BusinessMirror December 18, 2018

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

BusinessMirror A broader look at today’s business

n Tuesday, December 18, 2018 Vol. 14 No. 69 www.businessmirror.com.ph

2017 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 4 sections 20 pages | 7 DAYS A WEEK

CATRIONA GRAY WINS MS. UNIVERSE 2018 CROWN ❒See story on A8

MISS Philippines Catriona Gray (left) and Miss South Africa Tamaryn Green hold hands as they wait for the winner to be announced during the final round of the 67th Miss Universe competition in Bangkok, Thailand, on December 17. AP/GEMUNU AMARASINGHE

CATRIONA GRAY of the Philippines waves after being crowned Miss Universe 2018 at the 67th Miss Universe competition in Bangkok, Thailand, on Monday. AP PHOTO/GEMUNU AMARASINGHE

Remittances hit $2.75B as holiday season nears

C

By Bianca Cuaresma

@BcuaresmaBM

ASH sent by Filipino migrant workers grew significantly in October, recovering from the previous month’s dismal expansion. On Monday, the Bangko Sentral ng Pilipinas (BSP) reported an 8.7percent growth in the volume of cash remittances coursed through

banks by overseas Filipino workers (OFWs) to the Philippines. This amounts to a value of about $2.747 billion during the month

$23.768B The total cash remittances to the country for the first 10 months of the year, up 3.1 percent from the same January-to-October remittance volume in 2017

alone— the second-largest monthly remittance total for the year. Remittance flows are, by history,

@caiordinario

L

OCAL economists have dismissed the results of the study released by the Department of Finance (DOF) that the “off-the-mark” forecasts of over a dozen analysts actually served

to fuel inflation in the past few months, saying it was not right for the government to point fingers at this time. Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang, who had the least margin of error on his inflation forecasts based on the DOF’s study,

PESO EXCHANGE RATES n US 52.7600

said the only reason he could think of for why the DOF released such a scathing statement was “frustration that think tanks can do better forecasts than the government.” Based on the DOF’s study, Ang’s inflation forecast was, on average, 0.16 percentage points off the mark when its comes to inflation

More purchasing power Manny B. Villar

THE ENTREPRENEUR HE economic situation is normalizing,thanksto the stabilizing inflation and foreign exchange rates in time for the Christmas season.

T

Continued on A6

See “Remittances,” A2

Economists to govt: Don’t blame us for inflation By Cai U. Ordinario

CATRIONA GRAY walks on the stage during the final round of the 67th Miss Universe competition in Bangkok on Monday. AP/GEMUNU AMARASINGHE

forecasts. This translates to a margin of error of 6 percent. “The message is, regardless if we are asked or not, we will do the forecasts. It’s our contribution, our value added as a think tank and research unit,” Ang told BusinessMirror on Monday. Continued on A2

BSP: Payments system law critical to economy

T

HE Bangko Sentral ng Pilipinas (BSP) on Monday lauded the signing into law of the National Payment Systems Act (NPSA), saying the development is “critical to the country’s payment systems development

agenda and to the stability and efficiency of the monetary and financial system.” Central Bank Governor Nestor A. Espenilla Jr. said the NPSA— which places the BSP as the

n JAPAN 0.4656 n UK 66.5040 n HK 6.7531 n CHINA 7.6353 n SINGAPORE 38.3458 n AUSTRALIA 37.8500 n EU 59.6452 n SAUDI ARABIA 14.0663

Continued on A2

Source: BSP (17 December 2018 )

News

BusinessMirror

A2 Tuesday, December 18, 2018

JVA on smart water facilities seen to lure Clark investors

T

By Cai U. Ordinario

@caiordinario

HE joint venture agreement (JVA) between the bases conversion agency and a multinational consortium for the next-generation smart water and wastewater facilities will make New Clark City more attractive to investors, the Asian Development Bank (ADB) said. In a statement on Monday, the ADB welcomed the signing of a JVA for the project. The Manila-based multilateral served as a transaction advisor to the Bases Conversion and Development Authority (BCDA) on the project. The ADB said the consortium of Prime Water Infrastructure Corp., Prime Assets Ventures Inc. (PAVI), MGS Construction Inc., and Israel’s Tahal Group, a global provider of sustainable infrastructure, signed the JVA with the BCDA. “The ADB is pleased to deliver a successful outcome for BCDA and support the development of the Philippines’s greenest and smartest

60 hectares The area covered by New Clark City’s Phase 1A, involving the construction of the National Government Administrative Center, including a world-class sports complex to be used when the Philippines hosts the Southeast Asian Games in 2019 city,” said the Head of ADB’s Office of Public-Private Partnership (OPPP) Yoji Morishita. “The joint venture agreement

establishes an innovative framework that equitably balances risks and returns, offering one of the lowest tariffs across the country while ensuring the availability of next-generation smart water and wastewater services,” he said. The ADB said that last month, a consortium comprising Prime Water, PAVI, MGS Construction, and Tahal Group submitted a bid of P9.45 per cubic meter to win the tender. The proposed P9.45 or $0.18 per cubic meter rate shall apply for the water supply only. The same amount will be charged for wastewater services, resulting in a total tariff of P18.90 or $0.36 per cubic meter for both services over the first five years of the 30-year joint venture period. This, the ADB said, will make these facilities in New Clark City highly competitive when compared against rates for cities in the Philippines and other parts of Southeast Asia as well as globally, and attract more businesses and investors to the city. New Clark City, located within the Clark Special Economic Zone, is envisioned to become the country’s first smart, green and sustainable metropolis. Phase 1A, which covers 60 hectares, involves the construc-

tion of the National Government Administrative Center, including a world-class sports complex to be used when the Philippines hosts the Southeast Asian Games in 2019. “By offering state-of-the-art water and wastewater services at competitive rates, we are staying true to BCDA’s promise for New Clark City to become the Philippines’s most attractive destination for residences and businesses, and the action-oriented ethos of President Rodrigo Duterte’s administration,” said BCDA President and Chief Executive Officer Vivencio B. Dizon. The ADB has been providing advisory services to BCDA since June 2017. The services cover multiple sectors within New Clark City including water, power, gas distribution and IT infrastructure. It’s advisory services are, in turn, supported by the Urban Climate Change Resilience Trust Fund, a multidonor fund aimed at reducing risks to the urban poor from climate change and natural disasters, through strategic planning of resilient infrastructure. The ADB has long supported PPPs and, in 2014, established the OPPP to provide independent transactional advice and develop broader PPP knowledge and expertise in the region.

Economists to govt: Don’t blame us for inflation Continued from A1

In terms of GDP, the DOF said Ang’s forecast was 0.26 percentage points away from the actual on average. This translates to a margin of error of 7.4 percent. Further, Ang said, it is also not healthy to always be correct when making forecasts since it may indicate that an economist knows or has a hand in manipulating the data. In statistics, forecasts with margins of error (MOE) above 10 percent are considered weak estimates, the DOF had explained in releasing the results of the analysis done by its Strategy, Economics and Results Group (SERG) on the inflation forecasts of several economists and analysts from 13 prominent institutions from January to November this year. “The 13 analysts included in the SERG study are from prominent institutions which publicly announce their forecasts in major leading newspapers. However, some of the forecasts swung so much that some of the calculations we did yielded an MOE of between 11 and 14.9 percent,” Undersecretary Karl Kendrick T. Chua had said. He said the DOF recognizes that rising inflation, especially in the third quarter, was mostly driven by food supply issues, the peso depreciation, growing consumer demand and higher oil prices in the global market. However, inaccurate forecasts, such as these, may have pushed up inflation expectations as well, ultimately contributing to higher prices for Filipino families. “We did the assessment to see how well analysts are in forecasting inflation and the results show how far off some of them were in their projections. We think that these forecasts have also driven inflation expectations that, as we know from global experience, have a tendency to become self-fulfilling prophecies,” he added.

Remittances. . . Continued from A1

largely swayed by seasonality as more dollars are sent back home to finance certain needs such as enrolment before midyear and expenses for the holiday season. The remittance level in October 2018 was larger than the $2.237 billion in the previous month and the $2.275 billion in the previous

Not meant to be conclusive

ANOTHER economist singled out by the DOF study was University of Asia and the Pacific School of Economics Dean Cid Terosa. He said “forecasts are never meant to be conclusive” and merely serve as a guide to the public. “At best, forecasts serve as guides to possibilities and not as indicators of finalities. They help people make decisions on their own. Forecasts aren’t meant to take away everyone’s right to accept or not accept them,” Terosa told the BusinessMirror. However, Terosa said he still welcomed the study with good cheer since it may indicate that he was already “famous” given that his margin of error was lower than 10 percent. He said this will not discourage him from giving his insights to interested parties. Based on the DOF study, Terosa’s GDP estimates were 0.29 percentage point away from the actual numbers on average. This translated to a margin of error of 8.7 percent. “Well, if somebody needs my forecast, I’ll be glad to give it. I don’t force others to get my forecast. I’m happy that DOF singled me out, and that the margin of error was below 10 percent,” Terosa said.

GDP forecasts were 0.36 percentage points away from the actual figure on average. This translated to a margin of error of 10.9 percent. “It strengthens the resolve that the private-sector forecasters need to be the credible alternative moving forward. Tools and processes should be improved,” Asuncion told the BusinessMirror. Other economists took to social media to vent or share their opinions on the DOF study. This included Ateneo de Manila University School of Social Science Dean Fernando T. Aldaba, Bank of the Philippine Islands (BPI) lead economist Emilio S. Neri Jr. and Abacus/MyTrade Head of Research Nicky Franco. Aldaba cried foul over the DOF statement as early as Sunday night and followed up his Tweet with another comment early Monday morning saying the government only wanted to pass the blame for the high inflation. “It’s not fair to blame forecasters for inflation expectations when your agency itself was not able to forecast correctly,” Aldaba said on Twitter on Sunday night. “Very sad: passing the blame to others and not accepting that your own forecast was erroneous,”Aldaba followed up on Twitter on Monday morning.

Credible alternative

‘Toughest year’

MEANWHILE, Unionbank Bank Chief Economist Ruben Asuncion said all institutions and agencies such as the DOF are entitled to their own opinion. He said this is something that he will use as a motivation to make better forecasts. Asuncion said the study released by the DOF certainly does not discourage him from making estimates. Based on the DOF study, Asuncion’s inflation forecasts were 0.24 percentage points away from the actual numbers or a margin of error of 9.4 percent. The DOF study also said Asuncion’s

year. The expansion of 8.7 percent was also a recovery from the 2.3 percent seen in the previous month. The BSP said the top countries that contributed to the increase for the month were the United States, Canada and Taiwan. The US is among the top country remittance source as well for the entire 10 months of 2018, along with Saudi Arabia, the United Arab Emirates, Singapore, Japan, the United Kingdom, Qatar, Canada,

FOR his part, Neri said on Sunday night that he was not sure if he will submit his forecast the next time economic polls are conducted even if he nor his institution was not singled out in the DOF study. However, Neri said in his 20-year career, he found 2018 to be the “toughest” year in forecasting monthly and annual inflation rates. On Monday morning, he chided the DOF and said “And I thought Phivolcs [Philippine Institute of Volcanology and Seismology] was the only

Germany and Hong Kong. The countries make up 79 percent of the total cash remittances for the first 10 months of 2018. Also for January to October, cash remittances from land-based workers hit $18.7 billion, up by 2.8 percent from the previous year, while sea-based remittances hit $5 billion, growing 4.2 percent from the previous year. This brings the total cash remittances to the country at $23.768

fault-finding agency in the govt [government].” Franco, meanwhile, responded with screenshots of his own comparison of DOF inflation forecasts versus actual data from the Philippine Statistics Authority (PSA) on his Twitter account this morning. He said based on his comparisons, private analysts and the DOF only reached a consensus in 4 out of 12 months. It also showed that in eight of the 12 months where the DOF and private analysts differed in their forecasts, the DOF was farther in 7 out of 8 months. “If we’re talking about accuracy, private analysts’ forecasts had an average absolute variance [does not matter if difference against actual is - or +] of 0.23 percent from actual inflation data versus 0.31 percent for the DOF. That’s a wide disparity of more than 32 percent,” Franco said. Based on the DOF statement, the study analyzed the forecasts of economists representing eight institutions with six or less data points and some of them even performed better, with one averaging a deviation of 0.15 percentage points. The 13 institutions and their analysts covered by the SERG study on inflation forecasts were: Ang of the Ateneo de Manila University; Angelo Taningco of Security Bank; Michael Ricafort of the Rizal Commercial Banking Corp.; Euben Paracuelles of BDONomura; Victor Abola and Terosa of the University of Asia and the Pacific; and Asuncion of Union Bank. The list also included Nicholas Mapa and Joey Cuyengkeng of ING; Shashank Mendiratta, Eugenia Victorino, Jennifer Kusuma and Betty Rui Wang of ANZ; Emmanuel Leyco of the Asian Institute of Management; Mitzie Conchada of De La Salle University; Guian Dumalagan of Land Bank of the Philippines; Ildemarc Bautista of Metrobank; and Emmanuel Lopez of the University of Santo Tomas.

billion for the year, up 3.1 percent from the same January-to-October remittance volume last year. Several analysts have earlier said remittances are expected to spike toward the end of the year as the holiday season approaches. This also provides support for the projected strength of the peso by year-end. Remittances account for about 10 percent of the country’s gross domestic product.

www.businessmirror.com.ph

TARGET OF .9-M NEW JOBS FOR 2018 UNMET AMID CONSTRUCTION BOOM By Samuel P. Medenilla

D

@sam_medenilla

ESPITE the strong performance of the construction industry this year, the government still fell short of its target of generating over 900,000 jobs for 2018. Citing government statistics, the Department of Labor and Employment (DOLE) said only 800,000 jobs were generated this year. The DOLE’s target under the Philippine Development Plan (PDP) 2017 to 2022 is a range of 900,000 to 1.1 million. Still, the additional entrants to the country’s work force helped raise by 2 percent the total work force from 40.3 million in 2017 to 41.16 million this year. Among the top contributors of new employment opportunities were the Construction industry with 328,000 jobs; Public Administration and Defense with 152,000; manufacturing with 144,000; and Administrative Support Services and Activities with 111,000. DOLE’s Bureau of Local Employment (BLE) Director Dominique R. Tutay said another key employment generator is the logistic sector, which

was stimulated with the recent opening of more roads, bridges and seaports. “It grew 171,000 jobs from 2016 to 2018 and [made] the sector a key employ mentgenerating sector up to 2022,” Tutay said. Both construction and logistics, the DOLE noted, are expected to continue creating new employment opportunities, especially once the government’s “Build, Build, Build” project is fully implemented. “Thousands of workers will still be needed in the said industry,” Tutay said. Tutay said the strong performance in the two sectors will help the government meet its PDP target for 2019. The 2019 elections are also seen to help perk up the labor market, especially in the “services sector as hotels and restaurants would demand for more workers,” Tutay said. For 2018, the DOLE also reported the government sustained the decrease in unemployment, to 5.3 percent, from 5.7 percent last year—or 140,000 fewer jobless people. Underemployment this year, however, spiked, indicating many of the generated jobs were of low quality.

No govt work on Jan. 2

G

OVERNMENT work will be suspended on January 2, 2019, Malacañang announced on Monday. This is in addition to Proclamation 555 Ser ies of 2018 issued by the President declaring January 1 (New Year’s Day) and December 30 (Rizal Day) as Regular Holidays and December 31 (New Year’s Eve) as a Special Non-Working Day. The work suspension was announced by Malacañang through Memorandum Circular 54, “in order to give the employees of the government full opportunity to celebrate such holiday with their families and loved ones.” The suspension will cover work in government offices througho ut t h e c o u nt r y, i n c l u d i n g

go ve r n me nt - ow ne d or - con trolled corporations, government financial institutions, state universities and colleges, local government units and other agencies and instrumentalities. However, those agencies whose functions involve the delivery of basic and health services, preparedness or response to disaster and calamities and the performance and other vital services shall continue with their operations. The suspension of work on the same date in other branches of government and in independent commissions or bodies, as well as in private companies and offices, is also left to the sound discretion of their respective heads, according to Malacañang. Bernadette D. Nicolas

BSP: Payments system law critical to economy

Continued from A1

overarching regulator of the payments system in the country—is expected to bring about more competition, greater efficiency and foster digital innovations for both banking and payments product and services. “The NPSA will foster a level playing field for all participants as they will now be governed by a single overarching legal and regulatory framework,” the governor said. President Duterte signed on October 30 this landmark legislation, mandating the BSP to oversee payment systems in the Philippines and exercise supervisor y and regulator y powers for the purpose of ensuring the stability and effectiveness of the monetary and financial system. Under the law, the BSP shall coordinate with other regulators and concerned government agencies to avoid gaps, inefficiencies, duplications and inconsistencies in its regulation of other systems related to or interconnected with payment systems. This includes coordination with the Securities and Exchange Commission (SEC) for an orderly discharge of payment obligations arising from

securities transactions. Under the law, Espenilla noted, nonbank entities providing payment services may now be regulated by the BSP. “Regulations can also have flexibility commensurate to requirements of payment services which are more transactional in nature and not the holding of customer funds like deposits,” Espenilla explained. “This will allow faster expansion especially of electronic payments,” he added. All operators of payment systems as defined under the NPSA shall register with the BSP in a manner and within a specific period that may be prescribed by the Monetary Board within six months from the effectivity of the law. Under the NPSA’s transitory provision, payment systems existing on the day of the effectivity of the law shall be given sufficient time, as may be determined by the BSP, to comply with the requirements of the NPSA. The BSP also said it will issue implementing rules and regulations, and provide guidance to new entities covered under the NPSA on how to comply with the requirements of the new law. Bianca Cuaresma

The Nation BusinessMirror

www.businessmirror.com.ph

Police nab couple selling guns, ammunition to local terrorists By Rene Acosta

“I just cannot imagine the death and destruction that will result should these war materials fall into the hands of the New People’s Army, Abu Sayyaf Group and terror groups.” —Albayalde

@reneacostaBM

P

OLICEMEN arrested on Su nd ay n i g ht a couple tagged as alleged suppliers of weapons and ammunition to security threat groups and private armed groups in Valenzuela City. The suspects were identified as Edgardo and Rosemarie Medel of Landville Subdivision, Barangay Pambuan, Gapan, Nueva Ecija, who were nabbed after turning over P1.2 million worth of rifles and ammunition to two policewomen at a gasoline station along the North Luzon Expressway in Valenzuela. “I just cannot imagine the death and destruction that will result should these war materials fall into the hands of the New People’s Army, Abu Sayyaf Group and terror groups,” National Police chief Director General Oscar D. Albayalde said in a news statement on Monday. The arrest of the couple culminated a weeklong operation by the Regional Special Operations Unit of the National Capital Region Police Office (NCRPO) who worked on the information provided by police units in Mindanao regarding the arms sales of the suspects. “Medel also figured in prev ious ar ms transaction w it h buyers from Mindanao. A subsequent test buy was conducted wherein NCRPO operatives were able to obtain ammunition from Medel, who also assured the he can also supply as many as 10 rif les,” Albayalde said. Following Medel’s assurance

that he could deliver additional weapons, a buy-bust plan was hatched by the NCRPO in order to entrap the suspect with another order for P1.2 million worth of weapons and ammunition. At around 6:30 p.m. on Sund ay, t he couple a r r ive d on boa rd a wh ite va n w it h pl ate nu mber R E V- 675 at a ser v ice station a long t he e x pressway a nd t he t ra nsact ion was consu mmated. The couple was placed under arrest after accepting P1.2-million marked money from two undercover female operatives who posed as buyers of weapons and ammunition, purportedly for the forthcoming elections next year. The confiscated arms cache consisted of two assault rifles, a handgun and 12,893 rounds of live ammunition for M-60 light machine-gun and M-16 assault rifle. “Part of the continuing investigation will be to determine the source of these weapons and ammunition, and to possibly identify other persons involved in coordination with the Armed Forces of the Philippines,” said A lbayalde.

Editor: Vittorio V. Vitug • Tuesday, December 18, 2018 A3

DILG chief defends ‘surveillance’ system contract with Chinese firm

T

By Jonathan L. Mayuga

@jonlmayuga

HE Department of the Interior and Local Government (DILG) on Monday defended its decision to enter into a multimillion-dollar surveillance contract with a Chinese firm, saying the project will improve police response time by at least 25 percent and help deter and reduce crime in the country by 15 percent. Interior Secretary Eduardo M. Año, a former chief of staff of the Armed Forces of the Philippines (AFP), also clarified that the Safe Philippines emergency response and monitoring system project is not primarily for surveillance but “an integrated system meant to fight crime.” The project will level up the 911 emergency system of the DILG-Philippine National Police (PNP) and will be used to improve public safety and evidence collection; and in the event of criminal activities, boost prevention measures for disaster-related mitigation and response, and police and fire emergency response in addressing traffic and criminal incidents, he stated in a news statement. “A similar system is in place in many cities in the world, especially [for] large metropolitan cities like Metro Manila. It’s about time we have a similar system in our country,” Año said.

$396.8M

The contract cost for the installation and activation of the Safe Philippines Project monitoring systems in Metro Manila and Davao City with China’s CITCC

“Under this project, we can reduce crime by 15 percent and improve response time by 25 percent,” he added. To recall, on November 19, 2018, the DILG signed the $396.8-million contract with the winning bidder China International Telecommunication Construction Corp. (CITCC) for the installation and activation of monitoring systems in Metro Manila and Davao City. Under the Phase 1 of the Safe

Philippines Project, the DILG will provide 18 local government units (LGUs) in Metro Manila and Davao City with integrated operations and command centers and a remote backup data center. According to Año, all cities in Metro Manila and Davao City will have their own command center in their respective police headquarters. Meanwhile, a national command center will be constructed in Metro Manila, while its remote backup data center will be placed at the Clark Freeport Zone in Pampanga. Metro Manila was identified as the pilot city for the project owing its dense population. Davao City, on the other hand, was chosen to complement the monitoring system already in place in the city. Meanwhile, the DILG chief assured the public that the government will take necessary measures such as installing protocols and standard operating procedures to protect the data stored in the CCTV system. “The DILG will install the necessary firewalls to protect the system from hackers and other threats. This will be installed by the DILG and funded by our government,” he assured. “The public also doesn’t have to worry about data breaches in the project as there will be no storage of classified data or information inimical to national security in the CCTV system,” Año said. “The project will simply allow our police to respond to criminal activities, address disasters and traffic issues, and apprehend suspects in the event of threats to public order, safety and security,” he added.

Año also clarified that, while the Huawei Technologies Co. Ltd. was one of the three bidders of the project, owing the company’s failure qualify in the bidding process. “Huawei and CMEC [China Machinery Engineering Corp.] were disqualified from the bid because they did not meet the standards and specifications of the Special Bids and Awards Committee. Only CITCC met the requirements,” Año said. The PNP has been wanting to build a similar system since the previous administration, but it never took off because of the high cost,” he explained. The DILG chief said the agency prepared the feasibility study of the National Safe Cities Project, which was submitted to the National Economic and Development Authority in December 2016 for approval. The name was changed to the Safe Philippines Project together with the submission of the final feasibility study to the Neda which was approved in January 2018. The Safe Philippines Phase 1 Project is a joint project between the governments of the Philippines and the People’s Republic of China to ensure the effective and efficient management of public order, safety and security, Año said. “People living in Metro Manila and Davao City will feel a lot [more] safer walking the streets at night knowing that this system is in place,” Año said. “This will further empower local government units and our police to be more responsive and proactive in addressing crime-related incidents,” the DILG chief said.

Comelec to trim down senatorial candidates’ list anew Nlex Corp. readies By Samuel P. Medenilla @sam_medenilla

T

HE Commission on Elections (Comelec) on Monday bared plans to further trim down the list of a hundred plus senatorial aspirants before releasing the final list of 2019 candidates later this week. At a news conference on Monday, Comelec Spokesman James B. Jimenez said the list would be slashed further, as the poll body complete its review of the qualifications of the candidates. He said this includes the validity of the Certificate of Nomination and Acceptance (CONA) submitted by some candidates. The election official explained those who will be proven to have an invalid CONA will be considered independent candidates and, therefore, not qualified for substitution. “There are many similar cases with such pending complications that has to be resolved first,” Jimenez said. He added they are still in the process of resolving the disqualification petitions from private individual, as well as those initiated by Comelec against high profile candidates.

“We hope they will be able to resolve it within the week.... So our law department and even our commissioners are really double-timing on these things,” Jimenez said. The release of the final list was originally scheduled to be released on December 15, but was moved to either Thursday or Friday of this week.

Source code review extension

JIMENEZ, likewise, said the Comelec is now pushing for an extension of the local review of the source code to be used in the 2019 polls. The Comelec official of the Local Source Code Review committee recommended to extend the review beyond the completion of the “trusted build ” of the last two parts of its automated election system (AES)—consolidation canvassing system (CCS) and vote-counting machines— on January 7, 2019. The trusted build is the process of compiling the internationally reviewed source code into an executable program. “We are recommending to have it until January 31 in the De La Salle [University] so reviewers will have a

facility to go back to review the code,” Jimenez said. Comelec made the announcement on Monday following the turnover of the trusted build of the Election Management System (EMS). Jimenez said the measure aims to g ive the 66 loca l rev iewers more t ime to f ur t her scr ut ini ze t he source code. Based from the initial assessments done by the local reviewers, Comelec said no irregularities were found in the source code. “They have suggestions but have not found any malicious code in the program,” Jimenez said. The local and international review of the source was done simultaneously. However, the international review done by Pro V&V was completed earlier this month, which led to the completion of the trusted build of EMS of the AES last week. Comelec Commissioner Marlon S. Casquejo assured the source code review by Pro V&V and their local counterparts were the same. He s a id t h i s cou l d b e v e r i f ie d b y I n for m at ion Te c h nolo g y p e r s on ne l t h rou g h t he s ou rc e co d e ’s

u n iq ue h a s h co d e s .

‘No mandate’

THE Comelec, meanwhile, said it has no mandate to go after government officials who are engaged in campaigning for the election of 2019 candidates. Jimenez said it is the Civil Service Commission (CSC), who should go after public officials who are “seemingly engaged in partisan politics.” “It is the CSC, which has a clear mandate on that,” Jimenez said. Citing CSC rules, he noted while public sector workers are allowed to express their political preference, they are not allowed to “foist their political opinions to their subordinates.” T he Comelec issued t he st ate ment a f ter being asked who shou ld be held accountable for t he tar paul in of for mer Spec i a l A ssist a nt to t he President a nd senator i a l aspira nt C hr istopher “Bong” Go in f ront of t he gates of C a mp Bagong Diwa in Tag u ig C it y, wh ic h beca me v ira l on l ine. He noted other individuals who have similar concerns could address such issues to the CSC.

road assist project for the holidays By Lorenz S. Marasigan

@lorenzmarasigan

E

XPRESSWAY operator Nlex Corp. expects traffic along the North Luzon Expressway (Nlex) and the Subic-Clark-Tarlac Expressway (SCTEx) to increase by a tenth during the Christmas rush. Hence, it is implementing its motorist assistance program, dubbed “Safe Trip Mo, Sagot ko” (SMSK) to mitigate the effects of the expected surge in traffic volumes on the expressways it operates. Part of the said initiative is the deployment of more traffic personnel on the expressways until January 2 to assist motorists and closely monitor traffic conditions at Balintawak, Mindanao Avenue, Bocaue, Luisita, Tarlac and Tipo toll plazas, as well as at the SCTEx Mabalacat ramps and fuel stations. During certain dates leading up to January, more toll collection points will be set up in the following toll plazas: Balintawak, Mindanao, Tarlac, Bocaue, Angeles, Mexico and San Fernando. Portabooths and portable toll collection handheld units will be used to lessen motorist waiting time at the toll plazas.
 It will provide free towing services for Class 1 vehicles on certain times and dates, and will also set up counterflow lanes in strategic areas to ensure smooth traffic flow in case of untoward incidents.

Six wounded in Sta. Mesa train PNP chief assures no special treatment for Faeldon’s son station rush-hour hostage drama

S

IX persons were wounded when a man ran amuck and took a five-year-old boy hostage at the Philippine National Railway (PNR) Santa Mesa station in Manila on Monday morning. In a report submitted to the National Capital Region Police Office (NCRPO), Manila Police District (MPD) Director Senior Supt. Vicente Danao said the incident happened around 9:37 a.m. where the suspect identified as Dominador Abrillo, 38, grabbed the 9 mm pistol of a security guard stationed at the PNR Santa Mesa Station and fired shots. Abrillo then grabbed the boy and threatened to kill him unless he will be able to talk

to Manila Mayor Joseph E. Estrada. However, after at least two hours of negotiation, Abrillo laid down the firearm, released the child and surrendered to authorities. NCRPO chief Director Guillermo Eleazar said based on initial investigation, Abrillo went berserk after learning that his brother was killed in a police operation in Clark, Pampanga. Abrillo was brought to the Santa Mesa Police Station for detention and filing of charges. Meanwhile, the six persons who sustained injuries due to stray bullets were brought to Ospital ng Sampaloc and Lourdes Hospital for medical treatment. PNA

T

HE Philippine National Police (PNP) on Monday assured there will be no special treatment for the son of Bureau of Corrections (BuCor) chief Nicanor E. Faeldon Sr. who was arrested in a drug raid in Camarines Sur late last week. “He will be given due process and, contrary to what other people are saying, there will be no special treatment. Everybody is being treated equally here,” PNP chief Director General Oscar D. Albayalde said in a news briefing. Nicanor Faeldon Jr. was arrested together with Russel Lanuzo alias “Bubbles,” 47; Allan Valdez, 44; and Manuel Nebres, 39, during Friday’s early morning raid when police served a search warrant against Lanuzo in his house along San Miguel Street, Barangay Mabolo, Naga City.

