Businessmirror December 27, 2018 by BusinessMirror

BROADER LOOK » A4-A5 MOST companies these days rely greatly on the work of compliance officers, but what are the things that bug such officers? One, there’s a certain sloth among people who don’t do due diligence in their work. Two, they have to deal with suspicion a lot of times. Read more about why compliance officers need help in Henry Schumacher’s column, Integrity Initiative, on page A3.

IN UNION THERE’S STRENGTH, BUT WHAT IF SO FEW WORKERS ARE ORGANIZED?

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Thursday, December 27, 2018 Vol. 14 No. 78

China stops processing visas of PHL tour groups By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE People’s Republic of China has stopped the processing of visa applications by tour groups from the Philippines, prompting calls from local tourism stakeholders for the Philippine government to reciprocate in a similar fashion.

In a letter to its partner travel agents in the Philippines received on Wednesday, China Tee Inter n at ion a l Trave l Ser v ice Ltd. said, “ We were infor med by C hina gover nment Immigration Department that China Group Visa processing was

ter minated at16:25 p.m.,24t h December 2018.” The travel agency said, the termination of group visas for Filipinos “is because, on 22nd December 2018, there were five Filipino tourists who hold China group visa, disappeared right after ar-

riving Shanghai PVG airport, via a unprofessional operation by a no license travel agent here i n C h i n a . T h i s tou r o p e r a tor catered this g roup w ithout checking passengers background and charging guarantee deposit [sic].”

“[The Philippine government has already confirmed that thousands of Chinese tourists work in Philippine online gambling operations] ...these are only five Filipino tourists who had gone missing, but they stop the processing of group visas?” —Clemente

Connected, disconnected Rene E. Ofreneo

LABOREM EXERCENS

Apparently, this was the second time the unnamed Chinese tour operator did this. China Tee said they had no information when Filipino tour groups could start applying for visas again. China Tee’s letter was contained in a circular released by the Philippine Travel Agencies Association (PTAA) to its members.

Y the end of 2019, half of the world’s population shall be connected to the Internet. This according to a report of the United Nations Broadband Commission for Digital Development. And yet, humanity shall be entering the new year full of anxieties. The world is greatly divided, with some countries even violently divided. One explanation for the divisions is the widespread abuse and misuse of the Internet. Tim Berners-Lee, the inventor of the World Wide Web (W3 or www), had this to say: “In recent years, we’ve seen governments engage in state-sponsored trolling to quash dissent and attack opposition. We’ve seen hacking and foreign interference distort politics and undermine elections. And we’ve seen how the spread of fake news on social media can trigger chaos, confusion and lethal violence.”

See “China,” A2

Continued on A7

Tax-free sale of gold to BSP gets priority from senators

By Bianca Cuaresma

ESPITE the existence of a law mandating banks to set aside a portion of their loanable funds for small firms, data from the Bangko Sentral ng Pilipinas (BSP) showed that local banks remain reluctant to lend to these enterprises. Data from the BSP showed that banks set aside only 3.18 percent of their total loan portfolio for micro and small enterprises in the first half of 2018. Republic Act (RA) 9501 ordered banks to allocate 8 percent of their total loan portfolio for small firms. This is the sixth consecutive year that local banks failed to meet the required lending for micro and small enterprises in the country. RA 9501 was passed in 2008 to boost the access of smaller enterprises to bank loans. This is because micro, small and medium enterprises (MSMEs) are regarded as crucial drivers of Philippine economy, making up 99.6 percent of the country’s registered businesses. They also generate 61.6 percent of the country’s employment.

By Butch Fernandez

“MSMEs are unable to reach their full potential because of difficulty of credit and financial access.”—Espenilla

Data also showed that loans allocated to MSMEs have been declining since RA 9501 was passed in 2008. In 2009, banks set aside 9.48 percent of their loanable funds for small firms. Two years after, this went down to 8.23 percent as of end-June 2011. Since 2012, banks have been unable to meet the mandatory lending requirement. That year, loanable funds allocated by banks for small firms plummeted to 6.87 percent. Last year, the mandated lending to MSMEs fell to 3.28 percent by end-June. “MSMEs are unable to reach their full potential because of difficulty of credit and financial access,” BSP Governor Nestor A. Espenilla Jr. earlier said.

PESO EXCHANGE RATES n US 53.1730

See “Banks,” A8

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Micro, small firms still unable to tap loans from banks @BcuaresmaBM

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members of our contingent to the bicameral conference committee on our first session day next year, on January 14,” said Andaya. Contacted for comment, Senate President Vicente C. Sotto III confirmed on Wednesday that Zubiri is already arranging to reconvene bicameral talks with their House counter parts for the genuine

ENATE leaders are poised to front-load plenary consideration of a bill granting tax exemptions to sellers of gold bought by the Bangko Sentral ng Pilipinas (BSP). This was confirmed by Sen. Juan Edgardo M. Angara when asked what major revenue measures are likely to be endorsed by the Ways and Means Committee for plenary consideration when Congress reconvenes regular sessions starting on January 14. “There is one: to exempt the sale to the BSP of gold,” Angara, Ways and Means panel chairman, told the BusinessMirror on Wednesday. This, even as the Department of Finance had agreed to reduce creditable withholding tax on gold sales to 1 percent, from 5 percent. In signing the implementing Revenue Regulation, Finance Secretary Carlos G. Dominguez III confirmed earlier that the move was intended to “encourage smallscale miners to sell back their gold produce” to the BSP. The finance chief expects the reduced creditable withholding tax

See “Road Board,” A2

See “Gold” A2

‘DAVAO DE ORO’ Compostela Valley Gov. Jayvee Tyron L. Uy (center) sports the soon-to-be new name of his province at a briefing. Story on A2. MANUEL T. CAYON

House seeks ‘genuine’ Road Board abolition By Jovee Marie N. dela Cruz

@joveemarie

O address issues on the abolition of Road Board, the leadership of the House of Representatives said that it is open to reconvene the bicameral conference committee to work on the “genuine” abolition of the Road Board. House Majority Leader Rolando

G. Andaya Jr. said the lower chamber will designate its contingent to the bicameral conference when session resumes on January 14. “We are positively responding to Senator [Juan Miguel F.] Zubiri’s call that the Senate and the House meet in conference to hammer out a better—and genuine—Road Board abolition bill. On the part of the House, we will designate the

@butchfBM

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

Source: BSP (21 December 2018 )

News

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Thursday, December 27, 2018

Compostela Valley today, Davao de Oro tomorrow By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

ONTEVISTA, Compostela Valley—Gold-rich Compostela Valley is ready to rebrand itself as Davao de Oro, lining itself among the provinces of the Davao region, which all have the word “Davao” in their name, and remove the confusion of its location. As Davao de Oro, it would also proudly announce its natural wealth that has long caught the eye of the corporate mining world and likewise “to proudly announce that we belong to the Davao region, much like the rest of the provinces, which have used the word Davao to designate themselves in the region, like Davao del Norte, Davao Oriental, Davao del

Sur, Davao Occidental,” Compostela Valley Gov. Jayvee Tyron L. Uy said. “Now,” he added, they will no longer “be mistaken for a neighbor of Cagayan Valley, or the Compostela town of Cebu, nor to be confused with our own Compostela town here.” The province took the name Compostela Valley in 1998 when it was carved out from 11 municipalities

of Davao del Norte. Uy wondered aloud about “whatever happened to its naming that we are the only province in the region that has no Davao in it”. Uy announced the province was likely to assume the new name anytime soon, as he appealed to the province’s 750,000 residents to vote affirmatively to the adoption of the name in a plebiscite next year, probably after the mid-term local elections in May. The House of Representatives already passed the renaming bill on second reading, practically a goahead for its final approval, while two senators assured Uy they would also sponsor the resolution at the resumption of session next year. “With the new name is the new direction,” he said, citing the leap in its achievements, including the 2017 Commission on Audit’s ranking of the province as the second richest among the Philippine provinces, next to Cebu province.

Compostela Valley, lying along the country’s so-called Eastern Mineral Belt for its rich gold, copper and nickel deposits, was the only Mindanao local government to land in the 10 richest provinces, at a comfortable second spot. It boosted of total assets reaching P18.95 billion. He said the Davao de Oro name would bring the tagline, “The Living Treasure,” with its wealth attracting national business and investment when it landed 30th in 2017 among 67 provinces ranked on their business competitive index. The most recent result of the teachers’ secondary licensure examination showed the Davao del Norte State College ranked as the third-best performing school in the Philippines, with four of its graduates notching the third, fourth and eighth spots in the top 10 examinees. “Our new name will be our own promise. I will announce it during the Bulawan [gold] Festival in March,” he said.

Bill seeks to institutionalize, expand student fare discount in land, sea, air transportation

LAWMAKER on Wednesday urged his colleagues in the House of Representatives to prioritize the passage of a measure seeking to institutionalize a 20-percent students’ fare discount in land, air and sea transport. Camarines Sur Rep. Luis Raymund Villafuerte Jr. said the still unnumbered bill, which he coauthored, will help students and their parents cope with rising costs of basic goods and education. The discount, he added, would provide students, who are mostly non-earners, a means to help cope with inflation. “This will mostly benefit indigent students and their families who have to cope with rising prices of basic goods. A discount on transport fares would help ease the daily woes of low-income families, especially parents sending more than one kid to school,” said Villafuerte in a news statement. Under the bill, a student shall be entitled to a 20-percent discount on regular domestic fares of all kinds of

Road Board ...

public transportation utilities upon the presentation of a duly issued and validated school identification (ID) card or current validated enrollment form, supported by any document to properly establish identity. The substitute bill also seeks to institutionalize the grant of fare discount currently being enforced by the Land Transportation Franchising and Regulatory Board (LTFRB) even during weekends and holidays, and which covers all means of transportation all-year round. However, the bill does not cover students enrolled in postgraduate degree courses and informal short-term courses. Under the bill, a three-month suspension of drivers’license and a fine of P1,000 to P20,000 would be imposed against violators. The measure also punishes with possible civil and penal liabilities those who may present falsified IDs to avail themselves of the discount. The Senate already approved its version of the

Continued from A1

abolition of the graft-tainted Road Board. “Yes, Sen. Zubiri is fixing it,” Sotto said in a separate text message to the BusinessMirror . The Senate leader earlier shared the view of their House counterparts on the Road Board abolition issue even as Senate President Sotto added: “If the Executive does not release funds (to the Board), it amounts to the same thing.” For his part, Sen. Juan Edgardo M. Angara admitted he voted with the majority of the Senate to abolish the Road Board. Meanwhile, Minority Leader Franklin M. Drilon disagreed with his peers, saying on Wednesday he sees “no need” to convene bicameral talks on the Road Board abolition bill. In a statement, Drilon pointed out that the Senate had already voted to adopt the House version of the bill. “With all due respect to Senate Majority Leader Juan Miguel Zubiri, the Senate has already taken the position that the bill to abolish the Road Board is already approved by virtue of its adoption of House Bill 7436 on September 12,” says Drilon. He added this position is reflected in the Resolution 134 that the Senate adopted shortly before it adjourned for Christmas break on December 13, specifically urging the Office of the President not to release funds from the motor vehicle user’s charge (MVUC) following Congress’s passage of the bill which would abolish the Road Board. Drilon declared that “convening a bicam has no basis when there is no inconsistent or disagreeing provisions” in the Senate and House versions of the abolition bill, recalling that”when we adopted the House bill on September 12, there [were] no more disagreeing provisions.” The Minority leader maintained that “the Senate’s action made the bicam unecessary, which means the bill to abolish the corruption-plagued agency is already considered passed by both chambers, and should have long been sent to the President’s desk for his signature.” He noted that the House leadership, however, refused to enroll the bill, saying it rescinded its own version of the measure on the same day the Senate adopted the House version. But Drilon pointed out that the Senate, “in several instances, has made clear its position that the Road Board abolition measure is already approved. The Senate President issued statements to assert the position of the Senate. We better stick to it and continue to urge the House

measure on third and final reading in October while the House version is still pending before the plenary. “Non-income earners, such as students, are pressed to shoulder this weight on their finances. Easing the financial burden on services such as public transport ensures that our youth are cared for and given the assistance they need,” he said. “With price increasing for goods and services this year, and school tuition fees hiking for higher education, a reduction in payment for transport services would be a weight off the shoulders for the youth,” he added. Villafuerte likewise urged Congress to officially declare November 17 of every year as National Student Leaders’ Day to honor the hard work of Filipino young leaders and enable the youth to gain inspiration and guidance from their noteworthy efforts. Under House Bill 8328, Villafuerte wants public and private schools na-

leadership to abide and respect the legislative process and the decision of the President,” Drilon said. The senator recalled that just last week, the Senate’s stand to abolish the Road Board even got support from the President, who called for the immediate abolition of the agency, which he said was used as the “milking cow” of corrupt officials. Drilon suggested that the Senate, consistent with its position that the Road Board should be abolished, can “move that Road Board be given a zero budget.” He added that President Duterte “can also order the members of the Board not to approve any project or authorize the release of funds,” including the Board’s maintenance and other operating expense (MOOE) budget. ‘Real abolition’ needed ACCORDING to Andaya, however, Zubiri’s proposal is important for both Houses to jointly cure the bill’s “defects, instead of carelessly sending to the President a flawed and faulty one, which does not offer reforms but more of the same bad practices.” “If the President wants an abolition of the Road Board, let it be a real abolition. No residues,” he said. Andaya ealier clarified that the bicameral committeeapproved measure was not intended to abolish the Road Board, but to limit the controlling authorities of funds from seven to just three departments, namely the Department of Public Works and Highways, Department of Transportation (DOTr), and Department of Environment and Natural Resources (DENR). President Duterte is calling for the real abolition of the Road Board as the version that was approved by Congress and rescinded by the House of Representatives on September 12 was a fake bill on Road Board abolition “The House advocates the 100 percent dismantling of the Road Board. We do not want its powers to be merely transferred to three secretaries who will, in effect, be Three Road Kings who can spend the MVUC at will. We will ensure that all proceeds from the MVUC form part of the General Fund. We want to strip MVUC collections of its status as a hidden off-budget item that will be spent by one person in an untransparent way,” Andaya said. “We will ensure that the law will provide that every centavo taken from the motorists will be spent for their relief and benefit. Non-road use activities like garbage collection would have to be stricken off the spending menu,” said Andaya. The Road Board controls funds collected from the MVUC solely for road maintenance and drainage improvement, the installation of traffic lights and road safety devices, and monitoring air pollution. With Butch Fernandez

tionwide to mark the day through a program of activities honoring Filipino student leaders. These activities, sanctioned by the Department of Education and Commission on Higher Education, with the support of the National Youth Commission (NYC), should give focus on the lives of past and present student leaders so that students would learn from them, and be encouraged to reflect on their own values and aspirations,” Villafuerte said. By declaring an annual National Student Leaders’ Day, Villafuerte said he hopes that leadership “will not be a foreign concept to our youth but a way of life.” Villafuerte added that aside from honoring the efforts of student leaders, the day also aims to “foster academic excellence among students.” The NYC has been named as the lead agency in implementing the activities marking National Student Leaders’ Day. Jovee Marie N. dela Cruz

China . . .

Continued from A1

Jose C. Clemente III, president of the Tourism Congress of the Philippines, expressed disappointment over the recent action of the Beijing government and said “there should be reciprocity on the part of the Philippine government,” with a ban on the processing of group visa applications from China, as well. He pointed out that the Philippine government has already confirmed that thousands of Chinese tourists work in Philippine online gambling operations (Pogos), “and yet these are only five Filipino tourists who had gone missing, but they stop the processing of group visas?” He suggested that Beijing “crack down on illegal travel agents and tour operators on their end, instead of suspending the processing visa applications from Filipino tour groups. Seems like the problem is on their side, not ours.” He confirmed, though, that Beijing would still continue to process individual visa applications from Filipinos, “but most who go there are in tour groups.” From January to October 2018, about 1.06 million Chinese tourists arrived in the Philippines. The increase in Chinese visitors has been attributed to the relaxation of visa requirements, with the warming of diplomatic ties between Manila and Beijing. However, lawmakers worry that the visa-upon-arrival privilege extended to China was being abused, as some Chinese citizens arriving in the country as tourists actually work in online gaming centers. Gaming analysts estimate Chinese workers in Pogo at some 300,000, and yet the Department of Labor and Employment (DOLE) has said it issued only 25,000 work permits to Chinese citizens this year. “This can only mean the rest are here on tourist visas,” said one analyst. The DOLE, together with other agencies, will form a special task force to check on the operations of Pogo enterprises, to start operations in December or January at the latest, according to Bureau of Local Employment (BLE) Director Dominique Tutay. (See, “Government task force formed to check ‘Pogo’ workers,” in the BusinessMirror, November 26, 2018.) Foreign Affairs Secretary Teodoro L. Locsin Jr. and Tourism Secretary Bernadette Romulo Puyat could not be reached for comment as of press time. Foreign Affairs Assistant Secretary Elmer G. Cato, messaging from New York, said “the Department will first have to validate the information provided by Business Mirror,” before issuing a statement on the matter.

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Palace says Red rebellion a ‘failure’ as Sison describes Duterte a modern ‘maniac’

ALACAÑANG on Wednesday described the 50-year insurgency being waged by the Communist Party of the Philippines-New People’s Army (CPP-NPA) as a “failed rebellion,” stressing that the outlawed party’s founding chairman, Jose Maria Sison, is “out of touch” with reality. Presidential Spokesman Salvador S. Panelo issued the remark after Sison, in an interview over ANC on CPP’s 50th anniversary on Wednesday, said the CPP-NPA remains relevant and would strengthen efforts to oust the President through its revolutionary movement. In the broadcast interview, Sison also called President Duterte a “modern [day] maniac in power…who is not fit [to be a President].” “If a mediocre student like Duterte and someone who is only good for being [a] mayor and even, bad as he was, engage in extrajudicial killing. Now you have a maniac, a modern [day] maniac in power trying to put on a national scale his blood-thirsty kind of character,” the exiled communist leader said. Panelo retorted that “the 50 years of Joma Sison’s rebellion speaks for itself…a failed rebellion [that] only resulted in the loss of lives of Filipinos especially the numerous young students who were killed in ambushes, skirmishes, battles and in sickness in the hills, who could have served their country well in pacific and productive means, as well as the destruction of properties.” Panelo also said that many communist rebels are already laying down their arms and surrendering while Sison remained in exile in the Netherlands since 1987. “The NPA surrenderers are coming in droves responding to the call of the government to return to the fold of the law, while Mr. Sison remains ensconced in his ivory tower of comfort and luxury while his comrades die for a lost cause,” Panelo said. “No wonder the forces on the ground no longer follow him [Sison] hence his regular rants against [Duterte] to give himself the appearance of relevance,” he added. Panelo, meanwhile, encouraged Sison to also surrender before he becomes too weak to do so stressing that it was an honorable act to accomplish. “It’s time for him to wave the white flag before his physique gives up on him. There is honor in returning back to a democratic society and embracing the constitutional order,” Panelo said. He added that it’s “not too late” for Sison to embrace the rule of law and the majority and wished Sison well, in the spirit of Christmas. “In the spirit of Christmas, we still wish him well and pray that he be blessed with inner peace and enlightenment,” Panelo said. Duterte earlier ordered government forces to “destroy” the armed communist movement, firm in his de-

Gold . . .

Continued from A1

would enable gold miners to “get back a fair market price for their gold produce” from the BSP and reduce the risk of miners being “shortchanged” in the black market. Earlier, Dominguez confirmed the DOF officials were also set to sit down with lawmakers “to institutionalize the Revenue Regulation through an appropri-

Dow . . .Jones

Continued from A8

From the financial crisis bottom in March 2009, the S&P 500 had more than quadrupled by its September high, paying a total return of 19 percent annually. Investors made more money owning stocks in 2013 than in any year since the dot-com bubble—and anyone who sold when it was over has foregone gains of 151 percent in Microsoft, 237 percent in Amazon.com and 345 percent in Netflix. One company, Nvidia, tripled in 2016, nearly doubled again last year and was up 49 percent in early October. Now it’s down 34 percent and

cision not to subscribe to their five-day holiday ceasefire declaration. “We do not subscribe to their ceasefire, we are ready for anything. Change your paradigm, do not fight them, destroy them. Destroy them, kill them,” Duterte said in a speech at Camp General Manuel T. Yan Sr. in Compostela Valley. Duterte has terminated peace talks with the CPP-NPA, tagged by the US as terrorists, as they continued to commit abuses and demand for a coalition government. Instead, through Executive Order 70, a national task force will be created to formulate a National Peace Framework anchored on the “wholeof-nation” approach which prioritizes the delivery of basic services and social development packages by the government, facilitates societal inclusivity, and ensures active participation of all sectors of the society in the pursuit of the country’s peace agenda.

Backward push

IN a separate statement issued by the CPP Central Committee, the group claimed that the economic and living conditions of Filipinos have worsened under the Duterte administration. The country’s economic condition was pushed backward with massive unemployment and retrenchment registered in the country, whose patrimony has been sold to China, the group said, adding that the administration has continued to wallow in fiscal deficit and debts, wherein in September, the budget gap has widened by almost 80 percent to P378 billion, from P231 billion during the same period last year To finance its programs and operations, the CPP said, the government has planned to borrow as much as P624.4 billion next year. “Duterte is seeking an excessive amount of loans from China, as well as from the Asian Development Bank and other financial institutions in order to spend for his ‘Build, Build, Build’ program,” it said. Looking into the country’s debt, the CPP claimed that under Duterte, the Philippine public debt rose by more than 17 percent to P7.167 trillion, from P6.09 trillion in 2016. The country’s trade deficit has also risen sharply to $33.9 billion in the first 10 months, surpassing the $27.4 billion trade gap last year, and it is expected to reach $40 billion by the end of 2018. “This is the result of large increases in importation of capital goods to supply semi-processing and China-funded infrastructure binge. There is a slow growth of exports in the face of the global economic slowdown,” it said. The CPP claimed that the deterioration of the socioeconomic conditions of Filipinos, was even exacerbated by the administration’s policy of social spending cuts and privatization of public services. Bernadette Nicolas, Rene Acosta and PNA ate amendment to the National Internal Revenue Code.” He said that the Revenue Regulation will, likewise, enable Bangko Sentral to boost its gross international reserves without spending dollars as it would be able to buy gold directly using local currency. “Unlike using pesos to buy foreign exchange to buy gold, which will affect the peso dollar rate, this flexibility will not have a direct impact on the movement of the peso against the dollar,” Dominguez explained. headed for the worst return since the financial crisis. So while it may be hard to see things in the future that justify a hammering as painful as this one, a few things in the past suggested there was reason for worry. “The biggest names just got bigger and bigger, and the leadership became very narrow and we became reliant upon a handful of names to generate returns. And then when some of those names had some fundamental stumbles, the market was ill-equipped to deal with that,” Michael O’Rourke, JonesTrading’s chief market strategist, said by phone. “The bottom line is markets are supposed to go in both directions.” Bloomberg News

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Govt urged to widen MPI scope, enhance poverty-appraisal system By Cai U. Ordinario @caiordinario

F the national government intends to come up with its own multidimensional poverty index (MPI), indicators other than health, education and living conditions should be included to come up with a better measurement of poverty in the country, according to a study by the Philippine Institute for Development Studies (PIDS). In a study titled “Poverty is Multidimensional: But Do We Really Need a Multidimensional Poverty Index?,” PIDS Senior Research Fellow Jose Ramon G. Albert and Research Assistant Jana Flor V. Vizmanos said some indicators such as the experience of hunger and non-coverage of health insurance to determine extent of poverty in the country may be included. However, Albert and Vizmanos said coming up with an MPI would be better left to think tanks and other research institutions to avoid any confusion when it comes to official poverty estimates that are periodically released by the Philippine Statistics Authority (PSA). “If the government decides to start working on a multidimensional poverty measure, it is important to decide the specific data source for the actual measurement,” the authors said. “The use of indicators, such as experience of hunger, and noncoverage of health insurance, other than those used in this study, may also be looked into.” “The estimation of multidimensional poverty, however, might be best left not to the PSA itself, but to research institutions in order not to confuse the public about the different estimates of multidimensional poverty headcounts and official income poverty headcounts,” they added. Coming up with an MPI has been the answer of international organizations to come up with better measures of beyond gross domestic product (GDP) figures. Nobel laureate in economics Joseph E. Stiglitz, in a piece titled “Beyond GDP” for the web site Project Syndicate posted on December 3 highlighted the need to examine other factors affecting well-being beyond income. Stiglitz said GDP is not a good measure since it’s just a measure of production, and that it highlights materialism. “If we want to put people first, we have to know what matters to them, what improves their well-being and how we can supply more of whatever that is,” he said. Albert and Vizmanos said some of these measurements included the Human Development Index of the United Nations Development Programme. The HDI measures well-being according to health, education and living conditions of people across the world. Other measurements included Bhutan’s Gross National Happiness, which highlights the living conditions and religious behavior of the people of Bhutan and the United Kingdom’s own national well-being framework released in 2010 which measures 40 indicators

LUNETA TRASH CLEANUP

from 10 domains. These domains, the authors said, are natural environment, personal well-being, our relationships, health, what we do, where we live, personal finance, the economy, education and skills, and governance. There’s also the Social Progress Index (SPI) developed by the Social Progress Imperative under Professors Michael Porter from Harvard Business School and Scott Stern from the Massachusetts Institute of Technology. The SPI, the authors said, has three dimensions—basic human needs (such as nutrition and basic medical care, water and sanitation, personal safety and shelter); foundations of well-being (indicated by access to basic knowledge, access to basic information and communication, health and wellness, and ecosystem sustainability); and opportunity (echoed by personal rights, access to higher education, personal freedom and choice, equity and inclusion). “While we have to recognize that there are important aspects of welfare that cannot be captured in the proportion of persons with consumption less than $1.90 per person per day [in PPP 2011 prices], or even with the official income poverty rates released by NSOs [national statistics offices] such as the PSA, but neither can everything be put into a single index, whether the MPI, or even the HDI or SPI. These composite indices can certainly be used for policy advocacy to show disparities across countries, or disparities within countries, but ultimately, policies will have to examine the specific components of these indices,” the authors said. In November, the PSA released the results from its initial run of the MPI, which has yet to be approved by the PSA Board. In its initial methodology, the PSA, an attached agency of the National Economic Development Authority) Neda, identified 13 indicators across the following four dimensions namely: education; health and nutrition; housing, water and sanitation; and employment. The Neda explained that the MPI, which has already been adopted by several countries in the world, captures the multiple deprivations that each person experiences, in relation to education, health and living standards. The PSA said one is “multidimensionally deprived” or poor if he or she is deprived in at least a third, or four of the 13 indicators. Results of the PSA survey showed that multidimensionally deprived Filipinos—or the proportion of Filipinos deprived in at least four out of the 13 indicators—were estimated at 23.9 percent in 2016 and 17.3 percent in 2017. The education dimension’s share in MPI was at 36.5 percent and 36.9 percent in 2016 and 2017, respectively. It was followed by the Health and Nutrition dimension with a contribution of 26.2 percent in 2016 and 27.5 percent in 2017. The share of Housing, Water and Sanitation in MPI was 26.4 percent in 2016 and 27.4 percent in 2017. Employment dimension, on the other hand, had the least share in MPI at 10.9 in 2016 and 8.3 in 2017.

