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GOVT BANKS ON MANUFACTURING SECTOR’S REVIVAL TO HIT TARGET OF CREATING 7M JOBS By Samuel P. Medenilla

BOUT 7 million jobs are expected to be generated in Key Employment Generating (KEG) industries by 2022, according to a new report by the Department of Labor and Employment (DOLE). In its JobsFit 2022 Labor Market Information (LMI) Report, the DOLE said this is the target of the administration’s “Trabaho, Negosyo, at Kabuhayan” (Employment, Business and Livelihood) programs from 2017 to 2022.

WORKERS in this file photo are assembling vehicle metal parts at Roberts Automotive and Industrial Parts Manufacturing Corp. in Canlubang, Laguna. The Department of Labor and Employment said the expansion of the country’s manufacturing sector would boost the number of available jobs in the next four years. NONOY LACZA

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Most, or 2.2 million of the 7 million new jobs, will come from the manufacturing sector, which the government is eyeing to revive via foreign investments, particularly from China. “The planned revival of the manufacturing sector aims to generate more than half a million jobs coming from government-identified priority sectors, namely electronics; food processing; automotive; chemicals; iron and steel; and garments,” the DOLE said. The Board of Investments (BOI) recently announced that investments for the manufacturing sector rose to P409.3 billion this year,

from P96 billion in 2017. The tourism industry is expected to create 1.62 million jobs, as the country continues to host over 7 million tourists. Completing the top 3 KEGs is the construction industry with 1.02 million projected new employment opportunities. Demand for new workers in the construction sector is particularly high, especially after the government embarked on a massive infrastructure push through its “Build, Build, Build” (BBB) program.

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Wednesday, December 26, 2018 Vol. 14 No. 77

By Cai U. Ordinario

@caiordinario

ESPITE the projected revenues to be generated from the Tax Reform for Acceleration and Inclusion (TRAIN) Act, a study published by the Philippine Institute for Development Studies (PIDS) estimated that collection may fall short of the government’s target in the next three years. In the study, titled “Assessment of Republic Act 10963: The 2017 Tax Reform for Acceleration and Inclusion,” PIDS Senior Research Fellow Rosario G. Manasan said total tax revenues may be reduced by P66.097 billion in 2018 and P33

billion in 2019. The TRAIN law is projected to generate additional revenues of P6 billion, or 0.03 percent of GDP, in 2020 onward. The TRAIN also had an adverse impact on the poorest households, requir ing the gover nment to

provide unconditional cash transfers of P300 to P400 a month in the next three to four years. “These developments provide a more conservative view on the ability of the TRAIN to fund the present administration’s ambi-

₧66.097 billion The projected reduction in the government’s tax collection this year, according to the PIDS study

tious ‘Build, Build, Build’ program,” Manasan said. “These findings highlight the need for compensatory transfers to protect those who are most negatively affected by the TR AIN, especially the poorest two or the poorest four deciles, through targeted subsidies for three to four years,” she added. While Republic Act (RA) 10963 reduced the personal income tax (PIT) liability of both compensation income earners and the

self-employed and professionals, it also raised the excise taxes on certain products and broadened the coverage of the value-added tax (VAT). Manasan said the tax revenue estimates of the incremental revenues are lower than the official estimates, which place the revenue gains from the TRAIN law at P63 billion in 2018, P104 billion in 2019 and P140 billion in 2020. She said actual revenues from the personal income tax may fall below its 2018 target by P43 billion, which suggests that the revenue loss from PIT reform may actually be closer to P190 billion, larger than the finance department’s P146 billion estimate by P43 billion and higher than this paper’s P210 billion estimate by P20.5 billion. Continued on A2

PHL debt payments down 14% in October EBT paid by the national government in October was lower compared to the same period in 2017 despite an increase in interest payments, according to data released by the Bureau of the Treasury (BTr). BTr data showed the government’s debt service payments in October contracted by 14.07 percent to P29.18 billion, from P33.958 billion in the same period last year. Data showed that interest payments reached P24.015 billion in October 2018, which was 17.52 percent higher than the P20.434 billion recorded a year ago. Amortization, however, declined by 61.8 percent to P5.165 billion in October, from P13.524 billion last year. Figures from the BTr also

₧29.18 billion The total amount of debt paid by the national government in October

showed t hat debt pay ments made by the government reached P649.718 billion in the January-toOctober period. This was 5.33 percent higher than the 10-month average of P616.862 billion a year ago. Interest payments for the same period amounted to P265.342 billion during the 10-month period, a 1.51-percent contraction, from P269.404 billion posted last year. Amortization payments reached P354.376 billion in the Januaryto-October period this year, nearly Continued on A2

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‘Tax collection from TRAIN may fall short of govt goal’

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YULETIDE TRADITION Under a cluster of traditional handmade paper and bamboo stars, families flock to the church to attend the traditional

Cardinal Tagle asks for prayers for Indonesia tsunami victims

ANILA Archbishop Luis Antonio Cardinal Tagle on Tuesday called for prayers for the victims of the deadly tsunami that hit Indonesia during the weekend. “May I invite everyone to pause and in a moment of silence pray for our brothers and sisters, who suffered especially in Indonesia,” Tagle said during his Christmas Day Mass. Tagle also prayed for those who were affected by the light and heavy rains brought by the low pressure area, which entered the Philippine Area of Responsibility during the weekend. As of December 25, over 400 people have been reported by Indonesian authorities to have died and 16,000 were displaced after giant waves hit coastal towns in Sumatra and Java last Saturday. The tsunami was caused by the underwater landslide from Anak Krakatau Volcano. Indonesian officials said the casualties from the event may still rise in the coming days since their recovery efforts are still ongoing. Church leaders called on Christians across Indonesia, the world’s most populous Muslim nation, to pray for victims of Friday night’s tsunami. The death toll climbed to 429 on Tuesday, with more than 1,400 people injured and at least 128 missing after the tsunami slammed into parts of western Java and southern Sumatra islands, said Sutopo Purwo Nugroho, spokesman for Indonesia Disaster Mitigation Agency. He said more than 16,000 people were displaced and that there was an urgent need for heavy equipment in remote Sumur subdistrict, a hard-to-reach area near Ujung Kulon National Park that experienced heavy damage. Some villages there have been cut off due to damaged roads and bridges, making it difficult to supply aid and help people who may be injured or trapped.

Samuel P. Medenilla with AP

Christmas Day holy Mass in Pasay City. The rest of the day, following tradition, was spent for family reunions, bonding and Yuletide celebrations. NONIE REYES

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 )

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A2 Wednesday, December 26, 2018

PHL social protection spending falls below intl standard–PIDS

By Cai U. Ordinario

@caiordinario

HE national government (NG) has spent nearly a trillion pesos on social protection programs between 2009 and 2017, but the seemingly hefty amount remained below international standards, according to a study released by the Philippine Institute for Development Studies (PIDS). In a study titled “A Public Expenditure Review of Social Protection Programs in the Philippines,” PIDS Senior Research Fellow Charlotte Justine DioknoSicat and Senior Research Specialist Maria Alma P. Mariano said social protection expenditures in the country amounted to P948.434 billion between 2009 and 2017. The authors said the government spent the most in social protection in 2017 at P179.011 billion. This was 34.9 percent higher than the P132.7 billion in 2016 and a 243.3-percent growth from the P52.144 billion posted in 2009. “The Philippines spends lower on social assistance as a share of GDP [gross domestic product], 0.7 percent, than the average of 1.5 percent by lower middleincome countries,” the authors said. They, however, added that “there is still much to be done

to increase the coverage for the Philippines to ensure that the poorest are adequately covered.” The authors said social welfare programs received the largest portion of social protection expenditures with an average of 73 percent of total national government social protection expenditures for the period of 2009 to 2017. On average, the social welfare sector, through the Department of Social Welfare and Development (DSWD), received 61 percent of total NG social protection expenditures. The government spent P83.181 billion annually on the average. T he government spent the most on social welfare programs at P74 8.627 bi l l ion bet ween 2009 and 2017. These programs include the Pantawid Pamilyang Pilipino Prog ram, which received the highest allocation at P388.237 billion. The authors said social welfare

₧948.434B

Total amount spent by the government for social protection between 2009 and 2017 involves preventive and developmental interventions that seek to support the minimum basic requirements of the poor and reduce risks associated with unemployment, resettlement, marginalization, illness and disability, old age and loss of family care. Social welfare programs are usually direct assistance in the form of cash or in-kind transfers to the poorest and marginalized groups, as well as social services, including family and community support, alternative care and referral services. “The spikes in 2012 to 2015 can be attributed to the 86-percent increase in the Pantawid Program and about 80-percent increase in the Social Pension program of the DSWD,” the authors said. The government spent the least on labor market interventions worth P4.849 billion. The government spent on average P539 million annually for these programs. These include only two programs, the Special Employment Program for Students of the Department of Labor and Employment worth P3.71 billion and the Education Assistance Program of the National Commission on Indigenous Peoples worth P1.15 billion. Examples of interventions are

skills development training, labor and trade policies and agricultural support. The goal, the authors said, is to address the risks of underemployment, unemployment and loss of income in the country. “Labor market interventions contribute the smallest to social protection expenditures. One of the possible reasons is that these programs focus primarily on providing the means for Filipinos to finish schooling,” the authors said. Earlier, Asian Development Bank (ADB) Principal Social Development Specialist Sri Wening Handayani said that if Asian countries fail to adopt innovative employment and social protection measures, many citizens won’t be able to afford retirement. In an Asian Development Blog, Handayani said social protection can improve the future of Asian workers particularly the case in today’s gig economy where workers have short-term contracts, or are working as freelancers without any benefits such as retirement packages. Currently, Handayani said the coverage of social protection programs in Asia is already very low compared to European countries. Based on ADB’s Social Protection Indicator, less than half of Asia’s population was fully covered by at least one social protection scheme in 2015. Handayani said the range varies from Japan with more than 90 percent to Nepal with less than 30percent coverage.

‘Tax collection from TRAIN may fall short of govt goal’ Continued from A1

Further, she said the collections of the Bureau of Internal Revenue and Bureau of Customs in October indicate that excise and VAT revenues may fall short of their collection targets for the entire year of 2018 by a combined total of P36 billion.

‘Regressive character’

MANASAN said the change introduced by the TRAIN increased the burden of households, particularly those belonging to the poorest decile, which saw a 3.5percent increase in tax burden as a percentage of household income. She added that as incomes rise, the impact of the TRAIN on house-

holds decline as a percentage of household income to 2.8 percent of household income for the richest families. This indicated a “regressive character of the reform.” “The aggregate tax burden of households belonging to deciles 1 to 8 is projected to increase as result of the combined effect of the reduction in the personal income tax, the expansion of the coverage of the VAT and the increase in the excise tax on petroleum products, cigarettes, sweetened beverages and coal under RA 10963, while that of households belonging to deciles 9 and 10 is projected to decrease,” the study read. Manasan also said that while there were compensatory measures, such as the implementation

PHL debt payments down 14% in October Continued from A1

2 percent higher than the P347.458 billion recorded in the same period in 2017. In September, the BTr said the countr y’s debt pay ments reached P38.593-billion. This was a 21.71-percent expansion compared to the P31.707 billion recorded in the same month in 2017.

Jobs. . .

Continued from A1

The construction industry has been part of the KEGs since 2013, having a net employment growth of 669,000 since then. O t her prom i si ng K EGs i s the wholesale and retail sector, which could generate 866,000 new jobs; information technology and business-process management (IT-BPM), 756,000 jobs; and transportation and logistics,

Interest payments in September accounted for P32.675 billion, while amortization reached P5.918 billion. The figure is 23.7 percent higher than last year’s P26.397 billion. Amortization payments expanded by 11.4 percent, from the P5.310 billion reported in 2017. Cai U. Ordinario

413,000 jobs. JobsFit 2022 also identified agri-business; banking and finance; education; and health wellness as KEGs. However, it did not come up with employment projections for the four industries. The report is a result of the DOLE’s review of the labor market and economic indicators, consultation with industry associations. It also made use of the Philippine Employment Projections Model 2013 to 2022 covering 72 sectors and 18 industries.

of the Unconditional Cash Transfer Program for the 4Ps beneficiaries, these only started in March. There were also fuel vouchers granted to qualified franchise holders of public-utility jeepneys, but it also started late when the TRAIN was already in full effect. She added that fare discounts for minimum-wage earners, the unemployed and the poorest 50 percent of the population have not yet been implemented because of the absence of implementing mechanisms. “The increase in the price of basic goods as a result of RA 10963 was confounded by three extraneous events—the depreciation of the peso, the rise in the world price of oil and the shortage of NFA [National Food Authority]

Hataman. . . Continued from A8

And unheard of for decades, the ARMM posted “significant increase in the growth of the region’s gross domestic product from 0.3 percent in 2011 to 7.3 percent last year.” Likewise, the march for good governnace earned increasing investors’ confidence in the region “with P20 billion worth of projects approved this year that equates to 15,507 employment.” The ARMM also achieved what still many of the country’s local governments could only dream of earning the ISO:9001, or the Quality Management System certification for the Office of the Regional Governor updated from version 2008 to version 2015. “Binago po natin ang lahat ng ito. At ang bukal ng pagbabago: tapat, mabisa, at mabuting pamamahala. Sinimulan natin sa transpormasyon ng kultura ng pagbabago—mula palakasan tungo sa propesyunalismo [We changed it all. And the wellspring of change: truthful, effective and good governance. We had started a culture

rice in the market,” Manasan said. The TRAIN law has been blamed as one of the causes of high inflation, which has averaged 5.2 percent as of November. The highest increase in inflation was felt in September and October in 2018 when inflation reached 6.7 percent. Due to high inflation, Filipinos need to shell out an additional P17 today for every P100 they used to spend buying various goods and services six years ago, according to the Philippine Statistics Authority. This also means that Filipinos’ P10,000 in 2012 is now only worth P8,300 due to the increase in inflation. This means the value lost due to high prices is P1,700 in six years.

of transformation, from patronage politics to professionalism],” he said. Hataman said the ARMM would cease to exist after the expected ratification of the Bangsamoro Organic Law through a plebiscite next month. The law will create the new Bangsamoro Autonomous Region in Muslim Mindanao. Hataman urged Moro residents to vote favorably to the new governing unit, saying the approval of the Bangsamoro Organic Law “signifies the triumph of every Moro.” He credited his implementation of good governance to former President Benigno S. Aquino III, who appointed him as officer in charge regional governor of the ARMM in 2011. “Nagtiwala siya sa ating mga Moro na kaya nating pamunuan ang ating mga sarili, kaya nating makilahok sa pagbabago, kaya nating umasenso basta’t tama ang kundisyon [He trusted us, Moro, that we can govern ourselves, that we can participate in change, that we can progress for as long as the condition is there],” he said. But he also thanked President Duterte for supporting him in his advocacy despite their difference in political alliance.

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Court of Appeals allows payment of benefits to retired INP members

RULING by the Court of Appeals (CA) has allowed the payment of pension benefits to retired members of the defunct Integrated National Police (INP). In its eight-page decision dated December 12, the special 14th Division of the appellate court ordered the full implementation of a 2016 CA decision for the release of P3.9 billion in benefits to the INP retirees by the Philippine National Police (PNP) and Department of Budget and Management (DBM). Entitled to the differentials are INP retirees, transferees and their survivors who had rendered service before the enactment of Republic Act 6975, the law that created the PNP and made it a reorganized body under the Department of the Interior and Local Government, and their survivors. A PNP and DBM petition questioned the order of Manila Regional Trial Court (RTC) Branch 32 in July last year, which would use the list of INP retirees and the pension amounts due them submitted by PNP for the implementation of the pension payment. The CA turned down the statement of the PNP and DBM to await and apply a list from the Government Service Insurance System (GSIS) instead of the PNP list in the payment of pension differentials to the INP retirees. The PNP and DBM argued that the participation of GSIS in the payment of retirement benefits is necessary, as it is the only agency that can provide pension history of the INP retirees. They further stressed that the retirement pay must be subject to conditions and limitations to ensure that such public funds would be released only to rightful beneficiaries. The CA, however, sided with the position earlier submitted by the GSIS that “the responsibility to evaluate the list of retirees lies with the PNP as their employer.” “Here, the PNP and DBM cannot be permitted to further delay or

thwart the execution of judgment against them by continuously rehashing allegations that have long been rejected,” the CA held in the ruling penned by Associate Justice Mario Lopez. Associate Justices Zenaida Galapate-Laguilles and Ronaldo Roberto Martin concurred. The appellate court explained that the payment of retirement benefits to INP retirees with equal amount given to PNP retirees had already been affirmed with finality by the Supreme Court and that Congress had also already appropriated funds for this purpose by the enactment of Republic Act 10633 (An act appropriating funds for the operation of the Government of the Republic of the Philippines from January 1 to December 31, 2014, and for other purposes). The CA likewise ruled that the RTC was correct in rejecting petitioners’ plea to withhold the payment of the pension to INP retirees pending submission of the list from the GSIS. “The appropriation law is clear that the release of funds shall be based on the list of eligible INP retirees with the corresponding computation of their respective retirement benefits and pension, duly authenticated by the PNP, which shall be submitted to the DBM for validation of the computed benefits. Likewise, the PNP and DBM need not await the verification from GSIS before releasing the funds,” it stressed. “Considering the INP retirees’ advance years, they can hardly afford another protracted proceeding, and the courts should frown upon any attempt to deprive them of the fruits of the final and executory verdict,” the ruling added. The PNP and DBM had initially released P900 million to 785 INP retirees in 2015 but only after receiving the list of verified beneficiaries from the GSIS. The INP was the forerunner of the current PNP, which was merged with the Philippine Constabulary. PNA

Mnuchin risks becoming Trump’s target as market slide worsens

MNUCHIN, US Treasury secretary, listens to a question while speaking to members of the media outside the White House in Washington, D.C., on December 3. ANDREW HARRER/BLOOMBERG

TEVEN MNUCHIN is struggling to contain his first real crisis as Treasury secretary, failing to assuage investors unnerved by turmoil in Washington and making him a target of President Donald J. Trump’s wrath over stock-market losses. An emergency meeting with top United States regulators that Mnuchin convened on Monday and a call with executives from six major banks the previous day failed to address concerns about the administration that have intensified in the wake of a Bloomberg News report that Trump had discussed firing Federal Reserve Chairman Jerome Powell. Trump’s frustration with Powell over the market’s performance—expressed in tweets and interviews— now may turn to his Treasury chief. One person familiar with the president’s thinking says that Trump has weighed dismissing Mnuchin, while

another said that Mnuchin’s tenure may depend in part on how much markets continue to drop. Since taking office, Trump has looked to the stock market as a benchmark for his presidency. Yet much of the gains in equities since his election have been been erased by months of turmoil, as investors grow increasingly concerned about the impact of the administration’s trade battles with China and Europe. After Mnuchin’s call, which produced no public statement, stocks continued their Christmas Eve slide, ending the day with the benchmark S&P 500 down 2.7 percent, hitting its lowest level in 20 months. The president will continue looking for a scapegoat. Now that he’s acknowledged that he can’t fire Powell, Trump’s target could become Mnuchin. See “Mnuchin,” A8

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DOF chief to BOC: Yield 30K bags of ‘undocumented’ rice to DSWD By Bianca Cuaresma @BcuaresmaBM

HE Department of Finance (DOF) is pressing the Bureau of Customs (BOC) to turnover some 30,000 bags of suspected smuggled rice seized recently in Zamboanga to the Department of Social Welfare and Development (DSWD). Finance Secretary Carlos G. Dominguez III, saying that the turnover of the so-called undocumented rice will boost the government’s anti-poverty and disaster-relief programs, ordered BOC Commissioner Rey Leonardo B. Guerrero to release the staple. The shipment was intercepted by the BOC after being tagged in Zamboanga City as undocumented imported rice. “Donate that to the DSWD. They can use that,” Dominguez told Guerrero, who attended his first Executive Committee meeting at the DOF on November 5. According to the finance chief, such “government-to-government transfers in emergency situations can be legally fast-tracked” as in the case of the BOC release of the seized food stocks to the DSWD for disaster relief.

Under Chapter 10, Section 1141 of the Customs Modernization and Tariff Act, goods under BOC custody that are up for disposal “may be donated to another government agency or declared for official use by the bureau, after approval of the secretary of finance, or sold at a public auction within 30 days after a 10-day notice posted at a public place at the port where the goods are located and published electronically or in a newspaper of general circulation.” As such, the BOC has been donating undocumented goods to the DSWD for anti-poverty and disasterrelief programs. In particular, the 30,000 bags of rice for donation to the DSWD are on top of the 16,000 bags earlier turned over by the BOC under thenCommissioner Isidro Lapeña to the department to augment disasterrelief efforts for typhoon victims. Also, about 9,000 bags of rice seized in the Port of Cebu were turned over by the BOC to the DSWD on September 14. Another 6,921 bags in the Port of Zamboanga and 748 bags in the custody of the bureau’s Enforcement and Security Service were also donated to the DSWD on September 19 and 24, respectively.

