BusinessMirror December 17, 2019

GOVT PAY HIKE BILL CERTIFIED AS URGENT

By Bernadette D. Nicolas @BNicolasBM

& Jovee Marie N. dela Cruz

D FIRST DENGUE MEDS Science Secretary Fortunato de la Peña remarks on the developments in the Philippines’s historic feat of developing the world’s first dengue medicine. Among those listening is Dr. Rita Grace Alvero (seated, in blue), program leader of the Dengue Herbal Drug Clinical Trial of Pharmalytics Corp. in partnership with the De La Salle Medical and Health Sciences Institute and support from the Department of Science and Technology (DOST). Story on page A2. Lyn Resurreccion

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@joveemarie

AYS before Congress goes on a monthlong break, President Duterte certified as urgent the salary standardization law 5—a measure seeking salary increases for civilian government workers, including nurses and teachers, starting 2020.

This, as the last tranche of the salary standardization law of 2015 is set to expire this year.

In a letter to Senate President Vicente C. Sotto III dated December 13,

Executive Secretary Salvador Medialdea said the certification is for the “immediate enactment” of Senate Bill 1219.

“I have the honor to transmit the letter of President Rodrigo Roa Duterte certifiying to the necessity of the immediate enactment of Senate Bill 1219, entitled: ‘An Act Modifying the Salary Schedule for Civilian Government Personnel and Authorizing the Grant of Additional Benefits and for Other Purposes’ pursuant to the provisions of Article VI, Section 26 [2] of the 1987 Constitution,” said Medialdea in the letter to Sotto.

The urgent certification of the measure will pave the way for its swift pas-

Tuesday, December 17, 2019 Vol. 15 No. 68

Jan-Oct remittances hit $24.9B, up 4.6% $2.67B C

By Cai U. Ordinario

Data showed cash remittances grew 8 percent to $2.671 billion in October 2019, from $2.474 billion in October 2018.

This is the highest growth in cash remittances since October

2018 when cash remittances grew 8.7 percent.

In the 10-month period, remittances grew 4.6 percent to $24.9 billion in 2019, from $23.8 billion in the same period last year.

Cash remittances from landbased workers increased by 3.8 percent to $19.4 billion, while seabased workers sent $5.4 billion which represented an 8-percent growth.

Senate votes 21-0

In a related development, the Senate on Monday night voted 21-0 to approve the pay hike bill.

Earlier on Monday, the House Committee on Appropriations chaired by Davao City Rep. Isidro Ungab approved the House version of the bill.

In anticipation of the implementation of SSL 5, Congress has appropriated P32 billion in the P4.1-trillion 2020 General Appropriations Bill.

See “Pay hike,” A2

P25.00 nationwide | 4 sections 28 pages |

WTO MEMBERS SPARE ELECTRONIC TRADES FROM CUSTOMS DUTIES

By Elijah Felice E. Rosales

@akosistellaBM Special to the BusinessMirror

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HE Department of Tourism (DOT) will push construction, rehabilitation and sustainability projects to protect island destinations and key tourism sites in the country.

During the recent Kapihan sa Cafe Adriatico, Tourism Secretary Bernadette Romulo Puyat said the agency has just approved a P400million project to rehabilitate Burnham Park, one of the major tourist attractions in Baguio City, traditionally known as the country’s summer capital.

In November, the BusinessMirror, after an interview with Baguio Mayor Benjamin Magalong, had reported on the Burnham Park rehabilitation plans. “ W hen I entered the DOT [in May 2018], Boracay had just closed in April. Since we opened it, we have been rehabilitating other tourism destinations like Bohol, Siargao, Siquijor, El Nido, Coron, Samal Island in Davao, and we are also looking at Baguio. In fact for Baguio, we have just approved a P400-million project that will rehabilitate Burnham Park,” she said.

She added, “When you look at the DOT, it’s more of the promotion of our sun and beach [destinations], but now we have focused more on rehabilitation and sustainability

PESO exchange rates n

efforts, together with the DENR [Department of Environment and Natural Resources] and the DILG [Department of the Interior and Local Government].”

The three agencies were instrumental in closing down Boracay Island on April 26, 2018, to rehabilitate it by enforcing easement regulations, cleaning up and recovering wetlands, widening the main road, pushing the installation of sewerage treatment plants for resorts, re-accrediting accommodation establishments with the necessary government permits, among others. While open to the public since October 27, 2018, several infrastructure works are still ongoing, and visitors are restricted to the carrying capacity of 19,125 tourists at any given time.

“We [DOT] are taking a more active role not only in promoting, but also in rehabilitating our tourist destinations. In fact, we have just approved the P500-million project to improve the sewerage system of Coron,” Romulo Puyat underscored.

She said the DOT is currently working on the tourism development plans of all the tourist destinations where 12 international airports are located, and to be undertaken by the Tourism Infrastructure and Enterprise Zone Authority (Tieza), an attached agency.

See “DOT,” A2

@alyasjah

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Meanwhile, personal remitt a nces of oversea s Fi l ipi nos (OFs) reached $3 billion in October 2019, a 7.7-percent increase from $2.8 billion in October 2018.

In the January-to-October period, remittances grew 4.3 percent to $27.6 billion, higher than last year’s level of $26.5 billion.

See “Remittances,” A8

See “WTO,” A8

Remittances posted in October 2019, reflecting a record growth of 8 percent from $2.474 billion in October 2018

DOT no longer just about tourism promotions, ads

By Ma. Stella F. Arnaldo

ORLD Trade Organization (WTO) members have agreed to keep electronic transmissions free of customs duties until the 12th Ministerial Conference (MC) in Kazakhstan in June of next year.

In a decision reached last week, WTO members agreed to extend two existing moratoriums related to customs duties on electronic transmissions and the initiation of nonviolation complaints under the Agreement on Trade Related Aspects for Intellectual Property Rights (TRIPS). They also approved the WTO’s budget for 2020.

WTO members unanimously voted to keep the current practice of not imposing customs duties on electronic transmissions until the issue is discussed thoroughly in the 12th MC in Nur-Sultan, Kazakhstan, scheduled between June 8 and June 11 of next year.

Further, they decided to carry on work under the existing 1998 work program on e-commerce in the beginning of 2020. The work in the run-up to MC12 will include structured discussions on issues that will help ministers make an informed decision during the conference. Since 1998, WTO members have periodically renewed the moratorium at each MC and have continued addressing e-commerce-related issues in the Goods Council, Services Council, TRIPS Council and the Committee on Trade and Development as part of the e-commerce work program.

@caiordinario

ASH remittances sent by overseas Filipino workers (OFWs) posted record growth in October this year, according to the Bangko Sentral ng Pilipinas (BSP).

sage as the bill need not undergo the three-day rule between the second and third reading, with approval on both levels done within the same day.

Senators rush ‘sin’ tax, human security bills

By Butch Fernandez @butchfBM

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Asked if the House-backed effort to tinker with the Charter is deemed to be dead as far as the Senate is concerned, Sotto replied, “No, as I said, we don’t know anything about it. I cannot say if it’s alive or dead.” Minority Leader Franklin Drilon, in a separate interview, however, declared, “Cha-cha [Charter change] is dead.”

ENATORS are moving to pass within the week at least two pending major bills endorsed for early approval by Malacañang, including higher “sin” tax rates for alcoholic drinks and tobacco products and amendments to the Human Security Act, before lawmakers adjourn for their traditional year-end recess.

“Yes, Friday is the start of the break,” Senate President Vicente Sotto III said on Monday, adding, in a mix of English and Filipino: “Our longest day would be Thursday—probably by Wednesday evening if we wrap up deliberations, but can’t make it to third reading.” But then again, he said, “most likely, we will just hold sessions till Wednesday.”

The Senate leader, however, gave assurances that they will also exert extra efforts to pass the proposed salary standardization law seen to benefit more than a million policemen, soldiers, nurses and health workers, among others.

Two key items are lined up for second reading, with the period of interpellations completed; one is undergoing a period of interpellations but chances of it passing are strong “because it was certified urgent,” Sotto said.

See “Cha-cha,” A2

See “Sin tax,” A2

COUNTDOWN TO CHRISTMAS Catholics attend at dawn Monday the first of the 9-day Simbang Gabi (Night Mass) at the National Shrine of Saint Padre Pio in Barangay San Pedro, Santo Tomas, Batangas. The faithful nationwide hold similar devotional Masses in anticipation of Christmas. ROY DOMINGO

Senators ‘have nothing to do’ with House Cha-cha

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ENATORS have nothing to do with the Charter-change resolution of the House of Representatives, Senate President Vicente Sotto III said on Monday.

“We have nothing to do with that,” Sotto told Senate reporters. “We have nothing to do with it because it is not a priority in the Senate. It’s not in any of the committees. There is a resolution filed, we are not even

talking about it, so the House can do whatever it wants, and perhaps if they decide on something, then they can transmit it to us.”

The Senate leader, however, left the door open in a gesture of parliamentary courtesy, signaling that senators can take up the matter with their House counterparts at some point, saying: “And then we can talk about it if it’s transmitted to us.”

US 50.5690 n japan 0.4625 n UK 67.4692 n HK 6.4840 n CHINA 7.2221 n singapore 37.3672 n australia 34.8168 n EU 56.2985 n SAUDI ARABIA 13.4851

Source: BSP (16 December 2019 )

News

BusinessMirror

A2 Tuesday, December 17, 2019

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World’s 1st dengue drug, made by Pinoys

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By Lyn Resurreccion | Science Editor

of its three plant components and no toxicity was observed.

“We will probably start Phase 2 and Phase 3 by the first quarter of next year. We will end by the third quarter. [Then] we will apply for marketing authorization.

Hopefully, by the end of 2020, the anti-dengue drug may be out [in the market],” Alvero explained in citing the details of the process of making the drug.

Her announcement was met with a round of applause from Department of Science and Technology (DOST) officials, including Secretary Fortunato T. de la Peña, Undersecretary Rowena Cristina Guevara and Director Dr. Jaime Montoya of the Philippine Council for Health Research and Development (PCHRD), and experts Dr. Gisela Concepcion of University of the Philippines-Diliman, Dr. Irene Villaseñor of UP Diliman and Dr.

HE first anti-dengue medicine in the world may be available by end of next year. And, also significant, it is made by Filipino researchers in the Philippines.

Dr. Rita Grace Y. Alvero, program leader of the dengue herbal clinical trial from Pharmalytics Corp., told the “Talakayang HeaRTbeat” on Monday that the researchers from Pharmalytics and De La Salle Medical and Health Sciences Institute have concluded Phase 1 of the clinical trial for the drug against dengue that they got from three plant components. They are hopeful that it will be approved for market-

ing by the end of 2020.

“We have completed the preclinical testing. We have completed the safety analysis in animals. We are now in the human testing. We have just concluded the Phase 1 clinical trial. [Based on] our findings, there was no dose-limiting toxicity,” Alvero said, partly in Filipino.

She explained that the last cohort, or people who took the medicine, took 106 capsules of 400 mg

Renato Reyes of Central Luzon State University, who were present during the forum.

She clarified that it will not be a herbal supplement.

“It is a drug. That means it has a scientific basis to back up the efficacy of the anti-dengue drug,” Alvero explained.

De la Peña quipped: “That will be her [Alvero’s] Christmas gift [to us] next year.”

Montoya said he is “very excited” with the developments in making the anti-dengue drug.

“It is the very first in its class.

No country, even the US, has an anti-dengue drug produced. We are looking forward to this,” he said.

The dengue drug project by Alvero started in 2012, for a processing period of eight years.

The dengue research was part of the DOST’s Tuklas Lunas program to produce reliable and affordable

DFA gets 2 awards for best practices in FOI

By Recto Mercene

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@rectomercene

HE Department of Foreign Affairs (DFA) received two prestigious awards for its full implementation of the government’s Freedom of Information (FOI) campaign at the 3rd Edition of the FOI Awards spearheaded by the Presidential Communications Operations Office (PCOO) recently in Makati City.

“DFA was recognized as one of the ‘Top Requested and Performing Agencies in the e-FOI Portal,’” the department said in a statement on Monday.

Likewise, from a pool of more than a thousand FOI officers across the country, Office of Strategic Communications and Research Assistant and DFAFOI Program Implementation

Officer Alec Chrisanti A. Arenas was awarded as one of the “Best FOI Officers” for having driven the DFA’s efficient and effective compliance with the FOI program and processes, including zero delays in handling requests.

FOI Awards recognize government offices, as well as nongovernment organizations that have made significant progress in providing Filipinos access to information on matters of public concern.

PCOO Secretary Martin Andanar opened the awarding ceremony by emphasizing the importance of making government information available in the fight against misinformation.

“Proliferation of false news corrupts state-people relations, and delays if not obliterates development, while dissemination of accurate information empowers the

people, connects them to the government through the rebuilding of trust, which, in turn, inspires progress,” Andanar said.

Arenas, along with FOI Assistant Liezl Angelique G. Diloy, received the Departmental recognition on behalf of the DFA. “For decades, FOI has been the battle cry of various sectors of society. Decades of uncertainty and indifference toward the government was ended by President Duterte during his first days in office three years ago when he signed Executive Order No. 2, Series of 2016. Now, the Open Government Partnership has 100 percent of National Government Agencies onboard, of which the Department of Foreign Affairs is a proud partner for change. Now in its third year, the FOI program continues to weave the narrative

Cha-cha. . .

‘Sin’ tax. . .

Told that the House was mulling over options to bypass the Constituent Assembly mode of amending the Constitution and instead pass Charter changes by legislation, Sotto, meanwhile, said, “ We’ll discuss it in our committees.”

In the same interview, the Senate leader thumbed down calls by their House counterparts to consider their consensus on proposed Charter changes, saying it is not in the Senate calendar. “Definitely, not these last three days or last four days. If one of us files something similar to that, it can be discussed.

But if none, I guess they [House] will just transmit to us their solution or whatever form they would want it, and then we can discuss it later. But for now, I have to be very candid about it, it’s not a Senate priority.”

Sotto added there is no counterpart measure of the House charter change bill to start with. “And if you call it a Constituent Assembly, our understanding of that is, both Houses of Congress. Although we should be voting separately, [it should be both chambers acting]. But I don’t know why some congressmen have this notion that they can have a constituent assembly by themselves initially. I’d rather we study everything very well.”

First on the list is the sin tax measure, where, he said, “there shouldn’t be much wrangling, it looks okay, only the rates are being deliberated on.”

Sotto reported that plenary interpellations on the Palace-certified Human Security Act are also winding up and the consideration of amendments, if any, are almost done. “Hopefully by today, [interpellations will be completed], so hopes of passing it are big.”

He indicated that these bills still have a “big chance” of being passed by Wednesday. “Those are the ones pending, but about which we don’t see much trouble in passing,” said Sotto.

The Senate President added senators will also tackle the proposed salary standardization law “so that finally, everybody’s salary can be fixed” and complaints that “it’s only the police or the Armed Forces” who are getting adjustments will be over. “The nurses, the health workers, and the like” will get pay hikes, too, he pointed out. However, it is possible such will be tackled alongside proposals

Continued from A1

Cha-cha doomed—Drilon

Minority Leader Drilon thumbed down Monday fresh efforts by their House counterparts reviving a dormant bid to tinker with the 1987 Charter ratified during the term of ex-President Corazon Aquino.

“If the House of Representatives would insist on passing Charter change [Cha-cha], make it a point to include their return address, because the Senate and the Filipino people will not accept it,” said Drilon.

In a statement, Drilon noted that “our counterparts in the lower house have the fighting spirit of a Filipino athlete. I do not want to dampen their spirit, but their Cha-cha is doomed.”

Drilon noted that the still-unnumbered resolution, among others, proposes to extend the term of the congressmen and local government officials from the current three years to five years, and to add the phrase “unless otherwise provided by law” on economic provisions in the Constitution.

He observed that “the non-mention of Charter change and federalism in the last State of the Nation Address [Sona] of President Duterte before a joint session of lawmakers was a clear message to Congress that Cha-cha is no longer a priority of the administration.”

However, he added, “apparently the message was lost on the members of the House of Representatives. I had said it before and I will say it once more, Cha-cha is dead,” adding that “it is a self-serving move on the part of the House members to propose an extension of their term.”

Drilon described the term extension bid as “ill-conceived,” saying, “It extinguishes all the good intentions they may have in mind in pushing for Cha-cha.”

He vowed, “we will oppose it.”He pointed out that majority of Filipinos were against the proposed shift to a federal system of government, citing a 2018 survey by Pulse Asia showing 67 percent of Filipinos opposed Charter change, with only 18 percent in favor and 14 percent still undecided. Butch Fernandez

Continued from A1

Pay hike. . .

Continued from A1

The House Ways and Means Committee chairman, Albay Rep. Joey Salceda, earlier said the Duterte administration is set to spend P110 billion for the next three years for SSL5.

More than 1.4 million government employees, including teachers and nurses, are set to benefit from the proposed SSL5.

The Department of Budget and Management (DBM) made a recommendation on the salary adjustment and this was later approved by Duterte.

The DBM and the Governance Commission for Government-Owned and Controlled Corporations, with the help of an independent firm, conducted a compensation study to benchmark the pay of civilian government personnel with private-sector workers doing comparable jobs.

In an interview, Ungab said the proposed 2020 General Appropriations Act already provides for P34 billion for the implementation of the

of good governance and public participation through access to information,” remarked Arenas.

The evaluation and deliberation were conducted by the FOI Awards Screening Committee, chaired by the Office of the Executive Secretary, and with members from: the Philippine Librarians Association Inc. (PLAI) representing the academe, the National Press Club (NPC) representing media organizations, and the Caucus of Development NGO Networks (CODE-NGO) representing the NGOs. The FOI program is being implemented under Executive Order (EO) 2 series of 2016, which operationalizes in the Executive branch the people’s right to information and practices full public disclosure and transparency in public service.

to rightsize the bureaucracy.

Departments of Water, Disaster This, even as he conceded other bills proposing the creation of a Department of Water and Department of Disaster Resilience have yet to hurdle committee-level scrutiny. “They’re not yet done at the committee level. At the same time, some of us have this insight that rightsizing the bureaucracy should precede the creation of a new department,” Sotto explained, mostly in Filipino.

The Senate leader, however, affirmed that senators will tackle other unpassed measures as soon as Congress reconvenes sessions after their year-end recess.

The chamber will resume consideration of other pending bills, including the “rightsizing” of the bureaucracy when lawmakers return to work on January 20.

For instance, Sotto cited the Salary Standardization bill that will be tackled alongside the “rightsizing bill” to reform the bloated bureaucracy. “[By] January 20 those will be tackled, but probably alongside the rightsizing. That was pending last year, we were talking about it since the last Congress.”

first-tranche salary increase under the miscellaneous personnel benefit fund.

He said the proposed SSL5 seeks to grant public-school teachers under Salary Grades (SG) 11 to 13, specifically with an increase of 30.1 percent for Teacher 1, 27.1 percent for Teacher 2, and 24.1 percent for Teacher 3.

Also, under the bill, Salary Grade 1 employees will receive a P2,000 increase or P500 each year from 2020 to 2023. Currently, the SG 1 is equivalent to P11,000.

“We are approving it at the committee level and we are recommending it at the plenary maybe this [Monday] afternoon [on second reading],” Ungab said.

For her part, Assistant Minority Leader and ACT Teachers Rep. France Castro said the salary increase for teachers was insufficient.

Earlier, Castro filed House Bill 5783 or the Magna Carta for Private School Teachers.

“Private-school teachers, unlike their publicsector counterpart, have no labor standards law to call their own,” Castro said.

medicines sourced from the country’s rich biodiversity.

De la Peña said Tuklas Lunas has 28 centers all over the country and 28 research-implementing institutions. A total of P1.5 billion was invested in the program since it started in 2011.

Besides the anti-dengue drug being developed by Pharmalytics and De La Salle, a herbal supplement against dengue was developed by Herbanext Laboratories.

Herbanext’s herbal supplement from tawa-tawa, under the Daily Apple brand name, was released in August at the height of the dengue epidemic in the country.

Guevara said, “As we continue our path [on] the future of medicine development, DOST wishes to honor our Filipino knowledge and traditions in healing combined with the modern discoveries of research and development. This

knowledge is a gift from our ancestors. As such, it will be a guide to learn from past mistakes, open new doors to discovery and provide us with courage to face the future. In this we hope for a tomorrow that will enable our countrymen to have cheap, safe, effective and easily accessible medicines.”

For his part, Montoya said, “We are very optimistic that this will happen. We have the best scientists, we have a rich biodiversity, which is the source of these natural medicines, and we have the support of the government, the Council and the department [DOST]. We have the best pool of scientists, of experts.”

He added: “We are very hopeful and optimistic that in the next few years, we are coming up with the very promising, very effective, affordable and safe drugs that will address the leading causes of morbidity and mortality [in the country].”

DOH review of PCV bidding backed, as monopoly rued

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HE chairman of the House Committee on Health has backed the move of the Department of Health (DOH) to conduct a 30-day review of the suspended bidding for pneumococcal conjugate vaccines (PCVs).

However, Quezon Rep. Angelina Tan said the assessment must be finished soon considering the continued threat posed by pneumonia on children.

“I appreciate the move of the DOH to call for a swift 30-day review of the pediatric vaccines for pneumococcal diseases,” Tan said. Tan made a statement following DOH’s order to the Health Technology Assessment Council (HTAC) to complete the assessment for the PCV tender within one month.

In an earlier press briefing, Dr. Anna Ong Lim, president of the Pediatric Infectious Disease Society of the Philippines, said pneumonia is a very common disease in children. Of the hundreds of countries in the world, the Philippines is included in the top 15 countries in terms of pneumonia deaths, and those 15 countries are responsible for 75 percent of all deaths from pneumonia.

According to Lim, both PCV10 and PCV13 help in controlling the overall disease burden from pneumococcal diseases.

Earlier this month, the DOH suspended the first call for tender for pneumonia vaccines in response to public clamor that biddings should be open and competitive.

“Biddings should not favor a single brand. I’m into open, competitive bidding

because bids should not lean on certain companies,” she added.

In February, the World Health Organization (WHO) affirmed an earlier position declaring that the two available PCVs in the market are equally effective in preventing overall pneumococcal diseases in children.

The position paper also said there is insufficient evidence of a difference in the net impact of the two available PCVs on overall disease burden.

Monopoly?

A deputy majority leader, meanwhile, has asked President Duterte to look into the possible monopoly in the procurement of child pneumococcal vaccines.

Party-list Rep. Niña Taduran of ACTCIS, in a statement, underscored the huge government savings that could be generated if there will be a public, open and competitive bidding.

She estimated that P900-million government savings could then be used to address other critical health projects of the government.

“The general rule should be public bidding unless there is a compelling reason to veer away from it and opt for a different procurement process,” Taduran said.

“I believe President Duterte should look into it,” the lawmaker added amid the controversy over the procurement of child pneumococcal vaccines with a budget allocation of P4.9 billion.

Jovee Marie N. Dela Cruz

Prices of kerosene, diesel up on Tuesday

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IL firms on Monday announced a price hike in diesel and kerosene effective Tuesday morning.

In separate announcements, the oil players said diesel prices will go up by P0.40 per liter and kerosene

by P0.60 per liter. There will be no price adjustment for gasoline.

Seaoil Philippines, Petro Gazz,

DOT. . .

Continued from A1

These include Manila, Davao City, Bohol, Cebu, Iloilo, Laoag in Ilocos Norte, Bacolod in Negros Occidental, New Bohol, Legazpi, New Bicol, Laguindingan in Misamis Oriental, and San Vicente in Palawan.

“Part of Tieza’s mandate is to make tourism development plans because there are still destinations that do not have plans, yet. And we will be focusing on that because these plans are important to make your tourism infrastructure plans,” she noted.

In November, Tieza approved a tourism master plan for Central Visayas, home to prime tourist destinations Cebu and Bohol. In 2018, the region attracted some 8 million tourists, both from local and foreign markets. Tourism receipts also reached P44 billion.

Among Tieza’s current projects are the

Pilipinas Shell and PTT Philippines will implement their respective price adjustments at 6 a.m. of December 17.

Other oil firms will follow suit.

Last week, oil firms reduced gasoline prices by P0.40 per liter and P0.40 per liter on kerosene.

They did not adjust diesel prices.

Lenie Lectura rehabilitation of Mount Samat Shrine in Bataan, and Corregidor Island.

In the case of Baguio City, the DOT chief said its current local government head, Mayor Magalong, is eyeing to transform it into a“smart city,” and pedestrianize some parts. “[He wants to] rehabilitate its market, no more cutting of trees, no more building new buildings; there are enough hotels in Baguio.”

She stressed, “That’s why we have approved the P400-million project to rehabilitate Burnham Park. It will no longer be converted into a parking space, that’s for sure.”

The Senate is also crafting legislation to “institutionalize oversight bodies” in major tourism destination like Boracay, Bohol, Siargao, among others, said Romulo Puyat.

The oversight bodies will be a partnership between the local government units, the Department of the Interior and Local Government, Department of Environment and Natural Resources and the DOT.

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Editor: Vittorio V. Vitug • Tuesday, December 17, 2019 A3

Death toll from 6.9 earthquake in Davao del Sur climbs to 5, more fatalities feared D

AVAO CITY—The death toll to the 6.9-magnitude earthquake in Davao del Sur rose to five as rescue personnel retrieved a third body from the collapsed department store in Padada town, the epicenter of the fourth major quake to hit southern Mindanao since October this year.

The latest fatalities were taken out from the concrete rubbles of Southern Trade commercial center, according to the Provincial Information Officer Hiru Gustavo Undalok.

The number of people still trapped inside could still not be ascertained yet but authorities believed there could be more. The quake struck at 2:11 p.m., Sunday.

Army troops, police, firefighters and volunteers, armed with sound and motion detectors, located a third body in the rubble of the building in Davao del Sur province’s Padada town but could not immediately extricate the remains pinned in slabs of cement, Padada Mayor Pedro Caminero said.

Reports said that five people died in Sunday’s 6.9-magnitude quake that struck Padada and outlying rural towns, cities and provinces in a region that has been battered by three deadly earthquakes in recent months. A child died after being hit by a collapsed wall in her house and a woman in her 70s died from a heart attack during the quake, officials said.

“We’re looking for about seven more,” Caminero said by phone from Padada.

Distraught relatives waited in a cordoned area as rescuers worked overnight in search of their relatives.

Several shoppers managed to dash out of the building, which housed a grocery store, as the ground shook, including a number who were escorted out with injuries.

A total of 84 people were injured in the quake, officials said.

A city and four towns near the quake’s epicenter were still without power Monday, and classes were canceled in a broad area to give time for inspections of school buildings.

The Davao region has been hit by at least three powerful earthquakes in recent months, causing several deaths and scores of injuries and badly damaging houses, town halls, hotels, malls and hospitals.

The Philippine archipelago lies on the socalled Pacific “Ring of Fire,” an arc of faults around the Pacific Ocean where most of the world’s earthquakes occur. It’s also lashed by about 20 typhoons and other severe storms each year, making the Southeast Asian nation of more than 100 million people one of the world’s most disaster-prone countries.

In Davao City, traffic authorities opened the Mahayahay Bridge in Matina Pangi-Carlos P. Garcia Road after it was initially closed at 4 p.m., Sunday due to cracks found at the structures.

The Center Point overpass in Barangay Matina Crossing was also cordoned off when major cracks showed after the quake.

Eight families were evacuated to the Barangay Gym in Matina Crossing after a two-story house collapsed and seven other houses were partially damaged.

A medium-rise condominium building in Maa, the Palmetto, also showed cracks although its entire Building 2 and 3 were already abandoned since the last earthquake in late October. The five residents who refused to leave were finally forced to evacuate.

Based on the report of the National Disaster Risk Reduction and Management Council (NDRRMC) in Quezon City, at least 13 public structures, which included municipal hall and school buildings and

include those from establishments with offices, which were heavily damaged by the earthquakes two months ago.

“Some [establishments] no longer resumed [operations] because their offices were no longer structurally viable,” Benavidez said.

Bureau of Local Employment Director Dominique R. Tutay also reported 27 of these workers, who were affected by the October tremors, have also availed of the new unemployment insurance benefit from the Social Security System.

Church response

TRAPPED flower vendors are pulled out from a collapsed wall following an earthquake that struck Padada, Davao del Sur, on Sunday December 15, 2019. A strong quake jolted the southern Philippines on Sunday, causing a threestory building to collapse and prompting people to rush out of shopping malls, houses and other buildings in panic, officials said. AP PHOTO/JOHN ANGELO JOMAO-AS

police stations were damaged from the latest earthquake in Davao del Sur. Private structures, which included churches and hospitals in the two regions were also damaged, including the Gaisano Mall in Digos City.

NDRRMC Spokesman Mark Timbal said at least 350 houses were, likewise, damaged.

Glimpse

THE UP National Engineering Center (UPNEC), in news statement, said the Davao del Sur, as well as those in North Cotabato and nearby areas last October and November, give us a glimpse of what could happen if a major earthquake strikes the Metro.

“It’s hard to imagine just how bad things can get if the Big One does happen to Metro Manila. However, there are lessons to be learned from the current situation in Davao del Sur and North Cotabato: it’s time to take disaster resilience and preparedness seriously,” UP-NEC said.

