All our children are okay,” she said, adding some of the students exhibited some change in behavior like being hyperactive or fearful due to their horrible and traumatic ordeals. “Those are manifestations, I think, of what they experienced during the siege. But we are trying to contain them.”

Alonto said they continue with the psychosocial first aid given to the learners months before by the continuity of artworks given as one school activity.

Emerson PHL: The country should develop more engineers, tech experts

Craft Your HR Code of Discipline the Right Way

By Rizal Raoul S. Reyes

@brownindio | Contributor

T

HE Philippines should develop more engineers and technology experts because engineering and technology are going to be the foundations of the fourth industrial revolution, a major executive of an engineering and technology colossus said.

“If you think of the problems of the world today, we need engineers, scientists, mathematicians and technologists,” said Ed Boone, president of Emerson Philippines and Asia Pacific in a press interview on November 20 at the sidelines of the 2018 Emerson Innovation Challenge.

Boone said there is a possibility that Emerson may get an idea for their future projects in their global operations. Just like any other Third World country, he said the Philippines is also experiencing the same issues, such as traffic, pollution, climate change and poverty, among other issues.

By developing their projects, Boone said the students have shown they want to make a difference in society by creating their respective projects. “This means a lot to them because they want to prove that they can contribute for the welfare of the society,” he said.

Through Emerson’s Innovation Challenge, Boone said the students are given the opportunity to develop a career road map by working with a reputable company like Emerson. “We can guarantee a job for them in Emerson.”

Y

OU may have your human resources (HR) policies and contracts in order, but do you have an effective code of discipline aligned with the updated labor laws? The code of discipline is your manual that defines the penalties for violation of company policies.

It is the common point of reference for the employer when disciplinary or legal actions may be taken on the part of wayward and rogue employees.

To help the management and HR practitioners implement discipline on their organizations, the Center for Global Best Practices will host a special training entitled “Legal Best Practices in Crafting your HR Code of Discipline” to be held on Friday, December 7 at the Manila Marriott Hotel, Pasay City. (Check www.cgbp. org for the full details of this training and the complete list of best practices programs, including How to Structure and Compute Salaries, Wages and Benefits, Refresher Course on Business English, Project Feasibility Study and

Analysis, Compliance to the Data Privacy Act, Facilities and Maintenance Management and many more. For inquiries, you may call landlines in Manila [+63 2] 842-7148/ 59 and [+63 2] 556-8968/ 69, in Baguio [+63 74] 423-2914, in Cebu [+63 32] 512-3106 or 07, or Legazpi City [+63 52] 736-0148.)

This one-day training will teach you how to design and craft your code of discipline—the right way. Learn the best practices on how to prepare, establish and implement disciplinary policies guaranteed to promote professionalism, industrial harmony and ward off any temptation to sue on the part of wayward employees. This program will also provide you ready-made templates that you can easily adopt and apply on your management to save you thousands on litigation and consulting fees of a lawyer.

Learn valuable lessons and insights from labor law expert practitioner, Elvin Villanueva, who has assembled the most comprehensive,

substantive and highly researched materials on this important topic. He has written 25 best-selling books, namely, Digest on Critical Supreme Court Decisions on Labor Cases (to be released in June 2018); Guide on Employee Compensation and Benefits Vol. 1 and 2; Guide to Valid Dismissal of Employees; Guide on Wage Order and Minimum Wage; Valid Job Contracting and Subcontracting, Gabay sa mga Karapatan ng mga OFWs; HR Forms, Notices and Contracts Vol. 1 and 2; Employee Transfer and Demotion; Leave Benefits; and many more. His advocacy is to help companies and employees solve their HR issues.

This program is open to the general public.

