Businessmirror december 28, 2014

BusinessMirror

three-time rotary club of manila journalism awardee 2006, 2010, 2012

U.N. Media Award 2008

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A broader look at today’s business

n Sunday, December 28, 2014 Vol. 10 No. 80

By Bianca Cuaresma

W

HILE the sharp drop in the price of crude oil curtailed the country’s rising inflation, lower petroleum prices may not be good for the inflow of remittances to the country, an international credit watcher warned.

17 DAYS INSIDE

the best of envoys&Expats Envoys&Expats

The best of Envoys&Expats 2014

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T has been 21 months since the BM started its Envoys&Expats section with the view of providing members of the diplomatic community and expatriates to share their views on the Philippines, life and doing business in the country.

We look back on some of the personalities we have had the pleasure of meeting during the first six months of 2014.

(Part 1) SCHNEIDER ELECTRICS COUNTRY MANAGER PHILIPPE REVEILHAC

“The Philippines has a huge source of talented and brilliant young people who could drive the country to economic development.”

AMBASSADOR ASIF AHMAD OF GREAT

BRITAIN “There’s more fun in the Philippines. It’s just that you have to make it easier to get to places once you reach Manila.”

EUROPEAN UNION POLITICAL COUNSELOR JULIAN VASSALLO

“Filipinos have an enormous warmth and friendly attitude. There is something about Filipinos…as they have a natural talent to show deep care for others….”

GROUPM REGIONAL DIRECTOR FOR INDONESIA AND THE PHILIPPINES SEBASTIEN CAUDRON Caudron says Filipinos are technology-savvy, creative and easy to work with.

BRITISH CHAMBER OF COMMERCE OF THE PHILIPPINES CHAIRMAN ROGER LAMB

“The spirit I saw among Filipinos during Typhoon Ondoy was repeated during Supertyphoon Yolanda, and the response of the people is very impressive.”

PHILIPPINE AMBASSADOR TO

people think diplomats go around the world, attending cocktails and parties.

But is actually a very demanding job. It is a very challenging job.”

EDSA SHANGRI-LA GENERAL MANAGER PATRICK B. SCHAUB

“You are only as good as today.

If a guest had a bad experience during his stay here, then we are back to zero.”

campaign is about creating your moments, whether that’s a sport moment, a dining moment or a family moment….”

UNITED NATIONS HIGH COMMISSIONER FOR REFUGEES COUNTRY REPRESENTATIVE

FILIPINO EDUCATOR RAYLA MELCHOR SANTOS “We

BERNARD KERBLAT “The Philippines has taught the world the meaning of resilience during Yolanda, as we have seen how people have remarkably reacted in abject adversity.”

MARCO POLO PLAZA CEBU GENERAL MANAGER HANS HAURI

need to make schools a safer ground for children if we want to strengthen children from within.”

AMBASSADOR ROSARIO MANALO

EUROPEAN UNION COUNSELOR

OF KUWAIT “My family and I really appreciate the fact that culture here in the Philippines is similar…and we feel that we can relate to the people here because of the similarity in cultures.”

SOLAIRE RESORT AND CASINO PRESIDENT AND CEO THOMAS ARASI “Our

AMBASSADOR CONSTANTINA KOLIOU OF GREECE “Most

WILLEM VERPOEST “When I tell foreign guests about the habal-habal or Skylab, they all look at me and ask what a Skylab is. Then I tell them about it, and then show them a picture if it.”

AMBASSADOR WALEED AHMAD AL-KANDARI

PORTUGAL PHILIPPE J. LHUILLIER There is much room for improvement in trade between the Philippines and Portugal. He said the major challenge is to create presence for the Philippines.

FOREIGN SECRETARY ALBERT F. DEL ROSARIO “We have 97 million people, 10 mil-

lion of whom are overseas, spread out in over 174 countries in 40 time zones. We are known as the department that never sleeps.”

despite all these advances in technology, you still refuse to maximize them to your advantage, then you are missing out on a chance.”

AMBASSADOR AKINYEMI FAROUNBI

Ambassador Manalo’s more than four decades’ stint as a diplomat did not just make her mother proud, but the Philippines as a whole.

“I am excited about customers. I am challenged by the changes around us and to find new approaches to drive our leadership in the marketplace.”

COOPERATION AND CULTURAL AFFAIRS COUNSELOR OF THE FRENCH EMBASSY MICHEL-STANISLAS VILLAR

AMBASSADOR THOMAS OSSOWSKI OF GERMANY

“There is a rich history of political, diplomatic relationship based on trust and common responsibility between the Philippines and France.”

“The business atmosphere has improved, and I’m optimistic that Philippine and German investments will be better than it used to be.”

envoys&expats ASIA CEO FORUM CHAIRMAN RICHARD MILLS “The

UNITED NATIONS WORLD TOURISM ORGANIZATION SWISS EMBASSY DEPUTY CHIEF OF MISSION RAOUL SECRETARY-GENERAL IMBACH “I look forward to DR. TALIB RIFAI “This is spending a day swimming with

ALLIANCE FRANÇAISE DIRECTOR PATRICK DEYVANT “I am now at a

not Hollywood. But you have fascinating scenic destinations and the best asset in the world— your people.”

point where I can defend the Philippines.

I came here to promote my country, but I have ended loving your country and promoting it to the world.”

the butanding, not as part of a tourist activity, but just to quietly swim with them.”

FRENCH CHAMBER OF COMMERCE IN THE PHILIPPINES PRESIDENT CYRIL ROCKE “The Philippines is

an open and embracing society to many cultures…. As an expat, you see the rich cultural diversity here, and it makes you feel at ease.”

BPOs have shown that without a reasonable doubt, Filipinos can move from low-level jobs to junior-level jobs. Nowadays, many of them are stepping into middle-level jobs, too.”

I.S.I. TELETRADE FOUNDER AND CEO PETER STEINBACH “It’s very

important to promote the Philippines in the global platform as a tourist destination, because businessmen make decisions depending on the scenic attractions.”

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a pope’s pilgrimage to the philippines

Life

Peace in this world

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EAR Lord, we rejoice for the peace in this world! It is required for the respect and development of human life, it is not simply the absence of war or a balance of power between adversaries. It is the “tranquility of order” (Saint Augustine), “the work of justice (Isaiah 32:17) and the effect of charity. Earthly peace is the image and fruit of the Peace of Christ. Amen.

COMPENDIUMOF THE CATECHISM OF THE CATHOLIC CHURCH, FR. SAL PUTZU, SDB AND LOUIE M. LACSON Word&Life Publications • teacherlouie1965@yahoo.com

BusinessMirror

Sunday, December 28, 2014

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A pope’s pilgrimage to the Philippines

B S J

H

IS Holiness Pope Francis will make an apostolic and state visit to the Philippines from January 15 to 19, 2015, and it will have for its theme “Mercy and Compassion.” The pope will visit the Philippines primarily to comfort Filipinos devastated by the typhoons and earthquakes that hit the Visayas in 2013.

According to the official web site Papalvisit.ph, Pope Francis will bring a message of mercy and compassion to at least 11 different venues—and, according to eventmanagement estimates, to millions of people—in the province of Leyte and Metro Manila. This visit recalls what Jesus did in the Gospel of Matthew. In Chapter 9, Verse 36, it is written that Jesus, after “seeing the people, felt compassion for them, because they were distressed and dispirited like sheep without a shepherd.”

So, too, the pope who, like a good shepherd, saw the suffering of his flock during and after the calamities. He felt compassion and will arrive in the country bringing “the joy of the gospel” to revive our “drooping spirit” and to encourage us to greener pastures, as exhorted in Psalm 23 which also challenges the faithful to imitate Christ, the one and only Good Shepherd, who is the alpha and omega of mercy and compassion.

Said Catholic Bishops’ Conference of the Philippines President and Lingayen Dagupan Archbishop Socrates B. Villegas: “Our compassionate shepherd comes to show his deep concern for our people who have gone through devastating calamities, especially in the Visayas. He comes to confirm us in our faith as we face the challenges of witnessing the joy of the Gospel in the midst of our trials. This is an eloquent way of showing mercy and compassion.”

Papalvisit.ph further explains. “In Evangelii Gaudium 114, Pope Francis proclaims that ‘the Church must be a place of mercy freely given, where everyone can feel encouraged to live the good life of the Gospel.’

Thus, his visit is primarily to bring Christ’s compassion to our suffering people still struggling to rise from the devastations wrought by the earthquakes and the typhoon that hit the Visayas last year.”

The spotlight will not be on the person of the pope but on the devastated communities visited by such calamities, including Supertyphoon Yolanda

(international code name Haiyan), the strongest typhoon on record whose destructive path displaced 4 million people and flattened a million homes, according to Papalvisit.ph.

Aside from the primary mission, a secondary purpose has also been elucidated. Pope Francis will visit the Philippines to meet and greet the people, including religious leaders.

THE ITINERARY POPE Francis is expected to arrive at Villamor Air Base in Manila from Sri Lanka via a Philippine Airlines (PAL) flight past 5 pm on January 15.

After an official welcome with Papal Nuncio Giuseppe Pinto, the pope will go on a motorcade to his official residence in the Philippines. The following morning, January 16, Pope Francis will be officially welcomed by President Aquino at Malacañan Palace where the pope will also meet Philippine authorities and members of the diplomatic corps. This will most likely occur in the Rizal Ceremonial Hall of the presidential residence. After the Palace reception, Pope Francis will go on a motorcade to the Cathedral Basilica of the Immaculate Conception, better known as the Manila Cathedral in Intramuros, for a Mass with bishops, priests, and women and men religious. Later, he will have a close encounter with lay families at the Arena in Mall of Asia in Pasay City.

The next day, January 17, the pope will depart by plane for an 8:15 am flight for Tacloban. Shortly after his arrival at 9:30 am, the pope will celebrate Mass at the Archdiocese of Palo near the Tacloban International Airport in Leyte Province, Eastern Visayas. He will have lunch with the poor and survivors of natural calamities at the residence of the archbishop of Palo. In what would be a poignant high point of his apostolic journey to the Philippines, the pope is expected to pray at the mass grave of those who died in the massive devastation wrought by Yolanda. He will light a candle and offer his personal prayers.

At 3 pm, he will bless the Pope Francis Center for the Poor in Palo and visit the Cathedral of Our Lord’s Transfiguration (Palo Cathedral) to meet with priests, seminarians, and women and men religious, as well as other calamity survivors, persons with disabilities, orphans and the elderly.

The Pope Francis Center for the Poor will house an

orphanage, a home for the aged, and a dispensary to be run and maintained by the Kkottoongnae Brothers and Sisters of Jesus, a South Korean religious congregation.

At 5 pm, the pope will depart by plane for Manila where the next day, January 18, Sunday, he will host a brief morning meeting with religious leaders of the Philippines at the Pontifical University of Santo Tomas (UST). At 10:30 am, he will have a face-to-face with the youth at the sports field of UST. In the afternoon, he will go on a motorcade for a concluding Mass at the Quirino Grandstand in Rizal (Luneta) Park at 3:30 pm.

Pope Francis will leave for Rome on January 19 after a 9:45 am leave-taking ceremony at the Presidential Pavilion of Villamor Air Base in Manila. He is scheduled to arrive back in Rome by 5:40 pm, Philippine time.

GOD IN THE DETAILS PREPARATIONS for the pope’s four-day visit in the Philippines include a massive information drive and logistics effort, as well as other surprising details including the minting of P500 and P50 commemorative coins by the Bangko Sentral ng Pilipinas and the launch of the Papal Visit app, now available for both iOS and Android devices.

The Papal Visit app was made through the efforts of Digital Media Ph and is linked to the papal Twitter handle (@pontifex), as well as to the official papal visit web site, Papalvisit.ph, and various social-media accounts. Meanwhile, two open Popemobiles, one each for Manila and Leyte, have been specially prepared to allow easy access to the people at any time during his motorcades. The Popemobiles are not bulletproof, to show that the Church is accessible and open. The vehicles will allow the pope to get on and off easily to meet with the crowds.

Speaking more on transportation, PAL will fly the pope to and from Manila. The airline said it will draw from its experience as the official carrier of Pope John Paul II for his Philippine visits in 1981 and 1995. The company, however, did not specify details and other flight modifications for the visit of Pope Francis except to say that PAL’s flights to and from Tacloban City are suspended on January 17 during Pope Francis’s visit.

Therefore, passengers who have booked flights on the said date were advised to rebook their

T

tickets as Tacloban airport will be closed to all commercial flights. The Civil Aviation Authority of the Philippines has issued a notice to all airlines, suspending all airline operations at Tacloban on January 17 for security reasons.

PERSONAL PREPARATIONS CHRISTIANS from all walks of life are urged to prepare spiritually for the pope’s upcoming visit. They are to make an act of mercy everyday, such as giving food to the hungry, helping build homes for disaster victims, and visiting prisoners or patients in the charity ward of hospitals, drug rehabilitation centers, homes for the elderly, and orphanages.