“While no one can stop an earthquake from happening, we can take steps to minimize the damage and casualties in the aftermath of an earthquake,” it added.

Work suspension

JUSTICE Secretary Menardo Guevarra on Monday said he has recommended that prosecutors suspend their work in the Davao provinces following a 6.9-magnitude earthquake last Sunday afternoon.

Guevarra said the work suspension is intended to give way to the inspection of the prosecutors’ office to ensure the safety of their prosecutors and other personnel in the area.

“I have advised the regional prosecutor covering the Davao provinces to abide by any directive of the building official to temporarily stop work until the Hall of Justice and other structures housing our prosecutors’ offices have been inspected and cleared,” said Guevarra.

“We have been informed that the inspection is already being done today,” he added.

He said he is optimistic that the inspection would cause long delay in the progress of the prosecutorial work.

P300-M aid for workers

THE Department of Labor and Employment (DOLE) on Monday said it still has an available P300-million fund to provide emergency assistance to workers displaced from the 6.9-magnitude earthquake, which struck Davao del Sur last Sunday afternoon.

Labor Secretary Silvestre H. Bello III said he already mobilized DOLE-Region 11 to assist the affected workers.

“Even without instructions from the President, I have directed our DOLE RD [regional director] to provide emergency employment to workers in Davao del Sur,” Bello said in an SMS.

Available funds

IN an interview, DOLE Financial and Management Service (FMS) Director Warren M. Miclat confirmed to the BusinessMirror they could still extend aid to the said workers, but not through their usual Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program.

Under TUPAD, workers will be provided with emergency employment to help in clearing or repairing government infrastructures.

Miclat noted the aid will come through the agency’s Government Internship Program (GIP) instead, wherein selected beneficiaries will be given temporary employment in public offices.

He explained this is because they have already “utilized” all of their TUPAD funds for the year when they provided to the displaced workers from the strong earthquakes, which jolted parts of Mindanao last October and Typhoon Tisoy, which devastated parts of Luzon earlier this month.

Displacement reports

MICLAT said they used P100 million of their TUPAD funds to provide temporary work to about 20,000 quake victims and about P200 million for the over 45,000 typhoon-displaced workers.

He said they are now just waiting for the formal request from DOLE-Region 11 to release the needed GIP fund for those quake victims in Davao del Sur. Labor Assistant Secretary Benjo M. Benavidez said some of these displaced workers

SEVERAL Church officials have also initiated efforts to give help to the natural disaster victims in the last two months.

In his homily during his Simbang Gabi Mass on Monday, Manila Archbishop Luis Antonio Cardinal Tagle asked for prayers for the victims of the 6.9-magnitude earthquake in Davao del Sur. “Let us stand together with our brethren, who are, at this time, attending the Simbang Gabi not inside a beautiful church, but are still manifesting their faith,” Tagle said.

A report from CBCP News, a lso said DYWC Teleradyo also held a concert in Negros Oriental last Sunday, which aimed to raise funds for the people affected by the October earthquakes. This was in response to the appeal of Davao Archbishop Romulo Valles and Dumaguete Bishop Julito Cortes for assistance to the quake victims.

“It is our chance to help our brothers and sisters affected by the earthquake in Mindanao. They need all the help they can to start all over,” DYWC Teleradyo Station Manager Fr. Ramonito Maata said.

For his part, outgoing Apostolic Nuncio to the Philippines Archbishop Gabriele Caccia donated his stipends for the victims of Typhoon Tisoy.

Special leave for workers

THE chairman of the House Committee on Ways and Means has filed a bill providing for a two-day special emergency leave for all workers in the public and private sector directly affected by natural calamities or disasters.

In House Bill 5775, or the proposed “Calamity Leave Law,” Albay Rep. Joey S. Salceda said the country is visited by an average of 20 to 25 typhoons that wreak havoc, endangers the lives of many, and destroy livelihoods and properties. Earthquakes and volcanic eruptions are also some or the natural catastrophes that continue to endanger the people, the lawmaker from Bicol said.

“We do not only provide help to Filipinos before and after a calamity, but also provide them few days of interval to facilitate the recovery, relief, and a chance to rebuild their homes from the ground up and take care of their families. This is to give them time to recharge and have their daily activities planned so they can move forward after facing the harsh reality of calamities,” said Salceda.

“These challenges have become part of our lives, so it is necessary that all known precaution and compensation become warranted. The most vulnerable, most living in the typhoonprone areas, coastal lanes and fault lines, made surviving a priority over living, breathing and improving one’s life,” he added.

The bill said every employee who has rendered at least six months of service shall be entitled to two-day special emergency leave each year, with pay, in times of natural calamities or disasters, based on any of the grounds specified in the proposal. Manuel T. Cayon, Rene Acosta, Samuel P. Medenilla, Joel R. San Juan, Jovee Marie N. dela Cruz, AP

Four Canada-bound illegal aliens intercepted at Naia

By Joel R. San Juan

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@jrsanjuan1573

HE Bureau of Immigration (BI) on Monday announced the arrest of two Chinese and two Hong Kong nationals at the Ninoy Aquino International Airport (Naia) for allegedly using fake travel documents in their bid to travel to Canada.

BI port operations chief Grifton Medina said the four aliens were intercepted at the Naia Terminal 2 on Friday where they arrived aboard a Philippine Airlines (PAL) flight from Hong Kong.

Reports said immigration officers got suspicious of the documents that the for-

eigners were carrying and were brought to the BI’s Travel Control and Enforcement Unit (TCEU) for questioning.

BI-TCEU chief Ma. Timotea Barizo said two of the passengers identified Lam Mik Ho and Mak Hin Chun Adrian, both from Hong Kong, were transiting in Manila, and were supposed to board their connecting flight to Toronto, Canada.

The duo checked in with the airline’s transfer desk upon landing, but airline representatives were surprised when another two, who were later identified as Chinese nationals Chen Kaihui and He Chaorong, presented Hong Kong passports bearing

Lam and Mak’s names. “There were two sets of Lam and Maks who wanted to transit to Canada, both sets carrying the same documents,” Barizo shared.

The BI then conducted forensic examination of the documents of the four foreigners and found out Chen and He presented fake Hong Kong passports, and merely assumed the identities.

Chinese passports were later discovered in their possession.

The four were stopped by immigration authorities from boarding their flight to Canada. Canadian authorities, likewise, canceled the electronic travel authoriza-

tion (ETA) issued to Lam and Mak due to misrepresentation.

Due to the incident, BI Commissioner Jaime Morente directed that the names of the four aliens be included on the immigration’s blacklist.

“These undesirable aliens should be banned from entering our country. They have no right to use the Philippines as a jump off point to enter other countries illegally. Let this serve as a warning. You will be caught,” Morente said.

They were subsequently deported back to Hong Kong and were barred from reentering the Philippines. With Recto Mercene

Indonesian rail cars boost PNR’s Metro Manila operations

By Lorenz S. Marasigan

@lorenzmarasigan

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HE six new rail cars from Indonesia have started their operations on Philippine National Railways (PNR) tracks, adding as much as 20 trips per day for certain routes within Metro Manila.

Monday saw the Department of Transportation (DOTr) holding the inaugural trip of the new trains, which are “expected to add 18 to 20 more trips per day on assigned routes from Tutuban in Manila to FTI in Taguig City and from Malabon to FTI.” “This is the manifestation of all our hard work and the start of the transformation of Philippine railways,” PNR General Manager Junn Magno said.

The diesel multiple unit (DMU) trains were manufactured by Indonesian firm PT Inka, a government-owned corporation. The two train sets aim to accommodate 13,500 additional passengers daily, bringing the total capacity of PNR from 60,000 to 73,500 passengers per day.

The trains arrived ahead of its February 2020 delivery schedule.

Transportation Secretary Arthur P. Tugade said this is a huge support to the government’s effort of increasing the operations of the PNR. When Tugade assumed office in 2016, there were only 14 daily PNR trips. Today, the PNR undertakes 37 trips per day.

“Today, we...celebrate the transformation that is coming up and coming in, in so far as the PNR is concerned,” the DOTr chief said.

The six new rail cars are part of the 37 rail cars and three locomotives ordered from PT Inka. The remainder will be delivered in batches next year.

With the addition of these future units, the PNR will have a capacity to accommodate 140,000 passengers per day.

Bill lowering govt retirement age gets final House approval

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HE House of Representatives on Monday overwhelmingly approved on third and final reading a measure lowering the optional retirement age of government employees from 60 to 56.

With 192 affirmative votes, zero negative votes and no abstention, the Chamber passed House Bill 5509, which seeks to amend Section 13-A of Republic Act 8291, otherwise known as the “Government Service Insurance [GSIS] Act of 1997.”

Government workers who have reached the age of 56 years may file for retirement, and be entitled to an old-age pension for life from the GSIS. ACT Teachers Party-list Rep. France Castro, principal author of the bill, said earlier retirement is one of the demands voiced during consultations with public-school teachers.

Castro noted that teachers in the Philippines retire five years later than those in most countries, noting that retirement age is 60 in most North American, European and Asian countries.

“Respect and humane consideration demand that a person of 56 years—a few years shy of being a senior citizen—should not be required to perform the arduous functions expected of a public-school teacher in the Philippines. At such stage of their lives, public-school teachers should at least be given the choice if they wish to rest from the profession, and enjoy better and healthy years ahead,” Castro said. PNA

A4 Tuesday, December 17, 2019 • Editor: Angel R. Calso

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Marathon climate talks end with deal that sparks disappointment M

ADRID—Marathon UN c l i m ate t a l k s ended on Sunday with a slim compromise that sparked widespread disappointment, after major polluters resisted calls for ramping up efforts to keep global warming at bay and negotiators postponed debate about rules for international carbon markets for another year.

Organizers kept delegates from almost 200 nations in Madrid far beyond Friday’s scheduled close of the two-week talks. In the end, negotiators endorsed a general call for greater efforts to tackle climate change and several measures to help poor countries respond and adapt to its impacts.

UN Secretary-General António Guterres said he was “disappointed” by the meeting’s outcome.

“The international community lost an important opportunity to show increased ambition on mitigation, adaptation and finance to tackle the climate crisis,” he said.

“We must not give up and I will not give up.”

The final declaration cited an “urgent need” to cut planet-heating greenhouse gases in line with the goals of the landmark 2015 Paris climate-change accord. But it fell far short of explicitly demanding that countries submit bolder emissions proposals next year, which developing countries and environmentalists had demanded.

The Paris accord established a common goal of keeping temperature increases below 2 degrees Celsius (3.6 Fahrenheit), ideally 1.5 degrees Celsius (2.7 degrees Fahrenheit) by the end of the century. So far, the world is on course for a 3- to 4-degree Celsius rise, with potentially dramatic consequences for many countries, including rising sea levels and fiercer storms.

After two nights of fractious negotiations, delegates in Madrid decided to defer some of the thorniest issues to the next UN climate summit in Glasgow in November.

Chile’s Environment Minister Carolina Schmidt, who chaired the meeting, said she was “sad” no deal had been reached on the rules for international trading in carbon emissions permits.

“We were on the verge,” she said, adding that the goal was to establish

China delays tariffs on American automobiles, other goods in trade deal

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EIJING—China’sgovernment says it will postpone planned punitive tariffs on US-made automobiles and other goods following an interim trade deal with Washington.

Sunday’s announcement came after Washington agreed to postpone a planned tariff hike on $160 billion of Chinese goods and to cut in half penalties that already were imposed.

“China hopes to work with the United States on the basis of equality and mutual respect to properly address each other’s core concerns and promote the stable development of Chinese-US economic and trade relations,” said a Cabinet statement.

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US Trade Rep. Robert Lighthizer said that under Friday’s agreement, China committed to buy $40 billion of American farm products over the next two years. He said China also promised to end its long-standing practice of pressuring companies to hand over their technology as a condition of market access.

Beijing had planned to impose 25 percent duties on American-made autos on Sunday, which would have raised the total charge to 40 percent.

Hardest hit were Germany’s BMW AG and Daimler AG’s Mercedes unit, which ship US-made SUVs and other cars to China.

Other goods were targeted for 10 percent and 5 percent penalties. AP

Erdogan warns Turkey may shut down key Nato air base and radar COP25 party members talk ahead of the closing plenary in Madrid on Sunday, December 15, 2019. Negotiators from almost 200 nations planned to gather for a final time at the UN climate meeting in Madrid early Sunday to pass declarations calling for greater ambition in cutting planetheating greenhouse gases and in helping poor countries suffering the effects of climate change. But one of the key issues at the talks, an agreement on international carbon markets, has eluded officials even after the Chilean chairman extended Friday’s talks deadline to allow more time for negotiations. AP PHOTO/BERNAT ARMANGUE

markets that are “robust and environmentally sustainable.”

Economists say putting a price on carbon dioxide, the main greenhouse gas, and allowing countries or companies to trade emissions permits, will encourage the shift away from fossil fuels toward renewable energy.

Some observers welcomed the failure of a deal on carbon markets, though, and the European Union and developing countries had said beforehand that no deal was better than a bad one.

“Thankfully, the weak rules on a market-based mechanism, promoted by Brazil and Australia, that would have undermined efforts to reduce emissions, have been shelved,” said Mohamed Adow, director of Nairobi-based campaign group Power Shift Africa.

Helen Mountford, from the environmental think tank World Resources Institute, said that “given the high risks of loopholes discussed in Madrid, it was better to delay than accept rules that would have compromised the integrity of the Paris Agreement.”

The talks in Spain took place

against a backdrop of growing worldwide concern about climate change. The past year saw large protests in hundreds of cities around the globe and climate activists staged several rallies inside and outside the conference venue to express their frustration at the slow pace of the talks.

The meeting was moved from Chile’s capital Santiago to Madrid at a month’s notice due to violent protests against the Chilean government, which was under pressure to deliver a positive result.

Delegates made some progress on financial aid for poor countries affected by climate change, despite strong resistance from the United States to any clause holding big polluters liable for the damage caused by their emissions. Countries agreed four years ago to funnel $100 billion per year by 2020 to assist developing nations, but, so far, nowhere near that amount has been raised.

Under the Paris accord, countries are supposed to regularly review their national emissions reduction targets and increase

them if necessary. Last week, the European Union agreed a goal of becoming carbon neutral by midcentury, but the move did little to sway discussions in Madrid about setting more ambitious targets in the medium term, an issue that will be on the agenda again in Glasgow.

The United States will be excluded from much of those talks after President Donald J. Trump announced the country’s withdrawal from the Paris accord, a process than comes into force on November 4, 2020.

Scientists said the longer countries wait to cut emissions, the harder it will be to meet the Paris temperature target.

“The global emissions’ curve needs to bend in 2020,” said Johan Rockström, director of the Potsdam Institute for Climate Impact Research near Berlin.

“Emissions need to be cut half by 2030, and net-zero emissions need to be a reality by 2050,” he said. “Achieving this is possible— with existing technologies and within our current economy. The window of opportunity is open, but barely.” AP

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RESIDENT Recep Tayyip Erdogan warned that Turkey could shut down two of the most critical Nato installations on its territory if the US imposes sanctions over its purchase of an advanced Russian missile-defense system.

“If it is necessary to shut it down, we would shut down Incirlik,” Erdogan told AHaber television on Sunday. “If it is necessary to shut it down, we would shut down Kurecik, too.”

It’s the clearest sign yet that the standoff with the US risks spreading and further damaging Turkey’s relations with the western alliance.

An early warning radar at Kurecik is a critical part of Nato’s ballisticmissile defense capabilities. Incirlik Air Base, close to Syria, is used by the Pentagon to store tactical nuclear weapons and conduct strikes against Islamic State. Decades earlier, it was the main operating location for the American U-2 spy plane—until American pilot Francis Gary Powers was shot down over the Soviet Union in 1960.

Turkey is pushing ahead with the Russian deal and also plans to sign an agreement with Moscow to jointly produce the S-400 missiles even as the purchase strains ties with Nato and increases the risk of US sanctions that could plunge Turkey into renewed economic turmoil.

“If they put measures such as sanctions in force, then we would respond based on reciprocity,” Erdogan

Protests turn violent for second day in Lebanon’s capital

EIRUT—Lebanese security forces fired tear gas, rubber bullets and water cannons on Sunday to disperse hundreds of protesters for a second straight day, ending what started as a peaceful rally in defiance of the toughest crackdown on anti-government demonstrations in two months.

The violence comes on the eve of a meeting between the president and parliamentary blocs in which resigned Prime Minister Saad Hariri is widely expected to be renamed to the post. The tension also reflects deepening divisions in the country that is grappling with a severe liquidity and foreign currency crunch.

Hariri resigned October 29 amid nationwide protests that have accused the entire political elite of corruption and mismanagement amid Lebanon’s worst economic crisis in decades. The protesters say they won’t accept Hariri as prime minister, demanding an independent head of government not affiliated with existing parties.

“Saad, Saad, Saad, don’t dream of it anymore,” protesters chanted on Sunday.

After weeks of bickering, the political parties failed to put forward independent names, most of them insisting on keeping their political share in the government.

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The Sunday protests were largely peaceful, but some demonstrators lobbed water bottles and firecrackers at security forces guarding parliament. After a couple of hours, security forces chased the protesters away, using batons and tear gas.

The protesters dispersed in central Beirut. At one point, someone set fire to two tents set up by protesters in Martyrs’ Square, the epicenter for the anti-government protests for 60 days.

After hours of clashes, the army deployed around central Beirut, putting an end to the pitched street battles. The Lebanese Civil Defense said it transferred 20 injured to hospitals while it treated over 70 protesters on site. A news photographer was among the injured.

The army first deployed to separate protesters and rival supporters of political groups, according to reports on al-Jadeed. The local TV station filmed soldiers forcing protesters to retreat from central Beirut’s squares.

Tension has surfaced between protesters and supporters of the Shiite groups Hezbollah and Amal, after the later rejected criticism of their leaders. Meanwhile, the protesters were angered by what they said was the security forces’ harsh crackdown on their rallies

ANTI-GOVERNMENT protesters light up their mobile phones, as they shout slogans during a protest near the parliament square in downtown Beirut, Lebanon on Sunday, December 15, 2019. Lebanese security forces fired tear gas, rubber bullets and water cannons on Sunday to disperse hundreds of protesters for a second straight day, ending what started as a peaceful rally in defiance of the toughest crackdown on antigovernment demonstrations in two months. AP PHOTO/HUSSEIN MALLA

while treading lightly when dealing with supporters of the powerful political groups.

Divisions also surfaced among the protesters who rallied in central Beirut. Some promoted con-

frontation with security forces to express anger at the crackdown and the government’s “business as

said. “It is very important for both sides that the US should not take irreparable steps in our relations.”

The accord with Moscow highlights both Turkey’s aspirations for an increasingly independent role in regional policies and the mutual erosion of trust with Washington.

Over the weekend, Turkey decided to deploy drones in the breakaway Turkish Cypriot state, raising the stakes in a growing dispute over energy in the eastern Mediterranean. Erdogan also met Libyan Prime Minister Fayez al-Sarraj after expressing readiness to deploy Turkish troops in the North African country, if asked. Erdogan’s government also submitted a separate military cooperation deal with Libya to parliament for approval.

Turkey’s assertiveness as a regional power makes it less willing to compromise in its dispute with its chief Nato ally. The US has warned that Turkey could face expulsion from Lockheed Martin Corp.’s F-35 program and also face sanctions under two pieces of legislation that allow punishment of entities doing business with parts of the Russian state.

Turkey took delivery of one S-400 missile-defense battery, which has advanced radars and isn’t compatible with Nato technology. The system is expected to be ready for use by April.

Its deployment would mark a further advance in Russian President Vladimir Putin’s efforts to engineer a bigger role in the Middle East. Bloomberg News

usual” approach. Many protesters came prepared with helmets and tear gas, and they used plant pots and bins to throw up a barricade in the street.

“We have reclaim our country from this occupation,” one angry protester told LBC TV, referring to what he called a corrupt government in place for decades. Another told AlJadeed that on Sunday the protesters started the friction “as a reaction to unjust crackdown” the day before.

Thousands had gathered peacefully earlier Sunday dispersed by evening.

Security forces chased protesters in central Beirut, firing tear gas and rubber bullets. Some protesters hid in the commercial area surrounding the parliament and others in masks pelted officers with stones.

Demonstrators had chanted against the security crackdown.

One raised a poster saying the tear gas won’t keep them away. “We are crying already,” it added, in a jab at the deep economic crisis Lebanese are facing.

The streets leading to parliament were filled with men, women and even children. Some huddled in smaller groups while others were lifted on shoulders chanting in megaphones. AP

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Japan, S. Korea hold export talks, seek dispute solution

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OKYO—Senior officials from Japan and South Korea were holding talks on Monday on high-tech exports for the first time since Tokyo tightened controls on South Korean semiconductor parts earlier this year.

The director general level meeting was taking place in Tokyo between Yoichi Iida of Japan’s Trade Control Department and his South Korean counterpart, Lee Ho-hyeon. The two officials shook hands at the beginning of the talks, though they made no opening remarks to the media.

A meeting of this level had not been held in more than three years.

Japan in July tightened trade controls on South Korea materials used in smartphones, television screens and other hightech products, citing national security concerns. Japan also downgraded South Korea a month later from a list of preferential trade partners.

South Korea has demanded Japan reverse the measures, saying Tokyo has weaponized export controls in retaliation for South Korean court rulings demanding Japanese companies pay compensation to former Korean laborers over their treatment during Japan’s 1910-1945 colonial rule of the Korean Peninsula. Tokyo has pressed Seoul to stick with a 1965 agreement in resolving their dispute over wartime Korean laborers, criticizing the court decisions a violation to international law.

Japan’s trade curbs against South Korea have led to subsequent retaliatory measures that spilled into the area of national security, with Seoul threatening to abandon a key military intelligence sharing pact with Tokyo.

The pact was saved just hours before its expiration in November, following Washington’s repeated pressure and with Tokyo agreeing to resume export control talks requested by Seoul.

Monday’s talks come a week ahead of a planned summit between the two countries and China.

Japanese and South Korean foreign ministers, Toshimitsu Motegi and Kan Geun-wha, both attending the Asia-Europe Meeting in Madrid, Spain, talked briefly and welcomed their trade officials’ meeting in Tokyo, Japanese officials said. The two sides also agreed to cooperate closely on threats from North Korea and to achieve next week’s summit.

Chief Cabinet Secretary Yoshihide Suga said that Japan’s export control measures are part of the country’s international responsibility and that “they are not something that we decide by negotiating with a trade partner.”

“Our policy has been consistent and there is no change to our position,” Suga said, referring to Japan’s position on the wartime compensation issue. “We urge South Korea to act wisely.”

South Korean national assembly speaker Moon Hee-san is seeking to set up a compensation fund for the Korean wartime laborers with an option that allows Japanese companies to chip in donations as a compromise. AP

YouTuber draws fire from China

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YouTuber in Taiwan said his Chinese talent agency is demanding he remove a video in which he addressed Taiwan leader Tsai Ing-wen as president, the latest clash over China’s assertions of territorial control in Asia.

Chen Chia-chin, better known as Potter King, published a video on Facebook and YouTube on Saturday, showing Tsai visiting his media start-up. He used his signature humorous pickup lines and repeatedly addressed Tsai as “president,” which is in fact her title.

His Chinese agency, Papitube, demanded he not use the word in his videos, nullified his contract and took over his Weibo account without his consent, Chen wrote in a Sunday post on his Facebook page. Facebook and YouTube are banned in mainland China.

“I have told them not to interfere with our content,” Chen wrote. “We totally cannot accept this. This is absurd.”

The incident is the latest in a growing number of attempts by Chinese officials and companies to impose political views beyond the reach of mainland censors. While Taiwan and China split amid a civil war in 1949, Beijing continues to exert claims over selfgoverning Taiwan and bristles at any language or action that bestows Taiwan with the image of sovereignty. Global brands such as Calvin Klein, Coach and Givenchy drew the ire of Chinese Internet users after implying the island is its own country.

Papitube criticized Chen in a post on its official Weibo account on Sunday. “We strongly condemn Potter King’s inappropriate language and actions,” Papitube said.

“We are ending all partnerships with Chen Chia-Chin, whom we have a contract with, effective today.”

Chen declined an interview through a representative at his start-up, but the chief executive officer of his media startup, Ju Yang New Media International Co., said they would not comply with Papitube’s request.

“We support democracy,” said Mars Lee, Chen’s business partner. “Everyone should take this seriously because many people fought for and won democracy with their lives, time and souls. Some people think democracy is easy to obtain like air, but it is not easy at all.”

In a series of screenshots of a chat history Chen presented with his post, a contact at his Chinese agency asked that Chen delete his video of Tsai on Facebook and YouTube.

The Chinese agency said the issue lies with him calling Tsai president and added the agency will cancel Chen’s contract. Chinese state media typically refer to Tsai as the “Taiwan leader” or “regional leader.”

Papitube may be particularly sensitive to content that could alienate government officials in Beijing. One of its stars, Papi Jiang, was censored in 2016 for foul language, with the authorities demanding that she remove her videos and clean up explicit comments. Papitube didn’t respond to e-mails seeking comment.

Tsai’s Spokesman Ernesto Ting said it is only natural for Taiwanese to address their president as president. “This is a demonstration of Taiwan’s democracy and freedom,” he said.

The clash comes as Beijing is more forcefully exerting its national interests abroad.

Over the weekend, China’s ambassador to Germany threatened Berlin with retaliation if it excludes Huawei Technologies Co. as a supplier of 5G wireless equipment, suggesting the sales of German carmakers in China may be at risk.

China’s official CCTV also pulled the broadcast of an Arsenal soccer game after star player Mesut Ozil criticized the Chinese government’s treatment of Uighur Muslims on Instagram and Twitter.

Earlier this year, China’s state broadcaster dropped National Basketball Association games after Houston Rockets General Manager Daryl Morey voiced support for Hong Kong protesters. Bloomberg News

Editor: Angel R. Calso • Tuesday, December 17, 2019 A5

A6 Tuesday, December 17, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial Relentless

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F you think Charter change is dead because President Duterte did not pitch for it in his last State of the Nation Address (Sona), think again.

On Wednesday, House Deputy Minority Leader and Bayan Muna Rep. Carlos Zarate revealed that the Committee on Constitutional Amendments quietly passed in an executive session a resolution that seeks to extend the terms of local government officials, congressmen and senators to five years and three terms, as well as amend certain provisions of the 1987 Constitution, in particular the relaxation of some economic restrictions on foreign investments.

He said the committee is also seeking to take up the issue of the shift to a federal form of government next year.

Four members of the committee opposed the move, Zarate noted, but they were overruled by 10 members.

“This is Charter change by legislation. This is not allowed under our Constitution. This is a very dangerous action,” Zarate said.

We second his objections.

Indeed, why would the House committee even choose to approve term limit extensions and other changes in government—changes that should be made through Constitutional amendments—on the same day most of the nation was watching the conclusion of the 30th Southeast Asian Games and celebrating the country’s overall championship? Why would it do so behind closed doors? The lack of transparency or any kind of citizen participation or public involvement, considering the changes they were approving would concern the entire nation, is bothersome to say the least.

And why the rush? Sure, Congress only has three session days left this week before they adjourn for their Christmas break, but both Speaker Alan Cayetano and Majority Leader Martin Romualdez have already said the House would not prioritize Charter change, so why the sense of urgency?

Even President Duterte told reporters after his last Sona that he preferred a one-time overhaul of the Constitution, rather than amending it per provision, which is what the House committee is trying to do.

Duterte also said it is no longer the proper time for pursuing Charter change and that he would rather focus on getting his less controversial priority bills passed by Congress.

This paper has given its arguments against Charter change more than once through its editorials.

The President is right. Trying to ram Charter change when most Filipinos are concerned about getting jobs and putting food on the table is bad timing.

And why focus on term limits, when even Charter-change advocates have often assured the Filipino people that the Charter-change agenda is not just about term extensions?

Passing a measure that would politically benefit incumbent elective officials may well be perceived as self-serving. This is precisely why our people put very little trust in the words of politicians.

Nomura Global Markets Research said in a recent report that it sees Philippine economic growth outpacing even China as one of Asia’s fastestgrowing economies in the next two years.

The report said the Philippines will be an “exception” in a region feeling the effects of the US-China trade war, and that the country would likely be the region’s fastest-growing economy until 2021.

Should the House be pursuing political changes at this time when the political noise it would create is bound to do more harm than good to the economy?

We hope other sensible members of the House will not remain stubbornly apathetic to what our people really need, if and when the constitutional committee proposals reach the plenary.

Filipinos need more jobs and income opportunities. The government needs to make the country’s relatively good economy matter to most people who are barely eking out a living or are downright desperate.

Our best bet for sustainable democracy and development amid global economic uncertainties does not depend on lifting the term limits of the current crop of politicians.

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Filipinos prefer a Constitutional Convention Manny F. Dooc

TELLTALES

H

E did not need a college diploma to become the most successful boxer in history, the only 8-division world champion, but he was the happiest graduate of the University of Makati (UMak) last week on its 46th Commencement Exercises.

Sen. Manny Pacquiao received his degree in Political Science Major in Local Government Administration. Abandoned by his father, the good senator started his boxing career while a teenager and left high school to help in the family finances.