Government officials and employees attending such training programs are exempted from the P2,000 limit set by the COA based on DBM Circular 563 dated April 22, 2016. Interested participants are encouraged to avail themselves of the group discount. Seats are limited and preregistration is required.

www.businessmirror.com.ph

Time to stop the blame game

By Justin DJ Sucgang

Special to the BusinessMirror

I

N the previous article, I echoed the longstanding yet still significant call to end our unhealthy and irrational fixation with the Bar Exam. But there are those who still maintain that the Bar Exam or the fixation thereto is not a problem. And in doing so, they pass the blame to the other components of legal education.

Some view the Bar Exam results as simply the reflection of the state of Philippine legal education. And if there is to be blamed, it should not be the law schools’ fixation with the Bar Exam, but their unfaithfulness to the “mission and primary objectives of training their students to become lawyers, advocates and leaders.” By implication, it seems that those which consistently perform well in the Bar Exams are the only law schools with strong commitment to their mission. The argument rings true, on its face. Law schools consistently ranking high in the Bar Exam are those with good and modern facilities, top-notch faculty members, research and policy centers, and frequent and winning participants in international moot-court competitions.

To further bolster this argument, they cite the 2004 Commission on Higher Education’s “Report on the Assessment/Visitation Activity Conducted by the Technical Panel on Legal Education on all the Law Schools” (“Report”), which enumerated the main problems besetting law schools: (1) lack of faculty with necessary skill and training to teach; (2) no standard syllabus as required by DECS Order 27, s. 1989; (3) law students’ incompetence in the written and spoken language; (4) absence of law aptitude examination; (5) the majority are working students with barely enough time to read the lessons and cases assigned to them, and some of whom enroll merely for purpose of promotion in work; (6) lack of qualitative assessment of the law program to obtain an in-depth analysis of the reasons for the low passing percentage in the Bar Exam by law graduates; (7) insufficient library facilities; (8) indifference of school administrators; (9) part-time service of majority of law school deans, who leave the running of the law school to their administrative staff and not even to a college secretary or faculty member; and (10) lack of funding resources to undertake development projects for the law school.

Notably, the common thread that binds these problems is the lack of regulation over law schools. Except for item 5, all these main problems can be solved by a regulatory body.

This may well be true in 2004 when law schools were generally unregulated. However, five years after, the Legal Education Board (LEB) was finally convened pursuant to Republic Act 7662.

If law schools are really to blame, then why is it that the main problems occurring prior to the constitution of the LEB still exist to this day? And, furthermore, even if we are going to push this argument to its most logical extent—if we are going to close all “unfaithful” law schools or we make all law schools faithful—would the problems besetting the Philippine legal education system be solved? Do all faithful law schools adequately prepare their students for the changing dynamics of the profession and nation-building?

Perhaps, we should not blame law schools, so goes the other argument. Since Philippine legal education is heavily regulated, maybe the problem lies with the regulatory body.

The LEB, however, can only do so much.

We should note that immediately after its constitution, the LEB promulgated its “Policies and Standards of Legal Education and Manual of Regulations for Law Schools” to implement RA 7662. This provides for the minimum academic qualifications of the law dean, faculty members, curricula, instructional standards (e.g., classroom, dean’s office, a faculty lounge, library facilities and contents, a moot court and a reliable Internet connection). The LEB has closed several law schools. It even examines the budget of law schools. It prohibited the holding of weekend-only executive classes for being “unpsychological and unpedagogical” since the mind of a student generally can only absorb so much. Also, online classes are disallowed since “the traditional classroom teaching is still the most effective way to teach law.” Recognizing the problem of Bar Exam fixation, it also prohibited law schools “from denying the giving of a certificate of nonderogatory record to law graduates on the sole ground that they did not pass the mock bar examinations after graduation.”

Just recently, the LEB finally adopted a mandatory law-admission exam.

Or maybe the problem is with the Supreme Court? As the body entrusted by our Constitution to promulgate rules concerning the admission to the legal profession, it has the final say, i.e., exclusive prerogative on the way the Bar Exam is conducted. However, the Supreme Court is not stubborn as it experiments, from time to time, on how to best conduct the Bar Exam.