Editor: Vittorio V. Vitug • Wednesday, December 26, 2018 A3

Duterte calls for peaceful holidays even as govt drops truce with Reds

By Samuel P. Medenilla

@sam_medenilla

ESPITE doing away with the government’s traditional holiday truce with communist rebels, President Duterte still called for a peaceful and holy celebration of the Christmas season on Tuesday. In his official Christmas message, Duterte appealed to Filipinos to consider it as an opportunity to commemorate the solemnity of Christ’s birth and teachings. “May we also contemplate on the wealth of lessons we can learn from the narrative of the Savior’s birth in the calls of compassion, kindness and reconciliation, being echoed throughout the globe,” Duterte said. The Filipinos, he added, should also celebrate Christmas spending time with their loved ones and acquaintances, and giving thanks

for the blessings they received for the year. “Truly, it is season of joy and happiness that is enjoyed by everyone, whether they are Christians, non-Christians or nonbelievers alike,” Duterte said. Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo echoed Duterte’s advocacy for upholding the value of unity, especially with start of the 2019 next week. “As the New Year ushers in, it is high time that we set aside prac-

tices that destroy the dignity of the country and collectively act as one people and one nation towards peace and progress,” Panelo said in a separate statement. “Together, let us think and care for our fellowmen and usher a new era of hope, peace and development,” he added. Malacañang issued the statement a day after it defended its position not to reciprocate the unilateral cease-fire during the Christmas holidays with the Communist Party of the PhilippinesNew People’s Army (CPP-NPA). In a speech last Saturday, Mr. Duterte urged the military to “destroy” the CPP for undermining the country’s law and order. The Armed Forces of the Philippines reported that rebels attacked a military detachment in Kalinga Apayao at that time—a day before the effectivity of the cease-fire from December 24 to December 26. Panelo said Durterte’s instruction is justified, especially so with the CPP-NPA engaged in crimes

CJ Bersamin says youth offenders deserve fresh start after rehabilitation

Army orders Samar soldiers to step up fight against NPA

HIEF Justice Lucas P. Bersamin reminded children in conflict with the law (CICL), who are serving rehabilitation in government-run shelters, that a new start awaits them after completing their time. “[A]ng buhay ninyo dito sa center ay hindi ninyo katapusan na. Dapat itong panahon na nandito kayo ay magamit ninyo upang mabigyan kayo ng panibagong simula [The time you spent here at the center, this does not mean that it’s the end of it. Instead, use this to start a new life],” Bersamin reminded the minors in his recent visit at the Manila Youth Reception Action Center, a governmentrun shelter for minors in Manila. A total of 185 children in CICL, including eight females, are now housed at the center. Children in conflict with the law are minors, 15 to 18 years old, who have been accused or adjudged as having committed an offense. They are not detained in a regular jail, but are in the meantime housed in the center where they undergo rehabilitation programs. Stressing that while they may have had unpleasant past, Bersamin told the youth offenders that highly qualified social workers at the center will help them go back to the right path. PNA

NCRPO rescues 967 IP beggars in Metro streets

OLICE have rescued close to 1,000 members of indigenous peoples, who were begging for alms during the Yuletide season, National Capital Region Police Office (NCRPO) head Police Director Guillermo Eleazar said on Monday. Eleazar said that from December 11 up to 5 a.m. of December 24, policemen undertook a total of 126 rescue operations that resulted in the rescue of 967 persons, 385 of whom were adults, or 39.81 percent, and 582 minors or 60.19 percent. This figure includes 210 members (21.72 percent) of the Aeta community, 148 members (15.31 percent) of the Badjao community and 609 (62.98 percent) others. Based on NCRPO data as of 5 a.m. on Monday, a total of 199 rescued Aetas and Badjaos are minors. Eleazar, said that, from the same period, Manila Police District rescued 349 indigenous persons, or 36.09 percent of the total; Quezon City Police District, rescued 322, or 33.30 percent; Southern Police District with 213 (22.03 percent); Eastern Police District with 57 rescued persons (5.89 percent); and the Northern Police District with 26 (2.69 percent). He said these operations comply with Presidential Decree 1563, or the mendicancy law of 1978. PNA

VIRTUALLY DESERTED EDSA

The usually congested Edsa turns into a virtual deserted thoroughfare on early morning of Tuesday with no vehicular traffic, no vendors and no law enforcers in sight, as Metro Manilans spend their Christmas Day elsewhere, either in their city homes or in the provinces. NONOY LACZA

Calabarzon’s top cop denies lawyer’s torture claims in Cainta encounter By Saul A. Pa-a

Philippines News Agency

and human-rights violations, including the killing of government uniformed personnel and civilians, destruction of properties, extortion and kidnapping. “In doing these atrocities, the CPP-NPA aided by—and in conspiracy with—its legal fronts, violated human rights of the victims, disobeyed the laws of the land and infringed the Constitution with such impunity in order to destroy the democratic way of life enshrined in the Constitution,” Panelo said. Some lawmakers and peace advocates like the Philippine Ecumenical Peace Platform have been advocating for the resumption of the peace talks with the communist rebels, which bogged down earlier this year. On December 12, the House of Representatives passed House Resolution 2339 urging President Duterte to go back to the negotiating table with National Democratic Front. The measure aims to end the decades long communist-led insurgency in the country.

AMP GEN. VICENTE LIM, Calamba City—Calabarzon Police Regional Director Chief Supt. Edward Carranza has dismissed allegations of lawyer Glen Chong that the latter’s close aide Richard Yamba Santillan was tortured and not engaged in any form of illegal activities. “This is a very serious allegation, and we would not let these allegations taint the credibility of the members of the Police Regional Office Calabarzon and the entire PNP [Philippine National Police] in general,” Carranza said in a news statement, quoting a tabloid report that “Santillan was allegedly tortured before he was killed.” At a recent news conference, Carranza presented details and updates on the armed encounter on December 10, which transpired around 1 a.m. at Block 17, Road 34 Planters at the Westbank Floodway in Barangay San Andres in Cainta, Rizal. The alleged armed encounter resulted in the death of Santillan, 45, a close aide and bodyguard of Chong, and resident of Muralla Street in Metropolis Village, Pasig City. “Santillan was not always present 24/7 contrary to Chong’s claims, the mere fact that the aide had separate activities, and even used Chong’s car

for other purposes,” Carranza said, referring the Toyota Fortuner (NOF 845), which refused to oblige to police standard flag-down operation and not about a political issue on the lawyer’s crusade against poll fraud. A lady passenger, Gessamyn Generales Casing alias “Myn Myn,” 39, and resident of Doña Soledad, Labangal, General Santos City, believed to be Santillan’s girlfriend, was also killed during the incident. “These past few days, we are being bombarded with baseless accusations surrounding the death of Richard Santillan in which Atty. Glen Chong even tagged our operating teams as ‘murder team’ of [the] PNP,” Carranza said. He vowed to ensure that justice is served, stressing there is an official scientifically based investigation by a team of forensic and crime lab experts to dig their probe deeper. Carranza called for fact-based probes and avoidance of mere speculations arising out of an alleged shootout, the bullet trajectory, perforations in Chong’s car and the gunshot wounds in the victims’ bodies. He also assured that these findings by crime laboratory and the Public Attorney’s Office would be challenged in court and even allowed his uniformed personnel to testify based on their operational procedures and face charges accordingly and that po-

lice initial reports have been relayed to the concerned families who are following the investigation. “Let’s not drag the victim arising from this incident into one’s quest for political position,” Carranza said, stressing “out of delicadeza, let us not drag the entire PNP organization for one’s media mileage.” He disclosed that he has invited Chong for a meeting last Saturday to clarify the lawyer’s “torture” allegations, but the latter turned it down and another appointment with Chong, which was arranged Monday in Camp Crame was also refused. Carranza also assured the public that the investigation would be based on facts and that the police officers involved, the arms used in the shooting incident have been subjected to examinations and tests by the crime laboratory. “So, we will wait for the result of whoever shot and used his firearm and on the trajectory of the firearm to get a real picture of what really happened during that early-morning shooting incident,” he said, assuring there will be no cover-up, and those proven guilty will have to face the consequences of their actions. Meanwhile, Supt. Pierre Paul F. Cardio, medico-legal officer, forensic expert and chief of the Rizal Provincial Police Crime Lab, said their initial findings did not find hematoma

arising from torture and that Santillan incurred gunshot wounds in his head; in the thorax both in front and at the back; and gunshot wounds in the wrists, hands and feet. Calabarzon Police Regional Intelligence Division Officer in Charge Supt. Serafin F. Petalio II also presented significant information on the involvement of Santillan into illegal activities as he briefed media on the historical background of the “Highway Boys” and their atrocities and modus operandi. Highway Boys is an organized crime group involved in illegal drug activities, robbery holdup, gun-for-hire and possession of high- and low-powered firearms operating in Cainta, Taytay, Rizal and Pasig City,” Petalio said. According to Petalio, the Highway Boys were involved in killings of previous cohorts who failed to remit income from drug money and were notorious of liquidating their victims, pouring cement to their victims stuffed in drums or barrels or even burned before these were thrown into the riverbanks and into Laguna Lake. Their illegal activities were uncovered as early as December 2016 when cemented, hogtied and mutilated bodies were fished out from the Westbank Floodway in Barangay San Andres in Cainta, Rizal, as reported by then-Cainta chief of Police Supt. Marlon Red Gnilo. PNA

ACLOBAN CITY—The Philippine Army in Eastern Visayas has asked its men to be more aggressive in their fight against the New People’s Army (NPA), after a soldier engaged in community support program was killed in an ambush in Las Navas, Northern Samar, on Saturday. In a statement issued on Monday, Maj. Gen. Raul Farnacio, commander of the Army’s 8th Infantry Division based in Catbalogan City, Samar, said there should be no holiday break for soldiers despite their enemy’s declaration of holiday truce. “I instructed the troops to be more aggressive to put an end to the terroristic activities of the terrorists against our people within our area of operations,” Farnacio said. On December 22, about 30 NPA members attacked soldiers in Caputo-an village deployed to assist the community for the needed basic services by the local government of Las Navas town. The more than one-hour gun battle killed Pfc. Alvin Avila of Burauen, Leyte, and wounded Privates Ivan Anthony Ignao and Michael Ocasla. After the encounter, the troops recovered a drop wire; a bag of assorted empty shells of machine gun, rifles and pistols; cooking pots; detonating cords and one empty box with Armscor trademark. The Army also condemned recent crimes committed by the NPA, such as the killing of former San Jose de Buan, Samar, Mayor Ananias Rebato, assassination attempt on Matuguinao, Samar, mayoralty candidate Aran Boller, and landmine explosion that wounded soldiers and civilians in Catarman, Northern Samar. “It only shows how desperate they are in their armed struggle, in their failure to conduct extortion activities in the far-flung areas particularly in San Jose de Buan and Matuguinao, Samar,” Farnacio said. “I urge the community to report to the authorities the presence of any armed group in your area. Security is a shared responsibility of everyone, it is not just for us, the security forces and government institutions but also with the civil society and the communities,” he added. With communist rebels poised to celebrate their 50th founding anniversary on December 26, the Armed Forces of the Philippines on Monday advised the public to take the necessary security precautions and remain vigilant for possible attacks by the terror group. PNA

A4 Wednesday, December 26, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

E-gates launch cuts holiday passenger queue at airports

By Recto Mercene

@rectomercene

HE recent launching of electronic gates (e-gates) at the Ninoy Aquino International Airport (Naia), and other key international airports in the country, brought great convenience to arriving Filipino passengers whose passports are now checked automatically, cutting long queues that usually plague the long Christmas season in the Philippines. From the usual 15 to 30 minutes, sometimes even as long as an hour waiting in line, Filipino migrant workers, balikbayan and tourists can now breeze through the e-gate in seconds. That was tested and proven the past few weeks, especially at the Naia where the e-gates were installed. Other airports also have been equipped with identical e-gate facilities include Clark, Mactan-Cebu (MCIA) and Davao International Airports. “There are 16 e-gates at Naia 1, 10 at Naia 2 and 26 at Naia 3,” according to Bureau of Immigration’s (BI) head supervisor at Naia 1 Dennis Robles. “There has been a marked decline in congestion since the egates were installed more than three months ago,” he added, but cautions against being overly optimistic since there are a few more weeks before the longest holiday season on the planet ends. “We might suddenly get an influx of flights,” he added, although he reveals that prior request had been made with the Civil Aviation Authority of the Philippines (Caap) to arrange arrivals at the premier gateway so that airplanes come in at regular intervals and not crowded into bunches or short time slots. BI Port Operations Division

Chief Grifton Medina said that the e-gates can process hundreds of Filipino passengers in minutes. “Flights from Middle East comes mostly at the same time, dislodging hundreds of passengers, but with the e-gates in place, 500 overseas Filipino workers [OFWs] could be processed in about 10 minutes,” he said. “We estimate that it would take each OFW about 10 seconds, from slapping their boarding pass and passport to the scanner until each receive a piece of paper that the passenger sticks in one of the pages of the passport,” Medina added. In previous practice, arriving OFWs take about one minute to go through the immigration booth. Immigration Commissioner Jaime H. Morente, on the other hand, said 13 of these e-gates are now in operation at Terminals 1 and 2. He said that they have installed three egates at the MCIA, as well as in Davao, where two e-gates are now active. He urged OFWs to use the e-gates upontheirarrivalinthecountrysothey need not line up for manual processing. Morente showcased the capabilities of the e-gates during its inauguration in Davao earlier this month. “Soon we will be installing e-gate machines at the departure area for

Filipinos, but we have to consider the possibility of illegal recruiters who might take advantage of the situations,” he said. Morente said the bureau will continue to conduct preliminary interrogation before allowing departing passengers to proceed to the e-gates. Much has been said of the egates, but a closer look at one of the facilities installed at the premier gateway would convince passengers that the electronic age had indeed caught-up with the country. This early, however, the device is prone to “hiccups,” but immigration personnel are always at hand to render assistance. It is a given that immigration arrival zones anywhere in the world are divided into two; those for local residents and those for foreigners. This is how the e-gate works: A returning Filipino stands before the e-gate, which instructs him or her in the vernacular to submit his boarding pass first and place it facing down the scanner. This tells the machine the passenger’s flight number and other data. The next instruction is to do the same for the passport, with the bio-page facing down. If the transaction is unsuccess-

a voice asks the passenger to face another device where his biometrics are taken—the passengers photograph and his right thumb mark. Then the machine churns out a piece of paper which the passenger sticks to page 6 or any of the succeeding pages. This takes the place of the “stamp” that immigration officials imprint on the passport. A successful transaction would take from 10 seconds or a bit more to complete and the doors finally open. Robles said it is a misconception that passengers should always breeze through immigration as fast as they could. “Remember that the purpose of immigration worldwide is to screen passengers in the first place,” he said, which could be due to several reasons: security, health, public safety, human smuggling, judicial interest [those with criminal records] and kidnapping [where one of the parents run-off with the child from their estranged spouse, who has custody of the child]. Robles said starting January 2019, airlines headed for the Philippines would be required to play a short video instructing passengers how to use the Naia e-gates.

Proposal for ₧102-billion Naia facelift set for Neda submission this week, DOTr official says By Lorenz S. Marasigan @lorenzmarasigan

HE Department of Transportation (DOTr) will endorse the unsolicited proposal of Naia Consortium to the National Economic and Development Authority (Neda) Investment Coordination Committee within the week, a transport official said. Transportation Undersecretary Manuel L. Tamayo said his group intends to proceed with the evaluation of the airport development proposal in the next two days. “Once everything is complete, we can send it to [the] Neda in one to two days,” he said in an interview. The Naia Consortium, a team of Filipino conglomerates, offered to rehabilitate, expand, operate and maintain the Ninoy Aquino International Airport (Naia) through a P102-billion investment spread across 15 years. It had already received the origi-

He said the problem of congestion started when the country adopted the open-skies policy, “while our airport infrastructures remain the same as it was in the past decades.” To remedy the problem of airport congestions then, Robles said, the previous administration approved a P22 billion “refurbishment program” to improve and expand the airport’s capacity.

nal proponent status for the project. Being granted the said status gives the proponent a competitive advantage against its would-be competitors during the competitive challenge for the project. Under the implementing rules and regulations of the build-operate-transfer law, the government must place unsolicited proposals to a Swiss challenge, which, in a nutshell, is a legal process of inviting other groups to bid for an unsolicited deal. The original proponent then has the right to submit a counteroffer. Tamayo noted that the proposal will be subjected to Swiss challenge by the “second quarter of 2019.” Groups have been calling for the redevelopment of Naia, as it has already reached its peak, handling 42 million passengers last year, way above its maximum capacity of 35 million passengers annually. This year the throughput is expected at 44 million passengers.

Declining oil prices in global market spreads holiday cheers

There are 16 e-gates at Naia 1, 10 at Naia 2 and 26 at Naia 3. There has been a marked decline in congestion since the e-gates were installed more than three months ago.”—Robles ful following the presentation of the passport twice but is rejected, the passenger is instructed to present themselves in a nearby booth, where an agent determines whether it’s the machine’s fault or simply, the passenger had to undergo more questioning. If successful, a transparent plastic door automatically opens for the passenger to exit, but then another pair of plastic doors blocks his exit. Then

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ETROLEUM prices in the international market continue with its consumer-friendly direction, even during the part of the year when, traditionally, they should be at their highest. In the past, a demand for “heating fuel” for the winter season only served to enhance price pressures on crude but not so much this year. In fact, Filipino consumers got an additional P1-per-liter price reduction on all liquid fuels on Christmas Day. This is the 11th week that oil firms cut diesel and kerosene prices, while prices of gasoline declined for two straight weeks. Based on world oil prices monitoring of the Department of Energy, the price of Dubai crude has declined by $0.90 per barrel week-

on-week as of December 18. It added that according to the December Short-Term Energy Outlook of Energy Information Administration, Brent crude is forecasted at an average of $61 per barrel by 2019, which is lower by $10.92 per barrel in its November forecast. “Asian gasoil market is persistently bearish amid supply overhang and lackluster demand,” the Department of Energy oil price monitoring noted. “Platts outlook for gasoil remained on the downside as the market anticipates heavy flow of gasoil supply from China in December. China is heavily exporting in December because of the additional export quota allocations to refiners,” it said. PNA

Creation of local nuke regulatory body hurdles second House reading By Jovee Marie N. Dela Cruz

@joveemarie

HE House of Representatives has recently approved on second reading a measure providing for a comprehensive nuclear regulatory framework that will pave the way for the creation of the Philippine Nuclear Regulatory Commission (PNRC). Authored by Speaker Gloria Macapagal-Arroyo, House Bill (HB) 8733, or the proposed “Comprehensive Nuclear Regulation Act,” was already approved on second reading on December 12. It is expected to be approved on third and final reading when session resumes in January. In filing the bill, Arroyo said the creation of a single nuclear regulatory body will harmonize the Philippines’s regulatory infrastructures with countries in the Asian region and other developed countries. She said in the process of establishing the Asean Community by 2015 and subsequent closer integration within Asean, the physical and institutional connectivity between member-states will present both new opportunities and challenges on nuclear-related issues. The measure aims to provide a legal framework that shall adequately protect the public health and safety, as well as the environment against the adverse effects of ionizing radiation. It shall also work for the safety and security of radiation resources. The bill seeks to create and maintain a regulatory system for the formulation, and adoption of regulations and guidelines on the use of ionizing radiation that shall specify the principles, requirements, and associated criteria for safety and security upon which the regulatory, judgments, decisions and actions shall be based on.

HB 8733 shall establish the PNRC, a single and independent nuclear regulatory body that shall exercise authority over all aspects of safety, security, and safeguards involving nuclear materials and other radioactive materials, facilities and radiation generating equipment. The PNRC shall be headed by a commissioner, who shall be appointed by the President, and shall be assisted by four deputy commissioners. To ensure proper management and effective implementation of the PNRC’s functions, an executive director shall be recommended by the commissioner, who shall assist in the discharge of executive and administrative functions, coordinate and direct the activities of the staff, as well as recommend and develop plans to achieve the commission’s objectives. The bill mandates the PNRC to charge and collect reasonable fees in the performance of its regulatory functions. These shall be deposited with the Bureau of Treasury as income of the general fund. Meanwhile, a Nuclear Waste Management Fund shall be established by setting aside a portion of the payment of the electricity generated from the nuclear energy use. The fund shall only be utilized for the safe disposal of nuclear waste, which shall include site research, transport and final geological disposal. An advisory board shall be formed to be composed of the secretary of the Department of Science and Technology as chairman, the secretary of the Department of Health as vice chairman and the secretaries of the Departments of Energy, Environment, Defense, Trade and Agriculture as members, as well as a maximum of five members from academe or nongovernment organizations.