He started his college education taking up Business Administration course in Notre Dame of Dadiangas University in GenSan after he was awarded a high-school diploma by the Department of Education. Due to his busy schedule, he later on availed himself of the Expanded Tertiary Education Equivalency and Accreditation Program at the UMak, which enabled him to complete college through informal education. Beaming with pride, he said: “There is one thing that I always want them to remember, ‘Never ever give up.’ It is never too late to dream bigger dreams.... Let this victory outside the boxing ring serve as an inspiration for people who are struggling to fight, to rise

above adversity, to conquer and to embrace life and all its difficulties.” He concluded by saying that “among my achievements, this will be the most meaningful.” In my books, given the extraordinary feat he has achieved, Manny Pacquiao is a model of perseverance and fortitude to our young. Truly, you are a great champion. Mabuhay ka, Senator Manny. nnn

Here we go again. Despite several attempts in the past under various presidents since President Fidel V. Ramos, no amendment of the much assailed 1987 Philippine Constitution has ever succeeded. A Charter change, which is more popularly referred to as Cha-cha, aims to

The European Green Deal

By Ursula von der Leyen President of the European Commission

D

o we, humans, want to continue living well and safely on this planet? Humanity faces an existential threat—the whole world is beginning to see.

Forests burn from America to Australia. Deserts are advancing across Africa and Asia. Rising sea levels threaten our European cities, as well as Pacific islands. Mankind has seen such phenomena before, but never at this speed.

Science tells us that we can still stop this epidemic, but we are running out of time. The new European Commission is wasting no time. Today, less than two weeks into our mandate, we present our road map for a European Green Deal.

Our goal is to become the first climate-neutral continent by 2050, slowing down global warming and mitigating its effects. This is a task for our generation and the next, but change must begin right now—and we know we can do it.

The European Green Deal that we present today is Europe’s new growth strategy. It will cut emissions while also creating jobs and

improving our quality of life.

It is the green thread that will run through all our policies—from transport to taxation, from food to farming, from industry to infrastructure. With our Green Deal we want to invest in clean energy and extend emission trading, but we will also boost the circular economy and preserve Europe’s biodiversity.

The European Green Deal is not just a necessity: it will be a driver of new economic opportunities.

Many European firms are already going green. They are cutting their carbon footprint and discovering the clean technologies. They understand that there are planetary boundaries: European companies of all sizes understand that everyone has to take care of our common home. They also know that if they discover the sustainable solutions of tomorrow, this will give them first mover advantage.

introduce reforms to our present Constitution adopted and ratified in 1987 during President Cory Aquino’s time. Notably, Presidents Joseph Estrada, Gloria MacapagalArroyo and Rodrigo Roa Duterte had created their Preparatory or Consultative Commission, which had undertaken a study and review of the proposed amendments to our Charter. While President Benigno Aquino III did not form his consultative committee, several initiatives amending the Charter were launched by the members of Congress during his term. It must be recalled that no less than Speaker Feliciano Belmonte Jr. authored a resolution advocating for economic liberalization, which was not taken up on its third reading. The best and the brightest minds of their times from various disciplines were chosen to undertake the difficult task of drafting amendments to guide the constitutional body that will propose revisions to the Charter.

Learned and celebrated minds had headed such consultative bodies, such as Chief Justice Andres Narvasa, former UP President Jose V. Abueva, and Chief Justice Reynato Puno but their initiatives and hard work did not prosper. Tinkering with the basic law is a sensitive and delicate task that requires the utmost trust of the sovereign people. The Constitution contains the noblest ideals of the people and embodies

their highest aspirations. Such sensitive function should be entrusted only to people with unquestionable motive and unimpeachable character. Pursuant to our Constitution, such amendments may be proposed by way of : 1) a People’s initiative, 2) a Constituent Assembly, or 3) a Constitutional Convention. Note that the 1987 Constitution provided that amendments may be directly proposed by the people through initiative (Article XVII, Section 2).

And more important, any amendment must be ratified by a majority vote by the people in a national referendum or plebiscite.

We should credit Rep. Rufus Rodriguez of Cagayan de Oro, chairman of the House Committee on Constitutional Amendments, for introducing the resolution proposing amendments to the Constitution, which was recently approved by the aforesaid committee. The still unnumbered resolution provides for a term of five years subject to a maximum of three terms in office for senators, congressmen and local officials. The current term for senators is six years with a maximum of two consecutive terms.

Congressmen and local officials serve for three years with a maximum of three consecutive terms. It also divided the archipelago into nine senatorial regions or districts with each region electing three senators, or a total of 27 senators nationwide.

See “Dooc,” A7

What businesses and changemakers need from us is easy access to financing. To pull this off, we will deliver a Sustainable Europe Investment Plan. It will support €1 trillion of investment over the next decade.

We will work hand in hand with the European Investment Bank, Europe’s climate bank.

Next March, we will propose the first-ever European Climate Law to chart the way ahead and make it irreversible: investors, innovators and entrepreneurs need clear rules to plan their long-term investments.

While we will promote transformation in how we produce and consume, live and work, we must also protect and accompany those who risk being hit harder by such change.

This transition must work for all or it will not work at all. I will propose to set up a Just Transition Fund—and I want it to mobilize, together with the leverage of the European Investment Bank and private money, €100 billion in investment over the next seven years. We will make sure that we help those European regions who will have to take a bigger step, so that we leave no one behind.

Across Europe, people young and old are not only asking for climate

action. They are already changing their lifestyle: think of the commuters who take the bike or public transport, parents who choose reusable diapers, companies that renounce single-use plastics and bring sustainable alternatives to the market.

Many of us are part of this European and global movement for climate. The EU is also formulating a new action in the Philippines on the utilization of remote sensing technology from the EU Copernicus program specifically for climate change-induced disaster response and in the management of other forms of natural disasters.

Nine European citizens out of 10 ask for decisive climate action. Our children rely on us. Europeans want their Union to act at home and lead abroad. In these very days, the whole world has gathered in Madrid for the United Nations’s conference on climate, to discuss collective action against global warming.

The European Green Deal is Europe’s response to our people’s call. It is a deal by Europe, for Europe and a contribution for a better world. Every European can be part of the change.

Opinion BusinessMirror

www.businessmirror.com.ph

Boeing without 737s is like Coke without soda

Real-property tax on trees Atty. Rodel C. Unciano

Tax Law for Business

David Fickling

BLOOMBERG

I

magine if Toyota Motor Corp. stopped making Corollas, Coca-Cola Co. stopped making Diet Coke or McDonald’s Corp. stopped serving Big Macs.

That’s the best way of looking at reports that Boeing Co. is considering halting production of its troubled 737 Max single-aisle jet. Making and servicing commercial airplanes accounts for about 80 percent of Boeing’s operating income, and the 737 series in turn accounts for about 70 percent of commercial deliveries.

A Boeing that’s not making 737s is shutting down close to half its business.

The company could disclose a decision as early as Monday on whether to further cut production levels or halt the line altogether, the Wall Street Journal reported on Sunday, citing people familiar with the matter. Pausing production is increasingly seen as the most viable option, the people were quoted as saying.

You might be surprised that Boeing has been making the 737 Max at all since the global fleet was grounded back in March—but an aerospace production line is more like a perpetual motion machine than something you can switch on and off with a click of the fingers.

On one hand, there’s the question of what to do with Boeing’s workforce and idled facilities. On the other, there’s its vast network of suppliers, which have been pushed hard in recent years to deliver parts more cheaply and quickly than ever before, and as a result have a particularly thin safety cushion if orders dry up.

That’s meant keeping production going has been a better option than stopping the lines altogether, albeit at a reduced rate of 42 a month, rather than the 57 a month that were planned for this point. Finished 737s have been stacking up in parking lots like the one outside Boeing’s Renton plant. Right now, there’s in the region of 400 such planes waiting for regulators to give the go-ahead to start flying again, worth about $50 billion at list prices.

There’s still vast uncertainty about when the stalemate will end.

Federal Aviation Administration Head Steve Dickson took the planemaker to task in an unusually public dressing-down on Thursday, saying its timetable for bringing the aircraft back into service looked “not realistic” and was “designed to force FAA into taking quicker action.”

American Airlines Group Inc. last week took the Max out of its schedules through early April. Flights could stay grounded into May in Europe,

Dooc. . .

Continued from A6

The President and Vice President shall be voted as a tandem or team, i.e., the vote for the President shall be counted as a vote for his VP similar to the practice in the US. Likewise, the restrictive or protectionist economic provisions found in our Charter will also be amended. Rodriguez explained that this move “will lift all these restrictions so we can pull in more investments in the country [to] provide more jobs.”

It’s not uncommon for people to suspect that the sinister aim of amending the Constitution is to extend the terms of office of the incumbents. In other words, it is just a ploy for greedy elective officials to perpetuate themselves in power, and they sugarcoat their unprincipled design with worthy proposals to make the package palatable. Thus, they include economic liberalization to deal with protec-

where the air safety regulator is carrying out its own checks, Ryanair Holdings Plc. said last week. The airline is the 737’s biggest European customer.

Put that way, it starts to become clearer why at some point Boeing has to pull the plug. It costs the company hard cash to make each plane, but it’s not collecting anything from customers until regulators give the say-so to resume deliveries. Operating cash flow in the third quarter hit minus $2.42 billion, the worst result on that measure in a generation and below the weakest performance during the 2008 financial crisis.

“At some point you decide you can’t keep pouring money into building airplanes,” said Scott Hamilton, managing director of aerospace consultancy Leeham Co. “Even Boeing with all its financial resources, at some point just has to stop the bleeding.”

Even halting production won’t mean the end of the 737 Max. Airlines don’t want to find Airbus SE turning into a monopoly supplier of single-aisle jets in the mold of the 737 and A320. Such planes are the workhorses of medium-haul, lowercost routes where they make most of their money. As a result, carriers want the Max to succeed as much as Boeing does.

In theory, Boeing could try to make up numbers with the previous 737 NG models, while going back to the drawing board with the Max, but production of that plane has already stopped and it can’t compete economically with the A320neo now streaming off Airbus production lines. As a result, Boeing and the aviation industry as a whole have no option but to keep pushing forward.

That doesn’t mean the road ahead will be easy. The longer the delays go on, the more Boeing loses the trust of passengers and by extension its customers, the airlines. That will eventually show up in a harder bargain driven over future aircraft orders, while suppliers that have helped to fatten Boeing’s margins at the expense of their own in recent years may find an opportunity to fight back.

Valuation of aerospace companies tends to be very long term, and Boeing is still priced well above Airbus on most metrics. Should the current turbulence persist, don’t be surprised to see that premium start to stall.

W

ith the accrual of annual real-property tax drawing near, I take this opportunity to tackle the question on the imposition of RPT on trees. Is this sanctioned under our laws?

As it stands now, some local government units (LGUs) have adopted their own schedules on how to tax trees in their respective jurisdictions. In one City Tax Ordinance, it contains a provision on the imposition of RPT on land, building, machinery, including plants and trees. In another local tax ordinance, fruit-bearing trees numbering over 10 are being made subject to the imposition of RPT. The same ordinance exempts trees from the imposition of RPT, only if there are no more than 10 trees planted within the premises of a residential house which does not exceed half a hectare.

In 1974, Presidential Decree 464 was issued expressly exempting

defined therein, improvement is a valuable addition made to a property or an amelioration in its condition, amounting to more than a mere repair or replacement of parts involving capital expenditures and labor, which is intended to enhance its value, beauty or utility, or to adapt it for new or further purposes. Certainly, trees could not have been covered in that definition.

Section 415 of the Civil Code classifies trees as real properties or immovable properties, among others. However, for the purpose of imposition of real-property tax, the Supreme Court, in one case, has ruled that this provision shall not apply since the LGC of 1991 expressly defined what shall be considered as subject to real-property tax.

The Court said that as between the Civil Code, a general law governing property and property relations, and the Local Government Code, a special law granting LGUs the power to impose real-property tax, the latter shall prevail.

In another case (CTA EB 377), the Court of Tax Appeals has ruled that for RPT purposes, there is no need to resort to Section 415 of the Civil Code, since Section 199 of the Local Government Code already defined what are subject to the imposition

Bankers are playing with fire, once again

A

By Elisa Martinuzzi | Bloomberg Opinion

S 2019 draws to a close, there’s more than a whiff of banking deregulation in the air. The United States has relaxed its lender stress tests and made it easier again for Wall Street to trade using its own funds. In Europe, capital requirements are being softened.

The reining in of bank risk after the financial crisis is giving way to a loosening of the rules just as the desperation for yield makes banks more willing to gamble. This seems imprudent: Although banks are safer than they were before Lehman Brothers imploded, critical weaknesses remain.

Sheila Bair was chairman of the US Federal Deposit Insurance Corp.—the body that preserves confidence in the American banking system—from 2006 through 2011, and she’s a current board member at Industrial & Commercial Bank of China Ltd. As such, she has a unique insight into how far lenders have changed. I interviewed her in Washington, D.C., recently for a Bloomberg Storylines episode about Italy’s Banca Monte dei Paschi di Siena SpA, “How a $450 Million Loss Was Made to Disappear.”

In November, 13 bankers from Paschi, Deutsche Bank AG and Nomura Holdings Inc. were convicted for helping the Italian lender hide losses in 2008. It may be an old case,

but it still serves as a cautionary tale of how banks can massage their numbers. Crucially, as I discussed at length with Bair, banks’ accounts are still impenetrable and reforms have done little to improve transparency.

Complex transactions can obfuscate lenders’ true financial health, while more detailed rules have made regulatory reporting and external scrutiny even harder.

Here’s an edited transcript of our conversation: Elisa Martinuzzi: Before Monte Paschi, Lehman Brothers had also used an accounting trick, “Repo 105,” to make its books look stronger. What have we learned from Lehman?

Sheila Bair: The continued availability of accounting tricks to dress up your regulatory ratios and your public disclosures, I think. And it’s still going on.

EM: How far has postcrisis regulation curtailed the banks’ capacity to work around the requirements?

SB: Whether it’s [tackling the] accounting gimmicks people used

to game their regulatory ratios or just more fundamentally how much capital and liquidity there is in this system, we’ve made them a little better. But we really haven’t made any kind of fundamental reforms.

EM: How concerned should taxpayers be?

SB: As a citizen worried about the stability of the economy, which relies on a stable financial system, I think people should still be concerned.

There’s this kind of assumption that it’s yesterday’s news. And I think that’s probably ill-advised because I think there’s still some real fragility in the system.

There’s too much complexity around the financial instruments that we tolerate on regulated banks, the exposures that they take and, frankly, culture too. I mean, do bank managers of integrity use derivatives to dress up their balance sheet or try to hide a risk and losses that they have? No, I don’t think good managers would do that. But there probably is still a culture problem too in the financial services industry that management will entertain strategies like that when they shouldn’t.

EM: How has transparency around disclosures improved?

SB: If anything, we’ve made it harder because it seems so many of the rules, especially around capital and liquidity are so complex to the

of real-property tax. In these cases, however, the issue is on the taxability of machineries, not trees.

Following the above considerations, the imposition of realproperty tax should not be made in reference to the definition of real property, under Section 415 of the Civil Code. The LGC does not expressly enumerate trees as among the properties subject to the imposition of real-property tax. As what the latin maxim provides, what the law expressly excluded should not be included (Expressio Unius Est Exclusio Alterius). Since trees are not one of those expressly mentioned under the provisions of the LGC, the same shall not be subject to RPT. If we subject trees to RPT, I fear that one day, we will no longer see trees in this country.

The author is a partner of Du-Baladad and Associates Law Offices, a member-firm 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 rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

extent investors or others—analysts, journalists—want to determine how good those rules are and how effectively banks are complying with those rules. I think the complexity really hinders that kind of outside discipline. It’s kind of an inside game now with the banks and their supervisors.

EM: Where do you see systemic risk building up today? Is it away from the banking industry?

SB: Nothing’s really outside the banking sector, because we [saw] during the subprime crisis too that all of these toxic mortgages were being passed on broadly to investors.

EM: Are memories of the financial crisis fading?

SB: It really distresses me, because having lived through that and thinking that we had learned our lesson, to see what’s going on now [simplifying and weakening the postcrisis rules] is just wrongheaded.

The debate we should be having is what’s going to happen in the next year or two if the US economy, or more likely the global economy, slides into recession; how well banks are prepared, should they be building a bit more of their capital cushion now?

EM: Are you confident we won’t be seeing another Monte Paschi?

SB: No, I’m not confident that we won’t. I absolutely would say that I’m not confident we won’t. No, no, no.

Anger against citizenship law grows as India braces for protests

By Archana Chaudhary & Bibhudatta Pradhan Bloomberg Opinion

tionist provisions in our Charter, which impede foreign investments.

What we want to see are amendments that will ban political dynasties, prohibit elected public officials from switching political parties and preventing incumbent officials from benefiting on any term extension in office. Other changes, like the shift from a unitary presidential form of government to a federal state or replacement of presidential form to a parliamentary system, will require extensive discussions and massive consultations. Thus, the public prefers that any constitutional amendment or revision should be effected by means of a Constitutional Convention by delegates duly elected by the people. If we can spend billions to host the SEA Games, we should, likewise, spare no resources to produce a Constitution that will “secure to ourselves and our posterity the blessings of independence and democracy under a regime of law, and a regime of truth, justice, freedom, love, equality and peace.”

perennial trees and plants of economic value from real-property tax.

However, in 1991, PD 464 was expressly repealed by the Local Government Code. Nevertheless, the provisions of the LGC on real-property taxation, under Title II, are silent as to the taxability of trees.

Under Section 218 of the LGC, among the real properties mentioned as subject to real-property tax are lands, buildings and other structures, and machineries and other improvements. Trees are not specifically mentioned under that provision.

Taking into consideration the definition of “improvement” under Section 199 of the LGC, we can say that trees are not covered. As

Tuesday, December 17, 2019 A7

T

ensions remain high across India on Monday after five days of protests against a contentious new religion-based citizenship law turned violent in the capital New Delhi, with police using tear gas to disperse crowds.

Anger against the law has fueled protests across Asia’s third-largest economy, from Assam, about 1,900 kilometers (1,180 miles) to the east of Delhi, to demonstrations in Bengaluru and the financial capital Mumbai. The agitation in Assam prompted Japanese Prime Minister Shinzo Abe, who was scheduled to visit the state, to delay a three-day trip that was set to begin on Sunday.

Authorities shut down Internet access in some districts in Assam—which borders Bangladesh—and in West Bengal as protesters defied police to take to the streets against the citizenship amendment law. Passed on Wednesday, it bars undocumented Muslims from Pakistan, Bangladesh and Afghanistan from seeking citizenship but allows undocumented Hindus, Sikhs,

Buddhists, Jains, Parsis and Christians from these regions to do so.

The United States was closely following developments, a State Department spokesman said before the bill became law, urging India to “protect the rights of its religious minorities in keeping with India’s Constitution and democratic values,” while the United Nations described the legislation as “fundamentally discriminatory.”

The law was attracting criticisms outside India both due to its content, but also because it follows the government’s decision to abrogate Kashmir’s special autonomous status and a court decision over a site that’s sacred to both Hindus and Muslims, said Ian Hall, professor of international relations at the Griffith Asia Institute at the Queensland-based Griffith University.

“Put together, this looks to many as a shift toward a far less liberal, Hindu majoritarian India in which Muslims are second-class citizens,” Hall said by e-mail on Monday.

Citizenship drive

The new law is seen as a precursor to Modi’s Hindu nationalist government plan to implement a citizenship drive nationwide to weed out undocumented

migrants. Assam was the first state to implement the register. The arduous process that ended in August 2019 has put about 1.9 million people at risk of becoming stateless. The new citizenship law has further raised concerns about the whittling away of values laid out in the secular constitution of the world’s second-most populous nation.

Prime Minister Narendra Modi defended the law at a campaign rally in Jharkhand state over the weekend, and implied that it was only Muslims who were behind the protests on campuses across several parts of India. “These people who are lighting these fires, the images of them that you see on TV. You can tell who these people setting fires are by their clothes,” Modi said referring to the many Muslim students in hijab and other Islamic clothing who were part of the protests.

India’s Supreme Court on Monday agreed to hear petitions filed on the violence that’s occured during protests against the law.

In Assam, protests are fueled by the fear that the new law would lead to an influx of immigrants from neighboring Bangladesh, while in many other cities across India, demonstrations against the discriminatory nature of the laws

brought thousands of people to the streets. On the front lines of most of the protests were university students.

Internet access has also been cut off in the northern city of Aligarh, where police used batons and tear gas to disperse protesters inside the campus of the Aligarh Muslim University. The violence has forced both universities to shut down until January 5. Protests have also taken place in Kolkata, Bengaluru and Mumbai.

Opposition grows

Political leaders in the states of Kerala, Punjab and West Bengal all said publicly they will not implement the law, setting up a potential conflict with the federal government in New Delhi.

In New Delhi, Jamia Milia Islamia University saw the most protests, followed by a security crackdown. As demonstrations in the capital continued well into the night on Sunday, more than a dozen metro stations were shut down for several hours. By morning, the stations were open again but schools were shut in several areas. Student leaders and demonstrators called for police restraint and for the new law—which they say goes against India’s secular constitution—to be overturned.

A8 Tuesday, December 17, 2019

Sandigan junks ₧200-B civil case vs Marcoses

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By Jovee Marie N. dela Cruz

@joveemarie

HE Fourth Division of the Sandiganbayan has dismissed a P200-billion forfeiture case against the Marcos family for lack of sufficient evidence.

This is the fourth time this year that the Marcos family won a civil case filed against them.

In its 58-page decision, the Sandiganbayan dismissed the forfeiture

case and cited as basis the inability of the prosecution to prove the allegations against the Marcoses.

“Wherefore, premises considered, for failure of the plaintiff to

prove its allegations by preponderance of evidence, the subject complaint filed against defendants Estate of Ferdinand Marcos, Imelda R. Marcos...is hearby dismissed,” the anti-graft court said.

According to the court, the bulk of the documentary evidence offered by the plaintiff are mere photocopies, most of which are barely readable.

The forfeiture case was filed by the Presidential Commission on Good Government (PCGG) against the Marcos couple, Sen. Imee Marcos, Irene Marcos, former Sen. Bongbong Marcos and

Garments seen to lift PHL exports

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USINESS groups are now banking on the resurgent garments sector to perk up exports next year.

In an interview, Philippine Exporters Confederation Inc. (Philexport) President Sergio Ortiz-Luis Jr. said there is now considerable demand for garments after the United States blacklisted some top garments-exporting countries like Bangladesh.

“There are now [garments] orders coming in [the country]. The problem is there are no companies getting these orders...we are encouraging them to return,” Ortiz-Luis told reporters at the sidelines of a media forum in Manila on Monday.

This development, the business

leader said, boosted the possibility of reviving the country’s once booming garments industry.

In a report published by the BusinessM irror last month, members of the garments industry blamed labor cost and power cost, for making garments manufacturing less competitive compared with Lao PDR, Myanmar and Vietnam.

Local garment companies are currently appealing to the government for subsidies to lower their labor costs, and for it to help reduce their power rates in order to lure investors to the sector.

Aside from garments, Ortiz-Luis said other industries that could also drive exports to higher levels next year are

NORTHEASTERLY SURFACE WINDFLOW PREVAILING NORTHERN LUZON EASTERLIES AFFECTING THE REST OF THE COUNTRY as of 4:00 pm - December 16, 2019

agriculture and mining, assuming the government relaxes restrictions for mining firms.

The Department of Trade and Industry (DTI) projected exports to rise by 2 to 4 percent this year.

Ortiz-Luis expressed his disappointment over the projected growth rate, which he said could have been higher if not for the US-China trade war, which affected supply chains.

“Next year, we look at it much better [economic per formance].

Hopefully, this [will be the case] if the external factors affecting us like the US-China [trade tensions] will be solved by then,” Ortiz-Luis said.

Samuel P. Medenilla

Constante Rubio involving P976 million in bank deposits at the Security Bank and Trust Co., P711 million in bank deposits at the Traders Royal Bank, an P18-million residential property in Leyte, a P33-million agricultural land in Leyte, P1.6 billion in shares of stock in PLDT, $292 million in foreign bank deposits, $98 million in investments in foreign banks, 177 paintings, pieces of jewelry worth $8.9 million, P236 million worth of jewelry intercepted at the Honolulu Airport, and P14 million worth of items found in Malacañang when the Marcoses

98% of 2019 obligation program released

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HE Department of Budget and Management (DBM) has released P3.622 trillion, or 98.9 percent of the P3.662-trillion obligation program as of end-November.

In a statement, the DBM said the immediate release of funds will facilitate swift implementation of programs and projects, such as the construction of new roads, schools, hospitals, and the protection and promotion of the welfare of the poor and marginalized sectors, among others.

Broken down, allotment releases to the line departments amounted to P2.056 trillion, while releases from Special Purpose Funds (SPFs) reached P369.04 billion.

Allotment releases to line departments included funds allocated for agencies in the Executive branch, Congress, the Judiciary and other Constitutional Offices.

On the other hand, SPFs are budgetary allocations in the General Appropriations Act (GAA) allocated for specific socioeconomic purposes, such as Budgetary Support to Government Corporations, Allocation to Local Government Units, Contingent Fund, Miscellaneous Personnel Benefits Fund, National Disaster Risk Reduction and Management Fund, and Pension and Gratuity Fund.

Automatic appropriations, or appropriations programmed annually or for some other period prescribed by law, posted P1.076 trillion.

Those under allotment releases for automatic appropriations include 100 percent of the FY 2019 program for the Internal Revenue Allotment for Local Government Units (P575.520 billion), Pension of Ex-President/Ex-President Widows (P480,000), Special Account in the General Fund (P20.281 billion), Net Lending (P14.5 billion), Interest Payments (P399.571 billion), Tax Expenditures Fund/Customs Duties and Taxes (P14.5 billion), and Retirement and Life Insurance Premium (RLIP) requirements (P51.59 billion).

The payments for RLIP requirements released during the period are already inclusive of P4.43 billion pertaining to additional requirements for newly created or newly filled positions in various agencies, resulting in a 109.4-percent release for the category, the DBM said.

Other releases included continuing appropriations, unprogrammed appropriations and other automatic appropriations.

As of end-November, the Budget department said it has released P26.158 billion from the continuing appropriations of the 2018 GAA for line departments and releases from SPFs. Continuing appropriations refer to appropriations available for support obligations for a specified purpose or project, such as multiyear construction projects requiring incurrence of obligations beyond one fiscal year.

As for unprogrammed appropriations, P64.812 billion has been released.

Unprogrammed appropriations are standby appropriations which authorize additional agency expenditures for priority programs and projects when revenue collections exceed the resource targets, or when additional grants or foreign funds are generated.

Other allotments for automatic appropriations have reached P29.825 billion. Bernadette D. Nicolas

fled for Hawaii.

“On a final note, the Court acknowledges the atrocities committed during martial law under the Marcos regime and the ‘plunder’ committed on the country’s resources. However, absent sufficient evidence that may lead to the conclusion that the subject properties were indeed ill-gotten by the Marcoses,” the court added.

In August, the Sandiganbayan also dismissed a P102-billion illgotten wealth case filed in 1987 against the late President and his wife, as well as their 11 cronies after

the prosecution’s failure to present evidence against them.

In October, the anti-graft court junked the P1.052-billion ill-gotten wealth case filed in 1989 against Bienvenido Tantoco Sr. and the Marcos couple in connection with 11 real-estate properties.

In October, the Sandiganbayan dismissed a P267-million ill-gotten case against the Marcos couple for insufficiency of evidence.

This month, however, the prosecution won its civil case against the Marcoses involving P2.95-billion shares in Eastern Telecommunication Philippines Inc.

DUTERTE ‘NOT HIDING ANYTHING’ WITH SALN’S NON-RELEASE–PANELO

By Bernadette D. Nicolas @BNicolasBM

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ALACAÑANG said President Duterte is not hiding anything even as it stood firm that the Chief Executive is not required to produce a copy of his Statement of Assets, Liabilities and Net Worth (SALN) to whoever wants it.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said on Monday the Palace is leaving it up to the Office of the Ombudsman to release a copy of the President’s SALN, adding they don’t see any problem if the Ombudsman releases it.

The Palace noted the President, from the moment he filed his SALN with the Ombudsman, has already adhered to transparency. “If he is hiding anything, he would have not filed any SALN,” he said.

This, even though the President himself signed Executive Order 2 operationalizing the Freedom of Information (FOI) Act on the entire Executive branch, requiring the full public disclosure of public documents of Executive officials.

Asked why can’t the President just release his SALN as what the Vice President did, Panelo said: “Because he follows the law, that’s the answer.”

While the Palace said the President’s style is “different” when it comes to releasing a copy of his SALN, it stressed that he did not transgress any law.

“As far as the President is concerned, there is no issue. The law

Remittances. . .

Continued from A1

By country source, the US registered the highest share to total remittances during the period January to October 2019 at 37.6 percent.

It was followed by Saudi Arabia, Singapore, Japan, United Arab Emirates, the United Kingdom, Canada, Germany, Hong Kong and Kuwait.

The combined remittances from these countries accounted for 78.4 percent of total cash remittances

WTO. . .