Albayalde said the recent operation is proof that there is no let-up in the PNP’s compliance with President Duterte’s order to rid the country of illegal drugs. “There will be no break on this, on the war on drugs,” the PNP chief said. While he tested negative for drug use, the local police still charged Faeldon Jr. for his presence in a drug den, and it is now up to the court to decide on the case. “It is not on the result of the drug test which he is being charged, but he will be given due process,” Albayalde said. Earlier, Christian Frivaldo, Philippine Drug Enforcement Agency-Bicol acting director, said Faeldon Jr. is not yet cleared as he would still be investigated regarding his presence in the drug den allegedly being operated by Lanuzo, a suspected illegal-drug

pusher in Naga City. “The mere use of a drug den and his presence in the drug den is a ground for two different issues or offense he could be charged with,” Frivaldo said. The offense of being caught in a drug den would be bailable as he would be allowed to post bail as prescribed by the court, he added. Frivaldo said for the offense, the court would allow Faeldon Jr. to post a P100,000 bail for his temporary liberty. He said Faeldon Jr.’s case would still undergo inquest proceedings before government prosecutors and the result of the preliminary investigation would then be submitted to a local court. In the meantime, Faeldon Jr. would have to remain at the PNP detention facility in Naga City, Frivaldo said. PNA

A4 Tuesday, December 18, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Singapore to import PHL agriculture produce after Malaysia export slash

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines is keen on exporting poultry and livestock products, as well as vegetables and grains, to Singapore by the first quarter of next year to provide an additional market to local farmers. Agriculture Secretary Emmanuel F. Piñol said Singaporean Ambassador to the Philippines Kok Li Peng showed “great interest” in importing pork, chicken, eggs, vegetables and rice products from the Philippines. “The Philippines and Singapore today [Monday] agreed to fast-track agricultural trading negotiations to allow the export of pork, chicken and eggs, vegetables and shrimps to the tiny but rich country by early next year,” Piñol said on Monday. Piñol met with Li Peng on Mon-

day morning to discuss the possibility of exporting farm products, especially chicken eggs, to Singapore and make the Philippines its alternative food supplier. Piñol said he made the visit to Li Peng following reports quoting AgriFood and Veterinary Authority (AVA) of Singapore that it is looking for chicken and egg suppliers after Malaysia reduced its shipment to the Southeast Asian nation. During the meeting, both parties agreed that the AVA would send a

team in March 2019 to inspect poultry facilities of the Philippines. “But it could be earlier because the ambassador was very excited,” he said. Piñol also disclosed that the Gokongwei-owned Universal Robina Corp. expressed interests to export eggs, chilled pork and chicken to Singapore. Dennis Palabrica of URC was present during the dialogue between the Philippines and Singapore, according to Piñol. “The other things that Singapore is interested in are vegetables pro-

duced in Bukidnon, high-value rice such as brown rice and organic rice and vannamei shrimp,” he said. Piñol said the only factor that may delay the shipment of Philippine farm goods to Singapore would be the Chinese New Year, when the latter is busy with its festivities. Piñol did not disclose the projected amount of revenue by entering the Singaporean market but just said that the Philippines would try to fill in the gap in the supply that would be created by the reduction of Malaysian agricultural shipments.

The Philippines and Singapore today [Monday] agreed to fasttrack agricultural trading negotiations to allow the export of pork, chicken and eggs, vegetables and shrimps to the tiny but rich country by early next year.”—Piñol

www.businessmirror.com.ph

Port of Zamboanga breaches collection goal for the year at ₧351.787 million—BOC By Rea Cu

@ReaCuBM

T

HE Port of Zamboanga has exceeded its annual collection goal of P288 million for the year, with its current port collection amounting to P351.787 million, the Bureau of Customs (BOC) reported on Monday. The BOC said in a news statement that the southern Philippines port has collected P38.661 million for the month of December alone, surpassing its assigned monthly target of P25 million. This led to the port breaching its annual target of P288 million for the year. Segundo Sigmundfreud Z. Barte Jr., acting district collector of the Port of Zamboanga, said that the intensified anti-smuggling drive resulted to the rise in the revenue collection from the importation of rice and cement. The importation of liquefied petroleum gas, round logs and refined bleach and deodorized palm oil also contributed to the higher collection records of the port, he added. In January this year, the Development Budget Coordination Committee (DBCC) raised the year’s revenue target for the BOC to P581.2 billion, from the P459.6-billion target in

2017. The BOC was able to collect P444.1 billion in 2017. Finance Secretary Carlos G. Dominguez III said the passage of Package 1B under the Tax Reform for Acceleration and Inclusion (TRAIN) Act, which focuses on improving tax administration, is crucial in helping boost the collection effort of both the BOC and the Bureau of Internal Revenue (BIR). Last December President Duterte signed into law the TRAIN, which slashed the personal-income tax rate from 32 percent to 25 percent, while applying offsetting measures, including increasing the excise tax on fuel and automobiles, among others. Package 1B of the Comprehensive Tax Reform Program (CTRP) is still being deliberated upon by Congress. Earlier in December, the BOC also reported that the Port of Tacloban also breached its target revenue collection for the year of P321 million, with collections already reaching P1.006 billion for the month of November. The Port of Tacloban, comprised of the sub-ports of Isabel and Catbalogan City, reported that it has collected more than P1 billion as of November on the back of the increased incoming volume of cargoes.

House bill amending Compliance trends you Group mocks DENR chief’s better leave behind in 2018 FIA Act of 1991 cious 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.

By Henry J. Schumacher

N

OW that 2018 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. The Ponemon Institute publishes an annual report exploring data security risks with third parties. Consider these stats from its 2018 survey of more than 1,000 security professionals: Only 35 percent of respondents rate their third-party risk-management program as highly effective. Only 34 percent of respondents say they have a comprehensive inventory of all their third parties. Only 29 percent of respondents say a third party would contact them about the data breach. That is not good. Strengthening vendor 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 anticorruption. 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-risk party and open the door to misconduct, or you perform too much due diligence on a low-risk party, and waste pre-

Thinking only about what’s legal, not what’s ethical NUMEROUS times in 2018, 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; bloated executive compensation. 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 1. Commit to comply—with focus on governance and the task of the Data Privacy Officer. 2. K now your risk—data inventor y and analysis/data protection impact assessment. 3. Be accountable—create a privacy management program. 4. Demonstrate compliance—implement measures re-compliance monitoring to audit. 5. 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.

hurdles 2nd reading By Jovee Marie N. Dela Cruz

@joveemarie

T

H E House of Rep resentatives has appro ve d on second reading a measure amending the Foreign Investments Act (FIA) of 1991 in a bid to make the economy more accessible to foreign investments. Before Congress went on a Christmas break last week, lawmakers passed on second reading the House Bill 8764 to amend Sections 4 and 8 of FIA. The lower chamber is expected to approve the bill on third and final reading when session resumes in January. The measure deletes the “practice of professions” from the items listed in the Foreign Investment Negative List (FINL) by amending Section 4 of Republic Act 8179. It also lowers the employment threshold from 50 to 15 for small- and medium-sized enterprises established by foreign investors with minimum paid-up capital of $100,000. The bill, likewise, seeks to generate more employment opportunities for Filipinos and strengthening the country’s expanding economy. Deputy House Speaker Arthur C. Yap of Bohol, one of the principal authors of the bill, said the measure will help the country to attract foreign direct investments (FDI) and facilitate the transfer of technologies, and share expertise to provide more options for more quality goods and services. “Foreign Investments Act of 1991 was enacted to attract investments from foreign sources and in so doing expand livelihood and employment opportunities for Filipinos,” Yap said. However, he said, there are two provisions in the law that appears to be in conflict with its objectives. He said the first provision is related to the practice of all professions, which is included in the FINL under the hearing “no foreign equity.” “Considering that certain laws governing each profession allow foreign nationals to practice in the Philippines under reciprocity agreements, it is misleading to include such item in the FINL as a nationalized activity. This effectively discourages foreign professionals, who would otherwise be allowed to practice here by virtue of reciprocity, from coming in and sharing their ideas and technical know-how, contrary to the inclusive policy of the FIA,” he said. According to Yap, the second conflicting provision in the law allows foreigners to invest in small- and medium-sized enterprises domestic market enterprises with a minimum paid-in capital of $100,000 if they employ at least 50 direct employees. “However, operationally speaking, a $100,000 enterprise, which is only a little over P4.3 million, cannot immediately sustain a labor force of 50 persons. Hence, there is a need to retain the employment requirement but lower the threshold to a more reasonable number,” he said.

“Foreign Investments Act of 1991 was enacted to attract investments from foreign sources and in so doing expand livelihood and employment opportunities for Filipinos.” —Yap

plan to rehab Manila Bay By Jonathan L. Mayuga @jonlmayuga

E

NVIRONMENTAL groups belonging to the Kalikasan-People’s Network for the Environment (Kalikasan-PNE) laughed off on Monday Environment Secretary Roy A. Cimatu’s plan to implement a Boracay-like rehabilitation plan for Manila Bay. In rejecting what it describes as an “all-out delusion” of the Department of Environment and Natural Resources (DENR) chief in doing a Boracay in Manila Bay, KalikasanPNE said the government’s past efforts to rehabilitate Boracay “cannot even be considered a success,” considering the failure to fully enforce environmental laws among tourism-related business establishments, and the massive loss of jobs and livelihood. “In the first place, only less than 10 percent of establishments were environmentally compliant after six full months of closure, and at least 35,000 disrupted jobs and livelihoods,” Leon Dulce, national coordinator of Kalikasan-PNE told the BusinessMirror. Dulce was reacting to the DENR chief’s statement as the agency mandated to manage the country’s environment and natural resources gears up to embark on an ambitious campaign to restore Manila Bay’s water back to its pristine state. Cimatu is banking on the support and cooperation of various stakeholders, particularly local government units (LGUs) around the Manila Bay area. He vowed to exercise political will, which, Cimatu said, he demonstrated during the six-month closure and rehabilitation of Boracay Island, in Malay, Aklan. Dulce said Cimatu’s “final solution” is off-target by zeroing in on the poor again with his promise of demolishing the homes of 300,000 mostly marginalized residents across the coast. He cited a 2010 World Bank study which indicates that lower and lower middle income level groups generate 0.60 to 0.79 kilograms of solid waste per day per head on average, compared to 2.1 kg of solid waste per day per person among high income level groups. Moreover, the leader of the environmental advocacy group said the Boracay lockdown even facilitated the further privatization of Boracay’s wetland ecosystems, public

utilities and infrastructure. “This impending Manila Bay crackdown may be the same modus, and will, in fact, feed into the Duterte government’s plan to destroy and convert more than 30,000 hectares of the bay’s coastal ecosystems into reclamation and other big business developments,” he warned. Last week the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas criticized the government’s plan to relocate thousands of fishermen along Manila Bay. The plan, Pamalakaya said, in effect, blamed poor residents for the water pollution, while allegedly turning a blind eye to the chemical and toxic wastes being discharged by industrial and commercial structures on a regular basis, as well as other government projects that are destructive to marine ecosystem. The relocation order of Cimatu is a prelude to reclamation projects pending in Manila Bay, Fernando Hicap, national chairman of Pamalakaya said. There are 43 reclamation projects covering 32,429.56 hectares of waters lined up under President Duterte’s “Build, Build, Build” (BBB) program, he said. “Thousands of hectares of mangrove forests and coral reefs were destroyed before to pave way for commercial business districts and establishments. From decades ago until 1995, mangrove areas in Manila Bay used to cover 54,000 hectares but they have significantly shrunk to 2,000 hectares and at present, only less-than-a-500-hectare is left. This systematic destruction of mangroves not only affects the habitat of fish and other marine species but also the livelihood of small fishers who now suffer from the trend of fishcatch depletion; from 10 to 15 kilos down to 2 to 5 kilos of average catch per day,” Hicap lamented. Pamalakaya said Cimatu should refrain from his subjective decisions that put the socioeconomic rights of small fishermen at stake. “Cimatu should not use the issue of pollution as an excuse to demolish fishing communities in Manila Bay when in the first place, it is the government’s incompetence and sellout to corporate plunderers that put our fishing waters in a dying stage. We reiterate our call to genuinely rehabilitate Manila Bay in a form of mangroves restoration and rejecting all destructive projects such as land reclamation,” Hicap said.

Editor: Angel R. Calso

The World BusinessMirror

White House closer to partial shutdown with wall demand

W

ASHINGTON—Pushing the government to the brink of a partial shutdown, the White House is insisting that Congress provide $5 billion to build a wall along the USMexico border despite lawmaker resistance from both parties. Without a resolution, parts of the federal government will shut down at midnight on Friday. “We’re going to do whatever is necessary to build the border wall to stop this ongoing crisis of illegal immigration,” White House Senior Adviser Stephen Miller said on Sunday. Asked if that meant having a government shutdown, he said: “If it comes to it, absolutely.” Trump said last week he would be “proud” to have a shutdown to get Congress to approve a $5 billion down payment to fulfill his campaign promise to build a border wall. But the president doesn’t have the votes from the Republican-controlled Congress to support funding for the wall at that level. Both parties in Congress have suggested that Trump would likely need to make the next move to resolve the impasse. The House is taking an extended weekend break, returning on Wednesday night. The Senate returns Monday after a three-day absence. D e mo c r at ic con g re s s ion a l leaders, Sen. Chuck Schumer and Rep. Nancy Pelosi, have proposed no more than $1.6 billion, as outlined in a bipartisan Senate bill. The money would not go for the wall but for fencing upgrades and other border security. Democrats also offered to simply keep funding at its current level, $1.3 billion. Showing no signs of budging, Schumer said on Sunday that it was up to Trump to decide whet her t he federa l gover nment will partially shut down, sending thousands of federal employees home w ithout pay during the holidays.

About one quarter of the government would be affected, including the departments of Homeland Security, Transportation, Agriculture, State and Justice, as well as national parks. “He is not going to get the wall in any form,” Schumer said. Trump had neither accepted nor rejected the Democrats’ proposal as of Friday, according to the Democrats, telling them he would take a look. Trump will need Democratic votes either way, now or in the New Year, for passage. Wyoming Sen. John Barrasso, the No. 3 Republican in the Senate, said Republicans remain hopeful they can come up with a proposal that can be acceptable to Trump and pass both chambers. He suggested that could take the form of a stopgap bill that extends funding until January, or a longer-term bill that includes money for border security. “There are a lot of things you need to do with border security,” he said. “One is a physical barrier but also the technology, the manpower, the enforcement, all of those things, and our current laws are in some ways an incentive for people to come to this country illegally, and they go through great risk and possibly great harm.” Sen. Susan Collins, R-Maine, urged senators to revisit a bill she helped push earlier this year that would provide $2.5 billion for border security, including physical barriers as well as technology and border patrol agents. Schumer declined to say whether Democrats would be willing to consider proposals other than the two options that he and Pelosi offered. Republicans “should join us in one of these two proposals, which would get more than enough votes passed and avoid a shutdown,” Schumer said. “Then, if the president wants to debate the wall next year, he can. I don’t think he’ll get it. But he shouldn’t use innocent workers as hostage for his temper tantrum.” AP

Oil holds loss as Opec output curbs weighed against surging US supply

O

IL held losses near $51 a ba r rel a s i nvestors weighed the effectiveness of Opec+ coalition’s production curbs against growing fears of surging American shale supplies. Futures in New York were little changed after a 2.7-percent loss last week. While working oil rigs in the US fell to the least in eight weeks, the market continues to grapple with concerns that rising output from the Permian of West Texas and New Mexico and North Dakota’s Bakken shale fields may quash any price rallies. Meanwhile, hedge funds slashed bullish bets as slowing global growth undermines production cuts pledged by Opec+. Crude remains near its lowest level in more than a year as traders worried production curbs agreed by the Organization of the Petroleum Exporting Countries and its allies including Russia aren’t deep enough, and could be offset by booming US output. While the International Energy Agency said it’s too early to tell whether the group’s cuts will succeed in balancing markets, the agency as well as Opec itself warned of a potential surplus in 2019. “Doubts about Opec production curbs are weighing on prices,” Takayuki Nogami, chief economist at Japan Oil, Gas and Metals National Corp., said by phone from Tokyo. Still, as oil trades near $50, which the market views an average breakeven point for American drillers, “growth in US supply may slow down and, coupled with Opec

cuts, tighten the supply and demand balance.” West Texas Intermediate (WTI) for January delivery traded at $51.27 a barrel on the New York Mercantile Exchange, up 7 cents, at 4:22 p.m. in Tokyo. The contract fell $1.38 to $51.20 on Friday. Total volume traded was about 30 percent below the 100-day average. Brent for February settlement added 1 cent to $60.29 a barrel on London’s ICE Futures Europe exchange. The contract fell $1.17 to $60.28 on Friday. The global benchmark crude traded at an $8.73 premium to WTI for the same month. Even though Baker Hughes data on Friday showed working oil rigs in America fell by 4 to 873 last week, concerns continue to linger over a potential jump in US supplies. The government’s latest weekly data showed the nation’s production of crude was near a record high, and it’s forecast to further increase next year. Meanwhile, hedge funds reduced net wagers on a WTI crude rally to the lowest in more than two years, according to the US Commodity Futures Trading Commission’s data on Friday. Shortselling of Brent oil climbed for a record 11th week. Surging American production has also made the Bank of Russia skeptical on the success of the Opec+ cuts. The country’s central bank reduced its crude price outlook for next year to $55 a barrel from $63 as it sees the risk of the output curbs countered by a rise in US shale supplies. Bloomberg News

Tuesday, December 18, 2018

A5

Saudi rejects US Senate’s ‘interference’ in kingdom

R

IYADH, Saudi Arabia—Saudi Arabia issued an unusually strong rebuke of the US Senate on Monday, rejecting a bipartisan resolution that put the blame for the killing of Saudi journalist Jamal Khashoggi squarely on the Saudi crown prince and describing it as interference in the kingdom’s affairs. It’s the latest sign of how the relationship between the royal court and Congress has deteriorated, more than two months after Khashoggi was killed and dismembered by Saudi agents inside the kingdom’s consulate in Istanbul. The assassins have been l in ked to Saud i Crow n Prince Mohammed bin Salman. US senators last T hursday passed the measure that blamed the prince for Khashoggi ’s killing and ca l led on R iyad h to

“ensure appropr iate accountability.” Senators also passed a separate measure calling for the end of US aid to the Saudi-led war in Yemen. In a lengthy statement early Monday, Saudi Arabia said the Senate’s resolution “contained blatant interferences” in the kingdom’s internal affairs and undermines its regional and international role. The resolution was based on “unsubstantiated claims and allegations,” the statement also said.

“ T he k ingdom categor ica l ly rejects any inter ference in its inter nal affairs, any and all accusations, in any manner, that disrespect its leadership...and a ny at te mpt s to u nde r m i ne its sovereig nt y or diminish its stature,” it said. Such language is usually reserved for those who criticize the kingdom’s human rights record, such as Sweden in 2015 after the public flogging of a blogger, and Canada this year over the arrests of women’s rights activists. But the statement was also tempered in saying the kingdom “reaffirms” its commitment to relations with the United States and describing the Senate as “an esteemed legislative body of an allied and friendly government.” President Donald J. Trump has been reluctant to condemn the crown prince, despite US intelligence officials concluding that Prince Mohammed must have at least had knowledge of the plot. Trump instead has touted Saudi arms deals worth billions of dollars and has thanked the Saudis for lower oil prices.

Saudi A rabia denies Pr ince Mohammed was involved in the October 2 killing of K hashoggi, a Washing ton Post colu mnist w ho w rot e c r it ic a l l y of t he crow n pr ince. Under intense i nt e r n at i o n a l p r e s s u r e , t h e k i n g d o m r e c e nt l y a c k n o w l edged that the plot was master minded by top Saudi agents close to Pr ince Mohammed. After shifting accounts about what happened to Khashoggi, Saudi Arabia said its investigations concluded that the crown prince’s aides had plotted to bring Khashoggi by force back to Saudi Arabia and that the agents on the ground exceeded their authority and killed him. The Saudi statement said the Senate’s position will not affect the kingdom’s “leading role in the region,” its role in supporting the stability of international energy markets, its counterterrorism cooperation and its stand with the US in confronting Iran. It “sends the wrong messages to all those who want to cause a rift in Saudi-US relationship,” the statement added. AP

Talks adopt ‘rulebook’ to put Paris climate deal into action

K

ATOW ICE, Poland—A lmost 200 nations, including the world’s top greenhouse-gas producers, China and the United States, have adopted a set of rules meant to breathe life into the 2015 Paris climate accord by setting out how countries should report their emissions and efforts to reduce them. But negotiators delayed other key decisions until next year—a move that frustrated environmentalists and countries that wanted more ambitious goals in light of scientists’ warnings that the world must shift sharply away from fossil fuels in the coming decade. “The majority of the rulebook for the Paris agreement has been created, which is something to be thankful for,” said Mohamed Adow, a climate policy expert at Christian Aid. “But the fact countries had to be dragged kicking and screaming to the finish line shows that some nations have not woken up” to the dire consequences of global warming as outlined in a report by the UN Panel on Climate Change, or IPCC. Officials at the talks, which ended late Saturday in the Polish city of Katowice, agreed upon universal rules on how nations can cut emissions. Poor countries secured assurances on financial support to help them reduce emissions, adapt to changes such as rising sea levels and pay for damage that has already happened. “Through this package, you have made a thousand little steps forward together,” said Michal Kurtyka, a senior Polish official who led the talks. While each country would likely find some parts of the agreement

PRESIDENT Michal Kurtyka (right) and Executive Secretary of the UN Framework Convention on Climate Change Patricia Espinosa react after adopting the final agreement during a closing session of the COP24 UN Climate Change Conference 2018 in Katowice, Poland, on Saturday. AP/CZAREK SOKOLOWSKI

it did not like, he said, efforts were made to balance the interests of all parties. “We will all have to give in order to gain,” he said. “We will all have to be courageous to look into the future and make yet another step for the sake of humanity.” The talks took place against a backdrop of growing concern among scientists that globa l warming is proceeding faster than governments are responding to it. Last month, a study found that global warming will worsen disasters such as the deadly California wildfires and the powerful hurricanes that have hit the United States this year. The recent report by the IPCC concluded that while it’s possible to cap global warming at 1.5 degrees Celsius (2.7 degrees Fahrenheit) by the end of the century compared to pre-industrial times, doing so would require a dramatic overhaul of the global

economy, including a shift away from fossil fuels. Alarmed by efforts to include that idea in the final text of the meeting, the oil-exporting nations of the US, Russia, Saudi Arabia and Kuwait blocked an endorsement of the IPCC report midway through this month’s talks. That prompted uproar from vulnerable countries like small island nations and environmental groups. The final text omitted a previous reference to specific reductions in greenhouse-gas emissions by 2030 and merely welcomed the “timely completion” of the IPCC report, not its conclusions. Johan Rockstrom, a scientist who helps to lead the Potsdam Institute for Climate Impact Research, called the agreement “a relief.” The Paris deal, he said, “is alive and kicking, despite a rise in populism and nationalism.” His biggest concern, he said, is that the summit “failed to align

ambitions with science, in particular missing the necessity of making clear that global emissions from fossil fuels must be cut by half by 2030” to stay in line with the IPCC report. Alden Meyer, director of strategy and policy at the Union of Concerned Scientists, said the talks created “a solid foundation for implementation and strengthening” of the Paris agreement and could help bring the US back into the deal by a future presidential administration. O ne m ajor st ic k i ng poi nt was how to create a functioning market in carbon credits. Economists believe that an international trading system could be an effective way to drive down greenhouse-gas emissions and raise large amounts of money for measures to curb global warming. But Brazil wanted to keep the piles of carbon credits it had amassed under an old system that developed countries say wasn’t credible or transparent. Among those that pushed back hardest was the United States, despite President Donald J. Trump’s decision to pull out of the Paris climate accord and his promotion of coal as a source of energy. “Overall, the US role here has been somewhat schizophrenic— pushing coal and dissing science on the one hand, but also working hard in the room for strong transparency rules,” said Elliot Diringer of the Center for Climate and Energy Solutions, a Washington think tank. The US is still technically in the Paris agreement until 2020, which is why American officials par ticipated in the K atow ice talks. AP

US conducts 6 air strikes against Somalia extremists, 62 dead

J

OHANNESBURG—The US military says it has carried out six air strikes in the Gandarshe area of Somalia which killed a total of 62 al-Shabab extremist rebels. In a statement issued on Monday, the US militar y’s A frica Command said it carried out four strikes on December 15 in which 34 people were killed and two more on December 16, which killed 28. All the air attacks were in the Gan-

darshe coastal area south of the capital, Mogadishu, it said. No civilians were injured or killed in the attacks, it said. All six strikes were carried out in close coordination with Somalia’s government, it said. The air strikes were “conducted to prevent al-Shabab from using remote areas as a safe haven to plot, direct, inspire, and recruit for future attacks,” it said.

Al-Shabab uses parts of southern and central Somalia to plot and direct extremist attacks, steal humanitarian aid, extort the local populace to fund its operations, and shelter radicals, said the statement. With these attacks, the US military has carried out at least 46 air strikes so far this year against al-Shabab, which is allied to al-Qaeda and Africa’s most active Islamic extremist group.

A-Shabab controls parts of rural southern and central Somalia and continues to stage deadly attacks in Mogadishu and other cities. The US air strikes have picked up dramatically since President Donald J. Trump took office and approved expanded military operations in the Horn of Africa nation. Air strikes also target a small presence of fighters linked to the Islamic State group. AP

A6 Tuesday, December 18, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

SODA

W

E are in favor of the passage of Senate Bill 1483, authored by Senate President Pro Tempore Ralph G. Recto, which would require the country’s economic managers to make a biannual appearance before a joint committee of Congress to report on the country’s debt and finances. Although the government is not exactly in the red, not even in a precarious financial situation (at least not yet), requiring and institutionalizing more fiscal responsibility and accountability from each administration is most welcome. Budgets and borrowings don’t normally hold the public’s attention as much as killings and corruption scandals, but it should. Politicians and the public often ignore government debts, but these are huge drains on the budget that have devastating effects on the daily lives of Filipinos. The Philippines allots a third of its national budget for debt servicing. For 2018, the national government allocated P682.46 billion for debt payments, comprising of P353.41 billion in interest payments and P329.05 billion in amortization. Recto said the national government debt was P4.582 trillion in June 2010, when then-President Gloria Macapagal-Arroyo stepped down. It reached P5.94 trillion in June 2016 when it was Benigno S. Aquino III’s turn to leave Malacañang. It expanded to P7.15 trillion in September. The Department of Budget and Management (DBM) projected the national debt to hit P7.33 trillion in 2018 (up from P6.65 trillion in 2017), and it is expected to exceed P8 trillion in 2019, as the Duterte administration ramps up borrowings to finance its infrastructure program. “Not included in the debt picture are contingent liabilities arising from sovereign loans or guaranteed obligations in PPP projects, and embedded in various kinds of joint ventures,” Recto noted. He stressed the need to have “a reliable, running estimate on how much these cost, otherwise we may be blindsided.” He cited “the alarming trend of finding foreign financing, signing the loan papers, and passing, as a matter of fait accompli, the loan repayment to Congress—instead of first securing appropriations for a certain project or program.” He gave as example the conditional cash transfers or the 4Ps program. “People don’t know that $1.75 billion, in five loan packages, were borrowed for such. What simply reached Congress is the request to allocate for debt servicing. It’s like we were just told, ‘Oh, by the way, we borrowed this amount, so pay this.’” Under the Recto bill, those required to render what he dubbed the State of the Debt Address, or SODA, are the secretaries of the Department of Finance and the DBM, as well as the National Economic and Development Authority director general and the Bangko Sentral governor. A lot of good can come out of knowing all the details of our country’s debts by mandating these four Cabinet officials to report on them before a House-Senate oversight panel twice a year. Proceedings must be televised so the public will know how much do we owe creditors, and how the loans actually helped Filipinos, if at all. Were the debts used to help lessen poverty and hunger in the country, boost employment and improve people’s lives? If more money from the national budget is going into debt servicing than to education, health and environmental protection, how could this be? Obviously, every peso or dollar we spend to pay our debts means less money available for poverty reduction, social services, housing, urban development and agriculture. The government owes our people some explanation on our debt situation, and SODA will definitely quench the nation’s thirst for such information. Since 2005

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

THE ENTREPRENEUR Continued from A1

T

HE Philippine Statistics Authority reported that the annual headline inflation rate, or the movement in consumer prices, eased to 6 percent in November from a nine-year high of 6.7 percent in October. Slower increases in the costs of prime commodities contributed to the lower inflation rate. Factors such as the sharp decline in petroleum prices, normalization of rice supply and the peso appreciation helped bring down inflation, according to the Bangko Sentral ng Pilipinas. BSP Governor Nestor A. Espenilla Jr. described the November inflation as “very encouraging,” especially as the month-on-month inflation actually declined 0.3 percent in November. The BSP now expects the inflation rate to return to the target range of 2 percent to 4 percent, as measures such as the interest rate hikes and allowing more rice imports into the local market begin to take effect. Economic managers said the slower inflation in November reflected

the efficacy of anti-inflationary measures taken by the government. I believe that such government measures, coupled with the strengthening peso and softening petroleum prices in the world market, would further tame the inflation rate in December and the first quarter of 2019. Data show that the Dubai crude oil prices fell 14 percent to $68 per barrel in November from $79 barrel in October. The price of Dubai oil is predicted to drop below $60 a barrel in 2019. The Philippine peso also stabilized at 52 per US dollar in November, a strong improvement from a range of 54 per greenback in September. On the policy side, the passage of the rice tariffication bill in Congress

China: The Asian EU? John Mangun

Lourdes M. Fernandez

OUTSIDE THE BOX

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

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

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

Manny B. Villar

T. Anthony C. Cabangon

Online Editor Social Media Editor

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

More purchasing power

‘F

ORTRESS Europe”—or Festung Europa in German—was a term in World War II referring to areas occupied by Nazi Germany. While “Festung Europa” died at the end, Fortress Europe was replaced by the European Union (EU), which is crumbling.