Villegas said, “Let us make mercy our national identity. Trust in God’s mercy is part and parcel of our traditional Filipino Christian culture. Let us make the practice of mercy our gift to the pope when he comes to visit us.” In addition, religious authorities have set up reminders of behavior during the visit. The faithful is urged to dress modestly, maintain peace and order, and refrain from pushing and shoving during Masses and other events.

Other gentle reminders include actively taking part in Masses by singing and responding; helping maintain peace and order; heeding authorities’ instructions, particularly when it comes to crowd control, security and public health; being aware of the location of first-aid stations and portalets; keeping venues clean and litterfree; respecting public property; following traffic rules near venues; keeping an eye on children at all times, and giving the same attention to elderly and people with disabilities; and following instructions and respecting rules to be placed by authorities.

Manila Archbishop Luis Antonio G. Tagle said: “The world is one with us in this historic visit of Pope Francis to our country.”

The former chemical technician and nightclub bouncer known as Jorge Mario Bergoglio has brought in fresh blood to the Vatican while recently lambasting publicly power-hungry princes of the church, namely the cardinals and bishops who run the Catholic Church’s Rome headquarters. Due to his invention of a new easy style of communication, Pope Francis is now considered one of the most popular pontiffs of modern times, even more popular than the recently sainted Pope John Paul II. ■

life

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chinese connection Sports BusinessMirror

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| Sunday, deCember 28, 2014 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph

CHINESE CONNECTION

By Christopher Bodeen

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The Associated Press

EIJING—After a roller-coaster National Basketball Association (NBA) career, Stephon Marbury has found peace in basketballcrazed China. The two-time All-Star is thriving on the court with the Beijing Ducks while becoming one with his adopted hometown away from basketball.

He is so entrenched, he wants to one day coach China’s national team.

“I plan on living here for the rest of my life,” the 37-year-old point guard and Brooklyn native said in an interview in the lobby of his plush apartment building in the heart of Beijing. “I think they respect me enough to be able to give me the opportunity.”

China is a world away from Marbury’s life in the US, where he endured a string of disappointing stints with several NBA teams. But he has found his groove in Beijing, leading the Ducks to two Chinese Basketball Association (CBA) championships. He is an unrivaled fan favorite and the team’s on-court leader—the organization has even erected a statue of him in front of its arena.

Marbury has capitalized on the opportunities China offers to foreign basketball players and other athletes capable of adjusting to the considerable cultural, linguistic and culinary challenges of life in the rising Asian power. Already dominant at the Olympics and Asian Games, the world’s second largest economy is now undergoing a boom in professional sports stoked by foreign coaches and players.

“I don’t make nowhere near the money that I made when I was playing in the NBA,” Marbury said, “but I’m way happier, so I mean, what is that to say?”

A big part of Marbury’s Chinese appeal has been his willingness to embrace local culture and make himself accessible to fans.

He rides the Beijing subway with a backpack and headphones, posing for photos with people he meets along the way. He dines at local eateries, and digs into the same simple meals as his Chinese teammates.

Marbury has been a vocal supporter of Guoan, Beijing’s beloved local football team, and studied the graceful martial art of tai chi. He even took a stab at learning Chinese before a knee surgery threw him off his lessons.

He’s also active on Weibo, the ubiquitous Chinese version of Twitter. A

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ENVER—Denver defensive end DeMarcus Ware considers himself a mixed martial artist on the football field.

Ever since his rookie year in 2005, he’s spent as much time in the offseason working on his handwork with a secondgeneration Bruce Lee student as he has working out at a traditional gym.

Ware is part of a growing number of National Football League (NFL) pass rushers who have adopted the grappling and striking techniques of mixed martial arts (MMA). It helps them outmaneuver the ever-expanding 330-pound tackles and get to the everquicker quarterbacks before they can throw the football.

Ware credits the moves he’s learned and refined under the tutelage of Valentin Espiricueta, owner/operator of Applied MMA in Dallas, for helping him amass 127 sacks over his decade in the NFL. “If I didn’t learn martial arts, I’d be just a basic dip-and-rip guy just trying to go around the corner,” Ware said.

Instead, Espiricueta’s star pupil and eight-time Pro Bowler uses swift swipes and whirlwind motions to set up and ultimately vanquish pass protectors. Like a fighter getting the best of his opponent in the octagon.

Sparring or grappling with technical fighters and their trainers teaches NFL players to swat away and otherwise avoid punches from O-linemen. It also aids their cardiovascular training, tenacity and acumen.

“What we’re doing at least in the grappling aspect of our sport is we’re manipulating another man’s body, putting it where we want it, whether that’s putting it on the ground or moving it to the left or right or off-balance,” said Matt “The Immortal” Brown, a 33-year-old

typical post: “Good morning China! Live in the moment with pure loving intentions to all. Love is Love!!!”

He wrote a column—”Starbury News”—in the China Daily newspaper, and if he had any negative feelings about China, he kept them to himself.

“Marbury was seen as a loner in America, but he’s completely changed his image here in China. He’s shown huge interest helping both his team and young people generally,” veteran Chinese sportscaster Xu Jicheng said.

Basketball is already hugely popular in China, as is American music and fashion. Urban courts are filled with youngsters showing off their moves, while hip-hop fashions are a favorite of those born in the 1980s and 1990s.

Fans have also connected with Marbury.

When he scores for the Ducks, each basket is celebrated by an MC and echoed by fans at the arena operated by the team’s sponsor, Capital Iron and Steel, in

Beijing’s far western suburbs. Marbury can still score, he had a 46-point game in a one-point loss to the Xinjiang Flying Tigers.

It’s not exactly Madison Square Garden, but crowds at the Shougang Basketball Center are enthusiastic. Songs by Sugar Hill Gang and other hip-hop classics play over the PA—with Marbury at the center of it all.

“Marbury is why we come to these games. He’s the one who’s really made them play like they never played before,” said Ricky Chen, a 26-year-old Beijing office worker who endured a two-hour trip on the subway to catch a game with his girlfriend.

A college standout at Georgia Tech, Marbury was a first-round pick in the 1996 NBA draft

by Milwaukee, but traded to Minnesota.

He also played for New Jersey and Phoenix before joining the New York Knicks amid high expectations that were never realized. His last stop in the NBA was with Boston in 2009.

With his NBA options becoming limited, Marbury decided in 2010 to head for China in hopes of jumpstarting his career.

That leap of faith landed him initially in gritty Taiyuan in China’s northern coal country. A contract dispute with the Brave Dragons soon left him high and dry, although Marbury said he never considered heading home.

“I was, like, if I go back to America I’m going to get killed by the media. I’m done. This is it. My career is done, my life is over with,” Marbury said.

Salvation came in the form of the Foshan Dragons in the industrial south.

Along the way, he has relaunched his Starbury sportswear brand, whose logo is tattooed on his shaved head. This fall he was featured in a live musical production using his China experience as an allegory for overcoming hardship.

Marbury is one of dozens of foreign players in the CBA, which allows teams to play two non-Chinese players at a time for a total of six quarters per game. Some have found the success that eluded them in the US, such as former NBA journeyman Lester Hudson, the CBA’s Most Valuable Player last season, and Jamaal Franklin, a former second-round draft pick of the Memphis Grizzlies, the league’s leading scorer this season.

Other NBA All-Stars have given China a shot—including Metta World Peace, Tracy McGrady and Gilbert Arenas, with varying degrees of success.

But none embraced the country in the way Marbury has.

“It makes him one of the few CBA foreigners that aren’t likely to be painted as mercenaries,” said Andrew Crawford, whose web site, Shark Fin Hoops, covers Chinese basketball. “He’s the first foreigner in the CBA to make a huge and sustained deal out of how much he likes being in Beijing, and that means a lot.”

Marbury believes he can play another two or three years but no matter what happens on the court—or with his coaching ambitions—he plans to keep China at the center of his life and career.

“I am forever indebted to this country for them helping change my life and my basketball career, and how I’m viewed in the world of basketball.”

a BiG part of stephon marbury’s Chinese appeal has been his willingness to embrace local culture and make himself accessible to fans. AP

Pass rushers turn to martial arts

DenVer defensive end Demarcus Ware (right) rushes during the second quarter of the Broncos’ game against the st. louis rams in saint louis in november. AP

welterweight UFC fighter from Columbus, Ohio. “So, to learn how to control another man’s body is surely going to be an important skill for them. Anytime it’s one on one, man against man, there’s going to be some correlation.”

Packers pass rusher Datone Jones said MMA training helps his “hand-eye coordination, balance, body control and just being able to strike, being able to endure more.” The ancillary benefit, he said, is greater flexibility, “so it’s working on more areas so you get stronger, flexible, faster, looser.”

Vikings pass rusher Brian Robison said mastering MMA techniques and transferring them to the football field “allow you to rush the passer a little bit easier.”

Ware was introduced to the martial arts aspect of pass rushing

by Greg Ellis, a defensive end in the NFL from 1998 to 2009. Ellis learned of Espiricueta’s training methods from Randy White, who played for the Cowboys from 1975 to 1988.

“Greg Ellis told me, ‘You’re not going to have this speed forever.

But you can have the quickness.’

So, one thing I learned when I

did have a lot of ability, like Von Miller, was I would actually just beat guys from here,” Ware said, tapping his right temple, “instead of beating them just with athleticism.”

Espiricueta combined the Filipino martial art known as kali with the Bruce Lee style of kung fu known as Jeet Kune Do, or JKD. Practitioners of JKD believe in smooth, minimal movements and with maximum effects and extreme speed. It is referred to as “the art of fighting without fighting.”

That rule change led to a transformation in the trenches as O-linemen ballooned past 280, 290 and then 300 pounds, overpowering defenders by sheer size. Nowadays, they’re typically 330 pounds and outweigh most defensive ends by 75 pounds and linebackers by 100.

So defenders either have to be fast enough to get around them or quick enough to swat away their hands when they punch.

A dip-and-rip or jab step just doesn’t always do the trick anymore. But with martial arts techniques, “you figure out what’s the best leverage point and he can be 350 pounds and it doesn’t matter, you’re going to beat him,” Ware said.

“The tackles now, they’re so big and they’re pretty quick,” Ware said. “And they use their hands to set you up or they use their arms for leverage because usually their arms are longer than a pass rusher’s. So, you have to figure out how to defend yourself from that, and with mixed martial arts, you sort of figure out how to set guys up and use certain moves so you dictate what they’re going to do.

“If you do it so many times, eventually, you figure out the timing of when they’re going to punch—because eventually they have to punch.”

And when they do, that’s when Ware will use his martial arts, maybe with something Espiricueta came up with called the “side scissor.” The pass rusher uses both hands to swipe away the punch to his chest and throw the tackle off-balance.

“It’s like a chess match. You’ve got to be patient,” Ware said.

“Because if you beat him just three times and have three sacks in that game, you had a monster game.” AP

sports

Espiricueta, who studied under Bruce Lee student Dan Inosanto, has worked with numerous NFL players, but said Ware “took it to a different level.”

He developed a training program customized for football players in response to the league’s rule change in 1978 that allowed offensive linemen to open their hands and leave their arms extended rather than use the hitand-recoil techniques like boxers.

“It was all about the hands and how to get their hands off you,” he said.

In its in-depth credit analysis following its upgrade of the Philippines’s sovereign credit rating, Moody’s Investors Service said one of the main external risks to growth—aside from the lackluster growth outlook of Japan and the slowing Chinese economy—is the impact of lower oil prices on the growth of remittances.

Moody’s explained that it expects lower oil prices to adversely impact growth conditions in the Middle East, thus, inadvertently leading to the slower growth of remittance inflows from the region.

“The Middle East is the second-

top business stories of 2014

U.S. grows as rest of the world slows

largest source of remittances to the Philippines. At 18.9 percent of total remittances in 2013, it was second only to the 43.1 percent from the United States,” Moody’s explained.

Moody’s, on the other hand, said the robustness of Philippinebound remittances remains amid external developments owing to the increasing diversification of job scope and geographic location.

“Nevertheless, it remains unclear as to whether lower global oil prices will have a knock-on effect on remittance inflows to the Philippines, given the large diaspora of Filipino workers in the See “Oil prices,” A2

bsp: PHL can handle effects of sluggish Japan, China growth

A MANTRA FOR THE AGE OF SELFIES »C2

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Editor: Gerard S. Ramos • www.businessmirror.com.ph

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Editor: Joseph Cortes • Associate Editor: Max V. de Leon | Sunday, December 28, 2014 B1

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OF NIGERIA “This is one of the good things about Filipinos and Nigerians. Even if we do not know something, we persevere and learn it.”

Lower oil prices good for inflation but bad for remittances–Moody’s

PAPAL VISIT 2015

PHILIPPINE CHINESE CHAMBER OF COMMERCE AND INDUSTRY INC. PRESIDENT JOSE GO “If,

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HE country can handle the negative effects of the slower Japanese and Chinese economic growth this year, as the recovery of the US can even out prospects for the Philippines, the central bank said.

