BusinessMirror February 05, 2019 by BusinessMirror

‘BANKS TO FEEL MORE PAIN FROM RICE TARIFF BILL THAN DEFAULT OF HANJIN’ By Jasper Emmanuel Y. Arcalas

T FARMERS, millers, retailers and irrigators urged President Duterte to veto the rice tariffication bill, as the unimpeded entry of imports could cause businessmen to stop paying bank loans estimated at P300 billion. JASPER EMMANUEL Y. ARCALAS

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

@jearcalas

HE full liberalization of the rice industr y may hurt banks more than the default of South Korean shipbuilder Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phil), as thousands of millers could go bankrupt. In an open letter to President Duterte, a coalition of rice farmers, millers, retailers and irrigators outlined the economic conse-

quences of the enactment of the rice tariffication bill into law. The Coalition of Farmers’ Organizations, Unions, Retailers, and Rice Millers to Protect the Philippine Rice Industry (C-FOURR PROTECT) said the unimpeded entry of cheap rice following the conversion of import caps into tariffs could significantly cut palay production. T his, C-FOUR R PROTECT pointed out, would create a detrimental domino effect on the rice industry value chain with the local

See “Rice tariff,” A2

BusinessMirror A broader look at today’s business

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Tuesday, February 5, 2019 Vol. 14 No. 118

By Rene Acosta

@reneacostaBM

NTERNATIONAL shipbuilding companies are continuing to express interest in taking over Hanjin and its facility in Subic, but the government is exercising the first option of acquiring the facility if there is really a need, Defense Secretary Delfin Lorenzana said on Monday. Among the latest companies that have eyed Hanjin, said the defense chief, was Hyundai Heavy Industries, the South Korean man-

ufacturer of the two brand-new frigates that are being built for the Philippine Navy. “Lately, I also heard that Hyun-

dai of Korea is also interested,” he said, adding that the firm adds up to the list of international companies from the US, Japan, South Korea,

Indonesia and Australia that are keen on taking over Hanjin, given the right terms. Lorenzana said that even Turkish firms and European shipyards are interested in the Subic-based shipyard, which, according to him, is still operating. “The Hanjin shipyard is not actually, has not filed for bankruptcy; it is just asking for rehabilitation because the problem is cash flow. It is still building some ships here, but it needs money to keep operating on a day-to-day basis,” he said. Lorenzana said that if Hanjin would really need to stop its operations, then it would be acquired by the government, given that money has been set aside to bail it out from

“If...we have to take over, the Senate has already allocated money to take over the facility and then the Navy, plus some local shipbuilders, also can come in and run the facility. That’s the plan.”—Lorenzana

its bank creditors. “If...we have to take over, the Senate has already allocated money to take over the facility and then the Navy, plus some local shipbuilders, also can come in and run the facility. That’s the plan,” he said. “The government is ready to take over, if and when there is a need to do so,” he added.

PHL manufacturing sector regains top spot in SE Asia By Bianca Cuaresma @BcuaresmaBM

HE Philippine manufacturing sector grew fast enough to regain its spot as the top performer in Asean despite the “slight deterioration” in business conditions in the region, according to a report by IHS Markit. Reports from IHS Markit said on Monday that the Philippine manufacturing sector’s purchasing managers’ index of 52.3 topped the list of manufacturing PMI in the region for January. The PMI is a composite index aimed at gauging the health of the countr y’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents. Readings above the 50-threshold signal a growth in the manufacturing sector, while readings below 50 indicate deterioration. Trailing the Philippines are Vietnam and Myanmar, which both registered a PMI of 51.9, fol lowed by T hai land ’s 50.2. Countries that recorded a contraction in their manufacturing sector are Indonesia with a PMI of 49.9; Malaysia, 47.9; and Singapore, 45.6. On average, the region experienced a “slight deterioration” in business conditions in January as PMI averaged 49.7, from the 50.3

52.3 The purchasing managers’ index of the Philippines for January

recorded in December. IHS Markit said this sends the signal that conditions across the manufacturing industry worsened at the start of 2019. This is also the second deterioration of the average PMI of the region. Despite topping the list, the Philippines was not spared from the slowdown, as its PMI slipped from 53.2 in December to 52.3 in January. IHS Markit economist David Owen said that, while slow activity is seen for manufacturers in early 2019, the Philippines’s strong domestic market is likely to keep the country’s manufacturing sector leading the pack. “Januar y data sug gested a slow start to the year for Filipino manufacturers. Purchasing activity grew at the weakest rate throughout the series history, while employment declined for the first time since July. Export orders fell for the fifth month See “Manufacturing,” A2

PESO EXCHANGE RATES n US 52.2350

2017 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 5 sections 28 pages | 7 DAYS A WEEK

S. Korea’s Hyundai interested in Hanjin’s shipyard–DND chief

millers suffering the brunt of an open rice market, as lower palay output could cause their facilities to go unused. The underutilization of rice mill facilities, the group said, could lead to eventual closures and worse, the default of about P300 billion worth of loans obtained by millers from local banks. HHICPhil borrowed a total of $412 million, or about a P21.6-billion loan from five local banks. Based on C-FOURR PROTECT’s estimate,

WELCOME, YEAR OF THE PIG The Chinese New Year, also called the Lunar New Year and the Spring Festival, falls on February 5, but

‘Reversal in policy rate course done before’

TURNAROUND of monetary-policy action is “not something unthinkable” from the Bangko Sentral ng Pilipinas (BSP) for 2019, a private economist said, noting that the Monetary Board pulled off a similar string of moves back in 2008 to 2009. ING Bank Manila senior economist Nicholas Mapa said the BSP may consider a “slight reversal” from its ultra-agressive stance in 2018, as inflation pressures dissipate and as growth numbers start to slow. Mapa’s statement came on the heels of BSP Deputy Governor Diwa Guinigundo’s statements to reporters, saying that the Central Bank is not keen on “immediately reversing the course” of monetary policy. In 2018, the BSP made aggressive back-to-back hikes to their monetary-policy rate to the tune of 175 basis points in the May-toNovember period of the year. This was to address the accelerating trend of inflation then. “ You don’t immediately reverse course. I think you have to give yourself a few more observations and make sure that what you intend to achieve is in the process of being achieved,” Guinigundo recently told reporters. “We want to make sure that we go back to the 2 to 4 percent inflation target but if you simply reduce the RR [reserve requriement] or reduce the policy rate in order to reverse what you did in 2018, [that] will be bad economic or monetary policy,” he added. While Mapa said the BSP will keep its monetary-policy rates unchanged in their upcoming

celebrations began on Monday during what the Chinese consider the New Year’s Eve. See Special Feature on Chinese New Year, pages E1 to E8. NONIE REYES

See “Rate,” A8

Reclamation agency placed under Duterte office By Bernadette D. Nicolas

@BNicolasBM

R ESIDENT Duter te has transferred the power to approve reclamation projects to his office in a bid to fast-track the land-reclamation process, as critics see the Manila Bay rehabilitation as a prelude to clearing the way for pending reclamation projects. Under Executive Order 74 signed by the President last February 1, the Philippine Reclamation Authority

(PRA) was placed “under the direct control and supervision” of the OP, while the power of the President to approve all reclamation projects shall be delegated to the PRA Governing Board. The EO added: “Such delegation, however, shall not be construed as diminishing the President’s authority to modify, amend or nullify the action of the PRA Governing Board.” The PRA was previously with the Department of Environment

and Natural Resources (DENR). The issuance of the EO comes amid the pending land-reclamation projects in Manila Bay, which is also recently being rehabilitated by the national government. While Malacañang defended the EO as a means to streamline the services of government agencies, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo was also quick to dismiss that the EO was meant to favor anyone or any group.

“Any executive order issued by the President is favorable to the Filipino people, not to any particular individual or group,” Panelo said on Monday. The Makabayan bloc has already filed a resolution urging the government to suspend the rehabilitation program, saying this could be a prelude to the 43 reclamation projects covering more than 32,000 hectares in the bay under the President’s “Build, Build, Build” program. Continued on A2

n JAPAN 0.4770 n UK 68.2920 n HK 6.6571 n CHINA 7.7969 n SINGAPORE 38.7127 n AUSTRALIA 37.8599 n EU 59.8091 n SAUDI ARABIA 13.9294

Source: BSP (4 February 2019 )

News

BusinessMirror

A2 Tuesday, February 5, 2019

www.businessmirror.com.ph

BSP revises licensing rules to limit bank risks

By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) announced on Monday that it has revised its guidelines to streamline the licensing requirements for banks applying for special authorities. The new guidelines, said to be in line with the Central Bank’s efforts to apply a risk-based approach to their processes and promote the ease of doing business, classify

licenses for special authorities under three categories. “The requirements set out for each category are proportionate to the magnitude of risks that may

arise from engaging in a specific activity and take into account the capability of the BSFI to manage the risks,” the Central Bank said in a statement. According to the BSP, the activities of the Type A license such as the establishment and sale of branches/ branch-lite units (BLU), equity investment in allied and non-allied undertaking, trust and other fiduciary business, among others, are likely to expose the bank to increased risks. As such, the application for a Type A license requires compliance with three basic prudential criteria

and prior BSP approval. These prudential criteria are: a CAMELS rating of at least “3,” governance and independent control functions that meet what is considered appropriate for the BSFI, and compliance with BSP directives. Meanwhile, the Type B license does not require compliance with the prudential criteria but shall be subject to BSP approval. Examples of activities with Type B license are conversion to a lower bank category and amendment of articles of incorporation/by-laws. “These activities are related

there. It will just be centralized. The vision is to have a one-stop shop for all patients wishing to ask for help, so they don’t have to go or line up with various agencies. PCSO will give a percentage to PhilHealth. If you have a PhilHealth card and are a bonafide Filipino citizen, you can get help ‘That’s the thrust of Presidente Rodrigo Duterte, that citizens don’t have to undergo so much rigors when they ask for medical aid,” explained Balutan. Earlier, Balutan revealed that the agency is set to give 40 percent from the 30 percent of the Charity Fund, which is about P8 billion for UHC on the third quarter this year. UHC will catalyze reforms for the health-care system in the Philippines, particularly strengthening primary care services, through the PhilHealth. UHC will ensure adequate funding through the Department of Health (DOH) annual budget, revenues from “sin” taxes, Philippine Amusement and Gaming Corp., PCSO, and PhilHealth members’ contribution. The PCSO Charter, or RA 1169, particularly on revenue allocation, provides that the revenue of

Reclamation agency placed under Duterte office Continued from A1

According to the lawmakers, the 265-hectare Pasay Harbor City joint venture involving Davao-based businessman Dennis Uy is included among the list of reclamation projects. Uy was one of the main campaign contributors of President Duterte. The new EO also applies to all reclamation projects, including those initiated by local government units and all other agencies, government-owned or -controlled corporations or any government entity allowed under existing laws to reclaim land, for which there are no contracts or agreements yet executed between the government entity concerned and a private-sector proponent prior to the effectivity of the said EO. Panelo, however, did not categorically say if the pending Manila Bay reclamation projects will be covered by the EO but noted that those projects with agreements, such as memorandum of agreement (MOA), will not be covered. “If there is a MOA, then that is not already covered because that is considered a contract. You cannot impair the contracts entered [into] by the city government or the national government,” he said, noting that a memorandum of understanding is not considered a contract. In November, it was reported that two cities led by Manila Mayor Joseph E. Estrada and Pasay City Mayor Antonino Calixto signed a MOA to pursue together with “utmost effort to cooperate with each other and extend mutual assistance” to their separate

the PCSO shall be allocated to 55 percent for prize fund (payment of prizes), 30 percent for charity fund (various charity programs and service) and 15 percent as operating fund (maintenance and operating expenses). Charity Fund is divided into two: 60 percent for Imap and other charity programs such as Ambulance Donation, Calamity Assistance, Medical and Dental Mission, and others; while 40 percent is for mandatory contributions of PCSO to almost 28 government agencies like Philippine Drug Enforcement Agency, Philippine Sports Commission, and Commission on Higher Education, among many others. In 2018, PCSO generated a whopping P63.55 billion, marking a 20-percent increase from its total generated revenue in 2017. With that, the agency was able to help 528,190 patients, spending about P8,682,919,581.50. The agency also catered to 9,231 patients, spending about P626,249.20 through its medical and dental mission, which is 233-percent increase from the P188,006.50 released amount for 3,490 patients in 2017. “PCSO revenue is increasing,

partnerships with private groups to reclaim huge swathes of the Manila Bay to develop a valuable coastal real estate, as well as generate employment and other economic opportunities in the two premier coastal cities in Metro Manila. Moreover, the EO states that pursuant to its mandate to integrate, direct and coordinate all reclamation projects for and on behalf of the national government, the PRA is also “mandated to seek advisory opinions from relevant national government agencies on any proposed reclamation project.” These agencies include the National Economic and Development Authority (Neda), the Department of Environment and National Resources and the Department of Finance. The Neda Board approved reclamation projects prior to the issuance of the EO. No reclamation project shall also be approved by the PRA without the required Area Clearance and Environmental Compliance Certificate to be issued by the DENR. All reclamation projects shall also undergo competitive public bidding and shall be evaluated by PRA based on their cumulative impacts rather than on a specific project basis. The PRA governing board is also enjoined to allot at least 5 percent of its net earnings to develop its capability and expertise to reclaim land, including the modernization of its dredging and reclamation technologies. The PRA shall also craft and implement a five-year development plan to transform PR A into a premier reclamation authority.

Rice tariff. . .

but [the number of] people who are getting sick is also rapidly increasing. As you can see, the recipients and the amount of assistance released for our flagship Imap also increased. What I’m simply trying to say is that with more revenue PCSO generates, more funds will be available to support PCSO’s various charity programs. In turn, more Filipinos especially those needing medical assistance, will be served by PCSO. We shall continuously look for avenues to generate more revenues,” said Balutan. The PCSO has also allocated P35,475,050 for institutional partnerships in 2018. The IP program augments the financial resources of institutions, government organizations and nongovernment organizations, e.g., orphanages, halfway house for the elderly and the abandoned engaged in welfare and charity services with emphasis on medical and health needs of its beneficiaries. “I would like to appeal to each and every one of you to help PCSO and President Duterte to fight the illegal numbers game and promote and support Small Town Lottery [STL] operations and other PCSO games,” said Balutan.

Continued from A1

a complete rice mill facility costs about P30 million to P50 million to put up, which would mean that the whole Philippine rice milling industry is valued at about P200 billion to P300 billion. “Imagine a scenario where these rice milling facilities could not be operated at full capacity because of lack of enough local palay produce to mill and the owners default on their bank loans citing unfavorable business climate similar to the recent bankruptcy case of the Subic-based Hanjin Heavy Industries Inc.,” the open letter read, a copy of which was provided to reporters on Monday. “The big loan exposure of the owners of these rice mills will definitely shake the very foundation of the banking industry and cause shock waves to the whole Philippine financial system,” it added. C-FOURR PROTECT also estimates that around 55,000 workers of 6,600 registered rice millers nationwide could be displaced by a more open rice market.

Millers’ dilemma

ROW ENA DEL ROSA R IO SADICON of the Nueva Ecija Rice Millers Association said around 10 percent, or about P30 billion of the P300-billion investment made by local millers nationwide, were poured into Nueva Ecija. Sadicon said these loans are still being amortized by rice millers.

servicing of deposits outside bank premises,” the BSP said. The BSP also decided to lift special licensing fees for applications to establish branches in cities previously considered as restricted areas. “The approved guidelines cover the first set of special authorities with streamlined licensing requirements. The Bangko Sentral shall continue to align the requirements for other activities requiring special authorities with the new framework to promote efficiency and reduce business costs,” the BSP said.

5 suspects in Sulu church blasts yield–PNP chief

PCSO to build its own corporate center in Manila HILIPPINE Charity Sweepstakes Office (PCSO) General Manager Alexander Balutan announced on Monday that the agency is set to construct its own corporate center in San Marcelino, Manila, to decongest its satellite office at Lung Center of the Philippines, which is catering about 700 patients per day. “Sana maumpisahan na ito next year at mag-bi-bidding tayo. Dadagdagan pa natin ng lima hanggang anim ang ating [I hope we can start this next year and we can start the bidding. We will add five to six more] branch offices. We will continue to help our indigent patients nationwide. We shall maintain the Individual Medical Assistance Program [Imap] though the Universal Healthcare [UHC] is already there. The PCSO [will help generate funds for] Philippine Health Insurance Corp. [PhilHealth],” said Balutan. Likewise, the PCSO Satellite Office at LCP shall be transferred to the Veterans Memorial Medical Center. Balutan dispelled rumors that the PCSO will stop giving medical assistance once the UHC law has been fully implemented. “PCSO’s assistance will still be

to the primary banking license granted; hence, the application will be evaluated regardless of the risk profile of the bank,” the BSP said. Applying for Type C licenses, on the other hand, no longer requires prior Bangko Sentral approval since these are largely part of business decisions made to manage operations. “The bank only needs to notify the BSP that it intends to engage in Type C activities, which include, among others, relocation of approved but unopened branches/ BLU, permanent closure and surrender of branch/BLU license and

By Rene Acosta

@reneacostaBM

“Our partnership with the banks is important. It is important that they have confidence in us that we are capable of repaying the money we borrowed from them,” she told the BusinessMirror. “If the farmers will not plant anymore, then we won’t have anything to mill. We will depend on rice importation, which we are already doing now, but it would not be enough as we have institutional clients needing locally produced rice,” she added. Sadicon, who is also vice president for Marketing and Manager for International Trade of Victor Del Rosario Rice Mill, also pointed out that their supply of rice hull, which they use as biomass fuel to run their mills, would also be reduced due to lower palay output. “Shortage in local palay production will mean shortage in the supply of ipa or rice hull used as biomass fuel, binder in cement manufacturing as well as earth/land fillers,” CFOURR PROTECT said in its letter. The rice tariffication bill approved by the bicameral conference committee will lapse into law on February 15 if President Duterte does not act on it. Rice industry stakeholders have been calling on Duterte to veto specific provisions of the bill, such as removing the powers of the national ood to intervene in the domestic market.

IVE suspects involved in the twin bombings in Jolo more than a week ago that killed 23 people and wounded more than 90 others have successively yielded to security forces in Sulu, Philippine National Police (PNP) chief Director General Oscar D. Albayalde said on Monday. The suspects, all members of the Ajang-ajang group of the Abu Sayyaf, surrendered to police and military forces as a result of relentless manhunt operations against them in the province. Albayalde identified the five as Kammah Pae alias “Kamah;” Albaji Kisae Gadjali alias “Awag,” Rajan Bakil Gadjali alias “Radjan;” Kaisar Bakil Gadjali alias “Isal;” and Salit Alih alias “Papong.” Kamah, who had been tagged earlier in the bombings of the Jolo cathedral, surrendered to Army forces in Sulu on Saturday, while the four yielded to members of the police team investigating the bombings. “The five suspects belong to a group of 22 Abu Sayyaf personalities led by Hatib Hajan Sawadjaan that are believed responsible and conspired for the terrorist attack at the Our Lady of Mount Carmel Cathedral where 23 persons died and 95 others were wounded,” Albayalde said during a news briefing. “Fourteen more suspects remain at large, including the mastermind Sawadjaan, while three others, including the two Asian suicide bombers had been killed,” he added. Among the suspects who are at large other than Sawadjaan are Makrim Habbisi; Barak Ingug, Usman alias “Ubin,” an alias “Arab Puti” and nine unidentified others. Another suspect, Ommal Yusop, was earlier killed in a follow-up operation in Sulu. Albayalde said that Pae and the four others who are already in police custody performed “individual roles” in the twin explosions. He said that Pae had denied any role in the bombings. However Albayalde said that Pae’s four arrested colleagues have talked about his role in the deadly blasts. The PNP chief said Pae was the one who escorted the two alleged Indonesian suicide bombers to

the Jolo cathedral, backing up earlier reports that the explosions were suicide bombings. He also said that investigating team recovered from Pae’s house assembled homemade bombs and components. Albayalde said that police investigators have already established the sequence of events leading to the January 27 bombings. He said that on January 8, a certain Muksin and Usman attempted to assemble an improvised explosive device at Barangay Latih in Patikul, Sulu, but abandoned the effort. Four days later, Sawadjaan met Usman and Barak met Bastiong, Patikul and gave them funds for the bombing mission. On January 21, an “Asian couple” who were holed out in Lampinigan Island sailed via a pump boat to Jolo. At 5 p.m. on January 26, the couple, each toting black trolley bags were escorted to Barangay Latih, Patikul, and were later escorted to Jolo. “At 8:28 a.m., the following morning, it is believed that the Indonesian woman detonated the first IED [improvised explosive device] inside the Jolo cathedral, while the man detonated the second IED at the church entrance seconds later,” said Albayalde. The PNP chief said that based on the fragments and components recovered at the crime scene, the two detonated bombs were made from common GI pipes that served as casing containing “possibly” ammonium nitrate fuel oil as “primary explosive charge.” He said the ammonium nitrate was “possibly boosted by secondary high explosives, possibly PETN, TNT or RDX” that characterized the shattering effect. Meanwhile, in Maguindanao, 10 members of the Bangsamoro Islamic Liberation Front (BIFF) under the Karialan faction have surrendered to soldiers over the weekend. The bandits were identified as Commander Gani Saligan, 4th Brigade Commander of the 2nd Division, BIFF and his men Rafael Asim; Ksain Bantilan; Alex Datungan; Aladin Saligan; Longs Bantilan; Elmer Mangatog; Alan Saligan; Muhammid Maslamama; and Kanaw Maslamama.

Manufacturing. . .

in a row, as China, their top export destination, reported slower growth during 2018. This news may add to fears that exports could slow even further in the first quarter,” Owen said. “Nevertheless, strength in the domestic market should carry the industry through a potentially turbulent period,” he added.

Continued from A1

The report also noted that the Philippines recorded the “greatest level” of optimism, while Myanmar recorded the least. Overall, the level of positive sentiment regarding the 12-month outlook rose to its highest since last May. In general, firms were hopeful that new orders will rebound and output growth will accelerate this year.

A4 Tuesday, February 5, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Customs breaches January P45.626-B collection goal By Rea Cu

@ReaCuBM

HE Bureau of Customs (BOC) has surpassed its collection target for the first month of 2019 with a total of collection of P48.153 billion, breaching the bureau’s collection goal of P45.626 billion for January. In a news statement issued on Monday, the BOC reported that its revenue collections for January had already reached P48.153 billion, expanding by 17.9 percent compared to the January 2018 collection of amounting to P40.831 billion. According to the BOC, “it maintains its growth momentum seen since last year, on the back of continued process improvements being implemented by Customs Commissioner Rey Leonardo B. Guerrero

such as tighter watch over imports and import values of goods.” Based on preliminary data of the Bureau of the Treasury (BTr), revenues generated by the BOC in January were derived mostly from cash collection, which refers to duties, taxes and fees collected from goods that entered through the Customs ports nationwide. Guerrero earlier said that “aggressive reforms” will be implemented over the next months in the BOC

which includes: automation to improve its processes; enhancement of cargo clearance and examination capabilities; and strengthening of institutional and individual capabilities in the area of intelligence and enforcement; which are part of his 10-point reform plan for 2019. Last month Guerrero expressed confidence that the BOC will be able to hit its 2019 revenue collection target of P677 billion on the back of reforms that the agency will implement this year. The bureau’s collection goal for this year was raised by 15.75 percent, or P677 billion, compared to last year’s goal of P584.881billion ceiling. Customs Spokesman Atty. Erastus Sandino B. Austria also reported during the conference that the BOC has recorded revenue collections amounting to P592.869 billion as of December 28, 2018, surpassing its P584.881-billion collection target for the year.

Meralco sees higher generation charge for Feb billing period By Lenie Lectura

@llectura

HE Manila Electric Co. (Meralco) is expecting the generation charge component in consumer power bills to increase this month, mainly due to the normalization of capacity fees of power supply agreements (PSAs). “It [ generation charge] w i l l be higher t han Januar y,” said Meralco utility economics head Lawrence Fernandez. In the past two or three years, generation charge for the first month of the year is lower. The reverse happens the following month. “There’s always normalization in February. The reduced capacity fees for the outage allowance reconciliation for the PSAs is reflected in January,” said Fernandez. He explained that if power plants do not use their outage allowance for the year, “then by December they charge us lower or with not capacity fees and that leads to the lower gen-

eration charge in January.” Generation charge makes up bulk of what consumers pay for their electricity. Last month generation charge went down to P4.9119 per kilowatt-hour from P5.3303 per kWh. The decrease was mainly the result of a reduction in the cost of power from Meralco’s PSAs. Fernandez also cited power-plant outage incidents that occurred in January. Whenever the plant outage is scheduled or not, such incident triggers a spike in the Wholesale Electricity Spot Market (WESM). “We also noticed that during the second half of January there were many power-plant outage. More than 3,300 megawatts of capacity went on outage, both forced and scheduled outage. We noticed that the spot market responds accordingly that also led to affect the generation charge in February,” said the Meralco official. Meralco is set to release February power rates next week.

Meralco rates last month decreased to P9.8385 per kWh from the previous month’s P10.1803.

Tax refund

THE Department of Finance (DOF), meanwhile, announced that it has approved a Revenue Regulation (RR) that reduces to 15 percent the creditable withholding tax on refund for Meralco customers in line with the Tax Reform for Acceleration and Inclusion law. In a news statement issued on Monday, Finance Secretary Carlos G. Dominguez III approved the RR in line with reducing to 15 percent the 25- to 32-percent creditable withholding tax for the refund paid to Meralco, effective January 1, 2019. The RR will be issued by the Bureau of Internal Revenue, with Assistant Commissioner Marissa O. Cabreros pointing out that the regulation is for uploading once the DOF transmits it to the bureau.

With Rea Cu

Would you sign an Integrity Pledge?

By Henry J. Schumacher

HE Integrity Initiative launched an Integrity Pledge in 2011. We then believed that corruption has been one of the biggest impediments to economic growth and prosperity in the Philippines and has been eroding the moral fiber of this society. We saw the pledge as a clear commitment to ethical business practices and good corporate governance. About 3,500 companies signed the pledge, acknowledging the companies’ responsibility to lead by example in the fight against corruption, and to operate their businesses ethically and with integrity. Signing the pledge came with the commitment to do the following: We will prohibit bribery in any form in all activities under our control, and ensure that our charitable and political contributions, business gifts, and sponsorships are transparent and will not be for the purpose of attempting to inf luence the recipient, whether the government or private, into an improper exercise of functions, duties or judgment. We will maintain a code of conduct to guide our employees toward ethical and accountable behavior at all times, and will apply appropriate sanctions for violations of the code. We will conduct training programs for our employees to promote integrity, honesty, and accountability in the exercise of their duties and responsibilities, and to convey with resolve our com-

By Jonathan L. Mayuga

VISIT MY BAYAN LAUNCH

pany’s commitment to ethical business practices. We will implement appropriate internal systems and controls to prevent unethical conduct by our employees, ensure good governance, and institutionalize the values of integrity and accountability in our business. We will maintain appropriate financial reporting mechanisms that are accurate and transparent. We will maintain channels by which employees and other stakeholders can raise ethical concerns and report suspicious circumstances in confidence without risk of reprisal, and a designated officer will be tasked with investigating all reports received. We will enter into integrity pacts with other businesses and with government agencies when dealing with procedures related to the bidding and procurement of supplies, materials, equipment and construction. We will refrain from engaging in business with parties who have demonstrated unethical business practices. To ensure collective action among business enterprises to foster ethical, clean and transparent business transactions in the Philippines, we commit to: 1. Support a nationwide initiative intended to create fair market conditions, transparency in business transactions and ensure good corporate governance; 2. Pa r t ic ipate in rou ndt able d isc ussions, meetings and forum to identify the key concerns and current problems affecting the private sectors related to integrity and transparency in business transactions; 3. Share “best practice,” tools and concepts which are intended to be used by all participating entities to achieve the goals of the nationwide initiative; 4. Assist and contribute ideas to develop a unified Business Code of Conduct acceptable to all participating entities; 5. Participate in the creation of key measures and control activities intended to ensure transparency, integrity and ethical business practice; 6. Support the development of an audit and certification program (including a training program for advisers and auditors) that will offer a toolbox for enterprises to introduce and implement ethical practices in their business processes; and institutionalize the whole process to promote sustainability of the Integrity Initiative. Eleven years later, we are asking ourselves why did not more companies sign the pledge and fulfilled the obligations they committed to implement? My question to you today: are you ready to sign the pledge? If yes, send me an e-mail and I will send you the pledge form; if not, send me an e-mail and explain why not. I really look forward to your feedback—contact me at Schumacher@eitsc.com.

Cimatu to lead Cabinet cluster meeting for eight climate-vulnerable provinces @jonlmayuga

The Philippine Chamber of Commerce and Industry (PCCI) Muntinlupa City Inc. launched on Wednesday the “Tayo Na Pilipinas: Visit My Bayan-National Search for Local Destination” at the Grand Ballroom of Vivere Hotel in Alabang. From left are Tourism Assistant Secretary Roberto “Robby” Alabado III, who was the guest of honor during the launching event; PCCI Muntinlupa Inc. President Elvi Sanchez-Quiazon; and Alegria “Bing” Sibal Limjoco, president, PCCI. NONIE REYES

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ECRETARY Roy A. Cimatu of the Department of Environment and Natural Resources (DENR) will lead a resiliency planning and convergence budgeting meeting for eight priority climate-vulnerable provinces in the Philippines. The high-level meeting will be held on Thursday, February 7, 2019, at the DENR. Expected to attend the meeting are governors of the eight c limate-v u lnerable prov inces and key officials of national government agencies, namely: Departments of Public Works and Highways, Agriculture, and Interior and Local Government. Cimatu acts as chair man of the Cabinet Cluster on Climate

Change Adaptation, Mitigation and Disaster R isk Reduction (CC A M-DR R). The eight priority provinces are Masbate, Sorsogon, Negros Oriental, Samar, Sarangani, Surigao del Sur, Surigao del Norte and Dinagat Islands. These provinces have been listed as vulnerable based on their high poverty incidence, high susceptibility to climate hazards, and are situated in critical watersheds. The meeting will tackle climate vulnerabilities in the priority provinces, and reinforce government thrust for a more prudent and targeted spending by fostering collaboration among agencies in planning, budgeting and implementing priority resilience programs and projects in the said provinces. The Cabinet Cluster CCAM-

DRR Roadmap for 2018 to 2022 aims to establish climate and disaster resilient communities. By the year 2022, the CCAM-DRR Cabinet Cluster anticipates the enhancement of climate- and disaster-resilient communities in the 19 climate-v u lnerable provinces, and major urban centers (Metro Manila, Cebu, Iloilo and Davao). The said concerned national government agencies, with the provincial governments, are actively taking part in ensuring the achievement of these goals. The proposed Risk Resiliency Program key investment projects for 2020 are in the areas of community livelihood and enterprise continuity; integrated water resources management; enhancing coastal protection; and climate information services.