National Parks Development Committee personnel on Wednesday collect tons of garbage left behind by thousands of Metro Manilans who went to Rizal Park in Manila on Christmas Day. PNA/AVITO C. DALAN

Editor: Vittorio V. Vitug • Thursday, December 27, 2018 A3

DOLE study shows 3 out of 10 young job finders lack essential ‘soft’ skills

By Samuel P. Medenilla

@sam_medenilla

BOUT 3 out of every 10 young job applicants still lack the essential “soft” skills to be hired, a new study conducted by the Department of Labor and Employment (DOLE) showed.

Based from the Philippine Talent Map Initiative (PTMI) of the DOLE, 31.7 percent of, or about 18,928 of its 59,704 respondents who went through its skills assessment needed further training to be employed. The PTMI defined soft skills as personal attributes, personality traits, inherent social cues and communication abilities needed for success on the job. The other 68.3 percent or 40,781 were classified as employable, owing to their soft skills to be hired for the job. The study measured the competency of each respondent on 15 soft skills set, which were deemed by the DOLE relevant for 21stcentury employment. The majority of the partici-

DOLE sets signing of Manila-Moscow OFW pact in March

pants scored high in the assessment for English functional skills; Math functional skills; workplace ethics; English comprehension; and multitasking. They got average points for critical thinking; stress tolerance; social perceptions; self motivation; and problem sensitivity. Their lowest points were on teamwork; decision making; innovation; planning and organizing; and creative problem solving. The PTMI noted more educated job applicants tend to score better for skills related to grit, decision making, agreeableness and extraversion than their less educated counterparts. Due to lack of applicants with the necessary soft skills, the DOLE

said many firms are unable to fill-up their available vacancies prompting many of them to put up their own socio-emotional skills training. “Two-thirds of employers report difficulty in finding workers with adequate work ethics or appropriate interpersonal and communication skills,” the DOLE said. The DOLE earlier said it is already trying to address this by introducing programs like Jobstart, which exposes the youth to soft-skills training. Citing data from job-search web site Jobstreet, the DOLE said companies tend to prioritize applicants who show willingness to learn; practice personal grooming; and capable of working in a team. Employers also value those who show punctuality; go beyond the call of duty; ability to handle stress; leadership potential; efficient in task management; exhibit customer empathy; and a sense of initiative. The impact of possessing these soft skills, the DOLE said, tend to go beyond employability since workers, who have competency in them have increases in their daily earnings. It said this is particular true for women, young workers, less-educated workers and those employed in the

The PTMI defines soft skills as personal attributes, personality traits, inherent social cues and communication abilities needed for success on the job.

Chief compliance officers–need help…

HE Department of Labor and Employment (DOLE) will forge a new bilateral labor agreement (BLA) with Russia early next year to safeguard the welfare of skilled overseas Filipino workers (OFWs) there. Labor Secretary Silvestre H. Bello III said he will travel to Russia on March or April in 2019 to finalize the pending Philippines-Russia memorandum of ag reement (MOA) on human resource development. The projected of the MOA is Moscow and was confirmed by Philippine Overseas Employment Administration (POEA) Administrator Bernard B. Olalia. “The draft of the BLA is already with the DFA [Department of Foreign Affairs]...it looks like they [have] already submitted [the draft MOA] to the Russian ambassador and we are now just waiting [for their response],” Olalia told the BusinessMirror in an interview. Bello said the BLA was initiated by the Russian government, amid its increasing manpower needs due to its ageing population. Annual deployment of OFWs in Russia since 2008 remained relatively small ranging only between 910 to 1,951 compared to other countries like the Kingdom of Saudi Arabia, which has a regular annual deployment of over 400,000. Still, the POEA noted, the deployment of OFWs in the largest country in the world has been increasing at an average of 9.14 percent per annum in the last nine years. Most of the OFWs in Russia works as TIG welders; masseurs; pipefitters; welders; insulators; crew piping leaders; cleaners; riggers; chambermaids; and instrument technicians. Their salaries range from $500 to $2,000 per month. The DOLE is eyeing Russia—together with China, Israel, Germany and Japan—as an alternative destination for displaced OFWs in the Middle East, as well as aspiring OFWs. Samuel P. Medenilla

service sector. The four-year PTMI study was conducted by the DOLE together with SFI Group of Companies and HireLabs Inc. It covered over 89,928 students, employed, unemployed and trainees in 81 provinces nationwide making it the most “comprehensive competency profile of the Philippine work force.” The project aims to solve the perennial jobs-skills mismatch in the country, and determine the skills and talent deficiencies of the local work force.

By Henry J. Schumacher

ROM time to time I ask chief compliance officers in companies I am dealing with, “What is a common, but frustrating, part of your daily routines on the job? What problem arises all the time that you can’t ever seem to solve?” Two recent responses are worth considering in a bit more depth because they highlight what a day in the life of a CCO is really like. From time to time I ask CCOs in companies I am dealing with, “What is a common, but frustrating, part of your daily routines on the job? What problem arises all the time that you can’t ever seem to solve?” Two recent responses are worth considering in a bit more depth because they highlight what a day in the life of a CCO is really like. First one was a CCO’s gripe about due diligence. “The sales executive doesn’t complete the due diligence form we provide,” this person told me. “I kick it back to him so the form can be completed, but by then he’s moved on to his next prospect. So the due diligence process stalls—and he starts complaining to me that due diligence takes too long. Then my forehead looks for the nearest available wall.” We can all feel that CCO’s pain, even before he begins banging his head against the wall. In this case, the business executive still sees compliance as something other, something apart from his “real job.” Another answer came from a compliance officer who handles investigations. “The most common refrain I get from people—even ones I’m not investigating, just asking for information—is suspicion,” she said. “So they ignore me, or provide too little information, and

I keep coming back to them. Then they start asking, ‘Why does this take so long?’” Both frustrations really trace back to the same root problem: a work force reluctant to engage with the compliance function. That reluctance leaves compliance unable to do its job efficiently. And once you’re forced to do the job inefficiently—circling back to business unit employees, asking for more cooperation over and over—well, a day in the life of a CCO can get pretty frustrating. That’s true whether you’re a mid-level compliance professional working on specific cases, or a CCO forging deeper ties with the rest of the enterprise and asking for more resources. A work force reluctant to engage with compliance leaves you struggling in a host of ways, great and small. And it increases the vulnerability of the company. Breaking that paradigm isn’t easy. It requires a compliance officer to work across multiple fronts, employing different skills in different ways, to convince others that working with the compliance function is a good thing. Above all, interpersonal skills and business acumen matter. Without them—without that ability to understand the problems of other constituencies in the business, and how compliance might address those problems—you’ll never be able to do more than force your way into their lives “because this is what the law requires us to do.” I have discussed the need for these skills before, including how internal audit executives face the same challenge: How does a risk assurance function, like audit or compliance, also offer something useful to operations functions? You need finesse with people, and an ability to perceive their problems. That said, you also need skills in managing technology. Better use of technology is how compliance can help those exasperated business units, usually by automating some of those reporting duties off of their plates. Think about it: large organizations already face organizational restructuring, regulatory change or shifting perceptions of what ethical behavior actually is. Pivoting to those changing expectations is hard, and technology is how a company pivots. So an ability to work with complex information-technology systems, smoothing a path to achieve all those shifting objectives, is crucial. Bring those two skill sets together, and suddenly compliance can work much more productively with other parts of the enterprise to fulfill your objectives and theirs together. Then a day in the life of a CCO won’t feel like the daily grind it can seem today. Reasonably priced and very functional automation is available, and we can help you along that journey. Allow me to repeat five ways to comply with the laws and regulations: Assess: Identify data risks to the organization. Protect: Develop good policies and practices for handling data. Sustain: Communicate, monitor and audit internal policies and processes. Respond: Handle inquiries or complaints and assist the regulator if necessary. For assistance, contact me at Schumacher@eitsc.com.

TheBroa

Business

A4 Thursday, December 27, 2018 | www.businessmirror.com.ph

IN UNION THERE’S STR IF SO FEW WORKERS

By Samuel P. Medenilla

@sam_medenilla

HE country’s labor unions may have been more unified than ever in recent years, but their ranks represent a mere fraction of the country’s 43 million workers. After a decade of thunderous sound, the voice of labor has become hoarse and now remains a mere whisper. This, despite the progress that union leaders have achieved in coming up with a stronger unity. One notable achievement was in 2012, when over 40 of the biggest local labor federations like the moderate Associated Labor Union (ALU) and the Federation of Free Workers (FFW) formed the Nagkaisa (United) labor coalition to push for reforms in government policies on contractualization and wages. Labor federations are the umbrella organizations of separate labor unions. To further bolster its lobbying influence, Nagkaisa also formed an alliance with the prominent militant labor group, Kilusang Mayo Uno (KMU), in 2017. Despite differing ideologies, Trade Union Congress of the Philippines (TUCP) President Louie Corral noted they formed the “issues-based” coalition to match the unified position of organized employers’ group in government dialogues. This made labor groups more vocal not only in the streets during protests, but also at the negotiating table with employers. But even with its combined memberships, Nagkaisa-K MU

still represents only a fraction of the total number of workers in the country. Based on the latest statistics of the Department of Labor and Employment (DOLE), only 4.6 percent, or over 2 million, of the country’s labor force are members of the 19,191 labor unions as of June. To note, some of these labor unions are not even affiliated with Nagkaisa-KMU. Most, or 17,640, of these DOLEregistered labor unions are based in private firms, while 1,551 are from the public sector. These unions were able to negotiate for 1,059 collective bargaining agreements (CBA), which benefited 220,905 workers.

Slow growth

IN its latest annual report on labor relations, DOLE’s Bureau of Labor Relations (BLR) noted that while actual union membership in the private sector continues to grow each year, it could not keep up with the increase in new entrants in the work force. “Union membership grew by 15 percent over the past 10 years from 1.3 million in 2008 to 1.5 million in 2017. Over the same period, unionization rate in the private sector peaked in 2008 at 9.9 percent, while the lowest rate was recorded in 2016 at 7.5 percent,” the BLR said.

This slightly improved in 2017, when the unionization rate, or the growth in union membership, reached 7.8 percent. Public sector labor unions registered improvements from 2010 to 2016 with its members rising to 538 million, from 388 million. But in 2017, the number of unionized government employees dropped to 450 million. The lagging union coverage in the country translated to a low union density, or the proportion of union membership to total paid employees. In its Integrated Survey on Labor and Employment (ISLE), the Philippine Statistics Authority (PSA) revealed that union density has been on the decline in the last six years. From 9.9 percent in 2012, union density dipped to just 6.5 percent in 2016. ISLE is a study conducted every two years, which covers firms with 20 or more workers. The PSA noted that union density in 2016 was concentrated in three sectors: electricity, gas, steam and air-conditioning supply; mining and quarrying; water sewerage, waste management and remediation activities. Labor groups blamed contractualization for the apparent slow

organization of workers. In fact, they claim many firms engage in the practice for the sole purpose of not dealing with a labor union.

Management threat

FEDER ATION of Free Workers (FFW) Vice President Julius Cainglet said nonregular workers, including those under probationary and contractual status, have a hard time organizing themselves since they have no security of tenure. “Probationary workers have an option to join the union, but in reality management fires, or do not regularize workers, if they show signs of wanting to join a union, asking about employee benefits, or point out to management abuse,” Cainglet explained. He said the same is true for contractual or agency-hired employees, who are at risk of being removed from their current assignment or not given any new principals if they attempt to organize. Associated Labor Union-Trade Congress of the Philippines (ALUTUCP) Spokesman Alan Tanjusay said workers who want to form a union may also face harassment, blacklisting, demotion and even filing of criminal complaint from their management.

Tanjusay said ALU-TUCP tries to offset this by tapping their considerable number of personnel, buildings, connections and other resources at their disposal to provide the support needed by potential members. As of 2017, the ALU labor federation had the most number of members at 71,106. It was followed by FFW with 33,730 members.

Legal battle

AMONG these labor unions which faced such pressure from management is the Unified Employees of Alorica (UEA). UEA President Sarah Prestoza said they decided to organize in 2015 after their previous company, West Contact Services Inc., was absorbed by Alorica Philippines Inc. (API). “We formed the union after hearing incidents of Alorica exploiting its workers in the companies it absorbs,” Prestoza said. Their concerns were later realized, when UAE was officially registered with the BLR. Alorica questioned the validity of the registration of UEA, accusing the labor union of committing fraud and having ghost employees as its members.

UEA said Alorica then launched an “eight-strike attendance” policy, which reduced its membership from 1,500 to just 690. Prestoza said they successfully defended the legitimacy of their union before the BLR, which prompted Alorica management to elevate the case to the Court of Appeals. The CA eventually ruled in favor of UEA, but this was appealed by Alorica. In its “Decent Work Country Diagnostic Report: Philippines 2017” report, the International Labour Organization (ILO) expressed concern over the “ litigious” characteristic of forming a labor union in the country, which could be questioned even before the Supreme Court. “The law allows that the results can be contested through the same appellate process over again,” the ILO said. “Cases in which the process went through the two cycles of appeal are not uncommon, either prolonging the acquisition of bargaining status for years or worse, resulting in the collapse of the union seeking to acquire representation status,” it added. In September, UEA eventually threatened to hold an official labor

Crossing ideologies and longtime rivalries, the country’s largest labor alliances are more unified than ever. But the growth in their members’ ranks remains slow.

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, December 27, 2018

RENGTH, BUT WHAT ARE ORGANIZED?

strike after Alorica still refused to recognize its legitimacy. The strike never materialized and, instead, a short protest was held by UEA members outside the Alorica premises that month. In November, Alorica charged Prestoza while other participants of the September protest were charged by the API management with malicious mischief. The following month Prestoza and other officials of UEA were dismissed by the management of API.

Physical violence

OTHER than anti-labor polices, labor unions are also threatened with physical violence by the employers and even the government. KMU has accused the Duterte administration of violating freedom of association and the right to organize by arresting its leaders and condoning attacks against labor groups in the picket line. Among the violent dispersals it condemned were those that took place in Nutriasia Plant in Marilao, Bulacan, Shin Sun Tropical Fruits in Compostela town, Compostela Valley, and Midd leby Phi lippines Inc. in Biñan City, Laguna. No less than President Duterte tagged the KMU as one of the fronts of the National Democratic Front, even linking it to a reported government destabilization plot. Despite its anti-government positions, KMU denied Duterte’s remarks, insisting it is a legitimate labor union recognized by the International Trade Union Confederation (ITUC). “Unionists are not terrorists. Organizing workers into unions, bargaining collectively and holding strikes are rights enshrined in the Philippine Constitution and in international conventions,” KMU Spokesman Elmer Labog said in a

previous statement. Earlier this year, ITUC included Philippines among the top 10 worst countries in the world for working people. It expressed concern over the rising incidents of intimidation and dismissal of labor union members, as well as the prevalence of violence against workers. In November, KMU sent a letter to the International Labor Organization (ILO) asking it to look into the increasing violation of labor rights in the country.

Employer perspective

EMPLOYERS’ Confederation of the Philippines (Ecop) Corporate Secretary Alberto R. Quimpo conceded that many employers are wary of labor unions. Thus, Quimpo said, many firms would discourage their employees from organizing out of fear it would challenge its authority, or make “impractical” demands. Still there are some employers, particularly members of Ecop, who still value the cooperation of labor groups. Despite d isag reements on certain issues like the abolition of contractualization, Ecop and Nagkaisa have pushed for labor advocacies, such as anti-child labor and occupational safety policies at the National Tripartite Industrial Peace Council, the policy advising council of the DOLE. Earlier this year, Ecop and FFW piloted a program wherein selected companies would provide incentives to their workers as a form of corporate social responsibility. The ILO also launched a similar program in November, but on a bigger scale through its Responsible Supply Chain in Asia project. The two projects appear to be only pro-labor, but Asian Institute of Management human resources expert Dynah A. Basuil said the

initiatives would also benefit employers as these would boost labor productivity. By getting the commitment of their workers through higher wages and other benefits, Basuil said employers could actually earn more. For his part, Quimpo said he favors dealing with unionized workers, as negotiations for benefits are “much easier.” “I would rather work in a company that has a union, because if you have a union, you only work [negotiating] for a CBA every three years. Once you have the CBA, all you have to do is implement its provisions,” Quimpo said. With an enforceable CBA, Quimpo said there would be less labor disputes within companies. Such advantage is made more apparent during the annual process of determining the minimum-wage increase in each region.

Wage connection

DURING the stakeholder consultations conducted by the Regional Tripartite Wages and and Productivity Board-National Capital Region in November, representatives from Ecop stressed wage hikes should be decided in CBAs rather than imposed by the state. Ecop said this will ensure that companies will be able to implement wage increases that they can afford and are also acceptable to their workers. The National Wages Productivity Commission Executive Director Executive Director Maria Criselda R. Sy said this is how wage setting should be done. “One of the ways to boost real wages is to strengthen the collective bargaining powers of the workers,” Sy said. Typically, workers with CBA enjoy higher income and more

benefits like leaves and health care than those who don’t have it. An ILO-funded study by University of the Philippines Professor Melisa R. Serrano said this is because unionized establishments are more likely to provide incentive schemes, which would augment the regular income of their employees. Due to the low union density in the country, however, many workers still rely on their minimum wage as their main source of income.

‘Can’t organize millennials’

DESPITE all the threats and deterrents against labor organizing, the low union density still boils down to the issue of recruitment, Labor Assistant Secretary and concurrent BLR director Benjo M. Benavidez said. He noted labor federations and unions would have to update their recruitment methods, as well as expand the industries they tend to target to increase their membership. “ They should really change their strategy...they still can’t organize the millennials,” Benavidez said. ISLE data from the PSA showed labor unions still tend to be concentrated in larger firms. “Establishments employing 200 or more workers registered the highest union density rate at 8 percent. A lower rate of 5.3 percent followed for establishments with 100 to 199 workers, while those with 20 to 99 workers had the least share of 2.9 percent,”the PSA said. Partido Manggagawa Chairman Renato Magtubo confirmed this, saying that organizing workers in smaller companies is more costly for labor federations. Also, Magtubo said small firms

lack the financial capability to negotiate with their workers.

Covering non-regulars

ASIDE from methodologies, labor groups are also being urged to reach out to the still largely unorganized part of the labor sector: nonstandard/regular employment. In her journal article, titled “Between Representation and Regulation: Union Strategies on Non-Standard Employment in Selected Industries in the Philippines,” Serrano said some labor groups are already engaged in the empowerment of workers. “Many trade unions have embarked on organizing nostandard workers and creatively experimenting on models of representation and schemes of specialized protection for these workers,” she said. Their interventions for nonregular workers (NRWs) range from informing them about their labor rights to joining them in street protests. She also recognized the efforts of large labor groups in lobbying for policies that would further limit NRW, particularly contractualization. But Serrano said such efforts by labor unions to extend the coverage of their CBAs to NRWs remain limited. Of the 119 leaders of local labor unions and federations based in Metro Manila she surveyed, only about 20 said their firms are doing so. Data from the PSA, which was cited by Serrano, show there are 7 million NRWs in local firms w it h 20 or more workers in 2015. This includes probationary workers, contractual workers, casual workers, seasonal workers and apprentices. The DOLE is currently in the

forefront of efforts to reduce NRWs in the country through its anti-illegal contractualization campaign. As of December 3, the DOLE said it was able to regularize 411,4 49 contractua l workers nationwide. It is targeting over 300,000 more in 2019.

Easier registration

TO further increase the number of labor unions, Benavidez said they have recently launched an online registration for workers who want to put up their labor union. “This makes it easier for them to register. Although they will still have the option to register manually at the DOLE office,” Benavidez said. He said the DOLE will also be pushing for the passage of a pending bill, in Congress, House Bill 8186, which will relax union organization requirements. Under existing DOLE rules, an applying labor union should be supported by at least 20 percent of a company’s work force should agree before it is recognized as the sole bargaining agent. “For independent unions, the bill will reduce this to 10 percent the [membership of a company’s total work force].... As for a labor federation, they would only need submit the names of five [affiliated chapters], from 10 before,” Benavidez said. HB 8186 will also reduce the processing time for union applications to three days from the current 30-day period. The legislative measure is expected to encourage more union to either join or form their own unions. “The DOLE is supportive of this since it will minimize requirements making enabling more unions to register. This will be our next priority for legislation,” Benavidez said.

A6 Thursday, December 27, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

New Year’s wish for the President

HERE is no world leader quite like President Duterte, who is known for saying things that many would consider detestable, like insulting former US President Barack Obama, giving the European Union the “finger,” swearing about the pope in Catholic Philippines, and calling God “stupid” and a “son of a bitch”. Duterte can provoke a storm of outrage and still manage to maintain a high popularity rating.

Duterte became president because the people saw in him a strong leader. Indeed, his strong political will paved the way for a third telco and the return of the Balangiga bells, to cite two examples. And the country can benefit from his harsh tongue if the President knows how to pick his battles, as the months-long standoff with Kuwait, a leading importer of Filipino labor, has shown. When Kuwait complained about the Philippine government’s focus on abuses of overseas Filipino workers—a complaint fueled by the discovery of the body of a female worker in the freezer of her employers’ apartment— Duterte famously said all the Filipino workers in Kuwait can come home for all he cares. Those familiar with the situation knew this was brinkmanship, because both sides could lose: Kuwait needed Filipino labor—especially the skilled ones—badly, and thousands of OFWs needed those good-paying jobs in the tiny but oil-rich desert kingdom. In the end, even while the administration was drawing flak, especially after the videotaped rescue of distressed OFWs, the Department of Foreign Affairs continued to do its job, its patience rewarded by a mutually acceptable agreement with Kuwait. That agreement provided Manila a template for handling the situation of OFWs in other Mideast countries. For poor Filipinos, they hope the President would focus single-mindedly on the economy and ensure its continued growth—and more important, grow inclusively, with all the small boats rising along with the big ships. To be sure, there remain external challenges to the economy in the New Year, but some of the challenges, as the US-China trade row had earlier indicated, could also open certain opportunities. There’s much that could be done in the country’s trade profile as well, to ensure a healthier balance between exports and imports. For one, it’s been said the spike in imports may be justified by the sustained demand of sectors that have been growing robustly, including the expectedly bigger requirements of the massive infrastructure buildup. But it’s also true that exports, as recently published studies show, have not been as diversified as they should be, with much of the heft accounted for by the usual sectors like electronics. And the destinations of exports have likewise not gone beyond the usual circle of trade partners. The boldness the administration shows in forging an independent foreign policy would serve us in good stead if it were used as well to pivot to new trade partners and new markets for Philippine goods. But while Duterte’s political will and sharp tongue can work for the good, it certainly does not do the President or the country any good when he picks a fight with certain sectors, especially those who have a role to play in society—like the Church. Repeatedly, he has called out the Catholic Church hierarchy over sexual predators in priestly robes and those living off the hard-earned collections from the faithful. The hypocrisy of some church leaders who are selective in those they criticize has also riled the President, and understandably so. But he crosses the line when he incites—even impliedly—that church leaders should be treated with violence. And when he advises the faithful to stop going to church, and calls their leaders “idiots,” he stops sounding like a President but a bully. Whether by the gun or by the fiery barrage of his mouth, the President, one hopes for the New Year, would stop fighting the Church this way. As Buhay Party-list Rep. Lito Atienza recently said in one forum, this is a fight the President cannot win. The Church has been around over 2,000 years, and has gone through so much upheaval, even dark ages of its own making. And yet, it has endured, and been reborn, by the sheer sacrifice of those who withstood all that culling. The Catholic Church and other Christian leaders speak up mainly because they are appalled by the culture of death and violence in our time, and certainly, inciting violence against their leaders cannot be the right response. And so, as the new year beckons in a world gone frighteningly mad in some places—yes, even in those so-called progressive First World countries we cited in this space just before Christmas—we hope this leader truly finds his bearing, and gives us reason to thank God we’re Filipinos.

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The Fed and the Dow ‘disaster’ John Mangun

OUTSIDE THE BOX

ECEMBER 2018 may be remembered as the month that the Dow (Dow Jones Industrial Average index) turned in its worst performance since October 2008. The Dow is currently down about 14 percent, almost the same as in 2008. Santa Claus left large chunks of coal in the Christmas stockings of holders of US stocks.

The US Federal Reserve is being blamed for the massive drop in share prices because the Federal Funds interest rate in the US has been raised four times in 2018. In the US, the federal funds rate is the interest rate at which banks lend reserve balances to other banks overnight. The definition does not really tell us much about how the system works. Banks buy US government debt to park some of their cash as required by law. The Fed then buys that debt from the banks to put more money into the economy. Since 2009, the Fed has put

about $4.5 trillion into the economy through this system of “buying.” But the key is that all interest rates in the US are based on the Fed fund rate. Since 2009, this base interest rate has been almost zero. On December 14, 2016, the Fed Open Market Committee raised the Fed funds rate to 0.75 percent, from 0.50 percent. Consumers and businesses also saw their borrowing rates increased. On June 14, 2017, the Fed decided that it would no longer continue to buy government debt from the banks. The Fed also doubled the

Another multimillion-peso irregularity exposed, this time involving the PPA

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Federal Fund rate to 1.5 percent. In 2018, interest rates continued to be raised to the current 2.5 percent. Therefore, interest rates first tripled in 2017 and then increased another 67 percent in 2018. But it is important to note that even with rates tripling in 2017, the Dow went up 30 percent. Yet, in 2018 the Dow was basically unchanged for the year as of the end of November. Since the end of November 2018, the Dow has been down about 15 percent. If the increasing interest rates are the reasons for the Dow “disaster,” then why didn’t the tripling of rates in 2017 cause the same problem, and why is it only in the past month that the Dow has gone down so much? One reason is that economic growth continued to trend higher in 2017. There is a fear that the growth rate has leveled out. However, that is speculation with only limited evidence to support the conclusion. But spending and investing money is as much a psychological decision as it is financial. As I mentioned before, my Tang Four Seasons powder drink mix effectively doubled in price this year. While I can afford the extra cost of

HE Philippine Ports Authority or PPA, a governmentowned and -controlled corporation with special charter under Presidential Decree 857, now appears to be the perpetrator of a grave injustice being committed against port stakeholders.

