BusinessMirror December 25, 2018 by BusinessMirror

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

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Tuesday, December 25, 2018 Vol. 14 No. 76

PHL gross borrowings down 10.2% in October

By Cai U. Ordinario

@caiordinario

HE Philippines’s gross borrowings declined by 10.2 percent to P34.102 billion in October, from P37.979 billion recorded a year ago, according to data released by the Bureau of the Treasury (BTr).

Data from the BTr also showed that the country’s borrowings fell by 22.46 percent, from September’s P43.979 billion. The BTr also indicated that gross borrowings made by the government from foreign entities amounted to P1.81 billion,

the lowest for the year. This also represented a contraction of 17.09 percent from the external gross borrowings of P2.016 billion in October 2017. The foreign borrowings in October accounted for all project loans during the period since there were

no other external borrowings for the month. This was the same case in October 2017. Domestic gross borrowings settled at P32.292 billion in October, a 10.21-percent decline from P35.963 billion in October 2017.

The domestic gross borrowings in October were accounted for by Treasury bills reaching P22.552 billion and fixed rate Treasury bonds worth P9.74 billion. Treasury bills jumped by 278.2 percent, from last year’s P5.963 billion, while fixed rate Treasury bonds contracted 67.53 percent from the P30 billion posted last year. Exter na l gross borrow ings reached P286.09 billion in the January-to-October period, while domestic gross borrowings amounted to P431.296 billion. See “Borrowings,” A2

Manny B. Villar

THE ENTREPRENEUR

ITH the inflation scare fading gradually toward the end of 2018 and the element of uncertainty in the economy subsiding, we can look at 2019 with optimism. I am quite bullish on the Philippine economy after a volatile year that saw the inflation rate spiking to a nine-year high in September and October. We had good corporate earnings in the third quarter of 2018, while household consumption appeared to have rebounded after growth slowed from July to September. Continued on A6

Agri sector’s woes worry Duterte govt, private sector–DOF 9 percent @BcuaresmaBM

See “Mnuchin bid,” A2

Bullish in 2019

By Bianca Cuaresma

Mnuchin bid to calm markets making bad situation worse REASURY Secretary Steven Mnuchin looked to quash big-bank worries over plunging stock markets and reports that President Donald Trump might move on his Federal Reserve chief by assuring the financial community on Sunday that market liquidity is in good shape. Some market participants, however, questioned why Mnuchin answered a question that no one was asking. Even after recent market losses, a liquidity squeeze or fresh financial crisis hadn’t been on the market’s mind. Mnuchin’s assertion of ample liquidity risked raising doubts. Mnuchin tweeted late Sunday afternoon that he’d called the chief executive officers of the nation’s six largest banks and that those chiefs “confirmed they have ample liquidity available for lending to consumer, business markets, and all other market operations.” Treasury also said Mnuchin would convene a call on Monday with the President’s Working Group on financial markets. Even with United States stock markets on the skids for weeks, and the federal government in a partial shutdown since Saturday, many market-watchers wondered

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₧32.292 billion The gross borrowings of the government from domestic sources in October

2017 EJAP JOURNALISM AWARDS

CHRISTMAS SHOPPING RUSH Shoppers flock under multicolored canvass tents sheltering lots of goodies on sale from the rain and the sun, as Christmas shopping reaches its peak at the Divisoria market, dubbed as the bargain capital of the Philippines. NONIE REYES

Poll: Young, educated workers may leave PHL

HE country may see an exodus of young educated Filipinos who may leave the Philippines and work or live in other countries, according to the results of a recent Gallup poll. Based on the data in the Potential Net Migration Index, Gallup Inc. said the Philippines has a PNMI score of a contraction of 9 percent, with a brain drain of 16

PESO EXCHANGE RATES n US 53.1730

percent and youth population loss of 13 percent. The only Asean country that showed positive scores in PNMI, recorded a brain gain and an increase in its youth population was Singapore. It’s PNMI score was 225 percent, brain gain of 185 percent and youth population of 410 percent. “The higher the score, the larger the potential net population

gain. Negative scores indicate net population loss,” Gallup said. “Developed countries such as Singapore would see an influx of highly educated people.” Among the Asean countries, Vietnam had the most to lose with a PNMI score of -15 percent. It’s brain drain is 22 percent and lost youth population at 27 percent. See “Poll,” A8

GRICULTURE will remain among the “top concerns” of the economy in the next few years, as woes in the sector tend to spill over to other economic indicators, such as inflation and growth. The Department of Finance (DOF) said the sector will be among the main worries of the Duterte administration for the rest of its term, as the government should find ways to fulfill its goal of raising farm productivity and rural incomes. This will, in turn, prevent a repeat of the supply problems in rice and other major food items that led to the elevated inflation rate in the second half of 2018. Inflation for the year peaked at 6.7 percent in September and October, owing largely to rising prices of food items— particularly rice during the period. According to Philippine Statistics Authority (PSA) data, rice was the No. 1 contributor to inflation in September 2018, while food items in the consumption basket accounted for more than half of the inflation rate in the same month. “We will focus on agriculture in the coming years. We know that the major reason for the inflation this year has been the logistics problems we have had in agriculture, as well as production problems,” Finance Secretary Carlos G. Dominguez III said during a recent business forum. The Bangko Sentral ng Pilipinas (BSP) also expressed concern on the local banks’ reluctance to lend to the agricultural sector to improve its productivity. “Despite its significant impact and

The current share of the agriculture sector in Philippine GDP contributions, the agricultural sector’s access to credit remains a key challenge: most lenders consider it a high-risk market due to its vulnerability to weather conditions and natural disasters, productivity and capacity issues, and inadequate borrower information and infrastructure, among other factors,” the BSP said. “The reluctance of financing institutions to lend puts smallholders at a disadvantage and hinders them from effectively integrating into higher value markets,” it added. To date, the average share of agricultural loans stands only at 2.4 percent, significantly lower compared to the share of consumer loans at 17.5 percent and real-estate loans at 19.92 percent. The DOF said woes in the agricultural sector worries the private sector. Dominguez recalled that improving agricultural output and raising farmers’ incomes through education and the use of new farm technologies emerged as the No. 1 actionable recommendation of the private sector in the four “Sulong Pilipinas” events held last November. “This shows that even the business community recognizes the importance of the farm sector in sustaining the economy’s high growth rate,” the DOF said. Agriculture currently employs approximately 11 million Filipinos, but accounts for only 9 percent of the country’s GDP.

n JAPAN 0.4781 n UK 67.3596 n HK 6.7908 n CHINA 7.7247 n SINGAPORE 38.7954 n AUSTRALIA 37.8379 n EU 60.9416 n SAUDI ARABIA 14.1711

Source: BSP (21 December 2018 )

News

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A2 Tuesday, December 25, 2018

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Tourists in E. Visayas seen hitting 2.1M with renewed interest in Balangiga bells By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

ITH the restoration of the historic Balangiga bells in the belfry of Saint Lawrence the Martyr Church in Balangiga town, things are looking up for Eastern Visayas tourism. In an interview with the BusinessMirror, Tourism Secretary Bernadette Romulo Puyat projects tourist arrivals in Region 8 (Eastern Visayas) to exceed 2.1 million in 2019. “We anticipate an increase in visitor arrivals by some 20 percent next year, anticipating the heightened interest in the Balangiga bells,” which were finally reinstalled in the Balangiga Church on December 14, with ceremonies presided over by President Duterte. While data have yet to be completed for this year, the region projected visitor arrivals to reach some 1.76 million. Last year, arriv-

als were recorded at 1.47 million, of which, foreign visitors numbered 55,601.7 and domestic travelers, 1.41 million. This developed as the Department of Tourism (DOT) has begun looking at the possible accreditation of homestay units to address the shortage in accommodations in Balangiga town. For the restoration of the bells last Saturday, Regional Director Karina Rosa Tiopes said the local government unit (LGU) of Balangiga “talked with residents to accommodate guests who will stay there overnight. To make this all sustainable, we assisted them in

organizing homestay facilities.” Homestay is a tourism program that allows visitors to rent a room from a local family who earns additional income and, at the same time, enabling tourists to immerse with the locals and learn Filipino culture. The DOT suggested a few other destinations Balangiga visitors could explore and expand their travel options. From the Tacloban airport, the gateway to Eastern Samar, tourists can travel 1.5 hours to Balangiga town, where they can check out the Balangiga Encounter Diorama, aside from the bells. From there, they can go to Guiuan, the surfing capital of Eastern Visayas, and visit the Calicoan Surfing Site. After an overnight stay in a resort, tourists can visit the Cahnugas Eco-Nature Park in Hernani town, and the Minasangay Nature Park in Balangkayan town. They can spend a night in Borongan and check out the night life at the town’s main boulevard, as well as stay there overnight at a hotel. On the third day, tourists can go to Taft to swim at the Dangkalan Pacific Beach Resort, and also

visit the Mantang Chapel, and Mantang Balwarte Ruins, before motoring back to Tacloban City for an overnight hotel stay. They can go on a tour of Tacloban the next day before flying back to Manila or to other provinces. A list of accredited tour guides and operators may be requested through the region’s Facebook page. Romulo Puyat has assured that the Balangiga bells would be a historical treasure that will be preserved for all the world and future generations to see. She made the statement in view of the expected influx of tourists who want to see the three Balangiga bells along with the old church in Eastern Samar. “We, at the DOT, are so happy for the people of Eastern Samar as the homecoming of Balangiga Church bells may yet turn not only Balangiga town but the whole of Eastern Visayas [Region 8] into an emerging tourist destination. This is one of the best gifts the region could ask for in time for the Christmas season,” said Romulo Puyat in a news statement. Eastern Samar is blessed with attractions ideal for nature, marine

House seen approving resolution calling for reforms in REIT rules Continued from A8

subject to value-added tax (VAT); ■ The requirement that the REIT put in escrow the income tax due on the dividend it will pay to shareholders for the first two years until it reaches the 67-percent MPO by the third year; and ■ The amended MPO of 40 percent to be increased to 67 percent within three years. Yap said there are other “minor impediments” like the appointment of a property manager who shall be independent from the REIT, its promoter/s or sponsor/s. President Duterte signed into law the Tax Reform for Acceleration and Inclusion (TRAIN) on December 19, 2017, settling the issue on the VAT treatment of initial transfer of property from the sponsor to REIT. Section 34

Mnuchin bid. . . whether there’s something more systemic going on.

Bigger issue?

“MY initial instinct is this isn’t necessarily a positive thing, because it portrays that there’s worries that there is a bigger, broader issue than what I think is just typical repositioning toward the end of the year,” said Nathan Thooft, Manulife Asset Management’s head of global asset allocation. “When you see it and investors look at it, I don’t think they’re going to view it as, ‘Oh, this is the saving grace of what’s going to cause the catalyst to turn markets around,”’ he said. Mnuchin’s phone calls—and announcement of a Monday meeting—capped a chaotic three days that started with another 2-percent lopped off the S&P 500 index and got a jolt from a Bloomberg News report that Trump was discussing firing Federal Reserve Chairman Jerome Powell. The Treasury secretary moved to tamp down concerns that Trump would oust Powell. But it’s also clear that Trump is still concerned about

of the said law enumerates the transactions that are exempted from the VAT and includes item transfer of property pursuant to Section 40 of NIRC as amended. Yap said the impediments to the full implementation of the REIT law will be removed once and for all if the following refinements are introduced to the IRR of Republic Act (RA) 9856: VAT exemption for the initial transfer of property from the sponsor to the REIT under TRAIN law; removal of escrow requirement under Revenue Regulation 132022 and MPO initially pegged at 33 percent, as envisioned by the REIT law. On April 21, 2010, the resolution said the SEC issued SEC Memorandum Circular 2, Series

Continued from A1

the Fed chair. Trump is trying to arrange for at least one intermediary to meet with Powell amid his anger over the central bank’s interest-rate increases, said a person familiar with the matter.

‘Isn’t helping’

MNUCHIN had issued a statement by Twitter on Saturday evening quoting the president as saying he wouldn’t fire Powell and disavowing authority to do so, which in itself raised eyebrows. Why, people wondered, did Mnuchin and not Trump—never shy with a tweet—make the statement. “Mnuchin isn’t helping,” said Mayra Rodriguez Valladares, a former foreign-exchange analyst for the Federal Reserve Bank of New York. “For him to come out and explain what Trump is expressing is bizarre. It adds to the nervousness.” Rodriguez Valladares, who also conducts training for bankers and regulators through her consulting firm MRV Associates Inc., said the suggestion of Trump firing Powell is unprecedented. “This is really making us look like a very

of 2011 amending certain portions of the 2010 IRR specifically on the MPO requirement, capitalization and property manager. While the law pegged the initial MPO requirement at onethird of the outstanding capital stock of the REIT in order to launch the REIT market in the Philippines, the resolution said the amended IRR increased the MPO to at least 40 percent on the first year and shall be increased to 67 percent within three years from its listing. “The 67-percent MPO requirement is much higher than those countries in the Asia-Pacific region with similar shareholder dynamics and would discriminate against the REIT as it is much higher than the 10 percent

underdeveloped market where the president is telling the central bank what to do,” she said. A Treasury spokesman said Mnuchin initiated Sunday’s calls with the bankers because he felt that having conversations with major market participants, as well as holding the Working Group call, was prudent given considerable market volatility.

Echoes of crisis

THE group, which includes officials from the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission, was created after the 1987 US stock market crash by an executive order signed by President Ronald Reagan. The group worked overtime during the global financial crisis of 2008—in October of that year it issued a statement saying it was taking multiple actions to stabilize the financial system. Some saw the Treasury’s response as adding to a sense of crisis. “The Secretary of Treasury calling the nation’s top bankers on a Sunday to confirm they have cash to lend. Not exactly confidence inspiring,” said Ian Bremmer, president of the Eurasia Group.

minimum requirement for listed companies and Board of Investments registered companies,” the resolution read. According to the resolution, former BIR Commissioner Kim Henares issued Revenue Regulation 13-2011, entitled Implementing the Tax Provisions of RA 9856, which provided that transfers or exchanges of real property for shares of stock in a REIT falling under Section 40 of the National Internal Revenue Code is not subject to income tax nor documentary stamp tax but is subject to VAT. But the resolution said the IRR 13-2011 has the effect of increasing cost and making REIT shares of stock more expensive and less attractive to buyers.

Can’t get worse

STILL, Chris Rupkey, chief financial economist at MUFG Union Bank, said Mnuchin’s bid to calm markets “may yet succeed, if only due to the year-end holidays where trading volumes have ground to a halt.” Given the stock market losses already suffered, “we are keeping our fingers crossed that the news and tweets out of Washington cannot possibly get any worse for now.” According to the Treasury, the chief executives Mnuchin spoke with on Sunday were: Brian Moynihan of Bank of America; Michael Corbat of Citi; David Solomon of Goldman Sachs; Jamie Dimon of JP Morgan Chase; James Gormanof Morgan Stanley; and Tim Sloan of Wells Fargo. A spokesman for Goldman Sachs confirmed that Solomon spoke to Mnuchin, but declined to provide further detail. Spokespeople for Citigroup, Morgan Stanley and Wells Fargo, declined to comment. A spokesman for JPMorgan Chase & Co., the nation’s biggest bank, who was contacted before Mnuchin’s tweet, also declined to comment. A representative from Bank of America didn’t immediately return a request for comment. Bloomberg News

sports, adventure, historical, heritage, cultural and religious tourism. The DOT had been assisting the Balangiga LGU in its tourism development projects, according to Tiopes. “Foremost of these is the improvement of the Balangiga Incident Marker, funded under the DOT-Yolanda Comprehensive Rehabilitation and Recovery Project, which cost P9.7 million,” she explained. The funds were downloaded to the LGU, she asserted. The improvement includes the landscaping and beautification of the park as well as the small museum located at the back of the marker to make it more presentable to tourists and pilgrims who will be visiting the town. The Balangiga Incident Marker is the work of National Artist Napoleon Abueva, and was inaugurated on the 102nd commemoration of the event on September 28, 2003. Preparations set by the DOT include trainings for mangrove paddling guides, waiter servicing and food handling, community tour guides, mountain guides, effective customer service and entrepreneurial development.

The DOT also provided funds amounting to P629,000 to the LGU for the procurement of livelihood gear that include kayaks with paddles, personal flotation devices, fishermen’s hats, rash guards, first-aid kits, tents, solar lamps, beach umbrellas, plastic tables, monoblock chairs, abseiling ropes, harnesses, carabineers and various office supplies for Bayakha Falls, Ladder-Bangon Falls and Sitio Marag Mangroves. “Enhancing other tourist destinations in Balangiga will make visitors stay longer, giving them the opportunity to get to know our people, experience our culture, taste our cuisine and discover infinite escapes in Eastern Visayas,” Tiopes said. The DOT chief echoed President Duterte’s earlier statement that the return of the Balangiga bells is a “symbol of reconciliation and lasting friendship” between the Philippines and the United States. The bells were used by Filipino guerrillas to signal an attack against American soldiers in September 1901. In reprisal, the US troops attacked the town, then seized the three bells as war booty.

DepEd backs mandate of schools to sanction bullying on campus

HE Department of Education (DepEd) said it acknowledges the authority of schools in imposing disciplinary sanctions in addressing cases of child abuse, violence, exploitation, discrimination and bullying. This, as the department responded to the Ateneo de Manila University’s decision to penalize its junior high-school student caught bullying other students in a couple of viral videos. In a news statement issued on Monday, the DepEd said it allows such action when necessary and consistent with the law and the department’s policies. “The department urges schools to conduct a thorough and complete review of their operations manuals, handbooks, regulations, and protocols in preventing and addressing cases of bullying,” it said. The DepEd said private schools must align their anti-bullying policies with theirs, as mandated by Republic Act 10627, or the AntiBullying Act of 2013 and its implementing rules and regulations,

Borrowings. . . Continued from A1

The external gross borrowings of the government grew 78.28 percent in the January-to-October period in 2018 compared to the P162.151 billion posted in 2017. In terms of domestic borrowings, the figure recorded in the January-to-October period represented a 13.67-percent contraction, from the P499.607 billion posted in the same period in 2017. The government’s total financing at P28.937 billion in October is 13.84 percent lower than the P33.587 billion posted a year ago. In 10-month period total government financing reached P618.614 billion. This was 15.98 percent higher than the P533.383 billion posted in the same period last year. In July, the Development Budget Coordination Committee (DBCC) announced that it will change the country’s borrowing mix to 75

issued through DepEd Order 55, Series of 2013 and reiterated in DepEd Memorandum 5, Series of 2017 for strict implementation. The DepEd also stressed that private schools must comply with the Child Protection Policy, issued through DepEd Order 40, Series of 2012, which requires all public and private kindergarten, elementary and secondary schools to create their own Child Protection Committee to ensure that cases and instances of abuse and bullying are closely monitored and expeditiously investigated. Citing bullying as a societal issue, the DepEd said it demands teachers, parents, school administrators, community members, and the media to cooperate in instilling a culture of peace and the value of respect for one another. “The department reiterates the role of peers and teachers in stepping in and anticipating possible incidents of violence against children, and in taking action as quickly as possible before matters get out of hand,” the statement read. PNA percent domestic financing and 25 percent external financing between 2019 and 2022 to “ensure efficient borrowing.” Currently, the country’s borrowing mix consists of 65 percent from domestic sources and 35 percent from external sources. Earlier, National Treasurer Rosalia V. de Leon said the government’s financing program remains on track. She also said the government can still tap a number of issuances for the remainder of the year if market conditions are favorable. Debt instruments that are still on the table include the issuance of floating rate notes and global bonds, among others. In July, the BTr said the national government has programmed its total gross borrowings for 2019 at P1.19 trillion, which is higher than the programmed P986 billion set for this year, on the back of the adjusted deficit ceiling of 3.2 percent.

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Tuesday, December 25, 2018

DOLE: 80% of PHL companies are minimum-wage compliant

By Samuel P. Medenilla @sam_medenilla

HE majority of companies in the country are compliant with government-imposed social protection wages despite higher minimum wages that took effect this year, the Department of Labor and Employment (DOLE) said. “As of November, the compliance rate is at 80 percent on the average,” National Wages and Productivity Commission (NWPC) Executive Director Maria Criselda R. Sy said in

a recent news conference. The rate is based on the number of companies, which were inspected by the DOLE this year and were found to be following

the latest wage orders in their respective regions. T he init ia l 2018 f ig ure is slightly lower compared to the overall compliance rate in 2017, wh ic h w a s 8 5. 2 percent , or 51,437 out of 60, 372 estab l i sh ment s, i ns pec ted du r i ng that time. Currently, out of the 17 Regional Tripartite Wages and Productivity Boards (RTWPBs) overseen by the NWPC, only that of the Caraga region has yet to issue a new wage order for 2018. Sy earlier said the RTWPBCaraga is still in the process of complet ing t he necessa r y stakeholder consultation and p u b l i c h e a r i n g f o r it s ne w wage order. The 16 other RTWPBs already raised their respective mini-

mum-wage rates, which ranged from P9 to P56. The highest of these adjustments was in the Davao region. While the latest wage order in the Davao region was higher compared to the P25 issued for Metro Manila, the latter still maintained the highest wage rate with P537 (nonagriculture worker) and P500 (agriculture workers). The NWPC reported it received 50 applications for exemptions for the new round of wage orders this year as of May 25. Only 20 of applications were approved. The remaining 25 was disapproved by The NWPC and five were dismissed. Sy earlier told the BusinessMirror the increases granted

OSHDP vows support for govt’s new squatter resettlement policy By VG Cabuag @villygc

by the RTWPBs were “moderate” adjustments amid concerns by some employers that it would be inflationary. “If you monitor since January, you wouldn’t hear [the wage hike] cause and inflation or job loss,” Sy said. NWPC Chairman and Labor Secretary Silvestre H. Bello III, however, did admit that some of the wage increases may not be sufficient to fully offset the inflation-eroded purchasing power of workers since the RTWPBs also have to consider the paying capacity of companies. Labor coalition Nagkaisa has been pushing for the abolition of the NWPC and RTWPBs for allegedly failing to grant the constitutionally mandated “living wage” for workers.

IBP urges SC to ensure protection of lawyers By Jovee Marie N. dela Cruz @joveemari

Joel R. San Juan @jrsanjuan1573

& Butch Fernandez @butchfBM

HE assassination of Ako Bicol Party-list Rep. Rodel Batocabe over the weekend has prompted the Integrated Bar of the Philippines (IBP) to call on the Supreme Court to take “stronger action” to ensure the safety of lawyers. In a news statement issued on Monday, IBP President Abdiel Dan Elijah S. Fajardo said the group has launched an open online petition, beginning with 78 lawyers, urging the SC, through the Chief Justice, to take immediate action to defend lawyers, as they perform their functions to protect their clients’ rights and uphold the rule of law. “We respectfully urge the Supreme Court to take appropriate steps to ensure a thorough, prompt, impartial and independent investigation into all the killings of lawyers from June 30, 2016,” he said. Fajardo also sought for a dialogue between the Supreme Court, IBP, security forces, particularly the Philippine National Police (PNP), the Armed Forces of the Philippines, other government agencies, civil society organizations and other lawyer organizations, “where all parties could engage in open and constructive discussion on ensuring the safety and security of lawyers.”