In the recent special year-end interview of the Global Source Partners, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said that, while slower growth in Asia could adversely affect the Philippines, the country’s trade may be kept afloat by the rising US economy.

“If the US economic growth does gain traction, this will be positive for the Philippines and serve to even out the trade prospects for us,” Tetangco said.

However, Tetangco did not completely disregard the potential effects of the slower Japan and China economy, especially on the Philippines’s trade numbers.

“There are certain developments in China and Japan that bear watching,” Tetangco said.

He noted that in China, growth is seen to be slowing faster than expected this year and in the coming months.

PESO exchange rates n US 44.6520

“However, the recent surprise monetary-policy actions, as well as market expectation of ‘meaningful financial-sector reform’ from the administration, should help to rein in market confidence. These measures are expected to buoy the Chinese economy,” he said.

“As for Japan, its economy has entered a technical recession. And it seems like structural reforms, including new tax measures, will continue to face challenges,” he added.

In a separate note, Moody’s Investors Service also warned that the Philippine economy may be subject to some negative drag, owing to the slowdown of the two Asian economic powerhouses.

Moody’s, however, noted that the Philippines has developed a certain level of resilience to the slowdown in these Asian economies, and that these risks will be “contained,” compared to that of other emerging markets coming into 2015.

“Recent data show that the current recession in Japan has had only a limited effect on the Philippines’s overall growth condition and export performance,” Moody’s said. Bianca Cuaresma

This December 31, 2013, file photo shows Veronica Boshen of Allentown, Pennsylvania, in her 2014 glasses while waiting for the ball-drop celebration to begin in Times Square on New Year’s Eve in New York. Americans are closing out 2014 on an optimistic note, according to a new Associated Press-Times Square Alliance poll. Nearly half predict that 2015 will be a better year for them than 2014 was, while only one in 10 thinks it will be worse. There’s room for improvement: Americans give the year gone by a resounding “meh.” AP/Kathy Willens

By Tali Arbel The Associated Press

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EW YORK—This year showed how sheltered the US economy is from geopolitical and health crises around the world. The global economy sputtered, but the US powered ahead. Employers are finally hiring enough to lower unemployment. A plunge in gas prices and a rising stock market have Americans feeling richer and spending a bit more.

Those are some of the top business stories of 2014, as chosen by business editors at the Associated Press. Others include massive product disasters: A string of auto recalls after faulty ignition switches from General Motors Corp. and air bags in many car models caused injuries and deaths. Hackers stole personal information from millions of people in a wave of breaches at stores, banks, a movie studio and other organizations.

We’re also becoming increasingly dependent on our phones and tablets, using them to communicate, play and pay.

Janet Yellen became the first woman to head the Federal Reserve and US workers won higher pay as

cities and states across the country raise the minimum hourly wage.

Corporate deal-making was also in the spotlight. Companies acquired each other at a level not seen since 2007, the year the Great Recession began, while a burst of businesses went public.

The top 10 business stories of 2014:

1

U.S. GROWS AS WORLD SLOWS: After a freezing winter put a chill on buying and selling, the US economy has posted its best six months since 2003. But the rest of the world hasn’t been as lucky.

Japan has fallen back into recession. The 18 countries that make up the euro zone are barely growing and fear a dangerous drop in prices. Major developing nations aren’t faring much better. China’s growth has dropped to a fiveyear low of 7.3 percent. Western sanctions and dropping oil prices have decimated Russia’s currency.

Brazil just edged out of recession.

What’s helped the US is its relative insulation. American consumers, not exports, are the main drivers of the world’s largest economy.

2

JOBS ARE BACK: Millions of Americans still struggle with low pay and fewer hours of work

than they want, and millions have given up looking for a job entirely. But, five years after the recession ended, the US job market is looking healthy. The unemployment rate is below 6 percent.

Employers added nearly 3 million jobs, the most since 1999, as shoppers and businesses spend more. As a result, the Fed ended its recession-era stimulus program in October and is edging closer to lifting interest rates. The Fed has kept rates near zero since 2008 to spur lending and investment.

3

SECURITY BREACHES: The theft of 40 million credit and debit cards and 70 million personal records from Target last fall turned out to be just the beginning. Home Depot Inc. hackers nabbed 56 million cards and 53 million e-mail addresses. There were breaches at Kmart, Dairy Queen and Albertsons. JPMorgan Chase & Co. said hackers stole information covering 76 million households and 7 million small businesses. Sony employees’ private information and e-mails were posted online.

The consequences? Sony Pictures Entertainment canceled the mass release of The Interview, a comedy about assassinating the Continued on A2

n japan 0.3719 n UK 69.5901 n HK 5.7573 n CHINA 7.1769 n singapore 33.8735 n australia 36.3616 n EU 54.5960 n SAUDI arabia 11.8958 Source: BSP (23 December 2014)

News BusinessMirror

A2 Sunday, December 28, 2014

Oil prices... continued from A1

Middle East,” it added.

The government targets a 5.5-percent growth of remittances for the year, up from its previous 5 percent assumption in July.

Latest data from the central bank showed that cash remittances reached $2.224 billion in October this year, the highest monthly remittance sent by Filipino migrant workers to date.

The BSP also noted that some of the countries in the Middle East—such as Saudi Arabia and the United Arab Emirates (UAE)— were top contributors in the October remittance figure.

Likewise, citing preliminary data from Philippine Overseas Employment Administration, the central bank said that a large bulk of the processed overseas Filipino workers job orders in January to October this year were intended for service, production and professional and technical related workers in Saudi Arabia, the UAE, Kuwait and Qatar.

Earlier this month, BSP Governor Amando M. Tetangco Jr. said the inflation of the country in December may be further reduced to its lowest in over a year after almost breaching the upper bound of their targets in mid-2014.

The expected inflation drop that further tamed the growth of consumer goods’ prices at the end of the year can largely be pointed on the steep decline of oil prices in the global markets.

Likewise, as a result of significantly lower oil prices, the Land Transportation Franchising and Regulatory Board approved a P1 roll back on the minimum fare of jeepneys just recently.

news@businessmirror.com.ph

Top business stories of 2014

Continued from A1 North Korean leader, after hackers threatened to attack movie theaters. Target Corp. replaced top executives. Shops, card companies and banks sped up card security improvements.

4

OIL PLUNGE: Global crude prices have fallen to around $56 per barrel from this year’s high of $115 because of more production, especially in the US, while slowing economies in Europe and Asia crimp demand. A rapid decline in the second half of the year pushed gasoline to about $2.30 a gallon in the US, the lowest price in nearly five years. Americans are pocketing $15.4 billion more a month than when gas was at its 2014 high of $3.70. Cheaper crude is also pumping up auto sales and saving airlines money on jet fuel. But drilling could slow in North Dakota’s new boomtowns and other regions, hurting businesses that have cropped up.

And governments in energy producers Russia, Venezuela and Iran are being squeezed, increasing the likelihood of political upheaval.

5

AUTO RECALLS: In the US alone, automakers recalled more than 60 million cars and trucks. That far surpasses the previous record

Nato...

continued from A8 the Plesetsk launchpad in northwestern Russia.

The 29-page doctrine outlines top threats to Russia’s security and possible responses. It is the document’s third edition since Putin was first elected in 2000.

The doctrine places “a buildup of Nato military potential and its

of 30.8 million in 2004. The bulk of those come from two problems that have led to nearly 50 deaths and dozens of injuries. Japanese air-bag supplier Takata, whose air bags can inflate too fast and spew shrapnel, has fought regulators’ demands to expand recalls. And GM was fined the maximum $35 million by US safety regulators for dragging its feet—for a decade— over replacing faulty switches that can shut down car engines. The US Justice Department is investigating both companies.

the Federal Reserve’s bond-buying stimulus program stressed investors this fall, but US stocks kept rising, extending the bull market run to nearly six years. More companies acquired each other and big companies bought up more than $400 billion of their own stock, helping to put the Standard & Poor’s 500 index on pace for a 13-percent gain in 2014. And despite the end of the Fed’s bond purchases, which was expected to weigh on markets, bond prices rallied and rates dropped.

6

8

MOBILE MOMENTUM: PC sales are slumping, but mobile-phone subscriptions are expected to reach 7 billion this year—the same as the world’s population. Phone makers are launching cheaper smartphones aimed at developing countries, which could get billions more people online.

Already, more than a billion people check Facebook on their phones and tablets. The social media giant spent $22 billion on a phone messaging app, WhatsApp. Uber, a hail-a-cab app, is valued at $40 billion. Apple Inc., the iPhone and iPad maker, launched a payment system that sidesteps cash and plastic.

STOCK MARKETS SOAR: Another year, another record. The end of

MINIMUM WAGE GROWTH: Inequality has been rising, and median household incomes have fallen since the recession began in late 2007. But the federal minimum hourly wage has remained at $7.25 since 2009. Labor organizers, fastfood workers and Wal-Mart Stores Inc. employees have campaigned for higher pay across the country.

Congress hasn’t acted, but cities and states—and President Barack Obama—have. Obama raised pay by executive order for government contractors to $10.10 an hour. By January 1, 29 states and Washington, D.C. will have a higher minimum wage than $7.25. Seattle approved an increase to $15 an hour, the highest rate in the country.

empowerment with global functions implemented in violation of international law, the expansion of Nato’s military infrastructure to the Russian borders” atop the list of military threats to Russia.

It stresses that the deployment of foreign military forces on the territory of Russia’s neighbors

could be used for “political and military pressure.”

Nato Spokesman Oana Lungescu responded by saying in a statement that the alliance “poses no threat to Russia or to any nation.”

“Any steps taken by Nato to ensure the security of its members are clearly defensive in nature, proportionate and in compliance with

7

3-DAY EXTENDED FORECAST DECEMBER 28, 2014 | SUNDAY

TODAY’S WEATHER

LOW PRESSURE AREA (LPA) WAS ESTIMATED AT 660 KM EAST OF HINATUAN, SURIGAO DEL SUR.

Low Pressure Area (LPA) develops when warm and moist air rises from the Earth’s surface.

Tail-end of a cold front is the extended part of the boundary, which happens when the cold air and warm air meet. This may bring rainfall and cloudiness over affected areas. It is felt at the northern hemisphere winter season.

Northeast Monsoon locally known as “Amihan”.

It affects the eastern portions of the country.

It is cold and dry; characterized by widespread cloudiness with rains and showers.

9

DEC 29 MONDAY

DEC 30 TUESDAY

METRO MANILA

23 – 30°C

23 – 31°C

TUGUEGARAO

22 – 28°C

22 –28°C

JANET YELLEN: The Fed had been led exclusively by men for a century. Then Janet Yellen, a 68-yearold former economics professor and the No. 2 at the Fed, became the first woman to lead the central bank. Plainspoken, with a trace of her native Brooklyn in her speech, Yellen criticizes inequality, focuses on jobs growth and has tried to demystify the moves of the notoriously opaque Fed. She has also tied the failure of most economists to predict the damages wrought by the financial crisis to a lack of diversity in the field. She says that increasing diversity is a priority at the central bank.

10

LET’S MAKE A DEAL: Higher stocks and confidence lifted global mergers and acquisitions volume to highest level since 2007. With a few days to go, global deal volume has risen 20 percent to $3.41 trillion, including debt. Climbing markets make it easier to do stock deals, and borrowing is cheap. Meanwhile, initial public offerings (IPO) had their biggest year since 2000. Health-care companies made up 37 percent of all IPOs in the US, nearly double the level in 2013.

And the biggest IPO ever, that of China’s e-commerce behemoth Ali­ baba Group Holding Ltd., raised $25 billion in September. international law,” she said. “In fact, it is Russia’s actions, including currently in Ukraine, which are breaking international law and undermining European security.”

Russia’s relations with the West have plummeted to their lowest level since Cold War times, and Nato cut off ties to Moscow after it annexed Ukraine’s Crimean Peninsula in March.

DEC 31 WEDNESDAY

3-DAY EXTENDED FORECAST

DEC 29 MONDAY

Fare hike... continued from A8

The prototype unit will be delivered in August 2015, and after one month of testing, three to four additional train cars will be delivered until all 48 units are operational.

Once completed, this will improve the current three-car configuration to a four-car configuration, allowing more passengers to board for each arrival. Headway or the gap between train arrivals will also be faster, from the current 3 minutes down to 2.5 minutes.

Other MRT 3 improvement projects in 2015 include 6 kilometers’ worth of rail replacement for better safety and faster trips, upgrading of its signaling system and a new radio communications system also for safety, upgrading of elevators and escalators for convenience, and traction motors replacement for service reliability.

Train overhauling is scheduled for completion in 2016.

A new three-year maintenance contract is also being procured for award in the first quarter of 2015, in order to improve MRT 3’s reliability, and the new tap-and-go ticketing system for all three lines will be operational by September 2015 at the latest.