The alleged injustice stems from the PPA’s misinterpretation of its own rules under PPA Memorandum Circulars (MC) 12 and 132014, which respectively led to the wrongful imposition of mutimillion-peso penalty charges on port stakeholders. This practice and its attendant inflationary effect on the Philippine economy has been going on for almost five years now, and the Duterte administration needs to intervene to correct this. For instance, sometime in 2014, the PPA crafted and enforced MC 12-2014, which penalizes overstaying foreign inbound containers loaded with imported cargoes that are left unclaimed at the ports despite the grant by the Bureau of Customs (BOC) of withdrawal permits.

For containers deemed as overstaying foreign inbound, the PPA imposes a storage penalty per day in the following amounts depending on the size of the container: P5,000 for a 20-footer; P8,750 for a 35-footer; P10,000 for a 40-footer; and P11,250 for a 45-foot container. The rationale for the imposition of the storage fees by the PPA is to help decongest the ports of Manila and to penalize some unscrupulous port stakeholders who deliberately fail to claim their containerized cargoes despite having obtained all clearances for container pull out, making the port area as their virtual cargo storage. However, the PPA did not specify in PPA12-2014 when shall a foreign container be classified as overstaying.

To resolve this, the PPA issued MC 13-2014 in October 2014, which gave a categorical criterion to classify overstaying foreign inbound containers. Based on a copy of PPA MC 13-2014 provided to port stakeholders, a container shall be classified as an overstaying foreign inbound container if the following conditions are all present: 1. The vessel carrying the foreign inbound containers actually berth; 2. The foreign inbound containers have been discharged at the port; 3. Said foreign inbound containers that have been discharged at the port are given five days which shall commence after the day that the last item of cargo is discharged from the carrying vessel; and 4. Foreign inbound containers stay at the port despite the BOC’s issuance of clearance and gate passes for withdrawal after payment of duties and taxes. Unfortunately, despite the clear provisions of PPA MC 13-2014 as to when a container is classified as overstaying foreign inbound container, the PPA continues to arbitrarily impose storage fees. This has been the complaint of port stakeholders against the PPA, which, for unknown reasons, the PPA continuously ignores. Based on information relayed to

P100 a month, I have decreased my purchases by half. Psychologically, I cannot accept the increase in price. When, in a few months, the Philippine inflation rate goes back to a “normal” 2-4 percent, I may change my mind. Likewise, unless the US economic growth does trend down in the next two quarters, the Dow may also adjust to higher interest rates and continue its long-term uptrend. Similarly, the local Philippine stock market stopped going down in October when investors started to believe that our inflation rate had peaked. Also, since September, the prices of crude oil, cryptocurrencies and commodities including copper, cotton, lead, potatoes, rubber and corn have all seen large declines. Can this be directly attributed to the last two Fed rate increases from a financial viewpoint? No it cannot. But psychologically, the Fed created a wave of near panic. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

this writer by affected port stakeholders, the practice is that, once their containers pass through the online release system (OLRS) even though they have yet to secure gate passes or legal permits for withdrawal from the BOC, their containers are automatically classified as overstaying foreign inbound containers after the lapse of 10 days and subject to penal storage rates. For the longest time, this has been the problem of port stakeholders. During the time of former BOC Commissioner Isidro Lapena, the BOC was allegedly issuing highly questionable alert orders. If a shipment is subjected to an alert order by the BOC, it is physically and legally impossible for an importer or broker to secure a gatepass or permit for withdrawal of the shipment unless and until the alert order is lifted. Unfortunately, most of these alerted shipments have already paid import duties prior to the issuance of alert orders; thus, OLRS is automatically triggered. Most of these alerted shipments have already passed through OLRS but without gatepasses. As a result, port stakeholders needlessly suffer from this malpractice perpetrated by the PPA in automatically classifying their containers as overstaying foreign inbound containers even though See “Arillo,” A7

www.businessmirror.com.ph

Opinion

Peco’s alibis

Christmas and the family

BusinessMirror

HRISTMAS is not only for kids, it is for the entire family. Our Savior came and dwelt among us and like us was born into a family (Luke 2:41-52). The Holy Family of Jesus, Mary and Joseph is our model of communion with God while developing as a community of persons bonded in love.

and obedient to the Father. This incident of Jesus purposely staying (not lost!) in the Temple is for Saint Luke a way of instilling in us the essential movement of the mystery of Christmas: coming from the eternal communion of love that is the Trinity, Jesus is born among us to lead us back to that communion with God. And the way back to God is symbolized by Jerusalem’s temple of sacrifice that Jesus claims as His Father’s house where the Father’s will is obeyed and fulfilled.

Family as communion with God

A community of persons in progress

Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

BUSINESSWISE

S the Panay Electric Co. counts down its last few days as Iloilo City’s lone electricity provider—a distinction it has held for the past 95 years—the cause of its imminent demise is still a raw wound, most especially to its owner. Expectedly, the Cacho family will fight it out as long as it can. The company is the family’s “baby,” and the decision of both chambers of Congress to end Peco’s franchise has apparently wounded the Cachos deeply and painfully. Just weeks ago, a letter-memorandum, purportedly signed by House Speaker Gloria MacapagalArroyo “commanding” the chairman of the House Committee on Legislative Franchise to meet with its Senate counterpart, scorched the Internet. In the alleged letter, Arroyo wrote that she was acting in accord with President Rodrigo Duterte who urgently wanted a consolidated bill so he could sign it into law. GMA and the lower house have denied that such a letter exists. However, whether GMA sent a letter or not is immaterial. As I have written in my previous column, based on what my friends from Iloilo and the voluminous documents that I have gathered have revealed, the true story behind the Peco debacle is a different story from what the Cachos want the public to believe. The company has been remiss in fulfilling its mandate to efficiently provide its customers with cheap and reliable power. The debate that led to the impending end of this 95-year-old franchise may have begun from the company’s own declaration of the amount it pays for the electricity that it sells to its more than 54,000 customers. Talk about a fish getting caught by its mouth! According to its homepage, https://panayelectric.com/index.php/ home/peco-suppliers, Peco has been paying an average generation cost of P7.7307 per kilowatt hour for 97.6 percent of the electricity it buys from exclusive power-purchase agreements for distribution to Iloilo City residents. This average generation cost has been translated to a distribution rate or monthly bill that ranged from a high of P12.1576 per kWh in September 2018 to its lowest rate of P11.1426 per kWh in January 2018 (https://panayelectric.com/ index.php/home/monthly-rate) In the same web site, Peco reveals that it paid only an average of P1.9812 per kilowatt hour of electricity that it bought through the Wholesale Electricity Spot Market (WESM), an open market where utilities distributing electricity in their franchise areas bid for and acquire contracts for electricity supply from power-generating companies offering their excess generating capacity for sale.

Arillo . . .

continued from A6

the cause for non-withdrawal is the BOC’s alert order. In trying to remedy the situation, as early as February, an association of port stakeholders—the Aduana Business Club Inc (ABCI)—wrote a letter to PPA General Manager Jay Daniel Santiago praying for an immediate suspension of the automatic imposition of storage fees on alerted shipments. In the letter, ABCI said the automatic imposition of storage penalty on shipments under alert order is unfair, illegal and highly irregular for no matter how eager and willing a consignee, broker or trucker is claiming his shipment, it is legally and physically impossible for him to do it because the BOC will not issue a clearance or permit (i.e., favorable endorsement, gate pass, etc.) for its release unless and until said alert order is resolved in favor of the concerned consignee, broker or trucker.

Ironically, Peco claims its power rates have been going down since being cited in 2010 by the Freedom from Debt Coalition-Iloilo as the power utility with the highest electricity rate not only in the entire Philippines but in the world. Aside from the higher rates they were charged, Peco consumers also complained about frequent billing errors—whether deliberate or accidental. Peco’s rival MORE Electric Power Corp., which secured the legislative franchise to take over electricity distribution in Iloilo City once Peco’s franchise expires on January 18, 2019, has committed to buy more electricity from WESM, especially if the power rates in the electricity supply bidding system is low. MORE President Roel Castro said that on average WESM rates for the Panay Island cost P3.13 per kWh in 2018. Because of its exclusive powersupply agreement with two coalfired power companies in Panay Island, Peco has had to charge higher rates to its 54,000 customers. Castro says MORE Power will implement a more fluid electricity supply-management system that will take advantage of the lowest price to benefit Iloilo City consumers when it takes over the distribution franchise in January. Business group Iloilo Economic Development Foundation (ILED) conducted two focus group discussions (FGDs) on March 6, attended by Peco and its consumers, including a migrant worker’s organization, the Iloilo Metropolis Subdivision Homeowners’ Association, nongovernment organizations, and business and professional organizations. When she appeared before the Senate hearing on the Iloilo City utility franchise, ILED Chairman Narzalina Lim said that the FGDs sought to address the issue that Peco has unsatisfactory customer service. “The complaints focused mostly on billing errors and the lack of empathy shown by Peco employees when people complain in person at the Peco head office. Calling the hot line was even worse. There was nobody picking up on the Peco end,” Lim told the Senate (https://investiniloilo. com/news/). For comments and suggestions, e-mail me at mvala.v@gmail.com

PPA, however, ignored the ABCI request and continued imposing storage fees on alerted shipments. Port stakeholders said PPA cannot classify their containers as overstaying. According to them, PPA MC 13-2014 clearly provides that apart from the other conditions, it is a must that foreign inbound containers stay at the port despite BOC’s issuance of clearance and gate passes for withdrawal after payment of duties and taxes. But how can a clearance or gate pass be secured if a shipment has an alert order from the BOC? PPA’s distorted interpretation of the provisions of PPA 13-2014 has been causing grave injustice to port stakeholders. They are now pinning their hopes on President Duterte’s resolve to root out abuses and corruption in government, hoping that concerned government agencies will look into this matter and investigate the PPA. To reach the writer, e-mail cecilio.arillo@ gmail.com.

Thursday, December 27, 2018 A7

ALÁLAONG BAGÁ

THE gospel account is our only glimpse of the years between Jesus’ infancy and His public ministry. The parents of Jesus are depicted as regular in their fulfillment of the religious obligation to observe the feast of the Passover in Jerusalem. The week long celebration in the sacred city is preceded and followed by almost as many days of travel in caravan of pilgrims. The whole narrative, giving us a slice of the life of the Holy Family, is really a portrayal of the growth of Jesus “filled with wisdom, and the favor of God was upon him” (Luke 2:40); indeed, He “advanced in wisdom and age and favor before God and man” (Luke

2:52). In the Temple of Jerusalem, Jesus makes a striking appearance in the midst of the teachers of the people, for “all who heard Him were astounded at His understanding and answers”—with the astonishment as before some extraordinary, divine manifestation (Luke 4:22). At the age of 12, the boy Jesus according to Israelite tradition is about to assume the religious responsibilities of an adult. And it is in connection with the paramount religious obligation of the Passover celebration that Jesus makes a deeply personal decision to stay behind in the Temple of Jerusalem as a statement of His conscious duty and commitment to be at His Father’s house, united with

Connected, disconnected Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

HE immensely popular Facebook is seen as one of the leading purveyors of fake news and stories that promote social and economic divisions. To counter these criticisms, Mark Zuckerberg, the founder of Facebook, issued in early 2017 a manifesto, a personal one, blaming the sociopolitical upheavals taking place in many parts of the world to the disintegration of human communities, brought about partly by the widespread drug problem, the rise of totalitarian killer regimes and the failure of globalization. In response to the global crisis, he declared that the role of Facebook is to counter social divisions by helping develop a global community, helping people “find a source of purpose” through connected communities and, yes, helping reboot globalization. And yet, soon after the Zuckerberg manifesto, the world learned that Cambridge Analytica used the personal information of around 87 million American Facebook users to influence the results of the 2016 American presidential elections. This is separate from the ongoing American investigations on how Vladimir Putin’s hackers and trollers allegedly undermined public support to Hilary Clinton in order to elect a twitter-crazy Donald J. Trump. The problem for Facebook is that it is primarily in the business of making money out of people’s connectivity. It gets people’s interest in its net in order to sell this to advertisers? This business model is at the roots of the rising complaints on how Facebook is undermining

the social fabrics and cultures in different countries. Facebook is simply not in the charity business. In this regard, the mission of Tim Berners-Lee and his WorldWide Web Foundation to bring back their original vision for the Internet—to connect people and to keep the web open and free in order to benefit everyone—is an awesome task. But it is a necessary one. As Berners-Lee puts it: “The Web saves lives and creates livelihoods. It puts the world’s information at our fingertips and connects us with friends and family across the globe. It powers social movements and has created countless new industries, fueling widespread innovation.” But how does one promote a free and open Web that benefits everyone?

THIS central affirmation of his own relationship and covenant with God means making the distinction and giving the priority to His heavenly Father, while realizing the importance of His mother Mary and of His legal father Joseph. Jesus remains obedient to them and returns with them to Nazareth as a family, even as He approaches adulthood and begins to assume a public role. Everybody has to make the needed adjustments. From anxiety and astonishment, Joseph and Mary have to move on to parents’ necessary trust and hopeful confidence when their “boy” begins to act as a man on His own. Mary, in particular, learns to keep all these things

Will corporations such as Facebook do it? No way. Obviously, the answer can only come from governments and how they shall be able to craft policies and regulations supportive of a free and open Internet system. The problem, however, is that most governments are jealous about their respective “state secrets” (political plans, business projects, infra contracts, etc.) in order to maintain power and control over society. A free and open system can bring down governments. This is why governments have been building firewalls—to filter Internet contents, weed out bad news, shape opinions favorable to them and so on. The biggest and most sophisticated Internet firewalls were reported to have been built by China. Hackers inside and outside China are unable to crack the Great Firewall and the Golden Shield. China also employs a large cyber army, estimated by some experts to be populated by as many as 2 million. They monitor Internet postings that would harm Chinese interests, censor unwanted or unpleasant news and implement the strict cyber guidelines approved by the Communist Party of China. Beijing also has laws criminalizing online postings that it believes were designed to hurt national security or the interests of the state. Xi Jinping himself does not hide the State’s program to keep a tight hold on the Web. During the World Internet Conference in 2015, he declared that China would not brook any criticism on its independent program of “cyber development.” However, China is also accused of “cyber warfare”, meaning it maintains an army of hackers who conduct cyber espionage, steal corporate data and state secrets of other countries. The United States is the most vocal on its criticisms of China’s poaching of technology

in her heart, a woman and a mother who believes God’s word spoken to her (Luke 1:45). The Holy Family of Jesus, Mary and Joseph pictures to us how, in the family as a community of persons, each one is there for the others bonded in the love of God. Joseph and Mary were chosen by God to be there for the incarnate Son, so that He could carry out His mission, which is the salvation of the world. Their constancy to their calling and assigned duties has always been an exemplar to us and is an irreplaceable part of our Christmas lore. Borne of faith, their serenity in poverty and their courage in difficulties are inspiring to all. Alálaong bagá, Christmas is larger than our own experience or reinvention of it at any given time. It has shaped us and invites us to go ever deeper into its core. In the Holy Family we are given an icon for meditation and imitation: a community of persons faithful to God’s will, together growing in wisdom and in grace. In Jesus early on we see already that radical and total commitment to carry out God’s will. Join me in meditating on the Word of God every

Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

designs and programs through cyber and other means. This is one of the underlying causes of the US-China trade war. Now, what is the situation in the Philippines? The Philippines apparently has an open system dubbed by some legal observers as “net neutrality,” meaning Internet access is relatively open, with only some restriction on access to pornographic sites. There are, however, citizens’ complaints on the failure of various government agencies to share vital information on the status of various programs and projects of the government such as the state of Philippine indebtedness under the government’s “Build, Build, Build” program. There is no censorship per se, only a policy of opaqueness or non-sharing to the public of needed information in a timely and transparent manner, for example, web sites containing the supposed government documents cannot be opened. As it is, most of the policy debates on the Philippine Internet regime have been focused on the slow Internet speed due to the underdeveloped Internet infrastructures and the limited investments poured by the telecom duopoly composed of Globe and Smart. This year, the debates have acquired new dimensions, with the entry of a third telco. This telco happened to be a joint venture involving the state-owned China Telecom. The telco promises to make Internet connection in the country “faster and cheaper.” The complaint is that with the entry of China Telecom, there is no need for China to do any espionage. It will have the personal data of 110 million citizens in its cyber data bank. Will the three telcos collaborate in strengthening the connectivity for the 110 million citizens? Or will they compete with one another in exacerbating conflicts in a divided and unequal society?

Ugly markets might contaminate US economy By Mohamed A. El-Erian Bloomberg Opinion

HE US economy, if left to its own devices, probably wouldn’t even come close to falling into recession in 2019-2020, even amid the uncertain outlooks for Europe, Japan, China and the large oil producers. But the economy is not being left to its own devices. In recent weeks, it has become more vulnerable to the possibility of policy mistakes and market accidents. These self-inflicted wounds, while yet to constitute a critical mass, have become more of a threat to economic and corporate fundamentals, rendering both more susceptible to the slowing global economy. The US economy has a lot going for it. Consider its three biggest drivers of growth: Consumer spending is underpinned by a robust labor market, which, according to the last monthly jobs report, continues to create jobs well above

what’s needed to absorb new entrants. Unemployment is at a historically low 3.7 percent, which is helping to deliver annual wage growth of more than 3 percent. Meanwhile, with a relatively low labor force participation rate and with job vacancies exceeding the number of unemployed, discouraged workers may be drawn back into the job market. Business investment is also in a good place. With deregulation and favorable tax treatment, more companies have been looking into how to deploy their considerable cash holdings into new investments, rather than for stock buybacks and higher dividends. This shift is happening at a time when many corporations are keen to improve productivity through the application of recent advances in artificial intelligence, machine learning, big data and other technological innovations. These private-sector growth prospects are turbocharged by higher government spending. Thus, the US economy is in a

good position to sustain a 2.5-3 percent growth rate in 2019, while also resisting the headwinds created by the following: Europe, where the implementation of pro-growth policies and a stronger regional economic architecture are hampered both by domestic political uncertainties in the five largest economies and a pending regional parliamentary election; China, where the government is tending to revert to policies that have lost potency, risking greater distortions to the economy and the financial system; Japan, where the implementation of the so-called third arrow of the government’s pro-growth initiative continues to struggle in overcoming deep social and institutional inertia; and Oil producers, which are dealing with a sharp decline in crude prices that will quickly translate into lower export earnings and spending, including on imports. The problem for the US economy goes beyond just the challenges facing other major economies.

The shutdown of the federal government amplifies uncertainties associated with what many market participants complain have become at times rather muddled and confusing signals from the nation’s two most important economic policy making agencies. Specifically: Based on its recent communications, the Federal Reserve may be too focused on narrow, domestic economic issues and may underappreciate the need for greater responsiveness using a wider set of tools; The Treasury Department’s effort to bolster confidence by calling banks over the weekend and issuing a follow-up statement about ample liquidity in the banking system, which ended up unsettling markets. The impact of these two factors would be less worrisome if it weren’t for the fact that markets already confront unstable technical conditions and a growing inclination by some market participants to talk themselves into recession-like behavior.

2nd Front Page BusinessMirror

A8 Thursday, December 27, 2018

www.businessmirror.com.ph

Foreign cruise ships barred from Boracay By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

O FOREIGN cruise ships will be allowed to make port calls in Boracay Island beginning January 2019, pending the finalization of guidelines to be drawn up by an assessment team headed by the Department of Tourism (DOT).

This was confirmed by DOT Undersecretary for Tourism Regulation Coordination and Resource Generation Arturo P. Boncato Jr., who said the Boracay Inter-Agency Task Force (BIATF) met on December 21 where a suggestion to form a committee to assess the cruise ships visiting the island was approved, to be “chaired by the DOT, with its members from the DENR [Department of Environment and Natural Resources], DILG [Department of the Interior and Local Government], PPA [Philippine Ports Authority], PNP [Philippine

National Police], the Maritime Industry Authority, and the LGU [local government unit]. We will also invite the private stakeholders if need be.” The BIATF has come under fire from stakeholders on Boracay after its officials announced during the island’s reopening that the arrival of cruise ships would be suspended. Immediately after, however, about four cruise ships made port calls on the island, the last one being Genting Cruises’s MS World Dream, on December 16. The cruise ship can carry about 3,400 passengers

The number of international cruises that have Boracay Island in their itineraries from January to October 2019, according to the Clean Cruising web site and a crew of 2,000. In a separate interview, DENR Undersecretary Sherwin S. Rigor told the BusinessMirror, “the arrivals of cruise ships have been held in abeyance until further notice, because of the creation of the DOT of this assessment team to create guidelines on how to handle cruise ships. A month from now they will release the guidelines.” He added, “arrangements have already been made with the PPA” to pull the docking permits of the foreign cruise ships that are scheduled to arrive on Boracay. The island, acclaimed as having one of the best beaches in the world by international travel pub-

lications, had reopened on October 26 after being closed for six months for rehabilitation. According to the Clean Cruising web site, 26 international cruises have Boracay Island in their itineraries from January to October 2019. Next month alone, Windstar Cruises’s Star Legend is scheduled to make a port call on Boracay on January 20. The Star Legend is a 443-foot ship that can carry 208 passengers and 164 crew. Windstar Cruises, with headquarters in Seattle, is a subsidiary of the Xanterra Travel Collection, whose parent firm owns and runs the popular Coachella Music Festival. Boracay stakeholders point to the cruise ship industry as among the world’s worst polluters with the local economy not benefiting from its visits. The DENR had earlier announced that it would require passengers on cruise ships making port calls on the island to purchase local tours instead of just swimming on the beach. (See, “Cruise passengers have to book activities on Boracay, DENR says,” in the BusinessMirror, December 19, 2018.)

CBCP exec to govt: Stop deploying OFWs to Libya By Samuel P. Medenilla

@sam_medenilla

N official of the Catholic Bishops’ Conference of the Philippines (CBCP) has urged the government to impose a total ban on the deployment of overseas Filipino workers (OFWs) to Libya following the recent terrorist attack in its capital on Tuesday. “Our government must not deploy nor send OFWs there,” Commission on Migrants and Itinerant

People Chairman Bishop Ruperto Santos said. He also urged authorities to initiate repatriation efforts in the North African state. Santos appealed to OFWs in Libya to avoid going out in public places after the bombing of the Libyan foreign ministry building in Tripoli, which killed three people and wounded 10 others. “We ask our OFWs in Libya to heed the call of our Philippine embassy to be extra careful, vigilant and avoid public places.... They

TROPICAL DEPRESSION “USMAN” ESTIMATED AT 690 KM EAST NORTHEAST OF HINATUAN, SURIGAO DEL SUR NORTHEAST MONSOON AFFECTING NORTHERN LUZON as of 4:00 pm - December 26, 2018

must think first and foremost their safety,” Santos said. A suicide bomber targeted the entrance of Libya’s Foreign Ministry in Tripoli on Tuesday, killing three people, including a prominent militia leader, according to security officials. The officials said a second attacker was shot dead by guards before he could detonate his explosive vest. An explosion believed to have been caused by a car bomb went off before the two attackers approached the ministry, located

at the heart of Tripoli. They identified the militia leader killed in the attack as Abdul-Rahman Mazoughi of the Revolutionary Brigade. The officials spoke on condition of anonymity because they were not authorized to brief the media. The Health Ministry confirmed the death toll and said 10 other people were wounded. No one immediately claimed the attack, which bore the hallmarks of the Islamic State group. The United Nations in Libya condemned the “cowardly terrorist” attack on the Foreign Ministry. “Terrorism will not triumph over the Libyans’ decision to move forward toward building their state and renouncing violence,” it said in a statement. “We will work with the Libyan people to prevent terrorist groups from turning Libya into a haven or an arena for their crimes,” said Ghassan Salamé, the UN special envoy to Libya. Libya has been a haven for militants since a 2011 uprising toppled dictator Moammar Gadhafi. The country is split between rival governments, each backed by an array of local militias. In November, the Philippine Overseas Employment Administration (POEA) decided to exempt some OFWs from the total deployment ban it imposed on Libya based on a recommendation of the Department of Foreign Affairs.. The total deployment ban was implemented by POEA in September due to the escalating “factional fighting” in Libya. With AP

Banks. . .

Continued from A1

Espenilla cited a World Bank report showing that about 81.2 percent of Philippine enterprises rely mostly on internal funds to finance their investments and only 10.1 percent of enterprises use bank financing. “As a staunch advocate of financial inclusion and of promoting broad-based growth, we at the BSP are very concerned about these numbers. We are committed to providing a regulatory environment to address financial access barriers such as cost, information asymmetry and lack of infrastructure, among others,” he said.

Meanwhile, it will be a sedate New Year’s Eve celebration for visitors on Boracay, as fireworks have been banned. Rigor said in Filipino, “when there are fireworks, the resorts will ask if they can put chairs and tables on the beachfront. That’s why there are fireworks, because it’s a show that is financed by the hotel owners. In return, they use the tables and chairs on the beachfront and charge P10,000 per table.” He said 40 resorts and hotels had already “requested the use of the beachfront including the fireworks. But [DOT] Secretary Berna [Romulo Puyat] decided on the ban, saying it was the directive of the President [Duterte] to maintain the cleanliness of Boracay.” Duterte, when he was a mayor, had prohibited public smoking and fireworks in Davao City. Pressed why the government permits the annual Philippines International Pyromusical Competition in Manila Bay, which generates more air pol lution from fireworks shows by different countries over six nights, and yet bans a 10-minute display held

away from the shore in Boracay, Rigor said it was because “the island is still under rehabilitation.” A report from the Washington D.C.-based environmental group, Friends of the Earth (FOE), said cruise ships had dumped more than a billion gallons of sewage in the ocean in 2014, “much of it raw or poorly treated.” Further, FOE stated that while “some of the 16 cruise lines graded are slowly getting greener; more than 40 percent of the 167 ships still rely on 35-year-old waste treatment technology. Such antiquated treatment systems leave harmful levels of fecal matter, bacteria, heavy metals and other contaminants in the water.” Under US laws, “wastewater dumped within three nautical miles of shore must be treated, but beyond that, ships are allowed to dump raw sewage directly into the ocean.” Rigor said the assessment team welcomes reports on environmental pollution caused by cruise ships and encouraged the private tourism stakeholders “to send us studies and reports so we can agenda these for discussion in our next meeting.”