On Saturday, December 22, Batocabe, a member of the IBP Albay Chapter and a sitting member of the House of Representatives, was gunned down by still unidentified assassins in Daraga, Albay, along with his police escort SPO1 Orlando Diaz. “We join other sectors in condemning his daylight assassination, even as we remain shocked by the audacity of the concerted action that can only find success in an environment that fosters impunity,” Fajardo said. A day earlier, Fajardo said, Erfe del Castillo, a member of IBP Negros Occidental, was ambushed but survived a hail of bullets in Talisay, Negros Occidental. Only last month, he added, Atty. Benjamin Ramos was shot dead by two unidentified men at the public plaza of Kabankalan City, Negros Occidental. Ramos was the secretary-general of the National Union of People’s Lawyers (NUPL)-Negros. He was actively assisting the families of the victims of the Sagay nine massacre. Prior to his death, Ramos reportedly received death threats intended to make him stop assisting the families of the Sagay nine victims. Meanwhile, members of the lower chamber pledged a P30million reward to anybody who can provide information that can lead to the arrest of the person or persons behind the murder of Batocabe. The Ako Bicol party-list has also called on the PNP and the National

Bureau of Investigation (NBI) for the immediate disarming of the armed goons of rival politicians in Daraga, Albay. The group also called for the immediate removal of Police Supt. Charlotte Dodson Peñalosa, chief regional Police and Security Protection Unit 5, for her incompetence and negligence resulting in the loss of life and hope for many Daragueños. Batocabe was on his last term in Congress as the party-list representative of Ako Bicol and was vying for the mayoralty post of Daraga, Albay. His remains are now at Arcilla Hall, Bicol University, Daraga, Albay, with his interment scheduled on December 31, in a venue yet to be announced. A memorial service in his honor is being planned on January 14, 2019, at the House of Representatives.

‘Culture of violence’

FOR his part, Sen. Richard J. Gordon, airing concerns over the recent wave of violent incidents, pressed the PNP on Monday to “act swiftly in resolving these killings.” In a news statement, Gordon warned these could be “an indication that a culture of violence and impunity has been adopted in the country.” The senator stressed “there is a culture of violence and impunity that must be stopped immediately by ensuring that the police and the people are reminded that we are a country that follows the rule of law! Such appears to have

AFP issues reminder on Reds’ Dec. 26 founding anniversary

ITH communist rebels poised to celebrate their 50th founding anniversary on Wednesday, December 26, the Armed Forces of the Philippines (AFP) on Monday advised the public to take the necessary security precautions and remain vigilant for possible attacks by the terror group. “The AFP advises the Filipino people to take extra caution and remain vigilant against attacks from terrorist group Communist Party of the Philippines-New People’s Army-National Democratic Front [CPP-NPA-NDF] as part of their founding anniversary, especially that Mr. Joma Sison has ordered them to escalate attacks and violence during this Christmas Season,” military public affairs office chief, Col. Noel Detoyato, said. The NPA, the rebel group’s armed wing, is listed as a terrorist organization by the United States and European Union. “The threat of heightened atrocities marks another year of violence and manifests their nature as a terror group that works to undermine the government,

disrupt national development, and damage public and private properties—all to the inconvenience of the Filipino people,” Detoyato said. And with only atrocities to show for their 50th year of existence, the CPP-NPA-NDF has nothing to celebrate and no achievement to be proud of, he stressed. “Our soldiers on the ground and at all levels of command will continue to monitor and conduct security operations against the CPP-NPA-NDF. We are ready to secure any community threatened by them especially during this season of Christmas celebration,” the AFP official added. Detoyato also reminded rebels seeking to return to their families and the mainstream society that their lines of communications are always open for surrenderers. “Our lines of communication are also open to those who wish to take this opportunity to abandon the armed struggle and violence perpetrated by the CPP-NPA-NDF and embrace a life of peace and prosperity with their family,” he said. PNA

been forgotten as shown by violent events that occurred in the past ten days.” He pointed out that “these incidents, [occurring] over a span of slightly more than a week in different parts of the country, show that there are elements in our society that believe that a culture of violence is the only way to change, that a culture of impunity and not the rule of law prevails!” Gordon cited the series of shootings and killings reported across the country starting December 14, such as the ambush of Councilor Ricardo Tan and his wife in Negros Occidental on December 14; Atty. Erfe del Castillo and Elfren Palmares were fired at by unidentified gunmen while driving along the Bacolod-Silay Airport Access Road also in Negros Occidental on December 22; Ariel Vicencio, son of former Malabon Mayor Amado “Boy” Vicencio, was killed and two of his companions were wounded by a gunman who escaped onboard a motorcycle at 3 a.m. in Malabon City also on the same day; and Ako Bicol Rep. Rodel Batocabe and his police escort who were shot dead in Daraga, Albay, at 3 p.m., also on December 22; among others. To effectively address the problem, the senator stressed the need for citizens’ participation in resolving these crimes and stopping the culture of violence, calling on witnesses to these crimes to come forward and provide information to aid law enforcers in bringing the perpetrators to justice.

“With the level of technology we have today, with the number of CCTV and mobile phone cameras around, dedicated and systematic police work can result in the identification and arrest of the perpetrators of these acts of violence. However, it is not only police work that is important—what is also essential is the participation of the people by providing statements on what they may have witnessed including providing sworn testimonies to ensure that the perpetrators are appropriately punished,” said Gordon, who chairs the Senate Committee on Justice and Human Rights. He asserted that if the rule of law is undertaken judiciously in a fair and fast manner, “then citizens would not feel the need to take matters into their own hands through extra legal means and the culture of violence and impunity would subside if not stop.” The senator suggested that “at this time of turbulence, we must all return to our fundamental law, the Philippine Constitution for guidance. The Constitution mandates that our government ensure rule of law and due process every step of the way—from criminal investigation to identification of the accused, the filing of criminal charges before our courts, arrest, trial, promulgation of judgment and then imposition of penalties, if warranted by evidence. It also specifies the manner by which we elect our leaders—through free- orderly, honest, peaceful and credible elections,” Gordon added.

HE Organization of Socialized and Economic Housing Developers of the Philippines (OSHDP) has pledged its support behind the government’s efforts that call for a resettlement framework for squatter dwellers who may be displaced either by government programs, or by calamities and natural disasters in every stage from planning to implementation. OSHDP President Marcelino C. Mendoza said the group has committed to assist in the development of a national resettlement performance dashboard, which shall monitor performance of all resettlement programs that will complement the community transformability scorecard already adopted by the Department of the Interior and Local Government as a tool for resettlement and evaluation. Mendoza said the group believes that the system will go a long way in making a dent on the country’s 6 million units of housing backlog, of which informal settlers account for about 1.6 million, according to government estimates. He said the group wanted to see involuntary and off-city resettlement as a last resort, and the identification of available lands and its mobilization for socialized housing, inventory of idle government lands and local government unit-owned foreclosed properties. The Housing and Urban Development Coordinating Council, in its second council meeting on December 14, adopted the said national resettlement policy framework. “Also commendable, as this is not presently being done, as resettlement programs are not generally reactive in nature, is the provision that resettlement site locations must be identified, and now being planned according to land use and development plans,” he said. With this principle, the local governments will be included in the planning, implementation and management of resettlement programs. The government shall also invest in and build the necessary administrative, social, financial and physical infrastructure for resettlement. “The framework now ties up the loose ends on the identification of responsibilities in the provision of resettlement housing between national housing agencies like the National Housing Authority and the Housing and Land Use Regulatory Board, on one hand, and the LGUs, on the other. It will be recalled that a myriad of problems were encountered in the delivery of housing units to survivors of typhoons Yolanda, Sendong and Pablo.

Local task force on media security to work closer with UN body

HE Presidential Task Force on Media Security (PTFoMS) will have closer coordination with the United Nations Educational, Scientific and Cultural Organization (Unesco) beginning next year, Presidential Communications Operations Office (PCOO) Secretary Martin M. Andanar said on Sunday. In an interview over radio dzBB, Andanar said PTFoMS executive director, Undersecretary Joel Sy Egco, has informed him about the team up between the task force and Unesco, particularly on what the administration of President Duterte has been doing to end impunity for crimes against journalists in the country. “Ang Unesco at ang Presidential Task Force on Media Security ay magkakaroon po ng team up para po sa mga report mula sa Pilipinas pagdating po sa impunity—report po sa media violence—para iyong nakakarating lang po na balita doon sa kanila ay totoong balita [Unesco and PTFoMS

will team up so that only the factual reports when it comes to impunity—reports on media violence—will reach them],” Andanar said. He added the Philippine government through PTFoMS has also been communicating with the Committee to Protect Journalists (CPJ) and Reporters’ Without Borders (RSF), two of several Unesco’s journalism group partners. Last week the RSF came out with a report where the Philippines is already out of the top 5 most dangerous countries for journalists in 2018. The RSF released the list nearly two months after the CPJ came out with the 2018 Global Impunity Index where the Philippines remains in the top 5 despite an “improved” status. The RSF’s report showed that a total of 80 journalists were killed this year, 348 are presently in prison and 60 are being held hostage. It was higher compared to 65 killed in 2017.

The Philippines, which was among the RSF’s top 5 most dangerous countries for media last year, has three journalists killed this year. T he t hree inc lude Joey L lana of dwZR Radio from Albay killed on July 20; Dennis Denora of Trends and Times from Panabo City (June 7); and, Edmund Sestoso of dyGB 91.7 from Dumaguete City (May 1). Through the help of PTFoMS, Andanar said, charges were filed a few weeks ago against the suspected killers of Llana. Andanar attributed this development to Duterte’s signing of Administrative Order 01 creating PTFoMS on October 11, 2016. “The PTFoMS shall relentlessly give attention to the protection of journalists and other media workers to end the culture of impunity that has long hounded the ranks of the country’s Fourth Estate,” Andanar said in a statement last week. PNA

Tuesday, December 25, 2018 • Editor: Angel R. Calso

The World BusinessMirror

Opec is in ‘whatever it takes’ moment to prop up oil prices

PEC hasn’t even started implementing its new sixmonth agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it. Officials from Iraq, Kuwait and the United Arab Emirates agreed with Saudi Arabia’s expectation that the group, along with Russia and other oil producers, will extend the agreement for another six months. The UAE’s energy minister, while stressing that the 1.2-million barrel-a-day cut will clear an inventory buildup in the first half, hinted additional curbs could be discussed.

“The planned cuts have been carefully studied, but if it doesn’t work, we always have the option to hold an extraordinary Opec meeting and we have done so in the past,” Suhail Mohammed Al Mazrouei, who is also Opec president, said in Kuwait. “If we are required to extend for another six months, we will, if it requires more, we always discuss and come up with the right balance.” Last week oil capped its biggest weekly decline since 2016 on con-

cerns that weakening economic growth and surging US supply will lead to a surplus next year, overwhelming Opec’s efforts to stabilize the market. The slide continued even after the Organization of the Petroleum Exporting Countries and its partners surprised traders with the size of the supply reduction announced on December 7. Futures sank 11 percent last week in New York, the most since January 2016. The benchmark Brent crude traded below $54 a barrel, the lowest since September 2017. At a press briefing in Kuwait, Iraqi, the UAE and Algerian energy ministers took turns repeating the message that Opec will deliver its 800,000 barrels per day cut and continue their cooperation with other producers to balance supply and demand. Iraq’s oil minister Thamir Abbas Ghadhban said his country’s new membership into the Opec+

monitoring committee “indicates that we are serious about meeting our commitments that will exceed what we’ve complied with in the past.” Opec cuts may end up being deeper than agreed because of planned maintenance and production snags in some member-countries, Mazrouei said. Conflict, sanctions and aging oil fields have been factors that dragged on output in Libya, Nigeria, Iran and Venezuela in recent years. Saudi Arabia has volunteered to take the lead in trimming production by more than it has agreed. The world’s biggest oil exporter plans to pump 10.2 million barrels a day in January rather than the 10.3 million allotted to it in the Opec+ agreement. “Over-conformity is not new to Saudi Arabia,” said the kingdom’s Opec governor Adeeb Al-Aama. “Our conformity with the previous cuts was 120 percent between January 2017 and May 2018.” Bloomberg News

Santa Claus gets pushed out across China as leaders emphasize tradition S HANGHAI — It took less than 24 hours for all the Christmas trees, lights and bells to disappear from a 27-story shopping and office complex in the Chinese city of Nanyang. Even the giant teddy bear at the mall entrance wasn’t spared, said Ma Jun, who works at a tutoring company in the building. “Everything is gone and cleaned,” she said. Christmas continues to be a shopping festival across most of China, with huge trees adorning shopping malls in Shanghai and Beijing, but a growing emphasis on traditional culture by the ruling Communist Party and the systematic suppression of religion under President Xi Jinping are imperiling Santa Claus’s position. At least four Chinese cities and one county have ordered restrictions on Christmas celebrations this year, according to official notices and interviews. Students, teachers and parents from 10 schools around China told The Associated Press that Christmas celebrations have been curtailed. “The ongoing local reaction against Christmas is part of the wider sentiment since Xi took power,” said Zi Yang, a China expert at the S. Rajaratnam School of International Studies in Singapore. Xi is trying to broaden the appeal of the Communist Party by casting it as a crusader for Chinese tradition in a fast-changing world, he said. “Therefore, foreign cultural elements such as Christmas are placed on the chopping block.” The seasonal humbug follows similar outbreaks of anti-Christmas rhetoric in 2014 and 2017. It appears not to be centrally organized, but rather a spreading resistance to foreign festivals by local authorities seeking to align themselves with the growing tide of cultural nationalism. The squeeze on Christmas is an example of how efforts to “normalize” thinking bleed into the everyday lives of many Chinese. That push exploded into view this year through re-education camps for Uighur Muslims and a crackdown on Christian churches that has continued with force in recent weeks. In Nanyang, about 950 kilometers (600 miles) west of Shanghai, government officials stopped by

IN this December 22 photo, a family walks past images of Santa Claus in Zhangjiakou in northern China’s Hebei province. At least four Chinese cities and one county have restricted Christmas celebrations this year. Churches in another city have been warned to keep minors away from Christmas, and at least 10 schools nationwide have curtailed Christmas on campus, The Associated Press has found. AP PHOTO/NG HAN GUAN

the office and shopping complex on December 16 to say that Christmas decorations would have to come down, said Ma, the tutoring company employee. An official from the city’s urban management bureau hung up when asked for comment. Nine hours by car south, Hengyang, a city in Hunan province, said in a December 19 notice posted on an official government socialmedia account that anyone caught holding Christmas sales or celebrations that blocked the streets would be punished. Communist Party members, the notice said, should avoid foreign festivals and instead be “models of adherence to Chinese traditional culture.” Hengyang police posted a video on their official social-media account of locals discussing the importance of Chinese culture and plans to avoid ostentatious Christmas celebrations. Langfang city, just south of Beijing, banned Christmas stage performances and merchandising promotions, according to a notice circulated on social media. Shop w indows were to be stripped of Christmas stickers and streets kept free of Christmas banners and lights. Law-enforcement

patrols were to be stepped up from December 23 to 25 to prevent illegal signs of celebration. The Langfang urban management bureau declined comment. The state-run Global Times newspaper argued that Western media are exaggerating China’s crackdown on Christmas and reported that the restrictions in Langfang were aimed not at Christmas but at cleaning up roadside stalls and migrant vendors in hopes of winning a “National Civilized City” award from the Communist Party. Some 270 kilometers (167 miles) west, Fuping county, also in Hebei province, issued a similar clean-up notice. Though the December 21 announcement mentions Christmas 11 times, an official from the Fuping urban management bureau said the rules were aimed at street vendors generally, not Christmas. Police in the Panlong district of Kunming, the capital of Yunnan province in southern China, circulated a notice that hotels, karaoke parlors, Internet cafés, bars and other crowded places must prohibit Christmas-related decorations and activities. “It is forbidden to hang Christmas stockings, wear Christmas

hats, place Christmas trees, and so on,” the notice read. It wasn’t clear if the notice applied to all of Kunming city, though a police officer told the AP that the order to circulate it came from city officials. Reverend Jonathan Liu, founder of the Chinese Christian Fellowship of Righteousness, a California nonprofit, said the pushback against Christmas reflects Xi’s efforts to “Sinicize” religion. Preachers are coached on how to convey Communist Party core values in their sermons and national flags and songs have been injected into some church services, he said. Liu provided the AP with a notice sent to churches in Zhoukou, a city to the east of Nanyang in Henan province. It tells churches to vet Christmas plans with the government, forbids minors from participating in Christmas events and caps expenses at 2,000 yuan ($290). “I wish you all a happy Christmas! God bless you,” read the notice, which Liu received from a pastor in China. An official at the United Front Work Department in Zhoukou referred queries to the religious affairs bureau, which could not be reached for comment. AP

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Indonesian tsunami death toll now 281

ANJUNG LESUNG, Indonesia—Thousands of soldiers, police and government personnel, as well as volunteers, are working to find victims of an Indonesian tsunami. At least 281 people died and more than 1,000 were injured when the waves washed ashore along western Java and southern Sumatra islands on Saturday night following a volcanic eruption. The tsunami was not huge and did not surge far inland, but its force was destructive. Disaster agency spokesman Sutopo Purwo Nugroho said more than 600 homes, many hotels and vendor stalls, and more than 400 boats and ships were damaged. The number of casualties may still rise.

Nugroho said on Monday, “It is suspected that some victims are still trapped under wreckage and materials washed away by the tsunami.” The tsunami struck Sunda Strait coastal areas along western Java and southern Sumatra islands without warning in the darkness Saturday night. Disaster agency spokesman Sutopo Purwo Nugroho said the latest tolls on Monday morning were 281 dead and 1,016 injured. The tally of missing is 57 but the numbers are expected to rise. The waves that swept terrified people into the sea followed an eruption and possible landslide on Anak Krakatau, one of the world’s most infamous volcanic islands. AP

After criticism, Trump pushes out Mattis sooner than planned

ASHINGTON—Irritated with the criticism and fallout from Defense Secretary Jim Mattis’s resignation, President Donald Trump on Sunday pushed the Pentagon chief out the door two months earlier than planned, an acrimonious end to a tense relationship that had been eroding in recent months. In a series of tweets, Trump appeared to question why he had put Mattis in his Cabinet in the first place and said Deputy Defense Secretary Patrick Shanahan will take over as acting secretary on January 1 to cover the accelerated departure. Secretary of State Mike Pompeo, not the president, notified Mattis of the decision, said a senior administration official who insisted on anonymity to discuss personnel issues. T he sudden c ha nge st r ips Mattis of any chance to further frame national security policy or smooth rattled relations with allies through the originally planned transition at the end of February. And it reflects White House displeasure with the retired Marine Corps general’s blistering resignation letter, which he delivered to Trump on Thursday. Mattis resigned in protest over Trump’s decision to pull all US troops out of Syria. US officials, however, said that the reaction to his decision to leave—including the shock and dismay expressed on Capitol Hill—annoyed Trump and likely led to Mattis leaving earlier than planned. “When President Obama ingloriously fired Jim Mattis, I gave him a second chance. Some thought I shouldn’t, I thought I should,” Trump tweeted Saturday, foreshadowing his displeasure and the Sunday announcement. He also fumed over the media coverage of his Syria withdrawal order, suggesting he should be popular for bringing troops home. “With me, hit hard instead by the Fake News Media. Crazy!” Trump tweeted. A White House official said Trump decided Mattis should leave the administration earlier than planned to avoid a drawnout transition when someone on hand whom they consider a qualified deputy capable of running the Pentagon in an acting capacity. The official asked not to be identified publicly discussing personnel matters. Lt. Col. Joseph Buccino, a spokesman for Shanahan, said the former Boeing Co. executive will accept the appointment as acting secretary. “Deputy Secretary will continue to serve as directed by the president, and the Department of De-

MATTIS

fense will remain focused on the defense of the nation,” Buccino said on Sunday. It is unusual for the Pentagon to have an acting secretary of defense. Historically when a secretary has resigned, he has stayed on until a successor is confirmed. For example, when Chuck Hagel was told to resign in November 2014, he stayed in office until Ash Carter was confirmed the following February. W hile Mattis’s resignation followed Trump’s announcement that he would soon pull all of the approximately 2,000 US troops out of Syria, officials said that the decision was the result of an accumulation of disagreements. In a stunning resignation letter, Mattis made clear he did not see eye to eye with a president who has expressed disdain for Nato and doubts about keeping troops in Asia. Mattis was also unhappy with Trump’s order to develop plans to pull out up to half of the 14,000 US forces in Afghanistan. Earlier Sunday, Trump’s acting chief of staff said that Trump had known for “quite some time now” that he and Mattis “did not share some of the same philosophies... have the same world view.” Mick Mulvaney told ABC’s This Week that the president and his defense chief “just could never get on the same page” on Syria, adding that Trump had said since his presidential campaign that “he wanted to get out of Syria.” Mulvaney said the president “is entitled to have a secretary of defense who is committed to that same end.” Asked whether Trump wanted a Pentagon leader willing to challenge him or someone in lockstep with his views, Mulvaney said “a little bit of both.” “I’ve encouraged him to find people who have some overlap with him but don’t see the world in lockstep with him,” Mulvaney said. The Pentagon on Sunday would only say that Mattis serves at the pleasure of the president. AP

A6 Tuesday, December 25, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

How much do we really know about Christmas?

T’S Christmas. So forgive us for deviating from our usual editorial topics to talk about this most beloved holiday celebration of Filipinos that Marshall Brain wrote of in his article “How Christmas works”, which was published in the web site howstuffworks.com. The word “Christmas” comes from the words Cristes maesse, or “Christ’s Mass.” Most historians peg the first celebration of Christmas in Rome in 336 AD. According to the book Did you ever Wonder... by Jeff Rovin, the word for Christ in Greek is Xristos. The use of the shortened form “Xmas” became popular in Europe in the 1500s. The word Xmas is so common in advertising most likely because “Xmas” and “sale” have the same number of letters, and “Xmas” is significantly shorter than Christmas. Is December 25 really the day Jesus was born? No one really knows. What is known is that Christian leaders in 336 AD set the date to December 25 in an attempt to eclipse a popular pagan holiday in Rome (Saturnalia) that celebrated the winter solstice. Originally, the celebration of Christmas involved a simple Mass, but over time Christmas has replaced a number of other holidays in many other countries, and a large number of traditions have been absorbed into the celebration in the process. The 12 days of Christmas. The 12 days of Christmas are the 12 days that separate Christmas day on December 25 from Epiphany, which is celebrated on January 6. Depending on the church, January 6 may mark Christ’s baptism (the Catholic tradition), or it may mark the day that the wise men visited the baby Jesus with their gifts. In the past, there was a tradition of giving gifts throughout the 12 days, rather than stacking them all up on the morning of December 25. The song demonstrates that some people once stretched out their gifts (and gave some fairly elaborate gifts...) over the full 12 days. The tradition of gifts seems to have started with the gifts that the wise men (the Magi) brought to Jesus. In the book of Matthew, “On coming to the house they saw the child with His mother Mary, and they bowed down and worshiped Him. Then they opened their treasures and presented Him with gifts of gold and of incense and of myrrh.” However, no one was really in the habit of exchanging elaborate gifts until late in the 1800s. The Santa Claus story, combined with an amazing retailing phenomenon that has grown ever since, has made gift-giving a central focus of the Christmas tradition. Santa Claus. Of course, we know that the Santa Claus legend comes from a real person, Saint Nicolas, a fourth-century Catholic bishop who enjoyed a reputation for generosity and kindness. But the popular view of Santa that we all have today, along with all the crazy things around Santa like the sleigh, the reindeer and the chimney, all came largely from two publishing events that occurred in the 1800s in the United States and one advertising campaign by Coke. Clement Moore wrote The Night Before Christmas in 1822 for his family. It was picked up by a newspaper, then reprinted in magazines, and it spread like wildfire. Moore admitted authorship in 1838. Then, between 1863 and 1886, Harper’s Weekly (a popular magazine of the time) ran a series of engravings by Thomas Nast. From these images come the concepts of Santa’s workshop, Santa reading letters, Santa checking his list and so on. Coca-Cola also played a role in the Santa image by running a set of paintings by Haddon Sundblom in its ads between 1931 to 1964. The red and white suit came, actually, from the original Saint Nicholas. Those colors were the colors of the traditional bishop’s robes. According to a very old tradition, the original Saint Nicholas left his very first gifts of gold coins in the stockings of three poor girls who needed the money for their wedding dowries. The girls had hung their stockings by the fire to dry. The story of Rudolf appeared, out of nowhere, in 1939. Santas at Mongotmery Ward stores gave away 2.4 million copies of a booklet entitled Rudolf the Red-Nose Reindeer. The story was written by a person in the advertising department named Robert May, and the booklet was illustrated by Denver Gillen. The original name of the reindeer was not Rudolf, according to the book Extraordinary Origins of Everyday Things by Charles Panati. The original name was Rollo, but executives did not like that name, nor Reginald. The name Rudolf came from the author’s young daughter. In 1949, Gene Autry sang a musical version of the poem, and it was a runaway best seller. The Rudolf song is second only to White Christmas in popularity. “White Christmas.” The song “(I’m Dreaming of a) White Christmas,” written by Irving Berlin for the movie Holiday Inn (1942) and sung by Bing Crosby, is one of the best-selling songs of all time, which probably is why even Filipinos who live in a tropical country dream of a white Christmas.