HOLIDAY ON ICE

Popular Walt Disney characters dance to a lively tune on skates in what was dubbed as a special presentation of “Disney on Ice” at an arena in Pasay City, bringing cheers and smiles to a holiday season audience on Tuesday, Christmas Day. NONNIE REYES

DOLE eyes to install six new Polos in 2019 By Samuel P. Medenilla @sam_medenilla

HE Department of Labor and Employment (DOLE) has bared its list of countries where the government will establish new Philippine Overseas Labor Offices (Polos). Labor Secretary Silvestre H. Bello III said the new Polos will be in Shanghai, China; Berlin, Germany; Wellington, New Zealand; Los Angeles (LA); Osaka, Japan; and in Croatia. “I would like to inform you the

DFA [Department of Foreign Affairs] had already agreed to put up these six new Polos,” Bello said in a recent news conference. In the previous list of the DOLE, Croatia was not included and the new Polo in the United States was supposed in Florida instead of LA. Bello said they opted to put the Polos in the said countries in anticipation of an increasing number of Filipinos in those countries in the coming years. Polos are headed by the country’s labor attachés, who handle labor-related

affairs of Filipinos abroad. He explained that while ideally there should be a Polo in every embassy, their numbers and locations are limited by the DFA and the budget approved by the Department of Budget and Management. The creation of the six additional Polos may be delayed again after Congress failed to pass the 2019 budget this year. The new Polos were supposed to have been established this year, but were delayed to 2019 due to lack of funding.

www.businessmirror.com.ph | Editor: Angel R. Calso

The World BusinessMirror

Wednesday, December 26, 2018

China vows more Trump rips Fed as economy’s only support for private problem; doesn’t mention Powell companies in 2019 RESIDENT Donald J. Trump renewed his attacks on the Federal Reserve, commenting C publicly on the central bank for the first HINESE policy-makers will step up support for the struggling private sector in 2019, with the state council announcing a series of measures for the firms, which have been hit hard by the slowing economy and trade tensions. The central bank will improve policies on targeted reserve-requirement ratio cuts and inclusive finance to further support private companies, according to a statement after the State Council meeting on Monday. There will also be more tax cuts, and faster review of private companies’ IPOs and refinancing applications, the statement said.

Key insights

THE measures are the latest in a series of steps to help private firms, and come after the government last week said it would increase stimulus in the new year. The central bank also indicated a “low-profile” rate cut to boost lending to the private sector.

President Xi Jinping has put his personal stamp on the campaign, proclaiming “unwavering” support for private businesses. This support has meant less focus on the deleveraging campaign, which had led to less credit for smaller businesses.

Get more

THE meeting, which was chaired by Premier Li Keqiang, also decided to encourage asset management products and insurance funds to participate in reducing risks associated with stock-pledge loans to privately-owned companies. Policy-makers also vowed to treat all enterprises equally in bidding and land-use decisions, no matter their size or whether they are stateor privately-owned, based on the principle of competition neutrality. The statement also reiterated that the government will protect the personal property of private entrepreneurs based on the law. Bloomberg News

Mattis’s permanent replacement to face sharp Capitol Hill scrutiny

ASHINGTON—The departure of Defense Secretar y Jim Mattis in a week will thrust President D onald J. Trump’s largely unknown choice for acting Pentagon chief into the military hot seat and shift attention to the search for a permanent replacement who will probably face sharp Capitol Hill questioning about the administration’s murky foreign policy. Trump tweeted on Sunday that Deputy Defense Secretar y Patrick Shanahan will take over as acting head of the department on January 1, elevating a former Boeing Co. senior executive with little experience in international affairs. Shanahan worked for Boeing for more than three decades and was a senior vice president when he became Pentagon deputy in July 2017. And his time on the job has been mainly focused on the business side of the department and its budget in excess of $700 billion. A White House official said that in the New Year Trump wants to focus on streamlining purchases at the Pentagon, an issue on which Shanahan has already been working. The official asked not to be identified publicly discussing personnel matters. But there are looming policy questions about the wars in Syria and Afghanistan, including critical decisions about how the Pentagon will carry out Trump’s order last week to pull all 2,000 US troops out of Syria, and withdraw up to half of the 14,000 American forces in Afghanistan. Both decisions trigger massive logistical challenges to get the troops and equipment out of both warzones safely, without further inflaming US allies or boosting the aspirations of the enemy. A key unanswered question is what the administration will do for the US-backed Syrian Democratic Forces, which have gotten weapons and training to fight Islamic State insurgents. The SDF will face almost certain attacks from Turkey, the Syrian government and IS once the US leaves, and officials don’t know if the Syrian rebels will have to return the weapons to the US. S h a n a h a n h a s n’t b e e n to e i t h e r warzone, and officials say he’s likely to depend heavily on Marine Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff. Dunford is scheduled to leave the job and retire September 30, and Trump has already said he is nominating Gen. Mark Milley, the Army chief, as the next chairman. Dunford, who was in Afghanistan on Monday with a USO show, has been telling troops that so far the mission in Afghanistan has not changed, said his spokesman, Air Force Col. Pat Ryder. Ryder said Dunford “told them that they’re American soldiers, they have a mission to do, and to just get after it.” M a t t i s ’s d e p a r t u r e s i g n a l s a n

acrimonious end to a tense relationship between him and Trump that had eroded in recent months. Mattis hand-delivered a scathing resignation letter to the president on Thursday in protest over Trump’s decision to withdraw US troops from Syria. In the letter, Mattis made clear that he didn’t see eye to eye with a president who has expressed disdain for Nato. That drew a critical tweet from Trump on Monday. “We are substantially subsidizing the Militaries of many VERY rich countries all over the world, while at the same time these countries take total advantage of the US, and our TAXPAYERS, on Trade,” Trump tweeted. “General Mattis did not see this as a problem. I DO, and it is being fixed!” The reaction to Mattis’s departure, however, sparked shock and dismay on Capitol Hill. US officials said the fallout angered Trump and fueled his decision to accelerate the Mattis departure. US officials said they don’t know if Shanahan will be Trump’s nominee to replace Mattis. During a White House lunch with conservative lawmakers on Saturday, Trump discussed his options. They were “not all military,” said Sen. Lindsey Graham, R-S.C., who was there. Trump’s acting chief of staff, Mick Mulvaney, was asked whether Trump wanted a Pentagon leader willing to challenge him or someone in lockstep with his views, and he said “a little bit of both.” Names that are quietly beginning to surface include some of the civilian leaders of the military services such as Air Force Secretary Heather Wilson and Army Secretar y Mark Esper, an acknowledgement that someone who has already undergone Senate confirmation is considered a safer bet. Shanahan did not serve in the military. His father was in the Army and deployed to Vietnam. He earned a bachelor’s degree in mechanical engineering from the University of Washington, then a master’s in mechanical engineering, as well as an MBA from the Sloan School of Management at the Massachusetts Institute of Technology. In addition to work in B oeing’s commercial airplanes programs, Shanahan was vice president and general manager of Boeing Missile Defense Systems and of Boeing Rotorcraft Systems. In a March 2016 report, the Puget Sound Business Journal called Shanahan a Boeing “fix-it” man who was central to getting the 787 Dreamliner on track after production problems in the program’s early years. Although on Monday was a federal holiday and the Pentagon was fairly empty, Mattis was at his desk. Shanahan had already left for the holiday, but he has canceled a planned vacation and is expected back in Washington on Tuesday night. His offices were staffed Monday. AP

part of it is Trump’s undermining of it,” said Stephen Myrow, managing partner at Beacon Policy Advisors LLC in Washington and former Treasury official under President George W. Bush.

time following last week’s interest-rate hike and reports he has discussed firing Chairman Jerome Powell. “The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars, or even Democrat Shutdowns over Borders,” Trump said in a tweet on Monday. “The Fed is like a powerful golfer who can’t score because he has no touch—e can’t putt!” Trump’s latest broadside added to the sense of alarm among i nvestors a l ready rat t led by turmoil in Washington that includes his private musings about sacking Powell and the government shutdown that followed his about-face on a stopgapspending bill. US stocks fell back

toward their session lows after Trump’s outburst, with the S&P 500 Index on track to close at a 19-month low. The president’s Twitter post didn’t mention Powell, a Trump nominee who has overseen four rate hikes this year to prevent the economy from overheating. Treasur y Secretar y Steven Mnuchin sought to reassure investors over the weekend that Powell ’s job is safe. He held a conference call on Monday with regulators that oversee banks and markets to tr y, w it hout success, to restore calm. “The market is lacking full confidence in the Fed right now, but

Economy’s state

WHILE Fed rate hikes have contributed to equity declines and a softer housing market, the American economy is being buffeted by a few factors owing to the Trump administration and Congress. Trump’s trade war with China is creating uncertainty for businesses. US government debt is approaching $22 trillion. A federal shutdown this week is raising concerns about Washington’s ability to find bipartisan solutions to pressing problems. Recent data show economic growth is holding up fairly well but may moderate heading into next year. The labor market is solid and unemployment at 3.7 percent is the lowest since 1969. One measure of US consumer sentiment unexpectedly rose in December as views on economic conditions improved, helping bolster the outlook for American spending.

Gross domestic product is seen expanding 2.9 percent this year, buoyed by tax cuts and higher federal spending signed by Trump, but the pace is expected to slow in 2019 as fiscal stimulus fades. The White House argues lower corporate taxes will boost productivity and help the economy grow faster without causing inflation, and therefore the Fed doesn’t need to tighten policy. The turmoil engulfing Washington—and the financial market rout that’s happening in response—widened after Bloomberg News, late Friday, reported Trump’s discussion about firing Powell. Mnuchin said in a pair of tweets on Saturday evening that he’d spoken with the president about the matter, and he quoted Trump saying he didn’t believe he had the authority to remove the central bank chief. Mick Mulvaney, Trump’s pick for the next White House chief of staff, said on Sunday he’d spoken to Mnuchin and that Trump “now realizes he does not have the ability” to fire a Fed chairman. Trump has yet to publicly affirm that belief himself. Bloomberg News

THE empty US Capitol Rotunda is seen during a partial government shutdown in Washington on Monday. Both sides in the long-running fight over funding President Donald J. Trump’s US-Mexico border wall appear to have moved toward each other, but a shutdown of one-fourth of the federal government entered Christmas without a clear resolution in sight. AP/MANUEL BALCE CENETA

Christmas stalemate in Washington over Trump’s border wall, shutdown

A SHI NGTON —B ot h sides in the fight over President Donald J. Trump’s border wall with Mexico have given a little on the money. What they can’t seem to agree on is what it should be spent on. And until Trump, who wants a wall, and Democrats, who oppose it, can come to an agreement, portions of the US government will stay closed. Christmas marked the fourth day of the partial US government shutdown with no end in sight. Most lawmakers fled the capital over the weekend to be with their families. Trump remained at the White House after scrapping plans to spend Christmas at his Florida estate. “Nothing new. Nothing new on the shutdown. Nothing new, except we need border security,” he told reporters on Monday at the White House while participating in the annual tradition of answering telephone calls from children anxious to know when

Santa will get to their homes. In a joint statement, the Democratic leaders of Congress, Sen. Chuck Schumer and Rep. Nancy Pelosi, blamed Trump for the stalemate and for “plunging the country into chaos.” They pointed to problems beyond the shutdown, including heavy losses on Wall Street and Trump’s decision to fire his defense secretary. “The president wanted the shutdown, but he seems not to know how to get himself out of it,” they said in the statement. Trump had said he’d be “proud” to shut down the government in a fight over the wall, but now blames Democrats for refusing to give him the votes needed to approve a House-passed bill that includes the $5.7 billion he wants for the wall. The White House presented a counteroffer over the weekend to Schumer that is between Trump’s $5.7 billion price tag and the $1.3 billion Democrats have offered, said Budget Director Mick Mulvaney. He did not elaborate, but a

Democratic aide granted anonymity to discuss the private talks said the White House offered $2.5 billion—an initial $2.1 billion plus $400 million Democrats called a “slush fund” for the president’s other immigration priorities. Mulvaney said he was waiting for Schumer’s response. Schumer’s office said the parties remained “very far apart.” Trump chimed in from the White House, where he has relentlessly tweeted on a variety of issues while being cooped up in the mansion since Saturday, when the shutdown began. He tweeted at one point about feeling lonely. “I am all alone [poor me] in the White House waiting for the Democrats to come back and make a deal on desperately needed Border Security,” he tweeted. “At some point the Democrats not wanting to make a deal will cost our Country more money than the Border Wall we are all talking about. Crazy!” Tr ump met on Monday on border security with Homeland

S e c u r it y S e c re t a r y K i r s t j e n Nielsen and other depar tment of f ic i a l s. Sen ate negot i ators cont i nue d t a l k s b e h i nd t he s ce ne s w it h D e mo c r at s a nd Republ icans. T he House and Senate brief ly gaveled into session on Chr istmas eve before quick ly closing again w ith no f ur ther action. Several Cabinet departments and agencies have been closed since Saturday after their funding lapsed, and Mulvaney warned the shutdown could stretch into January, when Democrats are set to take back control of the House. Trump excused federal employees from work on Monday and Christmas is a federal holiday, meaning the public could begin feeling the shutdown’s effects on Wednesday. Some 800,000 federal workers must either work without pay for the time being, or stay home and wait to be paid later. Tr u mp prom i se d to m a k e Mexico pay for the border wall. Mexico has refused. AP

A6 Wednesday, December 26, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

We need to cultivate PHL agri sector

HILIPPINE agriculture is dying because national leaders for the longest time have done nothing to help this sector and make it grow. As a result, millions of farmers who depend on the land for livelihood can’t get out of poverty. No wonder young Filipinos don’t want to pursue a career in agriculture. Sadly, even farmers discourage their own children from becoming land tillers like them. Instead, farmers encourage their children to take up nursing or other health-related courses so they can work abroad and earn dollars. We can’t blame farmers discouraging their own children to pursue a career in a sector that is unattractive and regarded as the country’s poorest. Officials of the Department of Agriculture revealed that the annual income of farmers in 2009 averaged only P17,000, or about P2,000 a month. Despite the billions of pesos poured by the government into intervention programs aimed at boosting farmers’ income in the past 10 years, farmers’ earnings have not improved. Latest data from the Philippine Statistics Authority showed that among the nine basic sectors, poverty incidence was highest among farmers and fishermen. Nearly three years after President Duterte was sworn into office, the government has yet to make good on its promise to make food accessible and affordable to all Filipinos. This sin of omission can be traced to the government’s failure to roll out the various intervention programs to improve productivity. Also, despite recognizing the importance of research and development to boost farm sector output, the administration has yet to walk the talk. When will it perform actions consistent with its pronouncements? While the spike in food prices this year is unfortunate for many Filipinos, it again highlighted the need for the government to focus on the agriculture sector. (See “Agriculture sector’s woes worry Duterte government, private sector—DOF,” BusinessMirror, December 25, 2018). Finance Secretary Carlos G. Dominguez III, a former agriculture chief, has declared that the Duterte administration will prioritize the farming sector. The pronouncement came after the government saw that the increase in food prices was largely responsible for the acceleration of inflation in recent months. Given the reluctance of private banks to increase lending to farmers and the inability of the Philippine agriculture sector to attract needed investments, the government must step up to the plate to help farmers. Reviving an ailing farm sector requires huge resources and the government must be ready to make this commitment. In view of the threat posed by climate change to food production, not only in the Philippines but all over the world, government officials must stop relying on imported foodstuff to fill the shortfall in local output. Nations will feed their citizens first before they sell their produce to other countries, and our own technocrats would do well to remember this. The government must stop dragging its feet and start implementing strategies aimed at increasing food production so Filipino consumers can finally get a reprieve from high prices. Officials may consider going back to the government’s economic blueprint, the Philippine Development Plan 2017-2022, if they don’t know where to start. The PDP has outlined the interventions that the administration wants to carry out to improve farm productivity. We have an excellent blueprint, but unless we implement these initiatives, the government won’t be able to bring about the change promised by the President. Since 2005

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SCRIBBLES

HESE days, I spend a lot of time listening to music. It soothes me to hear familiar melodies wafting through my small home office, keeping writing deadlines at bay, and the noisy world on mute. One of the songs that I love especially for its lyrics is “Fix You” by Coldplay. My daughter reminded me on Tuesday while I was playing it for the nth time that when she was younger, I didn’t like Coldplay. Oh, but that was then. Things change. I mean, listen to the lyrics— “When you try your best but you don’t succeed” “When you get what you want but not what you need” “When you feel so tired but you can’t sleep” “Stuck in reverse” “When the tears come streaming down your face” “‘Cause you lose something you can’t replace” “When you love someone but it goes to waste” “What could be worse?” “Lights will guide you home” “And ignite your bones” “And I will try to fix you” I think this could be one of the best Christmas carols there ever

was. Every day, we try to fix ourselves, coping, surviving and in the process, celebrating life given until taken away. We can’t always have our way. But there will always be little victories to celebrate—the lack of traffic on a very unusual Monday, making it to a meeting with barely enough sleep, or sealing a deal because you aimed high and trusted your instincts. Unfortunately, not all of us realize that every single sunrise bears the power of magical transformation. We wake up, take a bath, brush our teeth, and go through the motions of the day, failing to embrace our self-worth. That self-worth gets magnified when passed on to others by simply wishing them a good

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day, and being on the happy side of hope. Instead, we stick to the mundane, failing to see how a good day can get better. That there will always be bad days are certain. But you, dear Reader, have reached that certain age where bad days are manageable because your life skills have been honed by having gone through so many of them. Relax. Give yourself a pat on the head. Live. Live for yourself. Time is finite. Like childhood, it goes away and never comes back. Yet, Christmas reminds us that we have the power to make so many people happy simply by being around, staying alive, and sharing even the most commonplace experiences. In our growing up years, we were blessed with ample time to discover who we are. As adults with careers and families to spend weekends with, we are blessed with precious time to make a difference, heed a calling and make lives matter. Not just your life, but also other lives—because your life can be the sunrise that brings the glorious possibilities in hope to people who have none. Back to Coldplay: “But high up above or down below” “When you are too in love to let it show” “Oh but if you never try you’ll never know” “Just what you’re worth”

“Lights will guide you home” “And ignite your bones” “And I will try to fix you” The best people in the world are those who give up their comfortable seats in the MRT station to a wobbly, more fragile passenger. People that make the best friends are those who melt your anger against the world just by popping up online. The people who need the less fixing are the people who have no idea what a Trust Fund is and yet has full trust in their abilities to rise above. We don’t need a title to be great, or a pedigree, or a mansion with butlers galore. The best mansions I have seen have the warmth of an iceberg. We don’t need billboards proclaiming our self-worth. Those who advertise their greatness need to spend to be happy. A former boss of mine once said, “In life, you only need just one person to love and who will love you back for the rest of your life.” And it’s true. Positive affirmation is to see that person glow at the sight of you. In the full spectrum of life, we really just need time to think and know: when our living deadline is up, to whom will our absence matter the most? Those are the people we need to love to the hilt and spend time with. Three things I know to be true: Music is love. Time is finite. And I love Coldplay. Merry Christmas, everyone!

Books that challenge the consensus on capitalism Pankaj Mishra

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On music, time and Coldplay

BLOOMBERG VIEW

E live in an age of political earthquakes: That much, at least, seemed clear from newspaper headlines nearly every day of 2018. But intellectual tectonic plates were also shifting throughout the year, with ideas once dismissed as the ravings of the loony left breaking into the mainstream. A Western consensus quickly formed after the collapse of communist regimes in 1989. It was widely believed by newspaper editorialists, as well as politicians and businessmen that there was no alternative to free markets, which alone could create prosperity. The government’s traditional attempts to regulate corporations and banks and redistribute wealth through taxes were deemed a problem. As the economist Milton Friedman put it, “The world runs on individuals pursuing their separate interests.” Neither individuals nor companies needed to worry much about

inequality or social justice. In Friedman’s influential view, “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits.” Political fiascos in the West, following its largest financial crisis— events accompanied by the emergence of China, a Communist-run nation-state, as a major economic power, as well as an unfolding environmental calamity—have utterly devastated these post-1989 assumptions about free markets and the role of governments. Confessions to this effect come

routinely from disenchanted believers. Take, for instance, Olivier Blanchard, former chief economist of the International Monetary Fund, who recently posed the once-blasphemous question: “What comes after capitalism?” Blanchard was commenting on the recent demonstrations in France against President Emmanuel Macron. He rightly described a global impasse: “Given the political constraints on redistribution and the constraints from capital mobility, we may just not be able to alleviate inequality and insecurity enough to prevent populism and revolutions.” Nor, for that matter, can we work toward a greener economy. In any case, Blanchard’s admission confirms that we inhabit, intellectually and culturally, a radical new reality—one in which “neoliberalism,” a word previously confined to academic seminars, has entered rap lyrics, and stalwarts of the establishment sound like activists of Occupy Wall Street. Thus, Martin Wolf, respected columnist for the Financial Times, recently concluded, if “reluctantly,” that “capitalism is substantially broken.”

