BusinessMirror December 04, 2018

HIGHER PRODUCTION AND NEW ORDERS BOOST PHL MANUFACTURING FOR NOV

By Bianca Cuaresma

@BcuaresmaBM

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HE Philippine manufacturing sector grew strongly anew in November this year, buoyed by higher production and new orders for the month.

The country’s headline Purchasing Managers Index (PMI) rose in November to 54.2 from the 54 in October this year, signalling an improvement in the health of the country’s manufacturing sector.

The PMI is a composite index aimed to gauge the health of

Workers are seen at a semiconductor factory in Laguna in this 2018 file photo. The Philippine manufacturing sector grew strongly anew in November this year, buoyed by higher production and new orders for the month. NONIE REYES

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

the country’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents.

Readings above the 50 threshold signal a growth in the manufacturing sector, while readings below 50 show deterioration in the industry.

Despite the improvement, the country’s manufacturing sector has still been outpaced by Vietnam during the month, whose PMI recorded a sharp increase to hit 56.5 during the month.

The Philippines’ sNovember PMI is the fourth consecutive month that the index has risen for the country.

David Owen, an economist from IHS Markit—the institution that compiles the PMI survey of the region—said the development is a strong indicator for growth in the last months of the year, but also warned of bumps ahead for the industry.

See “Manufacturing,” A8

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

Tuesday, December 4, 2018 Vol. 14 No. 55

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Consumers, labor: Price spikes to follow tax hike

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By Elijah Felice E. Rosales @alyasjah & Samuel P. Medenilla @sam_medenilla

ONSUMER groups on Monday warned prices of basic goods will remain high if the government proceeds with its plan to implement the next round of the tax hike on fuel in 2019.

“Inflation will remain elevated. We have six to seven layers of the supply chain that use fuel and power.”

—Dimagiba

L abor g roups on Mond ay weighed in on the issue as well, and called on President Duterte to junk the recommendation of his economic managers to push

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More food for Filipinos Manny B. Villar

THE ENTREPRENEUR

I

believe the passage of the rice tariffication bill by the bicameral conference committee of the Senate and the House of Representatives will mean more affordable food on the dining table of Filipino consumers.

The measure will remove the monopoly by state-run National Food Authority on food supply. And with the lifting of quantitative restriction on imported rice, inexpensive rice from other countries is expected to easily reach the domestic market.

See “Tax hike,” A2

Continued on A6

Just 1 month: House okays 3 packages under CTRP

“Elevated borrowing costs will sap both consumption and investment momentum and this will be a key theme throughout 2019.”—Mapa

By Jovee Marie N. dela Cruz

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being published in a newspaper of national scale.

“After the price of fuel peaked in end-October, it came tumbling down thereafter, for which reason [Secretary] Tugade directed LTFRB to roll back the fare, and that is basically what we are doing,” LTFRB Chairman Martin B. Delgra III said.

The fare decrease is said to be “motu propio,” which means that acquisition of new fare matrices by drivers would not be necessary.

The board resolution also noted that the regulatory body will “come up with a formula that shall

See “PHL growth,” A8

PESO exchange rates n US 52.3890

See “Jeep fare,” A2

See “CTRP,” A8

BIG CATCH! In observance of the 10th Annual Lantern Parade of Saint Louis University (SLU) in Baguio City, on December 1, students carry a giant Dragon Lantern while others carry Tulip Bloom lanterns as they parade along Session Road. The event was among several colorful activities of the school during the Christmas season. SUZANNE JUNE G. PERANTE

LTFRB reverts jeep fare to P9 on oil-price dip

By Lorenz S. Marasigan

T

@lorenzmarasigan

HE Land Transportation Franchising and Regulatory Board (LTFRB) ordered on Monday a price reduction of jeepney fares after oil prices in the world market followed a downward trajectory over the last few weeks.

In a board resolution, the regulator provisionally reverted back to P9 the minimum jeepney fares for Metro Manila, Region 3 and Region 4.

The regulator resolved to issue a rollback after fuel prices decreased

“After the price of fuel peaked in end-October, it came tumbling down thereafter, for which reason [Secretary] Tugade directed LTFRB to roll back the fare, and that is basically what we are doing.”— Delgra III

to P43.75 a liter from P50.06 in November.

Transportation Secretary Arthur P. Tugade earlier asked the LTFRB to review jeepney fares, citing decreasing global oil prices.

The order will take effect after

@joveemarie

HE House of Representatives on Monday quickly approved on third and final reading the three remaining tax packages of the Duterte administration’s Comprehensive Tax Reform Program (CTRP).

This, after the lower chamber approved House Bill 8677 to increase the excise taxes on tobacco, HB 8618 to raise excise tax on alcohol products and HB 8645, or the “Passive Income a nd Fi n a nc i a l I nt e r me d i a r y Taxation Act of 2019,” in less than a month since they were endorsed to the plenar y.

With 190 positive and seven negative votes, the lower chamber approved House Bill 8645, or the “Passive Income and Financial Intermediary Taxation Act of 2019,” seeking to make taxation of the sector simpler, fairer and more efficient.

Earlier, Speaker Gloria Macapagal-Arroyo vowed to pass the legislative agenda of President Duterte. These measures will be transmitted to the Senate for its own deliberations.

HB 8677, tagged as part of the Package 2 Plus of the CTRP, will raise the current tax of P30 per pack of cigarettes to P37.50 beginning July 2019. It will increase further to P40 in July 2020, P42.50 in July 2021, and P45 in July 2022.

Post-election scenario

According to the economist, growth in the first half of 2019 will be boosted by election-related spending, although a five-month ban on public spending could well offset this positive.

“Post-election, decelerating inflation will partially restore lost purchasing power while also helping to lead financing costs lower.

This should lead to a slightly faster pace of growth in the second half, as household spending, business investment and government spending accelerate from the first half,” Mapa said.

The economist also cited three main indicators to watch for as they could make or break the continued economic momentum of the country in the next months.

These are the current-account position, the BSP’s next moves and the peso’s value against the dollar.

“With imports expected to continue to surge while exports and structural flows chug along at a lackluster pace, current-account deficits may be here to stay. We do not a see any substantial recovery in the export sector in the near term,” Mapa said.

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‘PHL 2019 growth may be weakest in 4 years’

HE Philippines is expected to grow to its weakest in four years in 2019, a private bank economist said, as the economy absorbs the effects of tighter monetary policy made this year.

In a statement on Monday, ING Bank Manila economist Nicholas Mapa said the country in 2019 could post its lowest print since 2016 at 6.1 percent, as recent monetar y-polic y adjustments are expected to “sap” economic growth momentum.

The Bangko Sentral ng Pilipinas (BSP) this year has made several consecutive policy adjustments by hiking the main policy rate as a response to the rising inflationary pressures in the country.

The most recent was the 25-basis-point hike done in November to “cement” the inflation trajectory back to target for next year.

The hike was done despite the lower-than-expected growth rate in the third quarter of the year at 6.1 percent.

“In response to above-target inflation in 2018, the BSP unloaded an aggressive 175-basispoint rate hike salvo, which will continue to weigh on overall growth momentum in 2019. Elevated borrowing costs will sap both consumption and investment momentum and this will be a key theme throughout 2019,” Mapa said in his assessment.

“Meanwhile, inflation is expected to trend lower and eventually fall within target by the second half, after monetary and nonmonetary policy measures feed into the economy,” he added.

2017 ejap journalism awards

n japan 0.4603 n UK 66.9217 n HK 6.6965 n CHINA 7.5282 n singapore 38.2737 n australia 38.6474 n EU 59.5034 n SAUDI arabia 13.9652

Source: BSP (3 December 2018 )

News

BusinessMirror

A2 Tuesday, December 4, 2018

Recto warns govt against bungling rice tariffication S

By Butch Fernandez

@butchfBM

ENATE President Pro Tempore Ralph G. Recto confirmed on Monday he was voting in favor of a proposed law liberalizing importation, exportation and rice trading, effectively lifting quantitative rice import restrictions, even as he warned the Executive “not to bungle” rice tariffication.

Explaining his vote to ratify the Bicameral Report on the remedial legislation liberalizing rice trading, Recto noted that, while the bill has its merits “it also has its Achilles heel—many, in fact.”

He opted to dwell on what must be done so that the promise of the proposed law will not be lost in execution. “It is a fear that is not unfounded. Ours is a government littered with the carcasses of laws full of good intentions, only to die at the hands of bad implementors.

This bill must not meet such a fate.

So much is at stake, so high the expectation, so great the promises, so many depend on it that failure is not an option.”

The senator suggested that enforcement of the law should be regularly subjected to stringent congressional oversight in order to “prevent deviation from its intention.”

“Congress often succumbs to the ‘pass and forget’ syndrome in legislation. But not on this, please.

If we want the law to be faithful to its intentions, we must watch over the backs of those who will carry it

Tax hike. . .

Continued from A1

through with the next-round fuel excise tax hike next year.

The President is expected to take up the matter at Tuesday’s (December 4) Cabinet meeting, where economic managers will present the basis for the Development Budget Coordination Committee (DBCC) reversal of its earlier support for suspending the tax hike.

Consumer groups interviewed by the BusinessMirror said the government will fail to temper inflation if it recalls its decision to suspend excise tax on petroleum products. The economic team last week announced it will recommend to President Duterte the continued implementation of the scheduled next round of excise on fuel.

This is in the face of a more favorable outlook in global crude prices, the DBCC said. It explained Dubai oil prices fell 14 percent to $68 per barrel last month from $79 per barrel in October.

Louie C. Montemar, convenor of Bantay Konsyumer, Kuryente at Kalsada, said there is no reason for the government to lift the excise suspension. Citing Finance Undersecretary Karl Kendrick T. Chua, he argued the government can make do with the estimated P41 billion in revenue losses that will result from the suspended increase of fuel tax.

For his part, Laban Konsyumer Inc. President Victorio Mario A. Dimagiba called it a “bad decision” for economic managers to move for the implementation of the next round of excise on oil.

“Inflation will remain elevated. We have six to seven layers of the supply chain that use fuel and power,” Dimagiba argued.

Inflation, or the general increase in commodity prices, rose 6.7 percent in October. Average

out,” Recto said, adding: “We should not let the usual suspects bungle its implementation.”

‘To the last centavo’ for farmers

For instance, he noted that the bill provides all the proceeds from importation must be distributed to farmers “to the last centavo.”

“A 100-percent plowback rate will guarantee that the government will not be tempted to use the taxes collected to shore up its fiscal position,” Recto said. “This is about putting cheap rice on the table, and not stashing money in state coffers. Read our lips: This is not a revenue measure.”

Recto reminded fellow senators that as authors of the measure, “we must see to it that the promised minimum P10 billion in Rice Competitiveness Enhancement Fund is appropriated annually. And equally important is that the fund adheres to the menu we have stipulated in this bill.”

He added: “At kung sumobra sa sampung bilyong piso ang duties na na-kolekta mula sa inangkat na bigas,

inflation stands at 5.1 percent, well beyond the government’s target range of 2 percent to 4 percent.

In arguing against the economic managers’ consensus to ask President Duterte to backtrack on his earlier commitment to suspend the next-round fuel excise tax hikes under the TRAIN law, Montemar recalled that DOF’s Chua had been consulted about the issue last month, when the DBCC was still debating whether to heed the clamor for suspension. At least 17 senators from the majority had also written to Duterte on November 7 to push for the suspension.

“Just some week s ago, a DOF Undersecretary said that the government is projected to lose about P41 billion from the expected suspension of the second installment of the tax increase on petroleum products under TRAIN [Tax Reform for Acceleration and Inclusion],” Montemar said.

“However, he [Undersecretary Chua] pointed out that the actual loss will not be that big and that DOF [Department of Finance] already has plans on how to manage things if the excise taxes are suspended,” Montemar added.

With the tax increase stalled for the whole of next year, the government is expecting P41.6 billion in revenue losses. However, in an earlier Senate hearing, Chua said this could be offset by P14 billion in value-added tax (VAT) collections.

“Yes, the prices of oil products have gone down, but will they stay there? DOF knows we can make do with the suspension, [so] let’s have them for our consumers,” Montemar said.

He also claimed that prices of basic goods did not reflect the lowering of oil prices. He said it is easier for manufacturers and retailers to raise prices, but harder to reduce them.

“In other words, it is so easy

isama ito [and if the duties collected from rice imports exceed P10 billion, this should be included], on top of the P10 billion.”

“In allocating revenue dividends, we must follow this rule: those who have been adversely affected and those who badly needed assistance, should be prioritized.

Those who lost more should get more,” Recto said.

He added: “We should also not rule out direct compensation to farmers. Pag direkta sa bulsa, walang leak, walang wastage, walang korapsyon [If it goes straight to their pockets, there is no leak, no eastage, no corruption].”

He acknowledged that farm income losses are nothing to be sneezed at. “It is estimated to reach as high as P88 billion annually,” he said, but continued:”If farmers wore suits and owned banks, there would have been a scramble to package a bailout. They will be throwing protest confetti down Ayala Avenue.”

At the same time, the senator strongly suggested that anti-rice smuggling operations be intensified. “While conventional wisdom states that dismantling trade barriers deters smuggling, it is not always the case. Where profit can be realized by circumventing rules, the incentive to commit it will remain powerful.” In fact, he added, “the sheer volume of imports may even camouflage contraband. Smugglers may even use legal channels, and let their goods piggyback on legal shipment.”

Once the final version of the

to jack-up prices, but far more difficult to pull them down. If we push through with the [secondround] TRAIN excise tax on oil, we will continue with the pattern of inflation that we have been having,” Montemar argued.

The consumer group leader said the government must give “consumers a break” and that the DOF should find a sweet spot for all to end a year mired with left and right price hikes.

Labor groups, too

Partido Manggagawa (PM) Chairman Renato Magtubo said the suspension of the 2019 round of the fuel tax hike is necessary to give low-income workers “breathing space” from the impact of TRAIN. “Pushing for its implementation depicts this government’s low regard for the welfare of the poor people affected by their tax policy that burdens them more,” Magtubo said.

Associated Labor UnionsTrade Union Congress of the Philippines (ALU-TUCP) Spokesman Alan Tanjusay said: “Without current proof of felt economic benefits and the existing utter lack of social safety nets to paying workers and their families, the decision to push through with the additional tax signals that we are [in for] dangerous times.”

Tanjusay said they still hope Duterte will reconsider the proposal of his economic managers on the matter.

Duterte still undecided

After the conferment ceremony of the prestigious Quezon Service Cross Awards on the late Sen. Miriam Defensor Santiago on Monday, Duterte said he is still undecided on the matter.

He said he will still discuss it at the Cabinet meeting on Tuesday before deciding whether to implement it or not.

“It is a collegial body so you have to arrive at a consensus.

“Ours is a government littered with the carcasses of laws full of good intentions, only to die at the hands of bad implementors. This bill must not meet such a fate.

So much is at stake, so high the expectation, so great the promises, so many depend on it that failure is not an option.”— Recto

Senate-House bill is signed into law, he expects that the “bottlenecks in the domestic movement of rice must end,” noting that the biggest jump in rice prices happens outside the farm gate. “Traffic, and road kotong, for example, make rice more costly to consumers,” Recto added.

Moreover, Recto asserted that fair trade practices must be instituted, noting for example that bulk storage as buffer for lean months makes sense. “But when what is hoarded is hedged for extremely high prices, it becomes an anticompetition sin.”

He, however, acknowledged that rice tariffication is “not the end-all and be-all ” in attaining food security. “Much remains to be done to make affordable food available to all, at all times. It is also wrong to benchmark food security to one crop alone: rice, even if it is the national staple,” Recto said, adding: “If you look at our food consumption record, there are across-the-board deficits, from meat to vegetables to starches.

How it would impact on each and every aspect of the life of the community...that could be articulated by the Cabinet member who handles a particular department,” Duterte said.

He said he will also review the possible effects of the nonimplementation of the tax hike on government budget and projects.

Ready to defend

If Duterte approves the P2-perliter fuel tax under the TRAIN law, Malacañang said its economic managers are ready to defend it before the Senate.

In a press briefing, Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo said he is confident the DBCC agency heads can persuade the senators to support the tax hike.

“I am sure the economic managers have basis in making that recommendation. They are competent and able to explain themselves,” Panelo said.

Panelo issued the pronouncement in response to the statement of Sen. Sherwin T. Gatchalian that he may push for the delay in the passage of 2019 national budget if the scheduled next-round hike takes effect.

Last week the DBCC retracted its proposal to suspend the hike in 2019 as fuel prices in the international market are expected to remain low next year.

Gatchalian opposed the fuel tax hike since it may worsen inflation.

Aside from Gatchalian, other senators concerned over the effects of the tax hike include Sens.

Juan “Sonny” Angara, Aquilino “Koko” Pimentel and Paolo “Bam” Aquino.

Furthermore, Panelo said any delay in the completion of the 2019 budget will reflect not on the performance of Duterte, but on Congress. The P3.7-trillion 2019 national budget is currently pending in the Senate.

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Solons ask Executive to brief Congress on ML extension’s basis

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OLLOWING the calls to extend the martial law and suspension of the writ of habeas corpus in Mindanao, lawmakers on Monday asked the national government to give Congress an assessment of the situation on the ground.

Members of the House of Representatives made the call as martial law in Mindanao is expected to end

by December 31.

Armed Forces chief General Carlito G. Galvez Jr. said that the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP) will recommend extending martial law in the South. See related story in The Nation, page A3, “Military backs 1-year martial law extension in Mindanao.”

“My decision to support or not will depend on the threat assessment of DND/AFP [Department of National Defense-Armed Forces of the Philippines]; maybe it’s time to call for a security briefing from them as well as an update on the implementation of martial law,” said Anak Mindanao Party-list Rep. Makmod D. Mending Jr. For his part, Camarines Sur Rep. Luis Raymund F. Villafuerte Jr., vice chairman of the House defense committee, also underscored the need for the government to make a formal request for such an extension.

“We should give more weight to the inputs of the people living in Mindanao in considering a request for the extension of martial law on the island. Mindanaoans are the ones experiencing what it’s like to live under martial law for a year and a half now, so they would have a better grasp of what is an acceptable

US-China. . .

Continued from A8

Production value chains

“Rather, 81 percent of developing Asia’s trade is in capital and intermediate goods and final consumption goods are the minority,” she added.

Production value chains have made it possible for companies like Uniqlo, a Japanese fastfashion retailer, to sell the same products in Manila, Tokyo and Orlando, Florida.

However, these production value chains will be “severely affected” by the trade conflict. This includes countries, such as Singapore, Malaysia, India, Canada, Vietnam, Indonesia, Japan, and Thailand, among others.

“For an upcoming ADB working paper, my colleagues and I disentangled these production chains to show how the spillover and trade redirection effects are impacting all sectors, including nontraded services such as retail trade and the financial sector in developing Asia. We find that the PRC economy will be the hardest hit, but so will the US,” MercerBlackman said.

Philippines impacted

In October, World Bank East

LTFRB. . .

Continued from A1

predetermine fare rates adjustment as set by economic indicators such as world market price of crude oil, foreign currency exchange rate, consumer price index, inflation rate and the financial viability of the public transport system.”

“This formula shall be deliberated on and proposed by a technical working group which will be convened by the LTFRB,” the resolution read.

The idea for the said

option for them for continued peace and security,” said Villafuerte.

“I am inclined to support a third extension of martial law in southern Philippines once such a recommendation is made by the military leadership,” he said.

President Duterte first ordered martial law for two months in Mindanao on May 23, 2017, after local terrorists laid siege to Marawi City.

He asked for a five-month extension that lasted until December 31, 2017, after the 60-day declaration lapsed in July. A second extension was granted by Congress, continuing the period of martial until December 31. Meanwhile, ACT Teachers Reps. Antonio L. Tinio and France L. Castro opposed another extension to the extended martial law in Mindanao.

The solons said that another extension and expansion of martial law will only lead to more human-rights violations and harassment by the military, paramilitary and the police.

“Martial law in Mindanao has been used to terrorize and harass innocent civilians, human-rights defenders, humanitarian workers, lumad communities, environmental advocates and activists,” Tinio said. “The government uses this military power to target and further suppress and silence critics of the Duterte administration.”

For her part, Castro said, “The only terrorism still lurking in the area is state terrorism, brought by elements of the Armed Forces of the Philippines, paramilitary forces and the Philippine National Police.”

Jovee Marie N. dela Cruz

Asia and Pacific Chief Economist Sudhir Shetty said trade tensions between the US and China could slow global trade growth.

Since the Philippines is part of the US-China value chain, this could dampen the country’s trade prospects.

He also said high inflation will dampen consumption growth and the countr y’s investment prospects. Consumption growth is a major growth driver for the Philippines, while the government sees investment growth as a key to boosting job generation in the country.

However, the World Bank said regional economies could gain by deepening existing preferential trade agreements and lowering nontariff barriers.

A further escalation of trade tensions could be avoided by turning to bilateral negotiations or the World Trade Organization.

The Washington-based lender also said there is a need to deepen structural reforms, including liberalizing key sectors, improving the business climate and boosting competitiveness.

L evel ing t he pl ay ing f ield between SMEs and large firms, and between foreign and domestic firms, could also help reduce resource misallocation and create jobs. fare matrix was earlier floated by Tugade, who said fare adjustments should be automatic, as hearings for pleas on fare movements are often too slow and become unnecessary when implemented.

The Nation BusinessMirror

www.businessmirror.com.ph

Military backs 1-year martial law extension in Mindanao

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HE military, citing the position raised by regional peace stakeholders, will likely recommend the extension of martial law in Mindanao for another year.

“We have recommendations already.

We [discern] that all the regional peace and order council [RPOC] and also the local government units…are recommending for the extension of at least one year,” said Armed Forces Chief of Staff Gen. Carlito Galvez Jr. on Monday.

Galvez, who is set to retire on December 12, said the recommendation is also being endorsed and supported by other government agencies in Mindanao, including the Commission on Elections.

“We [the military will also be] be recommending [for the extension of martial law in Mindanao],” he said during the flag-raising ceremony at Camp Aguinaldo.

Officials said that Galvez might be appointed as peace adviser following the resignation of former Presidential Adviser on the Peace Process (Opapp) Jesus Dureza.

The retiring chief of staff had earlier expressed his inclination to join the Opapp after his service in the military.

Galvez said the one-year extension “should give the government a room to make significant dent on terrorism.” Rene Acosta

Editor: Vittorio V. Vitug • Tuesday, December 4, 2018 A3

New Chief Justice tells SC officials, workers: Rally behind my leadership

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By Joel R. San Juan

@jrsanjuan1573

EWLY appointed Chief Justice Lucas P. Bersamin on Monday appealed to officials and employees of the Supreme Court (SC) to rally behind his leadership and respect the decision of President Durterte to appoint him as the country’s chief magistrate.

While he admitted that some of the members of the Court may have expected the President to appoint another person to the post, Bersamin said he would not apologize to anyone since it is totally within the discretion of the President whom to choose for the post.

“I know you have expected maybe another individual to be appointed to this office. I am not apologizing for myself, I’m not apologizing for the President, I am here because I was appointed,” Bersamin told court employees when he led the SC flag-raising ceremony

for the first time as Chief Justice.

Bersamin also said that his appointment should put an end to any unnecessary speculation on whether he deserves the post or not.

“I am here because I was appointed, so that should stop all speculation from within and out whether Justice Bersamin deserves to be here or not,” he declared.

Apart from the court officials and employees, also present during the f lag-raising ceremony were Associate Justices Mariano del Castillo, Marvic Leonen, Francis Jardeleza, Noel Tijam, Andres

Reyes Jr., Alexander Gesmundo, Jose Reyes Jr. and Ramon Paul Hernando. Retired Associate Justice Adolfo Azcuna and Court Administrator JoseMidas Marquez also attended the ceremony.

Bersamin also announced the designation of Marquez as SC spokesman, a post which he served during the term of the late Chief Justice Renato Corona and retired Chief Justice Reynato Puno.

Associate Justice Antonio Carpio and Associate Justices Diosdado Peralta, Estela Perlas-Bernabe, Alfredo Benjamin Caguioa and Rosmari Carandang were conspicuously absent during the flag ceremony.

“Those who you do not see here have reason why they are not here this morning,” Bersamin told the crowd in reference to his colleagues who were not present during the flag ceremony.

Some stakeholders in the Judiciary earlier questioned the appointment of Bersamin as it contradicts the assurance made by Duterte that he would observe the so-called seniority rule in filling up vacancies in the SC. Bersamin assumed the post left vacant by the retirement of former Chief Justice Teresita Leonardo de

Castro, who succeeded ousted Chief Justice Maria Lourdes Sereno.

De Castro served as Chief Justice for only 41 days.

Associate Justices Carpio, Peralta, Perlas-Bernabe and Reyes Jr. also aspired for the CJ post.

While Bersamin is not the most senior member of the SC, he is, however, the most senior among the candidates for the CJ in terms of service in the Judiciary.

“I am an accidental Chief Justice but that is not a statement of apology. I do not apologize to anyone for having been appointed. That is the wisdom of a President who is the appointing power. Please accept me,” he said.

The 69-year-old Bersamin is set to retire in October 2019.

During his speech, Bersamin appealed to court officials and employees to stop using their cellular phones while doing their work.

“It’s not a big deal to ask, but that’s how we should start. It’s just a request,” he said.

Meanwhile, the SC has reorganized its three divisions after the appointment of Bersamin and Carandang.

The reorganization stated in Special Order 2623 dated November 28 designated Bersamin

as chairman of the First Division with Associate Justice Mariano del Castillo as working chairman and Associate Justices Jardeleza, Tijam and Gesmundo as members.

Carpio remained as chairman of the Second Division with Bernabe, Caguioa, Reyes Jr. and Carandang as members.

Peralta will chair the Third Division with Leonen, Andres Reyes Jr. and Hernando as members.

Carandang will also serve as an additional member of the Third Division.

To enable Carandang to attend both sessions of the Second and Third Divisions, Bersamin directed both divisions to “schedule their sessions at different times.”

Carpio will also serve as chairman of the en banc raffle committee with del Castillo and Leonen as members.

Heading the division raffle committee is Peralta with Bernabe and Jardeleza as members.

Carpio remained as the chairman of the Senate Electoral Tribunal while del Castillo and Leonen will serve as members.

Peralta will chair the House of Representatives Electoral Tribunal with Bernabe and Jardeleza as members.

A4 Tuesday, December 4, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

GDP growth in Q4 likely to be at 6.6%–think tank

By Cai U. Ordinario

W

@caiordinario

EAK consumer spending, especially during the holiday season, will likely keep the country’s gross domestic product (GDP) growth below government expectations in the last quarter of year, according to a local private think tank.

In its Market Call report, First Metro Investment Corp.-University of Asia and the Pacific (FMIC-UA&P) Market Capital Research said the government aims to end the year on a high note, but high inflation will only allow fourth-quarter GDP—which is usually the economy’s strongest quarter—to grow at 6.6 percent.

In order to catch up with its target, Socioeconomic Planning Secretary Ernesto M. Pernia earlier told the media that the economy needs to grow by 7 percent in the last quarter of the year in order to attain the low-end of the government’s target of 6.5- to 6.9-percent growth for the whole of 2018.

“We think that economic performance will slightly be better in Q4 [fourth quarter], getting extra push from NG [national government] and holiday-spree consumer spending as 2019 May election campaign begins to heat up. However, given elevated inflation should put a ceiling to Q4 GDP growth at 6.6 percent,” FMICUA&P Market Capital Research said.

The think tank said inflation could average 6.2-percent in November and 6.3 percent in December. The

₧1,700

The value that was lost in terms of purchasing power due to high prices in the last six years government will release the official inflation data for the month of November on Wednesday.

It said high inflation in the fourth quarter and weak consumer spending from its 5.2-percent growth in the third quarter would likely offset any gains brought by higher investment spending.

However, the think tank does not expect the Monetary Board to raise interest rates further. FMICUA&P Market Capital Research said the policy rate hike of 25 basis points last November 15 could be the last this year.

“The higher inflation in Q3 [third quarter] and Q4 will also stymie consumer spending for those quarters.