Continued from A1

Aside from the moratorium on customs duties on electronic transmissions, WTO members agreed to extend until MC12 the moratorium on nonviolation and situation complaints under the TRIPS deal. This issue concerns the longstanding dispute on whether members have the right to bring cases to the WTO if they deem another member’s action or a specific situation to have deprived them of an expected benefit under the

requires him to file, I filed! You want to get a copy of it, then ask the Ombudsman,” Panelo said.

The Palace has since pointed out that they cannot urge the Ombudsman to release a copy of the SALN since they “do not interfere with any constitutional body.”

‘The lie of his FOI’ On Friday, the Palace criticized the Philippine Center for Investigative Journalism (PCIJ) for its report, citing the alleged failure of the Ombudsman and the Office of the President to provide a copy of the President’s 2018 SALN, saying its “accusation is baseless if not malicious.”

Last week, the PCIJ said in its report, titled “Duterte’s secret SALN: The lie of his FOI,”that their requests, as well as those of the Right to Know, Right Now! Coalition of civil society groups for a copy of the President’s 2018 SALN “have been tossed back and forth between the Office of the Executive Secretary and the Office of the Ombudsman.”

Moreover, the PCIJ said the requests were denied because the Ombudsman has yet to finalize its new guidelines on the release of the SALNs of the President and other senior officials.

PCIJ said this would be the first time in the last 30 years that a President has not released his or her SALN. In April this year, the PCIJ released a report on the wealth of the President and two of his children, citing data from declarations in their SALNs.

during the period.

The government earlier said remittances are among the factors making the Philippines one of the “world’s fastest-growing economies.”

The Duterte administration believes strong remittance inflows from Filipino migrant workers would keep consumer spending strong and significantly contribute to the country’s gross domestic product.

This will be supported by the additional spending generated by hefty income tax cuts under the Tax Reform for Acceleration and Inclusion Act.

TRIPS Agreement.

The moratorium was originally due to lapse in 1999 after a five-year period, but it has been extended since then in the absence of a consensus on what the scope and modalities could look like if nonviolation and situation complaints were to apply.

WTO members also approved the multilateral trading body’s budget for 2020.

The WTO’s funding for next year was fixed at CHF 197.2 million (or approximately $200.34 million), which represents the 10th consecutive year of zero nominal growth in the WTO’s spending.

Economy BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Tuesday, December 17, 2019 A9

Subic expects more cruise ships in 2020

By Henry Empeño Correspondent

S

U BIC B AY FR EEPORT— More cruise ships are expected to arrive in this free port next year, as the Subic Bay Metropolitan Authority (SBMA) strengthened its program to increase cruise tourism traffic by upgrading maritime facilities and tourist attractions here.

SBMA Chairman and Administrator Wilma T. Eisma said the Subic agency had so far booked 38 cruise ships for 2020, aside from two tentative schedules that year. This is double the number of cruise ship arrivals when the Subic agency started its program in 2018.

On top of that, the SBMA has already posted four confirmed arrivals and one tentative booking for 2021, with bigger cruise vessels on

schedule, she added.

“Beginning January next year, we shall be seeing more and bigger cruise ships in Subic,” Eisma announced on Monday. “This includes MS Spectrum of the Seas, which will dock here on December 27 and then come back for another visit on January 20.”

“Then on February 28, its sister ship, the MS Quantum of the Seas, will be arriving in Subic,” she added.

The two ships, which are owned and operated by Royal Caribbean International (RCI), the world’s largest cruise line by revenue and second-largest by passenger count, are among the world’s largest cruise ships in operation today.

MS Spectrum of the Seas is set to arrive with 4,819 passengers, while MS Quantum of the Seas will bring in 4,905 passengers.

CRUISE passengers in yellow windbreakers disembark from MS World Dream, after the vessel docked for a day at the Alava Wharf in the Subic Bay Freeport on December 11. SBMA PHOTO

“These arrivals will also serve to provide additional income to the Subic community, as well as neigh-

boring areas that cruise passengers visit upon arrival here,” Eisma pointed out.

According to SBMA records, the 19 cruise ship visits in 2018 yielded a total of 38,205 visitors and direct revenue of P8.4 million for the SBMA Seaport Department.

This year, the 15 cruise ship arrivals from January to October generated 38,985 visitors and an income of P8.07 million for SBMA Seaport.

Eisma also stressed that the actual income earned by all the tourism players in Subic and neighboring communities would be bigger, since this would include money earned by tour buses and taxis, entertainment groups, restaurants and shops, tiangge vendors, theme parks and resorts, as well as malls in Subic and nearby areas.

Eisma said the SBMA aims to generate more cruise ship traffic by retrofitting the Alava, Bravo and Rivera wharves in the Subic

Freeport to accommodate more arrivals.

“We’re also upgrading the Subic Bay International Airport to attract passengers who may opt for the seaair connection available in Subic,” she added.

Eisma also said that another measure the SBMA would look into is the issuance of implementing rules and regulations for Executive Order 72, which governs the admission and stay of foreign nationals in Subic as temporary visitors.

The latest cruise ship to arrive in Subic was MS World Dream, which arrived on December 11.

MS World Dream, which has a capacity of 3,376 passengers, was designed for the Asian cruise market and is now operated by the Dream Cruises line of the global entertainment and leisure firm Genting Hong Kong.

Pact binds various government agencies to prepare labor force for Industry 4.0

By Elijah Felice E. Rosales @alyasjah

T

HE Department of Trade and Industry (DTI) has entered into a memorandum of understanding (MOU) with two government agencies intended to prepare the labor force for future production requirements in the manufacturing industry under Industry 4.0.

At the Manufacturing Summit

this December, the DTI signed an MOU with the Department of Labor and Employment, and the Technical Education and Skills Development Authority . The MOU formally included the DOLE and the Tesda in the expanded MOU between government agencies inked last year during the Inclusive Innovation Conference 2018.

The DTI, DOLE and the Tesda will be cooperating on the innova-

tion initiatives agreement, specifically on human resource development, reskilling and upskilling of labor force.

Aside from these agencies, the MOU include signatories, such as the Departments of Science and Technology, of Education, of Information and Communications Technology, and of Agriculture. Also among the signatories are the National Economic and Development

Members of motorcycle taxi NIA defends 299 projects flagged TWG seek congressional by audit body probe into ‘irregularities’

“That’s why we are addressing the issue by asking Congress to step in because if we didn’t correct this this early and an accident happens, then it will paint a bad picture for legal motorcycle taxis.” —Inton

By Lorenz S. Marasigan

@lorenzmarasigan

M

E M BERS of the technical working group (TWG) for the pilot program for motorcycle taxi services in the Philippines have asked lawmakers to intervene and correct the “irregularities” that may have marred the results of the initial findings on the new transport service.

In an urgent petition to the House of Representatives and the Senate, five groups that have been part of the pilot program sought the holding of legislative inquiries to the program’s implementation.

This development came after the Department of Transportation (DOTr) earlier announced the potential extension of the pilot program for six months with the inclusion of new players.

Allegedly, the government side of the TWG has been “secretive” with their moves, supposedly proceeding with various meetings “without consumers, advocacy groups and other stakeholders.”

“The repeated exclusion of consumers, advocacy groups and other stakeholders from the meetings show a lack of transparency and an active effort to deny inclusion of civil society to fully represent the public interest,” the petition read.

The five groups that signed the petition are: Legal Engagement Advocating for Development and Reform, Komyut, Move Metro Manila, Transport Watch, and Lawyers for Commuter Safety and Protection.

“The public hearing will be a positive step toward legislatively addressing the issue of motorcycle taxis, address questions of transparency in the process and will provide information to the public of the planned expansion of the pilot,” the petition read.

In a news briefing, Ariel Inton, a member of the TWG and also a signatory to the petition, said “there are irregularities to the process” by which the government runs the pilot program.

“That’s why we are addressing the issue by asking Congress to step in because if we didn’t correct this this early and an accident happens, then it will paint a bad picture for legal motorcycle taxis,” he said.

Inton was particularly unconvinced on the addition of new players in the pilot program, given that a law and an appropriate set of rules and regulations for motorcycle taxis have yet to be passed and issued.

“Why are we introducing competition during pilot testing? If we are convinced that the motorcycle taxis are good, then make laws and regulations. Because what it looks like is you extended the pilot to accommodate new players,” he said.

By Jasper Emmanuel Y. Arcalas

Authority and the Commission on Higher Education.

Further, the DTI signed a second MOU with Siemens, who would provide assistance to the government in promoting Industry 4.0 initiatives in the Philippines.

Both parties agreed to closely collaborate in crafting an Industry 4.0 road map that is geared toward ushering the manufacturing industry and the Philippines toward

the Fourth Industrial Revolution.

In a news statement issued on Monday, Trade Secretary Ramon M. Lopez said these developments “can revitalize the manufacturing sector.”

“This is the sector that can bring in more jobs for the Filipinos, helping achieve the vision of our President in having more Filipinos live more comfortable lives,” Lopez added.

According to the World Economic

Compliance trends you better leave behind in 2019

risk party and open the door to misconduct, or you perform too much due diligence on a low-risk party and waste precious compliance resources.

Neither one does a company any favors. The goal should be a strong, versatile risk assessment process, so companies can have a credible defense should some third party indeed create a misconduct risk that contaminates your company’s reputation.

@jearcalas

T

HE National Irrigation Administration (NIA) said it has completed at least 87 percent of the over P20-billion 299 projects flagged by the Commission on Audit (COA) in the past two years due to delays.

Citing two previous COA reports that audited its performances in 2017 and 2018, NIA said they have been fast-tracking the completion of the projects for the benefit of farmers.

NIA explained that after thorough assessment of the projects flagged by COA, it found that the 299 projects were 293 contract packages representing 134 projects.

“This means that there are projects with several contract packages. Reasons for the delay were included in the report, such as unfavorable weather condition and delayed release of funds, which usually coincides with cropping season that virtually put a stop to construction, especially in existing irrigation systems,” it said in a news statement issued on Monday.

NIA said it also discovered that one of the contract packages was counted twice, hence, the total number of concerned contracts should only be 292.

And of the total 292 contract packages, the NIA said, they have completed 257 already as of November 15, while 11 are still on-going, with one being suspended, 5 mutually terminated and 11 being blacklisted.

“Of the 257 completed, 16 incurred liquidated damages; of the 11 ongoing, seven incurred, while those terminated and blacklisted were either repackaged and, therefore, rebid and/or undertaken through force account works,” it said.

“In both cases, further delay in the completion of these contract packages is expected. The 23 contract packages were meted with LD in the amount of P193,510,253.18,” it added.

The NIA also defended that some of the projects flagged by COA are multiyear big tickets projects, such as the Balog-Balog Multipurpose Project (BBMP), which would take three to five years, at most, to be completed.

“The BBMP is one of the projects started by then-President Cory Aquino, but which did not gain ground due to reasons beyond NIA’s control,” it added.

Nonetheless, NIA Administrator Ricardo R. Visayas assured the public, particularly the farmer-beneficiaries of the irrigation projects, that they would fast-track the completion of the remaining contract packages.

Forum, Industry 4.0, or the Fourth Industrial Revolution, is the advent of cyber-physical systems that fuses digital technology with physical society and enterprises. These fusions allows for the production of entirely new capabilities for people and machines.

The Philippines has a lot of catching up to do in terms digital competitiveness and Industry 4.0 capabilities.

Thinking only about what’s legal, not what’s ethical

By Henry J. Schumacher

N

OW that 2019 is winding down, we can reflect on a few compliance trends that emerged over the last 12 months, including ill-advised practices and bad habits that compliance officers would do well to leave behind.

Four major trends come to mind:

Ignoring vendor data security risk

EVERY year, more companies allow more third-parties access to their confidential data—and far too many don’t have a clue about how much risk they are inviting.

Consider these stats from a 2019 survey of more than 1,000 security professionals:

Only 35 percent of respondents rate their thirdparty risk management program as highly effective;

Only 34 percent of respondents say they have a comprehensive inventory of all their third parties; and

Only 29 percent of respondents say a third party would contact them about the data breach.

That is not good. Strengthening vendor data security risk management is not easy, but ignoring the problem will not accomplish anything. Even simple fixes, like contract clauses requiring third parties to report a breach of your data, are a start.

Uniform due diligence reviews

ALONG similar lines, a stubborn number of companies still apply uniform standards of due diligence to all third parties for anti-corruption. That’s better than no due diligence at all (see data security risks, above), but it still spawns two other headaches. Either you perform too little due diligence on a high-

NUMEROUS times in 2019, we saw prominent corporations sharply rebuked in the court of public opinion for transactions that might have been legal, but still didn’t pass the ethical smell test. Outlandish contracts with unqualified consultants; data sharing with shady third parties; inadequate personal data protection. We won’t name names here, but examples abound.

Fundamentally, employees and customers are gaining more power to force difficult questions about companies’ ethical principles, and they’re willing to do so. On the other hand, boards are downright terrified of heightened reputation risk.

That means standing behind the fig leaf of “Well, legally we did nothing wrong!” no longer works. Share prices can still be battered; boycotts can still take flight on social media. Companies must stop relying on what’s legal, and start defining what’s ethical.

Believing data and security breaches are not going to happen

WE are seeing almost on a daily basis that data privacy is breached, that sensitive data is leaked and that the reputation of companies is challenged because the implementation of the Data Privacy Act, and the rules and regulations issued by the National Privacy Commission are taken lightly.

It is high time that this attitude is changed, and policies, procedures and controls for data protection are put in place. This requires to:

Commit to comply—with focus on governance and the task of the data privacy officer

Know your risk—data inventory and analysis/data protection impact assessment

Beaccountable—createaprivacymanagementprogram

Demonstrate compliance—implement measures regarding compliance monitoring to audit

Be prepared for breaches—have a proper breach management team in place.

And let me repeat: Companies must stop relying on what’s legal, and start understanding that breaches are not happening on the legal side: they happen in operations.

Good luck with your New Year’s Resolutions! Please include the areas that I have covered.

If you need assistance, contact me at Schumacher@ eitsc.com

A10 Tuesday, December 17, 2019

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Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE NCR Regional Office located at 967 Maligaya St., Malate, Manila, within 30 days after its publication.

Please inform DOLE NCRif you have any information on criminal offense committed by the foreign nationals.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Tuesday, December 17, 2019

B1

Vista Land bond sale yields P10B for mall construction

By VG Cabuag @villygc

P

roperty developer Vista Land and Lifescapes Inc. on Monday said it has raised some P10 billion from the sale of fixed-rate peso bonds.

In its disclosure, Vista Land, the company controlled by former politician Manuel B. Villar Jr. said it sold some P2.25 billion worth of bonds to individual investors and some P7.74-billion debt to institutional buyers.

The said bonds will have a tenor of five years and six months from issue date.

Vista Land may redeem in whole the outstanding bonds at 101 percent of the principal amount on the third year at 100.5 percent on the fourth anniversary of the issuance.

China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. acted as joint issue managers, lead underwriters and bookrunners for

the deal. Proceeds will fund the construction and completion of various malls, redevelopment of existing malls and the construction of condominium projects, as well as for general corporate purposes, the company said in its registration statement.

Last month, Vista Land reported that its profit in January to September reached P9.1 billion, up 12 percent from P8.1 billion last year.

Revenues reached P34.4 billion, 9 percent higher from P31.4 billion last year.

Leasing revenues for the period increased by 13 percent to P5.8 billion, from P5.1 billion last year, the company said.

“We are well-poised to achieve another record year this 2019 as Vista Land continues to deliver solid performance both from our leasing and residential businesses,” Manuel B. Villar Jr., the company’s

chairman, said.

Vista Land’s reservations sales hit P61.6 billion, up 8 percent, majority of which remains overseas Filipinos and over 90 percent endusers, he said.

In August, the company said it is targeting to launch at least P50 billion worth of residential projects this year. Vista Land is targeting more of the overseas Filipino workers and domestic buyers.

The company said its leasable spaces are mostly retail malls which limits its exposure to Philippine offshore gaming operators.

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

Jollibee opens 1,200th PHL outlet

By Roderick L. Abad @rodrik_28

F

Contributor

AST-FOOD giant Jollibee officially opened on Monday its 1,200th store in the country, boasting technological and operational innovations meant to improve the overall customer experience and convenience.

Located at the Petron gas station along the southbound side of South Luzon Expressway, this is the second Level Up Joy store that features a modern interior design with advanced technologies.

“This is one of the latest store design concepts of Jollibee,” Arline B. Adeva, assistant vice president and head of brand communications, public relations and digital at Jollibee, told reporters in an interview on the sidelines of the kick-off event.

“We call it ‘Level Up’ because it’s end-to-end—from the store look, the innovations, of course, the products are there, and the [quality] service that we are giving also,” Adeva added.

Another milestone set by this 64th branch of Jollibee that opened this year is its dual lane drive thru—the first of its kind in the country today. Each lane has its own ordering, payment and pick up counters.

“It’s ideal for families and friends who are in transit and

The Jollibee Level Up Joy Store along South Luzon Expressway.

want to grab great tasting food they can enjoy or take home with them along the way,” noted Francis Flores, Jollibee Global Brand chief marketing officer and Jollibee Foods Corp. Philippines Country Business Group and concurrent Jollibee Philippines marketing head.

Since time is always precious to customers, this store is the fourth to feature an automated food conveyor system that is capable of bringing the ordered meals from the kitchen through the counter, and even all the way to the drive thru window.

Another technology it is equipped with is the drive thru

lane sensor system that provides real-time performance data, such as waiting bay times and average service speed to help the store crew better handle orders and serve patrons quicker. To date, DTLSS is installed in more than 200 Jollibee outlets all over the country.

For a more convenient purchase at the store, self-order kiosks (SOKs) are in place. With just a few taps on the screen, customers can choose to mix and match their meals. To complete their order, they can settle the bill via multiple online payment options (credit cards, Pay Maya, and Happy Plus Card) or

simply pay cash at the counter.

Some of the tables in the dining area of this upgraded outlet have built-in wireless charging pads to power up the customers’ mobile devices.

“All these and more make the Jollibee Petron Slex southbound store your best choice for a joyful and convenient stopover,” said Jollibee Regional Business Unit Head for South Luzon Ana Aluyen. “We hope that this will be your new favorite stop along the expressway to help you have an enjoyable and, hopefully, stress-free journey with your family and friends.”

Buoyed by the country’s economic growth and robust food industry, the homegrown quick service restaurant chain led by businessman Tony Tan Caktiong continues its network expansion here and abroad.

According to Adeva, Jollibee is set to open nine more local branches before the year end and around 100 by 2020.

Overseas, it currently has 248 branches. Forty of its stores in the country now have SOKs. “We hope to have at least a total count of 60 stores with self-order kiosks by end of 2019 because this is a part of our goal to bring utmost convenience also to our customers,” she bared. “Definitely we’re ramping it up by next year, maybe around 200 stores will have SOKs.”

PSE okays CPG preferred shares offering

P

roperty developer Century Properties Group Inc. (CPG) on Monday said it secured the approval of the Philippine Stock Exchange (PSE) for its P3-billion preferred share offering.

The PSE approval involves the offering of up to P3 billion worth of preferred shares—proceeds from which will be used for its expansion into the commercial leasing business, specifically for a new office development, and to fund the capital expenditures of its leasing projects.

The company is offering some 30-million preferred shares at an offer price of P100 apiece. A primary offering of 20-million shares will be offered to the public and some 10-million shares will be its oversubscription option.

The shares, which are non-voting but will have a higher yield as compared with the common shares, will have dividend rate at 6.7177 percent per year.

The offer period started on Monday through January 3, 2020, while the target listing date will be on

January 10, 2020. Dividends shall be paid quarterly, every January 10, April 10, July 10 and October 10 of each year, the company said.

The preferred shares will be issued out of the unsubscribed capital stock of the company. It will be listed on the main board of the PSE under the trading symbol CPGP. China Bank Capital Corp. is the sole issue manager, lead underwriter and bookrunner for the deal.

Early this year, the company raised P3 billion from a bond of-

fering that will be used for its affordable housing and townhome projects.

As disclosed in its quarterly report, CPG posted an 81-percent increase in its net income to P1.2 billion in January to September, from P661 million a year ago. The figure already exceeded its full-year 2018 net income of P1.1 billion.

The company’s consolidated revenues rose to 35.6 percent, or P9.8 billion compared to P7.2 billion in the same period a year ago.

VG Cabuag

Phoenix converts Iloilo taxi fleet to auto LPG

By Lenie Lectura

P

@llectura

hoeni x LPG Philippines Inc., the liquefied petroleum gas (LPG) arm of Phoenix Petroleum Philippines Inc. (PPPI), is converting over 200 registered fuel-powered vehicles operating in Iloilo City and nearby provinces to auto gaspowered cars.

T his after Phoeni x LPG signed a conversion deal with GDR Taxi, one of the biggest taxi fleets in the region.

Phoeni x LPG par tnered with Clean Vehicle Solutions (Asia) Ltd. (Cleva)—a Hong Kong-based company t hat specializes in fuel delivery, installation, and maintenance of LPG equipment—to use its Prins Technology for the auto LPG-conversion project with GDR Taxi.

Phoenix has already converted 48 out of the 215 GDR taxi units into auto LPG-powered vehicles, and is expected to complete the project by the first quarter of 2020.

“To complement our credible and efficient Phoeni x Super LPG for home cooking, we are extending our brand’s offering to motorists through Phoenix Auto LPG, our very own clean-burning and highoctane green fuel.

“Since it is more affordable, readily available and portable, auto LPG is the most viable and credible alternative to the conventional fuels we use today,” PPPI Chief Operating Officer Henry Albert Fadullon said.

Also, Phoenix Petroleum’s w hol l y o w ne d s u b s id i a r y Phoenix Pilipinas Gas and Power Inc. signed an agreement with Mesa Natural Gas Solutions, Llc., an American company based in Casper, Wyoming.

T he dea l involves ma king genset units available in the Philippines with the corresponding commissioning, training and technical support from the US. Both companies are expecting the deal to promote the use of gas, and broaden the Philippines’s energy mix.

The memorandum of agreement was signed by Dennis Uy, president and CEO of PPPI, and Scott Gromer, president and CEO of Mesa Natural Gas Solutions, Llc. on December 11 at the Udenna Tower in BGC, Taguig City. “ T hrough t h is va lu able project, we will be able to further support the Philippine government’s thrust to broaden our energy mix and move closer toward cleaner energy.

Ga s, bei ng ava i l able i n many parts of the world, will allow us to diversify and stabilize our energy sources as we help the country better secure its energy requirements,” Fadullon said.

He also stated that the genset technology will allow the use of propane-rich LPG as a transition fuel, while the availability of LNG is still being developed. Phoenix LPG will supply propane-rich LPG the feed-stock to the Mesa gensets.

US-China trade talks still affect peso, stocks

T

he peso ended sideways against the US dollar on Monday while the Philippine Stock Exchange index (PSEi) started the week on the negative territory as investors await developments on the initial United States-China trade deal.

The local unit finished the day’s trade at 50.635 from 50.64 close Friday last week, which a trader attributed to trade discussions between the world’s largest economies.

Last week, the US and China announced they would cancel plans to implement new tariffs on goods from the respective economies as they have laid out preliminary points for the first phase of the deal.

However, investors are still jittery since the deal has yet to be signed, the trader said.

The peso opened the day weaker at 50.65 than the 50.50 start in the previous session.

It strengthened to 50.57 but also touched 50.67, resulting in an average of 50.614.

Volume totaled to $502 million, a significant decline from the $1.33 billion at the end of last week’s trading.

The peso is seen to trade between 50.60 and 50.80 against the greenback on Tuesday.

On the other hand, the local equities index shed 2.24 percent, or 176.03 points, to 7,701.60 points.

All Shares index followed with a 1.72-percent, or 80.18 points, drop to 4,581.89 points.

Most of the sectoral gauges also finished with losses, led by the Holding Firms with 2.41 percent decline.

Financials trailed after it declined by 2.35 percent and was followed by Property, 2.19 percent; Industrial, 1.87 percent; and Services, 1.35 percent.

Only Mining and Oil ended in the positive territory after rising by 1.12 percent.

Volume reached 483.74 million shares amounting to P6.2 billion.

Losers led gainers at 126 to 70, while 73 shares were unchanged. PNA

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Companies BusinessMirror

Tuesday, December 17, 2019

PSE STOCK QUOTATIONS

December 16, 2019

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

53.5 157 87.3 24.9 6.21 12.98 66.2 12.7 20.5 35.8 57.15 112.2 23.95 195 58 0.94 1.78 18.1 0.53 3.93 7.01 1.15 0.37 786.5 0.79 175 1786 1.05

54 158 88 24.95 7.95 13 66.7 13 20.8 36 58.35 128 24.2 196 58.2 0.97 1.99 18.38 0.6 4.13 8.49 1.32 0.4 834.5 0.83 178 1846 1.09

54 159.5 91 25 6.16 13 67 12.7 20.5 36.2 57.1 112.1 24.15 200 57.9 0.94 1.77 18.46 0.53 3.93 7.01 1.15 0.375 835 0.78 173 1786 1.09

54 159.7 91 25.05 7.95 13.06 67.45 12.7 20.5 36.5 58.35 112.1 24.2 200 58.4 0.94 1.85 18.46 0.6 4.13 7.01 1.15 0.375 835 0.83 178 1786 1.09

54 157 87.1 24.9 6.16 12.96 66.2 12.7 20.5 35.75 57.1 112.1 23.95 195 57.8 0.94 1.77 18.1 0.53 3.92 7.01 1.15 0.37 835 0.78 172.9 1786 1.05

54 157 87.3 24.95 7.95 13 66.2 12.7 20.5 35.8 58.35 112.1 23.95 195 58 0.94 1.85 18.42 0.6 4.13 7.01 1.15 0.37 835 0.83 178 1786 1.05

50 1759630 1813340 162300 200 286600 1553810 201100 100 162600 2420 10 50300 309670 27860 8000 63000 800 3000 41000 100 6000 180000 200 2000 1010 5 2000

2700 277524946 159774564 4048970 1411 3729616 103362961 2553970 2050 5846385 138745 1121 1208390 60650904 1611723 7520 116030 14612 1660 161610 701 6900 66850 167000 1610 175374 8930 2140

INDUSTRIAL

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

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE B FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG KEPPEL HLDG A KEPPEL HLDG B LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG MJC INVESTMENTS METRO PAC INV PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER WELLEX INDUS ZEUS HLDG

-138266867 -40864842.5 -1296585 -616 2028096 -34758431 -2541270 -2050 -2379325 -571.5 -1121 -386895 -25926773 -1570625 -55500 -1810 -1130 -701 -1150 3700 167000 -780 -1729 -8930 -1050

2.25 1.23 33 0.232 24.65 67.25 303 9.32 4.01 3.9 11.2 33.5 7.73 15.3 13.4 2.81 18.24 15.26 5.1 9.09 7.19 87.5 0.56 1.13 40.5 223.6 41.55 7.24 11.78 0.155 1.9 10 2.09 5.03 1.88 0.114 141.1 1.13 2.44 68 67.5 2.19 5 14.44 9.59 13.9 16.56 9.77 1 0.91 170 2.02 1.6 3.04 4.99 26.15 2 7.71 1.28 5.05 0.86 4.21

2.28 1.25 33.2 0.233 24.7 69 304 9.34 4.02 3.97 11.48 33.55 7.9 15.5 13.5 2.83 18.5 15.36 5.16 9.1 7.2 88 0.57 1.14 40.7 223.8 48 7.53 11.8 0.175 1.91 10.2 2.12 5.3 1.94 0.12 143.9 1.14 2.57 74.5 77.8 2.2 5.44 14.9 9.99 13.94 16.88 10 1.05 0.92 176.7 2.05 1.73 3.39 5 28.1 2.02 7.75 1.38 5.6 0.87 4.25

2.34 1.25 34.5 0.232 25.45 70.5 318 10.3 4.18 4.1 11.1 33.5 7.72 15.52 13.58 2.85 19.4 15.26 5.16 8.9 7.19 87.5 0.54 1.17 40.7 224 41.55 7.3 11.9 0.153 1.9 10 2.11 5.35 1.88 0.113 145.2 1.14 2.44 68.05 71.05 2.13 5 14.58 9.9 13.9 16.9 10 1.07 0.9 170 2.01 1.6 3.03 5.02 26.15 2.02 7.73 1.39 5.05 0.87 4.24

2.38 1.25 34.6 0.236 25.45 70.6 318 10.7 4.25 4.1 11.48 33.6 7.94 15.52 13.6 2.86 19.4 15.38 5.16 9.14 7.21 88.8 0.56 1.19 40.7 228 41.55 7.6 11.9 0.153 1.91 10.2 2.16 5.35 1.88 0.12 145.2 1.15 2.57 69 78.4 2.2 5 14.98 10.1 14 16.9 10.1 1.07 0.93 172 2.02 1.6 3.44 5.14 28.1 2.03 7.95 1.39 5.05 0.87 4.35

2.25 1.25 33 0.23 24.3 67.2 299.4 9.01 4.02 3.9 11.1 33.35 7.71 15.5 13.32 2.78 18.5 15.26 5.16 8.9 7.19 87.5 0.54 1.13 39.9 222.4 41.55 7.13 11.5 0.153 1.9 10 2.08 5.3 1.88 0.113 141.1 1.13 2.44 68.05 66.55 2.13 5 14.44 9.59 13.6 16.56 9.75 1 0.89 170 2.01 1.6 3.03 5 26.15 2 7.73 1.27 5.05 0.86 4.18