This new common ticketing scheme, or Automatic Fare Collection System, will lessen queuing time and will allow for seamless transfer between each line.

For LRT 1, operations are set to be turned over to the Light Rail Manila Corp. on or before October 2015, at which time civil works for the 11.7-km Cavite Extension may begin. The LRT 2 line will also be extended by 4.2 km to Masinag by 2017, and its operations and maintenance requirements are currently being auctioned off.

DEC 30 TUESDAY

DEC 31 WEDNESDAY

23 – 31°C

METRO CEBU

23 – 29°C

23 – 29°C

23 – 30°C

21 – 28°C

TACLOBAN

23 – 29°C

23 – 29°C

22 – 29°C

21 – 31°C

CAGAYAN DE ORO

23 – 30°C

23 –30°C

23 – 31°C

METRO DAVAO

23 – 31°C

23 – 31°C

24 – 32°C

24 – 33°C

TAIL-END OF A COLD FRONT AFFECTING BICOL REGION. NORTHEAST MONSOON AFFECTING NORTHERN AND CENTRAL LUZON.

LAOAG

21 – 31°C

22 – 31°C

(AS OF DECEMBER 27, 5:00 AM)

BAGUIO

LAOAG CITY 21 – 32°C

TUGUEGARAO CITY 21 – 28°C

SBMA/ CLARK

BAGUIO CITY 14 – 25°C SBMA/CLARK 22 – 31°C TAGAYTAY CITY 19 – 29°C

METRO MANILA 23 – 31°C

TAGAYTAY

14 – 24°C

22 – 30°C

19 – 28°C

15 – 24°C

22 – 31°C

20 – 28°C

14 – 23°C

22 – 31°C

PHILIPPINE AREA OF RESPONSIBILITY (PAR)

PUERTO PRINCESA CITY 25 – 32°C

ILOILO/ BACOLOD 23 – 31°C

TACLOBAN CITY 23 – 30°C

METRO CEBU 23 – 30°C

ZAMBOANGA CITY 24 – 33°C

PUERTO PRINCESA

ILOILO/ BACOLOD CAGAYAN DE ORO CITY 23 – 31°C METRO DAVAO 23 – 32°C

23 – 28°C

23 – 29°C

SUNRISE

SUNSET

MOONSET

MOONRISE

6:19 AM

5:35 PM

11:48 PM

11:20 AM

23 – 30°C

NEW MOON HALF MOON

24 – 32°C

24 – 31°C

DEC 29

23 – 29°C

24 – 30°C

Light rains

Watch PANAHON.TV everyday at 5:00 AM on PTV (Channel 4).

Weekday hourly updates: 6:00 AM on Balitaan, 7:00 AM & 8:00 AM on Good Morning Boss!, 9:00 AM, 10:00 AM, 11:00 AM, 12:00 PM, 1:00 PM on News@1, 3:00 PM, 4:30 PM, and 6:00 PM on News@6

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SABAH CELEBES SEA

9:34 AM

0. 00 METER 2:31 AM 9:36 AM Partly cloudy to cloudy skies with isolated rain showers and/or thunderstorms

Cloudy skies with rain showers and/or thunderstorms.

23 – 30°C

LOW TIDEMANILA HIGH TIDE SOUTH HARBOR

DEC 22 24 – 32°C

24 – 32°C

20 – 29°C

LEGAZPI CITY 22 – 28°C

LEGAZPI

ZAMBOANGA

24 – 31°C

@PanahonTV

1:48 AM

0.88 METER

Partly cloudy to at times cloudy with rainshowers

NewsSunday

www.businessmirror.com.ph • Editor: Vittorio V. Vitug

BusinessMirror

Sunday, December 28, 2014 A3

Coco farmers seek speedy enactment of trust-fund law

D

AVAO CITY—Leaders of coconut farmers want Congress to enact the trust fund for coconut farmers, using the Marcos-era levy fund as its main fund to improve the plight of the farmers’ families.

fruits of the season Two days before the traditional New Year medya noche, or midnight dinner, which marks the end of 2014 and the

beginning of 2015, a fruit stand owner in Pasay City braces for the expected surge in demand for both domestically produced and imported round fruits.

For most Filipino families, round fruits have become part of the New Year’s Eve menu, believing that eating 12 varieties of round fruits during the occasion will bring a bountiful year. alysa salen

Inquiry into erroneous land titles issued by LRA pushed

By Jovee Marie N. dela Cruz

A

House leader has called on the Special Committee on Land Use to conduct an inquiry, in aid of legislation, into the worsening problem on the issuances of erroneous land titles by the Land Registration Authority (LRA) brought about by its current computerization program.

Nacionalista Party Rep. Al Francis C. Bichara of Albay, in House Resolution 1667, said the manifest errors in the LRA-issued land titles have resulted in confusion and court litigations to the detriment of legitimate landowners and businesses.

“The inquiry would help provide relief and stop further deterioration in the climate of business and land ownership,” said Bichara, chairman of the Committee on Foreign Affairs, adding, “error-filled official issuances can bring havoc to our entire land-registration system, which will directly affect the economy.”

Bichara added that LRA personnel have pointed to some technical glitches in their computer system, which, they said, is being upgraded. “These errors in the newly issued land titles have destroyed the otherwise peaceful business climate and investor confidence, as well as private land ownership,” he said.

The resolution, citing the LRA web site, said the agency has, for some years, been applying modern technologies to improve its land-records management system. Recently, a combination of microfilm and computerized database systems has greatly improved the security, reliability and accessibility of land title information of those registries where this technology has been applied.

“However, the steady introduction of new land title documents continues to challenge LRA’s ability to keep up with the microfilm operations, and the corresponding development of computerized databases. Moreover, the need for a more secure, accurate, efficient and modern land-titling system cannot be overemphasized, for an effective land titling and registration system is a major force in the economic stability and progress of any country,” the resolution, quoting LRA, said.

The LRA said the advent of Republic Act 7718 (the build-operate-transfer law) and its enhancement to include information-technology (IT) projects have provided LRA with a timely avenue by which it could be able to realize its mission and vision to improve its ability to secure its land titles and other documents and to deliver its services more efficiently and effectively.

“By focusing on IT as a key strategy, the LRA will strengthen the implementation of the land-titling system in the country not only as a significant revenue source for the government, but, more important, to enhance the integrity of the Torrens System. With the Land Titling Computerization Project [LTCP], it is envisioned that a query on the status of a land title can be made anywhere, anytime from any of the various registries of deeds nationwide; there will be a shift from largely paper-based to a largely paperless system, thereby securing tighter control over land titles; and it will hasten the turnaround time in the generation and issuance of land title, among others,” the LRA added.

According to the resolution, the LRA, the LTCP project is currently in its Phase 4. The Certification of Acceptance of Information Technology Facilities for Phase 1 and Phase 2 were issued on November 28, 2008 and June 24, 2010, respectively, while the implementation phase was in fiscal year 2013.

Among the project beneficiaries are landowners, other government agencies, banking institutions, developers and brokers, respectively, according to the LRA.

The leaders of the farmers that joined the 71-day walk across the country from this city to Malacañang said they held several talks with different groups of politicians, who all promised to speed up the enactment of a trustfund law to manage the estimated P71 billion of the coconut levy.

Eduardo “Ka Ed” Mora, lead convener of Kilus Magniniyog 71 (KM 71), said the promises were made by House Speaker Feliciano Belmonte Jr. on November 25 this year, and

a group of Congress representatives that Belmonte gathered later to discuss with the leaders of the farmers.

With Belmonte, Mora said, “they want the best for the beneficiaries in the coconut industry.”

The KM 71 said that, before its leaders left the House of Representatives premises after meeting with Belmonte, “[Lakas] Rep. Mark Llandro Mendoza [of Batangas], [chairman of the Committee on Agriculture] finally scheduled a public

hearing on December 16 on the pending coco-levy bills.” “We appeal to the chairman and the committee’s members to act fast on our proposed farmers-initiative bill that creates the Coconut Farmers’ Trust Fund,” Mora said.

The group claimed that its proposal was supported by “several House members [that] actually supported the filing of the indirect initiative bill of the farmers.”

The KM 71 added that President Aquino earlier “expressed the need for a law on the utilization of the coconut-levy funds to protect the interest of the farmers and the industry [and] promised a certification of the bill to ensure its early passage.”

“Our proposed bill is also important to make sure that our sector can be widely and meaningfully represented in all decisions and actions regarding the use of the funds,” Mora said. Manuel T. Cayon

House body to probe plight of dialysis patients at NKTI

T

wo party-list lawmakers have recently filed a resolution to probe the reported problems preventing peritoneal dialysis (PD) patients to access adequate dialysis solutions and assistance at the National Kidney and Transplant Institute (NKTI).

In House Resolution 1761, Party-list Reps. Neri Colmenares and Carlos Isagani Zarate of Bayan Muna urged the House Committee on Health to summon the officials of NKTI, Philippine Charity Sweepstakes Office (PCSO), and Philippine Health Insurance Corp. (PhilHealth) to shed light on the matter. The resolution said the situation puts the lives of many PD patients at risk and will aggravate their financial difficulties.

It added that the additional limitations, restrictions and requirements imposed by PhilHealth, PCSO and NKTI make it doubly difficult for patients to access needed solutions and assistance. The patients feel that NKTI, instead of alleviating their suffering, is cashing in on their predicament.

The measure said there are more than 23,000 patients undergoing dialysis treatment at the NKTI. “Access to dialysis solutions and financial assistance may spell the difference between life and death for many peritoneal dialysis patients, thus, Congress need to investigate the matter to come up with legislative measures that will address the concerns and save the lives of many peritoneal dialysis patients,” the lawmakers said.

According to them, patients undergoing PD spend an average of P30,000 to P40,000 per month for a four-exchange per sessions per day on dialysis solution, medicines, food supplements and supplies.

The resolution said patients, who directly file claim with PhilHealth, get reimbursements of P3,500 per claim, and because the amount is not enough to cover the prescribed exchanges, many patients look for other sources, including solicitations and guarantee letters from members of Congress and charitable institutions, including the PCSO. “This covers supplies and accessories for 90 to 120 bags per month according to the peritoneal dialysis prescription and will translate to P22,500 per month, barely enough for the required number of solutions of 120 bags for a patient who undergoes four exchanges a day, totaling P28,560 at P238 per bag rate at the NKTI,” he said.

The legislators said the amount is not enough for a patient who needs six exchanges per day, or P42,480 for the needed 180 bags of solution.

They said that, when patients avail themselves of the case rate under PhilHealth, they are required to get the solution from NKTI at P238 per bag, which is costlier compared to other sources at P195 per bag, and that they

Cebu Pacific warns anew against ‘bogus’ online page

L

ow-cost carrier Cebu Pacific has warned anew its customers of a “fake” page pretending to be the same airline.

Cebu Pacific said its official Facebook account is “Cebu Pacific Air.” On Friday a certain “CEB Pacific” offered online 1,000 flights to “lucky Juans” which is allegedly part of Cebu Pacific’s apology for inconveniencing passengers on Christmas Day. “Please beware of this Facebook page who claim to be Cebu Pacific Air,” Cebu Pacific said in a news statement on Friday on its only official Facebook page. “[Cebu Pacific] promotions, news or announcements are only being posted on our official social-networking sites: Facebook: http:// fb.com/cebupacificair; Twitter: http://twitter.com/ cebupacificair; Instagram: http://instagram.com/ cebupacificair; and YouTube: http://youtube.com/ cebupacificair,” it said. PNA

are issued a receipt by NKTI for 36 bags but only get 26 bags for half-month treatment.

The resolution also cited a report that NKTI refused guarantee letters from PCSO after a hospital social worker discovered a patient selling PD solutions solicited from PCSO funds.

It said the NKTI had placed on hold the implementation of PD first policy, and limit the bags issued to 13

bags per week for PD patients availing of PhilHealth case rate package.

“Patients fear that the prolonged shortage may result to higher prices of PD solution, higher incidence of infections, or even deaths,” the resolution said.

“Worse, if the patients do not avail of the case rate package of PhilHealth, they will not be given referral to PCSO at all,” it added. Jovee Marie N. dela Cruz

SundayV

Busine

A4 Sunday, December 28, 2014 • Editor: Alvin I. Dacanay

editorial

Resolution for 2015

T

HE recent past has not been kind to us, overwhelming us with all kinds of misfortune—politicians plundering the treasury, Typhoon Ruby (international code name Hagupit) lashing us with winds and rain that were second only to Supertyphoon Yolanda (international code name Haiyan) in extent and intensity, and incompetent public service everywhere—but let us not allow the pain and sorrow they caused to slow us down.

Let us use the coming year as the watershed in our determination to overcome all odds—political, social, economic—and attain high levels of achievement. One way to concretize this is to set up clear goals. One goal worthy of our aspirations is quadrupling our current (2013) per-capita gross national income of $2,700 to something like $11,000 by 2030, which would lift us from the lower to the higher brackets of middle-income countries.