While it may seem a silly cliché, what happened in the past two years has been a battle between the desires and needs of the people and those of the elite. Think back to the 18th and 19th centuries. The monarchies of Europe from Russia to the United Kingdom and Sweden to Italy were all joined together by blood or marriage. It was a time-tested formula to keep power in the hands of the few. Certainly, there were some rogue kings that wanted to go their own way. But every large family has a “black sheep” and it is up to the others to keep the black sheep in line. It is still the same today. Former national government officials become part of the EU hierarchy. Bank

of Italy Governor Mario Draghi is now the president of the European Central Bank (ECB). Jean-Claude Juncker, president of the European Commission, was prime minister of Luxembourg. European Council President Donald Tusk moved up from prime minister of Poland. So, one big happy family. No doubt lame duck German Prime Minister Angela Merkel will be provided for after she leaves office. President Emmanuel Macron of France has an approval rating below the Bubonic Plague, but he will eventually find a cozy corner office at the EU Brussels headquarters. National leaders are expected to keep their constituents in line and do

The DTI vowed to continuously watch the prices of goods and their raw materials, as well as the developments in the world market and domestic economy, to ensure that prices are reasonable. The agency expects further reduction in the SRPs in the first quarter of 2019. is expected to further bring down the price of rice, which represents the biggest item in the consumer price index basket. Economic managers also believe the slowdown in inflation rate would continue in the near term. With the government and the BSP focusing their attention on managing prices, our people can be assured that 2019 will be better than this year. The private sector also did its part by working with the Department of Trade and Industry (DTI) in following the suggested retail prices, or SRPs, of basic necessities and prime commodities. In fact, several brands of bread and milk decided to reduce their prices as part of the manufacturers’ social contribution this holiday season, according to Trade Secretary Ramon M. Lopez. The DTI vowed to continuously watch the prices of goods and their raw materials, as well as the

The PRC has 22 provinces and five autonomous regions. Rural farmers, coastal factory workers, “old ladies” trying to make a stock market killing, “real-estate tycoons” who used to run noodle shops, and owners of factories making fake hand bags all have different agendas. Government policies that serve one group damage another. what is best for the greater good, and by “greater good” they mean the EU. In 2016 British voters opted to leave the EU. David Cameron resigned and was replaced by Theresa May as prime minister since he had campaigned to “remain.” May has been trying to cut a deal with the EU to sort of “leave” and to sort of remain and the British public is not happy. She survived a “no confidence” vote from her own party from fear that the voters might replace them with the “hated” opposition Labor Party. Italy’s new government under Giuseppe Conte refuses to continue an austerity program by increasing the budget deficit above EU rules. The ECB has threatened to stop buying Italian debt as punishment. But that

developments in the world market and domestic economy, to ensure that prices are reasonable. The agency expects further reduction in the SRPs in the first quarter of 2019. Businesses now see more signs of relief because of the decelerating inflation. Remember that inflation is linked to household spending which is the biggest component of the Philippine economy. The gross domestic product grew 6.1 percent in the third quarter, the slowest in nearly three years, as inflation hit a nine-year high of 6.7 percent in September and affected consumers’ sentiments. A high inflation rate will directly affect the poorest Filipinos, which could also exacerbate poverty and unemployment in the country. This is why it is important for the government and the BSP not to lose sight of price management while allowing the market to become dynamic. A more optimistic outlook on inflation and the economy in general will eventually translate into better sales of commodities, services, properties and automobiles. I find the slower November inflation rate comforting because it is providing our Filipino consumers with more purchasing power this Christmas season. Merry Christmas! For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

would break the EU bond market. Poland, Hungary and the Czech Republic—with the people’s support—are against EU’s immigration policy. Spain is in conflict with the EU leadership over its own budget plans. The EU has the difficult task of balancing all the agendas in the region while keeping its power. We have our own version of the EU in Asia. It is called the People’s Republic of China (PRC). We think of the PRC as this monolith ruled with an iron fist by the General Secretary of the Communist Party of China and President Xi Jinping. Xi wishes that was the way it worked. The PRC has 22 provinces and five autonomous regions. Rural farmers, coastal factory workers, “old ladies” trying to make a stock market killing, “real-estate tycoons” who used to run noodle shops, and owners of factories making fake hand bags all have different agendas. Government policies that serve one group damage another. And into that “hot pot,” solutions to the trade conflict with the US are confusing both the government and the people. As in Europe, central power over diverse interest groups is a great challenge. Failure affects everyone else in the neighborhood.

Opinion BusinessMirror

www.businessmirror.com.ph

An antidote to idiocy in ‘Churchill’

E

PIK expresses relief on UN climate Summit COP24 closing

By Bret Stephens | New York Times News Service

ARLIER this year, retired astronaut Scott Kelly posted a harmless tweet quoting Winston Churchill’s famous line, “In victory, magnanimity.” Left-wing Twitter went berserk, and Kelly felt obliged to grovel. “Did not mean to offend by quoting Churchill,” he wrote. “My apologies. I will go and educate myself further on his atrocities, racist views which I do not support.” We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists. Think of Prime Minister Theresa May of Britain and the hard-core Brexiteers. Or of what used to be called the Republican establishment and Donald J. Trump. We also live in an era in which the counterexamples are few and far between. “In defeat, defiance” is another great Churchillian maxim, and it’s hard to name a single political figure today who embodies it—as opposed to, say, “in defeat, early retirement to avoid a difficult primary.” So maybe it’s time to acquaint (or reacquaint) ourselves with the original, and there’s no better way of doing it than to read the historian Andrew Roberts’s Churchill: Walking With Destiny. A review last month in The New York Times called it “the best single-volume biography of Churchill yet written,” but it’s more than that. It’s an antidote to the reigning conceits, self-deceptions, half-truths and clichés of our day. For instance: Being born into “privilege” is “ipso facto” a privilege. For Churchill—who suffered as a child under the remote glare of a contemptuous father and a self-indulgent mother; fought valiantly in four wars by the time he was 25; and earned his own living through prodigious literary efforts that ultimately earned him a Nobel Prize—the main privilege was the opportunity to bear up under the immense weight of inner expectation that came with being born to a historic name. Or: To be a member of the establishment is to be a creature of it. Churchill championed free trade to the consternation of Tory protectionists. He supported super-taxes on the rich and pensions for the old to the infuriation of his aristocratic peers. He called for rearmament before both world wars against the hopes and convictions of the pacifists and appeasers in power. His great, unfulfilled political ambition was to create a party of the sensible center. Being at the center of the establishment is what allowed him to be indifferent to—and better than—it. Or: To be a champion of empire is to be a bigot. In 1899, Churchill envisioned a future South Africa in which “Black is to be proclaimed the same as

white...to be constituted his legal equal, to be armed with political rights.” He denounced the 1919 British massacre of Indian demonstrators at Amritsar as “a monstrous event.” He promoted social reform at home so that Britain could be a worthy leader of its dominions abroad. Churchill was a patriot, a paternalist, a product of his time—and, by those standards, a progressive. Or: The moral judgments of the present are superior to those of the past. One of the alleged crimes for which Churchill is now blamed is the perpetration of “genocide” in India after a cyclone-caused famine in 1943. Evidence for this is that he used racially insensitive humor during the crisis. Except that Churchill did send whatever food he could spare, Japan was threatening India from Burma, the rest of world was at war and difficult choices had to be made. It is “because” Churchill made the judgments he did that his latterday detractors live in a world free to make judgments about him. Or: In politics, what counts are actions, not words. “After those speeches, we “wanted” the Germans to come,” Roberts quotes one Royal Air Force squadron leader as saying after Churchill’s speech of June 1940, following the deliverance at Dunkirk. “He makes them feel they are living their history,” a Canadian diplomat said of the effect of his words on the public. “It’s precisely the resolute and definite character of the British government’s stance which has done so much to help the masses overcome their initial fright,” was the Russian ambassador’s conclusion. “He mobilized the English language and sent it into battle,” John F. Kennedy said (stealing a line from Edward Murrow) in awarding Churchill honorary US citizenship in 1963. Of which leader now in office could that be said today—in any language? Finally: Churchill, notes Roberts, was able to rouse Britain “because the battles and struggles of the Elizabethan and Napoleonic wars were then taught in schools, so the stories of Drake and Nelson were well known to his listeners.” That also cannot be said of us today. In Britain, a 2008 survey found that 20 percent of teenagers thought Churchill was a fictional character but 58 percent thought Sherlock Holmes was real. It doesn’t have to be that way. We reconcile ourselves to the decadence of the present only if we choose to remain ignorant of the achievements of the past.

Cecilio T. Arillo

DATABASE

J

OHAN ROCKSTRÖM, resilience scientist and directordesignate of the leading Potsdam Institute for Climate Impact Research (PIK), and Ottmar Edenhofer, director of the Mercator Research Institute on Global Commons and Climate Change, expressed relief at the closing of the United Nations Climate Change Summit in Katowice, Poland. Both were key participants at the Katowice Summit. “With countries recognizing the need for global collaboration to deal with the global climate crisis, the Paris Agreement is alive and kicking, despite a rise in populism and nationalism. With the rule book now finally adopted, the Paris Agreement can be implemented,” they said. Overall, the Katowice decisions provide enough momentum to move on, they added. Their biggest concern, however, is that the UN Summit in Katowice failed to align ambitions with science, in particular missing the necessity of making clear that global emissions from fossil fuels must be cut by half by 2030 to stay in line with the Intergovernmental Panel on Climate Change (IPCC) Special Report on October 8. The Special Report on Global

Warning of 1.5 degrees Celsius was approved in Incheon, South Korea, based on over 6,000 scientific references, and was prepared by 91 authors from 40 countries. “This is a real concern. We continue to follow a path that will take us to a very dangerous 3 to 4 degrees warmer world within this century. Extreme weather events hit people all across the planet already at only 1 degree global warming. Especially, the US is a hard-hit victim, a nation that played an unfortunate role at the climate summit, which already suffers and will suffer even more in the future from an increase of regional droughts and hurricanes,” the PIK said in a statement shared to Database. “Katowice is only one step on the long and winding road to achieving sustainable prosperity within a

Bloomberg Opinion

T

RADERS and investors will be glad to see the back of 2018. It’s been the worst rout since 1901, by Deutsche Bank AG’s reckoning, with almost every asset class delivering losses. $14,889,930,106,680. That’s how much the total value of companies listed on the world’s stock markets has declined since peaking at $87,289,962,917,450 on January 28. In other words, almost $15 trillion has been wiped off the global equity market this year. The list of potential motivations for the sell-off is long and includes rising geopolitical risks, the prospect of trade wars erupting, the risk that a slowdown in global growth that could degenerate into a worldwide recession, and the evergreen what-goes-up-must-come-down. But might it just be possible that investors start to take the view stocks have

fallen far and fast enough to offer value next year?

Talkin’ about a recession It’s clear that one of the fundamental worries spooking investors is that the period of coordinated global growth that propelled stock markets higher in recent years is coming to an end. The R word is increasingly cropping up in news articles. But economists put the chances of a recession in the coming year at 15 percent in the United States and 18 percent in the euro zone, according to Bloomberg surveys. Even the Brexit-battered United Kingdom economy is only at a 20-percent risk, while for Japan the likelihood rises to 30 percent. Perhaps those concerns about a recession are overdone. Curving to inversion Or perhaps not. One trend was omnipresent in 2018—the relentless flattening of the yield curve in the US. Yields at the short end of the

fossil fuel-free future. All of us need to stop tiptoeing and speed up our steps. And Europe can and must be a forerunner,“ the PIK pointed out. “Once again, governments across the world have proven that they’re capable and willing to cooperate in order to protect their citizens from climate risks. Despite a growing number of populist governments, multilateralism succeeded,” Rockstrom and Edenhofer said. “However,” they said, “the world needs more than climate policy targets and processes—it needs concrete measures, and they must be taken now. In this respect, climate change can no longer be simply regarded as the biggest market failure of all time—with the continued rise of global greenhouse-gas emissions after years of negotiation, it has also become an unprecedented government failure. “Through appropriate policy measures—like effective carbondioxide pricing—governments have to build a new trust-relationship to citizens. Carbon pricing cannot solve everything, yet without it nothing can be solved. And governments can actually use carbon pricing to enhance social justice, because the generated income can and must be given back to the people, be it through electricity tax cuts, infrastructure investments or Christmas cheques.” The Special Report on Global Warming of 1.5 °C, also known as SR15, was prepared in response to

One day too early: Premature issuance of FAN/FLD is a violation of due process Atty. Jomel N. Manaig

TAX LAW FOR BUSINESS

W

HO would have thought being early could be a bad thing? In the recent Court of Tax Appeals en banc case of Commissioner of Internal Revenue v. Pacific Bayview Properties (CTA EB Case No. 1677), the Bureau of Internal Revenue (BIR) learned that being too zealous in issuing assessment notices could result in a violation of the taxpayer’s right to due process. In the said case, the taxpayer received from the BIR a Preliminary Assessment Notice dated January 10, 2011. Consequently, the taxpayer filed its Position Paper/Reply to the PAN on January 25, 2011, which is well within the 15-day period given to the taxpayer to respond to the PAN pursuant to Revenue Regulations RR 12-99. Subsequently, the BIR issued the Final Assessment Notice (FAN) and the Formal Letter of Demand (FLD), both dated January 24, 2011, which the taxpayer received on February 2, 2011. In its appeal, the taxpayer argued that the BIR violated its right to due process when the FAN and the FLD

were issued even before the lapse of the 15-day period given to the taxpayer to file its protest to the PAN. It further claimed that the issuance of the FAN without even hearing the side of the taxpayer is anathema to the cardinal principles of due process. Upon deliberation, the court en banc found that the BIR indeed violated the due process requirement when it issued the Final Assessment Notice and Formal Letter of Demand before the expiration of the period to respond to the PAN. The court en banc ruled that the taxpayer has 15 days from receipt of the PAN to file a protest thereto

14,889,930,106,680 reasons to fear recession By Mark Gilbert & Marcus Ashworth

Tuesday, December 18, 2018 A7

Treasury market pushed higher with every quarterly increase in the Fed’s benchmark interest rate. Longer-dated bonds danced to a different beat, particularly as the October equity shakeout drove a flight to quality. An inverted yield curve—when yields on shorter-dated bonds are higher than their longer-dated counterparts—is often seen as an indicator of impending recession. It’s finally happened: yields on five-years are below those for twoyears. A key question for 2019 will be how the feedback loop develops between the Federal Reserve’s policy intentions and the shape of the curve. Quantitative tightening The Fed has been reducing its economic stimulus by not replacing the bonds it bought under its Quantitative Easing program as they mature. But this “normalization” is already taking its toll as the sharp equity market sell-off in October showed. The Fed

has a tricky choice to make in 2019 about whether it can persist both with hiking rates and reducing quantitative easing. Is the world ready yet to stand on its own feet without ongoing central bank support? No alarms and no surprises Economic surprise indexes—which measure actual economic data compared to forecasts—are designed to be portents of the future. And for 2018 they largely did their job. US strength is waning, and Brexit is taking a toll on the UK. In particular, the third-quarter weakness in euro-zone growth, when both Germany and Italy turned negative, was well-flagged from as early as the first quarter. For 2019 there is a more neutral outlook, but it is interesting that the US economic data is much more evenly balanced in terms of expectations. Europe continues to be the worst performer— quite something considering the predicament the UK is in.

an invitation from the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change in December 2015, when they reached the Paris Agreement. The report was prepared under the joint scientific leadership of all three IPCC Working Groups, with support from the Working Group I Technical Support Unit. The IPCC, the UN body for assessing the science related to climate change, was established by the United Nations Environment Program and the World Meteorological Organization in 1988 to provide policy-makers with regular scientific assessments concerning climate change, its implications and potential future risks, as well as to put forward adaptation and mitigation strategies. It has 195 member-states. The IPCC provides governments and scientific institutions with information that they can use to develop climate policies. Its assessments are a key input into the international negotiations to tackle climate change and its reports are drafted and reviewed in several stages, thus guaranteeing objectivity and transparency. The UN agency mobilizes hundreds of scientists and officials from diverse backgrounds, backed by a dozen permanent staff serving as the IPCC’s secretariat. To reach the writer, e-mail cecilio.arillo@ gmail.com.

with the BIR. This is pursuant to Section 228 of the National Internal Revenue Code, as amended, in relation to Section 3.1.2 of RR 12-99. It held that “[i]f during the said period, the taxpayer failed to file a protest to the PAN, it is only then that the BIR can consider the taxpayer in default, and correspondingly cause the issuance of an FLD and assessment notice, which shall be subsequently served to the said taxpayer.” Consequently, the court en banc is convinced that the BIR is duty bound to wait for the expiration of 15 days from the date of receipt of the PAN before issuing the FLD and FAN. Such a process or procedure is part and parcel of the due process requirement in the issuance of a deficiency tax assessment. Failure of the BIR to strictly comply with the requirements laid down by law and its own rules is a denial of the taxpayer’s right to due process. Even the argument that “taxes are the lifeblood of the government” is not enough to overcome the fatal effect of a violation of the taxpayer’s right to due process. The decision of the court en banc appears to be consistent with previous decisions promulgated by the CTA. The doctrine is crystal clear: Due process must be observed.

Interestingly, even though the court en banc decided in favor of the taxpayer, it did not pass upon one of the more stimulating arguments of the taxpayer: that the right of the taxpayer to answer the PAN carries with it the correlative duty on the part of the BIR to consider the response thereto. Although the essence of the right to due process is the opportunity to be heard, such opportunity would be wasted if it would fall on deaf ears. The same idea applies to replies or protests to assessments submitted to the BIR but is not taken into consideration. The effort in crafting and explaining in detail the position of the taxpayer would be but an empty and meaningless exercise if the same is not even considered by the BIR.

Europe stumbles Europe has seen growth falter this year, with Italy’s political crisis and Germany’s diesel vehicle emissions scandal taking their toll. Italy’s third-quarter growth was revised to -0.1 percent, beating only Germany. The prospects for 2019 are none-too-rosy, bar the notable exception of Spain, as momentum has evaporated. Europe remains in the sick bay of the developed world—just as the European Central Bank prepares to remove its monetary stimulus to the economy.

effective measure. It is not just the threat of a trade war with America that has pushed Chinese equities down by 20 percent in 2018. China faces the classic emergingmarket middle-income trap where growth fueled by credit runs out of road. This debt bubble will not be easily fixed.

Relying on China China came to the global economy’s rescue in the wake of the financial crisis, but it is starting to pay the price for increasing its debt to create additional GDP growth. Total social financing as a percentage of gross domestic product— a broad measure of credit creation— is flat-lining. Adding extra debt to boost the economy is becoming a less

The author is a junior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 403-2001 local 370.

Finding reverse again Japanese Prime Minister’s famous three economic arrows are failing to hit their mark. Debt that stands in excess of 250 percent of GDP is hampering all efforts to resuscitate inflation and sustainable growth in the world’s third-largest economy. Third-quarter GDP contracted 2.5 percent on an annualized basis, the worst performance for four years. Tokyo might be hosting the Olympics in 2020, but there is little benefit flowing through so far. Japan, like the rest of the once dominant Asian export powerhouses, is just as beholden to the outcome of the trade war with Trump as China is.

2nd Front Page BusinessMirror

A8 Tuesday, December 18, 2018

AMLC, SEC told to crack down on criminals in biz

S

By Butch Fernandez

@butchfBM

ENATE Blue Ribbon Committee probers prodded the Anti-Money Laundering Council (AMLC) and the Securities and Exchange Commission (SEC) to investigate the rampant use of fictitious names and fake Alien Certificates of Registration (ACR) in opening bank accounts and business registrations “for nefarious purposes.” The call to action was contained in a 44-page report submitted by Sen. Richard J. Gordon, committee chairman, and concurred in by 13 of the 19 members of the Blue Ribbon panel that conducted an inquiry into Sen. Panfilo Lacson’s expose on the rampant “Kita Kita” racket at the Bureau of Customs and the big-time shabu shipment smuggled into the country. Summing up its findings on the shabu shipment, the committee suggested the need for authorities concerned “to investigate more in order to determine with certainty all the people responsible for these

abhorrent acts.” High on the list of the Senate panel’s recommendation is the elimination of “consignees for hire,” citing the case of Vecaba Trading which it found out was “not even accredited with Customs.” The Senate probers’ report also stressed the need for closer “coordination and cooperation” bet ween the Bureau of Customs (BOC), the Bureau of Internal Revenue (BIR) and the Department of Trade and Industry (DTI) in the registration and accreditation of consignees, brokers and importers.

“They should pursue the sharing of data so they can together determine who is paying what and for how much,” the panel report stressed, warning that “the longer it takes for their data to be co-shared, the greater the failure of government to collect proper duties and taxes.” The Senate panel suggested a “lifestyle check of all involved and named” in the report, including the investigation by the AMLC. At the same time, Senate probers suggested the need to amend Section 710 of Republic Act 10863, otherwise known as the Customs Modernization and Tariff Act (CMTA) to declare shipments as abandoned within a period of three days as opposed to the current 30-day period. The committee also recommended periodic training of x-ray examiners, as well as the creation

of a Customs Academy. It noted the Senate recommendation must be pursued to “continuously train and update our officers in Customs [and] generate a pool of qualified personnel from where we can recruit immediate replacements for Customs officers involved in nefarious activities.” Moreover, the report recommended stepped-up “diplomatic and commercial efforts” to enlist the support of other countries in the intensified antidrug campaign. “We must, extensively and intensively, pursue the Philippines’s diplomatic and commercial efforts through the Department of Foreign Affairs [DFA] and the Manila Economic and Cultural Office [Meco], as well as other neighboring countries, so we can jointly, with our neighbors, finally eradicate this existential threat to our country and people.”

They [agencies like the BOC, BIR, DTI] should pursue the sharing of data so they can together determine who is paying what and for how much...the longer it takes for their data to be co-shared, the greater the failure of government to collect proper duties and taxes.” —Senate Blue Ribbon Report

www.businessmirror.com.ph

MALAYSIA FILES RAPS VS. GOLDMAN SACHS FOR 1MDB BOND SALES

M

ALAYSIA has filed c r i m i n a l c h a r ge s against units of Goldman Sachs Group Inc. involving what it said were false statements made in relation to 1MDB bond sales. The government will seek fines well in excess of both the $2.7 billion of allegedly misappropriated funds and the $600 million in fees received by Goldman for the 1MDB deals, Attorney General Tommy Thomas said in a statement. The allegations, the first criminal charges against Goldman since it was embroiled in the 1MDB scandal, relate to three bond sales worth $6.5 billion that the bank arranged for the troubled state fund. Malaysia said circulars and memorandums that Goldman prepared for the notes contained statements that were false or misleading or both. Goldman allegedly misrepresented to investors that the proceeds would be used for legitimate

purposes, when the bank knew that the funds would be misappropriated, the statement said. “Their fraud goes to the heart of our capital markets,” Thomas said in the statement. “If no criminal proceedings are instituted against the accused, their undermining of our financial system and market integrity will go unpunished.” Goldman will “vigorously defend” against the charges, spokesman Edward Naylor said in an e-mail. “We believe these charges are misdirected,” he said, adding that the bank continues to cooperate with all authorities investigating the matter. Related charges were also filed against the bank’s former employees Tim Leissner and Roger Ng, as well as former 1MDB employee Jasmine Loo Ai Swan and fugitive financier Low Taek Jho. Malaysia will seek custodial sentences against each of the accused individuals with a maximum term of 10 years, according to the statement. Bloomberg News

Catriona Gray’s fond dream: ‘An amazing Let Duterte decide Road Board abolition–Drilon world’ sans negativity

S

ENATE Minority Leader Franklin M. Drilon suggested on Monday that lawmakers let President Duterte decide when to enforce a Congress-approved legislation mandating abolition of the graft-tainted Road Board.

“The President should be given the opportunity to sign or reject the bill passed by both the Senate and the House of Representatives seeking to abolish the controversial Road Board due to allegations of corruption and misuse of public funds,” said Drilon.

NORTHEAST MONSOON AFFECTING THE REST OF LUZON TAIL-END OF A COLD FRONT AFFECTING EASTERN SECTIONS OF SOUTHERN LUZON AND OF VISAYAS as of 4:00 pm - December 17, 2018

The senator, however, stressed that bill containing the enabling law abolishing the Road Board “should be sent immediately to the President’s desk for his action.” “We should let the President decide. It is a political decision,” Drilon added,

stressing that “there is no valid reason for its transmittal to the Office of the President to be delayed any further.” Drilon pointed out that “since the Senate already adopted the House version, the House lost jurisdiction over the bill and could no longer validly reconsider its approval of the measure which will abolish the Road Board.” The Minority Leader asserted that the Senate majority vote to adopt the House version of the bill “rendered a bicameral conference unnecessary.” The Senate voted to adopt the House version to dispense with the bicameral conference, he added, recalling that later that day, the House rescinded its approval on third reading of its own version. “At that point, however, the only remaining steps to complete the legislative process were the printing and signing of the enrolled copy of the bill as a matter of course and its submission to the President for approval,” said Drilon, adding: “abolition of the Road Board is critical in the government’s fight against corruption, as the body has become a breeding ground for corruption and inefficiency.” Drilon disclosed that the over the years, the Commission on Audit (COA) has consistently flagged noncompliance in the utilization of the funds from the Motor Vehicle User’s Charge (MVUC). The Senate, acting on Drilon’s motion, unanimously adopted last week a resolution urging the Office of the President to order the Road Board not to release funds from the MVUC, following passage by both houses of Congress of the bill that would abolish the Road Board. Drilon declared that under the law, the MVUC funds should be earmarked solely and used exclusively for road maintenance and improvement of road drainage, installation of adequate and efficient traffic lights and road safety devices, as well as for air pollution control, noting that from 2001 to May 2018, total MVUC collection reached P166.18 billion, with total releases amounting to P136.87 billion President Duterte earlier asked Congress to abolish the Road Board and transfer its functions to the appropriate department. Both houses have responded by immediately passing their own versions of the bill.

Butch Fernandez

By Bernadette D. Nicolas @BNicolasBM

A

FTER the Philippines’s bet Catriona Gray brought back the Miss Universe crown on Monday after a mere three years, Malacañang said she had made the entire country proud as her crowning glory had again “placed the Philippines on the world map for its beauty and elegance that matches the world-renowned attraction of the scenic and mesmerizing islands of the country.” Gray was the fourth Filipina to win the prestigious Miss Universe crown after Pia Wurtzbach (2015), Margie Moran (1973) and Gloria Diaz (1969). Beating 93 candidates from different countries, the 24-year-old Filipina-Australian was crowned by Miss Universe 2017 Demi Leigh Nel-Peters of South Africa at the end of a glitzy coronation night at the Impact Arena in Bangkok, Thailand, on Monday. “My heart is filled with so much gratitude. There were moments of doubt, where I felt overwhelmed, where I felt the pressure, because so much is expected of a Filipino representative. But I would always look to the supporters, to my family and my team, and there I would source my inspiration and strength,” Gray said during her first press conference as Miss Universe. Gray said she plans to use her bigger platform in continuing advocating for education for poor children and for people to be more aware of HIV-AIDS and end the stigma that comes with the condition. She said she is also looking forward to traveling across the world for her work as Miss Universe and being based in New York City, where she could watch her favorite Broadway plays and experience spring and autumn. Dubbed the one to beat coming into the competition, the 24-year-old model-musician wowed the selection committee, the thousands at the stadium and the millions more watching in their homes with her remarkable showing at the swimsuit and evening gown portions. She wore a show-stopping red gown by Filipino designer Mak Tumang. She then aced the final question and answer portion to seal the deal. When asked what is the most important lesson she learned in her life and how she would apply it to her time as Miss Universe, Gray related her experience working with a nongovernment organization pushing for the education of children in impoverished areas. “I work a lot in the slums of Tondo, Manila, and the life there is very poor and very sad, and I’ve always taught myself

to look for the beauty in it, to look in the beauty of the faces of the children, and to be grateful. I would bring this aspect as a Miss Universe to see situations with a silver lining, and to assess where I could give something, where I could provide as a spokesperson. If I could teach people to be grateful, we could have an amazing world where negativity could not grow and foster, and children would have a smile on their faces,” Gray said. “Just like in her performance in Binibining Pilipinas, Gray walked the talk at the Miss Universe stage, impressing in her physical preparation, mental fortitude and sincerity in advancing the causes she believes in,” was how Gray was described by the official press statement of the Bb. Pilipinas organizers. “The Palace wishes to congratulate newly crowned Miss Universe 2018 Catriona Gray. Ms. Gray truly made the entire Philippines proud when she sashayed on the global stage and showcased the genuine qualities defining a Filipina beauty: confidence, grace, intelligence and strength in the face of tough challenges,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a statement. “In her success, Miss Philippines has shown to the world that women in our country have the ability to turn dreams into reality through passion, diligence, determination and hard work.” Prior to winning the Miss Universe 2018 title, she also represented the Philippines in the Miss World pageant in 2016. Although she was among the front-runners ahead of the competition, she failed to bag the coveted title and settled in the top 5. This time around, Gray came more prepared. She worked hard and well for the pageant for nine months. Her parents wept openly while watching her win the crown in Bangkok. Two days before the coronation night, Gray’s video showing her do the “Lava Walk” went viral, with the Internet universe amazed by her grace, precise moves and the creativity of the walk, which was inspired by the Mayon Volcano, the world-renowned perfectly cone-shaped volcano of Bicol, Gray’s home region. It is the Philippines’s fourth Miss Universe crown, and comes just three years after Pia Alonso Wurtzbach won the Miss Universe 2015 title. In a statement, Sen. Emmanuel Joel J. Villanueva said: “Once again, a Filipina beauty has captured the hearts of the whole universe.... May your reign be a compelling platform for positive change and women empowerment, and also an opportunity to promote our country’s tourism and everything our beloved country has to offer.”

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, December 18, 2018

B1

LTFRB opens 20,000 slots for domestic TNVS operators

T

By Lorenz S. Marasigan

@lorenzmarasigan

HE Land Transportation Franchising and Regulatory Board (LTFRB) will open on January 3, 2019, a total of 20,000 slots for transportation network vehicle services (TNVS) operators, after receiving a “low turnout” of applications for franchises from those included in the initial master list submitted by transportation network companies (TNCs).

In a media advisory, the board said it started receiving online applications for certificates of public convenience (CPC) from TNVS operators on Monday. Appointments or acceptance of application will start on January 3. “The board decided to reopen the online registration for the application because of the low turnout of applicants during the first round of applications,” the advisory, written in Filipino, read. A spokesman from the regulatory body, however, noted that the 20,000 slots is not an addi-

tion to the 65,000 supply cap it had ordered for the TNVS market. The spokesman added these slots are only for those who are in the “master list” of ride-hailing apps like Grab. Grab Philippines Countr y Head Brian P. Cu welcomed this move, saying this will help in the “supply crisis” that the transport subsector has been experiencing for months now. “The 20,000 slots will help,” he said in an interview. He noted his group is currently churning its list of accredited drivers, removing those

that have been inactive for about three months. “It’s a continuous process. Lately, we have been reduced by a half percent to 1 percent supply every month because we can’t add cars,” he said. Grab’s list involves 100,000 drivers, but more than twothirds of that has already been removed from the application, as they have been inactive. “But we can tell the LTFRB that we need more supply. Our current supply is about 33,000 to 35,000 driver-partners at any given time,” Cu said.