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THE ENTREPRENEUR Continued from A1

T looks like the Philippines has weathered the global market volatility. We can safely say that our local stock market has bottomed out—the Philippine Stock Exchange index is now well above 7,000 points—while the peso has appreciated to around 52 against the US dollar from about 54 just a few months ago. The Philippines has overcome the global economic turbulence—from the US-China trade tit-for-tat, the gyration in global stock markets, the series of US interest-rate hikes to the foreign exchange crises in Turkey and Argentina—because the Duterte administration did not waver and kept its macroeconomic fundamentals strong. The inflation rate finally decelerated to 6 percent in November after the government ordered more rice imports to address the supply side problem. Global oil prices, meanwhile, have dropped, with the West Texas Intermediate Crude Oil prices slipping to below $50 a barrel from

nearly $70 in October. The sudden turn of events gives hope that 2019 will be a good year for the economy. We have seen solid corporate earnings in the third quarter that indicate consumer confidence will be stronger in the fourth quarter of 2018 and the first quarter of 2019. Retail sales, for one, are picking up, and I am confident they were higher in the last two or three months of 2018. Sales from the retail operations of SM Retail Inc. grew 11 percent to P227 billion in the first nine months, while the unit’s net income rose to P7.9 billion, from P7.7 billion. Restaurant chain operator Jollibee Foods Corp. booked a net income

Christmas presents

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John Mangun

Lourdes M. Fernandez

OUTSIDE THE BOX

T is always a pleasure for both old and young, opening gifts at Christmas. Honestly, though, for kids and adults alike, deep inside it all comes down to—did you get what you wanted or not.

Santa Claus supposedly runs around delivering gifts and exclaiming “Ho! Ho! Ho!” which apparently is a “deep chuckling sound that comes from the belly.” But we also use that “Ho Ho” thing sarcastically to describe a wanted desire or situation that is not going to happen. When we do not get what we wanted, there is always the consolation that it is going to come next year. Good luck with that—Ho Ho. There is a big group of economic experts out there that has been asking Santa for the same gift for years. Certainly, it is sad to see disappointed faces during this joyous holiday season. It also happened at Christmas 2017. Bloomberg.com ran an article with this headline on January 19: “Big News From China: Its Implosion

Didn’t Happen.” For years we have been told that the Chinese “bubble” was going to burst, and its economy would come crashing down. In 2018 we read these headlines: “China’s economy worse than it seems.” “Why China’s 6.7 percent growth is actually bad news.” “China’s Economy Is Past the Point of No Return.” Everyone is entitled to his own opinion, even about economics. But this is not “Ube ice cream is better than Chocolate.” This is supposed to be “analysis” and examination based on factual data; not personal attitude nor even some sort of economic model. Either these people do not understand the Chinese economic data they are looking at, or it is being interpreted wrongly. If the excuse is that

of P2.03 billion in the same period from P1.61 billion a year ago, up 25.9 percent following the expansion of its store network and contribution from recent acquisitions. Other conglomerates are also doing well. Alliance Global Group Inc., which is into property and the liquor business, reported hefty earnings of P12.1 billion in the third quarter of 2018, up 18 percent from P10.2 billion year-on-year. Conglomerate Ayala Corp., which is into the property and telecom businesses, booked a profit of P23.9 billion in the nine-month period. LT Group Inc., the listed holding company of tycoon Lucio Tan, reported that unaudited net income in the first nine months of 2018 jumped 84 percent to P12.57 billion, from P6.83 billion year-on-year, boosted by the strong performance of the banking and liquor businesses. These conglomerates are selling liquor, tobacco, cell-phone products, grocery items, houses and lots, and fast-food items. Their impressive sales performance and income reports suggest a strong consumer demand despite the high inflation rate in the third quarter of the year. The uncertainty and speculation in the economy caused by rising inflation appeared to have ebbed.

This bolsters my confidence that the economy will perform much better in 2019. The World Bank shares the same sentiment in its latest outlook on the Philippine economy. World Bank senior economist Rong Qian said a strong, consistent delivery of the infrastructure investment agenda while sustaining improvements in health, education and social protection would be key to maintaining the robust and inclusive growth outlook of the Philippines. He said while persistent high inflation might have still tempered private consumption growth in the fourth quarter of 2018, a moderation in inflation in following quarters would be expected to boost consumer confidence and raise private consumption in 2019. The Philippines, he said, remains one of the fast-growing economies in the East Asia and the Pacific region. The Philippine economy did quite well in 2018 considering the volatility in the global markets. I believe it will perform much better this year with government’s resolve to ramp up the “Build, Build, Build” infrastructure program. Happy New Year to all!

The one gift that we all got that no one seems to appreciate—like getting a new pair of socks—is the performance of the Philippine economy. Comparatively speaking, the inflation rate went through the roof, as did the base interest rate. Yet the economy continued to show healthy growth, increasing yearon-year by at least 6 percent for 14 consecutive quarters.

changes in expectations about future economic fundamentals, rather than by changes in current ones. In other words, if enough people think the peso is going to go down, it will. Maybe it’s better to ask for a live pony next year than a dead peso. The one gift that we all got that no one seems to appreciate—like getting a new pair of socks—is the performance of the Philippine economy. Comparatively speaking, the inflation rate went through the roof, as did the base interest rate. Yet the economy continued to show healthy growth, increasing year-on-year by at least 6 percent for 14 consecutive quarters. Note that Thailand’s economy shrank 0.4 percent in the third quarter of 2018. Note also that Indonesia’s economic growth has not been at 6 percent since 2012. So maybe we did not get everything we wanted for Christmas, especially for stock-market investors. Maybe Santa did not leave expensive imported chocolates in our Christmas stocking. But we did not get just a lump of coal, as some people want us to think.

China makes up its own economic numbers just for the heck of it, then all analysis is going to be bogus, so why not just say that. Otherwise, maybe they need to look behind the numbers—assuming the data is accurate—and find out why the Chinese economy keeps rolling along. Another Christmas gift some people were expecting probably got lost at the bottom of Santa’s bag of goodies. It was the gift that the Philippine peso was going to collapse. It is probably sitting next to another present that did not get delivered—the US dollar is going to collapse. Currency movements are almost impossible to predict. That is because recent research supports the idea that exchange rates behave like financial assets, whose price movements are primarily driven by

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

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NEW YORK TIMES

T Mass this Christmas Eve, many Catholics who have spent a year reading headlines about abusive priests, indifferent bishops, predatory cardinals and Vatican corruption will sit and hear the long roll of Jesus’ ancestors with which the Gospel of Matthew begins. “Unless you like stats/just skip the begats,” wrote Jeanne and William Steig in their Old Testament Made Easy. But before he gets to the angels and the wise men Matthew gives us 39 of them, from the famous names (“Abraham begat Isaac...David begat Solomon”) to the rather more esoteric, like Jechoniah, the father of Shealtiel. If you only know the Bible vaguely, this litany of names probably sounds a bit pompous, an attempt to elevate the infant Jesus by linking him to great patriarchs and noble kings. But the truth is roughly the opposite: The more you know about Genesis or Chronicles or Kings, the more remarkable it is that Matthew announced the birth of the son of God by linking him to a pack of egregious sinners. I’m stealing this point from an essay by a 20th-century Dominican priest, the late Rev. Herbert McCabe, which was recently excerpted by the important Catholic Twitter account known as Woke Space Jesuit. Matthew’s genealogy, McCabe writes, link Jesus explicitly to “the squalid realities of human life and sex and politics.” Then he offers examples of just how squalid things got among those long-dead Israelites. Take a line like “Judah begat Perez and Zerah of Tamar.” Just a typical nuclear family, right? Here’s McCabe with the real story: “Judah slept...by mistake, with his daughter-in-law Tamar: She had cheated him by disguising herself and dressing up as a prostitute...[When] Judah heard that his daughter-in-law had prostituted herself and become pregnant, he ordered her to be burnt alive. He was disconcerted when he discovered that he himself had been the client and that the child, Perez, was his.” Or again: “David begat Solomon of her that had been the wife of Uriah.” That “her,” of course, is Bathsheba, upon whom David spied while she bathed and then contrived to marry by murdering her husband; the result of this wickedness was the future King Solomon, “the next in the line of succession,” McCabe notes dryly, “toward Christ our savior.” And David was Israel’s greatest king; the line that follows him in Matthew includes a few decent men but also a collection of tyrants, child-murderers and worse, none of them remotely pious and many actively at war with the prophets sent by God. Crucially, in claiming the divine is entering the world through this line of “murderers, cheats, cowards, adulterers and liars,” Matthew isn’t offering some particularly Christian innovation within the larger biblical story. He’s simply picking up what his own people, the Jewish people, already said about themselves: “We’re the chosen people of the one true God, and to prove it to you here’s a long story about how awful

The case for remaining Catholic in this moment, then, is basically that “all this has happened before and will happen again” —in what G.K. Chesterton once called the “five deaths of the faith,” the moments across two thousand years when every human probability pointed to the church of Rome passing into history, becoming one with Nineveh and Tyre. and promiscuous and murderous and fallible we are, how terrible our leaders often turned out to be, and how we deserved every exile and punishment we received.” If you don’t find that message credible, well, I understand. But if you find it strangely compelling, then you’re close to the case for remaining Catholic at a time when the corruption of the Church is driving a number of very public defections from the faith. I promised to make a version of that case-for-staying-Catholic a few weeks ago, but there isn’t much I could say that isn’t right there in the Christmas-season bridge between the Old Testament and the New, in the history of the Jewish people that Christians claim as their own. The idea that biblical religion has always proposed is emphatically “not” that you can tell whether a people is chosen by the virtue of their leaders. It’s that the divine chooses to act constantly, amid not just ordinary fallibility but real depravity—that strong temptations as well as great sanctity are concentrated where God wants to work—and that the graces that define a chosen people are improbable resilience and unlooked-for renewal, with saints and prophets and reformers carrying things forward despite corruptions that seem like they should extinguish the whole thing. The case for remaining Catholic in this moment, then, is basically that “all this has happened before and will happen again”—in what G.K. Chesterton once called the “five deaths of the faith,” the moments across two thousand years when every human probability pointed to the church of Rome passing into history, becoming one with Nineveh and Tyre. For American Catholics at least, this era feels understandably like another death—in which the saints seem hidden, the would-be prophets don’t agree with one another, the reformers keep losing. And it is all-too-understandable that people would choose to leave a dying Church. But it is the season’s promise, and in the long run its testable hypothesis, that those who stay and pray and fight will see it improbably reborn.

GROUP of port stakeholders has exposed the highly questionable multimillion-peso per container insurance collection by the Association of International Shipping Lines Inc. (AISL) and its attendant inflationary effect on the Philippine economy. Primarily, who is AISL? Based on Internet verification, AISL is an association composed of international shipping lines that are calling at Philippine ports. Incontrovertible pieces of evidence and other information gathered by this writer from various sources showed that AISL has, since the early part of 1990s, been collecting from concerned port stakeholders more or less P25 per container, which amount now increased to P30 per container collected through a highly digitized system to avoid a paper trail. This is how it happens: Before an importer, broker or concerned port stakeholder can pull out from container yards his cargo loaded on the AISL-member shipping line container, he must pay the said amount to AISL. Upon payment of the P30, AISL will issue to the payor a receipt with the following printed words: “Equipment Insurance Clearance.” According to port stakeholders who used containers belonging to AISL-member line, this amount will be used to ensure the return of the container used by a port stakeholder. According to my sources, the

justification for the AISL collection is that there is a need to ensure a subject container from the time when a container leaves any port of the Philippines and terminates when the same is returned at any of the international seaports of the Philippines or to a duly designated place of return. But such an activity requires the authority of a regulatory agency, in this case, the Philippine Insurance Commission. The Commission, acting on numerous complaints from stakeholders, set a hearing on this matter on January 10, 2019, to determine the legality of AISL insurance premium collection. This irregular practice has been a source of irritation for port stakeholders who are complaining about the need for them to pay the insurance premiums of shipping containers that they do not own. For them, it is the obligation of AISL memberlines who owned the containers to pay for the insurance premiums of said containers. Besides, concerned port stakeholders are in doubt as to the personality of AISL to mandatorily impose and collect from them the said amount. For these port stakeholders,

Bloomberg Opinion

EMOCRATS won big in the midterms by promising to protect the Affordable Care Act, but they shouldn’t celebrate just yet. That, at least, is the implication of Ensuring America’s Health: The Public Creation of the Corporate Health Care System, which leads my list of interesting reads this year. This history by

Christy Ford Chapin asks and answers a vexing question: Why does the US, almost alone among developed nations, have such an inefficient, byzantine health-care system that charges exorbitant rates for ever-diminishing coverage? Chapin avoids the usual simplistic explanations, exploring the deep historical roots of the current impasse. She convincingly shows that the US’s predicament is born of politics, not

they are questioning the authority of AISL to impose and collect the said insurance premiums. Based on port stakeholders’ conservative estimate, AISL has already collected since 1995 about P396 million from stakeholders from the Ports of Manila and the Manila International Container Port. The same practice is also being done in other ports, such as Subic, Batangas, Dagupan, Cagayan, Cebu, Cagayan de Oro, Zamboanga City and other major ports, and the amount could run to billions of pesos considering the number of containers and the length of time that it has been going on. With these doubts continuously raised by port stakeholders on the personality and authority of AISL to implement this practice, it is high time for our concerned government agencies to look into this matter and live up to the mantra of this administration to root out corruption and abuses. Reacting on my previous stories on ports irregularities, Atty. Ferdinand A. Naque, national president of the Chamber of Customs Brokers Inc., and Samuel C. Bautista, chief learning officer of the Academy of Developmental Logistics, invited me to a breakfast meeting last Saturday at the Marriott Hotel in Pasay City and promised to provide me with more information about logistics and the movements of containers and its impact on the worsening traffic condition in the metropolis. Bautista had a lot of information but was not ready to provide me with details on the various issues I raised in my column, while Naque, afer introducing himself, just seated himself at another table with his family but did not offer any comment on the issues I raised.

The case for a mixed economy Paul Krugman

NEW YORK TIMES

MIND is a terrible thing to lose, especially if the mind in question is president of the United States. But I feel like taking a break from that subject. So let’s talk about something completely different, and probably irrelevant. I’ve had several interviews lately in which I was asked whether capitalism had reached a dead end, and needed to be replaced with something else. I’m never sure what the interviewers have in mind; neither, I suspect, do they. I don’t think they’re talking about central planning, which everyone considers discredited. And I haven’t seen even an implausible proposal for a decentralized system that doesn’t rely on price incentives and self-interest— i.e., a market economy with private property, which most people would consider capitalism. So maybe I’m being dense or lacking in imagination, but it seems to be that the choice is still between markets and some kind of public ownership, maybe with some decentralization of control, but still more or less what we used to mean by socialism. And everyone either thinks of socialism as

discredited, or pins the label on stuff—like social insurance programs—that isn’t what we used to mean by the word. But I’ve been wondering, exactly how discredited is socialism, really? True, nobody now imagines that what the world needs is the second coming of Gosplan. But have we really established that markets are the best way to do everything? Should everything be done by the private sector? I don’t think so. In fact, there are some areas, like education, where the public sector clearly does better in most cases, and others, like health care, in which the case for private enterprise is very weak. Add such sectors up, and they’re quite big. In other words, while communism failed, there’s still a pretty good case for a mixed economy— and public ownership/control could be a significant, although not majority, component of that mix. My back

How America’s health-care system got broken By Stephen Mihm

Tuesday, December 25, 2018 A7

market forces. This has created a curious hybrid system that has entangled public and private power in ways that work at cross-purposes. The author’s deep, careful research reveals how the medical profession of the early 20th century—working through the American Medical Association (AMA), among other intermediaries—fought against the prospect of corporations controlling the provision of care on the one hand, and the

specter of government control on the other. In seeking to maintain the autonomy of the traditional medical practice, the AMA reluctantly and haltingly embraced what Chapin calls the “insurance company model” of health care. Thirdparty insurers, the AMA concluded, offered the best hope of preserving the traditional model for delivering health care via individual practitioners. As Chapin makes clear, this solution eventually crowded out other ways to

Based on my preliminary research, I discovered the names of powerful personalities actively involved in numerous activities in practically all major ports of the country, particularly on trade facilitation and logistics. They have intricate connections in various departments of the government, including finance, tax collections agencies, trade and agriculture, mining and others. Earlier, Department of Trade and Industry Secretary Ramon M. Lopez has requested the Bureau of Internal Revenue (BIR) to assess and collect the tax liabilities of these unscrupulous violators. At the same time, Lopez asked the Philippine Competition Commission (PCC) to conduct a separate probe based on a joint study by the DTIExport Development Council, the National Competitive Council and numerous complaints by ports stakeholders who discovered the unlawful practice of some shipping lines. Ports stakeholders discovered the unlawful practice of some shipping lines that makes freight cost less transparent in order to benefit the exporters in some countries at the expense of our importers, costing the Philippine economy huge losses annually. Since I started writing irregularities in the ports, I received seven threatening calls warning me to keep my mouth shut. I contacted the deputy NBI director and reported the threats, apart from other threats I received earlier as a result of my hard-hitting articles and the series of books I authored that exposed corruption and other venalities in the previous governments. To reach the writer, e-mail cecilio.arillo@ gmail.com.

of the envelope says that given what we know about economic performance, you could imagine running a fairly efficient economy that is only two-thirds capitalist, one-third publicly owned—i.e., sort-of-kindof socialist. I arrive at that number by looking at employment data. What we see right away is that even now, with all the privatization, etc., that has taken place, government at various levels employs about 15 percent of the work force—roughly half in education, another big chunk in health care, and then a combination of public services and administration. Looking at private-sector employment, we find that another 15 percent of the work force is employed in education, health and social assistance. Now, a large part of that employment is paid for by public money—think Medicare dollars spent at private hospitals. Much of the rest is paid for by private insurers, which exist in their current role only, thanks to large tax subsidies and regulation. And there’s no reason to think the private sector does these things better than the public. Private insurers don’t obviously provide a service that couldn’t be provided, probably more cheaply, by national health insurance. Private hospitals aren’t obviously either better or more efficient than public. For-profit education is actually a disaster area. So you could imagine an economy

in which the bulk of education, health and social assistance currently in the private sector became public, with most people at least as well off as they are now. Then there are other private activities that could plausibly be public. Utilities are heavily regulated, and in some cases are publicly owned already. Private health insurance directly employs hundreds of thousands of people, with doubtful social purpose. And I’m sure I’m missing a few others. By and large, other areas like retail trade or manufacturing don’t seem suitable for public ownership—but even there you could see some cases. Elizabeth Warren is suggesting public manufacture of generic drugs, which isn’t at all a stupid idea. Put all of this together, and as I said, you could see an economy working well with something like one-third public ownership. Now, this wouldn’t satisfy people who hate capitalism. In fact, it wouldn’t even live up to the old slogan about government controlling the economy’s “commanding heights.” This would be more like government running the boiler in the basement. Also, I see zero chance of any of this happening in my working lifetime. But I do think it’s worth trying to think a bit beyond our current paradigm, which says that anything you could call socialist has been an utter failure. Maybe not so much?

structure the provision of health care. Private insurers, working in concert with the medical profession, warded off efforts to fundamentally reform the way that health care was delivered and paid for. Private health insurance became entrenched, and the power of the insurance companies, channeled via the Health Insurance Association of America, began to grow. Chapin deftly shows how health insurers, originally

subservient to the health-care profession, eventually became the masters of medicine. The insurance industry, which had been viewed as the best hope for preserving the autonomy of doctors, began to dictate the terms of care. Yet, as Chapin notes, insurers lacked the power to regulate the supply and demand of medical care, fundamentally constraining their ability to bring market forces to bear on skyrocketing costs.

2nd Front Page BusinessMirror

A8 Tuesday, December 25, 2018

House seen approving resolution calling for reforms in REIT rules

By Jovee Marie N. dela Cruz

@joveemarie

HE House of Representatives is aiming for the passage of a resolution urging the Department of Finance, Bureau of Internal Revenue (BIR) and Securities and Exchange Commission to immediately liberalize the rules and regulations implementing the Real Estate Investment Trust (REIT) Act of 2009. Deputy Speaker Arthur Yap of Bohol, principal author of the House Resolution 2363, said the implementing rules and regulations (IRR) issued by former Finance Secretary Margarito Teves on May 13, 2010, adhered strictly to the provisions of the law. The lower chamber has already passed the resolution on second reading on December 12. It is

expected to be approved on third and final reading when session resumes in January. According to Yap, several property developers like Ayala Land Inc., SM Prime Holdings Inc. and Megawide Corp. were already planning to set up their own REITs. Yap said data from neighboring countries show that their minimum public ownership (MPO) for REITs

33 percent The initial minimum public ownership requirement for REITs under RA 9856

ranges from 1 percent to 30 percent. Almost 10 years after the REIT Act lapsed into law, Yap, former chairman of the House Committee on Economic Affairs, said REITs have been established, with Ayala Land Inc., SM Prime Holdings and Megaworld deferring their investment and opting to wait for a revision of the REIT implementing rules before deciding to invest. Based on a recent study conducted by Ernst and Young, Yap added that there are now 37 REIT markets with a total market cap of approximately $1.7 trillion and the Philippines’s neighbors, such as India, Malaysia, Pakistan, Singapore, Thailand and Vietnam have adopted the same market cap level. “The REIT industry has flourished in Asia and the world such that here are now infrastructure REITs, housing REITs, hospital

REITs, storage REITs, Shariahcompliant REITs and a host of other REITs which have contributed to the economic development of the countries that adopted them,” he said. “If no REIT will list, it would defeat the purpose of the law in spurring development of the capital market and democratization of wealth,” Yap added. In a meeting between Asia Pacific Real Estate Association last year, Yap said the association informed that 20 percent of Singapore’s gross domestic products is based on REIT activities and that in their assessment and the Philippines’s real estate is outstanding, mature and ready for REITs.

