BusinessMirror January 07, 2019

D.T.I. CHIEF: CHANCES DIM OF SEEING CONGRESS PASS ‘TRABAHO’ BILL BY JUNE

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T will be difficult to slip the second tax-reform package past the Senate before the 17th Congress ends in June, the country’s trade chief has conceded.

Trade Secretary Ramon M. Lopez admitted time is not on the government’s side in getting the Tax Reform for Attracting Better and High-Quality Opportunities or Trabaho bill, as it has been dubbed by the House of Representatives, approved before the 17th Congress bows out.

The government is having a tough time sailing the measure across the

IN this file photo taken in 2018, workers do their job at a semiconductor manufacturing facility at the Santa Rosa, Laguna Economic Zone. NONIE REYES

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Senate largely due to its component on rationalizing tax incentives. “[I’m] not too confident on that one due to limited time and [the] election period,” Lopez told the BusinessMirror. Besides the election period distracting legislators, many of whom will be seeking reelection or running for other positions, Congress still has to pass the 2019 national budget.

The Trabaho bill—the second package of the government’s tax-reform program—will gradually reduce corporate-income tax (CIT) to 20 percent in 2029, from 30 percent. It will, in

exchange, overhaul incentives granted to firms in economic zones.

Locators, mostly multinationals, said they might trim down manpower or move out of the country if their incentives, particularly the 5-percent tax on gross income earned (GIE) in lieu of all local and national taxes, are removed.

House Bill 8083, the version of the measure approved by the House of Representatives in September, limited the period of income-tax holiday (ITH) to three years and additional

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Monday, January 7, 2019 Vol. 14 No. 89

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By Elijah Felice E. Rosales

@alyasjah

IBERALIZATION of public utilities and retail trade are the last measures business leaders want legislators to pass before the 17th Congress concludes this year.

The passage of the amended Public Service Act remains to be the top legislative concern of business leaders interviewed by the BusinessMirror. Maria Alegria SibalLimjoco, president of the Philippine Chamber of Commerce and Indus-

try, and John D. Forbes, senior advisor of the American Chamber of Commerce of the Philippines, said lawmakers must prioritize this piece of legislation.

Trade Secretary Ramon M. Lopez, too, believes changes to the Public

Service Act must be expedited, and that it should not take another Congress to insert the reforms.

Public utilities must be solely operated by firms that are 60-percent owned by Filipinos under Article 12, Section 11 of the 1987

Constitution. House Bill (HB) 5828 and Senate Bill (SB) 1754 seek to clearly define what public utilities are, and, in the process, lift foreign ownership restriction on sectors that fall outside it, particularly telecommunications.

HB 5828 and SB 1754 listed as public utilities the distribution of electricity; transmission of electricity; and water pipeline distribution system or sewerage pipeline system.

HB 5828 was approved in September 2018. On the other hand, its Senate counterpart is awaiting second reading.

On top of amending the 82-yearold Public Service Act, Lopez urged legislators to beat the deadline in passing the new Retail Trade Liberalization Act, which aims to further open up the retail trade industry to

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That’s how old the Public Services Act is, prompting business groups and some lawmakers to move to amend it to allow the investment climate to keep apace with the times foreign participation.

HB 4595, filed by Rep. Arthur C. Yap of the Third District of Bohol, and SB 1639, authored by Sen. Sherwin T. Gatchalian, intend to remove minimum capital requirements and foreign equity in retail trade.

See “Retail trade lib,” A8

Senators see relief from inflation, but cite oil-related risks

By Butch Fernandez @butchfBM

ENATORS see some relief for consumers as inflation slowed down to 5.1 percent in December, but said authorities must stay on guard to protect the buying public from profiteers and sustain antiinflation measures, while remaining flexible to quickly tamp down risks especially from the impact of second-round fuel excise taxes.

One of them, Sen. Joseph Victor G. Ejercito, said that, to ensure there’s no going back to the 2018 price spikes, it would be wiser to forgo implementation of the second-round excise taxes on petroleum products.

However, Sen. Sherwin T. Gatchalian, chairman of the Senate Economic Affairs Committee, said suspension at this point is no longer an option since the second-round excise taxes on petroleum products already took effect on January 1.

Nonetheless, Gatchalian said on Sunday that he is open to another option to provide lawmakers and the Executive branch officials greater flexibility in case the world oil prices behave in an unpredictable fashion and there

$60

The price of oil per barrel for 2019 projected in the futures market, on which the DBCC based its decision in late November to reverse a recommendation to suspend the second-round excise fuel tax hike for this year. Under the TRAIN law, the higher excise taxes on petroleum may only be suspended once world oil prices hit $80 a barrel for three consecutive months

is need to blunt the impact of sudden spikes on the people.

He noted that the Tax Reform for Acceleration and Inclusion (TRAIN) law can be amended to take out the $80-a-barrel threshold required before any suspension of higher excise taxes can be resorted to.

Under the TRAIN law, global oil prices must hit $80 a barrel for three consecutive months before any such suspension is considered.

Continued on A2

PESO EXCHANGE RATES n US 52.6250

3 KINGS Men garbed as the Three Kings, who first visited and offered gifts to the infant Jesus in a manger, set out for a short parade along Manila streets as Christendom celebrated on Sunday the feast of Epiphany, marking the end of the Advent season. ROY DOMINGO

Bid to use road tax fund for floods backed

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HE leadership of the House of R epresent at ives on Sunday backed President Duterte’s pronouncement to use over P40 billion in collections from the controversial Road User’s Tax to end the problem of flooding.

Majority Leader Rolando G. Andaya Jr., in a statement, said the lower chamber will designate its contingents to the bicameral

conference committee reviewing the bill abolishing the Road Board on January 14.

The bicameral committee will reconvene to work on the “genuine” abolition of the Road Board.

“This makes the proposed bicameral conference committee on the bill more urgent and indispensable. In concurrence with the President’s wishes, the House will

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Biz groups urge lawmakers to pass utilities, retail trade lib

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See “Trabaho bill,” A2

designate the members of our contingent to the bicameral conference committee on our first session day next year, on January 14,” he said.

“In the bicam, we have to ensure that all proceeds from the MVUC [Motor Vehicle User’s Charge] form part of the General Fund. We want to strip MVUC collections of its status as a hidden off-budget

GOCCs remit P40.18B to NG in 2018, highest ever

By Rea Cu

@ReaCuBM

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IVIDENDS remitted by government-owned and -controlled corporations to state coffers in 2018 was the highest ever recorded since the enactment of the GOCC dividends law, with P40.178 billion in dividends being remitted last year, the Department of Finance (DOF) has reported.

₧70.9B

The total cash dividend collections under the Duterte administration from July 2016 to December 2018, per the DOF The DOF- Corporate Affairs Group (CAG) pointed out that the dividends remitted for 2018 by GOCCs represent a 32-percent jump from the P30.46 billion collected in 2017.

The DOF said in a statement on Sunday that the Philippine Deposit Insurance Corp. (PDIC) remitted an additional P6 billion on December 14 combined with the P34.17 billion collected from GOCCs in November.

Finance Undersecretar y Antonette C. Tionko, who heads the DOF-CAG, said Land Bank of the Philippines (LandBank) was allowed to waive its dividend contributions of P7.82 billion to boost its capital requirements, which brought the total amount remitted to the Bureau of the Treasury (BTr) to only P40.178 billion.

The finance department added that if the LandBank was able to contribute P7.82 billion in 2018, the amount of GOCC dividends would have reached a total of P47.99 billion for the year. It was further pointed out that even without the dividends from LandBank, the P40.178 billion still represents the highest amount ever collected from GOCCs since the GOCC dividends law was implemented 24 years ago.

“This is unprecedented. The record amount demonstrates the effectivity of Undersecretary Tionko and her team in instilling fiscal discipline among the GOCCs since the Duterte administration took over in 2016,” said Finance Secretary Carlos G. Dominguez III. Under Republic Act 7656 or the GOCC Dividends Law of 1994, staterun firms are instructed to remit 50 percent of their income earned in each fiscal year to the BTr. See “GOCCs,” A2

See “Road tax fund,” A2

n JAPAN 0.4896 n UK 66.5022 n HK 6.7204 n CHINA 7.6568 n SINGAPORE 38.5899 n AUSTRALIA 36.8480 n EU 59.9925 n SAUDI ARABIA 14.0311

Source: BSP (4 January 2019 )

News

BusinessMirror

A2 Monday, January 7, 2019

Calida asks SC to junk suit seeking to strike down BOL

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By Joel R. San Juan

@jrsanjuan1573

HE government’s chief counsel has asked the Supreme Court to junk the petition questioning the constitutionality of the Bangsamoro Organic Law (BOL).

In an 118-page comment to the petition filed in October by Sulu Gov. Abdusakur Tan seeking to stop the implementation of Republic Act 11054 or the BOL, Solicitor General Jose C. Calida insisted that there is no provision in the Constitution that has been violated by Republic Act 11054, which was signed into law President Duterte last July.

Tan, in his petition, argued that the law violates Sections 18 and 19 of the 1987 Constitution, which created the Autonomous Region in Muslim Mindanao (ARMM).

He added that there was no legal basis to abolish the ARMM ,and that if the government wants to do it, it can only be done by amending the Constitution.

However, Calida said the BOL does not violate the said provisions of the Constitution.

He also dismissed Tan’s claim that the BOL should have first gotten the nod of Sulu and other provinces under the ARMM though majority voting as separate units.