2.28 1.25 33 0.233 24.7 67.25 303 9.34 4.02 3.9 11.48 33.5 7.72 15.5 13.5 2.83 18.5 15.36 5.16 9.1 7.19 88 0.56 1.14 40.5 223.6 41.55 7.54 11.8 0.153 1.9 10 2.12 5.3 1.88 0.12 141.1 1.13 2.57 69 67.5 2.19 5 14.44 9.99 13.9 16.88 10 1.05 0.92 170 2.02 1.6 3.44 5 28.1 2.02 7.73 1.38 5.05 0.87 4.25

1206000 1000 997300 910000 498900 186620 375070 7863100 3635000 11000 73900 259800 158600 5000 414600 1040000 9000 424600 1500 5127800 18900 52010 388000 12153000 15900 1003110 100 6900 16900 10000 4338000 948600 1307000 25200 6000 240000 529060 995000 4000 620 2070 973000 100 79700 191700 321500 476700 87000 19000 1102000 30 21000 8000 3000 27800 400 4118000 91200 3000 400 122000 59000

2770400 1250 33356355 212500 12374195 12810822.5 114473898 75036548 15023760 44300 836310 8702250 1240405 77512 5605306 2932820 166654 6509434 7740 46639970 135897 4568087 211910 14043940 643380 225058522 4155 52098 196268 1530 8243820 9492416 2794990 133992 11280 27550 75621148 1134200 10150 42561.5 142552.5 2113820 500 1157044 1883316 4471168 8,029,788( 868260 19550 997030 5120 42410 12800 9770 139222 10850 8,298,330( 707097 4040 2020 105580 249980

-78340 -1250 -16183510 -3298325 -1809893 10937072 -32859902 -3958650 -3900 -1116 3283305 -785 -77512 99424 1419870 674918 -1548 6665531 -26603 -942826 -540 -129580 506420 71828214 -4155 -713 -1150 -1530 212130 -872600 23320 -125982 -1880 -1140 -21013659 55410 -7580 -658640 -0 -58070 -1072715 -1820934 2,608,608.0003) -2010 -1000 -890 -1700 -2009.9999 -1600 -3030 59649 -5230 4,084,440.0001) -181912 -1270 -860 84880

0.75 11.3 752 49.8 11.36 3.01 6.48 0.7 0.93 6.7 5.52 13.06 3.61 0.216 855 5.3 78.15 5 5.2 5.2 0.485 3.78 11.76 0.57 2.6 3.04 4.4 1.26 2.71 1.22 185 1054 152 0.76 2.21 203.8 0.213 0.194

0.76 11.84 756 50.2 11.38 3.04 6.72 0.72 0.95 6.8 5.55 13.28 5.14 0.226 856 5.31 78.2 5.36 5.68 5.89 0.5 3.8 11.8 0.58 2.99 3.05 4.5 1.31 2.98 1.25 190 1055 155 0.8 2.37 216 0.217 0.199

0.75 11.26 782.5 51.85 11.16 3.11 6.71 0.73 0.94 6.71 5.72 13.02 3.61 0.216 890 5.3 81.9 5 5.2 5.21 0.485 3.77 12 0.56 2.6 3.11 5 1.27 2.71 1.23 200 1071 153 0.76 2.21 210.8 0.213 0.199

0.76 11.98 795 52.35 11.4 3.13 6.72 0.73 0.95 6.71 5.83 13.26 3.61 0.216 897 5.44 82.05 5.43 5.2 5.21 0.5 3.79 12 0.58 2.6 3.23 5 1.35 2.71 1.25 200 1075 155 0.8 2.21 216 0.213 0.199

0.74 11.26 749 49.8 11.16 3.04 6.38 0.7 0.89 6.69 5.44 13.02 3.61 0.216 856 5.3 77.5 5 5.2 5.21 0.485 3.77 11.7 0.56 2.6 3.01 4.4 1.25 2.71 1.23 180 1055 151.8 0.76 2.21 203.8 0.213 0.194

0.75 11.86 752 49.8 11.38 3.04 6.72 0.72 0.95 6.7 5.55 13.26 3.61 0.216 856 5.3 78.2 5.4 5.2 5.21 0.5 3.78 11.8 0.58 2.6 3.05 4.5 1.32 2.71 1.25 190 1055 155 0.8 2.21 216 0.213 0.194

4880000 900 1271110 1052390 18540500 1127000 600 102000 951000 9266600 18917100 48000 1000 50000 83200 353300 2355890 77300 100 2000 24000 1679000 844400 378000 1000 144807000 38000 320000 1000 2000 1230 333580 191230 2000 1000 3170 810000 170000

3667680 10474 961275670 53259955.5 210538240 3475670 3997 72450 866410 62064923 106572473 636452 3610 10800 72110175 1887691 184436288 414962 520 10420 11685 6346690 9962760 214170 2600 449890420 171650 404060 2710 2480 232041 352801120 29217303 1560 2210 671922 172530 33540

-21730 -1126 -236551580 -28535230.5 51717400 -236080 -638 -31205859 -28612528 -1302 -3610 -2160 -41396975 -1636595 -110416895 4900 -521 -485 -2082550 -4754214 -560 -2600 -62163610 -2230 -1270 -2710 -1230 -1820 -215343235 -6428959 -760 -2210 -46886 -2130 -1990

PROPERTY ARTHALAND CORP 0.83 0.86 0.84 0.86 0.81 0.86 1612000 1345750 8.88 9.74 8.82 8.82 8.82 8.82 100 882 -882 ANCHOR LAND 45.75 46.4 47 47.9 45.75 45.75 11468500 541705245 122735955 AYALA LAND ARANETA PROP 1.42 1.44 1.45 1.45 1.43 1.44 115000 165800 2.01 2.03 2.04 2.04 2 2.04 254000 509840 63490.0001 BELLE CORP 0.72 0.73 0.72 0.73 0.71 0.73 78000 55760 A BROWN CITYLAND DEVT 0.83 0.86 0.83 0.86 0.83 0.86 11000 9160 0.181 0.188 0.18 0.189 0.18 0.188 290000 53450 -25200 CROWN EQUITIES 6.38 6.43 6.47 6.47 6.36 6.47 500 3224 -3224 CEBU HLDG CEB LANDMASTERS 4.64 4.67 4.7 4.7 4.64 4.64 354000 1654020 79270 CENTURY PROP 0.55 0.56 0.55 0.56 0.54 0.56 20094000 11123540 -56540 0.395 0.4 0.395 0.395 0.395 0.395 10000 3950 -3950 CYBER BAY DOUBLEDRAGON 19.22 19.42 19.46 19.54 19.2 19.22 110200 2134424 211168 DM WENCESLAO 10.02 10.2 10.2 10.22 10 10.2 76100 771694 -96524 0.42 0.425 0.425 0.425 0.42 0.42 40000 16850 -4200 EMPIRE EAST EVER GOTESCO 0.119 0.123 0.121 0.121 0.121 0.121 110000 13310 -1210 FILINVEST LAND 1.47 1.48 1.51 1.52 1.48 1.48 10372000 15490220 -3920830 1.16 1.19 1.16 1.16 1.16 1.16 77000 89320 -1160 GLOBAL ESTATE 8990 HLDG 14.8 14.92 14.84 14.84 14.8 14.8 320600 4754940 -164444 PHIL INFRADEV 1.25 1.27 1.28 1.28 1.25 1.26 528000 667380 -1260 3.94 4.67 4.11 4.11 4 4 31000 124110 -4110 KEPPEL PROP 0.77 0.78 0.73 0.73 0.73 0.73 1000 730 -730 CITY AND LAND MEGAWORLD 4.11 4.15 4.32 4.36 4.11 4.11 22837000 95333830 -32247910 0.211 0.212 0.222 0.225 0.205 0.212 17520000 3744560 -65180 MRC ALLIED 0.415 0.445 0.41 0.445 0.41 0.445 50000 20900 -4100 PHIL ESTATES PRIMEX CORP 2.01 2.03 2.01 2.02 2.01 2.02 127000 256120 -2009.9999 26.2 26.6 26.8 26.9 26.2 26.2 1038600 27479915 3062485 ROBINSONS LAND 0.33 0.34 0.33 0.33 0.33 0.33 70000 23100 -3300 PHIL REALTY ROCKWELL 2.11 2.13 2.14 2.14 2.11 2.11 24000 50700 -6330 SHANG PROP 3.15 3.2 3.25 3.26 3.15 3.2 23000 73660 -60640 2.4 2.43 2.45 2.45 2.42 2.43 110000 268000 -17080 STA LUCIA LAND SM PRIME HLDG 40.8 41.2 41.8 41.9 40.8 40.8 7439300 306228370 -2654745 VISTAMALLS 5.27 5.56 5.24 5.56 5.22 5.56 82400 450939 -526 1.06 1.09 1.13 1.14 1.05 1.09 4068000 4434450 -1110 SUNTRUST HOME VISTA LAND 7.3 7.41 7.41 7.41 7.27 7.41 4326200 31986217 -11770722

SERVICES ABS CBN 16.18 16.2 16.4 17 16.2 16.2 156500 2623062 5.24 5.25 5.25 5.25 5.2 5.24 69400 364069 GMA NETWORK MANILA BULLETIN 0.385 0.39 0.39 0.39 0.39 0.39 20000 7800 GLOBE TELECOM 1935 1960 1978 1978 1935 1935 21660 42266420 -4757200 986 990 1001 1004 985.5 990 75280 74900870 -20790572.5 PLDT 0.042 0.043 0.042 0.042 0.042 0.042 700000 29400 APOLLO GLOBAL DFNN INC 5.14 5.59 5.11 5.59 5.11 5.59 500 2747 -511 1.66 1.8 1.66 1.66 1.66 1.66 7000 11620 -1660 IMPERIAL 0.098 0.1 0.098 0.098 0.098 0.098 20000 1960 980 ISLAND INFO ISM COMM 3.28 3.29 3.34 3.4 3.29 3.29 1640000 5453840 3340 JACKSTONES 2.04 2.24 2.04 2.22 2.04 2.22 2000 4260 -2040 2.56 2.57 2.6 2.62 2.52 2.56 1385000 3544860 200780 NOW CORP TRANSPACIFIC BR 0.27 0.275 0.28 0.29 0.275 0.275 2110000 582500 -2800 PHILWEB 2.6 2.65 2.55 2.69 2.55 2.6 243000 634340 -31290 9.72 9.9 9.8 10 9.72 9.72 15700 156198 5868 2GO GROUP ASIAN TERMINALS 18.26 18.5 18.5 18.5 18.5 18.5 30000 555000 CHELSEA 4.98 5 5 5.05 4.91 5 709600 3543694 515030 89.55 90 92.3 92.3 89.45 89.55 58570 5264768 -1703675 CEBU AIR INTL CONTAINER 127.1 127.9 126.8 130.8 125.2 127.9 1844850 236694007 6640004 LBC EXPRESS 12.8 13.5 12.74 12.74 12.74 12.74 100 1274 -1274 0.89 0.9 0.89 0.9 0.89 0.9 101000 90890 -890 LORENZO SHIPPNG 16.8 16.86 17.06 17.18 16.86 16.86 198700 3366718 -2804660 MACROASIA METROALLIANCE A 0.99 1 0.99 0.99 0.99 0.99 7000 6930 1 1.14 1.03 1.03 1 1 71000 71530 -21530 METROALLIANCE B 7.55 7.99 7.5 7.99 7.5 7.99 22200 166657 -750 PAL HLDG HARBOR STAR 1.17 1.18 1.18 1.21 1.17 1.17 232000 274570 -1180 1.45 1.5 1.53 1.56 1.48 1.5 17000 25690 ACESITE HOTEL DISCOVERY WORLD 1.61 2.02 1.96 2.02 1.95 2.02 16000 31320 -1960 GRAND PLAZA 9.55 10.56 9.51 10.54 9.51 10.54 200 2005 -951 WATERFRONT 0.61 0.62 0.62 0.62 0.61 0.61 31000 19060 -610 6.9 7.08 6.9 6.9 6.9 6.9 100 690 -690 CENTRO ESCOLAR FAR EASTERN U 890.5 895 890.5 891 890.5 890.5 130 115770 97955 IPEOPLE 8.3 9 7.78 9 7.78 9 40900 338980 -778 0.64 0.66 0.64 0.66 0.64 0.66 783000 504130 136920 STI HLDG BERJAYA 4.11 4.15 4.15 4.19 4.1 4.11 1192000 4917950 -20750 BLOOMBERRY 10.8 10.86 10.98 11.06 10.8 10.8 2814200 30704606 7112804 2.5 2.58 2.5 2.5 2.5 2.5 10000 25000 -25000 PACIFIC ONLINE LEISURE AND RES 2.59 2.67 2.66 2.68 2.56 2.68 407000 1056120 -263080 MANILA JOCKEY 3.35 3.39 3.35 3.39 3.35 3.39 19000 64050 -13400 5 5.08 5 5.08 5 5.08 9500 47508 -500 PH RESORTS GRP 0.57 0.58 0.59 0.59 0.57 0.57 379000 219660 -113460 PREMIUM LEISURE PHIL RACING 7.67 8.99 7.66 7.66 7.66 7.66 33700 258142 -766 11.42 11.48 11.46 11.48 11.42 11.48 2441900 28005244 -5638620 ALLHOME 2.12 2.15 2.11 2.26 2.1 2.15 508000 1094720 542030 METRO RETAIL PUREGOLD 40.05 40.25 40.5 40.5 39.5 40.25 116600 4687180 -513610 74.1 74.9 74.5 74.8 74.1 74.1 472710 35194768.5 -2656232 ROBINSONS RTL 130 148 140 141 132.6 132.6 760 100934 -50472 PHIL SEVEN CORP SSI GROUP 2.5 2.52 2.49 2.52 2.48 2.5 623000 1555170 322930 WILCON DEPOT 18.32 18.5 18.5 18.5 18.32 18.5 1635400 30141116 82390 0.415 0.425 0.44 0.445 0.415 0.42 2610000 1117100 -38500 APC GROUP EASYCALL 8 8.3 8.3 8.39 8 8 23600 190206 7170 GOLDEN BRIA 418 433 418 438 417.8 436.6 80 34376 -4178 6.2 6.3 6 6.2 6 6.2 19300 116460 110460 IPM HLDG PAXYS 2.69 2.88 2.69 2.69 2.69 2.69 1000 2690 -2690 PRMIERE HORIZON 0.37 0.375 0.39 0.39 0.335 0.37 19450000 7283500 114150 8.84 9.08 8.75 9.09 8.75 9.08 14100 128015 -875 SBS PHIL CORP

MINING & OIL ATOK 10.02 10.96 10.94 10.96 10.94 10.96 200 2190 0.95 0.98 0.95 0.98 0.95 0.98 250000 239940 -48500 APEX MINING 0.0015 0.0016 0.0016 0.0016 0.0016 0.0016 5000000 8000 ABRA MINING ATLAS MINING 2.4 2.48 2.4 2.45 2.4 2.45 5000 12050 0.275 0.285 0.275 0.275 0.275 0.275 40000 11000 -2750 COAL ASIA HLDG 2.68 2.69 2.7 2.7 2.67 2.68 1322000 3551040 -2690 CENTURY PEAK DIZON MINES 7.09 7.3 7.11 7.32 7.1 7.1 2100 14958 -711 1.62 1.63 1.6 1.64 1.6 1.62 4501000 7279490 -355720 FERRONICKEL 0.199 0.206 0.207 0.207 0.199 0.207 30000 6130 -1990 GEOGRACE LEPANTO A 0.095 0.097 0.095 0.095 0.095 0.095 710000 67450 LEPANTO B 0.095 0.099 0.09 0.09 0.09 0.09 10000 900 -900 0.93 0.94 0.94 0.95 0.92 0.94 121000 113130 MARCVENTURES NIHAO 1 1.03 1.03 1.03 1 1.03 29000 29090 -4090 NICKEL ASIA 2.97 2.98 3.01 3.03 2.97 2.97 2050000 6151210 -654370 0.75 0.78 0.75 0.78 0.75 0.78 144000 108090 -750 ORNTL PENINSULA PX MINING 2.93 2.99 2.92 2.93 2.91 2.93 156000 454660 -17580 SEMIRARA MINING 20.85 20.9 20.45 21.6 20.45 20.9 2644500 55947845 352530 0.0055 0.0059 0.0055 0.0055 0.0055 0.0055 1000000 5500 -5500 UNITED PARAGON ACE ENEXOR 7.2 7.21 7.25 7.3 7.11 7.21 53100 382646 23775 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 20000000 240000 0.011 0.012 0.012 0.012 0.011 0.011 1700000 20300 -1100 ORNTL PETROL B 0.01 0.011 0.01 0.011 0.01 0.011 15200000 167100 -1000 PHILODRILL PXP ENERGY 8.8 8.82 8.82 8.99 8.8 8.8 240200 2122626 137250

PREFFERED

HOUSE PREF A 97.7 99.6 97.7 97.7 97.7 97.7 1000 97700 500.5 501 501 501 501 501 1020 511020 AC PREF B1 ALCO PREF B 101.3 103.3 103.3 103.3 103.3 103.3 100 10330 AC PREF B2R 505 506 505 505 505 505 1930 974650 100.4 100.9 100.3 101 100.3 100.4 37530 3784683 -1003 DD PREF 997 998.5 998.5 998.5 997 997 1140 1138080 SMC FB PREF 2 GTCAP PREF A 980 995 995 995 995 995 200 199000 970 1000 1000 1000 1000 1000 7460 7460000 GTCAP PREF B LR PREF 1 1.03 1 1 1 1 18000 18000 PNX PREF 3B 105.2 108.9 109 109 109 109 30 3270 PNX PREF 4 1015 1027 1028 1028 1014 1014 110 112340 1025 1040 1025 1038 1025 1038 290 299070 PCOR PREF 3A PCOR PREF 3B 1055 1065 1069 1069 1065 1065 250 266330 SFI PREF 1.36 1.72 1.36 1.36 1.36 1.36 1000 1360 -1360 78.25 78.8 78.45 78.95 78.25 78.25 17490 1373137.5 SMC PREF 2C SMC PREF 2D 75.2 75.7 75.2 75.2 75.2 75.2 2700 203040 SMC PREF 2E 75.95 76.1 75.95 75.95 75.95 75.95 31190 2368880.5 75.7 76 75.85 75.95 75.85 75.95 3500 265725 SMC PREF 2H PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

15.52 5.17

15.6 5.19

15.72 5.19

15.96 5.19

15.52 5.17

15.52 5.17

98000 1100

1534132 5702

WARRANTS LR WARRANT

1.28

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.01 KEPWEALTH 9.85 2.46 MAKATI FINANCE 0.82 XURPAS

1.41

1.2

1.27

1.2

1.27

5000

6280

-

4.02 9.86 2.59 0.83

4.02 9.7 2.46 0.86

4.02 10 2.6 0.86

3.85 9.69 2.46 0.82

4.02 9.86 2.6 0.83

654000 134700 23000 3205000

2577120 1327966 59660 2655870

275040 -28940 -2460 15580

EXHANGE TRADE FUNDS FIRST METRO ETF

115.4

-1192816 -3107

116.6

118.1

118.3

115.4

115.4

26010

3042923

1531200

www.businessmirror.com.ph

Filinvest overseas expansion starts with Thai property firm

By VG Cabuag

T

@villygc

he Gotianun-led Filinvest Development Corp. (FDC) on Monday said it has bought Thai firm Choeng Mon Real Estate Co. Ltd. for its expansion into Thailand, which has an economy double the size of the Philippines.

In its disclosure, FDC said it signed a share purchase agreement to buy all of the issued shares of the Thai firm, which is currently developing an international fivestar luxury quality resort.

The company did not provide other details.

“The resort shall be operated by FDC’s subsidiary under the Crimson brand. Closing and completion of the transaction is subject to the

satisfaction of certain conditions precedent and completion requirements by each of the parties,” it said in its disclosure.

FDC said in its web site that it owns a portfolio of hotels managed by Chroma Hospitality, a joint venture with Archipelago International of Singapore.

The company caters to various segments of the hospitality sector through the luxury brand Crimson

Electrolux warns of bigger hit from factory overhaul E

lectrolux AB, the Swedish maker of Frigidaire appliances, said it will incur a bigger-than-expected financial hit from merging fridge-and-freezer factories in the United States amid delivery disruptions.

The upgrade, combined with destocking at a key US customer and accounting adjustments, will shave $70 million off fourth-quarter operating income compared with a previous estimate of $25 million, according to a statement Sunday.

Electrolux also said that cost-savings targeted for next year will take until 2021 to materialize. Shares slumped as much as 12 percent at the start of trading in Stockholm.

Electrolux is investing $250 million in automation and digitization of a plant in Anderson, South Carolina, to replace one nearby and another slated for closure in St. Cloud, Minnesota. The transition led to temporary capacity constraints that affected deliveries to some customers, which are expected to be resolved in the first half, it said. The company now sees cost savings of

200 million Swedish kronor ($21.3 million) next year, one-third of what was budgeted.

The announcement comes only days after the head of Electrolux’s North American unit left the company.

“Several issues have gone wrong in the quarter that the company did not know anything about ahead of the quarter, which is alarming,” DNB analyst Christer Magnergard said in a note. “We see a clear risk that the weak performance can continue to impact earnings throughout the first half of 2020.”

Europe’s largest appliance maker has been working to offset higher costs and currency moves by increasing prices and selling more higher-margin appliances. At the same time, it is investing heavily in new and more efficient manufacturing facilities with increased automation. In the third quarter, Electrolux took a charge of 1.6 billion kronor ($170 million) to finance cost-cutting measures that include almost 1,700 job cuts.

Bloomberg News

Coca-Cola cans maker in Pakistan mulls sale

B

everage cans manufacturer Pakistan Aluminium Beverage Cans Ltd. (PABC), a joint venture of the United Kingdom’s Ashmore Group and Pakistan’s Liberty Group Ltd., is exploring a sale that could fetch about $100 million, people with knowledge of the matter said.

The shareholders are working with an adviser on the potential sale, said the people, who asked not to be identified as the information is private. The adviser has started sounding out prospective suitors, the people said. A formal sale process can start as soon as next year, one of the people said.

Founded in 2014, PABC counts Coca-Cola Co. as one of its major customers. The beverage cans manufacturer has a production capacity of as much as 1.2 billion cans per year, serving markets, including Pakistan, Afghanistan and Bangladesh, according to its web site. Ashmore

owns 51 percent of the joint venture, while Liberty Group holds the remaining 49 percent.

While consumer goods packaging could be seen as a niche sector, it has been seeing some billion-dollar deals in the past year. United States-based packaging company Crown Holdings Inc. last year completed an acquisition of Signode Industrial Group Holdings Ltd., a provider of transit packaging solutions, for $3.9 billion.

Baring Private Equity Asia is considering a sale of its Chinese packaging business, which could be valued at more than $1 billion, Bloomberg News reported this month.

Deliberations are at an early stage and they may not lead to a transaction, the people said. A representative for Ashmore declined to comment, while representatives for Liberty and PABC didn’t have immediate comment.

Bloomberg News

Hotels and Resorts, the mid-market brand Quest Hotels, and Grafik— a lifestyle brand where integrated spaces merge style with practicality catering to the millennials’ preference for a customized experience.

The five hotels currently operated by Chroma Hospitality are: 290-key Crimson Resort and Spa in Mactan, Cebu; 345-key Crimson Hotel in Filinvest City, Manila; 192-key Crimson Resort and Spa at Station Zero in Boracay; 427key Quest Hotel and Conference Center in Cebu City; and 303-key Quest Plus in Filinvest Mimosa+, Clark, Pampanga.

The company’s foray into Thailand is the first time that the Gotianun family has expanded its business overseas.

Choeng Mon Real Estate was registered in Thailand in October 2015 for the purpose of business investment and real-estate development.

Crimson Hotels and Resorts is the homegrown brand of the Gotianun group, which currently has

mutual funds

three branches in the Philippines, Mactan in Cebu, Boracay and in Alabang, Muntinlupa.

FDC’s attributable net income for the nine months of the year ending September grew 16 percent to P9 billion, from the P7.7 billion, mainly on the strong performance of its property development, banking and power businesses.

Revenues grew 16 percent to P55.26 billion, from P47.38 billion last year.

“FDC believes that property, composed of the real estate and hospitality segments, continues to be a solid source of growth for the group, contributing more than half of FDC’s bottom line,” it said.

FDC’s banking arm East West Banking Corp. delivered a net income contribution to the group of P4.4 billion for the first nine months of 2019, growing by 44 percent. Power subsidiary, FDC Utilities Inc., contributed P2 billion in net income, rising by 9 percent from last year.

December 16, 2019

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 253.61 -0.03% 1.87% -0.75% 0.56% ATRAM Alpha Opportunity Fund, Inc. -a 1.4025 0.12% 1.54% -3.08% -2.66% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.7075 -5.33% -1.2% -3.17% -5.01% Climbs Share Capital Equity Investment Fund Corp. -a 0.9044 0.85% n.a. n.a.

0.38% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8571 3.25% n.a. n.a.

4.44% First Metro Save and Learn Equity Fund,Inc. -a 5.366 1.46% 2.81% -0.78% 1.76% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8611 2.37% -1.05% n.a.

2.92% MBG Equity Investment Fund, Inc. -a 104.68 -9.43% n.a. n.a.

-9.89% PAMI Equity Index Fund, Inc. -a 51.7114 4.25% 4.28% n.a.

5.05% Philam Strategic Growth Fund, Inc. -a 536.89 3.5% 2.88% -0.2% 4.3% Philequity Alpha One Fund, Inc. -a,d, 8 1.0006 n.a. n.a. n.a. n.a.

Philequity Dividend Yield Fund, Inc. -a 1.298 2.6% 3.47% 0.68% 3.51% Philequity Fund, Inc. -a 38.2143 3.53% 4.43% 0.65% 4.32% Philequity MSCI Philippine Index Fund, Inc. -a,1 1.0297 n.a. n.a. n.a. n.a.

Philequity PSE Index Fund Inc. -a 5.2675 5.08% 1.67% 6.23% 5.39% Philippine Stock Index Fund Corp. -a 878.79 5.27% 4.96% 1.59% 6.08% Soldivo Strategic Growth Fund, Inc. -a 0.8602 -0.82% 1.77% n.a.

0.02% Sun Life Prosperity Philippine Equity Fund, Inc. -a 4.2359 3.37% 4.04% 0.66% 4.36% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 1.0088 4.9% 4.75% n.a.

5.71% United Fund, Inc. -a 3.6798 4.16% 5.97% 2.5% 5.11% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 117.8291 5.61% 5.69% 2.57% 6.39% ATRAM AsiaPlus Equity Fund, Inc. -b $1.0093 6.46% 5.64% 0.62% 8.63% 14.14% 8.82% n.a. 22.01% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3485 Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5631 -5.84% -2.09% -4.05% -5.34% ATRAM Philippine Balanced Fund, Inc. -a 2.1963 -0.57% -0.2% -1.28% -0.58% First Metro Save and Learn Balanced Fund Inc. -a 2.6404 3.99% 2.93% -1.16% 3.83% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.2316 n.a. n.a. n.a. n.a.

Grepalife Balanced Fund Corporation -a 1.329 1.46% n.a. n.a.

1.89% NCM Mutual Fund of the Phils., Inc. -a 1.9679 6.51% 3.4% 1.12% 6.77% PAMI Horizon Fund, Inc. -a 3.7987 7.05% 2.69% 7.63% 0.28% Philam Fund, Inc. -a 17.0099 6.49% 2.56% 0.21% 6.93% Solidaritas Fund, Inc. -a 2.1315 2.67% 2.33% 0.84% 3.01% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.8728 5.42% 3.6% 0.54% 6.07% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 1.0199 n.a. n.a. n.a. n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 1.0019 n.a. n.a. n.a. n.a.

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.999 n.a. n.a. n.a. n.a.

Sun Life Prosperity Dynamic Fund, Inc. -a 0.977 5.2% 2.87% -0.47% 6% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03814 8.75% 3% 1.97% 8.05% PAMI Asia Balanced Fund, Inc. -a $1.0124 7.63% 4.12% 0.76% 10.8% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.852 11.4% 7.08% 4.02% 16.42% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1189 8.99% 4.26% n.a. 11.33% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 357.07 4.14% 2.79% 2.27% 3.96% ATRAM Corporate Bond Fund, Inc. -a 1.8993 2.31% 0.15% -0.6% 2.16% Cocolife Fixed Income Fund, Inc. -a 3.1089 4.9% 5.15% 5.19% 4.46% 4.26% Ekklesia Mutual Fund Inc. -a 2.2199 4.27% 2.48% 1.87% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3545 6.69% 2.22% 1.53% 6.78% Grepalife Fixed Income Fund Corp. -a P 1.6068 2.87% 1.17% -0.32% 2.71% Philam Bond Fund, Inc. -a 4.3606 11.37% 2.79% 1.57% 11.25% Philequity Peso Bond Fund, Inc. -a 3.7573 7.59% 2.73% 1.39% 6.83% Soldivo Bond Fund, Inc. -a 0.9601 7.68% 1.48% n.a.