Net income of Victorias Milling Ayala Land to spend up to ₧10B rebounds by 17% in CY 2017-’18 for Seda Hotel branch expansion By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE net income of listed sugar-firm Victorias Milling Co. Inc.’s (VMC) crop year 20172018 rebounded from the previous year on the back of cheaper operating costs amid falling sugar prices. In a regulatory filing on Monday, VMC said it managed to expand its bottom line in the crop year ending August 31 by 17 percent to P764.163 million, from P654.193 million a year ago despite a double-digit cut in its gross revenue. VMC said the 22-percent reduction in its operating costs was enough to offset the 24-percent decline in its gross revenue during the crop year. “This was achieved mainly due to lower production and operating costs compared to the previous year,” the firm said. VMC disclosed that its revenue fell by 24 percent to P6.619 billion, from P8.713 billion, while it managed to reduce its operating expenses by P176 million to P614.54 million. The firm attributed the reduction in its revenue to the decline in volume

of sugar and alcohol sold coupled by lower prices in the crop year compared to previous years. VMC said it was able to reduce its operating costs due to “the decrease in repairs and maintenance, labor costs, consultancy fees and taxes as a result of management’s drive for cost optimization. VMC said it was only able to mill 3 million metric tons of sugar cane, which was 8 percent lower than the 3.2 million MT milled the previous year. The firm’s sugar recovery also decreased during the crop year 20172018 to 1.87 50-kilogram bags per ton cane milled, from 1.85 LKg per ton cane milled in the previous year due to lower quality canes. “Raw sugar output in 2018 also decreased by 9 percent to 5.5 million LKg, while refined sugar’s net production increased by 13 percent in 2018 to 4.6 million LKg,” it said. VMC said its alcohol output fell by 32.56 percent to 5.8 million liters, from 8.6 million, while its molasses production declined by 2.89 percent to 142,902 MT from 147,157 MT.

By VG Cabuag

@villygc

A

YALA Land Inc. will spend between P8 billion and P10 billion in investment for the expansion of its Seda Hotel brand by 2020. Andrea Mastellone, senior group general manager of Ayala Hotels and Resorts Inc., said the funding will be spent on five Seda branches in Manila Bay, Cebu IT Park, Seda Residences in Makati, and the hotel’s expansion in Bonifacio Global City in Taguig and Nuvali Tower 2. “Funding for the BGC Tower 2 and Makati Residences have all been allocated for. The others are all in the planning stages,” Mastellone said. Seda plans to have a total of 3,268 rooms in 11 locations by 2020, from the current 1,863 rooms across nine locations mostly considered “underserved areas,” Seda group Director of Sales and Marketing Melissa Carlos said. “Following our accomplishments in these cities, we are now completing plans to further penetrate major destinations like BGC, Cebu and soon,

Makati with an additional 1,405 rooms,” she said. Seda is set to launch in 2019 a second tower in BGC with 342 rooms; Seda Residences Makati, a serviced apartment, with 293 rooms; and Seda Cebu IT Park with 214 rooms. In 2020, it will complete Seda Manila Bay in Aseana City with 350 rooms and a second tower for Seda Nuvali with 206 rooms. “We are also expanding into new categories such as serviced residences, resorts and large-city formats as part of our efforts to tap the MICE [Meetings, Incentives, Conferencing, Exhibitions] market and weddings in addition to business and leisure,” she said. Seda’s current portfolio includes properties in BGC, Cagayan de Oro, Davao City, Nuvali in Laguna, Iloilo, Quezon City, Bacolod, Cebu and Lio Tourism Estate in El Nido town, Palawan. It initially focused on serving the needs of business travelers with boutique city hotels with less than 200 rooms; ventured into largeformat city hotels with Seda Vertis North in Quezon City which has 438

rooms; and resort hotels with Seda Lio with 153 rooms. Carlos said the hotel brand is evolving toward being a leading Philippine hotel chain competitive with international brands. This is best exemplified by the growth of its flagship Seda BGC from 179 rooms to 521 rooms in just five years. By the first quarter of 2019, it will launch 342 more rooms in a second tower—of which 48 will be serviced residences ranging from studios to two bedrooms. “We knew as early as our first year of operation that Seda BGC would need an expansion sooner than later,” she said. It quoted studies that showed BGC exhibited the highest demand among Metro Manila business areas this year as shown by its net office take-up of 33 percent as of the third quarter. It was followed by Quezon City at 26 percent, where Seda Vertis North is serving the market; and the Manila Bay area or Bay City at 12 percent, where the hotel hopes to tap the market by 2020.

Emerging Asia stocks are top 2019 pick in Citigroup Investor Poll

E

MERGING Asia stocks will be the best-performing asset class in 2019, according to institutional investors surveyed by Citigroup Inc. Their preference, pipping US equities as the most-favored market, makes sense if you anticipate a weaker dollar, strategists including Tobias Levkovich, said in a note to clients. Another sign of appetite for risk in the survey: cash as a share of assets under management is holding at 6 percent, about the same as over the past five quarters. “Trade protectionism was the largest risk, but half of the respondents thought it would end up generating only limited impact, ” the strategists wrote. Still, “we saw the lowest inclination to commit new cash to equities in more than two years, with bonds getting a better bid,” they added. Investors were almost evenly split on whether US stocks will rally 20 percent or tumble 20 percent, the survey of 60 mutual fund, pension and hedge-fund clients showed. Fewer than 10 percent of respondents expect an American recession in 2019, though a majority sees one coming by 2020. Developing Asian equities were picked by over a quarter of investors to outperform in 2019, according to the note. US stocks came next, followed by Latin American shares, it said. Health-care stocks were the most preferred group on sectoral basis, followed by financials. Consumer discretionary and real-estate shares were least liked, according to the survey. Bloomberg News

RED RIBBON HOLIDAY GOODIES In time for the Christmas holiday, Red Ribbon stores have been churning their ovens for holiday treats to grace the country’s tables this holiday season. One such store is at the Mall of Asia in Pasay City.

ROY DOMINGO

8990 to make SM’s Hypermarket anchor tenant in Tondo devt

M

ASS-HOUSING developer 8990 Holdings Inc. on Monday said it signed an agreement with the SM group to have its supermarket brand Hypermart as its anchor tenant in Deca Mall in Tondo, Manila. The company said in its disclosure that SM Hypermarket will be the lead anchor tenant in the masshousing developer’s first shoppingmall venture located near Manila’s port area. Hypermarket will occupy 3,073 square meters (sq m) of the mall, offering a variety of food and nonfood products. “By bringing in SM Hypermarket as the anchor tenant of Deca Mall, Urban Deca Homes residents and those from the environs no longer have to travel far for their everyday shopping needs,” company President and CEO Willibaldo J. Uy said in a statement. Situated in an 8.4-hectare property, Urban Deca Homes Manila is a 13-tower residential complex offering over 13,000 units with an estimated sales value of P20 billion. Targeting residents of Tondo and those living in the Port Area, Intramuros, Divisoria and the Camanava (Caloocan-MalabonNavotas-Valenzuela) area, Urban Deca Homes Manila addresses the housing needs in the most densely populated area in Metro Manila. It is currently the largest residential development in Tondo. The P452-million community mall will host up to 450 small and medium enterprise tenants. It has a total gross area of 18,000 sq m and a gross leasable area of 14,547 sq m. Deca Mall is set to open in the second quarter of 2019. VG Cabuag

Globe Metro Manila phones to assume eight-digit format

G

LOBE Telecom Inc. on Monday said it will adapt an eight-digit format for telephone numbers of Globe customers in Greater Metro Manila to comply with a directive of the National Telecommunications Commission (NTC). With this, telephone numbers in the said area will have an added 02 area code, to ensure the resource pool will cater to the growth of landline customers in major cities. Globe General Counsel Froilan Castelo said his group is exhausting all means to ensure service continuity for all affected customers. “We are working closely with the NTC and other telcos to assist affected customers before, during and after the migration. We would like to see all our customers being aware of this change before it comes into effect,” he said. All public telecommunications entities are required to migrate all customers within the 02 area code from the existing seven-digit number to eight digits by March 31, 2019. Castelo said, while Globe is migrating its customers, those who will incorrectly dial the old sevendigit telephone number will hear an announcement that the format has been changed to eight digits. NTC and local telcos scheduled the migration on March 18 next year from 12 a.m. to 5 a.m., during which, customers may experience downtime as telcos utilize this period to update their system to an eight-digit numbering format.

Lorenz S. Marasigan

B2

Companies BusinessMirror

Tuesday, December 18, 2018

PSE STOCK QUOTATIONS

December 17, 2018

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

ASIA UNITED 59.15 59.2 59.1 59.2 59.1 59.2 10440 617491.5 BDO UNIBANK 129.7 129.8 129.7 131 127.8 129.8 2151730 279092220 BANK PH ISLANDS 93.8 94.1 94.9 94.9 93.8 93.8 1107120 104065948 CHINABANK 26.85 27 27.7 27.7 26.85 26.85 255400 6889500 EAST WEST BANK 12 12.08 12 12.1 12 12 147600 1776700 METROBANK 79.8 79.85 80.45 80.45 78.7 79.8 3302450 263048573 PB BANK 11.8 12.58 11.8 12.5 11.8 12.5 140800 1757842 PBCOM 18 19.9 18 18 18 18 600 10800 PHIL NATL BANK 42.75 43 43.5 43.5 42.7 43 234100 10116965 PSBANK 65.5 68 69.9 69.9 65 65 1140 75514.5 PHILTRUST 109 118 118 118 118 118 50 5900 RCBC 28 28.45 28 28.45 28 28 109700 3081915 SECURITY BANK 159.9 160 160.5 162.8 159.9 160 491170 78659934 UNION BANK 63.25 63.95 64.7 65.5 63.95 63.95 67770 4359026 BRIGHT KINDLE 1.51 1.57 1.59 1.59 1.5 1.57 4089000 6134480 BDO LEASING 2.15 2.16 2.2 2.2 2.16 2.16 19000 41280 COL FINANCIAL 15.7 15.9 15.9 15.9 15.7 15.7 800 12700 FIRST ABACUS 0.6 0.67 0.67 0.67 0.67 0.67 100000 67000 FERRONOUX HLDG 4.19 4.29 4.11 4.49 4.09 4.2 587000 2548930 IREMIT 1.43 1.46 1.4 1.43 1.4 1.43 6000 8460 MEDCO HLDG 0.5 0.51 0.48 0.51 0.475 0.5 9540000 4733900 NTL REINSURANCE 0.87 0.9 0.89 0.9 0.87 0.9 175000 155120 PHIL STOCK EXCH 182 184 182 184 182 184 230 42158 INDUSTRIAL ALSONS CONS 1.23 1.27 1.29 1.29 1.23 1.28 62000 76940 ABOITIZ POWER 33.5 33.85 33 34.5 33 33.5 1987400 66677725 BASIC ENERGY 0.244 0.25 0.25 0.25 0.242 0.25 40000 9840 FIRST GEN 20.3 20.4 19.5 20.45 19.5 20.4 4274000 86305992 FIRST PHIL HLDG 64.25 64.85 64.5 65 63.9 64.85 505660 32740582 PHIL H2O 5.57 5.67 5.8 5.8 5.51 5.57 238700 1329927 MERALCO 385.6 386 387.2 390 380 386 135170 52303268 MANILA WATER 26.55 27 27.95 27.95 26.55 26.55 206000 5617395 PETRON 8.17 8.18 8.18 8.3 8.17 8.18 1741400 14275940 PETROENERGY 3.99 4.06 3.99 3.99 3.99 3.99 2000 7980 PHINMA ENERGY 0.96 0.97 1 1 0.94 0.97 4893000 4729250 PHX PETROLEUM 10.54 10.68 10.78 10.78 10.5 10.68 236500 2517198 PILIPINAS SHELL 46.9 46.95 47 47.7 46.7 46.9 282300 13247315 SPC POWER 5.2 5.24 5.23 5.25 5.18 5.24 440600 2289210 VIVANT 16.12 16.98 17 17 16.1 16.1 800 13420 AGRINURTURE 17.2 17.22 17.28 17.5 17.1 17.3 463600 8035702 CNTRL AZUCARERA 15.64 17.94 17.98 17.98 15.64 15.64 3800 60158 CENTURY FOOD 15.54 15.56 15.56 15.72 15 15.56 4444200 68934936 DEL MONTE 6.56 6.6 6.6 6.6 6.56 6.6 24500 161607 DNL INDUS 10.44 10.48 10.28 10.52 10.28 10.44 3342700 34811706 EMPERADOR 7.12 7.13 7.11 7.24 7.06 7.13 7211700 51371151 SMC FOODANDBEV 80 82 81.2 82 79.75 82 974680 79206332.5 ALLIANCE SELECT 1.03 1.04 1.02 1.05 1.02 1.04 2722000 2809310 GINEBRA 25.05 25.5 25 25.5 25 25.05 117900 2948335 JOLLIBEE 300 303 298 305 297 300 1255210 378665862 MACAY HLDG 8.5 9.89 8.5 8.5 8.5 8.5 1000 8500 MAXS GROUP 10.24 10.34 10.9 10.9 10.24 10.34 350700 3637640 MG HLDG 0.167 0.176 0.176 0.176 0.176 0.176 20000 3520 PEPSI COLA 1.39 1.4 1.4 1.52 1.38 1.4 4246000 6048240 SHAKEYS PIZZA 10.98 11.4 10.68 11.5 10.68 10.98 512400 5596462 ROXAS AND CO 2.01 2.05 1.9 2.39 1.84 2.01 3020000 6285690 RFM CORP 4.65 4.8 4.75 4.8 4.75 4.8 565000 2687050 SWIFT FOODS 0.124 0.128 0.128 0.129 0.124 0.128 190000 24290 UNIV ROBINA 128.4 128.5 128.5 128.5 126.8 128.5 1582590 203069448 VITARICH 1.82 1.83 1.83 1.86 1.79 1.82 7203000 13114090 CEMEX HLDG 1.77 1.78 1.85 1.86 1.77 1.78 8962000 16058430 DAVINCI CAPITAL 6.98 6.99 6.9 7.25 6.8 6.98 287300 1992722 EAGLE CEMENT 14.82 15 14.8 14.82 14.8 14.82 4000 59202 EEI CORP 8.04 8.1 8.03 8.18 8.02 8.04 129700 1046326 HOLCIM 6 6.09 6.16 6.18 6 6 10100 62052 MEGAWIDE 18.32 18.5 18.1 19.36 17.94 18.5 7555200 140729512 PHINMA 8.06 8.28 8.3 8.3 8.3 8.3 3900 32370 TKC METALS 0.86 0.9 0.89 0.92 0.86 0.9 814000 732500 VULCAN INDL 1.69 1.7 1.73 1.73 1.61 1.7 11970000 19936730 CHEMPHIL 180.2 200 180 180 180 180 10 1800 CROWN ASIA 1.68 1.76 1.76 1.76 1.68 1.76 48000 84040 PRYCE CORP 5.4 5.67 5.67 5.67 5.67 5.67 100 567 CONCEPCION 37 37.2 37.5 37.5 37 37.25 206600 7683725 GREENERGY 2.05 2.07 2.01 2.09 1.95 2.05 13821000 27906750 INTEGRATED MICR 9.4 9.44 9.07 9.45 9.05 9.4 2436500 22791614 IONICS 1.76 1.79 1.84 1.84 1.76 1.79 56000 100270 PANASONIC 5.9 5.99 5.9 5.9 5.9 5.9 3000 17700 SFA SEMICON 1.41 1.42 1.41 1.44 1.41 1.42 89000 125660 CIRTEK HLDG 30.8 31 30.8 31.75 30.8 31 143900 4457735 HOLDING & FRIMS ABACORE CAPITAL 0.6 0.61 0.59 0.61 0.58 0.6 9140000 5424660 ASIABEST GROUP 27.2 27.35 28 28.25 26.5 27.2 351500 9668875 AYALA CORP 926.5 927 915 930 915 927 367430 340385910 ABOITIZ EQUITY 54.85 54.9 55.5 55.7 54.6 54.9 661070 36415890 ALLIANCE GLOBAL 12.4 12.42 12.24 12.48 12.22 12.42 6413800 79590064 ANSCOR 6.5 6.53 6.5 6.5 6.25 6.5 109800 712610 ANGLO PHIL HLDG 0.82 0.83 0.81 0.82 0.81 0.82 5000 4090 ATN HLDG A 1.37 1.38 1.36 1.42 1.35 1.37 3863000 5332950 ATN HLDG B 1.38 1.4 1.36 1.41 1.36 1.4 291000 398610 COSCO CAPITAL 7.13 7.16 7.26 7.3 7.02 7.13 223100 1597232 DMCI HLDG 12 12.2 12.46 12.58 12 12 5493900 66795488 FILINVEST DEV 10 10.06 10.1 10.1 9.96 10.06 640500 6413164 GT CAPITAL 920 922.5 950 950 920 920 55030 51446730 HOUSE OF INV 5.95 6 6 6 6 6 400 2400 JG SUMMIT 53.2 53.4 52.9 53.45 51.9 53.2 1285570 68010743 LODESTAR 0.56 0.58 0.58 0.59 0.57 0.57 46000 26530 LOPEZ HLDG 4.04 4.05 4.13 4.13 4 4.05 615000 2479900 LT GROUP 16.6 16.76 16.78 16.8 16.7 16.76 3786600 63515214 MABUHAY HLDG 0.61 0.62 0.6 0.62 0.6 0.62 439000 265050 METRO PAC INV 4.69 4.7 4.76 4.78 4.7 4.7 12952000 61205960 PACIFICA 0.037 0.038 0.037 0.037 0.037 0.037 5400000 199800 PRIME ORION 2.35 2.36 2.37 2.37 2.31 2.35 380000 883600 PRIME MEDIA 1.18 1.25 1.25 1.25 1.17 1.17 56000 66850 REPUBLIC GLASS 2.6 2.65 2.6 2.6 2.6 2.6 46000 119600 SOLID GROUP 1.3 1.34 1.33 1.34 1.33 1.33 98000 130840 SYNERGY GRID 451 517 447 451 447 451 70 31490 SM INVESTMENTS 937 940 942 950 932 940 134540 126443005 SAN MIGUEL CORP 151.2 151.8 144 153.2 143.8 151.2 1066640 158905891 SEAFRONT RES 2.22 2.54 2.58 2.58 2.58 2.58 5000 12900 TOP FRONTIER 270 278.8 271.2 278.8 270 278.8 150130 40715300 WELLEX INDUS 0.25 0.26 0.26 0.26 0.25 0.25 3140000 796750 PROPERTY ARTHALAND CORP 0.78 0.79 0.69 0.79 0.68 0.79 15453000 11276630 ANCHOR LAND 12.02 13 10.98 13.54 10.82 12.02 42200 523222 AYALA LAND 42.3 42.5 42 42.6 41.8 42.5 7611500 321919065 ARANETA PROP 1.75 1.8 1.77 1.84 1.74 1.8 117000 207510 BELLE CORP 2.28 2.29 2.25 2.33 2.25 2.28 2095000 4793890 A BROWN 0.81 0.83 0.86 0.87 0.79 0.82 2950000 2442650 CITYLAND DEVT 0.87 0.88 0.88 0.88 0.88 0.88 5000 4400 CROWN EQUITIES 0.25 0.255 0.255 0.255 0.249 0.255 14780000 3705560 CEBU HLDG 5.9 6.4 6.02 6.4 5.7 6.4 14100 81630 CEB LANDMASTERS 3.92 3.96 4 4 3.91 3.92 522000 2052120 CENTURY PROP 0.415 0.42 0.415 0.435 0.41 0.415 19250000 8159800 CYBER BAY 0.395 0.4 0.38 0.415 0.38 0.4 1430000 574900 DOUBLEDRAGON 18.54 18.64 18.24 18.98 18.24 18.54 538800 10,048,106( DM WENCESLAO 7.94 7.99 8.03 8.03 7.93 7.95 364800 2905219 EMPIRE EAST 0.485 0.49 0.49 0.49 0.48 0.49 70000 34000 FILINVEST LAND 1.43 1.44 1.46 1.46 1.43 1.43 4663000 6728780 GLOBAL ESTATE 1.06 1.08 1.08 1.11 1.06 1.06 1637000 1764340 8990 HLDG 7.73 7.74 7.74 7.78 7.54 7.75 751100 5807666 PHIL INFRADEV 2.33 2.34 2.29 2.35 2.2 2.33 18706000 42003090 CITY AND LAND 0.86 0.92 0.86 0.86 0.86 0.86 1000 860 MEGAWORLD 4.81 4.83 4.8 4.89 4.76 4.81 25903000 124937840 MRC ALLIED 0.42 0.425 0.425 0.435 0.41 0.42 49320000 20952800 PHIL ESTATES 0.46 0.48 0.455 0.455 0.455 0.455 10000 4550 PRIMEX CORP 3.55 3.56 3.57 3.6 3.53 3.56 350000 1241900 ROBINSONS LAND 20.7 20.9 20.95 21.4 20.65 20.9 4804500 100090245 PHIL REALTY 0.4 0.405 0.415 0.415 0.395 0.4 960000 387950 ROCKWELL 1.98 2 1.98 1.98 1.97 1.98 16000 31660 STA LUCIA LAND 1.25 1.26 1.22 1.26 1.22 1.26 625000 780780 SM PRIME HLDG 34.9 35 34.5 35.4 34.4 34.9 10841200 380560455 STARMALLS 5.74 5.75 5.6 5.78 5.6 5.75 319300 1816658 SUNTRUST HOME 0.7 0.74 0.7 0.7 0.7 0.7 30000 21000 VISTA LAND 5.15 5.19 5.15 5.19 5.13 5.19 1595200 8241697 SERVICES ABS CBN 19.8 19.98 20 20 19.8 19.8 160700 3183504 GMA NETWORK 5.33 5.39 5.33 5.39 5.32 5.33 221900 1185441 GLOBE TELECOM 2000 2028 2038 2044 2000 2000 15270 30699020 PLDT 1160 1164 1141 1164 1139 1164 120825 139174650 APOLLO GLOBAL 0.039 0.04 0.039 0.04 0.039 0.04 9500000 371100 DFNN INC 7.49 7.6 7.5 7.6 7.5 7.6 75400 567797 IMPERIAL 1.9 1.99 1.9 2.09 1.9 1.9 38000 72960 ISLAND INFO 0.133 0.134 0.114 0.145 0.114 0.133 263190000 35584990 ISM COMM 5.72 5.73 5.8 5.83 5.72 5.72 3287300 18933579 NOW CORP 3.24 3.27 3.38 3.48 3.18 3.24 2024000 6675010 TRANSPACIFIC BR 0.43 0.435 0.415 0.43 0.415 0.43 41740000 17744900 PHILWEB 3.14 3.16 3.26 3.26 3.1 3.16 863000 2735230 2GO GROUP 14 14.3 14.8 15.7 13.68 14 940800 13661730 ASIAN TERMINALS 13.5 13.8 13.5 13.5 13.5 13.5 200 2700 CEBU AIR 73 73.25 73.6 74 73 73 52370 3840410 CHELSEA 6.5 6.51 6.6 6.6 6.5 6.51 641300 4183605 INTL CONTAINER 99 99.2 98 100.2 96.45 99 1690660 167759539.5 LBC EXPRESS 14.3 14.5 14.5 14.5 14.3 14.3 300 4330 LORENZO SHIPPNG 0.78 0.81 0.74 0.81 0.74 0.81 409000 311330 MACROASIA 14.56 14.6 14.5 14.7 14.5 14.6 1022900 14896258 METROALLIANCE A 1.99 2.06 2.1 2.13 1.98 2.06 364000 739740 METROALLIANCE B 1.87 2.27 2.27 2.27 2.27 2.27 5000 11350 PAL HLDG 7.73 8.43 7.71 7.73 7.68 7.73 8100 62309 HARBOR STAR 3.05 3.06 3.1 3.1 3.05 3.06 652000 1996830 ACESITE HOTEL 1.5 1.55 1.59 1.75 1.48 1.55 3891000 6157240 WATERFRONT 0.71 0.72 0.7 0.73 0.69 0.71 2954000 2100030 FAR EASTERN U 890 915 915 915 915 915 470 430050 STI HLDG 0.72 0.73 0.73 0.73 0.7 0.73 5922000 4245830 BERJAYA 3.66 3.67 3.47 3.66 3.45 3.66 5745000 20365770 BLOOMBERRY 9.62 9.64 9.35 9.7 9.2 9.62 16202500 154439406 LEISURE AND RES 3.4 3.41 3.38 3.45 3.37 3.41 126000 428560 MANILA JOCKEY 5.19 5.4 5.23 5.4 5.2 5.4 32900 171408 PREMIUM LEISURE 0.86 0.87 0.85 0.87 0.84 0.86 14382000 12324910 TRAVELLERS 5.28 5.29 5.25 5.29 5.25 5.29 945200 4969965 METRO RETAIL 2.41 2.42 2.48 2.48 2.39 2.42 3206000 7760540 PUREGOLD 42.45 42.5 42.6 42.9 42.4 42.5 5187400 220483955 ROBINSONS RTL 78.5 79.5 76.1 79.5 76 79.5 283400 22091499 PHIL SEVEN CORP 113.5 114 113.5 113.7 113.5 113.5 25980 2949059 SSI GROUP 2.32 2.34 2.29 2.36 2.28 2.34 1226000 2844640 WILCON DEPOT 11.9 12.02 12.1 12.1 11.9 11.9 1877600 22475028 APC GROUP 0.415 0.425 0.415 0.425 0.415 0.425 220000 93300 EASYCALL 17.12 17.18 16.92 18 16.92 17.2 117400 2011330 GOLDEN BRIA 316.4 325 320 325 320 325 640 206500 PAXYS 3.14 3.4 3.45 3.46 3.12 3.46 56000 187950 PRMIERE HORIZON 0.33 0.35 0.32 0.35 0.32 0.35 390000 128650 SBS PHIL CORP 7.55 7.65 7.65 7.65 7.2 7.65 389400 2892546 MINING & OIL ATOK 14.46 15.98 16 16 16 16 300 4800 APEX MINING 1.57 1.59 1.6 1.6 1.57 1.57 1317000 2077800 ABRA MINING 0.0019 0.002 0.002 0.002 0.0019 0.002 203000000 405200 ATLAS MINING 2.61 2.88 2.89 2.89 2.61 2.61 53000 151290 BENGUET A 1.2 1.42 1.25 1.42 1.25 1.42 76000 102060 BENGUET B 1.13 1.25 1.13 1.13 1.13 1.13 1000 1130 CENTURY PEAK 2.01 2.02 2.04 2.04 1.99 2.01 1006000 2013700 DIZON MINES 7.16 7.49 7.63 7.63 7.13 7.5 56900 409802 FERRONICKEL 1.67 1.68 1.68 1.68 1.62 1.68 1375000 2294860 GEOGRACE 0.212 0.214 0.211 0.215 0.211 0.215 30000 6400 LEPANTO A 0.099 0.1 0.099 0.099 0.099 0.099 70000 6930 MANILA MINING A 0.0063 0.0066 0.0063 0.0065 0.0063 0.0065 17000000 109100 MANILA MINING B 0.0063 0.0064 0.0064 0.0064 0.0064 0.0064 9000000 57600 MARCVENTURES 1.2 1.25 1.25 1.25 1.2 1.25 58000 72300 NIHAO 1.04 1.07 1.08 1.08 1.03 1.07 77000 79660 NICKEL ASIA 2.08 2.09 2.16 2.16 2.09 2.09 11739000 24835310 OMICO CORP 0.57 0.61 0.57 0.57 0.57 0.57 3000 1710 ORNTL PENINSULA 0.95 0.97 0.98 0.98 0.92 0.97 255000 242880 PX MINING 2.59 2.6 2.65 2.65 2.59 2.59 2722000 7102740 SEMIRARA MINING 23.3 23.5 24 24.1 23.3 23.3 3020100 71180365 UNITED PARAGON 0.0058 0.0061 0.0062 0.0062 0.0061 0.0061 2000000 12300 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.012 13800000 166600 PHILODRILL 0.012 0.013 0.013 0.013 0.012 0.012 1900000 23200 PHINMA PETRO 3.05 3.1 3.24 3.24 3.02 3.1 3000 9360 PXP ENERGY 14.92 14.94 15.2 15.24 14.88 14.92 1252000 18815338

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 ALCO PREF B DD PREF SMC FB PREF 2 FGEN PREF G GLO PREF P GTCAP PREF B MWIDE PREF PCOR PREF 2A SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

95 451 492 98 96 971 101.5 475 895 98 980 75.4 76.2 73 73 74.5 73 73.3 73

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.7 5.1

1.96

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.36 XURPAS 1.33

111.5

-256430 -147750 -136884820 -8265095 -10324816 685840 193394 -34006100 945442 -6919220 -19724742.5 -670970 -7930010 148200 -30422370 74000 -64757050 -54503079 -88950 -10800 101130265 -81000 -3919540 -134260 2690000 -125880 -3545050 1,831,123.9998) -2106840 107000 -134654 1590930 -48442510 50 -53580 -16296855 -32132205 -4463070 -3236300 -58104315 37500 -300980 -2608012 -85900 -147150 -1134520 -2900 -976846.5 32580 -62875049 6618476 -70360 406500 1337970 -239400 97325033 23350 127140 -735986 -245690 -129712585 13125746.5 101010 386970 -1223142 -54554 31600 -13590 -383777 -1350540 -10109470 189930 -19216855 -4748674

95 455 492 98.05 98.9 995 101.1 480 925 101.3 980 75.95 76.55 74 73.95 74.9 75 73.25 74.75

95 455 499 98.05 98.9 995 101.1 480 925 101.3 995 75.95 76.6 74 73.95 74.95 75 74 74.75

95 455 492 98 98 995 101.1 480 925 101.3 980 75.95 76.55 74 73 74.5 72.7 73.25 72.6

95 455 499 98 98 995 101.1 480 925 101.3 995 75.95 76.55 74 73 74.5 75 73.25 74

100 170 120 9100 5720 300 60000 20 2000 300 140 1700 44600 10200 3970 90840 2520 81400 21910

9500 77350 59110 891824 562900 298500 6066000 9600 1850000 30390 138550 129115 3414526 754800 292185 6780137 184400 5962652 1620187

-

19 5.21

18.7 5.21

19 5.21

18.66 5.21

19 5.21

47200 30000

886450 156300

-695582 -

1.97

1.98

1.98

1.93

1.97

109000

213280

-

4.37 1.34

4.4 1.29

4.45 1.33

4.34 1.27

4.36 1.33

95000 4466000

415090 5857460

-160730

EXHANGE TRADE FUNDS FIRST METRO ETF

-20410945 47868332.0003 -30560524.5 86234.9999 14401414 -2195435 -1925976 -359250 -21560 -1043640 -49385 -10200 -380190 197684 23594106 -10658872 -2717608 -135440 2657565 54474832 -652132 -3614920 1186826 11600 -2534300 -149073167 429710 -5344200 -42480 -8882 -137943.9997 -39424 -3374590 90130 17600 -0 266890 8224870.0003 -

96.9 463.8 499 101 98 995 102 480 939.5 101.3 1000 75.95 76.55 74 74 74.95 75 74 74.75

WARRANTS LR WARRANT

529395 -92114299 -54344516.5 2695 -497098 -49099595 494166 585575 -1821285 -31998984 -4263631 -39450 -4470 -

112

111.9

112

111.2

112

5220

584337

-

Editor: Efleda P. Campos

Oppo allocates $1.43 billion for R&D worldwide in 2019

S

By Lorenz S. Marasigan

@lorenzmarasigan

MARTPHONE maker Oppo has allotted $1.43 billion for research and development next year, a whopping 150-percent increase from 2018, as it guns to be the smartphone brand of choice globally. In a statement, the Chinese manufacturer that has a huge local following in the Philippines explained that the investment will allow the company to “integrate its supply chain and build on its tech-

nical expertise to enhance the company’s technological capabilities,” leveraging on artificial intelligence to develop a range of smart devices other than smartphones. The investment will also be used

to develop technologies such as 5G, the fifth generation of mobile Internet, which is touted as the fastest mobile connection that will be available starting next year. “5G is a trend Oppo must embrace. In addition to striving to become the first manufacturer to launch 5G smartphones, Oppo’s exploration of application opportunities in the 5G+ era will ultimately determine the value of 5G,” Oppo Founder Tony Chen said in the statement. An Oppo team for the development of 5G devices has been established since 2015. “In the future, smartphones will become intelligent personal assistants—and this is something

Oppo will definitely enable,” Chen said. “The smartphone is one of the best vessels for AI [artificial intelligence], but there is still considerable room for improvement.” He noted the company will continue to aggressively develop technologies to gain more market share in regions where it is present. “We must dare to explore, dare to make breakthroughs and dare to innovate. In the future, Oppo will fully integrate technological innovation with art and humanity, to develop smart devices and smart homes with the smartphone at their core, and an underlying mission of continuing to meet people’s expectations for a better life,” he said.