DTI-BPS reports 18-percent growth in product standard sales in 2018 By Elijah Felice E. Rosales @alyasjah

OVERNMENT sales of product standards grew 18 percent for the whole of last year, as industry players are apparently becoming more compliant with regulations. The Department of Trade and Industry’s Bureau of Philippine Standards (DTI-BPS) sold 6,767 standards in 2018, up 22.74 percent from

the 5,513 standards sold in 2017. Sales, in turn, grew 18.51 percent to P3.2 million from P2.7 million. DTI-BPS Director James E. Empeño said the improved sales of Philippine National Standards (PNS) and international standards are proof of the growing appreciation of industry players of getting their products certified. “The use of standards by the industry not only enhances the quality and competency of their products

but also simplifies processes to reduce operations costs and makes exchange of technology and best practices easier among industry peers. In the same manner, government offices are able to improve their operations and make better decisions in their policy-making duties with the use of standards,” Empeño said in a news statement issued on Monday. Although some standards are voluntary, there are standards

that are mandatory and used for technical regulation. Under the DTI-BPS Product Certification Scheme, certain critical products are required by the government to comply with their corresponding PNS before they can be distributed in the market. This is to ensure the quality and safety of the product when used by consumers. DTI-BPS data showed PNS sales are expanding at a steady rate over

the previous years: by 96 percent in 2016 and by 27 percent in 2017. Trade Undersecretary Ruth B. Castelo expressed optimism sales of standards will continue to rise in the years to come. She is expecting more industry players to get their products certified by the government. Castelo added the augmented sales of PNS and international standards will benefit consumers. “It is the state’s duty to the public to always uphold the rights

to health and safety of consumers by ensuring the quality and reliability of the products offered in the market based on PNS and international standards. The DTI is pleased to observe a steady growth in the sales of standards and will exert further effort to promote the use of standards in the industry sector,” Castelo said. The DTI-BPS is the country’s standards body and the only authorized distributor of product certifications.

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Editor: Angel R. Calso • Tuesday, February 5, 2019 A5

World markets subdued on US-China trade worries

INGAPORE—World markets were mixed on Monday amid speculation over the next steps in a dispute between the United States and China over technology development and trade following meetings in Washington last week. American and Chinese negotiators ended two days of talks in Washington last week without word of a deal, though those involved—including US President Donald J. Trump—were optimistic about the road ahead.

Trump said he plans to meet his Chinese counterpart Xi Jinping to sort out contentious issues. “I think when Xi and I meet, every point will be agreed to,” Trump said, without specifying a date or location.

UAE gives Pope Francis grandiose welcome ceremony at visit’s start

POPE FRANCIS stands at the palace entrance, flanked by Crown Prince Sheikh Mohammed bin Zayed al Nahyan, (right), and Sheikh Mohammed bin Rashid al Maktoum, on the occasion of an official welcome ceremony at the Presidential Palace, in Abu Dhabi, United Arab Emirates, on Monday, February 4. The pope has arrived at the presidential palace to officially start his historic visit to the United Arab Emirates as canons boomed and a military aircraft flew over trailing the yellow and white smoke of the Holy See flag. AP PHOTO/ANDREW MEDICHINI

BU DHABI, United Arab Emirates—Pope Francis received a grandiose, pompfilled welcome on Monday as he opened his historic visit to the Arabian Peninsula with a meeting with Emirati leaders ahead of an address to faith leaders gathered in a Muslim region known for its restrictions on religious freedom. Francis arrived at the Abu Dhabi presidential palace in a simple Kia hatchback, but was greeted with an artillery salute and military flyover by a country now at war. Even for a nation known for its excesses, the Emiratis’ red-carpet welcome was remarkable for a pope who prides himself on simplicity. It featured horse-mounted guards escorting the pontiff’s motorcade through the palace gardens, while the flyover trailed the yellow and white smoke of the Holy See flag and cannons boomed. Francis stood somberly between Abu Dhabi’s powerful crown prince, Sheikh Mohammed bin Zayed al Nahyan, and the Emirati vice president and prime minister, Sheikh Mohammed bin Rashid al Maktoum, as the Vatican and Emirati anthems played and delegations were introduced in the courtyard of the domed palace. In a message to the prince, written in the palace book of honor, Francis assured the people of the UAE of his prayers and “the divine blessings of peace and fraternal solidarity.” The prince, for his part, gave Francis a framed notarized decree from June 22, 1963, in which the then-ruler of Abu Dhabi donated the land for the construction of the first Catholic Church in the Emirates. Francis’s speech to the gathering of faith leaders on Monday evening is to be the highlight of his brief, 40-hour visit to Abu Dhabi, the first to the Arabian Peninsula

by a pope. His trip culminates on Tuesday with the first-ever papal Mass on the Arabian Peninsula—a gathering expected to draw some 135,000 faithful in a never-beforeseen display of public Christian worship here. Francis arrived in the Emirati capital late on Sunday, hours after making an appeal from the Vatican for urgent observation of a limited cease-fire in war-torn Yemen so that food and medicine can get to its people, who are suffering the world’s worst humanitarian crisis. The UAE has been Saudi Arabia’s main ally in the war in Yemen, where a Saudi-led coalition is fighting the country’s Houthi rebels, and Francis’s pre-trip appeal was a way for him to avoid embarrassing his hosts with a public denunciation of the humanitarian costs of the war while in the region. “The cries of these children and their parents rise up” to God, he said at the Vatican before heading to Rome’s airport for his flight. In a sign that regional politics was playing a not-insignificant role in Francis’s visit, the papal plane flew north of Qatar and around the peninsular, energy-rich nation on his flight on Sunday. Four Arab nations—Bahrain, Egypt, Saudi Arabia and the United Arab Emirates—have been boycotting Qatar since June 2017 as part of a regional political dispute. Tensions are still high between the nations, especially after Qatar’s win at the Emirates-hosted Asian Cup soccer tournament this past week. By avoiding Qatari airspace, Francis omitted sending a telegram of greetings to the country’s ruler, Sheikh Tamim bin Hamad al Thani, as he would do when flying through the airspace of countries. He sent one when passing by the island nation of Bahrain. AP

A tariffs cease-fire between the US and China is set to end on March 2, and the US is expected to raise import taxes from 10 percent to 25 percent for $200 billion in Chinese goods. “There is rising optimism on the trade talks between the US and China, although no details have been nailed down. The upside is limited as President Trump also mentioned that if the talks are not successful, a new round of tariffs is imminent,” Alfonso Esparza, senior market analyst at OANDA, said in a commentary.

Keeping score:

GERMANY’S DAX lost less than 0.1 percent to 11,176.77, and the CAC 40 in France fell 0.2

percent to 5,009.21. Britain’s FTSE 100 was 0.1 percent higher at 7,024.60 as traders awaited Prime Minister Theresa May’s trip to later this week to Brussels, where she will attempt to renegotiate a deal securing Britain’s exit from the European Union on March 29. The future contract for the Dow Jones I ndu st r i a l Aver age edged 0.1 percent higher to 25,017.00, and that for the S&P 500 index also added 0.1 percent to 2,706.40.

The day in Asia:

HONG KONG’S Hang Seng index edged 0.2 percent higher to 27,990.21. Japan’s Nikkei 225 index advanced 0.5 percent to 20,883.77 and Australia’s S&P

ASX 200 gained 0.5 percent to 5,891.20. New Zealand’s NZX index shed 0.2 percent to 9,747.69. India’s Sensex was down 0.1 percent at 36,454.38. Shares rose in Thailand but fell in Singapore, Indonesia and the Philippines. Markets in Mainland China and Taiwan are closed for the week for Lunar New Year celebrations. South Korean markets were closed for a holiday.

Chinese data:

A private survey released on Sunday suggested that China’s services activity slowed in January. The Caixin services purchasing managers’ index fell to 53.6 for the month, down from 53.9 in December, likely due to domestic conditions. Numbers over 50 indicate expansion on

the index’s 100-point scale. But new export sales grew at the fastest pace in more than a year, in a nod to an easing trade standoff with the US.

Energy:

BENCHMARK US crude rose 25 cents to $55.51 per barrel in electronic trading on the New York Mercantile Exchange. It added $1.47 to settle at $55.26 per barrel on Friday. Brent crude, used to price international oils, was up 58 cents at $63.33 per barrel. The contract gained $1.91 to $62.75 per barrel in London.

Currencies:

T HE dol l a r st reng t hened to ¥109.88 from ¥109.50 late on Friday. The euro was flat at $1.1447. The British pound was trading at $1.3054, down from $1.3082. AP

Germany joins European nations recognizing new Venezuela leader M ADRID—Germany has joined other European nations in recognizing opposition leader Juan Guaido as Venezuela’s interim president. Germany and several other countries in the European Union had given Venezuelan President Nicolas Maduro’s administration an eight-day deadline to call a new presidential election. That ultimatum expired on Sunday. German Chancellor A ngela Merkel said during a visit to Japan on Monday that Guaido “is the legitimate interim president.” Germany joins Spain, Britain, France, Sweden, Austria, Denmark and Lithuania in recognizing Guaido on Monday. He also has the support of Washington and most South American nations. Guaido, who heads the opposition-led National Assembly, declared himself Venezuela’s legitimate ruler on January 23. Venezuelan President Nicolas Maduro is remaining defiant amid European Union pressure to stand down and is accusing the United States of preparing a coup in the South American country. Maduro told Spanish TV channel La Sexta in an interview broadcast late on Sunday that he “accepts ultimatums from nobody,” amid demands by some EU countries that opposition leader Juan Guaido take over. The Trump administration has also backed Guaido, after he declared himself the interim president of Venezuela on January 23. Maduro says “the military option is on [US President] Donald Trump’s table.” He accuses the US of “wanting to return to the 20th century of military coups, subordinate puppet governments and the looting of resources.”

VENEZUELAN opposition leader Juan Guaido, (center), who has declared himself the interim president of Venezuela, greets supporters as he arrives at a demonstration demanding the resignation of President Nicolas Maduro, in Caracas, Venezuela, on Saturday, February 2. Momentum is growing for Venezuela’s opposition movement led by Guaido, who has called supporters back into the streets for nationwide protests, escalating pressure on Maduro to step down. AP PHOTO/JUAN CARLOS HERNANDEZ

Washington recently imposed sanctions on Venezuelan oil exports in an effort to undermine Maduro’s main source of income and weaken his grip on power Swedish Foreign Minister Margot Wallstrom says the election that brought Venezuelan President Nicolas Maduro to power was neither free nor fair. In an interview Monday with Swedish broadcaster SVT, Wallstrom said Venezuelans “now must get new, free and fair elections instead.” She said “we support and consider Juan Guaido and the National Assembly as the only legitimate representatives of the Venezuelan people”—a move made by several

European Union nations on Monday. Wallstrom also says “Venezuela is a country in disrepair. There is a lack of food and medicines, it’s [facing] inflation and mass demonstrations.” Guaido declared himself Venezuela’s legitimate ruler on January 23 and has the support of Washington and most South American nations. Spanish Prime Minister Pedro Sanchez says his government is endorsing Juan Guaido as interim president of Venezuela and is urging him to call a presidential election as soon as possible. Sanchez on Monday carried out his threat to recognize Guaido’s leadership if embattled President

Nicolas Maduro hadn’t called a presidential election by Sunday. Other European Union countries followed suit, a week after the European Parliament has called on the EU’s member-states to recognize Guaido as Venezuela’s interim president. Spain has strong historical, cultural and economic ties to Venezuela, and its support for Guaido is a diplomatic blow to Maduro. Sanchez says, “we are working for the return of full democracy in Venezuela: human rights, elections and no more political prisoners.” He says Spain is also working on a humanitarian aid program for Venezuela. AP

Outsider romps to victory in El Salvador presidential vote

AN SALVADOR, El Salvador—A former mayor of El Salvador’s capital romped to victory in Sunday’s presidential election, winning more votes than his two closest rivals combined to end a quarter century of two-party dominance in the crime-plagued Central America nation. The Supreme Electoral Court declared Nayib Bukele the winner, saying he had nearly 54 percent of the votes, with nearly 90 percent of ballots counted. Carlos Callejas of the Nationalist Republican Alliance was far behind in second with less than 32 percent, while even farther back were former Foreign Minister Hugo Martinez of the Farabundo Marti National

Liberation Front and a minor party candidate. Bukele surpassed the 50 percent of the votes needed to avoid a March runoff, and he had already claimed victory before a jubilant crowd in the capital and invited supporters to celebrate in the streets. “We have full certainty that we have won the presidency, and we have won in the first round,” Bukele said. All four candidates promised to end corruption, stamp out gang violence and create more jobs, with crushing crime at the top of the agenda. Roughly 67,000 Salvadorans belong to gangs that terrorize their communities with extor tion, murder and other

forms of violence. The candidates proposed creating economic opportunities and restoring social values to dissuade Salvadorans from engaging in criminal behavior. There were no reports of major problems in voting. Bukele, 37, made his political debut in 2012 as a small-town mayor with the now-ruling FMLN and won election in the capital three years later, automatically making him a potential presidential contender. But his frequent criticism of the leftist party’s leadership led to his expulsion, and he wound up as the unlikely standard-bearer of a small conservative party known as the Grand Alliance for National

Unity, whose initials—GANA— mean “win” in Spanish. The FMLN and the conservative Alliance, known as ARENA, have dominated Salvadoran politics since a 1992 peace deal that ended a brutal civil war. But both parties have been stained by corruption scandals and neither has been able to stem gang violence. “I came to vote because I want the country to change, because we are tired of so much corruption,” said Estela Henriquez, 27, at a polling place in the capital. More than 4,500 election observers, including representatives of the Organization of American States and the European Union, were on hand. AP

A6 Tuesday, February 5, 2019 • Editor: Angel R. Calso

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editorial

On trains, trams and tranvias

HE use of electric vehicles or EVs is growing in Philippine cities. There are now electric jeepneys and tricycles plying the country’s central business districts, particularly in Makati and Taguig. Universities and private companies have also shifted to EVs for their service vehicles, including the Manila Electric Co. (Meralco), Filinvest, the Ateneo de Manila University and De La Salle University, which have a fleet of e-jeepneys going around their campuses. Philippine tourist destinations such as Boracay, Davao and Surigao are using electric tricycles. Meralco is applying for EV routes. SM malls, Petron, Shell and other companies are installing charging hubs for EVs in their branches or stations to address the lack of charging equipment, which is one of the main reasons cited for the slow uptake of EVs in the country. The Electric Vehicles Association of the Philippines said sales could increase over the next few years on the back of strong demand for EVs in the face of the government’s jeepney modernization program. Electric vehicles can help a lot to lower carbon emissions and create greener, healthier cities. The electrification of public transport systems is also one viable option that would have a substantial impact in lessening the economic and social costs of volatile fuel prices. We have seen how people, particularly those who used to drive their vehicles to work, are now flocking to the MRT (Metro Rail Transit) and LRT (Light Rail Transit) stations to commute. That more urban rail transit lines are being developed is most welcome. The global oil demand is primarily driven by the transportation sector. In our case, if we can substantially reduce demand even just for car use, it would certainly impact fuel prices in the country. Non-hydrocarbon energy sources for transport use are now available. We are not just talking about more MRTs and LRTs, or more e-jeepneys and e-trikes. Consider, for instance, the possibility of using electric trains for transporting cargo instead of the gas guzzling and accident-prone secondhand 18-wheeler trucks plying our roads. We can also expand the concept of e-jeepneys to come out with an electric public transport vehicle that could accommodate more people and would not clog lanes like jeepneys and buses do, because they would run only on a single rail, like trams or electric trolley buses or the tranvias in Manila during the early American period. Back then, when Manila was known as the Paris of the Far East, we had tranvias servicing public transport routes, owned and operated by the Manila Electric Railroad Co., the precursor of Meralco. The tranvias were a good idea then and they are more so now. We should bring them back. They are not only aesthetically pleasing tourist attractions but they are also more efficient and “cleaner” mode of public transport than jeepneys and buses. The only reason jeepneys came along was because after the bombing (the socalled liberation) of Manila in 1945, the tranvia system was wrecked and there was no money immediately available to bring it back. People had to make do by improvising, using the Americans’ army jeeps and making them into the public transport vehicles we know today as jeepneys. Ultimately, what we want is for more people to go car-less to reduce oil demand and carbon emissions. We want them to use public transportation instead, preferably the “green” ones. But there is a reason most families would take out a loan to buy a secondhand car. There is a reason you see vehicles that are accidents-waiting-to-happen on our roads. It’s because mass transportation in the metropolis is still inefficient. During rush hours, jeepneys are overloaded with clinging passengers like Christmas tree décors. Even the MRT and LRTs need more coaches, because they are packed like sardines most times of the day. The government would do well to invest in large-scale green and efficient mass transportation for the public. Only then can we reduce private vehicle use in the metropolis. This is doable. And the economic and social benefits of reduced private vehicle use, from fewer accidents and less pollution, would be well worth the investment.

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BELIEVE the strong performance of the Philippine Stock Exchange (PSE) in the first month of the year presents a good opportunity for companies and individuals to raise funds. Hopefully, such improvement in the equities market in 2019 will also spread to the capital market and enable our companies to continue their expansion and bolster economic growth. While 2018 was a bit challenging for the market, the outlook for 2019 seems positive, as the PSEi index, the 30-company bellwether, climbed 7.9 percent as of January 25. The benchmark index lost 12.8 percent in 2018. The gross domestic product, which grew 6.2 percent in 2018, is likely to perform better this year, which will lift business sentiment and encourage companies to expand and hire more people. Supporting such expansion is not only the equities market but also the capital market, which deals with the issuance of bonds or fixed-income securities (debt) by companies. People who buy such bonds and securities earn fixed interest on a fixed schedule. First Metro Investment Corp., a

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local investment bank, said capitalraising activities in 2018 actually declined 25 percent, dragged down by a 46-percent drop in fixed-income issues. FMIC believes the capital market is poised for a strong rebound in 2019. Data show that, while fixedincome issues declined, bond listings increased last year. Philippine Dealing and Exchange Corp., which serves as the trading platform for fixed-income securities, said it listed over P256.4 billion worth of bond issues in 2018, up 24 percent from P207 billion in 2017 and P109 billion in 2016. It achieved the milestone last year despite the 175-basis-point increase in the benchmark borrowing rate of the Bangko Sentral ng Pilipinas to 4.75 percent. The BSP adjusted

‘Go with the flow’ John Mangun

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Capital market set to rebound

HE dictionary definition is “to do what other people are doing or agree with the opinions of others.” Another is to “move along and accept the prevailing trend.” To most of us, that may be a somewhat negative attitude. Who really wants to be the kind of person that simply “goes along to get along”?

While no one is really sure when the phrase was first used, I can remember a time when “going with the flow” meant to lay back and take advantage of a developing situation rather than trying to fight the current conditions. There are some word historians that see the phrase as most likely echoing a passage from William Shakespeare’s Julius Caesar. Brutus says: “There is a tide in the affairs of men, which, taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries.”

A “flood tide” is when the waters are rising, which allowed easier and safer passage out of the harbor for sailing ships. Catching a flood tide meant avoiding the reefs and rocks that might protect a medieval harbor. “Omitted” or trying to sail when the water is shallow, would often lead to the miseries Shakespeare speaks of. We all know that fighting rush-hour traffic is going to be a losing battle. So it is best to avoid that time of the day, or accept it and “go with the flow.” Speaking of traffic, studies have been made about driving on freeways and expressways. The idea was

the key policy rate in a bid to curb inflation rate, which hit a nine-year high of 6.7 percent in September and October 2018. Bond listing is expected to reach P200 billion anew this year, as more companies raise funds to support capital expenditures or refinance debt. These companies include conglomerates, banks, property developers and infrastructure builders, which are expected to bankroll the government’s “Build, Build, Build” program. Data show 164 bond issues were listed in the fixed-income trading platform with total amount of P1.05 trillion as of end-2018. In the equities market, total capital raised through the local stock exchange reached a record P188 billion in 2018, up 12.5 percent from P167 billion in 2017, despite the fact that only one initial public offering took place last year. The PSE expects companies that deferred their IPOs in 2018 to go public this year amid better market conditions. The local bourse is, in fact, eyeing a total of P200 billion in capital-raising activities in 2019, including from at least six IPOs and backdoor listings. What makes me more optimistic this year is the deceleration of inflation rate, from 6.7 percent in October 2018 to 5.1 percent in December 2018. The continued softening of prices this year will

encourage the BSP to switch from its defensive monetary tightening stance to supporting economic growth with a 25-percentage-point rate cut, hopefully. The government’s economic managers believe that as inflationary pressures subside, given a subdued outlook on international oil prices and the lower rice prices following the expected enactment of the rice tariffication law, household consumption will subsequently pick up. A stronger household spending will be good for companies and the general economy. Another factor is the faster economic growth anticipated this year. Our GDP grew 6.2 percent in 2018, representing the seventh consecutive year that our economy sustained a growth of more than 6 percent. It also cemented the Philippines’s standing as one of the fastest-growing economies in Asia, according to our economic managers. I see a more stable economy this year, accompanied by a vibrant capital and equities market and supported by lower inflation and interest rates that will be good for household spending and corporate investments. We just need to remain steady and avoid any sudden movement to keep our economy on the right track.

to measure if staying in one lane or changing lanes and taking advantage of traffic gaps would get you to your destination faster. For trips of 30 minutes to one hour, cutting traffic did save a few minutes, reducing travel time by five or 10 percent. However, no study was made on how much additional driving stress was generated by cutting in and out of traffic lanes. You must admit that in 2019, there are many people out there that spend much of their waking hours “fighting” politics and politicians. Certainly, taking constructive action against government policies that may be seen as unbeneficial to the nation does make sense. Yet ranting and raving on social media for what seems like hours at a time is like spinning a prayer wheel for those hours. That is not a criticism of religious practice, but those can also be powered by the wind, water and electric motors. One place though—like with wooden sailing ships—where going with the flow is beneficial is the stock market. Subscribers to my MangunOnMarkets.com were told to stay away in April of last year. Local money had been flowing out

for about two months. Likewise, they were told to buy in November when the flood tide of local money started coming in. But note this as almost a fundamental truth of the Philippine stock market. Heavy and continuous foreign selling started two months after local money was already going out the door. Conversely, local money started coming in late October and November. Foreign money did not start buying in until a month ago. Not only should you go with the stock market money flow, but you need to watch that first tide. Another factor is that all tides are not the same as their intensity changes through the phases of the moon. Many people are stock market cautious right now, remembering the historic high of 2018. But that was a market going down from a higher yearlong run. The movement today is from a yearlong market downturn. Buy the PSE.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

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

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Australia banks hit with tougher regulation after scandals By Peter Vercoe Bloomberg Opinion

USTRALIA’S financial industry faces tougher regulation and more scrutiny of pay and culture after the government accepted key recommendations from a yearlong inquiry into decades of scandals and misconduct. The Royal Commission, however, stopped short of recommending financial firms be broken up to stop them from offering advice and wealth management, despite conflicts of interest that were at the heart of much of the wrongdoing. The government said it will take action on all 76 recommendations, including creating a new disciplinary system for financial advisers, tasking the prudential regulator with oversight of remuneration and encouraging the securities regulator to take more court action against wrongdoers. The damage arising from misconduct “to individuals and the overall health and reputation of the financial services industry has been large,’’ Commissioner Kenneth Hayne said in the three-volume report released in Canberra on Monday. “Saying sorry and promising not to do it again has not prevented recurrence. The financial services industry is too important to the economy to allow what has happened in the past to continue or happen again.’’ Treasurer Josh Frydenberg said the interests of consumers must now come first. “From today the sector must change, and change forever,’’ he said. During 68 days of hearings, and in more than 10,000 public submissions, the inquiry exposed a laundry list of misconduct, from charging dead people for services, lying to regulators and pushing people into poorly performing products to meet bonus targets. The inquiry has already started to reshape the industry. Most of the big four banks are looking to sell their financial planning units, where most of the problems occurred; have tightened lending criteria, and cut fees. The CEO and chairman of wealth manager AMP Ltd. quit, while National Australia Bank Ltd. overhauled its executive team and pay structure. The fallout has also hit investors, with the big four banks—which account for 22 percent of the benchmark index—losing a combined A$64 billion ($46.4 billion) in market value since the inquiry was announced. Shares of AMP, whose reputation was shredded during the hearings, have plummeted more than 55 percent in the past year amid plunging earnings and spiraling remediation costs. Hayne’s report made recommendations across the following key areas:

Industry structure

IN relieving news for the likes of AMP and IOOF Ltd., Hayne stopped short of recommending financial firms be forcibly broken up. “Enforced separation of product and advice would be a very large step to take,’’ he wrote. “It would be both costly and disruptive. I am not persuaded that it is necessary to mandate structural separation between products and advice.’’

Pay and culture

HAYNE identified salary and incentives structures as the root cause of the much of the wrongdoing. “Rewarding misconduct is wrong,’’

he wrote. “Yet, incentive, bonus and commission schemes throughout the financial services industry have measured sales and profit, but not compliance with the law and proper standards.’’ Recognizing the difficulty of mandating changes to pay, he has recommended the Australian Prudential Regulation Authority to “increase the intensity’’ of its supervision of how financial firms implement their pay structures, taking into account misconduct, compliance and other nonfinancial risk. Limits should be set on the use of financial metrics when setting longterm bonuses, and financial companies should review remuneration systems for frontline staff at least once a year to focus “on not only what staff do, but how they do it.’’ Hayne has also put the onus on financial firms to clean up cultural problems, recommending they should assess culture and governance, deal with problems and determine whether the changes made have been effective.

The regulators

HAYNE directed some of his sharpest criticism at the regulators, saying too often lawbreakers were not properly held to account. Rather than seek to negotiate settlements, the securities regulator should first ask whether a court should determine the consequences of a contravention, he said. The Federal Court will be given greater jurisdiction over corporate crime to make it easier for ASIC to launch legal proceedings. “Misconduct, especially misconduct that yields profit, is not deterred by requiring those who have found to have done wrong to no more than pay compensation. And wrongdoing is not denounced by issuing a media release,’’ he said. While Hayne recommended against stripping ASIC of any of its powers, the government has agreed to his suggestion to create an independently chaired regulatory oversight body.

Mortgage-broking and financial advice

MORTGAGE brokers and financial advisers have taken a big hit to their earnings potential. Hayne has recommended laws be amended so that mortgage brokers must act in the best interest of borrowers, and that the borrower, not the lender, should pay the broker a fee, putting an end to a lucrative web of commissions. To avoid the fees-for-no-service scandals, Hayne said laws should be introduced to ensure fee arrangements are renewed annually by the client, who must also get a written statement of the services provided and fees charged. A new disciplinary system will also be set up for financial advisers, including a central disciplinary body. “The financial advice industry is partway through a transformation from an industry dedicated to the sale of financial products to a profession concerned with the provision of financial advice,’’ Hayne wrote. “That will not be an easy task. It will require taking steps to deal with those involved in the charging of fees for no service and to ensure it doesn’t happen again, reducing the conflicts of interest that pervade the industry, and introducing a coherent, credible disciplinary system.’’

The First Island Chain Cecilio T. Arillo

DATABASE

‘I

MAGINARY though the island chain may be, it is a metaphor that nonetheless weighed heavily on the mind of one of China’s popular strategist, Admiral Liu Huaqing, and it continues to be an obsession with Chinese military planners to this day.

“In fact, China’s focus on breaking out of the First Island Chain [FIC] is entirely appropriate because of the very real constraints this chain poses for China’s navy,” said Professors James Holmes and Toshi Yoshihara of the US Naval War College. One clear problem is that Liu’s “near seas” are riddled with choke points, and China’s surface ships are easily ranged by missiles or fighter jets from American forward bases in Japan, the Philippines and South Korea. To Admiral Liu, therefore, it was painfully obvious that the first step to achieving global naval supremacy was to break the bonds of the FIC. As to how that might be done is one of the topics of one of the bestselling book, Croaching Tiger, authored by Peter Navarro, President Trump’s trade adviser. For now, know that the second step in Admiral Liu’s recipe for Mahanian supremacy was breaking out of the Second Island Chain (SIC).