This year, many books with titles such as The Myth of Capitalism: Monopolies and the Death of Competition and Winners Take All: The Elite Charade of Changing the World blamed an unjust economic system and its beneficiaries for the rise of demagogues. It is becoming clear that the perennial conflict between democracy, which promises equality, and capitalism, which generates inequality, has been aggravated by a systemic neglect of some fundamental issues. In The Value of Everything: Making and Taking in the Global Economy, Mariana Mazzucato bracingly focuses our attention on them. Mazzucato has previously written about the innovative role of governments in the modern economy. In her new book, she asks us to distinguish between people who create value and those who merely extract it, often destroying it in the process. Her targets range from pharmaceutical companies, which uphold a heartless version of market rationality, to Internet companies with monopoly power such as Google and Facebook. Her most compelling example, however, is the workings of See “Mishra,” A7

Opinion BusinessMirror

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Dear Anonymous inside the Trump administration

The ghost of Trump chaos future Paul Krugman

NEW YORK TIMES

By Bret Stephens | New York Times News Service

EAR Anonymous, It’s time we revisit that famous op-ed of yours. In September, you acknowledged that you were a member of the “quiet resistance” within Donald J. Trump’s administration. You told us that you and others were “working diligently” to “frustrate parts of his agenda and his worst inclinations.” You said that while you agreed with many of the president’s policies, you were appalled by the president’s amorality, his chaotic management, his “repetitive rants,” his fondness for dictators. You also believed that your efforts to resist Trump were often successful. On foreign policy, you noted, the administration’s policies were far more sober and serious than the president’s reckless rhetoric. You were wrong. This week proves it. Assuming you haven’t departed the administration already, now would be the time for you to go. Ditto for all of your fellow “resisters.” This is the central lesson of James Mattis’s stunning resignation Thursday. Secretaries of defense come and go—we’ve had five in the past eight years—and some of them run afoul of the president they serve. But Mattis is the highest-ranking Cabinet member to resign over differences of policy and principle since Cyrus Vance quit the State Department in 1980 after Jimmy Carter’s Desert One fiasco. He is the only defense secretary to leave this way since the position was created in 1947. Mattis resigned because he no longer shares your analysis. He no longer believes he can be a steadying or blocking force in the councils of government because it isn’t clear there are “councils of government.” Donald Trump made a snap decision to remove US troops from Syria following a phone call with Turkish President Recep Tayyip Erdogan. He did so over the unanimous objections of his national-security team. He did so after leading members of that team had said publicly and recently that the US would not withdraw. A president who sticks it to his own team while sticking with a foreign strongman is not worth sticking by. Mattis also resigned because he has concluded that the problem with Trump isn’t that he’s an empty vessel. It’s that he’s a malignant one. Here was the fundamental mistake in your view of Trump: You thought he could be “handled”. You thought of him as a child who simply needed to be kept away from dangerous toys, as former economic adviser Gary Cohn did when he removed a letter from the president’s desk ordering the end of the Korea-US freetrade agreement. But our Commodus in Chief isn’t just an irascible buffoon whose worst impulses can be confined to Twitter

Mishra. . .

continued from A6

the financial sector, and its Friedman-style obsession with “shareholder value maximization,” which has infected the corporate sector as a whole. Reading Mazzucato’s book, it is hard not to wonder just how “neoliberal” ideas and values, which uphold the rationality of the market and exclude notions of the common good, came to shape the conduct of individuals and institutions. In the conventional account of neoliberalism, Friedman looms large, along with his disciple Ronald Reagan, and Britain’s Margaret Thatcher. Much has been written about how the IMF’s structural adjustment programs in Asia and Africa, and “shock-therapy” for postCommunist states, entrenched orthodoxies about deregulation and privatization. In these narratives, neoliberalism appears indistinguishable from laissez-faire. In Globalists: The End of Empire and the Birth of Neoliberalism,

but whose policy instincts largely align with yours. Trump thinks of himself as a man of ideas. Withdrawal from Syria, along with partial withdrawal from Afghanistan, is consonant with the quasi-isolationism he’s preached for decades. He is sympathetic to Erdogan, as he is to other tyrants, because he is indifferent to considerations of human rights and civil liberties. Above all, he’s against “meddling,” whether it’s meddling in the affairs of others—or having others meddle in his. The Trump Doctrine is the doctrine of unaccountability. It’s also the doctrine of dishonor. And this is what should most concern you and whatever is left of your in-house resistance. The United States is about to abandon our allies to the tender mercies of thugs. We are breaking our word to those who helped us decimate the Islamic State. We are standing aside so that Erdogan, Bashar Assad, Vladimir Putin and the Taliban can roll in, and ISIS can fight on. For Mattis, who became a Marine during the Vietnam era, memories of what befell our betrayed allies from that conflict can’t be far from his mind. Nobody should expect the secretary to carry out a policy that would keep him from looking a comrade-in-arms in the eye. So it is with you, Anonymous, wherever you might work in the administration. Until now, you may have convinced yourself that real honor lay in putting up with it—with the craziness of your boss and the disdain of your neighbors—because the good of the country (as you see it) demanded it. And until now, you had Mattis to serve as your role model. But Mattis is going. And the argument can no longer be sustained. If Trump is capable of doing this to Mattis, what’s to keep him from soiling your carpet, too? And even if he never gets to it, you must know by now that you are no longer keeping a bad thing from getting worse. All you are doing is disguising how bad it is, thereby helping it to become worse. Trump will never have trouble surrounding himself with ambitious and unscrupulous flunkies. Do you want that to describe you? Get out while you still can, whoever you are. Quinn Slobodian briskly overturns this commonplace view. Neoliberals, he argues, are people who believe that “the market does not and cannot take care of itself,” and indeed neoliberalism is a form of regulation—one that insulates the markets from vagaries of mass democracy and economic nationalism. Beginning with the breakup of the Hapsburg Empire, Slobodian’s lucidly written intellectual history traces the ideas of a group of Western thinkers who sought to create, against a backdrop of anarchy, globally applicable economic rules. Their attempt, it turns out, succeeded all too well in our own time. We stand in the ruins of their project, confronting political, economic and environmental crises of unprecedented scale and size. It is imperative to chart our way out of them, steering clear of the diversions offered by political demagogues. One can only hope that the New Year will bring more intellectual heresies of the kind Mazzucato’s and Slobodian’s books embody. We need them urgently to figure out what comes after neoliberalism.

Wednesday, December 26, 2018 A7

WO years ago, after the shock of Donald J. Trump’s election, financial markets briefly freaked out, then quickly recovered. In effect, they decided that while Trump was manifestly unqualified for the job, temperamentally and intellectually, it wouldn’t matter. He might talk the populist talk, but he’d walk the plutocratic walk. He might be erratic and uninformed, but wiser heads would keep him from doing anything too stupid. In other words, investors convinced themselves that they had a deal: Trump might sound off, but he wouldn’t really get to make policy. And, hey, taxes on corporations and the wealthy would go down. But now, just in time for Christmas, people are realizing that there was no such deal—or at any rate, that there wasn’t a sanity clause. (Sorry, couldn’t help myself.) Put an unstable, ignorant, belligerent man in the Oval Office, and he will eventually do crazy things. To be clear, voters have been aware for some time that government by a bad man is bad government. That’s why Democrats won a historically spectacular majority of the popular vote in the midterms. Even the wealthy, who have been the prime beneficiaries of Trump policies, are unhappy: A CNBC survey finds that millionaires, even Republican millionaires, have turned sharply against the tweeter in chief.

But market behavior has, until recently, been a different story. The reality that presidential unfitness matters for investors seems to have started setting in only about three weeks (and around 4,000 points on the Dow) ago. First came the realization that Trump’s muchhyped deal with China existed only in his imagination. Then came his televised meltdown in a meeting with Nancy Pelosi and Chuck Schumer, his abrupt pullout from Syria, his firing of Jim Mattis and his shutdown of the government because Congress won’t cater to his edifice complex and build a pointless wall. And now there’s buzz that he wants to fire Jerome Powell, the chairman of the Federal Reserve. Oh, and along the way we learned that Trump has been engaging in raw obstruction of justice, pressuring his acting attorney general (who is himself a piece of work) over the Mueller investigation as the tally of

convictions, confessions and forced resignations mounts. But let’s play devil’s advocate here: Does all this Trump chaos matter for the economy, or for the stock market (which isn’t at all the same thing)? At first sight, it’s not all that obvious. After all, aside from the prospect of trade war, none of Individual-1’s tantrums, unpresidential as they are, have much direct economic impact. Even the government shutdown will impose only a modest drag on overall spending. And even trade war might not do that much harm, as long as it’s focused mainly on China, which is only one piece of US trade. The really big economic risk was that Trump might break up Nafta, the North American trade agreement: US manufacturing is so deeply integrated with production in Canada and Mexico that this would have been highly disruptive. But he settled for changing the agreement’s name while leaving its structure basically intact, and the remaining risks don’t seem that large. So why do investors seem to be losing their what-me-worry attitude? It’s not so much what Trump is doing, as what he might do in the future— or, perhaps even more important, what he might not do. The truth is that most of the time, presidential actions don’t matter much for the economy; short-term economic management is mainly up to the Fed. But when bad things happen, we do need the White House to step up. In 2008 and 2009, it mattered a lot that officials of both the outgoing Bush administration and

the incoming Obama administration responded competently and intelligently to the financial crisis. Unfortunately, there’s no reason to expect a comparable degree of competence if something goes wrong again. Consider how the Trumpistas have responded to falling stocks. So far these are just a minor economic bobble. Yet, Trump himself, having claimed credit when stocks were rising, has flown into a rage and lashed out; hence the attacks on Powell. Meanwhile, top officials are still claiming that last year’s tax cut was a triumph in the teeth of the evidence, and issuing bizarre statements—via Twitter—about the health of the banks, which nobody was questioning. Now imagine how this administration team might cope with a real economic setback, whatever its source. Would Trump look for solutions or refuse to accept responsibility and focus mainly on blaming other people? Would his Treasury secretary and chief economic advisers coolly analyze the problem and formulate a course of action, or would they respond with a combination of sycophancy to the boss and denials that anything was wrong? What do you think? Let’s be clear: There isn’t an obvious crisis-level threat looming at the moment. But growth is slowing, and as the bumper stickers don’t quite say, stuff happens. And if and when it does, the people who would be supposed to deal with it are the gang that can’t think straight. Merry Christmas.

Trump may have done lasting damage to the Fed By Tim Duy

Bloomberg Opinion

RESIDENT Donald J. Trump’s Christmas Eve tweet reiterated that he considers Federal Reserve Chairman Jerome Powell a thorn in his side, one I think Trump believes he needs to pull even if Treasury Secretary Steven Mnuchin claims otherwise. We need to start thinking about what happens if Trump tries to fire Powell. Short version: It would likely be an absolute mess. The legal framework for firing a Fed chair remains subject to debate. Fed scholar Peter ContiBrown argues that the President could try to demote Powell from Fed chairman back to a governor, but that would potentially still

leave Powell as chairman of the interest-rate setting Federal Reserve Open Market Committee. How the Fed might react to such a situation is unclear. From my perspective, the bestcase scenario for market participants is this: Powell steps down as chair and governor and is replaced by Fed Vice Chairman Richard Clarida. Equities tumble—maybe even go into free fall—while Treasuries surge. Clarida and his remaining Fed colleagues react by slashing rates at the January 2019 FOMC meeting, and maybe even sooner in an emergency meeting. The markets rebound, and the transition happens quickly enough that Main Street remains untouched by the gyrations on Wall Street. The worst-case scenario is that

the Fed digs in its heels and chooses to challenge Powell’s firing in the courts as a way to preserve the independence of the central bank. That process could drag on indefinitely, creating a sustained “risk off” scenario in financial markets that would eventually create sufficient damage to the broader economy that hurts Main Street. Even in the best-case scenario, the Fed becomes another damaged institution. Arguably, it already is. There is a risk that at this point any action taken by the Fed to cushion markets or the economy will look as if policy-makers are simply yielding to Trump’s demands. In other words, the appearance of independence may disappear if Trump’s antics create the uncertainty that necessitates a Fed response.

Hence, regard less of what happens, we are now well into uncharted and dangerous territory. It is not obvious that the government has the capacity to respond effectively to a financial crisis. That means that the Fed would have to shoulder an even greater role than in the last crisis. But now, the Fed may be less effective because of the damage inflicted by Trump. Indeed, Trump appears to be both setting in motion a crisis while undermining the institution that responds to that crisis. Don’t underestimate how tense the situation has become. The risk that this downturn in stocks and other risk assets bear turns into something worse rises with each angry Trump tweet.

High debt isn’t driving Indian farmers to suicide By Shamika Ravi Bloomberg Opinion

T’S election season in India and the money is flowing. Governments in many states have begun waiving tens of millions of dollars’ worth of loans to poor farmers in an effort to buy their loyalty. The argument—widely accepted by politicians and journalists, the demographic groups with the least fiscal instinct—is that India’s farmers are buckling under the weight of their debts and rural suicides are spiking dangerously. Rural households are desperate for relief. The numbers tell a different story. And, given the detrimental impact on credit discipline, not to mention the hole such waivers are going to blow in state budgets, politicians would be wise to rethink their plans. According to India’s National Crime Records Bureau, the number of farmers committing suicide has actually been falling in recent years; fewer such deaths were recorded in 2016 than at any time in the previous 16 years. Nearly twice as many Indian housewives commit suicide as farmers do. Nor does there seem to be a clear link between farmer suicides and poverty. Suicide mortality rates are higher in the relatively wealthy

states of Maharashtra and Andhra Pradesh than in poorer Bihar and Uttar Pradesh. If one examines the incidence of indebtedness—the percentage of households that owe money to banks or moneylenders— it’s true that poorer farmers tend to owe more. They have a much higher debt-to-asset ratio and hold more formal and informal loans than richer households do. But they’re not the ones killing themselves: According to data from the National Sample Survey Office, nearly 90 percent of the farmers who committed suicide in Maharashtra owned more than 2 acres of land. Six out of 10 owned more than 4 acres. This defies the centuries-old stereotype of rail-thin farmers laboring to pay back fat, greedy and unscrupulous moneylenders—a trope that can be found everywhere from the 1957 Bollywood hit Mother India to the dry pages of Reserve Bank of India reports. The overriding objective behind most of the government’s subsidized credit schemes since the 1950s has been to provide alternatives to these usurers. States such as Bihar where moneylenders hold more sway, though, tend to see fewer suicides. In high-suicide Maharashtra, formal loans account for 87 percent of total outstanding debt—far above the national

average of 57 percent. Overall, too, India’s farmers are doing far better than many realize. One way to gauge the well-being of rural households is to look at how much they’re buying: They now account for 45 percent of the fast-moving consumer goods sector in India. This is remarkable given the vast disparity in disposable incomes between urban and rural households, and it implies that improvements in rural infrastructure, connectivity and digitization are translating into higher demand. Over the last three years, rural sales grew significantly faster than urban sales in both volume and value; consumption growth currently stands at a robust 9.7 percent. What policy-makers need to realize, first, is that India has no single rural economy. It’s always possible to find distressed households somewhere. But they may fall in the bottom quintiles, or perhaps in specific states of the country or perhaps even among the rich farmers of Mehrauli, near Delhi. More targeted programs would address the problem more effectively and far more cheaply than blanket loan waivers. Second, loans are clearly not the only source of farmer distress. While “indebtedness” has been rising as a cause of farmer suicides

since the government began measuring them separately in 2014, the most commonly cited causes of suicide in India historically have been “family problems” or “illness.” The latter especially has seldom received enough policy attention in the past decades. Access to health care, as well as to rural infrastructure, obviously plays a role in determining how optimistic and secure farmers feel. Each of these issues requires a different prescription. As agricultural productivity and output improve, for instance, and India grows more food-secure, farmers are inevitably going to face lower prices. The most effective and least distortionary way to support them would be through direct benefit transfers. The new National Health Protection Mission (“Ayushman Bharat”) should improve rural health care. Free LPG connections for poor households should lower their energy burdens while improving the respiratory health of women (smoke from cooking fires is a leading cause of death in many parts of India). What is abundantly clear is that loan waivers aren’t the panacea they’re made out to be politically. Those who want to help India’s farmers should be working much harder to figure out what they really need.

2nd Front Page BusinessMirror

A8 Wednesday, December 26, 2018

BSP: Fears of PHL economy overheating have no basis

By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) dispelled concerns that the Philippine economy may be at risk of overheating due to rapid credit growth and a widening currentaccount deficit. BSP Deputy Governor Diwa Guinigundo defended the country’s metrics, saying everything, particularly the growth of credit in the country, remains “manageable” and is likely to improve the country’s productive capacity down the line. This is after international credit watcher Fitch Ratings flagged the country for risks of overheating. “Grow th prospects rema in favorable, supported by strong domestic demand and increasing infrastructure investment. However, Fitch believes that overheat i ng r isk s rem a i n i n

place, highlighted by rapid credit growth and a widening currentaccount deficit, although the Central Bank ’s stated intention is to remain vigilant against developments that could affect the inflation outlook,” the credit watcher said in its most recent assessment of the Philippines. An overheated economy is characterized by spikes in inflation following a period of high economic growth. The imbalances in an overheating economy can cause a disconnect between supply and demand, overproduction that leads to an economic output gap, which

“While credit is growing, the pace of increase is within levels considered manageable based not only on the BSP’s own metrics but even on international benchmarks.” —Guinigundo

could negatively affect several sectors in the economy. Guinigundo said the Philippines, even though it has seen high growth and high inflation, is a “different case” and is not at a risk of overheating, based on local and international standards. “While credit is growing, the pace of increase is within levels considered manageable based not only on the BSP’s own metrics but even on international benchmarks,” Guinigundo said. “Additionally, credit growth in the country is driven not only by consumption but, more importantly, by investment activities which boost the economy’s productive

U.S. HOLIDAY SHOPPING ROARS TO A CLOSE AMID SHUTDOWN, STOCK ROUT

capacity,” he added. “As such, we see growth in demand continually and sufficiently being matched by rising supply, thereby continuing to dampen demand-side inflationary pressures moving forward,” Guinigundo added. Earlier, Guinigundo said issues about the Philippine economy overheating are “quite misplaced.” “Our estimates show that potential output growth has been rising, averaging 6 percent for the period of 2010 to 2017. So the talk about the large output gap is without basis. Our output gap is either a small positive or a small negative,” he said. Fitch Ratings has kept the Philippines’s investment grade of “BBB”, projecting sustained robust economic growth in the years ahead, driven in part by massive public infrastructure investments. The Philippines’s “BBB” rating with Fitch matches the “BBB” rating assigned by S&P Global and the “Baa2” rating by Moody’s Investors Service. In the meantime, S&P assigned a “positive” outlook on its rating on the Philippines, signaling an opportunity for an upgrade.

‘S

ELL” may be the chorus on Wall Street, but optimistic shoppers looking to fill the empty space under the country’s Christmas trees were out in full force during the season’s final shopping weekend. With Christmas just around the corner, Americans streamed into brick-and-mortar stores on Saturday and Sunday looking for deals. The International Council of Shopping Centers predicted heading into the weekend that 48 percent of US adults would spend over the weekend, and analysts say early signs point to a blowout. “Best ever Saturday and Sunday we’ve ever seen,” said Craig Johnson, president of retailer research firm Customer Growth Partners. “Wall Street may be panicking, but consumers are not.” Even as the S&P 500 Index continues to tumble as fear of a possible slowdown in the New Year grips the market, many US consumers are still feeling merry. Higher employment and wages translate into higher household cash flow, Johnson said, meaning that credit cards didn’t do all of the heavy lifting this year. The weather cooperated in most parts of the country and gas prices are lower than last year, so consumers had no excuses not to make those final pre-holiday shopping treks. With the window on free, twoday shipping firmly closed for holiday deliveries, gift givers hustled to value-focused retailers like Walmart Inc., Costco Wholesale Corp. and Target Corp. Apparel did especially well, analysts said. “Stores were busy,” said Jennifer Bartashus, a Bloomberg Intelligence analyst, adding that retailers were making a big dent selling

Hataman, last caretaker of ARMM govt, hands over ‘clean slate’ to new Bangsamoro unit By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—From a dysfunctional autonomous local government to its short-term evolution as an International Standard Organization-

certified office, the last caretaker administrator of the autonomous government for Filipino Muslims expressed confidence he would be handing over a clean and financially viable government unit. Gov. Mujiv Hataman of the Autonomous Region in Muslim Mind-

TROPICAL DEPRESSION “USMAN” 945 KM EAST OF HINATUAN, SURIGAO DEL SUR NORTHEAST MONSOON AFFECTING EXTREME NORTHERN LUZON as of 5:00 pm - December 25, 2018

anao (ARMM) said he would depart as the last caretaker administrator of the ARMM that was established in 1989 as part of the concession to seal the final peace settlement between the national government and the Moro National Liberation Front (MNLF).