7.73% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0636 10.9% 4.76% 2.48% 10.77% Sun Life Prosperity GS Fund, Inc. -a 1.6939 10.22% 4.41% 1.93% 10% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $467.6 4.44% 2.74% 2.77% 4.28% ALFM Euro Bond Fund, Inc. -a Є219.69 3.47% 1.69% 1.34% 3.3% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2052 7.21% 3.11% 2.53% 7.06% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 3.61% 1.46% 1.29% 4.03% Grepalife Dollar Bond Fund Corp. -a $1.7089 1.17% 0.04% 0.1% 1.11% PAMI Global Bond Fund, Inc -a $1.0931 6.26% 1.4% -0.94% 5.48% Philam Dollar Bond Fund, Inc. -a $2.3996 11.05% 3.73% 2.94% 10.54% Philequity Dollar Income Fund Inc. -a $0.0603034 5.86% 2.31% 1.97% 5.8% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1689 10.41% 3.11% 2.57% 10.33% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 125.61 4.15% 2.82% 2.16% 3.91% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0299 n.a. n.a. n.a. n.a.

Philam Managed Income Fund, Inc. -a 1.2541 6.29% 2.88% 1.68% 6.11% Sun Life Prosperity Money Market Fund, Inc. -a 1.2628 3.77% 2.86% 2.31% 3.58% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0364 2.09% n.a. n.a.

2.02% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.99 n.a. n.a. n.a. n.a. a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is November 15, 2019.

5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.).

7 - Adjusted due to stock dividend issuance last October 9, 2019. 8 - Launch date is December 09, 2019.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Tuesday, December 17, 2019 B3

MTO: Going cashless can cut remittance cost to 3%

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By Cai U. Ordinario

@caiordinario

HE chief of money-transfer organization (MTO) UniTeller Filipino Inc. believes if the Philippines becomes a cashless society, the country would be able to meet the sustainable development goals (SDGs) target to cut remittance cost to 3 percent.

UniTeller President and Country Director Noel Fernando C. Cristal told the BusinessMirror a cashless society means lower overhead costs for businesses that offer remittance services which will ultimately bring down remittance costs.

Under SDG 10 on reducing inequality within and among countries, countries should reduce to less than 3 percent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 percent by 2030.

“Maraming aspeto. Pagka-cashless ’yan, hindi mo na kailangan ng brick and mortar, [There are many factors. If the transactions become cashless, you don’t need a brick and mortar (facility)” Cristal said on the sidelines of a briefing on Monday. “Brick and mortar is really a big part; ang laking gastos nun so lahat yun, kailangan bumawi. Internet na lang ang kailangan mo. [Brick and mortar is really a big part of the cost; that’s a big expense so you have to recoup that. In cashless transactions, the Internet is all you need].”

Cristal said a cashless Philippines can become a reality in five years if more privatesector firms allow cashless transactions.

He said the unwillingness of some firms to utilize mobile wallets and other technologies when peddling goods and services is one of the reasons cashless transactions made by

Filipinos are few and far between.

Based on a survey that Unitell conducted, Filipinos still prefer a semi-digital solution even if 92 percent of Filipinos are open to use electronic money transfers.

This means online transactions are confirmed first before fulfilling the transaction at a physical payer location.

“A cashless society or a cashless market will really depend on where I could use it. More usage, therefore, more cashless transactions which is where the government [wants to go],” Cristal said.

National ID

Cristal added that the full implementation of the Philippine Identification System (PhilSys) will also help transform the Philippines into a cashless society.

The PhilSys provides for a national identification system that seeks to unify all government IDs into one. It will provide identification to both citizens and resident aliens of the country to facilitate public and private transactions.

Through the PhilSys, more Filipinos will be able to obtain access to financial services.

Based on their study, remittance receiving families across Asia consider “cash” as “king.”

This is partly because of the inability to meet basic requirements in opening bank

Lawmaker seeks House OK of bill supporting rural banks

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HE chairman of the House Committee on Economic Affairs urged the leadership of Congress to pass the proposed Rural and Community Banking Act of 2019.

AAMBIS-OWA Party-list Rep. Sharon S. Garin said in a statement issued on Monday her House Bill 4256 is set to bring rural banking closer and more accessible to farmers, fishermen and agricultural workers.

The bill is pending with the Committee on Banks and Financial Intermediaries since September 4. The measure aims to promote the establishment of rural banking systems in remote and far-flung areas of the country by amending Republic Act 10574, also known as the Rural Act of 1992.

The bill, if enacted into law, mandates the Land Bank of the Philippines, Development Bank of the Philippines and other government-owned and controlled banks and financial institution to subscribe to the capital stock of rural banks that require the need for funds. The bill also allows investors from the Association of Southeast Asian Nations countries to own at least 60 percent of

the capital stock of any rural bank, provided that at least 60 percent of the members its board of directors are Filipino citizens at the time of their assumption to office.

Also, Garin underscored the importance of rural banking in boosting agricultural activities and stirring economic activities in rural areas.

“Rural banks cater to the need of small farmers and [fishermen]. The agriculture sector is said to be the second-largest generator of employment in the country. Workers from agriculture sectors are also among the poorest citizen,” she said. “Investment in this sector is, therefore, crucial to help alleviate poverty in the country.”

Garin said she considers the bill as an effort to increase foreign investments, boost competition and strengthen economic ties with the country’s neighbors in Southeast Asia.

“The presence of sustainable rural banks capable of providing much-needed capital to boost agricultural activities can economically empower farmers,” the lawmaker added.

Jovee Marie N. Dela Cruz

Capitulating bears drive HK dollar’s best run since 2014

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ONG Kong dollar bears are abandoning their short bets, stoking the currency’s longest rally in more than five years.

The currency rose as much as 0.13 percent to 7.7867 versus the greenback on Monday, nearing its strongest level since mid-2017. Supporting the advance are bets that borrowing costs will remain elevated versus falling US dollar rates, as banks hoard cash for year-end regulatory checks. An easing of trade tensions between China and the US has also helped, with foreign funds snapping up stocks in Hong Kong.

It’s all sounding the death knell for the Hong Kong dollar carry trade, a once-popular strategy that had in the past two years repeatedly pushed the currency to the weak end of its band. While hedge funds profited and forced the central bank to defend the peg, its legacy is a volatile local dollar that is increasingly vulnerable to shifts in demand for cash. The city’s shrinking interbank liquidity pool means large share sales and window dressing cause spikes in interest rates and dramatic moves in the currency.

“The currency is benefiting from the unwinding of short positions and capital inflows into the stock market,” said Tommy Ong, managing director for treasury and markets at DBS Hong Kong Ltd. Still, “it will fluctuate between 7.78 and 7.82 in the coming three months without touching either side of its trading band because interest rates won’t fall sharply next year and the inflows won’t be sustainable.”

While the former British colony keeps its currency on one of the world’s tightest leashes, the Hong Kong dollar is no stranger to painful stampedes. On September 21 last year, the exchange rate suddenly surged 0.6 percent—the most in 15 years—for no apparent reason apart from mildly higher borrowing costs.

Some signs of tighter liquidity are appearing now. The Hong Kong dollar’s one-month interbank funding costs, known as Hibor, jumped 9 basis points to 2.6 percent Monday, the highest level in a month. But the key factor supporting a year-end rally this time is the gap between local interest rates and those for the US currency.

Bloomberg News

accounts and lack of access to banking services.

“We can see immense opportunity for the digitalization of remittance services to make peoples lives easier. Many overseas workers have families that reside in provinces, outside of urban centers where physical services are more accessible,” Cristal said.

“Similarly, for senders, there is a high time cost with remittance services often requiring them to physically go to a location and queue on their day off,” he added.

Insufficient

ACCORDING to the report, half of remittances received by Filipino households are used for day-to-day family needs at 25 percent, and bill and loan repayments, another 25 percent.

Data also showed much smaller sums are being apportioned to areas that may further economic progress, including education at 13 percent; savings, 13 percent; and, relatively

high amounts are spent on nonessential luxury items, 7 percent.

“This poor financial planning is exacerbated by almost 1 in 5 or 19 percent of remittance recipients in the Philippines saying they regularly run out of money,” UniTeller said.

Nearly three quarters or 72 percent of Filipino recipients said they will reach out to the sender when they run out of the money they receive, with 53 percent saying they will ultimately have to forgo day-to-day needs if this happens. The survey further finds that a reliance on remittances may also place increasing stress on the relationship between senders and receivers.

Two in 5 or 41 percent report that the expectation of receiving remittance places emotional stress on their family and over half or 54 percent said it impacts their relationship with the sender.

“With global mobility increasing, remittances are playing a more important role in

the livelihoods of low-income families and communities. As the reliance on remittances grows, a key challenge is ensuring this income translates to building sustainable wealth,” Alberto Guerra, CEO of UniTeller, said.

Data showed the average monthly remittance value sent back by low-income overseas Filipino migrants is $446, compared to their receiver’s average monthly household income of $175. The Philippines is the fourth-largest remittance destination in the world with $34 billion of inflows in 2018.

The report, titled “Both Sides of the Coin: The Receiver’s Story,” is the first installment of UniTeller’s research into the behaviors and attitudes of low-income remittance recipients.

The report is based on a survey of 1,911 interviews with adults from low-income households, which were conducted online and face-to-face in September 2019 in India (503); Indonesia (501); the Philippines (606); and Vietnam (301).

B4 Tuesday, December 17, 2019

Sharp continues to bring solutions for a better life

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ITH the continuous evolution of technology and the significant role it plays in the everyday lives of people, Sharp Philippines Corporation (SPC) continues to introduce products that aim to incorporate ease and convenience into the Filipino household.

SPC’s products are categorized into four sections, or what they refer to as Solutions – that seek to address the needs of consumers.

These are: Entertainment Solution, Clean & Comfort Solution, Health & Beauty Solution and Business Solution.

Though Sharps global direction is to bring in the latest products with 8K and AIoT technology, the company also devotes its resources in coming up with items packed with technologies that enables efficiency, provides comfort and promotes good health.

Sharps Artificial Intelligence of Things (AIoT) series of Full HD and 4K HDR Android TVs are Google Assistant ready, enabling users to interact with their devices and perform tasks such as playing music/videos, searching for the latest news among others, all handsfree. The new line of Android TVs comes with features such as Comfort Mode, a special AV Mode that reduces 50% of blue light. It also has an Advanced Bluetooth version, which allows users to connect the television to their external Bluetooth speakers.

SPC has your well-being in mind; that is why they develop products that help achieve and maintain a fresh, comfortable environment. These are: Washing Machines, Ractive Air Vacuum Cleaner, Mite Catcher, Air-conditioner with AIoT J-Tech Inverter Technology and Air Purifier/Cleaner equipped

with SHARP’s original Plasmacluster Ion Technology.

With Sharp’s Healsio Hotcook, healthy cooking is made possible as the natural moisture and original flavor from ingredients together with its nutritional values are retained, compared to conventional cooking. Dishes are hassle-free; with automatic control and various cooking programs depending on your menu, just place all the necessary ingredients and wait until it is finished.

Voila! Your meal is now ready to be served.

There is also beauty appliances for women, such as the Hair Dryer, Hair Iron and Curling Ion with Plasmacluster feature lessens dirt and prevents hair damage. The Scalp Massager on the other hand, reduces dry scalp and keeps our hair healthy.

Sharp has also acquired and further developed the Dynabook Laptop, designed for business professionals and workplace environments. Combining their technologies (displays, sensors etc.) with that of Toshiba, they seek to produce market-leading computers and other devices. The Dynabook features a thin design with long-lasting battery and is rated with MIL-STD-810G for utmost durability.

Committed to quality and innovation, Sharp will continue to develop products that will bring Better Solutions for a Better Life to consumers.

Sitel bolsters countryside operations with new expansion creating 1,500 new jobs in Central Luzon

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ITEL, a leading global customer care provider, recently opened its 14th customer experience center in Tarlac that will create additional jobs for roughly 1,500 talents in the region.

With the official inauguration of their latest center – their 3rd in Tarlac and 14th in the country – Sitel sustains its steady growth trajectory in the Philippines and reiterates its commitment to bringing jobs to the countryside.

“We are very excited to expand our operations in Tarlac,” Ravi Iyengar, Sitel Chief Operating Officer-APAC, shared. “Since opening our doors here in 2016, we have experienced tremendous growth in the region and have been able to recruit highly skilled local talents with strong customer service skills and aptitude for complex outsourcing processes and emerging technologies. From three (3) clients in 2016, we now have eight (8) global and local logos being serviced out of our Tarlac facilities.”

Since entering the Philippine BPO market in the Philippines in 2000, Sitel has enjoyed growth due to the country’s business-friendly climate, large pool of readily available and trainable talents, reliable infrastructure, and cost competitiveness.

Currently, Sitel employs over 23,000 passionate and talented associates across centers in Metro Manila, Baguio, Tarlac, and Palawan.

“We don’t just do business in Tarlac, we also make sure that we work with the local government,

the academe, and the socio-civic society, actively contributing to the development of the local community, said Haidee C. Enriquez, Sitel PHANZ Chief People Officer. We established partnership with local schools and universities, providing OJT and immersion opportunities for their graduating students. Early this year, we also established a Sitel Academy Hub in our Tarlac location, which provided free training to near-hire candidates and this year alone, we were able to hire more than 300 from our Sitel Academy training graduates. Our Sitel Tarlac associates also actively participated in initiatives like Brigada Eskwela, Dugong Bayani, and outreach activities to the Aeta community.”

Sitel Tarlac; Genaro M. Mendoza, Vice Mayor, Tarlac; Ravi Iyengar, Chief Operating Officer, Sitel Asia Pacific; Olivier Camino, Global Chief Operating Officer, Sitel; Haidee Enriquez, Chief People Officer, Sitel PHANZ; Allan Datahan, OIC Deputy Zone Administrator; Philippine Economic Zone Authority; Satish Vijayakumar, Vice President Strategic Accounts, Sitel; Zameer Basha, Vice President and CFO, Sitel

Lawrence LiTan hailed as young leader of the year at Asia Leaders Awards

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HE Asia Leaders Awards 2019 held in the Rizal Ballroom of Makati Shangrila Hotel on November 19 hailed a number of successful leaders around the country from different kinds of industries that promotes the Philippines as a top-tier business hub. This year’s event was co-presented by the Embassy of Malaysia and the Embassy of Korea.

Honored as the Young Leader Awardee of 2018,

Mr. Lawrence Li Tan was again awarded as the “Young Leader of the Year” for 2019! True to the title, Tan is a 37-year old CEO and President of Lakbay Museo which is known to be the First Ever Interactive Millennial Museum.

Aside from being the proponent of Lakbay Museo, Tan is also managing two of the most popular spots in the Philippines- The Dessert Museum and The Inflatable Island. He also acts a consultant to different hotel, resort, restaurant, and franchise brands. In his age, he was able to open over 17 hotels around the country.

Influenced by his Mom, family, and friends, Tan is always admired as someone who strived not only for himself, but for his team. Conquer was not a word to describe him, but rather create is a much fitting word to describe his goals. He always gives back and acknowledges his team as part of his success.

Lawrence Li Tan is also a finalist for several titles in this year’s Asian Leaders Awards: CEO of the year -finalist (The Millennial Concept Factory Inc.), Tourism Award of the Year -finalist (The Millennial Concept Factory Inc.), SME Company of the Year -finalist (The Millennial Concept Factory Inc.), Creating opportunities, creating leaders, creating dreams that turns to reality are just among others that he willingly walks on every day to those people who are part of his growing team.

MERALCO AND ROBINSONS LAND COLLABORATION POWERS NEW SMART AND STATE-OF-THE-ART POWER DISTRIBUTION FACILITY. Manila Electric Company (MERALCO) and Robinsons Land Corporation’s (RLC) strengthened partnership provided the avenue to establish one of the most technologically advanced power infrastructures in the country: an integrated and fully-automated Gas-Insulated Switchgear (GIS) substation set to ensure adequate and reliable power supply for RLC’s premiere township development Bridgetowne and nearby business and residential areas in Pasig and Quezon City. The Bridgetowne substation is situated in a 1,293 sqm parcel of land provided

by RLC via a collaborative real estate arrangement. “Our vision for Bridgetowne is to increase job opportunities and progress in Quezon City, Pasig, and the immediate communities,” said RLC President Frederick Go. “And the fastest way to bring this vision to reality – for all our locators, and those residing and working in the area – is to collaborate with entities such as Meralco, who share this vision with us.”

The new Bridgetowne Substation follows the International Electrotechnical Commissions (IEC) 61850 digital communication protocol designed for electrical substations. “The new technology utilized is expected to deliver an unprecedented amount of functionality for the benefit of Meralco and its customers,” said Meralco SVP and Head of Networks Ronnie L. Aperocho. In photo are Meralco President & CEO Atty. Ray C. Espinosa (4th from left) and Robinsons Land Corporation President & CEO Frederick D. Go (4th from right) together with (from left to right) Meralco FVP and Head of Customer Retail Services & Corporate Communications Victor S. Genuino, RLC Executive Vice President Faraday D. Go, City Administrator of Pasig Atty. Jeronimo U. Manzanero, RLC SVP and Business Unit General Manager of Office Buildings Division Jericho P. Go, Assistant City Administrator of Quezon City Alberto H. Kimpo and Meralco SVP and Head of Networks Ronnie L. Aperocho.

SM CINEMA FAIRVIEW RE-OPENING. SM Cinema has given its Fairview branch a stylish makeover while upgrading both its facilities and the movie experience it offers. SM Cinema Fairview is now home to two premium Director’s Club Cinema, a Large Screen Format theater and five state-of-the-art regular cinemas. Present at the ribbon-cutting ceremony are (from left) SM Supermalls Operations Regional Manager Lea Sta. Ana, Jerald Napoles, SM Cinema VP for Operations Edwin Nava, Quezon City District 5 Congressman Alfred Vargas (and family), Mark Anthony Fernandez, SM Cinema VP for Marketing Ruby Ann Reyes, and SM Supermalls Central Region Vice President for Operations and Senior Assistant Johanna Rupisan.

Sports

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OKYO—Japanese Prime Minister Shinzo Abe spoke at Sunday’s official completion of the new national stadium, the venue for the opening and closing ceremony of next year’s Tokyo Olympics. It will also host track and field, and some soccer.

He could have spoken for anyone who has been inside the creation of Japanese Arch. Kengo Kuma, whose venue is sure to be up for many design prizes.

“It blends with its surrounding and the natural environment,” Abe said, noting it showcased Japan’s ties to nature with its use of wood lattice work around the stadium’s rim and roof, and earth-tone colors in the seats that are randomly

The Associated Press

By Stephen Wade

colored brown, gray, two shades of green and white.

Tokyo Gov. Yuriko Koike pointed out the other strong feature as she spoke.

“This stadium uses a lot of trees in its structure,” she said, speaking of the greenery that is everywhere—from flower planters, to trees and shrubs.

Although Tokyo is densely urban, it is also dotted with many parks and green areas. The stadium works off that theme, making sure it is functional and linked to nature.

A walkway on the fifth level is called the “Grove of the Sky.” It’s about 30 meters (100 feet) above street level and runs 850 meters around the entire circumference of the stadium. It’s lined with benches, flowers and trees. A stroll offers a breathtaking view of Tokyo and, on a clear

day, Mount Fuji is visible to the west.

Makoto Sato, a spokesman for the Japan Sport Council, a national government body that built the venue, said the walkway will be open to the public on days when there are no events after the Olympics.

“We have tried to emphasize all four seasons and people can use it around the year and enjoy it,” he said.

The stadium seating rises in a steep gradient from the field level and the nine-lane track, getting steeper the higher it goes. The colors of the seats also get lighter the higher up you go with more brown seats near the bottom—the Earth—and more green, gray and white near the top.

“Because of the gradient, it creates an atmosphere where people can feel close,” said Takeo Takahashi, another Japan Sport

Council spokesman.

The stadium is sure to be the centerpiece of the 2020 Olympics, built at a cost of ¥156.9 billion, about $1.43 billion at the present exchange rate. The capacity for the Olympics will be 68,000 and can be expanded later to 80,000.

Tokyo’s 1964 Olympics left behind several architectural jewels, the most famous of which was Kenzo Tange’s Yoyogi National Stadium. It was the swimming venue in ‘64—American swimmer Don Schollander won four gold medals there—and will host handball this time, and badminton and wheelchair rugby at the Paralympics.

The new stadium also feature items from the old national stadium, which was razed in 2015. The most prominent are two mosaic-tile murals

NITED States Olympic and Paralympic Committee (USOPC) Chairman Susanne Lyons has expressed concerns over how governing bodies will determine whether Russian athletes are clean ahead of potentially being granted neutral status to compete at Tokyo 2020.

Lyons raised the concern following a USOPC Board meeting, where the topic of the Russian Anti-Doping Agency’s four-year sanction was among the discussion points.

Under the terms of the sanction approved by the World Anti-Doping

Agency (Wada) Executive Committee on Monday, Russia will be banned from international events, including the Olympic Games for four years.

The punishment is due to authorities tampering with the Moscow Laboratory data before it was handed over to the global watchdog earlier this year.

Athletes will still, however, have a pathway to compete under neutral status.

Due to the tampering of the data, Lyons questioned how it will be determined as to whether athletes are clean.

“Considering the data manipulation

that occurred, right up until the 11th hour of Wada’s investigation, it’s going to be incredibly difficult for clean Russian athletes to prove they’re innocent,” Lyons, who, following the Board meeting, traveled to attend the Americas Best Practices Symposium being hosted here by the USOPC, said.

“If there is a way that it is able to determine that there are Russian athletes who are clean, we will support their right to compete,” she said. “I think we just find it challenging to understand how that will happen for many of those athletes.”

Lyons, though, stopped short of calling for a blanket ban.

The USOPC’s stance is similar to the one adopted by the British Olympic Association (BOA), whose Chairman, Sir Hugh Robertson, urged Wada to avoid the situation at Pyeongchang 2018 where he said athletes “competed against a Russian team in all but name.”

BOA Athletes’ Commission Chairman Ben Hawes had also urged organizations to ensure there was “undeniable proof” Russian athletes were clean in order to compete neutrally.

“We echo the calls for stronger,

robust and enforceable sanctions,” Hawes said. “If our athletes are to compete against athletes from Russia under a neutral flag at Tokyo 2020, they need to do so with undeniable proof that they are clean and not implicated with anything that brings the Olympic Movement into question or disrepute.”

World Athletics has allowed Russian athletes to compete under neutral status since the Russian Athletics Federation was suspended in November 2015.

Athletes have had to meet strict

RUSSIAN DOPING CRISIS: WHO’S CLEAN? WHO’S NOT? U

Although Tokyo is densely urban, it is also dotted with many parks and green areas. The stadium works off that theme, making sure it is functional and linked to nature. criteria to receive the neutral status. A similar case by case eligibility process is expected to be set up by the International Cycling Union (UCI) following the Wada decision.

“As a signatory of the World AntiDoping Code, the UCI is closely following the proceedings for noncompliance and will implement this decision for the sport of cycling once it is final,” a UCI spokesman said.

“The decision excludes Russia’s participation in the Olympic Games and major events—UCI World Championships as far as our sport is concerned—on the international sporting calendar during the stated period. Russian has 21 days from the notification to appeal Wada’s decision.

featuring the Greek goddess Nike and Nomino Sukune, a legendary sumo wrestler. They are located at the Aoyama Gate entrance.

The venue will be open to the general public on December 21, which will also feature a visit by eight-time Olympic gold medalist Usain Bolt. The first real event will be January 1, 2020, with the Emperor’s Cup, the championship of the Japan football league.

Koike noted that the Olympics open in just over seven months—July 24, 2020.

“I can already envision the scene where the athletes are sprinting on this field and spectators are cheering for them in this stadium,” she said.

The Tokyo Metropolitan Government (TMG) also announced the dates for the grand opening

RUSSIAN athletes will still have a pathway to compete under neutral status.

“Russian cyclists who want to participate in the Games and the UCI World Championships will need to prove their integrity on an individual basis,” the official said. “For this, the UCI will set up a case by case eligibility procedure. Our Federation is closely following developments linked to this decision.”

Russia’s flag will be barred from Tokyo 2020 and Beijing 2022 under the Wada sanction.

The nation is also set to be stripped of major events it has already been awarded.

Russia is expected to appeal the decision to the Court of Arbitration for Sport. AP

ceremonies of the Ariake Arena and Tokyo Aquatics Centre venues.

The Ariake Arena was officially completed on Monday, while construction on the Aquatics Centre is expected to conclude at the end of February.

Both venues were previewed last month as the construction process draws to a conclusion.

The Ariake Arena will host volleyball competition during next year’s Olympic Games, before serving as the wheelchair basketball venue for the Paralympic Games.

TMG has confirmed the venue will officially open on February 2, with demonstrations of both sports set to feature at the ceremony.

A greeting from officials and special guests will open the event, while a small concert featuring members of groups Team

Beyond and AKB48 Team 8 will be held.

Tours of the venue will take place during the event, which is open to Tokyo residents. Members of the public wishing to attend will have to apply in advance.

Temporary overlay work is scheduled following the event, during which time the facility will not be open to public use.

The venue, located in the Tokyo Bay Zone with the Athletes’ Village and Main Press Centre nearby, will become a sporting and cultural center following the Games.

Concerts are among the activities expected to take place in the venue.

The Tokyo Aquatics Centre is scheduled to have its grand opening on March 22,

with details of the event expected to be confirmed shortly.

Overlay work will take place from March 10, during which time the facility will not be open to use by Tokyo residents in principle.

Applications can be made to use the venue on the condition they do not interfere with preparations for the Games.

Priority will be given to international, national and Tokyo metropolitan competitions.

The Tokyo Aquatics Centre is set to be the final permanent venue to be completed.

Construction will conclude in February, with the TMG overseeing the process.

The Aquatics Centre is expected to

cost ¥56.7 billion (£403 million/$523 million/€471 million).

The 15,000-capacity venue will feature a 50-meters pool during the Olympic and Paralympic Games.

A moveable wall ensures it can be converted into two 25-meter pools.

Artistic swimming, diving and swimming competitions will take place at the facility, which will be one of the landmark venues of the Games.

The venue is due to host a Tokyo 2020 test event on April 14 and 15. The Aquatics Centre is expected to hold international and national swimming events following the Games.

TOKYO STADIUM: A MASTERPIECE

uesday, deCember 17, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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BusinessMirror

A VIDEOGRAPHER records the field at the new National Stadium Sunday, while construction on the Aquatics Centre is expected to conclude at the end of February. AP

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C2 Tuesday, December 17, 2019

Internationals lose yet again to US at Presidents Cup

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ELBOURNE, Australia—The end for the Internationals came about halfway through a mostly cloudy Sunday afternoon at Royal Melbourne. They kept it close, but ultimately the result was the same: another loss for the International side against the United States at the Presidents Cup—the eighth in a row and 11th in 13 tries at the biennial exhibition.

“We were right there at the end. I thought we could do it again, just a couple of matches didn’t work our way,” International team captain

Ernie Els said after the Americans completed a 16-14 win.

The Internationals led 10-8 going into Sunday’s 12 singles matches, and now have the distinction of being the only team to lead going into the final day and lose. Matt Kuchar’s 5-foot birdie putt on the 17th hole guaranteed at least a half-point with Louis Oosthuizen and gave the US the required 15 1/2 points to clinch the trophy it first won in 1994.

The only time the Internationals have won was at Royal Melbourne in 1998, although the

teams tied in South Africa in 2003 and shared the trophy.

There were only two International victories on Sunday—21-year-old Sungjae Im’s 4-and-3 win over Gary Woodland and Cameron Smith’s 2-and-1 victory over Justin Thomas.

Their other two points came from halves: Hideki Matsuyama against Tony Finau, with Finau coming back from 4 down after 10 holes; Adam Hadwin against Bryson DeChambeau; Marc Leishman’s tie with Rickie Fowler; and Oosthuizen’s all-square with Kuchar.

The Internationals hadn’t lost a singles session since 2009, but were defeated 8-4 on Sunday.

Hadwin missed a 15-foot putt for birdie on the 18th at a pivotal time. He was the fifth group off and after the Americans led many of their matches early, including during captain Tiger Woods’s eventual 3-and-2 win over Abraham Ancer, the first match of the day.

Hadwin had never led in the match, and his miss was deflating for both him and the team.

“It’s a little disappointing,” the Canadian said. “That’s kind of what you work for, right, to have a putt on 18, to do that.”

Els said some late victories by the

Americans in the second session on Friday made the difference.

The Internationals still won the fourballs that day, 2 1/2 to 1 1/2, but for a while it seemed possible the Internationals would sweep the session and take a 9-1 lead after two days. Instead, the score after was 6 1/2 to 3 1/2.

“I think it was two, 2 1/2 points that didn’t go our way in that second session, and that was the difference,” Els said. AP

EMO FOR

Ernie Els says some late victories by the Americans in the second session on Friday makes the difference. AP

Ex-French Open champ Schiavone beats cancer

R

OME—Former French Open champion Francesca Schiavone revealed on Friday she’s beaten cancer.

“They diagnosed me with a malign tumor.

It was the toughest fight that I’ve ever faced,” the retired Italian player said in a video on Instagram. “The best thing is that I was able to win this battle.”

“When they told me a few days ago I exploded with joy. I’m already ready to take on new projects that I had in mind but wasn’t able to carry out,” she added.