WHIFF OF EXTINCTION BLOWS IN BULL MARKET THAT OUTLIVED ’EM ALL

T’S been derided as a house of cards, a gift to the 1 percent, an experiment in monetary policy taken way too far. Now a bull market that for 10 years has confounded and chastened its detractors—by outlasting all its predecessors—is staggering up to death’s door. And haters and admirers alike are turning out to pronounce last rites. The fall has been swift, a spasm of nearly uninterrupted selling that dragged the S&P 500 down 19.8 percent in the space of three months. The Dow Jones Industrial Average has plunged 5,036 points since its record, poised for its worst December since 1931. For the men and women who sold stocks and investment advice while the rally raged, it’s made Christmas a time of nostalgia. “It was a remarkably long run,” John Carey, managing director and portfolio manager at Amundi Pioneer Asset Management, said in a phone interview. “Overall, it was a very, very strong market up until the last couple of months. It’s been a very good period, the last decade, for money management.” Not that it’s over—necessarily. The S&P 500 is still 7 points away from completing a full-blown bear market drop. Futures on the index fell as much as 1.1 percent before rebounding to trade little changed as of 6:56 a.m. London time Wednesday. Stranger things have happened than a recovery from here—the index came roughly as close only to rebound in 1998 and 2011. And even if the threshold does break, there’s nothing magical about a 20-percent decline. Donald Trump could right his ship, the Federal Reserve could stop raising rates— maybe the bear will go back into hibernation. As you may have heard: the fundamentals look strong. Gross domestic product is rising, profits keep going up, and economic data gives no obvious evidence of a recession. Things look particularly sturdy compared with past episodes of tumult that the bull withstood, periods like 2011, when quarterly GDP growth twice turned negative, or 2016, when corporate earnings fell.

“One of the beautiful ironies of this whole situation is that in 2018 you finally feel like the economy is normalizing to what we knew before the crisis,” said Michael Purves, chief global strategist at Weeden & Co. “Until you got to this tax and spending deal a year ago, it was one of the most hated bull markets. The markets steadily climbed one wall of worry after another, and the problem was that the economic data did not confirm it.” Hated it was, and for many the rally represented a moral quandary, particularly in the early years, when stocks served as a kind of daily referendum on actions by the Fed to end the financial crisis. In that role, buoyant markets became a target for those who saw a charity program for the very people who laid the economy low, while at the other end of the spectrum critics accused the Fed’s Ben Bernanke of engineering gains to hide economic wounds that never healed. Profits rose, fueling the bull, but wages stayed stagnant. Most of the time since 2009, gains in the S&P 500 have surpassed gains in GDP and worker pay by gaping margins. “The market surprised everyone both in when it bottomed out and how quickly it rose off those lows,” said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance. “The problem with looking at the stock market as a way of saying the financial crisis is over is that it’s only one piece of the puzzle,” he said. “As far as an economic recovery, it’s been very sluggish.” Now stocks are plunging as the stimulus Bernanke enacted is being withdrawn by a new Fed chairman, Jerome Powell. Inevitably, it’s spurring debate over whether the financial crisis ever ended. “The reason I’d say it’s still with us is look at the Fed’s balance sheet,” Zaccarelli said. “This year has been impacted by quantitative tightening. As the Fed continues to run off its balance sheet, it’s a vestige of the crisis and it’s still with us today. Investors remain very scarred by what happened in 2007, 2008—you can see it in investor anxiety.” See “Dow Jones,” A2

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, December 27, 2018

6 lenders give MPT South ₧24.2 billion to fund Calax

By Lorenz S. Marasigan

@lorenzmarasigan

HOROUGHFARE operator Metro Pacific Tollways South Corp. (MPT South) has borrowed P24.2 billion from six local lenders to bankroll the construction of the Cavite-Laguna Expressway (Calax), a senior official said. Christopher C. Lizo, the company’s COO, said his group raised the amount through loans from Banco de Oro, Union Bank, Bank of the

Philippine Islands, Rizal Commercial Banking Corp., Security Bank and Land Bank of the Philippines. “We closed it already. This will be

used for the construction and payment of the concession fee,” Lizo said. The company won the P34.5billion deal through a P27.3-billion premium payment during a 2015 auction. It started the construction of the facility in 2017. The facility will start from Cavite Expressway (Cavitex) in Kawit, Cavite, and end at the South Luzon Expressway (Slex)-Mamplasan Interchange in Biñan, Laguna. The project will involve building a four-lane expressway from these two points through congested residential and industrial areas in Kawit, Imus, General Trias, Dasmariñas and Silang in Cavite, through to Santa Rosa and Biñan in Laguna. The project will have eight inter-

changes and one main toll barrier. A priority project of the government’s thrust for infrastructure building, Calax will ease travel through the fast-growing areas of Kawit, Imus, General Trias, Dasmariñas and Silang in Cavite, as well as Santa Rosa and Biñan in Laguna, and provide a convenient new corridor for a safe and reliable commute through Southern Tagalog. Construction is expected to be completed by 2020, while operations and maintenance would be from 2020 to 2050. Metro Pacific tapped DM Consunji Inc. for the construction of the Laguna portion, while the Cavite segment will be undertaken by Leighton Contractors Philippines Inc.

DOTr defers Metro subway construction to Q1 2019

HE Department of Transportation (DOTr) decided to push back the groundbreaking of the Metro Manila Subway after its Japanese counterparts sought for the deferment of the date due to their “availability.” Transportation Secretary Arthur P. Tugade said his group initially aimed a December 2018 groundbreaking for the multibillion-peso project, but is now aiming to break ground for the subway deal in the first quarter of 2019. “We wanted the groundbreaking for December 19, but there was an issue on the availability of the people to break ground, as they will be coming from Japan. They asked if we can do it midJanuary,” Tugade said in a recent interview. The Philippines and Japan signed a P51.3-billion official development assistance (ODA) package for the

project’s first phase in March. It involves the construction of 25 kilometers of rail that will connect Quezon City in the northern part of Metro Manila to Parañaque in the southern part. The underground mass-transportation system will connect major business districts and government centers. The Japan International Cooperation Agency (Jica) is now studying the possibility of extending the first phase of the subway project to the Ninoy Aquino International Airport (Naia), as requested by the Philippine government. It is expected to serve around 370,000 passengers per day in its opening year, around 2025. Tugade added that the boring machine that will be used for the underground drilling would be delivered “by April.” Lorenz S. Marasigan

Consumer groups exhort govt to oversee third telco system By Bernadette D. Nicolas @BNicolasBM

NET WORK of consumer groups has urged the Duterte administration to take charge of the operations of third telecommunications system instead of a private entity to ensure affordable and quality service. This was after Mislatel Consortium, a partnership between China Telecoms and business tycoon Dennis Uy’s Udenna and Chelsea Corp., bested two other companies to get the third telco slot, which will supposedly provide competition and break the duopoly of Globe Telecommunications and the SmartPLDT companies. Consumer network Samahan at Ugnayan ng mga Konsyumer para sa Ikauunlad ng Bayan (Suki) said this is the “Filipino people’s best chance against allowing private companies to unduly burden consumers with high rates yet problematic service.” “Government should instead run the public utility optimally… and ensure efficient telecommunications services at affordable prices for all Filipinos,” Suki said in a statement. “Consumers fear that the third

Nikkei 225 enters bear market

APAN’S benchmark Nikkei 225 Stock Average tumbled 5 percent into a bear market as the global equity rout continued unabated in the last week of the year, with renewed turmoil in Washington rattling investors. Tuesday’s sell-off took its cue from the S&P 500’s worst-ever trading session before the Christmas holiday. Shares in China, the other major Asian market open on Tuesday, also declined as investors shrugged off a pledge by the government to do more to support companies. Investors got mixed signals from Washington heading into the resumption of US stock futures trading at 6 p.m. New York time. President Trump said a partial US government shutdown will continue until funding for a US-Mexico border wall is secure. He expressed confidence in his Treasury secretary and the Federal Reserve even as he again criticized the central bank for raising rates too quickly. “The Trump bubble, which has brought gains in US stocks and the dollar, is collapsing,” said Mitsushige Akino, an executive officer at Ichiyoshi Asset Management Co. in Tokyo. “The more stocks fall, the more investor sentiment gets worse, so there’s more people who need to sell temporarily, such as stop-loss selling.”

telco might simply join the duopoly in charging what would be among the higher Internet rates worldwide. Uy is known not only to be a close associate of the President, but a growing mogul in the food, fuel, gaming, ports and retailing sectors, among others. Businessmen are profit-seekers by nature… and may not run their share of the telecoms industry differently from the existing duopoly,” the statement added. Moreover, Suki also pointed out the need for the government to take charge of developing and operating the country’s telco infrastructure to improve services as it noted the country ranked 176th of 202 countries worldwide for having a download speed of 3.64 Mbps, which is eight times slower than the global average of 23.3 Mbps. Citing a 2016 independent report, Suki said that on the average, Filipino broadband users spend $18.19 per Mbps on the average, which is more than thrice the global average of $5.21 per Mbps. “Even if lower interconnection rates have supposedly been set by the National Telecommunications Center [NTC]—from P2.50 to P0.50 per minute for calls and P0.50 to P0.05 per text message—

consumers have not observed proportionate reduction in their spending,” the statement read. Suki also said the Telecommunications Act should also be amended for the government to regain control of the public service. “Government can perhaps allocate, give or take five years to facilitate the third telco operations toward building a more efficient telecommunications infrastructure than the current ones,” said Mac Yanto, Suki convener and Internet and communications technology network TXT POWER spokesman. Thus, the state can enhance the public utility and provide reliable telco services at nonprofit rates that the public can easily avail themselves, Yanto said. “Public utilities like telcos, water, power and mass transport facilities should be what comprise government’s massive infrastructure program,” he said. “Government should be allocating funds primarily on what the public and the nation need for decent living and progress, rather than prioritizing hyped infrastructure that are, in fact, big-ticket projects for big businesses and their foreign partners.”

Manila Water bags ₧1.4-B project in Nueva Ecija

YALA-LED Manila Water Co. Inc., the concessionaire for the east zone of Metro Manila, on Wednesday said its unit received a notice of award from the Nueva Ecija local government to implement a P1.4billion project. In its disclosure to the Philippine Stock Exchange, the company said its wholly owned unit—Manila Water Philippine Ventures Inc.—and Tubig Pilipinas Group Inc. received the notice from the San Jose City Water District-Nueva Ecija. The joint venture project involves the design, construction, improvement, upgrade, rehabilitation, maintenance, operation, financing, expansion and management of the water supply system and the provision of water and sanitation services in the City of San Jose in the province.  Upon completion of some of the requirements for the deal, the consortium and the local water district “shall enter into a joint venture

agreement that will grant the consortium, as contractor to perform certain functions and as agent for the exercise of its right and powers, the sole right to develop, manage, operate, maintain, repair, refurbish and improve, expand and as appropriate, decommission, the facilities in the service area, including the right to bill and collect tariff for water and sanitation services supplied in the service area of SJCWD.”  The project has an estimated capital expenditure program of P1.4 nillion over the 25-year contract period and is estimated to have a billed volume of about 21 million liters per day by the end of the contract period. Last month, Manila Water also received a notice of award from the Lambunao Water District to service the concession area of the Municipality of Lambunao in Iloilo. The project will be undertaken by Aqua Centro MWPV Corp., a wholly owned subsidiary of Manila Water. VG Cabuag

MERALCO LINEMEN A crew from the Manila Electric Co. conducts repairs on a 20,000-volt high-tension wire along Marcos Highway in Cainta, Rizal.

NONOY LACZA

MWSS, NIA back ‘BBB’ program; forge ties for water, food security By Jonathan L. Mayuga @jonlmayuga

O boost water and food security, the Metropolitan Waterworks and Sewerage System (MWSS) and the National Irrigation Administration (NIA) vowed to enhance cooperation to ensure water and food security in support of the “Build, Build, Build” (BBB) program, the Duterte administration’s massive infrastructure program. In a statement, MWSS Administrator Reynaldo V. Velasco and Ricardo R. Visaya of the NIA agreed to share their water resources and work together to address water and food security problems through joint projects, including those aimed at mitigating flood while protecting the environment and conserving natural resources. During a meeting with NIA officials, Velasco said that while there is adequate water supply in Metro Manila and the nearby provinces covered by the MWSS, additional water sources are needed to be developed to ensure water security. Of the water supplied to MWSS service areas, 96 percent is sourced from the Angat-Umiray water sys-

tem, 3 percent from Laguna Lake and 1 percent from groundwater. Except for the Angat-Umiray water system, the MWSS has not developed new water sources for the past few decades. At present, the MWSS is implementing several water infrastructure projects that include the Bulacan Bulk Water Supply Project and other projects collectively called the Angat Water Security Projects. Of the MWSS’s 46 cubic meters per second (cms) of water rights, 15 cms are from the NIA’s 36 cms water rights, pursuant to Resolution 03-0188 of the National Water Resources Board (NWRB), leaving NIA with 21 cms equivalent to 1,814 million liters per day (MLD). NIA’s Bustos Dam currently has 600 MLD water capacity, leaving 1,214 MLD that can be tapped for potable water supply. MWSS recently entered into a memorandum of agreement with ITP-JV Co. for the conduct of a feasibility study on the possible utilization of the untapped water. ITP-JV Co. has submitted an unsolicited proposal to extract an average flow of 800 MLD, of which 400 MLD will augment the water supply of Bulacan, and 400 MLD will be used by MWSS.

As proposed, the water extraction will be done in two phases: Phase 1 will extract 250 MLD and be completed by 2020-2021. Phase 2 will extract 550 MLD and will be completed by 2022-2024. This will be the first of the ABC Projects and will form part of the Angat-Ipo-Norzagaray Water Optimization Plan. Visaya said the plan manifests both agencies’ support for the Build, Build, Build program of the Duterte administration. He added that through efficient partnerships among government agencies, and between the public and private sectors, the water sources for present and future needs can be developed. The other components of the ABC Projects are the Bayabas Dam Project and the Candaba Multi-Purpose Impounding Dam. The Bayabas Dam Project is located in Doña Remedios Trinidad, Bulacan. The completion of these projects will provide the desired water security level for Mega Manila at least over the next five to 10 years. For NIA, it will also mean sufficient water supply for irrigation as it fulfills its objective of propelling agricultural productivity, economic growth and food sufficiency.

Companies BusinessMirror

Thursday, December 27, 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

SBS expects windfall of ₧155M from property sale of subsidiary

HEMICAL trader SBS Philippines Corp. on Wednesday said a subsidiary disposed of a property, which would result in a one-time gain on the listed firm.

The company said in its disclosure to the Philippine Stock Exchange that its associate Berny Philippines Holdings Corp. was able to dispose of the property which it could earn a gain of about P155 million. SBS and its unit SBS Holdings

and Enterprises Corp. owns 5.5 percent and 17.5 percent in Berny Philippines. A chemical trading firm diversifying to property development earlier this year acquired prime real-estate assets in Balintawak and in Green Meadows, both in

Quezon City. The properties were acquired through its associate companies, Smyte Philippines Holdings Corp. and Namia Holdings Corp. Smyte recently signed a deed of absolute sale to acquire a 2-hectare property. The newly acquired property is adjacent to a 3-hectare property already owned by another associate company of SBS. Namia acquired more than 3,000 square meters of property in Green Meadows, Quezon City. This acquisition is considered for a potential joint mixed-use development or sale in order to capitalize in the growing mar-

ketability of the area. “SBS continues to expand its strategic investments in related assets and businesses given the growth prospects of the property market,” the company said earlier. SBS said its diversification strategy on property development only involves a small ownership stake in firms and investing in real estate. The strategy is to go into small ownership in firms rather than having a majority control over the projects. This is to have more diversified interests in different property holdings at a lower capital requirement and risk exposure, it said. VG Cabuag

PamCham lauds BCDA for fast O&M deal of Clark airport

HE Pampanga Chamber of Commerce and Industry Inc. (PamCham) has lauded the government for successfully bidding out the operations and maintenance contract (O&M) of the Clark International Airport in record time, and carried out in a very transparent manner with its transaction adviser, the International Finance Corp. of the World Bank (IFC-WB), that aired

all the activities live on its socialmedia pages. The careful and rigorous selection process undertaken by the Bases Conversion and Development Authority (BCDA), in partnership with the Department of Transportation (DOTr), that led to the awarding of the contract to the consortium led by the Changi Airport Group, operator of the No. 1 airport in the world, also

AUB assures public after Lucena Diversion branch robbery

HE Asia United Bank would like to assure its customers and the general public that it is doing everything in cooperation with the police authorities on the recently discovered robbery in AUB’s Lucena Diversion branch. The branch is currently closed pending ongoing police investigation. Clients can continue with their banking transactions through the

AUB Lucena Branch located in Magallanes corner Enriquez streets, Lucena City. “We would like to apologize for the inconvenience,” the AUB said in a statement. For questions, contact Riccon Leonardo, AVP for Marketing and Communications at (02)-5576166 or (0917)-5537279 or via e-mail at leonardord@aub.com.ph.

New York’s top 10 apartment sales topped half a billion dollars

EN people (or companies, or people masquerading as companies) spent a combined half-billion dollars on their Manhattan apartments this year. Impressive as it might seem, the numbers are down significantly from the previous three years. The highest point in the market, which this year was represented by a $73.8-million duplex penthouse in a new tower designed by Robert Stern, was down 26 percent from the 2014 high. (That year a penthouse on 57th Street with views of Central Park sold for just over $100 million.) Moreover, in the last 12 months, 8 out of the top 10 sales were heavily discounted—one apartment at 157 West 57th street took a $17-million price cut before it found a buyer. There’s a chance the top of the market has lower to go. “We should think of these prices as an anomaly,” said Jonathan Miller, the president and chief executive officer of appraiser Miller Samuel Inc. “I don’t know if the demand exists for another wave of ultra-luxury units entering onto the market.” The record-breaking sales, he continued, were bound to peter out. “I think frankly this was a circus sideshow rather than something integral to the balance of the housing market.” And so discounts abound—for those that can afford them. But before readers rush to lowball apartments everywhere, and developers stop building their super-tall towers, Miller added a caveat. “I can’t

imagine the top of the market being any higher, although I thought the same thing in ’08,” he said. “Now we have stuff that’s twice as high.” The top 10 list, below. $73.8 Million for 520 Park Avenue’s Unit DPPH 60 square feet: 9,138 Beds: 6 Baths: 7.5 Initial asking price: N/A; $62 Million for 520 Park Avenue’s Unit PH52 square feet: 9,256 Beds: 6 Baths: 8 Initial asking price: $73 million; $59 Million for 503 West 24th Street’s Penthouse square feet: 10,000 (plus 2,700 outdoors)Beds: 6 Baths: 7 Initial asking Price: N/A; $56 Million for 70 Vestry Street’s PHS Square feet: 7,808 (plus 3,687 outdoors) Beds: 5 Baths: 6.5 Initial asking price: $65 million; $54 million for 157 West 57th Street’s Unit 85 square feet: 6,240, Beds: 3 Baths: 4 Initial asking price: $70 million; $50 million for 15 Central Park West’s Unit 16/17B square feet: 5,417 (plus 400 outdoors) Beds: 4 Baths: 5.5 Initial asking price: $56 million; $43.8 million for 443 Greenwich Street’s Unit PHA square feet: 8,569 Beds: 5Baths: 6.5 Initial asking price: $58 million; $43.5 million for 160 Leroy Street’s Unit PHN square feet: 7,750 Beds: 5 Baths: 5.5 Initial asking price: $51 million;$42 million for 157 West 57th Street’s Unit 77 square feet: 6,240 Beds: 4Baths: 4.5 Initial asking price: $52 million; and $42 million for 432 Park Avenue’s Unit 77B square feet: 5,421 Beds: 4 Baths: 6.5 Initial asking price: $45 million. Bloomberg News

composed of the Filinvest Development Corp., JG Summit Holdings Inc. and Philippine Airport Ground Support Solutions Inc., assures the chamber that the best airport service and VIP passenger experience awaits local and foreign travelers in Clark. This North Luzon Airport Consortium brings together Changi’s expertise and experience, and Filinvest and JG Summit’s strengths

MUTUAL FUNDS

in the local development market. “We commend the Duterte administration for heeding the appeal of the business community in Pampanga and Central Luzon, for the full development of the Clark International Airport as Asia’s next premier gateway. Once a dream, now it finally became a reality through its massive infrastructure program—“Build Build Build.”

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

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

The World

Trump: ‘I can’t tell you when’ govt will reopen

ASHINGTON—President Donald J. Trump said on Tuesday that parts of the federal government will stay closed until Democrats agree to put up more walls along the US-Mexico border to deter criminal elements. He said he’s open to calling the wall something else as long as he ends up with an actual wall. In a Christmas Day appearance in the Oval Office, Trump issued a lengthy defense of his desire for a wall, saying it’s the only way to stop drugs and human traffickers from entering the country. In a nod to the political stakes he’s facing, Trump said he wants the wall by “election time” in 2020. The promise of a border wall was a central component of Trump’s presidential campaign. “I can’t tell you when the government’s going to be open. I can tell you it’s not going to be open until we have a wall or fence, whatever they’d like to call it,” Trump said, referring to Democrats who staunchly oppose walling off the border. “I’ll call it whatever they want, but it’s all the same thing,” he told reporters after participating in a holiday video conference with representatives from all five branches of the military stationed in Alaska, Bahrain, Guam and Qatar. Trump argued that drug flows and human trafficking can only be stopped by a wall. “We can’t do it without a barrier. We can’t do it without a wall,” he said. “The only way you’re going to do it is to have a physical barrier, meaning a wall. And if you don’t have that then we’re just not opening” the government. Democrats oppose spending money on a wall, preferring instead to pump the dollars into fencing, technology and other means of controlling access to the border. Trump argued that Democrats oppose a wall only because he is for one. The stalemate over how much to spend and how to spend it caused the partial government shutdown that began Saturday following a lapse in funding for departments and agencies that make up about 25 percent of the government. Some 800,000 government workers are

affected. Many are on the job but must wait until after the shutdown to be paid again. Trump claimed that many of these workers “have said to me and communicated, ‘stay out until you get the funding for the wall.’ These federal workers want the wall. The only one that doesn’t want the wall are the Democrats.” Trump didn’t say how he’s hearing from federal workers, excluding those he appointed to their jobs or who work with him in the White House. But many rankand-file workers have gone to social media with stories of the financial hardship they expect to face because of the shutdown, now in its fourth day. Sen. Chuck Schumer of New York and Rep. Nancy Pelosi of California, the Democratic leaders of Congress, said Trump “wanted the shutdown, but he seems not to know how to get himself out it.” Trump had said he’d be “proud” to shut down the government in a fight over the wall. He also had said Mexico would pay for the wall. Mexico has refused. Trump followed up on a Monday tweet in which he said he “just gave out a 115 mile long contract for another large section of the Wall in Texas.” Neither the White House nor the Department of Homeland Security responded to follow-up questions, despite repeated requests. The reference to 115 miles was unclear. Trump may have been referring to 33 miles of construction in the Rio Grande Valley that is set to begin in February, part of a total of 84 miles that Congress funded in March, according to the Department of Homeland Security. Asked who received the contract, Trump replied: “Different people, different people.” He did say he envisions a wall so tall, “like a three-story building,” that only an Olympic champion would be able to scale it. He also compared Democrats’ treatment of him over the wall to their defense of James Comey after Trump fired him as FBI director. “It’s a disgrace what’s happening in our country but, other than that, I wish everybody a very merry Christmas,” he said. AP

BusinessMirror

Thursday, December 27, 2018

$5.6-trillion Asia stock loss has traders on edge of their seats

ITH three days of Asia equity trading left for the year and low volumes across the board, traders don’t seem to be taking any chances.

About $5.6 trillion of equity value has been obliterated in the region this year as the global carnage shows no let-up. And investors are bracing for volatile days ahead. Wednesday is a classic example of that: The MSCI Asia Pacific Index, which climbed as much as 0.6 percent on Wednesday, swung between gains and losses and was 0.2 percent higher as of 4:20 p.m. in Hong Kong. Japan’s Nikkei 225 Stock Average also had a choppy day but ultimately closed up 0.9 percent after entering a bear market on Christmas Day. US stockindex futures fluctuated between

gains and losses, with the S&P 500 Index on the brink of entering a bear market when it reopens on Wednesday. Hong Kong, Australia and New Zealand remain closed for a holiday. There’s a chance that 10-year US bull market comes to an end when markets reopen even after US President Donald Trump gave his first expression of public support for Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell since Bloomberg News last week reported that the president had discussed dismissing the Fed chief, who was recommended by Mnuchin.