The outgoing governor said he would be leaving the autonomous government that once earned the reputation, or rather the notoriety, of being the worst and dysfunctional bureaucracy in the country when he was appointed as acting governor in 2011 “because of rampant corruption, as well as ineffective and inefficient governance.” For the next seven years of his administration, two years as caretaker governor, and five years as elected governor, and which would appear also to be the final seven years of the ARMM, Hataman said he had established the foundations for a functional local government that could clear the way for the emergence of the new Bangsamoro government that is set to replace the ARMM. He enumerated these foundations to cast out the disenchantment and bias against the capability of the Moro population to govern themselves in his final “Ulat sa Bayan” on December 19. “Pitong taon. Totoo nga po: Napakalayo na ng ating narating sa loob ng maiksing panahon, lalo na kung ihahambing sa ating dating kalagayan [Seven years. It’s true how far we have gone in so short a time, especially if we compared it to its previous state],” Hataman said From a poorly governed dysfunctional political unit that covered the central Mindanao provinces of Maguindanao and Lanao del Sur and the southwestern island provinces of Basilan, Sulu and Tawi-Tawi, he said the ARMM logged exceptional performance, from turning in hundreds of millions in savings from government agencies to breaching its first P1-billion mark in investments by 2012. His administration eventually established the database system of the ARMM line gencies with 80 database and 52 online services. From more than half of the municipalities with not a single development project to boot, some 23 projects initiated under Hataman’s stewardship clinched the Seal of Good Local Governance awards as of 2018 and 63 Good Financial Housekeeping awards as of 2017. See “Hataman,” A2

www.businessmirror.com.ph

Mnuchin. . . Continued from A2

“There are plenty of people inside the White House who are not fans of Mnuchin who are happy to throw him under the bus,” said Stephen Myrow, managing partner at Beacon Policy Advisors in Washington and a former Treasury official. “Up ’til now, he’s been protected by the fact that Trump liked him and he’s been a loyalist.” A Treasury Department spokesman referred a request for comment to the White House, which didn’t respond.

Powell contacts

IN a sign Trump may have lost some faith in Mnuchin, the president has asked whether one or more of his advisers could meet with Powell, according to a person familiar with the matter. That would be seen as undermining the authority of the Treasury chief, who sees Powell for lunch once a week and is normally the official designated to deliver the administration’s views. Investors have many reasons to worry. Trump’s trade war with China is creating uncertainty for businesses. US government debt is approaching $22 trillion. A partial government shutdown this week is raising concerns about Washington’s ability to find bipartisan solutions to pressing problems. The president’s musings about firing Powell and the abrupt departure of Defense Secretary James Mattis add to the sense of turbulence. Representative Maxine Waters, a California Democrat and the incoming chairwoman of the House Financial Services Committee, said in a statement on Monday night that “The financial

into the inventory they’d built up. Retailers used private label brands to increase their unique appeal, she added. “It makes it harder for direct price comparison,” Bartashus said. On a day when the S&P 500 fell 2.7 percent, retailers like Target, Gap Inc. and Kohl’s Corp. eked out a gain.

Luxury lag? THE only place where wider market concerns may have hit retailers is on the luxury side. Burt Flickinger, managing director of Strategic Resource Group, said observations suggest receipts at stores like Tiffany & Co. slowed on Sunday after a decent Saturday. Customer Growth Partners’ Johnson estimated sales dropped about 10 percent from Saturday to Sunday, which he called a relatively small dip. Traditionally, luxury outperforms in the weekend before Christmas. “A combination of getting the weekly business wrap-ups on Saturday and then getting the news on government shutdowns” were behind the “noticeable slowdown” at the high-end shops, Flickinger said. People are still buying entry level and mid-price luxury goods, but the most expensive items are moving slowest, he said. “By this time last year, luxury stores were sold out.” The overall luxury market is also facing some headwinds from lower foreign tourism and slower sales at department stores in women’s luxury apparel, Johnson said, adding that the weekend still saw good sales. A Tiffany spokesman declined to comment, noting that the company will release holiday results on January 18. Bloomberg News

markets need certainty, and a Federal Reserve that can independently set monetary policy. The recent actions of the president and the Treasury secretary, however, have been erratic and are creating uncertainty and instability in the markets.”

Going way back

WHILE Trump regularly took credit for the stock market’s rise, he has consistently pointed elsewhere to explain its decline. Unlike others Trump has cut loose, the president goes way back with Mnuchin, 56, a former Goldman Sachs Group Inc. partner and movie financier who served as Trump’s chief campaign fund-raiser. But Mnuchin’s standing with Trump may be undermined by moves that risk his reputation on Wall Street, a Treasury secretary’s stock in trade. Last week in an interview with Bloomberg News, Mnuchin pointed to long-standing phenomena to explain the stock market’s recent volatility. He cited five-year-old restrictions on banks using their own capital to make speculative market bets, known as the Volcker Rule. He also mentioned highfrequency trading, an industry practice that has been common for more than a decade. On Sunday, Mnuchin announced that he’d called the six largest US banks and was reassured they have “ample liquidity available for lending.” “I don’t know anybody who thought before last night that banks were suffering from lack of liquidity [i.e., a situation like the financial crisis],” Roberto Perli, a partner with Cornerstone Macro Llc., wrote in an analysis Monday. “Even the Fed and other agencies are very satisfied with the health of the banking system, to the point of relaxing a bit the regulatory grip.”Bloomberg

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, December 26, 2018

AEV to spend up to ₧60 billion next year, to boost power assets

By VG Cabuag

@villygc

BOITIZ Equity Ventures (AEV) Inc. said it might spend between P50 billion and P60 billion next year, the bulk of which will still be for its power assets. The spending is about a fifth lower than this year’s budget capital expenditure (capex) of P77 billion. AEV Chief Finance Officer Manuel O. Lozano said the company already spent about three-fourths of what it is expecting to spend this year. “Some of the projects have spilled over to 2019,” Lozano told reporters. “The bulk [for 2019] will be for power, but now we already

have Apo Agua for water. That’s going to be big also. Land [development] has several projects that we started. So I think now you’re going to see a little bit more from the other subsidiaries,” Lozano said. Last year AEV, whose assets are mostly on capital-intensive power generation, spent P35 billion of its capex budget of P50 billion. Lozano said the company might also tap the debt market this year, in

the form of retail bonds, for both the holding company, AEV, and Aboitiz Power Corp. The last time AEV tapped the debt market was in 2015, but AboitizPower still has P17 billion remaining in its shelf registration with the Securities and Exchange Commission. “Our plan is to do a shelf, get it started next year, and then depending on our investments, we can either do a bigger offering later in the year or in 2020. But very likely, we will do something in the retail bonds. Maybe within P30 billion in the shelf, two placements, I guess. The shelf lasts for three years, so I think P10 billion a year on average is not unreasonable, especially since we’re still growing a lot of our business,” Lozano said. The company is raising funds to pay for its $579-million acquisition of GN Power from the Ayala Group.

“We’ve lined it up already. We have a group of banks that will lend us that amount of money. We’re hoping to close it at the first quarter of 2019. At this point, what we’ve lined up is [US] dollar because the purchase price is dollars,” Lozano said. “But we’re going to hedge some of it. We’re trying to match it with the cash flows from the company as well. It’s a dollar borrowing. The only question is how much do we hedge to peso,” he added. AEV’s income for the first nine months of 2018 was P17.3 billion, 9 percent higher than the P15.9 billion recorded last year, while core net income stood at P17.7 billion, up 4 percent from P17.1 billion last year. Gains from the company’s power, food and land strategic business units contributed to the increase, it said.

3 Lopez Phoenix Petroleum, CNOOC joint LNG companies project close to securing DOE permit cited at ASR Rating 2018 T

HREE Lopez companies earned big wins at the recently concluded Asia Sustainability Reporting (ASR) Rating 2018. Conglomerate First Philippine Holdings (FPH) was awarded the platinum rank, while its subsidiary, leading clean power company First Gen Corp., bagged the silver rank. Geothermal leader Energy Development Corp. (EDC) was awarded the gold rank. The gold and silver ranks are awarded based on GRI Standards, while the platinum rank is awarded based on GRI Standards, disclosure on GHG emissions and energy, the SDG Compass, and as assured by a third party. “The recognitions awarded to the First Philippine Holdings, First Gen Corp. and Energy Development Corp. validate the extensive efforts we have been putting into ensuring we have sustainable operations,” FPH Chairman and CEO Federico R. Lopez said. “Climate change is the biggest threat to humanity, and sustainability has been weaved into our business operations, as we do our part in mitigating the effects of climate change.” The ASR Rating 2018 was held by the National Center for Sustainability Reporting (NCSR), in collaboration with the Institute of Certified Sustainability Practitioners (ICSP), in Bandar Lampung, Sumatra, Indonesia. The award was known in previous years as the Sustainability Reporting Awards. The ASR Rating is conferred to companies that have successfully communicated their sustainability performance to stakeholders through sustainability reports. “Through a sustainability report, we can assess how far a company has contributed to the achievement of the Sustainable Development Goals [SDG],” said Ali Darwin, NCSR chairman. FPH has interests in key industries such as energy, property, construction and energy services. First Gen, an FPH subsidiary, owns and operates 22 power plants across the country with a total of 3,471 megawatts (MW) of capacity, coming from its large and diversified portfolio of clean energy, such as geothermal, hydro, wind, solar and natural gas. EDC is the largest producer of geothermal energy in the country. Lenie Lectura

HE partnership between Phoenix Petroleum and China National Offshore Oil Corp. (CNOOC) for a planned liquefied natural gas (LNG) import terminal and power plant is one step closer to securing a permit from the Department of Energy (DOE). Tanglawan Philippines LNG Inc., the registered joint-venture firm of Phoenix and CNOOC, has submitted all the necessary requirements. “We will issue a certificate of completeness in the next few days,” DOE Undersecretary Donito Marcos said. He said the certificate to be issued is not yet a permit from the agency, but rather compliance certificate showing that Tanglawan has complied with submission of pertinent documents to back up its application. The issuance of permit for Tanglawan to proceed with its LNG project is expected soon.

Tanglawan is among the 23 firms that expressed interest to put up an LNG hub in the Philippines. However, it is the only one that submitted an application to build an LNG hub. In its application, Tanglawan is eyeing to build an LNG onshore terminal in Batangas with a capacity of 5 million metric tons per annum. It will also build a power plant with a capacity of 1,000 megawatts to 2,000 MW. Energy Secretary Alfonso Cusi said he awaits a final report from the agency’s Centralized Review and Evaluation Committee (C-REC) before he signs the permit. The other firms that expressed interest are Philippine National Oil Co., Cleanway Energy Development, First Gen Corp., CGN New Energy Holdings Co. Ltd., VIRES Energy Corp., DeEnergy International Corp., SK E&S Co. Ltd., Carmine Energy Pte. Ltd., Transformation

Llc., Kepco E&C, Atlantic Gulf & Pacific Co., Osaka Gas Co. Ltd., Llyods Energy, PhiLNG Lte Ptd. and BKB Consortium. Based on Tanglawan’s application, two sites in Batangas are being considered. “They have a memorandum of cooperation or understanding with AG&P and they are also looking at NDC [National Development Corp.] land,” Marcos said. Marcos said Limay LNG Power Corp., in partnership with China Energy, also submitted an application albeit “in a different location.” “For Limay, its application is for a power plant in Bataan and they are looking at trading through their own LNG receiving terminal. We suggested to them that they don’t have to build another LNG terminal because they can negotiate with whoever wins the Batangas terminal,” said Marcos. Lenie Lectura

BISTRO RAVIOLI A Bistro Ravioli at Mall of Asia Arena in Pasay City serves fresh brick-oven baked pizza. ROY DOMINGO

PLDT ready to supply surge for home broadband in PHL By Lorenz S. Marasigan @lorenzmarasigan

LDT Inc. is well equipped to accommodate the expected surge in demand for home broadband across the Philippines, after effectively beefing up its fixed line network capacity throughout 2018. “At the end of September 2018, there were 1.25 million ports available for subscription, placing us in a good position to provide all PLDT cus-

tomers with fiber-powered broadband services within the next 12 to 18 months,” said Oscar Reyes Jr., the company’s senior vice president. Today, total capacity reached 2.25 million ports, which is more than double the count as of end-2017 and above the 2.2 million ports targeted for 2018. The company is currently rolling out its Fibr Cities program, transforming key cities in the Philippines to be equipped with fiber-optic cables that enable customers—businesses and homes—to

connect to high-speed fixed line Internet. As of end-September, PLDT’s fiber coverage had reached 5.75 million homes, surpassing the full-year target of 5.3 million homes for 2018. It recently deployed fiber-optic cables in Marikina City. With this, PLDT’s fiber-optic transmission and distribution network now spans roughly 221,000 kilometers, which exceeded the company’s 2017 target of laying out 210,000 kilometers of fiber across the country.

House endorses bill transferring control of MITC to Mislatel By Jovee Marie N. Dela Cruz @joveemarie

HE House of Representatives has endorsed for Senate approval a concurrent resolution granting the transfer, sale, or assignment of the controlling interest of Mindanao Islamic Telephone Co. Inc. to the Udenna Corp., Chelsea Logistics Holdings Corp. and China Telecom. This, after the House Concurrent Resolution 23, authored by Quirino Rep. Dakila Carlo E. Cua, was adopted by the lower chamber last December 12. The Mislatel Consortium composed of Mislatel, Udenna and China Telecom already won the bid to become the third major telecommunications company in the country. It is expected to break the duopoly of Globe and Smart in the local telco industry. “Whereas, in accordance, with the Binding Bidding Agreement duly executed by and among Mislatel, Udenna, Chelsea, and China Telecom dated November 6, 2018 and in compliance with the requirements of the National Telecommunications Commission [NTC] Memorandum Circular 09-09-2018 or the Rules and Regulations on the Selection Process for a New Major Player in the Philippine Telecommunications Market, Udenna, Chelsea and China Telecom will

subscribe into the increase in shareholdings of Mislatel, which would result in Udenna, Chelsea and China Telecom’s owning majority and controlling interest in Mislatel,” the resolution read. Udenna Corp., Chelsea Logistics Holdings Corp. and China Telecom Corp. Ltd. tapped Mislatel for the use of its congressional franchise for the third telco bidding. The resolution said the new telco provider is committed to providing Filipinos with unprecedented and unparalled quality of telecommunication services, made possible only by the organizational unity, fiscal cooperation, and technological-transfer between and among Mislatel and its committed investors. Meanwhile, under the agreement of Digiphil and Mislatel, Digiphil bought 2.5 million shares in Mislatel for P5 million. It also bore an exclusivity clause which read that: “Mislatel warrants and represents that Digiphil and/ or Digiphil nominated partners or business associates will be Mislatel’s sole and exclusive partner in the utilization of frequencies, permits, licenses or authorizations that may be approved through the applications or petitions mentioned herein.” The contract also prohibited Mislatel from entering into partnerships with other companies for the same contract.

Crude spirals to 18-month low amid global economic concerns

RUDE fell to the lowest level in a year and a half as concerns over the global economy and turbulence in Washington overshadowed sig na ls from Opec that it may deepen output cuts. Futures slid 6.7 percent in a shortened Christmas Eve session in New York, joining a rout in US stocks as investors assess the threat from a government shutdown. The latest tumble left crude prices down 44 percent since reaching a four-year peak in October—including a 19-percent falloff since Opec and Russia announced major output cuts earlier this month. “As stocks get taken down and there is nervousness across financial markets, it’s just undercutting prices here,” said John Kilduff, a partner at New Yorkbased hedge fund Again Capital Llc. “The demand outlook continues to be called into question.” Opec and its allies agreed to cut production on December 7, but they’ve had little success so far in propping up prices. The United Arab Emirates’s energy minister signaled additional curbs could be discussed next year. Investors are skeptical the reductions will be sufficient to dent supplies, with US crude output still above 11 million barrels a day. At the same time, an ongoing trade war between the US and China and the Federal Reserve’s rate policy are causing concerns over global economic growth. The S&P 500 Index sank 2.7 percent Monday, with its energy index shedding 4 percent. The declines were led by Hess Corp., which lost 12 percent, the most in almost three years, after Venezuelan forces temporarily halted ships working at a formation Hess and Exxon Mobil Corp. are developing

offshore Guyana. “The main input over the weekend has been the continued intervention by Opec members,” said Olivier Jakob, managing director at Petromatrix GmbH. “For now, those statements are ignored by the market because we are in this bearish cycle.” West Texas Intermediate for February delivery fell $3.06 to $42.53 a barrel at settlement on the New York Mercantile Exchange. Total volume traded Monday was about 30 percent below the 100-day average ahead of the Christmas holiday Tuesday. WTI peaked near $77 a barrel in early October. Brent for February settlement dipped $3.35 to $50.47 a barrel on London’s ICE Futures Europe exchange. The global benchmark crude traded at an $7.94 premium to WTI. Suhail Al Mazrouei, the UAE’s energy minister, said that Opec has the option to hold an extraordinary meeting to decide on more output cuts if the current one isn’t enough. At a press briefing in Kuwait, ministers from Iraq, the UAE and Algeria took turns repeating the message that Opec will deliver its production curbs and continue to work with its allies. As for Opec’s cuts, “they have to follow through on their rhetoric in a significant way” in order for the price decline to stop, Kilduff said. Other oil-market news: Gasoline futures slid 5.3 percent to $1.2488 a gallon. Hedge fund wagers on US crude reached their most pessimistic level in more than two years. A diesel glut in Asia is encouraging traders of the fuel to ramp up cargoes from India to Europe, where stockpiles were ravaged by refinery halts and unusual weather earlier this year. Bloomberg News

Companies BusinessMirror

Wednesday, December 26, 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

Alorica PHL workers accuse management of union busting

By Samuel P. Medenilla

RGANIZED workers of Alorica Philippines (AP) on Monday accused their management of union busting following its dismissal of their labor-union officers. In a statement, BPO Industry Employees’ Network (BIEN) said the A P management retrenched UEA President Sarah Prestoza, Vice President Jerico delos Reyes, and another union of-

ficer Anna Octavio for supposedly “willful disobedience of company policies.” Prestoza is also an officer of BIEN, an organization promoting labor rights in the information

technology-business process outsourcing (IT-BPO) industry in the Philippines. AP made the decision after the 30-day suspension imposed against the three UEA officers after participating in a demonstration last September. UEA, however, maintained the measure is part of AP’s “systematic” attempt to abolish their union. “By terminating Prestoza, delos Reyes and Octavio, Alorica management has again proven that it is the No. 1 labor-rights violator in the country’s BPO industry,” BIEN said. Since the organization of the UEA

in 2015, AP questioned the validity of its registration at the Department of Labor and Employment. DOLE ruled in favor of UEA prompting AP to elevate the case at the Court of Appeals (CA), where it is still pending. Despite the retaliatory action of AP, UEA said it will continue its legal battle against their management to ensure the protection of its rank-and-file employees. “Alorica is wrong when it thinks that by playing Grinch, it can crush our collective will and our union. Now more than ever, UEA vows to unite, fight and defend our union and our rights!” UEA said.

BlackRock witnessed record monthly flows to its US ETFs in November B LACKROCK Inc.’s US exchange-traded fund (ETF) business attracted more than $25 billion in November, a record monthly haul for the company. The flow figures were reported by Morningstar Inc., and confirmed by BlackRock Spokesman Melissa Garville. New York-based BlackRock is the world’s largest money

manager and biggest provider of ETFs. “We’re also seeing strong flows in December,” Garville said in an e-mail. The gains for BlackRock came in a month when investors bailed out of actively managed funds and piled into passive vehicles, amid spikes in market volatility. Active funds

Mattel mired in longest slump since 2015 as Goldman cuts views

ATTEL Inc. extended its longest streak of daily declines since 2015 after Goldman Sachs analysts cut estimates following the toymaker’s loss of licensing for certain DC Comics products, including boys’ action toys. Spin Master Corp. will be the new licensee for DC in the boy’s action category, remote control and robotic vehicles, water toys and games and puzzles, displacing Mattel. The three-year global agreement with Warner Bros. begins in Spring of 2020. Mattel will be keeping some of its licensing rights, including for preschool and girls’ toys, Goldman analyst Michael Ng said in a note to clients. Ng expects Mattel to “aggressively pursue” new licenses, not-

ing that Hasbro Inc.’s licenses to Marvel and Star Wars toys expire in 2020. In the meantime, investors may be watching the box office, where this weekend’s top performers included Warner Bros. Aquaman, based on the DC Comics character, and Hasbro’s new Transformer film, Bumblebee. The two movies helped propel the weekend receipts to the highest grossing level in a month. Aquaman was the top performer. Mattel shares, which are already trading at an 18-year low, dropped another 4.5 percent on Monday in New York. The stock’s year-to-day loss currently stands at 40 percent versus the S&P 500 Index’s drop of 11 percent. Bloomberg News

California’s PG&E roiled as regulator raises breakup threat

FTER years of wildfires linked to power lines, a deadly explosion and accusations of falsified safety records, California utility owner PG&E Corp. is facing a deterioration of trust among state leaders. The California Public Utilities Commission on Friday began a formal process to evaluate whether PG&E’s Pacific Gas and Electric utility should be split into separate electric and gas companies, carved into smaller regional subsidiaries or converted into a publicly owned company. The regulator also will look into less drastic steps, such as whether PG&E needs new board members or management. The step by the utilities commis-

sion came a day after a key state senator demanded changes to the board and executive suite. “Enough is enough,” said Sen. Bill Dodd, a Democrat of Napa, who had been considered friendly to the company after writing legislation that will help it pay for lawsuits arising from last year’s wine country wildfires, many of which were tied to its power lines. “We have to have a safety culture at PG&E.” PG&E shares gained as much as 3.7 percent Monday after CitiGroup Inc. analyst Praful Mehta said in a research note that organizational and structural changes being considered by regulators will “only help reduce ongoing risk without destroying shareholder value.” Bloomberg News

had outflows of $57.4 billion in November, while passive funds— a mix of index mutual funds and ETFs, attracted $55.9 billion—according to data from Morningstar. BlackRock drew cash into both stock and bond ETFS. Its IShares Core MSCI Emerging Markets ETF gained $3.3 billion; the IShares 1-3 Year Treasury Bond ETF added $2.4

MUTUAL FUNDS

billion as investors moved to shortterm vehicles. Short-government funds, often seen as a safe haven, received the most inflows last month in a decade, according to Morningstar. The S&P 500 Index of US stocks gained 2 percent in November, including reinvested dividends. Bloomberg News

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

Nike falls most since October, trimming post-earnings surge

IKE Inc. shares fell as much as 4.5 percent, the most in more than two months, erasing part of the gain that followed strong earnings results. The world’s biggest sports apparel and footwear company tumbled as

low as $69.14 in New York, the biggest intraday loss since October 10.