The 39-year-old Schiavone won the 2010 French Open and was a finalist at Roland Garros the following year. She reached a career-high ranking of No. 4 in 2011.

Schiavone retired in 2018 and coached former No. 1 Caroline Wozniacki briefly at the start of this year.

Wozniacki recently announced that she plans to retire after the upcoming Australian Open.

Two-time major champion Naomi Osaka, meanwhile, moved on to her fourth coach in less than a year, hiring Wim Fissette, who has worked with several Grand Slam winners in the past. Osaka’s agent confirmed the move Sunday.

The former No. 1 heads into 2020, and a defense of her Australian Open title, with a new voice in Fissette, a past coach of Kim Clijsters, Victoria Azarenka, Simona Halep and Angelique Kerber.

Last February, shortly after winning the championship in Melbourne and becoming the first top-ranked tennis player from Japan, Osaka fired Coach Sascha Bajin, who also helped her claim the 2018 US Open.

That was followed by a stint with Jermaine Jenkins, who lasted until the 2019 US Open in September.

After that, Osaka was coached by her father, Leonard Francois, and she won her next two tournaments. She finished the year ranked No. 3.

The Australian Open begins January 20.

Marcos Baghdatis, the 2006 Australian Open runner-up, on the other hand, is going to start helping coach top-10 player Elina Svitolina.

Baghdatis wrote Wednesday on Twitter that he was “glad to announce the next chapter of my life.”

Svitolina posted the same picture he did on social media, showing the two of them and others at a tennis court.

Baghdatis played the last match of his career in July at Wimbledon, where he lost in the second round. AP

Francesca Schiavone: The best thing is that

James caps busy weekend w

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TLANTA—LeBron James finished off a whirlwind weekend with another dazzling performance.

Not looking the least bit tired, James scored 32 points and the Los Angeles Lakers extended their winning streak to seven with a 101-96 victory over the pesky Atlanta Hawks on Sunday night.

The Lakers pulled even with Milwaukee for the National Basketball Association’s (NBA) best record at 24-3.

“Highlights: sometimes they happen, sometimes they don’t,” James said. “I try to play the game with a lot of joy.”

After scoring 28 points in a win at Miami on Friday night, James flew to Columbus, Ohio, to watch son Bronny play a high-school game Saturday night.

Then, James traveled on to Atlanta to face the struggling Hawks.

He never considered sitting out.

“I don’t know how many games I’ve got left in my career,” the 34-year-old James said. “I don’t know how many kids show up to come see me play.... That’s my obligation.

My obligation is to play.”

The Hawks kept it close all the way.

Vince Carter passed up an open lay-up and

orts

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Tuesday, December 17, 2019 C3

MOTIONAL VICTORY OR TIGER, US TEAM M

ELBOURNE, Australia— The emotions poured out of Tiger Woods, just like they did at Augusta National in the spring, except this felt different.

The Masters was for him.

This was for 11 players—at times his teammates, always under his captaincy—who delivered another American victory in the Presidents Cup and a moment that nearly brought Woods to tears. And when the decisive point was on the board Sunday at Royal Melbourne, Woods celebrated with everyone he could find by hugging them hard enough to take the breath out of them.

“Any time you have moments where you’re able to do something that is

bigger than us as an individual, it’s so much more meaningful and so much more special,” he said.

The Americans felt the same way.

Trailing for the first time in 16 years,

US Team fans celebrate at the 16th hole after player and captain Tiger Woods wins his singles match on Sunday. AP

they followed his lead. Woods, the first playing captain in 25 years, went out in the first of 12 singles matches and outlasted Abraham Ancer to set the Presidents Cup record by winning his 27th match.

It also set the tone for his team.

Patrick Reed, winless in three matches and heckled so badly for his rules violation last week in the Bahamas that his caddie shoved a spectator and was kept from working the final day, was 6 up through seven holes. Dustin Johnson, playing for the first time since the Tour Championship because of knee surgery, was 4 up through seven holes.

Perhaps, most inspiring was Tony Finau in the second match. He was 4 down to Hideki Matsuyama through 10 holes when Finau won the next four and earned a half-point that put even more pressure on the International team.

Matt Kuchar delivered the winning point without even winning his match. His 5-foot birdie putt on the 17th hole assured the Americans the half-point they needed to win for the eighth straight time.

The last two matches ended in halves for a 16-14 score. The Americans tied a Presidents Cup record with an 8-4 margin in singles, the largest since the first event in 1994.

“It was really cool being part of this team and having Tiger as captain,” Kuchar said. “We had a roomful of some of the greatest golfers in the world, and when he speaks, we listen. I think all of us will look back and have these pictures hanging on our walls and say, ‘We played for and alongside Tiger Woods, the greatest player ever.’

It was awesome.”

It was crushing for the Internationals, hoping to end two decades without a victory.

Ernie Els, who has finished second to Woods more times than anyone in golf, assembled the youngest International team ever and inspired them with equal doses of purpose and analytics.

It had the lead going into Sunday for the first time since 2003, the tie in South Africa.

It just didn’t have enough to cross the line.

“I followed a plan, and it didn’t quite work out, but we came damn close,” Els said. “If you

compare our team on paper with other teams in other sport, you would have laughed us out of the building. But we gave it a hell of a go and we came mightily close to winning and upsetting one of the greatest golf teams of all time.”

That team included the greatest player of his generation. Woods was appointed captain in March 2018 and suggested he might be a playing captain, which he later said was a joke.

And then he won the Masters, his 15th major and first in 11 years, to cap off a comeback from injury made even more meaningful by the hugs he shared with family and those who never left his side.

Two weeks before he filled out his team with four captain’s picks, Woods won in Japan for his 82nd career victory, leaving him no choice but to be the first captain to pick himself.

He was the only player to go undefeated at Royal Melbourne, winning twice with Justin Thomas and on his own ball against Ancer, one of seven rookies for the Internationals.

“We were very inspired to play for Tiger— with Tiger—and it’s so satisfying to win this cup because of that,” Finau said.

Emotions were raw on the golf course as the Americans celebrated their first comeback since the four-point deficit at Brookline in the 1999 Ryder Cup. In his TV interview, Woods was fighting back tears, yet another indication to his players how much it meant.

“I love seeing other people cry, especially Tiger Woods,” said Steve Stricker, one of three vice captains who allowed Woods to hold dual roles at Royal Melbourne. And then Stricker had to hold back tears of his own.

The International team at least kept it close, unlike two years ago at Liberty National when it was one putt away from being eliminated on Saturday.

Even with so much American red on the scoreboards, the Internationals still had a chance in the final hour. Matsuyama lost a 1-up lead with a three-putt from 25 feet that led to the halve with Finau. Adam Hadwin had a 15-foot birdie putt to beat Bryson DeChambeau on the 18th hole, but had to settle for a halve when he missed on the high side. AP

Mizuno closes in on Fil-A title

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t I was able to win this battle. AP

1R-Mizuno bucked the odds at the difficult Baguio Country Club course and came away with a 103 to virtually secure the Fil-A crown with a whopping 27-point lead over Che’Lus I in the 70th Fil-Am Invitational golf tournament in Baguio yesterday.

Gab Macalaguim scored 28 points at the tight, up-and-down par-61 BCC, while Brixton Aw backed him up 27 points and Ace Stehmeier chipped in 24 points with either Justin Tambunting and King Stehmeier’s 23 points counting for the team’s output for a 54-hole total of 356.

Che’Lus I drew 30 points from Ray Blas and 27 markers from Mike Castro but Jess Quenga and Warren Pelletier could only come up with 21 and 20 points, respectively, to finish with a 98 and a 329.

Uragun actually turned in the day’s second best score of 101 to move to third while crowding Che’Lus I for No. 2 with a 327 with Team Surigao I groping for 81 to drop to fourth at 318.

Over at Camp John Hay, Jaime Beech and Noel Beleran shot 34 points apiece as Philippine Navy Sunrisers assembled a 124 and stretched its overnight one-point lead to nine over Benlife— Producers Bank with a 322 aggregate in Am A division.

Mario Pagunsan and Edgar Barroga added 31 and 25, respectively for Navy.

Benlife shot 115 points built around Robert Barretto’s 32 points for a 313, while the Greenwater Golfers turned in a 113 for a 297.

Meanwhile, defending champion Manila Southwoods resumes its seven-peat quest tomorrow at the BCC course.

with 32 pts as Lakers beat Hawks dished to rookie Cam Reddish in the corner for a potential tying 3-pointer, but the shot clanked off the rim. Danny Green went to the other end and knocked down a pair of free throws to send the Hawks to their fourth straight loss.

“We did our best to compete,” Atlanta Coach Lloyd Pierce said. “I’m proud of our guys.”

If the home team was hoping to get an off night from James, he quickly dispelled that notion.

James had the crowd—many of them decked out in his No. 23 jersey—oohing and ahhing with an appropriate 23-point effort in the first half.

He threw down three thunderous slams. He knocked down a couple of mid-range jumpers. He

ventured out beyond the arc to swish a couple of 3-pointers—including a step-back shot from nearly 5 feet behind the stripe to finish off the first half, sending the Lakers to the locker room with a 55-48 lead.

He also had seven rebounds and blocked a shot, but the play that really had everyone talking was an assist—a no-look, between-the-legs pass that caught Dwight Howard breaking down the lane for a massive dunk.

Rondo also contributed to the “Showtime” performance, finishing off a four-on-one with a dazzling move that looked as though he was about to throw up a lob to James streaking off the wing.

The lone defender, De’Andre Hunter, was left reeling

Members of Team Camp John Hay, made up of (from left) Jimmy Borromeo, Ronnie Samaniego, Boysie Yñiguez, Jayson Yu and Raymond Bunquin, flash the thumbs-up sign, upbeat of their title chances in Fil B division of the 70th FilAm Invitational golf tournament at Camp John Hay and Baguio Country Club courses.

TNT GOES FOR 2-0 LEAD W

ITH import KJ McDaniels waxing hot, TNT goes for a two-tonothing lead against Meralco in their Philippine Basketball Association Governors’ Cup bestof-five semifinals series on Tuesday at the Smart Araneta Coliseum.

McDaniels carried the load for the KaTropa, pouring 38 points with 14 rebounds and three blocks in their 103-94 win over their sister-team last Sunday.

Hunting for its first title since the 2015 Commissioner’s Cup,

TNT aims for the edge in the series at 7 p.m.

With stints at Philadelphia, Houston and Brooklyn in the National Basketball Association, it’s no surprise McDaniels is imposing his mark whoever he faces.

Although the KaTropa built a comfortable 22-point lead in the second half, the Bolts managed to claw back and make it an eightpoint with four minutes left.

But enter McDaniels, who engineered an 8-4 run with Roger Pogoy doing the finishing touches with his 3-pointer for a 12-point spread, 101-89, in the final minute.

Still recovering from a back injury, Pogoy scattered 18 points highlighted by four triples. Jayson

TNT’S KJ MCDANIELS and Meralco’s Allen Durham engage in a battle of imports under the basket.

Castro tallied an all-around effort of 17 points, eight boards, seven assists and four steals.

“We are glad we won. Game One of any series is very important,” TNT Coach Bong Ravena said, adding that there is more to come in the series. “Nothing to celebrate. The series is still long.”

Providing the bulk of production for Meralco was import Allen Durham, who had monstrous numbers of 32 points and 21 rebounds. He was the main source of energy when the Bolts rallied back in the game.

“We have to find ways to stop Durham. He’s our concern and we need to address it,” Ravena said. “We have to make stops.”

Allein Maliksi scored 15 points while Chris Newsome contributed 14 for Meralco.

Ramon Rafael Bonilla

Post SEAG discussion in forum

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as Rondo hung on to the ball for an uncontested lay-up. James flew in behind his teammate like he was going for the block, adding some style points to an already impressive play.

James wasn’t done.

In the third quarter, he pulled up just inside the Hawks center-court logo and swished another 3-pointer from 36 feet to give the Lakers a 10-point edge.

“He was spectacular,” Laker, coach Frank Vogel said. “He had some all-time clips.”

Atlanta trailed by as many as 11 but kept the margin in single digits nearly the entire way.

Trae Young led the Hawks with 30 points.

Anthony Davis scored 27 points and grabbed 13 rebounds for the Lakers. James also had 13 rebounds, along with seven assists. AP

After scoring 28 points in a win at Miami on Friday night, LeBron James flies to Columbus, Ohio, to watch son Bronny play a highschool game Saturday night. AP

POST 30th Southeast Asian Games discussion and the country’s newly crowned world boxing champion make up the final session for the year of the Philippine Sportswriters Association (PSA) Forum on Tuesday at the Amelie HotelManila.

Philippine Sports Institute National Training Director Marc Velasco and Philippine Sports Commission Executive Director Atty. Guillermo Iroy will talk about the country’s recent campaign in the SEA Games which the Philippines dominated anew after 2005.

They will represent Team Philippines Chef De Mission and PSC Chairman William Ramirez in the weekly forum presented

by San Miguel Corp., Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp.

Sharing center stage is new World Boxing Organization (WBO) bantamweight champion Johnriel Casimero and Manny Pacquiao and Promotions President Sean Gibbons.

Sports

HAZING IN SOCCER

BusinessMirror

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HILADELPHIA—La Salle University has placed its women’s soccer team on disciplinary probation through the end of next year—including restrictions on competition for the spring season—following an investigation that revealed what it called “nonviolent powerdifferential hazing.”

The Philadelphia university said no action was taken against any individual, but all team members must complete an educational workshop “that will foster respect for their teammates and provide training on bystander intervention.” They will also engage in community service activities during the coming semester.

La Salle said it takes seriously any complaints of hazing or other inappropriate behavior, promotes a campus community of “inclusivity, mutual respect and solidarity,” and deviations from those tenets “are antithetical to our mission and will not be tolerated.”

The university didn’t cite examples of the “nonviolent powerdifferential hazing.”

The Philadelphia Inquirer reported that a freshman recruit had alleged hazing, such as “initiation games,” in which she said freshmen had soccer balls kicked at them from all directions.

Dawn Soufleris, university vice president of student affairs and enrollment management, told the paper that there had actually been two probes, one by the human resources department and the public safety department.

“While the investigation found no behavior necessitating university disciplinary action against specific individuals, we take very seriously all claims of hazing and other forms of inappropriate behavior,” the university said in a statement. AP

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| Tuesday, December 17, 2019 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao

OZIL, ARSENAL CHINA CRISIS II L

By Rob Harris The Associated Press

ONDON—Chinese television pulled coverage of Arsenal’s Premier League match against Manchester City on Sunday after Mesut Ozil, a forward for the London club, criticized Beijing’s brutal mass crackdown on ethnic Muslims in the country.

China is the Premier League’s most lucrative overseas broadcast market, with the rights sold for $700 million in a three-year deal that runs through 2022.

But instead of the sports channel of Chinese state television showing Ozil featuring in Arsenal’s 3-0 loss to City, it scheduled a delayed recording of Tottenham’s 2-1 victory over Wolverhampton from earlier Sunday, according to information from the network.

Streaming service PPTV.com also canceled a feed of Arsenal’s match, which featured Ozil for almost an hour before he was substituted amid cheers and some jeers from his own fans. Ozil reacted by kicking his gloves on the touchline.

“How he reacts is up to him and I’ll deal with it,” interim Arsenal Manager Freddie Ljungberg said. “We’ll see what it means for the future but, of course, we want players to behave the right way.”

Ljungberg would not discuss the specifics of Ozil’s social-media post from Friday which embroiled Arsenal in controversy in China.

Spain soccer game halted after fans’ insulting chants

“The China thing is political,” Ljungberg said, “and I’ll leave that to the club.”

Arsenal used a post on Chinese social-media network Weibo to dissociate itself from Ozil’s action.

“The content he expressed is entirely Ozil’s personal opinion,” the north London club said. “As a football club, Arsenal always adheres to the principle of not being involved in politics.”

Ozil added to condemnation of the detention of more than 1 million Uighurs and other minorities in so-called reeducation camps in China’s northwestern region of Xinjiang, where they are subjected to political indoctrination, torture, beatings and food deprivation, as well as denial of religious and linguistic freedom.

A social-media post from Ozil on Friday denounced China for burning Qurans, closing mosques and the killing of religious scholars. The Arsenal player complained that “Muslims stay quiet.”

The Chinese Football Association expressed “great indignation and disappointment” at Ozil’s comments, according to the Global Times newspaper published by the ruling Communist Party.

China’s government increasingly uses the threat of loss of access to the country’s growing market as leverage to try to control what companies, universities and others say or do abroad about political issues.

Arsenal will be hoping to avoid the backlash faced by the Houston Rockets earlier this year after the National Basketball Association team’s General Manager Daryl Morey tweeted support for anti-government protesters in Hong Kong, angering fans and officials in China.

The tweet was deleted soon after it was posted, and Rockets owner, and billionaire casino and restaurant owner Tilman Fertitta quickly rebuked his GM with a tweet saying that Morey does not speak for the team.

The tweet caused

some Chinese corporations to suspend relationships with the NBA. There is a growing a backlash in China against Ozil, who is Muslim of Turkish descent.

“I think he is very wrong,” lawyer Chen Wangshu said in Beijing.

“As a sportsman, his most important responsibility is to do his job well, or to play good football.”

In 2018, Ozil quit Germany’s national team following criticism over his decision to pose for a picture with Turkish President Recep Tayyip Erdogan.

“He should be responsible for his career and refrain from making any comment raising and inciting anger in other nations,” Chen said.

Tottenham, meawhile, is enjoying a resurgence in the Premier League, while Arsenal and Manchester United are wilting.

Only four points now separate the teams in the Premier League but their recent fortunes have been very different. Jose Mourinho has overseen Tottenham’s climb from 14th to fifth.

Jan Vertonghen’s late goal extended Mourinho’s start to 4 wins out of 5 by sealing a 2-1 victory at Wolverhampton on Sunday, taking the north London club above the hosts.

Manchester United is a point and a place behind Tottenham after being held, 1-1, by a struggling Everton, deflating the mood at Old Trafford after back-to-back wins over Tottenham and Manchester City.

Pep Guardiola’s City returned to form on Sunday assisted by the collapse of Arsenal’s defense, winning 3-0 at a team under the struggling temporary command of Freddie Ljungberg.

A hat trick of titles seems to be beyond City’s players even before the halfway point of the season, with Liverpool 14 points ahead of them at the summit. But the defending champions are now four points behind second-place Leicester, which was held, 1-1,

by Norwich on Saturday.

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ADRID—The Spanish soccer league said Sunday that a second-tier game between Rayo Vallecano and Albacete was halted at halftime after insulting language was chanted by fans and used in a banner against a visiting player.

Some home supporters at Rayo’s stadium held up a banner that called Albacete’s Ukrainian player Roman Zozulya “a Nazi” and also used abusive language in chants directed at him.

The league said that both teams asked the referee not to continue the game at halftime when the match was halted with the score at 0-0.

Zozulya briefly played for Rayo in 2017. At that time, some Rayo supporters said they did not want him on their team for alleged extreme right-wing political views, which Zozulya has strongly disputed.

“During the first half, some teammates said that our player was crying and arrived to the changing room completely destroyed,” said Albacete club Official Víctor Varela.

The decision on whether the game should be finished will be taken by the Spanish football federation. It was not resumed after halftime on Sunday.

“We don’t have any inconvenience in playing the final 45 minutes, as long as the safety of our players is guaranteed,” Varela said. “I can only say that the behavior of Rayo has been exemplary.”

Rayo club President Martín Presa said “we are ashamed for what has occurred.

“It is a very sad night for Rayo and for all of sport. We want to vehemently condemn the insults by a part of our fans.” AP

Trevor Bauer

Mesut Ozil

TACKLED! Arizona Cardinals quarterback Kyler Murray (1) gains the first down as he is tackled by Cleveland Browns cornerback Greedy Williams (26) during the second half of their National Football League game on Sunday in Glendale, Arizona. The Cardinals won, 38-24. AP

Reds’ pitcher says MLB commish ‘trying to ruin baseball at all levels’

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utspoken Reds pitcher Trevor Bauer is barbing Rob Manfred, tweeting the Major League Baseball (MLB) commissioner “is trying to ruin baseball at all levels.”

Bauer sent a series of tweets during the weekend, starting with a jab about MLB’s threat to cut ties with minor league affiliates.

Bauer followed up with: “At least Rob Manfred is trying to ruin baseball at all levels and isn’t discriminating. Something to be said for consistency, I guess.”

MLB had no immediate comment to Bauer’s remarks.

At the recent winter meetings, Manfred said MLB was pushing ahead with a rules change for 2020 that requires pitchers to face at least three batters or finish a half-inning.

Bauer, 29 next month, was a combined 1113 with Cleveland and Cincinnati last season. He was traded to the Reds in July, three days after throwing a ball from behind the mound over the center field wall in Kansas City when he was pulled from a game.

Bauer called the act “childish,” and was fined

by MLB. Known for his quirks, as well as his talent, Bauer had a start in the 2016 playoffs pushed back after he cut a finger on the propeller of his drone.

Longtime Giants ace Madison “Madbum” Bumgarner, meanwhile, has reached agreement with the Arizona Diamondbacks on an $85 million, five-year contract that ends his run of success in San Francisco, a person with direct knowledge of the deal told The Associated Press on Sunday.

The person spoke on condition of anonymity because the 2014 World Series MVP still needed to pass a physical to complete the contract.

Bumgarner pitched 11 seasons for the Giants, but knew his time, likely, had ended. He bid farewell along with retiring Manager Bruce Bochy on the final day of the season.

Bumgarner will see a lot of his former team early next season, too. Arizona plays the Giants in seven of its first 13 games, including a series that begins in San Francisco on April 6.

“I’m very excited to be playing with Madison again! He is the ultimate competitor, and I know

he will help us immensely,” said new Arizona catcher Stephen Vogt, a 2019 teammate with Bumgarner in San Francisco. “This team is already in a good position, and adding someone like Bum will only add to that!”

The Giants said during the winter meetings this past week in San Diego they had remained in contact with representatives for the 30-year-old Bumgarner, who helped them win World Series titles in 2010, ‘12 and ’14.

The seven-time defending National League (NL) West champion Dodgers also were among the clubs interested in signing the free agent.

Bumgarner went 9-9 with a career-high 3.90 ERA last season. The lefty has been especially valuable in postseason play—he is 4-0 with a memorable Game Seven save and an 0.25 ERA in World Series play, and has pitched two shutouts in NL wild-card games.

This marks the second time in four years the typically frugal Diamondbacks have signed a toptier free agent pitcher. In 2015, Arizona added right-hander Zack Greinke on a $206.5 million, six-year deal. AP

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Faithful God

EAR God, Your name is praised by rich and poor alike.

In confidence we pray: Strengthen us to be instruments of Your love, oh God. You lift up the lowly: help us to be patient with children. You raise up the poor: deepen Your Church’s preferential option for the poor. You allow the rich to be abundant: speed up their generosity to others in need. You heal the broken hearted: animate us to reach out to those who grieve. May God help us encourage one another to grow in faith, hope and love, by the power of the Holy Spirit, through Jesus our brother. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

Life BusinessMirror

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CLOSET designed by Elena Eskandari, an interior designer specialist at Case Design. As you plan out a walk-in closet, consider the size of the items you’ll be hanging. PHOTOS: AP

BANANA, DUCT TAPE ADD UP TO $150,000 AT ART BASEL MIAMI D4

Tuesday, December 17, 2019

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Closet organization that lasts

BY MELISSA RAYWORTH The Associated Press

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may not stay organized if it’s very full. What do you really like and really wear? If you haven’t worn something in a while, Eskandari says, chances are you don’t need to keep it.

Murray agrees: “You really limit what things you’ll actually utilize when you’re dealing with a cluttered closet. If you can’t see anything or find anything, it might as well not even be there.”

KNOW YOUR STUFF AND YOURSELF THE same closet design doesn’t work for everyone, so analyze the types of items you need to store. If you’ll be hanging a lot of clothes, are they long or short? You may want two levels of hanging space positioned one above the other to maximize storage, says Oursler. Have a lot of shoes? Consider a row of built-in shoe cubbies along the floor.

Then choose a system you’ll actually stick with.

If you plan to put everything on hangers but that’s an extra step that you’ll probably avoid, then you’ll end up with piles of clothes in your bedroom. While organizing, pare down: Even a well-planned closet

SMALL, VISIBLE COMPARTMENTS “I THINK the success of any [closet] organization is how you divide stuff and compartmentalize it,” Eskandari says. She suggests separate spaces for everything, with more shelves fairly close together rather than a few spaced far apart. “How many sweaters can you fold without them falling over?” she asks. She’s also a fan of shelf dividers to keep one type of clothing or pantry item from another.

If you have compartments for everything, she says, “then everything is going to have its home.”

These designers acknowledge that built-in shelving and compartments can be expensive, but they say it’s often worth the investment for a really efficient master bedroom closet or kitchen pantry.

Oursler notes that a closet with lots of built-ins may allow you to eliminate dressers and other storage pieces from your bedroom.

“If we can put that storage in the closet,” she says, the bedroom will feel larger and more peaceful, and may even have space for a sitting area.

As you plan these areas, focus on what you use most. “Store the items you reach for most often in the places where you have the easiest access, so you’re not constantly pushing everything around to

OST people don’t start out with a messy closet. Even when a closet is carefully organized at the beginning, however, it might not take long for order to turn to chaos. “It’s common for clients to struggle with keeping the momentum going,” says interior designer Caitlin Murray.

But there are planning and design strategies to help closets stay as organized as they were on day one.

We’ve asked Murray, founder of the Los Angelesbased Black Lacquer Design, and two other experts— Delaware-based home designer and builder Marnie Oursler, and Elena Eskandari, an interior design specialist with Case Design/Remodeling in the Washington, D.C., area—for advice on planning and living with efficient and attractive closet space.

A BATHROOM and bedroom area designed by Marnie Oursler. Kids are more likely to place items on shelves, especially if they can drop clothing in baskets, or use hooks rather than hangers to put away their clothing.

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RETRACTABLE shoe storage area in this closet keeps shoes organized and easily visible for the homeowner.

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find one thing,” says Murray. And use transparent storage (glass-faced cabinets or clear acrylic drawers are great if you’re doing built-ins, or clear bins on shelves) to make access even easier.

KEEP IT SIMPLE FOR KIDS “KIDS have what I call a ‘rule of two moves.’ If it takes them more than that to put something away, it’s not going to go anywhere,” says Eskandari.

“Don’t put as many hangers into childrens’ closets. They just won’t use them.” Oursler agrees that kids often do better with bins or baskets on shelves and simple cubbies for shoes. If you’d rather your kids hang things up, hooks are more likely to get used than hangers. “Don’t overcomplicate things for kids or teenagers,” says Eskandari.

GREAT LIGHTING, FUN STYLE MURRAY recommends including plenty of light (natural light when possible) and painting closets “in a clean, bright paint, which not only makes any space feel a bit bigger but it also makes the closet that much more functional.” Eskandari agrees: You can improve your closet’s lighting with minimal expense, she says. Being able to see what you’ve got will help you use and enjoy those items more often.

Aim for several different light sources, she says, rather than one overhead light. And cheer up the space with bold paint colors and wall coverings.

Your master-bedroom closet is a space you visit at the start and end of every day. So make it fun. As Murray says, closets will “feel that much more special and boutique” if you add items like “wallpaper, a dramatic chandelier and a luxe rug.” ■

A well-balanced life lived BEYOND the constant search of self-fulfillment and meeting the demands of a stressful environment in the metropolis, people will always find ways to look for a sweet escape while maintaining a well-balanced lifestyle. A few miles away from the hurly-burly of a busy city comes a community that nurtures its residents with just the right amount of luxury and holistic living. Horizon Terraces, a thriving condotownhouse development in Tagaytay Highlands (www. tagaytayhighlands.com), sets the bar high in mountain view living.

Tagaytay Highlands, the Philippines’s most exclusive and premium mountain resort sprawled over the breathtaking location along the Tagaytay ridge, adds to its extensive portfolio of themed residences a quality property development for discerning homeowners. Tucked in the nature’s best offering, Horizon Terraces is the epitome of a holistic living experience with amenities that promote wellness. Aside from the modern yet refreshing take of the residential areas, homeowners will be enjoying postcard sceneries of some of the most iconic picturesque landmarks in South Luzon—the Taal Lake, Taal Volcano and Mount Makiling.

This 3.2-hectare enclave featuring Modern Asian architecture is the first integrated development that

INSPIRED by modern Asian architecture, condominiums at Horizon Terraces feature stylish design, some with view of Taal Volcano, Mount Makiling, Highlands mountains and The Midlands Golf Course.

features both Garden Suites and Garden Villas in its roster of residential lineup.

Considering the preferences and ideals of selective home buyers, Horizon Terraces offers the finest selection of living spaces for optimum holistic living.

The Garden Villas, perfect for close-knit families, has a generous floor space of 136 square meters to 168

IDEAL for families who seek a holistic and upscale lifestyle can find ideal base in Horizon Terraces, a contemporary but refreshing community in Tagaytay Highlands, featuring world-class amenities and a breathtaking ambience.

sq m. Meanwhile, the Garden Suites is a low density five-story luxury condominium inclusive of one- to two-bedroom units of 43.12 sq m to 68.35 sq m of living space. The large panel window in every Garden Suites unit allows the use of natural lighting plus the fresh mountain breeze that soothes body and mind.