The SIC starts at the midpoint of the Japanese home islands. It then swings out into the Pacific over to the Northern Mariana Islands, which include most notably Saipan. The SIC next travels to its rough midpoint at Guam and from there it moves over to Palau, finally ending at Indonesia’s Papua Province and Papua New Guinea. What each of these Pacific Island links in the SIC have in common is their strategic importance as “stepping stones” that were used by the US Navy to fight its way back from a bloodied and battered Hawaii through the Pacific to eventually be in a position to bomb the Japanese home islands, and thereby force the Japanese to surrender. This is history that was certainly not lost on Admiral Liu. Today, Guam—once the site of one of the costliest battles of World War II— looms particularly large as a strategic

Death taxes and amnesty Fulvio D. Dawilan

TAX LAW FOR BUSINESS

N this world nothing can be said to be certain, except death and taxes, so goes a famous passage from a letter written by Benjamin Franklin. And building on that, Will Rogers, an American actor also once said, the only difference between death and taxes is that death doesn’t get worse every time Congress meets. Indeed, tax is as certain as death as, in many jurisdictions around the world, tax necessarily follows death. The obligation of paying taxes does not end with death. Rather, as inescapable as death, the burden of paying tax on the fortunes left behind by a deceased becomes an inevitable consequence. Unlike death though, tax is a creation by the authorities imposed upon their unwilling subjects, and so with the tax imposed upon someone’s death. Different imposing authorities define the tax associated with death in varying descriptions. Some call it the estate tax and others refer to it as the inheritance tax. Still others describe it as succession duty or death duty. Commonly and collectively, they are referred to as death taxes. This is a tax that is imposed on the gratuitous transfer of property to any person, usually the heirs, after a person dies. While they are called death taxes

and are often used interchangeably, these death-related taxes are actually not the same, especially with respect to the party liable for the tax and the taxable base. In general, an inheritance tax is imposed on the persons who receive a deceased person’s property and based on the value of what they receive. It is normally the beneficiary who is responsible for the payment of the tax. An estate tax, on the other hand, is imposed on the right to transfer a deceased person’s assets to his heirs and usually based on the overall value of the estate. The estate is liable for the payment of this tax. The rules could vary in every jurisdiction. In the Philippine setting, there had been changes in the rules related to the imposition of death taxes. Although inheritance tax is used interchangeably with estate tax, the latter is what the present laws impose. We no longer have the inheritance tax. By statute, an

Filipino seafarers as contractual employees

By Atty. Dennis R. Gorecho

EAFARERS are not entitled to the benefits given to a regular or permanent employee, such as 13th-month pay, reinstatement, separation or termination pay or in some instances, even retirement benefits, since they are considered merely as contractual employees. This has been the consistent ruling of the Supreme Court since it issued its decision in the 2002 case of Millares v. NLRC (GR 110524 July 29, 2002) that became the landmark jurisprudence defining the nature of employment of Filipino seafarers and the applicable law. Seafarers are considered contractual employees. Their employ ment is governed by the

contracts they sign every time they are rehired and their employment is terminated when the contract expires. Their employment is contractually fixed for a certain period of time. They fall under the exception of Article 280 whose employment has been fixed for a specific project or undertaking the completion or termination of which has been determined at

the time of engagement of the employee or where the work or services to be performed is seasonal in nature and the employment is for the duration of the season. A Filipino seafarer is governed by the Rules and Regulations of the Philippine Overseas Employment Administration. The Standard Employment Contract governing the employment of All Filipino Seamen on Board Ocean-Going Vessels of the POEA, particularly in Part I, Section C specifically provides that the contract of seamen shall be for a fixed period. The provisions of the POEA contract require the seafarer to arrive at the point of hire as it signifies the completion of the employment

contract, and not merely its expiration. Similarly, a seafarer’s employment contract is terminated even before the contract expires as soon as he arrives at the point of hire and signs off for medical reasons, due to shipwreck, voluntary resignation or for other just causes. In a nutshell, there are three requirements necessary for the complete termination of the employment contract: 1. termination due to expiration or other reasons/causes; 2. signing off from the vessel; and 3. arrival at the point of hire. The Millares doctrine was reiterated in the latest case of Ceriola v. NAESS Shipping (GR 193101 April 20, 2015) where the Supreme

Tuesday, February 5, 2019 A7

American base, anchoring the SIC in much the same way that Taiwan anchors the FIC. For Admiral Liu, the goal was to break out of this SIC by the year 2020, and the now-aircraft-carrierequipped Chinese navy appears well on its way to hitting this target. The third step in Admiral Liu’s strategy was for China to achieve global naval supremacy by the year 2050. Today, there is considerable evidence both from Chinese military documents and from Western military analysts that China’s strategic path is closely following Admiral Liu’s three-step blueprint. Unfortunately for the cause of peace, this is a blueprint that by definition is a zero-sum game. In fact, the scope of Admiral Liu’s vision was absolutely breathtaking given that he articulated this vision back in an era when the Chinese navy was more akin to a coast guard than a global fighting fleet. According to Navarro, “There is considerable evidence both from Chinese military documents and from Western military analysts that China’s strategic path is closely following Admiral Liu’s three-step blueprint.” Navarro provides the most complete and accurate assessment of the probability of conflict between the United States and the rising Asian superpower. Equally important, he lays out an in-depth analysis of the possible pathways to peace.

Written like a geopolitical detective story, he encourages readers’ interaction by starting each chapter with an intriguing question that often challenges conventional wisdom. With his interviews of 30 top experts, Navarro “highlights a number of disturbing facts about China’s recent military buildup and the shifting balance of power in Asia: the Chinese are deploying game changing ‘carrier killer’ ballistic missiles; some of America’s supposed allies in Europe and Asia are selling highly lethal weapons systems to China in a perverse twist on globalization; and, on the US side, debilitating cutbacks in the military budget send a message to the world that America is not serious about its ‘pivot to Asia.’” “In the face of these threatening developments, the book stresses the importance of maintaining US military strength and preparedness and strengthening alliances, while warning against a complacent optimism that relies on economic engagement, negotiations, and nuclear deterrence to ensure peace.” Navarro’s multidisciplinary work, “accessible to readers from all walks of life, blends geopolitics, economics, history, international relations, military doctrine and political science to provide a better understanding of one of the most vexing problems facing the world.”

estate tax is a tax levied, assessed, collected and paid upon the transfer of the net estate of every decedent, whether resident or non-resident of the Philippines, and based on the value of the net estate. It is therefore imposed on the value of a decedent’s net estate, regardless of who the beneficiaries are, with certain exclusions. Previously, the estate-tax return was required to be filed within six months after death and the tax had to be paid upon the filing of the return. In many cases, the estatetax return is not filed and the tax is not paid. This is so because of the lack of awareness on the part of the heirs/beneficiaries of such obligations or due to mere neglect. But the usual reason for the nonfiling and payment of the tax was the very high tax rate. As a consequence, many registrable properties remain registered in the names of the deceased. Descendants often unknowingly realize the need for the payment of the tax when they need to transfer the property to themselves or to someone else. The merchantability of the property is often affected. Contrary to the earlier citation implying that taxes get worse every time Congress meets, our legislature recently passed significant legislations that are beneficial to the estate and, in effect, to the beneficiaries. The first one is the TRAIN law, which fixed the estate tax at the rate of 6 percent of the value of the net estate. The tax is payable within one year from the

decedent’s death and may be paid in installment within two years should the available cash of the estate be insufficient. This change in the law should somehow awaken public consciousness and change the perception of the public toward estate-tax obligations. Another significant recent legislation is the bill providing for tax amnesties, including amnesty on estate taxes. After the law is signed by the President, I enjoin every one with delinquent estate taxes to avail themselves of the amnesty. Aside from the elimination of penalties for nonpayment of the taxes at the time they became due, which could be a huge amount if the decedent died decades ago, the actual tax payment could actually be reduced significantly. More important, after availment of the estatetax amnesty, registrable properties can be registered under the names of the intended current owners. This will afford an opportunity to obtain clean title to a registrable property, and allow it to be freely transferrable.

Court noted that it is an accepted maritime industry practice that employment of seafarers are for a fixed period only. Constrained by the nature of their employment, which is quite peculiar and unique in itself, it is for the mutual interest of both the seafarer and the employer why the employment status must be contractual only or for a certain period of time. The exigencies of their work necessitates that they be employed on a contractual basis. Seafarers spend most of their time at sea and understandably, they cannot stay for a long and an indefinite period of time at sea. Limited access to shore society during the employment will have an

adverse impact on the seafarer. The national, cultural and lingual diversity among the crew during the contract is a reality that necessitates the limitation of its period. The circumstance of continuous rehiring is normally dictated by practical considerations that experienced crewmembers are more preferred. Current crew members are only given priority or preference because of their experience and qualifications but this does not detract the fact that seafarers are contractual employees.

To reach the writer, e-mail cecilio.arillo@ gmail.com.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 403-2001 local 310.

Atty. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com or call 09175025808 or 09088665786.

2nd Front Page BusinessMirror

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www.businessmirror.com.ph

Palace: House SALN rules may breach Charter

By Bernadette D. Nicolas

@BNicolasBM

HE House resolution adopting stricter rules on accessing lawmakers’ Statements of Assets, Liabilities and Net Worth does not sit well with Malacañang, which said any “additional burden to get the SALN may be a transgression of the Constitution.” Under House Resolut ion 2467, requests for copies of filed SALNs of House members and employees must be approved by a majority of the House in plenary session, wherein over 200 members must vote in favor of the disclosure of a SALN before it can be released. Notably, the SALN will only be

released upon consent of the lawmaker in question aside from imposing an additional fee of P300 per request of copy. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said on Monday that such a procedure runs counter to the constitutional provision requiring any public official to submit

a SALN and to Republic Act 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees. “ T he E xe c ut ive promote d transparency when the President issued Executive Order 2 [Series of 2016] on the Freedom of Information making effective the people’s right to information within its branch. Any stringent measure which burdens the people in obtaining public information may not be consistent with transparency and accountability of public officials,” Panelo added. The Palace spokesman also said they prefer that the House deliberate more on this measure “because it may be running the risk of being questioned later on.” As far as the executive department is concerned, Panelo said, “we issued the Executive Order on

“Any stringent measure which burdens the people in obtaining public information may not be consistent with transparency and accountability of public officials.”—Panelo

Freedom of Information precisely because we want the SALN to be readily available to the public.” Political analysts also backed Malacañang on this issue and said the resolution goes against the spirit of transparency provision in the Constitution for public officers. “It’s against the constitutional intent of transparency and accountability. The legislators are public servants, too,” said Ramon Casiple, executive director of Institute for

Political and Electoral Reforms. Casiple also surmised that the budget impasse may have something to do with the House approving this resolution. Budget insertion issues have been hounding the proposed P3.757-trillion national budget for 2019. The government is currently operating under a reenacted budget due to Congress’ failure to approve the 2019 national budget before year-end last year. “[It could be for] protection from possible cases. Remember the Napoles case and its toxic implications on pork barrel,” Casiple said in a text message to the BusinessMirror. For De La Salle University Political Science professor Francisco Magno, having the SALN Review and Compliance Committee consisting of legislators

as the approving body would be a “cumbersome process.” “The usual exemption of requests is whether such would be inimical to national security. Veritably, the SALN does not belong to this category. Since public office is a public trust, the onus of responsibility lies on the lawmaker if there is a preference to deny requests for SALN disclosure from citizens,” Magno said via SMS. However, contrary to the criticisms, House Majority Leader and Capiz Rep. Fredenil Castro has defended the approval of the House Resolution, saying public access to the SALN will soon be made much easier. Castro said the resolution also remains faithful to the principle of transparency as accountability will be guaranteed by both the public and the SALN filers.

Senate set to endorse higher tobacco tax ‘GOVT MAY OPERATE By Butch Fernandez

@butchfBM

ENATORS are firming up a consensus favoring upward tobacco tax rate adjustments in a bid to generate additional revenue to bankroll the government’s Universal Health Care (UHC) program. Acting on the emerging accord , Sen. Sher w i n Gatc h a lian filed Senate Bill (SB) 2177 amending the Revenue Code to increase tobacco tax to P70 per pack that, he said, was intended to “curb cigarette consumption and raise funds for UHC. “We will earmark the additional tax collection for UHC,” Gatchalian told reporters, adding they are also setting aside funds to “fight [cigarette] smuggling,” in apparent expectation that the higher tax imposi-

tion could trigger “more smuggling” schemes, as critics of the next-round excise taxes have stressed. He adde d t h at add it ion a l funding is being set aside for enforcement by a dedicated task force to crack down on smugglers’ warehouses.

P25-B illicit trade

GATCHALIAN cited findings by the Senate Ways and Means Committee chaired by Sen. Juan Edgardo Angara that illicit cigarettes confiscated were estimated to be worth up to P25 billion, with smuggled alcohol products “a far second” at P3-billion. “We are thinking of earmarking P1.2 billion to fight smuggling,” said Gatchalian, indicating that bulk of the fund will go to enforcement. He added that even if the government spent P2 billion (for

NORTHEAST MONSOON AFFECTING NORTHERN LUZON as of 4:00 pm - February 4, 2019

enforcement), “we expect a payback” from checking cigarettes, given that “P17-billion lost revenue were recovered from right enforcement.” The senator said he filed the proposed remedial legislation (SB 2177) amending the Tax Code to generate additional revenue from the tobacco excise tax, even as he voiced concern that “the Filipinos’ penchant for cigarettes remained high despite the current P35 per pack excise tax on tobacco products.”

Minimal reduction

IN a separate statement, Gatchalian cited data from the Global Adult Tobacco Survey from 2009 to 2015 showing that implementation of the P35 per pack tobacco excise tax in the country had resulted in only a 5-percent

reduction in the number of Filipino smokers relative to the entire population. However, the same data shows that the average number of cigarettes consumed per day has increased marginally, from 10.6 in 2009 to 11 in 2015. “Such figures show that while the prevalence of smoking among Filipinos has decreased, the intensity—as shown by the average number of cigarettes consumed per smoker per day—did not. This situation prevailed even if the tax burden on consumers almost doubled during this six-year period,” he added. Gatchalian noted that the failure of the current excise tax to produce a significant drop in daily cigarette consumption “shows the inelasticity of demand for cigarettes.” He said SB 2177 seeks to increase tobacco excise tax to P70 per pack by 2020, followed by a 9-percent annual increase in succeeding years. This, according to Gatchalian, is the optimal rate that would give the government the maximum revenue, adding that the proposed rate is expected to increase the average price of a pack of cigarettes from P79.03 to P114.03. At the same time, the senator projected that the government is likely to generate an estimated additional revenue of P35 billion to P45 billion with the implementation of the P70 per pack tobacco excise tax, and another P5 billion to P6 billion once the 9-percent annual tax increase on tobacco products takes into effect.

Health perspective

FROM the health perspective, Gatchalian pointed out that the bill aims to decrease the current number of smokers by 1 million; reduce the number of premature deaths of current smokers by half a million; avert approximately 600,000 future smokers from 10.7 million to 10.1 million; and prevent premature deaths of future smokers by 200,000 from 5.3 million to 5.1 million. According to Gatchalian, “increasing the excise tax on tobacco products will also help finance the funding gap to implement the UHC bill. The Department of Health estimated that P257 billion is needed to implement the UHC on the first year, with an average additional amount of P90 billion to P100 billion per year to sustain the UHC over a period of five years.” He added that the remedial legislation will “help raise the needed revenues to sustain and enhance the proposed primary care system for Filipinos, while promoting better hea lth and healthier lifestyles.”

UNDER REENACTED BUDGET UNTIL JULY’ S ENATE leaders are not ruling out the possibility that the government, under the Duterte administration, will continue to operate under a reenacted 2018 budget until July due to unresolved “flood control and drainage” funding issues in the 2019 budget bill. Senate President Vicente Sotto III said this was in the information conveyed by Sen. Loren Legarda, who co-chairs the Senate-House panel crafting the final version of the pending annual money measure. “As of now, the only report I got from Senator Legarda, the chairman of the Committee on Finance, is that they have agreed to remove issues on flood control and drainage and that’s about it,” the Senate President said. Sotto asserts, however, that “as far as the Senate is concerned, we stand on the institutional amendments,” explaining that “these are necessary amendments for the continuing of health services and other similar public services. They are not individual amendments.” The Senate leader said he has yet to receive a full report, but added: “I expect a report now; so

Rate. . .

Continued from A1

meeting on Thursday, a rate cut is not out of the realm of possibilities for the Central Bank for this year, as a similar pattern was seen 10 years ago. “In 2008, the tandem of high domestic rice prices and a global crude oil spike forced inflation well past the BSP’s then 3-5 percent inflation target. Price pressures pushed headline inflation to 10.5 percent with the BSP rattling off a series of rate hikes, 25 basis points [bps] in June, 50 basis points in July and 25 basis points in August 2008 to anchor inflation expectations and to stave off second-round effects,” Mapa said. “Seeing price pressures stalling, the BSP reversed course very quickly, pausing at one meeting before slashing reserve requirements in November and reducing policy rates by 50 bps, only four meetings after it last hiked,” he added. Mapa called 2018 a “bad case of dé jà vu” with inflation shooting past the 2-4 percent target with the usual suspects to blame: rice shortages and

“As far as the Senate is concerned, we stand on the institutional amendments. These are necessary amendments for the continuing of health services and other similar public services.”—Sotto

what is happening is that if they do not reach an agreement, and if there seems to be a new demand from the House, it will really lead to an extended reenacted budget.” Sotto added: “Now, if it is reenacted, I believe that the Executive Department might be able to do legal means to be able to continue services of the government even if it is reenacted.” Still, he held out hopes that “by July, we will pass the budget with the new House leadership.” Under the approved congressional calendar, the Senate and the House will adjourn by Friday and go on recess from February 9 to May 19 and resume regular sessions anew from May 20 to June 7. A m i d i n s e r t io n i s s u e s hounding the proposed 2019 P3.757-trillion General Appropriations Act, lawmakers are targeting to ratify the budget bill on February 6. Butch Fernandez oil price spikes, both enough to cause inflation targets to be breached and the BSP to deliver rate hikes. “By all accounts, the Central Bank will likely keep the powder dry at its Thursday meeting, espousing data dependence and the need for more data points to validate that the recent tightening is doing its job. But given that the sole reason for hiking policy rates was to snuff out inflation, with inflation slowing and the economy losing some steam, perhaps a slight reversal from its ultra-aggressive stance may be warranted in the coming months,” Mapa said. “Back in 2008 to 2009, the BSP paused at only one policy meeting before unleashing what was one of the most abrupt and aggressive rate cut cycle to rally sagging growth momentum in Central Bank history. Perhaps, an abrupt about-face is not something unthinkable. After all, the BSP did just that a mere 10 years ago to save the Philippine economy,” he added. The Monetary Board is scheduled to have their policy meeting on Thursday, February 7. This will be the first monetary policy-setting meeting for the year. Bianca Cuaresma

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, February 5, 2019

BDO successfully raises ₧35B in fixed-rate bonds

By Bianca Cuaresma

@BcuaresmaBM

DO Unibank Inc. (BDO) on Monday announced it has successfully raised P35 billion in fixed-rate bonds, the largest singlepeso bond issuance by a local bank. The bank reported that the bonds have a tenor of 1.5 years, with a coupon rate of 6.42 percent.

The interest will be paid quarterly, and the bonds will be issued on February 11.

“The bond issuance is part of BDO’s efforts to diversify its funding sources and support its business expansion, and is a component of an approved P100-billion bond program announced in August last year,” the bank said. The bank’s most recent bond issu a nce fol lows t he ba n k ’s $150-million green bond in 2018, its $1.2-billion stock rights offering in 2017 and its $700-million senior note issuance, also in 2017. Standard Chartered Bank acted as the sole arranger and bookrun-

ner for the issue, while BDO Capital & Investment Corp., BDO Private Bank Inc. and BDO Unibank Inc. served as the selling agents. BDO is one of the country’s strongest banks, with a distribution network of more than 1200 branches and over 4,000 automated teller machines nationwide. It also has full-service branches in Hong Kong and Singapore, as well as 23 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.

Tiger Resort: 8990 to launch ₧2-B share buyback program Backdoor bid successful

ONG Kong-based Tiger Resort Asia Ltd. on Monday said it was successful in its backdoor listing bid at the Philippine Stock Exchange (PSE). In its disclosure, the company that owns the local operator of Okada Manila in Entertainment City in Parañaque said it concluded the share-purchase agreement of certain shareholders of Asiabest Group International Inc. “The share-purchase agreement is deemed concluded as of today, February 4, 2019, based upon the information received by the corporation that the shareholders who signed the share-purchase agreement with Tiger Resort Asia Ltd. on September 10, 2018, have transferred/crossed their shares to Tiger via aspecial block sale,” it said. “As a result, Tiger now owns 200 million shares or 66.67 percent of ABG [Asiabest],” it said. The deal is worth P646.5 million. “A scheduled board of directors’ meeting will be held to elect a new board to be chosen by Tiger,” it said. Japan’s gambling magnate Kazuo Okada earlier s asked the PSE to block the backdoor listing of Tiger Resort, saying that allowing it would be detrimental to the interest of the investing public. In his letter to the PSE sent through his lawyers, dated January 11, Okada said the ownership of all his companies, including that of the local company that operates Okada Manila, should be settled first before any backdoor listing could occur. VG Cabuag

European stocks, US futures steady

HE board of mass-housing builder 8990 Holdings Inc. on Monday said it approved a P2billion share buyback program that will run through August next year. “The share buyback program will not involve any active and widespread solicitation for stockholders of the company to sell their shares,” 8990 said in its disclosure, adding the majority owners will not participate in the activity. “The purpose of the share buyback program is to enhance and improve shareholder value and to manifest confidence in the company’s value

and prospects through the repurchase of the common shares,” it said. The company’s shares were last traded at P10.46 per share. 8990 earlier said it will allot P10 billion in capital expenditures this year, which would include P1 billion in capital outlay for its new hotel venture, as the company hopes to build more units aimed for the working class. Willibaldo J. Uy, the company’s president and CEO, said the spending is 25 percent higher than last year’s P8 billion in capex budget. “We’re doing a lot of tightening [in 2019]. Our market is the affordable

housing market as much as possible; we should not move prices,” Uy said. As interest rates rise, many property developers are also increasing their prices as it finance construction through debts. Uy said he is recommending a 10-percent increase in prices, but that rate is still up for board approval. Profits and revenues of the mass-housing builder has been on the decline since the assumption of the Duterte administration as it wasn’t able to give out permits on time, resulting in construction delays. VG Cabuag

Ayala Land buys out Japanese partner in Laguna Technopark By VG Cabuag

@villygc

ROPERTY developer Ayala Land Inc. on Monday said its executive committee has approved the buyout of the 20-percent equity interest owned byJapan’s Mitsubishi Corp. in Laguna Technopark Inc. (LTI). In its disclosure, the company said it is acquiring 8,051 common shares in Laguna Technopark owned by Mitsubishi, with a total value of P800 million. In return, Ayala Land will exchange its 20- percent equity interest in Laguna Technopark for additional shares of stock in Prime Orion Philippines Inc., equivalent to 323.88 million common shares, subject to conditions to be fulfilled by Popi. “This transaction will strengthen Popi’s vision to be the leading realestate logistics and industrial estate developer and operator in the Philippines,” the company said in its disclosure. Prime Orion, controlled and owned by Ayala Land, earlier said it is diversifying its real-estate portfolio that now includes industrial park and property logistics. Early last year, the company ac-

PA Properties breaks ground for latest housing project

DIGITAL WALKER STORE A Digital Walker store sells a variety of electronics and digital gadgets and accessories at the Conrad Hotel in Pasay City.

ROY DOMINGO

UROPEAN stocks and US equity futures held steady while the dollar continued rising as investors awaited fresh catalysts following solid American economic data on Friday and inconclusive trade talks in Washington. Treasury yields pushed higher. Energy producers and telecommunications shares were the biggest gainers in the Stoxx Europe 600 Index, while miners declined. The Dow,

S&P 500 and Nasdaq were little changed after better-than-expected US jobs report overshadowed a disappointing sales forecast from Amazon. Over the weekend, US President Donald J. Trump told CBS that trade talks with Beijing are “doing very well” and sounded confident an agreement with North Korea was on the horizon. Oil stayed above $55 a barrel in New York. In Asia, trading was subdued as much

of the region heads into Lunar New Year holidays. After a busy few days that included dovish Federal Reserve comments and US-China trade talks in Washington, there’s a notable lack of drivers for markets on Monday, particularly in Asia, where China is off and other markets will be shut for days. Investors may again look for direction from a corporate earnings season that’s been mixed so far. Bloomberg News

quired a majority stake in Laguna Technopark, a prime developer of real-estate logistics and industrial parks in the Philippines. It manages the 460-hectare Laguna Technopark in Santa Rosa and Biñan and the 135-hectare Cavite Technopark in Naic. Laguna Technopark earlier said it is spending P1 billion for the construction of logistics buildings and warehouse facilities. The company has launched its latest Standard Factory Building (SFB) in Barangay Loma, Biñan City, Laguna. This new SFB aims to accommodate small and medium businesses from both the global and local markets, as well as clients with growing warehousing and storage needs. With about 40 units measuring 1,200 square meters to 1,500 sq m each, the total leasable area will reach over 60,000 sq m when it is completed in October 2020. Located within the Laguna Technopark, the development will be the biggest investment of LTI. It will also be the first facility dedicated to servicing non-Philippine Economic Zone Authority locators. The SFB will be available for lease in May 2019.

OMEGROWN real-estate firm PA Alvarez Properties and Development Corp. (PA Properties) recently broke ground for a 3-hectare project called Saint Joseph Homes Calamba located in Barangays Burol and Laguerta. This latest addition to the company’s communities targets couples starting a family, empty nesters, retirees and young mobile professionals who want to take advantage of its accessibility to South Luzon Expressway and nearby commercial and industrial hubs. Offered at a reasonable price of P1.42 million, each townhouse unit will have a 42-square-meter floor area (two levels) and a 36-sq-m lot area. Saint Joseph Springfield is envisioned to be an exclusive and closeknit community given its small inventory of 419 housing units only. PA Properties is among the biggest developers of low- to mediumcost housing communities in the country for more than 20 years, with a total of 19,000 residential units in Laguna, Cavite, Batangas, Bulacan, Pampanga and Metro Manila. The lack of housing in the country—expected to reach 10 million units in the socialized, economic and low-cost housing segments by 2030—is one of the reasons behind the company’s thrust to build affordable homes for Filipinos. “[The] prevalence of informal set-

tlements that lack basic infrastructure and sustainable services has increased significantly across most towns and cities,” said Romarico Alvarez, chairman of PA Properties. “The government needs to develop the synergies and participation of all stakeholders, including the private sector, employers, citizens and development partners in the provision of shelter,” he noted. The Laguna-based property developer is well-positioned to capitalize on the huge housing backlog via its five-year development plans for 25 future projects estimated to build 15,000 more housing units and generate up to P25 billion in revenues. Out of its 137 hectares of landbank, the firm has already completed a total of 40 affordable housing communities with 16 more housing communities under construction. In 2017, the company executed a partnership deal with Japanese real-estate developer Hankyu Hanshin Properties Corp. to develop three township projects, such as the 11-hectare Idesia 1 and 26-hectare residential and commercial project, both in Dasmarinas, Cavite; and 17-hectare housing and commercial project in Lipa, Batangas. Collectively, these 54-hectare projects are projected to generate a revenue of P11.25 billion. PA Properties has a capitalization of P3.3 billion as of October 2018. Roderick L. Abad

SPSB willing to accept franchise service limited to unserved areas By Lenie Lectura @llectura

OLAR Para Sa Bayan (SPSB) Corp. on Monday declared it is willing to accept most of the amendments for House Bill 8179, including limiting the scope of its proposed franchise from nationwide to unserved and underserved areas. During a Senate hearing, SPSB President Leandro Leviste said his group manifested openness to accept the majority of the amendments pro-

posed by the electric utilities, such as regulating the operations of the mini-grid systems. SPSB’s proposed franchise is to construct, install, establish, operate and maintain distributable power technologies and mini-grid systems. The original scope of the franchise will allow SPSB to operate in all parts of the Philippines. “We have no intention to enter areas where we are unwelcome, and even at the expense of the viability of this undertaking, we are wiling

to limit ourselves to these unserved and underserved areas which the committee deems appropriate,” Leviste said. Lawmakers have yet to define “unserved” and “undeserved” areas. A proposed list of these unserved and undeserved areas were circulated during the hearing. These are “in the cities and municipalities of Aurora, province of Batangas, Bohol, Cagayan, Camiguin, Compostela Valley, Davao Oriental, Isabela, Masbate, Misamis Occidental, Occidental

Mindoro, Palawan, Tawi-Tawi and any unserved area or underserved area throughout the Philippines.” Leviste reiterated that SPSB’s franchise has no subsidy and is at no cost to the government. “Our franchise grants us no subsidy whatsoever, comes at no cost to the government, and that is why we thought it would be a very clear debate, because you have electric cooperatives that are spending over P20 billion a year on missionary electricity subsidies, and an estimated P50

billion a year on all kinds of subsidies, yet they are trying to prevent these new options from reaching customers, which will have no brownouts, green energy and no subsidy,” he said. “Which is why we are also optimistic that the committee will, after hearing all the sides, come down in favor of the vast majority of the attendees of this hearing and the vast majority of the Filipino people who want new choices of electricity and want the passage of this bill at the soonest time,” Leviste said.

He said the qualified third party (QTP) option for missionary electrification has proven ineffective as it is serving less than 0.1 percent of the unenergized households of the more than 12 million Filipinos around the country. He said that, under QTP, consumers are shouldering highly subsidized rates, “and only through a franchise can we bring this to a meaningful scale by being able to efficiently serve more households, sitios and barangays.”