“The direly weak sentiment continues to be the engine behind the declines for markets that have yet to find the panacea in the form of any positive impetus,” said Jingyi Pan, market strategist for IG Asia Pte. “The weight that is given to President Trump’s assurances is simply much lighter than the threats he is throwing.” A nd news f rom el sewhere did little to excite investors: On Tuesday, China released new rules promising to treat all firms equally from a regulatory standpoint, whether they are foreign, private Chinese companies or state-owned enterprises. Chinese authorities also said they are studying plans to help banks replenish capital, as President Xi Jinping vows to step up support for the nation’s struggling private sector. North and South Korean staged a symbolic groundbreaking ceremony to upgrade severed rail links, although UN Security Council approval would be needed to advance the project. Long-

stalled plans to restore rail links severed by the Korean War were revived in historic summits by North Korea leader Kim Jong Un and South Korean President Moon Jae-in earlier this year. Islamic State claimed a suicide attack on the Libyan Foreign Ministry’s headquarters in Tripoli that officials said killed three people, in the latest blow to efforts to stabilize the war-ravaged North African nation. What’s next? “As far as the futures are suggesting, the market is indecisive right now,” Pan said. “One should not be surprised if most are still waiting out the storm this week.” With less than a week left in 2018, here’s a look at how major stock markets have done this year across the region, as of Dec. 25: Country Change in market value ($ billions) Australia -257.61; China -2,328.94; Hong Kong -574.86; India -351.21; Japan -1,248.4; South Korea -351.28; and Taiwan -173.39. Bloomberg News

Oil in London dips below $50 as market chaos counters Opec+ cuts

IL in London fell below $50 a barrel for the first time since July 2017 as broader financial market turmoil and worries over US supply countered signs the Opec+ coalition may extend or deepen output cuts. Futures fell as much as 1.1 percent, after Monday’s 6.2-percent drop. Russian Energy Minister Alexander Novak tried to reassure investors, saying the market will be more stable in the first half of 2019 due to the deal between Opec and its allies to cut output, and that producers will react if the situation changes. Meanwhile, S&P 500 Index futures fluctuated Wednesday while the benchmark US gauge is at the brink of sliding into a bear market. Oil has plunged more than 40 percent from a four-year high in October on the prospect of a supply glut. While the Organization of Petroleum Exporting Countries and its allies including Russia agreed to cut output early this month, investors are skeptical the reductions will be sufficient to dent supplies, with US producers pumping near a record. At the same time, President Donald J. Trump’s trade war with China and the Federal Reserve’s policy on interest rates have clouded the outlook for global economic growth. “ T here are several bearish factors in oil markets, and the situation won’t improve anytime soon. The current bear market will likely continue for some time,” Satoru Yoshida, a commodity analyst at Rakuten Securities Inc. in Tokyo, said by phone. “Oil prices could rise if Opec+ make

announcements about specific measures” including additional cuts, Yoshida said. Brent for February settlement declined as much as 54 cents to $49.93 a barrel on the Londonbased ICE Futures Europe exchange, before paring losses to trade at $50.21 at 5:17 p.m. in Tokyo. Prices plunged $3.35 to $50.47 on Monday. Trading was closed on Tuesday for the Christmas holiday. The global benchmark crude traded at a $7.44 premium to West Texas Intermediate. W TI for Febr uar y deliver y was 25 cents higher at $42.78 a barrel on the New York Mercantile Exchange. The contract slumped $3.06 to $42.53 on Monday. Total volume traded was about 68 percent above the 100-day average. While Opec and its partners are scheduled to meet in April, they can hold a meeting at any time if a quick response is required, Russia’s Novak said in an interview with Rossiya 24 TV channel. That follows the United Arab Emirates energy minister’s remarks signaling the producers could have an extraordinary Opec meeting and discuss additional curbs if needed. In wider financial markets, investors were still worried as the S&P 500 Index of equities stands just 7 points away from completing a full-blow n bear market drop. Global stocks have had their most brutal month since 2008 on speculation that US Fed Chairman Jerome Powell’s tighter monetary policy will weigh on growth. Bloomberg News

SOUTH and North Korean government officials connect northern and southern railroad tracks during a groundbreaking ceremony at Panmun Station in Kaesong, North Korea, on Wednesday. North and South Korea broke ground on Wednesday on an ambitious project to modernize North Korean railways and roads and connect them with the South, but without progress in nuclear negotiations, regular trains won’t be crossing the border anytime soon. KOREA POOL/NEWSIS VIA AP

Koreas break ground on railway project amid nuclear stalemate

EOUL, South Korea—North a nd S out h K ore a b rok e ground on Wednesday on an ambitious project to modernize North Korean railways and roads and connect them with the South, but without progress in nuclear negotiations, regular tra ins won’t be crossing t he border anytime soon. The ceremony at the North Korean border town of Kaesong came weeks after the Koreas conducted a joint survey on the northern railway sections they hope to someday link with the South. It’s one of several peace gestures agreed between North Korean leader Kim Jong Un and liberal South Korean President Moon Jae-in as they push ahead with engagement amid a stalemate in larger nuclear negotiations between Washington and Pyongyang. But beyond on-site reviews and ceremonies, the Koreas cannot move much further along without the removal of US-led sanctions against the North. A South Korean train carrying about 100 people—including government officials, lawmakers and aging relatives separated by the 1950-53 Korean War—rolled into the North Korean border town of

Kaesong, where they were greeted by North Koreans including Ri Son Gwon, who heads an agency dealing with inter-Korean affairs. North and South Korean officials signed a concrete railroad tie, unveiled a new signboard and observed a ceremonial connecting of northern and southern tracks at Kaesong’s Panmun Station, according to South Korea’s Unification Ministry. Officials from China and Russia were also invited to witness the symbolic start of an ambitious project Seoul hopes will one day link South Korea with the TransChina and Trans-Siberian railways. Armida Salsiah Alisjahbana, executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific, also attended, according to the South Korean ministry. “The railways will not only reduce time and space but also the distance between the hearts of the South and North,” South Korean transport minister Kim Hyun-mee said at the ceremony. W hile stressing the importance of the project, Kim Yun Hyok, the North Korean vice railways minister, added an apparent jab at Seoul by saying that the

Koreas should push further with engagement instead of “wobbling on the path while listening to what others think.” North Korea has repeatedly voiced displeasure about the slow progress in the reconciliatory projects agreed between their leaders. Seoul’s enthusiasm for inter-Korean engagement has also created unease with Washington, which has called for its allies to maintain pressure until Kim takes firmer steps to irreversibly and verifiably relinquish his nuclear weapons and missiles. The Seoul government plans to conduct further surveys on North Korean railways and roads before drawing up a detailed blueprint for the project. Actual construction will proceed depending on the progress in the North’s denuclearization and the state of sanctions against the country, the ministry said. “We plan to hold detailed negotiations with the North to coordinate on the specific levels we want to achieve in the modernization of railways and roads and how to carry out the project,” said Eugene Lee, the ministry’s spokeswoman. Even if the North takes concrete steps toward denuclearization and

gains sanctions relief, some experts say updating North Korean rail network could take decades and massive investment. Seoul said it received an exemption to sanctions from the UN Security Council to proceed with Wednesday’s ceremony as it involved South Korean transport vehicles and goods. The Koreas’ joint survey of North Korean railways in November, which also required UN approval, marked the first time a South Korean train traveled on North Korean tracks. The Koreas in December 2007 began freight services between South Korea’s Munsan Station in Paju and the North’s Panmun Station to support operations at a now-shuttered joint factory park in Kaesong. The South used the trains to move construction materials north, while clothing and shoes made at the factory park were sent south. The line was cut in November 2008 due to tensions over North Korea’s nuclear ambitions. The Kaesong factory park was shut down under the South’s previous conservative government in February 2016 following a North Korean nuclear test and long-range rocket launch. AP

B4 Thursday, December 27, 2018

BE IN STYLE THIS HOLIDAY SEASON WITH ANELLO THE BEST OF BRUNCH AT PERRY’S

J T

HE Philippines’s favorite Japanese bag brand unveils its most exciting collection, yet, with the Discover my anello campaign. This season anello is all about selfdiscovery and finding your style while staying true to the brand’s thrust of being your partner in living a hectic life to the fullest. ‘Tis also the season for giving; whether it’s for yourself or your dearest, anello’s two newest releases are sure to fit any and every lifestyle, making them the perfect present for everyone on your holiday shopping list. Nothing says you care like a personalized gift, and anello’s new backpacks with interchangeable straps let you mix and match colors to create the perfect finishing touch for every ensemble. Available in three different neutrals— gray, black and navy—and a medley of straps and patches, you’ll have myriad styling and customization options. Want an even more personalized experience or

UST in time for your holiday meetups and get-togethers, Perry’s launches its delicious lineup of brunch specials, plus its creative gift boxes. Of fer ing a w ide selection of international dishes, Perry’s was named after a traveling pug, which the restaurant’s owners were very fond of. Given that travel is their overall inspiration, diners can expect the restaurant’s menu to be filled with a selection of dishes that its owners have tried and enjoyed in their own travels and, now, wants to share with local diners. Now catering to the growing demand for brunch specials—perfect for those who aren’t a morning person—Perry’s new brunch menu offers a delightful assortment of dishes that diners would surely enjoy. Compared to its lunch specials, diners can expect Perry’s brunch menu to have “lighter” offerings, but are still equally filling. It’s perfect when you want to catch up with friends or loved ones especially this holiday season. From brunch staples like pancakes, granola and eggs, Perry’s brunch menu goes a little more adventurous with Patatas Bravas, Cheese Shoe and braised pork hash. One thing to take note of is that, even with classic items like pancakes, Perry’s made sure to add something new to it by giving it a unique flavor—tangy, buttery and sweet, but still with a side order of bacon. Beat the holiday rush and give your loved ones something they will truly enjoy, as Perry’s also introduces its special lineup of afternoon tea-inspired gift boxes. By carefully selecting items that the owners also personally enjoy, Perry’s is able to offer their customers wonderful gift ideas that would appeal to everyone. On why they chose to focus on tea, Perry’s owners would like to promote a better appreciation and understanding of tea time. Thus, their holiday gift boxes are filled with special teas that they sourced from different parts of the world, plus Perry’s own breads and jams. In addition, Perry’s has also launched its Amuse-Bouche selection. These are single-bite hors d’oeuvres that are usually

present? For a small fee, customers can have their (or their recipient’s) initials embossed onto the signature anello patch. Taking a cue from the Autumn/Winter 2018 trends, anello also introduces a new selection of bags with 1990sinspired patterns, designs, colors and materials. Whether your interpretation of this iconic decade skews toward the rebelliousness and antifashion coolness of grunge, the coordinating prints of polished, preppy high-school movie or somewhere in between, this collection’s pieces are a modern nod at one of fashion’s most important periods. The signature anello backpacks and Boston bags are rendered in autumnal plaids, tartans and checks, adding layer and dimension to both modern minimalism or maximalist street style outfits. Pieces from the new collection are available at all 36 anello stores nationwide.

EXPERIENCE DIGITAL-ENTERTAINMENT BREAKTHROUGH AT HOME WITH GLOBE STREAMWATCH XTREME

NTRODUCING a global innovation in home Internet and entertainment technology, Globe Telecom launches Globe Streamwatch Xtreme, the world’s first all-in-one device with fast home Internet, free local TV channels, and Internet TV. Globe Streamwatch Xtreme has Internet connection that is twice faster and stronger, and the wider coverage than of a

pocket Wi-fi. Since this is prepaid, you also have no monthly bill and it’s reloadable. Plus, you can watch clear, live local TV channels without eating into your load, for free. It is also a set top box, which gives you the power to select and stream from a variety of online content that everyone can enjoy. Multiple devices can be connected to the Globe Streamwatch Xtreme at the same time for the whole family; and is also videoke-ready with two built-in microphone outlets for those who enjoy the signature Filipino home pasttime. Globe Streamwatch Xtreme is available in select Globe stores for an introductory price of P2,999 (that’s P2,000 off from the standard retail price of P4,999) starting December 15.

served for cocktails. This is perfect for small parties or as an addition to bigger parties. Perry’s team will happily assist clients on the setup they want to achieve at their party. A typical setup for Perry’s grazing tables include breads (pretzel buns, sourdough rolls, sweet buns) and mini jams (Arnold Palmer jam, whipped butter, anise langka jam), cold cuts, cheeses, fruits, as well as Perry’s signature desserts (pumpkin truffles, chocolate truffles and oatmeal and chocolate-chip cookies). It’s definitely worth adding to your holiday

get togethers this year. Whether you want to enjoy some quality time with loved ones over Perry’s brunch specials, you want to enjoy Perry’s take on tea time at home or serve something impressive to your guests, you will definitely not be short of options at this fun, new restaurant. Perry’s is at One West Campus, McWest Boulevard corner LeGrand Avenue, Mckinley West, Taguig City, and is open from Monday to Saturday from 10 a.m. to 1 a.m. For more information, visit www.perrystea.com.

FILINVEST PROJECTS join the country’s next real estate investment destination

By Leony Garcia

UEZON City, the biggest city in the country, and is known to be the “City of The Star,” has earned another monicker in recent years as “City of New Horizons.” This is so because it is deemed as the next real estate investment destination considering its location, accessibility, and livability. Quezon City was also hailed the Most Competitive City in the country in terms of infrastructure, economic dynamism and government efficiency. Further, it was awarded first runner-up as the Best City Disaster Risk Reduction and Management Council for Highly Urbanized Areas in the 19th Gawad Kalasag Awards. Filinvest Land Inc., one of the country’s largest property developers, is proud to be a part of the rapid emergence of the newest business district in the country. Two Filinvest projects, Vinia and Studio A, have certainly contributed to the transformation of QC’s cityscape. These projects, both under the Filinvest brand, Aspire are dynamic high rise residential condos that echo the millennials’ preference of having their own space and doing things at their own pace. It caters to the lifestyle that boosts independence and having an adventure in one’s own refreshing haven.

Studio A is a dynamic vertical condo community that boasts of youth spirit. It is designed with facilities that make everyday living more comfortable, convenient and connected through a social hub, fitness center, outdoor and indoor study lounge, swimming pool and fitness center with yoga or dance studio. There are only 21 units per floor, which is considered a unique indulgence for urban communities. Studios are perfect for students, while young professionals may opt for the more spacious one-bedroom unit. For start-up families, the two-bedroom units give them ample living space. Studio A also caters to the members of the academe, who are looking for homes near the workplace. Conveniently situated in Xavierville Avenue, Studio A is a stone’s throw away from various commercial establishments and prime educational institutions like UP Diliman, Ateneo de Manila, and Miriam College. Meanwhile, the 25-storey mixed-use condominium Vinia offers flexible living spaces with its residential units and Small Office Home Office units or SOHO. The units or versatile flats are perfect for professionals who want to work efficiently in the comfort of their homes. The residential levels have 27-29 units per floor suited for start-up families or young couples who have been renting or staying with their parents but are ready

to own their first home. Similarly, the Versaflat levels have 28 to 29 units per floor suited for start-up business entrepreneurs, professionals engaged in private practice or young professionals who are on the lookout for an office space for a small business to house a lean team, or a flexible space where they can work and rest. Vinia also features fine amenities such as the grand lobby & reception lounge, sky lounge, function room and a fitness studio. Pocket gardens, garden walls and a sky park that boasts of lush flora and free-flowing air aims to bring residents closer to nature can also be found here. Both ideally located in two of the most progressive districts in Quezon City, Vinia and Studio A allows one to experience all around living and going around the metro for work, school or play with each projects’ close proximity to the LRT and MRT network. “These project features make Vinia and Studio A a rewarding investment with its huge potential for steady lease income from students and from the growing number of millennial workforce looking for rental accommodation in the area,” said Mai Yang, Filinvest Vice President for High Rise projects. Both projects are now ready for occupancy. Other Filinvest mixed-used projects in Quezon City include Studio 7 located in Timog Avenue along Edsa, and Activa in Aurora Boulevard corner Edsa.

Sports BusinessMirror

| Thursday, December 27, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NO LEBRON, NO PROBLEM By Janie McCauley

The Associated Press

AKLAND, California—LeBron James prides himself in his durability, being available night after night, game after grueling game. That’s why the Lakers star is so mad he got hurt. The Los Angeles Lakers lost James in the third quarter to a strained left groin then went out and beat the two-time defending champions without him on Tuesday night, getting King James’s 17 points, 13 rebounds and five assists before the injury in a surprising 127101 rout of the Golden State Warriors. “I take a lot of pride in it,” James said of always playing. “That’s why it [angered me] not to be able to go back into the game. It’s more than anything being available to my teammates, being available to my coaching staff. That’s something I take more personal than anything. Hopefully it’s not a long thing.” James grabbed at his left groin area with 7:51 left in the third after slipping under the Warriors’ basket while trying for a loose ball. He tried to stretch it out, awkwardly walked toward the Lakers bench trying to loosen up before leaving on his own though gingerly out the tunnel for the locker room. “I wasn’t able to go back into the game, obviously. I’ll get an MRI tomorrow and see what’s up,” James said. “With me with injuries, I’m never too concerned about them. I was able to walk off on my own power. I felt a pop, see if I could stretch it a few times, see if it would relieve but it didn’t.... I did a couple exercises to see if I could continue to go but I didn’t feel like it would benefit my team or me. So I came back and got a jump start on the rehab.” He is scheduled for an MRI exam on Wednesday and coach Luke Walton is preparing to be without James on Thursday night in Sacramento. James has played in 156 straight games overall and 116 in the regular season. And he’s not about to guess whether he will have to miss time. Stephen Curry made consecutive threes shortly after James exited, and the Warriors got within 78-76 at the 2:48 mark of the third—but Kyle Kuzma and the persistent Lakers stayed at it every possession. Curry wound up with 15 points but the home fans had seen enough well before the final buzzer and headed out for the rest of Christmas. “They played like they had nothing to lose. They played like they had a free swing,” Curry said. “Everybody who touched the ball was aggressive. They just had a different look in their eye and we weren’t able to match that. They went out and won the game, that’s basically it.” Kuzma contributed 19 points with a pretty baseline three late, Ivica Zubac had 18 points and 11 rebounds and Rajon Rondo 15 points and 10 assists off the bench as the Lakers snapped an 11-game losing streak on the Warriors’ home floor since a 118-115 overtime win on December 22, 2012. Los Angeles also ended a sevengame skid overall in the rivalry with its first win in the series since March 6, 2016. James made it look easy early on shooting over Jonas Jerebko and Kevon Looney. James hit a turnaround jumper at the 4:39 mark of the second quarter to put the Lakers ahead, 52-37, and LA led 65-50 at the break. It was James’s second straight Christmas game at Oracle Arena after playing here with the Cavaliers last year and losing 99-92. Walton—a former Warriors top assistant and dear friend of Steve Kerr—got some time with his Hall of Fame dad, Bill, before the game and a few moments to catch up with Curry and share holiday greetings in the hallway after the twotime MVP’s warm-up routine. Kevin Durant, playing on a tender left ankle, had 21 points, seven rebounds and seven assists. Andre Iguodala came off the bench and made his initial five shots and 7 of 9 by halftime on the way to a seasonhigh 23 points while also handling some of the load defending James. Golden State shot just nine for 36 from deep, Curry going two of eight and Durant three for eight. Lakers center JaVale McGee was still sick with a respiratory infection and missed his fifth straight game, didn’t travel and missed his scheduled moment to receive his championship ring. That will now happen on February 2 when the Lakers return to Oracle Arena. McGee was one of three big men who rotated in Steve Kerr’s rotation on the way to a repeat title. “I’m happy for JaVale. He’s getting more of a chance to play with the Lakers than he did with us,” Milwaukee 109, New York 95 Kerr said. “We had a lot of centers play a really important role for us Houston 113, Oklahoma City 109 the last couple of years. He was Boston 121, Philadelphia 114, OT fantastic and we loved having LA Lakers 127, Golden State 101 him here. Wish he was here and that we could give him Utah 117, Portland 96 his ring today, but we’ll do it next time. Very LEBRON JAMES is scheduled for an MRI happy for him and his exam on his groin on Wednesday. AP success this year.”

NBA RESULTS

JAMES HARDEN: Our record isn’t where we want it to be, but it’s getting there. AP

Harden’s 41 power Rockets past Thunder

OUSTON—James Harden is on a roll and it’s helping the Houston Rockets get on track after their terrible start to the season. Harden scored 41 points and the Rockets beat the Oklahoma City Thunder, 113-109, on Tuesday for their seventh win in the last eight games. Harden has scored 30 points or more in a career-high seven games in a row, marking the first time a player has done that since Russell Westbrook had eight consecutive 30-point games in November 2016. He has scored at least 35 in his last five, which is the longest such streak since Carmelo Anthony did it in six games in April 2013. The Rockets won just one of their first six games this season and were 11-14 after a three-game skid in early December. Since then, powered by Harden’s dominance, Houston has lost just once to improve to 18-15 and move a season-high three games above .500. “We’ve had that confidence all year,” Harden said. “Our record isn’t where we want it to be, but it’s getting there. And we’ve got to continue to work hard every day, continue to get better and grow. We’re preparing for a postseason. We’re not going to be at our tip top right now.” A three-pointer by Paul George with less than two

ANTETOKOUNMPO, BUCKS PROVE THEY BELONG ON HOLIDAY STAGE

EW YORK—Giannis Antetokounmpo was so eager to make a rim-rocking Christmas debut that he overshot the basket on his first attempt, a dunk from one side that ended with the ball all the way in the opposite corner. “I was so excited that I went a little bit too high and I thought the rim was a foot taller,” Antetokounmpo said. He and the Milwaukee Bucks eventually settled down and showed they belonged on the holiday stage. Antetokounmpo had 30 points and 14 rebounds, and Milwaukee celebrated its return to the Christmas schedule by beating the New York Knicks, 109-95, on Tuesday. “This is one of the highest stages,” Antetokounmpo said. “Special teams play Christmas Day, and just it’s an opportunity for us and we’re really happy.” Brook Lopez scored 20 points for the Bucks, who played on Christmas for the first time since 1977. They were selected for the showcase slate of games largely because of Antetokounmpo but the timing also was perfect to show an emerging team, which improved the National Basketball Association’s (NBA) second-best record to 23-10. Malcolm Brogdon finished with 17 points for the Bucks, the NBA scoring leaders who bounced back from a season-low 87 points in a loss to Miami on Saturday to win for the fifth time in six games. “People come to see Giannis play but they’ve got to watch all

of us, so it’s definitely a great opportunity for the rest of us to showcase as a team what we can do,” Brogdon said. Rookie Kevin Knox scored 21 points for the Knicks, who have lost six straight Christmas Day games and fell to 22-31 in their NBA-record 53 appearances on the holiday. “It’s on me to stay even in this whole thing, not be up and down emotionally because I [have] to keep their spirits up,” Knicks Coach David Fizdale said. “They feel it. They’re human.” New York has lost five in a row and 10 of 11 since rallying to stun the Bucks, 136-134, in overtime on December 1 at Madison Square Garden. Antetokounmpo was angry that night with Knicks forward Mario Hezonja, who had dunked over him in the first quarter, then stared and stepped over him. Antetokounmpo felt it was disrespectful, vowing to punch Hezonja in the groin next time. The Greek Freak was perhaps a little too pumped for the rematch—Brogdon grabbed the rebound of his errant dunk in the corner and fired in a three-pointer but he quickly got untracked. It was only a seven-point game midway through the third quarter when Antetokounmpo began to seize control. His jumper followed by layup pushed the lead into double digits, and he scored 11 points in the Bucks’ 36-point period that ended with them leading 84-68 cushion. “We played them really [well] in the first half— down two—in the locker room felt pretty good,” Knox said. “But that third quarter, defensively, offensively, just something slips with us.” Noah Vonleh had 14 points and 15 rebounds, while Tim Hardaway Jr. had 14 points and 10 boards but shot just 4 for 18 for New York. AP

minutes left got Oklahoma City within four before Harden missed a three. Westbrook missed a shot for the Thunder, but George stole the ball from Harden and was fouled by him. George made both free throws to get the Thunder within two with 43.6 seconds left. Harden then drove past George and into the lane for a lay-up to make it 112-108 with 20.4 seconds left. Westbrook made one of two free throws to cut it to three with 15 seconds left, and Austin Rivers made a free throw with 7.4 seconds left to secure the win. George had 28 points and 14 rebounds for the Thunder, and Westbrook added 21 points with nine rebounds and nine assists. “We had some bad bounces which got them a couple of extra possessions which got them some open threes,” George said. Harden became the first player to score 40 or more points on Christmas since Kevin Durant had 44 for the Thunder in 2010. Harden’s latest big game came as the Rockets played without Chris Paul, who missed his second straight game with a strained left hamstring. The nine-time All-Star is out for at least the next two weeks with the injury suffered on Thursday night. “We’ve got a lot of guys playing at a high level right now,” coach Mike D’Antoni said. “So many guys contributed [on Tuesday]. Clint Capela had 16 points and tied a season high with 23 rebounds. The Rockets were up by 6 with about four minutes left when Rivers, whom they signed on Monday, hit a three-pointer to make it 107-98. AP THE Bucks’ Giannis Antetokounmpo tries to dunk over the Knicks’ Enes Kanter. AP

Parentlife BusinessMirror

Thursday, December 27, 2018

www.businessmirror.com.ph

Departures, heroes, perennial gratitude

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Hayley Williams, 30; Gerard Depardieu, 70; Cokie Roberts, 75; John Amos, 79. HAPPY BIRTHDAY: It’s time to purge, not accumulate. Take a serious look at what makes you happy and how best to deal with what brings you down. Face facts and make changes that will ease stress and tension. It’s up to you to do what’s best for you and to enjoy your life, and what you have and want to give. Your lucky numbers are 5, 11, 24, 26, 32, 43, 45.

ARIES (March 21-April 19): Start a dialogue with someone who can play an instrumental role in your life. Consider what fits into your agenda and what doesn’t and move forward. Don’t let emotions interfere with your progress; you’ll find a way to have it all. «««

FROM left: The poster of the Oscar-winning movie Departures; some of my colleagues at work with my sister Joan, daughter Meagan and my dad; and my family at a past holiday office fashion show event.

MOMMY NO LIMITS

MAYE YAO CO SAY mommynolimits@gmail.com

E are about to leave 2018 in a few days. It made me remember the Japanese film Departures. Gerard, my editor, recommended it to me. By the end of this month, we also commemorate our National Hero, Dr. Jose Rizal. This reminded me of a recent office party I attended where the theme was “It’s Time To Be a Hero.” I feel that a great way to end the year would be to share my perennial gratitude for finding meaning in my work. Departures is about the story of Daigo Kobayashi (Masahiro Motoki), who wanted to be a cellist all his life. Soon after buying an expensive cello, he learns that his orchestra is disbanding. Daigo and his wife have to move back to his hometown in northern Japan. In desperate search for a job, he answers an ad for what he thinks is a travel agency. It turns out the job is a mortuary service. He learns and carries out the rituals used in preparing the dead for their final rest. Although Daigo initially finds it difficult to embrace this new work as a career, each job allows him to see the value in his craft. From Tomeo, a young man who committed suicide by charcoal because his parents couldn’t

accept his choice of gender change, to a father kissed by his loved ones leaving multiple lip marks, Daigo begins to see how his new job allows him to bring solace to the loved ones of the departed in different ways. And although this job is initially not well-received by people around him, even by his wife, Daigo finds his true calling in life. Since I was a child, I knew that I’d be in business to continue my father’s legacy. Somewhere in between, I wanted to be a human-rights lawyer to fight the good fight. When I became a mother, I was inspired by my childhood mentors’ passion and patience in teaching. Today, I’m grateful that my family, especially my father and my husband, allows me to unapologetically pursue meaningful work. Moreover, I’m truly lucky that not a few people in my work understand and share the vision of early parent and child education. Our recent office Christmas party had the theme “It’s Time To Be a Hero.” Some excerpts from the opening remarks: “Lahat tayo ay may kanya-kanyang pananaw sa salitang ‘Hero’. Ano ba ang kahulugan ng pagiging ‘Hero’? Matapang ba parang si Ironman at Manny Pacquiao? Makabuluhan ba parang si Steve Jobs at Stan Lee? O may nais na mapabuti ang ating kapwa katulad ni Nelson Mandela at lalo na ang Diyos? Kung anuman ang hero sa inyo, ang pinakamahalaga ay makita at mapanindigan natin ang ‘Hero’ sa sarili natin. [We all have our own views on the word ‘hero’. What does it really mean to be a ‘hero’? Is it to be brave like Ironman and Manny Pacquiao? Is it to be of substance like Steve Jobs and Stan Lee? Or is to bear the dream of wanting to make people’s lives around us better like Nelson Mandela and Jesus Christ? Whatever your view, what is most important is discovering and bearing witness to the hero inside us]. “On another note, like what Anese Cavanaugh, a certified coach and author, says, ‘We all need a hero sometimes.’ For me, marami akong

itinuturing na heroes sa buhay ko. Bukod sa pamilya at mga kaibigan ko, ang mga kasamahan ko sa trabaho ay itinuturing kong mga heroes dahil sa dedikasyon at sipag na binibigay nila sa kompanya.... Parati ko itong sinasabi: Kayo ang dahilan why I happily go to work each day. Ninanais ko sana na hangarin rin natin maging heroes sa isa’t isa [For me, I have a lot of people in my life I consider heroes. Aside from my family and friends, I consider my colleagues at work as my heroes for their dedication and hard work for the company.... I always say this: You are the reason why I happily go to work each day. My hope is for us to aim to be heroes for each other, as well].” I have always loved my work because of the people I get to work with. I started to learn the manual work of cutting fabric based on customer orders from older employees when I was 5 at my grandparents’ textile shop. I worked with supervisors and secretaries at my father’s place later on to learn administrative work and so on. In between I heard their stories. I never had to be nor got to be paid to want to work because there was an intangible reward of wanting to see where all this would lead in my life’s purpose. Today, I feel very fortunate to have fostered learning relationships with my colleagues at work. Regardless of rank, I value our common purpose. Regardless of age, I value our love for kids. The list of people I learned from at work continues to grow. The learning experiences are too many to count. Therefore, the gratitude I carry with me up to today is endless. As we catch the New Year ahead, may we “depart” 2018 with meaningful reflection. May we find that hero in us today and shine that heroism to others. And last but not the least, may we be grateful for the year that is about to pass and always bring that gratitude for all the days ahead.