LeBron James, one of the company’s biggest stars, apologized on Sunday for posting a lyric about “Jewish money” on his Instagram account. The dip followed a surge last Friday after Nike posted second-quarter earnings that beat estimates, including strong sales growth in the company’s two most important markets: North America and China. It was Nike’s first earnings report since it featured controversial quarterback-

turned-activist Colin Kaepernick in its newest “Just Do It” ad campaign. “Apologies, for sure, if I offended anyone,” James told ESPN on Sunday. “That’s not why I chose to share that lyric. I always [post lyrics]. That’s what I do. I ride in my car, I listen to great music, and that was the byproduct of it. So I actually thought it was a compliment, and obviously, it wasn’t through the lens of a lot of people. My apologies. It definitely was not the intent, obviously, to hurt anybody.” There was no indication the National Basketball Association has any plans to fine James for the remarks, according to ESPN. Nike didn’t respond to a request for comment. “We did see some controversy over LeBron’s posts over the weekend, which could create some headline risks,” said Chen Grazutis, a Bloomberg Intelligence analyst. “He’s obviously a big asset for Nike, both directly through merchandise sales and on the brand marketing side. That said, I am not sure as to how much that would have an effect on the stock today.” Nike also made leadership changes last week. On Friday the company said Coca-Cola Co. executive G. Scott Uzzell will become the next CEO of its Converse brand. Uzzell will replace Davide Grasso, who is retiring at the end of the year. Bloomberg News

Hasenstab: Argentina to lead emerging-market rebound in 2019

N emerging-market money manager known for making contrarian bets said Argentina, home to the world’s worst-performing currency this year, looks primed to lead a developing-nation rebound in early 2019. Franklin Templeton’s Michael Hasenstab, who oversees the $35-billion Templeton Global Bond Fund, also ranked Brazil and India among the top 3 opportunities. He sees Brazil’s newly elected leader Jair Bolsonaro, as well as India’s Narendra Modi, as dramatic upgrades from their predecessors. Politics also drives his taste for Argentina, where he expects President Mauricio Macri to win reelection next year and continue to pursue policies aimed at limiting inflation, curbing the budget deficit, stabilizing the currency and stoking economic growth. While Macri has faced his share of tests recently amid a market sell-off, high inflation and an economic contraction, his approval rating is holding up fairly well while his political adversary, former President Cristina Fernandez de Kirchner, has been indicted on corruption allegations. “He remains quite popular consid-

ering the country is going into a recession,” Hasenstab said in an interview. “I think that says a lot. It’s because people were so exhausted and frustrated and impoverished by the past regime that they still want change.” The money manager’s optimism toward some of the developing world’s weakest links comes during a year in which equities slid into a bear market, every emerging-market currency fell against the dollar and sovereign yields soared to a nine-year high. Hasenstab has a reputation for making big bets on distressed countries. The strategy paid off handsomely when he scooped up Irish bonds during the European debt crisis, yet backfired in war-torn Ukraine a few years later. Hasenstab said investors overreacted this year to Fed tightening, which is already priced in to assets. Meantime, it’s quite possible the United States and China could reach a trade truce in 2019, helping fuel a rally in developing-nation assets next year. “The base case is you see a lot of fanfare, and if it follows the Mexico-Canada example, then it gets resolved within a year or so,” Hasenstab said. “Eventually

we’ll get a resolution. “EM assets are set up for some decent appreciation given they’ve priced in a lot of these adjustments. A more dovish Fed is only more positive for EM. Given what’s already being priced into EM, they look to have pretty good value in the first part of the year. “We’re set up for a move toward 4 percent, if not higher. The variable will be how financial markets absorb the rise in interest rates. It’s unlikely that the next 50 to 75 basis points, if it can happen in a reasonably managed fashion, that both the real sector and financial markets can absorb those adjustments. “It’s clear that the equity market has been a report card that Donald J. Trump has looked at. It could have some influence. It’s also clear that there’s no quick fix to the trade discussions with China. It will take some time. If we look at Mexico’s case, it was resolved under the radar. There was a reasonably expedient resolution to updated Nafta. “The risks in Europe are underappreciated. People have become too complacent about the euro. The difference now versus 2011 is, in 2011 there

was a political consensus for countries to come together and coordinate a bailout for Greece to keep this project alive. We don’t see the same voter preferences or political will to do something like that. We continue to have a fairly large short euro position. “We don’t have any investments in Turkey at this point. The difference there is Argentina came under a speculative attack and they took all the right measures and got the endorsement of the IMF and significant financial resources and swap lines from China. They’re without question on a path to regain stability because all the aggressive policy measures they took. We don’t see those same policy measures or broad international support in Turkey. I don’t think there’s value at this point in Venezuela. It’s well beyond a financial crisis. It’s a humanitarian crisis. It’s our lowest ranked ESG country. We expect things to get even worse. I don’t think there’s any alignment of financial, as well as social interests. The base case is Nicolas Maduro’s government stays in power, although ultimately there will have to be some change.” Bloomberg News

China slips open door for US natural gas as winter hits

HINA last month imported two tankers of US liquefied natural gas (LNG), nudging open a doorway that had been closed shut for a month at a time when America is rapidly expanding its ability to export the heating fuel. The three operating US terminals soaked up more than 5.1 billion cubic feet of natural gas from American shale basins on Sunday, the most ever. With two more US terminals slated to open in the first quarter of 2019, China’s reemergence as a customer as wintry weather descends offers a much-

needed outlet for exports. “This is important because priced US natural gas with the tariff is still economical compared to other sources,” said Het Shah, founder of Analytix.AI, an energy market data analytics company in Calgary. “These tankers probably left the US gulf coast in late October.” While the imports offer shortterm hope, Chinese companies are still unlikely to cement long-term deals for more LNG, hindering future projects, without Beijing and Washington resolving their differences over a festering trade war that’s spurred tit-for-tat tar-

iffs in a wide variety of sectors. The world ’s second-largest economy imported a record 5.99 million tons of LNG in November even as its reliance on American LNG fell. US imports reached 138,892 tons, according to data from China’s General Administration of Customs. That equates to about 6.3 billion cubic feet of gas, or two tankers worth, Shah said. In November a year earlier, China imported six tankers of American LNG at a time when China’s traditional suppliers in Central Asia were unable to keep up with demand as cold weather

descended. The Asian giant was forced to turn increasingly to the US for the fuel after requiring both businesses and homes to stop burning coal to cut pollution. Bloomberg News

Wednesday, December 26, 2018 B3

Canada battery maker: Low storage costs to tumble by half

ELLCUBE Energy Storage Systems Inc., a Canadalisted maker of batteries that can last for as long as two decades, said the cost of its technology may halve within four years, potentially boosting its uptake over lithium-ion units. Costs of its vanadium redox flow battery units, which can discharge power for four hours, will decline to $150 per kilowatt hour from $300, President Stefan Schauss said in a phone interview from Toronto this month. Batteries with eight hours of duration will slump to $100 from $200, he said. Utilities and renewable-energy suppliers are increasingly looking to store intermittent wind and sun-generated power to balance out power flows to grids and deploy the electricity when demand

peaks. About $620 billion in investment will be required to meet the global-energy storage needs that will surge to a cumulative 942 gigawatts by 2040, Bloomberg NEF (BNEF) said. “The stationary energy-storage market is in an inflection point,” said Schauss, adding that users increasingly prefer storage with longer duration. Combined with falling costs of flow batteries, “lithium batteries may have a hard time to compete.” Lithium-ion batteries remain the technology of choice for both utility-scale and behind-the-meter storage to date, BNEF said. But vanadium redox flow battery companies have promised significant cost reductions compared to lithium-ion competitors, BNEF analyst Logan Goldie-Scot said in a separate e-mail. Bloomberg News

BIGGEST SAUDI ARABIA BANK STARTS TALKS TO CREATE MEGA LENDER

ATIONAL Commercial Bank, Saudi Arabia’s biggest lender, started initial talks with Riyad Bank for a merger, a deal that would create the Gulf’s third-biggest lender with $182 billion in assets. Talks may not result in a transaction, National Commercial Bank said in a statement. The lender said it has coordinated the move with the central bank and that a deal isn’t expected to result in forced dismissal of staff. Saudi Arabia is exploring potential mergers to boost its financial services industry after the combination of Saudi British Bank and Alawwal Bank, Bloomberg reported earlier on Monday, citing people familiar with the matter. The kingdom’s sovereign wealth fund, which owns stakes in some of the biggest lenders, is weighing which banks could be merged to increase scale and competition, the people said, asking not to be identified because the talks are private. The Public Investment Fund, Saudi Arabia’s wealth fund, owns about 44 percent of National Commercial Bank and 22 percent of Riyad Bank, according to Bloomberg data. National Commercial Bank has a market value of $38 billion and Riyad Bank $14 billion. Riyad Bank shares gained 5.2

percent at the open on Tuesday, extending this year’s climb to 52 percent. National Commercial Bank declined 1.1 percent, trimming its gains in 2018 to 27 percent. There are fewer than 30 local and international lenders in Saudi Arabia, serving more than 30 million people. The neighboring United Arab Emirates has almost 50 banks catering to a population of less than 10 million. “Consolidation has never been at the forefront of concerns among Saudi banks, given the branches per capita are among the lowest in the GCC,” Aarthi Chandrasekaran, a Dubai-based analyst at Shuaa Capital PSC said. “The real need for consolidation is limited because it isn’t such a crowded market like the UAE.” Three of Abu Dhabi’s statelinked banks are in talks to combine into an institution with $110 billion of assets. The negotiations follow a tie-up between Abu Dhabi’s two biggest banks last year and the merger of sovereign wealth funds in March. In Saudi Arabia, the biggest Arab economy, HSBC Holdings Plc.’s unit in October agreed to buy a local rival part-owned by Royal Bank of Scotland Group Plc. in a $5-billion deal to create the kingdom’s thirdlargest lender. Bloomberg News

B4 Wednesday, December 26, 2018

GENTING CRUISE LINES CELEBRATES SILVER ANNIVERSARY IN SINGAPORE

ENTING Cruise Lines celebrated its Silver anniversary with a special event held on board Genting Dream in Singapore on December 14 to commemorate the very first sailing

of Langkapuri Star Aquarius from Singapore in 1993, beginning 25 years of supporting Singapore in becoming the premier cruise hub in Asia, handling the most international passengers in Asia. Originally founded a quarter of a century ago as Star Cruises, Genting Cruise Lines has been an integral force in establishing the Asean as an important region and introducing innovative ships designed specifically for the more relaxed Asian cruise market. Over the past 25 years the company has welcomed more than 6.5 million guests on board of its fleet, through over 7,500 ship calls in Singapore. Last year Genting Dream, the only ship on a yearround deployment in the city, welcomed about 400,000 cruise passengers, of whom 60 percent were tourists, helping Singapore become the port with the most number of international cruise passengers in Asia. “Genting Cruise Lines is honored to have played a part in the evolution of Singapore to become one of the leading cruise hubs in Asia, and we remain committed to the future growth of the city and the Asean region to become one

of the most important and vibrant cruise regions in the World,” chairman and Chief Executive Officer Tan Sri Lim Kok Thay (in photo) said. “And we are proud of our latest milestone in Singapore with the arrival of our world-class, 150,695-gross-ton Genting Dream, which has been named one of the top 10 Large Resort Ship by the esteemed Berlitz Cruise Guide.” “...In the area of marketing and promotion, the Singapore Tourism Board, Changi Airport Group and Genting Cruise Lines embarked on a $28 million collaboration in 2017 to promote Genting Dream’s Singapore sailings. The threeyear partnership is expected to bring in 600,000 overseas visitors and more than $250 million in tourism receipts,” Senior Minister of State for Trade and Industry and Education and guest of honor Chee Hong Tat added. With the completion of the Marina Bay Cruise Centre in Singapore and clear Chinese policy to promote cruising, Genting Cruise Lines ordered two 150,000-gross-ton ships for delivery in 2016 and 2017 to create Dream Cruises, which specifically cater to the growing premium segment in Asia. With just 3,350 lower berths, the Dream Class was designed to be the most spacious megaship in the world at 45 gross tons per lower berth.

THIRD GLOBAL CARE MEDICAL CENTER IN LAGUNA INAUGURATED A world-class hospital rises in Bay, Laguna, to serve the health needs of its people and the neighboring provinces of Batangas and Quezon, with services that are at par with those in the Metro. Global Care Medical Center (GCMC) Bay will officially open in January 2019 and is the third hospital under the GCMC brand, with the first two now open and operating in Cabuyao and Canlubang. Also set to open next year in Bay is the Global Care Cancer Institute, a one-stop center that will offer diagnosis and treatment of cancer, such as complete nuclear-medicine facility, a center for chemotherapy and advanced radiotherapy infusion, palliative care, pain management, laboratory services and many more. In photo at the unveiling of the board of directors’ marker are (from left) board chairman Engr. Ricardo D. Celino, Fr. Eugene Fadul, Bay parish priest Fr. John Tabut, President Dr. Robert Joseph B. Almoro, Vice President Dr. Roderick S. Mujer, Bay Vice Mayor Jose Ortiz Padrid and corporate treasurer Dr. Angellie Campos.

MIDORI CLARK GRANTS 800 CHRISTMAS WISHES ON ITS THIRD GIFT-GIVING CAMPAIGN

T this time of the year children everywhere are writing their Christmas wish list and are hoping that Santa will leave that special gift for them under the tree on Christmas morning. Christmas came a little early to the recipients of the Angels’ Dream 2018, as Midori Clark Hotel and Casino granted 800 Christmas wishes in a gift-giving ceremony on December 18. More than a month after the launch and hanging of wishes, some 800 kids are back to the hotel to receive their presents and fulfill their dreams. Company representatives also personally visited schools in Sapang Bato, Sitio Target and Monicayo, Haduan, Calapi, Macapagal and Marcos Village. A program was held for a complete Christmas treats for the kids. Midori’s top management were present, such as Midori Clark Hotel general manager Vic Chan and Midori Clark Casino general manager

Manny Aure. Assisted as well in the distribution are the top management of the Midori Clark subsidiaries, VIPs and queens of Ms. Midori Clark 2018. Jumong Rogando from Sapang Bato Elementary School shared his experience and delivered his gratitude speech. “Kami po ay lubos na nagpapasalamat sa mga biyayang ipinagkaloob ninyo sa amin. Sa oras pong ito ay umaapaw sa aming mga puso ang galak dahil ipinagkaloob kayo sa amin ng Poong Maykapal/Apu. Mula po sa aming mga batang Ayta, maraming-maraming salamat po sa inyong lahat. Malaki ya halamat!” Angels’ Dream is the corporate social responsibility of Midori Clark Hotel and Casino. Launched in 2016, the program granted the wishes of about 300 Aeta kids on its first year and 600 wishes in 2017.

THIS YEAR’S VIRTUS AWARDS RECOGNIZES THRIVING HOSPITALITY PROFESSIONALS

HE Hotel Sales and Marketing Association of the Philippines (HSMA), supported by the Tourism Infrastructure and Enterprise Zone Authority (Tieza) and Cebu Pacific, with BusinessMirror as media partner, recognized this year’s outstanding hospitality sales and marketing professionals at the 2018 Virtus Awards recently held at the Marriott Manila. Considered as the most prestigious awardgiving body for sales and marketing hoteliers, the Virtus Award is given to honorees for outstanding sales and marketing associate, manager and leader, and best sales and marketing campaign for 2018, in a Filipiniana-themed sit-down dinner with industry big-wigs, including Tourism Undersecretary Benito C. Bengzon Jr. in attendance. From numerous entry submissions, the final list of nominees included candidates from Hotel Luna in Vigan Ilocos Sur, Conrad Manila, Luxent Hotel, Quest Hotel Cebu and Clark in Angeles City Pampanga, Seda Hotel Nuvali, The Ascott Limited in Makati City, BayLeaf hotels in Cavite and Intramuros, The Manor at Camp John Hay and Forest Lodge in Baguio City, Crimson Resort and Spa, Chateau Royale, Midas Hotel, Novotel Manila Araneta, Discovery Primea, AG New

World Manila Bay Hotel, Le Soleil de Boracay, Marco Polo Davao, Marriott Manila and Savoy Hotel Boracay. The 2018 Virtus Prize were awarded to Timothy Santos of Bellevue Hotels and Resorts for Outstanding Sales and Marketing Associate; Mae Fatima Lolita Mationg of Makati Diamond Residences for Outstanding Sales and Marketing Manager; and Francis David of Hyatt City of Dreams for Outstanding Sales and Marketing Leader. The most-awaited accolade, the Outstanding Marketing Campaign, was awarded to the team of Erwin Dona from Las Casas Filipinos Azucar for their Vanguard of Filipino Heritage campaign. Bengzon (fifth from left) flanked by HSMA board and Virtus award winners, namely, (front frow, from left) HSMA chairman Margie Munsayac, HSMA President Christine Ann Ibarreta, David, Mationg, Dona, Santos, Virtus Awards chairman Rose Libongco, Cebu Pacific Air director for Corporate Communications Charo Lagamon and Cebu Pacific Air marketing manager Jacqueline Gorospe; (second row, from left) HSMA board of directors: Rene Lapid, Benjamin Martinez, Joy de Mesa, Jonalyn Agrazada, Cristina Carreon, Celeste Romualdo, Carmela Bocanegra and Michael Albaña.

Sports JAMES VS. WARRIORS ON CHRISTMAS DAY BusinessMirror

| Wednesday, December 26, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Tm Reynolds

hamstring issue that will keep him out.

The Associated Press

HERE’S no National Basketball Association (NBA) Finals rematch this year on Christmas. Not technically, anyway. It’s LeBron James versus the Golden State Warriors for the fourth consecutive year on December 25, though James will be wearing a Los Angeles Lakers uniform this time. It was a predictable matchup. It isn’t, however, a break from tradition. That’s one of the biggest misnomers about the NBA and the schedule. An NBA Finals rematch is not common, not the norm, not a guarantee for the last two teams that were standing the previous season. The league has crowned a champion every year since 1947, and the tradition of Christmas Day games started later that same year. (They’ve been an annual fixture since, with the exception of 1998, when a lockout didn’t allow that season to begin until February.) But there have been only nine NBA Finals rematches on December 25. The recent Golden State-Cleveland history may make it seem like more. James has been in five Finals rematches on Christmas, all since 2011: Miami versus Dallas that year, Oklahoma City versus Miami the following year, and Cleveland versus Golden State in each of the last three years. The other four rematches on the holiday: Orlando versus Houston in 1995, Philadelphia versus the Lakers in 2001, San Antonio versus Detroit in 2005 and Boston versus the Lakers in 2008. So instead of a Cavs-Warriors rematch, getting Lakers versus Warriors—for the first time in the LeBron LA era—makes perfect sense. “Bron is Bron,” Warriors forward Draymond Green said. “They’re going to be tough, a tough matchup on Christmas Day, but we’re looking forward to it.” Inevitably, so will James. Even with the Lakers having lost four of their last six games, they’re off to a 19-14 start—their best since the 2011-12 season. “We’ve got a long way to go to get to Golden State,” James said in September. He’s about to get his first look at how the Lakers measure up with the champs. A look at each of the five games:

CHRISTMAS LINEUP

TUESDAY’S slate starts with Milwaukee at New York, followed by Oklahoma City at Houston, Philadelphia at Boston, the Lakers at the Warriors and then Portland at Utah. It’s Milwaukee’s first Christmas game since 1977, which will end what was by far the league’s longest December 25 drought. Utah hasn’t played on Christmas since 1997.