Ayala Group wants to bring back Kia’s PHL market share to two percent By VG Cabuag

@villygc

A

C Automotive Inc. said it wants to increase the market share of Kia cars in the Philippines to about 2 percent in the near future as it relaunches the South Korean automotive brand early next year. Manny Aligada, Kia president, said current market share of the brand is a mere 0.6 percent or sales of about 2,400 units this year. The company achieved the 2-percent market share last year when it sold about 5,186 units. “Kia is an excellent brand and we can work its market share back up,” Aligada said. Kia in the Philippines will be positioned as the approachable everyday companion, a brand identity that mainstream car buyers could immediately relate to as the Kia brand has had a shared history with the everyday Filipino motorist for over 24 years, he said. Kia will roll out three new models when it is relaunched on January 30, he said. AC Industrial Technology Holdings Inc., a wholly owned unit of Ayala Corp., early this month signed a distributorship agreement with Kia Motors Corp. to distribute the

Kia brand in the country. The company said it will reestablish the Kia brand in the Philippines, by forming a joint venture company, with AC Industrials as majority stockholder, with Columbian Autocar Corp., Kia’s former distributor in the country. Kia will be the sixth brand under AC Automotive, AC Industrials’s vehicle distribution and dealership unit. AC Automotive currently distributes Volkswagen and KTM in the Philippines and and is also a co-dealer for both the Honda and Isuzu brands. Across all four brands, AC Automotive oversees and operates a nationwide network of 27 companyowned and 30 third-party-owned dealerships. In September 2018 AC Automotive also formalized a partnership with SAIC, China’s largest automaker, to distribute the Maxus commercial vehicle brand beginning in 2019. Kia Motors was established in Korea in 1944 and has been an affiliate of the Hyundai Motor Group since 1998. KMC sold 2.76 million vehicles in 2017 in 185 countries through 24 sales offices and over 6,000 dealers. Collectively, the Hyundai-Kia group is the world’s third-largest automotive manufacturer, producing 7.25 million vehicles in 2017.

Underwater exhibition for coral rehab launched

J

CI Manila, in partnership with Gold Seas Tuna Chunks, launched the first and official underwater exhibition that will become artificial coral reefs. Gold Seas Tuna Chunks’s dedication to responsible and sustainable fishing practices, which has enabled it to be certified dolphin-safe, has expanded this commitment to help rehabilitate Philippine coral reefs and revive the rich marine ecosystem. The Philippines is considered a center of marine biodiversity in the world, with coral—reefs stretching 26,000 kms nurturing more species of fish and corals than any other marine environment on Earth. At present, reef degradation caused by factors such as pollution, coral bleaching, destruction of mangroves and unsustainable fishing methods have affected the Philippines’s coral reefs. Only 5 percent of the Philippines’s coral reefs remain in good condition. It can take thousands of years

for natural coral reefs to regenerate. Long-lasting, artificial reefs are a useful and faster way to help restore the reef systems to a natural and productive balance. These multipurpose artworks will help serve the function of natural coral reefs: serve as nurseries for growing fish and protect the shoreline from erosion. They can also help to boost ecotourism, and provide jobs in a green economy. In 2011 Junior Chamber International (JCI) Manila launched project Sea of Life. It is a marine environment awareness effort through artificial reefs deployment, coral transplantation, mangrove planting, coastal cleanup and marine environmental awareness seminars. Since then, Sea of Life has made a positive environmental impact in marine ecosystems in Batangas, Bohol, Cagayan de Oro, Davao, Cebu and Iloilo. This month, Sea of Life is set to launch the first-ever underwater exhibition that aims to rehabilitate corals.

MUTUAL FUNDS

December 17, 2018

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 253.64 -12.64% 1.43% 3.24% -13.49% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4114 -12.38% 6.76% 3.31% -11.61% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.9263 -13.63% 2.86% 1.64% -14.51% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8968 -11.47% N.A. N.A. -11.82% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8283 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.2818 -11.34% 0.44% 2.46% -12.16% MBG EQUITY INVESTMENT FUND, INC. * ****** 115.04 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8393 -14.51% N.A. N.A. -15.45% PAMI EQUITY INDEX FUND, INC.* 49.6107 -10.75% 2.63% N.A. -12.03% PHILAM STRATEGIC GROWTH FUND, INC.* 518.18 -10.73% 1.36% 2.65% -11.94% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2658 -8.99% 2.96% N.A. -9.86% PHILEQUITY FUND, INC.* 36.9054 -9.44% 3.49% 5.25% -10.2% PHILEQUITY PSE INDEX FUND INC.* 4.9987 -10.9% 3.41% 5.1% -11.9% PHILIPPINE STOCK INDEX FUND CORP.* 834.95 -10.72% 3.22% 5.24% -11.71% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8661 -9.34% 0.89% N.A. -10.44% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.0918 -9.63% 2.86% 3.45% -10.66% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9618 -11.06% 3.19% N.A. -12.03% UNITED FUND, INC.* 3.5289 -7.68% 4.22% 4.3% -9.38% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***111.5863 -10.39% 4.37% N.A. -11.41% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9487 -13.55% 2.9% -0.11% -14.4% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1773 -6% N.A. N.A. -6.95% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6594 -10.22% -1.04% -0.77% -10.95% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.211 -9.41% 1.5% 1.19% -10.01% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.5365 -7.84% -1.59% -0.92% -8.43% GREPALIFE BALANCED FUND CORPORATION* **** 1.31 -9.48% N.A. N.A. -9.96% NCM MUTUAL FUND OF THE PHILS., INC* 1.8475 -6.28% 1.39% 2.62% -7.28% PAMI HORIZON FUND, INC.* 3.5458 -8.52% 0.2% 1.88% -9.5% PHILAM FUND, INC.* 15.9623 -8.19% 0.3% 1.71% -9.09% SOLIDARITAS FUND, INC.* ******** 2.0772 -6.84% 1.52% 3.02% -7.35% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.67 -7.46% 1.07% 1.79% -8.17% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9266 -8.07% 0.32% N.A. -9.18% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.0351 -2.88% -0.27% 1.59% -2.77% PAMI ASIA BALANCED FUND, INC.* $0.9466 -9.16% 3% -0.99% -9.59% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.452 -4.76% 3.74% 1.95% -5.49% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0315 -6.85% N.A. N.A. -7.26% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 342.96 1.87% 2.03% 1.81% 1.74% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8571 -1.66% -0.62% -0.56% -1.86% COCOLIFE FIXED INCOME FUND, INC.* 2.9645 5.41% 5.33% 5.25% 5.05% EKKLESIA MUTUAL FUND INC.* 2.1291 1.08% 1.51% 1.4% 1.28% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2071 -0.34% 0.04% 0.23% -0.41% GREPALIFE FIXED INCOME FUND CORP.* P 1.5626 -3.06% -0.66% -0.84% -2.91% PHILAM BOND FUND, INC.* 3.9153 -3.22% -0.5% -0.22% -3.33% PHILEQUITY PESO BOND FUND, INC.* 3.493 0.12% 0.39% 0.26% -0.34% SOLDIVO BOND FUND, INC. * 0.8915 -3.2% -0.89% N.A. -3.43% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7627 -0.64% 0.88% 0.59% -0.51% SUN LIFE PROSPERITY GS FUND, INC.* 1.5377 -0.88% 0.49% 0.14% -0.77% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $447.78 0.48% 2.37% 3.06% 0.41% ALFM EURO BOND FUND, INC. * Є212.46 -0.8% 1.01% 1.57% -0.59% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1243 -0.86% 0.94% 1.88% -0.86% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 -0.4% 0.82% N.A. -0.4% GREPALIFE DOLLAR BOND FUND CORP.* $1.6893 -4.69% -0.37% 1.12% -4.64% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0294 -4.51% -0.68% -2.52% -4.11% PHILAM DOLLAR BOND FUND, INC.* $2.1621 -3.87% 0.88% 2.61% -3.95% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0569703 -0.76% 0.93% 1.87% -0.4% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8708 -4.72% 0.46% 1.66% -4.71% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.64 2.66% 1.85% 1.54% 2.58% PHILAM MANAGED INCOME FUND, INC.* 1.18 1.96% 0.61% 0.48% 1.95% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.217 2.61% 2.24% 1.54% 2.66% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0152 1.63% N.A. N.A. 1.65% * - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE. **** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.). ***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Tuesday, December 18, 2018

Investors lap up 91-day Treasury bills as banks keep cash in vaults

T

HE Bureau of the Treasury (BTr) received mixed results in its last auction for Treasury bills (T-bills) for the year, awarding the 91-day tenor bucket with P4 billion but rejecting the bids for the 182-day and 364-day debt papers. National Treasurer Rosalia V. de Leon told reporters the BTr sees investors for government securities like banks holding on to their cash as more people withdraw funds for their holiday spending. “The Fed [Federal Reserve System] would be meeting on the rate

hike; so I think [investors] are still waiting for the outcome. And secondly, a lot of banks are holding on to their cash given that, at this time, there are heavy withdrawals. They [banks] would rather prefer to stash cash rather than put these into securities,” de Leon

Household cash flow

A

CCORDING to the 2015 Census of Population, we have an estimated 22.9 million households in the Philippines. T he number of households is higher by 13 percent from 20.1 million recorded in 2010. Households can be considered as basic economic units. Households must be goaldriven and must be committed to succeed. The breadwinner and the dependents have to work as one team to achieve a better future. A household is like any business. A business operates based on financial objectives related to profitability, liquidity and efficiency. For any household, the objective is to likewise be in good financial condition. Having a good financial situation can be achieved by being able to find ways and means to improve household cash flow. Optimizing expenses and maximizing income are ways to improve cash flow. T he first way to improve household cash flow is to optimize expenses. This does not mean that households will adopt a miser mentality. It means that expenses will be planned in such way that households are able to consistently live within their means. One household may be earning millions monthly, but if the monthly expenses are higher, then the financial situation is in jeopardy. Optimizing expenses is about managing lifestyle. It is therefore important that expenses should be based on a household budget. The budget is anchored on the total income generated by the breadwinner or breadwinners of the household. Benjamin Franklin was quoted as saying that “a small leak will sink a great ship.” Attention to detail is key. By listing down all current expenses, the household will be able to identify essential expenses and nonessential expenses. For essential expenses, it can consider reducing spending levels. For nonessential expenses, a portion of these can be diverted to saving and investments to prepare well for the future. The second way to improve household cash flow is to maximize income. For many households, the main source of income is the monthly salary of an employed breadwinner or employed breadwinners. Doing good at work and accepting bigger management roles increase the probability of having a higher monthly salary in

Genesis Kelly S. Lontoc

PERSONAL FINANCE the future. To increase the household budget, households may want to consider exploring additional streams of income. One option is to pursue part-time work that is aligned with purpose, interest and competence. A balanced life is important so there should still be adequate quality time in the family. Another way to maximize income is to invest savings in financial investments. There are many alternatives that can help households earn more from their money. These can potentially beat the inflation rate over time. Some common examples are stocks, mutual funds, unit investment trust funds and variable unit-linked insurance products. Before investing in any of these choices, households must conduct ample research about the products and their providers. They should be very vigilant against scams. Usually, the decision on what investment or investments to make will be based on the financial goal, risk appetite and time horizon of the household. Another option is to invest in a business. Households can either develop a business from scratch or purchase an existing profitable business. In both options, due diligence must be done by the household in order to make the right choice. It should be involved with a business that it is quite familiar with. It should be involved in a business that it passionately believes in. The chosen business must always have a clear point of differentiation in the market for it to thrive. By optimizing expenses and maximizing income, households will be on the right and fulfilling course toward achieving a good financial future. As households become more successful in improving their cash flow, the chances of the Philippine economy developing further will likewise be higher. Gemmy Lontoc is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 74th RFP program in January 2019. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

said. “[That’s why] even if it’s better for them to also just bid out for the 91-day rather than the longer, the 182 and the one year.” The 91-day tenor bucket was awarded the full offer of P4 billion as the average annual rate settled at 5.323 percent, showing a modest uptick of 2.70 basis points compared to the last auction rate of 5.350 percent. Bids for the security amounted to P6.575 billion. Bids for the 182-day T-bill reached P5.884 billion with the auction committee deciding to reject all bids, as the average annual rate would have risen by 25 basis points settling at 6.594 percent if fully awarded the P5 billion on offer. The previous rate for the tenor bucket was at 6.344 percent. The offer of P6 billion under the 364-day IOU was also rejected

as the rate would have increased by 27.50 basis points settling at 6.860 percent if it was fully awarded. Bids for the security reached P6.855 billion. The previous rate for the T-bill was at 6.858 percent. “On our end, we don’t see the need to pay more for the 182- and 364-day considering that we all know that inflation is on a downhill [trend] already and the price tag for those maturities [is] sufficient already. And it should not be much higher than what the current BVAL [Bloomberg Valuation Service] rates are,” de Leon said. The BVAL rates for the security closed at 5.651 percent for the 91day, 6.360 percent for the 182-day, and 6.703 percent for the 364-day tenor buckets. When asked if the Treasury will still be issuing global bonds by

the end of this year, as what was earlier stated by government officials, de Leon pointed out that the BTr has already closed up shop for any further issuances by the end of 2018 as the government already has sufficient cash buffers. Meanwhile, she also explained that a reenacted budget will not affect the government’s programmed borrowings for 2019 as it sees that it would be passed within the first quarter of next year. “It does not have an effect because by February or March, we anticipate that the 2019 budget will be passed, so we will have to also borrow the same requirements,” she said. The government plans to borrow a total of P1.19 trillion for 2019 from both domestic and foreign financial institutions. Rea Cu

LandBank opens lending window to former rebels T HE LandBank of the Philippines (LandBank) and the Department of National Defense (DND) has signed a memorandum of agreement (MOA) their officials expect will enhance the financial capability of former rebels and their families through the provision of loans from the government bank. The agreement was signed by Defense Undersecretary Reynaldo B. Mapagu, chairman of the Task Force Balik Loob (TFBL), and LBP President and CEO Alex V. Buenaventura. Under the MOA, the LBP will lend up to P100,000 to former members of the News People’s Army (NPA) in order to fund their livelihood projects, such as small and microenterprises, agriculture and other means of livelihood. Former rebels who are aged 21 and up and who have no pending cases are qualified to avail themselves of the loan program. “Those disqualified due to age or have pending cases can designate a family member who will be listed as the borrower in their

stead. Former rebels can submit their loan applications to LBP lending units across the country, including proof of identification and certification from the Joint AFP-PNP Intelligence Committee [Japic],” Mapagu said. Aside from processing, evaluating and approving the loan applications of former rebels, the LBP will also conduct loan counselling and financial literacy seminars to the former rebels prior to release of their loans. “The LandBank’s slogan: ‘We help you grow,’ now also encompasses former rebels who wish to increase their capacity in their chosen livelihood, empowering not only himself and his family, but also his community,” Mapagu said. “With this signing of agreement, the Land Bank of the Philippines is a welcome addition to our list of partner agencies, which will definitely have an important role in our peace and reintegration efforts for our former rebels,” he added. On the other hand, Buenaventura expressed full support for

SMIC, BDO cited as leaders in sustainability, governance

PAUL ARCENAS, SM Investments Corp. vice president for Planning and Communications, receives the award from (right) Daniel Yu, editor in chief of The Asset magazine.

S

M Investments Corp. (SMIC) and BDO Unibank Inc. were cited as leaders in sustainability and governance, claiming the prestigious Platinum Awards during the 18th Corporate Awards by Hong Kong-based magazine The Asset. SMIC was cited as among the leaders in environmental, social and governance and among the outstanding achievers, having won the Platinum award, the highest honors, for the 10th consecutive year. BDO Unibank Inc. was also given the prestigious

Platinum award for the ninth year. The Asset Corporate Awards are the longest-running ESG awards in Asia given annually since 2000. Factors that are taken into consideration for a company’s eligibility range from an evaluation of financial performance, management, corporate governance, social and environmental responsibility and investor relations. The awardees of The Asset Corporate Awards 2018 were honored at a gala dinner at the Four Seasons Hotel in Hong Kong on December 10.

the Enhanced Comprehensive Local Integration Program (E-CLIP), saying that it is his personal desire to uplift the lives of former rebels and ensure they don’t end up living lives of poverty. “We are happy to provide financing for some 5,000 former rebels. Ang source ng lahat ng problema natin sa [all problems with the] NPA ay kahirapan [is poverty]. I want to deal with the E-CLIP from that angle, to address the poverty of these people,” he said. “I will think of our former rebels and think of how our agribusiness companies can help employ them.” E-CLIP is the government’s program for surrendering rebels and it is being administered by the DND through Mapagu, who is the program’s head. Unlike the rebel reintegration programs of previous administrations, the E-CLIP provides a wider array of benefits based on the particular needs of FRs and their families such as financial assistance, housing, education, skills training, health care and legal assistance, among others. Rene Acosta

B3

Manulife unit launches Asia bond feeder fund

M

ANULIFE Asset Management and Trust Corp. (MAMTC) introduced its very own Asia Dynamic Bond Feeder Fund (ADBFF), a unit investment trust fund that seeks to optimize total returns by putting its assets in a bond collective investment scheme. For a minimum investment of $100 or P5,000, the ADBFF exposes investors to a diversified portfolio of fixed income securities issued by governments, agencies, supra-nationals and corporate issuers located primarily in the Southeast Asia and other allowable investments. This is a flexible portfolio that dynamically allocates across hard and local currency Asia bonds to generate attractive returns. Likewise, it aims to derive benefits from interest rate, credit and currency opportunities. “Asia has one of the world’s largest and fastest-growing bond markets,” Aira Gaspar, president and CEO of MAMTC, said in a statement. “It is expected to remain the bright spot of the global economy given the superior growth potential and sound fiscal and debt dynamics of Asian countries.” The top executive said “investors can leverage on this positive outlook” through the ADBFF. The ADBFF is a flexible portfolio that dynamically allocates across hard and local currency Asia bonds to generate attractive returns. It seeks to derive benefits from interest rate, credit and currency opportunities. “Investors can take advantage of this positive outlook through the Asia Dynamic Bond Feeder Fund,” Gaspar said. A statement quoted MAMTC Chief Investment Officer Endre Pedersen as saying, “Asia’s bond universe is unique, offering a diverse opportunity set.” For example, China and Indonesia are expected to open opportunities. China bonds’ inclusion into the global bond indices could be a game changer for global bond investors, a development that could lead to dramatic inflow into the market. Indonesia’s economy, on the other hand, has grown steadily with inflation under control. Thus, Indonesia bonds offer attractive real yields to investors. Sound fundamentals around the region and the diverse opportunities offered by the Asian bond market make it a compelling proposition for investors, the statement quoted Pedersen as saying. Roderick L. Abad

BOJ watchers see economic risks pushing back rate-hike prospects

T

HE Bank of Japan (BOJ) is more likely to wait until after next year’s sales tax hike before taking action to tighten monetary policy, given increasing risks to the economic outlook and recent market turbulence, a growing number of economists say. All 49 of those surveyed by Bloomberg expect the central bank to leave policy unchanged at its December 19 and 20 meeting, with 88 percent of them forecasting the BOJ won’t raise its long-term interest rate before the end of 2019 compared with 78 percent in the previous poll. Global stock markets have suffered sharp falls since early October as fears intensified over the USChina trade war, signs of weakness in the Chinese economy and a slowing of the global tech cycle. Japan’s economy already faces a large hurdle with the raising of the sales tax rate to 10 percent from 8 percent in October, and previous increases in the levy have caused the economy to shrink. While Prime Minister Shinzo Abe’s administration is determined to take

more action this time to even out fluctuations in consumer demand stemming from the tax increase, 47 percent of surveyed economists say it’s too early to judge if this will help the central bank move forward with policy normalization. Some 33 percent don’t think the measures will help a move toward normalizing policy. About a third of respondents expect the BOJ to allow 10-year government bond yields to move by more than 20 basis points around its zero-percent target by the end of 2019. While expectations that oil and cheaper telephone charges will weaken inflation next year, just 6 percent of economists predict additional stimulus measures in 2019. Bloomberg News

B4 Tuesday, December 18, 2018

THE ULTIMATE KOREAN BUFFET TURNS TWO

K

OREAN samgyupsal is quite popular nowadays, with unlimited Korean barbecue buffets popping up in the Metro; there are a thousand and one Korean restaurants that you can choose from to dine with your friends. In the heart of Las Piñas City stands a Korean buffet that offers not just an all-you-can-eat samgyupsal, but a buffet treat with drinks for only P299+ per head all day, all night. Sigsaga Buffet is at BF Resort Village in Las Piñas City and has two branches that you can visit daily from 11 a.m. to 9:30 p.m. Sigsaga Buffet started its operation in

December 2016 as a neighborhood restaurant that offers affordable Korean barbecue grill. With the success of its first branch and, to the demand of the public, Sigsaga Buffet opened its second branch just 2 months after its first operation. On December 17, in celebration of its second anniversary, Sigsaga Buffet has once again set another trend, offering most affordable all-you-can-eat samgyupsal with buffet and drinks in the Metro for only P500; and a Buy One, Take One all-in promo, which include their all-time bestsellers beef bulgogi, spicy chicken buldak, chicken teriyaki, age gyo fish fillet in white sauce, japchae, pork stir fry, kimchi, cucumber and vegetable salad. For only P500, you can satisfy your cravings with unlimited pork, beef, chicken, lettuce, buffet and bottomless drinks. Unlimited tempura and seafood upgrade is also available for seafood lovers. For more information, visit www.sigsagabuffet.com.

2018 OFW AND FAMILY SUMMIT HIGHLIGHTS VALUE OF INVESTMENTS FOR THE FUTURE

INTERNATIONAL ICT AWARDS 2019 PHILIPPINES: INSPIRING EXCELLENCE

T

HE Canadian Chamber of Commerce ofthePhilippines(CanCham)unveils the 13th annual International ICT Awards Philippines on March 28, 2019, at the Marriott Hotel Manila Ballroom. The International ICT Awards Philippines recognizes outstanding companies in achieving excellence in ICT services. Julian Payne, president and chief executive officer of CanCham, noted that “…There is [an] increasing international competitionfortheprovisionofICTservices in a globalized economy. Philippine-based companies must ensure that they are the best to maintain their competitive lead internationally. The International ICT

Awards directly addresses and supports this challenge.” The recent ICT Awards 2018, held on March 22, was a jubilant year for the International ICT Awards Philippines in recognizing excellence of around 100 companies. This year there will even be more diverse and challenging categories, namely, the Best Startup Company of the Year, which replaces the Best First-Time Nominated Company of the Year; and the Best Company of the Year for Creatives, which replaces the Best Company of the Year for Animation and Game Development. Prior to the gala night in 2019, three

pre-events were scheduled: A media launch and an appreciation event happened on December 4, in recognition of winners; and the closing of nominations on February 12, 2019, in recognition to the nominees of the ICT Awards 2019. The culmination of the International ICT Awards will be the gala night with over 500 VIP guests, prominent figures, and business leaders in the ICT industry and other businesses. Nominations for the International ICT Awards opens on January 1, 2019, and closes on January 31, 2019. For more details, visit www.ictawards. org.ph or e-mail at info@ictawards.org.ph.

SAVORING FILIPINO CHRISTMAS AT LAS CASAS FILIPINAS DE ACUZAR

M E

VERY investment or business starts with a saving. Once in the business, no matter how big or small it is, one has to continue to spare some amounts for saving. For those who have but not enough to start a business of his own, he can join cooperatives, pool money with others and earn. These are some of the important messages the overseas Filipino workers (OFWs) have heard from inspirational speaker Chinkee Tan and Fr. Anton Pascual of Radio Veritas at the Eighth OFW and Family Summit recently held at the World Trade Center. Other personalities who shared their expertise on managing hard-earned money are Anthony Robles from the Development Bank of the Philippines and Joselito Guttierez from the Land Bank of the Philippines. The discussion centered on growing of one’s earnings. Tips on where to get additional financial support should they opt to go into entrepreneurship were also given at the same time. Financial literacy, especially on investments and business startups, are important factors

in ensuring of the hard-earned incomes and savings of OFWs in good use, according to Sen. Cynthia Villar who, along with her family, spearheaded the annual summit. “I hope that you will practice all the lessons, tips and suggestions that you learned today from our finance experts. Use your incomes and savings wisely. Always remember that you worked abroad to ensure a better future for your family. So, you should know how to spend your earnings smartly. Invest your savings. Put up small businesses. Do not throw your money away on unnecessary luxuries,” Villar added. Meanwhile, Susan Ople of the Ople Center led the discussion on OFW concerns, such as spotting a scam, finding accredited agencies, OFW rights and avoiding illegal recruitment. The panelists included Justice Undersecretary Emmeline Aglipay-Villar, deputy administrator Arnell Ignacio of the Overseas Workers Welfare Administration, Foreign Affairs Undersecretary Sarah Lou Y. Arriola, lawyer Lynda Llave of the Philippine Overseas Employment Administration and Labor Undersecretary Jacinto V. Paras.

CRYPTOCURRENCY BRAND SPEARHEADS KNOWLEDGE AMONG FILIPINOS

W

ITH more and more digital banking apps coming and the advent of cashless transactions, more and more Filipinos are ditching the traditional style of shopping and paying bills. Now there’s also cryptocurrency, the new currency that does not have any physical form, but has a value that outshines most currencies. Cryptocurrency started off when Satoshi Nakamoto created a digital currency called bitcoin. This currency can be used like a normal money; people can use it to buy clothes, shoes, even exchange stocks or basically almost anything, except every transaction is done digitally. It was considered a stroke of genius because it is completely decentralized and is protected by cryptography, meaning it is coded. It is decentralized in a way that it uses the peer-to-peer network—a person or a peer can check the international ledger that keeps a list of all the transactions ever made, and everyone from all countries keeps it updated of any new transaction. So, imagine this ledger is a block and there’s a continuous number of blocks being added to it, and you have a chain of blocks. This is called the blockchain, or the ledgers that everyone keeps. This way, no discrepancy happens, and it does not have a centralized body to check what happens because everyone does. The whole cryptocurrency system works with wallets and keys. The wallet is where they digitally store their bitcoins. The key is not an actual key, but keys that are a series of codes. Each person has two keys—a private and a public key. When a transaction is made, a

person signs it with his private key and sends it with his public key. The private key works like an announcement, and the public key is the way other people can check it. There are people who take blockchain to another level, and they are called “miners”. A bitcoin has a reward system that whoever puts a new block to the chain first will get a certain amount of bitcoins. In the Philippines the cryptocurrency haze has started to settle with more people joining in trading with their bitcoins. Recently the Philippines has allowed 10 cryptocurrency operators in the Philippines. Organizations like the Blockchain Association of the Philippines hope to spread information about this tricky subject. While the Philippines has, yet, to develop their own cryptocurrency—they have made steps with it—which is where the Philippine-based wallet and coin exchanges come in. A lot of cryptocurrency wallet sites sprouted to accommodate the growing interest of cryptocurrency. Another brand of cryptocurrency was recently launched at the Mind Museum in Taguig City, showcasing an upgrade into the traditional bank note. Mindgenix has been spearheading series of awareness events that explains how blockchain and cryptocurrency can be the next wave in the future. They envisioned paperless economy, by which cryptocurrencies would proliferate and surpass the use of either paper money or plastic money.