Companies BusinessMirror

Tuesday, February 5, 2019

PSE STOCK QUOTATIONS

February 4, 2019

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

ASIA UNITED 59.1 59.45 59 59.5 59 59.5 11350 670150 BDO UNIBANK 134.9 135 136.1 140 135 135 5543800 762018213 BANK PH ISLANDS 90.8 91 91 92.7 90.55 91 2515690 230703998 CHINABANK 28.2 28.3 28.6 29 28.2 28.2 135700 3859130 EAST WEST BANK 12.4 12.42 12.5 12.5 12.3 12.42 310000 3847104 METROBANK 82.5 84 83.8 84 82.1 84 3795400 317998236.5 PB BANK 14.08 14.1 13.68 14.4 13.68 14.1 309300 4343658 PBCOM 20.95 22.85 21 21 21 21 1000 21000 PHIL NATL BANK 44.9 45 44 45 44 45 127800 5746455 PSBANK 58.3 58.5 60 60 58.5 58.5 14440 846325.5 PHILTRUST 115 120 116 120 116 120 330 39280 RCBC 25.85 26 26 26 25.6 26 447000 11584875 SECURITY BANK 178.8 179 176.5 182 176 179 1421070 255542687 UNION BANK 64.5 64.55 64.55 64.6 64.35 64.55 43100 2781107 BRIGHT KINDLE 1.41 1.44 1.39 1.46 1.39 1.41 172000 243850 BDO LEASING 2.16 2.17 2.17 2.17 2.16 2.17 108000 234330 COL FINANCIAL 17 17.02 16.8 17 16.2 17 275000 4649976 FERRONOUX HLDG 4.7 4.84 4.88 4.88 4.67 4.87 13000 61350 FILIPINO FUND 7.77 8.88 7.78 7.78 7.78 7.78 8600 66908 MEDCO HLDG 0.45 0.465 0.475 0.475 0.45 0.465 460000 209700 MANULIFE 785 800 785 785 785 785 200 157000 NTL REINSURANCE 1.09 1.1 1.09 1.15 1.09 1.09 1585000 1749890 PHIL STOCK EXCH 183 185.8 185.8 185.8 185.8 185.8 310 57598 SUN LIFE 1800 1810 1800 1800 1800 1800 105 189000 INDUSTRIAL ALSONS CONS 1.34 1.38 1.33 1.39 1.33 1.39 318000 423830 ABOITIZ POWER 38.4 38.8 38.25 39.5 38.25 38.4 1867300 72537140 BASIC ENERGY 0.25 0.255 0.255 0.255 0.245 0.255 7000000 1758310 FIRST GEN 20.4 20.45 20.05 20.45 20.05 20.4 2041500 41573230 FIRST PHIL HLDG 72.8 73 73.9 73.9 72.75 72.8 60700 4421910 MERALCO 365.8 368.2 371 374.4 365.6 365.8 454250 167705962 MANILA WATER 27.05 27.5 27.5 27.5 27 27.5 473000 12983025 PETRON 7.48 7.49 7.62 7.67 7.48 7.48 5283600 39879314 PETROENERGY 3.63 3.67 3.6 3.7 3.6 3.63 36000 132670 PHINMA ENERGY 1.27 1.28 1.27 1.28 1.26 1.28 17244000 21870050 PH RESORTS GRP 5.98 6.06 6.17 6.17 5.92 6.06 780300 4677126 PHX PETROLEUM 10.66 10.74 10.74 10.74 10.66 10.74 29200 312060 PILIPINAS SHELL 48 48.15 47.95 48.2 47.8 48 971000 46619580 SPC POWER 6.42 6.46 6.48 6.48 6.46 6.47 2000 12940 VIVANT 16.02 16.98 16.98 16.98 16.98 16.98 100 1698 AGRINURTURE 16.16 16.36 15.96 16.44 15.5 16.38 599400 9769000 CNTRL AZUCARERA 16.8 17.04 17.2 17.2 17 17 60000 1024276 CENTURY FOOD 15.92 15.96 15.92 15.96 15.9 15.92 940800 14986526 DEL MONTE 6.5 6.6 6.6 6.61 6.45 6.6 15700 102900 DNL INDUS 11.32 11.34 11.58 11.68 11.28 11.34 5278100 60249994 EMPERADOR 7.5 7.51 7.37 7.51 7.37 7.5 2230900 16712589 SMC FOODANDBEV 94.9 95 94 95 93.5 95 392970 37058256.5 ALLIANCE SELECT 1.01 1.02 1.02 1.02 1 1.02 5001000 5056620 GINEBRA 26.2 27.75 27.2 27.95 26 27.8 521000 14055555 JOLLIBEE 316 318 317 320 315 316 1041850 332073624 MACAY HLDG 9.55 10.48 10.2 10.2 10.2 10.2 3700 37740 MAXS GROUP 12.3 12.34 12 12.72 12 12.3 8522000 104589360 MG HLDG 0.175 0.178 0.175 0.177 0.17 0.177 830000 145150 PEPSI COLA 1.34 1.36 1.36 1.37 1.31 1.34 5744000 7679510 SHAKEYS PIZZA 12.18 12.28 12 12.2 12 12.18 140600 1704576 ROXAS AND CO 1.87 1.89 1.86 1.9 1.84 1.9 503000 941180 RFM CORP 4.8 4.85 4.84 4.85 4.8 4.8 4020000 19296690 SWIFT FOODS 0.122 0.13 0.121 0.121 0.121 0.121 120000 14520 UNIV ROBINA 147.8 148.1 146 149 145.6 148.1 1409320 208531925 VITARICH 1.67 1.68 1.85 1.85 1.57 1.67 36597000 61754530 VICTORIAS 2.48 2.49 2.4 2.63 2.4 2.48 1755000 4370550 CEMEX HLDG 2.67 2.69 2.64 2.8 2.59 2.67 76402000 204398250 DAVINCI CAPITAL 6.12 6.3 6.11 6.4 6.08 6.3 43900 267634 EAGLE CEMENT 15.9 16 15.56 16.02 15.5 16 1024000 16285750 EEI CORP 8.08 8.14 8.02 8.14 7.99 8.08 678200 5455871 HOLCIM 8.57 8.59 8.3 8.71 8.27 8.57 4553400 39138778 MEGAWIDE 18 18.1 18.28 18.28 18 18 2819100 50783712 PHINMA 8.9 9.37 8.91 9 8.91 8.91 2400 21429 TKC METALS 0.9 0.92 0.93 0.94 0.9 0.93 89000 81120 VULCAN INDL 1.4 1.41 1.46 1.46 1.38 1.4 6597000 9305230 CHEMPHIL 140 145 140 140 140 140 390 54600 CROWN ASIA 1.74 1.78 1.75 1.79 1.74 1.75 111000 195280 EUROMED 1.57 1.62 1.58 1.58 1.57 1.57 15000 23610 LMG CHEMICALS 4.28 4.5 4.3 4.3 4.28 4.28 161000 690390 MABUHAY VINYL 3.15 3.26 3.28 3.28 3.18 3.27 10000 32030 PRYCE CORP 6 6.01 6.02 6.02 6 6 404900 2429404 CONCEPCION 40.05 40.2 40.2 40.2 40.05 40.05 1500 60180 GREENERGY 2.98 2.99 2.42 3.36 2.39 2.99 267107000 810703350 INTEGRATED MICR 12.34 12.38 12.06 12.48 12.06 12.38 779700 9617434 IONICS 1.6 1.61 1.67 1.68 1.56 1.61 1461000 2345700 PANASONIC 6.01 6.45 6 6.6 6 6.6 14200 87321 SFA SEMICON 1.33 1.34 1.4 1.4 1.34 1.34 305000 412430 CIRTEK HLDG 29.95 30 30.4 30.4 30 30 105000 3169930 HOLDING & FRIMS ABACORE CAPITAL 0.61 0.62 0.63 0.64 0.6 0.62 19050000 11724820 ASIABEST GROUP 26.55 27.8 28.8 29.3 26.8 27.8 141400 3950740 AYALA CORP 923 927 924 927 915 927 423480 390741755 ABOITIZ EQUITY 64.25 64.3 64.4 66.55 64 64.25 1924040 125152786.5 ALLIANCE GLOBAL 13.7 13.78 13.64 13.94 13.64 13.7 13581800 187069336 ANSCOR 6.5 6.54 6.5 6.5 6.5 6.5 62600 406900 ANGLO PHIL HLDG 0.76 0.79 0.77 0.77 0.77 0.77 102000 78540 ATN HLDG A 1.43 1.45 1.46 1.46 1.43 1.43 5996000 8640140 ATN HLDG B 1.46 1.47 1.47 1.48 1.46 1.46 360000 527400 COSCO CAPITAL 7.38 7.39 7.45 7.45 7.38 7.39 513700 3804333 DMCI HLDG 12.38 12.58 12.38 12.58 12.38 12.58 5326300 66459074 FILINVEST DEV 12.36 12.5 12.28 12.78 12.2 12.5 2088500 26167140 FORUM PACIFIC 0.215 0.225 0.227 0.227 0.227 0.227 10000 2270 GT CAPITAL 1067 1068 1021 1068 1021 1067 105595 112203420 HOUSE OF INV 5.79 6.1 6.15 6.15 6.15 6.15 300 1845 JG SUMMIT 64.65 64.9 64.9 65.9 63.8 64.65 1594720 103289287.5 LODESTAR 0.58 0.61 0.62 0.62 0.58 0.6 134000 79110 LOPEZ HLDG 5.2 5.23 5.2 5.32 5.15 5.2 1918000 10049203 LT GROUP 15.32 15.5 15.26 15.56 15.26 15.5 1085000 16782806 MABUHAY HLDG 0.57 0.58 0.58 0.58 0.56 0.57 711000 405470 METRO PAC INV 4.86 4.93 4.94 4.99 4.86 4.86 25155000 123535450 PACIFICA 0.038 0.039 0.039 0.039 0.038 0.038 13000000 494800 PRIME ORION 2.53 2.58 2.45 2.58 2.45 2.58 1266000 3207760 PRIME MEDIA 1.15 1.22 1.16 1.16 1.15 1.15 416000 479340 SOLID GROUP 1.34 1.35 1.33 1.35 1.32 1.35 43000 57090 SYNERGY GRID 440 464 464 464 440 440 40 17840 SM INVESTMENTS 990 992.5 979.5 997 975 990 478750 474649130 SAN MIGUEL CORP 164 165 165 167 163.8 165 365770 60341975 SOC RESOURCES 0.77 0.8 0.78 0.78 0.77 0.77 125000 96550 TOP FRONTIER 271 278.8 278.8 278.8 278.8 278.8 100000 27880000 WELLEX INDUS 0.248 0.25 0.26 0.26 0.247 0.25 1130000 282840 ZEUS HLDG 0.231 0.245 0.229 0.249 0.227 0.231 5390000 1257070 PROPERTY ARTHALAND CORP 0.87 0.89 0.89 0.89 0.86 0.89 1634000 1422500 ANCHOR LAND 10.54 11.1 11.1 11.1 11.1 11.1 200 2220 AYALA LAND 44.4 44.55 43.75 44.75 43.75 44.4 20312100 902824200 ARANETA PROP 1.7 1.73 1.7 1.7 1.69 1.7 106000 180040 BELLE CORP 2.43 2.44 2.45 2.5 2.42 2.43 1719000 4191950 A BROWN 0.8 0.81 0.81 0.82 0.8 0.8 2125000 1712470 CITYLAND DEVT 0.87 0.89 0.87 0.87 0.87 0.87 1000 870 CROWN EQUITIES 0.245 0.247 0.239 0.25 0.238 0.247 11310000 2764810 CEBU HLDG 6.1 6.2 6.2 6.2 6.1 6.2 27100 165435 CEB LANDMASTERS 4.15 4.16 4.17 4.3 4.16 4.16 528000 2229000 CENTURY PROP 0.475 0.48 0.48 0.49 0.475 0.475 18270000 8763250 CYBER BAY 0.385 0.39 0.38 0.38 0.38 0.38 70000 26600 DOUBLEDRAGON 20.4 20.45 20.6 20.95 20.35 20.45 1647900 33726655 DM WENCESLAO 8.98 9 9.12 9.12 8.9 9 1673700 14966244 EMPIRE EAST 0.485 0.5 0.49 0.49 0.485 0.49 510000 249650 EVER GOTESCO 0.119 0.123 0.12 0.12 0.12 0.12 280000 33600 FILINVEST LAND 1.49 1.5 1.47 1.53 1.46 1.49 13581000 20306790 GLOBAL ESTATE 1.16 1.18 1.16 1.19 1.16 1.16 407000 473470 8990 HLDG 9.64 9.65 9.7 10 9.65 9.65 3418500 33551096 PHIL INFRADEV 2.3 2.31 2.22 2.44 2.21 2.3 16347000 38112730 CITY AND LAND 0.8 0.82 0.82 0.82 0.82 0.82 10000 8200 MEGAWORLD 5.16 5.24 5.16 5.29 5.16 5.16 21511700 112299590 MRC ALLIED 0.435 0.445 0.445 0.445 0.435 0.435 20360000 8940800 PHIL ESTATES 0.455 0.465 0.46 0.47 0.45 0.46 2090000 954450 PRIMEX CORP 3.16 3.2 3.2 3.24 3.12 3.2 548000 1729000 ROBINSONS LAND 22.05 22.2 22.55 23 22.05 22.05 2952400 66071670 PHIL REALTY 0.43 0.44 0.435 0.44 0.43 0.44 490000 213100 ROCKWELL 1.97 1.98 2 2 1.98 1.98 65000 128730 STA LUCIA LAND 1.34 1.37 1.38 1.38 1.33 1.37 401000 540680 SM PRIME HLDG 38.1 38.45 39.1 39.6 38.1 38.1 11119400 429915690 STARMALLS 5.82 5.88 6 6 5.8 5.82 546400 3189355 PTFC REDEV CORP 46 46.05 44 49.5 43.9 46.05 3600 163864.5 VISTA LAND 5.81 5.84 5.84 5.88 5.8 5.84 2337100 13633457 SERVICES ABS CBN 22.75 22.8 22.8 23 22.75 22.75 264100 6037085 GMA NETWORK 5.79 5.8 5.78 5.85 5.77 5.79 64600 375280 GLOBE TELECOM 2020 2030 2084 2086 2020 2020 92925 189283770 PLDT 1290 1310 1310 1324 1290 1290 184135 239997135 APOLLO GLOBAL 0.039 0.04 0.04 0.04 0.039 0.039 6800000 265500 DFNN INC 7.02 7.25 7.27 7.27 7.08 7.08 4600 32682 IMPERIAL 1.85 1.96 1.85 1.95 1.82 1.95 57000 106310 ISLAND INFO 0.122 0.124 0.122 0.127 0.121 0.124 5190000 640340 ISM COMM 6.74 6.75 6.46 7.35 6.32 6.75 71089800 487417474 JACKSTONES 3.13 3.25 3.18 3.25 3.11 3.25 19000 59640 NOW CORP 3.3 3.31 3.43 3.45 3.05 3.3 9195000 30161120 TRANSPACIFIC BR 0.455 0.46 0.47 0.475 0.445 0.455 50600000 23161600 PHILWEB 2.99 3.03 3.05 3.07 2.98 2.99 1503000 4506170 2GO GROUP 13.04 13.06 13.38 13.38 13 13.06 94500 1240052 ASIAN TERMINALS 15.02 15.12 15 15.1 15 15.1 59600 899170 CEBU AIR 87.95 88 88 88.5 85.1 88 165420 14565453.5 CHELSEA 6.61 6.62 6.75 6.95 6.5 6.62 4861200 32837540 INTL CONTAINER 108.2 108.5 106.3 109.5 106.3 108.2 3840200 415460993 LBC EXPRESS 14.32 14.86 14.86 14.86 14.86 14.86 200 2972 LORENZO SHIPPNG 0.79 0.8 0.79 0.79 0.79 0.79 107000 84530 MACROASIA 19 19.02 19 19.18 18.84 19 3310300 62769768 METROALLIANCE A 2.06 2.1 2.15 2.17 2.05 2.1 735000 1521290 METROALLIANCE B 2.11 2.3 2.37 2.37 2.1 2.3 19000 41750 PAL HLDG 12.8 12.88 14.12 14.12 12.7 12.8 1679900 21930604 HARBOR STAR 2.84 2.85 2.86 2.87 2.8 2.84 2233000 6317220 ACESITE HOTEL 1.31 1.34 1.31 1.34 1.31 1.31 789000 1033820 BOULEVARD HLDG 0.06 0.061 0.059 0.061 0.058 0.061 46410000 2778090 WATERFRONT 0.69 0.7 0.71 0.72 0.69 0.69 1651000 1146650 FAR EASTERN U 894 1000 900 900 892 892 200 178480 IPEOPLE 10.72 11.16 11.16 11.16 11.16 11.16 900 10044 STI HLDG 0.79 0.8 0.85 0.86 0.79 0.8 55452000 45485520 BERJAYA 2.71 2.72 2.85 2.85 2.69 2.72 1764000 4832300 BLOOMBERRY 11 11.02 10.62 11.14 10.62 11.02 24550400 269879950 PACIFIC ONLINE 9.24 9.48 9.23 9.49 9.23 9.25 52400 488702 LEISURE AND RES 3.2 3.27 3.23 3.28 3.2 3.2 1350000 4341210 MANILA JOCKEY 4.85 4.95 4.77 4.95 4.76 4.95 112000 535390 PREMIUM LEISURE 0.94 0.95 0.9 0.97 0.89 0.94 33243000 31330650 TRAVELLERS 5.5 5.53 5.5 5.54 5.49 5.5 641000 3527812 METRO RETAIL 2.53 2.54 2.63 2.64 2.54 2.54 1782000 4588070 PUREGOLD 45.25 45.5 45.8 46 45.15 45.5 2767200 126446980 ROBINSONS RTL 87.5 88 86.1 88 85 88 535330 46941578.5 PHIL SEVEN CORP 121.6 125 121.5 125 121.5 121.6 12800 1565262 SSI GROUP 2.38 2.39 2.39 2.42 2.38 2.39 3329000 7987880 WILCON DEPOT 13.68 13.72 13.6 13.78 13.6 13.72 4143100 56893982 APC GROUP 0.445 0.45 0.455 0.455 0.44 0.445 1970000 873250 EASYCALL 14.9 14.92 15.74 15.9 14.6 14.9 364500 5468810 GOLDEN BRIA 346.8 350 343.2 350 330 350 8830 3037704 IPM HLDG 7.12 7.27 7.27 7.27 7.27 7.27 1500 10905 PAXYS 3.5 3.6 3.55 3.6 3.55 3.6 4000 14250 PRMIERE HORIZON 1.6 1.61 1.52 1.65 1.43 1.61 288486000 445242090 SBS PHIL CORP 8.18 8.26 8.28 8.28 8.15 8.18 154000 1264746 MINING & OIL ATOK 13 13.5 13.5 13.5 13.48 13.5 7600 102574 APEX MINING 1.55 1.56 1.59 1.59 1.56 1.56 2591000 4063280 ABRA MINING 0.0021 0.0022 0.0021 0.0021 0.002 0.0021 344000000 721900 ATLAS MINING 2.84 2.87 2.84 2.89 2.84 2.87 180000 514240 BENGUET A 1.29 1.47 1.35 1.5 1.35 1.49 52000 76450 COAL ASIA HLDG 0.29 0.3 0.29 0.29 0.29 0.29 80000 23200 CENTURY PEAK 2.04 2.05 2.03 2.05 2.02 2.05 673000 1363280 DIZON MINES 7.59 7.67 7.9 7.9 7.6 7.6 8800 67527 FERRONICKEL 1.53 1.54 1.45 1.53 1.41 1.53 9364000 13712230 GEOGRACE 0.214 0.218 0.214 0.22 0.213 0.218 240000 51800 LEPANTO A 0.134 0.135 0.131 0.138 0.131 0.134 12550000 1703420 LEPANTO B 0.132 0.137 0.136 0.14 0.132 0.132 4330000 579060 MANILA MINING A 0.0075 0.0077 0.0075 0.0075 0.0075 0.0075 5000000 37500 MANILA MINING B 0.0073 0.008 0.0073 0.0073 0.0073 0.0073 7000000 51100 MARCVENTURES 1.11 1.12 1.1 1.12 1.1 1.12 12000 13410 NIHAO 1.04 1.07 1.1 1.1 1.02 1.07 434000 447970 NICKEL ASIA 2.45 2.47 2.49 2.5 2.43 2.45 865000 2137460 OMICO CORP 0.66 0.68 0.67 0.67 0.66 0.66 285000 188200 ORNTL PENINSULA 0.96 0.98 0.97 0.98 0.94 0.98 653000 622300 PX MINING 4.03 4.05 4.27 4.27 4.03 4.03 2421000 10118270 SEMIRARA MINING 23.65 23.7 23.3 23.7 23.3 23.7 524200 12351980 UNITED PARAGON 0.007 0.0073 0.0073 0.0078 0.0069 0.007 95000000 672900 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 32400000 415000 ORNTL PETROL B 0.012 0.013 0.013 0.013 0.012 0.012 676500000 8123100 PHILODRILL 0.012 0.013 0.013 0.013 0.012 0.012 52100000 639600 PHINMA PETRO 3.65 3.67 3.65 3.67 3.65 3.67 28000 102270 PXP ENERGY 14.34 14.4 14.42 14.66 14.34 14.4 1326700 19142848

PREFFERED HOUSE PREF A DD PREF SMC FB PREF 2 GTCAP PREF B LR PREF MWIDE PREF PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

94.5 98 985 899 0.99 101.6 1020 75.05 75.9 72.3 74.55 72.95 72.6 73.1

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20 5.6

1.91

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.41 XURPAS 1.48

118.9

3510 -300080 -5839240 10116181 16706932 406250 1540 487322 -9660338 2939332 36669925 12792141.5 -340435 -785240 -13749190 -124500 -4640 150269590 12573478 -17500 21500 214543950 -886160 8000 -100000 -471700 939850 710800 7163707 -196000 8598260 -1657676 95760 41214115 479600 -20090 -30470 15840 -18038795 2915 -1789186 -38242560 -64049255 -8820 11267385 -6720220 8350 -1146640 2560 757670 2245324 963768 20733897 37265322 50728 -8520 -1049180 161260 80096944 -408270 -999631 619650 26028825 4935359 560950 -1339980 38460548 17700 -43482 195604 -6460490 -1241590 143230 627980 347170 -628250 5928275 -66300 3038116

95 98.5 985 900 0.99 102 1050 75.15 76.5 73.95 74.85 73 72.6 73.1

95 98.5 985 900 0.99 102 1050 75.15 76.55 74 74.9 73 72.6 74

94.05 98.5 985 900 0.99 101.6 1050 75.1 76.5 73.95 74.85 73 72.5 73.1

94.05 98.5 985 900 0.99 101.6 1050 75.1 76.55 74 74.9 73 72.6 74

500 12880 3090 210 500000 110420 20 4280 2000 1250 4760 11470 17400 540400

47490.5 1268680 3043650 189000 495000 11220836 21000 321492 153055 92494 356449 837310 1261900 39539450

19800 -472310 -

20.1 5.68

19.82 5.67

20 5.69

19.74 5.6

20 5.6

290600 170600

5781306 959463

3856 3390

1.94

1.91

1.97

1.9

1.91

265000

508600

4.42 1.5

4.55 1.57

4.33 1.46

4.42 1.48

1268000 23399000

5599870 35583210

-13260 -9904950

EXHANGE TRADE FUNDS FIRST METRO ETF

28120715 30401745 -294431.0001 28533888 -851100 -5775767 -11100 -1595050 74620 -18884165 -32810 2251750 34320 -31428904 137955 10850901 70700 1626446 398960 104999.9999 2060370 669602 20350 -12418040 124118822 -14832190 -10975510 13476280 1875429.9999 -10771114 -17485044 -1830 44650 -3270 1613400 -16678110 1949716 -2700 -132425

96 98.5 992 918 1 103 1040 75.1 76.55 74 74.9 74.5 74.25 73.9

WARRANTS LR WARRANT

80150 46135095 -18205867.5 -2218615 -331908 71630799 -901210 8400 1271585 8792.5 4363110 -20059292 -889993 78500 -

119

118.5

120

118.5

119

9980

1194345

83300

Editor: Efleda P. Campos

GMA won TV ratings war in Jan

By Lorenz S. Marasigan

@lorenzmarasigan

MA Network Inc., citing data from Nielsen, claimed on Monday to have led the nationwide ratings game in January, after recording a 37.8-percent audience share in the National Urban Television Audience Measurement (Nutam), besting competitor ABS-CBN Corp.’s 34.8-percent share.

Similarly, it led the morning block with a 34.8-percent people audience share, a bit higher than its competition’s 30.9 percent. It also won in the afternoon block with 40.1-percent people audience share versus the 34.2 percent of its rival network. The Gozon-led television giant also claimed to have dominated Urban Luzon and Mega Manila, where it scored 40.1 percent and 43.7 percent, respectively. T he Lopez-led net work, meanwhile, cornered only 30.1

percent and 26.8 percent for Urban Luzon and Mega Manila in January. GMA, likewise, took the lion’s share in both Urban Luzon and Mega Manila lists, taking 8 and 9 spots out of the top 10 programs, respectively. Urban Luzon and Mega Manila, respectively, account for 76 percent and 59 percent of all urban viewers in the country. Nielsen surveys “approximately 900 more homes” than Kantar, which is ABS-CBN’s main measurement tool for ratings.

Deloitte releases list of biggest, fastest-growing retailers

HE top 250 global retailers generated aggregated revenues of $4.53 trillion in fiscal year 2017, representing a composite growth of 5.7 percent, according to Deloitte’s Global Powers of Retailing, an annual report that identifies the 250 largest retailers around the world and analyzes their performance across geographies and product sectors. The report was released locally by Deloitte Southeast Asia member practice Navarro Amper & Co. The only Philippine company to make it to the list was SM Investments Corp., which landed on the 169th spot. SMIC was also included in Deloitte’s Fastest 50—a subgroup of the fastest-growing retailers based on compound annual revenue growth over the five-year period from fiscal year (FY) 2012 to 2017. SMIC ranks 43rd and shares the distinction with other globally recognized companies such as Nike Inc., which is ranked 24; Fast Retailing Co. Ltd., the company behind Uniqlo, which is ranked 34; and LVMH Moët Hennessy-Louis Vuitton S.A. (LVMH), which is ranked 48. The Fastest 50 achieved a higher composite net profit margin than the Top 250, at 2.5 percent. The most

profitable company, luxury group LVMH, contributed more than a quarter of the Fastest 50 total net profit, with a 13.2-percent net profit margin. SMIC (13 percent) and luxury group Kering (12.1 percent) also achieved double-digit net profit margins. For Southeast Asia, retail growth is likely to continue to be driven by consumers’ growing demand for convenience. “If you look at the Fastest 50 list, the top 3 Southeast Asian players are convenience store operators,” said Eric Landicho, managing partner and CEO of Navarro Amper & Co. This includes the Indonesian company behind Alfamart. “Across markets such as the Philippines, Indonesia, and Thailand, we expect convenience stores to continue posting strong growth. In the Philippines, for example, urbanization of areas outside Metro Manila, the emergence of new business districts, and the expansion of the BPO industry with its off-hours operations will create demand for these 24-hour retail stores,” Landicho said. Europe has the highest number of top 250 retailers, with 87 companies based in the region (34.8 percent),

THAILAND-PHILIPPINES BIZ MATCHING EVENT SLATED

N February 12, 2019, 20 companies from Thailand will come to the Philippines looking for importers, wholesalers, distributors and partners of their products or businesses here in the country. Organized by the Department of International Trade Promotion (DITP), Ministry of Commerce in Thailand, the “Thailand-Philippines Business Matching and Networking 2019” will be staged at Dusit Thani Hotel, Makati City from 10 a.m. to 5 p.m. These 20 companies represent specific segments including automotive such as auto supplies, body parts, automotive rubber, engine maintenance products, car accessories, and motorcycle parts and accessories; construction materials such as UPVC sliding window, laminate flooring, PC wires, screen nets and other construction nets, ceramic sanitary ware, bathroom accessories, house and furniture; electric appliances such as commercial refrigerators, air-conditioners, water coolers, heaters, and mounting compressors; medical devices such as infusion set, medical examination gloves, surgical sutures, washer disinfectors and other equipment related to sterilization; and agricultural machinery such as diesel and gasoline engines, generators, wood chippers, power tillers and more. “This year’s business matching

will be much better than the previous years because aside from the networking event, we’re also looking forward to the press conference wherein representatives from Thai Trade Center Manila along with organizers of Bangkok Refrigeration Heating Ventilation and Air Conditioning and Bangkok Electric & Electronics Exhibition will be present to discuss and share how this international expo will open more trade opportunities between Thailand and the Philippines,” Director of Thai Trade Center Manila, Royal Thai Embassy, Khankhanit Amphuprapa said. “As Philippines is one of the large importers of these sectors in Southeast Asia, this business matching event will open opportunities for Filipino businessmen to get access to more advanced technologies in the global chain,” Khankhanit added. With the success of last year’s Thailand-Philippines Business Matching and Networking Event, participating on events like this is seen as a profitable investment by the country’s leading suppliers, traders, importers and distributors. For those interested in looking for business opportunities such as this, you may send your inquiries to tash.isidro@globallinkmp.com or call through this number (02) 893 7973 loc. 523.

up from 82 in FY 2016. Germany has the largest companies with an average size of $24.7 billion, which is much higher than the average top 250 size of $18.1 billion. “The world’s top 10 retailers are more globally focused, with operations on average in 13 countries versus 10 for the overall top 250,” said Vicky Eng, Deloitte Global Consumer Industry leader. “European retailers remain the most globally active as they search for growth outside their mature home markets.” The FMCG (fast-moving con-

MUTUAL FUNDS

sumer goods) sector is the key driver of the top 250 metrics. The 138 companies (55.2 percent of top 250 retailers) generated 66.2 percent of the retail revenue in FY 2017. Compared to other sectors, retailers in this sector have the largest average retail revenue ($21.7 billion in FY 2017). Although being the largest contributor to the total retail revenue of the top 250 companies, this is a low-margin sector with the lowest net profit margin of all the sectors (1.6 percent in FY 2017).

February 4, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 271.6 -8.28% 5.31% 4.21% 7.68% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.5392 -6.96% 14.15% 4.84% 6.83% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.2141 -9.53% 7.26% 2.65% 7.97% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9668 -3.41% N.A. N.A. 8.57% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC.* 0.8912 N.A. N.A. N.A. 8.59% FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.6594 -6.76% 5% 3.51% 7.37% MBG EQUITY INVESTMENT FUND, INC. * 123.35 2.69% N.A. N.A. 5.92% ONE WEALTHY NATION FUND, INC.* 0.9033 -9.58% -2.57% N.A. 8.52% PAMI EQUITY INDEX FUND, INC.* 53.515 -6.85% 6.74% N.A. 8.76% PHILAM STRATEGIC GROWTH FUND, INC.* 555.34 -7.22% 5.11% 3.45% 7.89% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.3447 -5.11% 6.78% N.A. 7.23% PHILEQUITY FUND, INC.* 39.5125 -5.36% 7.7% 6.13% 7.86% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC.* **** 1.0631 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC.* 5.4054 -6.55% 7.67% 6.14% 9.01% PHILIPPINE STOCK INDEX FUND CORP.* 902.94 -6.33% 7.54% 6.19% 8.99% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.9223 -6.62% 4.65% N.A. 7.09% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.3751 -6.21% 7.23% 4.6% 7.79% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 1.0392 -6.73% 7.39% N.A. 8.9% UNITED FUND, INC.* 3.7618 -3.56% 8.47% 5.04% 7.45% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***^ 120.7381 -6.02% 8.71% 7.32% 9.02% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9994 -15.8% 8.15% 1.7% 7.57% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2084 -9.67% N.A. N.A. 9.35% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.7451 -6.83% 1.56% 0.12% 5.69% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.3241 -6.06% 4.15% 2.05% 5.2% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.6912 -3.73% 2.15% 0.01% 5.79% GREPALIFE BALANCED FUND CORPORATION* 1.375 -6.68% N.A. N.A. 5.42% NCM MUTUAL FUND OF THE PHILS., INC* 1.9275 -3.99% 3.51% 2.95% 4.58% PAMI HORIZON FUND, INC.* 3.6694 -7.47% 2.04% 1.98% 3.97% PHILAM FUND, INC.* 16.6272 -6.31% 2.36% 2.03% 4.52% SOLIDARITAS FUND, INC.* 2.1731 -4.01% 3.79% 3.8% 4.86% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.8605 -4.88% 3.74% 2.86% 5.73% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9775 -5.13% 3.29% N.A. 6.05% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03567 -0.64% 0.23% 1.92% 1.19% PAMI ASIA BALANCED FUND, INC.* $0.9733 -11.74% 5.2% 0.17% 3.96% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.5336 -7.11% 6.1% 2.28% 6.81% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0556 -7.5% N.A. N.A. 4.51% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 344.89 2.14% 2.12% 2.1% 0.44% ATRAM CORPORATE BOND FUND, INC.* ^^ 1.8708 -0.84% -0.29% -0.2% 0.62% COCOLIFE FIXED INCOME FUND, INC.* 2.9839 5.4% 5.33% 5.26% 0.44% EKKLESIA MUTUAL FUND INC.* 2.1463 1.52% 1.62% 1.83% 0.74% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2336 0.69% 0.44% 0.73% 1.1% GREPALIFE FIXED INCOME FUND CORP.* P 1.597 -1.46% -0.27% 0.4% 2.08% PHILAM BOND FUND, INC.* 3.914 -3.26% -0.7% 0.36% -0.15% PHILEQUITY PESO BOND FUND, INC.* 3.5769 2.38% 0.95% 1.15% 1.7% SOLDIVO BOND FUND, INC. * 0.9104 -1.35% -0.31% N.A. 1.99% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.828 1.09% 1.44% 1.54% 2.25% SUN LIFE PROSPERITY GS FUND, INC.* 1.5738 0.81% 1.08% 1.1% 2.2% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $450.35 1.27% 2.17% 3.09% 0.46% ALFM EURO BOND FUND, INC. * Є213.89 0.24% 1.24% 1.55% 0.58% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1415 1.3% 1.16% 2.17% 1.39% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.025 0.4% 0.95% N.A. 0.81% GREPALIFE DOLLAR BOND FUND CORP.* $1.6943 -3.3% -0.9% 1.11% 0.24% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0469 -1.23% -0.56% -2.22% 0.9% PHILAM DOLLAR BOND FUND, INC. * $2.2144 -0.43% 0.9% 3.03% 1.99% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0572963 0.63% 1% 1.89% 0.55% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.9072 -2.45% 0.08% 1.93% 1.22% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 121.44 3.07% 1.99% 1.65% 0.5% PHILAM MANAGED INCOME FUND, INC.* 1.1847 2.11% 0.82% 0.57% 0.24% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2231 2.78% 2.33% 1.67% 0.34% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* $1.018 1.87% N.A. N.A. 0.21% * - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE. **** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.). ***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Tuesday, February 5, 2019

DBP offers water treatment funding for companies polluting Manila Bay By Bianca Cuaresma @BcuaresmaBM

OVERNMENT-OWNED Development Bank of the Philippines (DBP) has expressed its readiness to provide the necessary funding needed by establishments located near Manila Bay to make their businesses more environment-friendly and avoid the risk closure. Just last week, the government threatened to close firms that are discharging untreated wastewater into the bay after an interagency task force launched the operation to save Manila Bay. The move came after President Duterte designated Environment Secretary Roy A. Cimatu to lead the rehabilitation of Manila Bay. “DBP is ready to provide the

necessary financial and technical assistance to all establishments near or along the coast of Manila Bay to ensure compliance to environmental laws and regulations,” DBP President and Chief Executive Officer Cecilia Borromeo said in a statement released on Monday. Borromeo said the bank’s loan programs on environment protection and its experience in bankroll-

ILLEGAL settlers contribute to the piles of garbage on Manila Bay. Thirteen agencies will start discussion on a plan to rehabilitate Manila Bay, according to the Department of Environment and Natural Resources. FILE PHOTO

ing water treatment and sanitation projects would be beneficial to companies seeking to comply with existing environment rules

and regulations. She said the DBP will further coordinate with the Department of Environment and Natural Re-

sources, the local government units, other government entities and the private sector in finding a sustainable solution to improve

Manila Bay’s water quality. “DBP is prepared to do its share in this inter-sectoral initiative to clean up, rehabilitate, and improve the water quality of Manila Bay and its tributaries,” Borromeo said. Aside from the DENR, the other agencies tasked to help save Manila Bay are the Departments of Agriculture, Public Works and Highways, Interior and Local Government, Education, Health, and Budget and Management, the Metropolitan Waterworks and Sewerage System, Local Water Utilities Administration, Metropolitan Manila Development Authority, Philippine Coast Guard, Philippine National Police-Maritime Group and Philippine Ports Authority. These agencies are collectively referred to as “mandamus agencies.” To recall, on December 18, 2008, the Supreme Court ordered 13 government agencies to “clean up, rehabilitate and preserve Manila Bay, and restore and maintain its waters to SB level to make them fit for swimming, skin diving and other forms of contact recreation.”