In response to the elevated inflation rates, the Bangko Sentral ng Pilipinas [BSP] raised policy rates by another 25 basis points in November to reach 4.75 percent, as we expected,” the think tank said.

“However, it will be more circumspect in 2019 when inflation slows down sharply, especially in the light of the planned suspension of higher petroleum excise taxes for a good part of next year by President Duterte,” it added.

In November the Philippine Statistics Authority (PSA) reported that Household Final Consumption Expenditure (HFCE) grew 5.2 percent in the third quarter, the slowest since the 5 percent posted in the third quarter of 2014. This was largely due to the slower growth of food consumption to only 2.8 percent in the third quarter from 6.2 percent in the second quarter.

The slower spending by households significantly affected the country’s economic performance in the July-to-September period. The country’s GDP only posted 6.1 percent, the slowest in two years.

Based on the estimate of the PSA, the Consumer Price Index (CPI) in October was already at 119.8 since the base year used is 2012. Using this base year means that the value of Filipinos’ P100 in 2012 is now only P83.

The PSA said Filipinos need to shell out an additional P17 today for every P100 they used to spend buying various goods and services six years ago.

This also means that a Filipino’s P10,000 in 2012 is now only worth P8,300 due to the increase in inflation. The value that was lost in terms of purchasing power due to high prices is P1,700 in six years.

SRA seeks DTI imprimatur for SRP on sugar

By Elijah Felice E. Rosales @alyasjah

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HE Sugar Regulatory Administration (SRA) is asking the trade department to consider putting a suggested retail price (SRP) on sugar as sought by consumers and food processors.

SRA Board Member Emiliano Bernardino L. Yulo on Monday said the agency would request the Department of Trade and Industry (DTI) to study the imposition of SRP on sugar.

This was after the SRA, as well as a consumer group, reported the staple is being sold above P60 per kilo.

“On the part of the SRA, we are being unfairly blamed for the prices.

The truth to the matter is we are just barely surviving our nose above water,” Yulo said on the sidelines of a forum in Manila.

“We are calling on the DTI [to look into the matter]. If it is the call of the DA [Department of Agriculture], the

DTI should tell us so we can make the necessary representations with the DA,” he added.

The SRP must be determined through a government meeting with stakeholders, including sugar farmers, millers, traders, retailers and consumers. He explained this should ensure the agreed price is amenable to all parties.

“Maybe we should have a stakeholders’ meeting particular to that so we can come up with a consensus on what is the ideal suggested retail price,” Yulo said.

Laban Konsyumer Inc. Victorio Mario A. Dimagiba reported retail prices of refined sugar averaged P60 per kilo in public markets.

This should not be the case, he argued, as the SRA claimed farmers are selling it at P1,450 per 50kilogram bag to millers.

He surmised there could be profiteers in the supply chain that jack up the prices. Dimagiba added the

fuel excise tax under the Tax Reform for Acceleration and Inclusion affected the prices of essentials, such as sugar.

“We have a very poor supply chain for basic necessities and prime commodities. Three or four in the process have to spend on gasoline, and they pass it on to the consumers,” Dimagiba said.

“The excise tax on petroleum products really had an impact on inflation. It increased delivery cost,” he added.

Dimagiba, a former trade undersecretary, moved that the government put an SRP on sugar given the disparity between prices from the farm gate and to the retail.

During his stint as trade official, he said the DTI placed an SRP of P50 per kilo on sugar in the face of rising prices of basic goods. “In less than a week, prices of sugar fell to P45 per kilo,” the consumer group leader recalled.

www.businessmirror.com.ph

Are government and business ready to crack open public contracts?

By Henry J. Schumacher

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OU don’t have to look far these days to spot the disastrous aftermath of cozy relationships between politicians and businessmen. In Brazil, the Odebrecht scandal has shaken the country’s political establishment to the core (leaving a vacuum for the far-right populist and new president-elect Jair Bolsonaro) and sent shockwaves throughout the region.

Across the Atlantic, European journalists and government whistle-blowers have been pulling on threads to unravel tight-knit networks of vested interests, often at grave personal risk.

So it’s good to see that the international business community in G-20 countries is taking integrity and transparency seriously in its recommendations for promoting fair and sustainable growth at last weekend’s G-20’s summit in Buenos Aires.

Actively engaging in the Open Contracting Partnership is part of moving forward, focusing on integrity and compliance. Public contracting — a nd lucrative infrastructure projects, in particular — is one of the sectors where nepotism is most evident. These vested interests make it hard to sustain political change that can effectively challenge the status quo, but change is essential so that social reforms can have an impact on citizens. I am happy to state that the Philippines is involved in Open Contracting Partnerships, which is in line with projects being implemented here in cooperation with local government units (LGU) and Integrity Circles.

The Germans have an apt (and descriptive) word for nepotism in public contracting: Vetternwirtschaft. Literally, it means “economy of cousins” and identifies the two crucial jumping-off points for increasing transparency and integrity in public contracts: money and relationships. The solution then is to reveal what’s really going on and provide a deterrent for those who rely on obscurity to conduct their murky business.

Open contracting — that is, open data that is timely, accessible and usable, as well as regular engagement with all stakeholders — is an actionable and effective strategy to achieve this.

The international business community recommends enhancing integrity and transparency in public procurement with a focus on infrastructure projects. This implies a clear recognition of the role of open contracting in addressing the corruption risks throughout the public procurement process and seeks to establish incentives for companies to adhere to high standards of integrity. And not only during the tender phase, but throughout the entire procurement cycle, from planning to completion of the works. It recognizes that especially procurement of public works requires the participation of all stakeholders and recommends maximizing the use of digitaliza-

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HREE cadets of the Philippine National Police Academy (PNPA) who were reported to have been involved in a sexualmisconduct incident have been dismissed from the academy, PNP chief Director General Oscar D. Albayalde said.

Albayalde said that PNPA Director Chief Supt. Jose Chiquito Malayo reported to him that the three cadets who were not named, have been ordered expelled from the academy due to their involvement in the case that happened on October 6.

“Please be informed that the Second Class cadet and two other 3rd Class cadets involved in the above

activity against two fourth class cadets are found guilty for the administrative charges filed against them…for allegedly ordering Fourth Class cadets to perform sexual acts,” Malayo reported.

“They are meted the penalty of dismissal from the cadetship program,” Malayo added.

The alleged sexual misconduct, the first to be reported in the PNPA, involved a cadet who allegedly forced two plebes to perform oral sex as a punishment for not obeying an order. The incident happened while two other cadets watched.

Albayalde said that the dismissed cadets can still appeal their dismiss-

U.H.C. ACT FOR ALL FILIPINOS SOON TO BE A LAW

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fore the Department of Justice (DOJ) for theft of minerals in violation of Section 103 of Republic Act 7942, the Philippine Mining Act of 1995; and unauthorized and unlawful intrusion in violation of RA 8371, Indigenous People’s Rights Act of 1997.

Arrested during the operation were TAG owner Anson Tanglao, who is found to be the punong barangay of Barangay Manauli, and 21 other employees of TAG, including Chinese coowners Leong Sek and Yang Chuan Lee. Authorities also arrested were LAC Manager Ryan Clarete and seven other employees, including Chinese co-owner Mou Ke.

EnCD Chief Czar Eric Nuqui said the operation also resulted in the seizure of various heavy equipment and extracted minerals with a total estimated value of almost P1 billion. The NBI said a followup investigation is still being conducted to determine the owners and board of directors of the said mining companies for possible filing of charges.

The operation was launched based on the complaint filed by the Katutubong Aetas through the Volunteers Against Crime and Corruption (VACC) in Region 3, which reported that the ancestral domain of the said indigenous people were being quarried by certain groups. Joel R. San Juan

Feedback is more than welcome— e-mail me at Schumacher@eitsc.com.

Police cadets in sexual-misconduct incident dismissed from academy

Illegal quarry operation in Porac, briefs Pampanga, leads to arrest of 30 HE National Bureau of Investigation (NBI) on Monday announced the arrest of 30 persons, including three Chinese nationals and a barangay official, believed to be involved in illegal quarry operations in Porac, Pampanga.

NBI Spokesman Deputy Director Ferdinand Lavin said the suspects were arrested on November 28 following an operation spearheaded by the NBI-Environmental Crime Division (NBI-EnCD) against two mining firms, namely, LAC Quarrying and TAG Mineral Resources Inc. Criminal complaints have already been filed against the respondents be-

tion for this purpose.

These reforms should not be driven only by transparency but by performance goals and a focus on delivering better services and works to citizens. The need for governments to publish standardized open data — following best practice such as the Open Contracting Data Standard — to analyze the process and hold all actors accountable is crucial.

It is essential that the government and the private sector pursue the implementation of beneficial ownership transparency, with a focus on mandatory public registers of beneficial owners in line with global standards. Knowing who governments do business with can be surprisingly difficult. This information should be public.

Open contracting links to many issues on the G-20 agenda— from the digitization of government services to the concrete impacts of social policies and job growth. An open contracting approach and the Open Contracting Data Standard can power policies, mechanisms and technology to ensure governments receive value for money on their investments and companies have a fair chance at winning government business. Effective feedback channels, smarter analytics, and a transparent monitoring process can be used to engage business and citizens in improving the contracting process by tracking investments.

The question remains whether business is ready to crack open public contracts, recognizing the role business can and must play to support this change to more openness. Open and fair competition will stimulate innovation, give a chance to SMEs, women and minority entrepreneurs, and above all, benefit the honest and hardworking businesses that are doing their best to provide high-quality products and services.

Businesses, the time to hide is over — it’s time to lead!

CONGRESS is on track to submit the final version of the proposed Universal Healthcare (UHC) Act that provides medical coverage for all Filipinos for President Duterte’s signature.

This was disclosed by Sen. Risa Hontiveros-Baraquel in her keynote address at the Ateneo Professional Schools’ Health Leadership Summit on Monday.

The UHC Act is expected to be ratified by both chambers of Congress within the week. Once enacted into law, the senator assured it will automatically enroll all Filipinos to PhilHealth.

Its enactment, she added, is also projected to improve access to primary health care, and integrate local health systems in the provincial level.

“The Universal Healthcare Act is anchored on the democratic ideal of self-determination and the right of every individual and community to a flourishing life,” Hontiveros said, adding, “Health is not only wealth. It is one of the most basic social responsibilities.” Butch Fernandez

al to the Philippine Public Safety College (PPSC), which administers the academy.

“They are under the PPSC, so they can appeal their case. I think, if I am not mistaken, within 15 days,” he said.

The PNP chief said that if the cadets are guilty, then they should be booted out of the academy.

“If they are really guilty, then they should, and it showed there is really a problem [at the academy].

That is the reason also why I talked to the cadets last month to ask about this. If they say this is their culture, then it is very dangerous,” he said. Rene Acosta

PHL DELEGATION VOWS TO FULFILL ROLE IN CLIMATE TALKS

THE Philippine delegation to the climate talks in Katowice, Poland, has vowed to continue to champion the main concerns of developing countries, the Climate Change Commission (CCC) said on Monday.

These include ensuring that climate-change finance are delivered, including technology development, transfer and diffusion, and capacitybuilding, and that developed countries have clear programs for delivery.

In a news statement, the CCC said the Philippine delegation led by Secretary Emmanuel de Guzman will also push for clarity and acceptability of the time frame of the programs to enable developing countries like the Philippines to build their national capacities to avoid future generation of greenhousegas emissions and to survive the intensifying impacts of climate change through anticipatory adaptation.

Jonathan L. Mayuga

www.businessmirror.com.ph

The World BusinessMirror

Editor: Angel R. Calso • Tuesday, December 4, 2018 A5

Trump-Xi agreement buys time in trade war

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ASHINGTON—The dinner-table diplomacy that Presidents Donald J. Trump and Xi Jinping of China conducted over the weekend produced something as vague as it was valuable: an agreement to keep talking.

Forged over grilled sirloin at the Group of 20 summit in Buenos Aires, Argentina, the ceasefire Trump and Xi agreed to Saturday night illustrated that the leaders of the world’s two largest economies can at least find some common ground, however tentative and ill-defined it might be. The truce pulled the United States and China back from an escalating trade war that was threatening world economic growth and had set global investors on edge.

“The prospects for real progress on substantive issues with China are now better than at any point in the Trump administration,”

said Andy Rothman, investment strategist at Matthews Asia.

What Trump and Xi achieved was the gift of additional time— 90 days, at least—to try to resolve the thorny and complicated issues that divide them. Most important among them, and perhaps the most intractable, is the US argument that Beijing has deployed predatory tactics in a headlong drive to overtake America’s global supremacy in high technology.

Yet reaching a permanent peace will hardly be easy. The Trump administration asserts, and many experts agree, that China systematically steals trade secrets and

forces the US and other foreign countries to hand over sensitive technology as the price of admission to the vast Chinese market.

Washington also regards Beijing’s ambitious long-term development plan, “Made in China 2025,” as a scheme to dominate such fields as robotics and electric vehicles by unfairly subsidizing Chinese companies and discriminating against foreign competitors.

This year, Trump imposed an import tax of 25 percent on $50 billion in products, then hit an additional $200 billion worth of goods with 10 percent tariffs.

Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the US and China failed to reach an agreement to at least postpone that move.

In Buenos Aires, they did reach such an accord. Trump agreed to delay the scheduled US tariff increase for 90 days while the two sides negotiate over the administration’s technology-related complaints. In return, China agreed to buy what the White House called a “not yet agreed upon, but very

substantial” amount of US products to help narrow America’s gaping trade deficit with China.

If the Chinese did eventually increase such purchases, it would be warmly welcomed in the US Farm Belt, where producers of soybeans and other crops have been hurt by Beijing’s retaliatory tariffs.

Trump tweeted late Sunday that “China has agreed to reduce and remove tariffs on cars coming into China from the US. Currently the tariff is 40 percent.” There was no Chinese announcement about possible tariff cuts and the Ministry of Commerce in Beijing didn’t immediately respond to questions.

Beijing cut import duties on foreign autos to 15 percent in July but added a 25 percent penalty for US-made vehicles the following month in response to Trump’s tariff hikes.

But can China be trusted? Its contentious tech policies lie at the heart of its economic vision, and Beijing could prove reluctant to sacrifice its ambition, no matter what longer-term agreement with the US it eventually reaches.

S. Korea’s Moon: Trump wants to grant Kim Jong Un’s wishes

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EOUL, South Korea—South Korea’s president says US President Donald J. Trump told him he has a “very friendly view” of North Korean leader Kim Jong Un and wants to grant his wishes if he denuclearizes.

North Korea has sought security guarantees from the US and relief from international sanctions.

President Moon Jae-in’s office quoted Moon as saying that Trump asked him to convey those messages to the North Korean leader if he visits Seoul this year as he promised. Moon spoke to reporters on Saturday aboard his presidential plane en route to New Zealand from Argentina, where he met Trump on the sidelines of a Group of 20 Nations summit.

“President Trump asked me to forward to [Kim] these messages; he has a very friendly view of Chairman Kim Jong Un and likes him. He hopes to fully carry out the remaining agreements [from their June summit in Singapore] together with him so that he will make Chairman Kim Jong Un get what he wants,” Moon said.

After deriding Kim last year as “little rocket man” and threatening his country with “fire and fury,” Trump has bestowed Kim with praise. In September Trump called Kim “very open” and “terrific,” and said he and Kim “fell in love.”

Moon said he and Trump agreed during their meeting that Kim’s trip to Seoul would play a “very positive role” in US-North Korea nuclear diplomacy. Moon said it’s still unclear whether Kim will visit Seoul by the end of this year, and that it’s up to

IN this November 30, photo, South Korean President Moon Jae-in, (left), shakes hands with US President Donald J. Trump during a meeting on the sidelines of the Group of 20 Leaders’ Summit in Buenos Aires, Argentina. Moon says Trump told him he has a “very friendly view” of North Korean leader Kim Jong Un and wants to grant his wishes if he denuclearizes. Hwang Kwang-mo/Yonhap via AP

the North Korean leader.

Moon, who has facilitated a series of high-level talks between the United States and North Korea including the Trump-Kim summit, has met Kim three times this year.

After their third meeting in Pyongyang, North Korea’s capital, in September, Moon said Kim agreed to make a reciprocal visit to Seoul this year. Their two previous summits were held at the countries’ shared border village of Panmunjom.

If Kim, a third-generation hereditary ruler, visits Seoul, he would be the first North Korean leader to do so since the end of the 1950 to 1953 Korean War. Moon said a visit would convey Kim’s commitment to nuclear disarmament, better interKorean relations and world peace.

After sharply raising tensions with nuclear and missile tests last year, Kim abruptly reached out to Moon and Trump with a vague nuclear disarmament pledge. Subse-

quent nuclear diplomacy hasn’t made headway since the US-North Korea summit in June. But both Moon and Trump say fears of war on the Korean Peninsula have eased sharply.

Trump said on Air Force One while returning to Washington from Argentina that his next meeting with Kim would likely happen in January or February.

He said there were three sites under consideration, but declined to name them. AP

“Make no mistake about it: The issues that we have with China are deep structural issues, and you’re not going to resolve all of them in 90 days or even 180 days,” said Dean Pinkert, a former commissioner on the US International Trade Commission and now a partner at the law firm Hughes Hubbard & Reed. The Trump administration is “going to have to decide how much progress they need in order to define it as a win.”

Parag Khanna, founder of the FutureMap consultancy and author of the forthcoming book The Future is Asian, noted that in speeches to domestic Chinese audiences, Xi is still promoting the economic self-reliance that Made in China 2025 symbolizes.

“What he’s saying to his own people has more long-term validity than what he’s saying to Trump over dinner for the sake of everyone saving face,” Khanna said.

Even so, the Buenos A ires breakthrough may calm investors who worried about financial damage from the trade hostilities. Caterpillar, Ford and other US corporate giants have complained that

the higher Trump tariffs, if kept in place, would guarantee higher costs and lower profits. That’s one reason the Dow Jones Industrial Average tumbled this fall after hitting a record close on October 3.

In the meantime, just as Trump dialed back the drama on one trade front over the weekend, he magnified the tension on another. En route from Buenos Aires on Air Force One, the president told reporters that he would soon notify Congress that he’s abandoning the North American Free Trade Agreement. Such a move would force lawmakers to approve the Nafta replacement he reached on September 30 with Canada and Mexico—or have no North American trade bloc at all. The absence of any such bloc would hurt companies that have built supply chains that crisscross the three countries’ borders.

“This trades one trade uncertainty for another,” Diane Swonk, chief economist at Grant Thornton, tweeted. “Policy uncertainty remains unusually high for an economy that on paper should be feeling fat and happy.” AP

Qatar to pull out of Opec amid tension with Saudi D

UBAI, United Arab Emirates—The tiny, energyrich Arab nation of Qatar announced on Monday it would withdraw from Opec, mixing its aspirations to increase production outside of the cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha.

The surprise announcement from Qatar’s minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $30 a barrel.

It also marks the first time a Mideast nation has left the cartel since its founding in 1960.

In a statement, al-Kaabi said Qatar, the world’s largest exporter of liquefied natural gas, planned to increase its exports from 77 million tons of gas per year to 110 million tons.

He also said Qatar wants to raise its oil production from 4.8 million barrels of oil equivalent a day to 6.5 million barrels.

“In light of such efforts and plans, and in our pursuit to strengthen Qatar’s position as a reliable and trustworthy energy

supplier across the globe, we had to take steps to review Qatar’s role and contributions on the international energy scene,” al-Kaabi said in a statement.

There was no immediate comment from Vienna-based Opec, which is to meet this month and discuss possible production cuts.

Qatar, a country of 2.6 million people where citizens make up over 10 percent of the population, discovered the offshore North Field in 1971, the same year it became independent.

It took years for engineers to discover the field’s vast reserves, which shot Qatar to No. 3 in world rankings, behind Russia and Iran, with which it shares the North Field. It’s also made the country fantastically wealthy, sparking its successful bid for the 2022 Fifa World Cup. Qatar’s wealth also has seen it take on a larger importance in inter nat iona l pol it ics. Its politica l stances have draw n the ire of its neighbors, particularly Saudi Arabia, Opec’s largest exporter.

In June 2017, Bahrain, Egypt, Saudi Arabia and the United Arab Emirates began a boycott of Qatar in a political dispute that continues to this day. AP

Leaders gather for key UN climate talks in Poland World Bank Group to raise $200B to fight climate change K

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he World Bank Group will spearhead a five-year, $200 billion investment to fight climate change.

The financing will support higher-quality forecasts, early warning systems and climate information services, the group said in a statement. That’s expected to build more climate-responsive social protection systems in 40 countries and finance “climate smart agriculture investments” in 20 countries.

“We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same,” World Bank President Jim Yong Kim said in the release. “This is about putting countries and communities in charge of building a safer, more climateresilient future.”

The World Bank will contribute half the funds, while the rest will be raised by International Finance Corporation, the Multilateral Investment Guarantee Agency and private capital. The funding will be applied over a five-year period starting in 2021, the statement said.

The World Bank Group provided $20.5 billion in financing for climate action this year. Bloomberg News

ATOWICE, Poland—Leaders from around the world are arriving for the ceremonial opening of the climate conference in Southern Poland that will discuss ways of curbing climate

change. The two-week conference in Katowice is expected to work out how governments can report on their efforts to reduce green gas emission and keep global warming well below 2 degrees Celsius (3.6

degrees Fahrenheit), as agreed in 2015 in Paris.

Host Poland will propose a declaration on Monday for a “just transition” away from coal mining, the supplier of its main source of energy,

to take into consideration the situation of people employed in the sector.

Critics say the declaration should more broadly cover all aspects of transition from fossil fuels to green energy. AP

Paris assesses injuries, damage after worst riot in decade

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ARIS—French President Emmanuel Macron asked for an evaluation of possible protest security measures on Sunday, a day after a Paris demonstration against increased taxes and living costs devolved into France’s worst urban riot in a decade.

Hours after he flew back to the French capital from the G-20 summit in Argentina, Macron held an emergency meeting at the Elysee presidential palace while crews

worked to remove charred cars, broken glass and graffiti from the famed Champs-Elysees Avenue and other top Paris sites.

Paris police said 133 people were injured, including 23 police officers, as crowds trashed the streets of the capital on Saturday.

Officers fired tear gas and used water cannon to tamp down the violence as protesters torched cars, smashed windows, looted stores and tagged the Arc de Triomphe

with spray paint.

Paris police Prefect Michel Delpuech said some officers described encountering “unprecedented” violence, including protesters using hammers, gardening tools, bolts, aerosol cans, as well as rocks in physical confrontations.

Some radical far-right and farleft activists were involved in the riot, as well as a “great number” of protesters wearing yellow jackets, Delpuech said. The fluorescent

jackets, which French motorists are required to have in their cars for emergencies, are an emblem of a grassroots citizens’ movement protesting fuel taxes.

Fires were started at six buildings and more than 130 makeshift barricades and 112 vehicles were torched, Delpuech said.

Paris prosecutor Remy Heitz said 378 people remained in police custody as of Sunday evening, 33 of them are minors. AP

A6 Tuesday, December 4, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

More powers won’t solve traffic problem

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awmakers passed House Bill 6425, or the proposed Traffic and Congestion Crisis Act, last week. The measure does not give the President emergency powers once enacted into law, but it would pave the way for the creation of a single traffic authority headed by an all-powerful traffic chief who will be appointed by the President.

Serving as the alter ego of the President, the traffic chief would have power of supervision over all local government units (LGUs) in metropolitan areas —Metro Manila, Davao and Metro Cebu—with the full power and authority to streamline the management of traffic and transportation and control road use in these areas.

The traffic chief shall have the power of supervision and control over the Metropolitan Manila Development Authority; Cebu Coordinating Council, as created under the bill; Philippine National Police-Traffic Management Group; Land Transportation Office; Land Transportation Franchising and Regulatory Board; Road Board; all other executive agencies, bureaus and offices with roles pertaining to land transportation regulation; and the Davao traffic administrator. He or she shall also formulate, coordinate, and monitor policies, standards, programs and projects to rationalize existing public transport operations, infrastructure requirements, the use of thoroughfares, safe movement of persons and goods, the administration and implementation of all traffic enforcement operations, traffic engineering services and traffic education programs.

That, indeed, is a lot of power. And it’s not emergency or temporary power. We doubt if centralizing all the power in one person is even necessary. Like Lito Atienza, the senior deputy minority leader of the House of Representatives, we also ask how this could address the real causes of our traffic problems.

“How will giving authorities more power help solve the traffic mess in Metro Manila, Metro Cebu and Davao, when the root causes of our traffic problem— corruption, mismanagement and incompetence—are not being addressed? It is like prescribing medicine that would only treat the symptoms, but not the virus that causes the illness,” Atienza said.

“The solutions being proposed in this piece of legislation are not the answers to our problem. We do not need more laws and powers. All the laws are already in place, but the government is not enforcing the law. What we need is stricter and honest-to-goodness enforcement of existing laws covering traffic management, as well as punishing erring traffic officials especially enforcers on the streets,” Atienza said during his interpellation of the bill’s sponsor, Catanduanes Rep. Cesar Sarmiento.

Again, we agree.

As we keep saying, road discipline and traffic rules are the first signs of a civilized society while their absence or wanton disregard for them depicts a pathetic, backward society. We need to bring back road discipline. We can solve our traffic problems in Metro Manila and other urban centers through relatively cheaper, ingenious ways and with political will. But we need rules. We can’t operate without rules, and rules must be strictly implemented and followed.

Simply obeying traffic laws, for instance, is sometimes overlooked but it often prevents both chokepoints and accidents on our roads.

Take, for instance, the Buendia and Osmeña Highway intersection, which is one of the busiest intersections in Makati, and just about a hundred meters away from BusinessMirror offices. It is often jammed because authorities turn off the traffic lights at this intersection instead of making sure motorists follow them. Sadly, this is replicated in many busy intersections in the metropolis. Many times traffic lights are turned off with no police minding these intersections, resulting in bedlam.

When everyone is following rules, the road is more organized, more efficient and most important safer. And yet why is it that authorities themselves are the first ones who disregard traffic lights and other rules, when they are the ones who should be enforcing them and preventing traffic violations?

We know this is just one simple example, but obviously you do not need an all-powerful traffic chief to have motorists follow simple traffic rules, such as obeying traffic lights.

And turning on those traffic lights is a good start.

Since 2005

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

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THE Entrepreneur Continued from A1

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he measure amends the outdated Republic Act 8178, or the Agricultural Tariffication Act of 1996. Specifically, it will replace quantitative restrictions on rice imports with tariffs and remove NFA’s control over the rice market, thereby allowing private traders to bring in affordable rice from other countries as long as they pay the 35-percent tariff for imports from other Southeast Asian countries.

What caused rice prices to soar this year in the first place is the tight supply in the market amid weak production, which came after several typhoons hit Luzon and a miscalculation on the part of NFA to import the right volume of the staple.

Hoarders exacerbated the situation by holding on to their stock to create an artificial shortage so that prices would escalate.

As rice is the biggest item in the consumer price index basket, inflation rate reached a nine-year high of 6.7 percent in September and October, data from the Philippine Statistics Authority show. Allowing more rice supply in the domestic market will definitely address food supply

concerns, stabilize commodity prices and help bring down inflation rate.

Preliminary estimates by the National Economic and Development Authority show that headline inflation rate would ease 1 percentage point if rice prices in the local market were reduced to the level of imported rice.

No less than President Duterte was alarmed by the high inflation data and ordered the importation of more rice to stabilize the domestic supply. Thankfully, food prices are now steady, following the arrival of rice shipments from Vietnam.

Once signed into law, the rice tariffication bill will allow more traders to buy rice from other countries as

Why the fear mongering?

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace Ruben M. Cruz Jr. Angel R. Calso

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More food for Filipinos

John Mangun

OUTSIDE THE BOX

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he word “mongering” is the verb from the Latin mango meaning “dealer.” In modern usage “monger” translates most commonly as a seller of a specific commodity, such as fish, fruit or fear.

Human history is a timeline of things that we have had to be afraid, from a monster eating the sun to real animal monsters wanting to eat us. Fear is such a part of the human psyche that we create things to be afraid of. Contrary to popular culture, flesh-eating zombies are fiction. However, flesh-eating bacteria is a reality.