A K E you r hol id ay more meaningful with a nostalgic, yet endearing, time-capsule trip that Las Casas Filipinas de Acuzar has to offer. Like Andy Williams once sung that the yuletide season is the most beautiful time of the year, there’s no fitting place to spend this magical day than home away from home. And since Christmas heralds the gift of love and sharing, dig in the pleasures of life filled with myriad of festive dining, flashing display, jampacked entertainment, and warm moments well spent with loved ones. Satisfy your holiday cravings to a wild and palatable spreads from our three-signature dining venues—Cusina ni Nanay Maria at Casa Unisan, Café Marivent at Casa New Manila and La Bella Teodora at Casa Biñan. Set against the majestic details of Hotel de Oriente; feel the cheery vibe of the traditional Christmas Eve feast with a dinner buffet and unlimited craft beer, made even merrier by a cultural dance performance. Las Casas’s specials include chicken galantina, this holiday stuffed chicken recipe is a no-miss; Christmas lasagna and chori burger with homemade potato

fries; and the tasty skewered chorizo meat stuffed between pillowy buns well complemented by homemade potato fries. Moreover, featured drinks for the month include purple yam, sparkling sangria, and Lambanog Espresso Martini. But before all the revelry, wake up to the enchanting carols and rediscover the real meaning of Nativity through a traditional nine-day novena at Sanctuario de San Jose, Las Casas’s very own church. Meanwhile, wrap up the year and toast to a better 2019 with a spontaneous and luscious New Year’s Eve special buffet.

Dressed to impress, the periodthemed accommodations, adorned with Spanish-inspired fixtures, make a quick refuge to the bustling Metro and transport the entire family to a whole new world splendidly decked out in its Paskong Pinoy finery. As an additional treat, the Las Casas’s theater group will tickle one’s curiosity with a colorful depiction of our unsung heroes. After a challenging, yet fruitful year, you and your family deserve nothing but the best holiday spree at Las Casas Filipinas de Acuzar.

TRAIN LAW AMONG KEY ISSUES INCLUDED IN 2019 OXFORD REPORT

A

FORTHCOMING report by the global research and consultancy firm Oxford Business Group (OBG) in the Philippines will dissect the planned Tax Reform For Acceleration Law (TRAIN) 2, also known as The Trabaho, in details of its implications for international companies eyeing for investment in the country. The Report: The Philippines 2019 will analyze the impact that the second taxreform package is expected to have on businesses operating in the country’s special economic zones, where a number of incentives are set to be removed. Other key aspects of the reforms set to be examined will include the decision to reduce the rate of income tax for small-scale enterprises from 30 percent to 20 percent, in a bid to support their expansion and create new jobs. The OBG’s report will also provide indepth coverage of the newly formulated national intellectual property strategy (NIPS), which has been deviced to improve intellectual-property regulations, a key issue for the Philippines’s businessprocess outsourcing firms and fastgrowing creative industries. In addition, the publication will map out compliance, registration and capitalization criteria for investors look ing for opportunities in the country’s mining and energy sectors. Other topical issues earmarked for analysis include the government’s plans to issue a telecommunication license to a new operator. Villaraza & Angangco (V&A) Law has signed a second memorandum of

understanding (MoU) with OBG for its forthcoming publication. Under the MoU, the legal firm will help OBG to research and produce The Law chapter of The Report: The Philippines 2019 while contributing to additional analyses provided by the group. Commenting after the signing, Alejandro Alfonso E. Navarro, managing partner of V&A Law, said that the firm looks forward in providing thorough legal analysis on the aforementioned developments in commercial law, culled from its lawyers’ extensive experience assisting clients in adapting to or preparing for them. “The OBG’s report assists both entities doing business in the Philippines and potential investors in understanding

critical changes in the country’s legal and regulatory landscape. We want to ensure that their understanding is both accurate and comprehensive, and we believe that analysis based on our firm’s experience, with corporations and transactions of varying scales across impacted industries, will allow for just that.” Charlotte Van Camp, OBG country director in the Philippines, said V&A Law’s input was especially welcome, given the scale of legislative and regulatory reforms under way or in the pipeline. The Report: The Philippines 2019 will be produced together with the Management Association of the Philippines, the Philippine Chamber of Commerce and Industry, and V&A Law. It will be available online and in print.

BASKETBALL FIRE STILL BURNS IN BIRD’S HEART D

ENVER—Sue Bird, basketball operations associate for the Denver Nuggets. The title has a nice ring to it. Sue Bird, point guard for the Seattle Storm. Now that’s a title she’s not quite ready to give up. Bird has spent the last month with the Nuggets, hitting the road to help out with some scouting. The 38-year-old is receiving a first-class education in another side of the game and it gives her something to ponder down the road. That is, when she’s shot her last jumper. The basketball fire still burns after wrapping up her 16th Women’s National Basketball Association (WNBA) season with a championship in September. “I’m a player. I’m still focused on my playing career. I want to get the most out of that as possible,” Bird said on Sunday night before the Nuggets hosted Toronto. “Whether I retire tomorrow or in 20 years, I just want to get as much out as I can. But with that I have an understanding that basketball’s not forever. At some point you’ve got to find something else, find your way, and that’s what’s so great about this. Hopefully with this process I can find out if I’m any good at this, if this is for me, and see what happens.” Bird was brought on board through a conversation with Nuggets president of basketball operations Tim Connelly. He basically asked: What does she want to do when she’s done? “I always thought front office work, being with the team day in and day out, that was something I wasn’t going to get to until I was done,” Bird said. “When he put it in a way I could do both it became extremely attractive.” Admittedly, the learning curve has been steep. “It’s a lot of players. It’s a lot of teams,” said Bird,

who’s helped the Storm to three titles. “There’s a lot of history that I’m stepping into now and having to learn about. The one thing you learn is when you can step out your comfort zone and be uncomfortable you see what you’re made of and who you are.” Bird’s quickly gotten up to speed in her role as a scout. Then again, the Nuggets expected nothing less as they’re off to a sizzling start. “She’s been an asset,” Nuggets Coach Michael Malone said. “Anybody who has a resume Sue has is going to help any organization.” A native of New York, Bird played for Connecticut and helped the Huskies to two NCAA championships. She was taken by Seattle with the No. 1 pick in the 2002 WNBA draft. Since then, she’s become one of the league’s most decorated players. And now, she’s becoming part of a growing community of women in the NBA. Kristi Toliver was added to Washington’s staff of assistant coaches, and Chasity Melvin became an assistant coach with Charlotte’s G League affiliate in Greensboro, North Carolina. There are also trailblazers such as San Antonio assistant Becky Hammon, former Sacramento assistant Nancy Lieberman, Dallas assistant Jenny Boucek, Clippers G League assistant Natalie Nakase and Memphis analyst Nicki Gross. “There’s something nice about being part of a trailblazing group,” Bird said. “It’s hard to look at myself that way because I look at Lisa Leslie and Sheryl Swoops and Rebecca Lobo and Dawn Staley in that way.... I know in 20 years I’ll be looked at as part of that group I just named.” AP

JOHN WALL says the key for Washington is its defensive effort, something often missing this season. AP

Wizards rout Lakers in lopsided laugher

W

ASHINGTON—John Wall was at his attacking best: 40 points and 14 assists; one no-look, throughthe-legs assist; one buzzer-beating rainbow step-back jumper. LeBron James was at his sluggish worst: a season-low 13 points on 5-of-16 shooting. So it made sense that Wall’s reeling and undermanned Washington Wizards, amid so much losing and infighting and roster flux, would dominate James and his rising Los Angeles Lakers throughout a 128-110 victory on Sunday night. “We’re a team that’s built on energy and depth,” James said. “We didn’t have either tonight.” A day after he and Lonzo Ball each registered a triple-double in a win at Charlotte, the four-time National Basketball Association Most Valuable Player had six rebounds and three assists and sat out the fourth quarter of a lopsided laugher. “We did a good job of making it a little difficult on him, showing him a lot of bodies, active hands,” said Wizards guard Bradley Beal, who had 25 points and 12 rebounds. Wall said the key for Washington was its defensive effort, something often missing this season. “Tried not to let LeBron get going,” Wall said. “He missed a couple easy shots he always makes. Didn’t get a couple calls driving to the basket.... It’s one game, but we know he is who he is.” Nothing the Lakers tried to do to slow Wall worked as the Wizards emphatically ended a four-game losing streak, going up by as many as 18 in the first quarter and 27 in the third. “Box-and-1. Triangle-and-2. I haven’t

seen that since high school,” Wall said. James and the Lakers had been 5-1 in the second half of back-toback sets this season, but they opened Sunday’s game by going 5 for 19, 0 for 8 on threes. Washington, meanwhile, made its first five shots and 13 of its first 18, taking a 26-8 lead on Wall’s lay-up. Wall ended the first half with a baseline jumper over 7-foot-1 center Tyson Chandler to make it 71-51. Wall turned and slapped palms with a couple of frontrow folks, then spread his arms wide and basked in the ovation from a home crowd populated by plenty of spectators in LA jerseys. “I know all the Lakers fans out there probably was upset,” Wall said, rolling his eyes. By then, Wall already had 28 points, outscoring LA’s five starters—James, Ball, Chandler, Kyle Kuzma and Josh Hart—by six. Recently acquired reserve forward Sam Dekker scored a season-high 20 for Washington, including a buzzer-beating bank shot at the end of the third quarter that put the hosts ahead, 99-76. Kentavious Caldwell-Pope scored a season-high 25 points for the Lakers, 15 in the second quarter. Washington was without starting center Dwight Howard, who had back surgery, and injured starting forward Otto Porter Jr., while a pair of players— Kelly Oubre Jr. and Austin Rivers—were unavailable because they are on their way out of town via a trade that is still not officially complete. Didn’t matter on this night, thanks in large part to Wall. “When he gets going,” Dekker said, “it really sets the tone for us.” AP

SUE BIRD: I’m a player. I’m still focused on my playing career. I want to get the most out of that as possible. AP

Sports BusinessMirror

C1

| Tuesday, December 18, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NBA RESULTS Brooklyn 144, Atlanta 127 Philadelphia 128, Cleveland 105 DWYANE WADE, who turns 37 in January and plans to retire after this season, says the efforts of fans around the country to see him play one last time is “definitely not lost on me.” AP

Indiana 110, New York 99 Washington 128, LA Lakers 110 Miami 102, New Orleans 96 Sacramento 120, Dallas 113

MEMORIES PILING UP FOR WADE By Brett Martel The Associated Press

N

EW ORLEANS—Dwyane Wade fondly remembers his dominant first game in New Orleans as an emerging college star with Marquette. He won’t forget what was likely his final performance as a pro in the Big Easy, either. Wade walked off the court to chants of “D-Wade! D-Wade!” from fans converging on the tunnel to the visitors’ locker room after his 19 points—highlighted by tough shots over Anthony Davis at the end of each half—helped the Miami Heat beat the Pelicans, 102-96, on Sunday night. Wade, who turns 37 in January and plans to retire after this season, said the efforts of fans around the country to see him play one last time is “definitely not lost on me.” So when a sore back sidelined him for Miami’s previous game at Memphis, he was determined to do what he could to loosen up in time to give it a go in New Orleans. “I definitely understand the sacrifices people make to be at our games,” Wade said. “I just wanted to make sure tonight I was able to get out there. And then I started feeling pretty good as it went on, got a couple shots to fall and the rest is history.” Wade received an enthusiastic ovation when he first checked in and then made his first three three-point attempts, the last of which he banked in with Davis guarding him closely in the final seconds of the first half. Wade stopped short of saying he meant to use the glass, but recalled thinking that was the only chance the shot had to fall when he released the ball over Davis’s long arms. “I decided to ask God to put it in for me—just prayed on it,” Wade said with a laugh. The Pelicans were as close as 96-90 after Davis’s three with 2:32 to go. But Miami, which led nearly the entire game—and by as many as 17—squashed any hope of a late comeback with Wade’s driving floater over Davis to make it 100-92 with 51 seconds left. Wary of the pressure Pelicans guard Jrue Holiday was putting on Heat ball handlers, Wade

Denver 95, Toronto 86

said he acted decisively to explode past Holiday toward the hoop. “And then when I got down there I saw the big fella coming, so the only chance I had to get the shot off, I had to throw it high, kind of like the three, but just in the paint,” Wade said. “It was kind of the icing on the cake.” Josh Richardson scored 22 points for Miami, which closed out a six-game road swing with its fourth victory on the trip. Hassan Whiteside had 17 points and 12 rebounds in his matchup with Davis. Davis had 27 points, 12 rebounds, three blocks and three steals, but curiously did not take his first shot of the second half until hitting a three-pointer with 5:43 left in the fourth quarter. “Every time he got the ball they were running two guys at him. Once again, AD is not going to force shots,” Pelicans Coach Alvin Gentry said. “He did what he was supposed to do and he had seven assists—probably could have easily had double figures. We did not make some [open] shots.” Both teams shot worse than 42 percent and Miami missed 25 threes, but the difference in the game was Miami’s rebounding. The Heat outrebounded the Pelicans, 57-38, pulling down 22 offensive rebounds and converting them into 25 second-chance points Tyler Johnson added 15 points off the bench for Miami, whose reserves outscored New Orleans’ bench, 58-20. Julius Randle had 17 points and 10 rebounds for the Pelicans, but limped to the locker room with 6:49 to go after rolling his right ankle during a lost scrap for a rebound. Holiday had 22 points. Wade said Marquette’s visit to Tulane in January 2003 was the first time he was aware of National Basketball Association (NBA) scouts in attendance for one of his games. He scored 35 points in an 85-73 win. He returned to New Orleans that season for the Final Four in the Superdome. Then as an NBA rookie, his first playoff series was against New Orleans, which was then in the Eastern Conference, and Miami won that series. “I’ve had a lot of great moments here,” Wade said. “I was glad I was able to get out there today and kind of finish it off the last time being here.”

Spo

Business

C2 Tuesday, December 18, 2018

‘The Passion’ defends title vs Japanese

Salt Lake City gets go-ahead to bid for 2030 Winter Games

T

HE Philippines’s Joshua “The Passion” Pacio will defend his strawweight title against Japan’s Hayato Suzuki in a highly anticipated rematch in ONE Championship’s “ONE: Eternal Glory” on January 19 at the Istora Senayan in Jakarta. Pacio, who hails from Baguio City, captured the strawweight championship with a unanimous decision victory over former titleholder Yoshitaka Naito at ONE: Conquest of Heroes in September. It was an epic rematch between the two warriors as Pacio put together the performance of a lifetime to claim the title. The 22-year-old Filipino has shown tremendous improvement over the past few years leading up to his title reign. With the championship firmly in his grasp, he looks to make a successful first defense against the last man to defeat him. Hayato Suzuki, of Takahagi City, Japan, first met Pacio in his promotional debut at ONE: King and Conquerors in August 2017. The 32-year-old scored a shocking first-round submission victory, forcing the Filipino to tap out via rear naked choke. Since then, the Japanese grappler has been on a tear, winning his last three bouts with the same submission hold. An experienced grappler, Suzuki looks to replicate that stellar performance against Pacio. ONE Championship has further bolstered its burgeoning roster of world-class athletes with the acquisition of Vietnamese-American mixed martial artist Bi “Killer Bee” Nguyen. She joins the promotion’s list of top mixed martial artists by signing an exclusive multibout contract. Chatri Sityodtong, chairman and CEO of ONE Championship, stated: “In ONE Championship, we make sure to deliver only the absolute best that Asia and the rest of the world have to offer. “I am pleased to announce that Bi Nguyen has decided to sign with Chatri Sityodtong Championship. I foresee her as the next superstar in mixed martial arts who will represent Vietnam on the global stage because of her exceptional talent and impressive skill set,” Sityodtong added. Born in Oakland, California, 29-year-old Bi Nguyen is a Vietnamese-American atomweight who sports a professional record of four wins and three losses.

Turner Sports links with ONE

T

URNER Sports has reached a three-year partnership with ONE Championship to distribute its live event coverage in the United States. Under the terms of the agreement, B/R Live—Turner’s live sports streaming service—will be the primary destination for ONE Championship live events each year. B/R Live will present its first live ONE Championship event on January 19 with 24 overall events scheduled in 2019. B/R Live will also distribute shoulder programming surrounding the live event experience. Additionally, Turner’s TNT will televise at least 12 one-hour, taped re-airs featuring ONE Championship events per year. “ONE Championship is one of the most popular mixed martial arts organizations in the world, with a high concentration of passionate, millennial fans that make it a perfect fit for B/R Live and TNT,” Turner Sports President Lenny Daniels said. “We will leverage every opportunity within our portfolio to partner with ONE Championship and help further expand its footprint in the US.” “We are thrilled to partner with Turner Sports, a truly iconic industry leader of premium sports content, to bring authentic, world-class martial arts action to American fans,” ONE Championship Chairman and CEO Chatri Sityodtong said.

GERMANY’S Georg Hackl speeds past an Olympic logo during a practice run for the men’s singles luge at the 2002 Salt Lake City Winter Olympics in Park City, Utah. AP

KOREAS’ JOINT BID UP FOR DISCUSSION N

ORTH and South Korea will meet with the International Olympic Committee (IOC) in February to discuss their proposed joint bid for the 2032 Olympic and Paralympic Games. The countries confirmed their intention to sign a letter of intent to jointly bid for the Summer Olympics and Paralympics. The decision was reached at the latest talks between the two nations at a joint liaison office at the North Korean border city of Kaesong. South Korea’s Vice-Sports Minister Roh Tae-kang and his North Korean counterpart Won Kil-u led the delegations at the meeting. An agreement was reached to jointly letter to the IOC in the Olympic capital Lausanne on February 15 next year.

A statement issued following the meeting claimed a delegation from North and South Korea would meet with sporting officials on their visit to Lausanne in cooperation with the IOC. Exact details have not been revealed but it is thought Seoul and Pyongyang will feature heavily in the plans. South Korean President Moon Jae-in and North Korean leader Kim Jong Un agreed to launch a joint bid for the 2032 Olympics and Paralympics following a summit in Pyongyang in September. The decision marked the latest show of sporting diplomacy between the two countries. North Korea competed at the 2018 Winter Olympic Games in Peyongchang in the South in February after a surprise announcement on

J

Korean teams have featured at sporting events. Unified Korean teams competed at the Asian Games in Jakarta and Palembang in August and September, in dragon boat racing, lightweight rowing and women’s basketball. The unified Korean dragon boat team made history as they claimed gold in the women’s 500 meters race. Unified teams have also featured at judo and table tennis competitions. A joint team are also expected to feature at the men’s World Handball Championships next month. South Korean reports have suggested an agreement has also been reached for unified teams to compete at Paralympic events in Tokyo, as well as marching jointly at the Opening Ceremonies of both the Olympic and Paralympic Games. Inside The Games

DAVIS AND DRU: LOVE CONQUERS

DAVIS LOVE III and his son Dru point to the leaderboard after their victory as Little John Daly watches his father, John Daly, putt. AP

O

RLANDO, Florida—Davis Love III and his son Dru played so well on Sunday that they set two scoring records, rallied from a three-shot deficit to win the PNC Father-Son Challenge and then wondered if they would get to play again. Team Love shot 27 on the front nine at The Ritz-Carlton Golf Club to get in the mix, took the lead with a birdie at No. 11 and finished off their record round with four more birdies an eagle for a 16-under 56, breaking by one the 18-hole

record in a scramble format. They won by three shots at 26-under 118, another record in the scramble format. “Who knows? This might be our last time playing, so it was fun to finish it off,” Davis Love III said. The 36-hole event is for players who have won a major or The Players Championship, and their partner cannot hold a Professional Golfers’ Association Tour-sanctioned card. Dru Love has played 17 times in the last two years on the

Kenyans sweep Standard Chartered marathon OSHUA KIPKORIR and Priscah Cherono swept the elite categories to lead a Kenyan domination of the recent 17th edition of the Standard Chartered Singapore Marathon that raised the bar for endurance races in the region with a world-class weekend of racing. The 24-year-old Joshua Kipkorir gradually broke away from the pack after the halfway mark and crossed the finish line in a blazing time of two hours, 12 minutes and 20 seconds, beating 2016 champion, compatriot Felix Kirwa, who crossed a minute later. Cherono, 38, on the other hand, made a winning move as she broke away at the 40-km mark to win in 2:32:12 and in the process beat

New Year’s Day from Kim, who confirmed the secretive state would participate. Both Koreas marched together under a unified flag at the Opening Ceremony and also fielded a joint women’s ice hockey team. The efforts have been billed as an important step in easing the tension between the two nations. The IOC have expressed support for further initiatives, including joint teams for Tokyo 2020. A statement from the latest meeting confirmed the intention to form a single team in events proposed by International Federations for the Games. Discussions over practicalities, such as joint training of teams prior to the Games, are set to continue in the coming months. Following the Winter Olympics, several joint

compatriots Stella Barsosio and Jane Jelagat. “Singapore is a good place, I’m lucky to be here,” Cherono said. “Yesterday [day before the race] was so hot, but the conditions were good on race day. I am so happy I won the race. I came to this race and I prepared myself, so I’m dreaming.” Tens of thousands of athletes from 127 countries, regions and territories took in the stunning sights and sounds of an all-new course which spanned the lush greens and striking skyscrapers of the world-renowned garden city. Five new champions and one back-to-back winner were crowned across the strongest elite, local and elite wheelchair categories so far.

The wheelchair marathon category was also introduced with Japan’s Kota Hokonuie (1:13:36) and China’s Zou Lihong (1:46:48), the 2016 Paralympic champion ruling the men’s and women’s categories, respectively. “I really enjoyed the course, the city is very beautiful, and I really hope to return with my teammates to participate in the race next year,” Zou sid. Soh Rui Yong (2:41:40) and Lim Baoying (3:16:36), meanwhile, emerged as Singapore national champions. The duo fended off fierce competition from runners representing more than 20 local teams that included former champion Rachel See,and veterans Mohamed Iskandar and Giebert Foo.

PGA Tour, European Tour and Web.com Tour, but he has yet to earn a card and missed out in the qualifying tournament this year. They were unstoppable in the second and final round, making only four pars and the rest birdies and two eagles. The 56 beat by one the record previously held by Raymond and Raymond Floyd Jr. in 1994 and by Bob and David Charles in 1998. They finished at 26-under 118, breaking by one shot the scramble record most recently set last year by Angel and Angel Cabrera Jr. John and Little John Daly, who opened with a 59, shot 62 and tied for second with Retief and Leo Goosen and Stewart and Connor Cink. “He’s been very competitive this week,” Love said of his son. “After a slow start yesterday, it’s nice to get it going and get another win. He carried me all the way through this one. He played great. It was fun to watch him hit so many good shots and make so many putts. I didn’t have to putt much today, which was nice.” Team Love also won the event in 2012. Dru Love last played on the PGA Tour last month in the RSM Classic at Sea Island. He tied for 54th, finishing just ahead of his father for the second time in 13 tour events they have played together. “Winning a tournament with our dad is more special than trying to beat him,” Dru Love said. David and Carter Toms finished alone in fifth, while Jack Nicklaus made another big putt at the end, good for a 64 as he and grandson GT Nicklaus finished sixth. Poom Saksansin, meanwhile, closed with a four-under 68 and won the Indonesia Masters by three shots over Jazz Janewattanon in Jakarta. Henrik Stenson, who started the final round three shots behind Poom, had a 71 and finished fourth. Defending champion Justin Rose had a double bogey on the second hole and a triple bogey on the 12th hole. He birdied three

of his last five holes for a 75 to tie for 17th, which enables Brooks Koepka to finish the year at No. 1 in the world ranking. David Lipsky, on the other hand, won the Alfred Dunhill Championship in South Africa on his first attempt as his final-round 68 gave him a two-shot victory over David Drysdale in Melelane. South Africa. Lipsky finished on 14-under 274 and kept his nerve at the end of his round to clinch a second career European Tour title. He made a double-bogey five on the 16th but a par on 17 and a birdie on the 18th made sure of the title for the American. Scotland’s Drysdale had already finished by that time, with his 67 setting the target at 12 under. South Africa’s Zander Lombard (69) and Scott Jamieson (72), another Scot, finished in a tie for third—a shot behind Drysdale. English pair Oliver Wilson and Ben Evans were another three shots back on eight under. Lipsky ended the year with his first win on the tour since the European Masters in 2014. AP

S

ALT LAKE City got the green light to bid for the Winter Olympics—most likely for 2030—in an attempt to bring the Games back to the city that hosted in 2002 and provided the backdrop for the US winter team’s ascendance into an international powerhouse. The US Olympic Committee (USOC) said on Friday that it was selecting Utah’s capital, which stood out as a predictable, slam-dunk pick in a process that also included Denver and Reno, Nevada. With venues still in place—some of them upgraded from the 2002 Games, Salt Lake claims it can host again at a lower cost than other candidates, which aligns with the International Olympic Committee’s (IOC) new blueprint for the Games. It’s almost a certain bet the bid will be for 2030, though the USOC left open the possibility of other dates. There are only two bidders for 2026: from Sweden and Italy, after voters in Calgary, Alberta, rejected a proposed bid. USOC CEO Sarah Hirshland said Denver and Salt Lake City both presented strong cases, but that the board determined Utah was the better choice due in part to the existing venues, their proximity to each other, the city’s experience hosting the games and widespread community and political support. She said it minimizes the risk. “It is critical to ensure that we have the ability to create an incredible experience for athletes while at the same time managing sustainability and fiscal responsibility,” Hirshland said. “It was clear to us when we were there and in what they presented that Salt Lake City very much understands the practical realities of hosting a Games, but also wants and supports what they represent.” The city’s selection set off celebration at the mayor’s office where local leaders who worked on the plan gathered. Since 2012, Utah has said it’s ready and willing to host another Olympics. One key hurdle for Salt Lake City will be erasing memories of the bidding scandal that marred the buildup to 2002 and resulted in several IOC members losing their positions for taking bribes. Mitt Romney was brought in to steer the games through the scandal. The newly elected US senator for Utah told The Associated Press after the announcement that a series of processes put in place by the IOC will ensure no bribery scandal happens again. Romney said Salt Lake City should have a great chance at winning the bid from the IOC because it has shown it can host the games without losing money. Salt Lake City ended up with a surplus after the 2002 Games, money he used to help maintain venues it will use again if it’s awarded the Olympics. “We learned how to produce the Games for the same cost as the revenue that came in,” Romney said. “We will not put a glitzy show like Sochi or Beijing, that are reported to have cost as much $50 billion. We will show the world that you can produce an Olympics without having the government writing the checks.” In many parts of the United States, however, the 2002 Games in Salt Lake City are remembered not for the bribery scandal but for a different reason. After never surpassing 13 medals at a Winter Games, the United States used home-turf advantage, an influx of new sports and the emotion of the recent September 11, 2001, terror attacks to capture 34 over three weeks in Utah. In the aftermath, Park City and other mountain towns near Salt Lake City preserved and improved upon many of the venues, and continued hosting key international events. The freestyle world championships will be held in Park City in February. Utah organizers say they could host the games for $1.35 billion, some $50 billion less than what it cost in Russia for the 2014 Sochi Games, which are the most expensive games ever and stood out as a blaring warning signal that the IOC needed to streamline its bloated Olympic structure. The exorbitant costs have changed the dynamic of Olympic bidding. In 2002, cities were trying to bribe IOC officials to award them the Olympics. These days, the IOC finds itself wanting for bidders. The IOC normally awards Olympics seven years before they’re scheduled, though that calendar has been in flux because so many cities have dropped out. Last year the IOC handed out the 2024 and 2028 Summer Games at the same time because there were only two cities left in what began as a much bigger contest for 2024. Paris will host 2024, Los Angeles will host 2028 and, if Salt Lake wins 2030, it would mark the first time since the IOC began staggering the Games two years apart, in 1994, that the same country has hosted back-to-back. At this time, Salt Lake could be considered a favorite in a 2030 contest that hasn’t really taken shape yet. Hirshland said the USOC has the luxury of time to refine Salt Lake City’s bid. In fact, Salt Lake could still be a favorite for 2026 had it been allowed to go that route. Recently, voters in Calgary rejected that city’s attempt to host, leaving Stockholm and a joint bid from Milan and Cortina d’Ampezzo, Italy as the only two remaining candidates. A bid from Utah was considered, but putting it in front of the Los Angeles Olympics provided too many hurdles on the marketing side. Rob Cohen, chairman of Denver’s Olympic bid committee, called it disappointing that Colorado lost out on the chance to bid but said the process prepared the city as it looks for other chances to showcase the city on the world stage. AP

orts

sMirror

Tuesday, December 18, 2018

C3

SMB GOES SHOPPING By Ramon Rafael Bonilla

S

AN Miguel Beer was quiet on Draft Day but made noise the day after by tinkering with its roster through trades that involved Terrence Romeo, Paul Zamar and veteran Ronald Tubid. NLEX Head Coach Yeng Guiao, meanwhile, stole some of the limelight on Draft Day by bagging University of the Philippines’s Paul Desiderio—“Amin na ‘to,” he said—only to ship the former Fighting Maroon and ex-De La Salle big man Abu Tratter whom he picked at No. 7 to Blackwater. These players movement marked the morning after Sunday’s Philippine Basketball Association exercise that saw Columbian Dyip picking CJ Perez at No. 1, Blackwater taking Ray Parks Jr. at No. 2 and NorthPort tabbing

Gomez leads PHL bid in Asian meet

G

RANDMASTER John Paul Gomez and International Master (IM) Ricky de Guzman turned back GM Joey Antonio and Fédération Internationale des Échecs (FIDE) Master Yoseph Theolifus Taher of Indonesia, respectively, to surge to the top 20 after seven rounds of the 17th Asian Continental Chess Championships (Second Manny Pacquiao Cup) on Sunday night. The victories catapulted Gomez and de Guzman into a nine-player logjam at 18th place 4.0 points apiece, or 1.5 points behind leaders GM Surya Ganguli of India and GM M. Amin Tabatabei of Iran. De Guzman clashed with IM Xu Yi of China, while Gomez took on GM Ehsan Ghaem Maghami of Iran in the eighth and penultimate round late Monday. The win by the 58-year-old de Guzman came a day after he drew with former women’s world champion GM Tan Zhongyi of China in the nineround tournament sanctioned by National Chess Federation of the Philippines and bankrolled by the Philippine Sports Commission and Sen. Manny Pacquiao. Gomez racked up four points in the last five rounds after starting the tournament with a setback to second-seeded GM We Yi of China and defaulting his second-round match with Filipino IM Daniel Quizon. In the women’s division, Woman GM (WGM) Janelle Mae Frayna downed Woman FIDE Master Allaney Jia Doroy to boost her chances of finishing in the top 10. Frayna, 22, zoomed to a five-player tie at 12th place on four points and could barge into the top 10 if she hurdled WFM Dita Karenza—who trounced WFM Aashna Makhija of India—in Monday’s eighth round. It was the second straight win for Frayna, the country’s first WGM eyeing to become the first Filipina to gain a men’s GM title, after she defeated WFM Aay Aisyah Anisa of Indonesia the other day. Indian IM Ruot Padmini split the point with Chinese IM Guo Qi to keep her stranglehold of the solo lead with six points. Padmini was a full point ahead of Vietnamese IM Pham Le Thao Nguyen, Singaporean WGM Gong Qianyun and Chinese WGM Wang Jue on five points.