“The separate voting requirement provided in Section 18, Article X of the 1987 Constitution applies only to the creation of an autonomous region, not to the amendment of the law, nor to the expansion of its territorial jurisdiction,” Calida said.

Calida pointed out that the BOL did not exact created a new autonomous region but rather it was an amendment of the organic act and expansion of the territorial jurisdiction of ARMM. “When Congress decides to expand the territory of the autonomous region, the requirement does not apply to the subsisting provinces, cities of geographical

areas of the autonomous region, but only to those provinces, cities or geographical areas proposed by Congress to be added therein. A majority of the votes in all constituent units put together is sufficient for those provinces, cities or geographical areas already part of the autonomous region,” the solicitor general said.

The BOL replaces the ARMM with a new Bangsamoro Autonomous Region in Muslim Mindanao, which would have greater fiscal autonomy, a regional government, parliament, and justice system.

The regions would be made up of Tawi-Tawi, Sulu, Basilan, Maguindanao and Lanao del Sur—the current ARMM members—pending a regional plebiscite.

Also included were six municipalities of Lanao del Norte and 39 villages of Cotabato, and the chartered cities of Isabela and Cotabato subject to the approval of voters.

The Commission on Elections has set for January 21 the plebiscite for the ratification of the BOL. Furthermore, Calida insisted that the High Tribunal has no power to review the BOL because the issues raised by Tan involved political questions that the court is not permitted to examine under the Constitution.

“The separate voting requirement provided in Section 18, Article X of the 1987 Constitution applies only to the creation of an autonomous region, not to the amendment of the law, nor to the expansion of its territorial jurisdiction.”—Calida

Named respondents in Tan’s petition were Executive Secretary Salvador C. Medialdea, Interior Secretary Eduardo M. Año, members of the Senate and the House of Representatives, then Presidential Adviser on the Peace Process Jesus Dureza and the Bangsamoro Transition Commission and the Moro Islamic Liberation Front.

Calida filed the comment on behalf of the respondents.

A similar petition filed last month by the Philippine Constitutional Association also assailed the constitutionality of the BOL. The two petitions have been ordered consolidated by the Court.

Meanwhile, a petition-in-intervention is set to be filed on Monday by the Presidential Anti-Crime Commission together with several other individuals to echo their support for the government’s position on the issue.

Senators see relief from inflation, but cite oil-related risks Continued from A1

However, Gatchalian noted in a radio interview on Sunday that last year, by the time the world price hit $80, many sectors were already reeling from the impact of the global spikes, as these compounded the effect of higher excise tax on fuel as imposed by the TRAIN law effective on January 1, 2018.

Meanwhile, the Senate Ways and Means Committee chairman, Sen. Juan Edgardo M. Angara, said at the weekend that “slowing of inflation is welcome relief for the public after months of increasing prices.”

Angara added, however, that the Duterte government “must not let down its guard in monitoring unscrupulous sales practices and overpricing of food, gas, diesel and other basic commodities.”

At the same time, Ejercito also welcomed the “good news” even as he suggested that government seriously consider deferment of succeeding upward adjustments in oil excise tax rates.

“Medyo dahan-dahan nang naka adjust ang lahat. Kaya nga sana ipagpaliban na muna ang implementasyon ng second round ng excise taxes sa petrolyo [Everyone has slowly adjusted, that’s why I hope the second-round excise taxes on petroleum can be deferred],” Ejercito said.

Ejercito was referring to President

Duterte’s decision at the year-end to uphold the stand of economic managers, who withdrew their earlier recommendation to suspend implementation of the next-round excise tax on oil, on the basis of Department of Energy projections that world oil taxes will remain low in 2019.

The Cabinet had earlier conceded that the unforeseen prolonged uptrend of global oil prices in 2018 had compounded the impact of the first-round excise rates on petroleum products under the TRAIN law, and was largely blamed for the record inflation last year. However, if no such sustained uptrend happens in global oil markets in 2019, the economic managers argued, there is thus no reason to go ahead with the earlier decision to suspend the second-round increases in excise for this year.

The Development Budget Coordination Committee made the decision in late November to recommend to the President the continued implementation of the scheduled increase of fuel excise tax in 2019 of P2 per liter under the TRAIN law. “With month-on-month inflation moderating due to supply-side reforms initiated by the government, coupled with falling petroleum prices in the world market, the DBCC deems the suspension unnecessary,” Finance Secretary Carlos G. Dominguez III had said.

The DBCC explained that Dubai crude oil prices have gone down by

‘Trabaho’ bill. . .

Continued from A1

incentive to two years. Firms enjoying the GIE, on the other hand, are given up to five years to relinquish the incentive.

“Based on investors’ feedback, they need a longer transition period, performancebased incentives on quality investments [and] they can be open to higher GIE as long as it continues or [is maintained] longer but still time-bound,” Lopez said.

Even Maria A legria Sibal-Limjoco, president of the Philippine Chamber of Commerce and Industry, is uncertain about the fate of the Trabaho bill. In spite of this, she urged senators to approve the measure primarily, because of its component on reducing CIT.

14 percent, from an average of $79 per barrel in October down to $68 per barrel so far in November, adding that the futures market projects that the price of oil would decline further to below $60 per barrel in 2019 and maintain a downward trajectory.

Dominguez added that DBCC also considered the impact of the suspension of the increase in fuel excise taxes to the government’s revenues and expenditures program for 2019, with the suspension for one year causing an estimated net revenue loss of P43.4 billion assuming that Dubai crude oil prices averages $65 per barrel next year.

Under the TRAIN law, the excise tax on diesel imposed in 2018 is at P2.50 per liter, with an additional P2 to be imposed in 2019, and P1.50 per liter in 2020. This brings the excise tax on diesel to P4.50 per liter in 2019, and P6 per liter in 2020.

From the previous P4.35 per liter, excise tax on gasoline was increased to P7 this year, with an additional P2 increase in 2019 and P1 in 2020. For 2019 and 2020, the rates will be at P9 per liter and P10 per liter, respectively.

Inflation slows in December EARLIER, the BusinessMirror reported that rising commodity prices slowed to 5.1 percent in December 2018, the lowest since June 2018, citing the Philippine Statistics Authority (PSA).

This, even as the PSA noted that

“We are not sure [if it will be passed], but as a whole or the big picture, it should be [because] it is good for our country,” Limjoco said in a text message to the BusinessMirror.

Without relating to the Trabaho bill, Canadian Chamber of Commerce of the Philippines President and CEO Julian H. Payne said legislators must prioritize trimming down the countr y’s CIT rate to keep it on a par with Southeast Asian competitors.

Canadian firms will appreciate the “expeditious legislative approval for a reduction in corporate income-tax rates with stepped annual reductions down to a level of 20 percent so the Philippines’s CIT is competitive” with those of its Southeast Asian neighbors, Payne told the BusinessMirror. The Philippines imposes the highest CIT in the region. Elijah Felice E. Rosales

full-year inflation rose to 5.2 percent, the highest since 2009 when inflation averaged 4.2 percent.

According to National Statistician Lisa Grace S. Bersales, the main cause for the slowdown in December inflation was cheaper food and transport costs. The higher full-year inflation was due to higher inflation, particularly in the second half of the year.

In December, lower prices of rice, meat, fish and vegetables caused inflation to slow. Data showed the inflation rate of rice slowed to 6 percent from 8.1 in November; meat, 5.5 percent from 6.3 percent; fish, 9.9 percent from 12.5; and vegetables, 8.1 percent from 11.5 percent. In terms of transport, prices of petroleum and fuels for personal transport equipment slowed to 4.2 percent in December 2018 from 19.8 percent in November 2018; jeepney fares, 5.4 percent from 11.6 percent; and domestic air fare, 2.1 percent from 6 percent.

The BusinessMirror report on the PSA update also noted data for fullyear 2018 inflation showed that the highest inflation was recorded in the second semester. Inflation peaked at 6.7 percent in September and October. PSA data showed that August inflation reached 6.4 percent, while November inflation reached 6 percent. For 2018, the highest inflation rate was recorded in the Autonomous Region in Muslim Mindanao at 7.1 percent, while the lowest was in Central Luzon at 3.2 percent.

GOCCs. . .

Continued from A1

A tot a l of 55 G OCC s rem it te d d iv ide nd s to the BTr as of December 14, 2018, comprising 15.72 percent of the emerging total nontax revenues of the government.

Among the top dividend contributors, apart from the PDIC, were the Civil Aviation Authority of the Philippines with P6.224 billion; Bangko Sentral ng Pilipinas with P3.637 billion; Philippine Ports Authority with P3.103 billion; Philippine Amusement and Gaming Corp. with P2.593 billion; the Philippine Charity Sweepstakes Office with P2.535 billion; Manila International Airport Authority with P2.251 billion; and the National Power Corp. with P1.410 billion.

The DOF explained that covering the period from July 2016 to December 2018, the total cash dividend collections under the Duterte administration now amount to P70.9 billion.

www.businessmirror.com.ph

Taiwan cracks down on overstaying aliens

By Recto L. Mercene @rectomercene

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AIWAN’S National Immigration Agency (NIA) has invited foreign nationals who have overstayed in the island nation “to surrender to the authorities,” while it also encouraged citizens to report illegal employers and agencies.

In a press conference, the NIA invited representatives from the Philippines, Vietnam and Indonesia to attend.

“Taiwan’s NIA hopes that this one-time program can provide incentives for overstayers to surrender to the authorities, and also encourage citizens to report illegal employers and agencies.”