FMIC appoints new The fallacy of throwing good money after bad head of investment I banking group By VG Cabuag

@villygc

IR ST Metro Investment Corp., (FMIC) the investment-banking arm of the Metrobank Group, has appointed Daniel Camacho as executive vice president and head of its Investment Banking Group. Camacho has over 20 years of investment-banking experience. For the last 17 years, he was based in Hong Kong with regional responsibilities. Prior to joining FMIC, he was executive director for Acquisition and Strategic Finance, Asia at Natixis (Hong Kong), a French investment bank with presence in 38 countries, where he specialized in originating, structuring, and executing deals in the field of acquisition, leveraged and structured finance for various industries across Asia. Before joining Natixis in 2011, Camacho was executive director for leverage and telecom/media finance at WestLB AG (HK). He also worked in debt raising and financial advisory at GE Capital, ABN Amro

and Bank of the Philippine Islands. “We are very happy to welcome Dan Camacho at First Metro. With his long track record in a highly competitive market like Hong Kong and extensive investment-banking experience in the region, he is the right person to lead our investmentbanking team during this period when Philippine capital markets are poised for dramatic growth that is supportive of continuing economic expansion,” FMIC Chairman Francisco Sebastian said. “Camacho should be able to raise the level of energy, competence and creativity of our investment-banking unit and spearhead the realization of our vision for First Metro to be a respected investment bank in the region,” he said. Camacho graduated cum laude with dual majors in Management of Financial Institutions and Economics from De La Salle University and obtained his Master’s in Management degree from Northwestern University–Kellogg Graduate School of Management.

NDULGENCE is the gratification of desire, like when you treat yourself to something you normally would not do. Not everything you spend on, however, can be called indulgence because sometimes you buy things on impulse. It is hard to let go of hard-earned money when it makes you very emotional about it or gets you trapped in a human behavior pattern called escalation of commitment, which, according to Wikipedia, is a human behavior pattern in which an individual facing increasingly negative outcome from a decision, action, or investment nevertheless continues the behavior instead of altering course. The actor maintains behaviors that are irrational, but are aligned with previous decisions and actions. In the context of investment, an example of this kind of behavior is when you decide to invest in the stock market, particularly on a perceived “hot stock,” without doing any research. After a week or two, you start incurring losses. Instead of cutting losses, you choose to buy more, believing this is an opportunity to buy cheaper and the hot stock would recover in due time. Ultimately, you would have that feeling that since you have already invested a lot, you might as well go full blast and start investing more

with the expectation of earning on an uptrend, ignoring the fact that the hot stock is not doing well fundamentally. This is a clear indication that you are in a memory kludge and you allowed yourself to be a victim of the sunk cost fallacy. This is the theory that Sandeep Baliga of the Kellogg Graduate School of Management and Jeffrey Ely of Northwestern University’s Department of Economics advance in their paper “Mnemonomics: The Sunk Cost Fallacy as Memory Kludge.” The authors argue that human beings—even rational ones—have a limited capacity to remember the original reasoning behind their decisions. If that capacity is exceeded, the information could be lost—so we need a mental placeholder that can remind us of why we decided something. There are four ways to combat a sunk cost fallacy, and that is to SWIM. This is an acronym for Selfcontrol, Well-grounded, Inclusive, and Matter-of-fact. 1) Self-control. This fallacy

Makati posts ₧815.6-M hike in January tax collections

AKATI CITY Mayor Abby Binay on Monday said the city has exceeded by P815.6 million its total actual revenue collections from business and realty taxes in January 2018, based on the initial report of the Treasury Department on actual collections this January. The mayor said revenue from business tax increased by 12.17 percent, while realty tax increased by 8.39 percent compared with actual collections for the same period last year, for a combined total of P8.6 billion. “For the second time during my term as mayor, the city has posted a two-digit increase in revenue collections. It is a clear proof that investor confidence in my administration continues to gain strength, as we actively pursue greater efficiency and

transparency in governance,” Binay said. The mayor thanked businesses and landowners in Makati for being “diligent and honest” in paying their taxes. “You have the heartfelt gratitude of the people of Makati for your contributions to the city’s financial stability that has guaranteed the continuity and sustainability of our major social programs, as well as the timely launch of high-impact innovations in the way we serve Makatizens,” she said. According to the report of City Treasurer Jesusa Cuneta, the city Business Tax Division collected P4,758,218,187.11 from January 3 to 31, 2019, which is higher by P516,548,963.33 than the January 2018 collection of P4,241,669,223.78. The Real Property Tax Divi-

sion, on the other hand, collected P3,863,652,561.14, topping by P299,089,897.60 its January 2018 collection of P3,564,562,663.54. Binay said the significant increase in revenues since she took office in July 2016 was a result of reforms she initiated at City Hall to make transactions more efficient and convenient for taxpayers, while promoting transparency and good governance. These include the establishment of a Business One-Stop Shop at the ground floor of City Hall Building II, and streamlining of processes for business permit renewal and new applications. After Binay served her first full-year term as mayor in 2017, the city achieved a 12-digit increase in revenue collections for the first time in the last 12 years. The 2017 financial statements of

the city also earned the “unqualified opinion” of the Commission on Audit (COA). It was the very first time that the city earned the highest audit rating given by the independent regulatory body. For 2018, the city posted P17.8 billion in total revenue collections, which was 14 percent higher than its revenue target and 5 percent higher than its 2017 total collections. The bulk of revenues came from Business Tax with P9.1 billion, followed by Realty Tax with almost P6.2 billion. In 2018, the COA confirmed that Makati is the country’s richest city, unseating Quezon City, with its total assets reaching P196.7 billion. It is also the first local government unit in the country to breach the P100-billion mark for assets, according to the COA.

looks to be instinctively hardwired in your system. You tend to base your present and future decisions on the past. To a certain extent, and depending on the situation, this would be right, but if other things are held constant and your actions and decisions are largely influenced by emotional bias, then you need to get hold of yourself and try to think it over. You need to be able to control or restrain yourself from taking actions and decisions that would be detrimental to your finances. 2) Well-grounded. In every action and decision that you take, it must always be grounded on good evidence and sound reasoning. An ample knowledge on investments, such as financial analysis and creation of pro forma financial statements, would help make a difference in shying away from this fallacy. As much as possible, decisions should be based on objective observations and you should always perform a sanity check by challenging yourself to mitigate behavioral biases that could hamper or impair your financial decisions. 3) Inclusive. The ability to control yourself, sufficient knowledge, and being empirical should result in a culture of inclusivity.

Important questions, such as “Have I considered all relevant factors on the outcome of my decision and action?” and “Will I be reaping what I will sow today?” are just two of the many questions you should ask yourself to bring back that mindfulness in you. 4) Matter-of-fact. What drives the sunk cost fallacy is when too much emotion is involved in your decisions and actions. That should not be the case. Instead, it should be less emotional and more pragmatic. Being pragmatic also means having the propensity to take on financial pains from the bad decisions you have made and you must have the will to let go. You must not be swayed by your past decisions and instead focus more on what matters most, such as safeguarding your investments from accelerating losses. Always bear in mind that investments are options and not obligations. Earl Pagatpat is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 75th RFP program in March 2019. To inquire, e-mail info@rfp.ph or text <name><e-mail><RFP> at 09179689774.

2020 ‘might not be year to think about recession’

HE Federal Reserve’s change in tone may mean investors should reconsider the timing of the investment cycle, according to JPMorgan Chase & Co. That means investors shouldn’t be driven by fears of recession for now, JP Morgan analysts said. The Fed signaled last week that it’s done raising rates for at least a little while, and that it’ll be flexible in reducing bond holdings. The Fed’s changes have already been welcomed by equity investors who boosted the S&P 500 2.5 percent over three sessions, while rates traders have been working to figure out the implications of the newfound caution about shrinking the balance sheet. Demand for gold has increased, as well. Apart from the immediate implications, the Fed’s adjustments may warrant changes to JPMorgan’s previous outline that investors should consider moving fully to neutral and tilting de-

fensive in the second half of 2019 to reposition for “durable challenges in 2020,” the firm said. “If the Fed is less spooked by full employment, more tolerant of an inflation overshoot and less anxious to reach restrictive policy, then 2020 might not be a year to think about recession, and so late 2019/early 2020 would be premature to position defensively crossasset,” strategists led by John Normand wrote in a note dated February 1. Many global measures of assets are pricing in slower economic growth than the current pace, the report said, including on risk premiums: Cyclically oriented gauges like the S&P 500, European Autos, Chinese Equities, Topix, Emerging-Market Equities and MSCI Mining “still seem to trade as if global growth were running about a percentage point weaker than its roughly 2.6-percent current pace,” the report said. Bloomberg News

B4 Tuesday, February 5, 2019

USHER IN AN AUSPICIOUS YEAR OF THE EARTH PIG AT NEW WORLD MAKATI 17TH A.F.F.I. EXPO HIGHLIGHTS STRENGTH OF LOCAL BRANDS

H E 17 t h F r a n c h i s e a n d Business Expo, organized by the Association of Filipino Fr a nc h i sers I nc. ( A f f i), opened from Februar y 1 to 3 at the World Trade Center. The 17th franchise and business expo carried the theme “Galing ng Pinoy: Lokal is the new Focal” and was the first major event for the year, with more than 300 exhibitors, composed of some of the more popular food

ELCOME the Year of the Earth Pig with an auspicious celebration at New World Makati Hotel! Stay with us on the weekend, from February 1 to 5, and avail yourself of our exclusive room offer starting at P6,488, with breakfast spread for two at Café 1228. Feel lucky this Lunar New Year with these special gifts from us—a Chinese New Year kit with a feng shui diary from Yin and Yang Shop of Harmony, and ang pao with The Shop voucher worth P888. You may also enjoy a late checkout if your booking falls on a Friday or Saturday night. Moreover, feast on traditional Chinese New Year favorites prepared by awardwinning Jasmine’s Chinese executive chef Wong Kam-on. Get a taste of authentic

Chinese cuisine with chef-recommended dishes, such as roasted suckling pig, steamed live garoupa, deliciously handmade dumplings and many more. Complete the Chinese New Year feast with a salmon fish yu sheng and a big bowl of poon choi for good luck. Festive set menus at Jasmine start at P13,888 from February 1 to 10 while limited a la carte menu will be offered from February 3 to 6. Yum Cha lunch is also available at P1,688 per person, with unlimited chilled juices, soda and local beer. Join us in our Chinese New Year celebration on February 5 at 12:30 p.m. and witness a traditional eye-dotting ceremony, followed by a vibrant dragon and lion dance. For information and reservations, call at (+63) 811-6888 extension 3679.

franchise brands around the Metro, including service providers and other interesting business concepts. The breakout sessions throughout t h e t h r e e - d a y e v e nt i n c l u d e d entrepreneurship talks, on-stage demonstrations, in-depth seminars, even cultural and product presentations that might help attendees find new and potentially successful business ideas to invest in the future through franchising and, likewise, learn the

ABCs of putting up a business. “We, at Affi, believe wholeheartedly in our local businesses and we thank them for their unselfish acts of sharing their knowledge and experiences to investors and would-be entrepreneurs through the expo. The expo is also Affi’s commitment to continue to discover businesses and hopefully espouse an entrepreneurial mindset among many Filipinos who may want to go into business, but don’t know where to go to. We hope to achieve all these in fulfillment of Affi’s mantra ‘Para kay God, Para sa Bayan, Para sa AFFI,” says Affi President Marie-Joyce Co Yu, who is also president and chief executive office of Trueblends Tea and Coffee. Yu also pointed out that the public can expect more activities to follow this year after the expo, one of which is the EntrepOlympics 2018-2019 Food Edition, a competition that aims to encourage entrepreneurship among senior college students taking up any business- or food-related course, with food-business concepts that they may want to franchise in the future. Affi is the prime trade organization committed in promoting responsible and homegrown micro, small and medium enterprises through franchising.

BRADY, PATRIOTS BEAT RAMS

LOWEST-SCORING SUPER BOWL EVER Sports BusinessMirror

| Tuesday, February 5, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

JARED GOFF: It’s the toughest loss I ever had. AP

Goff, Rams’ electric offense falls short A

TLANTA—Jared Goff trudged to the Los Angeles Rams’ bench, his face a mask of confusion and despair while the Patriots celebrated their interception behind him. Sean McVay left the sideline and leaned into his ear. The coach didn’t say much, but he encouraged his quarterback to learn from the Rams’ offensive flop. McVay and Goff are likely to be together for many more years, and they hope they’ll remember their embarrassing 13-3 loss in the Super Bowl on Sunday night as a springboard to the future, not the crushing flop that it felt like immediately afterward. Goff’s 19-of-38 performance for 229 yards and a key fourth-quarter interception played a large role in the Rams’ defeat, but almost nothing went right for a team that has been frequently brilliant with the ball in its hands. A remarkable year ended with a big-game performance that looked nothing like most of the past two seasons while the Rams matched the lowest-scoring performance in Super Bowl history. The Rams led the National Football League in points per game over the past two seasons, yet they became just the second team in NFL history to fail to score a touchdown in the Super Bowl. “It’s the toughest loss I ever had,” Goff said. “It kills. It’s terrible. It’s a game I wish I would have played better. I wish I could have a million plays back.” Casual football fans who hadn’t watched the Rams during the past two years would have no idea how they got to the Super Bowl after watching this tentative, inconsistent performance. All of Los Angeles’s recent success came to a weird anticlimax at Mercedes-Benz Stadium with its lowest-scoring performance in 36 games under the 33-year-old head coach. Los Angeles managed just 260 yards, got only 14 first downs—just six in the first three quarters—and punted a season-high nine times. But even putting the raw numbers aside, the Rams’ miserable execution left them looking unprepared for a stellar defensive game plan from Bill Belichick. “I’m pretty numb right now, but definitely I got outcoached,” McVay said. “I didn’t do nearly a good enough job for our football team.... This one is going to stick with you. It just stings in your gut.” Though Goff’s teammates and coaches refused to blame him, Los Angeles’s 24-year-old quarterback had one of the rougher performances in Super Bowl history. Along with his 19 incompletions, he was sacked four times and finished with a 57.9 passer rating. Goff’s ability to execute McVay’s offensive innovations and clever play-calling put the Rams (15-4) back in the Super Bowl for the first time in 17 years. His highs have been outstanding, but his lows are frequently disheartening—and this game appeared to be among his worst. The Rams all seemed to know exactly what New England had done against them defensively. The Pats showed deceptive fronts before the snap, and they frequently retreated into zone pass defenses that forced Goff to find open receivers in a confusing coverage. Although McVay strenuously blamed his play-calling for putting his players in untenable positions, Goff realized he needed to make more consistent throws and better decisions, particularly at the line of scrimmage. His underthrown pick near the New England end zone crushed the Rams’ hopes for a tying touchdown with 4:17 to play. Goff had only nine completions in the first three quarters before getting 10 more in the fourth, while the Rams’ rally fell short. “We were moving the ball well at times, but we just couldn’t get that one play,” Goff said. “We know what type of offense we have, and to not be able to show that, it’s tough.” The Rams’ first eight drives in the Super Bowl ended in punts and resulted in only 72 net yards. Johnny Hekker punted for the eighth time early in the third quarter, a record for punts in a game during McVay’s two seasons. Despite their ineptitude, the Rams’ defense was playing brilliantly. Los Angeles still could have taken the lead late in the third quarter when Brandin Cooks broke wide open on a post route, but he stood waving in the end zone while Goff saw him too late and uncorked a throw that took far too long to get there, allowing New England to knock it down. AP

SO after Tom Brady—shown celebrating with his daughter Vivian—leads one classic drive to win the Patriots their record-tying sixth Super Bowl, he perfectly sums up the 13-3 victory on Sunday over the Los Angeles Rams. AP

By Barry Wilner The Associated Press

TLANTA—That super shootout everyone expected turned into a defensive standoff. The New England Patriots showed they can win that type of championship game, too. So after Tom Brady led one classic drive to win the Patriots their record-tying sixth Super Bowl, he perfectly summed up the 13-3 victory on Sunday over the Los Angeles Rams. “Finally got a touchdown and the defense played the best game of the year,” Brady said. In a season in which all sorts of offensive records were set, this Super Bowl rewrote the defensive record book. “How about our defense? How about our defense?” he said. “They played unbelievable.” So well that their leader linebacker Dont’a Hightower, joked they had extra incentive. “I’m tired of hearing about Brady,” he said with a laugh. “I won one today—we all got one. It feels good for us to get it all. Shout out to him getting his, but this is a team game and it feels good to win.” But the defense still needed vintage Brady for one drive. He threw two perfect passes to Rob Gronkowski to set up rookie Sony Michel’s 2-yard score—the only touchdown in the lowest-scoring Super Bowl ever. That put New England up 10-3. A late field goal clinched it 13-3. No Super Bowl had gone into the fourth quarter without a touchdown. This one did, tied 3-3—even though these teams had combined to average over 60 points a game.

When the Patriots needed a score, Brady, the oldest winning quarterback in a Super Bowl at 41, completed four straight passes, including a pair covering 47 yards to Gronkowski. The second, on which the star tight end beat two defenders, ended at the Los Angeles 2, the only time either team was inside the 20-yard line. Michel ran off left tackle for his sixth postseason touchdown. “He knows to trust in me and throw that ball,” Gronkowski said, “and I’m going to grab it.” Julian Edelman, the outstanding receiver who missed the 2017 season with a knee injury, was the game’s MVP with 10 receptions for 141 yards. With 4:17 left, All-Pro Stephon Gilmore picked off an ill-advised pass by Rams quarterback Jared Goff, who seemed overwhelmed by the big stage all night, at the New England 2. Stephen Gostkowski made a 41-yard field goal with 1:12 remaining, completing a 72-yard march that took more than three minutes off the clock and included 26-yard runs by Michel and Rex Burkhead. It was a workmanlike conclusion for the Patriots (14-5), whose losses all came away from New England. They beat the top two offenses in the Chiefs and Rams (15-4) in the postseason, and tied Pittsburgh for most Super Bowl titles. “We’re a relentless team,” Hightower said after New England allowed the fewest points in a Super Bowl (tied with Dallas in 1972 against Miami). “We didn’t give up. A lot was thrown at us. When we play like we did tonight, we can’t be beat.” The Rams, who reached the National Football League championship game with the aid of a major officiating error in the conference title victory at New Orleans, never really threatened to reach the end zone. “Last time I checked, defense wins championships,” Rams running back CJ

Anderson said. At 66, Bill Belichick became the oldest winning Super Bowl coach. The Patriots beat the Rams, then representing St. Louis, to begin their dynastic run in the 2002 game. They also have beaten Carolina and Philadelphia (2004 and ‘05, the last back-to-back championships); the Seahawks in 2015; and the Falcons in 2017 in the only overtime in Super Bowl history. They have lost three times, including to Philadelphia a year ago. New England is the first team since the 1972 Dolphins to win a Super Bowl the year after losing one. How the Patriots accomplished it was atypical. The 10-point margin was their biggest in winning a championship. “This whole year, it was the biggest team win, the biggest team Super Bowl that I’ve ever been a part of,” said Gronkowski, who could be headed for retirement. Brady, who has won four Super Bowl MVP trophies, wasn’t particularly sharp—except when throwing to Edelman. He was the steadiest offensive player on the field. “It just matters that we won,” Edelman said. “It was a crazy year. We had a resilient bunch of guys.” Brady passed Hall of Famer Charles Haley to become the only player with six Super Bowl titles. All those suspicions about the Patriots declining this season became moot as the defense made the 24-year-old Goff look awful and turned All-Pro running back Todd Gurley into a nonfactor. It wasn’t a typical New England championship win. The 2 1/2-point favorite Patriots moved the ball well, ran down the clock, but made uncharacteristic gaffes on offense. Goff and the Rams made more. “I think we expected to score a lot more points than that,” Goff said. “It sucks that’s the way it worked out, but we’ll use this as a learning experience.” A painful one. LA’s second-ranked offense managed 57 total yards for the first half. The Rams were completely overmatched on the line and were particularly unable to handle the elusive Edelman, who had seven receptions for 93 yards. Coach Sean McVay, whose Rams never had been blanked in a first half, let out a long, deep sigh just before halftime, recognizing how badly his team was manhandled, even though it trailed just 3-0. It was the lowest score at halftime since Super Bowl 9, which Pittsburgh led 2-0 over Minnesota. McVay, the youngest Super Bowl head coach at 33, admitted he was outcoached. He had no answers as Gurley, coming off knee issues, managed 35 yards rushing, Goff went 19 for 38 for 229 yards and was sacked four times. Brandin Cooks, a Patriots receiver last season, did have eight receptions for 120 yards. “They did a great job. I’m disappointed that I didn’t do a better job of adjusting,” McVay said. “I know there is a handful of decisions that I’m going to wish that I could have back, for sure.”

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C2 Tuesday, February 5, 2019

THRILLER IN BOSTON B OSTON—Eight days after letting a win slip away against the Golden State Warriors, the Celtics were able to finish the job against another tough Western Conference

opponent. Kyrie Irving had 30 points and 11 assists, as Boston overcame big games from Oklahoma City stars Paul George and Russell Westbrook to snap the Thunder’s seven-game win streak in a 134-129 thriller on Sunday. Boston has won four straight since a 115-111 home loss to the Warriors on January 26 and has won nine of its last 10 games overall. “We battled against Golden State, but [this is] a good win,” said Al Horford, who had 17 points and nine assists. “This team has been playing really well and it’s just good to get this win here at home.” Marcus Morris had 19 points, Marcus Smart

added 18 and seven assists, and Daniel Theis had 14 off the Celtics bench. George scored 37 points and Russell Westbrook notched his sixth straight tripledouble and 19th of the season with 22 points, 16 assists and 12 rebounds. “We just played a good team,” George said. “I thought they made some big plays, big shots. Gotta live with it.” Steven Adams and Dennis Schroeder each had 16 points for Oklahoma City, and Jerami Grant scored 15. Oklahoma City suffered its first loss since a 138-128 overtime setback against the Los Angeles Lakers on January 17. Westbrook made two free throws to pull Oklahoma City within 127-125 with 45.9 seconds remaining after Boston had led by six with 1:27 to go. Irving’s driving finger-roll with 23.3 seconds

left put Boston up by four, but Grant answered with a three-pointer to bring the Thunder within 129-128. Oklahoma City squandered a chance to take the lead after Jayson Tatum missed one of two free throws. Irving stripped Westbrook with 8.1 seconds on the clock and Horford got the ball back to Tatum, who sealed the win at the line. “In a [tight] game like that, I’ve just got to take care of the ball, so that’s on me,” Westbrook said. Irving said “instincts” led him to gamble on his steal of Westbrook. “It’s winning time,” Irving said. “I feel like when the ball’s in my hand, I’ve just got to make the right play. Being down the stretch, just trying to make the right decisions.” In Toronto, Kawhi Leonard scored 18 points, Serge Ibaka had 16 points and 12 rebounds and Toronto beat Los Angeles, 121-103, for its 10th victory in its last 11 home games. Ibaka has a career-best six straight doubledoubles, Toronto’s longest streak since Chris Bosh had eight in November 2009. All-Star guard Kyle Lowry sat out because of a sore back. Shai Gilgeous-Alexander, the guard born in nearby Hamilton, had 19 points to lead Los Angeles. Mike Conley scored 25 points, Marc Gasol had 24 and Memphis beat New York, 96-84, to snap a nine-game road losing streak. Conley added eight rebounds and seven assists after missing a game because of left-knee soreness. Gasol also had nine rebounds. Kevin Knox scored 17 points for New York. The Knicks have lost 13 straight overall and 14 in a row at Madison Square Garden. AP OKLAHOMA City’s Russell Westbrook defends against Boston’s Kyrie Irving. AP

Specialist finds wreckage of plane that carried Sala

IVERPOOL, England—A black cat strayed onto the field and stopped play for about three minutes at Goodison Park, as stewards scrambled to usher it away on Saturday. Everton fans might have been glad of the respite. They jeered loudly at the final whistle as their team lost at home to Wolverhampton Wanderers, 3-1, a result that piled the pressure on Everton Manager Marco Silva in what is increasingly becoming a miserable English

ONDON—The wreckage of the plane carrying soccer player Emiliano Sala was located on Sunday, two weeks after it disappeared from radar over the English Channel, according to the marine scientist leading a privately funded search for the Argentine’s family. David Mearns, an American-born shipwreck-hunting specialist, made the announcement on Twitter after returning to the island of Guernsey from the search and police informed the families of the two men onboard. Sala and David Ibbotson, the pilot of the small aircraft, are presumed dead by authorities. “This is about the best result we could have hoped for the families,” Mearns told British broadcaster Sky News. Sala was being flown on January 21 from the French city of Nantes to Cardiff after being signed by the Welsh capital’s Premier League team. The main search for the plane was called off after three days, but Sala’s family launched a fund-raising initiative that led to Mearns bringing his expertise to the mission. Mearns did a search in conjunction with Britain’s Air Accidents Investigation Branch, which also deployed a vessel for a search of the seabed on Sunday. “Wreckage of the plane carrying Emiliano Sala and piloted by David Ibbotson was located early this morning by the FPV Morven,” Mearns wrote on a Twitter account, referencing the survey vessel. “As agreed with the AAIB they moved the GEO OCEAN III over the position we provided them to visually identify the plane by ROV [remotely operated underwater vehicle].” Mearns said a statement from the AAIB is expected on Monday. “Tonight our sole thoughts are with the families and friends of Emiliano and David,” Mearns said. AP

DETAINED Bahraini player Hakeem al-Araibi arrives at the criminal court in Bangkok on Monday. AP

Detained soccer player refused to be sent back home to Bahrain

ANGKOK—A soccer player who has refugee status in Australia told a Thai court on Monday that he refuses to be voluntarily extradited to Bahrain, which has asked for his return to serve a prison sentence for a crime he denies committing. Hakeem al-Araibi’s rejection of extradition means a trial will be held to determine whether Thai authorities will send him to Bahrain, where he fears he is at risk or torture, or release him so he can return to Australia. “Please speak to Thailand, don’t send me to Bahrain. Bahrain won’t defend me,” a chained Hakeem al-Araibi shouted to reporters outside court as he was escorted by prison guards into Monday’s hearing. His supporters say he should be freed, declaring that he is protected under his status as a refugee with Australian residency. A court filing made last week by Thai prosecutors noted that while Thailand and Bahrain do not have an extradition treaty, extradition is still possible by law if Bahrain makes an official request, which they did, and if the crime is punishable by over a year, is not politically motivated or a military violation. The Bahraini government insists that he be treated as a simple fugitive who was convicted for an arson attack that damaged a police station, an

CELEBRATION IN QATAR D OHA, Qatar—Qatar’s footballers have paraded the Asian Cup through the streets of Doha on an open-top bus decorated with a picture of the team on the side. Emir Sheikh Tamim bin Hamad Al-Thani met the players to toast the 2022 World Cup host nation winning its first major football title by beating Japan, 3-1, in Abu Dhabi on Friday. “I am proud to make these people happy,” said Ali Almoez, the

WHO LET THE CAT OUT?

tournament’s top scorer with nine goals. “I am proud of this thing and all the players are. For 40 years Qatari people did not celebrate, now we will celebrate for the next four years and not stop.” Qatar couldn’t fly directly home from the tournament because the United Arab Emirates has cut travel, diplomatic and economic ties with Doha since 2017. Players and the backroom staff were mobbed by fans, friends and family at the airport.