St. Benilde deals San Beda 1st loss

C

OLLEGE of Saint Benilde dealt last year’s runnerup San Beda its first defeat, 17-25, 25-22, 25-19, 29-27, on Monday to move up to third spot alongside San Sebastian College in the women’s division of the 94th National Collegiate Athletic Association volleyball tournament at the Filoil Flying V Centre in San Juan City. Power spiker Klarisa Abriam uncorked a gamebest 19 points she laced with 18 kills as the Jerry Yee-mentored Lady Blazers claimed their fourth victory in five outings for a share of third place with the idle Lady Stags. Saint Benilde also moved half a game behind San Beda, which absorbed its first defeat after starting the season with five straight wins, and a game closer to defending champion Arellano University, which owns a perfect 5-0 (win-loss) card. The Lady Blazers clamped down on Maria Nieza Viray, the league’s scoring leader with an average of 16 points a game but was held to just 13 by the San Beda ladies.

SAN MIGUEL Beer acquires Terrence Romeo (third from left), Paul Zamar and veteran Ronald Tubid (second from left) the morning after the draft, while NLEX Coach Yeng Guiao sends Paul Desiderio (left) to Blackwater.

P

ETRON tries to deliver the knockout blow and claim the crown when it collides with bitter rival F2 Logistics in Game Two of their Philippine Superliga All-Filipino Conference best-of-three finals series on Tuesday at the Mall of Asia Arena. Action starts at 7 p.m. with the Blaze Spikers looking to complete another historic sweep. Colegio San Agustin-Biñan and La SalleDasmariñas, meanwhile, collide at 4:15 p.m. in the Collegiate Grand Slam. But all eyes will be on the main event. After posting 10 straight wins in the preliminaries, the Blaze Spikers overcame Sta. Lucia in the quarterfinals and Cignal in the semifinals in convincing fashions, sparking speculations that they are on their way to sweep the conference. The first time the Blaze Spikers swept the All-

Robert Bolick at No. 3. The Beermen, winners of 25 titles, took in guards to their already stacked lineup— acquiring the controversial Romeo from TNT, Zamar from Blackwater and got Tubid back from Columbian Dyip. San Miguel Beer only picked Ryan Monteclaro at No. 31 on Sunday at the Robinsons Place Manila but let go of David Semerad, Brian Heruela and a 2020 first round pick. The 26-year-old spitfire guard Romeo was labeled “AWOL” by TNT although the KaTropa’s head coach, Bong Ravena, stressed the former Far Eastern University star was on sick bay. Ravena also neither confirmed nor denied TNT management has officially released Romeo. “I don’t want to confirm nor deny it,” Ravena noted. “But if happens, it will be a win-win situation for both camps.” Beermen Head Coach Leo Austria was mum about the Romeo deal although he hinted that the trade is “something special.” “Any team needs a talent like Romeo. Everybody is welcome and along the way, we’ll see if he indeed will be going to us. We’ll see,” Austria said. San Miguel was on a shopping spree and took Zamar—son of one of Austria’s assistants Boycie and a former University of the East star—from Blackwater in exchange for second-round picks in 2021 and 2022. Tubid, on the other hand, would be reunited with the Beermen in a separate transaction with Columbian Dyip for Keith Agovida. Tubid, along with JayR Reyes and RaShawn McCarthy, were shipped to Columbian Dyip in a controversial trade that involved top pick Christian Standhardinger only minutes after last year’s draft. Guiao had his sights on big man Poy Erram and let go of his draft acquisitions Desiderio and Tratter. In an statement released on Sunday, the Road Warriors management explained that both teams have been talking even before the draft for the 6-foot-8 Erram to transfer to NLEX to beef up its center position. “As far back as the Asian Games, the Blackwater Elite have been discussing a trade with us involving Poy Erram, a much-needed big man who impressed Coach Yeng during his stint with the national team,” the statement said. “Going into the draft, our goal was to select the best talent possible. At the same time, both teams reached an understanding

VINCENT JUICO @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

LGBTs in sports

this morning that a trade involving Poy for our first-round draft picks would be a mutually beneficial move for the teams and the players themselves,” it added. The Road Warriors earlier traded Alex Mallari and Dave Marcelo for the fourth pick of the Phoenix Fuel Masters in order for them to get Erram. Guiao said during Sunday’s dinner with the rookies that if the league does not approve of the proposal, they will remain grateful with Desiderio and Tratter.

PETRON SHOOTS FOR CROWN Filipino Conference was in 2015 when superstars Dindin Manabat, Rachel Anne Daquis and Aby Marano joined forces to wrest the country’s most competitive volleyball league by storm. George Pascua, now with Sta. Lucia, was the head coach while current Petron Coach Shaq de los Santos was his chief assistant. Despite moving three sets shy of completing the golden feat, de los Santos insists that making history is the last thing on their minds. “While it’s inspiring to break our own record, I always tell my players that we should not

forget our main goal that is to win back-to-back [All-Filipino] titles,” said de los Reyes, who is still wary of a furious F2 Logistics comeback. “Knowing Coach Ramil [de Jesus] and his team, they will bounce back for sure. But on our part, we will double, triple or even quadruple our effort to win the title.” De los Santos knows that the Cargo Movers will not simply fade. In the Grand Prix last year, the crown was within Petron’s reach after winning Game One and posting a 9-0 lead in the opening moments

Rizal batters unscathed in women’s tilt

R

IZAL won three straight shutout games to pace Group B of the Cebuana LhuillierPhilippine Junior Women’s (18-under) Softball Championship at the Santo Niño Softball Field recently in Marikina City. Rizal opened its campaign with a 9-0 shutout of Quezon City All Stars behind the heroic of Sathia Romero Salas, who pitched three strikeouts. Rizal then scored a 28-0 shellacking of San Ildefonso with Mariel Sumanting pitching four strikeouts, a performance matched by Salazar Colleges of Science and Institute of Technology of Cebu raced to a 3-0 start— beating Naga, 7-1, Talavera, 10-0 and Tacloban, 13-0—in Group A. Defending champion Tanauan also remained unbeaten in Group A after blanking Tacloban, 15-0, and beating Los Banos, 10-3. Eighteen teams, divided into two groups,

“If the trade does not happen, we would have two great players to join us,” Guiao said. “And if it does push through, then we will battle each other. But either way, we are happy for you because you are assured of having a team in the PBA.” The trades that were announced on Monday all needed the PBA Commissioner’s approval.

WOMEN’S National Basketball Association and US national women’s team legend Sheryl Swoopes, tennis legends Billie Jean King and Martina Navratilova, Billy Bean and former National Basketball Association player Jason Collins are just some of the many professional athletes who have come out as LGBT. Many have come out, but there’s still a lot of work to be done and numerous challenges that lie ahead for LGBT equality and maybe even equity in professional sports. All discussions on LGBT’s involvement in sports, gender equity and other issues concerning sexuality in sports, bring up another topic: heteronormativity. What is heteronormativity? According to various sources, “heteronormativity is the belief that people fall into distinct and complementary genders [male and female] with natural roles in life. It assumes that heterosexuality is the norm or default sexual orientation, and that sexual and marital relations are most [or only] fitting between people of opposite sex.” A “heteronormative” view therefore involves alignment of biological sex, sexuality, gender identity and gender roles. Heteronormativity is often linked to heterosexism and homophobia. Unfortunately in sports, homophobia still exists, and like I said before, there’s still a lot of work to be done and conversations and discussions have to open the hearts and minds of homophobics. Is homophobia still prevalent because sports is still associated with masculinity and being higher, faster and stronger? From an encyclopedia web site, “In a 2009 study on the well-being of same-sex-attracted youth in the United States, Lindsey Wilkinson and Jennifer Pearson found that lower self-esteem and higher rates of depression in samesex attracted youth were correlated with the prevalence of football in high schools. Sociology researchers Sartore and Cunningham also found a similar stigmatization in the view of homosexual coaches, as high-school parents were shown to have an unwillingness to allow their children to be coached by a homosexual. They also found a similar attitude from high-school athletes themselves toward participating on teams coached by either gay or lesbian coaches. In spite of the apparent prevalence of homophobic thinking in athletic culture, recent scholars have documented an increasing trend toward openly gay athletes in high school and collegiate level sports.” The increasing trend in high school and collegiate sports is a welcome development and we hope it continues. The stigma of homosexuality unfortunately still exists in professional sports where, reportedly, the Professional Footballers Association devised an ad campaign against homophobia but failed because they could not get professional football players to associate themselves with the ad and endorse the advertisement. Is it understandable that they couldn’t endorse and associate themselves with the effort? Was it a high risk to their career and reputation?

are competing in the weeklong tournament supported by Cebuana Lhuillier. The top 2 teams in each group after the single round elimination will advance to the semifinals. “This is a good turnout of teams for this tournament as they come from different parts of the country and represent the best available talents in their respective places,” said Amateur Softball Association of the Philippines (Asaphil) President Jean Henri Lhuillier said. San Miguel defeated Los Baños, 11-1, and Naga, 15-0, to also remain undefeated in Group A. In other Group B action, Pasig edged Manila, 5-4, and outplayed Quezon City, 9-4, to raise its record to 2-0. Miriam College blasted San Ildefonso, 22-4, but succumb to Manila, 3-13. The tournament organized by the Asaphil will hold the championship match on Saturday.

of Game Two of their best-of-three series. But de Jesus pulled off a shocker when he tweaked his lineup, pulling veteran spiker Cha Cruz from the bench in lieu of Kianna Dy and moved Kennedy Bryan back to her original position at the opposite spot. The gamble paid off as the Cargo Movers won Games Two and Three to emerge victorious in probably the most thrilling and dramatic finals showdown in Philippine volleyball. “That’s why we don’t want to be complacent,” said de los Santos, who will bank

on spikers Sisi Rondina, Bernadeth Pons and Frances Molina anew while blockers Remy Palma, Ging Balse and Mika Reyes take care of defending the net. “It’s still a long way to go. We know F2 Logistics will not go down without putting up a fight.” De Jesus, for his part, is tipped to lean on national team members Aby Marano, Kim Fajardo, Majoy Baron, Dawn Macandili, Dy and Cruz while opposite Michelle Morente provide muscles on both ends.

All eyes on Milliam in Naga age-group tennis tourney

A

LEXA MILLIAM seeks to cap a strong finish in the Palawan PawnshopPalawan Express Pera Padala (PPSPEPP) tennis season as she shoots for another three-title romp in the Naga national agegroup tournament starting on Tuesday at the Naga Tennis Courts in Naga, Cebu. Milliam racked up a whopping 12-title haul in a four-week span, dominating the Dumaguete, Argao (Cebu) and Negros Occidental stops of the circuit presented by Dunlop and put up by PPS-PEPP. But, while she looks to reign in her age division anew, the 14-year-old from Pontevedra in Negros Occidental braces for a tough outing

in the 16- and 18-under sections with Bliss Bayking, Rose Bahonsua and Bless Coderos out to stop her run in both categories. Vinz Alforque and Sai Lago, on the other hand, are tipped to slug it out for top honors in the boys’ premier side with Emmanuel Carmona and Jayford Canono also out to fuel their respective title drives in the Group 2 tournament closing out the 2018 season of the annual circuit sanctioned by the Unified Tennis Philippines made up of PPS-PEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg. “Milliam will be as much as tested as the rest of the bidders, especially in the upper divisions. And we expect her to raise the level

of her game to achieve another three-title haul,” Palawan Pawnshop President and CEO Bobby Castro said. Alforque and Lago also head the cast in the 16-under side which also drew Hans Cabellon, Nico Gampal and Ian Lim, while Lago, Cabellon and Lim are the top picks in the 14-under division that includes Gio Manito and Chad Cuizon. Spicing up the five-day event is the Legends competition featuring the men’s doubles 40s, 50s and 60s, while another Legends men’s doubles 40s, 50s and 60s tilt will be played in Cabanatuan City from December 28 to 30. For details, call PPS-PEPP Sports Program Development director Bobby Mangunay at 0915-4046464.

BBC HONORS TOUR TITLIST B IRMINGHAM, England—Geraint Thomas has been voted BBC Sports Personality of the Year after becoming the third British cyclist to win the Tour de France. In a public vote, Thomas beat five-time Formula One champion Lewis Hamilton—a former winner of the BBC award—into second place, while England soccer captain Harry Kane, who led his team to the World Cup semifinals, was third. The 32-year-old Welshman joined Bradley Wiggins (2012) and Chris Froome (2013, ‘15, ‘16, ‘17) as Britons to win the Tour de France. Wiggins has won the BBC award, but Froome never has. “It’s been an amazing year for British sport,” Thomas said, “and long may it continue.” Thomas, who only found out last week that Sky would be ending their sponsorship of Team Sky at the end of the 2019 season, was handed the award by tennis legend Billie Jean King. Thomas won Welsh Sports Personality of the Year in a similar event earlier in December. “It is insane that I am stood here!” Thomas said as he picked up the award. “I feel really to have come into cycling at the age I am. I was just going down the local leisure center going for a swim, then I end up riding a bike. I’d like to thank my wife, she deserves this just as much. I’m really lucky to have her and my family. “As a bike rider, I was always focused on myself, but hearing stories like Billy, then seeing kids on their

bikes back home, you take great pride in winning this. It’s been an amazing year for British sport and long may it continue.” That was a sentiment backed up by British Cycling, whose Chief Executive Officer, Julie Harrington, was effusive about Thomas’s achievements. “In terms of top-level success in 2018, you could argue that this has been one of our most successful years yet, what with Simon Yates and Chris Froome along with Geraint taking victories at Grand Tours, Rachel Atherton winning another world championship title, Kyle Evans and Kye Whyte taking a GB one-two in the BMX at the European Championships and even as recently as this weekend where we saw our able-bodied and para-cycling track cyclists win a total of seven medals at the UCI World Cup in London,” Harrington said in a British Cycling press release on the back of the news of Thomas’s BBC Sports Personality of the Year award win. “What Geraint has achieved this year completely encapsulates what we are about—using success to inspire people to get out on their bikes. I’d like to offer my congratulations to Geraint on a brilliant year and thank him for his part in encouraging more people to cycle,” said Harrington. “In what has been a fantastic year for the Great Britain Cycling Team, in which we have seen over 150 podium finishes at major events across the Olympic and Paralympic disciplines, not to mention three British winners in each of the three Grand Tours, it’s

a pleasure to see Geraint crowned as the BBC Sports Personality of the Year,” British Cycling’s Performance Director, Stephen Park, added. “Everyone involved with the Great Britain Cycling Team felt a sense of pride watching Geraint ride his way to Tour de France victory. He is a true example of how our pathway structure succeeds in developing talented riders into cycling greats. With his results on the road this year and his history of successes of the track, Geraint is an inspiration to many and is deserving of the award. “On behalf of everyone at British Cycling, I’d like to congratulate Geraint on a successful year and I am sure he will enjoy the celebrations tonight.” AP and Cyclingnews

GERAINT THOMAS: It’s been an amazing year for British sport and long may it continue. AP

Sports BusinessMirror

C4

LOOKING LIKE A TRUE CHAMPION B

Vonn plans to return to racing next month

S

ELVA DI VAL GARDENA, Italy—Lindsey Vonn is hoping to return from injury next month and resume her pursuit of the all-time World Cup wins record, according to the US Ski Team’s head coach. “That’s what we’re hopeful for. That’s the plan,” Paul Kristofic told The Associated Press on Sunday. Vonn hyperextended and sprained a ligament in her knee during a training crash on November 19. She also suffered a bone bruise in the crash, in which she fell on a turn, did the splits and went into the protective fence. January would be an opportune time for Vonn to return, since there are three consecutive weekends of speed races, downhill and super-G—which are Vonn’s specialties. The series opens on January 12 and 13 in Saint Anton, Austria, followed by stops in Cortina d’Ampezzo, Italy, and Garmisch-Partenkirchen, Germany. A win or two in that stretch would move Vonn closer to the mark of 86 victories set by Swedish great Ingemar Stenmark. Vonn has 82 wins. However, Vonn has not returned to on-snow training yet. “She’s just doing rehab and strength and conditioning,” Kristofic said, adding that there is no precise date set for her return to ski training. “It really depends on how things go when she’s not on snow. It’s sort of day by day.” The 34-year-old Vonn was planning to retire at the end of this season but the injury prompted her to announce recently that she plans to come back for one more series of speed races in Lake Louise, Alberta, next season. Kristofic said Vonn is also expected to compete in one more final major event—the world championships in Are, Sweden, in February. “It’s in the plans to do it,” he said. Meanwhile, Olympic downhill champion Sofia Goggia

| Tuesday, December 18, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

is also hoping to return from injury in January. Goggia broke a bone in her right ankle during a fall in giant slalom training in Hintertux, Austria, in October. “She has a doctor’s appointment on or about December 21 and hopefully she’ll be cleared for on-snow training before the end of this month,” Italy coach Giovanni Feltrin said. “The idea is for her to return in January,” Feltrin added. “The exact date I don’t know but it would be great if it’s in Cortina.” Both Goggia and Vonn won downhills in Cortina last season. Mikaela Shiffrin will also be missing from speed races on Tuesday and Wednesday in Val Gardena. The overall World Cup leader is resting after winning her last three races and with a big set of events coming up in her specialties of slalom and giant slalom. “I won’t be racing as my team and I needed a rest and reboot after the busy last six weeks,” Shiffrin wrote on social media on Sunday. The next downhill on Shiffrin’s schedule is in Cortina on January 19, Kristofic said. With Breezy Johnson, Jacqueline Wiles, Alice McKennis also out injured, that leaves only Laurenne Ross and Alice Merryweather to represent the US team in Val Gardena. The Gardena races were originally scheduled for Val d’Isere, France, this weekend but were moved due to a lack of snow in the French resort. While the US has plenty of starting spots available in Gardena, Kristofic said that the team’s younger athletes “are not ready to race World Cup downhill, especially on a men’s track.” It’s the first time that the Saslong course will host women’s World Cup races, having been a classic stop on the men’s circuit for a half-century. AP

LINDSEY VONN is hoping to resume her pursuit of the all-time World Cup wins record. AP

LIONEL MESSI reaches the 50-goal mark for club and country in 2018 by scoring a hat trick to fuel Barcelona’s 5-0 route at Levante on Sunday. AP

ARCELONA, Spain—With a hat trick and two assists, Lionel Messi showed again this weekend why Barcelona is favored by many to successfully defend its Spanish league title. Sevilla and Atletico Madrid may be only three points behind as the season approaches the midway mark, but neither challenger can count on the unrivaled talent of Messi to single-handedly turn competitive matches into blowouts. Messi reached the 50-goal mark for club and country in 2018 by scoring a hat trick to fuel Barcelona’s 5-0 route at Levante on Sunday. Before netting his 43rd career hat trick for Barcelona, Messi set up Luis Suarez to score just after Levante had struck the woodwork and appeared to be in charge. He then went on to net his 18th, 19th and 20th goals of the season before helping Gerard Pique polish off the big win. “I don’t know how to evaluate Messi, and that is the most common question I am asked,” Barcelona Coach Ernesto Valverde said. “He is the player that makes us play the way we do, and scores incredible goals.” While its challengers are still within striking distance, Barcelona seems to have found its championship stride as the season approaches the winter break coming after the next round. Valverde’s side has scored 46 times through 16 rounds, far more than Sevilla, which has the second-best attack with 29 goals scored. Messi and Suarez have combined to score 25 of those goals, giving the South American stars one more goal than the entire teams of Atletico or fourth-placed Real Madrid. “Luis and Leo have proven to be the best attacking pair [in football] in recent years,” Pique said. “Luis has goals in his blood and Leo, what more can I say? We have firepower up front and just needed to improve at the back, and that is what we are doing.” Pique anchors a defensive line that had struggled through stretches this campaign, but has now kept three consecutive clean sheets in the league. Madrid is still in the title hunt, but the gap that has opened between the club and Barcelona following Cristiano Ronaldo’s exit during the summer is undeniable. The biggest applause at the Santiago Bernabeu Stadium on Saturday came when Luka Modric showed fans his Ballon d’Or award for leading Croatia to the World Cup final and helping Madrid to last season’s Champions League title. Otherwise, it was a dull 1-0 win over relegationthreatened Rayo Vallecano that spurred the frustrated home fans into jeering the hosts when they almost squandered the win in injury time. Madrid Coach Santiago Solari said that “after the last scoring chance [by Rayo], it’s normal” for the fans to get angry. Atletico hopes it has found a replacement for injured striker Diego Costa. Nikola Kalinic scored opening goals in Atletico’s last two league matches—a 3-2 victory at Valladolid on Saturday and its 3-0 win over Alaves in the previous round. He also scored in a recent 4-0 win against lower-division Sant Andreu in the Copa del Rey. The 30-year-old Kalinic had been having trouble finding playing time as a backup since joining Atletico from AC Milan during the summer. Costa is out while recovering from surgery to his left foot earlier this month. Coach Diego Simeone said he expects Costa to return in February. In the meantime, Kalinic will be Atletico’s sole striker during January, which is set to be packed with Copa del Rey matches midweek and league games at the weekend. And with Costa having scored only once in the league this season, Kalinic might just have the chance to earn a permanent spot in the starting 11. AP

S

Saving God

AVING God, Your promise of redemption restore our life. In faith we pray: Remember those who are hospitalized and sick at home, incarcerated, or homeless; those who suffer from poor health; those fleeing from violence, poverty, or political oppression and those who feel depressed. May the God of mercy and hope fill us with all joy and satisfaction, peace in blessing, so that we may abound in love and hope by the power of the Holy Spirit. Amen. GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL

Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

Life

BOX OFFICE: ‘SPIDER-VERSE’ SWINGS TO THE TOP; ‘MORTAL ENGINES’ TANKS D3

BusinessMirror

Tuesday, December 18, 2018 D1

Interior doors can add light, personality A SLIDING

barn door made mainly of glass, shown here in a media/game room designed by GTM Architects. It allows a homeowner to close off the space but still retain a flow of natural light and a connection to other rooms.

A DOOR

with tiny windows and can be perfect for a young child’s bedroom, bringing whimsical style and practicality. Natural light can enter the room and parents can check on sleeping kids without disturbing them, as seen in this home designed by Marnie Oursler of Marnie Custom Homes.

SWAPPING

out a regular door for a Dutch door with windows, as seen in this mudroom by designer and builder Marnie Oursler, can be a stylish and practical choice in homes with pets and smaller children.

By Melissa Rayworth The Associated Press

C

LIENTS are sometimes surprised when home builder and designer Marnie Oursler starts talking about bedroom

doors. They expect to discuss things like windows, wall colors and where a built-in bookcase might fit best. But many of Oursler’s clients hadn’t considered that creatively designed interior doors can add personality, improve the flow of natural light and also serve as flexible partitions to break up an open floor plan or connect two rooms. “I’ve been using doors to add character in houses for a long time,” says Delaware-based Oursler, who hosts Big Beach Builds on the DIY Network. “Mixing up doors throughout the house is really important,” she says, “and it’s easy.” We’ve asked Oursler and two other interior design experts—architect Tamara Gorodetzky, an associate with GTM Architects in the Washington, D.C., area, and Caleb Anderson, cofounder of the New York-based Drake/Anderson—for advice on using interior doors to elevate a home’s style and function. DOORS AS DESIGN FEATURES BEDROOM and bathroom doors can easily be swapped out for a different style, and you don’t have to stick with traditional wood. “If you look at the magazines now,” Gorodetzky says, “people are doing really creative things like using a lot of steel in their doors instead of wood to give it an industrial look.” Another option is refinishing doors with paint, upholstery or other coverings. Anderson updated traditional wooden doors in a client’s entryway using a metallic faux finish that turned “this pair of double doors that were very traditional and stuffy” into something eye-catching. “You immediately walked into the apartment and there was this unique finish,” he says. “It was pretty spectacular.” For another client, he had a set of pivoting doors made and upholstered in leather, with nickel nail-head detailing. “You don’t have to be afraid to do something bold or different,” Anderson says. Gorodetzky agrees: “I definitely like the idea of doing a feature door in a place where people will see it,” she says. “If you have an office flanking your front foyer, it’s a nice opportunity to do a French door.” DOORS AS OPTIONAL WALLS BY adding a sliding barn door or a set of pivoting doors, you can break up an open space without adding something

as permanent as a wall. “For so long we’ve been in this world of open, open, knock down this wall,” Anderson says. “I’ve seen a lot of people gravitating back toward the ability to close a dining room off. . .it adds this level of formality.” Sliding doors can be casual, rustic barn doors with heavy hardware, or something sleek and formal. No matter which style you choose, Oursler says, “they add a lot of character, open or closed.” For one client, Gorodetzky’s firm commissioned an artist to create a huge, dramatic piece of artwork made of steel and plaster, and then hung it as a sliding door that could close off one section of their home. LET IN MORE LIGHT MOST of us have solid wooden doors throughout our homes. But these designers all say glass doors—clear or frosted for privacy and beauty—are a great way to help natural light flow through a home. For bedroom doors that lead to a hallway, consider brightening the space by switching to ones with frosted glass windows. In large master bathrooms that have a separate enclosure for the toilet, or in small powder rooms with no window, a frosted glass door brings natural light and makes the enclosed space seem a little less tiny. Anderson worked with a client who wanted a separate dining room and kitchen. The challenge was this: The kitchen lacked natural light, while the dining area had plenty. So rather than put up a wall, Anderson added interior partitions and doors made of textured, mottled glass. It was, he says, the “solution to allow natural light in, but to be soft and this natural element.”

WHAT TO AVOID? IF you’re refinishing or upholstering doors, Anderson says, keep durability in mind. “If you’re wrapping it in a wall covering, sometimes you just have to be careful you’re not choosing a material that’s going to peel or fray,” he says. “Doors move and they function, so anything that you’re doing with them needs to be able to withstand that.” Also, Gorodetzky says, don’t go with too much contrast unless it’s truly your style. “I don’t really like the idea of doing different doors in every room,” she says. You may be happier with a carefully chosen, consistent style throughout your home, with one or two more dramatic doors mixed in. Lastly, if you buy a vintage door that was painted, be aware that paint used before 1978 probably had lead in it. You can buy a lead-based paint removal kit, Oursler says, or sand the old paint off in a wellventilated space. n

Hosting a holiday soiree? Worry not about the party essentials

HOSTING a party for the upcoming holidays? Let it be a party to remember by adding all the essential party elements available on OLX, the world’s leading classifieds platform (www.olx.ph), and become a party insider by having free access to the hottest party favors listings.

BALLOONS DECORATION

WHAT’S a party without balloons, right? Make your party even more festive and picture-ready by decorating the venue with colorful balloons. The air-filled kind can be used to create different designs and figures, while the helium-filled balloons, which are floating or giant confetti-filled ones, are sure to add wow factor to any party. You can even use them for your party’s games.

STAGE DESIGN

A GREAT stage design is essential for a memorable experience and is a key element to inspire guests. There are so many different ways to refresh your stage design by using LED as a backdrop, tarpaulin and customized figures, among others. Make every performance special by adding a stage design so all your guests can see every song or dance number prepared especially for the occasion.

TABLES AND CHAIRS

SET the scene of your next party with a contemporary table setting that welcomes guests with gorgeous table decorations, including

centerpieces, favors and table accessories. You can choose from a lot of party rental items online depending on your budget.

LIGHTS AND SOUNDS

IT’S never really a party without the lights and sounds, whose suppliers can be found on OLX. They provide uplighting, crazy effect lighting and sounds to liven up your party.

FOOD

CATERING is becoming a more popular choice for events where everything, including the food, drinks and service, is important. Provide good, hearty dishes for your guests by choosing from a list of catering services available online.

ENTERTAINMENT

HIRE a comedian who can poke some fun at your friends or book a professional live solo or band performers to take your party to the next level.

PARTY GIVEAWAYS

END your big day on a high note with a unique party favor your guests are sure to love. Favors such as customized mugs, pillows, bags and shirts can be your options. Find more party favors, unique party gifts, and custom supplies to make any celebration more fun and exciting on OLX.

BENILDE ALUMNUS TOPS INTERIOR DESIGN BOARDS DE LA SALLE-COLLEGE of Saint Benilde (DLS-CSB) School of Design and Arts (SDA) Interior Design alumnus Kirk Cedrick Moaje was the topnotcher of the most recent Interior Designer Licensure Examination, besting a field of 452 board exam hopefuls. Moaje, who topped the roll of 251 successful examinees with an 86.85-percent score, was part of the college’s consortium with the Philippine School of Interior Design (PSID). Fellow Benildean Jerlyn Banting Antinor placed seventh overall, with a rating of 84.85. The national passing rate improved to 55.53 percent from last year’s 23.89 percent.