In a statement, Taiwan’s NIA said, if verified, “we will assist the informant in applying for a hefty reward from labor affairs authorities.”

The free hot line for reporting on illegal employers and agencies and voluntary surrender is 0800-024881; the anti-trafficking in persons hot line is (02)-2388-3095.

During the conference, Chiu, Feng-Kuang, Taiwan’s NIA director general, said that under the current trends of globalization and internationalization, “population movement across countries has become increasingly frequent, and Taiwan as well as other countries face a similar problem: an increase of overstayers.

“For example, there are up to 88,000 overstayers in Taiwan as of October 2018. It is possible that this continual increase of overstayers might result in concerns for social

security.”

To increase effectiveness of inspections, decrease risks to the safety of inspectors and protect the human rights of overstayers, the NIA said it has been promoting a voluntary surrender mechanism since 2011.

“Under the mechanism, overstayers who surrender voluntarily will not be detained. This program has seen decent results over the years, and Taiwan’s NIA has decided to push the Overstayers Voluntary Departure Program in 2019.”

During the press conference, Taiwan’s NIA played promotional shorts, handed out flyers and explained the key elements of its program. “Taiwan’s NIA calls upon citizens to encourage overstayers to surrender, since they might be subjected to vulnerable and unsettling circumstances, receive maltreatment or even become victims of human trafficking during the overstay in Taiwan.”

The promotional period of the program will last one month, from January 1, 2019 to January 31. The program will be effective for five months, from February 1 to June 30.

The Overstayers Voluntary Departure Program will take a carrotand-stick approach, the NIA said.

During the effective period, overstayers who surrender voluntarily will receive a lighter punishment: no detention, a maximum overstay fine of NTD 2,000 and a shorter entry ban.

“Overstayers who are seized will receive a severer punishment: certain detention, severer overstay fines and a longer entry ban.”

Language trips up Korean man carrying PHL passport

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E carried a Filipino passport but could not converse in Filipino.

That proved to be the undoing of a Korean national whom immigration agents nabbed for misrepresenting himself as a Filipino while about to board a Cebu Pacific flight for Saigon.

Immigration Commissioner Jaime Morente said Korean Kwak Dong Hee, 26, was apprehended last December 28 at the departure area of the Naia Terminal 3.

Kwak spent the New Year behind bars at the BI Detention Facility in Camp Bagong Diwa, Taguig, while waiting for the results of deportation proceedings.

Kwak assumed the name of one Erik Nacis, purportedly born to a Korean man and a Filipina from Meycauayan, Bulacan, in 1992.

However, the immigration officer who processed his passport became suspicious after noticing he could not converse in Filipino.

Kwak also had trouble communicating in any local dialect.

Road tax fund. . . item that will be spent by one person in an untransparent way,” Andaya added.

According to Andaya, the President has made clear how he wants the Road Board abolition done.

During his visit to calamity areas in Bicol recently, the President spelled out the need to use proceeds of the road user’s tax or the motor vehicle user’s charge (MVUC) in helping calamity victims.

“With the President’s latest instructions, the bill being pushed by the Senate and the previous House leadership on Road Board abolition is dead in the water. He wants total Road Board abolition, not fake abolition. The utilization of MVUC in the bill is the complete opposite of what the President

“It was during questioning that he admitted his true identity as a Korean citizen and that the Philippine passport he presented was fraudulently acquired,” Morente said.

Immigration supervisor Carlo Gomez of the BI Travel Control and Enforcement Unit, said Kwak confessed during the interview that both his parents are Koreans and that he illegally obtained his Philippine passport for P120,000 from a compatriot in the Philippines.

Gomez said it was also the Korean, whose name Kwak refused to divulge, who processed and acquired the birth certificate found in his possession.

“Our records check showed that Kwak last arrived in the Philippines on August 27, 2015; hence, he has already been overstaying for more than three years,” Gomez added.

Morente commended the efforts of Gomez and other members of the TCEU. “These schemes will not pass.

Our officers have a trained eye in detecting fraud.” Recto L. Mercene

Continued from A1

wants,” Andaya said.

But he said, as he explained earlier, that the present House leadership advocates the 100-percent dismantling of the Road Board.

“We do not want its powers to be merely transferred to three secretaries who will in effect be Three Road Kings who can spend the MVUC at will,” he said.

“The proceeds need to be included as a line-item fund in the annual budget of the DPWH in the General Appropriations Act. This way, the real and full funding level of the DPWH is reflected clearly, unlike today when MVUC spending is segregated and treated as a non-national budget expenditure,” Andaya added.

Jovee Marie N. Dela Cruz

Economy BusinessMirror

www.businessmirror.com.ph

‘₧100 billion in losses a small price to pay to save Boracay’

By Jonathan L. Mayuga @jonlmayuga

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HE economic setback caused by the six-month closure of Boracay Island in Malay, Aklan, is a small price to pay to save the country’s top tourist destination, an official of the Department of Environment and Natural Resources (DENR) said.

Undersecretary Benny D. Antiporda, deputy spokesman of Environment Secretary Roy A. Cimatu, said over the weekend that closing Boracay was “inevitable” to fasttrack the rehabilitation of the island paradise.

“It is a small price to pay. We turned Boracay around. Not just 180 degrees, but 360 degrees. We returned it back to its pristine state. It is again a paradise,” Antiporda, the DENR’s undersecretary for solid waste management and local government units, told the BusinessMirror.

Antiporda was reacting to a report published by the BusinessMirror indicating that the closure of Boracay has cost the Philippine economy and Filipino workers billions in lost revenue and income between May and October 2018.

According to Antiporda, after Boracay Island’s rehabilitation, businesses expect to recover from past losses because of the closure.

The DENR official said no amount of money can compensate for saving Boracay, which provides employment and livelihood opportunities through ecotourism.

Citing a study by state think tank Philippine Institute for Development Studies (PIDS), titled “The Boracay Closure: Socioeconomic Consequences and Resilience Management,” PIDS President Celia M. Reyes; Senior Research Fellow Jose Ramon G. Albert; Research Fellow Francis Mark A. Quimba; and research assistants

Ma. Kristina P. Ortiz and Ronina D. Asis estimated that the aggregate economic loss of the Boracay closure was between P20.8 billion and P83.15 billion. In terms of income, the loss in compensation would range from P7 billion to P27.9 billion.

According to the report, the tourism sectors would be affected, as well as agriculture and services, albeit slightly.

“Overall, while the results may not be very significant at the national level, it will still have direct and indirect effects to people living in the island and in the entire municipality of Malay,” the authors said in the study.

But Antiporda said the DENR will continue to strictly enforce environmental laws not only in Boracay but in all beach tourism sites in the country from now on as ordered by President Duterte.

“We will keep on doing this until the end of time for as long as we need to do it because that is the President’s marching orders. This is a long-term solution to environmental problems we are having,” Antiporda said.

According to Antiporda, Cimatu’s feat as head of the Boracay InterAgency Task Force that led the rehabilitation is admired all over the world and the DENR chief continues to receive “a pat on the back” from officials in other countries.

“For businessmen who lost money because of the rehabilitation, they should consider it a six-month promotion where they paid for the advertisement around the world. That is a cheap price to pay for a global advertisement,” Antiporda said.

He said there will be no let-up in the government’s efforts to clean up in Boracay. Antiporda said the DENR is mobilizing pollution control officers of various companies operating in Boracay to ensure that the gains in cleaning it will be sustained.

Inflation cuts value of peso–PSA data

By Cai U. Ordinario @caiordinario

F

ILIPINOS now need an additional P15 to purchase goods and services worth P100 in 2012, according to the latest data released by the Philippine Statistics Authority (PSA).

Based on the BusinessMirror’s computation using the 2018 Consumer Price Index (CPI) data from the PSA, P100 now has a value of only P85 compared to 2012.

This means that a Filipino consumer’s P10,000 in 2012 is now worth only P8,500 due to the acceleration of inflation. High prices slashed the value of the peso by P1,500. “[The CPI] is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year,” the PSA said.

The CPI for December is 118.9 and, for 2018, the CPI is 117.3 since the base year used is 2012.

Using a base year of 2012 means the CPI for all items during that year is at 100.

Inflation in December slowed to 5.1 percent, while commodity prices grew at an average of 5.2 percent in 2018, the highest since 2009 when inflation was at 4.2 percent.

These estimates were lower compared to October when the CPI was at 119.8, the highest for the year. Inflation that month peaked at 6.7 percent.

IBON Foundation said high inflation cost the poorest half of the population to see their real income go down by P3,300 to P7,300 last year.

“Rising prices always spell more difficulty for the poor especially

THIS file photo shows a woman vendor selling vegetables and other goods at the Dagonoy Public Market in Manila. Data from the Philippine Statistics Authority showed that the high prices caused the value of the peso to shrink last year.

amid low or even stagnant incomes,” IBON said.

“Poor Filipino families [were the most] affected by last year’s high prices [and] will continue to carry the burden of these into the new year if the government does not take genuine measures to curb inflation and arrest a faltering economy,” it added.

IBON said that, while the December inflation rate was slower, this was

Labor group calls on Duterte to abolish PSA: Crafting of new poverty indicator must be done by govt all wage boards

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HE government must oversee the preparation of the multidimensional poverty index (MPI) to ensure funding and regularity for such data collection efforts, according to the Philippine Statistics Authority (PSA).

National Statistician Lisa Grace S. Bersales recently told reporters that allowing think tanks to come up with their own MPI may not be feasible considering that they may not have a regular source of funding.