Who wouldn’t want a personal accident insurance worth P50k? ONE of the country’s leading insurance companies, AXA Philippines (www.axa.com. ph), in partnership with Bonifacio High Street, announces an exciting rewards promo where customers can get a free AXA personal accident insurance coverage card worth P50,000. The promo is open to all Bonifacio High Street customers. For a minimum single receipt purchase of P3,000 in any of the participating Bonifacio High Street, One Parkade, Two Parkade and One Bonifacio High Street mall establishments, customers are entitled to avail themselves of one free AXA personal accident insurance coverage card. The free insurance card can be redeemed at the AXA booth at Bonifacio High Street B5 (near 9th Avenue) daily from 11 am to 12 mn only, on or before December 31. Customers must present official receipts/ charge slips of the purchased items worth P3,000 and up, and a valid ID (government IDs, driver’s license and/or passport) to qualify for redemption.

NATIONAL Resilience Council Cochairmen Hans Sy (seated, middle) and Defense Secretary Delfin N. Lorenzana (seated, sixth from left), NRC President Antonia Yulo Loyzaga (seated, fourth from left), NRC Vice Chairmen Edgar Chua (seated, left), Fr. Jett Villarin (seated, right) and Assistant Secretary Nestor Quinsay Jr. (seated, seventh from left) with SM Prime and NRC officials and representatives from national government agencies and local government units.

Partnerships for disaster management forged THE National Resilience Council (NRC) recently held its biannual board meeting at the SMX Convention Center in Pasay City. Highlights of the meeting included discussions on the importance of the government and the private sector working together to be better prepared for and respond to major natural disasters. Two significant agreements were also formalized

during the meeting: the signing of the Partnership Agreement between NRC and the Bataan Peninsula State University, represented by its president, Dr. Gregorio J. Rodis; and the signing of the Pledge of Partnership by Rosemarie Rafael, president of Airspeed International. The board meeting followed after the Pledge of Partnership was also signed by

Finance Secretary Carlos G. Dominguez III, Foreign Affairs Secretary Teodoro L. Locsin Jr. and Socioeconomic Planning Secretary Dr. Ernesto M. Pernia. NRC’s major partners are SM Prime Holdings, San Miguel Corp., Carlos P. Romulo Foundation, Manila Observatory, Ateneo de Manila University, Zuellig Family Foundation and PricewaterhouseCoopers.

TAURUS (April 20-May 20): Take your place in the spotlight. Whether it’s among friends, relatives or peers, share your experiences, love and positive perspective on life. Your words will matter to those you touch. Wisdom is a great gift to share. Romance is highlighted. «««««

GEMINI (May 21-June 20): Practicality will help get you through the day. Minimize your spending and consider what’s truly important to you. Don’t let anyone misguide you or take advantage of you when you should be focusing on what lies ahead. ««

CANCER (June 21-July 22): Make plans with the people you love. A relationship can be taken to the next level if you are open about what you want to pursue. Honesty will help you transition to where you want to be mentally, emotionally and physically. ««««

LEO (July 23-Aug. 22): Big talk will draw a crowd, but if you exaggerate or make unrealistic promises, you will let down others and be put in an awkward position. Change needs to be executed with precision. «««

VIRGO (Aug. 23-Sept. 22): Trust in your instincts. Assess what’s being said. Refuse to let your emotions cloud your vision or your desire to please cost you financially. Take charge and stick to what you know is best and right for you. «««

LIBRA (Sept. 23-Oct. 22): Use your intelligence and look at the big picture regardless of what others try to sell you or make you believe. Change begins within and has to be to your specifications if you plan to move forward with optimism. «««

SCORPIO (Oct. 23-Nov. 21): Personal improvements will make you feel good and lead to a decision that will change your relationship with the people who count. Make a move that will ease your stress and give you more time to enjoy what’s important to you. ««««

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SAGITTARIUS (Nov. 22-Dec. 21): It would be best to rethink some of the choices you’ve made in the past and how best to handle emotional matters moving forward. A personal change will help you diminish stress, allowing you to follow your heart. «« CAPRICORN (Dec. 22-Jan. 19): Offer facts when asked questions. Refuse to let anyone put words in your mouth. Know what you want and make your plans clear. Refuse to let anyone use emotional tactics to reroute your plans or to take advantage of you financially. «««««

AQUARIUS (Jan. 20-Feb. 18): Lend assistance to someone who needs help. Offering your wisdom and skills will be a nice way to support the people you care about. A change in the way you handle or invest your money will ease stress. «««

PISCES (Feb. 19-March 20): Put greater emphasis on personal growth, physical improvements, peace and love. Evaluate what you’ve done in the past and what you have to offer that will make your world a better place. Romance will enrich your life. ««« BIRTHDAY BABY: You are intuitive, helpful and kind. You are sensitive and proud.

‘be selfish’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Parking area 4 Some tough tests 9 Super-intense emotion 14 Eggs, fancy 15 Tear open 16 Steam bath 17 Run the mouth 18 Option for noncooks 20 Enjoyed immensely 22 Launch cancellation 23 Become news 26 Make nervous 31 The Addams Family uncle 33 Fill one’s lungs 34 Feminine pronoun 36 Imposed a levy on 38 Senegal capital 39 Actor Stoltz 41 Czech leader Vaclav 43 “Physical” prefix 44 Like low-energy gases 46 Did some basting 48 Score halved

9 Long, strong and lean 4 51 Like expensive parties 53 Lingerie items 55 French ___ (resort area) 58 Bulletin board item 60 Do extremely well 61 Get risky 67 Toward the tiller 68 Bathsheba’s hubby 69 Like a fresh brownie 70 Mauna ___, Hawaiian volcano 71 Veronica’s rival 72 Baseball figs. 73 Human thing to do DOWN 1 Not likely to leave 2 Watermelon-shaped 3 Use one’s “plus one” 4 Remote settlement 5 Chain letters, to geneticists 6 Deluge refuge 7 Debt security 8 Parody 9 Blow away

0 U.K. air arm 1 11 Two-piano effort 12 Plastic ___ Band 13 “Far out,” later 19 Grapefruit relative 21 Luau instrument, briefly 24 Winter Olympics state 25 Lone Star state 27 Pillow covering 28 Surpass all other bakers? 29 Buoy someone’s spirits 30 Showed again 32 Celebrate with gusto 34 Bank robber’s job 35 Bud Grace comic strip 37 Thermos pioneer 40 Integrity, slangily 42 Jeans name 45 On edge 47 Takes away power 50 “____, right!” 52 Dinner time, for many 54 Pulls a fast one on 56 Make mention of (with “to”)

7 Place to trade rings 5 59 Bad lace-up result 61 Place of cleansing 62 “____ you there?” 63 Hobby shop put-together 64 Do a daily ritual 65 Moles of Virginia 66 Time zone letters

Solution to yesterday’s puzzle:

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

Show BusinessMirror

Thursday, December 27, 2018

‘Aquaman’ is the big finale in a strong year for the box office BETWEEN Friday and Sunday, Aquaman (Warner Bros.) arrived to $67.4 million in North American ticket sales, enough for first place. Overseas, Aquaman has collected an additional $410.7 million since rolling out in China on December 7.

BOX OFFICE By Brooks Barnes

New York Times News Service

OS ANGELES—Fresh superheroes— Aquaman, Black Panther, Venom, the Wasp—and new twists on classic bigscreen formulas delivered a box-office comeback for Hollywood in 2018. Ticket sales in the United States and Canada will total roughly $11.8 billion for the year, analysts say—a 6-percent increase from 2017. The upsurge has not only come as the result of higher ticket prices, the usual way that theater operators prop up revenue. Attendance has also increased. For the year to date, attendance stands at about 1.25 billion, up from 1.23 billion for all of 2017. “And we still have a huge Christmas week ahead of us,” said Paul Dergarabedian, a senior media analyst at comScore, which compiles box office data. Hollywood had a terrible 2017, when attendance fell to a two-decade low. Some box-office watchers concluded that the increasing popularity of streaming services were keeping people at home. But this year? Netflix appears to be less a worry. “The narrative that streaming is killing theatrical is really overused and misleading,” said Phil Contrino, director of media and research for the National Association of Theater Owners. “The entertainment industry isn’t a zero-sum game. People who consume a lot of content do so across multiple platforms, and when there are really strong movies in theaters, they will show up.” Contrino added, “Hit movies should be talked about as part of the normal cycle, but they are too often referred to as a breath of fresh air for an industry that’s falsely labeled as dying. It’s laughable that one bad weekend, month or season spurs doomsday talk about cinema. That conversation has been happening for decades, and it’s beyond stale at this point.” Between Friday and Sunday, Aquaman (Warner Bros.) arrived to $67.4 million in North American ticket sales, enough for first place and adding a new megawatt superhero, played by Jason Momoa, to the studio canon. Sneak-peek screenings added $4.7 million. Critics gave the PG-13 fantasy mixed reviews, but ticket buyers gave it an A-minus grade in CinemaScore exit polls—evidence that Warner’s

effort to make its DC Comics-based superhero movies more consistently accessible and distinctive is paying off. The studio spent an estimated $350 million on production and marketing for Aquaman, which also stars Amber Heard and was directed by James Wan. Overseas, Aquaman has collected an additional $410.7 million since rolling out in China on December 7. Another film backed by a pervasive advertising campaign, Mary Poppins Returns (Disney) arrived to about $22.2 million in weekend ticket sales, for a soft domestic total of $31 million since arriving on Wednesday. Disney spent at least $250 million to make and market Mary Poppins Returns, a musical sequel starring Emily Blunt and Lin-Manuel Miranda and directed by Rob Marshall. In partial release overseas, the PG-rated film generated an additional $20.3 million. The third major new release of the weekend, Bumblebee (Paramount), a euphorically reviewed Transformers prequel starring Hailee Steinfeld and directed by Travis Knight, arrived to ticket sales of about $21 million. In a limited overseas rollout, Bumblebee generated an additional $31.1 million. Paramount spent $137 million to produce Bumblebee, not including marketing, after accounting for a $22 million tax credit from the state of California. The PG-13 movie essentially turns the

Transformers franchise inside out: Bumblebee is the first film in the seven-movie series to have a female protagonist. All six of the previous chapters were directed by Michael Bay. Other new releases included Robert Zemeckis’ Welcome to Marwen (Universal), a dismally reviewed comedic drama starring Steve Carell as an artist who copes with trauma by creating an imaginary world populated by dolls. The movie, based on a 2010 documentary, produced in partnership with DreamWorks Pictures for about $40 million, not including marketing, was dead on arrival: Ticket sales totaled $2.4 million, the worst result for a wide-release studio movie this year. The weekend before Christmas can be somewhat sluggish, Dergarabedian noted, as people travel or focus on holiday preparations. But the coming days—now through the end of the year— traditionally represent the busiest ticket-selling period of the year, which is why studios flood theaters with new movies. Two additional films, the comedy Holmes and Watson and the docudrama Vice, starring Christian Bale as Dick Cheney, are set to debut Tuesday. Even so, the box office takeaways for 2018 are firmly established. Walt Disney Studios had the three biggest movies of the year—by a long shot. Black Panther, which combined, for the first time, an AfricanAmerican cast with the enormous scale of modern

franchise filmmaking, was the runaway leader, collecting $700 million in North America and $1.35 billion worldwide. Avengers: Infinity War was second, taking in $678.8 million ($2.05 billion), and Incredibles 2 ranked third, with domestic ticket sales of $608.6 million ($1.24 billion). Other superhero movies that did well have included Venom, about a Spider-Man villain. That Sony film blew past prerelease expectations to collect $213 million at the domestic box office and $854.5 million worldwide. A sequel is already on the way. There were notable disappointments—Fantastic Beasts: The Crimes of Grindelwald, Solo: A Star Wars Story and A Wrinkle in Time among them. But studios also breathed fresh life into the romantic comedy, one of moviedom’s most timeworn genres, by focusing on diversity: Crazy Rich Asians, greeted as a watershed moment by many Asian-Americans, took in a stout $174 million in North America ($238 million worldwide). A new version of A Star Is Born—the fourth, including the 1937 original—gave Lady Gaga her first starring role in a film and generated $200 million ($382 million). And a horror movie with almost no dialogue, A Quiet Place, became a spring sensation. It sold $188 million in tickets ($340.7 million). “For the most part, studios kept the momentum rolling weekend to weekend, which is the mark of a great year,” Dergarabedian said.

American boy band IRL lead Christmas celebrations at SM City Fairview the poinsettias and piñatas from Mexico. 360-degree holiday journey as a representation of AMERICAN Boy Band In Real Life, or IRL, recently different nations and hometowns across the world led the launch of Christmas celebrations at SM Families and friends, including actor John Prats, celebrating different Christmas traditions this City Fairview. The group consists of Brady Tutton, wife Isabel Oli and daughter Feather, celebrated holiday season. Chance Perez, Drew Ramos, Sergio Calderon and the magic of Christmas during the launch. The Michael Connor, the final five vocalists from the mall also unveiled its giant Christmas tree made of SM City Fairview also gave Christmas gifts to American reality TV music competition series Boy stacked houses with different yuletide décors and a children from Children’s International Manila. Band. The pop boy band experiments with other sounds such as pop-rap, teen pop and Latin pop, and cite One Direction as their main influence for both starting off on reality television. This time, they celebrated mallgoers with the classic carol “I’ll Be Home for Christmas.” With a Hometown Holiday theme, SM City Fairview’s took mallgoers on a journey with SM Little Stars 2018 Girl Grand Winner Aleynah Redillas to help Mr. and Mrs. Claus—by flying to four different places around the world and gather their friends from England, Mexico, Iceland, Alabama and Germany for the holiday hometown parade. With the help of a magical snow globe, that when shaken twice can take you anywhere, Aleynah gathered Mr. and Mrs. Claus’s friends around the world including the English gingerbread men who offered holiday songs, the Madison performers ACTOR John Prats, wife Isabel Oli, from Iceland, the elves from Alabama, and and daughter Feather AMERICAN boy band In Real Life, or IRL

POP star Meghan Trainor and actor Daryl Sabara

Meghan Trainor weds actor Daryl Sabara on her 25th birthday NEW YORK—Meghan Trainor has wed actor Daryl Sabara in nuptial exchanged at the couple’s Los Angeles home. A publicist for the Grammy-winning singer on Sunday confirmed the two married on Saturday. People magazine first reported the wedding. It says about 100 guests attended the private backyard ceremony. It was also Trainor’s 25th birthday. The “All About That Bass” singer and the 26-year-old Spy Kids actor became engaged last year. Trainor’s third album is due out in 2019. AP

Cignal streaming platform features 4 new on-demand TV series AFTER the success of its 2017 groundbreaking horror and suspense thriller Tabi Po and crime drama miniseries Tukhang, Cignal Entertainment, Cignal TV’s content production division, is poised to further shake up Pinoys’ viewing experience with four new all-original series available ondemand via its streaming platform Cignal Play. These new titles on Cignal Play include

Sleepless, a romantic comedy about struggles of call center agents to make meaningful connections; Feels Like Forever, a romance anthology that will keep viewers guessing whether the characters’ interactions would lead to lasting relationships or just another missed connection; Agham Inc., a fantasy anthology revolving around the moral decisions faced by people chosen to

be the company’s test subjects for its mysterious products; and the second season of Tukhang, braver than ever as it continues to depict the country’s ongoing war on illegal drugs. These four series complement Cignal Play’s current library of over 70 live channel streams and 700 hours of premium on-demand content available to all Cignal prepaid and postpaid subscribers.

“We at Cignal Entertainment have taken on the challenge to give the Filipino audience fresh, intelligent and riveting content. We are proud to bring to the local entertainment scene game-changing, on-demand, hyper-realistic and immersive content that are geared toward elevating the Filipino viewing experience,” said Jane Basas, Cignal TV president.

Parentlife BusinessMirror

Thursday, December 27, 2018

www.businessmirror.com.ph

Departures, heroes, perennial gratitude

Today’s Horoscope By Eugenia Last

FROM left: The poster of the Oscar-winning movie Departures; some of my colleagues at work with my sister Joan, daughter Meagan and my dad; and my family at a past holiday office fashion show event.

MOMMY NO LIMITS

MAYE YAO CO SAY mommynolimits@gmail.com

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‘be selfish’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

7 Place to trade rings 5 59 Bad lace-up result 61 Place of cleansing 62 “____ you there?” 63 Hobby shop put-together 64 Do a daily ritual 65 Moles of Virginia 66 Time zone letters

Solution to yesterday’s puzzle:

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

Show BusinessMirror

Thursday, December 27, 2018

BOX OFFICE By Brooks Barnes

New York Times News Service

POP star Meghan Trainor and actor Daryl Sabara

Sports BusinessMirror

| Thursday, December 27, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

COMANCHE IN COMMAND The bowman

of Comanche directs his helmsman during the start of the Sydney Hobart yacht race in Sydney on Wednesday. Supermaxi Black Jack is the first yacht through Sydney Heads for the second successive year, but 2017 winner Comanche surges into the lead in the 74th staging of the race. AP

P2.5-million juvenile stakes race caps year T

LANDMARK DEAL P

LYMOUTH, Michigan—Kelly Pannek is on pace to graduate from the University of Minnesota in the spring with a finance degree. With two internships in wealth management also on her résumé, she is a prime candidate to get hired in the business world. The 2018 Olympic champion plans to put her off-ice-career on hold, thanks to a landmark deal involving USA Hockey last year. “I plan on just playing hockey as long as I can because I can,” she said. That used to be a challenging choice for the nation’s top female hockey players. After threatening not to show up at the 2017 world championship at USA Hockey Arena, the top American female players in the sport agreed to a package of improvements, including one that helped their bottom line. Postgraduate hockey players can make about $70,000 a year and about $130,000 annually in Olympic years. “The progress we made through that deal has changed a lot of our lives, and changed the future of our sport,” said Meghan Duggan, who captained the US when it won gold over Canada at the Olympics earlier this year. “Before that, all of us relied on other income from a second job, spousal and family support because we weren’t earning a living that supported us in an appropriate way. The deal also created awareness and cultural change.” During USA Hockey’s training camp last week, where 44 of the top women in the sport gathered, the governing body had some of its top executives in attendance. Three-time Olympian Hilary Knight said that was new and suggested a dramatic difference in support. USA Hockey Executive Director Pat Kelleher was in suburban Detroit not just to be seen. He said he heard what the women had to say and shared information about the USA Hockey’s mission. “The communication is better than it has been,” Kelleher said before one of his meetings with the group. “Relationship-wise, we need to have great teammates and be great teammates. We want to understand their side and what they’re looking for. We also want to give them more background on our organization, which has 650,000 participants and 1.2 million members. There’s a lot that goes with that.” Before the 2017 agreement, many players had to juggle jobs and decide whether to stick with the sport or to give it up to pay the bills. Knight used to squeeze in private lessons on the ice between her own training and competition to make ends meet after graduating from Wisconsin. “Coming out of college and having that transition without a set template of what you should be doing and how to be a professional was challenging,” said Knight, now 29 and playing with the CWHL’s Les Canadiennes in Montreal.

USA Hockey’s deal with top women players—especially the gold medal-winning Team USA in the Pyeongchang Olympics—help them play for career. AP

Two-time Olympian Amanda Kessel, who is 27, said the increased training stipend allows her to live in New York City and not worry about balancing her career with a life as much as before. “It was just stressful,” she said. “You still loved playing hockey, but when you’re 25, 26 years old and you don’t have an income you’re think, ‘What am I doing?’ I had some help from family at times. I had side money from camps and just had to pinch pennies. Now, I have no problem getting a massage

or going to physical therapy and paying out of pocket to take care of myself.” The deal with USA Hockey also allows women to collect their training stipends while pregnant, a benefit enjoyed by the Monique LamoureuxMorando and Jocelyne Lamoureux-Davidson. Pannek acknowledged she didn’t worry too much about the fight for better benefits previously because she was still in college on a scholarship. But just months away from graduating, she is grateful

for the path paved by those before her. “I saw how hard our veterans worked to set this up for all of us coming out of college,” she said. “I couldn’t imagine how it used to be. Coming out of college this next year is really special because there are options. I can get an education and I know I can use it, but maybe not right now and put that into the future and play hockey for the next few years. I want to keep playing as long as I can and then use my degree.” AP

HE Philippine Racing Commission (Philracom) ends the year with a bang with the staging of the 2018 Juvenile Championships on New Year’s Eve on Monday at the Saddle and Clubs Leisure Park in Naic, Cavite. Twelve of the countries best two-year-old horses, led by Obra Maestra and Forest Cover, will be fighting for bragging rights in the P2.5-million stakes races offering a whopping P1.5 million to the winner. The runner-up pockets P562,500, while the third and fourth placers get P312,500 and P125,000, respectively, with the winning horse’s breeder taking P75,000. Obra Maestra was a dominant force this year in the P2-million 2018 Philracom Juvenile Fillies Stakes only last month as she continued to reign as one of the youngsters to watch out for. The Sandy Javier-owned Obra Maestra, ridden by jockey JB Guce, made their move in the last 100 meters to win the P1,200,000 purse in the fillies stakes race. Meanwhile, Forest Cover had his most memorable campaign in the second leg of the Philracom Juvenile Colts Stakes Race at the Saddle and Leisure Park in Naic, Cavite, in October. The Aristeo Puyat-owned filly engaged Mona’s Mark and Electrify in a neck-to-neck battle down to the finish, before winning by a head in the 1,300-meter race, with Jockey O’Neal Cortez in the reins. Standing in the way of Obra Maestra and Forest Cover are 10 other fast-rising juveniles fighting over the distance of 1,600 meters. They are Full of Grace (jockey MA Alvarez, owner Alfredo R. Santos); Gatighan Island-(JP A Guce, Wilbert Tan); Lady Mischief (KB Abobo, SC Stockfarm); Mona’s Mark (DH Borbe Jr., Raymund Puyat), Mood Swing (JA Guce, SC Stockfarm); My Jopay (CP Henson, Moises Villasenor), Oktubre Katorse (VM Camanero Jr., Bonapart Atianzar); Royal Bell (JB Hernandez, Bell Racing Stable); Serafina (MB Pilapil, Peter Aguila; and Toy For the Bigboy (JB Cordova, Alfredo Santos). “Twelve of the country’s best 2YOs will be on spotlight, but only one will be crowned the year’s best juvenile,” said Philracom Chairman Andrew A. Sanchez. “What a way to end the year.” Philracom races are being conducted in accordance with the Philracom’s Rating-Based Handicapping System, which is a result of the commission’s affiliation with the International Federation of Horseracing Authorities (IFHA), whose mission is to promote good regulation and best practices on international matters pertaining to the sport. As a member of IFHA, Philracom is ready to embrace the world standards set by the international body, such as the rating-based handicapping system, equine drug-testing and transfer of technology, thereby making sure that horse racing in the Philippines is held at the highest level.

REP. BAMBOL: REENACTED BUDGET WON’T AFFECT SEA GAMES HOSTING A

TOP official of the Philippine Olympic Committee (POC) allayed apprehensions that the reenacted budget for 2019 would derail preparations and operations for the 30th Southeast Asian (SEA) Games the country is hosting from November 30 to December 11 next year. Tagaytay City Rep. Abraham “Bambol” Tolentino clarified to the BusinessMirror on Wednesday that the P17.044 billion allotted for the hosting of the 30th SEA Games would remain even though the Senate has yet to act on the proposed P3.757 trillion for 2019. “The reenacted budget will not affect the SEA Games hosting at all because the budget falls under projects for the coming year,” Tolentino said. “Only to be reenacted—until after the 2019 budget is approved—are those that fall under personnel services, loan obligations, among others.” The reenacted budget of P P3.767 trillion for 2018, according to the Senate, is expected to take effect until February next year.

The Senate said the House fell behind in approving the 2019 General Appropriations Bill and only received the budget just days before adjourning for the holidays last December 15. Sessions will resume on January 14. The SEA Games hosting budget was included in the 2019 budget of the Department of Foreign Affairs (DFA) when Alan Peter Cayetano was its secretary. Cayetano resigned to run for Congress in Taguig, and his successes, Teodoro Locsin Jr., requested that the Senate Committee on Finance transfer the funds to another agency, particularly to the Philippine Sports Commission (PSC). The PSC is the government arm for sports under the Office of the President and has the mandate to release funds for sports development. The P17.044-billion SEA Games hosting budget was broken down into P7.5 billion to the Office of the Foreign Affairs Secretary and P9.544 billion to the Bases Conversion and Development Authority (BCDA), which is building a modern sports complex—athletics and football arena and

aquatics center—at the New Clark City in Capaz, Tarlac. The P7.5 billion will also be allocated as follows: P1.371 billion for sports, P1.326 billion for venues, P1.525 for games services, P107 million for medical and doping, P368,680 million for athletes village operations, P125,320 million for volunteers, P47,840 million for accreditation and uniforms, P450 million for ceremonies, P296 million for broadcast and media, P525 million for PR and marketing, P55 million for international relations and protocol, P566 million for administration and finance, P38 million for human resources, P446 million for IT and telecommunications and P250 million for security. The Philippines is hosting 55 sports—vovinam, a Vietnamese martial art, was dropped earlier this month because of lack of participants—which is the biggest in SEA Games history. The number of sports surpassed the 44 that Indonesia programmed when the games were played in Palembang in 2011.

REP. Abraham “Bambol” Tolentino (second from left), sports directorate chairman of the Philippine Southeast Asian Games Organizing Committee (Phisgoc), addresses the Technical Delegates Meeting at the Diamond Hotel recently. Also in photo are (from left) Phisgoc Deputy Director General Tom Carrasco, Executive Director Ramon “Tats” Suzara and Sports Competition Vice Director Red Dumuk. NONIE REYES

The program is composed of Category 1 sports archery, badminton, baseball/softball, basketball, billiards, bowling, boxing, canoe/traditional boat race, chess, cycling, dancesport, fencing, football, golf, gymnastics, handball, hockey, ice hockey, ice skating, judo, karatedo and modern pentathlon. The Category 2 sports are muay, pencak silat, polo, rowing,

rugby sevens, sailing/windsurfing, sepak takraw, skateboarding, shooting, soft tennis, squash, surfing, table tennis, triathlon, volleyball, weightlifting, wrestling and wushu. Rounding out the sports in Category 3 are arnis, e-sports, floorball, jiu-jitsu, kickboxing, kurash, lawnbowls/ petanque, netball, obstacle course, sambo, underwater hockey and wakeboarding.