act that he denies. It says he has opportunities to appeal his conviction in the country’s courts. The Bangkok court set an April 22 date for a next hearing. Thai officials previously said a trial could be lengthy, depending on how many witnesses are called by each side. Al-Araibi, 25, a former Bahraini national team player, says he fled his home country due to political repression. Bahrain wants him returned to serve a 10-year prison sentence he received in absentia in 2014 for an arson attack that damaged a police station, which he denies. Al-Araibi was detained upon his arrival in Bangkok in November while on a holiday, and subsequently was held pending the completion of the extradition request by Bahrain. Australian Prime Minister Scott Morrison sent a letter last month urging Thailand to stop the extradition, and soccer governing bodies and human-rights activists have urged the country to let him return to Australia where he lives and plays for a semi-professional team in Melbourne. “Your wife sends her love, Hakeem. All of Australia is with you. Be strong. Football is with you,” former Australia national soccer team captain Craig Foster said to Hakeem outside court. Foster has been in Bangkok to push for al-Araibi’s release. AP “I am very happy to see the people celebrating with us, we realize how big what we did is,” coach Felix Sanchez said. “When you win a trophy like that you feel very proud, to see that the hard work sometimes gives you the reward.” Victory will give Qatar renewed hope of being able to compete against the world’s best teams when it qualifies for the first time for the World Cup—as hosts—in 2022. AP

PLAYERS and the backroom staff are mobbed by fans, friends and family at the airport. AP

Premier League campaign. Goals by Ruben Neves—from the penalty spot—Raul Jimenez and Leander Dendoncker allowed Wolves to consolidate seventh place in an encouraging first season back in the top flight. As for Everton, this loss came a week after an FA Cup exit at the hands of second-tier Millwall that ended any hopes of a first piece of silverware since 1995. The Merseyside club, which has spent $350 million on players in two

Cotabato archers hit targets in Batang Pinoy Minda leg

RCHERS from Cotabato hit their marks to snatch the first gold medals in the Mindanao leg of the 2019 Batang Pinoy on Monday at the Davao del Norte Sports and Tourism archery range in Tagum City. Grace Signacion and Rhyniyll Yvis Endaya bannered South Cotabato after topping the girls’ yeoman 20-meter and girls’ bowman 30-meter (72 arrows) events, while Romee Jonathan Rioja and Justin Matthew Basadre of Koronadal City ruled the boys’ yeoman 20-meter and boys’ bowman 30-meter (72 arrows) events in the opening salvo of this prestigious tourney for young athletes 15 years old and below. Signacion, who turned 10 last Sunday, fired 328 points to dominate the first round before marching back in the second round

with 319 points to tally a total score of 647 points en route to a golden finish. Samantha Isabel Loreno of Koranadal City and Khrizleyn Hope Ferrer of South Cotabato fell short, scoring 605 and 546 points for silver and bronze medals, respectively. “I’m so happy that I won,” said Signacion, adding that the sweet victory in this tourney—backed by STI College-Tagum and Alfalink Total Solutions Corp. and organized by the Philippine Sports Commission—is a fitting birthday gift for her. “I dedicate this victory to my mother, who encouraged me to take up the sport,” she added. Meanwhile, the 12-year-old Endaya, who studies with Signacion at the Central Elementary School in Surallah town in South

years, is ninth in the league. Andre Gomes provided the bright point for the hosts with a rising shot into the net that made it 1-1 in the 27th minute. The cat wandered onto the playing surface midway through the second half and walked around at both ends of the field before finally leaving it as stewards gathered around. Wolves Manager Nuno Espirito Santo laughed on the sidelines, while Silva remained in animated discussion with his assistant. AP Cotabato, struck gold after registering 324 and 310 points for a total of 634 total points. She bested South Cotabato’s Ge-Anne Gasendo (601) and Davao City’s Althea Kelly Odiong (593 points), who settled for the silver and bronze medals, respectively. In the boys’ side, Rioja posted 551 points from a two-round 244-307 tally to claim the mint, edging South Cotabato’s Karl David Mejillano (497) and fellow Koronadal bet Paul Yrwan Bader (404). Basadre, for his part, scored 624 points to grab the gold medal, while South Cotabato’s Quin Myer Loreno (614) and Mark Jubert Lapiad (611) settled for consolation silver and bronze medals. Mixed team and Olympic-round events were played late Monday with Signacion, Endaya, Rioja and Basadre looking to win two more gold medals. Also scheduled later on Monday were the forms competition in arnis at the City Mall and the seven-round rapid event in chess at the Bulwagang Pangkarunungan. Elimination rounds in tunggal, ganda and regu in pencak silat were also played on Monday at the Robinsons Mall, while dancesport went full swing at the RDR Gym.

orts

sMirror

Tuesday, February 5, 2019

7-ELEVEN CYCLING TEAM

FOCUSES ON OLYMPICS By Ramon Rafael Bonilla

A BLACK cat strayed onto the field and stopped play for about three minutes. AP

Del Rosario bats for establishment of Dept of Sports

AVAO del Norte Gov. Anthony del Rosario on Sunday strongly pushed for the creation of a much defined, elaborate and grassrootsbased Department of Sports. Del Rosario said it is high time that the sports became a part of the government. “If you recall, we had before the DECS [Department of Education, Cutlure and Sports], but now it’s only the Department of Education. Of course, the PSC [Philippine Sports Commission] has been primed to fill in the gap, which is the missing component for our youth,” del Rosario said. “I think it is about time Congress should really now pass a bill or a law that will create a Department of Sports that is fully dedicated to sports development from the grassroots and up, and then in line with that, we should require all provinces and, at the very least, all highly urbanized and independent chartered cities, to also create their own local sports department,” he said. “So that the new Department of Sports will have all the linkages to all the different provinces and at the very least, as I said, highly urbanized cities,” he explained. Del Rosario was with PSC Chairman William Ramirez, Batang Pinoy National Secretariat Head Teresito Fortaleza Jr. and Davao del Norte Youth and Sports Department Head Giovanni Gulanes when he made the remarks after the opening ceremony on Sunday evening. There were several moves to pass a bill that will create a Department of Sports but none of them passed even the first readiing in Congress. But del Rosario is optimistic and insists that a Department of Sports will be the realization of the long dream of the country’s first Olympic gold medal.

First PSA Forum for 2019 on hoops

HE Philippine Sportswriters Association (PSA) welcomes 2019 with its first weekly Forum on Chinese New Year at the Tapa King Restaurant in Farmers Plaza, Cubao, on Tuesday with Samahang Basketbol ng Pilipinas (SBP) Executive Director Sonny Barrios as special guest. Barrios will talk about SBP’s plans for the year, including the final window of the Fiba World Cup qualifiers to be held in Qatar and Kazakhstan. Also on tap in the 11 a.m. session presented by San Miguel Corp., Tapa King and the Philippine Amusement and Gaming Corp. is the second season of the National Basketball League, which will be represented in the forum by its Chairman Celso Mercado and Head of Basketball Operations Edward Aquino.

OHN PAUL ERRAM has proven every bit that he deserves the trust NLEX is giving him after emerging as the Cignal-Philippine Basketball Association Press Corps Player of the Week for the period January 28 to February 3. Acquired by NLEX in an off-season trade with with Blackwater, the 6-foot-8 Erram has served as a solid inside presence for the Road Warriors in the ongoing Philippine Cup. The energetic Erram stood tall on the defensive end, swatting away a potential gametying basket by Ranidel de Ocampo in the dying seconds to lift NLEX to a pulsating 87-83 win over Meralco in the Petron Saturday Special in Antipolo City. NLEX Coach Yeng Guiao said he’s no longer

HE country’s hosting of three International Cycling Union (UCI) races and local cyclists’ exposure in international events will greatly enhance the dream of qualifying a Filipino to the Olympic Games. This was declared by top officials of the country’s first UCI continental team, the 7-Eleven Cliqq Air12 Roadbike Philippines as the squad celebrated its 10th anniversary on Monday night at the Golden Phoenix Hotel in Pasay City. Top local executives of the largest convenience store chain in the world celebrated the team’s milestone as they presented an expanded pool of cyclists that include a women’s elite and developmental team. Vic Paterno, called the godfather and CEO of 7-Eleven Philippines, said that even though the team has collected praises in the past decade, the top prize would be qualifying a Filipino to the 2020 Tokyo Olympics. “We hope to send somebody to the Olympics, It’s been a long time,” Paterno said. The men’s elite, composed of tested riders like pioneer Mark Galedo and veterans Rustom Lim and Bonijoe Martin, aren’t the lone representatives of 7-Eleven

anymore, as team management expanded the program. Singapore 2015 Southeast Asian Games women’s individual time trial gold medalist Marella Salamat and fellow standout Irish Wong head the women’s elite squad that co-team manager Bong Sual said would soon be a UCI women’s continental team. The under-23 squad will also be harnessed

MIGHTY HOLDS FORT AGAINST LEBANESE

Weekly honors goes to Erram surprised to see Erram rise to the occasion, especially on the defensive end. “That’s really the role Poy Erram plays for us, defensively. I’m not surprised he did that because that’s his role for the team,” Guiao said of their prized offseason recruit. The 29-year-old Erram delivered all-around numbers of 12 points, eight rebounds, seven assists and a game-high five blocks to help NLEX notch its second straight win after a 0-3 start. Erram is averaging 16.6 points, 7.4 rebounds, a conference-best 4.0 blocks and 3.2 assists per game. Erram beat Phoenix forward Calvin Abueva, Ginebra’s Greg Slaughter, along with Rain or Shine’s James Yap and rookie Javee Mocon for the weekly citation.

EAM Mighty Sports-Philippines surpassed its toughest test yet on Sunday night, holding off formidable Homenetmen of Lebanon, 96-89, for its third straight victory in the 30th Dubai International Basketball Championships at the Shabab Al Ahli Gymnasium in the United Arab Emirates. Sweet-shooting big man Randolph Morris and in-form Justin Brownlee delivered their usual numbers, while Fil-Am wingman Jeremiah Gray provided immense boost off the bench as Mighty Sports practically secured the top seeding in Group A to prove it’s real worth in the 10team tournament. The 6-foot-10 Morris, armed with a feathery touch from the perimeter, accounted for a team-high-tying 24 points, 15 of them coming in the opening half, while Brownlee sustained his fiery form with his second straight double-double of 19 points and 13 rebounds on top of seven assists and two steals. Not to be outshone was Gray, who emerged as the biggest revelation offensively by knocking down 24 points, spiked by three triples, while adding eight rebounds and three assists in what could be considered as his coming-out party, much to the delight of the raucous Filipino crowd. But more than the numbers, Mighty Sports Coach Charles Tiu admitted he’s more pleased to see how his wards showed steely nerves down the stretch in the face of the Homenetmen’s gritty rally led by irrepressible guard Walter Hodge who finished with 42 points. “We’re a young team and we haven’t been together for so long but I like the composure they shown,” he said. “That’s why in some stretches when they [Lebanese] made a run, I just let them play. “I want them to grow up probably in this game. And in a tournament like this, we’re gonna

points, four rebounds, and three assists as the Batang Pier went 2-1 in the first three games of the former San Beda star for the franchise. The 23-year-old Leyte native also posted 26 points in his pro debut, a 117-91 NorthPort drubbing of Blackwater, but was on the losing end of his highly anticipated matchup with Perez as the Dyip hacked out a 110-100 victory over the Batang Pier. Perez finished with 12 points, seven rebounds, and four assists, while Bolick was held to just three points but had seven rebounds and six assists. The seventh pick overall, Tratter averaged a second team-best 12.7 points and a team-best 7.3 rebounds in the Elite’s first three outings for a 1-2 record. The rookie out of La Salle has been labeled by coach Bong Ramos the most consistent player so far for Blackwater, shooting 54 percent from the field as the team’s starting center. Mocon, last year’s NCAA Finals MVP tabbed by the Elasto Painters in the draft at No.6, also made a good account of himself in his first three games where Rain or Shine went 2-1, posting averages of 9.7 points, 7.0 rebounds, and 1.7 assists.

OSE LOPEZ converted a late penalty as Ateneo fashioned out a come-from-behind 4-3 win over defending champion Far Eastern University (FEU)-Diliman on Sunday in the University Athletic Association of the Philippines juniors football tournament at the FEU-Diliman pitch. The Blue Eaglets rallied from a two-goal deficit to end their campaign with 17 points in

third place. The Baby Tamaraws went down with 10 men, as Oliver Dalman was sent off in the 86th minute because of his second yellow card. It was Dalman’s own goal in the 67th minute that leveled the match at 3-3. Aside from the 88th-minute goal, Lopez also netted a spot kick in the 26th minute that opened the scoring for Ateneo, which rebounded

face these situations like this so we really have to know how to win. It’s a good test for us.” Indeed. The accessories and apparel team backed by SMDC, HealthCube Medical Clinics, Go for Gold and Oriental Game also avenged its 100-93 loss to Homenetmen two years ago and put itself in a strong position for a top finish in Group A. Backcourt standouts Jason Brickman (10 points and five assists), Juan Gomez de Liano (11 points), and Roosevelt Adason (eight points and five rebounds) also did their fair share for Mighty Sports, which will take a one-day breather before plunging back to action against Al Wahda-Syria for its final preliminary round match on Tuesday at 9 p.m. (1 a.m. Wednesday, Manila time). “That Syrian is also strong and they’re actually solid. They’re a pretty good team and they’re like this Lebanese team,” Tiu warned. “So you really cant say that even though we beat this Lebanese team, we will gonna steamroll past them. We have to respect them and play good as we can.” So far, the Filipino cagers continued to do so behind their fluid offense and relatively solid defense, with Gray tallying 14 points in the first two periods to complement the consistent performances of Morris and Brownlee. Mighty Sports led by as many as 16 points in the third period and appeared on the way for an easy windup, but the Lebanese side refused to roll over and die, pulling the closest at three—89-92—off Chris Johnson’s two made freebies with 58.8 seconds left. “I credit all the players. I’m just telling them simple [instructions] and they know what to do,” added Tiu. “I thought Jeremiah stepped up big and Jason really did a good job. Those two guys, and the usual, Morris, Brownlee, they’re consistent.”

Perpetual Altas ready for D-League

COLUMBIAN Dyip CJ Perez is making a strong statement in his rookie year.

Eaglets in come-from-behind win

objectives is to finish strong in the Asian Cycling Championships in Uzbekistan in April. After the Asian championships, the goal is to pile as many UCI points as possible in local and international races to land the country in the top 50 in the world rankings—the cutoff for the Tokyo Games. The team is also keen on performing well in the Southeast Asian Games late this year.

7-ELEVEN CEO Vic Paterno (second row, fourth from left), Sports Director Ric Rodriguez (second row, first from right) and Roadbike Philippines Team Manager Bong Sual (second row, second from right) present the expanded team. NONIE REYES

BEWARE OF ‘BABY BEAST’ C J PEREZ was quick to validate his status as the No. 1 overall pick in last year’s Philippine Basketball Association (PBA) draft. The former National Collegiate Athletic Association Most Valuable Player guided Columbian Dyip to an even 2-2 record in his first four games in the season-opening Philippine Cup. He immediately made his presence felt right on his PBA debut when he exploded for 24 second-half points to steer the Dyip to a 124118 upset of defending champion San Miguel Beermen. The “Baby Beast” finished with 26 points and five rebounds. Perez, 25, led the Dyip in both scoring and rebounding with averages of 16.0 points and 7.8 rebounds per game, while adding four assists and two steals (tied for team-best). His arrival obviously reinvigorated the moribund franchise which could only show a single victory in this same All-Filipino conference last year. For his impressive work with the Dyip early this season, Perez emerged the unanimous choice as the first-ever recipient of the PBA Press Corps Rookie of the Month for January. The wingman out of Lyceum edged three other fellow talented rookies for the inaugural citation. Also in contention for the honor were Robert Bolick of NorthPort, Blackwater’s Abu Tratter and Javee Mocon of Rain or Shine. Bolick, the No. 3 overall pick, averaged 14.3

in the same manner as the elite riders. With the family now bigger, Sports Director Ric Rodriguez said they will do everything to send a Filipino to Tokyo 2020. “We need to continue sending teams abroad. We are committed to help the cycling community with our shared vision of producing an Olympian,” Rodriguez said. According to Rodriguez, tops in their

from last year’s worst finish ever by making it back to the podium. Despite the loss, FEU-Diliman, which will take on National University in the one-game final on February 21 at the Moro Lorenzo Field, topped the table with 17 points. Also capping the season on a high note was De La Salle-Zobel, which bested University of Santo Tomas, 2-1. Jed Bode was dismissed in the 35th minute for a straight red, but the 10-man Junior Archers survived with a Jan Meir Mitra’s 52nd-minute goal.

NIVERSITY of Perpetual Help System Dalta will parade six new players and veteran guard Kieth Pido as it sees action in the Philippine Basketball Associastion D-League on February 14 at the Ynares Sports Arena in Pasig City. Ben Adamos, a transferee from reigning National Collegiate Athletic Association champion San Beda, is the biggest name among the new batch of recruits by the Altas and should be tasked to carry the load in Season 95 after Prince Eze, last year’s MVP, played his last year. Also suiting up for Perpetual Help are transferees Lean Martel and Lele Guizzani from San Beda, James Labarda from Arellano University, Jeffer Egan from Southern Philippines College in Cagayan de Oro, Ramlee Lanoy from St. Francis of Assisi and Jboy Solis from Olivarez College. Pido, the Altas’ starting guard who suffered

an ACL (anterior cruciate ligament) last year that forced him to sit out the whole of Season 94, will make his much-awaited return and should provide the team the needed experience as they aim to surpass their Final Four finish last season. Pido and the new recruits will join holdovers Edgar Charcos, Anton Tamayo, Tonton Peralta, Jelo Razon, Kim Aurin and Jerome Pacia. “We have six new faces in the team and also Pido is back so the D-League will be an important part in our preparation and there, we will see how the new and old players will mesh,” said Perpetual Help Coach Frankie Lim, who has steered the Altas to the Final Four on his first season with the team. On top of that, Lim also tapped Ed Cordero, his former assistant at San Beda, and son Melo Lim to join his coaching staff that also include Myk Saguiguit, Ferdinand Ali Ali and Gerard Dizon.

FOWLER HANGS TOUGH Sports

RICKIE FOWLER finishes at 17-under 267 to beat Branden Grace by two shots for his fifth Professional Golfers’ Association Tour title. AP

BusinessMirror

| Tuesday, February 5, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By John Marshall The Associated Press

COTTSDALE, Arizona—Standing above a greenside bunker at TPC Scottsdale’s difficult par-four 11th hole, Rickie Fowler turned just in time to see his ball, one he had just placed after penalty, trickle into the water. Fowler had already seen his share of bad luck at the Phoenix Open. Now balls were rolling into hazards on their own. Unable to catch a break, Fowler took it upon himself to create his own. Fowler shook off a bizarre triple bogey on No. 11 with clutch shots down the stretch, finally winning the tournament on Sunday that had twice eluded him. “I didn’t think it would be easy, but the way I was playing this week, I thought it would have been easier,” Fowler said. “It was kind of grind it out. I had a couple of tough breaks and had to deal with the punches—a couple big ones—but it feels good now.” After a pair of 64s and a 65, Fowler shot three-over 74 in the final round on a soggy Sunday at TPC Scottsdale, highest by a winner in tournament history. He finished at 17-under 267 to beat Branden Grace by two shots for his fifth Professional Golfers’ Association (PGA) Tour title. Fowler had another over-par round with a 54-hole lead—he’s 7 for 7 there—but birdied two of his final four holes to win from the third-round lead for the second time, with the 2017 Honda Classic the other. Fowler also had a double bogey on the par-4 fifth hole, becoming the first PGA Tour player to win with a double bogey and triple bogey or worse since 1983. “He really dug down and pulled it off,” Grace said. Fowler has experienced his share of heartbreak at the Phoenix Open. He had the 54-hole lead last year and shot a two-over 73 to finish six shots behind Gary Woodland. In 2016, Fowler blew a two-shot lead with two holes to go before losing in a playoff to Hideki Matsuyama, twice

SERGEY KOVALEV (hits) Eleider Alvarez during their title match.

hitting it into the water on the drivable par-4 17th. None of it compared to what happened to him Sunday. Leading by four to start the day, he was up five shots stepping onto the tee on No. 11. The lead was one after a bizarre sequence of events at the long par 4. With rain picking up, Fowler hit his approach shot right of the green and his chip skipped past the flag into the water, incurring a two-shot penalty. He dropped next to a bunker and, as he stood on the green surveying his next shot, his ball rolled back into the water without being touched. PGA Tour rules official Slugger White determined Fowler’s ball was in play after the drop, so he was assessed a one-shot penalty. Fowler got up-anddown from there, knocking in a 17-foot putt for triple-bogey 7—his seventh double bogey or worse when playing with a 54-hole lead. “That was a big kind of turnaround,” Fowler said. “At worst I make bogey with a semi-decent chip, and I’m still very much in control of the tournament. But with everything that happened there, that was a [four-] shot swing pretty quickly. It sucks, but it’s just kind of put that behind me.” Grace made a 50-foot birdie putt just ahead on the par-3 12th, and they were tied at 15 under when Fowler couldn’t get up-and-down from the bunker on the same hole. Grace went up one with a 3-foot birdie putt on No. 13. Fowler refused to cave. He reached the par-5 15th in two from 239 yards out, and his two-putt birdie pulled him into a tie for the lead. Grace then pulled his tee shot into the water at the short par-4 17th, hit his third shot into the bunker after a penalty and took a bogey, giving Fowler a one-shot lead. Fowler drove the green on the 336-yard 17th and two-putted for birdie to stretch his lead to two shots. The drama didn’t end there. Grace got up-and-down for par from short right of the

18th green, finishing at 15 under after a two-under 69. Fowler pulled his tee shot on 18 left, landing in the tall grass between the church pew bunkers. He hacked the ball out short of the green and got up-and-down for the long-awaited victory. “I think he’s going to get more out of something like that, showing resilience and coming back like that, as

Johnson holds off Chinese to win Saudi International

opposed to going out there and winning by four or five,” said Justin Thomas, who finished third, three behind Fowler after a 72. Maybe in the future. Right after the round, Fowler was wiped out after the emotional rollercoaster. “I never want to go through anything like that again,” he said. “That was not fun.”

WORLD No. 3 Dustin Johnson records five birdies in his final round, including the last two holes. AP

Kovalev gets WBO title F back from Alvarez

ING ABDULLAH ECONOMIC CITY, Saudi Arabia—Joint overnight leader Dustin Johnson shot a final-round threeunder 67 to win the Saudi International tournament by two strokes on Sunday. The American’s overall total of 19-under 261 was enough to hold off Li Haotong of China who came into the final round with a share of the lead after a third round that included four eagles. The Chinese golfer shot a one-under 69 Sunday, finishing a shot ahead of England’s Tom Lewis whose spirited last-round challenge was good enough to secure third another stroke back after a fiveunder 65. World No. 3 Johnson recorded five birdies in his final round, including the last two holes. “Any time you can win a professional golf tournament, no matter where it is in the world, it’s a big win. I’m honored to be the champion,” said Johnson. “Haotong was one ahead on the back nine, but I knew I was playing well enough to make up some strokes, and I didn’t let it bother me. I just played my game and kept on trying to make birdies.” American Bryson Dechambeau, who won in Dubai last week, was joint sixth, eight shots behind Johnson after a five-under 65. A birdie on the final hole helped Li seal second place. Li had gone into the final 18 holes on a high after firing a recordbreaking three eagle-twos in his third-round 62. But he fell away over the second half on Sunday, with three bogeys hampering his hopes of an impressive win. Lewis finished three shots off the lead after a blazing start to his final round, recording five consecutive birdies over the first five holes. On his second-ever professional start, Australia’s Min Woo Lee finished a stroke further back after a second consecutive seven-under 63. The Saudi International is new to the European Tour and is being held amid scrutiny of Saudi Arabia’s human-rights record and condemnation following the killing of journalist Jamal Khashoggi. AP

RISCO, Texas—Sergey Kovalev made it through the seventh round just fine in his attempt to take back the World Boxing Organization (WBO) light heavyweight championship he lost to Eleider Alvarez six months ago. The Russian left little doubt in the final round. Kovalev controlled the pace throughout the fight, finishing with a flurry in the 12th round and winning the rematch in a unanimous decision early Sunday. The 35-year-old, who had the first three losses of his career in his previous five fights, pushed through a couple of moments of fatigue like those that seemed to affect him in the defeat that cost him the title in the 175-pound division. In that loss to Alvarez in Atlantic City, New Jersey, last summer, Kovalev was ahead on all three scorecards when he was dropped three times in the seventh round. No such trouble this time in a fight that started two minutes before midnight in the indoor football stadium that’s part of team headquarters for the Dallas Cowboys. “They stopped me from overtraining,” Kovalev said of the group led by veteran trainer Buddy McGirt. “I saved my energy and I’m happy. We worked on the jab. Always my jab and my right hand.” Two judges had Kovalev ahead 116-112. The third judge didn’t give Alvarez (24-1) a single round, scoring it 120-108 in the 34-year-old Colombian’s first loss. Kovalev (33-3-1) was the aggressor from the beginning, and eventually landed 213 of 860 punches compared to 111 out of 369 for Alvarez. According to the television broadcast, Alvarez’s corner told him after the 10th round that he would need a knockout to keep the belt. He never got close. Kovalev even had an exclamation point, landing a punishing right hand just before the final bell. “I have no excuses,” Alvarez said through a translator. “I knew he would be the favorite if it went to a decision. I don’t see myself as a loser tonight, but he won the fight.” Alvarez’s best stretches came in the middle of the fight,

and at one point he had Kovalev staggering around the canvas on what seemed to be weak legs. One of Alvarez’s best blows was a right hand in the seventh, but this time it was in the final seconds. Kovalev didn’t have any trouble getting to the bell and had time to regroup going into the eighth. Kovalev took control for good in the 10th, landing a strong right-left combination that seemed to sap Alvarez of what energy he had left. At one point in the later rounds, Alvarez kept glancing at the video boards, apparently trying to see how much time remained in the round. Instead of more doubt about his boxing future, which crept in after the loss last summer, Kovalev awaits his next opponent. There was no clear indication who that might be. “He adjusted well,” McGirt said. “He stuck to the game plan more than I anticipated he would, but I kept reminding him to keep it basic, keep it basic. I thought it was close, but I felt he won.” In what amounted to a co-main event on Saturday night, Oscar Valdez defended his WBO featherweight title with a seventh-round technical knockout of Carmine Tommasone. The two-time Mexican Olympian caught Tommasone with a right uppercut to the jaw. The blow dropped the Italian and the fight was called nine seconds into the seventh round in Valdez’s first bout since sustaining a broken jaw in a successful title defense against Scott Quigg last March. Valdez (25-0, 20 KOs) controlled the 28-year-old’s fifth title defense in the 126-pound division almost from the start. “I don’t really think about the jaw except when people ask me about it,” Valdez said. Tommasone (19-1) went down twice in the fourth round, and his right eye swelled badly late in the sixth. The 34-year-old proposed to his girlfriend in the ring despite his first loss in Tommasone’s first professional fight outside the 2016 Olympian’s home country. AP

God of inclusive love

EAR God, Your attention knows no boundaries. In Jesus’ name we pray: Oh God in Your wisdom hear our prayer. Inspire pastors, liturgical musicians and all who lead the Church in prayer. Help us to include those who feel alienated from the Church. Deepen the bonds of love between married couples, engaged future couples and support them in times of struggle. May God favor and bless us and give us the wisdom to wonder at God’s great love. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

BOX OFFICE: ‘GLASS’ STAYS AT NO. 1, WHILE ‘MISS BALA’ OPENS IN THIRD D3

Tuesday, February 5, 2019

Architecture’s big�est stars align for a music festival-inspired ‘celebration’ ARCH. William Ti Jr., principal architect of WTA Design Studio with Rebecca Plaza, director of Anthology Festival and managing director of Plaza+Partners

By Jt Nisay

ENOWNED global and local architects and experts in related fields converge for Anthology Architecture and Design Festival 2019 from February 15 to 17 at Fort Santiago in Intramuros, Manila. Büro Ole Scheeren principal Ole Schereen, MADA s.p.a.m. founding partner Qingyun Ma and design critic Aaron Betsky headline the annual three-day event that brings to the fore all things architecture. The festival’s goal is to increase the awareness on and highlight the importance of the field through lectures, workshops and panel discussions led by industry thought-leaders. “Anthology is essentially a celebration of architecture,” said Rebecca Plaza, festival director and managing director of Plaza + Partners Inc. Now on its fourth year, the festival will bring in some 125 speakers from all over the world to discuss industry practice, trends, direction and more across 27 talks, 15 panel discussions and five workshops. The festival highlight is a lecture series, called “Anthology Talks,” to be led by a diverse selection of architects and design professionals. The lectures, which are accredited with CPD, or Continuing Professional Development, will be about social architecture. Billed as the featured speaker on the festival’s opening day is design critic and Architecture Matters author Aaron Betsky. He is also the president of the School of Architecture at Taliesin. Betsky leads the day one lineup that includes Michael Kwok, East Asia chairman of Arup, the United Kingdom-based group behind the Sydney Opera House and Beijing National Stadium or Bird’s Nest; Christine Bruckner of M. Moser Associates, the firm rooted in an “inside-out design” philosophy that has worked on the offices of Google and LinkedIn; along with the country’s own Kenneth Cobonpue and Cathy Saldana of Arco Group. Headlining the second day is Qingyun Ma, founding partner of one of China’s biggest architecture firms MADA s.p.a.m., while German Arch. Ole Schereen will close the festival on the third day. Schereen is the principal of Büro Ole Scheeren, the firm behind iconic structures such as the loopy China Central Television (CCTV) Headquarters in Beijing and the MahaNakhon, or the pixel tower in Bangkok. Plaza compared Anthology to a music festival, where there are multiple stages hosting simultaneous

acts and goers get to decide on which one to attend. “It’s a fun way to experience new things and learn about people from all over the world,” she said. “It’s a great way to stay involved and to know what’s going on in the industry.” Plaza took over the reins of the festival from William Ti of WTA Architecture and Design Studio, who will join this year’s roster of speakers. According to him, the event’s concept was born out of a single line. “Architects know that ‘Architecture is the mother of all arts,’” Ti said. “During the Renaissance period, Catholic churches functioned like an umbrella for all the arts, because every art was done for the church. We were in front of the Manila Cathedral when we talked about creating Anthology and said, ‘With all these festivals for the other arts, why not do something for architecture and celebrate it?’”