Bersales said the MPI is an important tool to monitor the situation of poverty in the Philippines. This will focus on “deprivations” which will help the government determine how its resources are affecting the lives of ordinary Filipinos.

“Think tanks, they don’t have assurance of budget. The government, as long as PSA is able to convince the DBM [Department of Budget and Management] to provide the budget, there is an assurance of a budget. That is the advantage if it is [the] PSA that will do the MPI report,” Bersales said.

Bersales also said creating an MPI will not be a source of confusion for the public. Poverty statistics data, which is collected every three years, will reveal income poverty information while MPI will focus on deprivations according to education, health, housing and employment.

The MPI, she said, will also be collected annually and will be based on the Annual Poverty Indicators Survey (Apis) regularly conducted by the PSA on non-Family Income and Expenditure Survey (FIES) years.

Eventually, Bersales said, the PSA would like to include more dimensions to the MPI, such as insurance coverage, once it is able to get access to better information on this. She said the PSA would like to improve the MPI further without introducing “survey fatigue” on respondents.

“I don’t believe there will be

confusion because the MPI, although it will report on the incidence of multidimensionally poor, the focus of the MPI report is more on deprivations. So every year the PSA will say, where are Filipino families most deprived in?”

Bersales said.

“This information is helpful to the government so [officials] would know if the budget for education is still enough or with a big budget in education why is it that half of Filipino families do not even have a high-school graduate?” she added.

Earlier, in a study titled “Poverty is Multidimensional: But Do We Really Need a Multidimensional Poverty Index?,” Philippine Institute for Development Studies (PIDS) Senior Research Fellow Jose Ramon G. Albert and Research Assistant Jana Flor V. Vizmanos said coming up with an MPI would be better left to think tanks and other research institutions to avoid any confusion with the PSA’s poverty estimates.

Also, Albert and Vizmanos said the current MPI dimensions were insufficient. They said some indicators, such as the experience of hunger and noncoverage of health insurance, to determine extent of poverty in the country may be included.

In November, the PSA released the results from its initial run of the MPI, which has yet to be approved by the PSA Board.

In its initial methodology, the PSA, an attached agency of the National Economic and Development Authority (Neda), identified 13 indicators across the following four dimensions namely: education; health and nutrition; housing, water and sanitation; and, employment.

The Neda explained that the MPI, which has already been adopted by several countries in the world, captures the multiple deprivations that each person experiences, in relation to education, health and living standards. Cai U. Ordinario

Editor: Vittorio V. Vitug • Monday, January 7, 2019 A3

By Bernadette D. Nicolas

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@BNicolasBM

HE Trade Union Congress of the Philippines (TUCP) is urging President Duterte to abolish all wage boards in the country and replace it with a singular wage-fixing body that will determine a uniform minimum wage rate nationwide.

TUCP President Raymond Mendoza also said there is now an “urgent need” for the President to begin the process of abolishing the differentiated provincial rates by overhauling the 30-year-old current wage setting structure because “the current minimum wage setting mechanism only favors those businesses and no longer balances the interest of workers.”

“The wage board is key in achieving equality and social justice for workers. Its mandate is to ensure that our economic growth also benefits the workers. However, our economy is growing and business enterprises have been prospering but the workers who helped built that wealth remains impoverished,” Mendoza said in a statement on Sunday.

The 17 wage boards across the country were created in 1989 through Republic Act 6727 also known as Wage Rationalization Act. Its mandate is to set minimum wage that protects workers’ welfare and promote enterprise and workers productivity.

Despite the wage increase orders issued last year, workers’ minimum wages across all sectors nationwide still failed to reach even half of the P1,400 daily standard amount set by the National Economic and Development Authority for a family of five to live a comfortable life, the group said.

According to TUCP, the average minimum wage was raised to P374 a day by the end of 2018, from P340 during the first quarter of the same year.

The TUCP even noted that Labor Secretary Silvestre H. Bello III admitted last week that the Metro Manila wage board should have granted a P100 daily wage hike to enable workers cope with rising inflation rather than a mere P25 daily wage increase on its wage order issued on November last year.

“We have reached a point where even the secretary of labor openly admitted the discrepancy. This is an affirmation of the TUCP observation that wage boards have become obsolete and irrelevant to equate in the balance of labor and capital the interest of workers in these generation where there are no more boundaries,” Mendoza said.

Also, before the abolition of wage boards, the group noted that there should be a review of the wage increase orders issued last year.

“Before overhauling the wage fixing mechanism, President Duterte must order all 17 regional wage boards across the country to immediately review and adjust their issued wage orders to a uniform daily P100 wage hike as stated by Secretary Bello as the amount the board should have granted to lift workers out of poverty,” Mendoza said.

mainly due to the decline in world oil prices. This is the reason, IBON said, why the President’s economic team cannot claim that the slowdown in inflation in December was due to government efforts.

For one, IBON said the government’s “insistence” on the implementation of the second tranche of fuel excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) added inflationary pressure.

“The economic managers will fallaciously claim that relatively slower inflation in the first few months of 2019 proves that TRAIN and the additional fuel excise taxes are not inflationary,” IBON said. “Such dismissiveness of how TRAIN makes consumer goods and services more expensive however only affirms the government’s insensitivity to the plight of the Filipino people, especially the poor.”

A4 Monday, January 7, 2019 • Editor: Vittorio V. Vitug

The Nation BusinessMirror

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Lakas-CMD withdraws support from Baldo as party’s candidate T

House to summon DPWH officials to clear air in flood control ‘scam’

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By Jovee Marie N. Dela Cruz

@joveemarie

OLLOWING the murder of Ako Bicol Rep. Rodel M. Batocabe, the Lakas-Christian Muslim Democrats (CMD) has revoked its nomination and support for Mayor Carlwyn G. Baldo as the party’s official candidate in the Daraga town, Albay, mayoralty race.

The political party made a statement after the Philippine National Police (PNP) tagged Baldo as the

alleged mastermind in the killing of Batocabe and his security aide, SPO1 Orlando Diaz in Daraga, Al-

bay, last December 22.

The national police already filed double murder and frustrated murder charges against Baldo and his alleged cohorts in Albay.

In a letter dated January 3, Lakas-CMD Executive Director Bautista Corpin Jr. informed the Commission on Elections (Comelec) Law Department that the party is withdrawing its Certificate of Nomination and Acceptance (Cona) for Baldo. “ Ple a se b e i n for me d t h at Lakas-CMD is revoking the Cona issued to Mr. Baldo. Hence, Mayor Baldo is no longer the official candidate of Lakas-CMD for the position of Mayor of Daraga,”

Corpin, a lawyer, told Comelec Law Department Director Maria Norina T. Casingal.

“After deliberations, LakasCMD has decided to revoke the nomination of Mayor Baldo as the official candidate of the party,” Lakas-CMD added.

Copies of Corpin’s letter were also sent to the Provincial Election Supervisor and Municipal Election Officer of Albay and Daraga, respectively.

“Thus, Lakas-CMD strongly condemns the killings of Batocabe and his security aide,” the Lakas-CMD added. “Violence in any form and for whatever reason has no place in our democratic institutions.”

Lower House prompts senators on bill seeking sale of govt land

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HE House of Representatives has urged the Senate to act on the proposal addressing the country’s problem on housing backlogs through disposition of idle government-owned lands.

The lower chamber already passed on third reading House Bill (HB) 8553, or the “Idle Government-Owned Lands Disposition,” which seeks to prescribe the mechanisms to facilitate the disposition of unused properties that are owned by the government for socialized housing.

The bill mandates the Housing and Urban Development Coordinating Council (HUDCC) through the National Housing Authority (NHA), in coordination with the Department of Environment and Natural Resources (DENR), to prepare the inventory of all lands owned by the national government that have not been used for the purpose for which they have been reserved for the past 10 years.

Meanwhile, the Department of the Interior and Local Government (DILG), through local government units (LGUs), shall be in charge of preparing the inventory of all idle local government-owned properties within their respective areas.

The NHA, in coordination with the Land Management Bureau (LMB), shall use these inventories as references to identify the lands owned by the national government that are suitable for socialized housing.

Likewise, the Housing and Land Use Regulatory Board shall provide aid to the LGUs in identifying the local government-owned properties that can also be used for socialized housing purposes.

The NHA and the concerned LGUs shall be authorized to enter into a joint venture agreement with private developers, as well as nongovern-

HOPE LINGERS

Families with their loved ones share post-New Year euphoria at Marikina River Park. Rains and disasters that struck the country in the run up to a 2019 failed to dampen Filipinos’ hope that came with a new year. BERNARD TESTA

ment organizations that are engaged in housing production to help implement the provisions of the bill.

To promote their participation in these projects, the private sector and the NGOs shall be given incentives pursuant to Section 20 of Republic Act 7279, or the “Urban Development and Housing Act of 1992” on incentives for private sectors participating in socialized housing.

The bill further stipulates that if these properties owned by the LGUs and the national government will not be used for socialized housing, they shall be sold, transferred, or encumbered for the purpose of developing them into industrial, commercial or other similar estates.

Otherwise, at least 10 percent

of their proceeds shall be set aside for the development of socialized housing projects within, adjacent, or near the affected areas in the city or municipality.

The measure further provides that segregated lands or funds from the properties owned by the national government shall be utilized by the NHA as means for expanding socialized housing projects. In addition, the LGUs shall retain the lands they own and use them exclusively for socialized housing.

The HUDCC and the DENR shall promulgate the necessary rules and regulations, including the mechanisms and procedures to make the inventory, as well as identify the lands suitable for socialized housing.