Roadblocks to REITs

YAP said the lower chamber’s committee of economic affairs found that there are three main roadblocks to the formation of REITs despite the existence of the law and its IRR: ■ The revenue regulation ruling that the transfers or exchanges of real property shares of stock falling under Section 40 of the National Internal Revenue Code (NIRC) is Continued on A2

CARDINAL TAGLE CALLS FOR YOUTH-FRIENDLY CHRISTMAS SEASON By Samuel P. Medenilla @sam_medenilla

ANILA Archbishop Luis Antonio Cardinal Tagle called for a youth-friendly world in time for the Christmas day celebration on Tuesday. In his 2018 Christmas message, Tagle asked for the forgiveness of the youth, in behalf of their elders, who expose them to “toxic falsehoods, violence, bullying, vice, greed corruption.” He urged the youth to be better than their adult counterparts by letting God in their lives, especially this holiday with the celebration of the birth of Jesus Christ. “… Jesus is the Child is with you. With Him renew humanity, society, religions and creation with love’s pure light, tenderness gentleness,” Tagle urged

@butchfBM

EN. Francis N. Pangilinan called on Agriculture Secretary Emmanuel F. Piñol to focus on providing affordable rice supply instead of alarming consumers over a looming rice price hike next year. In a statement, Pangilinan, chairman of the Senate’s agriculture

committee, cautioned the Duterte administration against using the rice tariffication scheme as an alibi. The senator stressed that the rice tariffication bill, once enacted into law, “should not be used as an excuse to alarm the consuming public about available and affordable rice.” Pang i linan li kened Piñol ’s

LOW PRESSURE AREA 430 KM WEST NORTHWEST OF PUERTO PRINCESA CITY, PALAWAN TAIL-END OF A COLD FRONT AFFECTING CENTRAL AND SOUTHERN LUZON as of 4:00 pm - December 24, 2018

projection to predicting casualties even before a storm could make landfall. “If a storm will hit the country, a leader must tell his people what to do to avoid casualties.” Instead, the senator suggested that Piñol can avail himself of four options, starting with “acting on his mandate as agriculture secretary to make rice farmers more productive

and competitive through cheaper farm inputs and lower rice wastage.” “He [Piñol] should ensure bigger incomes for local rice farmers,” adds Pangilinan. To ensure that rice farmers’ incomes do not go any lower and that revenues from their harvest are not compromised by traders and retailers, Pangilinan prodded the agriculture secretary to “be more vigilant and use his power and authority under the Price Act to ensure that affordable rice is available to the public.” Moreover, Pangilinan pointed out that under the law, the agriculture secretary is empowered to “ensure no overpricing, hoarding, profiteering, delay of importation, and other forms of price manipulation happen with respect to our country’s staple.” The senator stressed that Piñol should also “convince President Duterte and the economic team to suspend the increase in excise tax on fuel due to the Tax Reform for Acceleration and Inclusion [TRAIN)] law as this factors in the transport of rice and other food products like fish [the catch and distribution of which is fuel intensive].” At the same time, Pangilinan reminded Piñol that the agriculture secretary should work on “ensuring that there is sufficient land for agriculture, especially rice.”

Poll. . .

Continued from A1

Globally, New Zealand had the most to gain from migration. It has a PNMI score of 231 percent. It will have a brain gain of 333 percent and youth population gain of 222 percent. Sierra Leone had the lowest PNMI score of -70 percent. It’s brain drain score is 73 percent and will lose 78 percent of its youth population. Ga l lup e x pla ined t hat t he PNMI is measured on a scale of -100, which is the total adult population of the country would leave to infinity, or the potential inf low of adult population to t he cou nt r y i s u n l i m ited and depends on the number of adults who want to move in from

the youth. He said the youth could also rely on God, when faced with a “endless silence” due to oppression and threats from those in power. The prelate said it is during these moments of silence when “crimes and evil deeds are often plotted and executed.” “ The Child Jesus transformed eerie silent nights into holy nights by pouring on us ‘love’s pure light.’ Pure love makes nights bright and holy because it comes from God,” the prelate said. Tagle highlighted “silent” as an allegorical reference to the 200-year-old Austrian Christmas carol “Silent Night.” He also focused his message on the youth as the Catholic Bishops’ Conference of the Philippines declared 2018-2019 the Year of the Youth.

MWSS, NIA team up to aid govt infrastructure projects

‘Piñol should provide rice, not alarm consumers’ T By Butch Fernandez

www.businessmirror.com.ph

HE Metropolitan Waterworks and Sewerage System (MWSS) and the National Irrigation Administration (NIA) have formed an alliance to share their resources in support of the government’s massive infrastructure program. The agreement was signed by Administrators Reynaldo V. Velasco of MWSS and Ricardo R. Visaya of NIA, who both said that the pact is also aimed at solving the water and food security problems of their stakeholders by undertaking joint projects, including flood mitigation to maintain ecological balance and preserving the environment. Velasco said while there is adequate water supply in Metro Manila and nearby provinces covered by MWSS, additional water sources need to be developed to ensure water security. He also bared that of the water supplied to MWSS service areas, 96 percent is sourced from the Angat-Umiray Water system, 3 percent from Laguna Lake and 1 percent from ground water. Except for the Angat-Umiray Water system, MWSS has not developed new water sources for the past few decades. At present, MWSS is implementing several water infrastructure projects, which include the Bulacan Bulk Water Supply Project and other projects collectively called the Angat Water Security Projects. Velasco noted that of MWSS’s 46 cubic meters per second (cms) of water rights, 15 cms is from the NIA’s 36 cms water rights, pursuant to Resolution 03-0188 of the National Water Resources Board (NWRB), leaving NIA with 21 cms equivalent to 1,814 million liters per day (MLD). NIA’s Bustos Dam currently has 600 MLD water capacity, leaving 1,214 MLD that can

be tapped for potable water supply. MWSS recently signed a memorandum of agreement (MOA) with ITP-JV Co. for the conduct of a feasibility study on the possible utilization of the untapped water. ITP-JV Co. has submitted a proposal to extract an average flow of 800 MLD, of which 400 MLD will augment the water supply of Bulacan, and 400 MLD will be used by MWSS. As proposed, the water extraction will be done in two phases: Phase 1, which will extract 250 MLD, will be completed by 2020-2021, while Phase 2, which will extract 550 MLD, will be completed by 2022-2024. This will be the first of the ABC Projects, and will form part of the Angat-IpoNorzagaray Water Optimization Plan. Visaya lauded the plan, saying it manifests both agencies’ support for the “Build, Build, Build” program of the Duterte administration. He added that through efficient par tnerships among government agencies, and between the public and private sectors, the water sources for present and future needs can be developed. The other components of the ABC Projects are the Bayabas Dam Project and the Candaba Multi-Purpose Impounding Dam. The Bayabas Dam Project is located in Doña Remedios Trinidad, Bulacan. The completion of these projects will provide the desired water security level for Mega Manila, at least over the next five to 10 years. For NIA, it will also mean sufficient water supply for irrigation as it fulfills its objective of propelling agricultural productivity, economic growth, and food sufficiency for the Filipino people. PNA

around the world. The Potential Net Brain Gain Index is measured on a scale of -100 percent, or the total population of highly educated residents would leave to infinity, or the potential inflow of this highly educated group is unlimited and depends on the number who want to move in from around the world. It said educated residents are those who have completed four years of education beyond high school or have the equivalent of a bachelor’s degree. The Potential Net Youth Migration Index is measured on a scale of -100 percent or the total aged 15 to 29 of the country’s population would leave to infinity, or the potential inflow of 15 to 29 year olds is unlimited and depends on the number who want to move in from around the world.

“All scores are relative to a country’s population size, and this should be kept in mind when interpreting results,” Gallup said. Results are based on telephone and face-to-face interviews with 453,122 adults, aged 15 and older, in 152 countries from 2015 to 2017. The 152 countries surveyed represent about 99 percent of the world’s adult population. For most countries, aggregated sample sizes (across multiple years of surveys) range between 1,000 and 4,000 interviews. As with any survey-based estimate, the indexes have corresponding margins of error, calculated using the Standard Error of the index. Sample size, size of the country and range in population projection weights affect margin of error of the indexes. Cai U. Ordinario

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, December 25, 2018

PSE to charge fund managers using benchmark index in Q1

By VG Cabuag

@villygc

HE Philippine Stock Exchange Inc. may start charging fund managers that use the main index, the 30-company PSEi, as their benchmark during the first quarter of next year. PSE Senior Vice President and COO Roel A. Refran said the fee will be at 3 basis points, or 0.03 percent equivalent of the amount of the assets under management. “We’ve already told them for just benchmarking, you will not have to

pay, but if you’re processing it for your basket [of funds under management], then that’s when you use the information, that’s when you have to be charged,” Refran said. There are about 15 PSEi-tracking funds at the moment and the PSE is

not charging them, even if the funds themselves are charging the customers a management fee of up to 300 basis points, PSE President and CEO Ramon S. Monzon said. “We’re making reasonable restrictions. I think at first, they were taken aback because that’s previously free. So we told them, you’re using it, for the longest time it’s at no cost to you or to your client,” he said. “Today, data is very valuable information. I’m not curtailing your right to business,” he added. Refran said the PSE did not invent such licensing scheme since other markets in the region are charging all those fund managers that use their benchmark index as their point of comparison of the yield, such as the MSCI index,

which tracks several other benchmark indices or companies. PSE officials said normally, some of the fund managers will just pass the fee on to their customers, but that will be on their own respective policies. The PSEi is the 30-company index composed of some of the country’s most actively traded stocks based on the parameters and methodologies that the PSE itself has created and imposed. To be included in the PSEi, a listed company should rank among the top companies based on liquidity and full-market capitalization. The PSEi members, as well as sector index members, are also required to have a free float level of at least 15 percent.

NEA assigns temporary GM to help stabilize power supply in Palawan

HE National Electrification Administration (NEA) has designated a temporary general manager to beleaguered Palawan Electric Cooperative (Paleco) to help solve the province’s worsening power-supply problem. NEA Administrator Edgardo Masongsong issued an office order on December 10 designating Nelson Lalas as project supervisor/acting general manager (PS/AGM) of Paleco, effective immediately. “In the exigency of the service and pursuant to Sections 4 (e) and (j) of Presidential Decree 269 as amended by Section 5 of Republic Act 10531, Engineer Lalas is hereby designated as Project Supervisor/Acting General Manager of Palawan Electric Cooperative effective immediately,” the NEA office order stated. The designation of Lalas, however, will cease upon the appointment of a regular general manager, which is subject to confirmation by the NEA. Lalas is tasked to manage the day-to-day operations of Paleco to ensure the efficient delivery of electric service to the member-consumer-owners. The NEA intervention comes a month after President Duterte issued a stern warning to local officials to solve the energy issues in Palawan. Duterte gave Paleco until the end of the year to address the frequent brownouts or he would get a new electricity provider for Palawan if the problem persists. Paleco, which has the secondlargest franchise area in the country, provides power to 18 municipalities and Puerto Princesa City, serving a total of 135,284 consumers as of April 2018. Each Paleco consumer experienced an average of 126 power interruptions in 2017, which he said was beyond the NEA standard of 25 interruptions per consumer per year. This resulted in an average of 16 hours of power interruption every month or a total of 187 hours two years ago. Based on the NEA standard, the acceptable frequency of power interruption is 45 hours per consumer per year. “Despite its status as an electric cooperative registered with the Cooperative Development Authority, the NEA will not stand idly by. We will exercise the agency’s inherent jurisdiction over Paleco as it has the technical capability to turn things around in Palawan and for Palawan member-consumer-owners,” Masongsong said. Lenie Lectura

DOTr to sign O&M contract of MRT 3 with Sumitomo soon By Lorenz S. Marasigan @lorenzmarasigan

HE Department of Transportation (DOTr) aims to sign the operations and maintenance contract for the Metro Rail Transit (MRT) Line 3 with Sumitomo Corp. soon, a Cabinet official said. Transportation Secretary Arthur P. Tugade said his group decided to forgo last week’s target signing as the Japanese company sought to move the signing date. “I want to sign that this week, but Sumitomo asked for an extension because they need a clearance from their headquarters. Other than that, there’s no hiccups and hangups for that,” he said in an interview on Friday. Sumitomo, the builder of the train line, was tapped as the operations and maintenance provider for the MRT 3. Its deal, Tugade said, also involves decisions on train deployment, particularly the light-rail vehicles from Dalian. The contract will be funded through an official development assistance (ODA) package from the Japan International Cooperation

Agency (Jica). “The deployment and use of Dalian train is included in the contract. We are finalizing it with Sumitomo, based on their suggestions,” he said. Currently, there are two Dalian train sets deployed in the system, complementing the roughly 16 operational train sets, whose deployment varies per day. To recall, the Aquino administration jump-started the acquisition of new trains for the railway line, and tapped Dalian for the said contract. However, despite its full delivery two years ago, the government decided not to use the trains due to technical issues raised by experts. This year, Dalian agreed to shoulder all costs to solve the issues raised in the independent safety audit and assessment conducted by German company TUV Rheinland. Dalian started working on modifying the weight, signaling and maintenance equipment compatibility of the trains in July with Japanese company Toshiba Infrastructure Systems supervising and evaluating the process to ensure the Chinese company addressed the issues raised.

Property group backs bill to tap ₧270-B housing funds

T NEW HONDA BIG BIKES

Models pose with the newly launched Honda Big Bikes held on Tuesday at the Honda Motorcycle Driving School in Parañaque City. Honda Philippines Inc. (HPI), the No. 1 motorcycle manufacturer in the country, unveiled its newest touring and Roadster Big Bike models, including CB650R, Goldwing and CB100R. ROY DOMINGO

Trump biz takes hit since election

EW YORK—When workers pried the Trump name off another Manhattan building earlier this year, it capped a bad few weeks for the president’s businesses. Donald Trump’s golf resorts in Scotland had just posted millions of dollars in losses, one of his hotels in Panama had rebranded itself a Marriott, and New York officials announced they were looking into how he avoided paying tens of millions in taxes. All that, along with the daily drumbeat of Trump tweets and headlines about investigations into his administration, led Austin, Texas, tech executive Gary Barrett to finally give up hope of ever turning a profit on an apartment he bought as an investment in a Trump tower in Las Vegas. “People with enough cash to buy these units seem to be shying away from the Trump name,” said Barrett, calling it “the Trump effect.” From golf fees and licensing deals to prices for Trump condos, many metrics used to gauge his business in the first two years of his presidency are down as the divisive comments and policies so beloved by his political base have turned off a group just as dear to him—the affluent who fuel his businesses. “He can be very polarizing.... The brand has been diminished,” said Jeff Lotman, CEO of licensing firm Global Icons. New York brand consultant Robert Passikoff puts it more bluntly: “The Trump brand has lost its mojo.”

Though it’s difficult to know just how badly Trump’s privately held businesses are hurting, Associated Press interviews with two dozen club members, condo buyers and real-estate experts suggest the impact has been broad and sustained, with the same political divisions among voters playing out on the links and in clubhouses and condo board meetings. The Trump Organization did not respond to repeated requests for comment, but has said in the past its core operations are strong. From the beginning, though, there were signs that mixing politics and business was backfiring. It started when Trump announced his candidacy in 2015, calling some Mexican immigrants crossing the border illegally “rapists,” and then snowballed the next year following the Access Hollywood tape of his boasting about grabbing women by the genitals. Macy’s and Univision severed ties with his brand, mattress maker Serta stopped licensing his name, Nascar and the PGA booked events that used to be held at his Doral resort in Miami elsewhere, and the TV network that aired his Apprentice—NBC—ended its relationship with him. Then Trump blamed “both sides” at the neo-Nazi rally in Charlottesville, Virginia, in the summer of 2017, and more than a dozen charities and other organizations canceled galas and other parties at his Mar-a-Lago club in Florida. A hotel in the Soho section of Manhattan that had a licensing agreement to use his name took it off its building, following

a decision by one in Toronto to do the same. The revolt has extended to new Trump hotel ventures aimed at those who can’t afford $450 or more to stay at his big-city hotels. Early last year, the Trump Organization announced the rollout of two chains—one midpriced, the other budget—and said it had signed letters of intent for possible deals with more than 20 developers. Today, only one deal, in Mississippi, has been announced. Hotel experts say potential partners don’t want to deal with the controversy the Trump name brings. “In today’s politically charged environment, everyone is cautious,” said Lee Hunter, CEO of consultancy Hunter Hotel Advisors in Atlanta. “You want as many guests staying with you as possible.” Trump’s condos in New York have taken a hit, too. An AP analysis of sales data from brokerage CityRealty shows prices per square foot have fallen in 9 of the 11 Trump-branded buildings in Manhattan in the first 10 months this year after dropping last year, too. Since Trump has taken office, prices have fallen 9 percent on average and are now down to levels not seen in five years. In that time, Manhattan condos overall have risen 29 percent. CityRealty consultant Zach Gutierrez said Trump buildings are suffering partly because they look dated next to all the new luxury buildings that have gone up in recent years. But he added that it doesn’t help that some apartment hunters won’t even consider a Trump building now. AP

HE Chamber of Real Estate and Builders’ Associations Inc. (Creba) has thrown its support to the proposed bill of House Speaker Gloria MacapagalArroyo that seeks to establish a centralized home funding program that allows low-cost socialized housing within the reach of all income-earning Filipinos. C reba Nat ion a l C h a i r m a n Charlie AV Gorayeb said House Bill (HB) 4886 is urgent and necessary had the national government been serious in addressing the country’s 6.57 million dwelling backlog due to lack of housing programs over the years. “To fulfill its constitutional duty to deliver housing for its people, the government must provide affordable and long-term sources of home loans for the millions of homeless Filipinos, especially low-income earners,” he said. Such measure aims to create a Comprehensive Home Financing Program (CHFP) that will make all income earners entitled to fixed, low-interest, long-term housing loans. This whether or not they are members of the Social Security System (SSS), Government Service Insurance System (GSIS) or the Pag-lBIG Fund. Per the HB 4886, CHFP will have an annual budget of P270 billion, of which P25 billion will be sourced through bond investments by the SSS; P25 billion from GSIS; at least P70 billion or all of investible funds for housing from Pag-IBIG Fund; P100 billion from the unused or residual agri-agra funds of banks; and a P50-billion government budgetary allocation to serve the informal settlers’ segment—all with mandatory guaranty cover from the Home Guaranty Corp. The CHFP will be designed only for home-loan borrowers, with no component for development financing, to make sure the funds will be strictly utilized for shelter acquisition of the homeless, the then president said. If passed into law, the bill will amend RA 7835 or the Comprehensive and Integrated Shelter Finance Act (CISFA) of 1994.

Creba National President Noel Toti M. Cariño said that these fund sources have been identified by different existing laws and the concerned agencies’ respective charters. They only need to be integrated for effective administration to socialized and economic housing beneficiaries, he added. Payable up to 30 years, the CHFP loans for residential units in subdivisions or medium-rise condominium buildings shall be P1.5 million and below at 3-percent fixed interest rate for socialized housing, and above P1.5 million up to P3,199,200 at 4 percent for economic housing which shall remain VAT-free. HB 4886 appoints Pag-IBIG Fund to administer the loans with the National Home Mortgage Finance Corp. acting as secondary mortgage institution. All income-earning citizens, who qualify as beneficiaries of the Urban Development and Housing Act and have not acquired housing assistance from any government institution, will be eligible for home credits via the CHFP. Creba’s support to the Arroyoauthored bil l stems from its five-point agenda for housing, a package of suggested reforms collectively designed to accelerate yearly housing output to the level of 500,000 units so as to build a total of 10 million homes in 20 years. “Intensifying housing production is a win-win solution as it creates a wide-ranging economic value chain that positively impacts consumption, jobs and taxes and improves the overall quality of life of people,” Cariño said. During the closing ceremony of its 27th annual convention held in La Union last October, all members and chapters of Creba across the country signed a manifesto urging Congress to pass the bill at once. “HB 4886 is a complete package on its own, and we hope that Congress will steer its immediate passage into law to bring about the urgently needed panacea to our long-standing housing woes,” the two Creba leaders cited. Roderick L. Abad