We’re not aspiring to reach the level of Japan ($40,000) or even the United States ($53,000), but only that of Malaysia ($11,000), Kazakhstan ($13,600) and Argentina ($14,700). Of course, by the time we attain this goal (if we do), these last three countries—if they persevere on their respective path—will have raced too far out to be anywhere within our reach.

The mathematics of growth is rather simple. If we can raise the annual growth rate of our gross domestic product to 9 percent and moderate the annual growth rate of our population to 1 percent, then we can attain that goal.

These percentages are not overly ambitious. The Chinese economy grew by an average of 10 percent to 12 percent between 1982 and 2012. The populations of most high-income countries today have been growing at 1 percent or less yearly in the last half-century.

Can we do it? Of course. Reiterating well-known assertions, we have much of the requisite resources: hard-working and well-educated people; a wealth of material resources; and well-conceptualized and functioning institutions.

What we need to do is to motivate, coordinate and focus into one cohesive force these resources to achieve our goal.

At the operational level, this will entail pouring investments in critical sectors of our economy—mainly manufacturing and agriculture—and in facilities like physical infrastructure and social overhead that are necessary to attract those investments, and creating a conducive investment environment.

In mobilizing investment in critical sectors, we run into an impediment: the restrictions on foreign investments in public utilities, educational institutions and advertising that are in our Constitution. We just have to remove these restrictions if we are serious in accelerating the pace of investment in our economy.

Many of our well-conceptualized institutions are, in fact, dysfunctional— barely performing the duties they are mandated to perform—like the departments of Transportation and Communications, Public Works and Highways, Agrarian Reform, and Energy. These institutions will just have to be revamped if they are to contribute to the attainment of our objective.

Let us transform our country into what we want it to be—economically developed, politically sound, socially cohesive—within our lifetime. Such a country will, indeed, be worthy of our aspirations.

Playing sports can be an odd thing to do

By Reg Henry

Pittsburgh Post-Gazette (TNS)

B

ECAUSE writing a personal column for a newspaper is a solitary, self-centered activity, it may come as a surprise that I consider myself as a team player in almost every other aspect of my life, at work or play—even in marriage, where my wife is the captain and I am the team.

Indeed, I like to be a member of a team so much that I have played competitive sports a lot longer than my dubious talents or my accumulation of years would advise.

The only personal touch to my sports career is that the sports I have been drawn to are somewhat goofy, at least in the American context. Not to boast, but I dare anyone to match the range of my eccentric sports participation. Only if you try your hand at croquet, show jumping and curling will I be impressed, as I have my own trio of odd athletic endeavors.

For some years past, I have been a bowler—but, of course, not the regular sort of bowling. I have been a duckpin bowler.

What distinguishes duckpin bowling from 10-pin bowling is the size of the ball. In 10-pin bowling, the balls are large and have finger holes.

In duckpins, the balls are small and have no finger holes.

The duckpins also have rubber bands (gum bands in Pittsburghese) around them to make it easier for

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Sunday, December 28, 2014

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ducks to pick them up in their beaks if they stray onto the lanes. In truth, I do not know what duckpin bowling has to do with ducks. I often remark “Lord, love a duck!” as I send yet another ball into the gutter, but that is just me.

What duckpin bowling has in common with my other sports is that I am lousy at it. If defeat is good for the soul, this column is being written by Mother Teresa.

What I am good at is eating potato chips. Fortunately, an excellent bartender stands ready in case I become too salty. So my teammates tolerate me and it is wonderful to be in their company. It’s the same with paddle tennis, also called platform tennis.

Paddle tennis is played with a rubber ball on a court that resembles a tennis court, but is smaller and enclosed with chicken wire.

If the wire were not there, chickens might stroll onto the court like ducks, but that is not its only use: The ball can be played off the wire, which makes the game tennis on steroids.

The paddle, of course, is not flexible and can be used for S&M purposes if couples so choose after the game.

Not me. As always, I compete for the good, clean fun and the chance to play in a howling blizzard or freezing rain—followed by sandwiches and beer with my frostbitten pals in the paddle hut afterward. Ah, it’s a fine game if you can ward off the pneumonia. I am better at that than hitting the ball.

nd when the time came for their purification according to the law of Moses, they brought him up to Jerusalem to present him to the Lord (as it is written in the law of the Lord, “Every male that opens the womb shall be called holy to the Lord”) and to offer a sacrifice according to what is said in the law of the Lord, “a pair of turtledoves, or two young pigeons.”

Now there was a man in Jerusalem, whose name was Simeon, and this man was righteous and devout, looking for the consolation of Israel, and the Holy Spirit was upon him.

And it had been revealed to him by the Holy Spirit that he should not see death before he had seen the Lord’s Christ.

And inspired by the Spirit he came into the temple; and when the parents brought in the child Jesus, to do for him according to the custom of the law, he took him up in his arms and blessed God and said, “Lord, now lettest thou thy servant depart in peace, according to thy word; for mine eyes have seen thy salvation which thou hast prepared in the presence of all peoples, a light for revela-

In summer, I play cricket, which makes a nice change. Cricket is a popular game around the world, but the people who play it here tend to be various exiles from Britishinfluenced culture. I played cricket in Australia as a boy, but my most recent teammates were from India and Pakistan.

Ten years ago a bunch of us in Pittsburgh formed a competitive league, which has been outstandingly successful. The number of teams has more than tripled. I am prouder of my role as one of the founders of the Pittsburgh Cricket Association than any of my numerous journalism awards—even the coveted ones, such as for most creative expenses and best clarification/correction.

I was honored that my expatriate friends gave me a Lifetime Achievement Award at their last banquet, which was especially touching, since I never achieved much with the bat and ball. I was just a team player.

As a bonus, cricket, to me, was an opportunity to pick up some useful Hindi words such as shabash, which is a shout of encouragement. I think it means, “Here we go, Steelers!”

The sadness is that soon I will be moving to a part of California where duckpins, paddle tennis and cricket are scarce. Instead, I will have to play golf, which I like well enough, but to me seems a bit pedestrian by comparison, especially when you don’t take a cart. Remind me to ask my team captain about curling.

tion to the Gentiles, and for glory to thy people Israel.”

And his father and his mother marveled at what was said about him; and Simeon blessed them and said to Mary his mother, “Behold, this child is set for the fall and rising of many in Israel, and for a sign that is spoken against (and a sword will pierce through your own soul also), that thoughts out of many hearts may be revealed.”

And there was a prophetess, Anna, the daughter of Phan’u-el, of the tribe of Asher; she was of a great age, having lived with her husband seven years from her virginity, and as a widow till she was 84. She did not depart from the temple, worshiping with fasting and prayer night and day.

And coming up at that very hour she gave thanks to God, and spoke of him to all who were looking for the redemption of Jerusalem.

And when they had performed everything according to the law of the Lord, they returned into Galilee, to their own city, Nazareth. And the child grew and became strong, filled with wisdom; and the favor of God was upon him.— Luke 2:22-40

Voices

essMirror

opinion@businessmirror.com.ph • Sunday, December 28, 2014 A5

DOMs are infinitely worse A Free Fire

By Teddy Locsin Jr.

BOUT the fierce debates at the Extraordinary Synod on the Family in October, Pope Francis said a public split in Church ranks is better than a fissure festering in secret. I guess because unseen wounds are neglected, become gangrenous and require amputation. Francis sent out a questionnaire asking for recommendations on how best to give gays and divorced people access to the sacraments. “And don’t cite me doctrine,” he said. “I know it already.

Give me practical suggestions; build on the synod discussions.”

The bishops are to meet again next year to submit their final recommendations. OK, here’s one suggestion: If the Church can’t have anything good to say about same-sex unions, then it can shut up about something that Cicero celebrated, which is to say friendship. Cicero is Pope Emeritus Benedict XVI’s favorite Latin writer. Indeed, many homosexual lovers start off as just being friends.

Saint Francis de Sales suggested that confessors not ask, so penitents need not tell, if they are divorced or used contraceptives.

Indeed, what is deplorable about the conduct of gays and divorced people is sex outside

marriage, and not the manner of it. Same-sex sex is exactly like the way straight couples have sex. Think of it yourselves and don’t let me describe it. So if same-sex sex must be condemned, so, too, should opposite-sex sex, especially between old men and young girls, because the skin of the aged is loose, freckly and magaspang; their ass cheeks sag.

Under Church rules, divorced people cannot stand as godparents or give readings at Mass. “Why can’t they be godparents?” Francis asked; where is the conflict with the godparents’ obligation to protect their godchild? None that he or I can see.

On the other hand, I wouldn’t trust a dirty old man within a mile of kids of either sex.

As for giving the readings at Mass, why can’t divorced people do it if they have the right diction and voice for the job? They don’t have to take communion, even if they are near the altar, if that issue has not yet been settled.

I don’t want a dried-up prune with bad diction giving it if a divorced person can read it better. Meanwhile, the pope remains in good health. He turned 78 on December 17. Last year he celebrated it with three homeless men.

“We see it in the people who have forgotten their encounter with the Lord... in those who depend completely on their here and now, on their passions, whims and manias, in those who build walls around themselves, and become enslaved to the idols that they have built with their own hands.”

—Pope Francis, discussing what he calls “spiritual Alzheimer’s”— which, he says, is one of the 15 ailments of the Curia—in his annual Christmas message to the cardinals, bishops and priests running the Vatican on Monday.

China needs millions of brides ASAP I Bloomberg View

By Adam Minter

N the villages outside of the Chinese city of Handan, a bachelor looking to marry a local girl needs to have as much as $64,000—the price tag for a suitable home and obligatory gifts. That’s a bit out of the price range of many of the farmers who live in the area. So, in recent years, according to the Beijing News, local men have been turning to a Vietnamese marriage broker, paying as much as $18,500 for an imported wife, complete with a money-back guarantee in case the bride fled.

But that fairy tale soon fell apart.

On the morning of November 21, sometime after breakfast, as many as 100 of Handan’s imported Vietnamese wives, together with the broker, disappeared without a trace. It was a peculiarly Chinese instance of fraud.

The victims are a local subset of a fast-growing underclass: millions of poor, mostly rural men, who can’t meet familial and social expectations that a man marry and start a family because of the country’s skewed demographics. In January the director of China’s National Bureau of Statistics announced that China is home to 33.8 million more men than women out of a population exceeding 1.3 billion.

China’s vast population of unmarried men is sure to pose an array of challenges for China—and, perhaps, its neighbors—for decades to come.

What’s already clear is that fraudulent

mail-order wives are only the start of a much larger problem.

The immediate cause of China’s gender imbalance is a long-standing cultural preference for boys. In China’s patrilineal culture, they’re expected to carry on the family name, as well as serve as a socialsecurity policy for aging parents.

In the 1970s China’s so-called onechild policy transformed this preference into an imperative that parents fulfilled via sex-selective abortions (made possible by the widespread availability of ultrasounds). As a result, millions of girls never made it onto China’s population rolls. In 2013, for example, the government reported 117.6 boys were born for every 100 girls. (The natural rate is 103 to 106 boys to every 100 girls.)

In the countryside, the ratio can run much higher. In her 2011 book Unnatural Selection, Mara Hvistendahl reports on a town where ratios run as high as 150 to 100. In the long term, such imbalances can create an excess of males that might reach 20 percent of the overall male population by 2020, according to one estimate.

Of course, social expectations aren’t just confined to boys. In China daughters are expected to marry— and, in a country where men far outnumber women, the opportunities to do so are excellent, especially in the cities to which so many of China’s rural women move. The result is that

bride prices—essentially dowries paid to the families of daughters— are rising, especially in the countryside. One 2011 study on bride prices found that they’d increased seventyfold between the 1960s and 1990s in just one representative, rural hamlet.

It’s a society-wide problem, but particularly in China’s countryside, where sex ratios are much wider, and the lack of affluence drives out young, marriageable women. These twin factors have given rise to what’s widely known as “bachelor villages” —thousands of small towns and hamlets across China overflowing with single men, with few women.

Though there’s no definitive study on their frequency, bachelor villages have received widespread attention from academics, as well as journalists. The 2011 study on bride prices cites Baoshi Village in Shaanxi province, which has a population of 1,013, including 87 single males over the age of 35. In rural China, where men are expected to marry before 30, those 87 men are likely to remain lifelong bachelors. They are also, in all likelihood, poor and uneducated. According to a 2006 study, 97 percent of Chinese bachelors between 28 and 49 years old haven’t completed high school.

The social consequences of a world without women is hotly debated, with lines drawn over whether a population heavily tilted toward

men necessarily leads to more violence. A controversial 2007 study based on 16 years of province-level crime data claimed that rising sex ratios may account for one-seventh of China’s overall rise in crime, while a book from the same year suggests that an excess of males threatens both China’s domestic stability and the international order. Meanwhile, other studies argue just the opposite: that a gender imbalance reduces family conflicts and violence across society.