As children growing up in the 1950s and 1960s, my peer group and I knew that a fat finger on a nuclear weapon in the US or Soviet Union would destroy civilization as we knew it. But we still had to be in class on time and after school—and the weekly “duck and cover” drills

—we rode our bikes and then went home for dinner.

As the year of Our Lord Two Thousand Eighteen comes to a close, it is almost impossible to listen to the press and media and not be told that there is something we must fear.

Here is my list, just for a start: global warming, global cooling, populism, globalism, China, Russia, the United States, paper currency, plastic straws, instant coffee, instant noodles, life-extinction asteroids and crashing stock markets.

The last one is real for me as I would have to stop playing my “Civilization V” game and use my

long as they pay the proper import duties and taxes. As more people join the trade, rice supply will stabilize and prices will become more competitive. Hoarding will be discouraged, and the cartels that control the stock and dictate the prices will be neutralized.

However, it is important that the government provide Filipino farmers with safety nets against the influx of imports. One is in the form of tariff rate, representing 35 percent of the price of rice imported from other Southeast Asian countries.

Another is in the form of subsidy or support that will give Filipino farmers a fighting chance against farmers of neighboring countries, who also get subsidies from their respective governments.

Making Filipino farmers more competitive should be a priority of the Department of Agriculture.

This should be complemented by the Rice Competitiveness Enhancement Fund, or RCEF, that will allow farmers to acquire farm machineries and the latest technologies in rice production. The bill provides for an annual appropriation of P10 billion for the fund over the next six years. If the tariff collection exceeds P10 billion in any given year, the excess revenue will also be allocated to RCEF specifically to provide direct financial assistance to rice farmers.

The financial assistance program

computer for pushing my “stock market sell” button.

There was a time in my life that I spent almost as much time on an airplane as I did on the ground.

While airplane travel is incredibly safe, there is always the fear when you get aboard that this might be your last flight.

I told myself—as I tell my sons to think now—that if there was only one passenger that survived a crash, it would be me.

Of course there are things that require you to use your common sense.

I never add salt or sugar which helps keep my blood pressure at a constant 120/70. My youngest son carries a bamboo straw in his backpack to use at Jollibee.

But now we are being told so often to be fearful—and the solutions to our fears are so burdensome if not impossible—it seems like someone is being paid to sell us these fears.

One of the most famous quotations on “fear” came from US President Franklin D. Roosevelt in his 1933 Inaugural Address. He said, “So, first of all, let me assert my firm belief that the only thing we have to fear is...fear itself—nameless,

should be designed to directly compensate rice farmers who will lose income as a result of the open rice importation.

The Philippines is considered a research center for rice production, and I believe that Filipino farmers will become more competitive and productive, if they are given the latest technologies.

Whatever know-how that is available at the International Rice Research Institute should be dispersed to the farmers. The use of modern technologies, such as the propagation of inbred and hybrid varieties, will enable local farmers to produce more. I believe that harvesting 10 tons of palay per season, two or three times a year, will enable a farming family to meet its needs.

This will be a win-win solution for the Filipino consumers and Filipino farmers. Our consumers will be assured of a steady supply of affordable rice, while farmers will be protected from any sudden surge of imports and subsequently compensated for any loss of income.

The rice industry is a vital component of the Philippine economy, but we have to realize that with our growing population and limited land, we should take advantage of the global marketplace to feed our people while taking care of our farmers.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.” The nation was in the grip of the Great Depression and needed words of hope and confidence.

If things are so bad now and require so much fear, why are we not hearing those words again instead of all the fear mongering?

However, Roosevelt went on to say, “In every dark hour of our national life a leadership of frankness and of vigor has met with that understanding and support of the people themselves, which is essential to victory. And I am convinced that you will again give that support to leadership in these critical days.” And by “leadership,” Roosevelt meant himself.

Politicians learned many centuries ago that if people are afraid, they will follow their leaders in almost any direction. The 21st century is becoming the Age of Fear and we are being sold on it.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

www.businessmirror.com.ph

Pursuing more than Olympic glory

Will robots replace caretakers in Japan?

Cecilio T. Arillo

database

Sonny M. Angara

Better Days

I

N July this year, the government of the Republic of Ireland revealed its 2018-2027 National Sports Policy—an 11-chapter document outlining some 57 “action items” which included funneling up to €220 million (P13.1 billion) for sports programs and facilities by 2027, from €112 million (P6.67 billion) in 2018.

Among the avowed objectives was to train more “high-performing” athletes, with the Tokyo 2020 Olympics clearly in mind. But beyond that, it appears the foremost goal of Ireland’s National Sports Policy is to get more of their population into sports. Specifically, the Irish government wanted to raise their overall participation rate in sports and physical activity to 50 percent in 10 years’ time from 43 percent this year (which is the equivalent of getting over a quarter of a million extra people to be more active).

In launching the policy, Irish Minister for Transport, Tourism and Sport, Shane Ross said: “The benefits of sport and physical activity to physical and mental health are well-proven. An estimated €1.5 billion cost to [Ireland’s] annual health budget due to physical inactivity indicates the scale of financial benefit to be gained.”

A recent study published at the Irish Journal of Medical Science underscores Ross’s claims, citing that in Ireland physical inactivity is responsible for 9 percent of cases of coronary heart disease; 11 percent of type 2 diabetes; 15 percent of breast cancer; and 16 percent of colon cancer. The same study also found that those who performed no physical activity whatsoever were three times more likely to report negative mental health.

Ireland stands as a clear example of why pursuing a national sports development policy is akin to rolling out preventive health-care interventions. Having the state invest more into sports can definitely accrue to societal benefits beyond fulfilling a nation’s Olympic-medal dreams.

This is why the proposed P3.5billion Philippine Sports Training Center (PSTC)—the law for which was recently approved in a bicameral conference of Congress— should be viewed as more than an attempt at attaining international sports glory.

To be clear though, there is nothing frivolous about the Philippines going for Olympic gold. There are palpable benefits and inspirational effects if our countrymen see more of their athletes emerging victorious on the world stage. One just needs to recall how the entire nation cheers when now Sen. Manny Pacquiao squares off with his opponents in the boxing ring. Or when our weightlifting angel, Hidilyn Diaz broke our decades-long Olympic medal drought in 2016.

But while the completion of the

By helping our national athletes pursue a higher standard of performance, we also enhance their capacity to inspire and pull other Filipinos into the same whole-hearted frenzy toward physical health. This is vital, as studies point to the need for more Filipinos to be more physically active.

PSTC marks a decisive step in making available world-class training facilities to our national athletes, it should also be seen as a beacon of hope and inspiration around which a culture of sports and physical activity can be reinvigorated and be spread across the population.

By helping our national athletes pursue a higher standard of performance, we also enhance their capacity to inspire and pull other Filipinos into the same whole-hearted frenzy toward physical health.

This is vital, as studies point to the need for more Filipinos to be more physically active. For instance, a 2017 Stanford University survey of 111 countries determined that Filipinos on average were the fourthmost lethargic or physically inactive people in the world, walking only 4,008 steps or 4.6 kilometers a day.

In 2014 the Philippine Association for the Study of Overweight and Obesity Inc. reported that 3 out of 10 Filipino adults 20 years old and above were either overweight or obese, due in part to a sedentary lifestyle.

Recently, the Department of Health said that out of every three Filipinos, one dies before the age of 70 due to a noncommunicable disease—many of which could have been prevented with a healthy, active lifestyle.

Of course, the PSTC is just one step—albeit a very significant one— in a host of many others that need to be taken so that Filipinos are driven to more active lives. And while it will hopefully produce more Filipino sports hall of famers and winners, our support for its completion goes beyond our attempts at winning Olympic gold.

Sen. Sonny Angara was elected in 2013, and now chairs the Senate committees on local government, and ways and means.

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

J

APAN is home to the longest-living citizens on Earth and the biggest elderly population of any country—and it’s not getting any younger, said Alec Ross, one of America’s leading experts on innovation.

“Japan’s current life expectancy is 80 years for men and 87 years for women, and is expected to rise to 84 and 91, respectively, over the next 45 years. Between 2010 and 2025, the number of Japanese citizens 65 years or older is expected to increase by 7 million. Today, 25 percent of Japan’s population is age 65 or older.

By 2020 this is projected to increase to 29 percent and reach 39 percent by 2050,” he said.

“All of those long-living elderly will need caretakers. Yet, Japan’s low birth rates mean that what once was a staple of Japanese family life—taking care of one’s grandparents and great-grandparents—will no longer be a viable model at the scale the nation needs. There will not be enough grandchildren,” he pointed out.

In his best-selling book The Industries of the Future, recently published

by Simon & Schuster, Ross explained: “With Japan’s persistently strict immigration policies curtailing the number of workers in the country, there will not be enough humans around to do the job at all.

“Japan’s Ministry of Health, La-

Bloomberg Opinion

T

he G-20 Summit in Argentina ended without fireworks involving the United States, which was appropriate in a way, given the pall cast by the death of President George H.W. Bush.

The US went along with a watereddown communiqué rather than stand in the way of a consensus, as it recently did at the Apec summit and the G-7. And rather than ending the meeting with a dramatic breakthrough or a loud breakdown, America reached an agreement to freeze trade tariffs with China that went somewhat beyond the one it reached with the European Union in July. Both deals require steadfast and detailed followthrough if the gains are to prove more than just temporary.

The expectations for the G-20 summit were muted, with a balance of risk tilted to the downside.

There were few prospects for an action-oriented, cooperative approach for dealing effectively with the mounting list of challenges, including threats to global political stability (Ukraine and Syria), social cohesion (refugee flows), high and inclusive growth, and financial well-being, as well as the danger presented by the growing weaponization of economic instruments. And there were fears that past differences of views among the main G-20 members—particularly on trade, climate and rule-based multilateralism and related institutions—could even preclude a concluding statement.

After lengthy negotiations, an agreement was reached on a 31-paragraph communiqué that covers a comprehen-

bor and Welfare predicts a need for 4 million eldercare nurses by 2025.

Right now there are only 1.49 million in the country. Japan allows only 50,000 work visas annually, and unless something drastic changes, the math does not work.

“This labor shortage will hit service-industry jobs like eldercare with ferocity and will be exacerbated because caretakers have a high job turnover rate due to low pay and high rates of work-related injury from lifting patients.” But the Japanese are not really worried as their high tech industry has already found its future caretakers: robots!

“Just as Japanese companies reinvented cars in the 1970s and consumer electronics in the 1980s, they are now reinventing the family. The robots depicted in the movies and cartoons of the 1960s and 1970s will become the reality of the 2020s,” Ross said.

According to him, “Rival Japanese companies Toyota and Honda are leveraging their expertise in mechanical engineering to invent the next generation of robots. Toyota

built a nursing aide named Robina —modeled after Rosie, the cartoon robot nanny and housekeeper in The Jetsons—as part of their Partner Robot Family, a line of robots to take care of the world’s growing geriatric population. Robina is a “female” robot, 60 kilograms in weight and 1.2 meters tall, that can communicate using words and gestures. She has wide-set eyes, a moptop hairdo and even a flowing white metallic skirt.

“Robina’s brother, Humanoid, serves as a multipurpose home assistant. He can do the dishes, take care of your parents when they’re sick, and even provide impromptu entertainment: one model plays the trumpet, another the violin. Both versions are doppelgangers for the famous Star Wars C-3PO robot, although in gleaming white instead of gold.”

In response, Honda has created Asimo (the Advanced Step in Innovative Mobility robot), a fully functional humanoid that looks like a 4-foot-tall astronaut stuck on Earth.

Asimo is sophisticated enough to interpret human emotions, movements and conversation.

Equipped with cameras that function as eyes, Asimo can follow voice commands, shake hands and answer questions with a nod or by voice. He even bows to greet others, demonstrating good Japanese manners. For an elderly patient, Asimo can fulfill a range of tasks; from helping the patient get out of bed to holding a conversation.

Honda is also focusing much of its research and commercialization on robotic limbs and assistance devices that are robotic but not freestand-

ing robots. Its Walking Assist device wraps around the legs and back of people with weakened leg muscles, giving them extra power to move on their own.

In the future, expect to see Honda making robotic hands and arms.

Its goal is nothing less than helping paraplegics walk and the very frail rediscover the speed and power of their youth.

Numerous other Japanese companies are pushing the big players like Toyota and Honda. Tokai Rubber Industries, in conjunction with the Japanese research institute Riken, has unveiled the Robot for Interactive Body Assistance (Riba), which can pick up and set down humans up to 175 pounds and is designed for patient comfort: it resembles a giant smiling bear and is covered in a soft skin to guard against injury or pain.

Similarly, Japanese industrial automation company AIST has created Paro, a robot baby harp seal covered in soft white fur. Paro exhibits many of the same behaviors as a real pet.

Designed for those who are too frail to care for a living animal or who live in environments that don’t allow pets, such as nursing homes, it enjoys being held, gets angry when hit and likes to nap.

When President Barack Obama met Paro a few years ago on a tour of Japanese robotics innovations, he instinctually reached out and rubbed its head and back. It looks like a cute stuffed animal, but costs $6,000 and is classified by the US government as a class 2 medical device.

To reach the writer, e-mail cecilio.arillo@ gmail.com.

Conflicting views on the 120 days submission of report by ROs

CTA ruled that without revalidation of the LOA on or before the expiration of the 120 day, the LOA ceases to be valid and the resulting assessment or examination is a nullity. Any audit continued beyond the prescribed 120-day period, without doing such a procedure, will result in the RO acting without authority.

In an earlier case (CTA EB 1535, January 4, 2018), the LOA was said ineffective when the BIR failed to revalidate the same and the audit was continued beyond the prescribed period of 120 day.

Based on the two preceding cases, the Court was consistent in saying that the requirement for the 120-day period for the validity of an LOA is

The author is a junior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at karalouisse.eramis@bdblaw.com.ph or call 403-2001, local 170.

attrition involving the slow and steady escalation of actual and threatened tariffs. Among the possibilities: relations could deteriorate into the real and present danger of a devastating global trade war or the US and China could reach a breakthrough deal resembling those the Trump administration has signed with South Korea, Mexico and Canada recently.

For the economic reasons discussed here, the most likely outcome was in the middle of that range: a cease-fire with a pathway to a more decisive de-escalation of tensions—or, to use a recent historical parallel, an agreement similar to the one that followed the White House visit of EU President Jean-Claude Juncker in July. And that is what materialized, with the important addition of a three-month deadline for progress.

At the end of almost three hours of what the White House called “highly successful” discussions, the US agreed to refrain for 90 days from implementing additional tariffs on $200 billion of imports from China. In return, China promised to use the time to make progress in three areas of concern to the US and other countries: relaxing an array of nontariff barriers, including joint-venture requirements, that result in forced transfers of technology, operational models and other proprietary information and business practices; combatting intellectual-property theft and other cyber interferences; and reducing the bilateral trade surplus by importing “very substantial” quantities of certain goods from the US. This outcome is a short-term win for both sides, as well as the global economy:

China avoids additional tariffs that would further undermine its growth prospects and place even greater pressure on its financial markets. The US defines a time-specific way forward to counter practices that place it at a competitive disadvantage in its bilateral economic relationship with China. And the world economy is in a better place, for now, to avoid a stagflationary trade war.

It is also a short-term win for investors and markets: The talks didn’t break down, which would have pulled the rug from under an already weakening and more divergent global growth. Instead, the significantly less threatening immediate outlook for corporate revenues and profitability is likely to lead to a relief rally in risk assets when trading resumes on Monday.

Tax Law for Business

B

ased on the BIR’s General Audit Procedures and Documentation, a revenue officer (RO) is allowed only 120 days from the date of receipt of a letter of authority by the taxpayer to conduct the audit and submit the required report of investigation. If the revenue officer is unable to submit his final report of investigation within the 120-day period, he must then submit a progress report to his head office and surrender the LOA for revalidation.

This procedural requirement is frequently used as a defense in assessment cases when the conduct of an audit exceeds the 120-day period.

Under the existing rules, issuance of LOA is necessary for the conduct of a valid assessment. Without such authority, the audit and ultimately the assessment made will be considered void.

However, following various Court of Tax Appeals (CTA) decisions, it seems that the Court has conflicting views regarding this matter, that is, whether such 120-day period affects the validity of the LOA and thus, affects the resulting assessment, or not.

In a recently decided case (CTA Case 8837, October 8, 2018), the

sive list of topics. But it also was quite watered down when it came to substance, details and ambition. The diluted, compromise language was particularly evident in the sections on international trade, the functioning of the global system and multilateral institutions, and migration and climate change. Many topics weren’t mentioned, such as fighting protectionism and unfair trading practices, an omission that also reflected efforts to get each of China, Europe and the US to sign on.

Expectations for another, more eagerly anticipated event at the G-20—the bilateral meeting between Presidents Donald J. Trump and Xi Jinping—involved a decidedly more two-sided distribution of potential outcomes.

Few anticipated that the meeting would simply leave as is the recent war of

procedure nor will it result to the invalidity of assessment if the same is not followed.

Note that under the principle of stare decisis, courts should follow its own prior decisions and once something has already been decided, it should be left decided. Here, having these set of conflicting decisions runs in contravention with the said principle.

Thus, leaving the taxpayer as well as the revenue officers in question, as to whether the 120-day period is necessary to maintain the authority of the RO, without revalidating the same or submitting a report.

For now, we have yet to wait for the next Court’s decision on this matter.

Will it sustain its latest ruling of not holding the 120 day as a mandatory procedure or will this issue be finally settled by a Supreme Court decision?

That remains to be seen.

mandatory. The revenue officers are mandated to follow the 120-day validity period, otherwise, they will be acting without authority.

However, in one case (CTA EB 1616 and 1621, November 6, 2018), the CTA did not invalidate the LOA by reason only that the RO failed to submit a report within the 120-day period. As ruled, there is nothing in the rules that states that any report submitted after the 120-day prescribed period for investigation shall automatically lead to its invalidation. Instead, it only provides for a possible administrative sanction on the erring revenue officer.

The worst consequence that an expired LOA may have is an administrative sanction to the revenue officer and has no effect to the validity of the resulting assessment (CTA Case 8833, February 15, 2018).

From this juncture, it can be observed that the Court has contradictory interpretations when it comes to this 120-day period of submission of the report. In some cases, it is a mandatory requirement to follow this procedure; otherwise, it will result in the want of authority of the RO and eventually the invalidity of the assessment.

On the other hand, the CTA had also the occasion to rule that there is nothing in the BIR issuances that mandates the RO to follow such

Atty. Kara Louisse B. Eramis

G-20 gives markets a short-term respite

By Mohamed A. El-Erian

Tuesday, December 4, 2018 A7

2nd Front Page BusinessMirror

A8 Tuesday, December 4, 2018

US-China trade row tensions may spill over to 2019–ADB

D

By Cai U. Ordinario

@caiordinario

ESPITE a three-month truce, uncertainties brought by trade tensions between the United States and China may still spill over to 2019 and affect many countries, according to the Asian Development Bank (ADB).

I n a n A si a n De ve lopment Blog, Senior Economist Valerie Mercer-Blackman of the ADB Economic Research and Regional Cooperation Department said the tr uce was brought about by expectations that the conf lict is dampening the outlook for 2019.

While developing countries in Asia still have sufficient buffers such as high reserves and other policy tools, more problems due to

the trade conflict could ensue. “ Howe ver, t he shor t -ter m macroeconomic effects are just the tip of the trade conflict iceberg. Consequential changes in investment decisions will surely follow in the form of less investment abroad and the severing of global partnerships and business networks built over years to the benefit of everyone,” she said.

“Very few come out of trade conflicts unscathed.”

81%

Share of developing Asia’s trade that is in capital and intermediate goods, with final consumption goods just the minority. It is vastly different from when the majority of exports were final goods for consumption in foreign countries, making the impact of a trade war complicated

It’s complicated

Mercer-Blackman said the trade conflict was supposed to be a way of protecting domestic industries. It has backfired, however, because of “vast global interconnections in production and trade.”

She explained that US and

Treasury fully awards P15-B T-bills T

HE Bureau of the Treasury (BTr) has awarded all tenors for the Treasury bills (T-bills) auctioned off on Monday amounting to a total of P15 billion.

National Treasurer Rosalia V. de Leon said the auction committee is pleased with the results of the T-bills auction, particularly with the 182-day and 364day tenors as bids for the IOUs were more than twice oversubscribed.

“We are very pleased with the auction results. They will lock in these rates already; and of course, expectations also, given the price pressures have receded, so there’s a case already for the Monetary Board to take a pause in monetary tightening,” de Leon said.

The full P4 billion was awarded to the 91-day security as tenders amounted to P6.805 billion at an average annual rate of 5.394 percent. This is 9.9 basis points higher than the 5.295 percent set at the previous auction for the security.

Bids for the 182-day IOU reached P12.998 billion with the auction committee awarding the full P5 billion at an average annual rate of 6.305 percent.

This posted a 1.1-basis-point increase compared to the previous auction rate of 6.294 percent.

The 364-day T-bill was awarded a full P6 billion with bids reaching P15.780 billion at an average annual rate of 6.507 percent. This is lower by 4.3 basis points

EASTERLIES AFFECTING THE WHOLE COUNTRY as of 4:00 pm - December 3, 2018

compared to the 6.550 percent capped during the previous auction.

The local market was seen to be very liquid as market investors flocked to park their funds in the reissued seven-year Treasury bond (T-bond) last week, with bids more than four times oversubscribed at P62.227 billion, which prompted the BTr to open its tap facility anew.

The BTr was able to award another P15 billion for the reissued seven-year T-bond under its tap facility at an average annual rate of 6.974 percent and bids reaching P53.90 billion. The tap facility is only available to the Treasury’s 10 market makers. Rea Cu

Chinese manufacturers are also negatively affected by the trade conflict.

Mercer-Blackman cited as an example a nail producer from Korea, which decides to expand its operations to the US but imports steel from Korea.

The company produces cheaper nails and, with the trade conflict between the US and China, the business expands. While nail exports from the US increase, such does not benefit a US factory.

Mercer-Blackman said that because of the established global production value chains that include many developing Asian countries and products, more countries are affected.

“These examples show how imposing tariffs in an interconnected world backfires. No longer do we live in a world where the majority of exports are final goods for consumption in foreign countries,” Mercer-Blackman said.

FROM ‘I HATE DRUGS’ TO ‘I USE DRUGS.’ JOKE TIME FOR DU30 AGAIN

By Samuel P. Medenilla @sam_medenilla

T

RUE to his unique sense of humor, President Duterte sent journalists scrambling once again on Monday following a “joke”that he had used illegal drugs during the Association of Southeast Asian Nations (Asean) Summit in Singapore last month.

In his speech during the recognition rites of the Asean National Organizing Council (NOC) officials and personnel, Duterte said he used marijuana to cope with his gruelling schedule in the Asean Summit.

On the second day of that summit, his absence from five events had been subject of news reports, and he later explained he was taking power naps because the grueling

CTRP. . .

Continued from A1

See “US-China,” A2

Manufacturing. . .

Continued from A1

“Output growth remained sharp in the Philippines’s manufacturing sector during November, building confidence for stronger GDP growth in Q4. The headline Nikkei PMI strengthened even further from October, while production levels rose at the fastest rate in almost two years,” Owen said.

“On the flip side, export orders continued to decline, with the latest drop the quickest seen since the survey began nearly three years ago. Manufacturers were unfazed, though, as domestic demand was strong enough to offset the fall. Nonetheless, should the trend continue in line with the global trade slowdown, it may dampen output growth in the new year,” he added.

The economist further said that the weakening inflation rate and the dissipation of pressures from the recent tax reform law offer hope of a more “settled end” for the year for manufacturers.

He also cited the stronger peso as a positive development for the industry.

Following the Philippines in the monthly ranking is Myanmar with a PMI of 51.3, and Indonesia with 50.4.

Those in the contraction mode for the month were Thailand at 49.8, Malaysia at 48.2 and Singapore at 47.4.

Last month, the Philippine manufacturing sector earned the top spot in the region’s ranking of PMIs for October.

PHL growth. . .

Continued from A1

Regarding the BSP’s next move, the economist said the BSP is likely to retain its hawkish stance and carry out 50 more basis points worth of hikes next year.

“BSP will likely be mindful to safeguard against inflationary pressures and look to maintain a healthy differential with the Fed funds rate,” Mapa said.

“On the other hand, BSP Governor Espenilla will likely resume his quest to slash the RRR [reserve requirement ratio] by another 200 basis points [with 100 basis points in each of the first quarter and the third quarter] to help alleviate tight onshore liquidity conditions,” he added.

For the peso, Mapa said the local currency is likely to face moderated depreciation pressure, while liquidity conditions will improve.

On Monday, the peso started the month’s trade at 52.32 to a dollar, with a total traded volume of $965.6 million for the day.

This is already a marked improvement from the 52.808 average trade of the peso in November, according to BSP data. Bianca Cuaresma

www.businessmirror.com.ph

Thereafter, the rate shall be raised 4 percent every July annually.

Voting 187-7-1, lawmakers approved the measure, which seeks to amend Republic Act 10351 or the sin tax reform Law enacted in 2012.

The bill also seeks to address smoking prevalence and its negative consequences on both the health of the population and the consequent cost on the country’s economy.

For her part, Deputy Speaker Sharon S. Garin said the government is expecting P2.7 billion in revenue from the passage of this additional tax for tobacco products.

Funding for health

Main authors of the bills said the revenue from excise tax on tobacco, as well as alcohol products, will fund the proposed Universal Health Care (UHC) Act. The UHC bill is currently going through the bicameral conference committee, and is expected to be signed into law by the end of the year.

According to the Department of Health (DOH), around P164 billion in incremental funds still needs to be generated to ensure its proper implementation.

The bill said 15 percent of what will be collected shall be allocated for tobacco farmers and 85 percent shall be used to fund the UHC. The rates come below P60 per pack, which the DOH and Department of Finance (DOF) projected will push the prices of cigarettes to the point where it can effectively curb smoking prevalence and supplement the funds for the UHC.

Alcohol

Also approved on third and final reading with a 189-7 vote is a measure seeking to raise the excise tax on alcohol products, or HB 8618.

The bill seeks to increase the excise tax imposed on distilled spirits by P6.60, compared to what is implemented under Republic Act (RA) 10351 or excise tax reform law on alcohol and tobacco.

Starting January 2019, an ad valorem rate of 22 percent, including specific tax rates per proof liter of P30, P35, P40 and P45 from 2019 to 2022 will be imposed on distilled spirits; and it will be increased by 7 percent annually starting 2023.

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

The lower chamber also approved a shift to a unitary rate of P650 plus ad valorem of 15 percent for sparkling wines, compared to the two-tiered system under RA 10351. It will be increased by 7 percent annually starting 2023.

Meanwhile, the tax on still and carbonated wines with lower than 14-percent alcohol content was increased by P2.10 (from P37.90 to P40), while those with an alcohol content higher than 14 percent saw a P4.10 increase effective January 2019. It will be increased by 7 percent every year thereafter. Also, the approved tax rate on fermented liquors was P28—P2.60 higher than the P25.40 tax rate mandated by RA 10351. It will be increased by 7 percent every year thereafter.

Like excise tax on tobacco, revenue from additional taxes from alcohol will fund the proposed UHC Act.

Package 4

The House of Representatives also on Monday approved on third and final reading the fourth package of the Duterte administration’s CTRP.

schedule was too much.

On Monday, at the Asean NOC recognition rites, Duterte startled everyone when he said, “I use marijuana to keep myself awake.”

A few minutes later, Duterte, however, admitted to reporters in an ambush interview that the pronouncement was a joke to amuse the “bored” audience.

“I just want to shake the tree in a middle of a speech because it will be boring if there wasn’t any [joke],” Duterte said.

In the ambush interview, he said, “Of course I was joking… kung maniwala kayo, e, gago kayo [if you believe that, then you must be stupid].” Duterte is known for making controversial remarks and then later clarifying he only made those in jest.

With 190 positive and seven negative votes, the lower chamber approved HB 8645 or the “Passive Income and Financial Intermediary Taxation Act of 2019” seeking to make taxation of the sector simpler, fairer and more efficient.