The first residential condominium building of

Garden Suites is slated to be topped off in December, while the rest of the buildings are expected to be completed by next year.

Nestled in one of the most breathtaking views in the country, Horizon Terraces is sure to captivate every home buyer’s taste and preference in redefining their living standards.

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Tuesday, December 17, 2019

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Fine biography focuses on Brando’s internal struggle

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arlon Brando made no apologies for being an iconoclast and living and loving as he chose, even scorning the adulation that came with being called the most influential actor in the last seven decades.

The media-fed public often saw hypocrisy and wasted talent in Brando, a man who badmouthed Hollywood while taking its millions. For every On the Waterfront (1954) and The Godfather (1972) were stacks of forgettable films that just paid the bills. And with a private island, multiple wives, multiple girlfriends and multiple children—at least three after age 64—those bills could be enormous.

Biographer William J. Mann sets out in The Contender: The Story of Marlon Brando (Harper) to give the actor the dominant voice in his own story, serving as the advocate Brando is often denied in articles and books.

Well-written and also sympathetic, if overly so at times, Mann’s book presents a necessary re-examination of Brando and his tumultuous life. His movies are wholly secondary, just as Brando thought of them.

Twists and turns throughout his 80 years (1924-2004) could be as compelling as the drama within A Streetcar Named Desire (1951). In Mann’s telling, Brando’s personal troubles were forged in his upbringing in the Midwest, first in his birthplace of Omaha, Nebraska, then in the small town of Libertyville, Illinois.

Both of his parents were alcoholics and Brando would spend his life trying to forgive his distant, hypercritical father and his loving but emotionally disturbed mother.

His own mental illness was a kind of post-traumatic stress that fueled lifelong mood swings and deep, dark depressions, as well as compulsive womanizing. It may have been at the root of his defiant nature. In The Wild One (1953) his famous line rings so true:

Asked what he’s rebelling against, leather-clad biker Johnny replies, “Whaddya got?”

Mann makes a case for young “Bud” desperately needing and searching for security and direction, then and later. Kicked out of military school, the self-centered

troublemaking teenager found both in New York after taking drama classes at The New School and being encouraged to develop his “unspoiled naturalism,” as Mann calls it.

A production of the fantasy play Hannele’s Way to Heaven in December 1943—he played the double

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role of a schoolteacher and Christ— gave Brando at 19 his first taste of praise and achievement.

Yet, there would always be a rage below the surface and a lack of discipline above it. Unlike his classmates, he didn’t see acting as a serious endeavor.

This period set the template for Brando’s life. He stayed with acting because it gave him purpose and financial security and funded the pursuits that interested him, particularly social activism.

As a young man he traveled with a group promoting a postwar Jewish state and in the 1960s marched with the Rev. Martin Luther King Jr., all before his support of American Indians led to his infamous snub of the Academy Awards in 1973.

Brando cared about acting most when he worked with director Elia Kazan, who made him a star with Streetcar on stage and film and guided him in two other movies, Viva Zapata!

(1952) and On the Waterfront. Kazan understood that creating characters like Stanley Kowalski, Emiliano Zapata and Terry Malloy energized Brando, not memorizing lines.

Nearly 20 years later, the role of Don Corleone in The Godfather provided another rare moment in which Brando took pride in his work and excited audiences around the world.

The Contender is a standout biography, providing an empathetic look at Brando’s struggle with himself. Like Terry Malloy, Brando at times believed he could have been a contender as an activist had he not taken the big bucks and instead focused on trying to make a difference in the world.

Changing acting forever wasn’t enough for Brando, and his loss became our gain. n Douglass K. Daniel is the author of Anne Bancroft: A Life (University Press of Kentucky) and other books.

‘Mighty Justice’ chronicles life of civil rights activist SOME life stories are too important to be relegated to dusty history books. They must be remembered, honored, shared.

Dovey Johnson Roundtree lived that large and remarkable a life. Mighty Justice: My Life in Civil Rights (Algonquin Books) is a reprint of her 2009 memoir, Justice Older than the Law, and published nearly 18 months after her death at age 104.

It chronicles her Charlotte, North Carolina, childhood with careful attention devoted to her family, particularly her grandmother, Rachel Bryant Graham, the family’s matriarch whose feet as a young girl were severely disfigured by a white man and was in pain her entire life.

“I saw my grandma Rachel fight everything with that same fierceness—poverty, sickness, injustice and even despair. Like a mighty stream, her courage flowed through my childhood, shaping me as rushing water shapes the pebbles in its path.”

And shape her, her grandmother did. As an Army officer, then a lawyer and a minister, Roundtree was a lifelong voice for the poor and the marginalized.

Born in 1914, Roundtree chronicles a life filled with herculean challenges, including the racism and rancor of her living situation—as a maid for a wealthy white family—while attending Spelman College in Atlanta during the mid-1930s.

Many of her achievements are historically relevant: She was among the first black, female US Army officers in the early 1940s, wittingly joining the Women’s Army Auxiliary Corps to racially integrate it at the behest of educator and activist Mary McLeod Bethune.

She was among a handful of women who studied law at Howard University School of Law in 1947, and during her ensuing law practice, in which she continued to battle racism and sexism, she repeatedly challenged Jim Crow laws, which condoned segregation.

Very satisfying is getting to know towering civil and women’s rights figures, such as Bethune and Thurgood Marshall, the latter well before he became the first AfricanAmerican justice to join the US Supreme Court in 1967. There are many more, albeit lesser known, titans of civil rights

that Roundtree makes familiar, particularly her Howard law professor, James Madison Nabrit Jr. It’s like pulling up a seat to listen in as Roundtree details the long, slow and painful path to the US Supreme Court’s landmark Brown v. Board of Education of Topeka in 1954 that took on segregation in public education.

Marshall was the lead attorney for the plaintiffs. “We students knew what history recorded but dimly, that James Nabrit’s was the uncompromising voice that pushed Thurgood Marshall toward a full-blown assault on Plessy v.

Ferguson,” she wrote.

“Plessy” was the US Supreme Court’s 1896 decision that legalized the segregation of public facilities.

Roundtree and her Washington, D.C., law partner, Julius Winfield Robertson, challenged Jim Crow laws on bus travel across state lines in Sarah Keys v. Carolina Coach Company based in part on the arguments laid down in “Brown.” She brings the reader into her confidences, sharing much of the team’s strategy along the way. n

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Milla Jovovich, 44; Bill Pullman, 66; Eugene Levy, 73; Ernie Hudson, 74.

Happy Birthday: Get serious about what you want out of life. Examine what you’ve done, as well as your current situation, and put together a plan that will help you bring about positive change. Happiness and personal satisfaction go hand in hand; if you master one, you’ll master the other. Strive to reach the plateau that will help you achieve both. Your lucky numbers are 8, 14, 19, 27, 35, 39, 44.

a

ARIES (March 21-April 19): When it comes to joint money matters, speak up. Giving or receiving false hope regarding how much debt and when it will be paid will lead to relationship troubles.

Have a strategy in place that will help alleviate stress.

HHH

b

TAURUS (April 20-May 20): A change will brighten your day. Try something new. Visit a site that enables you to relax or enjoy the time spent with someone you love, and it will improve your day. Put a little passion back into your life. Follow your heart. HHHHH

c

GEMINI (May 21-June 20): Strategize before you discuss your plans. Having a vivid picture of the way you want your current situation to unfold will help you get what you want in a timely fashion.

Honesty will encourage good results and put your mind at ease. HH

d

CANCER (June 21-July 22): Pump things up a bit, put a to-do list together and get lastminute preparations out of the way before all the festivities begin. Make this a memorable moment in time by bringing family and friends together. Romance is in the stars. HHHH

e

LEO (July 23-Aug. 22): Refuse to let a situation causing uncertainty get you down.

An optimistic attitude and talking to people who can help clarify the possibilities coming down the pipeline will put your mind at ease. HHH

f

VIRGO (Aug. 23-Sept. 22): Make plans with friends, or attend an industry event that will allow you to network and mix business with pleasure. An emotional situation at home will be based on false information. Get your facts straight before you address matters. HHH

g

LIBRA (Sept. 23-Oct. 22): Offer your services to a worthy cause. Helping those less fortunate, making a kind gesture or contribution, or getting together with someone you haven’t seen for some time will be rewarding. HHHH

h

SCORPIO (Oct. 23-Nov. 21): Put your time, energy and effort into something you care about. A work-related change will turn out better than anticipated. Romance is in the stars, and a celebration with someone you love will bring you closer together. HHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Sort through your personal papers, look over future prospects and don’t deny yourself the chance to live life your way. Put a strategy in place to make changes happen. HH

j

CAPRICORN (Dec. 22-Jan. 19): Bring about positive change, and good things will transpire.

Whether it’s personal adjustments at home, to the way you live, or how you handle your finances, health or contractual matters, the end result will bring you peace of mind. HHHHH

k

AQUARIUS (Jan. 20-Feb. 18): Be thoughtful, even if someone else isn’t.

Concentrate on what you need to accomplish before the end-of-the-year festivities begin.

Putting in extra hours now will pay off when you want to relax and enjoy loved ones. HHH

l

PISCES (Feb. 19-March 20): Refuse to let what other people say bother you. Stay focused on what you want to do and how you want to contribute. Look at your options, and choose what works best for you. A financial gain looks promising. Romance is encouraged. HHH Birthday Baby: You are outgoing, practical and determined.

You are inquisitive and adventuresome.

‘vehicle trailers’ by jim holland The Universal Crossword/Edited by David Steinberg

ACROSS 1 “Keep pouring” 5 Place to ski 10 Preposterous, to a Brit 14 “You said it!”

15 Pyeong-chang, South ___ 16 Word after “golden” or “iron” 17 African island country 19 Brainstorming result 20 Bakery freebie?

21 Of a delta deposit 23 Old-timey “Yikes!”

26 “Auld Lang ___” 27 Course outline 31 Takes seemingly forever, with “on” 35 Afternoon socials 36 ___-ray Disc 37 Pull from a burning building, say 38 Actress in the Adams family 39 More mild, as weather 41 Knocker syllable 42 Pitch Perfect a cappella singers 44 Well-suited 45 DVR brand 46 Escargot 47 Soft leather

9 Cartoon stills 4 52 One who colors at work 53 Prepares for publication 57 Like suspense movie music 61 Benefit 62 1987 Cher film 65 Affirmative votes 66 Court mandate 67 Instrument often used to tune an orchestra 68 “When in ___...”

69 “Cool!”

70 E-mail button DOWN 1 Bear whose bed was too soft 2 Minnesota’s Ilhan 3 Change the decor of 4 Glossy paints 5 Calypso offshoot 6 ___ Alamos 7 Shamu was one 8 Bursts of laughter 9 Like the bird that gets the worm 10 With 43-Down, what you need to operate the ends of 17-, 27-, 47- and 62-Across

1 Automaker with a four-ring logo 1 12 Circus insect 13 Blue-green color 18 Lady in A Star Is Born 22 Below 24 Palestinian leader Mahmoud 25 Needing sharpening 27 Informal guesses 28 Southern Arab country 29 Derek and the Dominos classic 30 Poison shrub 32 Second-to-last part of a Shakespeare play 33 Green tropical fruit 34 ___ Hall University 37 Make a second attempt 39 Barn bundles 40 It once had a Shuffle model 43 See 10-Down 45 Ring masters?

48 Insect repellent ingredient 50 Pucker-inducing fruit 51 Put away for later 53 It can give you a lift 54 Toy on a string 55 Frost work

56 Scotch’s partner 58 ___ Goldberg machine 59 You might click on one 60 Just got by, with “out” 63 Hair holder 64 Successful show letters

Solution to yesterday’s puzzle:

Show BusinessMirror

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Tuesday, December 17, 2019

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CLOCKWISE: The Crown, The Morning Show, Marriage Story and Bombshell

‘Parasite,’ ‘Bombshell’ get a boost in SAG nominations

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By Jake Coyle The Associated Press

EW YORK—Scarlett Johansson received two individual nominations, Parasite scored a best ensemble nod, and both The Irishman and Once Upon a Time in Hollywood solidified their Oscar-favorite status in nominations announced on Wednesday for the 26th Screen Actors Guild (SAG) Awards.

The SAG Awards is one of the most closely watched Academy Awards bellwethers because, historically, a best ensemble nomination from the actors is usually a prerequisite for any best picture contender’s résumé. Actors make up the largest percentage of the film academy, giving them the greatest influence of any branch.

The actors guild, as expected, nominated both Martin Scorsese’s Netflix opus and Quentin Tarantino’s Hollywood fable for best ensemble, along with a pair of individual acting nods: Al Pacino and Joe Pesci for The Irishman, and Leonardo DiCaprio and Brad Pitt for Once Upon a Time in Hollywood. Each film also added stunt ensemble nominations.

But the guild’s other choices were less predictable.

The SAGs rounded out best ensemble with the casts of Taika Waititi’s Nazi Germany coming-of-age tale Jojo Rabbit, Jay Roach’s Fox News docudrama Bombshell and Bong Joon-ho’s class satire Parasite.

Parasite, the much-praised Korean film, became just the second foreign language film to be nominated for the SAGs’ top award. Only Life Is Beautiful managed to do it before, in 1997.

Already one of the year’s most critically acclaimed films, Parasite looks assured of a rare best picture nomination for a foreign language film.

Notably missing out on the best ensemble nomination was Noah Baumbach’s divorce drama Marriage Story, which on Monday led the Golden Globe nominations with six nods. It still came away with acting nominations for its leads, Adam Driver and Johansson, and Laura Dern for best female actor in a supporting role. Johansson was nominated in that category, as well, for her performance in Jojo Rabbit.

Recently, a SAG ensemble nomination hasn’t been quite as vital for a best picture winner at the Oscars.

The last two winners, Green Book and The Shape of Water, managed the feat without a nod for the screen actors’ top award. Before that, it had been two decades since the SAG Awards didn’t help predict the eventual best picture winner.

Nothing got more of a boost from the actors guild than Bombshell, which tied The Irishman and Once Upon a Time in Hollywood with a coleading four nominations. Critical reception has been mixed for Bombshell, a starry dramatization about the culture of sexual harassment at Fox News. It opens in theaters on Friday. But along with the significant ensemble nod, the actors guild nominated its three stars: Charlize Theron (lead actress), Margot Robbie and Nicole Kidman. Kidman also scored a nod for her performance in HBO’s Big Little Lies.

Along with Theron and Johansson, the nominees for best performance by a female actor in a leading role were: Cynthia Erivo (Harriet), Lupita Nyong’o (Us) and Renee Zellweger (Judy).

Those picks omitted Saoirse Ronan (Little Women) and Awkwafina (The Farewell).

Joining Driver and DiCaprio in best actor were Christian Bale (Ford v Ferrari), Taron Egerton (Rocketman) and Joaquin Phoenix (Joker). Among those left out were Antonio Banderas (Pain and Glory), Robert De Niro (The Irishman), Eddie Murphy (Dolemite Is My Name) and Adam Sandler (Uncut Gems).

A number of prominent contenders were shut out, including Sam Mendes’a WWI thriller 1917, Greta Gerwig’s Louisa May Alcott adaptation Little Women, Lulu Wang’s family drama The Farewell, Fernando Meirelles’s Vatican drama The Two Popes and Rian Johnson’s star-studded whodunit Knives Out. Tom Hanks (A Beautiful Day in the Neighborhood) and Jamie Foxx (Just Mercy) were nominated for best male actor in a supporting role. Jennifer Lopez (Hustlers), looking more and more like a lock for her first Oscar nomination, also joined the best female in a supporting role category.

Usually, about 4 out of 5 individual SAG nominees go on to land an Oscar nomination.

In television categories, Apple TV Plus’ recently launched The Morning Show scored three nods (Jennifer Aniston, Steve Carell, Billy Crudup), while HBO’s Succession was surprisingly overlooked. In best drama series ensemble, the actors nominated the casts of Big Little Lies, The Crown, Game of Thrones, The Handmaid’s Tale and Stranger Things. Comedy ensemble nods went to Barry, Fleabag, The Kominsky Method and The Marvelous Mrs. Maisel.

The SAG Awards will be presented on January 19 and broadcast live on TNT and TBS. n

This Christmas, there’s no better gift than live theater FINDING the perfect Christmas gift can be a difficult task for many. How do you choose something meaningful, special and unique for family and friends? Luckily, Season Passes for the 2020 season of Repertory Philippines are now available for purchase, letting audiences enjoy an awesome lineup of world-class theater productions for up to 30-percent off. That includes the upcoming Broadway musical Carousel—touted by Time magazine as the greatest musical of the 20th century—which has the theater world buzzing.

Rep’s new season has a lot in store for audiences, what with Liesl Batucan on her first year as artistic director. The season opens with The New York Times’s Critic’s Pick, Stage Kiss, which runs from February 7 to March 1, 2020. A witty romantic comedy, Stage Kiss stars Missy Maramara and Tarek el Tayech, along with Robbie Guevara, Jamie Wilson, Andres Borromeo,

REP’S Anna in the Tropics

Justine Narciso and Mica Pineda, and is directed by Carlos Siguion-Reyna.

From March 13 to April 5, 2020, the Pulitzer Prize-winning Anna in the Tropics plays for Manila audiences.

A tale of intrigue and passion set in 1929 at a cigar factory in Florida, the play is directed by Joey Mendoza and starring Joshua Spafford, Skyzx Labastilla, Paolo O’Hara, Brian Sy, Gab Pangilinan, Gie Onida and Madeleine Nicolas.

The highly anticipated Rodgers and Hammerstein Broadway musical Carousel runs from May 1 to 24, 2020. Directed by Toff de Venecia, the musical promises a stellar, world-class show with a star-studded cast led by Nikki Gil, in her much-awaited theater comeback, and Gian Magdangal, who are working with Rep for the first time.

Families get to enjoy Rep Theater for Young Audiences’ musical Snow White and the Prince. A fun and colorful retelling of the

classic fairy tale, Snow White, gives kids a lot to sing and dance to.

Running from September 12, 2020, to January 31, 2021, this children’s musical is directed by Joy Virata.

With the Gold Pass, you can get premium seating in orchestra center. See Stage Kiss, Anna in the Tropics and Carousel for just P4,200. You can also watch all three shows plus Snow White and the Prince for P4,900. The Silver Pass gives you open seating on the orchestra side and Stage Kiss, Anna in the Tropics and Carousel for P3,150.

You can also watch all three shows plus Snow White and The Prince for P3,700.

And just when you thought the deal couldn’t get any sweeter, you can get free season passes, too. In time for the holidays, Rep is giving you one free season pass with every four that you buy.

More information is available at www. repertoryphilippines.ph.

U2’s ‘Joshua Tree Tour’ wows Manila

OVER 45,000 fans were crying, dancing and belting the U2 hits that moved generations at the much-anticipated Joshua Tree Tour 2019 made possible by Smart. The iconic Irish rock band performed their best hits like “Beautiful Day,” “With or Without You,” “Sunday Bloody Sunday” and “Where the Streets Have No Name.” To a lot of the fans in attendance, they weren’t just songs—they were their anthems, made even more special by the band’s milestone 2,050th performance.

This was the first concert of U2 in Manila and it was held at the biggest indoor arena in the world, the Philippine Arena.

Smart subscribers had the opportunity to exclusively celebrate with celebrity U2 fans and local rock legends Rico Blanco, Francis Reyes, Basti Artadi, Raimund Marasigan, Buddy Zabala and Barbie Almalbis at the Smart Experiential Lounge. Several lucky Smart subscribers were also treated to a VIP experience. They rode a special Smart Music Live Bus where U2 songs played nonstop and were taken to the Experiential Lounge, where they enjoyed unlimited food and drinks alongside Instagram-worthy shots with U2-inspired elements in the background. It was truly a beautiful day for these U2 fans who also lined up to have their photos taken by celebrity photographer Shaira Luna.

With Smart’s fastest LTE network, subscribers were able to share and immortalize their experiences at the concert real-time. Photos, videos, and stories flooded social media throughout the evening.

The U2 Joshua Tree Tour is the latest addition to Smart Music Live’s star-studded lineup of world-class international artists (www.smart.com.ph/smartmusiclive). The brand continues to empower Filipinos, and their passion for music and concerts by giving everyone awesome perks and amazing music experiences for subscribers.

D4

Art

BusinessMirror

Tuesday, December 17, 2019

www.businessmirror.com.ph

HYBRID SCULPTURE EXHIBIT AT THE CCP THE Cultural Center of the Philippines (www. culturalcenter.gov.ph) presents its last venue grant exhibition for the year, The Horizon of Expectations by Samantha Feleo, at the CCP’s Bulwagang Fernando Amorsolo (Small Gallery) and fourth floor Atrium.

The exhibition is primarily composed of a series of hybrid sculptures made out of fired stoneware and artificially grown crystals. The works are a reflection of the artist’s phenomenological experience of time and space, and the representation of an expansive and imaginative universe through the creation of dynamic and ever-changing work.

Writer Stephanie Frondoso says: “Feleo’s decision to work with crystals as a medium to explore the sublime is based on her observation that their sparkling beauty inspires awe, but their hostile shapes also trigger fear. Each crystal is a hybrid piece: first a tiny ceramic sculpture is fired in a kiln and then prepared as substrata in crystalline-forming baths.

Time and care are needed to produce well-structured crystals, whose growth is affected by conditions such as air temperature and amount of space. The resulting crystal formations are partly controlled and partly imaginative, and are not strictly biologically derived.

The core, spherical in shape, is the symbol of life. Its evolution to sputnik form manifests the potential of stored energy.”

Feleo is currently finishing her Master of Fine Arts at the University of the Philippines Diliman.

She received her Master in Art Theory and Criticism in 2013, and her Bachelor of Fine Arts, Major in Painting in 2008, both from the same university. A cum laude graduate and a consistent college scholar, Feleo received the Best Thesis Award from the UP College of Fine Arts in 2008. She was a semifinalist in the painting category of the Metrobank Awards for Design and Excellence in 2009. She had her first solo exhibition in 2016 at Archivo 1984 Gallery.

The exhibit is on view until February 9, 2020.

Exhibit viewing hours are Tuesday to Sunday, 10 am to 6 pm. Hours are extended until 10 pm on days with evening performances at the CCP Main Theater.

Gallery owner Emmanuel Perrotin poses next to Maurizio Cattelan’s Comedian at the Art Basel exhibition in Miami Beach, Florida.

The work sold for $120,000. AP

Banana, duct tape add up to $150,000 at Art Basel Miami

M

35 KOREAN MULTIMEDIA ARTISTS SHOWCASE ‘SOCIAL CHANGE’ After highlighting Korean sensibilities in art inside a modern home, this time the Embassy of the Republic of Korea and the Korean Cultural Center (KCC, www. facebook.com/KoreanCulturalCenterPH) in the Philippines has now teamed up with Korean Contemporary Artists Association (KCAA) for another multimedia exhibition.

Launched last November 28, the “Korean Contemporary Artists Association Exhibition 2019” runs until February 28, 2020, at the Metropolitan Museum of Manila. The exhibit came to the country as one of integral parts of the art and cultural festivities celebrating the 70th anniversary of the Philippine and Korean bilateral relations and the Asean-Republic of Korea Commemorative Summit.

Some 17 artists, out of the 35 exemplary artists who participated in the exhibition, including KCAA Chairman Shin Cheol-kyun, flew into the Philippines to take part in the opening reception, which was attended by Ambassador Han Dong-man of the Republic of Korea.

In his congratulatory speech, Ambassador Han praised the artists’ creativity and emphasized how contemporary art reflects social change.

With the theme “Korean Contemporary Art Today,” the exhibition features paintings, sculptures and installations that present a unique cultural identity of Korea that offers an alternative and deeper perspective about the country and its people. Ambassador Han hopes that the exhibit would also pave the way to foster a deeper relationship between the Filipinos and Koreans through the language of visual arts.

Organized by the Embassy of the Republic of Korea and the KCC, together with Korean Contemporary Artists Association and Metropolitan Museum of Manila, “Korean Contemporary Artists’ Association Exhibition 2019” is on view at the Galeriya Bangko Sentral ng Pilipinas, Metropolitan Museum of Manila.

By Kelli Kennedy The Associated Press

IAMI—3D-printed cocktails, a traffic jam sculpture made of hundreds of tons of sand and more celebrity sightings than a Kardashian Christmas party were all part of over-the-top festivities during the week of Art Basel Miami, but it was a banana that stole the show.

The most talked-about artwork of the week was titled Comedian—a spotty banana duct-taped to a wall by artist Maurizio Cattelan.

According to artnet News, two pieces quickly sold for $120,000. The Paris-based Perrotin gallery raised the price to $150,000 for the third piece, which will be sold to a museum. The bananas were bought at a local grocery store. No instructions were given on what to do as the banana ages.

The gallery did not respond to several e-mails from The Associated Press seeking comment.

On Saturday, David Datuna removed the banana from the wall, unpeeled it and took a bite as a large crowd documented it with their phones.

“I respect Maurizio but it’s art performance.

Hungry artist,” he said.

“You have more? $150,000,” he joked.

On Friday night, art collector Wayne Boich hosted a lavish dinner at his home that included Dan Marino, Dwyane Wade and Chris Bosh.

The after-party crowd, including Floyd Mayweather, Hannah Bronfman, and Alesso, watched a performance by Wyclef Jean, who did a throwback to the Fugees with “Ready or Not,” and later brought dozens of girls onstage to dance with him before passing the mic to “Country Grammar” singer Nelly.

Rapper 2 Chainz closed out the night.

Across town, rapper Travis Scott didn’t take the stage until 3:30 a.m. at a sold-out performance at 24hour nightclub E11even.

Scott stood on top of the DJ booth tossing dollar bills into the crowd and yelling at partygoers to put away their phones and enjoy the moment. The city of Miami Beach commissioned a million-dollar traffic jam by artist Leandro Erlich. It took 330 tons (300 metric tons) of sand to construct 66 life-sized sculptures of cars and trucks stuck in an imaginary traffic jam on the oceanfront of popular Lincoln Road.

The installation alludes to Florida’s fragile position in the large universal canvas, touching on climate crisis and rising sea levels.

The Shore Club South Beach also focused on global

warming where a 36-foot-long (11-meter-long) floating ice sculpture inside the pool spelled out the words “HOW DARE YOU.” The piece, titled Climate Meltdown by artist Rubem Robierb, lasted approximately eight hours.

Photographer David Yarrow’s picture of real-life Wolf of Wall Street Jordan Belfort sold for $200,000.

The piece was signed by director Martin Scorsese and Leonardo DiCaprio. Bulleit’s novel 3D-printed bar also drew a curious crowd, where guests watched a robotic arm disperse microscopic drops of liquid into drinks in a pre-set pattern. The whiskey maker has printed more than 7,800 cocktails since partnering with a robotics engineer.

On Saturday, G-Eazy performed poolside at the Maxim magazine party, surprising guests when he brought rapper Wale onstage to perform their song “Fashion Week” together.

Haute Living hosted a party for Fat Joe’s new album Family Ties. Wearing a baby blue track suit, the rapper entertained guests including DJ Khaled, Fabolous, Jeezy and Too Short.

“We grew up in the projects and now we in a 100 million-dollar house rapping about our history,” he told the crowd before pulling Swizz Beatz onstage to perform. n

Raphael show with famous Madonna paintings opens in Berlin

By Kirsten Grieshaber The Associated Press BERLIN—Berlin has opened the first of three Raphael exhibitions last week as the art world celebrates the 500th anniversary of the Renaissance master’s death next year.

Five paintings of the Virgin Mary and her son that are usually not exhibited in the same space are all on display in one room at the city’s Gemaeldegalerie museum. In addition, Raphael’s famous The Madonna of the Pinks will be on loan from the National Gallery in London for the exhibition called Raphael in Berlin: The Madonnas of the Gemaeldegalerie.

The six paintings belong to Raphael’s early works from the beginning of the 16th century and depict Madonna and her child in different variations. One shows Jesus on his mother’s lap with pink flowers in his hands, another with a goldfinch on his leg. On most of the paintings Mary has a solemn look, as if she already knew about her son’s fate.

The exhibition’s centerpiece is

a tondo, or round painting, called Terranuova Madonna from about 1505 that Raphael created shortly after his

arrival in Florence. It shows Madonna with her child, surrounded by the infant Saint John and an unknown

child with a halo.

“The big Raphael year 2020 is already starting in Berlin in December 2019,” the director of the Gemaeldegalerie, Michael Eissenhauer, told reporters.

“The show gives a precise view on Raphael before he became the star artist at the Vatican.”

Raphael was born in 1483 in Urbino and died at the age of 37 in Rome. Together with Michelangelo and Leonardo da Vinci, he is one of the most famous Italian artists of the Renaissance period.

The presentation takes a historical look at the collection of the Berlin museums, showing works by the “young Raphael” that were widely popular when the first museum was founded in the city in 1830.

The exhibition also sheds light on the early acquisition policies of the Gemaeldegalerie in the broader context of the history of art collecting in Europe and it shows the image that 19th-century Germany had of Raphael.

The exhibition runs through April 26, 2020.

A WOMAN looks at Madonna of the Pinks of Renaissance artist Raphael from London’s National Gallery which is on display at an exhibition at the Gemaeldegalerie in Berlin, Germany. AP