Companies BusinessMirror

Tuesday, December 25, 2018

PSE STOCK QUOTATIONS

December 21, 2018

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

ASIA UNITED 59.2 59.25 58.05 59.2 58.05 59.2 32170 1897829 1471092 BDO UNIBANK 128.6 129.3 128.1 129.3 127.1 129.3 1417480 182,468,004( 59,110,282.0004) BANK PH ISLANDS 93.85 93.9 92 94.85 91.85 93.85 1564870 146425275.5 -42805115.5 CHINABANK 27.25 27.5 27.55 27.65 27 27.25 17200 471750 -27450 EAST WEST BANK 12.34 12.4 12.4 12.42 12.3 12.4 1225500 15149434 -7873880 METROBANK 81.05 82 81 82.5 80.5 82 4202680 344347607.5 132513421.5 PB BANK 12.2 12.5 12.2 12.2 12.2 12.2 1000 12200 PHIL NATL BANK 42.9 43 43.4 43.4 42.8 42.9 84500 3636985 -1091770 PSBANK 64.5 64.55 64.8 64.8 64.45 64.55 15370 992337 -610502 PHILTRUST 108.2 123 122.8 122.8 122.8 122.8 1200 147360 -8596 RCBC 28.05 28.25 28.3 28.3 27.8 28.05 71900 2012825 -1241045 SECURITY BANK 157 158.5 157.4 162 157 157 503280 80131267 32385996 UNION BANK 63.7 64 64 64 63.6 63.7 15840 1013363.5 -989070.5 BRIGHT KINDLE 1.51 1.53 1.5 1.66 1.49 1.53 975000 1504500 14900 BDO LEASING 2.13 2.19 2.22 2.22 2.19 2.19 112000 245420 COL FINANCIAL 15.7 15.9 15.9 15.9 15.9 15.9 100 1590 FERRONOUX HLDG 4.89 4.9 4.49 5.18 4.36 4.9 1963000 9638350 20000 IREMIT 1.4 1.46 1.45 1.46 1.44 1.46 21000 30430 MEDCO HLDG 0.48 0.49 0.5 0.5 0.49 0.49 943000 466225 MANULIFE 760 825 780 780 780 780 100 78000 -78000 NTL REINSURANCE 0.88 0.91 0.9 0.92 0.9 0.91 375000 340030 -27100 PHIL STOCK EXCH 177.5 178 181 181 178 178 1680 300809 INDUSTRIAL ALSONS CONS 1.25 1.26 1.24 1.26 1.23 1.26 544000 670810 ABOITIZ POWER 34.05 34.35 33 34.4 33 34.35 1229100 41845355 -1615645 BASIC ENERGY 0.239 0.248 0.249 0.249 0.248 0.248 60000 14890 FIRST GEN 20 20.05 20.4 20.4 19.9 20 1614400 32307204 3235680.9999 FIRST PHIL HLDG 64.35 64.85 64.8 64.85 64.35 64.85 67280 4358551.5 976159 MERALCO 389.8 390 389 390 386 390 186580 72576844 24139990 MANILA WATER 27 27.45 27.5 27.5 26.8 27 511600 13740165 4136925 PETRON 8.09 8.1 8.1 8.14 8.07 8.1 1587200 12860759 -74062 PETROENERGY 3.99 4.06 3.95 4.05 3.95 4.05 18000 71600 PHINMA ENERGY 1.17 1.18 1.1 1.21 1.1 1.18 96194000 112333120 -65923430 PH RESORTS GRP 5.64 5.7 5.66 6.3 5.61 5.7 398400 2358120 767987 PHX PETROLEUM 10.64 10.9 10.88 10.9 10.62 10.64 52900 568952 PILIPINAS SHELL 46.7 47 47.05 47.05 46.7 46.7 234700 10991390 -2732900 SPC POWER 5.26 5.27 5.23 5.27 5.2 5.26 67300 352709 1569 AGRINURTURE 17.22 17.38 17.7 17.7 17.22 17.4 469900 8168026 -353608 BOGO MEDELLIN 94 94.45 100 100 93 94.45 900 85628 CNTRL AZUCARERA 16.58 16.6 15.82 16.58 15.8 16.58 15100 245626 CENTURY FOOD 15.4 15.5 15.7 15.7 15.4 15.5 1081500 16700810 -0 DEL MONTE 6.5 6.63 6.6 6.65 6.46 6.5 23200 150726 DNL INDUS 10.38 10.4 10.4 10.4 10.16 10.4 6412400 65935042 -2729872 EMPERADOR 7.1 7.2 7.11 7.23 7.03 7.1 9425700 66914080 -19347561 SMC FOODANDBEV 79.55 82 80 82 79.5 82 140750 11352361 -2713201 ALLIANCE SELECT 1.02 1.03 1.02 1.04 1.01 1.03 2536000 2592860 -91290 GINEBRA 25 25.1 25 25 25 25 7300 182500 182500 JOLLIBEE 302.8 303 305.6 309.8 303 303 659480 201359144 15024970 LIBERTY FLOUR 40.05 57.45 40.05 40.05 35.05 40 2500 99535 MAXS GROUP 10.18 10.42 10.46 10.5 10.16 10.42 285000 2924638 -854812 MG HLDG 0.167 0.178 0.178 0.178 0.178 0.178 300000 53400 PEPSI COLA 1.37 1.38 1.36 1.38 1.35 1.37 1168000 1590000 -1209310 SHAKEYS PIZZA 11.7 11.88 11.44 11.9 11.3 11.88 1446000 17150176 -5807560 ROXAS AND CO 2.03 2.04 2 2.08 1.96 2.04 395000 796400 -40609.9999 RFM CORP 4.7 4.75 4.8 4.8 4.75 4.75 54000 256900 -247300 ROXAS HLDG 2.66 2.76 2.64 2.82 2.62 2.76 68000 185830 55400 SWIFT FOODS 0.126 0.128 0.124 0.126 0.124 0.126 60000 7520 -2480 UNIV ROBINA 128.7 128.8 128.5 129 128.1 128.8 650930 83758923 -27742045 VITARICH 1.96 1.97 1.96 2 1.91 1.97 17569000 34612450 -1983890 VICTORIAS 2.32 2.44 2.32 2.32 2.32 2.32 31000 71920 CONCRETE A 59.1 64.95 59.1 59.1 59.1 59.1 10 591 CEMEX HLDG 1.74 1.75 1.72 1.77 1.7 1.75 23110000 40229800 -26945670 DAVINCI CAPITAL 7.16 7.21 6.83 7.27 6.83 7.16 330700 2375652 EAGLE CEMENT 14.9 15.18 15.02 15.18 14.9 15.18 466100 7011478 3692070 EEI CORP 8 8.05 8.06 8.25 7.99 8 1531500 12264004 -3872785 HOLCIM 5.79 5.8 5.8 5.9 5.79 5.8 458800 2661080 -2636160 MEGAWIDE 18.06 18.08 18.4 18.48 18.04 18.08 4829600 88519802 -4251468 PHINMA 8.1 8.76 8.76 8.76 8.76 8.76 400 3504 TKC METALS 0.83 0.89 0.83 0.89 0.83 0.87 476000 401820 VULCAN INDL 1.7 1.71 1.7 1.72 1.67 1.71 1886000 3209320 275200 CROWN ASIA 1.71 1.78 1.69 1.78 1.69 1.78 153000 270750 -38980 LMG CHEMICALS 4.3 4.35 4.3 4.3 4.3 4.3 158000 679400 PRYCE CORP 5.56 5.67 5.67 5.67 5.67 5.67 14100 79947 -17010 CONCEPCION 37.2 37.8 37.9 37.9 37.9 37.9 1100 41690 GREENERGY 2.01 2.02 2.09 2.09 2 2.02 5256000 10649220 1058850.0001 INTEGRATED MICR 10.54 10.6 10.6 10.72 10.4 10.6 2433900 25601982 3780712 IONICS 1.85 1.87 1.9 1.9 1.82 1.89 419000 775370 PANASONIC 5.86 5.9 5.9 5.9 5.9 5.9 1000 5900 SFA SEMICON 1.39 1.44 1.45 1.45 1.44 1.44 62000 89570 CIRTEK HLDG 32.55 32.8 31.95 32.8 31.95 32.8 1975200 63700280 29250 HOLDING & FRIMS ABACORE CAPITAL 0.62 0.63 0.64 0.65 0.62 0.63 16370000 10374120 99120 ASIABEST GROUP 26.65 26.7 27.3 27.45 26.05 26.7 88200 2344335 52200 AYALA CORP 915.5 918 914 925 906 918 414360 379935720 -51542425 ABOITIZ EQUITY 56.45 56.9 54.35 56.95 53.5 56.9 880460 49708618 17009916.5 ALLIANCE GLOBAL 12.3 12.46 12.28 12.46 12.18 12.46 3625500 44701328 6117778 ANSCOR 6.5 6.54 6.54 6.54 6.5 6.5 5200 33924 9100 ANGLO PHIL HLDG 0.87 0.9 0.86 0.9 0.86 0.9 50000 43790 ATN HLDG A 1.34 1.35 1.34 1.38 1.33 1.35 4170000 5633640 ATN HLDG B 1.35 1.37 1.38 1.38 1.36 1.36 400000 546000 272000 COSCO CAPITAL 6.8 6.82 6.99 6.99 6.77 6.8 2216000 15119361 -3525372 DMCI HLDG 12.64 12.9 12.8 12.9 12.46 12.9 3427100 43513386 2224566 FILINVEST DEV 12.9 12.92 12.42 13.3 11.8 12.92 2984000 38084802 2018474 FORUM PACIFIC 0.205 0.238 0.204 0.204 0.204 0.204 20000 4080 -4079.9999 GT CAPITAL 986 993 955 994.5 942.5 993 111540 109588275 69288610 JG SUMMIT 53.8 54.1 53.8 54.35 52.35 54.1 1289970 69451789.5 -6129158 JOLLIVILLE HLDG 5.7 5.79 5.6 5.88 5.56 5.88 13800 77622 KEPPEL HLDG A 4.75 5.93 4.8 4.8 4.61 4.61 15000 70290 KEPPEL HLDG B 4.74 6.19 6.57 6.57 6.57 6.57 600 3942 LODESTAR 0.56 0.57 0.58 0.58 0.56 0.57 26000 14800 LOPEZ HLDG 4.1 4.15 4.07 4.16 4.07 4.1 8763000 36042370 -3471130 LT GROUP 16.66 16.8 16.78 16.8 16.56 16.8 3411700 57044800 -3500548 MABUHAY HLDG 0.61 0.63 0.62 0.64 0.61 0.63 310000 192630 METRO PAC INV 4.6 4.62 4.62 4.7 4.6 4.6 18144000 84114650 -29512310 PACIFICA 0.036 0.037 0.037 0.037 0.036 0.036 2500000 90900 PRIME ORION 2.51 2.53 2.46 2.56 2.46 2.53 1002000 2543120 -50599.9999 REPUBLIC GLASS 2.5 2.61 2.5 2.6 2.5 2.6 209000 523000 SOLID GROUP 1.3 1.32 1.31 1.32 1.3 1.32 43000 56200 SYNERGY GRID 472 525 470 482 470 482 80 37840 SM INVESTMENTS 929.5 930 930.5 939 930 930 232230 216531685 -71795590 SAN MIGUEL CORP 144.8 145 148 148 144.4 145 678490 98448580 -11143153 TOP FRONTIER 252.6 255 260 260 255 255 3630 927996 -69728 WELLEX INDUS 0.247 0.25 0.249 0.25 0.246 0.247 1950000 482860 PROPERTY ARTHALAND CORP 0.9 0.91 0.9 0.93 0.87 0.9 7465000 6745230 -266990 ANCHOR LAND 11.32 11.5 11.22 11.5 11.22 11.5 13800 157104 AYALA LAND 42 42.05 42.5 42.9 41.75 42.05 9558300 405038180 -66787470 ARANETA PROP 1.69 1.7 1.69 1.74 1.69 1.74 24000 40610 BELLE CORP 2.2 2.25 2.28 2.28 2.19 2.2 7458000 16614470 -14467200 A BROWN 0.83 0.84 0.85 0.88 0.82 0.83 2649000 2239170 CITYLAND DEVT 0.87 0.88 0.87 0.88 0.87 0.88 2000 1750 CROWN EQUITIES 0.248 0.249 0.249 0.25 0.249 0.249 2800000 698350 499000 CEBU HLDG 6.16 6.5 6.4 6.5 5.75 6.5 137600 874427 753389 CEB LANDMASTERS 3.92 3.98 3.98 3.99 3.9 3.98 409000 1611020 -1143560 CENTURY PROP 0.425 0.43 0.43 0.435 0.425 0.43 2290000 982150 -51600 CYBER BAY 0.395 0.405 0.38 0.405 0.38 0.405 130000 50400 DOUBLEDRAGON 18.38 18.44 18.8 18.9 18.36 18.38 330400 6132004 -857518 DM WENCESLAO 7.9 7.95 7.88 7.9 7.8 7.9 352800 2786366 491138 EMPIRE EAST 0.475 0.485 0.48 0.485 0.47 0.485 440000 211000 -97000 FILINVEST LAND 1.43 1.44 1.45 1.45 1.42 1.43 5948000 8474290 -6273160 GLOBAL ESTATE 1.04 1.05 1.06 1.06 1.04 1.06 938000 986620 8990 HLDG 7.8 7.9 7.9 7.9 7.75 7.9 442900 3464012 265460 PHIL INFRADEV 2.26 2.27 2.3 2.3 2.23 2.27 3709000 8357900 11620 KEPPEL PROP 3.88 4.35 3.88 3.88 3.88 3.88 3000 11640 MEGAWORLD 4.79 4.8 4.81 4.82 4.78 4.8 27256000 130873180 -78657430 MRC ALLIED 0.425 0.43 0.44 0.44 0.425 0.425 14350000 6159550 140250 PHIL ESTATES 0.46 0.47 0.46 0.47 0.46 0.47 180000 84000 PRIMEX CORP 3.56 3.58 3.55 3.58 3.54 3.56 220000 781600 -21300 ROBINSONS LAND 21 21.45 20.8 21.55 20.8 21.45 1616800 34433415 5603745 PHIL REALTY 0.43 0.44 0.45 0.455 0.43 0.44 2110000 926050 ROCKWELL 1.99 2 1.99 2 1.99 2 75000 149790 9950 SHANG PROP 3.08 3.1 3.1 3.1 3.1 3.1 16000 49600 -49600 STA LUCIA LAND 1.24 1.25 1.25 1.25 1.24 1.25 314000 391710 100000 SM PRIME HLDG 35.65 35.9 35.3 36.1 35.3 35.9 9486600 339043895 -2839455 STARMALLS 5.87 5.88 5.77 5.9 5.76 5.88 292200 1714772 -9280 PTFC REDEV CORP 38 40 35.25 40 35.25 40 4200 149175 VISTA LAND 5.21 5.25 5.27 5.28 5.21 5.25 1813600 9499325 -5266307 SERVICES ABS CBN 19.94 19.98 19.98 19.98 19.92 19.92 11800 235712 GMA NETWORK 5.43 5.48 5.42 5.52 5.42 5.43 132000 724297 MANILA BULLETIN 0.34 0.36 0.335 0.36 0.335 0.34 260000 92300 GLOBE TELECOM 1937 1950 1947 1977 1935 1950 44905 87632790 -20067930 PLDT 1170 1171 1165 1176 1145 1170 148520 173682775 -36094405 APOLLO GLOBAL 0.042 0.043 0.04 0.042 0.039 0.042 28200000 1143700 DFNN INC 7.24 7.48 7.5 7.5 7.22 7.48 14700 107587 IMPERIAL 1.87 1.95 1.89 1.92 1.88 1.92 30000 56700 ISLAND INFO 0.125 0.127 0.131 0.131 0.124 0.126 10640000 1348550 -51600 ISM COMM 5.87 5.88 5.96 6.01 5.77 5.88 4765700 27984771 -1613940 NOW CORP 3.36 3.4 3.48 3.48 3.3 3.4 1493000 5077700 161760 TRANSPACIFIC BR 0.44 0.445 0.425 0.45 0.415 0.44 56480000 24677000 1026550 PHILWEB 3.09 3.13 3.04 3.18 3.03 3.13 942000 2917830 -1486510 2GO GROUP 14.06 14.18 14.12 14.48 14.02 14.18 356900 5059248 -225920 ASIAN TERMINALS 13.5 13.88 13.5 13.5 13.5 13.5 700 9450 1350 CEBU AIR 71.9 72 73.95 74 71.1 72 519080 37415721 -30455441.5 CHELSEA 6.41 6.42 6.53 6.59 6.39 6.41 1304700 8400085 3205 INTL CONTAINER 101.5 102 101 103.5 100.9 102 857040 87551879 43795000 LORENZO SHIPPNG 0.78 0.8 0.77 0.82 0.77 0.8 184000 146630 MACROASIA 16.5 16.58 16.54 17.02 16.5 16.58 517700 8661622 608596 METROALLIANCE A 2.08 2.09 2.04 2.1 1.95 2.08 486000 993360 PAL HLDG 8 8.32 8.34 8.34 8 8.32 2800 22827 HARBOR STAR 3.05 3.06 3.14 3.14 3.03 3.05 790000 2416120 8790 ACESITE HOTEL 1.43 1.44 1.5 1.5 1.43 1.44 57000 82490 1500 DISCOVERY WORLD 2.15 2.31 2.1 2.31 2.1 2.31 7000 15540 WATERFRONT 0.67 0.69 0.69 0.7 0.67 0.67 1805000 1227360 IPEOPLE 10.5 11 11 11 11 11 300 3300 STI HLDG 0.74 0.75 0.74 0.75 0.73 0.75 8221000 6118310 1297460 BERJAYA 3.93 3.94 3.92 4.07 3.9 3.94 9537000 37829850 -826330 BLOOMBERRY 9.81 9.84 9.61 9.84 9.61 9.84 10602800 103987954 2355343 PACIFIC ONLINE 9.95 10.34 9.89 9.89 9.89 9.89 100 989 LEISURE AND RES 3.54 3.55 3.38 3.83 3.35 3.55 129125000 442622190 -887700 PREMIUM LEISURE 0.83 0.84 0.83 0.86 0.83 0.83 4665000 3895640 84000 TRAVELLERS 5.28 5.3 5.32 5.32 5.26 5.29 161200 850491 -6361.9999 METRO RETAIL 2.48 2.5 2.42 2.54 2.42 2.5 1891000 4722360 1496330 PUREGOLD 42.55 42.7 42.8 42.8 42.5 42.6 1773000 75639810 -28048435 ROBINSONS RTL 79.35 79.5 78.5 79.7 78.5 79.5 113510 9027100.5 1455988.5 PHIL SEVEN CORP 112.5 114 112.1 112.8 112 112.8 220 24762 22520 SSI GROUP 2.43 2.44 2.4 2.47 2.37 2.44 6565000 16008880 -3253990 WILCON DEPOT 12.12 12.4 12.08 12.4 11.9 12.4 1329600 16320674 8608217.9999 APC GROUP 0.415 0.42 0.41 0.42 0.41 0.415 490000 204500 62250 EASYCALL 16.12 16.18 15.5 16.7 15.4 16.12 201500 3224734 1600 GOLDEN BRIA 314.2 325 324.6 325 324.6 325 810 263246 PAXYS 3.18 3.39 3.4 3.4 3.17 3.17 21000 71170 PRMIERE HORIZON 0.325 0.34 0.325 0.33 0.32 0.32 480000 155400 -3250 SBS PHIL CORP 7.65 7.8 7.7 7.9 7.7 7.79 272000 2125283 MINING & OIL ATOK 14.46 15.5 14.56 15.8 14.56 15.76 4000 59152 APEX MINING 1.59 1.6 1.59 1.59 1.58 1.59 557000 882490 -50580 ABRA MINING 0.002 0.0021 0.002 0.0021 0.002 0.0021 31000000 62300 BENGUET A 1.32 1.48 1.42 1.48 1.42 1.48 36000 51760 BENGUET B 1.13 1.35 1.25 1.35 1.25 1.35 74000 97900 COAL ASIA HLDG 0.295 0.31 0.3 0.3 0.3 0.3 20000 6000 CENTURY PEAK 2 2.01 2 2.01 1.98 2.01 1116000 2226250 4019.9999 DIZON MINES 7.03 7.35 7.09 7.36 7.03 7.35 5000 35383 -35383 FERRONICKEL 1.68 1.69 1.69 1.69 1.68 1.69 476000 803750 -334430 GEOGRACE 0.204 0.208 0.205 0.209 0.205 0.209 130000 27020 -2050 LEPANTO A 0.108 0.109 0.105 0.109 0.105 0.108 5130000 548210 LEPANTO B 0.108 0.112 0.103 0.112 0.103 0.112 170000 18700 -2060 MANILA MINING A 0.0065 0.0069 0.0066 0.0068 0.0066 0.0068 6000000 40500 MANILA MINING B 0.0064 0.0078 0.0063 0.0063 0.0063 0.0063 1000000 6300 -6300 MARCVENTURES 1.4 1.42 1.32 1.54 1.3 1.4 9512000 13677660 13700 NIHAO 1.03 1.07 1.08 1.08 1.03 1.07 65000 68320 NICKEL ASIA 2.15 2.19 2.19 2.25 2.13 2.15 6249000 13516800 -2071490 OMICO CORP 0.58 0.61 0.61 0.61 0.61 0.61 26000 15860 ORNTL PENINSULA 0.96 0.97 0.97 1.01 0.95 0.97 644000 633070 1000 PX MINING 2.67 2.68 2.68 2.72 2.62 2.68 795000 2129110 -146170 SEMIRARA MINING 23.5 23.75 24 24.4 23.45 23.5 2569000 60509740 -23620255 UNITED PARAGON 0.0058 0.006 0.0058 0.0061 0.0057 0.0059 31000000 182900 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 31000000 394200 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 200000 2400 PHILODRILL 0.012 0.013 0.014 0.014 0.013 0.013 63000000 832400 PHINMA PETRO 3.19 3.36 3.4 3.4 3.36 3.36 3000 10160 PXP ENERGY 14.5 14.58 14.8 14.8 14.48 14.5 2071600 30237532 -1848468

PREFFERED HOUSE PREF A AC PREF B1 ALCO PREF B DD PREF FGEN PREF G GLO PREF P GTCAP PREF B LR PREF PNX PREF 3B SMC PREF 2C SMC PREF 2E SMC PREF 2G SMC PREF 2H SMC PREF 2I

95.5 447.2 98 97 101.5 463.2 896.5 1.01 102.1 76.15 72.5 73.2 73.25 72.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.58 5.3

97 456 101 98.9 103 480 928 1.02 106 76.2 72.9 73.5 73.5 73.5

97 456 101 98.9 103 480 928.5 1.02 102.3 76.2 72.5 73.2 73.5 73.5

97 456 101 98.9 103 480 928.5 1.02 102.3 76.2 72.5 73.3 73.5 73.5

97 450 101 98.9 103 480 926 1.02 102.2 76.2 72.5 73.2 73.5 73.5

97 456 101 98.9 103 480 928 1.02 102.2 76.2 72.5 73.3 73.5 73.5

150 1300 20 140 60 90 2670 15000 5000 330 7000 700 20000 20460

14550 587130 2020 13846 6180 43200 2475310 15300 511300 25146 507500 51300 1470000 1503810

72500 33810

19 5.37

18.96 5.4

19 5.4

18.8 5.36

19 5.37

745300 31600

14160530 169645

-188040 116045

WARRANTS LR WARRANT

2.02

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.5 XURPAS 1.51

2.05

1.92

2.2

1.92

2.02

1302000

2705500

4.53 1.52

4.4 1.57

4.55 1.57

4.3 1.51

4.53 1.52

454000 8332000

2033160 12792790

-745700

EXHANGE TRADE FUNDS FIRST METRO ETF

112.2

112.5

112.1

112.8

111.8

112.5

3570

400625

90000

Editor: Efleda P. Campos

Sound policies to lure digital firms to invest in Philippines

By Lorenz S. Marasigan

@lorenzmarasigan

HE Philippines stands to attract more foreign direct investments (FDI) in the coming years, should it prove to be a haven with sound regulations and policies for the budding video-on-demand (VOD) sector, an expert said. AlphaBeta Engagement Manager Konstantin Matthies said global VOD players—the likes of Netflix—will invest roughly $10.1 billion in Asia alone by 2022, $4 billion of which will be in the form of FDI. This involves spending on core operations—equipment, trans-

port, catering, marketing and hospitality—that transform into indirect spending and increased employment. However, he noted that countries such as the Philippines should develop sound policies and regulations for the sector in order to attract digital

companies to invest in it. “If putting out regulations that make your market less attractive than the market next door, then that investment will follow the other market and be hurtful to the economy in the long run,” Matthies said in a video conference. He said economies should adopt a “policy of collaborative approach” with VOD players, given the benefits provided by companies in terms of local content spending, international market access, capability building and partnership brokering. There are many good examples of how countries can do this. For example, Taiwan has convened working groups with VOD players and local industry representatives to discuss key issues of concern and how to address them, he said. Matthies added that there should be room for “flexible regulation.”

He said some of Asia’s most successful economies have created thriving digital sectors by simplifying regulation for technology companies and start-ups in the online VOD sphere. “Given the rapidly evolving nature of the VOD industry, it is important to not develop regulations that may become quickly obsolete or are not consistent with the characteristics of the industry,” he said. One key trap to avoid, Matthies added, is to “transplant” regulatory approaches of the traditional television and film industry to VOD, with local content quotas being a prime example. Once these sound policies and regulations are in place, he said a country could benefit from the new players, as they are expected to build and finance production hubs, train people and strike global partnerships.