One outcome, however, is indisputable: a market where the demand for brides far outweighs the supply will inevitably give rise to industries that aim to close the gap. Bride trafficking is one such response, and it has a long history in China. In recent years, however, the limited data on the phenomenon suggests that the traffickers are increasingly focused on women from outside of China, including North Korea. According to The Diplomat magazine, about 90 percent of North Korean defectors are blackmailed into the sex industry and forced marriages (the threatened alternative—a return to North Korea—is unthinkable). Women from the remote and impoverished minority regions of Vietnam are targets, as well. Vietnam’s Ministry of Public Security reports that more than 5,800 women have been traf-

ficked out of the country in recent years, the majority of them having gone to China.

It’s unclear whether the Vietnamese women who ended up in Handan were trafficked, and it’d be unfair to assume that they were.

Many Vietnamese women move to China’s countryside for the same reason that women from China’s countryside move to its cities: better economic opportunities. But the fact that the marriage broker who brought the wives to Handan has disappeared, and is now sought by police, strongly suggests that an organized ring of some kind was behind the marriages—and the disappearances. It wouldn’t be the first time, either. Stories of runaway Vietnamese brides are common in the Chinese media.

In all likelihood, there will be more. One hundred runaway brides seem like a lot, except when measured against tens of millions of bachelors whose best hope of a family might be convincing—and paying—a foreigner (or her broker/ matchmaker) to settle down in his village. But for every bachelor who manages that, there will be thousands more who can’t. Indeed, even if they had the cash, there simply aren’t enough women in Vietnam and North Korea, even if they were all willing to settle into a farmer’s life in China’s countryside.

My parents’ best gifts didn’t come wrapped

By Gina Barreca

The Hartford Courant (TNS)

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Y parents didn’t spend too much time worrying about how my brother and I would turn out as adults. If we were happy doing whatever we were doing when we were kids, that was enough for them.

We were not, in other words, taught to think only of our future achievements. There was never a “Do this now, even if it makes you unhappy, because you will be a better person for it,” rationale.

My grandmother’s house, where my brother and I spent our earliest youth, was anything but childproof. To be honest, it wasn’t even adultproof.

There were rooms that nobody went into, because they were purely for show, roped off, as if in a museum. True, the rope was invisible,

but it was still there. That was fine.

The spaces to which I had access were all mine. My mother didn’t worry about neatness, although she did worry about cleanliness, and the rooms opened to everybody were safe places for everybody to be.

I was never spanked or hit. If we did something strictly against our family’s rules, we were yelled at, but not embarrassed, and rarely shamed in front of other people. We weren’t told that we were bad, although it was driven home that whatever we did, we shouldn’t do again.

We were usually allowed to explain our side of things. I learned early on that, if I could explain why I did something or why I wanted something, I had a much better chance of being successful. Language seemed to be the key. It got me attention: It permitted me to defend myself, and even to protect myself in advance.

I was put to sleep every night by

playing word games with my parents. One or the other of them would tuck me in and recite a string of unrelated terms. If it was a good word, like flower, kitten or princess (it was 1958—what did you expect?), I would respond by shaking my head once. For words I didn’t like—garbage, bug, subway—I’d shake my head twice.

Certain words I simply liked the sound of, and I would repeat them over and over again. I like the sound of carousel, for example, and I like the sound of windowpane.

The meaning was secondary to the texture of the language.

I discovered that it was better to ask what the consequences of doing something were, rather than doing it and finding out, which taught me to ask for help when I needed it.

Learning how to ask, politely and with what I now recognize as humility, was probably one of the

best lessons I was ever taught: Even a kindergarten student who can let the teacher know that she doesn’t understand what’s expected of her before she’s asked to perform a task is miles ahead of the kid who can’t express her cluelessness except through failure.

Our classroom groups were mixed in terms of everyone’s age and abilities—it was a new educational strategy—so I learned how to lead the little kids, as well as how to be subordinate to the big ones.

You had to figure out who was appropriate to choose as actual competition. You didn’t want to choose somebody to play with who couldn’t keep up with you, and you didn’t always want to be the sucker or the loser in the game where you couldn’t keep up with everybody else.

It’s not usually specific information for which a child searches, but a reward for her curiosity.

A child whose curiosity is rewarded will become enthusiastically engaged in the details of life, and will, as a result, become more interesting herself.

She’ll have observations to make and questions to ask. A child who likes herself will like other people and a child who likes other people will not be easily intimidated by them.

She’ll be aware of her environment—conscious of its limitation and its potential—and be allowed to grow up without the debilitating expectation of being forced to fulfill someone else’s dream.

Curiosity and a sense of competence are the best gifts that parents can give a child. They are invaluable and they last a lifetime.

Gina Barreca is an English professor at the University of Connecticut and a feminist scholar who has written eight books.

NewsSunday BusinessMirror

A6 Sunday, December 28, 2014

CAB sets probe on reported holiday-rush chaos at Naia 3

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By Lorenz S. Marasigan

he chaos at the newest international aviation gateway in Manila, the Ninoy Aquino International Airport (Naia) Terminal 3, during the holiday rush was unprecedented as a large volume of passengers were reported to have been dislocated from their flights.

This prompted regulators to conduct an investigation on Monday against low-cost carrier Cebu Pacific’s supposed inefficiency in handling its operations during the 24th to the 26th at Naia Terminal 3, according to Civil Aeronautics Board (CAB) Executive Director Carmelo L. Arcilla.

“There was an unprecedented big volume of passengers that were dislocated in Terminal 3, although it is not unusual during peak periods to have some issues with the flights,” he told the BusinessMirror on Saturday.

“What happened during the period is something out of the ordinary when compared to recent pasts.”

From Christmas Eve to December 26, Cebu Pacific counters were flocked with thousands of passengers complaining about flights that were either delayed or canceled.

“The initial finding is, as reported to us by Cebu Pacific, the weather condition on the 24th affected domestic flights involving turbo props or smaller planes. Cebu Pacific said it was coupled with the Christmas rush, so cancellations cascaded and crowded the next day,” Arcilla recalled.

The budget carrier, he added, also admitted that it was undermanned

during Christmas Day, as a “significant number” of employees did not report for work.

“We were monitoring the events at the airport. I personally saw that only [a] small number of counter[s] were opened in the morning. What Cebu Pacific did was it airlifted personnel from Cebu and recalled those who did not report for work,” he said.

This resolved the problem by the afternoon of Christmas Day. “But this generated a lot of reaction,” Arcilla said. “So what we will do is we will investigate on the matter to find the truth, to establish the facts. We will also be looking at possible sanctions or violations.”

Transportation Spokesman Michael Arthur C. Sagcal said on late Friday his agency will closely monitor the issue, delegating three attached departments to resolve the matter.

The Manila International Airport Authority, the Civil Aviation Authority of the Philippines and the CAB will convene on Monday to investigate these issues and determine if Cebu Pacific is liable for any violations and whether tighter regulations are necessary, he said.

Cebu Pacific, the airline of taipan John L. Gokongwei, issued an apol-

Carabao power Farmers transport their farm produce to a nearby market on carts drawn by their trusty carabaos who they also use in the field to till the field in Aliaga Nueva Vizcaya. The era of mechanized farming has not totally eliminated the role of carabao, the country’s so-called beast of burden, in the local agriculture landscape. Kevin dela Cruz ogy in response to the flak it drew.

“Our most sincere apologies for what happened,” the airline said in an advisory, adding that customers may choose to rebook their flights within 30 days or have their tickets refunded.

The dominant budget carrier offers flights to 28 international destinations—namely Bali, Bangkok, Beijing, Brunei Darussalam, Busan, Dammam, Dubai, Guangzhou, Hanoi, Ho Chi Minh, Hong Kong, Incheon (Seoul), Jakarta, Kota Kinabalu, Kuala Lumpur, Kuwait, Macau, Nagoya, Narita, Osaka Phuket, Riyadh, Shanghai, Siem Reap,

Singapore, Sydney, Taipei and Xiamen.

It also operates the most extensive airline network in the Philippines, with 55 routes and 44 destinations.

Currently, the airline of JG Summit Holdings Inc. has one of the youngest fleets in the region, with an average age of 4.29 years.

The airline’s 52-strong fleet is comprised of 10 Airbus A319, 29 Airbus A320, five Airbus A330 and eight ATR72 500 aircraft. Between 2015 and 2021, Cebu Pacific will take delivery of nine more brand-new Airbus A320, 30 Airbus A321neo, and one Airbus A330 aircraft.

CA junks writ of kalikasan in Zambales mining operation

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he Court of Appeals (CA) has denied a petition for a writ of kalikasan against the DMCI Holdings Inc. (DMCIHI) for

supposedly leveling a land formation in Barangay Bolitoc, Santa Cruz, Zambales, that serves as a buffer against fluctuations in sea-

level and storm surges.

In a 33-page resolution written by Associate Justice Myra Garcia-Fernandez, the CA’s Eighth Division dismissed the petition filed by Agham Party-list President Angelo Palmones seeking for the grant of the privilege of the writ.

The CA ordered “the Department of Environment and Natural Resources-Environmental Management Bureau to take immediate and periodic measures and actions to ensure compliance by private respondents with sections 70 and 71 of the Republic Act 7942 and related environmental laws, rules and regulations.”

Concurring with the ruling were Associate Justices Fernanda Lampas-Peralta and Francisco Acosta. Agham alleged that DMCIHI cut and leveled a mountain in Barangay Bolitoc and pushed remnants into the sea.

The petitioner claimed that the firm created a manmade foreshore to establish a port for its mining operations, thereby making Zambales, as well as nearby parts of Pangasinan, vulnerable to natural disaster.

The petition said the land formation has served as a barrier from floods caused by the swelling or surging of the coastal water moving inward, which can reach other towns of Zambales and Pangasinan.

In its ruling dated December 12, the CA found “that the petitioner failed to prove that there is environmental damage of great magnitude that merits the issuance of the privilege of the writ.”

“It is admitted by the parties that the cutting of the land formation and establishment of the port was done in 2007 which was seven years before the present [legal] action was instituted,” the CA said. PNA

www.businessmirror.com.ph

Lawmakers seek to criminalize corruption in private sector

By Jovee Marie N. dela Cruz

T

wo party-list lawmakers are pushing to criminalize corruption in the private sector.

House Bill (HB) 5298, authored by Cibac Party-list Reps. Sherwin Tugna and Cinchona Cruz-Gonzales, seeks to amend Republic Act (A) 3019, otherwise known as “The Anti-Graft and Corrupt Practices Act.” HB 5298, now pending at the Committee on Civil Service, seeks the amendment of Section 1 of RA 3019 on the Statement of Policy so that “The Philippine government also recognizes that to fight the evils of graft and corruption, all citizens must participate and take part in it. Consequently, graft and corrupt practices or any act which may lead thereto occurring in the private sector and only between and among persons working for and transacting with the private sector must be repressed and penalized.”

It also amends Section 2 of RA 3019 by redefining the following terms: advantage; agent; entertainment; government; individual, person; principal; public officer and receiving any advantage.

It seeks to add a new Section 7 so that in the corruption by private persons, the following shall be liable for an offense: Any agent who, without reasonable excuse solicits or accepts any advantage as an inducement to or reward for; Any person who, without reasonable excuse, offers any advantage to any agent as an inducement to or reward for; Any agent who, with intent to deceive his principal uses any receipt, account or other document; If an agent accepts an advantage, neither he nor the person who offered the advantage shall be guilty of an offense if the act is done with the permission of his principal, the advantage is unsolicited and the advantage is of small or insignificant value and given as mere ordinary token of gratitude or friendship; and If the act is done with the permission of an agent’s principal, the permission shall be given before the advantage is offered or accepted or if accepted without prior permission, be applied for and given as soon as reasonably possible after such offer or acceptance.

The bill said that any public officer or private individual committing any of the unlawful acts or omissions enumerated in the act shall

be punished with imprisonment for six years and one month to 15 years, and a fine of P500,000 to P1 million, perpetual disqualification from public office, and confiscation or forfeiture in favor of the government of any prohibited interest and unexplained wealth manifestly out of proportion to his salary and other lawful income.

Furthermore, any person committing the acts mentioned in Section 7 shall be punished with imprisonment of six years and one month to 15 years and a fine of P500,000 to P1 million, and payment of damages to persons prejudiced by the acts committed.

The bill said that all heads of government offices, agencies and departments, as well as heads of corporations and businesses, or of their applicable departments or offices must make available reports of advantages received and permitted under this law. The reports shall be made available for inspection, copying, reproduction by the Office of the Ombudsman at regular working hours on regular business days.

In filing the bill, Tugna noted that while corruption has always been associated with the government, the problem occurs in the private sector, as well. Tugna added the country currently has no laws that penalize corruption in the private sector although graft and corruption is not limited in the government sector.

“People always see that corruption is only prevalent in the government offices, agencies and departments.

They believe that public officials are the only ones who abuse their power and position to gain advantage. But the evils of graft and corruption have always plagued both the public and private sectors of our society in the Philippines,” he said.