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

Under HB 8645, House Committee on Ways and Means Chairman Estrellita Suansing of Nueva Ecija said interests, dividends and capital gains will be levied with a unified income tax rate of 15 percent.

She said preneed, pension, and life insurance will be levied a uniform 2 percent. Various nuisance documentary stamp taxes will be removed. As a result, passive income rates will be reduced by half.

Ultimately, the poor and the middle class will enjoy a net gain, the lawmaker said.

“Tax on savings will go down from 20 percent to 15 percent, providing a tax savings of P50 to P113.50 for savings and investments ranging from P35,000 to P100,000. Meanwhile, the rich who invest in dividends will pay 5 percent more in taxes. However, the losses will only be minimal, at less than P200 per P55,000,” she added.

Suansing also said the measure underscores the significance of the financial sector in the longterm growth of the national economy, saying these intend to implement capital income and financial intermediation to encourage savings, as well as develop and deepen the capital markets.

According to the DOF, Package 4 aims to harmonize the country’s current 80 financial tax rates to 41 in efforts to deepen the capital markets, among others.

It will harmonize financial tax rates from the current 80 to at least 41 while repealing 32 of the 41 special laws that have been granting special rates and exemptions. The DOF also said Package 4 is revenue-neutral, with the objective of reforming the country’s taxation system, in turn helping to deepen the local capital market.

The documentary stamp tax rate’s reduction is seen to benefit the nonlife insurance industry, among others, with the move seen to help promote more insurance as the country faces more disasters.

According to Suansing, the measure seeks to simplify such complexity and provide neutrality in the tax treatment across financial institutions and financial instruments by reducing the number of rates of withholding taxes, removing the distinctions, special rates and unnecessary exemptions.

“Moreover, the current tax system provides certain concessions or different tax treatments for certain transactions of some types of financial institutions compared to similar transactions of other FIs. For instance, there are exemptions allowed on long-term investments, bank deposits, individual trust funds and investment management accounts in favor of resident individuals. Such exemptions do not cover longterm savings offered by other FIs, such as life insurance, preneed/pension plans, investment houses, among others,” she said.

“Anent classification between different FIs, this has caused unequal treatment, considering that some are subject to gross receipts tax, while some are subject to premium tax, while other are subject to the value-added tax. For instance, banks, quasi-banks and other FIs are subject to GRT, while life insurance companies are subject to premium tax, and lending investors, property insurers, preneed companies, health maintenance organizations and money remitters are subject to VAT,” she added.

Companies BusinessMirror

Editor: Efleda P. Campos

Tuesday, December 4, 2018

B1

Sun Life: 2018 GDP lower at 6.1% S

By Rea Cu

@ReaCuBM

UN Life Financial-Philippines (Sun Life) sees the country’s gross domestic product (GDP) hitting 6.1 percent, lower than the 6.4-percent growth for 2018 that the company forecast last October, owing to slower consumption brought about by inflation adjustments.

Sun Life Chief Investments Officer Michael D. Enriquez made this announcement during the 2019

market outlook news conference of the Sun Life Asset Management Co. Inc. (Slamci) at the Shangri-la The

Fort Hotel on Monday.

Sun Life also sees the average GDP for 2019 to hit 6.4 percent fueled by election spending for the first half of the year and sees consumption moving up again as inflation tapers off for next year, and a forecast of 7 percent for 2020.

“Next year, we expect the economy to grow at 6.4 percent, fueled by the first half midterm election spending. We expect it to fuel consumption growth which has tapered off a bit this year because of higher inflation. But next year, we are quite optimistic that consumption-led growth will start to move up again together with the aggres-

sive stance of the government in its ‘Build, Build, Build’ program,” Enriquez said.

The Development Budget Coordination Committee (DBCC) earlier reported it sees the country’s GDP to hit around 6.5 percent to 6.9 percent by the end of 2018, which changes its earlier forecast of 7 percent to 8 percent.

Earlier, the Philippine Statistics Authority (PSA) reported that the country’s inflation level for August hit 6.4 percent which was the highest in nine years, followed by 6.7 percent in September and October this year.

This resulted to the signing of Ad-

ministrative Order 13 by President Duterte which has removed nontariff barriers and streamlined procedures as a way of answering the fast pace of inflation recorded in the previous months.

Enriquez explained that average inflation for this year is seen to hit 5 percent, with 2019 inflation expected to settle at 4.1 percent due to the passage of the rice tariffication bill as well as the continuous downward trajectory of world oil prices.

“The important thing is the direction of inflation. We’re seeing inflation already slowing and in fact, probably has already peaked. This is a change from our previous forecast

where we saw inflation worsening probably toward December, but because of what happened to world oil prices, it was able to help us recover inflation faster,” he added.

He also explained that the actual construction of infrastructure projects would also fuel the country’s GDP growth, but the construction of most of the major projects is seen to happen in 2020.

“The government has always been targeting 7 percent to 8 percent [GDP]; it has never been achieved. I think that is their pronouncement similar to their pronouncements on inflation of 2 percent to 4 percent,” he said.

AEV unit secures ₧9-B notes facility from bank consortium

By VG Cabuag

@villygc

A

PO Agua Infrastructura Inc., a unit of Aboitiz Equity Ventures Inc. (AEV), has signed a P9-billion omnibus notes facility and security agreement with a consortium of lenders to finance its bulk-water project in Davao.

In its disclosure to the Philippine Stock Exchange, the company said the money will be used for the development, engineering, design, procurement, construction, installation, testing, commissioning, operation and maintenance of its

347 million liters per day watertreatment facility for the supply of treated bulk water to the Davao City Water District and an integrated 2.5-megawatt (MW) hydroelectric power plant.

The consortium of banks is composed of BPI Capital Corp., the mandated lead arranger and book runner; China Bank Capital Corp., joint lead arranger; Bank of the Philippine Islands; China Banking Corp.; Development Bank of the Philippines; and Bank of Commerce.

It would take three years to build

the said facility, estimated to cost about P12.6 billion.

The water-treatment facility has a production capacity of 300 million liters per day, more than its current production of 245 million liters, It would tap the still pristine waters of the Tamugan River, which flows out from the Lipadas watershed area.

Apo Agua is undertaking the project with the Davao City Water District, which would also be constructing the water reservoir in five barangays along the water route of the river.

MINE SAFETY CONFERENCE As part of the recent 65th Annual National Mine Safety and Environment Conference held at Camp John Hay Convention Center in Baguio City from November 21 to 23, Nickel Asia Corp. was among the major booth sponsors that showcased mining exhibits. SUZANNE JUNE G. PERANTE

World Travel names AirAsia World’s Best Low-Cost Airline for sixth year

By Lorenz S. Marasigan @lorenzmarasigan

BAKING FACILITY TURNOVER Pilmico Food Group COO Tristan Aboitiz (third from left) turns over a Wooden Spoon Business Innovation Center for Bread and Pastry Production to Technical Education and Skills Development Authority (Tesda) District Director Rosalinda Talavera (third from right). Also present during the turnover held at the Tesda Building Complex in Taguig City were (from left) Pilmico Flour Group COO William Paradies, Pilmico VP for Corporate Strategy Apol Castro; Tesda Deputy Director Rosanna Urdaneta and Aboitiz Foundation COO Maribeth Marasigan. ROY DOMINGO

Concepcion Industrial unit acquires air-con, refrigerator service start-up

A

UNIT of Concepcion Industrial Corp. (CIC) focused on technology research and development, acquired start-up Teko Solutions Asia Inc., a company that mainly placed appliance service and repair business in the Philippines on the Web. “This acquisition reinforces Cortex’s commitment to explore emerging technology and find ways to leverage it across Concepcion Industrial Group of companies, as well as CIC’s focus on building better lives and business,” Cortex President and CEO Sean Byrne said.

“There’s an obvious synergy be-

tween Teko and the aftersales services offered by many of Concepcion Industrial’s consumer brands, such as Carrier, Condura, Midea and Toshiba as our consumers demand convenient aftersales service using mobile and Web technology,” he said.

The company did not disclose the amount of acquisition.

Teko utilizes a proprietary platform for real-time access to service and repairs for home appliances, such as air-conditioners, refrigerators, washing machines and water heaters, using self-employed, qualified and screened entrepreneur technicians, a first in the Philippines.

The Teko platform handles all interaction between the consumer and technician, giving the consumer a seamless and hasslefree way of maintaining their appliances.

Teko.ph also gives Concepcion Industrial an opportunity to build a nationwide aftersales network.

“This will create an appealing employment opportunity for individuals with the right skills, motivation and entrepreneurial spirit,” it said.

In a short time, Teko has built up a supply of over 850 certified technicians and covered over 4,000 jobs in the Metro Manila area. VG Cabuag

F

OR the sixth consecutive year, AirAsia has been named the World’s Leading Low-Cost Airline at the World Travel Awards (WTA) Grand Final.

The budget carrier edged out global competitors Southwest Airlines, JetBlue, Ryanair, easyJet, Jetstar Airways, Norwegian Air, West Air, flydubai, Air Arabia, flynas, and fast-

jet in the low-cost carrier category, after garnering the top vote from travelers and industry executives.

AirAsia was also named the World’s Leading Low-Cost Airline Cabin Crew for the second time in a row, beating Southwest Airlines, JetBlue, Ryanair, easyJet, Jetstar Airways, Norwegian Air, West Air, flydubai, Air Arabia, flynas, fastjet, Kulula and Mango.

“Over the past year, we have worked hard to improve customer experience

to make travel more convenient and fun, while also personalizing the endto-end journey. It’s incredibly rewarding to see our work pay off like this,” AirAsia Deputy Group CEO (Airlines) Bo Lingam said.

Considered among the most prestigious, comprehensive and sought-after awards programs in the global and tourism industry, the WTA is brand recognized globally as the ultimate hallmark of industry excellence.

Holcim to invest $300M for capacity expansion

H

OLCIM Philippines Inc. on Monday said it will invest close to $300 million (P15.782 billion) to raise its cementproduction capacity by 30 percent to 13 million metric tons by 2020.

The company said it will upgrade its facilities in Bulacan and Misamis Oriental with the installation of new kilns and mills and waste heat-recovery systems as part of its cost focus.

“Our company believes in the sustained development of the Philippines. This investment is proof of our confidence in the country and our commitment to be a strong partner for progress. With this, Holcim Philippines will continue being a reliable partner in building a better future for

the country,” said Tomas Alcantara, the company’s chairman.

The projects are part of the continuous capacity and productivity investments that Holcim Philippines started in 2012 with the rehabilitation of its grinding plant in Mabini, Batangas, it said.

This was followed by debottlenecking of plants in 2015 and expansion projects in La Union and Davao set to be completed in 2019.

“These projects enable our company to continue playing an important role in the country’s growth. Our capacity expansion ensures that we can provide a steady supply of quality building materials to support the government’s infrastructure

program and the resulting construction activity from the economy’s sustained rise,” said John Stull, Holcim president and CEO. Income of Holcim fell by a quarter to P1.7 billion from last year’s P2.3 billion as interest expenses from short-term loans related to capital expenditures to raise production capacity rate up its profits.

For the third quarter alone, its income was almost halved to P176.88 million from last year’s P337.42 million.

For January to September, sales reached P27.3 billion, an increase of a mere 6 percent compared with last year’s P25.7 billion reported in the same period last year. VG Cabuag

B2

Companies BusinessMirror

Tuesday, December 4, 2018

PSE STOCK QUOTATIONS

December 3, 2018

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS ASIA UNITED 59.2 60 59.2 60 58.1 60 24000 1431256 768592 BDO UNIBANK 133.2 133.5 133.5 134.9 133 133.2 4035740 539257058 107006740 BANK PH ISLANDS 92.05 92.2 94 95 91.5 92.05 2630350 244815348 -12217176 CHINABANK 27.6 27.65 28 28 27.65 27.65 72000 1996305 -740200 EAST WEST BANK 11.78 11.84 11.76 11.86 11.58 11.78 178500 2089004 -304720 METROBANK 76.75 76.85 76.5 76.9 75.95 76.85 8860050 679276649.5 254754260 PB BANK 11 11.2 11 11.02 11 11.02 14300 157340 135300 PHIL NATL BANK 41.4 41.5 41.4 41.85 41.4 41.4 520800 21650950 4705590 PSBANK 71.2 73.45 71.25 71.25 71.2 71.2 3490 248620 RCBC 29.05 29.1 29 29.05 28.8 29.05 130100 3775260 113280 SECURITY BANK 163.8 164.3 164.6 164.6 162 164.3 868570 142398372 19708607 UNION BANK 67.2 67.3 67.7 68.5 67 67.2 4990 336062.5 -14112.5 BRIGHT KINDLE 1.52 1.59 1.6 1.61 1.55 1.59 4081000 6563520 BDO LEASING 2.3 2.34 2.34 2.34 2.3 2.3 5000 11540 COL FINANCIAL 15.8 15.82 15.5 15.8 15.5 15.8 67400 1056534 FIRST ABACUS 0.56 0.67 0.67 0.67 0.67 0.67 3000000 2010000 FERRONOUX HLDG 4.03 4.08 4.1 4.1 3.98 4.08 156000 633570 MEDCO HLDG 0.435 0.475 0.475 0.475 0.475 0.475 10000 4750 NTL REINSURANCE 0.77 0.79 0.76 0.79 0.74 0.79 129000 98180 25840 PHIL STOCK EXCH 173 179 171.2 180 171.2 179 300 53615 SUN LIFE 1830 1878 1878 1878 1825 1825 120 220045 100375 VANTAGE 1.14 1.22 1.14 1.14 1.14 1.14 1000 1140

INDUSTRIAL ALSONS CONS 1.24 1.26 1.26 1.28 1.24 1.24 80000 100170 ABOITIZ POWER 33 33.1 32.5 33.3 32 33.1 16780300 539774085 6553050 BASIC ENERGY 0.241 0.249 0.25 0.25 0.24 0.249 820000 197360 FIRST GEN 17.62 17.84 17.72 17.84 17.6 17.84 1571400 27836468 1784316 FIRST PHIL HLDG 62 63.2 62 63.2 61.7 63.2 287840 17868757.5 3367996.5 PHIL H2O 4.8 4.88 4.9 4.9 4.8 4.81 63000 303780 MERALCO 386.4 388 385.8 388 385.2 388 466230 180400864 108108302 MANILA WATER 26.95 27 26.9 27.1 26.15 27 625500 16797525 9401345 PETRON 8.28 8.3 8.25 8.3 8.25 8.28 1412400 11684818 -5827122 PETROENERGY 3.93 4 4 4 3.92 3.92 13000 51760 PHINMA ENERGY 0.9 0.92 0.92 0.92 0.88 0.9 713000 641210 202500 PHX PETROLEUM 10.84 11 11.02 11.02 10.84 11 163000 1788800 -919620 PILIPINAS SHELL 46.2 46.7 47.45 48.8 46.2 46.2 936600 43731970 -20937180 SPC POWER 5.42 5.45 5.5 5.55 5.41 5.42 1677600 9118365 62665 VIVANT 16.98 17 16.98 17 16.98 17 1000 16994 -11900 AGRINURTURE 17.58 17.6 17.84 17.84 17.5 17.58 675900 11934018 4072266 CNTRL AZUCARERA 17.22 18.28 17.1 18.34 17.1 17.2 7700 138278 CENTURY FOOD 15.42 15.6 15.02 15.6 15.02 15.6 680000 10593484 2692216 DEL MONTE 6.81 6.85 6.95 6.95 6.85 6.85 19700 136165 -50049 DNL INDUS 10.58 10.6 10.24 10.6 10.24 10.6 2524600 26612482 3544590 EMPERADOR 6.98 6.99 6.99 7 6.97 6.98 434200 3033874 -1655801 SMC FOODANDBEV 82.85 83.6 82.85 83.6 82.75 83.6 1678800 139214025.5 38532628 ALLIANCE SELECT 1.03 1.04 1.05 1.08 1.03 1.03 11194000 11743010 -42600 GINEBRA 24.7 25 25.4 26 24.05 25 6600 165190 JOLLIBEE 284.4 286.8 278.6 286.8 278.6 286.8 1030870 294411962 36298114 MACAY HLDG 8.51 9.79 8.51 8.51 8.5 8.51 1900 16161 MAXS GROUP 9.98 10 9.93 10 9.9 10 121700 1213563 -435530 MG HLDG 0.169 0.178 0.168 0.179 0.168 0.179 20000 3470 PEPSI COLA 1.38 1.39 1.35 1.4 1.35 1.38 1016000 1412690 -1364420 SHAKEYS PIZZA 10.34 10.7 10.72 10.78 10.5 10.7 45700 483490 ROXAS AND CO 1.82 1.85 1.85 1.87 1.81 1.85 756000 1390610 RFM CORP 4.7 4.8 4.75 4.8 4.7 4.8 33000 156950 -4700 ROXAS HLDG 2.72 2.8 2.8 2.8 2.8 2.8 2000 5600 SWIFT FOODS 0.122 0.125 0.126 0.126 0.122 0.122 200000 24740 UNIV ROBINA 129.1 130 129 131.2 128.6 130 2535390 330390875 -64433926 VITARICH 1.88 1.89 1.76 1.89 1.67 1.88 20305000 36539730 1101670 CONCRETE A 60.65 64.95 62 62 60.65 60.65 160 9731 CEMEX HLDG 1.69 1.74 1.7 1.77 1.7 1.7 13418000 23144250 -4636720 EAGLE CEMENT 15.42 15.5 15.4 15.5 15.4 15.5 30100 465110 -437210 EEI CORP 8.51 8.52 8.64 8.64 8.52 8.52 94000 801589 31556 HOLCIM 5.88 5.9 5.78 5.9 5.7 5.88 416400 2408120 -1466356 MEGAWIDE 18.64 18.66 18.3 18.78 18.3 18.66 6766600 126628224 52246824 PHINMA 8.02 8.78 8.78 8.78 8.02 8.78 3600 31532 TKC METALS 0.81 0.84 0.82 0.84 0.8 0.84 1262000 1020990 VULCAN INDL 1.71 1.72 1.73 1.82 1.71 1.72 11030000 19284190 95310 CROWN ASIA 1.55 1.57 1.56 1.58 1.54 1.57 107000 167120 42440 PRYCE CORP 5.1 5.6 5.54 5.65 5.54 5.59 40400 225740 -55900 CONCEPCION 37 37.45 37.45 37.45 37 37 152100 5627745 -0 GREENERGY 2.09 2.1 2.12 2.14 2.06 2.1 9576000 20125400 -530800 INTEGRATED MICR 9.49 9.5 9.32 9.65 9.24 9.49 5367900 50919060 4591393.9997 IONICS 1.75 1.76 1.68 1.76 1.67 1.75 1016000 1747760 -496040 PANASONIC 5.86 6 6 6 6 6 100 600 SFA SEMICON 1.36 1.37 1.36 1.37 1.28 1.37 356000 482560 CIRTEK HLDG 33 35 32.35 35 32.35 35 138000 4744295 32690

HOLDING & FRIMS ABACORE CAPITAL 0.63 0.64 0.59 0.63 0.58 0.63 61639000 37738270 165790 ASIABEST GROUP 21.7 21.75 20.1 22 20.1 21.7 225000 4809525 8585 AYALA CORP 946 950 950 959.5 940 950 514410 487937565 -256983485 ABOITIZ EQUITY 52.9 52.95 54 54 51.15 52.9 1181640 62255780 -7499831 ALLIANCE GLOBAL 11.36 11.4 11.6 11.64 11.28 11.4 30395900 347937294 -1701432 ANSCOR 6.4 6.42 6.42 6.42 6.4 6.4 13900 88980 80640 ATN HLDG A 1.5 1.51 1.5 1.56 1.48 1.5 16232000 24650130 ATN HLDG B 1.51 1.54 1.51 1.55 1.51 1.51 307000 467130 90900 COSCO CAPITAL 7.3 7.35 7.05 7.41 7.01 7.35 778100 5719539 -535858 DMCI HLDG 12.82 13 12.7 13 12.5 13 8326600 107020000 -9153626 FILINVEST DEV 9.9 9.94 9.49 9.9 9.49 9.9 836000 8219198 94006 FJ PRINCE A 4.02 4.6 4 4.6 4 4.6 800 3260 FORUM PACIFIC 0.201 0.239 0.239 0.24 0.201 0.201 210000 48890 GT CAPITAL 911.5 917 899 926 898.5 917 143680 131358340 40725610 HOUSE OF INV 5.93 5.94 5.94 5.94 5.94 5.94 1500 8910 JG SUMMIT 50.25 50.4 49.05 50.4 49.05 50.4 2415700 121015505 467910 LODESTAR 0.52 0.53 0.54 0.54 0.495 0.52 91000 45440 LOPEZ HLDG 3.95 3.97 4.1 4.1 3.9 3.95 15589000 63,250,630( 9,738,349.9996) LT GROUP 16.3 16.32 16.18 16.3 16.04 16.3 5579500 90792752 24741560 MABUHAY HLDG 0.6 0.61 0.62 0.63 0.57 0.58 370000 224130 METRO PAC INV 4.89 4.9 4.75 4.9 4.74 4.9 70298000 337857130 -20404390 PACIFICA 0.038 0.04 0.038 0.04 0.038 0.039 46700000 1807100 -39000 PRIME ORION 2.29 2.3 2.28 2.32 2.28 2.29 135000 310500 PRIME MEDIA 1.18 1.23 1.17 1.24 1.17 1.23 31000 37360 SOLID GROUP 1.28 1.37 1.27 1.35 1.27 1.35 14000 18820 SYNERGY GRID 424 475.2 475.8 475.8 475.8 475.8 20 9516 SM INVESTMENTS 943 948 920 958 920 948 428860 405869570 -82139550 SAN MIGUEL CORP 174.4 174.9 174.7 175.4 173 174.9 364970 63,798,687( 3,981,346.0003) SOC RESOURCES 0.74 0.79 0.74 0.74 0.73 0.73 80000 58900 SEAFRONT RES 2.2 2.58 2.2 2.21 2.2 2.21 21000 46230 TOP FRONTIER 276.6 280.8 272.4 280.8 272.4 280.8 7560 2091592 WELLEX INDUS 0.25 0.255 0.25 0.27 0.247 0.25 20730000 5290080 ZEUS HLDG 0.2 0.218 0.217 0.218 0.216 0.218 610000 132740

PROPERTY ARTHALAND CORP 0.56 0.59 0.56 0.59 0.56 0.56 202000 117500 AYALA LAND 41.9 41.95 42.2 42.85 41.3 41.9 15998700 670910325 -98066700 ARANETA PROP 1.84 1.85 1.81 1.84 1.81 1.84 4000 7330 BELLE CORP 2.25 2.28 2.26 2.28 2.23 2.25 2835000 6387340 -6134590 A BROWN 0.77 0.79 0.77 0.79 0.77 0.79 369000 286310 CITYLAND DEVT 0.85 0.88 0.87 0.88 0.87 0.88 25000 21950 CROWN EQUITIES 0.214 0.218 0.217 0.218 0.213 0.217 360000 77500 CEBU HLDG 5.85 6 6 6 6 6 100 600 CEB LANDMASTERS 4.05 4.07 4.03 4.1 4.02 4.07 134000 541370 CENTURY PROP 0.405 0.41 0.415 0.415 0.4 0.405 3040000 1230200 -41000 CYBER BAY 0.34 0.35 0.34 0.34 0.34 0.34 540000 183600 -170000 DOUBLEDRAGON 17.92 17.96 18.22 18.34 17.92 17.92 152000 2743152 -90360 DM WENCESLAO 7.9 7.91 7.8 7.93 7.8 7.91 46100 363336 EMPIRE EAST 0.485 0.49 0.5 0.5 0.49 0.49 490000 242850 EVER GOTESCO 0.107 0.116 0.106 0.107 0.106 0.107 30000 3200 FILINVEST LAND 1.45 1.47 1.48 1.48 1.45 1.45 764000 1117870 383620 GLOBAL ESTATE 1.06 1.07 1.04 1.06 1.03 1.06 3856000 4057480 69250 8990 HLDG 7.57 7.59 7.52 7.59 7.52 7.59 501800 3794165 PHIL INFRADEV 2.37 2.38 2.45 2.45 2.32 2.38 13104000 31172260 -2640710 MEGAWORLD 4.74 4.75 4.65 4.75 4.64 4.75 22580000 106299700 20539530 MRC ALLIED 0.375 0.38 0.375 0.39 0.375 0.38 28070000 10698250 -23400 PHIL ESTATES 0.47 0.475 0.475 0.485 0.47 0.47 2250000 1069650 PRIMEX CORP 3.7 3.71 3.64 3.7 3.64 3.7 589000 2169850 -350550 ROBINSONS LAND 21.65 21.75 20.9 21.75 20.55 21.75 2270400 48529400 12404410 PHIL REALTY 0.38 0.39 0.385 0.39 0.38 0.39 360000 139150 ROCKWELL 1.95 1.96 1.94 1.96 1.94 1.96 16000 31170 SHANG PROP 3.1 3.12 3.12 3.12 3.1 3.12 22000 68340 STA LUCIA LAND 1.17 1.18 1.18 1.19 1.16 1.19 458000 544320 SM PRIME HLDG 36.45 36.5 35.35 36.5 35.05 36.5 17323500 622532765 91579760 STARMALLS 5.29 5.32 5.37 5.48 5.24 5.29 538500 2869548 SUNTRUST HOME 0.73 0.77 0.74 0.74 0.73 0.73 31000 22830 VISTA LAND 5.24 5.25 5.36 5.38 5.23 5.25 2999200 15858176 -5724583

SERVICES ABS CBN 19.78 19.86 19.9 19.9 19.76 19.76 55800 1108600 GMA NETWORK 5.2 5.25 5.26 5.28 5.2 5.2 402300 2102802 MLA BRDCASTING 15.52 18.88 15.5 15.5 15.5 15.5 400 6200 GLOBE TELECOM 1992 2016 2000 2018 1976 2016 83685 168270025 13144615 PLDT 1170 1178 1188 1200 1157 1170 240650 282137310 -19629640 APOLLO GLOBAL 0.037 0.039 0.037 0.038 0.037 0.038 6400000 240200 DFNN INC 7.1 7.5 7.03 8.07 7.03 8.07 300 2279 IMPERIAL 1.72 2 1.72 1.72 1.72 1.72 5000 8600 ISLAND INFO 0.106 0.107 0.104 0.108 0.104 0.106 3240000 344810 ISM COMM 6.18 6.19 6.72 6.78 6.02 6.19 32469600 205343840 -1708211 JACKSTONES 3.34 3.44 3.34 3.45 3.34 3.45 2000 6790 NOW CORP 3.8 3.81 3.41 3.8 3.41 3.8 4872000 17811970 473270 TRANSPACIFIC BR 0.405 0.41 0.395 0.42 0.39 0.405 40870000 16578200 -29000 PHILWEB 2.95 3 2.94 2.97 2.92 2.95 449000 1325750 -588480 2GO GROUP 10.26 10.3 9.96 10.3 9.96 10.26 77600 785473 -5280 ASIAN TERMINALS 12.7 12.98 13.02 13.02 13 13 27700 360252 -132752 CEBU AIR 73.75 74.9 74 76.3 73.5 73.75 136630 10249884 969830.5 CHELSEA 6.9 6.91 7.2 7.29 6.86 6.91 2777300 19509006 23530 INTL CONTAINER 93.3 93.5 93.8 95 93.5 93.5 3307280 309952754.5 -120161665 LBC EXPRESS 13.88 14.38 13.88 14 13.88 13.88 2500 34840 LORENZO SHIPPNG 0.74 0.78 0.78 0.78 0.78 0.78 12000 9360 MACROASIA 14.4 14.42 14.58 14.58 14.12 14.42 249500 3599894 858424 METROALLIANCE A 1.94 1.95 1.9 2.04 1.8 1.95 1327000 2559550 METROALLIANCE B 1.85 2 1.85 1.85 1.66 1.82 80000 143120 PAL HLDG 7.95 8 7.9 8 7.9 8 500 3970 HARBOR STAR 3.28 3.34 3.41 3.51 3.28 3.28 4002000 13427410 570340 WATERFRONT 0.65 0.66 0.66 0.67 0.64 0.65 8786000 5770060 IPEOPLE 10.24 11.68 10.8 11.7 10.8 11.7 200 2250 STI HLDG 0.59 0.6 0.63 0.63 0.59 0.6 10106000 6080520 -4795600 BERJAYA 2.47 2.48 2.28 2.54 2.22 2.47 11495000 27587070 84760 BLOOMBERRY 8.4 8.47 8.42 8.64 8.35 8.4 12771100 108,018,837( 44,454,663.9999) PACIFIC ONLINE 9.51 10.32 10.32 10.32 10.02 10.02 17200 173094 LEISURE AND RES 3.74 3.8 3.28 3.8 3.23 3.8 2938000 10443450 -21450 MANILA JOCKEY 5.31 5.48 5.28 5.53 5.28 5.48 47200 250230 MELCO RESORTS 7 7.1 7.1 7.1 7 7.1 70700 501860 310270 PREMIUM LEISURE 0.69 0.7 0.67 0.71 0.66 0.69 14869000 10245060 -1649260 TRAVELLERS 5.25 5.29 5.3 5.3 5.24 5.25 60100 315094 -42430 METRO RETAIL 2.24 2.25 2.2 2.3 2.2 2.25 1613000 3657070 -17760.0001 PUREGOLD 42.6 42.7 42.55 42.85 42.5 42.7 6843500 292054865 -98417620 ROBINSONS RTL 74.95 75.15 76.5 77 74.05 74.95 872260 66098634.5 -2285602.5 PHIL SEVEN CORP 117 118 112 118 109.5 117 200020 22435079 1116429 SSI GROUP 2.37 2.38 2.33 2.42 2.33 2.38 5172000 12277710 976440 WILCON DEPOT 11.98 12 12.06 12.22 11.94 12 2568200 30807178 7440530 APC GROUP 0.37 0.38 0.38 0.38 0.37 0.37 970000 361450 37500 EASYCALL 16.8 17 17.8 19.2 16.12 17 583800 10307738 -46194.0002 GOLDEN BRIA 317.2 325 315.2 325 315.2 325 550 177162 PAXYS 3.06 3.37 3.2 3.38 3.18 3.38 4000 12960 PRMIERE HORIZON 0.32 0.325 0.32 0.32 0.32 0.32 280000 89600 SBS PHIL CORP 7.06 7.46 7 7.46 7 7.46 21400 159000