Nappco tops off 1st real-estate project in BGC

HE Nation Paper Products & Printing Corp. (Nappco) Land Development Corp recently held a topping off of its first real-estate project at the Bonifacio Global City (BGC). “We are very happy that after the launch of this humble project in November 2017, we are now here celebrating the topping off ceremony of the Brilliance Center, our new building,” said Tan Tian Song, Nappco group chairman in a press statement. “We thank everyone involved in this project for making sure that we are on schedule.” To be known as the Brilliance Center, the office is located at the corner of 11th Avenue and 40th Street in BGC. The project is expected to be completed in the second quarter of 2019. Nappco Land Development Corp. President Jimmy Sy said the Brilliance Center project is a milestone for the company and at the same time, their contribution to the greening of the BGC skyline. The Brilliance Center will have a Leadership in Energy and Engineering (LEED) standard. “The Brilliance Center is our first project. We want to make it as perfect

as possible. I believe multinational companies will appreciate the amenities and facilities we have, as well as the LEED standards implemented,” Sy said. Touted as the diamond building, The Brilliance Center will be a gem perched on a prime location along Uptown BGC. Santos Knight Frank Director Ninoy Teo said the location is going to be one of the major advantages of the Brilliance Center. “Its location undoubtedly gives potential tenants great accessibility entering and exiting Fort Bonifacio being one block away from Kalayaan Avenue. The transportation hub, which is a stone’s throw is under construction. The future monorail connecting Guadalupe and BGC and also the first metro subway line BGC station are within walking distance. The bridge connecting Ortigas Center and BGC, which is also very close to The Brilliance Center, will be completed soon. The building’s materials and design show that it is indeed a gem that will last for a very long time,” he said. The 16-story, prestigious office tower will add about 4,800 square meters of office space and 600 sq

NGCP serious vs pilferage By Lenie Lectura

@llectura

HE National Grid Corp. of the Philippines said it takes its anti-pilferage campaign seriously following a court order against an individual who was charged with theft of NGCP tower parts in Bataan. The Regional Trial Court of Balanga, Bataan has ordered Rodolfo Malang, a private lot caretaker from Abucay, Bataan, to pay a fine of P50,000 after the court found him guilty of the storage and possession of stolen steel angular bars, braces, bolts and nuts, and several other tower parts found in the nipa hut he was residing in. These parts were found missing from Tower 85 of NGCP’s HermosaLimay 230-kiloVolt line after an inspection was conducted by NGCP’s security personnel. The accused said the materials found in his possession were only purchased from a junkshop. However, the court said the Anti-Electricity and Electric Transmission Lines/Materials Pilferage Act of 1994 punishes mere storage, possession or keeping of transmission materials without

the owner’s consent. Actual taking or intent to take need not be proved. This law prohibits the illegal use of electricity and theft of transmission lines or materials. “Apart from violating a law, pilfered towers weaken the overall reliability of the power grid and endangers nearby residents should the facility be rendered unstable,” the NGCP said. Violators of the said law can face a similar penalty of paying a fine ranging from P50,000 to P100,000, reclusion temporal, which lasts from 12 years and one day to 20 years in prison, or both, depending on the gravity of the crime. NGCP reiterates its reminder to the public that pilferage or stealing any part of a transmission tower, or the mere possession of stolen tower parts, is a crime punishable by law. It strongly encourages the public to report cases of pilferage or any suspicious activity near or along transmission lines. NGCP is a Filipino-led, privately owned company in charge of operating, maintaining and developing the country’s power grid, led by majority shareholders Henry Sy Jr. and Robert Coyiuto Jr.

m of leasable retail area. The building features insulated glass units to lower energy consumption, highly efficient air-conditioning system, regenerating elevator and water harvesting system to recycle and conserve water consumption. The Brilliance Center will offer coworking spaces similar to interested tenants through the co-

MUTUAL FUNDS

working lease terms. These are usually shorter than those for traditional office, and the design of the spaces usually reflects the young, tech-savvy professionals found within. Sy said this market augurs well with the Brilliance Center’s vision of becoming a place where young and passionate minds meet. Rizal Raoul S. Reyes

December 21, 2018

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 255.46 -11% 1.53% 3.08% -12.87% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4302 -9.76% 7.32% 3.23% -10.43% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.9443 -12.18% 2.88% 1.34% -14.12% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9026 -10.79% N.A. N.A. -11.25% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8323 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.3101 -9.96% 0.46% 2.2% -11.69% MBG EQUITY INVESTMENT FUND, INC. * ****** 120.35 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8446 -13.66% N.A. N.A. -14.92% PAMI EQUITY INDEX FUND, INC.* 49.8659 -9.65% 2.6% N.A. -11.57% PHILAM STRATEGIC GROWTH FUND, INC.* 520.34 -9.86% 1.29% 2.43% -11.58% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2687 -7.72% 2.92% N.A. -9.66% PHILEQUITY FUND, INC.* 37.0576 -7.93% 3.45% 5.02% -9.83% PHILEQUITY PSE INDEX FUND INC.* 5.025 -9.35% 3.31% 4.85% -11.44% PHILIPPINE STOCK INDEX FUND CORP.* 839.43 -9.16% 3.11% 4.97% -11.24% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8692 -8.45% 0.81% N.A. -10.12% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.108 -8.32% 2.74% 3.22% -10.31% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9669 -9.51% 3.1% N.A. -11.56% UNITED FUND, INC.* 3.537 -6.96% 4.32% 4.01% -9.17% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** ● 112.2067 -8.82% 4.27% 6.07% -10.92% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9085 -15.65% 0.91% -0.99% -18.03% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1358 -9.91% N.A. N.A. -10.23% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.663 -9.34% -1.16% -0.96% -10.76% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2168 -8.57% 1.45% 1.03% -9.78% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.5511 -6.7% -1.51% -1.07% -7.9% GREPALIFE BALANCED FUND CORPORATION* **** 1.313 -8.58% N.A. N.A. -9.75% NCM MUTUAL FUND OF THE PHILS., INC* 1.8531 -5.43% 1.36% 2.42% -7% PAMI HORIZON FUND, INC.* 3.5562 -7.97% 0.16% 1.68% -9.24% PHILAM FUND, INC.* 16.0027 -7.68% 0.27% 1.5% -8.86% SOLIDARITAS FUND, INC.* ******** 2.0872 -5.83% 1.6% 2.97% -6.91% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6779 -6.6% 0.99% 1.64% -7.97% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9306 -7.02% 0.32% N.A. -8.79% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03519 -2.63% -0.18% 1.58% -2.52% PAMI ASIA BALANCED FUND, INC.* $0.9341 -10.62% 2.02% -1.22% -10.78% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.3793 -7.23% 2.86% 1.34% -7.48% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0201 -8.11% N.A. N.A. -8.28% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 343.23 1.85% 2.03% 1.84% 1.82% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8569 -1.95% -0.75% -0.53% -1.87% COCOLIFE FIXED INCOME FUND, INC.* 2.967 5.38% 5.34% 5.27% 5.14% EKKLESIA MUTUAL FUND INC.* 2.1301 1.26% 1.49% 1.39% 1.33% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.208 -0.3% 0.07% 0.25% -0.37% GREPALIFE FIXED INCOME FUND CORP.* P 1.5638 -2.86% -0.55% -0.8% -2.84% PHILAM BOND FUND, INC.* 3.9175 -3.25% -0.46% -0.14% -3.27% PHILEQUITY PESO BOND FUND, INC.* 3.5004 0.32% 0.24% 0.38% -0.13% SOLDIVO BOND FUND, INC. * 0.8919 -3.32% -0.91% N.A. -3.39% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7635 -0.55% 0.83% 0.67% -0.49% SUN LIFE PROSPERITY GS FUND, INC.* 1.5381 -0.74% 0.43% 0.19% -0.75% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $448.04 0.57% 2.35% 3.08% 0.47% ALFM EURO BOND FUND, INC. * Є212.71 -0.59% 1.04% 1.58% -0.47% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1247 -0.86% 0.95% 1.88% -0.83% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 - 0.4% 0.82% N.A. -0.4% GREPALIFE DOLLAR BOND FUND CORP.* $1.6887 -4.57% -0.41% 1.11% -4.67% 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* $1.0343 -3.34% -0.43% -2.46% -3.65% PHILAM DOLLAR BOND FUND, INC.* $2.1704 -3.47% 0.95% 2.71% -3.58% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0569737 - 0.74% 0.92% 1.87% -0.4% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8678 -4.68% 0.39% 1.64% -4.81% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.73 2.7% 1.9% 1.55% 2.65% PHILAM MANAGED INCOME FUND, INC.* 1.1805 2% 0.62% 0.49% 2% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2177 2.63% 2.25% 1.56% 2.72% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0154 1.65% N.A. N.A. 1.67% * - 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

Editor: Efleda P. Campos

World Companies BusinessMirror

Tuesday, December 25, 2018 B3

Fund managers see value in Asia debt for 2019 after bad year in ’18 B

BMW faces criminal investigation in South Korea over engine fires

HE Asian dollar bond market is finishing its worst year since 2013. But strong fundamentals in many sectors and expectations for support from policy-makers next year mean there are pockets of value, more investors are saying. Debt buyers are closely watching for any additional credit easing in China, which could reduce funding pressures for some borrowers from the nation, the biggest issuer of the securities. Average yield premiums on Asian US currency high-yield bonds rose last month to the highest since March 2016, according to a Bloomberg Barclays index. “There are quality opportunities because everything has widened out, and we don’t have to take as much risk,” said Elisabeth Colleran, a portfolio manager on emerging market debt at Loomis, Sayles & Co. “The valuations and the fundamentals remain very strong.”

After rate hikes by the Federal Reserve and global trade tensions brought gloom to the Asian dollar bond market this year, the notes may outperform other debt markets in 2019 and deliver gains, according to Colleran. Some investors say the region’s stable macroeconomic and corporate fundamentals make its bonds appealing. The risks haven’t gone away though. Colleran said one of the big concerns is the possibility of increased protectionism. Elections in Indonesia and India in 2019 are also in focus and have the potential to unnerve Asia credit markets if incumbent leaders

don’t win as expected.

More investor views WAI MEI LEONG, portfolio manager at Eastspring Investments Some of the top picks are within the Chinese asset management company industry, where spreads have widened to levels that justify taking risks, particularly because the firms are considered systemically important. Defaults are likely to remain limited to smaller fringe players in some sectors. Loh Jian Wei, portfolio manager at Nikko Asset Management: Expects low single-digit positive returns for Asian IG bonds in 2019, with Asian HY outperforming IG Within China HY, sees more potential for short-dated property bonds than for industrials. Overweight on financial subordinated debt in countries with strong banking systems such as Singapore and Hong Kong Underweight Philippines sovereign and South Korea credits on valuation; neutral Indonesia IG. Jimond Wong, a senior portfolio manager for Asia fixed income at Manulife Asset Management:

More constructive on Asia dollar fixed income for 2019, and prefers going down the credit curve to high yield as the correction throughout 2018 was more drastic there. Sees a slight easing bias in China due to trade pressures and to offset deleveraging policies. Prefers Chinese credits most, likes Indian ones the least. Elisabeth Colleran, portfolio manager at Loomis Sayles: Skeptical on Chinese industrial space as yields have risen a lot and it’s harder to get good information. Sees opportunities in Chinese property bonds and Indonesian high yield, and also value in quality Indonesian corporates, quasisovereigns. Also likes Indian issuers such as clean energy companies after declines. Mark Haefele, CIO, and Min Lan Tan, APAC investment office head, at UBS Global Wealth Management: Expect Asia credit to generate about 3 percent to 4 percent total return in 2019. Short-dated HY Chinese property developer bonds, bank Tier 2 debt and select Chinese state-owned enterprises among picks. Bloomberg News

MW AG is facing a criminal probe in South Korea after investigators concluded the company concealed fire hazards and delayed recalls. South Korea’s transport ministry plans to ask prosecutors to investigate the German carmaker, the ministry said in a statement on Monday. Korea also fined BMW 11.2 billion won ($10 million) for belatedly recalling 22,670 vehicles. The team that’s been investigating the company since August found defects that could cause the coolant to leak and set the engine on fire.

The government and the rich drive electric cars in Dubai

Asia stocks mixed on light volume, US futures up D

SIAN equities were mixed, while US stock futures climbed and the dollar fell as investors weighed news over the weekend that President Donald J. Trump has discussed firing Federal Reserve Chairman Jerome Powell as well as the impact of a partial US government shutdown. The yen pared its earlier advance. Stocks declined in Hong Kong and South Korea, while those in China and Australia rose. US Treasury Secretary Steven Mnuchin attempted to assure financial markets that Powell would not be ousted from the central bank following a Bloomberg News report that said Trump has repeatedly discussed removing him. Mnuchin tweeted over the weekend that he had spoken with the president about the matter and quoted Trump as saying he never suggested firing Powell, nor does he think he has the right to do so. Markets were roiled last week, with Japan’s Topix index and the Nasdaq both spiraling into bear

markets, as Powell played down volatility concerns and pledged to keep shrinking the US central bank’s balance sheet. Concern around Powell’s future added to uncertainty at the end of a tough year just as holiday-related market closures crimp volumes. On top of that, the US government shutdown looks set to last past Christmas as negotiations between Democrats and the White House continue over Trump’s demand for border wall funding. Trump has discussed firing Powell many times in the recent days as his frustration with the central banker intensified following Wednesday’s interest-rate increase and intensifying stock market losses, according to four people familiar with the matter. Advisers to Trump have discussed setting up a meeting between Trump and Powell, the Wall Street Journal reported, citing a person familiar with the matter. “It would be extremely damaging for the President to carry

through on his vague inquiries about whether or not he can fire the head of the Federal Reserve,” Stephen Davies, CEO and cofounder of Javelin Wealth Management, told Bloomberg TV in Singapore. “That will do market confidence no good whatsoever.” Meanwhile, in China, top policy-makers said they’ll roll out more monetary and fiscal support in 2019, ratcheting up the targeted stimulus of 2018. These are the main moves in markets:

Stocks AUSTRALIA’S S&P/ASX 200 Index closed 0.5 percent higher. Hong Kong’s Hang Seng slid 0.4 percent. The Shanghai Composite was flat. South Korea’s Kospi index fell 0.3 percent. Futures contracts on the S&P 500 rose 0.6 percent. The S&P 500 Index fell 2.1 percent on Friday, while the Nasdaq composite was off by 3 percent that day. Futures on the UK’s FTSE 100 Index lost 0.5 percent.

Currencies THE yen rose 0.1 percent to 111.10 per dollar. The offshore yuan gained 0.3 percent to 6.9019 per dollar. The euro bought $1.1389, up 0.2 percent. The pound gained 0.3 percent to $1.2662. The Bloomberg Dollar Spot Index slid 0.2 percent.

Bonds THE yield on 10-year Treasuries ended on Friday at 2.79 percent, while the spread over the two-year rate last week narrowed to less than 15 basis points. The cash market for Treasuries is shut until London opens because of a holiday in Japan, while the US government’s final week of auctions for 2018 gets underway later in the day. Australia’s 10-year bond yield fell three basis points to 2.36 percent.

Commodities WEST Texas Intermediate crude added 0.4 percent to $45.79 a barrel. Gold rose 0.5 percent to $1,263.40 an ounce. Bloomberg News

Top fund proves value investing works in China with 159% return

ALUE investing is proving to be a profitable strategy in one of the world’s worstperforming stock markets, where a gush of momentum-chasing retail money has created boom-bust cycles. The $442-million Bank of Communications Schroder Alpha Core Mixed Fund, which focuses on picking out bargain stocks in China’s onshore market, has returned 159 percent over five years. That’s more than triple the total return by the CSI 300 Index of Shanghai and Shenzhen-traded shares. The fund, managed by He Shuai, has beaten all its peers in that period, according to data compiled by Bloomberg. He relies on proprietary research to look for companies with sustainable business growth and earnings models. Limited information and research coverage leaves many stocks off investors’ radars,

he said, declining to comment on specific companies, citing market regulation. “The foremost thing is to think independently, and never follow the crowd,” He said in an interview at Bloomberg’s Shanghai office. “I will find stocks that are mispriced because of the information gap.” It hasn’t been a good time for value investors in developed markets. Money managers deploying the strategy have been closing down as so-called growth stocks take over their inexpensive peers. In China, where capital controls remain and retail investors make up about 80 percent of trading volume in the stock market, speculative money has created large swings like the epic market bubble in June 2015. While He looks for hidden gems, he has invested in widely held stocks, as well. The fund held shares of liquor distiller giant Kweichow

Moutai Co., before selling out in the first half, Bloomberg portfolio analysis show. Moutai is among stocks most traded by foreigners via a trading link with Hong Kong, and covered extensively by domestic and foreign brokerages. Moutai fell 19 percent this year through last week, among the biggest drags on the Shanghai Composite Index. The equity gauge has lost 24 percent in 2018, as the US-China trade spat, an economic slowdown and weaker currency rattled investor nerves. He’s fund has slipped less than 1.5 percent, however. The Shanghai gauge retreated 0.2 percent as of 9:41 a.m. local time on Monday. The top 10 holdings in He’s fund as of September 30, accounting for almost half its weight, rose an average 7 percent this year, according to data compiled by Bloomberg. Half of those companies have no

foreign analyst coverage tracked by Bloomberg. While He focuses on bottom-up approach, he prefers technology, consumption and health-care services firms due to their sustainable demand and consumption exposure. Over five years, the fund has beaten all onshore peers with minimum assets of 1 billion yuan ($145 million), three years of history and at least half their portfolio invested in A shares, according to Bloomberg data. Not all bets played out well. One of the fund’s top holdings Meinian Onehealth Healthcare Holdings Co. has plunged 22 percent this year amid allegations relating to labor disputes and misdiagnosis. Another top holding, Changchun High & New Technology Industries (Group) Inc., has also fallen amid a vaccine scare. Bloomberg News

The move threatens to prolong the Munich-based company’s woes in a country where there have been nearly 40 cases of BMW fires reported this year. The carmaker, which has recalled 1.6 million vehicles worldwide over the issue, has seen its sales in Korea fall about 10 percent during the first 11 months of the year as videos went viral of the luxury cars being engulfed in flames. BMW’s Korea branch apologized in a statement released after the announcement and said it will cooperate with ongoing investigations. Bloomberg News

UBAI has ambitious goals for electric cars. Early adopters get free parking, no tolls and discounts on registration fees. Even the power is gratis at the 200 charging stations the government installed throughout the city. The trouble is the public is just fine without them. The biggest buyer of electric vehicles is the government itself, dealers say, with hundreds sold in bulk to local authorities over the past few years. The few others spotted speeding up Dubai’s highways tend to be Teslas, which start at 335,730 dirhams ($91,400). Expats will splash out in this relatively low-tax city, but they often go for flashy sports cars. The economic benefits of ownership aren’t strong in the United Arab Emirates, which has some of the most affordable gas prices in the world and some of the hottest weather. It costs about $41 to fill a 16-gallon tank of gasoline in Dubai, compared with about $50 in the US or $125 in Norway, where plug-in hybrid and electric vehicles have boomed faster than anywhere else. Air-conditioning—essential when the temperatures are regularly above 110 degrees in the summer—will drain an EV battery, decreasing the range. “Unless you get someone who’s really into looking after the environment, to get the consumers into those vehicles, there’s not a lot of incentive,” said Bill Carter of Autodata Middle East, which provides data and valuation in the local industry. Daily commutes in Dubai commonly involve a highway that stretches to 16 lanes in some areas. “The highways in Dubai and the UAE can be a little bit intimidating, so people here opt for bigger cars,” said Karim El-Jisr, executive director of the Dubaibased SEE Nexus Institute, which advises cities on sus-

tainable development. “If we want to accelerate the uptake, we need a wider range of electric vehicles to satisfy tastes and wallets.” Alf Ellefsen, a consultant in Dubai who drives a Jaguar, talks to his sister in Norway about her electric car. “It costs them close to nothing to run,” he said. “Here, you can buy a huge car for half the price that you can in Norway, and running it is like a [quarter] of the price. So why would you pay extra for an electric car?” Still, the government estimates it could accommodate 32,000 electric vehicles on the road by 2020, if only car companies would offer suitable models for sale in the emirate of 3 million people. “Even today, if we give every incentive you can think of, there aren’t cars available,” said Faisal Rashid, a director at the Dubai Supreme Council of Energy. He says they regularly raise the supply issue with local car dealers. There are about 4,000 hybrid and electric vehicles on the road now in Dubai, including fewer than 1,000 fully electric vehicles, he said. There’s a “soft” target of 10 percent of all vehicles in Dubai to be electric by 2030, he said. When Renault started selling its electric Zoe three years ago, its first customer was the Dubai Electricity and Water Authority, followed by the Dubai Police and other utility and government agencies. “On the retail side, we haven’t seen the same success,” said Salah Yamout, director of sales and marketing at Arabian Automobiles Co., which sells the Renault brand here. Tesla declined to provide sales figures for the region. But the company is taking reservations for the lower-priced Model 3 sedan and expects to deliver next year. The Road Transport Authority, which oversees the roads, public transportation and taxis, has said it will buy 200 Teslas to integrate into its fleet of 5,000 vehicles. Some of the first electric-car chargers were installed in 2015 at Dubai Sustainable City, a 5-million-square-foot development designed to showcase the best practices for a modern, eco-friendly city. Among the town’s 2,700 residents, El-Jisr said, there are about 15 Teslas and no other electric vehicles. Two of those Teslas belong to Fiona Brenninkmeijer, who ordered them right when Tesla opened its service center and showroom in the region in July 2017. “I think they didn’t believe their luck,” she said of the salesmen. Bloomberg News

B4 Tuesday, December 25, 2018

ANCHOR LAND DONATES MOBILE CLINIC FOR CANCER SCREENING IN METRO MANILA

L 2018 M.A.P. MANAGEMENT MAN OF THE YEAR

Fernando Zóbel de Ayala (in photo, center), president and chief operating officer of Ayala Corp., was recently awarded the Management Association of the Philippines (MAP) Management Man of the Year 2018. Zóbel de Ayala was awarded, among others, “for helping steer the Ayala Group to being consistently ranked by the global investor community as among the best in the Philippines for management excellence, corporate governance, sustainability and people management”. On hand in ceremonies held at The Peninsula Manila were (from left) lawyer Michael T. Toledo, MVP Group Media Bureau managing director; former BPI President Aurelio R. Montinola III, MAP Management Man of the Year judging committee chairman and 2012 MAP Management Man of the Year; Maynilad President and Chief Executive Officer Ramoncito S. Fernandez, 2018 MAP president; and Convergys Philippines Chairperson Marife B. Zamora, 2017 MAP president.

CRISPY FRY FEATURES BRAND NEW MIX

EXT to chicken, fish is the second frequently cooked fried dish in Pinoy kitchens. Just on time for the holiday season, market leader Crispy Fry recently introduced its fish-breading mix in a fun-filled family event in Greenhills, San Juan City. Members of the media and their loved ones were treated to an exclusive screening of the acclaimed Aquaman movie at the Promenade Mall on July 16. Crispy Fry fish-breading mix makes fish tastier and crispier because of its expertly blended seasonings, spices, flour and breadcrumbs. Moreover, a coating of Crispy Fry helps eliminate fishy stench and lessens oil splatters while frying. “We’ve found a way to make frying fish hassle-free while still giving you the deliciousness you have all grown to love from the brand,” said Crispy Fry brand executive Justine Pasco. Celebrity endorsers Donna Cruz-Larrazabal

and her son Gio made a special trip from Cebu to join the fun day hosted by Ajinomoto Philippines Corp. Families were asked to perform the new tagline “Basta Fried Chicken at Fish, i-Crispy Fry!” The winning team got to perform with Donna and Gio to the delight of the participants. For the singer-actress, family comes first— playing loving wife to husband Yong and doing mom to Gio, Cian and Belle—to the fullest. She admits she loves cooking for her family and is thrilled to be endorsing Crispy Fry together with her kids. “The brand always comes out with new quality products to expand the choices we can serve to our family,” she said. With the family around, there really are countless ways to enjoy simple moments like eating, playing, watching movies or even working around. Ajinomoto, for years, aspires to make mealtimes delicious, healthy and enjoyable through its quality products and services.

ISTED property developer Anchor Land donated a mobile clinic to the Philippine Cancer Society (PCS). The mobile clinic is considered a valuable addition to PCS’s mobile cancerscreening facilities, which will target small barangays across Metro Manila, promoting cancer awareness and early cancer-detection services. Anchor Land President Elizabeth Ventura leads the turnover of the mobile clinic. Also present in the event were PCS board of trustees officer Dr. Kelly S. Salvador, PCS board of advisers member and Best Dressed Women of the Philippines Event chairman Consul Helen M. Ong, PCS executive directors Dr. Rachael Marie B. Rosario and Jayelles President, and Best Dressed Women of the Philippines Public Relations and Operations chief Roselle Rebano. “InlinewithAnchorLand’scommitment to caring for the communities where we build our residential projects, we hope to contribute in raising awareness of different kinds of cancer and providing easy access to health facilities for the impoverished families in the communities here in Metro Manila,” Ventura said. The mobile clinic will carry the

equipment necessary for cervical- and breast-cancer screening. It will offer the single-visit approach through the visual inspection of acetic acid wash with cryotherapy, clinical breast exam and a 30-minute lecture on cancer in women. “The mobile clinic donated by Anchor Land will allow us to reach the communities that are difficult to penetrate due to narrow

roads and alleys. With the size of this bus, we can screen three times more than the number of patients we used to serve,” Dr. Salvador said. In the long run, Anchor Land’s mobile clinic will enhance detection of different kinds of cancer at early stages, and provide fast treatment to those patients afflicted with cancer of the breast, cervix and ovary.