Anyway, this blaming game is not new.

During her time, Justice Irene Cortes, the first female dean of the University of the Philippines College of Law, lamented that “the law curriculum has been the whipping horse long enough.” She called the attention of law schools to revisit and go back to their purposes, i.e., genuine legal education, because they permit the Bar Exam to dominate their existence—leading us back to square one.

With its far-reaching effects on the Model Curricula, teaching methods of law professors, learning strategies of law students, drive to innovate among law schools, and the ability to introduce reforms by the LEB, what if we stop playing the blame game and treat Bar Exam fixation only as a proximate cause—and not the only cause?

If so, the problem becomes institutional in nature. Solving it piecemeal will be grossly insufficient. Neither will the improvement in the different components of legal education, in isolation from each other, bring about the needed reforms.

If reforming legal education entails an institutional problem, then it calls for institutional solutions.

Even before law school, Justin is passionate about reforming the country’s legal education system. He ended his stint at De La Salle University College of Law with a Juris Doctor thesis, entitled “A Problem Bigger than Law Schools: Reforming Philippine Legal Education System through an Institutional Approach.”

A Fulbright Awardee and a DeWitt Fellow, Justin is currently taking the Master of Laws program in the University of Michigan Law School. A public servant for five years, he served as commissioner representing the law student sector in the Legal Education Board, and director at the Office of the President of the Philippines. Upon his return, he plans to teach law full time in his alma mater.

Pilipinas Shell awards 51st NSAC student-artists at Ayala Museum

A

NEW breed of young and talented Filipino artists has emerged as Pilipinas Shell awarded the 12 student-artist winners of the 51st National Student Art Competition (NSAC) on November 12 at the Ayala Museum.

For more than half a century, the NSAC has produced renowned artists, including national artists Jose Joya, Federico Alcuaz, Ang Kiukok and Ben Cabrera. As a testament to the continued thriving of art in the Philippines, close to 1,000 entries from all over the country were submitted to the competition. Of these, three winners were chosen for each of four categories.

This year’s theme for the competition was “Perspective,” which challenged the student artists to showcase their vision of their future and the future of the country in oil and acrylic, watercolor, sculpture and digital fine arts.

Third-place, second-place and first- place winners received P30,000, P40,000 and P60,000

respectively. In addition to this, the first-place winners were given a P20,000 grant in support of faculty development and a plaque of citation in excellence in curriculum program in studies in fine arts.

The winners’ works were displayed together with the top 100 submissions at the Ayala Museum from November 13 to 18. The competition winners were on display at the Shell House Lobby in Valero, Makati City, until November 23.

Celebrating the last 50 years of this social investment project, the Shell NSAC continues to visualize a future filled with art and life as part of its thrust toward a bright future for energy, innovation and artistic living.

“Shell is not only about road safety, efficient fuel sources and environmental awareness. One of our long-standing goals is to continually foster Filipino art by discovering young artists,” said Shell Companies in the Philippines Country

Chairman Cesar Romero. “NSAC has always been the venue for recognizing potential and giving these artists a chance to make their own mark in the industry.”

During the awards rites, Pilipinas Shell also launched the coffee-table book titled The Golden Voyage, which celebrates the artworks of students over the last 50 years of the NSAC. The book was written by renowned art critic and artist Cid Reyes.

Much like in previous years, Pilipinas Shell gathered the country’s top artists from different specializations to serve as judges for this season’s competition. Painters and master artists Lito Carating and Raul Lebajo, art critic and scholar Cid Reyes, multimedia artist Jose Tence Ruiz and former Dean of UP Fine Arts Nestor Olarte Vinluan handpicked the top 3 winners for the oil and acrylic category.

Master painters Antipas Delotavo, Pablo

Baen Santos and Edgar Doctor were in charge of the watercolor category.