Tugna, a deputy majority leader, said it is a reality that people use money, position, or any advantage as an inducement or reward in order to get what they want. These activities are considered forms of graft and corruption according to him.

In line w ith the thrust of the United Nations Convention Against Corruption, which was signed by the Philippines in November 2006, Tugna said now is the right time to amend RA 3019 to include a provision that will penalize corruption in the private sector.

Enough pork, chicken supply until Q1 2015, DA exec assures

By Marvyn N. Benaning

Correspondent

T

here is an abundant of chicken and pork in the market, according to Agriculture Undersecretary for Livestock Jose Reaño, and that there is more meat for everyone until the first quarter of 2015.

Reaño’s statement comes in the wake of the usual fear about the yearend shortage, even as chicken imports swamped the market two months ago and hog supply stabilized.

“In our market visits, we have proven that we can expect abundant supply before the year ends, and more in the first quarter of next year as the demand decreases,” Reaño said as he inspected meat stalls at the Guadalupe Market in Makati City.

He said most retailers sell chicken and pork at the prescribed prices—some even sell chicken below the suggested retail price (SRP), particularly

in public markets.

Nonetheless, Reaño admitted that the price of liempo or pork belly has shot up higher than the SRP of P185 a kilo due to higher institutional demand, or the requirement of meat processors and port congestion or transport problems.

Some markets like the Mega Q-Mart, have higher prices for chicken at P145 per kilo because the supplier’s prices and store rentals are high.

Reaño predicted that the huge supply will eventually force them to lower their prices.

As of December 18, the country had an inventory of 17.88 million kilos, or 5.18 million kilos, more than the supply of 12.7 million kilos last year.

There is no reason for chicken prices to go higher than P135 for whole chicken but prices may be higher for choice cuts.

There is no need to worry about pork shortage since there is sufficient local production.

Reaño said lower farmgate meat prices should dissuade retailers from increasing their prices.

Celebration of Rizal’s life, works kicks off in Dapitan

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AMBOANGA CITY—The “Hudyaka sa Pag Handuraw,” a celebration that reminisces the life and works of the National Hero Dr. Jose Rizal, formally opened on Saturday in Dapitan City.

Dapitan City Tourism Officer Apple Marie Agolong said the Hudyaka sa Pag Handuraw kicked off with a motorcade around the city.

The motorcade was followed by an opening program and judo and arnis competitions which are among those

being taught by Rizal during his stay in Dapitan City.

In the evening, Agolong said a theatrical presentation will follow with a certain storyline for the group contestants to interpret.

“The storyline is about Rizal’s arrival and stay in Dapitan City,” Agolong added.

The theatrical presentation will be held at Dapitan City Cultural and Sports Center.

Several other activities have been lined up for the Hudyaka sa Pag Han-

duraw the culmination of which is on December 30, Rizal Day. Rizal Day is a Philippine national holiday commemorating the life and works of Rizal.

Rizal has stayed in exile in Dapitan City from July 17, 1892 to July 31, 1896.

Meanwhile, a jobs fair is set to be held on December 30 under the auspices of the Department of Labor and Employment, Overseas Workers Welfare Administration, Philippine Overseas Employment Administration. PNA

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Sunday, December 28, 2014 A7

DAR prepares for redistribution of Hacienda Roxas

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By Jonathan L. Mayuga

HE Department of Agrarian Reform (DAR) is gearing up for the redistribution of the Hacienda Roxas in Nasugbu, Batangas, next year.

Agrarian Reform Secretary Virgilio R. de los Reyes said the DAR started early this month the revalidation of beneficiaries of the Comprehensive Agrarian Reform Program-

Extension with Reform (CARPer) for the said landholding owned by the late Pedro Roxas.

De los Reyes met with DAR officials in Region 4A and Batangas prov-

ince on December 18 and ordered them to start interviewing potential beneficiaries, including farmers and workers of Hacienda Roxas.

The DAR is expected to come up with a new master list of beneficiaries within the next few months as a result of a Supreme Court (SC) order.

It will be recalled that the Roxas family waged a legal battle to keep its landholding intact which resulted in the delay of the distribution process.

The SC eventually ordered the DAR’s reacquisition of the subject lands for distribution to qualified beneficiaries.

In response to the SC order, the DAR issued notices of coverage on the

Roxas property anew, excluding those portions that were previously exempted from CARP coverage on September 27, 2012 and June 17, 2014.

The revalidation of beneficiaries aims to cleanse the list of beneficiaries.

As part of the revalidation process, farmers were asked to bring the certificates of land ownership award issued by the DAR in 1992 and 1993, as well as other documentary evidence.

Owned by Don Pedro Roxas, the 2,600-hectare Hacienda Roxas encompasses three small haciendas namely Hacienda Palico, Hacienda

Fire department keeps vintage 1958 engine running

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eterano na ni sa gira [This is a veteran in fighting fire],” said the fire chief of the Island Garden City of Samal, as he touched the back of the station’s oldest fire truck, that perhaps is the oldest running fire engine throughout the country.

It was acquired in 1958 but, at present, the city fire department still uses it.

“We’re still using and maintaining this, although it needs [wheel] alignment and [engine] overhaul,” said Fire Insp. Valentino Israel, Igacos fire chief.

The hitch though is: “Mahadlok ko basig di na kauli kay tiguwang na. [I’m afraid it might not be able to return on its own power after a fire because of old age.]”

The vintage 1958 firetruck is still in good condition and not corroded by rust. It runs on diesel and was made by Nissan of Japan.

Israel has been asking for at least one more fire engine to complement his current fleet of three, including the vintage one.

He is grateful for the active support of Mayor Aniano Antalan to the city fire department.

The Igacos fire station has 32 personnel, 23 of whom are regular employees of the Bureau of Fire Protection.

Israel said the current strength is enough because of the low incidence of fires on the island-city.

Correspondent

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EXAMPLE TO ALL

The municipality of Balindong, Lanao del Sur, was recently named first runner-up in the First Local Government’s Good Governance Initiative with its entry “Health Governance (Decrease in Maternal and Infant Mortality).” Mayor Raysalam B. Mangondato (left) receives the award from Gov. Mujib Hataman of the Autonomous Region in Muslim Mindanao during a recent event.

He has stationed the newest firetruck in Babak District, which is the most urbanized area on the island.

Israel has cautioned the islanders to be still extra careful in the use of electricity as, “December is

the month when there’s high power consumption due to celebrations and Christmas lightings. A power overload can trigger fire.”

He advised residents to be wary over extended use of Christmas

lightings and to put them off before they sleep at night.

Last month he and his personnel put off four fires.

This month, not a single fire has yet occurred on the island. Cha Monforte

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Next year, Paje said the plan is to cover more mangrove and beach forests to enhance the country’s natural defenses against calamities, particularly storm surge.

This means that there is a need to step up production of planting materials for mangroves and beach forests which will require 10,000 trees per hectare.

For fruit-bearing trees and highvalue crops such as mango, coffee, cacao and rubber, the government only plants around 500 to 1,000 trees per hectare depending on the species.

“Next year we will plant more mangroves. With the requirement, we will need more planting materials,” he said.

With the 20 mechanized nurser-

Rebel ‘barefoot doctor’ surrenders to Army troops

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FEMALE “barefoot doctor” of the communist New People’s Army (NPA) voluntarily surrendered to “Bayanihan” teams of the 27th Infantry Battalion at Barangay Tacunel, Lake Sebu, South Cotabato, on Christmas afternoon.

Maj. Ezra Balagtey, Eastern Mindanao Command spokesman, identified the surrenderee as former NPA medic Rebecca Megew Timban, 27.

Timban decided to surrender at around 3 p.m. on Thursday after being convinced by her brother-in-law.

Lt. Gen. Aurelio Baladad, Eastern Mindanao Command chief, lauded the surrenderee and called

on other NPA rebels to follow Timban’s example.

“We welcome the surrender of Rebecca and the effort of her brother-in-law in convincing her to live a peaceful life. Her coming down is the best gift for her family. We are calling on the families of our deceived brothers and sisters [in the NPA] to convince them to lay down their arms and leave the hard life of a rebel and embrace a peaceful life with their families,” Baladad said.

Rebecca is now undergoing psychological debriefing as part of the Comprehensive Local Integration Program of the government. PNA

ies in place, Paje expects the production of at least 100,000 seedlings per site, or around 2 million seedlings per day. “Given a 50-percent success rate, we will still be able to produce 365 million seedlings a year,” he said.

Currently, there are 22 clonal nurseries nationwide as source of planting materials for the NGP. Of these, 21 are fully operational, while the other in Metro Manila is still being built.

There are also 28 clonal nurseries being maintained in parnership with state universities and colleges.

Paje said it is better to produce more planting materials to enable the government to cover more areas even after the NGP expires in 2016.

The NGP, President Aquino’s flagship reforestation program, aims to

plant 1.5 billion trees between 2011 to 2016. The ultimate goal is to increase the country’s forest cover by 12 percent.

He said there are around 8 million hectares of open, degraded and denuded forest that need to be rehabilitated before the NGP was started in 2011.

As of December 16, around 994,415 hectares have already been planted with various native and fruitbearing tree species.

This is around 10.5 percent in excess of the 2011 to 2014 cumulative target of 900,000 hectares. In the next two years, Paje is optimistic of exceeding the NGP’s target of 600,000— there planting 1.5 billion trees that will cover areas than earlier projected.

under CARP started as early as 1988.

The Roxas family offered to sell the 867-hectare Hacienda Caylaway for distribution to landless farmers.

In Hacienda Caylaway, three titles with total land area of 856 hectares were covered, while the 227 hectares where the school, chapel, public market, rivers and roads are located, were exempted.

The following year, the DAR had issued notices of coverage through compulsory acquisition of the two other haciendas of the Roxas family. Hacienda Palico has 1,024 hectares while Hacienda Banilad has 1,050 hectares.

Pope’s intercession sought for release of detained leftists

By Marvyn N. Benaning

DENR to establish 20 mechanized tree nurseries in 2015

HE Department of Environment and Natural Resources (DENR) is pushing for the establishment of 20 mechanized tree nurseries next year to produce at least 1 million trees a day to achieve its target of planting 300 million trees next year.

Environment Secretary Ramon J.P. Paje said, however, that instead of covering just 1.5 million hectares, the government may actually exceed the National Greening Program’s (NGP) five-year target, covering at least 1.8 million hectares by the end of President Aquino’s term.

The envisioned tree nurseries include the five mechanized tree nurseries currently being put up by the DENR

Banilad and Hacienda Caylaway.

These three haciendas are in nine barangays in Nasugbu—Reparo, Blaran, Lumbangan, Cogonan, Catandaan, Banilad, Tumalim, Aga and Caylaway.

The Hacienda Roxas is the third biggest landholding ever to be covered by CARP. The two others are the Hacienda Yulo of the Yulo family in Canlubang, Laguna, which was eventually exempted from CARP coverage, and the Hacienda Luisita of the Cojuangco-Aquino family, which was successfully distributed by the DAR to 1,612 beneficiaries.

The coverage of Hacienda Roxas

HE mothers of two University of the PhilippinesPampanga graduates arrested by military agents in Carranglan, Nueva Ecija, in August have asked Pope Francis to intercede for the release of their sons.

Marita Cadano and Rowena Salonga wrote a letter to Pope Francis and urged the head of the Roman Catholic Church to seek the release of Martin Cadano and Gerald Salonga, both of whom were working as researchers for the militant Kabataan party-list group when soldiers from the Army’s 3rd Infantry Battalion arrested them on August 9.

The two mothers told the pontiff that they were doing volunteer work “as a way of giving back to the people to uplift their lives and to make their communities a worthy place to settle in the future.”

Pope Francis will make his first visit to the Philippines in January.

Guiller and Gerald, the mothers narrated, were gathering data regarding the displacement of farmers caused by government projects in Carranglan, Nueva Ecija, when they were taken into custody. “ They were subjected to mental torture for more than 10 hours before they were turned over to the police in the morning of August 10, 2014. They were subjected to warrantless arrest and were accused of

being members of the New People’s Army,” the mothers said in their letter.

Guiller and Gerald are among the 491 leftists being held for various common crimes under the Aquino administration.

Out of this number, the human-rights watchdog Karapatan documented 220 individuals illegally arrested and are still detained under the administration of President Aquino. “[Mr.] Aquino seeks to hide the political nature of arresting and detaining them, by filing criminal charges against them. This is borne out of an unjust societal structure that is propped up by counterinsurgency programs, such as Oplan [Internal Security and Security Plan] Bayanihan.

We support the political prisoners’ appeal to Pope Francis to put an end to these structures that breed injustices,” said Jigs Clamor, national coordinator of the Samahan ng mga Exdetainees Laban sa Detensyon at Aresto (Selda).

To press their demand for freedom, the 491 political prisoners will launch a nationwide fast during the visit of Pope Francis, Clamor revealed.