This year, the festival centers on the relevance of architecture in today’s urban and modern society with the theme “The Impact of Architecture on the Future of Philippine Cities.” Plaza underscored the timeliness of the matter vis-à-vis the country’s infrastructure boom through the government’s “Build Build Build” program, saying that while projects need to be done fast, everything still needs to be planned out and designed well. “Architecture can really play of great role in nation building and moving forward integrating cities for the 21st century,” she said. The topic will be explored at Anthology on a panel discussion format, called “Shelter Dialogues.” There are five of which is scheduled on each day of the festival under a single theme. The subject for the first day is “Architecture and Design on a Macro Scale,” where groups of architects, allied professionals,

developers and government officials tackle topics such as “Nation Building,” “The Past and Future of Sustainable Planning & Design” and “Shaping Cities in a Modern Age.” The second day will take on the art and philosophy of architecture, a topic that includes “Architecture is not an Art: A Debate.” Meanwhile, day three will be about the practice and profession of design. Part of the slated discussions are “Architecture in the Philippines,” “Global Practice” and “ArchitectClient Relationships.” Anthology (www.anthologyfest.org) will also have workshops, as well as design competitions and an obstacle course contest. Tickets are available at SM Tickets, from all-access three-day passes for students (P1,500), nonprofessionals (P3,000), and professionals (P4,500) to day passes for each segment (P500, P1,000 and P1,500, respectively). n

chenille, buttery leather—is a good way to introduce sensual elements. Metals can be highly polished to dance the light around the room, or burnished to give the room warmth. Glass or mirrored pieces add glamour. You’ll find well-priced velvet seating at Article, as well as a temptingly cool, appleshaped, wire floor lamp. Jenn-Air has disrupted the traditional high-end kitchen-gear market with a new collection called “Bound by Nothing.” The appliances

are tricked out with Italian leather covers and trims, etched and tooled hardware, and deep, rich hues. “Our inspiration came from fashion, furniture and jewelry, and from art, music and travel,” says Jessica McConnell, senior design manager at parent company Whirlpool. “Having free rein to push boundaries was quite freeing for us as designers. We stopped thinking about the way it ‘should’ be done and instead about the possibilities.” Jenn-Air’s “Cuts” line features smooth or crocembossed, leather-front, column refrigerators in colors like cognac and caviar. “Smoke & Brass” ranges have a lovely patina, and anodized-brass and knurledsteel hardware. “Burlesque” fridges put the color and embossing in the interior, and then trim the whole thing with sensual LED lighting. The effect is more luxe, walk-in closet than icebox. Other utilitarian elements are getting a fashionable approach, too. Kohler introduced the Ombre faucet collection, inspired by the technique’s popularity in clothing and even hairstyles. The graduated shading, from a rosy gold to nickel, or dusky titanium to a pinky hue, gives the hardware a beguiling edge. Artwork or wallpaper is a good way to play provocateur in a room. Minted and CB2, among others, have interesting photography, abstracts and bold graphic prints. For a stronger statement, check out Timorous Beasties’s Graffiti wallpaper covered in wildly colorful and chaotic spray-paint and spatter patterns. Or take a different tack with Given Campbell’s Divine Collection. The designer cheekily channels patron saints in contemporary graphic motifs. AP

Serious décor with a fun, playful edge DESIGNER Maureen Stevens shows the various living areas in her project in the Seaholm district of Austin, Texas. Stevens incorporated a number of chic, provocative elements, like velvet barstools on hairpin legs, a sinuous gold-legged coffee table, curvy sofa and shots of bold hues. Carefully curating dynamic accessories, textures, color and furnishings in the space keeps the look tasteful and stylish. AP

DOROTHY DRAPER once said of her decorating projects, “I always put in one controversial item. It makes people talk.” The influential Manhattan interior decorator was known for her exuberant use of color and pattern, such as bold, black-and-white checkerboard, hot pink and crimson, lime green and blue. In her hands, stuffy chintz became flirty and vivacious. That cheeky sense of fun is all over home décor these days, a counterpoint to the serenity of minimalism and neutral palettes. New York-based designer, potter and author Jonathan Adler is known for playful accessories, like ceramic trinket trays in the shape of pouty lips or pill capsules, and storage jars printed with imagery that references mind-expanding substances. Brass and acrylic objets d’art and vessels include mustache, finger, hippo and talon shapes. Yet Adler’s serious about creating chic design. “A lot of my stuff explores a hedonistic streak that I deny myself in real life. The wink in my work is just that—a wink,” he says. “My formula? Ninety-nine percent classicism, 1 percent witticism.” Maureen Stevens, an interior designer in Austin, Texas, seeks a similar balance. For a project in the city’s Seaholm District, “the client wanted a boutiquehotel vibe with all the frills.” Stevens clad some walls in cobalt and magenta, and then dressed the home with bold pops of pattern, curvy furniture, statement art, and velvet bar stools perched on hairpin legs. There’s sex appeal, but it’s infused with tasteful, thoughtful curation. “I love a room of storytellers,” she says. “Pieces that

act as little mementos, curiosities and artifacts.” At last spring’s Shoppe Object show in New York, designer Helene Ige of Los Angeles displayed a fanciful pillow collection that transected pop culture and traditional pattern, with foil-printed unicorns and saucy phrases on tapestry and toile backgrounds. Crown Objet has also played with textiles, creating silk pillows printed with alien heads and skulls. Furniture with a soft, sumptuous feel—think velvet,

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Tuesday, February 5, 2019

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Founder says the best time to go to the Big Bad Wolf Book Sale is...

The 24-hour book sale returns to Manila on February 22 with 2 million books at up to 90-percent off. The event’s founder reveals the best time to go to those who can’t stand the queue, and also discusses the civic cause of the sale. LUIS OQUIÑENA, executive director of Gawad Kalinga, with Jacqueline Ng, founder of Big Bad Wolf Books

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Darren Criss, 32; Michael Sheen, 50; Laura Linney, 55; Jennifer Jason Leigh, 57. HAPPY BIRTHDAY: A change will help you reach a goal you’ve been working toward for some time. Your patience and hard work will pay off, and with a little effort on your part, you’ll be given the chance of a lifetime. Don’t hesitate to take action. This will be a fast-paced year that requires you to look, see and do automatically. Your lucky numbers are 4, 18, 21, 27, 32, 38, 46.

By Jt Nisay

IDNIGHT bookhunters may have had the right idea, but so did everybody else. Anyone who has gone to the first Philippine run of the 24-hour Big Bad Wolf Book Sale last year between 10 pm and 2 am may have expected to cruise along the aisles of the World Trade Center in Pasay City in search of books of interest, only to have found themselves smack in the thicket of a faceless, like-minded crowd, either stuck in a long cashier line or behind the person holding a desired book, praying that last remaining copy somehow slips off his hands and back onto the rack. Those nerve-wracking moments, according to Big Bad Wolf Book Sale Founder Jacqueline Ng, could be averted this year if guests skip the shopping during those hours, which are actually the unholiest of the event. “Midnight is the most crowded time,” Ng said during the Big Bad Wolf Book Sale’s recent press conference at Edsa Shangri-La. “A lot of people think that midnight is going to be quiet, so everybody comes in at that time.” Another factor for the high turnout during that window is the schedule of the majority of visitors and the vast catalog of books. Ng said people come in after work—“after going home, having dinner and changing to comfortable shoes.” “Then they arrive at the sale about 10 o’clock at night, and they will stay for three, four hours,” she added. “It’s not like someone would come to the sale for half an hour then go. Browsing 2 million books takes a long, long time.” They say the night is darkest just before dawn, and the founder said that the most ideal time to visit the world’s biggest book sale is actually right after the rush hour. “After the madness, between 3 am to 9 am is quiet,” Ng said, adding that weekday daytime is also an offpeak period. A total of 250,000 visitors turned up last year for the inaugural Manila leg of the Big Bad Wolf Book Sale, which started in Malaysia in 2009. The figure is one of massive success, according to Ng, so much so that they expanded the event to Cebu in July last year, followed by another in Davao last November. It was the first time that the organizers held three events in a country they’re visiting for the first time. This year, Big Bad Wolf returns to Manila on February 22 and will run until March 4, still at the World Trade Center, with admission still free of charge. There will be 2 million books available at up to 90-percent off. Ng said they have already started to ship the books for the event. “They’re already in the waters.” There will be a lot of new titles this year, one of which is what Ng described as a personal favorite: The Wisdom of Sundays: Life-Changing Insights from Super Soul Conversations written by Oprah Winfrey. “I have read it twice and gave copies to many friends.” A bevy of fiction titles will also stack the racks this year, from adult fiction to romance, from science fiction to crime thriller. Ng said they deliberately deliver more fiction books with a better selection of authors to the Philippines as compared to other markets. “Not a lot of people read in other countries, so the

Today’s Horoscope

ARIES (March 21-April 19): Speak from the heart and be true to yourself. Not everyone will agree with you, but as long as you make your point, you will get others to consider your suggestions. Be prepared to follow through with your plans. HHHH

TAURUS (April 20-May 20): Stick to your plan regardless of what others do or say. You’ll face opposition from someone who has ulterior motives or wants something from you. Don’t fold if faced with emotional manipulation or persuasive tactics. Do what’s best for yourself. HH

GEMINI (May 21-June 20): Look at your options and consider how best to get ahead. An opportunity is apparent if you form a partnership with someone who can add to what you have to offer. Avoid anyone who tends to be excessive. HHHHH

CANCER (June 21-July 22): You are best to take a look at what everyone around you is doing before you make your move. Taking the safe route will turn out to be in your best interest. Don’t be fooled by someone who makes unrealistic offers. HHH

LEO (July 23-Aug. 22): A change will do you good. Explore what’s available and discuss your options with someone close to you. An investment that will add to your security or improve your living conditions is apparent. Expand your interests and your friendships. HHH

VIRGO (Aug. 23-Sept. 22): Make family, friends and love your priorities. Focus on looking and being your best. Take a healthy approach to life and consider how best to move forward with regard to your relationships. HHH

adults don’t buy fiction,” she explained, adding that the genre makes up less than 5 percent of their usual catalog. “But over here, we brought in 10 percent fiction last year. This year, we aim to bring double.” Another point of emphasis on this year’s run are augmented-reality books for children. The Big Bad Wolf Book Sale is Asia’s exclusive seller of the Little Hippo AR books, and classic children’s stories, such as Little Red Riding Hood and Goldilocks and the Three Bears will be available through AR. “Children will be able to read, play, and learn through the Little Hippo AR books, which uses cutting-edge AR technology to revolutionize reading for the next generation,” Ng said. “These books ‘come to life’ as the characters speak, dance and sing. This creates a ‘magical’ feeling for children, which will help them get excited to read more.” ‘BOOKS BRING FORTH DREAMS’ THE Big Bad Wolf Book Sale is not just about selling books, according to Ng. She said they are an advocacy for reading. “The whole purpose of bringing huge volume and selection of good books at an affordable price is to bring the excitement of reading to the public,” she said. The hope of the organizers, Ng added, is that by encouraging someone to come to the event, even though they are not a reader and do not intend to buy a book, they will be inspired to touch one. “This is why we run the event for 24 hours and never charge admission fee: To make sure that

everybody could come,” Ng said. “To us, it’s like community service.” It’s a mission that is aligned with Gawad Kalinga (GK), the Philippine-based poverty alleviation and nation-building movement. The two groups are united in their mission to help the poor and better the nation, one book at a time. “Our values are the same, and that is to inspire and to empower,” Ng said. “As we know, books, at the end, bring forth dreams. We think that it’s such an important tool to create dreams and let people know that there is a much better world they can look forward to. We hope that through one book, we can change someone’s path.” In October 2018, the Big Bad Wolf Book Sale, as part of their Red Readerhood Program, made a P5million donation to GK to support their initiatives in building homes to end poverty. The donations built and refurnished libraries in many GK communities. According to Luis Oquiñena, executive director of Gawad Kalinga, they were approached last year by a teacher whose school received help from GK. The teacher was crying in gratitude, Oquiñena recalled, because the books at their library were mostly old, donated law books that were useless for the gradeschool students. “The support of Big Bad Wolf has helped GK build better reading corners for our Gawad Kalinga families,” Oquiñena said. “GK is not just about feeding the hungry stomach. It’s about inspiring the hearts and minds of the next generation.” n

LIBRA (Sept. 23-Oct. 22): Be careful how you deal with family members. Someone older may not be easy to get along with, but the experience and wisdom offered will help you make a decision that can change the way you live your life. HHH

SCORPIO (Oct. 23-Nov. 21): Problems at home will escalate if you don’t address emotional issues quickly. A joint money matter can leave you in a difficult position if you can’t agree on where you should spend and where you shouldn’t. A change needs to be made. HH

SAGITTARIUS (Nov. 22-Dec. 21): Look at your options and make a move. Trust your instincts, not someone who tends to talk a lot and do little. Follow your heart and use your experience and wisdom to bring about the changes that will make you happy. HHHH

CAPRICORN (Dec. 22-Jan. 19): Don’t make a change because someone else does. It’s important to know your limitations and your boundaries before you make your move. It’s OK to say no if you don’t agree or if you feel an offer isn’t in your best interest.HHH

AQUARIUS (Jan. 20-Feb. 18): You’ll have plenty of opportunities, but it will be up to you to make things happen. Just don’t take too long to decide what you want to do. An offer will be time-sensitive. Let your intuition guide you. HHH

PISCES (Feb. 19-March 20): Choose moderation if someone tries to entice you. Lending a helping hand is honorable, but don’t let anyone take you for granted. Information will not be made readily available, leaving you in an awkward position. Don’t make a snap decision. HHH BIRTHDAY BABY: You are sensitive, caring and inquisitive. You are popular and fun-loving.

‘three of a kind’ BY CHRISTOPHER ADAMS The Universal Crossword/Edited by David Steinberg

ACROSS 1 Top choice, casually 5 Moby-Dick captain 9 Pre-business subj. 13 Israeli airline 14 Bakery smell 15 Trout of the Angels 16 Windows’ alternatives, on planes 18 Stripped down 19 German white wine 20 Bit of progress 22 Pink Floyd or Green Day 23 Sicken with sweetness 24 Architect whose “I” stands for Ieoh 27 Turncoats 31 Weep for 32 Otherwise 33 Texter’s “Seriously?!” 35 “Let me think about it” 39 NFL highlights, briefly 40 Punch ballot part 41 Head-spinning paintings 42 “Su-u-ure” 45 Tennis ace Monica

6 Job for a sleuth 4 47 Yemeni gulf port 49 Timely Kesha song? 52 Skull-faced Mattel villain 56 Trendy berry 57 2018 Wes Anderson film 59 Jay of stand-up 60 Shaven, as wool 61 Runnin’ Rebels sch. 62 Avid 63 Embroiders 64 Marshmallow chick DOWN 1 Cause of white knuckles 2 Et ___ (and others) 3 Roses’ container 4 Pentagon Papers leaker 5 Philosopher Hannah 6 Romance novelist Tami 7 Invoice total: Abbr. 8 Mythical reptile 9 Early stage of development 10 Florentine farewell 11 Gumbo vegetable

2 Require 1 14 A ___ apple 17 Secretary of transportation since 2017 21 Reminder starter 23 College math, informally 24 Tag declaration 25 Like some leftovers 26 Sign of life 28 Duane ___ (drugstore chain) 29 Kind of flush 30 Gooey goody 34 Moxie 36 Faith Hill hit with the line “It’s perpetual bliss” 37 Yankees legend Ruth 38 Let one’s guard down 43 Movie genre, or director’s command 44 Ones accepting a wager 48 Cole of “black-ish” (anagram of “node”) 49 Chat 50 Slurpee competitor 51 Welles’s Citizen ___

2 Like a tortoise 5 53 Color quality 54 Leering look 55 Respond to an evite 58 Ewe’s pronoun

Solution to yesterday’s puzzle:

Show BusinessMirror

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Tuesday, February 5, 2019

Jussie Smollett strikes emotional chord: Attackers won’t win WEST HOLLYWOOD, California—Jussie Smollett was blunt, emotional and defiantly determined on Saturday night at a Southern California concert. Some urged him not to play, telling the crowd before singing a note that he had to go on with the show because he couldn’t let his attackers win. “The most important thing I can say is ‘thank you so much, and I’m OK,” said the Empire actor and R&B singer from the stage at the Troubadour in West Hollywood in his first public appearance since he reported to police in Chicago on Tuesday that two masked men had assaulted him and put a rope around his neck while using homophobic and racial slurs. “I’m not fully healed, yet,” said Smollett, who is black and openly gay, “but I’m going to be, and I’m gonna stand strong with y’all.” The concert had been planned long before the incident, and his family members and others had urged him to postpone it. But Smollett said he couldn’t do that. “I had to be here tonight, y’all. I couldn’t let those [expletives] win,” he said to screams and cheers from the packed room of about 400 people. “I will always stand for love. I will only stand for love.” His small band then launched into an upbeat song and he broke into dance, wearing a simple white buttoned shirt, white sneakers and black jeans, shuffling across the front of the stage and at times standing defiantly with a fist in the air. Smollett kept the tone mostly celebratory through his hour-long set before addressing the attack headon toward the end of his hour-long set, when he told the crowd he wanted to clarify a few things. He said he was bruised but his ribs were not cracked. He went straight to the doctor but was not hospitalized, and physicians in both Chicago and Los Angeles cleared him to play but told him to be careful. “And above all, I fought the [expletive] back,” he said to cheers. Then he paused and said, emphatically but with a laugh, “I’m the gay Tupac.” AP

ISMAEL CRUZ and Gina Rodríguez in a scene from Miss Bala, the Catherine Hardwickedirected actioner based on a 2011 Mexican film, opened in second place at the North American box office on a weekend slowed down by arctic temperatures and the Super Bowl.

‘Glass’ stays at No. 1, while ‘Miss Bala’ opens in third

EXCITING CHINESE NEW YEAR TREATS, PERFORMANCES AT CENTURY CITY MALL ARE you all ready for the Chinese New Year celebration? Century City Mall (www.centurycitymall.com.ph) in Makati City ushers in the Chinese New Year and the Year of the Pig with exciting treats today, February 5. Catch the Wushu Performance, as well as the traditional lion and dragon dance from the South Entrance, then inside the mall leading to the North Entrance and score a free tikoy if you are one of the lucky first 100 customers to witness these performances between 11 and 11:30 am. When you are done watching the performances that summon good luck and prosperity for the entire year of 2019, make your way to the photo wall areas located by the cinema at the third level and the South Entrance of the mall, stop for a minute or two to take some photos or selfie. And what’s Chinese New Year without the traditional treats, lucky charms and prosperity crafts? Head over to the ground floor of the mall for the Chinese New Year Bazaar and partake some of your favorite goodies, such as tikoy, dumplings and New Year cake. Look for your birth month lucky charms, and you can say you are all set for the entire 2019.

REALITY ENTERTAINMENT VENTURES INTO COMEDY FILMS

AFTER a successful venture in 2018, there’s no stopping Reality Entertainment from going full blast this year. Acclaimed director Erik Matti has four new movies coming out in 2019: Sharon Cuneta and John Arcilla will topbill Kwaresma; Judy Ann Santos will star in The Passover; and Jennylyn Mercado is the lead in Keepers. Pinoy movie fans will also see Dennis Trillo, Christopher de Leon, John Arcilla, Lotlot de Leon and more in On the Job 2. Reality Entertainment is also coowned by businessman Dondon Monteverde. Aside from Matti’s movies, Reality Entertainment also produced Miko Livelo’s ‘Tol, which stars Joross Gamboa, Ketchup Eusebio, Arjo Atayde and Jessy Mendiola which opened in cinemas on January 30. There’s also Jade Castro’s Ultimate Oppa starring Bela Padilla; Jet Leyco’s Second Coming starring Jodi Sta. Maria and Marvin Agustin; The Happy Times starring basketball-player-slash-actor Ricci Rivero; and Kenneth Mandrilla’s Showboys starring MMA fighter Brandon Vera. The yet-to-be-titled movies include a thriller starring Khalil Ramos, and a comedy directed by Joel Ferrer. Reality Entertainment’s first comedy film, ‘Tol follows the story of Lando, Arthur and Dimitri, whose solid friendship would be put to the test with the return of their first love, Elena, played by Jessy Mendiola. Gamboa and Eusebio are not newbies in comedy, but it’s the first time for both Atayde and Mendiola. In a recent press conference for the movie, 26-year-old Atayde admitted he is happy to finally be able to do a non-villain role and step up to the challenge of trying a different genre this year. LEONY R. GARCIA

By Lindsey Bahr The Associated Press

OS ANGELES—With the distraction of the Super Bowl, freezing temperatures affecting large portions of North America and only one big new release in theaters in Miss Bala, moviegoing audiences largely took the weekend off from the theaters in what is estimated to be the lowest-earning Super Bowl weekend in nearly two decades. M. Night Shyamalan’s Glass kept a fragile hold on the No. 1 spot for the third time while The Upside stayed in a close second on this sleepy box-office weekend. Studios on Sunday estimate that Glass has earned an additional $9.5 million in ticket sales, bringing its total earnings to $88.7 million. STX’s The Upside added $8.9 million. The Kevin Hart and Bryan Cranston film has held very well in its four weeks in theaters, never dropping more than 30 percent week to week. Its domestic grosses are already

up to $75.6 million. The weekend’s only big newcomer, Miss Bala, landed in third place with $6.7 million. Gina Rodriguez stars in the Catherine Hardwicke-directed actioner, which is a remake of a 2011 Mexican film. While on the lower end of projections for the Sony film, Miss Bala was also made for a modest $15 million. Still, with a dismal 27 percent on Rotten Tomatoes, it will have its work cut out for itself to break even. “The box office in 2019 hasn’t gotten its groove back yet,” said comScore Senior Media Analyst Paul Dergarabedian. “Januarys by and large are not known as blockbuster months and that certainly has held true this year with the month being down 16 percent.” Aquaman slid into fourth place with $4.8 million and Spider-Man: Into the Spider-Verse clung to fifth with $4.4 million. Peter Jackson’s World War I documentary They Shall Not Grow Old opened on 735 screens after a few single day showings to a robust $2.4 million, which was enough for it to crack the top 10. The Mads Mikkelsen survival thriller Arctic also opened in limited release to $56,463 from four locations. The overall industry grosses from the weekend is estimated to be around $71 million. There hasn’t been a worse-performing Super Bowl box-office weekend since 2000. “We’ve had certain movies hit it big on Super Bowl weekend,” said Dergarabedian. “But it’s all about momentum and we don’t have it right now.” Some high-earning Super Bowl weekend anomalies have included Taken and the Hannah Montana and Miley Cyrus: Best of Both Worlds Concert. It is an undeniable cooling off period from the record 2018 year at the box office, but Dergarabedian said that “The Calvary is on the way.” Next weekend,

the sequel to The LEGO Movie opens nationwide. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Glass, $9.5 million ($12.2 million international) 2. The Upside, $8.9 million ($873,000 international) 3. Miss Bala, $6.7 million 4. Aquaman, $4.8 million ($4.6 million international) 5. Spider-Man: Into the Spider-Verse, $4.4 million ($1.6 million international) 6. Green Book, $4.3 million ($11.9 million international) 7. The Kid Who Would Be King, $4.2 million ($1.2 million international) 8. A Dog’s Way Home, $3.5 million ($3.1 million international) 9. Escape Room, $2.9 million ($8.8 million international) 10. They Shall Not Grow Old, $2.4 million. Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. How to Train Your Dragon: The Hidden World, $40.2 million 2. Extreme Job, $20.9 million 3. Qu’est-ce qu’on a encore fait au Bon Dieu, $12.8 million 4. Glass, $12.2 million 5. White Snake, $8.8 million 6. Escape Room, $8.8 million 7. Ralph Breaks the Internet, $8.5 million 8. Bohemian Rhapsody, $7.1 million 9. Creed II, $7 million 10. Deadpool 2, $6.9 million. n

Cinemalaya entry ‘Kuya Wes’ hits the big screen SPRING Films recently celebrated its 10th anniversary on January 28 and 29 at the University of the Philippines Film Institute’s Film Center’s Cine Adarna with the special premiere of the commercial cut of Cinemalaya Film Festival’s Kuya Wes starring Ogie Alcasid. It was supported by the Film Development Council of the Philippines in line with the centennial year of Philippine cinema. A festival of sort by Spring Films, the January 28 event also screened Meet Me in St. Gallen starring Carlo Aquino and Bela Padilla, the endearing melodrama Relaks, It’s Just Pag-Ibig starring Inigo Pascual and Sofia Andres. On January 29, film students and enthusiasts reexperienced on 35mm film reel the hit comedy Kimmy Dora starring Eugene Domingo, rewatched the highest-grossing

Filipino independent film Kita Kita starring Alessandra de Rossi and Empoy Marquez, and took part in the “Open Discussion” with Spring Films’s producers, directors, actors and special guests Kuya Wes is Alcasid’s 38th film, his first foray into the indie scene, and his first as a producer. The film is a collaboration with Alcasid’s own A-Team Productions with Awkward Penguin and Spring Films. The movie tells the story of a money remittance center employee (Alcasid) who goes about his daily routine. Things start to shake up at Western Remittance when he meets Erika (Ina Raymundo), a regular customer of the remittance center whom he begins falling for. While he gains the attention and appreciation he has never felt before, how will he deal when he finds out that

everything is temporary? Known for his superb talent in comedy, Kuya Wes proves Alcasid has

the makings of a dramatic actor. The movie screening starts on March 13. LEONY R. GARCIA

Art

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Tuesday, February 5, 2019

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The transportive music of Thibault Cauvin CIRCLES JT NISAY

jtnisay@gmail.com

A SURVIVING Trace 1, mixed media on handmade acid-free paper, 2018, 10x16.5cm

HUMAN Nature 1, mixed media on canvas, 2018, 81.5x61cm

DEXTER SY AT BENCAB MUSEUM’S GALLERY INDIGO

BENCAB Museum (www.bencabmuseum.org) marks its 10th anniversary with the opening of Dexter Sy’s solo exhibition Mark Time. Dexter Sy artistically approaches the cultural particularities of being a Chinese-Filipino. The coexistence of two traditional value systems, which are both seemingly equally waning in day-to-day life in the contemporary era, perform as theoretical source for his paintings in Mark Time. Abundant allusions to religious, traditional and contemporary matters are to be found in Sy’s carefully arranged works. Applying iconographic depiction in a classic pictorial composition, the artist emphasizes the cultural patchwork. The works are reminiscent of thoroughly elaborated mind maps and assembled selective retentions. It is as though the works are subconsciously staged as altarpieces estranged from its reliquary character through the depiction of nonreligious elements, contemporary references and a vibrant, traditional Chinese color palette. Also on view in the Sepia Gallery is a 10-year retrospective of BenCab Museum’s posters from 2009 to 2019, ranging in subject from art exhibitions to events. Both exhibitions are on view until April 21. BenCab Museum is on Km. 6 Asin Road, Tuba, Metro Baguio. It is open from Tuesday to Sunday, 9 am to 6 pm, and is closed on Mondays, Christmas Day and New Year’s Day.

NE can glean from the impassioned face of Thibault Cauvin that he is lost in his world. Or is it even his? Either way, the eyes fool the audience into thinking that the French classic guitarist is in his chair, cradling his tilted guitar, with a stage light beaming on his face, because he is not. Cauvin is in someplace else, and he wants to invite the audience over. “When I’m playing the guitar, it’s like I’m taken by the music and my fingers,” said the 34-year-old multiawarded music phenom. The statement was evident during a short stop to the country last week, when Cauvin graced the third edition of Les Jeudis culturels, or Cultural Thursdays. A joint effort by the Embassy of France to the Philippines and the Alliance Française de Manille, the free monthly cultural rendezvous celebrates French art de vivre and highlights cultural collaboration between France and the Philippines through various art forms. In a recent guesting at BUSINESSMIRROR’s Coffee Club, Ambassador of the French Republic to the Philippines Nicolas Galey underscored the important role of art activities in a globalized world to bring nations together. Previous editions of Cultural Thursdays featured performances from French-trained South African saxophonist Adam Campbell and Filipina pianist Mariel Ilusorio, as well as a tribute concert to the late French singer Chales Aznavour, featuring French jazz musician Eric Soulard and Filipino singers Christine Carlos, Nyko Maca and Marvin Gayramon. Cauvin, nicknamed “The Little Prince of the Six Strings,” was born to a family of musicians, saying, “I speak French because I was born in France, and I speak guitar because I was born by a guitarist.” Cauvin studied classical guitar at the Conservatoire de Bordeaux in France and, later, at the Conservatoire National Superieur de Paris, where he graduated with honors. At the age of 20, he became the only guitarist to win 36 recognitions from major international guitar competitions, 13 of which were top awards. For his run at Cultural Thursdays, Cauvin performed seven songs from his 10th album, titled Cities II, which attempts to capture into eponymously titled songs the energy of a certain place. In the song “Berlin,” for example, the guitarist strives to translate into music the German capital’s

mix of powerful façade, underlying poetry of softness, and the electronic party scene that takes over its nights. The result is a soulful fusion of the Berlin’s three different faces that is heavy on mechanical staleness on the intro and extro, flanking the ingenious reimagination of electric club music through string scratches and body taps. At the ripest moments, Cauvin manages to trickle in romantic plucking that reveals the city’s softer sides. He explained that the quirky technique of guitar taps, scratches and knocks is his way of exploring the limits of the instrument. “I really like to find new sounds that guitars can make beyond the notes,” Cauvin said. Meanwhile, in “Istanbul,” the musician turns narrative.

“The song is about a young man who left the big city for the mountains to become a shepherd, but a lot of things happen in the mountains,” Cauvin said. “See what happens next.” He proceeded to play a dramatic melody that suggests an eventful transition in the young man’s life. But as the song went deeper, the strumming came in and grew heavier and heavier, conjuring unpleasant scenarios that befell the character. It was unclear, however, if the young man found a resolution, as Cauvin left the song open for interpretation. Cultural Thursdays (www.ph.ambafrance.org) will have its fourth edition this month at Alliance Française de Manille on 209 Nicanor Garcia Street, Makati City. Lined up next is a tribute to internationally acclaimed, recently departed French composer Michel Legrand. n

RODOLFO GAN EXPLORES GEOMETRIC ABSTRACTIONS IN ‘PRISM 2’ By diNNa ChaN VasQUeZ AS an art form, the use of geometric abstractions is not common. Airbrush is Rodolfo Gan’s signature method for his square abstract paintings, which feature pure geometric lines and forms. Prism 2 is Gan’s second solo art exhibition since 2014. Ongoing until February 11 at the Upstairs Gallery of Finale Art File, La Fuerza Compound, the exhibit is a collection of 11 paintings that explore cubism and geometrism. Geometric abstraction is a style that uses shapes based on simple geometry. These shapes include straight lines, circles, squares and rectangles. Gan uses Earth tones for his paintings. “I am inspired by the works of the local masters, like Fernando Zobel, Lee Aguinaldo and Roberto Chabet, who is considered the father of conceptual art here,” said Gan, who graduated from the University of Santo Tomas (UST) with a degree in Fine Arts, major in Advertising. Chabet was the one who encouraged and inspired Gan to be an artist while the latter was a teacher at UST. As a young artist in the 1970s, Gan won a number of local and national art competitions. He also exhibited his works at the Cultural Center of the Philippines (CCP) and had his first solo exhibit at the Luz Gallery in 1972. That year, Gan was named one of the CCP’s Thirteen Artists. Throughout the 1970s, he was an active artist who took part in exhibitions here and abroad, the most notable of which was representing the Philippines in the 7th Paris Biennale and the Asean collection exhibitions in Israel, Jakarta and

COMPOSITION 127 - Synchronous 2018 (Triptych)

Hong Kong. The family’s printing business became a priority for Gan after a while, but he came back in 2014 with Prism. Gan describes his works as “timeless and dynamic, critical and introspective, but always forwardlooking,” reflecting on the traditions of modernism. Finale Art File is at Warehouse 17, La Fuerza Compound (Gate 1), 2241 Chino Roces Avenue, Makati City, Philippines.