MINING & OIL ATOK 13.52 14 14.2 14.2 13.5 14 1500 20904 APEX MINING 1.63 1.64 1.56 1.63 1.56 1.63 2138000 3442280 ABRA MINING 0.0019 0.002 0.0019 0.002 0.0019 0.002 584000000 1146700 ATLAS MINING 2.64 2.69 2.64 2.64 2.64 2.64 63000 166320 -7920 CENTURY PEAK 1.91 1.93 1.92 1.92 1.91 1.91 310000 595100 DIZON MINES 7.11 7.28 7.1 7.29 7.03 7.11 7000 50217 FERRONICKEL 1.69 1.7 1.7 1.71 1.67 1.7 1254000 2124350 -960200 GEOGRACE 0.201 0.202 0.2 0.202 0.2 0.201 250000 50090 LEPANTO A 0.093 0.096 0.091 0.092 0.091 0.092 790000 72610 LEPANTO B 0.098 0.101 0.102 0.102 0.095 0.101 1190000 113680 MANILA MINING B 0.0067 0.0094 0.007 0.007 0.0063 0.0063 29000000 193400 MARCVENTURES 1.05 1.1 1.1 1.1 1.1 1.1 5000 5500 NIHAO 1.02 1.05 1.03 1.07 1 1.03 353000 369650 -264820 NICKEL ASIA 2.26 2.27 2.31 2.33 2.25 2.26 8573000 19549740 -3467230 OMICO CORP 0.53 0.55 0.55 0.55 0.52 0.53 202000 107070 ORNTL PENINSULA 0.9 0.92 0.9 0.92 0.88 0.92 391000 356510 1820 PX MINING 2.51 2.53 2.56 2.59 2.5 2.51 1673000 4234030 -1610580 SEMIRARA MINING 26.5 26.65 26.5 27.1 26.3 26.65 1408300 37571960 8211195 UNITED PARAGON 0.006 0.0066 0.0066 0.0066 0.0066 0.0066 1000000 6600 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 40600000 520000 ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 57500000 740000 -470600 PHILODRILL 0.011 0.013 0.012 0.012 0.012 0.012 7800000 93600 93600 PHINMA PETRO 3.05 3.18 3.22 3.22 3.19 3.19 3000 9600 PXP ENERGY 14.5 14.58 14.46 14.8 14.46 14.5 931600 13532658 -4077816

PREFFERED

HOUSE PREF A DD PREF FGEN PREF G GTCAP PREF A GTCAP PREF B LR PREF PNX PREF 3B PCOR PREF 2B SFI PREF SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2I

94 98 101.7 845 896 1 101.7 950 1.19 75.1 76.15 72.8 72 73 73.3

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19 5.06

95 98.5 102.5 943.5 925 1.03 102.2 - 2.65 75.95 76.4 73 74.95 74.9 73.5

95 97.9 102.5 853 923 1 102 1000 2.16 75.95 76.55 73 74.5 70.8 73.5

95 98 102.5 853 923 1.01 102 1000 2.16 75.95 76.55 73 74.5 74.95 73.5

95 97.9 102.5 836 923 1 102 1000 2.16 75.1 76.15 73 74.5 70.8 73.5

95 98 102.5 836 923 1.01 102 1000 2.16 75.1 76.15 73 74.5 74.95 73.5

1530 38780 1940 400 10 344000 1230 70 1000 240 30770 2900 10000 16800 800

145350 3799558 198850 338175 9230 344930 125460 70000 2160 18092 2343981 211700 745000 1215930 58800

-

19.1 5.15

19.2 5.15

19.2 5.15

19 5.15

19.1 5.15

151400 500

2898276 2575

-1776238 -

WARRANTS LR WARRANT

2.25

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.58 XURPAS 1.32

2.27

1.94

2.25

1.85

2.25

1997000

4298490

-930

4.62 1.33

4.5 1.35

4.64 1.4

4.45 1.28

4.58 1.32

381000 10622000

1745190 14220520

17920 -1611740

EXHANGE TRADE FUNDS FIRST METRO ETF

111.9

112

110.8

112

110.8

111.9

10370

1157084

-

Editor: Efleda P. Campos

HMR Auctions to hold 2nd anniversary bid for pre-owned cars on December 8

By Roderick L. Abad

H

Contributor

@rodrik_28

OMEGROWN full-service asset management solutions provider HMR Auctions is all set to mark its second anniversary on December 8, with a public bidding of over 200 secondhand vehicles, ranging from sedans to pickups, people movers, sport-utility vehicles, luxury and vintage cars at its facility in Muntinlupa City.

“We’re very confident of finishing the year strong,” HMR Auctions CEO Sam Powell told reporters in their recent media briefing. “In fact, we surpassed previous years’ expectations [and] also our forecast.”

Without citing the exact value, the company expects this event to surpass last year’s performance of around 150 units sold out of 200 premium models used automobiles, above the global industry standard of about 50-percent auction rate.

“We’re happy to say [that] we generally exceed that. But it’s obviously something we want to [sustain in] every auction,” he said.

He said the success of their sophomore bid activity will be driven by an overall reduction in prices of pre-owned cars over the last six months.

It has been observed that a huge quantity of hand-me-down vehicles continues to flood the local automotive market amid issues on tax reforms and inflation.

“The depreciation between our brand-new vehicle and the secondhand vehicle is much more significant,” Powell said. “And that’s obviously great for our consumers.”

Since the HMR Second Anniversary Auto Auction enlists a wide

GMA claims TV ratings lead in Nov

By Lorenz S. Marasigan @lorenzmarasigan

B

ROADCASTING company GMA Network Inc. claimed on Monday that it led the nationwide ratings war in November, citing data from Nielsen.

Last month the network saw its average audience share settling at 38.6 percent in the National Urban Television Audience Measurement, edging competitor ABS-CBN Corp. by 1.1 points.

GMA also claims to have fared better in the morning and afternoon, from which it registered 36.1 percent and 40.2 percent in audience share, respectively.

It also dominated in its bailiwicks

Urban Luzon and Mega Manila, which respectively accounted for 72 percent and 59 percent of all urban viewers in the Philippines.

GMA posted an average total day people audience share of 44.1 percent in Urban Luzon, while ABS-CBN only managed to get 30.8 percent.

In Mega Manila, it netted an average total day people audience share of 45.3 percent, which topped ABSCBN’s 28.5 percent.

Nielsen surveys “approximately 900 more homes” than Kantar, which is ABS-CBN’s main measurement tool for ratings.

The Lopez-led multimedia conglomerate has yet to disclose its status in the ratings battle for last month.

Asian Eye Institute inks new regional partnership with Vietnam hospital

H

O CHI MINH, Vietnam— The Asian Eye Institute (Asian Eye) has inked a partnership with Cao Thang International Eye Hospital (CTEH), an eye hospital in Vietnam.

Asian Eye is providing EyeScan screening technology and reading services to detect signs of eye disease in Vietnamese patients across selected branches in Ho Chi Minh.

Asian Eye President Benjamin K. Liboro said, “This partnership aligns with our vision of becoming an international resource in the diagnostics and treatment of eye diseases and visual impairment. We are happy to work with Cao Thang Hospital in fighting preventable blindness and make eye care more accessible.”

EyeScan is an innovative vision screening service that takes digital images of the outer and inner parts of the eyes. It detects signs of eye diseases like cataract, glaucoma, retinal disease and corneal disease.

CTEH President Danh Khoi Nguyen said, “As the first hospital in Vietnam to be JCI-accredited and also the first to become a member of the Asean Association

of Eye Hospitals [AAEH], we fully appreciate the privilege of joining Asian Eye Institute and Jakarta Eye Center [JEC] in the EyeScan project. We are happy to contribute our modest part in preventing blindness, using advanced technology and artificial intelligence, at an affordable cost to the population,” Nguyen added.

Asian Eye, JEC and CTEH are all members of the AAEH. The EyeScan project is the first time these Asean hospitals are able to work together and promote cooperation and joint research within the region, in line with the objectives of the AAEH. “We are confident that this first step will lead us to the exciting transformation and convergence of eye, care practice in the Asean region,” Nguyen said.

Jasmine Nguyen, CTEH Vitreo Retina Business Development Manager, said Vietnam’s Ministry of Health indicated that 2 million Vietnamese lose vision in one eye, while 400,000 Vietnamese lose vision in both eyes. Of that, 10.5 percent lose their vision due to vitreo-retina diseases.

consignor base, the projected 300 plus bidders can look forward to make a tender offer to buy multiple units they desire.

Starting families and individual buyers can choose from the inventory of quality small cars available during the auction. High-end units are up for grabs by companies and car dealers.

Upon registration, each participant will have to pay the P20,000 bid deposit. This forms part of the payment of the winning bidder. Those who fail on their tender can have a refund of the amount on the same day of the event.

Car purchasing at this year’s anniversary auction will be made flexible and within the means of prospective buyers as the firm offers “easy financing” scheme in partnership with different banks and financing institutions.

“I think a lot more banks and finance companies are recognizing that they’re a huge market. So a lot of them really take a good step to offer affordable financing to people for secondhand vehicles,” the top executive said.

Bidders who will attend the event

mutual funds

will also be treated with fun activities, prizes and various freebies from event partners.

“We’re quite positive that our second anniversary auction will be a much bigger, grander event,” the CEO said.

Established in 1994, HMR Auctions specialize in the valuation, remarketing and liquidation of all asset classes from automotive, heavy equipment, manufacturing and real estate.

In 2016, it opened the country’s first purpose-built auto auction facility, and since then, has auctioned off more than 2,000 vehicles to qualified bidders.

Auction is a relatively new concept in the country, and the company is a pioneer and industry leader in providing quality used cars at reasonable prices.

“The past two years have been a time of strong growth for HMR Auto Auctions, and we are proud to have introduced the auction method of sale to the automotive industry and to provide the Philippine market with a quick, efficient and trusted way to purchase secondhand vehicles,” Powell said.

December 3, 2018

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc * 248.32 -12.31% -0.25% 1.51% -15.31% ATRAM Alpha Opportunity Fund, Inc.* 1.3995 -12% 4.72% 2.47% -12.36% ATRAM Philippine Equity Opportunity Fund, Inc.* 3.8617 -13.07% 0.95% 0.23% -15.92% Climbs Share Capital Equity Investment Fund Corp.* 0.8869 -12.13% n.a. n.a. -12.79% First Metro Consumer Fund on MSCI Phils. IMI, Inc. * ********* 0.8201 n.a. n.a. n.a. n.a.

First Metro Save and Learn Equity Fund,Inc.* 5.2019 -11.18% -1.15% 1.09% -13.49% MBG Equity Investment Fund, Inc. * ****** 113.33 n.a. n.a. n.a. n.a.

One Wealthy Nation Fund, Inc.* 0.8323 -15.09% n.a. n.a. -16.16% PAMI Equity Index Fund, Inc.* 48.6565 -10.72% 0.85% n.a. -13.72% Philam Strategic Growth Fund, Inc.* 509.43 -10.6% -0.2% 1.02% -13.43% Philequity Dividend Yield Fund, Inc.* 1.2429 -9.08% 1.5% n.a. -11.49% Philequity Fund, Inc.* 36.263 -9.15% 1.91% 3.74% -11.76% Philequity PSE Index Fund Inc.* 4.897 -10.53% 1.58% 3.37% -13.7% Philippine Stock Index Fund Corp.* 817.93 -10.37% 1.33% 3.38% -13.51% Soldivo Strategic Growth Fund, Inc. * 0.8528 -9.13% -0.69% n.a. -11.82% Sun Life Prosperity Philippine Equity Fund, Inc.* 4.0488 -9.01% 1.43% 1.95% -11.6% Sun Life Prosperity Philippine Stock Index Fund, Inc.* 0.9426 -10.72% 1.38% n.a. -13.78% United Fund, Inc.* 3.4734 -7.46% 2.66% 2.31% -10.81% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc.* ***109.3026 -10.04% 2.48% n.a. -13.22% ATRAM AsiaPlus Equity Fund, Inc.** $0.973 -13.23% 2.64% -0.09% -12.21% Sun Life Prosperity World Voyager Fund, Inc.* $1.1949 -4.58% n.a. n.a. -5.56% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc.* 1.6439 -9.5% -2.09% -1.67% -11.78% ATRAM Philippine Balanced Fund, Inc.* 2.1886 -9.22% 0.32% 0.34% -10.92% First Metro Save and Learn Balanced Fund Inc.* 2.5162 -7.71% -2.79% -1.91% -9.16% Grepalife Balanced Fund Corporation* **** 1.2991 -9.13% n.a. n.a. -10.71% NCM Mutual Fund of the Phils., Inc* 1.8299 -5.92% 0.57% 1.24% -8.16% PAMI Horizon Fund, Inc.* 3.5084 -8.7% -0.79% 0.45% -10.46% Philam Fund, Inc.* 15.7949 -8.22% -0.68% 0.32% -10.04% Solidaritas Fund, Inc.* ******** 2.0471 -6.98% 0.51% 2.08% -8.7% Sun Life of Canada Prosperity Balanced Fund, Inc.* 3.6473 -6.94% 0.31% 0.68% -8.73% Sun Life Prosperity Dynamic Fund, Inc.* 0.9284 -7.09% -0.2% n.a. -9.01% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc.* $0.03488 -3.57% -0.54% 1.28% -3.38% PAMI Asia Balanced Fund, Inc.* $0.9456 -10.34% 1.85% -1.41% -9.68% Sun Life Prosperity Dollar Advantage Fund, Inc.* $3.4711 -4.16% 3.18% 1.82% -4.97% Sun Life Prosperity Dollar Wellspring Fund, Inc.* $1.0325 -6.94% n.a. n.a.

-7.17% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc.* 342.6 1.77% 1.99% 1.67% 1.63% ATRAM Corporate Bond Fund, Inc.* ******* 1.8521 -2.56% -0.83% -0.7% -2.12% Cocolife Fixed Income Fund, Inc.* 2.9587 5.46% 5.32% 5.24% 4.84% Ekklesia Mutual Fund Inc.* 2.1275 1.09% 1.43% 1.09% 1.2% First Metro Save and Learn Fixed Income Fund,Inc.* 2.2055 -0.49% -0.03% 0.03% -0.48% Grepalife Fixed Income Fund Corp.* P 1.5651 -2.97% -0.79% -1.2% -2.76% Philam Bond Fund, Inc.* 3.9031 -3.99% -0.67% -0.57% -3.63% Philequity Peso Bond Fund, Inc.* 3.4928 0.09% 0.22% 0% -0.34% Soldivo Bond Fund, Inc. * 0.89 -3.7% -1.01% n.a.

-3.6% Sun Life of Canada Prosperity Bond Fund, Inc.* 2.7664 -0.51% 0.87% 0.33% -0.38% Sun Life Prosperity GS Fund, Inc.* 1.5372 -0.95% 0.34% -0.08% -0.81% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. * $447.14 0.35% 2.24% 3.01% 0.27% ALFM Euro Bond Fund, Inc. * Є212.41 -0.58% 0.94% 1.53% -0.61% ATRAM Total Return Dollar Bond Fund, Inc.** $1.1229 -0.98% 0.84% 1.87% -0.99% First Metro Save and Learn Dollar Bond Fund, Inc.* $0.0248 -0.8% 0.68% n.a.

-0.8% Grepalife Dollar Bond Fund Corp.* $1.6862 -5.03% -0.59% 1.09% -4.82% 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* $1.0237 -5.28% -0.82% -2.7% -4.64% Philam Dollar Bond Fund, Inc.* $2.1433 -4.63% 0.35% 2.4% -4.78% Philequity Dollar Income Fund Inc.* $0.0569288 -0.87% 0.86% 1.81% -0.47% Sun Life Prosperity Dollar Abundance Fund, Inc.* $2.8668 -4.94% 0.23% 1.55% -4.85% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc.* 120.42 2.55% 1.79% 1.51% 2.39% Philam Managed Income Fund, Inc.* 1.1782 1.85% 0.51% 0.45% 1.8% Sun Life Prosperity Money Market Fund, Inc.* 1.2152 2.55% 2.21% 1.51% 2.51% 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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Asian central banks are in for a quieter year in 2019 F

OR most of Asia’s central banks, things should be a whole lot less exciting next year, and that’s a good thing.

As the US Federal Reserve looks toward topping off its interest-rate hike cycle, even those policy-makers in the region who haven’t followed the tightening path should be in position to keep policy steady, according to Deyi Tan, an Asia economist with Morgan Stanley.

“For most of the central banks in Asia, we don’t have very aggressive rate-hike cycles, except for maybe in the Philippines,” she said in an interview in Singapore.

“We don’t actually think that central banks really need to keep in tandem with what the Fed does or doesn’t do. Outside of India or Indonesia, we actually have a very shallow rate-hike cycle or no rate hikes at all.”

Morgan Stanley economists are penciling in a weaker dollar next year, and US 10-year yields declining to 2.75 percent—providing less stress on emerging markets that had to worry this year about capital outflows and volatile currencies. Current accounts that are broadly in good shape and benign inflation risks for much of the region will keep Asian central bankers in a comfortable position, Tan said.

banks in Asia, most of them run current-account surpluses so they don’t have this funding squeeze whenever the US dollar strengthens,” Tan said. “And macro fundamentals in Asia are generally quite controlled—actually quite favorable.”

Domestic inflation could complicate things, but in most parts of Asia inflation has surprised to the downside, Tan said. South Korea has only recently met its 2-percent inflation target, and the likes of Singapore, Taiwan and Thailand show contained price growth.

Troubled Two

Exception economy

THE Indian rupee and Indonesian rupiah bore the brunt of US dollar strength in Asia in 2018, and in turn should be big beneficiaries as dollar strength moderates. India probably has a bit more tightening to do: Morgan Stanley sees one interest-rate increase in each of the second and third quarters.

After 175 basis points’ worth of increases, Bank Indonesia’s tightening work should be done for now, they estimate.

“For most of the other central

The exception to the steadyas-she-goes outlook in Asia: the Philippines.

Tan sees the problems as more domestic than external in the Philippines, suggesting an easing in external pressures won’t take its struggles away. She sees a significant buildup in debt and credit growth that’s running roughly twice the pace of GDP. Perhaps most important, inflation is still a huge problem.

“Even with oil prices falling,

the peso appreciating, the reality is that’s not going to resolve all the inflationary pressures that the Philippines is facing,” she said.

A boost to inflation this year from tax changes will fade in early 2019, and legislation around the rice supply should help damp price growth. But Tan sees policymakers at the Bangko Sentral ng Pilipinas underestimating the durability of faster inf lation, particularly as core CPI also has been rising.

Morgan Stanley sees another two increases of 25 basis points each in the first and second quarters.

Elsewhere in the toolbox

ONE X factor for Asia’s central banks in 2019: They might find more use in macro-prudential tightening that’s more targeted to their specific needs, said Tan. “For Asia, maybe macro-prudential tightening is the better way to go about dealing with financial stability risks if policymakers still feel like these risks exist—more so than interest rates,” which are a blunt tool, she said. Bloomberg News

The first real step in starting a business

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tarting a business is one of the best things you can do in your life. It’s a challenging, but ultimately rewarding experience. And like a lot of difficult things, doing the first step is often the hardest part, especially when you don’t know where to begin.

Like probably most of you, I was raised to become an employee—both at home and in school. There are no entrepreneurs in my family. And I never had the chance to take any business subjects in high school and in college.

So when that moment came for me that I wanted to start a business, I knew that I had to learn everything by myself.

Realizing this fact often made me jealous of my college friends who studied a business course; and some others, who were fortunate to be born with entrepreneurial parents.

I’d imagine how lucky they were to formally learn about business. More so for those who have entrepreneur parents who can teach them how to start and manage a business. But then I noticed and asked myself this question.

Despite having those advantages, why do most of business graduates, and those born in entrepreneurial families that I knew, still choose to become employees?

In my search for an answer, I eventua lly concluded t wo things.

First, acquiring academic knowledge and being exposed to a business-minded family will not necessarily lead an individual to become an entre-

have, regardless of your job.

Fitz Gerard Villafuerte

personal finance preneur. And second, the entrepreneurial spirit, or a person’s motivation to become an entrepreneur, must come from somewhere else.

And that “somewhere else” is within a person’s character.

The story of Steve Tamayo

DO you know Steve Tamayo?

He is a former overseas Filipino worker in the Middle East who became a business millionaire in the restaurant business.

And I’d say that his life’s biggest turning point was when war broke out in Kuwait and he was forced to come back to the Philippines.

He had to leave behind all his savings and possessions when that happened.

With nothing but experience at work, as his primary resource, he was able to start a small venture. This was the beginning of what would eventually become one of the most successful catering businesses in the country.

His story is inspiring. But more than that, it’s also one of the best examples of how an entrepreneur is actually made.

Steve worked in Saudi as a waiter, and then as a hotel manager in Kuwait. His combined eight years of experience working in these jobs taught him what he needed to start a food business.

And it’s also the same lessons and opportunities that you

Engagement is the first real step to entrepreneurship

A restaurant waiter can simply choose to do his job well, and he will be rewarded for his hard work with a job promotion. But if he wants to be an entrepreneur, he must learn to engage himself beyond what is required of him to do.

To not just provide good service to diners, but to learn the concept and importance of excellent customer service to a business. He can choose to not just take orders efficiently and memorize the menu.

But he can also learn its nutritional merits and how it serves the dietary needs of different customers.

To not just follow his manager and the rules of the company, but to learn how the restaurant is managed; and likewise understand why those rules are important for the business.

Regardless of the work you do, there are lessons and opportunities, which are always available when you choose to stretch your vision beyond what you see.

Do you want to start your own business? Then awaken your entrepreneurial spirit by engaging first with the world around you.

Your curiosity and hunger for new knowledge will give you the proper skills. It will nurture within you the right mindset to start a business someday, or perhaps sooner than you can imagine.

Fitz Villafuerte is a registered financial planner of RFP Philippines.

To learn more about personal-financial planning, attend the 74th RFP program this January 2019. For inquiries, e-mail info@rfp.ph or text <name> <e-mail> <RFP> to 0917-9689774.

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BTr data show NG borrowed less from foreign lenders

T The central bank of India building casts a shadow on the streets of Mumbai. Deyi Tan, an Asia economist with Morgan Stanley, considers the Asian market next year as a ho-hum for most central banks in the region. Bloomberg News Service

Tuesday, December 4, 2018

he outstanding debt of the national government (NG) has hit P7.167 trillion as of end-October this year, with domestic debt of P4.620 trillion outpacing foreign debt of P2.546 trillion, data from the Bureau of the Treasury (BTr) showed.

Based on BTr data, the NG’s outstanding debt for the ten months ending October expanded by 10.24 percent compared to the P6.501 trillion reported for the same period last year. The figure shows a 0.10-percent month-on-month uptick compared to the September figure of P7.159 trillion.

Of the total NG debt, domestic debt posted a growth of 9.59 percent compared to last year’s P4.216 trillion, while debt owed to offshore financial institutions of P2.546 trillion increased by 11.45 percent, from the P2.285 trillion recorded in October last year.

The BTr said the increase in the government’s domestic debt was

due to the net issuance of government securities amounting to P32.74 billion. This was slightly offset by the appreciation of the peso that decreased the value of onshore dollar bonds by P0.29 billion.

The government’s domestic debt is higher by 0.71 percent compared to the September figure of P4.587 trillion. NG’s external debt in October contracted by 0.98 percent, from the previous month’s P2.572 trillion.

“The decline in external debt level was principally due to the P27.34-billion impact of the stronger peso and net repayment on foreign obligations amounting to P0.33 billion,” the BTr added. “This

was tempered by the net appreciation of third-currency denominated external debt amounting to P2.52 billion.”

Furthermore, the government’s guaranteed outstanding debt hit P484.711 billion as of end-October, which posted a decrease of 0.89 percent from last year’s P489.088 billion but showed an increase of 0.71 percent compared to the September record of P481.303 billion.

Broken down, external guaranteed debt outpaced that of the government’s domestic guaranteed debt for the month amounting to P292.495 billion and P192.216 billion, respectively.

In July this year, the Development Budget Coordination Committee said in order to ensure efficient borrowing, this year’s goal of sourcing 65 percent of loans from the domestic market and 35 percent from external sources will be modified so that the government will now be targeting the proportion of domestic borrowing to increase to 75 percent, which will reduce the percentage of external financing in the mix to 25 percent in 2019 to 2022. Rea Cu

B4 Tuesday, December 4, 2018

VENICE GRAND CANAL SPARKLES WITH MORE STAR-STUDDED, SPECTACULAR CHRISTMAS PARADE

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HE most wonderful time of the year just got more spectacular, as the Metro’s most awaited Christmas parade rolls off to captivate families and revelers like never before.

Set to transform the streets of McKinley Hill into a giant production stage on December 8, Venice Grand Canal’s grand Christmas parade boasts of more jaw-dropping sights, show-stopping spectacles and star-studded appearances that are sure to leave

SHARING JOY TO CHILDREN In photo are Davao City Vice Mayor Bernard Al-ag, general manager Emelyn Rosales and SM Hotels and Conventions Corp. Executive Vice President Peggy Angeles at the tree-lighting ceremony at Park Inn by Radisson Davao.

2 YEARS OF MOVING THINGS THAT MATTER

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ALAMOVE, Southeast Asia’s fastest growing on-demand delivery service, celebrates its second anniversary in the Philippines. With its rapid growth and technological edge, Lalamove’s presence in the Metro is truly undeniable.

Partner drivers are without a doubt the core of Lalamove’s business.

Enabling them to earn at their own time using their vehicles, Lalamove provides a source of livelihood thousands of partner drivers, uplifting them to provide for

their family and reach their dreams. Lalamove also provides partner drivers with quality benefits by collaborating with top brands, such as GCash, Petron, Shell, Ropali, Mahindra, Isuzu, among others.