76ERS AT CELTICS

THESE are heated, historic rivals, but they’ve met on Christmas only once before—in 1961, when the 76ers were the Syracuse Nationals. Boston, which famously avoided home Christmas games forever (the Celtics played their first 30 such games away from

Boston), will be at home on the holiday for the second consecutive season.

LAKERS AT WARRIORS

IT’S the 20th consecutive Christmas appearance for the Lakers, and with LeBron James there now don’t expect that streak to end anytime soon. Warriors star Kevin Durant apparently loves playing on the holiday; he’s averaging 31.1 points in his eight previous Christmas games.

A look at each of the five games:

BUCKS AT KNICKS

CONGRATULATIONS to the schedule-makers, because there’s no way they could have known this Christmas game would be wrapped in animus. Giannis Antetokounmpo was peeved at New York forward Mario Hezonja— who dunked on him, stared at him and then stepped over him when the teams last met on December 1.

TRAIL BLAZERS AT JAZZ

PORTLAND is 14-3 all-time on Christmas, and could tie Miami (10-2) for the best winning percentage on the holiday if it tops the Jazz. Meanwhile, for Utah, it’s

THE National Basketball Association’s Christmas Day lineup is headlined by LeBron James against Stephen Curry and the Warriors. AP

THUNDER AT ROCKETS

A REMATCH of a game from Christmas 2017, which the Thunder won 112-107. Oklahoma City is 6-2 on Christmas since the team moved there; when the franchise was in Seattle, it was 0-11 on the holiday. Rockets star Chris Paul will miss Christmas for the third straight year—with the Clippers, he had a left hamstring strain and missed their game with the Lakers in 2016, sat out last year’s Houston-OKC game with a groin strain and this year, it’s another left

THE WORLD WILL BE WATCHING A

TARI’S original video game console was the hot toy. Leisure suits were cool. Elvis Presley unexpectedly died. The first Star Wars movie was released. The year was 1977. That was the last time the Milwaukee Bucks appeared on Christmas Day. “It’s been a while,” Bucks forward Giannis Antetokounmpo said, knowing it was an understatement. Their wait is over. On Tuesday, at 11 a.m. in Milwaukee, noon in New York and 7 p.m. in Greece—one of the 215 countries that will be seeing the National Basketball Association’s (NBA) Christmas games, and a basketball-crazed nation where fans will watch in droves to see their brightest star—that will all change, when Antetokounmpo and the Bucks visit the Knicks. He knows the world will be watching. “I always wanted to play in a Christmas game,” said Antetokounmpo, the 24-year-old Most Valuable Player candidate who is averaging 26.2 points per game this season. “When I came to the league I started watching it, and I wished and hoped that one day we can be there as a team to play a game—and the day has come.” After the Bucks-Knicks tilt, it’s Oklahoma City vs. Houston, Philadelphia at Boston, the Los Angeles Lakers against Golden State and Portland visits Utah. But no team has been waiting longer for an invite to the NBA’s on-court holiday party than the Bucks, who haven’t appeared in any of the last 120 games played on December 25. There’s no shortage of factors for that— the league picks teams that drive ratings, teams that

have superstars, teams that are coming off really good seasons. Milwaukee has won two playoff series in the last three decades, and both of those were in 2001. But with Antetokounmpo as a full-fledged star and one of the NBA’s best records at 22-10, the Bucks and their best player are ready for their close-up. “When you’re a kid, you love the game of basketball, you love opening your presents, but you can’t wait for these games to come on,” said Miami’s Dwyane Wade, who has been part of 10 wins on Christmas Day—more than any other player. “Basketball on Christmas is like football on Thanksgiving. The whole world watches these games. The whole world is going to watch Giannis. When they put you on Christmas, you’re marquee. You’re a marquee name in the league.” There will be plenty of marquee names, including many members in the club of stars so bright they need only one name: LeBron, Steph, KD, Russ, Kyrie, Dame and now, Giannis. “Christmas games always stand out,” said LeBron James, who’ll be wearing a Los Angeles Lakers uniform on the holiday for the first time. “Some more than others, but Christmas games always stand out. They’re all big-time.” When the Thunder and Rockets square off, it will be a reunion of former teammates Russell Westbrook and James Harden—the last two NBA MVPs. Joel Embiid and 76ers will visit Kyrie Irving and the Celtics, the 551st meeting of those storied franchises. Then there’s James and the Warriors’ glitzy lineup renewing acquaintances and Blazers guards Damian Lillard and

CJ McCollum getting to match wits with budding Jazz star Donovan Mitchell. Like Antetokounmpo, this Christmas will be Mitchell’s first game as an NBA player. Utah hasn’t appeared on the December 25 schedule since 1997. “I’m good,” Mitchell said. “We play on Christmas and my family’s here. I’m excited.” Every team on the lineup with the exception of New York has legitimate playoff hopes. New York and Christmas is a holiday tradition like few others in the NBA; the Knicks will be playing on December 25 for the 53rd time, more than any other franchise. The Bucks aren’t feeling slighted in the least to be spending the holiday on the road. “For the league to put you on Christmas Day is something that I think we all appreciate and it’s a little bit of an honor and we’re looking forward to playing in Madison Square Garden against the New York Knicks,” Bucks Coach Mike Budenholzer said. “It should be a great game, great for the fans, great for our team, and our organization.” The game and the league have changed mightily since the Bucks’ last Christmas appearance. The NBA had 22 teams including long-gone ones in Buffalo, Seattle and Kansas City—which played host to Milwaukee on that day in 1977. Los Angeles had only one team. Washington’s team was called the Bullets, the Jazz played in New Orleans, Larry O’Brien was relatively early into his stint as NBA commissioner, and the ink was still drying on the NBA-ABA merger. There

wasn’t even a three-point line. Another big change since then: the globalization of the game. In 1977, only 17 players born outside of the US had ever scored in an NBA game. Now, that number is 439—and someday, the name of a kid who’ll tune in from some remote corner of the world to watch Antetokounmpo on Tuesday will probably be added to that list. “It’s amazing playing a Christmas game at Madison Square Garden,” Antetokounmpo said. “It’s exciting. We’re happy about that. We’re happy the NBA chose us to be one of those teams and hopefully we can put on a good show for all of the people who are going to watch the game and enjoy the game and enjoy Christmas also.” AP

It’s no Christmas miracle: Giannis Antetokounmpo has arrived. AP

a chance for Jazz star guard Donovan Mitchell to get his first—but almost certainly not his last— look at playing on Christmas.

CHRISTMAS HISTORY

THE NBA’s five-game Christmas lineup is back for an 11th consecutive year, and that may seem like a lot of matchups but has been exceeded plenty of times in the past. There were seven games on the holiday in 1949, 1971 and 1977, as well as six in 1970 and 1976. And there were some years where everybody played on Christmas. In 1952, the league had 10 teams so that meant five Christmas games. In 1956, the league’s eight teams got together for two Christmas doubleheaders—two games at Madison Square Garden, two others at the War Memorial in Rochester, New York. And in 1959, eight teams meant four games on the holiday again. With Milwaukee playing, the league’s longest Christmas drought will belong to the Atlanta Hawks, who haven’t appeared on the holiday since 1989. After the Hawks, the longest droughts will be held by Charlotte (no appearances in 29 seasons), Memphis (no appearances in 24 seasons), Toronto (2001), Sacramento (2003), Indiana (2004) and Detroit (2005). Everyone else has played at least one Christmas game since 2009.

YEAR OF THE 3

HOUSTON set the NBA record for three-pointers made in a game with 26, doing that against Washington last week. It cemented that, without question, 2018 in the NBA was the year of the three-pointer. So far this season, 11 franchises—Atlanta, Boston, Charlotte, Golden State, Houston, Milwaukee, Minnesota, New Orleans, New York, Sacramento and Utah—have set or tied team records for three-pointers made in a regular-season game. That doesn’t even take into account Brooklyn, Chicago, Denver, Detroit, Oklahoma City and Philadelphia also doing it in 2018, albeit last season. Maybe the craze hasn’t caught on in Canada. The longest-standing team record for threes in a game is held by the Toronto Raptors, who made 21 on March 13, 2005. Orlando’s mark of 23 has stuck since January 13, 2009, and Phoenix’s record of 22 came on November 14, 2010. Meanwhile, Zaza Pachulia’s quest for a three continues. Pachulia has the NBA record for most threes attempted in a career without a make—the Detroit backup center is now 0 for 29 in the regular season, 0 for 31 when including playoffs. He’s 0 for 3 in 2018, though all those tries in this calendar year were desperation heaves from midcourt or deeper. And in fairness, only six of his career three-point tries have been shots inside of 30 feet.

Pet Corner BusinessMirror

Wednesday, December 26, 2018

Dogs bring emotional support, life lessons to schools

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Chris Daughtry, 39; Jared Leto, 47; Ozzie Smith, 64; John Walsh, 73. HAPPY BIRTHDAY: A mental or spiritual change will take you on a journey this year that will cultivate how you will live and what you will do in the future. A serious look at your finances and the assets you have accumulated will help you eliminate what’s no longer important to you. An emotional evaluation will change your life. Your lucky numbers are 4, 17, 26, 33, 39, 42, 44.

ARIES (March 21-April 19): Talks, short trips and sharing a special moment with someone you love are featured. Discussing intentions and plans will help you realize what’s important to you and how best to achieve your dreams. Family history will be revealed. «««

TAURUS (April 20-May 20): Socialize, make plans to do things with friends or relatives or set time aside for a little romance. A relationship you have with someone will take on a serious note that will give you plenty to think about. «««««

GEMINI (May 21-June 20): Think big, but be practical. Don’t listen to someone who wants you to invest your money or your time into something that you know little about. The best change you can make is one that will lower your stress and add to your comfort at home. ««

CANCER (June 21-July 22): Don’t fret over things you cannot change. Look at your options, consider your attributes and do your own thing. An important relationship will develop with someone you care about if you are attentive and share your feelings. ««««

e By Geoff Morrow

York Daily Record

ORK, Pennsylvania—You’d never guess from the ear-to-ear smile stretched across Jacy’s face, but she claims she usually doesn’t like dogs. Murray, though, is winning her over, one smooch at a time. The scene unfolds during a recent afternoon at Northern High School in Dillsburg, York County, where the 3-year-old Labrador Retriever usually sits—well, lays in his doggie bed—alongside special education teacher Lauren Berry. Murray is employed by the Northern York County School District, the highly trained pooch empowered to perform helpful tasks and, perhaps most important, provide a calming influence for the students in Berry’s special education class. In addition to Murray at the high school, there are others scattered among the middle school and elementary schools: Hershey, Dewey, Aspen, Vale, Brodey and Aurora. All are Labrador Retrievers, though service dogs can come in various breeds. Hershey was the original, the canine architect of this forward-thinking initiative. He’s into his eighth year in the school district, primarily working out of the middle school,

though he’s nearing retirement. “I never in a million years thought we would have a service dog in our classroom every day,” said Berry, a third-year teacher and Northern High School graduate who studied special education at Temple University and Elizabethtown College. “But it’s been such a rewarding experience. I look forward every day [to] bringing [Murray] to school, because he not only puts a smile on my face, he puts a smile on all the kids’ faces.” As Murray’s primary handler, Berry looks after the friendly Lab both at home and at school. A red vest indicates Murray is on the job, and when that vest comes off, he can be a normal dog, Berry says, including playing with her two other dogs at home. Through training from both a state prison inmate and at United Disabilities Services out of Lancaster, Murray and others like him learn over 100 commands. Then they use that knowledge to assist in classrooms like Berry’s, performing simple tasks like picking up markers and erasers to opening and closing doors, as well as the more emotional duty of providing a friendly face and pet-able back when a student is struggling. Northern High School principal Steve Lehman recalls an incident several years ago, shortly after he started, when a student with special needs

“completely shut down one day.” No teacher or administrator could get through to him, but the student had come through the middle school and had a relationship with Hershey. Cody Ebersole, the middle school’s emotional support teacher and Hershey’s handler, brought the familiar Lab to the high school. Almost immediately, the student settled and began communicating again. That’s when Lehman, himself not a pet owner, knew Northern was onto something positive. “I think there’s a sense of pride [that] our whole district sort of jumped on board, and others can look to us and ask us questions if they wanted to start a similar initiative,” he said. It’s not cheap—some service dogs can cost up to $20,000, Berry said—and the training requires a lot of time and travel to and from Lancaster, but Northern administrators have taken a big-picture approach. Lehman stresses that in addition to helping special needs [and other] students break down emotional barriers, the service dogs can and have inspired students to be better pet owners, to learn life skills in regard in service animals [ask before petting when the dog is wearing a vest!], and to

possibly pursue careers working with animals. Back in Berry’s classroom, as Jacy giggles and wipes Murray kisses from her face, the other students share why they love having Murray in their classroom. Annie loves when Murray joins them in the community, as the students volunteer every Monday and Friday doing various tasks and eating in restaurants. [Murray gives the best tips when wait staff provides him his own bowl of water, Berry jokes.] Venessa says he’s cute, and she loves when he plays with his squeaky toys, especially when the sounds hilariously interrupt a lesson. Logan loves Murray’s playfulness, and Nathan is enamored with the dog’s ability to help when a student isn’t having his or her best day. MaKenna, a Pittsburgh Penguins fan, calls the dog “Matt Murray” after her team’s star goaltender. And she says he’s pretty, even after Berry offers a playful correction that boys are usually described as handsome. “Boys are pretty, too!” MaKenna responds. And Murray seems to know this, proudly resting in his doggie bed, waiting for the next command and keeping a watchful eye on his beloved students. AP

occurs with a number of multiple recent cases discovered in Hawaii, Pennsylvania, South Carolina and New York. Many of these dogs and cats were taken from shelters, some found as strays, other stolen pets from families. The Dog and Cat Meat Trade Prohibition Act was first introduced in March 2017 by Congressman Alcee Hastings (D-FL). The AHWF had lobbied for the Dog and Cat Meat Prohibition

VIRGO (Aug. 23-Sept. 22): Share your experiences with people you socialize with and you will get some interesting feedback that will help you revise and perfect whatever it is you want to pursue in the new year. Romance will lead to a better personal life. «««

LIBRA (Sept. 23-Oct. 22): Talk to people who can offer you something new and different. The suggestions made will give you hope and encourage you to volunteer to help those less fortunate. Don’t let anyone discourage or bully you. Do what feels right. ««««

SCORPIO (Oct. 23-Nov. 21): Travel plans, no matter how short or long, should bring you closer to someone you love. Don’t hold back when it comes to sharing your intentions, feelings and making plans that will bring you closer to your personal goal. ««

SAGITTARIUS (Nov. 22-Dec. 21): Don’t be fooled by someone who is using false information to interest you in something costly. Do your homework before you agree to get involved. Moderation will be required. Focus on positive personal changes, not helping others get ahead. «««««

CAPRICORN (Dec. 22-Jan. 19): Changes can be made and resolutions started early. Consider what’s worked for you in the past and rid yourself of any poor habits you may have picked up this past year. Don’t let stress wear you down; incorporate a healthier daily regimen. «««

Dog and Cat Meat Prohibition Act passed in the US IN a resounding victory for animal rights, the Animal Hope and Wellness Foundation (AHWF)sponsored Dog and Cat Meat Prohibition Act was passed recently by both the United States House of Representatives and the Senate in the 2018 farm bill. It is now illegal to slaughter dogs and cats for human consumption, a practice still legal in 44 states. While this seldom happens in America, it still

LEO (July 23-Aug. 22): Social events will be fun and will serve as great places for you to use your charm to attract attention, but don’t go overboard. If you give someone the wrong impression or make a promise you cannot deliver, the loss will be yours. «««

Act, knowing that the US cannot condemn the practice around the world if it is still legally permissible within its own borders. “I am overjoyed at the passage of H.R. 6720,” said Marc Ching. “This is a major victory for the animals, prohibiting the consumption of two entire species while at the same time strengthening activists and groups in other countries looking to do the same.”

AQUARIUS (Jan. 20-Feb. 18): Make today about important partnerships and the changes you would like to see happen. Speak from the heart. Be open about what you want, and willing to listen until you come up with a plan that works for everyone. «««

PISCES (Feb. 19-March 20): Look inward and consider what you might like to do to improve your life, look or future. Coming up with a good plan that will help you grow personally, emotionally and financially will put your mind at ease. «««

Business Wire | AP

BIRTHDAY BABY: You are resilient, kind and accommodating. You are adaptable and encouraging.

‘hop on it’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Station in NYC 5 Hot condiment 10 Price 14 Safe from wind 15 Run ___ of the law 16 Non pro 17 Natural scratcher 18 Nursery dirts 19 The King and I place 20 Rabbit X 4: features, cover, grub, locale 23 Tickets as a 33-Down 24 Ice skating areas 25 Mouth part 28 Menial toiler 30 Graph line 31 Sao ___, Brazil 33 Cat dr. 36 Bunny X 2: get-up, casual wear 40 Big bang maker 41 Right to the point 42 Opera rendition 43 Depression

4 Razor expert 4 46 Aquatic creature 49 Country residence 51 Hare X 2: dumb thought, plant 57 Clear $ 58 Modern car maker 59 Three-voweled snack 60 Kind of car or machine 61 Fix at the tailor’s 62 Certain speech defect 63 Enjoys food 64 Witnesses to avoid 65 Chip for a hand DOWN 1 Horse’s rate 2 Legendary Fitzgerald 3 Come up to 4 Nightly program 5 Respectful greeting 6 Previously, way back 7 Dogs it 8 Heavyweight bout, really 9 “Let’s not forget ...” 10 Turn chips to money

1 Gibson garnish 1 12 Follow illegally 13 X, in math 21 Toned and healthy 22 Be saggy 25 Diplomat’s goal 26 Long nerve fiber 27 Grocery or Santa’s 28 Whine 29 First name among NFL QBs 31 Salaried worker’s extra 32 Burdened beast 33 “Go” in “I’ll go” 34 Noted canal 35 Nicholas I, for one 37 Wrong-way fixer 38 Checkers pieces 39 Plane curve, in math 43 Deceptive moves 44 Makes indistinct 45 Chicken ___ king 46 Beyond weighty 47 Starting musical syllables 48 Clairvoyant’s cards

9 Scenic view 4 50 Slacker 52 Bibliog. space saver 53 New York eatery 54 Ireland 55 “___ we forget ...” 56 Easy run

Solution to yesterday’s puzzle:

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

Show BusinessMirror

Wednesday, December 26, 2018

Netflix named The Associated Press’ Entertainer of the Year By Mark Kennedy

The Associated Press

EW YORK—After a year like this, Netflix shows no signs of chilling. The dominant online video streamer started 2018 with almost 118 million subscribers, went on to win its first feature-film Oscar, briefly surpassed Disney as the most valuable US media company, lured the likes of superstar show runners Shonda Rhimes, Kenya Barris and Ryan Murphy—not to mention Barack and Michelle Obama—and is expected to end the year with 146 million subscribers and a likely best picture Oscar nominee in Roma. In a sign of how influential the giant streamer has become, it also got what every celebrity gets—a gentle mocking on Saturday Night Live. The sketch comedy show’s season-ending episode this month aired a fake ad highlighting Netflix’s enormous effort to produce as much content as possible. “Our goal is the endless scroll. By the time you reach the bottom of our menu, there’s new shows at the top,” explained the voice-over. For a dominating 12 months, Netflix has been named The Associated Press (AP) Entertainer of the Year, voted by members of the news cooperative. “There’s been so much amazing entertainment this year, and we’re proud of the part we’ve played and humbled by this recognition from the AP,” Ted Sarandos, Netflix’s chief content officer, said on Thursday after being told of the honor. “We are thrilled to be working with the best creators who have helped us to entertain the world with shows, films and specials from Hollywood, Mumbai, Madrid, Seoul, Berlin and everywhere in between.” Netflix topped other candidates, including Donald Glover, Ariana Grande, Bradley Cooper and Michelle Obama, among others. Previous AP Entertainer of the Year winners have included Lin-Manuel Miranda, Adele, Taylor Swift, Jennifer Lawrence, Lady Gaga, Tina Fey and Betty White. Though Netflix doesn’t release ratings, 2018 was a year when it seemed to really flex its digital muscles, showing off its deep reservoir of titles, from original unscripted shows to those produced in other countries, to even becoming a home for

Is The New Black and Ozark. The company has even seen the phrase “Netflix and chill” part of the mainstream vocabulary. In May, Netflix’s market capitalization—or the total value of its stock—shot higher than the capitalization for mighty Disney, previously the most valuable media company in the world. The Champagne-popping moment didn’t last very long, but it was a sign of how a maverick company could disrupt the order. Netflix then knocked HBO off its longtime perch—18 years—as the most nominated Emmy Award platform, eventually earning 112 nods. The streaming behemoth would go on to tie the premium cable network with 23 wins at the Emmy Awards. Netflix also dominated the television categories at the Screen Actors Guild Awards with 15 total nods, nearly double any other network.

shows canceled elsewhere. The company that once concentrated on sending DVDs through the mail in little red envelopes scored its first feature-film Oscar in March, with a best documentary trophy going to Icarus, Bryan Fogel’s investigation into doping in sports. (Netflix won its first-ever Oscar last year with the short doc The White Helmets.) Netflix movies, specials and shows were all over popular culture this year, including The Kissing Booth, Nanette, To All the Boys I’ve Loved Before, The Kominsky Method, The Haunting of Hill House, GLOW, Lost in Space, The Great British Baking Show, Salt, Fat, Acid, Heat and Queer Eye. House of Cards—Netflix’s first original series—debuted just six years ago. It has backed such Oscar bait as Roma and The Ballad of Buster Scruggs and TV fans await more episodes from Stranger Things, The Crown, Orange

MMFF entry ‘Fantastica’ to open overseas TFC at the Movies will give Filipinos abroad all reason to laugh as it screens Fantastica, which stars Vice Ganda, Richard Gutierrez and Dingdong Dantes. An official entry at the 2018 Metro Manila Film Festival, Fantastica is a fantasy-comedy film with its story focusing in the life of Belat (Ganda) who is part of the once-colorful world of the carnival named Perya Wurtzbach: The Happiest Place on the Earth, the Universe Rather. Belat with her mother Fec (Jaclyn Jose) and adopted siblings Daks (Ronnie Alonte), Pepe (Edward Barber) and Junjun (Donny Pangilinan) are struggling to save their carnival, and adding to their troubles is the possibility of getting evicted from their land that will be taken from them by the family of her former best friend Dong Nam (Dingdong Dantes). Giving them a glitter of hope is the arrival of the man from her past, Prince (Richard Gutierrez), who promised to help them restore their carnival if she will help him save their land, Fantastica, by finding their lost princesses: Rapunselya (Loisa Andalio), Maulan (Maymay Entrata) and Ariella (Kisses Delavin). Also part of the film are Bela Padilla, Ryan Bang, Johnny Revilla, MC Calaquian, Lassy Marquez, Chokoleit, Julianna Parizcova Segovia and Elsa

BLIND SPOT BRUCE C.