Selda is an organization of former political prisoners in the Philippines established on December 4, 1984.

Its primary task is to work for the release of all political prisoners and to see to it that humane treatment of those who are still in detention are complied with by the Philippine authorities.

GenSan still allows trikes Govt operations vs Abu bandits continue to ply downtown streets

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AMBOANGA CITY—Lawenforcement operations will continue in a bid to rescue the remaining hostages from the hands of the Abu Sayyaf Group (ASG) in the provinces of Basilan and Sulu.

This was announced by Lt. Gen. Rustico Guerrero, Western Mindanao Command (Westmincom) chief, citing the law-enforcement operations against the ASG will continue despite the Christmas holidays.

Guerrero did not give further details except that the troops are tracking down the bandits in the hinterlands of Basilan and Sulu provinces.

The Abu Sayyaf bandits are

believed to be still holding captives a number of hostages including European birdwatcher Ewold Horn, 54, in the province of Sulu.

Horn, who is from the Netherlands, was seized together with Lorenzo Vinciguerra, 47, of Switzerland and tour guide Ivan Sarenas of Davao City on February 1, 2012, in Panglima Sugala, Tawi-Tawi.

Sarenas managed to escape on the same day while Vinciguerra escaped on December 6 in Patikul, Sulu.

After his escape, Vinciguerra disclosed that he and Horn were transferred to Sulu but were kept captive in separate places. PNA

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AVAO CITY—The city government of General Santos released 231 franchises to tricycle drivers and operators to indicate the local government’s continued permission to allow them to ply downtown streets, despite the current practice of banning such vehicles in city centers.

The Permits and License Division of the Mayor’s Office released on Tuesday the franchises at the Oval Gymnasium.

One driver, Arnolfo Alire, of Doña Soledad Subdivision in Barangay Labangal, said he filed his application for a franchise in 2009 and it was rejected several times owing to lack of supporting documents.

Geraldine Zamora, division head, disclosed that a total of 400 tricyclefranchise applications were filed and owing to the failure of applicants to submit certain documents and comply with requirements, almost half remain pending.

“I hope that you all will take care of your franchises. By having such privilege, I hope you will also be responsible of the lives of your passengers and be their windows to how beautiful GenSan is,” Mayor Ronnel Rivera said.

Rivera advised the trycycle drivers and operators to obey traffic rules “because anytime, authorities can confiscate or suspend these franchises.” Manuel T. Cayon

2nd Front Page BusinessMirror

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Sunday, December 28, 2014

www.businessmirror.com.ph

New Russian military doctrine Aquino administration’s failure to increase minimum wage hit says Nato top military threat

By Vladimir Isachenkov The Associated Press

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OSCOW—Russia identified Nato as the nation’s No. 1 military threat and raised the possibility of a broader use of precision conventional weapons to deter foreign aggression under a new military doctrine signed by President Vladimir Putin on Friday.

Nato flatly denied it is a threat to Russia, and accused Moscow of undermining European security.

The new doctrine, which comes amid tensions over Ukraine, reflected the Kremlin’s readiness to take a stronger posture in response to what it sees as US-led efforts to isolate and weaken Russia.

The paper maintains the provisions of the previous, 2010 edition of the military doctrine regarding the use of nuclear weapons.

It says Russia could employ nuclear weapons in retaliation for the use of nuclear or other weapons of mass destruction against the country or its allies, and also in the case of aggression involving conventional weapons that “threatens the very existence” of the Russian state.

But for the first time, the new doctrine says Russia could use precision weapons “as part of strategic deterrent measures.” The document does not spell out when and how Moscow could resort to such weapons.

Examples of precision conventional weapons include groundto-ground missiles, air- and sub-

marine-launched cruise missiles, guided bombs and artillery shells.

Among other things, the paper mentions the need to protect Russia’s interests in the Arctic, where the global competition for its vast oil and other resources has been heating up as the Arctic ice melts.

Russia has relied heavily on its nuclear deterrent and lagged far behind the US and its Nato allies in the development of precision conventional weapons. However, it has recently sped up its military modernization, buying large numbers of new weapons and boosting military drills. It has also sharply increased air patrols over the Baltics.

Earlier this month Russia flexed its muscle by airlifting stateof-the-art Iskander missiles to its westernmost Kaliningrad exclave bordering Nato members Poland and Lithuania. The missiles were pulled back to their home base after the drills, but the deployment clearly served as a demonstration of the military’s readiness to quickly raise the ante in a crisis.

Russia has threatened to permanently station the Iskander missiles, which can hit targets up to 480 kilometers away with high precision, in retaliation for US-led Nato missile-defense plans. The Iskander can be fitted with a nuclear or conventional warhead.

On Friday Moscow successfully test-fired the RS-24 Yars intercontinental ballistic missile from See “Nato,” A2

Group: MRT, LRT fare hike ‘injurious’ to public

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By Lorenz S. Marasigan

he looming fare increase at the country’s three mass-railway systems would effectively be “injurious to the public,” due to the Aquino administration’s lack of political will to increase the minimum wage.

This statement was made

by Philippines Chapter of the International League of Peoples’ Struggle Chairman Elmer Labog in light of the issue on fare hike at the Metro Rail Transit (MRT) Line 3 and the Light Rail Transit (LRT) Lines 1 and 2 systems.

He said his group understands the plight of the millions of commuters who use the three massrailway systems in the Philippines, calling the scheduled increase as “unreasonable” when compared to the minimum wage in Metro Ma-

nila and the actual cost of living in the metropolis.

“The daily minimum wage in Metro Manila is only P446, while the cost of living is P1,034, but Aquino did not heed workers’ call for a national minimum-wage hike.

There is nothing reasonable to Aquino’s fare hike, which is the logic of private profit,” Labog explained.

He accused the Aquino administration of colluding with the privately owned, government-managed MRT to amass profit from the riding public, most of whom are from the middle class.

Labog added that Transportation Secretary Joseph Emilio A. Abaya’s reason for effecting the increase in fares was actually a contradiction of the financial statements of the Light Rail Transit Authority.

Citing a research made by Ibon Foundation, a nonprofit organization, he said passengers of the two LRT systems are already paying the actual cost of a train ride, hence an increase is unmerited.

“The consolidated farebox ratio of LRT 1 and LRT 2 is 1.01, which means that fare revenues cover 100 percent of operation and maintenance,” he said.

“Massive foreign loans, local corporate partners and crony politics are the bane of our public-

transport system,” Labog added.

The three lines will be implementing the 11+1 fare matrix starting January 4, effectively doubling the ticket prices at the three train systems.

Once the fare hike is implemented, a ride on LRT 1—from Baclaran to Roosevelt—will cost P29; while a one-way trip on LRT 2—from Santolan to Recto—will be at P24; and a trip on MRT 3— between North Avenue and Taft Avenue—will cost P28.

Currently, a ride on the MRT 3 ranges from P10 to P15, while a ride on LRT 1 and LRT 2 costs from P12 to P15 and P20, respectively.

Abaya earlier said the increase is justifiable, as this would give financial muscle to both the government and the operators to improve the train systems’ facilities.

The “crippled ability to invest in large-scale improvements for their facilities, since revenues have only been enough for day-to-day operational requirements,” stems from the “practically break-even finances for all three lines,” he explained.

But the increase in train fares will not be implemented as smoothly as expected, as commuter groups are set to exhaust all legal means to block the government from effecting the “unjustified” order.

Train Riders Network Spokesman James Relativo said his group will take legal action against the Department of Transportation and Communications (DOTC) over the “surprise” announcement of fare increases at the mass-transit systems in Metro Manila.

“The DOTC’s notice came at a very untimely period, and it irks us that the government actually took the time to ruin the holidays for everyone,” he said.

Relativo said the increase in fares would mean a more congested national road, as commuters might

opt for transportation means that would fit their budgets.

“Almost doubling the fares could increase the possibility of people ditching the trains to choose public transport on the roads. I mean, could you imagine how that could worsen the already congested Metro Manila traffic?” he asked.

At the House of Representatives, Reps. Neri J. Colmenares and Carlos Isagani T. Zarate of Bayan Muna called for a congressional probe on the fare increase.

Zarate said the Aquino government has adopted privatization as its escape hatch whenever it needs to bail out its public utilities buried in debt due to poor management and/or corruption.

“The experience with privatization has shown that privatized utilities bring about unregulated price increases. It is feared that increasing fares will eventually lead to privatization and the state’s abandonment of its duty to provide affordable mass transportation to the citizens,” he said.

The increase in fares is expected to net P2 billion in savings, which is equivalent to 8,240 classrooms, 82 kilometers worth of farm-to-market roads, or 11,440 hectares’ worth of irrigated farmlands, the transport chief noted.

The scheduled increase will be implemented despite the lack of improvements in the lines. Practically all three systems are either nearing their rated capacity or have barged through their crush capacity.

The government, Abaya said, is doing its best to improve the train systems.

The primary solution to long lines at the MRT 3, for instance, is in progress, as new light-rail vehicles are already being manufactured.

See “Fare hike,” A2

Cheaper gasoline makes Christmas merrier for US retailers

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fter a rocky start to the holiday shopping season, US retailers benefited from cheaper gas prices and an improving job market in the weeks leading up to Christmas, raising optimism that sales reached a three-year high.

Customer Growth Partners President Craig Johnson, who tracks the retail industry, now expects holiday sales to grow about 3.9 percent, a faster clip than he had previously projected as his “base case.”

The biggest payroll gains since 1999 and the lowest gasoline prices in five years are prompting consumers to spend more liberally. The decline in gas prices, which are down 22 percent this month, could free up $3 billion in holiday consumption, Johnson said. The money has largely gone toward hard lines, such as televisions,

headphones and toys, he said.

“This has been very much a hard lines Christmas,” he said on Bloomberg Television’s Street Smart With Trish Regan.

Retail sales between Thanksgiving and Christmas rose 5.5 percent, according to MasterCard Advisors, with jewelry and women’s clothing ranking among the strongest categories. Johnson’s research showed that this season was the best in years for both consumer electronics and toys, helped by products like Apple Inc.’s iPhone 6 and dolls from the Disney movie Frozen.

The National Retail Federation (NRF) has predicted that sales in November and December will gain 4.1 percent, the biggest increase since 2011. Holiday sales had climbed 3.1 percent last year, when severe winter storms kept shoppers home at the end of the season.

The Standard & Poor’s 500 Retailing Index rose 0.5 percent on Friday to 1,026.96 at the close in New York.

Shares of Wal-Mart Stores Inc., the world’s largest retailer, rose 0.6 percent to $86.91. Best Buy Co., the biggest chain focused on electronics, also gained 0.6 percent, to $39.14.

Slower sales and foot traffic during the post-Thanksgiving weekend had stoked fears that this holiday season would be a disappointment, as well. Spending tumbled an estimated 11 percent over the Black Friday weekend from a year earlier, the Washington-based NRF said. And more than 6 million shoppers who had been expected to hit stores never showed up.

It didn’t help retailers that a worker slowdown at West Coast ports delayed the arrival of some merchandise.

Bloomberg News

PDEx-PSE consolidation seen in early ’15

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HE Bankers Association of the Philippines (BAP) expects the consolidation of the Philippine Stock Exchange (PSE) and the Philippine Dealing and Exchange Corp. (PDEx) in the first quarter of next year.

BAP President Lorenzo V. Tan said the consolidation of PDEx and PSE is under way.

“We’re moving. They [PSE] have exceeded the 51-percent [ownership] already,” he told the BusinessMirror.

PSE President and CEO Hans Sicat said the Exchange wanted to get the supermajority by increasing its ownership to 67 percent from 54 percent.

The PSE has bought most of the shares of the BAP, which previ-

ously owned 28.9 percent.

“So it looks like we can implement what we were planning to do, which is to make PDEX a subsidiary of PSE. Hopefully, in the first quarter next year,” said Tan, who is the Rizal Commercial Banking Corp. president and CEO.

Singapore Exchange Ltd. owns 20 percent of PDS; Tata Consultancy Services Asia has an 8-percent ownership; the Philippine American Life and General Insurance Co. got 4 percent; San Miguel Corp., 4 percent; Financial Executive Institute of the Philippines, 3.1 percent; Social Security System, 1.5 percent; Investment House Association of the Philippines, 1.1 percent; and Golden Astra Capital, 0.4 percent.

Meanwhile, the BAP approved

the voluntary withdrawal of the Hong Kong and Shanghai Banking Corp. Ltd. (HBPH) from its participation as a PDS Treasury Reference Rates (PDST) fixing bank under the rules for PDST fixing banks.

The cessation of HBPH’s participation as a PDST fixing bank is effective on December 15, and henceforth, PDST-F, PDST-R1 and PDST-R2 rates calculated and published were no longer considered any firm bid yields posted by HBPH.

The BAP also fast-tracked the creation of a single automatic teller-machine network through the merger of Bancnet and Megalink, and is also working on the establishment of the Philippine Money Transmission System to unify money transactions. Genivi Factao