TOAST TO A NEW YEAR AT MARCO POLO ORTIGAS MANILA

HIS season of new beginnings, spectacular v iews are front and center as high hopes and the excitement goes up. Marco Polo Ortigas Manila brings a new high-life experience at the Continental Club lounge and Vu’s Sky bar and lounge. Enjoy a dinner with a ringside view of the city’s fireworks at the Continental Club lounge. The lounge welcomes guests with a special spread from 8 to 11 p.m. At midnight watch the fireworks paint the sky in vibrant colors, and toast with family and friends at P3,000 per person. The clock ticks ever so steadily toward 2019 at Vu’s Sky bar and lounge with The Royal Countdown! Raise teacups of bubbly champagne to the

magical year that was and has, yet, to be at the hotel’s topmost level. A full experience of gastronomic dishes with a wide array of drinks awaits guests, with crowd-favorite R ea l Groove ba nd taking the stage from 9:30 p.m. onward. A cover charge of P1,500 per person includes one welcome drink upon arrival. Tables are available for reservations for both The Continental Club lounge and Vu’s Sky bar and lounge via (02) 720-7720 or e-mail at restaurant.mnl@

marcopolohotels.com. For more information about Marco Polo Ortigas, contact (632) 720-7777, or book online via www.marcopolohotels.com or e-mail at manila@marcopolohotels.com.

CELEBRATE THE HOLIDAY SEASON AT MÖVENPICK HOTEL MACTAN ISLAND CEBU

U.P. JUNIOR MARKETERS LEADERSHIP AWARDEE FOR 2018 Lawyer Michael Toledo, managing director of the MVP Group Media Bureau, chief operating officer of Silangan Mindanao Mining Co. Inc. and senior vice president for public and regulatory affairs of Philex Mining Corp., was the leadership awardee of the Junior Marketing Association of the University of the Philippines Diliman for 2018. Toledo received this distinction in ceremonies held at the Manila Polo Club. The award was given as part of the commemoration of the 60th year of the pioneering organization.

IT’S A BEARY MERRY CHRISTMAS AT SM NORTH

‘S Y

OUR favorite cute bears Grizzly, Panda and Ice Bear enliven the newly opened North Towers on December 14. With over 60 tenants and lifestyle concepts, SM’s new retail space will provide customers with bolder dining, fun, and everyday celebrations to explore and discover. North Towers will also complete the story of North Edsa as a complex and will carry large-scale dining buffets

and hotpots, art exhibits, food events and a chapel. SM’s newest lifestyle hub features an art walk showcasing creative panels and murals painted by today’s most sought-after young artists. From December 14 to January 31 the wing will be home to the We Bare Bears for a “Beary Merry Christmas” as Grizzly, Panda and Ice Bear celebrate Christmas at SM Supermalls.

EA is the season” to get together with colleagues, families and friends! Make lasting moments and memories from sharing the joys of sun, sand and sea to sampling gustatory delights at Mövenpick Hotel Mactan Island Cebu. The hotel offers festive packages for all corporate events and social gatherings. Aside from innovative and effective solutions from menu to venue, guests have the option to choose between an enclosed space and an idyllic outdoor space, which offers limitless opportunities. Whether it’s an intimate gathering or a lavish affair, the dynamic events team can personally look into your requirements and provide wellcurated packages that can accommodate

any scale and preference. Cebu locals and visitors who feel the call of the beach can visit the hotel for some splash and fun. The day-tour package gives guests the privilege to enjoy the hotel’s pristine white sand beach and pool from 8 a.m. to 8 p.m., complemented by a filling option of a breakfast, lunch or dinner. The Cabanas are a perfect addition to your holiday, so you could enjoy exclusivity and take delight in some indulgences with friends and loved ones. Rental is offered to in-house and walk-in guests. You can choose from any of the Cabana rooms, which vary in size and amenities, such as the jacuzzi. This dedicated area is great for groups and couples who are looking for

comfort, relaxation and a secluded space where they can rest in complete privacy. Each package gives two persons four hours of exclusive rental of one Cabana, plus access to the hotel’s swimming pool and beach. The rental package also comes with a beach kit with sunblock lotion, cold towel, beach towel, toilet and bath amenities and Ibiza pastillas, the hotel’s very own sweet treat. Travelers may also book the room packages offered this season through www. movenpick.com/cebu. Special benefits and privileges are offered to guests who book directly through the web site. For more information and for table reservations, e-mail at hotel.cebu@ movenpick.com.

Sports BusinessMirror

| Tuesday, December 25, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

SCANDAL& JUSTICE Standing in a Michigan courtroom in January, women and girls sexually abused by Larry Nassar confronted the former Michigan State University and USA Gymnastics doctor, and over seven draining days detailed the devastating effect the molestation had on their lives.

By Will Graves The Association Press

NE by one they came forward, more than 150 in all. Fearful yet defiant. Vulnerable but resolute, buoyed by the hope of catharsis and the promise of justice. Standing in a Michigan courtroom in January, women and girls sexually abused by Larry Nassar confronted the former Michigan State University and USA Gymnastics doctor, and over seven draining days detailed the devastating effect the molestation had on their lives. The #MeToo movement reached the sports world in 2018 with a scandal that reverberated not just in locker rooms and gyms but in courthouses, in boardrooms and at kitchen tables. The sight of women being not just heard but believed—combined with other breakthroughs for female athletes in the fight for fair treatment—created a sense of real momentum in sports over the past year. Female athletes “are taking control, and that’s what it’s all about,” tennis star Serena Williams said. “Taking control of who you are.” While 2017 brought the downfall of TV personalities Matt Lauer and Charlie Rose and Hollywood mogul Harvey Weinstein, a scandal in the sports world that had been brewing for a few years blew up in 2018 into shocking front-page news. Nassar was sentenced to 40 to 175 years in prison in a case that has had widespread and devastating fallout. Michigan State agreed to settle victims’ lawsuits for $500 million. The university president lost her job and was charged with lying to police. Others at the school or at gymnastics’ national governing body, USA Gymnastics, also face charges. And the future of the organization is in limbo. Jordyn Wieber, a member of the gold-medal 2012 Olympic gymnastics team, planned to detail her allegations against Nassar quietly in a lawsuit. Yet, as she watched other victims share the most difficult memories of their lives in open court, with their tormentor 20 feet away and a TV camera broadcasting it to the world, Wieber decided to testify, too. “I saw this effect and this power we as Olympians had by using our voice,” the 23-year-old Wieber told The

THE shadows of Michigan State University students appear on “the rock” in the university campus, which was painted “Thank You” and includes the names of the women who gave victim impact statements during the Larry Nassar sexual assault sentencing hearing in East Lansing, Michigan, in January this year. In the same month, Morgan McCaul gets hugs from other survivors after making her victim impact statement about Nassar in the court of Judge Rosemarie Aquilina. AP

PUTIN: STATE’S NOT INVOLVED

USSIAN President Vladimir Putin has said the situation his country finds itself in regarding antidoping “is our own fault because the doping abuse did take place,” but he again denied the attempts to cheat the system were state-led. According to Russian state news agency TASS, Putin made the comments during a press conference in which he also said the work in the fight against doping has been “enormous” and that in the battle against cheating Russia had “failed.” The Russian Anti-Doping Agency (Rusada) was suspended in 2015 when allegations of state sponsored doping emerged, while many athletes were barred from competing at Rio 2016. The Russian Olympic Committee (ROC) was then suspended for the Pyeongchang 2018 Winter Olympics earlier this year and forced to compete under a neutral banner by the International Olympic Committee. The country was accused of widespread and systematic rule violations including swapping positive samples for clean ones at their home Sochi 2014 Winter Games. Both suspensions against the ROC and Rusada have now been lifted, with officials from the World Anti-

Doping Agency (Wada) finally gaining access to the Moscow Anti-Doping Laboratory this week to collect what is thought to be vital evidence. Discussing the topic in his press conference, Putin appeared to admit widespread doping did occur, but denied any of it was state-led. “Firstly, it is our own fault to a great degree that we ended up in this situation,” TASS quote him as saying. “It is because the doping abuse did take place.” He added, though, “that some are trying to impose on us the idea that any cheating was run by the state.” The other thing is that attempts are under way to impose a thesis on us that it was done at the state level, but this is not so—it has never been so and will never be so,” he said. “The work on the fight against doping has been enormous, but the problem is not solved completely.” Putin went on to add that the “organizations and state structures” put in place to fight doping in Russia had “failed.” “We must be thinking not only about results, which are interesting and important, but about the health of our athletes as well,” he said. “But since these facts did take place, we must admit them and say that it is our fault. “It means we failed to properly organize the work on

the fight against doping. “This is the fault of organizations and state structures, which had to do it in the best way.” The Wada experts currently in Moscow are collecting data on doping sample analysis on Russian athletes from 2011 to 2015. The data from the Laboratory Information Management System is thought to be crucial in the fight to catch more cheats. As part of their reinstatement criteria, Rusada were told they must grant access to the laboratory by December 31. While that has now happened, critics fear any damning evidence that was once inside may have been either destroyed or tampered with. In his press conference Putin said he hoped the visit could eradicate “the element of politicization, which does exist” on the matter. Two Olympic champions and three other weightlifters, meanwhile, have been provisionally suspended after retests on their urine samples from the 2012 London Games were shown to be positive for banned substances. The International Weightlifting Federation (IWF) announced adverse analytical findings for Ukraine’s Oleksiy Torokhtiy, who won gold at London in the

105-kilogram category, and Uzbekistan’s Ruslan Nurudinov, who won gold in the 105-kilogram category at the 2016 Rio Olympics. The IWF said retests also came back positive for Azerbaijan’s Valentin Hristov, who took bronze in the 56-kilogram class at London, Armenia’s Meline Daluzyan and Mikalai Novikau of Belarus. “The International Olympic Committee is responsible to decide about any consequences relating to the athletes’ participation in the 2012 London Olympic Games,” the sport’s governing body said on its web site on Sunday. Insidethegames. biz and AP

VLADIMIR PUTIN: Some are trying to impose on us the idea that any cheating was run by the state. AP

Associated Press. “I felt really responsible to do that. If I could do one small thing in the world of gymnastics, the world of sports, this was it. I knew it wasn’t going to be easy, but I felt like it was worth it.” The young women also played a role in trying to hold USA Gymnastics and other organizations accountable for the way Nassar’s abuse went unchecked for decades. When USA Gymnastics continued to use the Karolyi Ranch training center in Texas even after victims told of how they were abused by Nassar there, reigning Olympic champion and Nassar victim Simone Biles went on Twitter to ask why. The organization announced almost immediately it was leaving the facility. Biles took then-USA Gymnastics President Kerry Perry to task in August for not speaking up to outline a way forward for the embattled organization. Perry resigned less than a month later. “The fact Simone is able to effect the amount of change she’s been able to is a testament that athletes are starting to have a little bit of power,” said former gymnast Rachael Denhollander, who filed a criminal complaint against Nassar in 2016. The year 2018 also saw the swift downfall of former Carolina Panthers owner Jerry Richardson—who sold the team and was fined $2.75 million by the NFL after he was accused of sexual harassment—and the continued pursuit of equal treatment of women in sports like tennis and soccer. The French Open angered some in May when it declined to seed three-time winner Williams following a 14-month break from tennis in which she gave birth to a daughter. Last week, the women’s tennis tour announced that starting in 2019, players coming off maternity leave or major injury may use a special ranking for up to three years upon their return. “Serena is mainly responsible for bringing that issue to the forefront: Should you be treated the same for pregnancy as you are if you miss time with an injury?” tennis Hall of Famer Chris Evert said. The new rule “obviously was an advancement in the women’s game.” The push by female athletes to transform their sports wasn’t limited to the US. The South Korean women’s curling team that won a surprise silver at the 2018 Olympics came forward in November to complain of verbal and psychological abuse by their handlers, a pattern that included withholding prize money and threatening to bench the captain after learning she wanted to start a family. The handlers admitted to some of the allegations but denied others while resigning under pressure this month. And members of Argentina’s women’s soccer team used social media to express mounting frustration over unequal treatment, including being barred from the training complex traditionally reserved for the men and receiving minimal financial support. Argentine soccer officials relented, allowing the women to work out at the same facility as the men. “Teams are standing up and saying—and it’s South America, it’s Africa, it’s Europe—’This isn’t good enough, this isn’t right,’” said two-time Women’s World Cup champion-turned-TV analyst Julie Foudy. As for the effect on the world outside sports, Denhollander, who is now a lawyer, said prosecutors have told her about a spike in the number of abuse victims from other walks of life coming forward since Nassar’s sentencing. Still, she cautioned that the Nassar case was just one battle in a continuing fight. “The cultural impact is huge,” Denhollander said. “The personal impact, feeling like they can finally tell someone, that’s huge. On the flip side, there’s a danger of feeling like we’ve accomplished more than we really have.”

Tuesday, December 25, 2018

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The defiance of Mariah’s lambs

a cumulative $60,000 in tickets and merchandise. Fans like Luke routinely pay $1,000 for a brief encounter and photo opportunity with Carey after her concerts. It does add up.

Tori, Ani, Mariah

By Rich Juzwiak

New York Times News Service

T’S that time of year again: The lights are strung, the pines are dying indoors under the weight of shiny balls, the Starbucks mint mocha is flowing, and Mariah Carey is on heavy rotation. No matter what is happening in her career—the tribulations, the tours, the headlinegrabbing performance mishaps—Carey is wildly relevant for at least one of every 12 months, thanks to the enduring popularity of her holiday recordings, particularly “All I Want for Christmas Is You,” which will be celebrating its 25th anniversary in 2019. There are, of course, plenty of die-hard fans for whom Carey is not merely an end-of-year highlight but a singer-songwriter for all seasons. This year, Carey debuted a new Las Vegas revue, and, to celebrate, a group of 36 “lambs,” mostly in their 30s and 40s, boarded a party bus and cruised the Vegas strip for about three hours. On it, they loudly sang selections from Carey’s catalog. Many were deep cuts. They call themselves “lambs” after

the schticky term of endearment Carey used liberally in the early 2000s, including in voice messages she used to leave for her fans on her web site. The flock on this particular evening was racially diverse and split fairly evenly by gender, united in difference by an unyielding interest in Carey, through all the states of her career. The party was what’s known as a “Lambover Event,” a gathering of super fans first organized by Nick Fletcher, 34, and Sam Mirza, 37, after Carey’s 2014 Christmas shows at New York’s Beacon Theater. These events exist as a kind multi-city support group for enthusiasts of Carey, Fletcher said. He called the gatherings “reparative.” Claire Luke, a 30-year-old who has worked as a consultant for the World Bank, similarly described Carey’s work as “the business of saving lives.” Luke rewarded the diva’s work handsomely in return by purchasing multiple tickets close to the stage for three July performances of Carey’s residency, called The Butterfly Returns (it returns in February). Luke estimated that she has seen Carey 30 to 40 times in concert and has spent

CAREY’S devoted followers take her artistry very seriously. Sometimes they demand others do, too—it was the fan-organized hashtag #JusticeForGlitter that, in November, briefly catapulted the soundtrack to the notorious 2001 flop Glitter to No. 1 on the iTunes Top Albums chart a mere 17 years late. A similar plan has circulated to propel Carey’s perennial earworm “All I Want for Christmas Is You” to No. 1 on the Billboard Hot 100 chart this year. (It would be her 19th song to reach the summit, and as of press time, it had hit No. 6.) It’s easy to rhapsodize about Carey’s most recognizable musical trait, that honey-coated voice, capable of contours that previously did not seem humanly possible. But in conversations with more than a dozen selfidentified lambs, it was her songwriting that was most consistently cited as her defining feature. Few other divas of virtuosic voice and glamorous affect have been so involved in the writing of their own music—a point that Carey has made many times herself since releasing her self-titled debut in 1990. She has been credited for writing or co-writing every original song she has sung, which together represent an idiosyncratic contemporary R&B catalog unwavering its commitment to the singer’s proclivity for five-cent words (“unclouded,”“incandescent” and “nonchalant” among them). Her vast body of work covers virtually every thinkable micro-facet of love’s trajectory, from preliminary crushes to euphoric beginnings to sexual bliss to the despondency of finality. And then there is her consistent theme of the importance of prevailing—the songs about making it through the rain, of learning that a hero lies in you. The inspirational nature of her message positions her as a shepherd for her lambs. “The artist is living the lyric,” said Fletcher, referencing the aspects of Carey’s biography—her biracial identity, fraught upbringing, high-profile couplings and splits, and unhappy marriage to Tommy Mottola, the boss of her first label, Columbia, whom she married in 1993 and separated from in 1997—that are reflected in her work. “She wrote ‘Make It Happen,’ and she makes it happen,” Fletcher said. The lambs’ investment in the arc of Carey’s life and art echoes that of the fandoms surrounding her ‘90s contemporaries who are regarded as “confessional” female singer-songwriters, like Tori Amos and Ani DiFranco. But because of the genre in which Carey works, and perhaps because she wields her divadom by mostly just standing onstage without an instrument in her hand, she is rarely grouped with them.

Cotinued on C3

TFC relives the holidays for OFs via Kapamilya Reunion

HAJJI ALEJANDRO, Rey Valera and Marco Sison

Okada Manila hosts biggest New Year celebration TOUTED as the Metro’s premier leisure and entertainment destination, Okada Manila is no stranger when it comes to welcoming the new year in grand, festive style. To ring in 2018, the resort staged a breathtaking spectacle of light, music and water complete with DJs, live acts, a grand fireworks display, and stunning shows at The Fountain and the Crystal Corridor. This year, Okada Manila takes its New Year’s Eve celebrations to bigger, more extravagant levels. It’s a full explosion of vivid colors, lights and special treats that will make this night of partying the Metro’s most unforgettable one. On December 31, the entire property will be lit up in the brightest lights and beams shooting up straight to the skies. The Crystal Corridor will be all decked out for the party with two entertainment stages for live music from acts like Mayonnaise and the Okada Manila Entertainment Group to get guests hitting the dance floor. And on the Freedom Wall, write in your resolutions and wishes to make 2019 your best year ever. Meanwhile, it will truly be an evening for the books at the Grand Ballroom with “A Legendary Countdown Concert,” a luxurious evening filled with memorable music, sumptuous food and free-flowing drinks. This special dinner buffet and entertainment countdown will bring guests performances from OPM legends Hajji Alejandro, Marco Sison and Rey Valera, as well as Hazel Faith and the Manila Sound Project, hosted by Nikko Ramos and Janeena Chan.

OVERSEAS Filipinos who were not able to celebrate the holidays back home will be given a chance experience it via a virtual salu-salo with their families in the Philippines Keeping true to the theme of ABS-CBN’s Christmas station ID that family is love, The Filipino Channel (TFC) in partnership with Remitly will bridge the distance between overseas Filipinos and their families here in the Philippines via Kapamilya Reunion 2019. Reliving the Noche Buena feels for overseas Filipinos who were not able to come home for the holidays, TFC through Kapamilya Reunion 2019 will be treating them and their families to a postholiday virtual celebration where their families in the Philippines will get to enjoy great Filipino food, meet some ABS-CBN stars and bring home surprise freebies. Want your family in the Philippines to be part of

this virtual celebration? Just complete this sentence: “I’d like to nominate my family in the Philippines for a virtual salu-salo from TFC because…” and send it to TFC’s official Facebook page applicable in your area. The entries will be reviewed by a committee from ABS-CBN Global Ltd. from January 3 to 6, 2019. Winners will be contacted by a TFC representative and will also be posted on The Filipino Channel’s social-media accounts starting January 7 to January 9, 2019. The families in the Philippines of the selected overseas Filipinos will attend the Kapamilya Reunion 2019 event which will happen on January 13, 9 am, at the Restaurant 9501 inside the ABS-CBN Compound. Don’t miss this chance to have a unique postholiday celebration with your loved ones in the Philippines, send your entries now for Kapamilya Reunion. Deadline for submission of entries will be on January 3, 2019.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Annie Lennox, 64; CCH Pounder, 66; Sissy Spacek, 69; Jimmy Buffett, 72. HAPPY BIRTHDAY: Share your emotions and set the record straight so you can move forward without being weighed down by regret or clutter you should have cleared up a long time ago. Focus on making progress this year and putting the past behind you as you forge ahead with positive and progressive plans to strive for peace, perfection and a better lifestyle. Your lucky numbers are 3, 14, 21, 24, 37, 41, 45.

ARIES (March 21-April 19): Express your thoughts and wishes. Youngsters will offer insight into a situation you face. A promise made to someone you love will change the way you live. Keep an open mind when talking to older friends and relatives. «««««

TAURUS (April 20-May 20): Stay on top of what needs to get done. Refuse to let your emotions take over or a situation involving children or your lover cause you to lose sight of the spirit of the moment. Patience is in your best interest. ««

GEMINI (May 21-June 20): Home and family should be what matters. Express your feelings and be willing to make adjustments that will work well for everyone. Don’t let anyone take advantage of your generosity. Be honest with regards to your feelings and plans. ««««

CANCER (June 21-July 22): Listen to what others have to say. You’ll find out something about your family history you didn’t know. A new look will draw attention and compliments. A little romance will please someone you think is pretty special. «««

LEO (July 23-Aug. 22): Let the child within emerge, and make a point to spend time with the youngsters in your family. What you learn will help you change the way you live your life. Incorporating more fun into your daily routine is encouraged. «««

VIRGO (Aug. 23-Sept. 22): Include friends and relatives who may not have someone to spend the holidays with. Your kindness will be greatly appreciated and get you in the spirit of the season. A romantic offering will bring you closer to someone you love. «««

LIBRA (Sept. 23-Oct. 22): You may not get along with everyone, but that’s no reason to be indulgent or to get into a feud when you should be offering peace and goodwill. Taking the high road will make an impression on those you love. ««««

SCORPIO (Oct. 23-Nov. 21): Spread joy and be grateful for what you have. Life is precious and what you do or say will make a difference to those you encounter. Make your words count, and live up to your promises. ««

i j

SAGITTARIUS (Nov. 22-Dec. 21): Don’t let indulgence ruin your day. Walk away from anyone trying to entice you into something that is excessive. Know your boundaries and limitations and set a good example for the youngsters in your life. Be truthful. ««««« CAPRICORN (Dec. 22-Jan. 19): Share your feelings, but do so with compassion. Offer to help and make suggestions, but be honest when asked your opinion. You may not please everyone, but you will gain respect for your honesty. An act of kindness will ease your stress. «««

AQUARIUS (Jan. 20-Feb. 18): You’ll gain greater understanding and respect for someone older. Listen to words of wisdom; they will help you figure out how to make better decisions. Don’t be afraid to share your thoughts and plans for the future. «««

PISCES (Feb. 19-March 20): Be helpful. Stick to the truth, and don’t exaggerate or talk about someone who isn’t present to defend himself or herself. Show respect for others, regardless of his or her beliefs. Focus on being your best and doing something romantic. ««« BIRTHDAY BABY: You are lively, outspoken and independent. You are emotional and sociable.