‘First 1,000 Days’ law seen to build generation of competitive Pinoys

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MEMBER of the House Committee on Economic Affairs on Sunday said Republic Act 11148, which aims to ensure that a child gets the right nutrition in the first 1,000 days of development, is expected to make Filipinos more globally competitive.

Camarines Sur Rep. Luis Raymund Villafuerte said this new law, once fully implemented, will help government’s vision of growing the Filipino middle class and transforming the Philippines into a highincome economy in one generation or by 2040.

The law aims to expand state health and nutrition programs for women and children covering Day One of a mother’s pregnancy up to the child’s first two years. Villafuerte said such programs would have a lasting positive impact transcending generations of Filipinos who would grow up better equipped, both physically and mentally, to help sustain the country’s strong economic future.

In a statement, Villafuerte said RA 11148 will also slash health-care costs for the country’s future governments, as children benefiting from this law will grow up to become healthier and more productive adults.

“This law, on the surface, appears to be a social protection program meant to shield poor mothers

and children from malnutrition, but its impact on the economy and our future as a country is extensive,” he added.

“If the law is fully and effectively implemented, we can be assured of future generations of Filipinos who can ably compete in the global economy because they are healthier and smarter. This would translate into lower health-care costs and more funds for the government to spend on other priority concerns such as infrastructure modernization.”

Villafuerte is among the principal authors of the “First 1,000 Days” bill in the House of Representatives. The first 1,000 days refers to the 270 days of a child inside the mother’s womb up to the time of his or her second birthday.

The lawmaker said he believes the first 1,000 days law will reverse the alarming malnutrition rate responsible for countless deaths or stunted growths of Filipino babies and ensure their healthy brain development while inside their mothers’ wombs.

Citing World Health Organization data, Villafuerte said 5.9 million kids worldwide die of malnutrition while statistics from the Food and Nutrition Research Institute show that 1 in 3 Filipinos two years of age or below is malnourished. Jovee Marie N. Dela Cruz

Earlier, House Committee on Housing and Urban Development Chairman Alfredo B. Benitez of Negros Occidental said 2,185 hectares public land is idle and ready for housing programs.

According to Benitez, the housing needs of Filipinos could balloon to 6.8 million before President Duterte’s term ends in 2022.

Citing the HUDCC, the lawmaker said 2 million of the housing backlog were recorded in 2016.

He said there will be an estimated 774,441 housing needs in 2018; 788,773 in 2019; 803,405 in 2020; 818,363 in 2021 and 833,619 in 2022.

Benitez, meanwhile, said at least 1 million units should be constructed every year to address the country’s housing backlog. Jovee Marie N. Dela Cruz

Newly rehabilitated Tubigon Seaport reopens

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UBIGON, Bohol—Five years in the wake of the destructive 7.2-magnitude quake, Bohol’s Tubigon Seaport rises from the rubble as it reopened on January 5.

The Department of Transportation (DOTr) said it was in March last year when the government began the extensive repair and renovation of the bridge, which took less than nine months to be completed.

The renovated Port of Tubigon now has an expanded capacity to accommodate up to 28 ships, including larger vessels; nearly thrice its previous capacity of 10 ships. It now also has three roll-on, roll-off wharves for docking landing craft tanks and barges.

The air-conditioned passenger terminal building can now accommodate around 4,000 passengers daily, a substantial increase from its previous 1,500-passenger capacity, according to the DOTr. Not only is it spacious, it also offers a child-care station facility, and enhanced security facilities including a baggage x-ray machine and a walk-through metal detector.

The rehabilitation project also includes the establishment of a one-stop shop for clearing and payment of port charges, repair of the pedestrian covered walkway, lighting system, security fence and gate, as well as improved port access road.

HE House Committee on Rules will subpoena top officials of the Department of Public Works and Highways (DPWH) as it eyes conspiracy in the multibillionpeso flood control scam, its chairman said on Sunday.

In a statement, Majority Leader Rolando G. Andaya Jr., however, immediately cleared Public Works Secretary Mark A. Villar.

“The public hearing in Naga has raised more questions than answers.

The testimonies given under oath by those subpoenaed indicate a top-level conspiracy in the multibillion-peso flood control scam that may involve ranking officials of government. At the very least, the testimonies and evidence point to DBM [Department of Budget and Management] Secretary Benjamin E. Diokno in conspiracy with a senior DPWH official,” Andaya said.

“I doubt if Villar is in the loop with this modus operandi. We hope he can help us get to the bottom of this,” he said, adding he believes Villar may have been blindsided

by DPWH officials involved in the flood control scam.

In view of this development, Andaya said the House rules committee will issue subpoena to senior officials. Those to be summoned are DPWH Undersecretary for Planning and PPP Maria Catalina E. Cabral, Senior Undersecretary for Regional Operations in Luzon Rafael C. Yabut and Project Director of Flood Control Management Cluster Patrick B. Gatan.

The House committee will also issue subpoena duces tecum for official DPWH documents and transaction records related to flood- control projects implemented from 2017 to 2018. “ The testimonies from the DPWH regional office and district offices in Bicol were very clear. Top DPWH officials are ignoring Department Order 23 to bypass strict requirements for flood control projects,” Andaya said.

“Whoever is downloading these instructions to the DPWH district engineers is possibly the one in cahoots with Diokno,” he added. “These flood-control projects submitted by the district engineers are then used

to come up with a list of projects for approval by Diokno.”

According to Andaya, the “connivance” between Diokno and senior DPWH officials “is possibly the reason why billions of pesos in floodcontrol projects are allocated by the DBM to Casiguran and other parts of Sorsogon province.”

Whistle-blowers

ANDAYA said the public hearing conducted by the House Rules Committee in Naga City has attracted more whistle-blowers “willing to spill the beans on anomalous budget practices and allocations by the DBM.” “Immediately after the hearing, several contractors in [the] Bicol region approached me and expressed their willingness to cooperate with the House investigation. They voluntarily offered to provide solid evidence confirming our initial findings that contractors related to Secretary Diokno are using dummies to get multimillion government contracts,” he said.

“We are now in possession of bank transaction receipts showing that Aremar Construction [Co.] received more than P50 million as share in the flood control scam. With this development, the evidence against Aremar has reached the plunder point,” he added.

Andaya said these transaction receipts include the deposit slip for P11 million that found its way to the LandBank account of Aremar last October.

“With these pieces of evidence, we will ask the Bureau of Internal Revenue for official documents related to tax payments made by Aremar and its incorporators,” he added.

Andaya has accused Diokno of acting alone and allocating huge flood control funds in Casiguran, Sorsogon, where his in-laws are politicians and owned the Aremar Construction.

According to Andaya’s statement, Casiguran Mayor Edward Hamor, Aremar’s biggest shareholder, is the husband of Sorsogon Vice Gov. Ester Hamor, the mother of Diokno’s son-in-law, Romeo Sicat Jr. who is married to the budget secretary’s daughter, Charlotte Justine. Jovee Marie N. Dela Cruz

Korean, Filipino waste importer ‘not yet off the hook’–DENR exec

By Jonathan L. Mayuga @jonlmayuga

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HE people behind the importation of purportedly recyclable plastics from Korea but turned out to be hazardous wastes sent to the country’s port are still not yet off the hook.

This, even as the Philippines is scheduled to return to South Korea on January 9 some 6,500 tons of hazardous waste in Mindanao.

Undersecretary Benjamin D. Antiporda of the Department of Environment and Natural Resources (DENR) warned the importer of the hazardous waste, Verde Soko Philippines Industrial Corp., to do its part by returning the waste already transferred in its compound in Tagoloan, Misamis Oriental. “ T hey shou ld immed iately move to return the wastes because these hazardous waste are exposed to the elements and pose risks to the people and the environment,” Antiporda, the DENR’s undersecretary for solid waste management and local government units (LGUs), said.

About 5,100 tons of garbage arrived at the Mindanao International Container Terminal in Misamis Oriental province in July last year. More waste in 51 containers was shipped in October and were transferred to Verde Soko’s com-

pound. However, an inspection later revealed that the shipment contained hazardous materials like used dextrose tubes, soiled diapers, batteries, bulbs, and electronic equipment, in violation of the Basel Convention.

“We will return on [Wednesday about] 51 containers of waste back to South Korea. It will take only one day to do that. What we are worried about are those that are already transferred and are exposed to the elements. If the importer will not act fast, we might file a case against them, including one Korean executive,” Antiporda said but declining to name the officials facing charges.

According to port authorities, the first batch of waste has to be carefully repacked before these are shipped back to the Koreans.

“There is proper coordination going on. They will take it [hazardous waste] back on January 9. The next will be the ones that were already opened or transferred. It will take at least a month. But if it will take a long time for them to return it, we will file charges against the importers,” Antiporda said.

“We will charge even the Korean executives and we will initiate deportation proceeding by filing a complaint before the Bureau of Immigration for being an undesirable alien,” he added.

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Editor: Angel R. Calso • Monday, January 7, 2019 A5

Tsai: China must democratize to win hearts and minds of Taiwanese public

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HINA must usher in major democratic reforms if it hopes to overcome decades of mutual animosity with Taiwan, President Tsai Ing-wen said in Taipei on Saturday.

Tsai called on Beijing to become more democratic and renounce the use of military force if it wants to have any chance of winning over the hearts and minds of the Taiwanese public.

“The insufficiency of China’s democratic system, its poor record on human rights, and the fact they have never renounced use of military force against Taiwan have caused a high degree of concern among the Taiwanese people,” Tsai said at a briefing.