ANOTHER SCANDAL?

DINGDONG DANTES

RICHARD GUTIERREZ

Droga, directed by Barry Gonzalez and produced by ABS-CBN Films Star Cinema and Viva Films. Fantastica (usa.mytfc.com/fantastica) will screen globally in the following regions and dates: December 28 in the United States and Canada; December 29 in Jylland, Denmark; December 30 in Kristiansand, Norway, Milan, Rome, and Florence

in Italy and Barcelona in Spain; January 3 in Brunei Darussalam; January 5 and 6 in the United Kingdom; January 5 in Bonn in Germany, Stockholm in Sweden, Vienna in Austria and Manchester in the UK; January 6 in Oslo in Norway and Dublin in Ireland; January 13 in Athens, Greece; and January 20 in Nicosia, Cyprus.

Kiray Celis makes transfer to GMA TALENTED actress Kiray Celis is looking forward to start her journey as a GMA talent after she inked a management contract with GMA Artist Center on December 20. Present in the contract-signing were GMA Artist Center (GMAAC) Assistant Vice President and Head for Talent Imaging and Marketing Unit Simoun Ferrer and Senior Talent Manager Tracy Garcia. Kiray is filled with high spirits and is grateful for the network’s enthusiastic support in her showbiz career. “I’m very happy kasi sobrang warm ng pag-welcome sa akin ng GMA. FROM left: GMA Artist Center Assistant Vice President and Head for Talent Imaging and Marketing Unit Simoun Ferrer, Kiray Celis and Senior Talent Manager Tracy Garcia

Nagpapasalamat ako sa opportunity na ito na ibinigay sa akin nang buongbuo at naniniwala silang marami pa akong kayang ipakita. Super excited ako to work with everyone dahil napakabait at maalaga ang mga tao dito.“ Ferrer is delighted that Kiray is now part of GMA Artist Center’s roster of talents. He says the network has already been gearing up quality projects for Kiray. “We’re very happy. Isa siyang napaka-talented na actress so madami siyang pwedeng gawin. We all know na she’s very good with comedy, but our plan is to really expose her in different genres in GMA. Gusto namin ipakita ‘yung versatility ni Kiray.” The newest GMAAC talent happily announced that she’s part of the upcoming television series starring Gabby Concepcion and Jennylyn Mercado. She is also doing a movie with fellow GMA stars under GMA Films, as well as several guestings in various shows by the network.

Colbert jokingly claims severance denied to ex-CBS boss NEW YORK—Stephen Colbert is laying claim to the $120 million in severance that CBS’ board of directors said wouldn’t be paid to ousted former CEO Leslie Moonves—at least half of it. The late-night host joked, “the other half goes to Tom Selleck’s mustache.” Colbert didn’t avoid his network’s big news in Tuesday-night’s monologue. Like many at CBS, Colbert owes his job to Moonves,

Top filmmaking talent like Martin Scorsese, the Coen brothers and Michael Bay are working for Netflix, and the streaming giant convinced Charlie Brooker to bring his Black Mirror to its platform. It hired Channing Dungey from ABC Entertainment and Kira Goldberg from 21st Century Fox. It has promised to spend more than $8 billion on content this year alone. In 2019, Netflix will likely face stiffer challenges from the likes of Amazon, Hulu, Apple, WarnerMedia and Disney, as well as needing to handle its long-term debt. But Netflix is looking for more subscribers in India and South America and the company’s market value is over $100 billion. “At Netflix, we’re always working to give our members great choice and a better entertainment experience, and we’re excited about what’s in store for 2019,” Sarandos said.

who was forced out due to sexual misconduct allegations. CBS is denying him severance after an investigation backed up many of the charges and accused Moonves of trying to thwart the probe. Moonves has said the relationships he was involved in were consensual and denied misleading investigators. Colbert jokingly wondered how Moonves thought he could get away with blocking a probe, given the network’s penchant for

crime procedurals. “Every show he’s greenlit for the last 20 years was about investigations,” he said. Colbert wondered what future job might be available to a famous TV billionaire with sexual-assault allegations. He paused, obviously thinking of President Donald J. Trump. “He’d still be better,” he said. AP

WHILE the Ateneo community is still reeling from the bullying issue, another school for boys could possibly face a scandal much greater than just that involving a boy who likes to beat up others. The scandal is sex-related and involves at least two minors and one who possibly isn’t but could still be below 18. And the horrifying thing is that there’s a video making the rounds. Just a reminder to people: That video is child pornography. If you look at it or pass it on, you’re violating childprotection laws. So be vigilant.

HE’S NOT NICE

SO the hot celebrity and her boyfriend asked to be released from their respective contracts with one of the country’s top talent-management groups. The hot celebrity is, of course, being handled by a new group, and that’s understandable. Her boyfriend, however, is another story. The guy is reportedly scouting around for a new management, but no one’s biting. That’s because their former management has been telling people that he really isn’t easy to get along with and can be more of a diva than his famous girlfriend. Last we heard, the two companies he talked to weren’t really keen on signing him up.

SOON TO BE A MOM?

IS it true that the young actress, who is semiretired due to her rumored love affair with an older actor, is pregnant? The thing is that the actress’ relationship with the older actor is not as solid as it was. They’ve reportedly broken up because of another young actress, and it’s not clear if he knows that she’s reportedly pregnant.

UNLUCKY IN LOVE

THE rich and famous comedian should really rethink his love game. His most recent rumored boyfriend has come out publicly about their being just friends. This is an upgrade from his former boyfriend whose father even issued a statement that the comedian and his son aren’t in a relationship. The thing is that the comedian showers the men he loves with money and material things and they take it, knowing that he loves them, and then they turn their backs on him like this.

THE SWITCH THAT MATTERS

THERE are rumors that pretty network talent will soon switch to the other side because her boyfriend and many of her friends are there. But the truth is, her boyfriend is the one who is considering switching networks mainly because his career is going nowhere. The pretty network talent is smart. She knows that in her present management, she is a big fish in a small pond. Why change the situation when it’s working perfectly?

RACIST. CRUEL. HUMILIATING. B UENA, New Jersey—A lawyer for a highschool wrestler whose dreadlocks were cut off after a referee told him to lose the hairstyle or forfeit minutes before his match is suggesting the impromptu hair cut was due in part to the referee’s tardiness. Buena Regional High School wrestler Andrew Johnson, who is black, had a cover over his hair, but referee Alan Maloney, who is white, said that wouldn’t do. Johnson won Wednesday’s match but appeared visibly distraught. Dominic Speziali issued a statement on Monday in which Andrew Johnson’s parents said Maloney didn’t attend the weigh-in that day. They also say that when Maloney evaluated the teen before the match, he didn’t raise any issues with the length of his hair or the need to wear a head covering. Maloney didn’t respond to a request for comment on Monday. The organization that oversees the state’s highschool athletics announced on Saturday that he won’t be assigned to any matches until the incident is reviewed. Michael Cherenson, spokesman for the New Jersey State Interscholastic Athletic Association, said the organization had reached out to groups that assign referees, “and they’ve all agreed” not to assign Alan Maloney to any event until further notice An SNJ Today reporter tweeted a video of Johnson getting his hair cut. The video was shared widely on social media, with users calling the incident “racist,” ‘’cruel” and “humiliating.” In the statement issued on Monday, Johnson’s parents also thanked those who have shown support for their son. “Andrew has been deeply moved by the thunderous outpouring of unsolicited support—including from an Olympic wrestler, leading civil rights advocates and elected officials—after the shocking pre-match ultimatum,” the statement said. “Wrestling has taught Andrew to be resilient in the face of adversity. As we move forward, we are comforted by both the strength of Andrew’s character and the support he’s received from the community. We will do all that we can to make sure that no student-athlete is

Sports BusinessMirror

| Wednesday, December 26, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BUENA Regional High School wrestler Andrew Johnson gets his hair cut at courtside minutes before his match. AP

forced to endure what Andrew experienced.” In London, a Tottenham fan has been banned from soccer games for four years for throwing a banana skin at an Arsenal player who is black. Averof Panteli was found guilty of a “targeted gesture” aimed at Pierre-Emerick Aubameyang with a “racial element.” Aubameyang was celebrating scoring a goal in front of visiting Tottenham fans at Emirates Stadium on December 2. Panteli, who lives in Norwich, got a four-year ban and was ordered to pay £635 ($800) in fines and court

Dionisio, Somoso tops in age group A DRIAN THOMAS DIONISIO topped the 15-17 years old category and Julie Somoso ruled the female 50-above division as beginners competed alongside seasoned athletes in the inaugural MediCard Sprint Triathlon held recently at the Fontana Leisure Park in Clark, Pampanga. Dionisio dominated his age group with a time of one hour, seven minutes and 46 seconds, while Somoso submitted a winning time of 1:59:28. The event featured a 600-meter swim, 20-km bike and 5-km run race with the participants taking several laps in the Olympic-sized pool, riding the one-loop bike course around Clark and traversing a single-loop run around the resort. It also featured a relay category for family, friends and teammates. “This is one of the best ways to encourage everyone— from kids to adults, even the more senior ones—to exercise and move [their bodies],” MediCard President

Nicky Montoya said. The other winners were Ian Banzon of Sante Barley (female, 30-34,1:19:53), Gianmarco Anton Sibayan (male, 25-29, 1:11:38) and Pierce Tan (male, 18-24, 1:11:49). Ma. Lourdes Cabero (35-39) clocked 1:29:51 to emerge as the second-fastest female participant, with Alfie Yu (4044) finishing third. The men’s winners included Levy Ang (45-49, 1:15:31) and Rune Stroem (55-59, 1:16:39). The other age-group female champions in the sprint race were Therese Malapad (15-17), Isabel Parco (18-24), Alessandra Castaneda (25-29), and Ymelle Reyes (45-49). Male champions include Angelo Leaño (35-39), Brett Petrillo (4044), Jerry Santos (50-54) and Chicho Mantaring (60-above). The champions in the relay category were Team Fuego (all female), Team Pukers (all male and mixed) and Team ActiveHealth (family).

costs. He pleaded guilty to throwing a missile but denied racist intent. Tottenham imposed a lifetime ban on Panteli. The incident renewed a debate about racism in English soccer. UEFA, meanwhile, said it wants a deeper investigation into alleged anti-Semitic chants by Chelsea fans that the club condemned after a Europa League game. UEFA said a disciplinary inspector will “conduct an investigation in relation to the alleged racist incident”

‘The Ferocious-The Warrior’ showdown takes place at historic Jakarta arena

ORMER ONE featherweight world title challenger Christian “The Warrior” Lee of Singapore will face the Philippines’s Edward “The Ferocious” Kelly in a highly anticipated rematch at ONE: Eternal Glory at the Istora Senayan in Jakarta on January 19. The two warriors have met each other before, with Lee dropping a disqualification loss to Kelly after an illegal suplex. The two featherweights are tops in their division ruled by Australia’s Martin “The Situ-Asian” Nguyen. A victory for Lee or Kelly would certainly bring either closer to a shot at the the title. The first time they met at ONE: Beyond the Horizon in September, the fight started off as a heated battle. Kelly had his moments early, tagging Lee with a couple of hard shots, while the young Singaporean dominated the grappling exchanges. An ill-fated suplex ultimately led to the disqualification ruling, with Kelly landing on his head and the referee halting the contest shortly after.

OLYMPIC CHAMPS IN HOT WATER F

IVE weightlifters—including Olympic champions Oleksiy Torokhtiy of Ukraine and Ruslan Nurudinov of Uzbekistan— have been handed provisional suspensions after retests of their samples from London 2012 came back positive. A statement by the International Weightlifting Federation (IWF) revealed reanalysis carried out by the International Olympic Committee (IOC) discovered adverse analytical findings from Armenia’s Melanie Daluzyan, Belarus lifter Mikalai Novikau and Azerbaijan’s Valentin Hristov, as well as from Torokhity and Nurudinov. Torkhtiy won the gold medal at London 2012 in the men’s 105-kilogram division and could now be stripped of that title, while Hristov claimed bronze at 56 kg. Nurudinov came fourth at 105 kgs at London 2012, but went on to win the World Championships in Wrocław in Polandthe following year, the Olympic gold medal at Rio 2016 and this year’s Asian Games in Jakarta. At Rio 2016, he

set an Olympic record in the clean and jerk of 237 kg. Novikau came seventh in the men’s 85-kg division at London 2012, while Daluzyan finished last in the women’s 69-kg class. All of the athletes have allegedly tested positive for testosterone, with Daluzyan and Novikau also failing for stanozolol. In their statement the IWF added that it is down to the IOC to “decide about any consequences” relating to London 2012 but, beyond that, “the responsibility to conduct results management” will be handed to the IWF. If Torokhtiy does lose his gold medal, Iran’s silver medallist Navab Nassirshalal is in line to be promoted to Olympic champion. Bartłomiej Bonk of Poland could move up to silver from bronze, while fifthplaced Uzbek Ivan Efremov could take bronze with his compatriot and fourth-place finisher Nurudinov also facing disqualification.

by mid-January. Some Chelsea fans were heard singing an anti-Semitic chant targeting Tottenham minutes into a 2-2 draw at Hungarian club Vidi on Thursday. In a statement that evening, Chelsea questioned the “brainpower” of fans who did not understand the chant was “abhorrent.” UEFA would typical open a formal disciplinary case within 36 hours if incident details are reported by a referee or match delegate. AP

The failures are the latest in a long line announced by the IOC, which has been retesting samples using more up-to-date technology. There have now been a total of 116 positive

Matters are expected to be resolved in the do-over bout,and this time, fans expect a more decisive finish. The 20-year-old Lee is one of ONE Championship’s top prospects. Even at such a young age, he has shown incredible poise and polish. Guided by his father Ken Lee at United MMA in Hawaii, and by the world champions at Evolve MMA in Singapore, Lee is a martial-arts prodigy. He is the younger brother of reigning ONE women’s atomweight world champion “Unstoppable” Angela Lee and often trains with her. In May 2018, Lee was on the wrong end of a split decision when he challenged Nguyen in his first shot at the world title. The championship experience, however, has made him a better fighter. Kelly, on the other hand, is a prominent member of the famed Team Lakay, one of the top martial-arts outfits in the world. The stable includes world champions Eduard Folayang, Joshua Pacio, Geje Eustaquio and Kevin Belingon, who Kelly trains with on the regular basis.

tests at London 2012, including 24 in weightlifting, making it the “dirtiest” Olympics in history. The final total of positives at Beijing 2008 following the completion of the retests was 86, which included 26 in weightlifting. Weightlifting’s place on the Olympic programme at Paris 2024 remains under threat with the IOC cracking down on the sport’s drug problem. Four requirements were outlined by the IOC in December 2017 for the sport to stay on the programme. These are the full implementation of the recommendations from the Independent Clean Sport Commission and the Sport Programme Commission, the completion of the World AntiDoping Agency code compliance monitoring programme and the submission of a questionnaire report on corrective actions. The IOC Executive Board noted “progress” made by the IWF in

UKRAINE’S Oleksiy Torkhtiy clinches a gold medal at London 2012 in men’s 105-kilogram division and could now be stripped of that title. AP

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

Only the mother’s bully can love the bully? WHAT a sad Christmas, I surmise, for Joaquin Montes, the convicted bully by both public trial and his school’s jury. My heart goes to him, nonetheless. He was practically defenseless. His actions gave him away, were warrants of a virtual life in isolation. Ostracism. No person in his right mind will ever side with him. Oh, there is. It’s his mother. OK, include his father? Siblings, too, perhaps? Who can dump his own flesh and blood? For brutally bullying his fellow students at Ateneo with kicks and punches reportedly honed by his taekwondo skills, Montes got himself dismissed from school by Ateneo President Jose Villarin. Good thing he was not expelled. For, expulsion in the Code of the Department of Education would mean Montes could not enroll anymore in any public and private school after getting the boot from Ateneo. Likewise, the DepEd manual also needs the approval of the education secretary if expulsion is meted out to an erring student. Whatever, Villarin had the most difficult decision to make in this supposed season of forgiving. Isn’t forgiving loving? And loving is forgiving the one who has gone astray? Wasn’t Peter forgiven despite denying Jesus three times? With his decision therefore to dismiss Montes from Ateneo, was Villarin guilty of destroying the spirit of Yuletide, which is forgiving? Loving? Who would want the position Villarin was in? He couldn’t even play the part of Pontius Pilate. He did no washing of the hands. There was no crowd to consult and so, perhaps with a bit of counsel from his favored Ateneo factotums, he had to do it like the guillotine executioner: One swift action and it was all over. To his credit, Villarin called both parents of the bully and the bullied, heard their stories and then made his decision. As quickly as the fastest gun alive in the old Alamo of Texas, Villarin handed down his verdict without mincing words: Out Montes goes. With that, our courts, if not the Supreme Court itself, should learn a lot from Villarin. For, with his lightning-quick resolution of the case, Villarin butchered the saying, “Justice denied is justice delayed.” No delay in the justice deserving of the bullied. No delay in the justice badly needed by a community pained by a singular act of barbarity. Alas, it was committed within the hallowed grounds of what is reputed to be one of the bulwarks of decency, dignity and dependability on everything good, staining forever, almost, a learning institution’s storied lore. In essence, every single taekwondo blow unleashed by Montes against his hapless prey was each a crushing blow at everything that Ateneo has stood for all these years: the leader in good manners and right conduct that the school’s founders, the Jesuits, had so meticulously and religiously carved for generations. Do we still greet the bully, Merry Christmas? How about Villarin, the judge? All the best in 2019? We don’t know what the future holds. And if we are truly of Christian lineage, even the most vile of us deserve second chance, including Montes? You tell me. THAT’S IT Still, all things considered, let’s be human and a friend to all. Merry Christmas and a Happy New Year!

Tokyo last month but kept the sport’s provisional status for Paris 2024. Praise for the sport included the Tokyo 2020 qualification process, which requires athletes to compete and be tested more regularly. The “Tbilisi decision,” which saw nine nations banned for a year after three or more Olympic positives in the Beijing 2008 and London 2012 retests, was also welcomed. Armenia, Azerbaijan, Belarus, China, Kazakhstan, Moldova, Russia, Turkey and Ukraine were the nine nations suspended. A partnership agreement between the IWF and the International Testing Agency, which will see the latter assume responsibility for key areas of the world governing body’s anti-doping programme, also received praise. However, there was “confusion” at this year’s IWF World Championships in Ashgabat after ineligible weightlifters from the home nation Turkmenistan were allowed to take part in an “exhibition.” Insidethegames.biz