Spotlight on industrial design THE University of the Philippines Diliman, College of Fine Arts presents the second consolidated exhibition, iD!D 2019 Industrial Design Diliman, showcasing the works of industrial design students from all year levels. It opens on February 12, 6 pm, at Gallery 3, Art and Design West Hall of the College of Fine Arts. As a discipline that takes into account aesthetics, functionality, manufacturability and marketability, industrial design can be described as the intersection where art, science and technology, and marketing meet. Through the exhibition of drawings, studies, models and prototypes, the exhibit aims to highlight the program’s approach in mentoring students to become innovative, exceptional and responsible industrial designers of the future.

COMPOSITION 119 - Intimate Whispers

ARTIST Rodolfo Gan

r A BusinessMSirpreo cial Feature

YEAR OF THE

EARTH PIG

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Tuesday, February 5, 2019 E1

TIME TO ‘REFLECT,’ ‘CLEANSE’ The three questions to ask yourself this Year of the Yin Earth Pig

By Jt Nisay

N what promises to be a year of smoke and mirrors, a feng shui expert stresses the importance of wisdom and sound judgment. The key to having both, she says, is to go back to basics. Reading about feng shui forecasts relative to Chinese zodiac have been customary for people looking to maximize their luck throughout an upcoming Chinese New Year. One feng shui expert argues, however, that predicting what’s in store for the next 12 months requires more details than just birth year. “You are not just your year,” said Princesse Lim-Fernandez, resident feng shui expert of Yin & Yang Shop of Harmony, adding that otherwise, everybody born in a particular year should share the same luck. “It's a whole dynamic, complex system that

one cannot just simplify.” According to her, that system begins with understanding two main elements: The self and the environment. The former refers to birth chart, which involves one’s time of birth and the popular reference point of zodiac signs, while the latter is what she calls the “feng shui side,” or the arrangement of things in one’s home, the direction which one’s office faces, and so on. To know more about what’s in store for the self beyond what collective zodiac forecasts suggests, the

feng shui expert pointed to decoding one’s birth chart using the Bazi calculator. The device, accessible at yinandyangshopof harmony.com/bazi, takes into account not only the person’s birth year, but the entire birth details, from day and month, down to the time. Thus, results are more individual. The Chinese word “bazi” directly translates to “8 characters,” in reference to the results of the calculation. These eight figures are categorized into four groups called the “four pillars of destiny,” namely year, month, day and time. Each one concerns respective life aspects, from relationships to career and money luck, among others. “It's the totality of this that will influence your luck, or what's in store for you the coming year,” Lim-Fernandez said. With those uncontrollable, birth-based details about the self on hand, the next step is to find out what to do with it. This is where the feng shui part comes in, or the factors that one can actually control to draw in favorable luck. If it's at the very least involves moving one’s Continued on E3

r A BusinessMSirpreo cial Feature

YEAR OF THE

EARTH PIG

Tuesday, February 5, 2019

The Chinese in us By Cedrix S. Hay

E are Filipinos by blood, but strangers by heart. There’s this foreign personal instinct that drives our values and belief system no less. In this age where west meets east, we are transformed into of a more diverse, complex form of human beings with a copied sense of self. Who are we, by the way? History says that there are three major cultures that have shaped our nationalism—the Spanish, the Chinese and the American. All these three contributed various ideals that are still ingrained in today’s soci-

ety, from grooming to our sense of styling, food and leisure, and even in our personal and shared customs, culture and traditions. In terms of local events, the Chinese New Year has always been a part of the Filipino life. Dating back from the Xia (from 21st century BC to 16th century BC) and Shang (from 16th century BC to 11th century BC) dynasties, the Chinese lunar calendar is formed in accordance to the lunar/solar movement—referring to the eclipses—to guide one in planning ahead the best and worst days of his or her life. Correlational to it are the twelve zodiac signs, each designated per month. Legends tell

that each animal represents the kind of living, or the innate personality, one is adapting to it. The same goes with the alignment of stars that is interrelated to how each zodiac sign blends in its nature through foretelling its strengths and weaknesses. We suddenly become astrology fanatics by believing in our luck based on the written horoscope in today’s daily.

One way or another

FENG shui is a way of arranging physical materials at a certain direction to balance the energy coming in and out, and harmonizing the universe, the earth and us as one, so as to move alto-

gether in prosperity. The “invisible forces”—metal, earth, fire, water and wood—plays a vital role in aligning an object within the polarities, or the force fields, in a particular space. This exactly determines what should be placed in where. Equating luck to the number of furniture, doors and windows at home seems a good advice to follow, but refrain yourself from finding the light if you haven’t paid your bill yet, or moving things in and out when you only live in tiny squares. Practicality matters, too.

Food for the soul

TIKOY, or year cake in the Chinese system, is made from molded glu-

tinous rice, and it comes in various sizes and flavors. It enhances stronger family ties, taking back from the belief that it was made an offer to the Chinese kitchen god, so as not to badmouth the human family in front of the jade emperor. This has become an annual gift to most families and relatives during the season. Adding to it are sautéed dishes and dim sum matched with a tea drink sold everywhere you go. A lot of Chinese restaurants in the Metro offer this at bundle rates, which is a must-have when you go out on a date with your friends or even on your own. Placing 12 circular fruits also adds vibrancy to the table, engaging infinite blessings one has to receive, complementing the customary Chinese noodle that serves longer life to those who will receive a plateful portion. Even when not Chinese New Year, these are best shared for

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Sign of respect

THE Philippine family structure is heavily influenced from the Chinese-based nomenclature that is naturally sturdy and authoritarian. The eldest sibling plays the role of “kuya” or “ate”, while the youngest acts as “ bunso”. So to speak, our parents are the primary authority in one roof. The eldest takes responsibility once the parents cannot attend to their duties. By that principle, we can be family even we are two wombs apart. Evidently, we don’t observe much of these things, but these have what made us Filipino people. Heavily colonized by other nations, we own a lifted identity and false uniqueness for a fact. But we, might as well, not want to lose the true essence of what being a Filipino is all about.

THE YEAR OF THE PIG AT SM ACCESSORIES KIDS AND TOY KINGDOM

THIS Peppa Pig backpack from SM Accessories Kids is a great school and travel companion

LITTLE princesses will love this this royal Peppa Pig with crown. Available at Toy Kingdom

Welcome Chinese New Year with piggy plushies from SM Accessories Kids at The SM Store

Fluffy and huggable pig pillow for a good night’s sleep. Available at Toy Kingdom

Feel lucky this new year with SM Accessories Kids adorable pig plush toys

HE kindly child born in the Year of the Pig is the heart and soul of any gathering or family unit. Selfreliant, easygoing, sociable and steady, this little goodwill ambassador is the kid every child and adult can agree to adore. He works as hard as he plays, and has many friends. Dependable, dedicated, and determined, he perseveres where others would admit defeat. And should he experience defeat, he shakes it off with without discouragement.

A generous dispenser of hugs, kisses, and bottomless faith, your little Pig is an absolute treasure. He possesses the biggest heart around- unselfish, boundlessly sympathetic, generous, trusting, faithful, honest, sincere, and

gallant: he will be your biggest fan and staunchest supporter. SM Accessories Kids and Toy Kingdom celebrate the Year of the Pig with a collection of cute, lovable, and huggable pig plush toys and novelty items that will bring out the pig child in kids of all ages and zodiac signs. Led by the adorable Peppa Pig herself, these will not only make playtime lots of fun, but also bring lots of love and luck for Chinese New Year and beyond. These are available at the SM Accessories Kids department of The SM Stores and at Toy Kingdom.

r A BusinessMSirpreo cial Feature

YEAR OF THE

EARTH PIG

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TIME TO ‘REFLECT,’ ‘CLEANSE’

Tuesday, February 5, 2019 E3

The three questions to ask yourself this Year of the Yin Earth Pig Continued from E1

table to face a certain direction, or using a different workspace, so be it, the expert suggested. Ostensibly, an ideal model is a good chart and good feng shui. But one can only control factors as much. This is why the expert points to an unfavorable chart as all the more reason to practice good feng shui to allow surrounding energies to boost one’s luck. Moreover, there is another available guideline beyond birth charts and feng shui, according to Lim-Fernandez; one that everybody can refer to, regardless of birth year and whatnot, and that is the character of the upcoming year itself. It is, after all, the prevailing

energy that applies to everyone. The turn of the Chinese New Year to the Year of the Yin Earth Pig is on February 4, 2019, Monday, at 11:16a.m. Lim-Fernandez said that the timing welcomes one peculiarity: The year is set to come and go without spring, thus, it will become what is known as a “blind year.” “It means people have to open their eyes, look beyond what is in front of them, because it’s very easy to get blindsided,” the expert said, pertaining to businesses, relationships, and even promises. “Basically, there will be a lot of smoke and mirrors this year, and that's why I call her the ‘razzle dazzle pig.’” Lim-Fernandez calls on those wanting to get married to doublecheck on their partners really well

before walking the aisle, on businessmen to do the proper research before making any decisions, and so on. The instability traces back to the characteristic of the Yin Earth Pig itself. Last year’s Yang Earth Dog was an earth-on-earth combination, as dog is related to the earth element. This resulted to a solid foundation where many held a strong stance, thus the frequent show and clash of power in 2018. Meanwhile, the pig is associated with the water element, giving 2019 an unstable earth-on-water foundation. “On the surface, the earth gives you that the illusion of strength and sturdiness, but the foundation is now water,” Lim-Fernandez said.

“It means that people have to be more mindful because it will be a bit of unstable year.” To counter the instability, the expert underscored the importance of establishing a strong and solid personal foundation. This can be achieved by strengthening one’s core and focusing on one’s self. It’s an approach likewise promoted by the very characteristic of the upcoming year itself. The Yin Earth of 2019 covers a smaller piece of land, like a garden, as opposed to 2018’s Yang Earth, which is more of a mountain, steady and unmoving with a wider sight. Whereas last year was about the view of others and the distant future, this year will be about what’s at the lawn, the immediate, and the personal.

“The energy of the earth and organic things will continue this year, where people underwent some form of cleansing, or a sense of reassessment,” Lim-Fernandez said. “It could be as simple as skipping social media or as general as listing their priorities in life.” If the cleansing and the foundation-building have yet to begin, the expert suggested one method: Go back to basics with three simple questions. nWhat makes me happy? n What are my priorities in life? nWho are the people who really have my back? “You could ask more,” LimFernandez said. “But you have to be

honest with yourself.” She added that allowing for cleansing this year could spell wonders in the long run, as it would allow a person to align himself/herself with what matters to them the most. Such reassessment could set them up on the path of being the best version of themselves. Meanwhile, Lim-Fernandez said that the onus of instability and uncertainty the upcoming year holds should not fall on the pig. The animal, she said, is simply misunderstood. It is not lazy nor slow, but just operates on its own pace. “For everyone, I guess the best advice I can give is just go with the flow,” the expert said. “Everything will manifest in the pigs’ own time.”

THE EARTH PIG GETS A WARM WELCOME AT

RESORTS WORLD MANILA

By Jamil E. Desma

ESORTS World Manila (RWM) ushers in the Year of the Earth Pig with an exciting lineup of Oriental treats and activities this February. One of the best authentic Cantonese restaurants in Metro Manila, Passion at Maxim’s Hotel brings luck to the table with its special set of 8 miniature Koi and gold ingot shaped Tikoy. The lightly sweet and sticky Lunar New Year favorite is the perfect gift for spreading harmony to family and friends and is only available until February 6. Living up to its reputation as

an ideal venue for family feasts, Passion has a special Lunar New Year platter for the month of February. The Lucky Delights platter is loaded with New Zealand beef, sweet and sour eel, prawns, salmon, and chicken dishes and is the perfect addition to a Lunar New Year lauriat. Hefty eaters will love the Cantonese Unlimited, Passion’s yearlong dimsum lunch buffet which features

top quality Cantonese dimsum and entrees for only 788+, making it the perfect celebration meal to ring in a prosperous new year. An authentic ceremonial lion and dragon dance will also be performed on February 6, 10 AM at the Garden Wing Casino Main Entrance by the Ling Nam Athletic Association. RWM VIPs will be treated to The Grand Lunar New Year Celebration – an exclusive dinner featuring a Yee Sang prosperity toss on February 15. The Yee Sang Prosperity Toss features a Yee Sang salad – a colorful dish made with raw fish and vegetable strips, as the Chinese words for ‘abun-

dance’ and ‘raw fish’ sound similar. The Yee Sang is often served as part of a multi-dish dinner, usually as the appetizer due to its symbolism of "good luck" for the New Year. It is typically performed on Renri, the seventh day of the Lunar New Year. RWM members should download the RWM Mobile App to receive updates on RWM special events and exclusive offers. Membership to RWM is free for all guests 21 years old and above. For inquiries, contact the Resorts World Manila Tourist/Visitor Hotline at (02)908.8833 or visit www.rwmanila.com for more details.

A Busin

E4 www.businessmirror.com.ph

2019: The Year of the Earth Pig ‘A great year to invest and make money!’

By Leony R. Garcia

N New Year’s Eve, you probably lit up a firework if not a firecracker. You blew horns or banged on objects to create noise. You danced or jumped with glee when the clock struck at 12 midnight. After that, you and your family while the night away with a sumptuous meal and special drinks or wine. The following day, your hol-

iday gift-giving continued by giving out cash and whatever available gifts left on the Christmas tree to visiting children and relatives. You wore your best, most probably, with dots design. Typically, that’s how

Filipinos celebrate the New Year. And if you think that that’s something special and uniquely Filipinos, think again. The Chinese have, more or less, similar celebration. But history books attest that the Filipinos’ celebration is a carryover of the Chinese’s who have lived among our ancestors even before the Spaniard’s invasion of the Philippines. Aside from China, Chinese New Year is celebrated in countries like Singapore, Indonesia, Malaysia, Thailand, Cambodia, Australia, the Philippines, Taiwan, Hong Kong, Southeast Asia and Mauritius, and also in Europe, Australia, New Zeeland, America, Canada, where there are areas with a big Chinese community.

Festive Celebration

CHINESE New Year’s Eve usually starts with ancestor worship. The Chinese believe that deceased ancestors continue their existence

SUN Life Financial Philippines joins the nation in welcoming the Year of the Pig in this year’s Chinese New Year festivities at Bonifacio Global City. The day’s celebration kicks off at the Sun Life Centre Philippine headquarters, with a dragon dance performance by Sun Life’s dragon measuring 1,000 feet, the longest dragon in the country.

in some form in order to look after the family and influence the living world in mystical ways. Incense candles are used while the Chinese chant prayer to communicate and send greetings to the deceased and to gods. Family dinner—a reunion dinner—immediately follows. This important dinner is similar to Thanksgiving in the U.S. in a lot of ways. Like all other festivities, CNY has become highly commercialized with hotels, restaurants and many establishments offering dinner and other packages. Traditional Chinese, to these days, still gather together to eat New Year’s Eve dinner at home instead of a restaurant. Foods are chosen for their lucky sounding names or auspicious shapes. In China, meals differ from region to region, but most include eight (an auspicious number) courses of a meat-heavy lineup along with a whole fish deliberately served late and not finished symbolizing the coming year to be filled with surplus and abundance. Some other traditional food and lucky dishes for the Chinese include the dumplings, noodles, a vegetarian dish called Buddha’s Delight, Glutinous Rice Cakes and Mandarin Oranges (also called kiat-kiat). Fireworks are used to drive away the evil in China. Right after 12:00PM on New Year’s Eve, fireworks will be launched to celebrate the coming of the New Year as well as to drive away the evil. Most major cities, including Shanghai and HongKong, put up an impressive display of fireworks around midnight to welcome the New Year. Family members stay awake together during the transition from year to year during midnight with the belief that it increases the longevity of aging family members. In the past, this practice called Shou Sui was done by huddling around the stove. In today’s generation, it takes place while watching the Chinese New Year Party on CCTV (China Central Television). Therefore, what used to be a war against a monstrous creature is now celebrated globally with the famed

lion dance and fireworks. According to tales and legends, Chinese New Year started with the fight against a mythical beast, called Nian, which looked like an ox with the head of a lion. At New Year’s Eve, the beast would come out of the sea to harm people, their animals and properties. Eventually, the Chinese discovered that the beast feared the color red, fire, and loud sounds. From then on, people use red decorations and fireworks to drive away Nian. The celebration is also called Guo Nian with “Guo Nian Hao” as one of the most used greetings which means “Happy New Year”. Nian is also the Chinese word for year.

Lion and dragon dances

THESE colorful dances, said to bring good luck, is performed outdoors to the accompaniment of drums and cymbals, usually on a street parade. The lion dance, performed by just two dancers, is the more common of the two dance traditions seen at celebrations. While dragon dances, performed by a troupe of acrobatic dancers, involve a long dragon creature lifted up on poles to be controlled by performers. The world record for the longest dragon in a dance is currently 18,390 feet! Traditional dance troupes perform impressive, acrobatic feats with heavy props amid blaring noise. Drums, gongs, and firecrackers create chaos meant to discourage spirits with ill intent.

Auspicious color, day, time and year

FROM clothing and underwear to lanterns and calligraphy, bright, vivid red is the color of choice for Chinese New Year. Red is considered an auspicious, lucky color in Chinese culture no matter the occasion, but particularly so during Lunar New Year. Most of the decorations are red in color. With red lanterns adorning streets, most towns and cities are literally painted red! At home, the most popular New Year decorations are upside down fu, dui lian, lanterns, year paint, papercutting, door gods, etc.

No Chinese New Year is complete without the red envelope. Known in Mandarin as hong bao, red envelopes containing money are often given by elders to children or unwed young adults. The amount of money given should be an auspicious number. Even numbers are preferable. Six and eight are considered very lucky, but four is unlucky and should be avoided. Some lucky amounts are 88, 108, and 128. Banknotes should be as new and crisp as possible. With the advent of technology, geography is no longer a factor. WeChat, China’s primary social-media platform for messaging, also allows people to send money electronically to friends as a digital form of hong bao. Chinese New Year, also known as Lunar New Year or Spring Festival, is one of the biggest holiday celebrations for many people in the world spanning 15 days. The 15th day is when the Yuan Xiao festival, also called the Lantern festival, takes place. The day coincides with the first full moon of the new lunar year. During the night, congregations of flying, lit, paper lanterns are commonly seen in public places at lantern fairs, which are usually held at temples. The fifteen day marks the conclusion of the New Year celebrations.

2019 is the Year of the Earth Pig

HAVE you ever wonder why the Chinese do not start or open business just anytime or any day of the week, month, or year? That’s because they believe starting a business or opening up an establishment should be done on an auspicious year, month or day. It’s not just the day. The time element is also important. The Chinese believe that by choosing an auspicious date for a grand event, it could attract business and prosperity. And this belief has also made its way among the Filipinos. That’s why when locals are planning events, even the simplest event of their lives, they consult their Chinese friends. This writer, for one, has followed the advice of her Chinese friend to

r nessMirreo Sp cial Feature

EAR OF THE

ARTH PIG choose the best date for the birth of her youngest child. I was due to give birth via the C-section in December 2002. My OB-gyne told me that I could choose from December 18 to Christmas day (25th) to be my kid’s birthdate. My friend who does fengshui for friends and select clients said December 23 would be the best for us, mother and daughter, based on her analysis of my birthdate and year. Not really a believer, I decided to follow her advice since I felt I had nothing to lose after all. Dear daughter was diagnosed with severe rheumatic heart disease/mitral regurgitation at seven years old. She hardly learned from grade school and she was always caught staring at nowhere most of the time. She easily got tired and would always asked to be carried up like a baby. Since then she had to endure antibiotic injection every 21 days. This is aside from her heart meds maintenance. Despite her medical expenses plus other expenses owing to her special education program, I could attest that we—my daughter, now 16, and I—are lucky to have each other. Things always feels right and she seems to make everything light and easy for me and my family even during the most trying times. According to Chinese astrology, 2019 is a great year for business—to make money and to invest! Likewise, the Year of the

Earth Pig is going to be full of joy, a year of friendship and love for all the zodiac signs. (Years of the Pig include 1935, 1947, 1959, 1971, 1983, 1995, 2007, 2019, and 2031). 2019 is an auspicious year because the Pig attracts success in all the spheres of life. Dating back centuries, many Chinese traditions are deeply rooted in lore and superstition. Even folks, non-Chinese included, who aren’t ordinarily very superstitious often go along with practices which are meant to attract luck in the new year ahead. Still for the Chinese, the most important tradition of them all is to spend time with family and loved ones. As billions of people, especially migrant workers, return home over long distances to celebrate with the people they love, flights and rail service become booked up. Workers in China’s distant regions and islands such as Taiwan and Hong Kong fill flights to the mainland during the first two months of the year. I have always wanted to witness an authentic Chinese New Year at least in HongKong but my HKbased high school classmate cum friend told me that there is really nothing spectacular. She said, it’s all about family in the same way that our Filipino balikbayans come home to the Philippines for the Christmas season.

Tuesday, February 5, 2019 E5

An affair to remember at BE Grand Resort Bohol M AKE Valentine’s Day an affair to remember with a delectable fourcourse candle-lit dinner at BE Grand Resort’s The Boathouse, Panglao Island’s lone steakhouse, which has gained popularity among locales and guests for its mouthwatering dishes and premium steak cuts. It carries unique farm-to-table local fare with global flair utilizing fresh and locally grown ingredients. Fall in love at first bite with the restaurant’s Valentine’s menu of mixed greens, trio of mushroom soup, premium tenderloin steak with king prawns, capped with a splendid dessert of melting chocolate sphere. Served from February 12 to 14 for only P2,500+ per person. The Boathouse is transformed into a romantic rendezvous as lanterns float lazily along the the villa pools. Intimate two-person seating that allows for more privacy will be available throughout dinner time. Guests availing themselves of

THE Boathouse at BE Grand Resorts, Bohol

the promo are entitled to an exclusive 58-percent discount on

published rates with stays until February 28. For inquiries and

reservations, visit https://www. facebook.com/BEGrandResort/.

r o r r i M s s e n i s u B A Special Feature

YEAR OF THE

EARTH PIG

Tuesday, February 5, 2019

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CSMC celebrates Chinese New Year; kicks off Sapphire Jubilee

by Daniella Castro

ARDINAL Santos Medical Center (CSMC) welcomed the Year of the Boar with high spirits as they are geared for an abundant 2019. To set the tone of the year, CSMC hosted a Lunar New Year festivity held at the emergency-room grounds. This celebration is dedicated to foster a stronger relationship to the Chinese community who remains

to contribute a large part of the hospital’s client base. Doctors, employees, stakeholders and patients were entertained by the dance performance prepared by the Team Therry Dragon and Lion Dance Group. The program reached its peak as lawyer Pilar Nenuca P. Almira, president and chief executive officer of CSMC, spearheaded the 45th Sapphire Jubilee kickoff event of the hospital. She shared the goals

and milestones CSMC aims to accomplish this 2019 and in the coming years. “True love for the institute doesn’t end when we are working or when we have left the institution. The real love for the institution aside from our

presence is to make sure that things will be better after we leave and after we have done our mark.” “So finally may I request everyone and kindly relay this to all our staff, that each and every one of us will not just pass by this institution;

that we will just be passing by in the history of this institution unnoticed. Each of us, dear caring cardinal leaders; we have to make our mark. So that we can leave our footprints here and people will say ‘that person, that doctor, that employee

did not just pass by. They have made a mark in this institution, not only to make their stay better but to make it better for those who will follow after them.’” CSMC will be celebrating its 45th Anniversary on August 15.

r o r r i M s s e n i s u B A Special Feature

YEAR OF THE

EARTH PIG

Tuesday, February 5, 2019

Abstract of the 2019 year of the earth pig nELEMENTS OF THE YEAR Heavenly stem is earth element Earthly branch is water element nBEGINNING OF SPRING February 4, 2019 at 11:16 H, Monday nFIRST DAY OF THE LUNAR NEW YEAR February 5, 2019, Tuesday nOPENING BUSINESS DAY AND WELCOMING WEALTH February 8, 2019, except for Horse February 11, 2019, for Horse nFAVORABLE DIRECTIONS North, center, east, northwest, west nUNFAVORABLE DIRECTIONS Southwest, northeast, south, southeast nDIRECTIONS TO AVOID RENOVATION WORK Southwest, west, northwest

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Savor the long weekends with Savoy Hotel at RWM

(322.5 o to 337.5 o), southeast (142.5 o to 157.5 o) nMONTHS TO AVOID RENOVATION First lunar month (February 4 to March 4) Fourth lunar month (May 6 to June 5) Seventh lunar month (August 8 to September 7) 10th lunar month (November 8 to December 6)

nDIRECTIONS TO AVOID SITTING AND FACING Sitting southeast (142.5 o to 157.5 o) and facing northwest (322.5o to 337.5o); sitting west and facing east nZODIAC SIGNS OFFENDING THE GRAND DUKE OR TAI SUEY OF THE YEAR Snake, Pig, Monkey, Tiger nZODIAC SIGNS WHO SHOULD AVOID WAKES AND FUNERALS Earth Monkey, Fire Snake,

Fire Tiger, Wood Pig, Wood Monkey, Water Snake Attending the annual Tai Suey blessing ceremony on

February 24 will help ease the pressure of the Tai Suey. For details, call the Yin and Yang Shop of Harmony at (+632) 752-5882.

NJOY chic city staycations throughout the year at Savoy Hotel Manila, Resorts World Manila’s (RWM) newest hotel for savvy travelers. For only P3,500 net, Savoy lets guests make the most of this year’s long weekend with an overnight stay in an essential room with free buffet breakfast for two and a host of other benefits. Guests availing of Savoy’s Staycation Weekends promo will get 20-percent discount vouchers to select RWM shows. Those who book on qualified February dates will also get two free passes to the ICE interactive snow room at the Lumina in Newport Mall. All guests also get free access to Savoy‘s swimming pool and fitness center. The 684-room Savoy also features function rooms, three dining outlets and the Squares— a common lounge area with spaces for guests to work, relax or mingle. The free Newport City shuttle also gives guests easy access to the many thrills at RWM. Savoy guests coming from the airport or with upcoming flights can also avail themselves of com-

plimentary rides to and from the Ninoy Aquino International Airport Terminals 1, 2 and 3 aboard the RWM 24/7 hourly airport shuttle. Guests going through Naia Terminal 3 will appreciate the Savoy’s proximity to Runway Manila, an air-conditioned elevated pedestrian bridge, which directly connects the terminal with Newport City and RWM. The Savoy Hotel Manila Staycation Weekends rate is valid for the entire month of January, from February 1 to10, February 23 to March 3, April 5 to 22, August 23 to 31, October 31 to November 10, and December 21 up to New Year’s Day in 2020. Book this incredible deal directly through Savoy Hotel Manila’s web site (www.savoyhotelmanila.com.ph) using the promo code YOURSPACE. Inquiries and reservations can also be done through e-mail at reservation@thesavoyhotels.com. Avail of free RWM membership and download the RWM mobile app to receive updates and special coupons to RWM events and promotions. Visit www. rwmanila.com for more information on RWM hotels and offers.

Love bites at Dusit Thani

AKE the season of love to a greater heights and plan your special date with the list of Valentine’s day offerings at Dusit Thani Manila. Surprise your beloved with a romantic candle light dinner under a moonlight sky at the Umu Japanese garden. Satiate your appetite in a tailor-made five-course set menu prepared by Executive Chef Rob Van Leeuwen, paired with Moet and Chandon champagne while being surrounded by lush green Koi pond garden, making up for an intimate dining experience that you will both remember forever. This heartfelt dinner is priced at P10,000 net for two pax. Situated on the top-floor level of Dusit Thani Manila, the club lounge’s gold and silver rooms boast a stunning view of the Metro. Indulge in a special five-course dinner menu paired with a bottle of Dom Perignon Champagne as you get mesmerized together by the city lights and night sky on full display, making any date here feel extra special. Book this special dinner at P20,000 net for two pax. The Benjarong is the place to bring your date when

you want to impress not just with the beautiful Thaiinspired interiors, but with your taste in good food, too. Priced at P4,800 net for two pax, a five-course Thai dinner menu, paired with a glass of Moet and Chandon Champagne, is sure to seal the moment. Get a chance to connect well with your partner in an intimate setting while being serenaded with a romantic music. You can’t go wrong with authentic Japanese cuisine that is prepared with love and served with a special Champagne menu by the glass, creating the night unforgettable for the both of you. If the way to someone’s heart is through their stomach, then the special dinner buffet at The Pantry with a free flow of sparkling wine, and a strawberry mimosa trolley will have anyone swooning. Thanks to its wide selection of lovely dishes, you and your sweetheart can get to know more about each other while listening to soothing music for P2,950 net per person. For restaurant reservations, call at 238-8888 local 8430 or 8838.

Holiday Inn Baguio offers ‘Tsinoy’ feast

HAT better way to welcome the Year of the Pig but with a bountiful Tsinoy feast! Holiday Inn Baguio City Center presents classic Cantonese dishes with a Pinoy flair at the Lamisaan dining and bar special buffet every Saturday dinner and Sunday lunch. Enjoy favorites like Chinese dumplings or jiaozi, chow mein (stir-fried noodles), and braised beef and pork to savor the rich flavors of Chinese cuisine to kick off a new lunar year! Lamisaan’s a la carte menu, available from 11 a.m. to 10 p.m., showcases dishes ranging from contemporary Filipino cuisine to signature homemade pastas and gourmet sandwich choices. Don’t forget to try out the hotel’s artisanal country breads that go

perfectly with the daily deli choices and the BagnaCauda, Holiday Inn Baguio City Centre’s homemade watercress pesto. This February all-week dining offerings have been prepared to give guests a taste of Holiday Inn Baguio City Centre’s various specialties. Holiday Inn Baguio City Centre is a familyfriendly hotel that offers Kids Stay and Eat Free, allday restaurant Lamisaan dining and bar, three versatile meeting rooms: Bag-Iw Ballroom, Karao and Isneg, and a 24-hour fitness center for registered guests. Along with its three sister hotels in Metro Manila, it is managed by the InterContinental Hotels Group, a global organization with a broad portfolio of hotel brands in its name.