By partnering with these companies, Lalamove drivers get to enjoy additional benefits, such as great discounts and easy access to quality vehicles, creating an ecosystem that not just allows them to earn, but to uplift their lives, thereby, fueling them to deliver and provide exceptional service to clients.

Lalamove aims to empower micro, small and medium enterprises, as well as multinationals and established businesses, to reach more customers through on-demand delivery. As an acquiring delivery fleet is costly and impractical, Lalamove allow companies to focus on their core business while taking care of their delivery needs.

A viable option is to get a logistics partner like Lalamove to minimize costs. Food and online businesses are a few of the many that successfully reached an untapped market through Lalamove. With the wide array of vehicles and services built for businesses, Lalamove certainly empowers Filipino entrepreneurs and businesses to fulfill their passion.

In photo are (from left) Akiko Sumulong, strategic partnerships manager; Dannah Majarocon, country director; Albert Go, regional director; and Marla Buencamino, marketing manager.

everyone fully enthralled and delighted.

The 3.5-kilometer parade, inspired by the worldfamous Macy’s Thanksgiving Day parade in New York City, features a spectacular lineup of 12 dazzling floats, larger-than-life character balloons, over 50 mascots, and over 800 marching bands, dancers and performers.

Making this year’s grand Christmas parade—a cannot-be-missed affair—are star-studded celebrity appearances, mascot meet and greet, holiday-themed live performances at the Venice Piazza and a bigger grand fireworks display, which lights up the night and caps off the celebrations in spectacular fashion.

Bringing star power to the annual spectacle are some of the biggest names in Philippine entertainment, such as Jessy Medniola and Jericho Rosales.

The parade will witness a grand gathering of kids’ favorite characters. Kids can see their beloved characters come to life including Shopkins, Megablocks, Powerpuff Girls, Ben10, Vtech, Hatchimals, Tobot and Vikings, which will be on board the different parade floats. Kids can also meet and greet and have their photos taken with these characters inside the mall right after the parade.

Joining these mascots is Christmas icon Santa Claus and his elves. Adding an exciting fusion of music and visual spectacle to the grand parade are over 800 marching bands, dancers and performers.

There will also be a Holiday Parade Express, where kids can meet and interact with their favorite mascots right after the parade.

Sports BAHAMAS BusinessMirror

BREEZE

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| Tuesday, December 4, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Tiger Woods is never in the picture until it was time to hand out the trophy to Jon Rahm. AP

MESSY SCHEDULE DOWN UNDER

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ASSAU, Bahamas—Tiger Woods finished the Hero World Challenge on Sunday and headed to Australia to promote the Presidents Cup as the US captain. It’s the same schedule he faces next year, with one big difference.

Woods will have 12 players with him, and he could be a playing captain.

It leads to a messy schedule that could affect two tournaments—his unofficial Hero World Challenge, an 18-man field of players from the top 50 in the world, and the Australian Open, which was hopeful of a strong field a week before the Presidents Cup at Royal Melbourne.

The Presidents Cup is from December 12 to 15, the latest it has ever been played. Woods confirmed earlier in the week that the Hero World Challenge would be played the week before. Beyond that, details remain unclear.

“There are so many things that are up in the air,” Woods said after he closed with a one-over 73 and finished 17th out of 18 players. “One of the logistical things I’m trying to figure out is try to get where there’s like eight to 10 guys, plus four, five more...you’re getting close to 50 people from the Bahamas to Australia in time for a practice round, opening ceremonies and the event. We have our work ahead of us trying to logistically try to make this all happen.”

One person involved in the event told The Associated Press that the plan was to end the Hero World Challenge on Saturday next year, possibly early in the afternoon. That would allow the American contingent—players, caddies, family—time to take a charter to Melbourne, arriving Monday morning.

The person spoke to the AP on condition of anonymity because nothing has been announced.

Mark Steinberg, Woods’s agent at Excel Sports Management, said he hoped to have an announcement when Woods returned from Australia.

The Presidents Cup features an American team and an International team from everywhere but Europe. There were 12 Americans in the field this year in the Bahamas and two players who are regulars on the International team, Jason Day of Australia and Hideki Matsuyama of Japan.

The Presidents Cup was played at Royal Melbourne in 2011, and 13 players— including Woods—played the Australian Open the week before in Sydney. Officials announced last month that the Australian Open, the fiftholdest championship in golf, would be played from December 5 to 8 and organizers were excited about another strong field.

“This is great news for the Australian Open and we’re excited about what this means for Australian golf fans,” Golf Australia chief executive Stephen Pitt said.

Now there’s a choice for Americans who are on the US team, and even some International players who live in America.

Jordan Spieth, for example, already is a two-time winner of the Australian Open. He didn’t play this year—or in the Bahamas— because he got married last weekend.

“The logistics are not great,” Rickie Fowler said. “A lot depends on the captain and figuring out what we want to do as a team.”

Dustin Johnson, among those who played the Australian Open in 2011, sounded as though he would be in the Bahamas next year. And he didn’t sound terribly worried about the logistics.

“As long as I’m riding with Tiger, I’ll be fine,” Johnson said. AP

By Doug Ferguson The Associated Press

N

ASSAU, Bahamas—Jon Rahm broke into tears when he beat Tiger Woods in the Ryder Cup, the most meaningful moment of his career.

Sunday wasn’t bad either, not with Woods handing him the trophy after Rahm turned a potential shootout into a runaway victory on the back nine in the Bahamas to end his year by winning the Hero World Challenge.

That makes two full years as a pro for the 24-year-old Spaniard, each with three victories worldwide.

“I hope I keep winning three times every year,” Rahm said. “Still wouldn’t get to what Tiger’s done in 20 years, but it would be pretty impressive.”

Starting the final round in a three-way tie with Tony Finau and Henrik Stenson, Rahm took the lead for good on the eighth hole and never trailed again. Finau was his final challenger until he took double bogey on the par-4 14th hole as Rahm made birdie for a five-shot lead, and the rest was easy.

Rahm closed with a seven-under 65 for a four-shot victory at Albany Golf Club.

“Even if I make a 4 there, I’m going to have to do something pretty dang special,” Finau said.

“Hats off to Jon this week. He played incredible golf, and he deserved to win this week.”

Woods was never in the picture until it was time to hand out the trophy. Woods got off to another rough start, rallied on the back nine and had to settle for a one-over 73 to finish 17th against the 18-man field. He finished 19 shots behind, the biggest gap this year from the winner over 72 holes.

“Overall, it was a long week, but one that I hope the players enjoyed,” Woods said in his role as tournament host.

Even so, there were Tiger prints all over this victory.

Rahm spoke of an interview he once saw from the British Open when Woods said that when he took the lead, his goal was to never go back to the field.

“That’s the same thing I thought today,” Rahm said. “As soon as I got in the lead, my mind was still forward. Keep doing birdies and just keep going on. I didn’t know what kind of a lead I had until I got to 16, and I was still rifling at the pin.”

He also recalled running into Woods before the Tour Championship at East Lake, which Woods won for his 80th career victory.

Rahm grew up on poa annua greens, still isn’t entirely comfortable on Bermuda and asked Woods for advice.

“He kind of laughed and told me it’s all about feel,” Rahm said. “I was like, ‘OK, whatever, right.’ And today out there with the trophy, he was like, ‘That’s a pretty good performance for somebody who can’t put putt on Bermuda greens.’ I think I made one putt outside 10 feet. I didn’t miss a shot the last three days, it’s as simple as that. But I don’t think he believed me.”

Rahm has said all week the key to Albany were the five par 5s and two reachable par 4s.

He made birdie on all of them Sunday.

Even with a runaway victory, there was a small measure of drama on the final hole.

Justin Rose, needing to finish in a threeway tie for second to return to No. 1 in the world, closed with a 65 and was in position to go back to the top of the ranking until Finau rolled in a 10-foot birdie putt for a 69 to finish alone in second.

Brooks Koepka, who did not play this week, remains No. 1. Rose has one more event left in two weeks at the Indonesia Masters.

Finau, meanwhile, cracked the top 10 for the first time in his career at No. 9.

Rahm took a two-shot lead to the back

nine with a 4-hybrid to 12 feet on the par-5 ninth that set up a two-putt birdie, and he held his own until Finau’s double bogey.

Rahm, making his first trip to the Bahamas for this event, figured out early that the key to scoring at Albany were the five par 5s and two reachable par 4s. He made birdie on all seven of those holes Sunday.

Stenson was only one shot behind when he made the turn, but the Swede made only one birdie on the back nine and finished alone in fourth. Patrick Cantlay was 12 shots better than Saturday, closing with a 64 to tie for fifth with defending champion Rickie Fowler.

Cameron Smith, meanwhile, overcame a slow start and closed with a two-under 70 to successfully defend his title in the Australian Professional Golfers’ Association Championship with a two-stroke victory over Marc Leishman in Gold Coast.

Smith became the first player since Robert Allenby in 2001 to win the Australian PGA in successive years. Greg Norman (1984-85) also won back-to-back, while Kel Nagle and Norman von Nida were among to successfully defend when it was match play.

Smith finished at 16-under 272. Leishman, trying to win on home soil for the first time, shot 69.

Next up for Smith is trying to get a victory on the PGA Tour and continue his rise in the world ranking. The victory Sunday enables him to crack the top 30.

“I would love to get into the top 20 by the end of next year, it’s definitely the next goal,” Smith said. “That’s the next big step for myself, to get myself in there and get myself in a lot of situations where I can win golf tournaments.

That’s what I want to do.”

Kurt Kitayama won his first European Tour title in only his third start by closing with a four-under 68 for a two-shot victory in the AfrAsia Bank Muritius Open in Beau Champ, Mauritius.

The tournament is sanctioned by the Asian Tour, European Tour and Sunshine Tour.

Kitayama, a 25-year-old American who went to UNLV, missed a par putt from 6 feet on the 16th hole as his lead was reduced to one shot. But he holed a 20-foot birdie putt on the next hole and closed with a par to finish at 20-under 268.

S. Chikkarangappa of India and Matthieu Pavon of France each shot 67 and tied for second.

Justin Harding of South Africa was going for his fifth title this year (two on the Sunshine Tour, two on the Asian Tour). He was tied for the lead going into the final round and shot 71 to finish alone in fourth.

Indigenous Panamanians compete in ancestral games

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IRIATI, Panama—Some brought bows and arrows to show off shooting skills. Others came to demonstrate their strength, endurance or ability to pull heavy ropes or to paddle small wooden dugout canoes.

The women wore brightly hued dresses in red, orange, green and purple, with hand-embroidered details. Men stained their arms and faces with black ink extracted from a mountainous fruit. Some wore loin cloths with intricate beaded geometric designs, and strings of yet more beads crisscrossing their chests.

For two days, more than 100 competitors from the main indigenous groups of Panama—the Guna, Embera and Ngabe-Bugle—converged for the second time to celebrate their ancestral games.

“Everyone has to show dexterity, their tradition, their dance, their behavior,” said Eduardo Lopez, a member of the Guna community and coordinator of the games.

At night, the groups intermingled to share dance and music traditions. Drums beat. Flutes vibrated.

These games held in the Embera town of Piriati, some 90 kilometers east of the capital, drew athletes who will represent Panama in the third edition of the

World Indigenous Peoples Games, which may be held in New Zealand, Colombia or another country with a large indigenous community.

Panama attended the first world competition in Brazil in 2015 and participated in the next one in Canada in 2017.

The games in Piriati began with swimming and boating in Lake Bayano, one of the main reservoirs in Panama.

Indigenous people fish and motor in the lake on any given day, transporting goods from one side to the other.

For Rigoberto Palacio, a 32-year-old Ngabe-Bugle man from a mountainous village in the Caribbean province of Bocas del Toro, the games represent a way to “rescue, value and enhance” the daily activities of his ancestors. From an early age, Palacio says, he has used bow and arrow to scare away or kill animals such as snakes in his village. He hand-carved the bow he uses in archery competitions. AP

Embera indigenous men participate in the tug-of-war competition during the second edition of the Panamanian indigenous games in Piriati, Panama. AP

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Business

C2 Tuesday, December 4, 2018

Maroons bag UAAP men’s athletics title

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NIVERSITY of the Philippines (UP) pulled off a dominating performance the Fighting Maroons still have to accomplish on the basketball court by winning its first men’s athletics overall championship in 36 years in University Athletic Association of the Philippines Season 81 action at the PhilSports Complex in Pasig City over the weekend.

Trailing by 39 points entering the midway point of the five-day competition, the Fighting Maroons banked on a 1-2-3 finish in the 400-meter hurdles, another podium sweep in the 800 meters, and gold medals in the 4x100-meter relay and discus throw to seize the crown on Saturday.

With 426 points, UP ended Far Eastern University’s (FEU) eight-year reign with the Tamaraws garnering 262 points for second place. University of the East (UE) finished third with 185 points.

The Maroons claimed their 19th championship overall—and the first since the 1981-82 season.

University of Santo Tomas (UST) ruled the women’s division for the fifth straight year with 338 points, beating FEU by only 11 points in a hotly contested duel for the crown. UP tallied 203 points for third spot.

UE’s young long-distance specialist James Darrel Orduna, who won gold medals in the 10,000 meters and 3,000 meters steeplechase, and 5,000 meters that went with a 1,500 bronze, was the men’s rookie Most Valuable Player (MVP).

UST’s Louielyn Palmatian claimed the women’s MVP honors for the third straight season after emerging victorious in the 800 and 400 and in the 4×400-meter relay. She bagged silver medals in the 200 and 5,000.

In the juniors division, UE completed another championship double in the juniors

Arellano U routs Mapua; San Beda clobbers Lyceum

division. UE had 383 points to achieve a “six-peat” on the boys side, beating UST and Adamson University in the process. Adamson University’s Edgar Carrado was named MVP for winning four gold and one silver medals.

With 465 points, UE defeated National University and UST to annex the girls title for the fourth straight year. Abegail Manzano of the Bullpups was named girls MVP after a four-gold, one-bronze haul.

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SAY HI TO PAMI! The Philippine

Southeast Asian Games Organizing Committee has introduced before the weekend the official mascot, Pami—for pamilya—a representation for every nation, sport and person coming together and supporting each other at the Games.

C.D.M.’S GOAL: 3RD PLACE

By Ramon Rafael Bonilla

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HEF DE MISSION Monsour del Rosario aired confidence the Philippines will finish inside the top three in the overall medals race of the 30th Southeast Asian Games the country is hosting from November 30 to December 10.

Del Monsour said that although he would want Filipino athletes to emerge as overall champions, finishing in the top 3 is a more realistic goal.

The Philippines has never finished better than sixth place since emerging on top of the tally board in the 2005 edition it hosted with 112 gold, 85 silver and 93 bronze medals.

“That’s my target [third place]. That’s my modest projection,” del Rosario said during the one-year countdown ceremony and unveiling of the 30th SEA Games logo and mascot at the Bayanihan Park in Clark, Pampanga.

“But if we can win the overall championship, our Christmas will be really happy in 2019,” he stressed.

Del Rosario said that a lot have changed in the Southeast Asian region that contributed to the success of top nations Thailand, Malaysia and Vietnam.

“The experiences are different, especially the technology. It has improved, and it helped them,” he said.

Del Rosario and the 10 other chiefs of mission from the SEA Games member countries inspected facilities at the New Clark City in Capas, Tarlac.

A modern athletics and aquatics center is being constructed at the New Clark City. Clark will host 22 of the 56 sports on the Philippines SEA Games program.

Del Rosario has appointed fellow taekwondo champion Stephen Fernandez and Charlie Ho of netball as his deputies.

The Philippine Olympic Committee will decide among Ada Mliby of rubgy, Pearl Managuelod of muay, Jonne Go of canoe kayak or Princess Kiram of pencak silat as the female chef de mission.

rellano University waylaid Mapua, 25-15, 25-12, 25-13, and San Beda slammed Lyceum of the Philippines University, 25-21, 25-22, 25-16, on Monday to keep the women’s section lead in the 94th National Collegiate Athletic Association volleyball tournament at the Filoil Flying V Centre in San Juan City.

Nicole Ebuen followed up her 22-point performance the last time out by dropping 15 hits for the Lady Chiefs, who booked their third straight win to keep their bid for a “three-peat”—and a fourth title in five seasons—alive.

Maria Nieza Viray scored 19 points, and Cesca Racraquin added 13 hits as the Lady Red Spikers also remained undefeated.

San Beda’s high-school team also pulled off a 26-24, 25-22, 30-28 victory over Lyceum to return to the magic four with a 2-1 won-lost card.

The Junior Pirates dropped to their first setback against two triumphs that left the University of Perpetual Help Junior Altas, the reigning “four-peat” champions, and Braves on top with perfect 2-0 records.

Lyceum dumped San Beda, 25-22, 25-23, 25-21, to claim its first win in three starts in men’s play. Kier Andrei Tibayan and Sinmart Saporna unloaded 12 points apiece, while Juvic Colonia added 10 for the Pirates.

It was the Red Spikers’ second defeat in three games.

Etheridge, Cardiff air live on 2’s S+A Subic Bay Metropolitan Authority Senior Deputy Administrator Ramon Agregado (second from left) and tourism manager Jem Camba (center) receive the bronze award for “Best Sports Tourism Destination of the Year.”

FEATHER IN SUBIC’S CAP

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By Henry Empeño

UBIC Bay Freeport—As a testament to the successful sports tourism program of the Subic Bay Metropolitan Authority (SBMA), the Subic Bay Freeport again sparkled in the search for the best tourism destination of the year in Asia.

Subic Freeport romped away with the bronze award for “Best Sports Tourism Destination of the Year” in this year’s Sports Industries Awards and Conference Asia (SPIA Asia), beating countries like China, Thailand, South Korea, Vietnam, Malaysia, Indonesia and India.

SBMA Senior Deputy Administrator Ramon Agregado and SBMA tourism manager Jem Camba received the award during the Third SPIA Asia Awards Gala 2018 in Bangkok, Thailand, recently.

The SPIA Asia awards is held annually to celebrate the brands, agencies rights holders, marketers, venues and destinations, and organizations, which positively influence the

Lady Eagles join hoopfest guests in PSA Forum TEAM LAKAY

Members of Team Lakay are feted in a motorcade in Baguio City over the weekend following their world championship victories in ONE. They are (from left) lightweight Joshua Pacio, flyweight Geje Eustaquio, Team Lakay Founder and Head Coach Mark Sangiao, bantamweight Kevin Belingon, lightweight Eduard Folayang and bantamweight Stephen Loman. MAU VICTA

sporting landscape in Asia.

Entry to the awards is free and the judging rigorous, with about 400 entries this year and a panel of more than 37 international experts who judged the entries to determine the gold, silver and bronze winners.

The awards included four local and 14 Asian award categories, three public voted categories and one achievement category.

“The SPIA Awards again highlighted the attractiveness of Subic as a natural setting for sports competitions, and confirmed SBMA’s success in sustaining sports as a pillar of the local tourism industry,” SBMA Chairman and Administrator Wilma Eisma said.

Subic won the gold award for best destination in the SPIA Asia awards in 2017.

This year, the gold award went to Melbourne, Australia, while the silver went to Abu Dhabi of the United Arab Emirates.

Agregado said it was a “great achievement” for Subic to win awards in succession, considering the large number of entries vying for honors.

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HE top protagonists in two tournaments headline Tuesday’s session of the Philippine Sportswriters Association Forum at the Tapa King Restaurant at the Farmers Plaza in Cubao, Quezon City.

Representatives from Creamline and Ateneo-Motolite have been invited to the public sports program to talk about their championship series in the Premier Volleyball

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HE stars from the 2018 Fifa World Cup and Filipino pride Neil Etheridge of Cardiff City Football Club descend on ABS-CBN S+A this month to offer a glittery holiday for local football fans.

Manchester United, bannered by Belgian star Romelu Lukaku and Chilean star Alexis Sanchez, go head to head with Fulham and forward Aleksandar Mitrovic from the Red Devils home pitch live at 10:55 p.m. on Saturday.

The match will be followed by Spanish giant FC Barcelona’s duel with Espanyol in another La Liga match-up, where the Azulgrana tries to widen the gap between them and the rest of the field with returning star Lionel Messi at 3:40 a.m. on December 9.

Hurricane Harry Kane will star in Tottenham’s showdown with Burnley when the Hotspurs play hosts on December 15 at 10:55 p.m. On December 16, two English Premier League (EPL) giants test each other’s mettle— Mohamed Salah and Lukaku—in leading Liverpool and Manchester United in Anfield, at 11:55 p.m.

Two days before Christmas on December 23, Manchester United will also play Etheridge’s Cardiff at 1:25 a.m.

Action will shift to Italy’s Serie A when storied clubs Inter Milan and Napoli face-off as they jostle for position behind league-leading Juventus.

Napoli leads Inter by just a hair and star forward Mauro Icardi wants those three points over their rivals led by Dries Mertens and Lorenzo Insigne when the match airs on December 27 at 3:20 a.m. S+A and Liga, sports channels of ABS-CBN Sports, were the country’s official broadcasters of the recent the Fifa World Cup Russia 2018.

S+A also airs selected matches and highlight shows from top European club football leagues, such as the EPL, Spanish La Liga and Italian Serie A through a partnership with Hong Kong-based holdings company Triple CH, as part of ABS-CBN Sports’ efforts to promote love and appreciation for the most popular sport in the world in the Philippines.

League Season 2 Open Conference.

Joining them are National Basketball League Chairman Celso Mercado, along with Parañaque Aces Coach Harold Sta. Cruz and Dasmariñas Ballers mentor Azli Guro. They will talk about the finals of the league’s inaugural season.

The 11 a.m. forum is presented by San Miguel Corp., Tapa King and the Philippine Amusement and Gaming Corp.

orts

sMirror

Tuesday, December 4, 2018

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SHOOTOUT IN LUBAO T

HE country’s best female pros and a crack crew from Thailand slug it out one last time this year as the International Container Terminal Services Inc. (ICTSI) Pradera Verde Ladies Classic unwraps on Tuesday with a promise of slam-bang start at the Pradera Verde Golf and Country Club in Lubao, Pampanga.

The perennial regional rivals have slugged it out all-year long on the Ladies Philippine Golf Tour (LPGT) although the Thais have dominated the circuit by winning six of the 11 tournaments in the just concluded 2018 season.

But with Ladies Professional Golf Association (LPGA) Tour-bound Dottie Ardina joining the hunt, the locals have bolstered their chances to put one over the Thais this time.

Ardina gears up for an early duel of power

and putting with Thais Dolnapa Phudthipinij and Chouvarest Chourkittisopon at 8 a.m. with the Filipina ace brimming with confidence coming off a number of runner-up finishes in the Symetra Tour that secured her a full card for next year’s LPGA Tour.

Pauline del Rosario and Princess Superal are also in the fold with the former out to defend the crown she won in runaway fashion last year and the latter seeking a third victory after ruling the Riviera and Midlands stops of the 2018 LPGT season.

Del Rosario, who won four tournaments last year to clinch the LPGT Order of Merit (OOM) crown, slugs it out with Thai Chommapat Pongthanarak and Daniella Uy at 7 a.m., while Superal, coming off a series of qualifying tournaments in Japan, kicks off her drive

against Thai Jaruporn P Na Ayutthaya and club bet amateur Annyka Cayabyab at 8:30 a.m.

Former three-time LPGT OOM winner Cyna Rodriguez has also primed herself up for the P1-million event sponsored by ICTSI, raring to snap a long title spell in the circuit organized

by Pilipinas Golf Tournaments Inc. She starts at 8:10 a.m. with Thai ace Yupaporn Kawinpakorn and Taiwanese Hsin Ning Yeh. Alex Etter, Gretchen Villacencio, Marvi Monsalve and many-time LPGT winner Chihiro Ikeda complete the local challenge, each ready to stop the big Thai contingent out to reassert its domination of the circuit.

But the Thais are hell-bent on extending their win run with Kawinpakorn going for a third victory after ruling the Beverly Place and Summit Point legs and Onkanok Soisuwan and

Wannasiri Sirisampant looking for a follow-up to their breakthrough victories in the circuit backed by Custom Clubmakers, BDO, Meralco, Sharp, KZG, PLDT, Champion, Summit Mineral Water and K&G Golf.

Other Thais seeing action in the 54-hole tournament, which actually serves as the second leg of the 2019 LPGT after the John Hay tilt last October, are Alisara Wedchakama, Arpichaya Yubol, Chakansim Khamborn, Chatprapa Siriprakob, Chonlada Chayanun, Kanokwan Yospak, Omnicha Konsunthea, Pattaporn Kraturuk, Pimpadsorn Sangkagaro, Preenaphan Poomklay, Trichat Cheenglab and Waralee Athcarerk.

Hsin, meanwhile, also hopes to sneak into the title race along with amateurs Junia Gabasa, Mafy Singson, Laurea Duque, Eagle Ace Superal and Cayabyab.

LUISITA UP BY 2 OVER S’WOODS B

AGUIO CITY—Luisita Golf and Country Club and Manila Southwoods head to the Baguio Country Club (BCC) for a showdown on Wednesday after the bets from Cavite cut their deficit to only two in the 69th Fil-Am Invitational Golf Tournament on Monday.

Eddie Bagtas shot a two over 71 for 34 points as Luisita assembled a second day 124 for 249 points and retain a two shot lead over Manila Southwoods going to the difficult BCC on Wednesday.

“It will be a good fight!” said members of the two squads as they take a day rest going to the tough par 61 BCC course after two days at Camp John Hay (CJH).

Jingy Tuazon made up for his non-count on the first day as he came in with 31 points, Raffy Garcia made 30 points and Rodel Mangalubnan

added 29 to contribute to the team.

Manila Southwoods had a mammoth game from former pro Raul Minoza as he submitted the first sub-par performance, a one-under 68 good for 37 points to lead the Carmona, Cavite-based squad to 127 points and a 247 total.

Theody Pascual was at one-over 70 for 35 points and backstopped Minoza, while Sang Jun Sin had a 30 and Judd Roy had 25 to count for Southwoods.

Bong Sison came in with a bum stomach and limped home with an 18 and did not count.

Tommy Manotoc took a breather for the BCC showdown.

“The other teams really played well, but we are still happy to have the lead despite our not so good performance,” Garcia said of Luisita.

“We are still good and very happy that we still

held on to the lead.”

Megafiber matched Southwoods’s production of 127 with Jose Mari Hechanova making an even par for 36 points.

Abe Rosal made 32 points, Rolly Viray accounted for 30 points and Dave Hernandez chipped in 29 to count for the team which now has 239 points.

Tom Daily had 28 points as Okinawa Golf Team came in with 98 but was penalized for two points for an aggregate 203.

At the BCC, Luisita practically matched its first day campaign then saw CJH foundering to take a 13 point and give its title retention bid a boost.

Danilo Cruz made 30 points, Edmund Yee had a 27, Benjie Sumulong and Chito Laureta added a pair of 25 as Luisita came in with 107 for a two day total of 215.

That is now 13 off CJH after a first day fivepoint deficit after the cohost could only manage an 89 with Fred Puckett doing most of the job after a 26.

Goody Ignacio, Monet Garcia and Villamor Bumanglag had 21s for the cohost’s total and 202 aggregate going to their home course.

Summit Point Golf and Country Club had 28 from Abraham Avena for 96 and 194 total.

Ladies Professional Golf Association Tour-bound Dottie Ardina is joining the hunt.

Struggling teams take center stage

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Manila Southwoods’s Ryan Abdon reacts after missing a birdie putt at the Baguio Country Club. MAU VICTA

Pascual, Café, Bae top golf meet

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Jaime Ramirez and Jotle Viray received their trophies from Mileage Asia President and CEO Elmer Ngo.

Co rocks in Forest Hills Chairman’s Cup

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ocky Co bagged low gross honors with 36 points under the Stableford format to lead the roster of winners in the Cherrylume 16th Chairman’s Cup at the Forest Hills Golf Club.

Percival Evaristo shot a net 10-under 62 to capture the low net crown, while Jong Phil Kim made 41 points to top Class A in the men’s division.

The other winners were Romy Chong 40 (Class B), Bobby Reyes 39 (Class C) and Julius Barraquias (Class D) in the event presented by Escala Tagaytay Golforce, Megaforce Security, Mizuno Master Sports

and Diamond Motors.