Chinese President Xi Jinping offered on Wednesday to begin discus-

sions on unification with any parties or individuals that accept Taiwan is part of “one China.” Both Tsai and the China-friendly opposition Kuomintang rejected Xi’s proposal, saying his “one country, two systems” framework lacks support in Taiwan.

In a survey by the Cross-Strait Policy Association, more than 80 percent of people in Taiwan don’t accept Beijing’s definition of the “1992 consensus,” according to a report in the Taipei-based Central News Agency on Thursday. The consensus is a tacit agreement between Beijing and the opposition KMT that both

sides of the Taiwan Strait belong to one China, with both sides free to interpret that in their own way.

“At a time when we are exhausting efforts to avoid provocation and miscommunication, China’s actions are unhelpful and contrary to democratic practices,” Tsai said on Saturday.

Taipei is willing to enter discussions with the government in Beijing as long as China sets no preconditions, Tsai said.

Earlier, Tsai warned against continued threats from China, signaling a hard line despite her recent election losses to the island’s more Beijing-friendly party.

“The election result doesn’t mean the Taiwanese people want to abandon sovereignty, nor does it mean the Taiwanese people will give up Taiwan’s autonomy,” Tsai said in a New Year’s Day address. “We are facing national safety threats and risks, particularly from China.” Bloomberg News

TSAI

Talks on US government shutdown continue W

A SH I NGT ON —W h ite House officials and congressional aides are returning to discussions on Sunday to find a way to reopen the government after emerging from the first round of weekend talks without a breakthrough.

President Donald J. Trump tweeted on Saturday: “Not much headway made today.” The president later tweeted that he planned to go to his retreat at Camp David, Maryland, on Sunday morning to discuss borders security and other topics with senior staff in a meeting separate from the negotiations.

Democrats agreed there had been little movement on Saturday, saying the White House did not budge on the president’s key demand, $5.6 billion to build a wall along the USMexico border.

The White House said funding was not discussed in-depth, but the administration was clear they needed funding for a wall and that they wanted to resolve the shutdown all at once.

Accusations flew after the more than two-hour session led by Vice President Mike Pence. Acting chief of staff Mick Mulvaney, in an interview with CNN’s State of the Union, accused Democrats of being there to “stall.” Democrats familiar with the meeting said the White House position was “untenable.”

A White House official said the meeting included a briefing on border security by Homeland Security Sec-

VICE President Mike Pence, (left), White House legislative affairs aide Ja’Ron Smith, Homeland Security Secretary Kirstjen Nielsen, (second row left), White House Senior Adviser Jared Kushner, and others, walk down the steps of the Eisenhower Executive Office building, on the White House complex, after a meeting with staff members of House and Senate leadership on Saturday, January 5, 2019, in Washington. AP PHOTO/ALEX BRANDON

retary Kirstjen Nielsen. Democrats sought written details from the Department of Homeland Security on their budget needs, which the White House said it would provide.

With talks stalled, House Speaker Nancy Pelosi announced that House Democrats plan to start approving individual bills to reopen shuttered

departments starting with Treasury to ensure Americans receive their tax refunds.

“While President Trump threatens to keep the government shut down for ‘years,’ Democrats are taking immediate further action to reopen government, so that we can meet the needs of the American peo-

ple, protect our borders and respect our workers,” Pelosi said.

In an interview with NBC’s Meet the Press, set to air on Sunday, Mulvaney argued that the administration was willing to deal. He said Trump was willing to forgo a concrete wall for steel or other materials.

“If he has to give up a concrete

wall, replace it with a steel fence in order to do that so that Democrats can say, ‘See? He’s not building a wall anymore,’ that should help us move in the right direction,” Mulvaney said.

The president has already suggested his definition of the wall is flexible, referring to slats and other “border things.” But Democrats have made clear they see a wall as immoral and ineffective and prefer other types of border security funded at already agreed upon levels.

Trump had campaigned on the promise that Mexico would pay for the wall. Mexico has refused. He’s now demanding the money from Congress.

Trump, who did not attend the discussions, spent the morning tweeting about border security.

Showing little empathy for the hundreds of thousands of federal workers furloughed or working without pay, Trump declared—without citing evidence—that most are Democrats. He also asserted: “I want to stop the Shutdown as soon as we are in agreement on Strong Border Security! I am in the White House ready to go, where are the Dems?”

One Democrat, Maryland Sen. Chris van Hollen, said in his party’s weekly radio address that the shutdown “is part of a larger pattern of a president who puts his personal whims and his effort to score political points before the needs of the American people.... He is pointing fingers at everyone but himself.” AP

Opec strategy still a winner for members despite oil slump

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IVEN oil’s plummet at the end of last year, Opec’s strategy to stabilize the market might look a bust. But where it matters most for the cartel’s members—petroleum revenues—it’s still a winner.

Crude prices in London have sunk back to the same range when the group began production cuts in early 2017, of between $50 and $60 a barrel, as record US oil output and shaky fuel demand counteract the group’s efforts.

That’s below the levels most of its members need to balance government budgets.

But, while the price slide may be an alarming sign for the Organization of the Petroleum Exporting Countries, the strategy of output restraint has continued to deliver what matters most: higher revenues for their export-reliant economies.

The nominal value of the group’s crude production, based on the average price of a basket of Opec crudes, surged by 33 percent last year, to $826 billion, according to Bloomberg calculations, as supply cuts from Opec and its allies bolstered the average oil price. Actual revenues, based on the volume of crude exported, rather than the total amount produced, would of course be smaller.

Whether that success continues in 2019 is unclear.

Prices have had a rocky start to the year on concerns that a slowing global economy will weaken demand just as a new flood of US shale oil hits the market.

If the slump persists, the organization could—as one key producer suggested— double-down on the strategy by cutting output even further. Or it might consider whether it’s time to try a different approach, like returning to the strategy of pumping at full-tilt as in 2015 to 2016.

But staying the course may still be the best option.

Even if prices don’t recover from current levels and Opec maintains its cuts all year, it’s on track to earn more than during that earlier period. Bloomberg News

With US leaving, rival powers seek to move into Syria’s east B EIRUT—The planned US troop withdrawal opens up a void in the north and east of Syria, and the conflicts and rivalries among all the powers in the Middle East are converging to fill it.

The sudden American decision to pull out its 2,000 troops has forced a reassessment of old alliances and partnerships.

The Syrian government, the Kurds, Russia, Iran, Israel and Turkey have all had a hand in the country’s nearly eight-year war — each in a way, fighting its own war for its own reasons within Syria. Now all of those conflicts play out in the territory being abandoned by the Americans, creating new tensions, potential chaos and bloodshed.

To reassure jittery allies, Washington sent national security adviser John Bolton to Israel on Sunday, to be followed

by Secretary of State Mike Pompeo who is planning an eight-country tour of Arab allies this coming week.

Here is a look at what’s at stake.

The territory

THE area up for grabs is around a third of Syria, forming a rough triangle. To

the north is the border with Turkey, to the east the border with Iraq, and the third side is the Euphrates River. This was the heart of the Islamic State group’s foothold in Syria until the United States partnered with a Kurdish militia, creating a force of some 60,000 fighters —including some Syrian Arabs and Christian Assyrians—that wrested it away from the militants.

The territory is strategically important. For the Syrian government of President Bashar Assad and its allies Russia and Iran, regaining it means reestablishing sovereignty. The territory was once the source of Syria’s wheat and barley, its dams generated electricity and it holds some of Syria’s richest oil resources. Without it, Assad will have a harder time with reconstruction and operating long term.

For the same reasons, it’s been a source of income for the Kurdish militia.

For the Kurds, their hold gave weight to their long-sought goal of autonomy.

For the US, the troop presence ensured American influence. Turkey sees Kurdish autonomy on its border as an existential threat and has vowed to prevent this, accusing the US of empowering the

militia Ankara says is linked to Kurdish insurgents in Turkey.

Assad and Russia

WITHOUT the Americans, the door opens for Assad and his Russian backers to move in.

“The only obstacle preventing Assad from gaining control of the east was the US presence and the cover that it provided to the [Kurdish militia]. With that gone... there is simply no real challenge that would prevent the regime from reestablishing control over those areas,” said Ayham Kamel, of the Eurasia group.

Abandoned by the US, the Kurdish fighters are forced to move toward Russia and Assad for protection against their more feared enemy, Turkey. Their force, armed and equipped by the US-led coalition, is unlikely to disappear. Instead, it is seeking an arrangement with Assad to continue operating as the government extends control over the territory.

Syrian officials boast that the withdrawal is a defeat to America. Controlling the east would help seal Assad’s victory in the civil war. The American move also accelerates a trend by Arab

states to normalize relations with Assad, whom they shunned for years. The United Arab Emirates, a close US and Saudi ally, recently reopened its embassy in Damascus.

Turkey vs Kurds, Russia and Assad

TURKEY’S military, along with some 15,000 allied Syrian rebel fighters, is poised to launch an offensive in the east to break Kurdish control over the border.

But an offensive risks creating friction with Russia. In particular, it could wreck a cease-fire agreement the two reached over Idlib, the northwestern province held by rebels and Islamic militants where Turkey has influence—enabling a Syrian government assault on the province. Russian and Turkish officials have been holding talks, trying to avert tensions.

“A massive Turkish operation is not in Russia’s interest. It destabilizes the situation, risks undermining Idlib agreements and talks on reconstruction.