‘fit for a king’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Swings for the fences 5 Actor Lithgow 9 Drifts on air 14 Not in the Pacific wind 15 Colored eye part 16 Fool 17 12/25 wishes to all 20 High crime 21 Trig function 22 Refine metal, in a way 23 Escape 24 Sandbank in water 27 Judge the value of 32 Guinness’ apt suffix 35 “___ tear has to fall” 37 Angel’s topper 38 12/25 celebration 42 Word with ZIP 43 Atmospheric probe 44 Id’s complement 45 Overnight spot 48 Breakfast and brunch, e.g. 50 Cat lives number

2 Olympian in a sled 5 56 Sailors’ temptress of myth 60 Writer Henry David 62 12/25 fun 64 Detectives’ clues 65 Prince, traditionally 66 Plug 67 Designate 68 Base lullaby 69 Kennel noises DOWN 1 Thailand bills 2 Break-in deterrent 3 Plains home, once 4 Flower parts 5 Roman deity 6 Chef’s fixture 7 Fellows or guys 8 Type of congestion 9 Reacts to pain 10 Gets sum work done? 11 Pacific retreat 12 Porky Pig, for one 13 Eyelid inflammation

8 Connecting strips of land 1 19 Focus of study 23 Return on Southwest 25 Dinghy pusher 26 Six-footers on hills 28 Feminine pronoun 29 Dexterity 30 Snail kin 31 Mediocre 32 Cut in glass 33 “Scoot, fly!” 34 Turner and Koppel 36 High-caliber 39 Wager 40 Org. approving medicines 41 Melon Fusion and Candy Cane 46 Become a Marine 47 Security for a debt 49 Loan guarantor 51 It gets dark 53 Columbus’ home 54 Consume mightily 55 Yields to oxidation 56 “Whatever ___ Wants” (song)

7 European car maker 5 58 True-to-life 59 Prefix with “morph” 60 Kind of wire 61 His partner 63 Black-eyed thing

Solution to yesterday’s puzzle:

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

Home BusinessMirror

Tuesday, December 25, 2018

Setting a holiday table By Michelle Higgins

New York Times News Service

FESTIVE table setting is about more than just providing some décor for your holiday dinner. It can set the mood for a party, spark conversations among guests, and give you an excuse to dust off your grandmother’s silver and china. But how do you pull everything together in a creative way that does not feel clichéd? For advice, we turned to interior designers, florists and event planners known for creating striking tablescapes. Start with linens “THE foundation of your holiday table is the textile you choose for your runner or tablecloth and napkins,” said Liz Curtis, founder of Table + Teaspoon, a San Francisco rental service that offers preplanned table settings. Go with a neutral color and pattern, rather than a holiday theme, to create “an elegant, elevated feel for your guests,” Curtis said. “Matouk scalloped linens and Aerin Lauder’s line for Williams Sonoma are my go-to for tablecloths and napkins.” That is not to say you have to run out and buy new linens. “I like to make my own runners out of beautiful fabric that I have turned into the length of my dining table by my local dry cleaner’s alterations department,” she said, noting that “a black-and-white patterned linen works as a base for anything you want to put on top of it.”

Make it personal

“THE holidays are a time to celebrate family, so the most meaningful decorations weave together the personal and the festive,” said Bronson van Wyck, who owns a design and event production company, Van Wyck & Van Wyck, with his mother, Mary Lynn van Wyck. At Christmas dinner for family and friends in Manhattan, Bronson van Wyck, who is of Scottish and Dutch descent, uses tartan-patterned napkins and blue-and-white china. “Not an obvious combination,” he said. “But even patterns that don’t seem to fit the occasion work if they’re mixed and matched with confidence and whimsy.” To add another personal touch, Bronson van Wyck said, “I will sometimes embroider the initials of my guests onto napkins, which I then use as place cards” that guests can take home. “Guests love to see themselves,” he said, “whether it’s their photo tagged on social media, their reflection in a mirror or even just their own name beautifully written on an elegant place card. In an age of personalization, think about how you can take this to the next level.”

Incorporate nature

“IN a season where many of us spend most of our time keeping warm indoors, there is something so special about using pieces from the Earth, by adding a garland of greenery or winter fruits down the center of the table,” said Maggie Burns, owner of Maggie Richmond Design, in Manhattan. “Pomegranates and figs add the perfect punch of holiday red to a place setting, and nothing smells more beautiful than sprigs of evergreen scattered throughout the house.” Bronson van Wyck, who grew up in Arkansas, likes to hang a magnolia wreath. “It’s a traditional symbol of hospitality in the South,” he said. “And the leaves look just as great dried as they do freshly cut, so it’s not a once-and-done purchase.” Robin Standefer, who owns the design firm Roman and Williams with her husband, Stephen Alesch, suggested decorating with plants, flowers, fruit and herbs.

Christmas trees and their decorations have evolved By Lee Reich

“We always consider what’s magical and what brings delight,” she said of an approach that can be seen at the couple’s showroom-and-restaurant hybrid, Roman and Williams Guild, in SoHo. “We take what’s around us—a branch, an apple, an herb—and make it into our tablescape. No, it’s not going to be cookie-cutter perfect; it’s not machine-, assembly-line made. That’s what brings lasting beauty and charm to your home.”

IN the story of Saint Boniface, a Thunder Oak decorated with lit candles and gilded apples was glowing in the dark forest one Christmas day in eighth century Germany. The pagan god Thor was to be appeased with a human sacrifice. But Wynfred, an English Christian missionary later to be known as Saint Boniface, split the giant oak into four parts with one stroke of an ax, revealing a small fir tree nearby...the first Christmas tree, perhaps.

Break some rules

SOME ARBOREAL HISTORY

The Associated Press

“I’VE never used a formula when setting a table, and I definitely don’t want it to feel so perfect that you’re afraid to mess it up,” said Ken Fulk, an event designer in San Francisco known for his exuberant style. “It should be loosely arranged for balance, but not perfectly symmetrical.” Glassware and silver should be arranged in the order they’re used, starting from the outside and working your way in, he said. “But we give ourselves some flexibility with glasses when there are more than five pairings. In those cases, we’re often mixing vintage glassware with crystal, and it looks so much prettier to arrange by style, size or color.” Standefer and Alesch have a similar philosophy: “Stephen and I take classic placement of utensils and tabletop tools seriously, but we don’t let these restrictions limit the needs of our table,” she said. “The standard of outside-in can be revisited depending on the density of the table and amount of guests. So we might put the utensils above the plate if the place settings are close together or if we are using flora on the plate.”

THE exact origin of the Christmas tree isn’t known, but for centuries, people have had the urge to decorate trees at this time of year. In ancient Rome, decorated trees were part of the festival of Saturn, celebrated beginning December 17. The Paradise Tree of the Middle Ages was a fir tree hung with red apples, a prop used in the Biblical play telling the story of Adam and Eve. That tradition was moved into homes after the “miracle plays” were banned in the 15th century. In Germany, a written record from 1604 describes trees decorated with paper roses, apples, and figures of Adam and Eve and a serpent. The custom of decorating trees at Christmas gained popularity in the British Empire in 1841 when Queen Victoria and Prince Albert celebrated the birth of their first son with a decorated tree at Windsor Castle.

AND NOW FOR SOME LIGHTS

IN the late 19th century, gas jets and then electric lights were tried as replacements for candles. According to the National Electrical Contractors Association, the first electric Christmas lights were lit in 1882, three years after the incandescent bulb was invented. Edward Johnson, a friend and partner of Thomas Edison, hand-wired 80 “patriotic” red, white and blue bulbs, and wound them around a rotating evergreen tree in his home. In subsequent years, publicity (such as Grover Cleveland lighting the White House tree with electric lights) and electrification in rural areas made electric Christmas tree lights more popular.

Invest in stemware

“NOTHING speaks louder in a setting of celebration than the clinking of water or wine glasses,” Standefer said, noting that the right glassware can influence the mood at the table. So which stemware to choose? “There really are no absolutes in finding the right pieces for your home, as long as they are functional and beautiful, of the Earth and hold narrative,” she said. “A robust glassware collection can be high and low—glass you admire that you’ve found at a flea market or a set you invest in from the collection of an expert artisan whose work you follow.” The important thing, she added, is that it’s not so precious you’re afraid to use it.

Avoid clichés

“JUST because it’s Thanksgiving, for example, doesn’t mean that you’re required to put pumpkins and corncobs all over an orange tablecloth,” said Curtis, of Table + Teaspoon. “Placing mandarins or oranges on each plate at a traditional blue Hanukkah table achieves style sans kitsch.”

THE TREE

Occasionally, she will slice the bottom off a pear and stand it in the center of a plate as decoration, or cut a persimmon or pomegranate in half, with the sliced side up. “Every time I’ve put an orange or a pear or a quince on a plate, at least one guest ends up eating it,” she said. Jung Lee, a founder of the event design company Fête NY, likes to incorporate tiny figurines and other unexpected elements that will surprise and delight guests. “Little vignettes or collections will spark conversation, especially when elements are not as literal,” said Lee, who added

miniature owls to a holiday table she recently created.

Light the candles

“THE easiest, least expensive way to add drama to the dinner table is to light some candles,” Bronson van Wyck said. “Everything and everyone looks amazing by firelight. For the most flattering light, aim for a mix of tapers and votives scattered the length of the table.” And don’t skimp on them. “You can never have too many,” he said. “For a warm, inviting glow, at least triple what you think you’ll need.”

THE “technology” of the tree itself has also advanced over the years, mostly to adapt to warmer and drier homes. Firs, spruces and some pines were found to be the best evergreens at holding onto their leaves under these conditions, both for looks and to reduce the fire hazard from dry leaves indoors. Another way to offset the effects of today’s drier homes is to put the tree in the coolest spot, or at least not right where an air duct spills hot air out into the room. Spraying the tree with an antitranspirant such as Wilt-Pruf also helps. Keeping the base of the tree in water—after making a clean cut—allows water to enter the base to replace moisture lost through the needles. A couple of tablespoons of bleach in the water inhibits bacterial growth which clogs the stems. Still, Christmas trees—and Christmas—don’t last forever. You may be heartened to know that the residents of Christmas, Florida, live up to their

Amaia completes 300-plus units in North Luzon projects; to construct over 100 units more this Christmas season HOLIDAY cheer came early to top-of-mind real-estate provider Amaia Land Corp. (www. amaialand.com) when it completed more than 300 units in its developments in the northern provinces: Amaia Scapes in Bulacan, Pampanga, Capas, Urdaneta in Pangasinan, San Fernando, and Cabanatuan in Nueva Ecija. It even gets better: this Christmas season, the leading property developer is set to start construction of more than 100 units in its northern developments. “This season of goodwill, we can’t think of a more rewarding way to give back to the community than the timely completion

and delivery of superior-quality abodes to our future residents,” MDC says. “This also reinforces our commitment to making quality home living more accessible to even more Filipinos.” Amaia Land offers spacious, welldesigned homes that suit the varied tastes and requirements of its clients, who likewise take delight in the developments’ fully functional amenities, such as swimming pools and village pavilions, knowing that these are meant to afford them a more leisurely lifestyle. As the year comes to a close, Amaia has already completed its amenities such as

village pavilion, basketball court, children’s playground and swimming pool in most of its North Luzon projects, giving its much-valued homeowners venues for celebrating family milestones and fostering friendly ties with friends and neighbors. As it enables Filipino families to own affordable yet quality homes, Amaia Land commits to building sustainable communities that support comfortable lives today and in many years to come. The company brings the dream of owning a home closer to ordinary Filipinos by offering pocket-friendly payment options: cash, deferred cash and bank financing.

AMAIA Land offers spacious, well-designed homes that suit the varied tastes of its prospective homeowners.

The defiance of Mariah’s lambs Cotinued from C2

“In today’s world, it’s kind of cool to hate on Mariah Carey,” said Sam Alvarez, an 18-year-old student in the UK who has uploaded to YouTube more than 1,600 thematically organized clip compilations of Carey in concert and interviews since 2014. “I hope with my videos that a lot of people can be introduced to how much of a great artist she is.” Not everyone thinks it’s cool to hate on Carey—her spare and subdued 15th full-length studio album, Caution, received some of the most ecstatic raves of her career upon its November release. But her newfound status as a critic’s darling hasn’t translated into record sales—Caution yielded no hits on the Billboard Hot 100. In the album’s third week on the Billboard 200, it was down to No. 163. At the same time, her 24-year-old holiday album, Merry Christmas was at No. 15.

The dangers of success

OFTEN, it seems Carey’s flubs are more scrutinized in the press than her music. Two narratives about her have dominated coverage in recent years. One is that she’s losing her voice, or has lost it, or is hiding the loss of it. The other is that she’s a hot mess. For instance, the opening night of The Butterfly Returns lasted for almost two hours and spanned 25 years of material. Over her live band, the singer’s voice fluttered like her butterfly mascot. She growled with a tenacity that would put her Jack Russell terrier to shame. But only a few seconds of the show were reported in the press, and those were gaffes. One occurred when a box she was sitting on tipped over and she reached down to steady herself with the hand she was using to hold her microphone. The

music continued uninterrupted, betraying Carey’s momentary lip-syncing. The other flub occurred when Carey’s 7-year-old son, Moroccan Scott Cannon, briefly thrust a plastic bag over his head during an onstage cameo. Stories that seek to define Carey by her mistakes, not her gifts, harken back to those about her winded, strained live performance at the 2014 Rockefeller Center Christmas tree lighting (“Remember when Mariah Carey could sing? Most millennials probably can’t,” began Deadspin’s post, which netted almost 4 million clicks), or her sound issues-plagued nonperformance in Times Square on New Year’s Eve 2016, or her virtually inert choreography onstage to her hit “Honey” in 2017. “She is a prisoner of her own success,” said Jordan Miller, the owner and operator of BreatheHeavy.com, a pop music web site focused on contemporary divas. “At the end of the day, her singing a flawless rendition of one of her songs isn’t going to

attract as much traffic as, ‘Oh, Mariah Carey dropped the mic and you got to check this video out.'”

Giving until it hurts

WHILE a mediocre night for Carey is better than at least what 99 percent of the world’s population can do at its best, the singer’s vocals have undeniably changed in recent years. Witnessing her miss notes can feel like watching the road give out from Wile E. Coyote as he chases the Roadrunner off a cliff. Carey has discussed her voice issues in the press, but rarely. (Her representatives declined several interview requests from the Times.) She has largely attributed whatever difficulties she has performing to growths on her vocal folds (she has said she’s had them all her life), in addition to the amount of rest she gets. “Deterioration is going to happen to all singers, particularly

those who have a great deal of athleticism that they’re doing with their voices,” said Justin Stoney, the founder and president of the school New York Vocal Coaching. “What it appears to be is she is trying to still sing as though she were 23 years old.” Carey does not acknowledge her birthday, referring to it instead as her “anniversary.” Her exact age, per Wikipedia, is unknown because “sources differ”—she is either 48 or 49. Working for almost 30 years in the industry seems to have had little impact on her drive and work ethic. Carey has long played the unlikely champion. She is a complete and utter success, and yet an eternal underdog—even when she’s onstage. In 2018, she epitomizes what it is to be one’s own greatest competition. “All I Want for Christmas Is You,” then, is the perfect solution for this dilemma. It is past glory whose time has yet to pass, an endlessly returning reminder of her greatness—truly a gift that keeps on giving.

CURRY LIFTS Sports WARRIORS VS. CLIPPERS BusinessMirror

| Tuesday, December 25, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

TAEKWONDO BODY BANS ATENEO KID By Ramon Rafael Bonilla

AKLAND, California—Stephen Curry made a lay-up with 0.5 seconds left and the Golden State Warriors outlasted the Los Angeles Clippers, 129-127, in an emotionally charged game on Sunday night. Curry had 42 points to tie his second-highest scoring output of the season. He also got the last laugh after he exchanged heated words with Clippers guard Patrick Beverley in the first quarter. The Clippers’ Avery Bradley tied it at 127 with a dunk with 20.6 seconds remaining. On the next possession, Curry had Montrezl Harrell on him at the top of the key, drove down the middle of the lane and converted the lay-up off the glass for the winner. Tobias Harris missed a shot as time expired, giving the Warriors their eighth victory in 10 games. Kevin Durant added 35 points for Golden State to help offset the Clippers’ 78-percent (18 of 23) three-point shooting. Harris led Los Angeles with 32 points, and Lou Williams added 25. Curry was coming off a 7-for-22 shooting performance against Dallas on Saturday night. The Warriors rallied in the third quarter. Durant had 14 points in the quarter, Curry added 11 and the Warriors outscored the Clippers 36-23 to take a 103-94 lead into the fourth. The Clippers couldn’t miss from outside in the first

half, hitting 13 of 16 three-point shots (81.2 percent) for a 71-67 lead. Harris was 5 for 5 and had 19 points in the half. Curry had 22 points in the half, but Golden State was five of 16 from three-point range. However, they outscored Los Angeles 2410 from the free throw line in the first two quarters and that kept it close. The Warriors had a little fun with Curry, decorating a bobblehead box to make it astronaut-themed and leaving it at the two-time MVP’s locker on Sunday, in light of Curry’s recent comments about not believing there was ever a US moon landing. Curry held a lengthy Skype chat last weekend with astronaut Scott Kelly to tell Kelly and others he meant no harm with the joke about not believing in the moon landing. AP

Grizzlies snap 5-game skid by beating Lakers

OS ANGELES—The Memphis Grizzlies were fed up with losing, and it showed in a desperate and determined fourth quarter against the Los Angeles Lakers. Mike Conley scored 11 points in the final period, Jaren Jackson Jr. had 27 and the Grizzlies ended a five-game losing streak with a 107-99 victory on Sunday night. “We tried to do everything just a little bit harder than we had been doing it, and tonight it showed,” said Conley, who finished with 17 points and eight assists. “Everybody stepped up in different forms and fashions at different parts of the game. To get a win against a good team on the road, it was needed.” Marc Gasol had 17 points, nine rebounds and eight assists for the Grizzlies, who had lost four straight road games. LeBron James had 22 points, 14 rebounds and seven assists and Brandon Ingram scored 20 for the Lakers, who had won six in a row at home.

STEPHEN CURRY makes the clinching lay-up with 0.5 seconds left in an emotionally charged game. AP

LEBRON JAMES: We made too many mistakes. AP

“We made too many mistakes,” James said. “No excuses. Blown coverages. We just had too many blown coverages down the stretch.” The Grizzlies used a late 13-3 run to pull away, with Gasol making a lay-up through contact for a 93-91 lead with 3:42 to play. Conley knocked down consecutive three-pointers and Gasol found Garrett Temple for another three. Being able to play inside-out was vital to getting the offense on track, Conley said. The Grizzlies outscored the Lakers 35-24 in the fourth, hitting 12 of 20 shots from the field after shooting 42.3 percent through three quarters. Ivica Zubac had 19 points and Kyle Kuzma added 11 as Los Angeles lost for the third time in four games overall. AP

FOR Erik Spoelstra, the milestone victory is humbling. AP

500 KIND OF A NIGHT IN MIAMI

RLANDO, Florida—It was a 500 kind of night for the Miami Heat, who got their record back to .500 and delivered Coach Erik Spoelstra his 500th coaching victory. Tyler Johnson scored 20 of his 25 points in the third quarter as Miami defeated the Orlando Magic, 115-91, and ran its winning streak to five games. Justise Winslow added 22 points and Josh Richardson finished with 15 points and 10 rebounds for Miami, which beat Orlando for the first time in three tries this season and improved to 16-16. Dwayne Wade, playing his 24th and likely final game in Orlando, had 10 points and four assists in 24 minutes. “I definitely think having four wins in a row, this was the best team for us to play because they’ve had our number this year,” Wade said. “It made us focus on what we need to do to not lose to them three times in a row.” Johnson made just his fourth start of the season and hit five three-pointers in the third quarter, finishing off one with a four-point play. “Usually for me, if I hit one or two, it’s going up again,” said Johnson, whose season-high scoring output came without playing in the fourth quarter. “When guys have been able to get going during this little run that we’ve had, we go back to him. I think that

puts a little confidence in players because they know once they get going, the ball will find them. And it opens up everything else for the offense.” Spoelstra, Miami’s coach since the 2008 to 2009 season, has a career coaching record of 500-336 and has won two National Basketball Association (NBA) titles. The milestone win, he said, humbled him. “But it doesn’t even register as real to me right now, and that’s why I’m so grateful for the opportunity,” Spoelstra said. “There’s been a lot of low points and a lot of incredible moments, but you don’t get to survive those low points if you don’t have the belief of the people above you.” Asked before the game about the possibility of reaching 500, Spoelstra assumed the question was about his team’s record, which was 15-16 at the time. When informed he was one win away from his 500th career victory, the 48-year-old Spoelstra replied: “I’m getting old, I guess.” Evan Fournier scored 17 points for the Magic, who lost their third straight. “Obviously we’ve lost our way here a little bit, which actually happens a lot during an NBA season,” said Coach Steve Clifford. “ [he Heat] are rolling, they played great, they shot the ball well.” The Heat came into the game with the NBA’s worst field goal percentage (.429), but shot 43 for 84 (.506). AP

Juve great Ronaldo looks tired at times

RISTIANO RONALDO is helping Juventus break records but it could be taking a toll on the Portugal star. Ronaldo has started all but one of Juve’s 23 games this season, having missed only the first Champions League match against Young Boys through suspension following his first-ever red card in the competition. The 33-year-old forward has scored 12 goals since leaving Real Madrid in the off-season, despite being the subject of a rape allegation in the United States. Kathryn Mayorga filed a civil lawsuit in Nevada in September claiming Ronaldo raped her in his Las Vegas hotel room in 2009. Police reopened an investigation into the allegation at her request. The Juve player has denied any wrongdoing. Ronaldo’s form in front of goal has dipped in recent games, failing to score in open play in four matches although he did convert a penalty in the Turin derby on December 15. He went close on several occasions in Saturday’s 1-0

HE Philippine Taekwondo Association (PTA) meted an indefinite ban on the Ateneo de Manila junior high-school student and taekwondo jin Joaquin Montes whose video while bullying a classmate inside the campus toilet went viral. PTA President Robert Aventajado said the federation has banned Montes from any event and that he should “undergo rehabilitation with organizations equipped to handle his counseling.” “The ad hoc committee recommends a sanction of an indefinite ban of the student involved from all sanctioned events not limited to Taekwondorelated events, belt promotions, tournaments or facilities of member institutions,” the PTA statement said. “The aim for this is to allow the individual to own responsibility for his actions, show remorse and contribute positively to the community,” it added. The PTA warned that if the parents will not abide by the decision, the federation will have “no choice but to expel the practitioner from the

association.” Aventajado said that necessary actions are important to straighten up the character of the young jin. “Supervised counseling and rehabilitation are conditions for reinstatement,” Aventajado said. An inquiry by the school showed the jin has been involved in similar incidents in the past but went scot free. “The PTA stands committed in propagating the sport as a way to teach generations on being virtuous, well-mannered individuals who will serve our society with dignity and honor,” he said. “The PTA is reinforcing its teaching guidelines on its principles to ensure it remains relevant in children’s day-to-day activities, as well as in modern media. We are encouraging everyone to be mindful of their comments particularly on social media, bearing in mind that the subjects are minors,” he said. “We believe that the best way to move forward from this incident is to provide the child with the necessary guidance and mentorship, and an opportunity to exhibit remorse and provide restitution to the community in general.” In the video, Montes taunted a fellow student inside a comfort room and assaulted the hapless kid that bloodied his nose. It was obvious that the assailant used taekwondo techniques to hurt his taller schoolmate. Ateneo junior high-school officials have already dismissed the student, saying his actions violated long-standing school policies.

win over Roma and was denied by goalkeeper Robin Olsen. Ronaldo also produced some trademark fancy footwork to set up a goal for Douglas Costa that was ruled out following a video review. However, the Portugal great looked tired at times and Juve Coach Massimiliano Allegri has said he will give the five-time World Player of the Year a rest by sitting out one of the upcoming matches before the winter break, against Atalanta or Sampdoria. Juve can afford to sideline him after the victory over Roma clinched the unofficial winter title with two matches to go before the halfway point of the season is reached. Allegri’s side, seemingly unstoppable as it seeks an eighth successive Serie A title, has an eight-point lead over secondplaced Napoli and a 16-point advantage over Inter Milan in third. Juve has won 16 of 17 league matches, dropping points only in a surprise draw against Genoa. The club’s haul of 49 points has broken its own Italian record and set a record for the top five leagues in Europe. Still, Juve appears not to have hit top gear. It is traditionally stronger in the second half of the season and appeared to be conserving energy in its past three matches, winning each 1-0. AP CRISTIANO RONALDO’S form in front of goal has dipped in recent games. AP