Nestor Sales, with 39 points in Class A, was the best finisher among the seniors followed

by Larry Ang 44 in Class B. Eun Sun Park 39 and Boon Ha Kim 40 won the Ladies Divisions 1 and 2, respectively.

The two-day Chairman’s Cup, held in honor of club Chairman Atty. Ferdinand Santos, was supported by Fujitsu Philippines, Klio International, MRT Dev. Co., Starforce and The Turf Co./Toro and South Forbes Golf Club.

ANC Group, Turf Co., J-Ten Sports, Taishan Insurance, YSA Skin Care and Silicon Computers were the hole-in-one sponsors.

Below the rim Vincent Juico | @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS LAST week, I touched on the lowering the height of rims in the Women’s National Basketball Association (WNBA) and possibly, the international women’s game, as well.

One of those for it is 2016 WNBA Most Valuable Player, 6-foot-5 Chicago Sky, as well as high scoring forward Elena Delle Donne, who is blessed with athleticism to dunk the basketball, according to the For The Win web site in March of 2016.

“I think it would bring a whole different aspect to the game and bring viewership as well and show the athleticism of our women,” Sky told For The Win at Nike’s Innovation Summit. “We do every single thing

on that court that the men do, other than the dunking. And, obviously, there is a handful of athletes who can dunk.”

“But when you look at other sports like volleyball, their net’s lower,” she continued. “Golf, their tees are closer. It goes on and on.

Tennis, they play [fewer] sets. Why not lower our rim and let every single player playing in the league play above the rim like the NBA can?”

In the same article, legendary UCONN (University of Connecticut) women’s basketball Head Coach Gene Auriemma says “What makes fans not want to watch women’s basketball is that some of the players can’t shoot

heody Pascual, Bobby Café and Seon Yeob Bae emerged victorious in the recent Manila Southwoods Golf and Country Club Charity Chairman’s Cup. Pascual, Southwoods’s current club champion, topped the men’s division with 39 points—equivalent to a net two-under par 70.

Café had 33 for the seniors’ crown while Seon submitted a 30 for the ladies tiara.

Jun Ventura drove home a Mirage G4 GLS CVT Matic Sedan from Mitsubishi Motors and Diamond Motors, while Jun Yupiton took the Greek cruise for seven nights with airfare for two from Royal Caribbean and Baron Travel in the grand raffle.

Jordan Mamaril (Men’s 1), Robert Banatin (Men’s 2), Ramon Sison (Men’s 3),

Art Caronongan (Men’s 4), Niels Ole Jeppesen (Seniors 1), Poch Hernandez (Seniors 2), Cesar Igual (Seniors 3), Jojo Lee (Seniors 4), Yong Mi Kim (Ladies 1), Tess Staub (Ladies 2), Eda Yupitun (Ladies 3) and Raymond Bunquin (Sponsors/ Guests) were the net-point winners.

Yang Seop Lee, Richie Santos, Richard Emerson Chua, Dan Reyes, Rene Samonte, Woong Jeon, Cezar Peralejo, Danny Paragas, Yun Haeng Cho, Arlette Dizon, Angela Yazaki and Arnel Paras were the runners up.

Agrexplore/Briduen and Turf Co. (platinum) supported the two-day event with Nutranta (gold) and Klio International (silver). The other hole sponsors were Mit Air Sales, J-Ten Sports and Club Golfcarts.ph.

Ateneo-Motolite, Creamline kick off finals series

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teneo-Motolite will need more than grit and court smarts when it takes on a powerhouse Creamline side poised to nail a second Premier Volleyball League crown in the Open Conference Finals beginning on Wednesday at the Filoil Flying V Centre.

Through sheer determination, the Lady Eagles hurdled the fancied BanKo-Perlas Spikers in their best-of-three semifinal face-off, fighting back from two sets down to snatch a thriller of a five-setter of a sudden death and arrange a titular clash with

the Cool Smashers, who disposed of the Petro Gazz Angels in two in their side of the Final Four.

The young Lady Eagles, actually using the tournament as part of their buildup for the University Athletic Association wars, now find themselves shooting for the crown but against a team teeming with talents, including two former stalwarts of the Katipunan-based school.

Alyssa Valdez and Jia Morado, Creamline’s 1-2 punch, are all primed up to claim another championship after helping deliver the

and they miss lay-ups and that forces the game to slow down.

“How to help improve that?

Lower the rim. Do you think the average fan knows that the net is lower in women’s volleyball than men’s volleyball? It’s about 7 inches shorter so the women have the chance for the same kind of success at the net [as the men].”

Saul Pink of Washington International School International Dateline thinks, in an extensive argument, “The WNBA should lower their rims by 6 inches, from 10 feet to 9 1/2 feet, to promote more dunks and make the game more electric.

To start with, WNBA players are much shorter than NBA players. The average NBA player is six feet seven inches tall, while WNBA players stand at just six feet. The tallest WNBA player is Brittney Griner of the Phoenix Mercury, standing at 6-foot-8.

Her height is extremely rare in the WNBA. A player with Griner’s height only comes along about

once a decade. Yet, if Griner was in the NBA, her height would be average. This height difference is hard not to notice. There have only been 14 dunks in WNBA history, and Griner holds 11 of those dunks.

The WNBA’s viewership has remained low for its entire existence. I think this is largely due to the lack of dunks in the games because dunks are one of the things that make NBA basketball so exciting.

WNBA games on ESPN averaged 413,000 viewers, while NBA games on ESPN averaged a whopping 1.46 million viewers.

In 2017, WNBA games averaged an attendance of 7,716 per game, and NBA attendances hovered around 20,000. Lowering the rim would fix this, as one of the most entertaining parts of basketball are the rim-shaking dunks.

Lowering the WNBA rims wouldn’t only bring more entertainment to fans, but it would also be better for the players. Currently, the average WNBA salary is about $50,000 per

Reinforced Conference diadem to the franchise in July. With Michelle Gumabao, Risa Sato, Jema Galanza, Pau Soriano and Melissa Gohing, the Cool Smashers certainly have the edge in manpower, not to mention experience needed in a championship series.

But the Lady Eagles have the momentum they could ride on in the upcoming playoff. They also have the height to disrupt or unsettle the Cool Smashers’ attacks. More important, they have heart they are raring to flaunt again. year. This forces many WNBA players to leave their families during the offseason and go play overseas. Leagues in other countries pay much better than the WNBA. All-time great Diana Taurasi received a $1.5-million salary from her Russian team, compared to a mere $49,000 from the Phoenix Mercury. If the rims get lowered, viewership will increase, which will bring more money to WNBA teams, therefore giving them the resources to pay their players much more money.

People don’t tune in to see [Stephen] Curry soar above others for dunks,” Fagan said. “They watch to see his trickery with the ball, his ability to create his own shot and his eye-popping precision from long distance.”

Johnson added: “He’s changed the NBA with the three-point line.”

Johnson said it’s always good to see conversations about the WNBA, which often lacks in media coverage compared to other leagues. But she’s concerned about what the

HREE struggling teams aim to stop the bleeding when they see action in the final day of preliminaries of the Philippine Superliga All-Filipino Conference on Tuesday at the Batangas Sports Complex in Batangas City.

Sta. Lucia shoots for its first victory when it tackles Foton at 4:15 p.m., while Cocolife and Cignal aim to get back on winning track when they collide in the 6 p.m. main game.

After sweeping the 10-game preliminaries, Petron secured the top spot in the quarterfinals while F2 Logistics took the second seat via the virtue of its 8-2 win-loss card.

Petron and F2 Logistics will face the No. 8 and No. 7 teams, respectively, making the last play date crucial for both the Asset Managers and Lady Realtors who are sitting at the bottom of the standings.

The top 2 teams after the quarterfinals will own a twice-to-beat advantage in the semifinals. The best-of-three finals unwrap on December 15 at the Mall of Asia Arena.

The Asset Managers, however, are serious to finish the preliminaries with a bang.

Head Coach Moro Branislav said their season is not yet over and they will still go all out to spring a surprise against a Cignal squad that is licking the wounds created by its back-to-back setbacks to Generika-Ayala and F2 Logistics.

“I told the team to keep on working because it’s not yet over,” said Branislav, whose wards are coming off a 15-25, 17-25, 11-25 loss to the vast-improved Lifesavers last Thursday.

“Good things happen to those who work hard. It’s still far from over so we have to keep on pushing and play to the best of our abilities.”

Also looking to pull off a massive upset is Sta. Lucia.

After being hampered by injuries, the Lady Realtors have yet to win in nine matches, making them hungry and even more dangerous.

Against a depleted Foton squad, Sta. Lucia has a golden opportunity to finally barge into the win column. lower-rim suggestion says about her sport, and it leaves more questions than answers.

“Are you saying we’re not exciting enough? Are you saying we’re not good enough? What are you saying? There are a lot of questions that come into play when you talk about lowering the rim.”

If the rims in the WNBA are lowered, will it trigger a domino effect wherein FIBA, the worldwide governing body for both men’s and women’s basketball may take a look and possibly consider lowering rims in the women’s international game?

Basketball is one of the few sports where it is almost the exact same with men and women. For example, we don’t see softball players playing on major league fields. And even in basketball, women use a smaller ball than men because “their hands are smaller on average”, yet they play on the same rims despite the drastic height difference. It simply doesn’t make sense to make any alteration on the women’s game at the moment.

Sports

Kuzma powers Lakers over Suns for 3rd straight win

BusinessMirror

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| Tuesday, December 4, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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OS ANGELES—Moritz Wagner drove for a lay-up to put the Los Angeles Lakers up by 31 points, and his teammates erupted off the bench in spontaneous glee for their German rookie’s first National Basketball Association field goal.

“He learned how to ride a bike!” LeBron James said afterward. “That was that moment.

You guys never rode a bike before? Yeah, we were excited. Very excited.”

The Lakers had plenty of time for fun and frivolity after making easy work of the Phoenix Suns during the next win in an increasingly impressive season.

Kyle Kuzma scored 23 points, and James had 22 before both sat out the fourth quarter of the Lakers’ third home victory in four days, 120-96 over the struggling Suns on Sunday.

Brandon Ingram scored 15 points, and JaVale McGee had 14 points and eight rebounds in three quarters of work for the Lakers, who have won 12 of 16 since their 2-5 start to James’s first season on the West Coast.

Michael Beasley scored a season-high 14 points for the Lakers. Although they fell behind by 17 points in the first quarter, they still made easy work of last-place Phoenix despite committing 19 turnovers.

“I was very happy with our defensive effort again,” Coach Luke Walton said. “I thought we came out a little flat. Michael Beasley and the second unit did a really good job of getting us started, and then from that point on, the rest of the guys had a pretty solid game.”

Richaun Holmes scored 15 points, and Josh Jackson and Trevor Ariza scored 13 apiece for the Suns, who have lost five straight to fall to 4-19.

“It’s kind of hard not to focus on the record, but we’ve still got games to play,” Jackson said.

“We show flashes of how good we could be. We just have to be able to start stringing those runs together and just be better all the time. The more consistent we get, the better we’ll be.”

No. 1 overall pick Deandre Ayton had 10 points and 10 rebounds, but the Suns couldn’t build on their excellent first quarter.

“Obviously we can’t be happy with the final result, but I thought we came ready to play, to compete,” Phoenix Coach Igor Kokoskov said. “The first 10 minutes of the game, we can say that we looked like an organized group and we competed.” AP

THE US rallies late to beat Uruguay, 78-70, on Sunday night to wrap up a spot next year in the China worlds. FIBA PHOTO

TEAM U.S.A. HEADS TO FIBA WORLD CUP M

ONTEVIDEO, Uruguay—Jeff Van Gundy did his job. USA Basketball is headed to the World Cup. The US rallied late to beat Uruguay, 78-70, on Sunday night to wrap up a spot next year in the Fiba World Cup in China.

The US won the last two World Cups in 2010 and 2014, and will aim to become the first nation to capture three consecutive gold medals.

Travis Trice scored 17 points in the clinching win for the US, which used rosters filled primarily by G League players in qualifying. John Jenkins added 13 points for the Americans (8-2), who have two qualifying games remaining at North Carolina in February.

“No better feeling than representing your country and getting a big road win to qualify for the World Cup!” Jenkins tweeted after the game. “Thank you @usabasketball for this amazing experience and first class treatment.

It was truly an honor!”

Gregg Popovich will coach the Americans at the World Cup in China, which also serves as an Olympic qualifier, and he raved about the job Van Gundy did as the US coach in the qualifiers.

“Coach Van Gundy has been brilliant and he’s working for pennies, zero pennies,” Popovich said. “He wants to do it for the country and he loves coaching. There’s nobody better to put a team together quickly.”

The US needed a late 12-0 run to finally seize control, and that was enough to clinch the World Cup berth.

“Hell of a job to get us qualified,” Van Gundy told the Americans in the winning locker room. “Well done.”

Uruguay led, 61-54, in the fourth, and was still up 65-60 when the game changed.

Jenkins’s three-pointer with just under two minutes left put the Americans up by four, and Chasson Randle connected on another three on the next US possession to cap the burst and give the US a 72-65 edge.

Scotty Hopson scored 11 points for the US, which has used 46 players in the 10 qualifying games played so far—all of them coached by Van Gundy, who was asked by USA Basketball to take G League players and get the country into the World Cup. Bruno Fitipaldo led Uruguay with 17 points.

For the qualifiers, the US used its junior varsity.

Next summer, China will get to see the US varsity.

Van Gundy has used that analogy several times over the past 16 months, and it’s fitting—the Americans qualified for the World Cup by using players that were plucked mostly from the G League. Fiba completely overhauled the qualifying system for this event, and most of the qualifying games were played at points in the year where players from the NBA or the top European leagues would not be available.

At the World Cup, the US is going send the best of the best. Or at least, some of the best of the best.

LeBron James, Stephen Curry, Kevin Durant, James Harden, Kawhi Leonard, Russell Westbrook and Chris Paul are all among the 35 players in USA Basketball’s pool for the World Cup and the 2020 Tokyo Olympics, though it’ll likely be months before the Americans know exactly what group they’ll be taking to China to play for Popovich.

“Jeff has done an amazing job under really difficult circumstances,” said Golden State Coach Steve Kerr, who will assist Popovich next summer. “To have to qualify during the NBA season is a strange format, but Jeff is the right guy for the job, and he’s proven that.... It’s remarkable, to go ahead and do that without our top-flight players.”

The World Cup starts on August 31, 2019.

The draw for the 32-team event will be held on March 16, 2019.

“Frankly, it’s a relief,” Van Gundy said. “It’s a relief to get it done.”

Richard Solomon, who was 4 for 4 in 14 minutes, was ejected in the fourth quarter after picking up a technical for reasons that weren’t exactly clear to the American bench.

Solomon had gotten an unsportsmanlike foul called on him in the first quarter, as well.

Luciano Parodi scored 13 points, and Estaban Batista added 10 for the hosts.

The 32-team field for next year’s World Cup is filling, with nine spots getting grabbed in this window of games to push the total number of qualifying nations so far to 16.

The US, Argentina, Australia, France, Angola, New Zealand, Korea, Spain and Turkey qualified in this window of games around the world that started on Thursday.

They join Czech Republic, Germany, Greece, Lithuania, Nigeria, Tunisia and China—the lone automatic qualifier into the field, a perk that comes with hosting—as the teams that have locked up spots.

Brazil, Canada and Venezuela could also qualify on Monday, depending on various outcomes. Canada plays at Brazil. AP

Kyle Kuzma scores 23 points against struggling Phoenix. AP

NBA RESULTS LA Lakers 120, Phoenix 96 New Orleans 119, Charlotte 109 Miami 102, Utah 100 Philadelphia 103, Memphis 95 Dallas 114, LA Clippers 110 San Antonio 131, Portland 118

FROM BROKEN BONE TO BRONZE MEDAL E

mily Sweeney could barely stand on a treadmill a few months ago. After four minutes of walking, the US Olympic luge athlete had to lie down because of the searing pain that was spasming through her neck.

She was battered and broken.

That didn’t matter this weekend.

Barely nine months removed from fracturing her neck and back—injuries suffered in a frightening crash at the Pyeongchang Olympics, and ones she hadn’t revealed widely until now—Sweeney won the women’s bronze medal at a World Cup race in Whistler, British Columbia, on Saturday.

And even she didn’t think doing so well in her first race of the season was possible.

“It’s funny. So many people that I talked to would say, ‘You’re crazy to get back on the thing that broke your neck and your back and whatever,’” Sweeney said. “But to be honest, it scared me more to not get back on. I didn’t want to go through my life with such a terrible ending to

luge, and I didn’t want to be afraid of anything. I really didn’t have a choice. I had to come back.”

The bones have healed.

The pain is still there, almost constantly.

The 25-year-old wakes up sore every day, is still dealing with tightness in her neck and back, and the muscles around the injured areas have not yet returned to normal because she had to basically cease training for six months after the crash. When Sweeney did some interviews by phone after her bronze-medal performance, she had to do so while lying on the floor to help relieve pressure on her back.

“There’s good days and bad days,” Sweeney said. “I’ll put it this way. There’s been one afternoon since I crashed, one afternoon about a month ago when I was in Lake Placid, when I didn’t feel anything in my body was like screaming at me. There’s been a couple hours where I have not felt the effects of that crash. It’s been a very long nine, 10 months now.”

Sweeney said after the crash that she was sore but fine.

BARELY nine months removed from fracturing her neck and back, Emily Sweeney wins the women’s bronze medal at a World Cup race in Whistler, British Columbia. AP

She wasn’t lying. That was the original diagnosis, which proved incorrect.

She walked off the track that night at the Alpensia Sliding Centre, not knowing how badly injured she was. The crash was horrible—she wobbled off-line in the track’s most treacherous spot, unsuccessfully trying to slow down and regain control. By then, she was careening wildly and crashed feet-first into the lip atop

the track, got thrown off her sled at probably close to 75 mile-per hour and her body skidded down the ice to a stop.

Watching on giant screens near the finish line, Sweeney’s mother and fellow luger Erin Hamlin’s mother grabbed at each other in fear and disbelief.

Sweeney eventually got up and x-rays performed that night, along with an MRI taken the next day, both came back clean.

Subsequent tests, however, revealed the back and neck fractures that she kept largely under wraps.

“I didn’t want to come out and say ‘Hey, look at me, I broke myself,’” Sweeney said.

“The Olympics were still going on, and I didn’t want to throw anything else in there. I wanted people who were still competing and having their own moments to have them...I

just went home and kind of stayed quiet for a little while.”

Her offseason training was limited. Sweeney was dealing with physical limitations and mental challenges, as well. She decided to spend the last few weeks training with USA Luge’s junior team, skipping the first two women’s World Cup races of the year in Austria. Even going into Saturday, Sweeney had no expectations. AP

Living God

L

iving God, Your steadfast love upholds us in times of struggle. We confess our dependence on You and pray: Let us see Your light, O God. Your justice runs deep; inspire peacemakers and all who instruct the Church in Catholic and other religions social teachings. You save human and beast alike; deepen our reverence for all creation and protect endangered species. You feed all living things; unite Christians in efforts to ensure the availability of healthy food for everyone. May God watch over us in love and guard us in peace, through Christ Jesus, the Son of God. Amen! give us this day SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

Life

box office: ‘Ralph’ repeats as No. 1, ‘Crazy Rich Asians’ flops in China D3

BusinessMirror

Tuesday, December 4, 2018

Designing for dining: Tablescapes from Napoleon til now This photo provided by the Cooper Hewitt, Smithsonian Design Museum, shows an installation view of the exhibit Tablescapes: Designs for Dining, which runs through April 14, 2019, at the museum in New York. AP

By Katherine Roth The Associated Press

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EW YORK—From the age of Napoleon to Depression-era America and beyond, oftenunsung designers have brought life to the dining-room table.

“I thought all tablecloths a bore— particularly white,” wrote Marguerita Mergentime, who gained renown for her tablecloth designs during the

Depression. “What people needed, I decided, was bold dashing color on the table, a new kind of design that you couldn’t resist.”

She was hardly alone in her quest to create “tablescapes” with a bit of pizazz, according to a new exhibit at the Cooper Hewitt Smithsonian Design Museum that explores the impact of design on the rituals and customs of dining.

Tablescapes: Designs for Dining is on view through April 14, 2019.

The highlight of the show is an

elaborate “surtout de table” centerpiece designed for Napoleon Bonaparte, who is believed to have commissioned it as a wedding gift for his stepson. On view for the first time in 30 years and newly conserved, it exemplifies how dining at the highest levels of wealth and power in 19th-century France was a theatrical performance, bringing architecture to the tabletop in elaborate vessels for food.

At the opposite end of the design spectrum are Mergentime’s casual,

Design Center of the Philippines Executive Director Rhea Matute

Furniture designer Milo Naval curated Design Center’s special bamboo setting, attributing the creative direction of the unique showcase to his roots as a farmer and his fascination with bamboo as a design material.

‘Bamboo-hay!’

The Design Center of the Philippines provided guests with a one-of-a-kind experience during the guided tour of special settings at Manila Fame, the country’s premier design and lifestyle event.

Under a bamboo forest canopy inspired by the concept of forest bathing, Design Center’s special bamboo setting showcased two innovation projects— Bamboo 360 and Bamboo Extreme 2.0.

Bamboo 360, a partnership with Pampanga Furniture Industries Foundation, interior product manufacturers and bamboo converters, featured design-forward home and lifestyle products developed by 10 designers from the agency’s Design Innovation Program. The products featured focused on the material’s various unique qualities and the current technologies available to convert the bamboo as a building block for product innovation.

The Bamboo Extreme 2.0 focused primarily on mobility concepts for the extreme lifestyles of the millennial market and featured three product development partners which launched the next-generation concepts from the 2017 Bamboo Extreme project. These included the Bambino by Bambike Revolution Cycles, which was recently conferred with Japan’s Good Design Award in Tokyo, Japan. The other product on display highlighted by Bambike Revolution Cycles was the Chariot, a study in bamboo symmetry and function.

Also on display was Locale Magazine’s Editor’s Choice, Modern Eco-Padyak

by Milo Naval, which caught the eye of many resort developers and tourism professionals, as well as crowd favorite Midnight Falcon by Banatti, an electricitypowered café racer.

The opening culminated with a toast of bamboo lambanog, led by Trade Secretary Ramon M. Lopez, with all present exclaiming, “Bamboo-hay!”

Design Center’s bamboo setting had as its curator Naval, who traced his roots as a farmer alongside being a furniture designer as he discussed the creative direction for the Bamboo Showcase.

“I love gardening, I love farming and bamboo is one of the plants I want to propagate,” he explained. “Initially, the designers came up with suggestions like lamps, furniture and other items for the home that beneficiaries of the

bamboo-propagation project could follow,” Naval added, referencing the government’s collaboration with the mining sector to revegetate post-mining communities through bamboo.

Meanwhile, Design Center Executive Director Rhea Matute noted that the setting translated the conversation between designers and manufacturers, with the guidance of Naval, on how they could further push bamboo as a material and spur further innovation on the use and conversion of bamboo.

“Each of our designers had their own point of view, their own voice on how they want to work with bamboo, and how they would translate a specific

characteristic of the bamboo into their finished product. So it’s a marriage between the bamboo, the manufacturer and the designer,” Matute said.

“What we want to do at Design Center is to create an environment where designers can experiment with ideas, materials and processes. It’s creating those pockets of safe spaces where designers can boldly explore possibilities and push innovation of otherwise banal materials.”

Depression-era table linens, featuring bold colors and a fascination with typography and American history.

Then there’s a futuristic work commissioned by 2017 National Design Award winners Joe Doucet and Mary Ping that envisions a tabletop in a world where population growth has put a premium on space in kitchens and dining areas, and sustainability is crucial.

“From awe-inspiring grandeur to vernacular wit to an emphasis on sustainability, the exhibition provokes a spirited conversation around design’s role in the evolution of a universal ritual,” says Caroline Baumann, director of the museum.

Matilda McQuaid, deputy curatorial director, adds, “We wanted to show how much has changed over time, but also how some aspects have stayed the same.”

The show, divided into three galleries, begins with Doucet and Ping’s work, “The Concentric and Decentric Tables and Seating.”

The moveable structure features two Lazy Susans and built-in stools that can be folded in to seat a small group, or expanded out to accommodate eight people. The terrazzo-patterned surface, reminiscent of stone, is made from recycled food packaging. A close look reveals tiny bits of the Starbucks logo among the tight swirls of gray and green. On the amoeba-shaped dining surfaces, Doucet designed sleek, multifunctional dishes meant to go directly from stovetop to tabletop to fridge, along with a sleek set of cutlery (including matching chopsticks). All his pieces are 3D-printed for greater customization.

“The future doesn’t have to be

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dystopian,” says Ping.

In the next gallery is the French centerpiece, created in 1805 by PierrePhilippe Thomire, a Parisian sculptor known for creating gilt-bronze objects.

Made in sections to accommodate a variety of table sizes, the centerpiece is raised slightly above the dining surface and covered in gold with a mirrored base. It resembles a sort of Versailles garden for the table, complete with elegant statuettes and fountainlike towers meant to hold beautifully arranged treats.

The mirrored plateau and giltbronze surfaces would have reflected candlelight, and an actual audience seated alongside the table watched as diners ate. The centerpiece is put in context by other works in the gallery, including a drawing of a late 18th-century centerpiece inspired by the ruins of Pompeii, and an ornate, blackened bronze clock of the era.

The exhibit then shifts toward equally exuberant but decidedly more humble table décor with Mergentime’s work. The American designer is best known for her bright modernist tablecloths and napkins from 1934 until her death in 1941. They were highlighted in popular magazines of the time and sold in upscale department stores.

“They are really about the communal side of dining, and many of them are designed to be conversation starters,” says McQuaid.

Stylish and witty, many of Mergentime’s pieces feature quizzes or other conversation starters. The 1939 tablecloth “Food Quiz,” for example, includes the printed phrase: “Do you dish the dirt before you dish the soup?”

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Tuesday, December 4, 2018

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Grief and learnings from Marawi conflict immortalized in children’s storybook series

Four children’s storybooks based on the Maranaoan people’s experience during the Marawi siege were launched at the “iRead4Peace” event by Philippine Business for Social Progress (PBSP). From left: PBSP President and Sa Pagbasa, May Pag-asa Co-convenor Br. Armin Luistro, FSC; Department of Education ARMM Assistant Secretary Marjuni Maddi; and The Bookmark General Manager Anna Maria Tan-Delfin.

By Pauline Joy M. Gutierrez

T

he way Anna Zenaida Alonto would describe the morning of May 23, 2017, it was like a day of reckoning.

At the Ramon Magsaysay Center on November 8, she recalled: “I saw barricades, military checkpoints and families fleeing their homes, running for their lives. It was just like in the Exodus.”

Alonto is the Assistant Schools Division Superintendent (ASDS) of the Department of Education (DepEd) in Marawi City, Lanao del Sur, and was a survivor of the fivemonth-long armed conflict between the Philippine armed forces and militants affiliated with the Islamic State of Iraq and the Levant (ISIL), including the Maute and Abu Sayyaf Salafi jihadist groups. Her story, along with many others like hers,

sparked the inception of children’s storybooks based on experiences of survivors during the siege.

Dubbed as “iRead4Peace,” the fund-raising/book launch event, which was conceptualized by the Philippine Business for Social Progress (PBSP) in collaboration with publishing company The Bookmark Inc., sought to raise awareness on the present situation in the city, inspire participants through stories of hope and provide them opportunities to help by donating storybooks for the children of Marawi.

One year after the armed conflict broke out, the terror threat remains in the area and around 230,000 people are still displaced, unable to return to their homes and in need of stronger support. A total of 45,000 students lost their schools, while 1,600 teachers lost their jobs.

“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. There were a lot of news reports at the time but we didn’t want that. We felt the people had enough and that the stories were told not from their point of view but from people outside Marawi. This makes the interviews that PBSP conducted with the evacuees very important,” explained Anna Maria Tan-Delfin, general manager of The Bookmark.