Plus, if Turkey decides to capture all of the Kurdish areas it will inevitably clash with Russia and Iran,” said Yury Barmin, a Russia analyst.

Turkey is equally concerned over the prospect of Syrian government control over the east. In the past, Damascus has used the Kurdish militia as leverage against Ankara and could do so again. For nearly 20 years, Syria hosted the main Kurdish leader until he was captured in 1998, now imprisoned in Turkey.

Iran and Israel

A SYRIAN government move east means the spread of Iran, as well. It will dramatically widen the land corridor where Iran enjoys free rein for its allied fighters, weapons and supplies across Iraq and Syria to Lebanon. Already, Iranian-backed militias have expanded control over areas near Syria’s border with Iraq and freely cross back and forth.

That has alarmed Israel. The likely result will be increased Israeli air strikes against suspected Iranian-linked targets in Syria.

The US, Turkey and the Islamic State group

PRESIDENT Donald J. Trump dismissed the idea that the US needs influence in the conflict, saying Syria was nothing

but “sand and death.” He claims the US mission there—to fight IS—has largely been completed. But IS still holds pockets and US-led coalition officials warn it could surge again.

There has also been growing unrest among Arab tribes in the east, disgruntled by the Kurdish-led administration.

They too are likely to be a source of tension and may be leveraged by the different players for their own advantages.

Turkish President Recep Tayyip Erdogan told Trump his forces could take over fighting IS. In two previous offensives, Turkish forces and their Syrian allies retook territory in the northwest from IS and Kurdish fighters. But their track record of abuses, forced displacement of Kurds and lawlessness raises concern over whether they can exercise authority in the east.

“The force that Erdogan has to offer Trump to replace the [Kurdish militia] in eastern Syria is not large enough, locally legitimate enough, and quite frankly not vettable enough, for the standards of the US military,” said Nick Heras, a Syria expert with the Center for a New American Security. AP

A6

Monday, January 7, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Understand Tianxia; understand China

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N a speech before government officials, military officers and guests in the Great Hall of the People, Chinese President Xi Jinping reiterated Beijing’s call for peaceful unification on a one-country-twosystems basis with Taiwan. However, he also warned that China reserved the right to use force. Mr. Xi said both sides were part of the same Chinese family and that Taiwanese independence was “an adverse current from history and a dead end.”

“I hear prominent Americans, disappointed that China has not become a democracy, claiming that China poses a threat to the American way of life,” former US President Jimmy Carter wrote on the last day of 2018 in a Washington Post op-ed. That claim, Carter tells us, is a “dangerous notion.”

President Xi understands the concept of “Tianxia”; President Carter does not.

Tianxia dates back some 2,500 years to the Zhou dynasty. The term literally means “heaven under” or “All under Heaven,” denoting either the entire geographical world or the metaphysical realm of humans. It is the idea of “the lands divinely appointed to the Emperor by universal and well-defined principles of order.” This is a view that the world is centered on the Emperor and the Imperial Court, which, in effect, has jurisdiction of “All under Heaven.”

All should be unified under one rule. In the Art of War, Sun Tzu writes that the supreme goal of offensive strategy was to conquer without destroying that which you sought to conquer. Chinese emperors claimed they had the Mandate of Heaven over Tianxia, as they believed they were “predestined and compelled to order and rule the entire world that is known and reachable.”

Therefore, if you conquered a land, you would not destroy its infrastructure or people because all belonged to you in the first place. You do not burn down your own house to remove a rebellious and uncooperative cockroach.

The China and South China Sea experts said that China should—if not would—adhere to the decision of the Permanent Court of Arbitration in the case brought by the Philippines. China, they said, would want to take its place in the family of civilized sovereign nations. From the view of Tianxia, China is the only civilized and sovereign nation.

Xi, embracing this historical root of Chinese foreign policy, may be the reason why he might be president for life. But Xi is not an exception.

President Recep Tayyip Erdoğan of Turkey has clearly stated his intent to bring back his country to the golden age when it was the center of the Ottoman Empire, which controlled much of Southeast Europe, Western Asia and North Africa between the 14th and early 20th centuries. President Donald J. Trump’s foreign policy clearly echoes what President George Washington said in his Farewell Address. “It is our true policy to steer clear of permanent alliance with any portion of the foreign world. Peace, commerce, and honest friendship with all nations—entangling alliances with none.”

Shinzō Abe, two-time Prime Minister of Japan, is a strong member of Nippon Kaigi. “We are monarchists. We are for revising the constitution.

We are for the glory of the nation.” Fifteen of the 18 of Abe’s Cabinet are also members. Abe is a “special adviser” to the group.

Nations, like people, are the sum of their life experiences and their heritage. For China, President Xi has resurrected the ancient concept of Tianxia and other countries will ignore this fact at their own peril.

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Cheers to a better year!

I

Acquiring new knowledge this year is another wise move, experts say. To get more time for this, a leader needs to be good at delegating. Learn about leadership, and familiarize yourself with new trends with respect to a changing environment. To stay ahead of the game, make sure you are up to speed with new developments.

Before making plans for the days ahead, it is very important to look back and reflect on the past 12 months. Take an honest stock of where you are in your career, in relation to where you’d like to be. What were the positive highlights of the previous year, and the negative ones?

If you want, you can even ask your subordinates and partners for feedback to help you in your reflection.

What would you have done better?

What are the areas for improvement?

involve the whole team in planning, so that we can get more commitment from everyone on board. As a group, determine your daily action steps to ensure that you reach the goals.

Regularly get together with the whole team to evaluate progress and coach each member so that the group is on track with the plan. At the hundredth day, celebrate your wins together.

Acquiring new knowledge this year is another wise move, experts say. To get more time for this, a leader needs to be good at delegating. Learn about leadership, and familiarize yourself with new trends

Atty. Jose Ferdinand M. Rojas II

RISING SUN

T’S a few days into the New Year and as a leader, do you have a plan for the coming days? A new president’s First 100 Days usually sets the tone for the presidency, so a leader’s First 100 Days in 2019 must also be crucial as to how the entire year will generally fare. Experts have shared sound leadership moves to take this year to increase the chances of having a better year.

Once you have assessed the past, it’s now time to plan for the full year.

Set your goals for 2019: a general goal, and smaller goals to help you reach the big goal. Be very clear and specific about how you actually plan to reach these goals, and when. Keep this list visible all the time and regularly review it throughout the year to see how you are doing.

There is something to be said about inclusion. Experts maintain that it is important for leaders to

with respect to a changing environment. To stay ahead of the game, make sure you are up to speed with new developments. For example, as more members of Generation Z enter the work force, do you know how to adapt your leadership style to meet new expectations and effectively communicate with the young work force? Get out of your comfort zone and learn new ways to move the organization forward.

And while you’re at it, how about offering learning opportunities to your people, too? You’ll make them happy, and you’ll benefit from it in the end—it’s a win-win situation. Look in the direction of hiring consultants, trainers and coaches to help the entire team adopt new skills and knowledge.

There are numerous programs to consider, whether directly related to your organization’s work or not. It is totally acceptable to educate oneself in the areas of personal interests, hobbies or self-development.

I hope that 2019 will be kind to everyone. May you have a prosperous, blessed and meaningful 2019.

Here’s to a better year!

Proceed with caution, industrial investors

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By Brooke Sutherland | Bloomberg Opinion

OURTH-QUARTER earnings tend to be an afterthought for investors in the US industrial giants. By this point in time, they usually have a good sense of the year that was and have already heard from companies on the near-term outlook.

Not this year.

Investors don’t have the same assurances headed into this earnings season and will be parsing the numbers for even the slightest sign of slowing growth or weakening margins when America’s biggest manufacturers start reporting year-end results later this month. They likely won’t have to look hard: China’s official factory gauge has slipped into a contraction, Europe’s economic growth has slowed, and now that weakness is threatening to spread to the US as side effects from President Donald J. Trump’s trade war risk strangling the industrial cycle in its adolescence.

Already, the broader US data is coming in on the softer side: A report this week showed the five Federal Reserve indexes of regional manufacturing declined in December, the first time there’s been an across-the-board slump since May 2016. The Institute for Supply Management manufacturing gauge registered above the 50-point level that indicates expansion last month, but relative to November, the reading dropped by the most since the 2008 recession. A measure of new orders plunged 11 points, which Robert W. Baird & Co. analyst Mircea Dobre says is the fourth largest decline in

the past 30 years. While payroll and wage-growth data released on Friday indicate a still-robust labor market, just 16.6 percent of respondents in the Conference Board’s consumer confidence survey last month expect more jobs in the next six months, down from 22.7 percent the month before in the biggest drop since 1977.

Tariffs are starting to bite, whether via rising raw material costs or simply too much uncertainty for any reasonable business manager to make big supply-chain and purchasing decisions. Industrial demand is still growing and a recession may be a while off in the US, but the recent turn in the data is a reminder of how quickly things can change.

Recall that FedEx Corp. had to cut its 2019 guidance in December only three months after it had raised it, with CEO Fred Smith blaming a deterioration in the company’s economic outlook that was so rapid “it’s hard to react to it.”

Against that backdrop, it’s hard to imagine industrial CEOs striking the same rosy tone they stuck to in the third quarter as analysts peppered them with questions about the impact of the trade war. The importance of fourth-quarter earnings calls is particularly acute this year because we’ve heard so little

from industrial CEOs over the past month. The multi-week parade of year-end presentations known as the “fifth earnings season” among analysts was practically nonexistent in 2018. RBC analyst Deane Dray says 14 companies from his multi-industrial coverage area held outlook calls at the peak a few years ago; this year, only five did so, or plan to: 3M Co., Danaher Corp., Illinois Tool Works Inc., Flowserve Corp. and Honeywell International Inc. The latter is fudging a bit by moving its call to January from a usual December slot and Flowserve won’t give specific 2019 numbers until its February fourthquarter earnings release.