BusinessMirror

Health&Fitness

FITNESS TIPS TO HELP US GET A HEAD-START IN 2019 MEASLES: STILL A MAJOR PUBLIC HEALTH THREAT

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December 27, 2018-January 2, 2019

TOBY’S SPORTS OPENS FLAGSHIP STORE IN BGC serves as the centerpiece of store. Neon lights, inspired by the city’s bright lights, were also used to call out the different product categories and zones of the store.

OBY’S Sports, the leading sports retailer in the Philippines, has opened a new, innovative flagship store that highlights its longstanding commitment to elevating its retail experience to world-class standards. Toby’s Sports held a special preview party of the new flagship store situated in the heart of the bustling Bonifacio Global City (BGC) on November 28. The event, called “Pinnacle of Sports,” gathered celebrities, athletes, sports enthusiasts and members of the media who had a first look at the new flagship store. The ribbon-cutting ceremony was spearheaded by Taguig City Mayor Lani Cayetano and Toby’s Sports officials. Among those who attended the starstudded launch were Christine Jacob-Sandejas, Miss International Kylie Verzosa, Adidas Country Manager Adrien Semblat, actors Bubbles Paraiso, Bobby Yan and Tessa Prieto-Valdes, and athletes from the PBA, UAAP and NCAA. The 1,000sqm, two-story space houses a premium assortment of footwear, sports apparel and equipment from the world’s best brands. According to Toby Claudio, president of Toby’s Sports, “we wanted to create an iconic store, a pinnacle shopping experience in the heart of Metro Manila.” To achieve that, the store utilizes cutting-edge technology, such as stunning LED displays towering over fifth avenue and multiple interactive touch screens that uses RFID technology to show information on its latest products. It also features various zones that create an experiential shopping experience:

n PLAYZone. The flagship store features an interactive PLAYZone to host events and sports clinics on a regular basis. It also doubles as a basketball court, which utilizes a professional-grade basketball shooting machine, where people can hone their shooting skills. Prizes will be given out regularly to top scorers in the Toby’s Shootout game.

n LAUNCHZone. As its names suggests, the LAUNCHZone will host product launches that feature the latest innovations from the top sports brands. Toby’s Sports also

2 Health&Fitness December 27, 2018-January 2, 2019

plans to use this area for curated installations, special VIP events and athlete appearances.

n Toby’s custom lab. The Toby’s Custom Lab, located on the second level, offers apparel customization services. With the capability to create full custom uniforms and jerseys, it will include express customization via sublimation, making a more personalized customer experience. n Run signature analysis. The flagship store offers Run Signature gait and running form analysis, from Brooks. It is a radical new approach to gait analysis that takes an in-depth look at the body’s natural running characteristics so that the store personnel can offer the ideal shoes to every customer.

Latest retail technologies THE Toby’s Flagship is one of the first stores in the country to feature a highly digital experience where customers can browse the retailer’s e-commerce web site, www.tobys.com, on large interactive walls in the store. Toby’s Sports also uses RFID technology that allows customers to unlock virtual content by placing a shoe on their Shoe Showcase platforms and browse all its specs and features via touch screen. “We harnessed the latest technology to bring our store experience to the next level. We wanted to create more than just a store, but a space that tells stories about the latest sports innovations and inspire people to play”, Claudio said.

World-class interiors TOBY’S Sports commissioned the tandem of world-renowned German architectural firm Blocher + Blocher and Philippine-based Sonia Olivares & Associates (SSOa) to bring to life the retailer’s vision for its first flagship store. The interior design combines architectural details inspired by Manila’s raw aesthetics with larger-than-life graphics and pops of color that represent the vibrant nature of sports. The concrete walls and metal fixtures create a modern-urban aesthetic, allowing the products displayed to take center stage. The central staircase, which features a massive lighted wall,

convenient to our customers by offering a seamless online-to-offline shopping experience,” Claudio said.

Going omnichannel

Embracing growth in its 40th year

TOBY’S Sports also saw the flagship store as the perfect opportunity to marry its offline and online initiatives to truly provide an immersive omnichannel experience. The store offers a Click & Collect service that allows its online consumers to pick up their orders in the store within hours. Toby’s Sports also plans to fully equip its products with QR codes that will lead customers to a particular product’s page in its online store. Soon, Toby’s Sports will introduce an automated locker area, where online customers can pick up their orders 24/7, even when the store is closed, using a generated passcode that will be sent directly to the customer’s mobile phone. “Although our physical stores have been our bread and butter for the past 40 years, we have seen incredible growth in our online business since we relaunched tobys.com in late 2016. Now, we want to make shopping even more

THE opening of the Toby’s Sports flagship store also signals the company’s commitment to further solidifying its place as the sports retailer of choice for Filipinos. Apart from its focus on elevating the experience of its current pool of customers, Toby’s Sports also aims to expand its footprint, opening more stores not just in the Metro, but also in various provinces across the country. “The new Toby’s Sports flagship store is a statement we wanted to make, that even after 40 years in the business, we are still looking for ways to improve. It has allowed us to provide new and exciting experiences and best-level products for our customers. My hope is that the flagship can become an epicenter for sports and sneaker culture in the Philippines,” Claudio concluded. Toby’s Sports now has 55 stores nationwide, with more stores in the pipeline in the coming years.

Health&Fitness

is published and distributed free every Thursday by the Philippine Business Daily Mirror Publishing Inc. as a project of the BusinessMirror. Publisher T. Anthony C. Cabangon Editor in Chief Lourdes M. Fernandez Editor Eleanor A. Leyco-Chua Group Creative Director Eduardo A. Davad Layout Artist Ma. Lorena R. Galang Online Editor Ruben M. Cruz Jr. VP-Advertising Sales Marvin Nisperos Estigoy Account Managers Cez C. Cabiles Jane R. Nacional Circulation Manager Rolly Manangan Contributors Claudeth Mocon-Ciriaco Henrylito Tacio Nazarene A. Leyco Tin Majadillas Aimee Lagman Froilan Gregory H. Romualdez III Cesar M. Cruz Jr. Contributing Photographer Iking Dalusong Advertising Sales Telephone Nos: 814-0134 loc 123 Fax No. 814-0134 loc. 124, 817-7055 Advertising Sales Cellphone Nos: 0917.9442818, 0917.4424472, 0917.8616088, 0918.9090970 817-9467 (Editorial); 813-7025 (Fax line); 817-5351, 817-1351 (Advertising Sales); 893-1662 (Circulation) news@businessmirror.com.ph, healthandfitnessBM@gmail.com eleanorleyco@yahoo.com

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MEASLES: STILL A MAJOR PUBLIC HEALTH THREAT

By Henrylito D. Tacio

IGHTEEN-MONTH-OLD Jessie was an active, playful toddler. Then, one day, he was struck down with a high fever, severe coughing, diarrhea, vomiting and a red rash on his face and chest. When Jessie started gasping for breath on the sixth day of his illness, his parents rushed him to a hospital. The doctor diagnosed pneumonia, a complication of measles. Although he was given intravenous fluids and antibiotics, his condition worsened. Two days after admission, Jessie died. Sarah, the boy’s mother, later

4 Health&Fitness December 27, 2018-January 2, 2019

told doctors she didn’t realize that measles was life-threatening. She hadn’t had Jessie vaccinated against the disease even though she lived just over a kilometer away from a health center. “If only I had known,” she said. With vaccine available for measles, the acute bacterial respiratory infection should have been part of

history already—but such is not the case. In fact, it has returned as a major public health threat. In Davao City, for instance, 22 of the 45 people who were confirmed with measles died. EDGE Davao reporter Ralph Lawrence Llemit reported: “The Davao City Health Office has recorded a total number of 602 suspected measles cases during the first three quarters of 2018, ending in September. During the period in review, 22 of the 45 confirmed cases died of the disease.” But its not only in Davao City where cases of measles surged. It is happening all over the country. According to Dr. Ana Lisa Ong-Lim, head of the Pediatric Infectious Diseases Society of the Philippines, more than half—69 percent, that

is—of children with measles this year “proved to have had no immunization, for reasons such as their parents’ refusal,” Reuters reported. The international dispatch quoted the lady physician saying that politics behind the controversial antidengue vaccine could be “partly blamed for the low trust in the government’s mass immunization program.” There were instances where health workers doing the program were labelled as “killers” in some areas. Dr. Lulu Bravo, of the Philippine Foundation for Vaccination, was very alarmed with this recent development. In a meeting on media reporting on vaccines, she was quoted as saying: “We have almost eradicated measles, but we are now seeing a

rise in cases, because the trust in vaccines is declining this year. This is disturbing.” Measles was once common throughout the world. Explosive outbreaks would occur, particularly in institutional settings or military barracks. But in 1963, the measles vaccine was introduced, which greatly reduced the incidence. Measles has often been described “the simplest of all infectious diseases.” It is probably the most “visible” infection due to a consistent clinical picture and the fact that virtually everyone contracted it before vaccination was introduced in the early 1960s. Also called rubeola, measles is a highly contagious viral disease. It usually affects children but can occur at any age in susceptible persons. A person who has been infected with measles become immune for life. The measles virus is not the same virus that causes German measles, or rubella. “The virus is spread by droplets from the mouth or throat secretions,” explained Dr. Donald M. Vickery and Dr. James F. Fries, authors of Take Care of Yourself. The measles virus, which remain suspended in their air for several hours, can only be killed by sunlight. It is very active during the cold months, particularly December to January. “This is the reason there are more cases in congested urban slum,” Dr. Enrique Tayag, an epidemiologist and official of the Department of Health. “The virus spreads more easily among family members living in cramped rooms and, later, to the overcrowded community.” Drs. Vickery and Fries said measles may be spread during the period from three to six days before the appearance of the rash to several days after. Symptoms begin in a susceptible person approximately eight to 12 days after exposure to the virus. According to the two American doctors, measles starts with fever, weakness, a dry “brassy” cough and inflamed eyes that are itchy, red and sensitive to sunlight. Another early sign of measles is the appearance of the fine white spots on a red base inside the mouth opposite the molar teeth (known among medical personnel as Koplik’s spots). These fade as the skin rash appears. The rash begins on about the fifth day as a pink, blotchy, flat rash. The rash first appears around the hairline, on the face, on the neck and behind the ears. The spots, which fade when pressure is applied (early in the illness), become somewhat darker and tend to merge into larger red patches as they mature. The rash spreads from head to chest to abdomen and finally to the arms and legs. It lasts from four to seven days and may be accompanied

home treatment:

by mild itching. There may be some light-brown coloring to skin lesions as the illness progresses. There are a number of complications that arise as a result of measles. Sore throats, bronchitis (inflammation of the air passages), laryngitis, meningitis, middle ear infections and bacterial pneumonia are all common. Many of these complicating infections are due to bacteria and will require antibiotic treatment. Pneumonia can be life-threatening. A very serious problem that can lead to permanent damage is measles encephalitis (infection of the brain). Life-support measures and treatment of seizures may be necessary when this rare complication occurs.

Symptomatic measures are all that is needed for uncomplicated measles, according to Dr. Vickery and Fries. Acetaminophen, aspirin or paracetamol should be used to keep the fever down, and a vaporizer can be used for the cough. Dim lighting in the room is often more comfortable because of the eyes’ sensitivity to light. In general, the person feels “measley.” The patient should be isolated until the end of the contagious period. Dr. Tayag said the patient can be nursed at home but must be continuously monitored. If this is not possible, it is recommended that the patient be taken to a hospital. The widely read Where There Is No Doctor shares the following

n The child should stay in bed, drink lots of liquids and be given nutritious food. If he cannot swallow solid food, give him liquids like soup. If a baby cannot be breastfed, give breast milk in a spoon. n If possible, give vitamin A to prevent eye damage. n If earache develops, give an antibiotic. n If signs of pneumonia, meningitis or severe pain in the ear or stomach develop, get medical help. Although highly contagious, measles is a preventable disease. This can be done by immunizing 90 percent of the community against it. Vaccines are not perfect, but they are highly effective. “Normally, vaccines are at least 80 percent effective—that is, 8 out of 10 children vaccinated will develop antibodies against the infection and be protected,” said Dr. C. John Clemens, former medical officer with the Genevabased World Health Organization. Although no medical intervention is 100-percent safe, the risk of serious side effects from vaccines, such as severe allergic reactions, is low. “Any vaccine can cause side effects,” the Mayo Clinic points out. “Usually, these side effects are minor—low-grade fever, fussiness and soreness at the injection site. Some vaccines cause a temporary headache, fatigue or loss of appetite. Rarely, a child might experience a severe allergic reaction or a neurological side effect, such as a seizure. Although these rare side effects are a concern, the risk of a vaccine causing serious harm or death is extremely small. The benefits of getting a vaccine are much greater than the possible side effects for almost all children.”

Health&Fitness December 27, 2018-January 2, 2019 5

FITNESS RULES By Greggy H. Romualdez

FITNESS TIPS TO HELP US GET A HEAD-START IN 2019

OWARDS the end of the year, buffet tables are filled with long lines, with significantly less warm bodies in the gym. It’s a cycle we all know too well. Endless feasting in December, then we resolve to lose it all and get in shape starting January. Or do we really?

Follow a system—Achieving success means finding out the right process that will get us to our respective fitness destinations. It’s not enough that we go to the gym or exercise whenever we want to. We have to trust and follow a process that works. Grabbing a couple of dumbbells here and there, halfheartedly doing cardio whenever we want to is not going to cut it. Pick a system that will work for you, commit to it, and be consistent in order to see results. Don’t listen to your excuses—We will always find a

reason to slow down, take it easy or skip a workout altogether. Once you hear yourself whispering excuses to yourself, shut down that voice, slant your eyes, grit your teeth and soldier on. Commit to not making excuses and simply do your thing.

6 Health&Fitness December 27, 2018-January 2, 2019

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New year, new fragrant possibilities. Three hundred and sixty-five days have passed and we look forward to improving ourselves in the coming year as the Earth prepares to fully orbit the sun anew. Here are some tips on how to make sure we achieve our fitness goals and make ourselves our fittest best in 2019.

Get a workout buddy—

Indeed, there is power in numbers. If you find that working out by your lonesome is ineffective and just leads to you abandoning ship later on, try finding a workout partner who can motivate you, and vice versa. Not showing up for a workout is harder when you know that someone’s waiting to sweat it out with you at the gym. Or better yet, join a fitness community where you can find like-minded individuals whose energy you can feed off as you burn fat and have fun at the same time.

No to starvation diets—

Starving oneself to lose weight is so last century. Not only are starvation diets unhealthy as they deprive people of muchneeded nutrients, but they can also lead to the loss of lean muscle mass. Skipping meals and eating ridiculously minute amounts of food is not the way to fitness. Instead, eat enough food to fuel your daily activities, but make sensible diet choices. A slight caloric deficit of about 500 calories a day will help us lose 1lb a week.

That is a safe peace to lose weight. Slow and steady wins the race. As for diets that starve you to shed fat, simply ditch them. Let us put the over-indulgence the past months behind us. Maybe we gained a few inches around our waists. But instead of whining about past follies, let’s get down to work, and come up with a plan. Those excess calories easily turn to regret. Now let’s turn that regret into the chiseled bodies that we aspire for in 2019.

SENATE SPOUSES PLAY

SANTA AT SM 1

EMBERS of the Senate Spouses Foundation, Inc. (SSFI) recently played Santa to the children from the Gentle Hands Orphanage in Quezon City during Christmas in November, an annual gift-giving event to kids at The SM Store Megamall. A joint project of the Senate Spouses Foundation and SM, the event was a day of fun for the kids who were treated to lunch at Jollibee and shopping at The SM Store in SM Megamall. Senate Spouses Audrey Zubiri (wife of Senator Migz Zubiri), Gladys P. Cruz (wife of Senator Joel Villanueva) and Kathryna Yu-Pimentel (wife of Senator Coco Pimentel) together with Councilor Gian Sotto and Beverly Sotto who represented Helen Sotto (wife of Senate President Tito Sotto) took the kids around the store to shop during the yearly Christmas

outreach program. Jinky Pacquiao (wife of Sen. Manny Pacquiao) and Cindy Ejercito (wife of Sen. JV Ejercito) likewise sent their representatives. They then proceeded to Wendyâ€™s for some snacks, and as a touching gesture, the kids sang a thank you Christmas Carol before returning to Gentle Hands Orphanage spreading more the spirit of sharing love and thanksgiving. Now on its 20th year, the Christmas in November is one of the ways the SM Store in Megamall spreads cheer to the less fortunate during the Christmas season.

1 Christmas came early to these children from Gentle Hands Orphanage who are all excited to bring home their Christmas bags filled with goodies they got from The SM Store Megamall.

Kids from the Gentle Hands Orphanage are ready to shop with their Santa hats and SM bags with Senate Spouses Gladys P. Cruz, Audrey Zubiri and Katrhyna YuPimentel as well as Beverly Sotto and SMâ€™s Millie Dizon.

3 An early Christmas treat for

kids from Gentle Hands Orphanage Susan Jamora, who represents Jinky Pacquiao.

4 Councilor Gian Sotto,

representing his mother Helen Sotto takes a selfie with the kids as they go shopping.

5 All smiles with

her Jollibee treats.

Health&Fitness December 27, 2018-January 2, 2019 7

TLF TALKS By Teodoro L. Ferrer

HAPPY HEALTHY HOLIDAYS

AND MAKE HEALTHIER NEW YEAR’S RESOLUTIONS TODAY!

But it is also the time of the year when we tend to forget our year-long resolutions. set aside diets, cheat on our exercise schedule, sleep late, and overindulge. But what can we do? It’s Christmas, right? Shouldn’t we enjoy and be merry? We can always go back and pick up where we left off in January, right? We can just update our resolutions and shed the extra holiday pounds we gained. Sadly, this is what most of us are thinking and do year after year and as a result of this we find that our health tends to fluctuate not only during the holidays but even during the rest of the year. I know because I have been guilty of this for many years of my life. However, now, I have changed. In the past 3 years, I have learned to change my fundamental thinking towards health. I have come to realize and accept that health is the most important issue for each and every person. It cannot be overlooked or casually set aside. We can’t take our health for granted. Believe it or not, our health has a huge impact on our immediate and long term quality of life. And not just our own, but it also affects our families. It is most important for each and every one of us to realize the value of health. We need to be aware of our present state of health and decide if this is what we want our health to be for the rest of our lives. If necessary, we should be ready and make the hard decision for big changes. And we should commit ourselves to execute them until they become our new healthy lifestyle behaviour. It’s not that hard if you have a happier attitude towards creating some key habits for a healthier lifestyle. Just remember to have some holiday C.H.E.E.R.!

C H E E R

HANGE to healthier food. Nutrition is important. It’s what we eat and how much we eat. AVE enough sleep. Give your body enough time to recharge. XERCISE. Move your body. It will get your blood flowing and even brighten your mood. ASE UP. Learn to manage stress and handle it positively. ELATIONSHIPS will help you get there. When you have the support of those around you, you will feel energized to reach your goal. Personally, I would like to pay more attention to food. As the saying goes, you are what you eat. Unfortunately, in modern society, it is not easy to find organic whole food

8 Health&Fitness December 27, 2018-January 2, 2019

WWW.PEXELS.COM

ERRY Christmas everyone! We are in the middle of the Holiday Season and it’s the joyous time we spend with our families, friends and officemates to celebrate the happiest time of the year. It’s the time of the usual rounds of parties with plenty of food and drinks, gift-giving and exchanges of Christmas greetings and happy pleasantries.

that are nutritious AND affordable. I believe that powerful business interests have taken control of large segments of the economy and agriculture that led to producing GMOs (genetically modified organisms), operating factory farms of poultry, piggery and cattle, and making highly processed food products with little nutrients and even harmful preservatives and chemicals. We have also become addicted to sugar in various forms that create cravings and encourage repeat sales. And sadly, millions are spent to make these nutrient-deficient products enticing, easily accessible and affordable to the public. That’s why it may take more effort and determination to consistently practice healthy lifestyle habits. But if we do, we will be in better shape, more energetic, clearthinking, and productive at work. Our moods will be more cheerful. And we won’t easily get sick. We will also have healthier relationships. If you really think about it, having a healthier lifestyle leads to more harmony in the family, stable sources of income, and our children will generally finish school and lead their own productive lives. We may also enjoy these positive benefits way into our 80s or 90s and even beyond. On the other hand, if you look at the negative effects on those who have the complete opposite mindset and lifestyle, they tend to be overweight or obese, easily fatigued, with brain fog. They are easily depressed and get sick often. I have seen people in their 30s and 40s suddenly getting a heart attack or stroke - an event which disrupts their life and that of their family in terms of emotional trauma, big expenses, extended recovery period if they survive, and loss of income. It is sad that in some extreme cases, the children may even have to stop schooling because of enormous medical and

hospitalization expenses or the loss of the breadwinner. So their own life and the lives of their loved ones are overturned abruptly and maybe permanently. I know you have seen examples of both types. We all have. In our family. Our office. In our neighborhood. You may even see it in yourself. Allow me to share a short story. I RECENTLY met up with a former work colleague who had transferred to a reputable dining and restaurant chain. During our conversation, I brought up the topic of health and asked how she was. She disclosed that in the past 1-2 years, she had gained 12 kilos, and she was actually getting concerned about it, but so far had not made a personal decision to make the necessary changes. Apparently, she is allowed to eat lunch on the house, and because of the many delicious attractive presentations, she had been enjoying heavy meals, and was now carrying the extra weight. I told her about my own experience where I slowly gained over 30 lbs. after I retired at the age of 60. Fortunately, I had that eureka moment in time when I reflected deeply and realized that I had to change the direction where my lifestyle was taking me. I knew that there would be an enormous price to pay eventually. But mainly by making necessary changes in the foods and quantities that I consumed, I lost the 30 lbs. It was a difficult process and it took much personal commitment and discipline especially as there were times that I occasionally cheated on my diet because I either had no time and only fast foods were available or because I had a party to attend and they served plenty of pasta, pancit (Filipino noodles) and sweet goodies. I told my former colleague that I now feel so much

better and healthier as a result. And when I look in the mirror, I also look much better. Never mind that I had to spend a little to get new clothes to fit my smaller frame. I told to her to think seriously about her own health. And I hope she will decide to make the necessary corrections, painful and difficult though it may be during the transition. I realized that our personal lifestyle is heavily influenced by what we ate and did as children. To a large extent, it is what our parents taught us by word or example. I’m not blaming them but looking back to my own childhood, I remember my mother telling us to always finish our food on our plate, saying “Maraming nagugutom sa Ethiopia” (There are a lot of people hungry in Ethiopia) and that we should be thankful that we have enough to eat. Sounds familiar? Those words stayed with me all these years, and I tended to slowly put on more pounds as I would finish all the food before me. Moreover, I believe my wife and I consciously or subconsciously passed on the same message to our 2 children that they should not waste food and at least one of them, like me, also learned that lesson well. On many occasions when we ate out with him and his family, I observed that he would enjoy eating generous portions during the meal. But towards the end, he would wait for his wife and children to finish eating, and he would consume any remaining food that they had ordered. He had not forgotten what he learned as a child. As can be expected, he has also gained some excess pounds. I am now trying to help him develop a new way of thinking that will help him to form his own healthier habits. My point is that it all boils down to our habits. Like our current eating habits that were formed during our early years, our lifestyle is an accumulation of habits that were formed over the years. Habits are not bad per se. Habits make life easy and convenient for us to get things done without too much thought or effort. We take a shower, brush our teeth and dress up every day in more or less the same way. Habits affect what and how we eat, work, sleep, get around, and spend our day. So if you think about it, the main reason why we have become overweight, lethargic, and sickly is because we may have developed many wrong habits. Then we should address the root causes and change those habits, right? We shouldn’t rely on prescribed medications that do not really cure but only address the symptoms. We need to acknowledge that our unhealthy lifestyle can lead to serious health issues. If we are not aware or we don’t admit there’s a problem, we won’t look for solutions and make the necessary changes. Knowing what to change is the easy part. Remember CHEER? Basically, its nutrition, sleep, exercise, stress management and getting support. The hard part is actually doing it especially since you will be going against a lifetime of bad habits and sometimes unavoidable situations like Christmas parties, reunions and family gatherings. But remember that it is possible to form new habits. All it needs is discipline and repetition. Repetition. Repetition. Repetition. And in as short as a month, you will see the changes; your taste in healthier food, the energy to exercise, better mood and better relationships. If it takes longer, that’s ok. Because once your new habits develop, it will get easier and easier that you wouldn’t even need to think about it. So this Yuletide season, I wish and pray you think about your health. Decide on creating healthier habits. Because I want you to celebrate more and more Christmases and New Years with your loved ones. Happy holidays everyone!

DIAMOND HOTEL, VICTORIOUS AT 23RD MABUHAY AWARDS

HE Association of Human Resources Managers (AHRM) for Hotels and Restaurants recently named Diamond Hotel Philippines’s Laundry Attendant Victor Madela as the Heart of the House category winner during the 23rd Mabuhay Awards. Every year, the AHRM awards distinction of honors to the best managers, supervisors and rank-and-file staff from the hospitality industry by holding the annual Mabuhay Awards, which is considered the most prestigious service award given to the outstanding men and women in the hospitality industry in the Philippines. Madela won over other strong candidates from participating hotels and restaurants after a tedious selection process by a prominent board of judges. For more information on Diamond Hotel Philippines, visitwww.diamondhotel.com. For hotel updates and special offerings, follow Diamond Hotel Philippines on Facebook, YouTube and Google+, and @DiamondHotelPh on Instagram and Twitter.

MA. CHRISTINA AQUINO (from left), chairman of the Tourism Industry Board Foundation Inc. and director for Linkages and Standards of Lyceum of the Philippines University Manila; Fr. Rolando Mactal, OP, rector of Sto. Domingo Church; Annabelle Ochoa, AHRM Lifetime Member; Victor Madela, laundry attendant of Diamond Hotel Philippines and 23rd Mabuhay Awards Winner for the Heart of the House category; Vanessa Ledesma Suatengco, general manager of Diamond Hotel Philippines; Maria Janella Ceriola, 22nd Mabuhay Awards Heart of the House Winner; and Myrna Reyes, AHRM PRO.