Renowned authors, including the likes of Carla Pacis, translated these real-life accounts into fiction to make them more age-appropriate for children, and the stories were then brought to life by professional illustrators. The four storybooks, written in both English and Maranao, will be given to every child in the city and will also be donated to the DepEd-Marawi to serve as a tool for peace education and trauma healing.

In producing the four titles, Delfin said they had to find experienced authors who knew how to empathize, even without personally talking to the evacuees.

Later, they had to look for illustrators who could provide the suitable artworks for the stories.

After this, PBSP worked with its partners in Marawi to handle the translations into Maranao. It then underwent numerous rounds of rigorous reviews by academe, religious leaders and scholars, psychologists and public groups in Marawi on content, accuracy, psychological sensitivities and conformity to Islamic beliefs and traditions.

The Day the Typhoon Came, written by renowned children’s book author Carla Pacis, is a story of

care and concern for others despite differences. Water Lilies for Marawi

by Heidi Emily Eusebio-Abad shows that war does not choose its victims.

Marawi: Land of the Brave by Melissa Salva highlights the Maranao people’s bravery and skill in battle.

Finally, “Lost and Found: A Song of Marawi” is Randy Bustamante’s narrative poem about falling back on family through the kindness of strangers during the siege.

“Through these storybooks, we hope to not only build a culture of reading but also help these young survivors rebuild their lives.

Moreover, we aim to use these to shape the continuing dialogue on peace and development in Mindanao,” said Reynaldo Antonio Laguda, PBSP executive director.

In closing, Alonto said that the future remains unknown, and the worst fight that the Maranao people will not be faced in the battlefield but, instead, in their hearts.

Fighting back tears, she gathered up all the courage she could muster and said: “Surely, these stories will be part of Maranao history—a source of inspiration for our school children.

On May 23, 2017, a war erupted and changed the course of life of the city and its people. Maybe the pain will linger when the spirit triggers wounds that are not completely healed, but I’m sure that hope and resilience will outlast them.” iRead4Peace is part of PBSP’s Give a Gift of Reading campaign that aims to improve the reading skills and instill in children a love for reading.

Opportunities for book donation are available online through the Global Giving portal bit.ly/2zUshTJ, or visit PBSP’s Facebook page at facebook.com/ pbsp.org.

The Associated Press

There are some women who dream of extravagant proposals full of heartfelt romance. Nikole Paterson isn’t one of them. In her sophomore novel, Jasmine Guillory uses a botched grand gesture to pair a Los Angeles doctor and a freelance writer in the most random of circumstances in The Proposal (Berkley).

Nikole wasn’t ready to be engaged to her actor-boyfriend. She and Fisher had only been dating for six months when he dropped down on one knee at a baseball game in front of thousands and thousands of people to pop the question. She wasn’t surprised when he pitched a fit as she declined the ring. What she didn’t expect was backlash from countless Dodger fans on publicly breaking Fisher’s heart.

Another surprise? Carlos and his sister

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Tyra Banks, 45; Jay-Z, 49; Marisa Tomei, 54; Jeff Bridges, 69.

Happy Birthday: Trust in what you know, not what someone tells you. You’ll have plenty of opportunities, but this is not the year to cut corners or rely on others.

Only take on what’s important to you; see it through.

You may be tempted to take a risk, but that will tie up time, causing you to miss better prospects. Your lucky numbers are 8, 19, 22, 27, 31, 35, 44.

a

ARIES (March 21-April 19): Check out opportunities, but don’t take a gamble on something that isn’t a sure thing. Know what’s required and what you’ll get in return. Negotiate on your own behalf and make changes based on common sense, not what someone else does. HHH

b

TAURUS (April 20-May 20): Positive change will tweak your relationships at work and at home. Personal physical improvements will lead to compliments and a feeling of accomplishment. Focus on fitness, health and diet. An event will bring you in touch with someone from your past. HHH

c

GEMINI (May 21-June 20): Look for the good in everyone, but don’t be too trusting. It’s important to question what’s uncertain or to back away from a situation that has a weak foundation.

Look out for your interests. Refuse to let anyone take advantage of you. HHH

d

CANCER (June 21-July 22): Plan to do something that you find relaxing or inspiring.

Attend a function that is geared toward a fun time with children or romance with your lover. A day spent with someone you love will bring you closer together. HHHHH

e

LEO (July 23-Aug. 22): Problems at home will leave you wondering what to do next.

Don’t let an emotional incident turn into a no-win situation. Kindness and diplomacy are always better routes to take if you want to find a solution. HH

f

VIRGO (Aug. 23-Sept. 22): Stick to your plan. Don’t spend one penny more than necessary. If someone exaggerates or is indulgent, walk away. Don’t feel you have to give in to someone pressuring you. Positive change should start within. HHHH

g

LIBRA (Sept. 23-Oct. 22): Don’t feel obligated to take on too much. Set boundaries when dealing with people who tend to be pushy or critical. Concentrate on making personal changes that will improve the way you handle or earn your living. HHH

h

SCORPIO (Oct. 23-Nov. 21): Spend more time with people who pump you up, not those who bring you down. Trying new things will be uplifting. Allow yourself to let your imagination wander and your ideas to unfold. Romance is highlighted. HHH

Guillory delivers another fun romance in ‘The Proposal’

By Lincee Ray

z

Today’s Horoscope

i

SAGITTARIUS (Nov. 22-Dec. 21): Think big, but don’t lose sight of what’s practical.

Having a sense of trust and belonging will be important while collaborating with others. Don’t let someone’s charm deceive you. Question and factcheck before you proceed. HHH

Angela who rescued her by pretending to be long-lost friends as her face covered the entire width of the jumbotron. Having been abandoned by Fisher and his friends at the game, Carlos and Angela both feel sorry for Nik and whisk her away to drown her sorrows at the local bar.

When the disastrous proposal goes viral, Carlos is once again drawn to the girl who is being bashed on the Internet for no good reason. Being an extremely independent woman, Nik tenses at his protective vibe, but soon learns to relax in his presence.

It doesn’t hurt that she has incredible chemistry with him. Who wouldn’t? He’s a nice, great-looking doctor who cooks in his spare time.

After a night of great food and wonderful conversation, their friendship transforms into more. Both agree that there are no strings attached, yet each secretly wants to see where things might take them.

j

CAPRICORN (Dec. 22-Jan. 19): It’s OK to change your mind or to say no to someone who is trying to entice you into something you don’t want to do. Put your efforts into personal gains, physical improvements and jobs you enjoy doing.

HHHH

k

AQUARIUS (Jan. 20-Feb. 18): You can make a reasonable change, but don’t disrupt your world trying to reach the unattainable.

Expect someone to use emotional meddling in order to twist your way of thinking or to get you to overspend on something you don’t need. HH

l

PISCES (Feb. 19-March 20): Put some muscle behind your plans. How you handle your cash or take care of your responsibilities will have an impact on others. Living within your means and doing what’s right and best should be your prime concerns. Romance is encouraged. HHHHH Birthday Baby: You are insightful, passionate and graceful. You are changeable and proactive.

‘any fin is possible’ by timothy e. parker The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Sharp-nosed shark 5 Junk metal 10 Aborted take-off 14 Opera solo 15 Figure of speech 16 October stone 17 Lament from a too-late angler?

20 With no need for a therapist 21 What to call Lancelot 22 Dug in 23 Wizard or Bull rival 24 Most quick-to-learn 27 Needing kneading?

29 Free-for-all 32 Leaves in hot water 33 Pointed tool 36 Rail pillar 38 What a hopeful halibut will do?

41 Acquire 42 Triton’s domain 43 Acclaimed Dadaist 44 Certain hardwoods 46 Like barely-there tires

50 Sometimes-wild cards 52 Evidence of a flame-out?

55 ___ Cuarto, Argentina 56 ___ Gatos 57 Extended conversation 60 Swimmer in a platform heel?

63 Cookie brand 64 Wrench variety 65 Dutch roaster?

66 Statue bottom 67 Large migratory fliers 68 Placed in a mailbox DOWN 1 Secret societies 2 Blue blood, briefly 3 Trap or puss 4 Koko Head is there 5 Took the wrong way?

6 Dressing holders 7 Theater designations 8 Parrots or copies 9 Part of a price 10 Like a perfect game 11 “Candide,” for one

2 Fish with needlelike teeth 1 13 Bullfight shout 18 Asian capital 19 Be a champion for 24 Map book 25 Visionary person 26 Dinosaur trapper 28 Dexterity 30 Novel one can download 31 Acquired shade?

34 Like the brightest teeth 35 Half-moon shapes 37 Bayonet through 38 Golfing shout 39 Instinctive motives 40 Type of school meeting 41 Gentleman? No, no, no 45 Scout uniform parts 47 Make it to an event 48 Be attentive 49 Crime ___ pay 51 Silver salmon (var.)

53 Biscuity pastry 54 Garden tool

57 Stet U-turn 58 Presque ___, Maine 59 Foreign vehicles?

60 Watch pocket 61 Roth ___ (investment) 62 Witchy one

Solution to yesterday’s puzzle:

Show BusinessMirror

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Tuesday, December 4, 2018

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‘Ralph’ repeats as No. 1, ‘Crazy Rich Asians’ flops in China The uplifting 1962 road trip drama, starring Mahershala Ali and Viggo Mortensen, Universal’s Green Book, grossed $3.9 million on 1,065 screens, dropping 29 percent after three weeks in its North American release.

By Jake Coyle

N

The Associated Press

EW YORK—On a typically sleepy post-Thanksgiving weekend in movie theaters, leftovers led the box office and Disney’s Ralph Breaks the Internet repeated as No. 1 with $25.8 million in ticket sales, according to studio estimates on Sunday.

The Wreck-It Ralph sequel dropped steeply (54 percent) after nearly setting a Thanksgiving record last weekend. But with only one new film in wide release, nothing came close to Ralph Breaks the Internet, which sends John C. Reilly and Sarah Silverman’s video-game characters into cyberspace.

In 11 days of release, the $175-million film has cleared $207 million worldwide.

Still going strong in its fourth week of release, Universal’s The Grinch came in second with $17.7 million in ticket sales. The Grinch, the Illumination animated production with Benedict Cumberbatch as the Christmas curmudgeon, surpassed $200 million domestically and edged in front of last week’s No. 2 film, the Rocky sequel Creed II. Like Ralph Breaks the Internet, MGM’s boxing drama also slid sizably after a big holiday opening, declining 53 percent. Creed II, with Michael B. Jordan as Adonis Creed, took in $16.8 million in its second weekend. It has thus far grossed $81.2 million on a $50-million budget.

The week’s lone new wide release, the Sony Screen Gems horror film The Possession of Hannah Grace, opened modestly with $6.5 million. Orion Picture’s Anna and the Apocalypse, a well-reviewed indie mash-up—your standard zombie-comedymusical—debuted in five theaters, with about $50,000 in ticket sales.

Crazy Rich Asians, Warner Bros.’s breakout summer hit, was a dud in China. Warner Bros. said the acclaimed romantic comedy, which earned $173 million domestically, debuted in China with just $1.2

million. John M. Chu’s Singapore-set film, which opened on August 14 in the US, took months to secure a release date in China, a delay some have attributed to the film’s depiction of extremely wealthy Chinese Singaporeans.

Crazy Rich Asians was a hit at the Singapore box office, but, like most comedies, it hasn’t been as much a sensation abroad as it was in the US; it’s earned $64 million overseas. The film’s performance in China, though, is potentially worrisome for Warner Bros. Its planned sequel, China Rich Girlfriend, aims to better capitalize on the world’s second-largest film market.

One film that didn’t dip much on the weekend was Universal’s Green Book, which grossed $3.9 million on 1,065 screens, dropping 29 percent. The uplifting 1962 road trip drama, starring Mahershala Ali and Viggo Mortensen, has struggled to match Oscar buzz with box office. But last week, Green Book was named best film of the year by the National Board of Review, and Universal is hoping it holds strongly in the coming weeks.

Free Solo became the year’s fourth documentary to cross $10 million. Elizabeth Chai Vasarhelyi and

Jimmy Chin’s documentary about Alex Honnold’s ropeless ascent of Yosemite National Park’s El Capitan rock face, has joined the most lucrative batch of documentaries ever released in a year: Three Identical Strangers, RBG and Won’t You Be My Neighbor?

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included.

1. Ralph Breaks the Internet, $25.8 million ($33.7 million international).

2. The Grinch, $17.7 million ($27.1 million international).

3. Creed II, $16.8 million ($10 million international).

4. Fantastic Beasts: Crimes of Grindelwald, $11.2 million ($40.2 million international).

5. Bohemian Rhapsody, $8.1 million ($37 million international).

6. Instant Family, $7.2 million ($3.4 million international).

7. Possession of Hannah Grace, $6.5 million ($4.1

million international).

8. Robin Hood, $4.7 million ($15.1 million international).

9. Widows, $4.4 million. ($5.5 million international).

10. Green Book, $3.9 million.

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Fantastic Beasts: Crimes of Grindelwald, $40.2 million.

2. Bohemian Rhapsody, $37 million.

3. Ralph Breaks the Internet, $33.7 million.

4. The Grinch, $27.1 million.

5. A Cool Fish, $25.5 million.

6. Robin Hood, $15.1 million.

7. Venom, $13 million.

8. Creed II, $10 million.

9. Default, $9.5 million.

10. The Nutcracker And The Four Realms, $6.1 million. n Follow AP Film Writer Jake Coyle on Twitter at: http://twitter.com/jakecoyleAP

‘Avengers’ director says Evans’ Cap days may not be over

Chris Evans as Captain America/Steve Rogers in Avengers: Age Of Ultron.

By Marcela Isaza The Associated Press

LOS ANGELES—Chris Evans suggested his run as Captain America is done. The filmmakers currently controlling the Avengers’s fates say he shouldn’t shelve the shield just yet.

Evans tweeted last month that he had wrapped his shooting on the fourth Avengers movie, calling it an “emotional” day and saying, “Playing this role over the last eight years has been an honor.”

Joseph Russo, who along with brother Anthony wrote and directed this year’s Avengers: Infinity War and next year’s sequel, and directed Evans as Captain America in two previous films, told The Associated Press “I think it was more emotional for him than

us. Only because he’s not done yet. And I don’t want explain what that means but the audience will soon understand what I’m talking about.”

Russo spoke to the AP recently in an interview promoting Simone, his new restaurant in downtown Los Angeles.

As expected, he only teased details of the forthcoming film, saying audiences can expect the unexpected from the duo that left Marvel fans gasping earlier this year in a cliff-hanger that saw several beloved Avengers disintegrate into oblivion.

“We killed half the Marvel universe so for us it really is about, in what ways can we surprise the audience and tell a very challenging story,” Russo said.

He would confirm that at least at this point the movie, which is in post-production, is the longest Marvel film ever.

“We’re about halfway through the editorial process and it’s standing about three hours right now. It’s a very complicated movie,” noted Russo. “It has a lot of characters in it and you know we are putting in the work, so we’ll see where it ends up, but it definitely has a lot of story in it.”

After back-to-back years with Avengers movies in 2018 and 2019, Russo said there is likely to be a break before the next one, with Disney finalizing a deal to acquire parts of 20th Century Fox, whose properties include the Marvel Comics characters the X-Men and Deadpool.

Russo said he doesn’t have direct knowledge of the plans of the masters of the Marvel Cinematic Universe, “but my guess would be that there be a little bit of time to integrate some of the other characters and take their time doing that.”

Avengers 4 is scheduled for release on May 3, 2019.

Conrad Manila ushers in season of cheer with special lighting, musical concert Conrad Manila officially welcomed the “Radiant Holiday Season” with the lighting of its innovative Christmas tree art installation, “Celeste Yule,” designed by renowned sculptor Impy Pilapil. Entertaining guests was a special concert, featuring the world-renowned Madrigal Singers, Manila Symphony Junior Orchestra, tenor Arman Ferrer and soprano Bianca Camille Lopez, dedicated to the hotel’s “30 Days of Giving” for its corporate responsibility community beneficiaries.

Leading the Christmas tree lighting were: (from left) Conrad Manila General Manager Laurent Boisdron;

Peggy Angeles, executive vice president of SM Hotels & Conventions Corp.; Australian Deputy Ambassador Matthew Kimberly; Pasay City Mayor Antonino Calixto; Elizabeth Sy, president of SM Hotels & Conventions Corp.; Foreign Affairs Secretary Teodoro L. Locsin Jr.; US Ambassador Sung Kim; Mme. Ihoko Haneda, wife of Japan Ambassador Koji Haneda; and Hans Sy, chairman of the Executive Committee of SM Prime Holdings.

For more information on the hotel’s “Radiant Season” dining and spa offerings and Carey Cares advocacy, call +632-8339999.

Season of wonders at Shangri-La Plaza

BEN&BEN

A favorite destination for luxe leisure, Shangri-La Plaza (facebook.com/shangrilaplazaofficial) is all decked out in holiday trimmings inspired by the greatest show on Earth­—the circus! The mall’s entrances turn into revolving carousels to welcome mall guests, while the Grand Atrium offers a breathtaking scene of acrobats, hot air balloons, and colorful balls and banners, suspended from its high ceiling.

The East Atrium beckons with twinkling lights, gold tinsel and tassels, while the grand 50-foot Christmas tree at the Main Wing is the perfect ‘grammable spot with its striped hot-air balloon ornaments, deck of cards, ferris wheel, and acrobats, topped with a lighted marquee.

Who’s naughty or nice? Children can personally tell Santa Claus their wishes at Santa’s Corner at the hallway

by Rocky Mountain at Mid-Level 2/3 East Wing.

A lineup of musical performances is all set for December. Catch the ABS-CBN Philharmonic Orchestra with the Ateneo Chamber Singers, indie folk band Ben&Ben, the Philippine Madrigal Singers, songstress Karylle and various choirs as they serenade mall guests throughout the month.

Christmas is and always will be the Season of Giving, so take the opportunity to help less-fortunate children through Grant a Holiday Wish. Purchase Christmas angels handcrafted by local artisans from CCAP for only P200 and hang these on Christmas trees.

Proceeds will go to the Unang Hakbang Foundation, which aims to nurture and empower children from underprivileged communities.

Shangri-La Plaza also proves that it’s truly the gift that keeps on giving with the Rev Up Your Style raffle.

Several sleek and stylish dream rides are at stake, including a 2018 Mini 3-door Hatch Cooper, a 2018 Mini Convertible Cooper S and six 2018 Vespa S125s.

Guests who shop and dine at the Shang to get one raffle coupon for every P2,500 single receipt purchase.

Purchases from November 16 to January 6, 2019, will be included in the first raffle draw, while those made from January 7 to February 17, 2019, can join the second raffle draw.

D4

Art

BusinessMirror

Tuesday, December 4, 2018

www.businessmirror.com.ph

‘Continuing Spirit,’ the 25-year retrospective of Alfredo Esquillo

The Thomasites Were Here, oil on sawdust canvas, triptych, 2009. From the collection of Paulino and Hetty Que

By Pauline Joy M. Gutierrez

I

luminada Camagay-Carag stands before an oil on ethylene-vinyl acetate painting, unable to remember where she and her late husband bought it from during the latter part of 1997. “It was in a gallery somewhere in Intramuros; the name just escapes me.”

She was about to celebrate her 50th birthday back then when she received the painting as a gift. It was also that time when her husband was working as a disaster coordinator for the World Health Organization-Western Pacific. “This was relevant to him because the art piece depicts Mount Pinatubo’s lahars. It was just so beautiful; we didn’t even know who the artist was.”

According to Carag, it took them three years to find him and by that time, the painting already accumulated mold in her home in Libis. “When he came by to our house, he just asked us, ‘Mayroon po ba kayong basahan?’ He then spat and wiped the whole thing with it, the mold never appeared again,” recalled Carag with a chuckle.

The painter and the buyer reunited recently in an unlikely setting: inside a university.

The name of the artist is Alfredo Esquillo Jr., and the artwork, called Bahala Na, now hangs on the walls of the Ateneo Art Gallery on loan for Esquillo’s newest exhibition, titled Continuing Spirit: Alfredo Esquillo. On view until January 2019, it is a 25-year retrospective that gathers 37 of the artist’s major works—from depictions of social, historical, and communal identities to his enduring fascination with religious symbolism and iconography.

Esquillo himself was at the opening of the exhibit. With a nervous smile, he said at the gathering: “I’ve prepared something here.” With this, he pulled out a piece of paper, flattened the creases on the edges and read, “There are many things to remember when you think about 25 years in a man’s life, or in this case, in a man’s heart.”

He continued, “1993 was a special year for me because it’s the first time I consigned a painting in an art gallery, which was Hiraya. It’s also the year where my work, Kalungkutang Panloob,

ARTISTS CONVENE TO PLEDGE SUPPORT FOR HUMAN RIGHTS

Iluminada Camagay-Carag stands beside Bahala Na !995), an oil on ethylene-vinyl acetate painting by Alfredo Esquillo.

Kaligayahang Panlabas, won at the 10th Metrobank Young Thinkers annual competition. As an artist, it was a good start for me in the art scene. But in retrospect this was in the ‘90s, where there weren’t enough art markets to speak of, there were very few galleries and even fewer opportunities. As an artist, I had to struggle, like many young artists back then. But there was so much promise in us, and the hunger didn’t stop us; it just made us hungrier for more... and so we continued.”

Esquillo studied Fine Arts at the University of Santo Tomas. Since then, painting has remained the mainstay of his practice, with which he continually explores the “political consciousness of the nation within a post-colonial paradigm.”

“The ‘90s was also the time to argue about nationalism and identity. My father guided me to find purpose in my works. Because of my father’s teachings, I thought that if man and woman are both flesh and spirit, then art made by man and woman could be both flesh and spirit, too.”

The exhibit, which was curated by social realism proponent Renato Habulan, is a three-part

Alfredo Esquillo and Renato Habulan

show featuring the winning paintings from national and international competitions, as well as Esquillo’s creative experiments, including canvases woven together into mat patterns and face cutouts of archival photos.

Esquillo’s works are heavily influenced by the bible (from the studies of his father) and the folk religiosity in Quiapo, which started when Habulan, who is also a mentor, took him there to witness the celebration of the Feast of the Black Nazarene.

The first section of the exhibit centers on this theme, in addition to his interest on the concept of “loob,” which he began developing in the 2014 triptych-panel exhibition Sequence Consequence where he explored the balance between materiality and spirituality. The central space takes up pieces from the Banig series to archival photographs from a Los Angeles-based mural project rooted in the subject of PhilippineAmerican war. Finally, the third section features his tragicomedy series where he rendered narratives through theatrical compositions of figures in different spaces.

The exhibit coincides with the launch of Esquillo’s self-titled book, with a biography by Jay Giovanni Bautista and critical essays by Patrick Flores, Lourd de Veyra, Tessa Maria Guazon and the late Alice Guillermo.

With a wealth of exhibits, the book, and his established place in the Philippine contemporary art scene, Esquillo shares one valuable lesson which he learned during the span of his 25-year career—and that is to continue.

He said, “The challenges [have been] both big and small but no matter what happened back then, I held on. I held on to my brush year after year and I painted. I also held on to things that were meaningful to me. After taking too many steps in one’s journey, one can never go too far.”

To his friends and family, he gave his thanks, looked up and said, “The struggle is still here, and the struggles define us more than the successes. I believe no matter how far one may have reached, one will still come back to where it all started, and that is His spirit. One begins, one returns. There’s no end, we are all continuing spirits in this journey.”

‘RE:VIEW 2018’, BENCAB MUSEUM’S YEAR-END SHOW The BenCab Museum caps the year with Re:View 2018, a Baldemor, at BenCab Museum’s Sepia Gallery. group exhibition by 42 artists, including young emerging BenCab Museum is on Km. 6 Asin Road, Tuba, Metro painters and established artists, working in diverse styles Baguio. It is open from Tuesday to Sunday, 9 am to 6 pm. from figurative to nonfigurative, and showing a wide range Last entry at 5:30 pm. The museum is closed Mondays, of subject matter and techniques.

Christmas Day and New Year’s Day. More information is The participating artists are Pio Abad, Leonard available at www.bencabmuseum.org.

Aguinaldo, Salvador Alonday, Virgilio Aviado, Max Balatbat, Welbart Bartolome, Plet Bolipata, Elmer Borlongan, BenCab, Benjie Torrado Cabrera, Charlie Co, Francis Commeyne, Louie Cordero, Melvin Culaba, Antipas Delotavo, Abi Dionisio, Alfredo Esquillo Jr., Emmanuel R. Garibay, Gregory Halili, Winner Jumalon, Yeo Kaa, Raul Lebajo, Luis Lorenzana, Jason Montinola, Raffy T. Napay, Lynyrd Paras, Azor Pazcoguin, Ian Quirante, Alfredo Roces, Iggy Rodriguez, Norberto Roldan, Jose Tence Ruiz, John Frank Sabado, Yao Sampana, Arturo Sanchez Jr., Luis Antonio Santos, Soler Santos, Dexter Sy, Rodel Tapaya, Olan Ventura, Paulo Vinluan and Orley Ypon.

Re:View 2018 will be on view until February 10, 2019, at the BenCab Museum’s Gallery Indigo.

Museum visitors can also visit Guilin, featuring Manuel Baldemor, Ancient Stone landscape watercolor paintings by Manuel D. Houses 10.5x13.5

Abi Dionisio, One, Oil on canvas, 2018, 91.5x61 cm

Antipas Delotavo, Sa Kabila ng Kinang, Oil on canvas, 2018, 91.5x61cm

AS this year marks the 70th anniversary of the Universal Declaration of Human Rights (UDHR), a milestone document in the history of human rights drafted by representatives with different legal and cultural backgrounds from all regions of the world, the Filipino arts and culture community gathers on December 8 at the Cultural Center of the Philippines (CCP) to pledge their support for human rights and dignity.

According to Hudyat Convenor Edna Aquino, “this gathering of artists will mark another milestone in artists and cultural workers responding to the calls for social change.”

The Philippines is one of the original signatories of the UDHR. To further promote the importance of human rights in the Philippines, Republic Act 9201 has also marked December 4 to 10 of each year as National Human Rights Consciousness Week. The artists’ gathering, dubbed as AHRT! Artists for Human Rights, is an initiative of various artists and artists organizations, in cooperation with the CCP, which aims to show the strong statement and commitment of artists to uphold, protect and promote human rights through the signing of an artists’ manifesto on human rights and dignity.

The event will kickoff with an artist talk, titled “The Memory Project,” at the Bulwagang Juan Luna at 3 pm. The talk is an intergenerational dialogue between artists who lived through and survived martial law, and those from the post-martial law period, on the nexus between artistic expression, and rights and dignity. The formal program for the Artists Gathering for Human Rights will be held at 6 pm at the CCP Power House, South Parking Lot (Pasay side), in front of the mural Ang Mamatay nang Dahil Sa Iyo by Archie Oclos, one of this year’s CCP 13 Artists Awardees. This evening of solidarity features a Red Carpet Walk and the signing of the artists’ manifesto for human rights and dignity.

The AHRT! artists gathering is one of a series of events that celebrates human rights amid the current attacks on rights, freedoms and dignity in the country. It is part of the HumanRightsFest.PH, a two-week long festival that opened on November 26 and will culminate on December 10, International Human Rights Day. It is being participated in by more than 40 organizations, groups and institutions nationwide. The festival features film screenings, exhibit, workshops, talks and concerts. The first of the series of artist gatherings kicked off on December 3 at the UP Film Center.

Artist-activist collective Dakila cofounder, Leni Velasco, said, “Artists play a relevant role in the social struggle—they provide the lens for us to view our society. While their art may not change the world, it may change the way we view it. This gathering of artists reaffirms the commitment of artists to be in the forefront of the struggle to uphold, protect and defend human rights and dignity with creativity as their weapon. ” AHRT! is organized by Active Vista, the Commission on Human Rights of the Philippines, Concerned Artists of the Philippines (CAP), Cultural Center of the Philippines, Dakila-Philippine Collective for Modern Heroism, Hudyat: Filipino Artists for Human Dignity, Let’s Organize for Democracy and Integrity, Pinoy Media Center, Respond and Break the Silence Against the Killings, Tudla Productions and the UP Film Institute.