Master sculptors Michael Cacnio, Ral Arrogante and Reggie Yuson served as the judges for the sculpture category.

Renowned visual artists Pablo Biglang-awa Jr., Ross Capili, Dopy Doplon, Lex Kabigting and Norberto “Peewee” Roldan picked the winners for the digital fine arts category.

The following were the winners with their respective works and universities: Oil and acrylic category: first place: Almario D. Tangalin (Navotas Polytechnic College) for his work Up Side Down; second place: Gyles Maverick O. Abac (University of the Philippines Diliman) for his work The Grid of Progress; third place: John Michael E. Pujante (University of the Philippines Cebu) for his work Tomorrow’s Fool.

Watercolor category: first place: Michael Jay D. Ramos (Eulogio “Amang” Rodriguez In-

stitute of Science and Technology) for his work Retrospective; second place: Joshua D. Villena (iAcademy) for his work Magkakaiba Pero Magkakapareha; third place: Bernice Michaella M. Cruz (University of Santo Tomas) for her work Hopscotch Life.

Sculpture category: first place: Lorebert M. Comision (Adventist University of the Philippines) for his work LODI; second place: Harlem C. Sunga (Tarlac State University) for his work Building One Nation; third place: Joegan G. Espina (Eulogio “Amang” Rodriguez Institute of Science and Technology) for his work Infinity.

Digital fine arts category: first place: Patricia M. Mangahas (Far Eastern University) for her work ICU; second place: Charles Bryan R. Alba (Technological University of the Philippines) for his work Coming; third place: Azriel T. Domingo (University of Rizal System-Angono) for his work The Barkada Never Goes Away.

Marketing BusinessMirror

www.businessmirror.com.ph

Editor: Efleda P. Campos • Monday, December 3, 2018 E3

How important is writing in PR today?

I PR Matters

By Millie F. Dizon

Part Two

everyone on your team sticks to it.

think you’re proofing per5You fect.

N a previous column, we took a different approach to our usual answering of readers’ questions related to public relations.

This is because everywhere I go, people ask me about the importance of writing in public relations.

How important is writing in public relations today? In a recent PR News survey, 80 percent of senior-level communications at agencies, corporations and nonprofits identified writing as the top skill their team needs to improve on. In short, writing is the biggest weaknesses for communicators.

In the same column, we learned much from Glenn Leibowitz who, in an article for Inc-Asean.com, said it’s simply following time-tested principles. He likewise suggested one to ask himself eight simple questions throughout the process of writing and editing.

These questions, Leibowitz said, should serve as a framework for organizing, writing and fleshing out the meat of your piece. These include: 1. What’s your story?

2. What’s new or different about your story?

3. What facts, analyses and examples will bring your story to life?

4. Does your story flow logically?

5. Is your story clear?

6. Are you avoiding technical terminology, industry jargon and clichés?

7. Are you writing in the active voice?

8. Are you using correct grammar, usage and spelling?

In this column, we will tackle what we should avoid to make our writing more professional. In an article in PR News, Steve Goldstein shared a list of 7 Business Writing Sins PR Pros Commit Regularly, as compiled

SINGAPORE MEDIA FESTIVAL OPENS WITH THE SINGAPORE INTERNATIONAL FILM FESTIVAL’S SOUTHEAST ASIAN PREMIERE OF ‘CITIES OF LAST THINGS’

THE highly anticipated Singapore Media Festival (SMF) kicked off on November 28 with the Southeast Asian premiere of the 29th Singapore International Film Festival’s opening film, Cities of Last Things, at the iconic Capitol Theatre.