Health&Fitness December 27, 2018-January 2, 2019 9

The health benefits of honey By Henrylito D. Tacio

What is remarkable is the fact that the folk remedy did better than cough medicine or no treatment in a three-way comparison. Honey may work by coating and soothing an irritated throat, the study said. “Many families are going to relate to these findings and say that grandma was right,” noted Dr. Ian Paul of Pennsylvania State University’s College of Medicine who headed the study. Honey has been used as a folk remedy for ages for ailments ranging from allergies to indigestion. The body of Alexander the Great is said to have been preserved in honey. John the Baptist lived for a long period of time in the wilderness on a diet consisting of locusts and wild honey (Matthew 3:4). Honey is composed of sugars like glucose and fructose and minerals like magnesium, potassium, calcium, sodium chlorine, sulphur, iron and phosphate. It contains vitamins B1, B2, C, B6, B5 and B3, all of which change according to the qualities of the nectar and pollen. In addition, copper, iodine and zinc exist in it in small quantities. Several kinds of hormones are also present in it. “Honey is a treat, and is man’s oldest sweetener,” someone once wrote. “It is an excellent substitute for sugar in our drinks and food. It is also good for many medicinal uses and treating certain conditions.” For at least 2700 years, honey has been used to treat a variety of ailments. But it’s only in recent times that scientists have been investigating the use of honey in modern medicine. In Hamilton, New Zealand, scientists at the honey research unit of the University of Waikato have found that honey kills a wide range of bacteria. Part of honey’s antibacterial activity can be explained by what’s known as an “osmotic” or “water-withdrawing” effect. Honey reportedly has a density of about 1.36 kilogram per liter (that’s 40 percent denser than water). ”Honey has very little water— that’s what makes it thick and gooey—whereas bacteria are made mostly of water,” explained Dr. Peter Molan, professor of biological sciences and the unit’s director. “So

10 Health&Fitness December 27, 2018-January 2, 2019

when certain kinds of bacteria come into contact with honey, the honey basically sucks the water out of the bacteria like a sponge, and the bacteria die.” Even though honey tastes sweet, it’s actually quite acidic. The pH of honey is commonly between 3.2 and 4.5. This relatively acidic pH level prevents the growth of many bacteria. Do you have a cut? Honey is therefore a natural antiseptic. Medical journals cite more than 600 cases in which honey was employed to treat wounds. By applying honey to your wounds, you prevent infections. Honey contains antimicrobial agents, which prevents infections by killing the bacteria in and around your wounds. The Folk Remedy Encyclopedia: Olive Oil, Vinegar, Honey and 1,001 Other Home Remedies shares this information: “When using honey it may help to heat it up before putting it on your wound [caution test the heat before you place it on the wound]. Many types of bacteria can’t survive in honey, so wounds heal, swelling eases, and tissue can grow back.” Some studies suggest that the topical use of honey may reduce odors, swelling and scarring when used to treat wounds; it may also prevent the dressing from sticking to the healing wound. Honey may also be good for your skin. It has the ability to attract water. It is also safe for sensitive skin. Health experts recommend: Just mix one teaspoon of honey with one teaspoon of olive oil and one-half teaspoon of lemon juice. Apply to hands, elbows, heels of your foot, among others, and wash off after 15 minutes. You can also use honey as mouthwash by mixing one tablespoon of honey with a cup of warm water. Honey reportedly cleans teeth and dentures, and kills germs in the mouth. Also, honey works well on chapped lips and for acne because it has antibacterial properties. Honey may also be effective in the treatment of ulcers. In Europe, honey has been used internally to help cure ulcers, particularly stomach ulcers. Experts recommend tak-

PIXABAY.COM

TEASPOON of honey before bed seems to calm children’s coughs and help them sleep better, according to a study conducted in the United States that relied on parents’ reports of their children’s symptoms.

ing one to two teaspoons of honey on an empty stomach (at least half an hour before meals). This should be done one to four times a day “to assist in healing and provide pain relief.” Before doing so, however, be sure you have no other ailments. Burns, too, heal better with honey, some studies show. The advantage of honey is that it not only prevents infections from occurring, it actually accelerates skin healing. Since the sugar in honey absorbs water it helps to trap some of the moisture so that the bacteria and other microbes can’t grow as easily as in other food. This bit of knowledge comes from Honey: The Gourmet Medicine: “Honey provides an important part of the energy needed by the body for blood formation. In addition, it helps in cleansing the blood. It has some positive effects in regulating and facilitating blood circulation. It also

functions as a protection against capillary problems and arteriosclerosis.” Here’s a word of caution: Due to the natural presence of some spores, which cannot be destroyed by their digestive tracts, children under one year of age should not be given honey. Infants, on the other hand, can contract botulism from honey. Honey produced from some flowers may cause honey intoxication. Symptoms include dizziness, weakness, excessive perspiration, nausea and vomiting. Less commonly, low blood pressure, shock, heart rhythm irregularities and convulsions may occur, with rare cases resulting in death. Honey intoxication is more likely when using “natural” unprocessed honey and honey from farmers who may have a small number of hives. Commercial processing, with pooling of honey from numerous sources generally dilutes any toxins.

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CRIMSON HOTEL WELCOMES 2019 IN ’80s STYLE GET ready to be amped as Crimson Hotel Filinvest City, Manila gives everyone a spazzing ‘80s party to welcome 2019 on December 31, 2018, 9 p.m. at the Crimson Grand Ballroom. Guests can dazzle with their glow in the dark oversized shirts, colorful tulle skirts, high-top sneakers or other 80s fancy dress and channel in your favorite pop icon of the decade. The Verve Band will surely not disappoint all the event attendees as they perform the 80’s mega-jams. The ticket prices for the Totally ‘80s New Year’s Eve Countdown Party are P2,800 net for adults and P1,800 net for kids. This already includes a sumptuous buffet dinner, traditional balloon drop, live entertainment, ‘80s New Year treats and a chance to win raffle prizes. From December 31 to January 2, 2019, Crimson Hotel also offers

cool room packages for guests who want to retro their way to the most incredible night of the year. All the room packages include a buffet breakfast for two

persons at Café Eight, two tickets to New Year’s Eve Countdown Party, and 80’s themed turndown room amenity. The overnight stay (Stay and Party room package)

starts at P12,788 net, while three days and two nights (Fantabulous room package) accommodation starts at P21,888 net. In addition, the Café Eight’s Culinary Team is preparing the most spectacular way to ring in 2019 with more than a dozen of special buffet selection meant to end 2018 on a high note. This includes your Filipino favorites and international gourmet recipes, such as pork lechon, pata tim, lobster medallion, salmon coulibiac, roasted prime rib and so much more. On December 31, enjoy a New Year’s Eve Dinner Buffet for P1,900 net per person. While on January 1, Café Eight will serve a New Year’s Day Brunch Buffet from 12 noon—3 p.m. with the rate of P1,500 net per person. For more information on New Year promos or reservations, please visit the official web site at http:// www.crimsonhotel.com/manila/.

Winford Manila and Pagcor play Santa in outreach program WINFORD Manila Resort and Casino (WMRC), in partnership with the Philippine Amusement and Gaming Corp. (Pagcor), hosted recently the second Paskong Pasasalamat mula sa Pagcor at Winford Manila, an annual Christmas gift-giving and mealsharing activity for the lessfortunate citizens of neighboring barangays. The beneficiaries of the WMRCPagcor community outreach initiative were identified and selected by their respective barangay captains, with whom both proponents have maintained a close and healthy relationship since the luxury casino hotel opened its doors to the public in 2017. Present during the activity were WMRC President and Chief

Operating Officer Jeff Evora and Pagcor Chairman and Chief Executive Officer Andrea Domingo. In 2017, it was Domingo who reached out to WMRC requesting a community outreach program to give back to the local community who have been supportive of the casino hotel’s operations. “Paskong Pasasalamat mula sa Pagcor at Winford Manila is our way of reciprocating to the local community that has supported us from day one,” said Evora. “Aside from maintaining and strengthening our relationship with them, Paskong Pasasalamat also serves as an avenue for us to increase employee engagement and satisfaction through volunteerism and CSR activity participation.”

WMRC Director of Gaming Operations and Compliance Darwin Cusi (from left); Pagcor Branch Manager Jethro Chancoco; Pagcor Chairman and CEO Andrea Domingo; and WMRC President and COO Jeff Evora

Health&Fitness December 27, 2018-January 2, 2019 11

BULLETIN BOARD

TOAST TO A NEW YEAR AT

MARCO POLO

ORTIGAS MANILA TO welcome the new year, Marco Polo Ortigas Manila brings a new high life experience at the Contin ental Club Lounge and Vu’s Sky Bar and Lounge. Enjoy a dinner with a ringside view of the city’s fireworks at the Continental Club Lounge. The Lounge welcomes guests with a special spread from 8 to 11 p.m. At midnight, watch the fireworks paint the sky in vibrant colors and toast with family and friends at P3,000 per person. The clock ticks ever so steadily toward 2019 at Vu’s Sky Bar and Lounge with The Royal Countdown. Raise

teacups of bubbly champagne to the magical year that was and has yet to be at the hotel’s topmost level. A full experience of gastronomic dishes with a wide array of drinks await, with crowdfavorite Real Groove Band taking the stage from 9:30 p.m. onwards. Tables are available for reservations for both The Continental Club Lounge and Vu’s Sky Bar and Lounge through restaurant.mnl@marcopolohotels.com. For more information about Marco Polo Ortigas, visit www.marcopolohotels. com or email: manila@marcopolohotels.com.

EAT ALL YOU CAN AT CENTURY PARK HOTEL’S CENTURY TSUKIJI

CENTURY Park Hotel (CPH), one of the finest hotels in Manila, is giving you more reasons to

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smile this holiday season with a sumptuous feast of Japanese cuisine at Century Tsukiji!

A fantastic gastronomic deal awaits you at P995 net! Eat all you can and enjoy classic Japanese favorites, such as ebi tempura, salmon sashimi, tenderloin teppan,gyuniku teriyaki, matcha cake and more! The eat-all-you-can deal is valid on December 31 (New Year’s Eve) and January 1, 2019 (New Year’s Day) from 10 a.m. to 2 p.m. and 6 to 10 p.m. Make your culinary experience more memorable by saying “Aloha!” to 2019 at Century Park Hotel. Welcome the New Year with a pool party at the hotel’s Palm Grove from 10 p.m. onward. For only P1,200 (adults) and P700 (kids), guests can enjoy the hotel’s

temperature-controlled pool at their leisure while waiting for 2019 to ring in. What’s more, the tickets come with drinks, food and a live band. Truly a unique way of waiting for the clock to strike midnight! Going for a staycation? CPH has also prepared a New Year’s room package. Starting at P6,500 net, take advantage of a Superior Room, breakfast for two and New Year tickets for two. Deluxe Rooms can be availed at P7,500 net while Jr. Superior Rooms are available at P8,500 net with the same package inclusions (Superior Room). The New Year’s Room Package is exclusively available on December 31 only.

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NEW YEAR’S EVE COUNTDOWN PARTIES AT

RICHMONDE HOTELS BID 2018 au revoir and welcome 2019 with a celebration packed with fun and excitement at Eastwood Richmonde Hotel’s New Year’s Eve activities. Begin the night of December 31 with a lavish New Year’s Eve Dinner Buffet at Eastwood Café+Bar. Savor a wide array of mouthwatering cuisine, delectable carvings like the Richmonde Lechon Roll and Salmon Coulibiac, and fantastic desserts, for only P1,750 net. The dinner buffet is served from 6 to 9 p.m. At 10:30 p.m., the New Year’s Eve Countdown Party starts rolling at the hotel lobby. For only P1,250 net, revel in flowing drinks and an elaborate cocktail buffet that includes an exquisite grazing tabletype of antipasto station, a paella station with all-time favorites Paella Valenciana and Paella Negra, and a cochinillo station with a Spanish-style suckling pig and bagnet roll. Groove to the lively beats of the Big Bash Band as they perform well-loved retro music from the ’70s, ’80s and ’1990s, and to highlight the night, raise your glass of sparkling wine and toast your well wishes with family and friends at exactly 12 midnight. After a splendid night of festivity, keep the ball rolling on January 1 with the New Year’s Day Brunch Buffet, to be served at the Grand Ballroom from 10 a.m. to 2 p.m. Fill your heart with new hopes as you fill your tummy with sumptuous breakfast and lunch dishes, complete with a variety of drinks and coffee choices. Richmonde’s first buffet for the year, priced at P1,250 net, is sure to start your 2019 with good vibes and joyful beginnings. All buffet offers are free of charge for children five years old and below, while children six to 12 years old get a 50-percent discount on the full price.

Meanwhile, the Richmonde Hotel Ortigas presents wonderful offers to help you celebrate the arrival of 2019 with hope and excitement. Have a relaxing yet festive staycation with Richmonde’s superb New Year’s Eve Packages inclusive of comfortable room accommodations, delicious breakfast buffet for two for as low as P5,000 net. For even happier year-end celebrations, you can opt for its special valuefor-money packages with exceptional inclusions. For as low as P6,700 net, relish the New Year’s Eve Dinner Buffet with a loved one and wake up to a hearty New Year’s Day Breakfast Buffet. Whoop it up ‘til 2019 and reserve the New Year’s Eve Countdown Party Package that includes two tickets to the hotel’s bash and a filling recovery breakfast buffet for two, starting at P5,900 net. Or live it up on the last day of the year and get the full New Year’s Eve package with the dinner buffet, countdown party and breakfast buffet for two for as low as P7,800 net only. All room rates and packages include complimentary use of the Health Club’s gym and heated indoor pool, free parking

and Wi-fi access. Get together with family and friends at the Richmonde Café and reminisce fond memories from the past year over a lavish New Year’s Eve Gala Dinner priced at P1,680 net. Eat, drink and be merry with an assortment of flavorful dishes, a choice of bottomless iced tea or a glass of red or white wine, party favors and entertainment. The buffet dinner is served from 6 to 9 p.m. Celebrate new and hopeful beginnings at Richmonde’s New Year’s Eve Countdown Party, happening at the hotel lobby on December 31. From 9 p.m. onward, groove to dazzling beats of the live band and fill out your New Year’s resolution list, as you fill up your tummy with bites from the delectable cocktail buffet and your choice of three drinks. The countdown party ticket, priced at P840 net, is also inclusive of a glass of sparkling wine to toast to more adventures and a joyful future when the clock strikes 12 midnight. Get into full party mode and avail yourself of the New Year’s Eve Gala Dinner and Countdown Party Bundle for only P2,045 net and have a memorable night that will definitely be one for the books. A bountiful morning awaits you after a fabulous night of festivity. Greet the first day of the year with the New Year’s Day Breakfast Buffet and revel in a mouthwatering array of international breakfast favorites for only P930 net. Indulge the kids with these yummy feasts. Children six to 12 years old get a 50-percent discount, while little ones aged five and below are free of charge for all buffet offers. If the holidays leave you spent, recharge with a soothing staycation for as low as P 3,599 net (room only) and P3,999 net (room with breakfast buffet for two). Discounted rates are available until January 13, 2019.

SAVOR FILIPINO CHRISTMAS AT LAS CASAS FILIPINAS DE ACUZAR MAKE your holiday season more meaningful with a nostalgic yet endearing time-capsule trip that Las Casas Filipinas de Acuzar is. Satisfy your holiday cravings with a wild and palatable spreads from our three signature dining venues—Cusina ni Nanay Maria at Casa Unisan, Café Marivent at Casa New Manila and La Bella Teodora at Casa Bińan. Set against the majestic details of Hotel de Oriente, feel the cheery vibe of the traditional Christmas Eve feast with a dinner buffet and unlimited craft beer made even merrier with a by a cultural dance performance. Las Casas’s specials include Chicken Galantina, this holiday stuffed chicken recipe is a no-miss, Christsmas Lasagna and Chori Burger with homemade potato fries, the tasty skewered chorizo meat stuffed between buns well-complemented by homemade potato fries. Moreover, featured drinks for the month include Purple Yam, Sparkling Sangria and Lambanog Espresso Martini. Meanwhile, wrap up the year and toast to a better 2019 with a spontaneous and luscious New Year’s eve buffet special. Dressed to impress, the period-themed accommodations

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

sion to bring Filipino heritage to greater heights has caught the attention of the international scene by being the only Philippine property to be a part of the Conde Nast Johansens Luxury Global Collection and Peninsula Hotel’s Pencities Luxe Guide. This heritage resort is also the Asia Awards of Excellence winner for Asia’s most excellent destination for 2017 and is a project of the New San Jose Builders Inc.

Blast from the past At the heart of Bagac, Bataan, Las Casas Filipinas de Acuzar is the only Philippine destination that showcases the best of Filipino heritage and culture through the colorful stories as retold by Jose Acuzar’s collection of restored Spanish-Filipino houses. Masterfully crafted by local artisans from Bataan, Laguna, Pampanga and nearby provinces, Las Casas highlights the outstanding beauty of being a Filipino. From the majestic architectural design to heartwarming revival of traditions, Las Casas is a complete package to a one-of-a-kind travel to the past. All these unique initiatives of Jose Acuzar in line with his mis-

Health&Fitness December 27, 2018-January 2, 2019 13

HEALTHY FINDS

n INNOVATING DIFFICULT AIRWAY MANAGEMENT WITH VERATHON GLIDESCOPE

ONE of the most common problems encountered by medical professionals in hospitals today is how to effectively perform tracheal intubation, the act of placing a flexible tube to administer medication, with minimal discomfort in patients. The problem stems from various conditions that patients have that hinders smooth and uncomplicated procedures. To help educate doctors about how they can perform this procedure better, Dr. Eduardo J. Salvador of the De La Salle University Medical Center demonstrated best practices to address difficult airway management through an interactive seminar on August 15 at the Dr. Jose N. Rodriguez Memorial Hospital in Caloocan City. Difficult airway management is described as a clinical situation wherein conventionally trained anesthesiologists experience difficulty with mask ventilation, tracheal intubation or both. During his talk, Salvador cited the number of successful procedures he had done to the difficult cases he encountered in intubation. He recounted dealing with patients suffering from obesity, old age, lack of teeth and stiffness. “Good thing Verathon GlideScope has video laryngoscopy,” Dr. Salvador said. “It provides visualization of the larynx through a monitor, that’s why difficult airway management is handled well with an in-depth look at our patient’s condition.” The attendees, who are resident doctors of Cardinal Santos Medical Center, had some hands-on time with the innovative Verathon GlideScope after the talk. They each experienced the convenience brought by the machine and were impressed by the four-step procedure. Dr. Salvador describes the Verathon GlideScope as a great investment for Philippine hospitals. It can last for up to three years or 3,000 use cycles, and its titanium construction consists of blades and a video cable completely submersible in recommended cleaning solutions. It is the only one of its kind to have anti-glare and antifog screen feature, which gives a large full-colored view that can produce high-quality video output on an external monitor for viewing. HealthSolutions Enterprises Inc. (HSEI) is the official distributor of the Verathon GlideScope in the country.

14 Health&Fitness December 27, 2018-January 2, 2019

n A YOUNG COUPLE MAKES SPACE FOR THEIR ‘BEST CHRISTMAS GIFT EVER’

ROSALIE BAUTISTA, 35, is staring at the little infant Jesus asleep in the manger. She has just put up the Christmas décor: The heirloom belen from the old family home is now atop a side table, the gaily trimmed Christmas tree stands tall in one corner, a beautiful holiday wreath hangs on the front door and, beside it, a 4-foot-tall jolly ole Santa Claus stands watch in the living room. Dozens of garlands of silver Christmas lights have turned the place into a child’s holiday wonderland. It is what Rosalie and her husband Robert have always imagined this exciting time to be. In a few weeks, they will welcome their baby, a boy they decided to name Mikhail, which means “gift from God.” He is, after all, the “best gift” they could ever receive on this most blessed season. Rosalie and Robert had waited five years for this baby, spending their first few years of married life saving up for when they decided to start a family. During those earlier years they also enjoyed traveling, spending time with old friends and shopping for stuff for their home. But none of these gave Rosalie and Robert the thrill and happiness that they now feel as they anticipate Mikhail’s coming. As they both ponder the thought of cradling Mikhail at Christmas time, they feel a surge of joy and optimism about this new chapter in their lives. They are also grateful that things have been falling into place. You see, a few months after Rosalie and Robert wed, they found this modest-sized, modern two-bedroom townhouse just a short drive from their workplaces. It was tucked in a quiet residential neighborhood that had access to everyday conveniences—a supermarket, a pharmacy and a small retail arcade, among others. And it was the right fit for them...until they learned Rosalie was finally going to have a baby.

There was just a little “snag.” The couple had turned the second bedroom into a tidy “bodega” where they had stashed most of their wedding gifts, their old books, mementoes and other collectibles. They had also gradually filled it with several new acquisitions from shopping trips, here and abroad. They now needed to convert the room into a nursery for Mikhail, but they were stumped: Where to place the horde of possessions they had stored in it? That’s when the couple did some research online and learned about this concept of “selfstorage.” Apparently, the practice of storing one’s belongings in a safe and secured facility outside one’s home has been around in the United States for quite some time now. As they checked out more sites for selfstorage, Rosalie and Robert happily discovered that we have our own self-storage facility right here in Metro Manila, Loc&Stor 24/7, which is readily accessible from their residence. That very same weekend, the couple lost no time in checking out their facility in Pasig. During their visit, Rosalie and Robert personally inspected the facility, and they were really impressed with its security features, the convenience it offers, the cleanliness of its premises, as well as the professional customer service. “Right there and then, we knew that we’d found the answer to our prayers and the space we needed for our peace of mind,” Rosalie said. Rosalie and Robert’s dream of starting a family is about to come true. And they are doing it right, in a home full of love and free of clutter, and one in which the memories remain—just safely stored somewhere.

n CRISPY FRY FISH BREADING MIX LAUNCHED

MARKET leader, Crispy Fry, scores another first by introducing a breading mix for fish called Crispy Fry Fish Breading Mix. Next to chicken, fish is the second-most frequently cooked fried dish in Pinoy kitchens. Crispy Fry Fish Breading Mix makes fried fish tastier and crispier because of its expertly blended seasonings, spices, flour and breadcrumbs. A coating of Crispy Fry Fish Breading Mix helps eliminate fishy stench or lansa and also lessens oil splatters while frying. Crispy Fry Brand Executive Justine Pasco explains, “We’ve found a way to make frying fish hassle-free while still giving you the deliciousness you have all grown to love from Crispy Fry.” Ajinomoto Philippines Corp. hosted the

HEALTHY FINDS

2nd #CrispyFryPlayDay officially launched recently Crispy Fry Fish Breading Mix. The event brought together the press and their loved ones for a fun-filled family event. Everyone was treated to an exclusive screening of the acclaimed Aquaman movie at Greenhills Promenade Mall. Crispy Fry celebrity endorsers, Donna CruzLarrazabal and her son Gio, made a special trip from Cebu to join in on the fun, as well. The multitalented actress celebrates her important roles as a loving wife to her husband Yong and a doting mother to her kids—Belle, Cian and Gio. She loves cooking for her family and is thrilled to be endorsing Crispy Fry together with her kids. “The brand always comes out with new quality products to expand the choices we can serve to our family.” For more information and recipes about Crispy Fry Fish Breading Mix, like facebook. com/CookmunitybyAjinomotoPH and visitwww.ajinomoto.com.ph.

is perfect for the Filipino palate. This time around, Chef Kalel and Chef Mikel are putting their focus not just on the Doña Elena Olive Oil but with the Al Dente Pasta Lines, as well. Pasta is always a good call for holiday meals, as it’s something that you can easily dress up for a festive meal without stressing yourself out. Serve up your family with pasta dishes from our Filipino Chefs. These recipes require minimum effort on your part but will surely let your family think you took the time to learn a difficult recipe for them this season.

PROCEDURE 1. Sear beef tenderloin with Doña Elena Pomace Olive Oil until desired doneness is achieved and let the meat rest. 2. In a pot, boil 2 liters of water and add salt. Cook al dente fettucine for seven to eight minutes and set aside. 3. Using Doña Elena Pomace Olive Oil from the seared meat, saute the onion and garlic briefly. 4. Add the capers and deglaze with red wine. 5. Add the cooked al dente fettucine and season with worcestershire sauce. 6. Slice the beef tenderloin. 7. Plate the pasta and add the slices of beef tenderloin 8. Add the sour cream and serve.

n QUICK AND EASY RECIPES FOR THE HOLIDAYS

THE holidays are all about whipping up delicious meals for the whole family, so it’s always a challenge if you want to serve something that’s special but low-maintenance in terms of the cooking and preparation. This, while making sure your family and guests enjoy the food you made. Luckily, Doña Elena Olive Oil’s Chef Ambassador Series is back just in time for this season. Locavore’s Executive Chef Mikel Zaguirre and Raintree Group of Restaurants’s Corporate Chef Kalel Chan have recipes to share using Doña Elena Olive Oil and Al Dente Pasta that will keep your Christmas dishes healthy, without sacrificing flavor. Doña Elena Olive Oil wants to encourage Filipinos not to get intimidated by this versatile oil. “Filipinos often see Olive Oil as ‘pang sosyal lang’”, Fly Ace Corp.’s Group Product Manager for Edible Oils Zen Prudentino said. “However, we want to get their trust by showing how dishes they enjoy in restaurants that are prepared by professional chefs can easily be recreated at home using Doña Elena Olive Oil.” Olive oil is one of the healthiest types of oil in the market. It contains good fat and antioxidants. Doña Elena Olive Oil comes from olives grown in Andalucia, Spain, which is known to be the global leader in terms of olive oil. Doña Elena uses two varieties of olives—hojiblanca and picual. These two varieties are delicately blended, producing a mild and fruity taste that

AL DENTE FETTUCINE WITH SEARED BEEF AND SOUR CREAM Yield: three to four persons, time it takes to prepare: 30 minutes

INGREDIENTS: 3 tbsp Doña Elena Olive Oil 150 g al dente fettucine 1 tbsp Doña Elena Capers 2 tbsp Doña Elena Red Wine 200g marinated beef tenderloin, cleaned 2 Tbsp white onion, finely chopped 1 Tbsp garlic, peeled and finely chopped 2 Tbsp worcestershire sauce 3 Tbsp sour cream Beef dry rub 1 tsp Pimenton, Sweet 1 tsp cocoa powder, unsweetened 1/2 tsp cumin powder 1/4 tsp allspice powder 1/8 tsp cinnamon powder 1/8 Cayenne pepper powder Combine all ingredients together and set aside to use for marinating beef tenderloin.

CHOCOLATE PENNE RIGATE WITH DRIED FRUITS AND WALNUTS Yield: two persons

INGREDIENTS: ½ cup al dente penne rigate 1 Cup belgian chocolate, melted 1 Tbsp dried apricot, chopped 1 Tbsp dried cranberries, chopped 1 Tbsp walnuts, chopped

PROCEDURE: 1. Cook the al dente penne rigate. Set aside until cool. 2. Line up the cooked al dente penne Rigate in a foil or mesh, then pour in the melted chocolate. 3. Sprinkle the apricot, cranberries and walnuts. 4. Let it cool for 30 minutes, then it is ready to serve.

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