D2

Pages

BusinessMirror

Tuesday, December 18, 2018

A memoir that might inspire you to break a sweat By Dwight Garner

I

New York Times News Service

N Nixon Agonistes (1970), his matchless book of reportage and analysis, Garry Wills explored why Richard Nixon succeeded while smarter and more charismatic politicians did not. Among Wills’ conclusions: Nixon had what peers called an “iron butt,” a willingness to sit and study harder than everyone else. As a book critic, I’ve sometimes been inordinately proud of my own iron butt. I may not be able to read faster than you can, I have thought to myself, observing others in public libraries and coffee shops, but I’ll bet I can read longer. Five months ago I was shopping for trousers in the Brooks Brothers on Madison Avenue when I caught sight of my backside in one of those 360-degree mirrors. “Iron” was hardly the word that came to mind. I decided to start exercising. This is prelude to saying that Peter Sagal’s The Incomplete Book of Running fell onto my doorstep at almost exactly the moment I began to go for painful, mist-sucking, aesthetically disastrous but oddly satisfying runs along the Hudson River. The Incomplete Book of Running (Simon & Schuster) has been a loyal companion. It’s funny, well written (mostly), filled with humility and perpetually on the scan for moments of stray grace. It’s odd to be writing these things. If Sagal’s book had arrived even a month earlier, I would surely have put it into the circular file while thinking: Oh look, here’s a book about a subject I hate, written by someone I don’t like. I’m not among the fans of Sagal’s popular news-based show, Wait Wait …Don’t Tell Me! on NPR, though I like most of the people on it, especially Roy Blount Jr. , who is in my pantheon for writing About Three Bricks Shy of a Load (1974), a stupendously great book about the Pittsburgh Steelers. Wait Wait resembles the place I fear I may go when I die, where vitriolic and overly entertained cherubs attempt to tickle each other with feather dusters in quip fights to the death. On the other hand, I would go for a run with Sagal anytime. The title of his book refers, of course, to Jim Fixx’s best-selling The Complete Book of Running (1977). Fixx’s book is the reason

your parents or grandparents scuttled down the streets of your youth wearing headbands, like Mark Knopfler in Dire Straits’ Walk of Life video. “For a slow, unathletic kid like me, it was a kind of porn,” Sagal says about Fixx’s book. It didn’t hurt that its black-ink drawings were, he writes, “strangely and uncomfortably like the ones in The Joy of Sex.” Fixx died, infamously, at 52 while on his daily 10-mile run. Sagal reminds us that Fixx had a congenital heart defect and never saw a doctor. Sagal retains an essential bit of wisdom from The Complete Book of Running. He writes: “Do not buy anything first. Jim Fixx was right: You have everything you need right now. Someday you might buy better shoes, or specialized clothing, but you do not need them now. You do not need a gym membership or a treadmill or special shoes with rockers built into the soles.” He adds: “If anybody judges you for wearing ratty clothes, one of the privileges and benefits of running is leaving people behind.” Sagal’s book is not the one to read if you crave advice about the best cushion-heeled socks to buy, the correct earbuds (he advises against listening to music while running) or the finest antichafing creams. If you want that sort of information, you can turn to a magazine like Runner’s World, where Sagal has a column. He’s funny and perceptive about running magazines, by the way. These magazines often put generic fitness models on their covers instead of elite runners, he notes, because elite runners tend to have “the gaunt, haunted look of a hunted elk.” This is the place to say that Sagal is indeed a fairly elite runner. He’s run 14 marathons, many of them at an eyepopping pace. He guided a blind runner during the 2013 Boston Marathon. They passed the finish line only a few minutes before the two pressure-cooker bombs detonated, killing three people and injuring several hundred others. Sagal began running as a kid because he wanted to escape his portly body. He ran on the cross-country team in high school, then let himself go a bit while at Harvard, where some students were “legitimate track and cross-country stars” who “passed me as if the hedge

z

www.businessmirror.com.ph

The Associated Press

IN Joyce Carol Oates’ future America, history and free thought are off-limits. Thus, high-school senior Adriane Strohl is arrested for treasonous speech when it’s revealed that her valedictory address is comprised of questions that her classmates haven’t the nerve to ask. While the curious student isn’t “deleted,” as some have been, she’s sent into exile 80 years into the past to the idyllic town of Wainscotia, Wisconsin. Here, Adriane will face the Hazards of Time Travel (Ecco). Armed with firm rules (no questions, no intimate relationships, no

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Christina Aguilera, 38; Katie Holmes, 40; Brad Pitt, 55; Steven Spielberg, 72. HAPPY BIRTHDAY: Preparation will be mandatory if you want to make domestic changes this year. Don’t fear doing so; just do it the right way. There are no shortcuts, so buckle down, go above and beyond, and make this a year to remember. Think big, but enforce moderation and practicality. The result will go far beyond your expectations. Your lucky numbers are 9, 15, 21, 27, 32, 36, 42.

a

ARIES (MARCH 21-APRIL 19): Walk away from controversy and criticism. As long as you are doing your best, you should have no regrets. Change begins within and happens because you believe you need to make some adjustments to fulfill your dreams. Don’t make unrealistic purchases. «««

b

TAURUS (APRIL 20-MAY 20): Touch base with old friends or relatives and sort out what you want to do between now and the end of the year. You’ll feel much better once you have collaborated and know exactly what everyone around you is doing. «««

c

GEMINI (MAY 21-JUNE 20): Extravagance, indulgent behavior and saying things you may regret should all be considered before you rise and shine. Feeling invincible will get you into trouble. Rethink your day and put an end to temptation and taking extreme measures. «««

d

CANCER (JUNE 21-JULY 22): Offer help to those in need. Volunteering at a soup kitchen or making a donation that will bring someone joy will encourage others to follow suit and do so, as well. Be a leader and good things will happen. ««««

e

LEO (JULY 23-AUG. 22): You’ll be in the mood to make some personal changes and to have some fun. Before you jump into the fast lane, put on the brakes and consider who will be affected by the choices you make. Emotional matters will escalate. ««

f funds they’d soon be managing were just across the next bridge.” He started running again in earnest, “fueled by Gatorade and dissatisfaction,” at 40. The activity became “my refuge, my pride and my natural antidepressant.” He’s kept running, in part, to escape a painful divorce. When you hear a novelist being interviewed on the radio in the morning, Jonathan Lethem has written, chances are—because they were rousted from bed at an unnatural hour—they are holding in a bowel movement. Sagal’s book contains a fair amount of writing about similar problems runners face while seeking

what he calls “egress.” The body has many orifices. “If you do not occasionally involuntarily expel something from your body while running,” he writes, “you’re doing it wrong.” How’s my running coming? Thank you for asking. It’s going well enough that for Christmas I would like a T-shirt that reads, “I am only doing this so I can eat an entire rack of ribs later.” Running, at minimum, gets you out and looking around. In a line that will perhaps be chiseled on his gravestone, Sagal writes, “I have seen remarkable things, and passed them at moderate speed.”

Joyce Carol Oates views past via future in latest novel By Christina Ledbetter

Today’s Horoscope

provision of future knowledge, among others), a fake birth certificate, a vague backstory and one box of secondhand clothing, Adriane enters her freshman year at Wainscotia State University. Oates doesn’t squander much print on obvious wonderments in this setting. Save for puzzlement over a typewriter and the oddity of witnessing her housemates smoke cigarettes free from worry, Adriane’s biggest surprises comes in the classroom. Here, while struggling to intellectually find her place, she falls in love with a fellow exile, complicating her existence in a myriad ways. Desperate for intimacy, yet unable to attain it without fear of execution, loneliness

suffocates this protagonist. All the while, her classes, art and limited relationships stimulate her thinking in ways she’s never before experienced, creating a love story wrapped in psychological turmoil. Imagery takes a back seat to intellectual discourse. While readers receive a clear picture of the university campus where Adriane, now dubbed “Mary Ellen,” resides, showy descriptions are limited. In their place are professors’ lectures along with Adriane’s bewilderment and ever-growing skepticism over her new home. What starts as a familiar dystopian story line morphs into a tale so perplexing one shouldn’t read this book alone. Cerebral book clubs, clear your calendars.

VIRGO (AUG. 23-SEPT. 22): Do what’s right, not what’s easiest to do. How you handle situations will make a difference in the way others view you. You will learn from those you encounter and form a friendship if you put morals, integrity and honesty first. «««««

g

LIBRA (SEPT. 23-OCT. 22): Make special plans with someone you love. A sudden or unexpected change will help you realize what and who is important to you. Speak up and help those who could use a kind word and helping hand. «««

h

SCORPIO (OCT. 23-NOV. 21): Updating your image will give you the boost you need moving forward. Love and romance are on the rise, and special plans should be made with someone you enjoy spending time with. Share your thoughts and feelings. «««

i

SAGITTARIUS (NOV. 22-DEC. 21): Last-minute arrangements can be put into play. How you fix up your surroundings for company or the physical changes you make to add a little pizzazz to your appearance will feel good. Don’t share personal secrets. «««

j

CAPRICORN (DEC. 22-JAN. 19): A change at home will be impressive and help set the mood for the rest of the week. Offer love, kindness and understanding along with hands-on help to make a difference to those you care about the most. «««««

k

AQUARIUS (Jan. 20-Feb. 18): Tidy up loose ends and look at how best to move forward professionally. A new year is fast approaching, and having a game plan ready to present will give you something to look forward to. Don’t let anyone discourage you. ««

l

PISCES (FEB. 19-MARCH 20): Look at your lifestyle and the people you associate with and consider whether you should make some changes. An honest assessment will help you get back on track and please those who care about you the most. Romance is highlighted. «««« BIRTHDAY BABY: You are adaptable, entertaining and demonstrative. You are imaginative and passionate.

‘for the love of honey’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Word with “greater” or “lesser” 5 Inspected pre-heist 10 Tiny branch 14 In good health 15 Egg-shaped 16 Estimate words 17 Like Columbus at times 18 Like popular videos 19 Race distance 20 Aerie? 23 Carried 24 Fish bait 25 Fingerprint found by dusting 28 A Civil War shade 30 Beastly boss 31 Truth injection? 33 Amiss 36 Relief for a hot cave? 40 Extra sense? 41 “Field” of a Wambaugh novel 42 Tool with jaws 43 Clove hitch, e.g.

4 Dreaded fly 4 46 Plait relative 49 Hubbub 51 Disappoint Yogi? 57 Bard of ___ 58 Heart’s main line 59 Two-tone whale 60 Salad fish 61 “Dig?” 62 “Old MacDonald” sound 63 Flow out slowly 64 In a crafty way 65 Mini revelation? DOWN 1 Defrost 2 Diner concoction 3 Away from salty wind 4 Nonalcoholic beverage 5 Hidden 6 Bird-related 7 Barracks nickname 8 List ending, briefly 9 Strike out, as copy

0 Peppermint Patty, for one 1 11 More ironically funny 12 Muhammad’s faith 13 Attachment to “movie” 21 Billion-year stretch 22 Master 25 Ring site 26 Gets older 27 Golf hazard 28 Smile 29 Back-road hazard 31 In a ___ (irritated) 32 Old Tokyo 33 “Let me sleep ___” 34 Parker of TV 35 Let go 37 Certain apt. 38 Artist Yoko 39 Sell too many tickets 43 Abduct 44 Negotiations result, often 45 “Help” variety 46 Cries like a sheep

7 Show full of songs 4 48 Make it right 49 Number of nap winks 50 “___ we meet again ...” 52 Tail movements 53 Author Coward 54 Ireland, to some 55 Teen blemishes 56 Gardening tool Solution to yesterday’s puzzle:

Show BusinessMirror

Tuesday, December 18, 2018

D3

‘Spider-Verse’ swings to the top; ‘Mortal Engines’ tanks THE Clint Eastwooddirected drug smuggling drama The Mule debuted in second place with an estimated $17.2-million haul at the North American box office. It’s a solid debut for R-rated film that cost $50 million to produce.

By Lindsey Bahr

L

The Associated Press

OS ANGELES—Spider-Man: Into the SpiderVerse swung to the top of the domestic box office in its first weekend in theaters, proving that there is widespread audience interest in big screen animated versions of Marvel’s marquee superheroes. The film led a host of newcomers that debuted to varying success on this pre-Christmas holiday weekend, including Clint Eastwood’s drug smuggling drama The Mule and the Peter Jackson-produced epic Mortal Engines which bombed in North American theaters. Into the Spider-Verse earned an estimated $35.4 million from 3,813 theaters against a $90-million production budget according to Sony Pictures on Sunday, which is a record for animated movies in December (although the hybrid Alvin and the Chipmunks movies were higher). The film features an innovative animation style—both CGI and handdrawn—and focuses on the Miles Morales character as he learns to become the famed web-slinger. It’s another financial win for the studio’s latest “expanded Spider-Man universe” strategy following Venom and Spider-Man: Homecoming. And Spider-Verse has been very well-received among critics, and audiences in exit surveys gave it a rare A+ CinemaScore—a first for a Spider-Man film. It’s also been nominated for a Golden Globe award for best animated feature and picked up a few honors from critics’ groups, as well, including the New York Film Critics Circle. “We are playing to both families and fanboys. We’re an all-audience film,” said Adrian Smith, Sony’s president of domestic distribution. They also have an eight-day runway until the big Christmas release start packing the multiplexes. The Clint Eastwood-directed drug smuggling drama The Mule debuted in second place with an estimated $17.2 million. It’s a solid debut for R-rated film that cost $50 million to produce. The Warner Bros. film drew an audience that was mostly older (78 percent over 35-years-old) and male (54 percent). “Clint Eastwood has such a big following as a director and a star,” said Jeff Goldstein, Warner Bros. president of domestic distribution. It’s Eastwood’s first major role in a film since 2012, and the studio is optimistic about the film’s longevity into the holiday. Not all the new films were so lucky, however. Coming in fifth behind holdovers Dr. Seuss’ The Grinch and Ralph Breaks the Internet, was the Peter Jacksonproduced epic Mortal Engines, which bombed in North American theaters, taking in only $7.5 million in ticket sales against a reported $100-million production budget. MRC and Universal Pictures produced the post-apocalyptic steampunk film based on the popular Philip Reeve book, which is the first of four in a series. Neither critics nor audiences responded favorably to the Christian Rivers-directed film,

however, which has a deathly 28 percent on Rotten Tomatoes. This weekend also saw the release of the PG-13 rated version of Deadpool 2, Once Upon A Deadpool, in 1,566 locations. It earned an estimated $2.6 million, which is being added to Deadpool 2’s box office totals. In limited release, Barry Jenkins’ James Baldwin adaptation If Beale Street Could Talk opened in four theaters to a very strong $219,173. Jenkins’ follow-up to Moonlight is expected to be a big player throughout awards season and expands nationwide in the coming weeks. Historically, this mid-December, pre-Christmas weekend has not been a big one for movie openings, save for the exception of last year when Star Wars: The Last Jedi opened to $220 million, which is why the weekend overall is down some 61 percent from last year and why the year-to-date advantage has fallen slightly to 8.5 percent. But the industry is still on track for a record year at the box office and has several late-game blockbusters on the way including Aquaman, Bumblebee and Mary Poppins Returns. Aquaman doesn’t hit North American theaters until Friday but the big budget DC superhero movie is already a blockbuster internationally. In its second weekend in theaters abroad, the film has already earned $261.3 million. “It’s the happiest time of the year for Hollywood. This is when you get that big burst at the end, a lot of people catching up on movies,” said Paul Dergarabedian, the senior media analyst for comScore. “It’s about momentum and this momentum should carry into next year.” Estimated ticket sales for Friday through Sunday

at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Spider-Man: Into the Spider-Verse, $35.4 million ($21 million international). 2. The Mule, $17.2 million. 3. Dr. Seuss’ The Grinch, $11.6 million ($23.3 million international). 4. Ralph Breaks the Internet, $9.6 million ($7.9 million international). 5. Mortal Engines, $7.5 million ($11.5 million international). 6. Creed II, $5.4 million ($2.3 million international). 7. Bohemian Rhapsody, $4.1 million ($20 million international). 8. Instant Family, $3.7 million ($738,000 international). 9. Fantastic Beasts: Crimes of Grindelwald, $3.7 million ($11.8 million international). 10. Green Book, $2.8 million. Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Aquaman, $126.4 million. 2. Dr. Seuss’ The Grinch, $23.3 million. 3. Spider-Man: Into The Spider-Verse, $21 million. 4. Mortal Engines, $20 million. 5. My Neighbor Totoro, $13 million. 6. Fantastic Beasts: Crimes of Grindelwald, $11.8 million. 7. Mortal Engines, $11.5 million. 8. Dragon Ball Z Super: Broly, $8.7 million. 9. Ralph Breaks the Internet, $7.9 million. 10. The Nutcracker and the Four Realms, $4.8 million.

SOUTHEAST ASIA’S FIRST IMAX WITH LASER NOW AT VISTA CINEMAS’ EVIA LIFESTYLE CENTER OUTDATING existing cinema experience currently available in the country, Vista Cinemas (www.vistacinemas.com.ph) introduces an incredibly groundbreaking movie technology as it houses Southeast Asia’s first IMAX with Laser theater in Evia Lifestyle Center Mall in Alabang. Launched on November 20, Vista Cinemas’ IMAX with Laser cinema now brings the audience a notch higher with its next-generation technology that delivers stunning images and heart-pounding audio for an unparalleled immersive cinematic experience. Capturing true reality projected on one of the world’s largest screens, the experience is set apart by its next-generation 4K laser projection system which features a new optical engine and a suite of propriety IMAX technologies that deliver increased resolution, sharper and brighter images, deeper contrast, as well as the most distinct, exotic colors ever available onscreen.

Defying the standards in immersive entertainment, Vista Cinemas’ IMAX with Laser theater is consistent with its thrust to bring only the best experiences to its customers, aimed at transporting audiences into today’s most anticipated blockbusters with heightened realism. The IMAX with Laser technology has been designed from the ground-up exclusively for IMAX screens that delivers breathtaking images and makes use of IMAX’s 12-channel sound technology for an even greater dynamic range, giving the ultimate in audio immersion. During its launch, John Schreiner, senior vice president, Theatre Development of IMAX technology, mentioned that they have completely redesigned the way light goes through the projection system, thus giving the audience a whole new world of experience at the movies. Owner and founder of the Villar Group of Companies Manny B. Villar also graced the event.

Kids at a Vatican charity give Pope Francis a birthday cake VATICAN CITY—Children who frequent a Vatican pediatric dispensary have given Pope Francis a birthday cake, a day before he turns 82. Francis joked with them on Sunday, saying he hoped “such a big cake doesn’t give indigestion” and blew out a candle atop the treat decorated in the Vatican’s yellow-and-white official colors. He said children are good at teaching grown-ups to be humble, to better understand life and people. Francis said: “The proud, the arrogant, can’t understand life because they’re incapable of lowering themselves.” As if to make his point, Francis declined to sit on an upholstered chair, opting to perch on the Vatican auditorium’s stage steps. The charity dispensary, with the help of doctors, nurses and other volunteers, assists some 400 children, many of them from immigrant families, and their mothers. AP

‘SNL’ gets fresh round of Trump wrath after Christmas skit

LIGHTS, CAMERA, PARTY AT SM’S EVENT CINEMA HAVE you ever imagined having an exclusive event at the cinema with your movie of choice playing? Look no further as SM Cinema brings you Event Cinema, a venue for special parties that make unforgettable moments come to life. Event Cinema is at SM Mall of Asia. It is equipped with a 4D theater and holds a 45-seating capacity. From kiddie parties to corporate junctions, there’s a special package for any private function here. Have a particular theme in mind? No worries, as Event

POPE Francis blows a candle atop of a cake he was offered on the eve of his 82nd birthday during audience with children and family from the dispensary of Santa Marta, a Vatican charity that offers special help to mothers and children in need, in the Paul VI hall at the Vatican. AP

Cinema allows customized packages to fit every party need. Just sit back, relax and enjoy the party, with Event Cinema taking care of every need, including food, invitations, loot bags and décors. Book your events through www.smcinema.com/Home/ eventcinema. You may also buy tickets through www. smcinema.com, or get the SM Cinema app to book your ticket and skip the line. Download the SM Cinema app now through the App Store and Google Play. IMAX’S John Schreiner with Manny B. Villar

LOS ANGELES—President Donald J. Trump is criticizing Saturday Night Live (SNL) on Twitter again the morning after a Christmas-themed spoof on the sketch-comedy show focused on him. Trump on Sunday called SNL and NBC “democratic spin machines.” On Saturday night, SNL opened with an It’s a Wonderful Life themed sketch that imagined a White House without Trump. Alec Baldwin returned to play the president once again. Trump has often been critical of SNL and Baldwin’s portrayal of him, and has taken to Twitter in the past to express his frustrations, even getting into spats with Baldwin. In his tweet on Sunday, Trump wrote that coverage on networks like NBC is one-sided and suggested that it should be tested in courts. AP

D4 Tuesday, December 18, 2018

Art

BusinessMirror

www.businessmirror.com.ph

The best art books of 2018 By Roberta Smith, Holland Cotter & Jason Farago New York Times News Service

From a catalog that sheds new light on black models of mid-19th-century French painting to a collection of mid-1980s art criticism by novelist and playwright Gary Indiana, the best art books of the past year provided a balm for turbulent times. Below, The New York Times’ art critics choose some of their favorites. —Nicole Herrington, Weekend Arts editor ROBERTA SMITH

T

HE histories of art are always in motion if you look hard enough. This year it didn’t take much looking to see waves being made by several books and catalogs that delved deeper into familiar areas or pioneered new ones, adding some euphoria to our blighted moment. BETWEEN WORLDS: THE ART OF BILL TRAYLOR by Leslie Umberger (Smithsonian American Art Museum in association with Princeton University Press)—The most thrilling book of the year is the catalog to the Smithsonian American Art Museum’s great Traylor exhibition. (On view in Washington through March 17.) Starting with a rigorous introduction by artist Kerry James Marshall, the book combines the formidable research and lively writing of the show’s curator, Umberger, and it does more than detail as never before the achievement of this singular artist, who was born a slave. She also sets a new art-historical standard, undermining the romantic myth of the outsider as unknowable miracle worker by examining Traylor’s achievement in stunning detail. Moving from the lives of his enslaved parents to the posthumous success of his art, she demonstrates how Traylor’s elegant images distill not only form but also the realities of black life in the South.

ILLUSTRATION BY ERIC HELGAS FOR THE NEW YORK TIMES

HILMA AF KLINT: PAINTINGS FOR THE FUTURE, edited by Tracey Bashkoff (Solomon R. Guggenheim Museum)—The catalog to this extraordinary exhibition at the Guggenheim (running through April 23) similarly fleshes out Swedish artist Hilma af Klint (1862-1944). Academically trained but also mystically inclined, af Klint is now considered to have been the first European to make the abstract paintings of early modernism. She did so several years before the male artists usually credited for its invention, with a boldness of scale and color that would be matched only by the abstract expressionists several decades later. In words and pictures, this volume follows her closely as she considers abstraction’s many possibilities.

HAIRY WHO? 1966-1969 edited by Thea Liberty Nichols, Mark Pascale and Ann Goldstein (Yale University Press)—With its quizzical title, this substantial catalog, like its exhibition (through January 6) at the Art Institute of Chicago, sorts out who was and was not Hairy Who, those six subversive Chicago artists who exhibited together under its rubric for four short years mostly at the Hyde Park Art Center. Led by Karl Wirsum and Jim Nutt, they wreaked havoc with various norms of art, society and gallery presentation. As their ranks expanded to include Roger Brown, Christina Ramberg and Ed Paschke, their cohort became known as the Chicago Imagists and the rest is finally, after an unconscionable delay, beginning to be history.

POSING MODERNITY: THE BLACK MODEL FROM MANET AND MATISSE TO TODAY by Denise Murrell (Yale University Press in association with the Miriam and Ira D. Wallach Art Gallery, Columbia University)— Two decades ago, few areas of art history seemed as exhausted, if not overstudied as late-19th-century French painting. But new ideas and approaches change everything. Thus we have Posing Modernity—the catalog to the exhibition (through February 10) at the Mariam and Ira D. Wallach Art Gallery—both by Murrell. She delves into the black models who posed for Parisian painters; the black women depicted by the artists of the Harlem Renaissance; and the black body as a subject for contemporary artists, some of them black women themselves. The dots are connected in a new way.

NINTH STREET WOMEN: LEE KRASNER, ELAINE DE KOONING, GRACE HARTIGAN, JOAN MITCHELL AND HELEN FRANKENTHALER: FIVE PAINTERS AND THE MOVEMENT THAT CHANGED MODERN ART by Mary Gabriel (Little, Brown and Co.)—At nearly 1,000 pages, Gabriel’s book teems with details that are almost always fascinating even when not essential. It resembles five biographies woven together against a background populated mostly by men: abstract expressionist painters, critics, dealers and curators. But these five women, intermittently friends, persisted and, each in her own way, triumphed. Their combined narrative has an inspiring force and some nugget of information on nearly every page.

THE COLLECTOR: THE STORY OF SERGEI SHCHUKIN AND HIS LOST MASTERPIECES by Natalya Semenova with André Delocque; translated by Anthony Roberts (Yale University Press)—The French avant-garde paintings assembled by Russian collector Sergei Shchukin in the early 1900s were exhibited in the West, specifically Paris, for the first time two years ago. Now comes the complex story of Shchukin as an alternately fearless and anxious collector; a successful textile merchant; and a doting husband and father. It is recounted by Semenova, a longtime Shchukin scholar, with Delocque, the collector’s grandson. Both collector and collection survived the Russian Revolution, but not together. The book shows the interiors of Shchukin’s Moscow palace lined with paintings (by van Gogh, Gauguin, Matisse and Picasso) whose vivid (digitalized) colors against the grisaille rooms still shock. FLASH: THE MAKING OF WEEGEE THE FAMOUS by Christopher Bonanos (Henry Holt & Co.)—By current standards, street photographer Arthur Fellig, better known as Weegee, might be considered a kind of performance artist: elbowing his way to the front of the more sensational scenes of New York night life, snapping pictures in his indelible noir style and developing them in the trunk of his car—so as to rush his product to the dailies ahead of the pack. His ambition, self-invention and neuroses are all detailed in this sharp biography by Bonanos, who clearly admires the artist, sees the unsavory aspects of the man and knows old New York as well as anyone too young to have lived through it.

GOODBYE TO TENTH STREET: A NOVEL by Irving Sandler (Pleasure Boat Studio)—Anyone drawn to postwar New York’s art scene that centered in part on East 10th Street should read the last book by Sandler, the art historian and critic extraordinaire who died in June. He was there in the late 1950s and early ’60s taking notes while the abstract expressionists made history, and he became known for his meticulous accounts of their saga. But here he offers a roman à clef filled with the unverified gossip, overheard conversations, and rumors of nooners and backbiting that were unsuitable to fact-based history (though a few historical figures occupy the margins). The tale—from charged studio visits to nasty exchanges at the Cedar Bar—has its own sad, sordid, unsurprising truth. RICHARD PRINCE: HIGH TIMES edited by Richard Prince (Gagosian)—This eccentric volume is a kind of artist’s book/self-portrait masquerading as an exhibition catalog. Like its show, it is unusually revealing, providing well-rounded views of a complex artist who generally aims to irritate and frequently succeeds. It not only reflects Prince’s talents for drawing and painting, but also other activities that feed his consummately American art as editor, writer, connoisseur of postwar music and literature and collector of ’60s ephemera. The book contains facsimiles of such items, like a postcard that Jimi Hendrix sent to his own father while touring England. n

n Nest week, the best according to Holland Cotter.

Elaine Navas’ ’Painting Palettes/Palette Paintings II’ SILVERLENS ends the year with Elaine Navas’ Painting Palettes/Palette Paintings II, her third solo exhibition with the gallery. A noted painter of waterscapes, forests and gates, each piece is achieved through her signature use of impasto. Her previous exhibitions in Silverlens are Wet Paint (2010) and Salt Water (2016), featuring waterscapes. In this series of new works, Navas

continues her Painting Palettes/Palette Paintings series that she began in 2014 on the recommendation of her teacher and mentor, conceptual artist Roberto Chabet. The palettes Navas paints in this show are of artists Jan Balquin, Jose John Santos III, Pam Yan Santos, Ariel Navas, Yasmin Sison-Ching, Mauro Malang Santos, Manual Ocampo and Patricia Perez Eustaquio. The palette is testament to a painter’s process, with every mark and trace chronicled on its surface. It knows the artist’s idiosyncrasies and proclivities when working—the pauses and obsessions, the mundanity of the grind. It willingly abides to every mound of paint, every mixture and every erasure. Unmentioned, undeclared and cleansed at the end, the palette remains ready for the next series, ready to be used again. It began as a dream by professor, mentor and confidant, the late Roberto Chabet: a series of paintings of palettes. And Elaine RobertoNavas happily obliged, first in 2014 then presently for the exhibition Painting Palettes/Palette Paintings II. Each palette collected from friends and colleagues turns into artefacts that intimately embody its possessor. With her signature impasto renderings, they are individually abstracted and interpreted, as though producing in the process portraits of the painters who provided them. The levels of transference yielded—from the palette’s ordinariness in the studio to paintings on canvases to framed articles—blur the divisions between process and output, subject and object, personal and the public. It is then not the intent to be identified or to produce accurate depictions. It is not about the individual as much as a revelation of the techniques and methods of a painter. The extraction of these items or unsung heroes from the solitude of the studio instead acknowledges the liminal stages of production. It is a remembrance of a phase of no verdict, a space where freedom and exploration are of the essence. Painting Palettes/Palette Paintings II is on view until December 22, alongside Ordo Ab Chao by Yasmin Sison, Christina Quisumbing Ramilo and Pam Yan Santos, at Silverlens, 2263 Don Chino Roces Avenue Extension, Makati City.

Embassy of Japan signs grant contract for Philippine-Japan Historical Museum renovation ON November 28, the Embassy of Japan signed a ¥10-million (approximately P4.7 million) grant contract with the Philippine Nikkei Jin Kai Inc. (PNJK), a nongovernment organization based in Davao City. The grant, which comes through the Grant Assistance for Cultural Grassroots Projects, will be used for the renovation and preservation of the Philippine-Japan Historical Museum in Davao. In particular, it will facilitate the repair and replacement of damaged museum structures, the upgrading of existing displays, and the acquisition and installation of new materials and devices. Yoshiaki Miwa, counsellor and director of the

Consular Office of Japan in Davao, signed the grant contract on behalf of the Japanese Government, while PNJK was represented by its president, Ret. Judge Antonina B. Escovilla. The Philippine-Japan Historical Museum was built in 1994 in Calinan, Davao City. It features exhibits on the historical ties between Japan and Davao, beginning in the 1900s when Japanese immigrants first arrived in Davao. It is hoped that the museum’s restoration, made possible through grant assistance, will contribute to the further enhancement of mutual understanding and deepened relations between the Philippines and Japan.