The opening event’s red carpet was a star-studded affair led by the film’s Golden Horse Award-winning director, Ho Wi Ding, Golden Horse Awards winner for Best Supporting Actress, Ding Ning, and fellow cast members, Stone and Huang Lu. Other acclaimed local and international industry bigwigs who graced the event included Singaporean filmmakers Tan Wei Keong (director of SGIFF commissioned short film), Royston Tan, Craig McTurk and Alvin Lee; local actors Fiona Xie, Irene Ang, Benjamin Kheng, Alaric Tay, Adele Wong, Jimmy Taenaka, Constance Lau, Amy Cheng, Jason Godfrey, Sheila Sim; and musicians Lioncityboy, Aisyah Aziz, Mark Chua and Lam Li Shuen of ARE, among others.

From November 28 to December 9, the fifth installment of the Singapore Media Festival will bring together leaders and talents from the global film, television and digital media industries to celebrate the best of Asian storytelling and provide a valuable platform for Asian talent from the region to network and collaborate.

Hosted by the Infocomm Media Development Authority (IMDA), the Festival consists of five events: the Asia TV Forum & Market (ATF) and ScreenSingapore, the Singapore In-

ternational Film Festival (SGIFF), SMF Ignite and the newly minted Asian Academy Creative Awards (AAA).

Robert Gilby, chairman of the SMF Advisory Board, said, “The global focus on Asia’s talent and content is unmistakable. With Singapore’s vibrant and robust infocomm and media ecosystem, the Singapore Media Festival is wellpositioned to nurture, elevate and celebrate Asian storytelling. The festival offers the region a proven platform to connect with like-minded industry players, discover rising talents and harness new opportunities. Asia is the place to be, and all of Asia meets at the Singapore Media Festival.”

SMF features new platforms for aspiring media talent from Asia to be discovered and mentored by international experts.

Asia TV Forum & Market

THE Asia TV Forum & Market (ATF) will introduce an inaugural pitching competition for the Chinese market, the ATF Chinese Pitch, to identify innovative traditional movie, online movie and online drama series concepts in the genres of sci-fi, thriller, myths and legends, horror and fantasy.

Finalists will get the chance to pitch their ideas to an expert panel.

Winners in each pitch category will take home a S$3,500 cash award, and potentially receive an opportunity for their scripts to be bought for S$15,000.

The ATF Chinese Pitch is a partnership between ATF and GHY Culture & Media. GHY Culture & Media will be launching Little Nyonya 2, a remake of the hit TV series at ATF.

ATF Leaders’ Summit

TWO key figures in the short-form video content realm—Curt Marvis, CEO and cofounder of QYOU, and Andy Kaplan, media industry advisor and nonexecutive chairman of QYOU India—will headline the ATF Leaders’ Summit. Other industry

When you’re writing a piece, one sometimes gets too close to the material to see it objectively. Goldstein has a spoiler alert: “Even the best writers need a proofing buddy.”

6You’re not a writing leader.

PR professionals make an entire organization stronger by fostering a culture of strong writing. Strong writing = strong branding.

think writing is a natural 7You talent.

“Writing is a skill,” Goldstein said, “one that can always be improved.

We will tackle more about PR and writing in the next column.

by Tracy Zampaglione, public information officer for Orange County Corrections in Florida; and Bailey Jacobs, director of communications and marketing for the US Chamber of Commerce Foundation in Washington, D.C. This list, he said, will help you keep your prose clean, honest and to the point.

“The beauty of the list,” Goldstein added, is that its form expresses the greatest of all writing virtues: concision.

1You don’t follow the three Cs.

Compelling. Concise. Content (that’s worthwhile). “There’s nothing that needs to be said here,” Goldstein said.

heavyweights who will be present include Howard Owens, founder and co-CEO of Propagate Content, an independent premium content production company.

Asian Academy Creative Awards

THE Asian Academy Creative Awards (AAA) will launch the Asian Academy Creative Campus, featuring a host of masterclasses and panels to equip budding media professionals in skills, such as live TV directing and writing.

Helmed by reputable experts such as Francesco Calvi, one of Australia's leading lighting designers and Natalie Gee, creative director and head of production at NBCU International, the Asian Academy Creative Campus will be free for all Singaporean students studying in the media, communications and creative fields.

The Asian Academy Creative Campus will run from December 3 to 7 with the Asian Academy Creative Awards to be held at Capitol Theatre on December 6 and 7.

Leveraging film

YOUNG filmmakers from Asean and South Korea will also benefit from the two-week Film Leaders Incubator (FLY) 2018, which is organized by the Busan Film Commission from November 21 to December 4.

Hosted in Singapore for the first time this year by the Singapore Film Commission (SFC) in cooperation with SGIFF, the FLY program will be helmed by filmmakers from Singapore and South Korea. This includes founder of Mocha Chai Laboratories, Chai Yee Wei, and Korean filmmaer Shin Dongseok, who has won numerous awards, such as the BIFF FIPRESCI and the Udine Far East Film Festival White Mulberry Awards.

The FLY program will feature short-film workshops and mentoring sessions that will equip young filmmakers with skills, such as directing, cinematography and editing.

2You’re not real. don’t tailor your writing for 3You your audience.

4You’re sloppy with style.

Authenticity in writing is everything.

ence,” Goldstein said, “not the other way around.”

“Writing needs to fit the tone, format, style and grammar of your intended audi-

For PR professionals, style matters. Always. Goldstein advised PR PROs to choose a style guide, and make sure

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world.

Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

Perspective When getting money hurts BusinessMirror

E4 Monday, December 3, 2018

www.businessmirror.com.ph

MARK CONLAN/THE NEW YORK TIMES

ANDREW ROSS SORKIN speaks at the annual DealBook conference in New York, November 1, 2018. MIKE COHEN/THE NEW YORK TIMES

By Paulette Perhach | New York Times News Service

W

HEN a 31-year-old stepped up to the microphone at a recent New York City conference on women and money, she asked a surprising question: “What do you do when getting money hurts?”

She had been sexually assaulted in the military when she was 22, she said, and was finally receiving disability payments because of the psychological effects of the attack.

So, every month, in her bank account, was not only a deposit but also a reminder of what had happened.

“I was getting that money, and I couldn’t save it,” said the woman, who asked to be identified only by her first name, Jennifer. “I couldn’t do anything with it. I was spending it because I wanted to get rid of all of it.”

Although financial compensation can be an enormous benefit, it can also be a source of great pain, whether it comes from an injury, a divorce, the loss of a parent in an accident, or an attempt by someone to make amends.

“You feel the trauma, and at the same time, you feel so much freedom,” said Jennifer, now a part-time elementary schoolteacher. “My student loans were paid off, but I was raped. At the end of the day, that money was from a terrible incident.”

How should people handle financial gain, a supposed symbol of freedom and power, when it derives from events that made

them feel trapped or powerless?

It is a good question for the growing number of financial therapists, who, according to the website of the Financial Therapy Association, can help people “think, feel and behave differently with money.”

“We have set up this idea in our culture that when there’s an injury, there’s a dollar amount that can compensate,” said Amanda Clayman, a licensed clinical social worker and financial therapist based in Los Angeles. “While that may be true in terms of liability, money cannot serve as a substitute for our own work of healing.”

The first thing, she said, is to realize that the money will not fix what happened.

“If you had PTSD around a certain experience, it might make sense, in the initial phase, to limit your exposure to the trigger,” Clayman said. So, if getting a deposit monthly in your regular checking or savings account is tough, you might consider having the money deposited in a separate account.

But at some point, she said, the finances will have to be dealt with.

“It may help to view the money as an opportunity for healing,” Clayman said. “Time and time again, money brings our attention

KINÉ CORDER, a specialist in financial therapy, at her offices in Senoia, Georgia, November 1, 2018.

Although financial compensation can be an enormous benefit, it can also be a source of great pain, whether it comes from an injury, a divorce, the loss of a parent in an accident, or an attempt by someone to make amends. AUDRA MELTON/THE NEW YORK TIMES

to areas where we need to grow.

Just think, ‘This money is opening a door for me to walk through.’”

She said that in cases of trauma, the best course was to deal with the hurt directly and not think you were going to get around that if only you could find a “right” way to deal with the money.

When you are ready, Clayman recommends making a plan for the date the money will be deposited.

Expect to feel the emotions around that, she said, and then face them head-on.

“You have to tell yourself: ‘This is the day the money’s coming in.

I’m going to have complex feelings about that, and I’m just going to practice good self-care, because the truth is, something bad did happen to me,’” she said. “Instead of cutting ourselves off from that feeling, money gives us a tool to help us constructively work through it.

It’s about accepting that money has come into your life in this way, and using it to help you heal.”

Jennifer has undergone therapy as a result of her rape. Now she moves the money over to savings almost as soon as it is deposited and gives a portion to philanthropic causes. While the payments still remind her of the attack, she said they were also a reminder that someone had believed her account.

“I’m very thankful that I receive that much money,” she said, “but I also wouldn’t wish that on anybody.”

As a specialist in financial therapy who is based near Atlanta, Kiné Corder encourages clients to deal with the trauma separately.

“You know it’s still there when every time the money comes, it breaks your heart a little,” she said.

Consulting a professional can help, she added, but it is also important

to rewrite your story about what the money means.

“If you just tell yourself, ‘This payment is a reminder of what happened to me,’ then that’s the meaning that’s attached to that payment,” she said. “If you can attach a different meaning to the payment—‘Every time I receive a payment, I heal a little bit more and a little bit more’—if you could say that, then that would shift your brain from thinking, ‘I’m so hurt.

This terrible thing happened to me,’ to ‘I’m healing.’”

If the money is a result of someone’s death, Corder suggested using it the way that person would have wanted. Or, if it’s from a traumatic episode, the money might be best used for an experience that brings feelings of joy or power. You might also decide that you’ll give part of it away to help other victims.

“Shift that thinking to, ‘What have I gained now that this chapter of my life is closed?’” Corder said.

“And really close that chapter. I know it sounds like you can’t close the chapter because the money is coming in, but the money is coming in because the chapter is closed.”

Once that stage ends, a new one can begin.

Such was the case after a truck going 65 mph hit Elisa Hays, then the owner of a touring entertainment company, as she ran to safety from an accident on a two-lane highway in Oklahoma in 2014. The force threw her body 90 feet, where it was impaled on the center median’s cable barrier. More than two years later, after being treated for traumatic brain injury and kidney failure, having 20 surgeries, selling her business and enduring insurance fights on multiple fronts, she

pursued litigation and received a large sum in damages.

“I was just so grateful to be done with what had been an agonizing emotional process,” said Hays, who is now a leadership speaker. “I just felt relieved for it to be over. And then it got weird.

Trauma produces so many crazy emotions, from a grief response of losing the person that I was, losing my hopes and dreams and assumptions about my future, to a kind of euphoria that I’m alive and I’m going to celebrate by buying new cars.

‘I’m not dead; let’s go on vacation!’”

She said she took once-in-a-lifetime trips, gave her children more than she could have otherwise and became a donor to charity.

To other people in similar situations, Hays said: “I would advise to decide ahead of time, before the money arrives, to say, ‘OK, I deserve to feel good, because everything has been pain and suffering for a long time.’’

But decide how much that is, and then put everything else into an investment fund.”

She said that when you had more money than you had ever seen in your checking account, it was easy to burn through it. After a year, she decided she had to put it in a place that wasn’t so easy to get to.

“I’m looking at these big dollars sitting in my bank account, and thinking I could somehow buy back time,” she said. “It’s so stupid when I say it out loud. I’m a smart person—I know you can’t buy happiness. But when there’s been so much suffering, and then you’re given so much money, you feel like you’ve paid the price, you deserve it, and everyone around you deserves it.”