One reason for the lack of a rush to give 2019 guidance may be that CEOs were hoping the extra month or two would bring more clarity on the trade war. And on that front, I expect they are sorely disappointed.

Trump and China President Xi Jinping agreed last month to a temporary truce that pushed out until March the US threat to increase tariffs on $200 billion of Chinese goods to 25 percent from 10 percent. Companies are apt to have used the hiatus to lock in orders ahead of more dire levies, which likely aided industrial manufacturers’s fourth-quarter numbers. That will be an empty victory, though, if 2019 winds up being a bust.

It remains unclear what kind of deal with China the Trump administration would be willing to accept. On Thursday, Trump tweeted that tariffs on Chinese goods are being paid to the US Treasury; they aren’t. The

same day, Kevin Hassett, the chairman of the White House Council of Economic Advisers, predicted “a heck of a lot of US companies that have sales in China” will face lower earnings.

Those companies that did give 2019 guidance at the end of last year may already be regretting it.

3M forecast fiscal 2019 adjusted EPS growth of 7 percent to 11 percent and organic sales growth of 2 percent to 4 percent, both of which look ambitious at the high end in the event of waning economic growth. Apple Inc.’s slashing of its quarterly revenue forecast this week bodes poorly for 3M, which sells display, touch and battery materials for consumer electronics. CEO Michael Roman has been in the job since July and has already had to cut 2018 guidance twice amid weakerthan-expected growth, a pinch from foreign currency swings and rising raw-material costs.

So expect a healthy dose of caution from CEOs. The bigger question is whether markets are sufficiently prepared. The S&P 500 Industrial Index has slumped nearly 20 percent since the end of the third quarter and earnings estimates have been coming down, but RBC’s Dray notes that on a price-earnings basis, the sector is still trading at a higherthan-typical premium relative to the broader benchmark. Particularly if you think a recession is nigh, some of these stocks are arguably still a tad expensive, and that could lead to unfortunate surprises come earnings season.

Opinion BusinessMirror

www.businessmirror.com.ph

The Fourth Industrial Revolution: Accounting faces new challenges Camila V. Amistoso

DEBIT CREDIT

I

F we stay silent about change, we might as well resist it. For change has come once again. But to what extent are we responsible to ourselves and to the accounting profession in terms of victory or defeat?

The 13th Washington SyCip Lecture Series, dubbed “Industry 4.0: Lights and Shadows,” was organized by the University of Santo Tomas-Alfredo M. Velayo College of Accountancy on November 7, 2018.

Accounting experts from various sectors discussed their insights and judgment with regard to Industry 4.0 in business and accounting education. The experts include: Mr. Michael Gallego of Punongbayan & Araullo, Dr. Arnel Onesimo Uy of the Commission on Higher Education, Prof. Florenz Tugas, Prof. Kenji Asano, Mr. Fermin Antonio Yabut and Ms. Kristine Abegail D. Asug.

Being told for numerous times, there is only one thing in this world that is constant: Change. Today, Industry 4.0 has been establishing itself on our current business setting. This is of great importance not only to the general population but also to the whole work force. The implications of technology exempt no one, as seen on how it influences individual behaviors and overall culture. With this, corporate regulations and business transactions have also been evolving. As these changes occur naturally in our economic and business system, as individuals, one option is and will always be existence; sometimes our last resort is acceptance of change.

While Industry 4.0 is a call for both celebration of potential and preparation for risk, it likewise challenges our educational system to take responsibility in creating a new norm on educating the future generations, as educational institutions are one of the starting points where we can reap the benefits of Industry 4.0.

Generally, seeing the shift in how education is put into operation, the focus of academics at some point becomes the technicalities of the field, rather than discussing the very essence of principles and concepts. Sometimes, educational systems focus more on the functionalities of the system itself, leaving the principal mission of education overlooked.

Observed in most academic discourses, it tends to focus on answering the what of things, rather than the why and how. Not to mention that the why and/or how can be taught in lectures with its what inherently included. It is, still, understandable that this is immensely challenging

on the part of those belonging in academe.

However, the field of accounting, at this point in time, is crucial to the technologies that are currently surfacing. We are, somehow, in competition with artificial intelligence in terms of the application of accounting rules and standards. Though accounting may be an overwhelming field, if we bring into the system how accounting, such as tackling essence as foundation rather than facts, may not only allow us to attain the highest level of appreciation for accounting but also an opportunity to instill a lifelong zeal in students, the rewards of which may be unseen in the present, but are potentially realizable in the future.

Accounting is a very competitive practice, involving complex skills such as analysis, communication and decision-making. The human mind is essentially created with the capability to operationalize these processes but not to recreate these into machine form. This is, in all honesty, a misinterpreted opportunity. We usually underestimate human talent when robotics becomes a frontliner. But a human heart we do possess, and that is a passion present within the accounting equation that can never be replaced.

In relation to this, Dr. Uy mentioned that human beings can offer one resource to our clients that robotics can’t, and that is trust. Our nature as human beings will keep accounting alive, and accounting, in return, will keep the business sector functional not only for the economy as a whole but also for its individual constituents.

There are certain weapons that can be designed to supplement the current scope we implement in our accounting education. For this accounting world will, one day, be far from the kind of accounting we have today, and we are preparing for a change we shall embrace.

Camila V. Amistoso is a senior student from the University of Santo Tomas, pursuing a Bachelor of science in accountancy. She is a member of UST Junior Philippine Institute of Accountants and a contributor to UST-JPIA’s official publication, The Ledger.

This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat.@gmail.com.

Silent analysis Siegfred Bueno Mison, Esq.

THE PATRIOT

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N all parts of the world, people celebrated the start of 2019.

In the Philippines, there were festive parties, colorful countdowns and, of course, lots of fireworks. Most people I know grew up with the superstitious belief that each year must be met with lots of lights and noise. For good luck, they say. When I was much younger, I jumped as high as I could at the strike of midnight of each New Year’s Eve. For me to grow taller, my father would say.

People generally celebrate January 1 but not December 31. They usually welcome the New Year with much anticipation and excitement.

Most people I know hardly reflect on the past year with the mindset that what has been done can no longer be undone. Most people prefer to look ahead at the future instead of dwelling on the past. I have been doing the same for the past many years.

At the end of each year, my sister Irene Mison-Estores has consistently been sharing significant events that occurred during the past year with her family and network of friends.

She does this by way of a narrative, either in poetic prose or a journal type of announcement. Gifted with excellent writing skills, Irene could have been one great journalist fulfilling her youthful aspirations. But, following the suggestion of our father, my sister Irene is now a doctor in reha-

bilitation medicine, who, from time to time, gives me tips as to how to fix and minimize my frequent lower back problems. Given her limited time to write, her writing prowess is manifested in these newsletters disguised as holiday greeting cards whose consistent theme is love, joy and peace. But I think my sister’s underlying message in her annual newsletters is one of gratitude. It is her unique yet creative way of thanking God for all the events in the past year.

I encourage everyone to have some kind of reflection as each year comes to a close, similar to my sister’s annual habit. Let’s reflect on the past events in our lives—good and bad—with a joyful heart. Just as it was written in Ecclesiastes 7:14, “In the day of prosperity be joyful, But in the day of adversity consider: Surely God has appointed the one as well as

Bloomberg Opinion

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HE list of things that President Donald J. Trump criticizes in his tweets varies from one day to the next. He may soon have to direct his ire to oil prices and the actions of his ally, Saudi Arabia, once again.

The desert kingdom is already making good on its promise to slash supply, and the initial evidence suggests that the biggest cut is being made in deliveries to the US. On top of that, the price it charges American buyers of its crude has been raised to near record levels for cargoes to be shipped in February. That could be bad news for a president who just celebrated falling gas prices.

The Opec+ group of countries met in December and, after Russia

took the reins, eventually agreed to cut supplies by 1.2 million barrels a day from January. For Saudi Arabia, that meant cutting production to just over 10.3 million, but it pledged to go further—oil minister Khalid Al-Falih told reporters and analysts that it would be slashed to 10.2 million barrels a day in January.

The first job was to unwind the output surge made in November that had helped to deliver the price drop hailed by Trump. That was done last month. Saudi production in December was back below the October baseline used for its (and most other countries’) promised cuts.

That couldn’t have been what Trump wanted, given what he tweeted the day before Opec began its meeting in Vienna—at the time, crude prices were in the midst of their worst quarterly

the other, so that man can find out nothing that will come after him.”

Such events were sent our way for a purpose. While some of my friends still do the traditional fireworks, others go to church services before midnight of December 31, as their way of giving thanks for all the blessings sent their way. What I recently found to be surprisingly effective in terms of giving thanks for the past year was to lay still and sit in silence.

In the book, Power of Silence, author Graham Turner shared the different benefits of silence as practiced by priests, monks and other men of faith, as well as musicians, actors, hikers and campers, psychotherapists, and even freedom fighters in war-torn Lebanon. Stephen Venables, the first Briton to reach the summit of Mount Everest, alone and without the aid of oxygen, said: “Silence means that everything is still and safe. It’s what I want. It has never intensified anxiety in me when I was alone.” Amid all the noise heard as people greeted the New Year with a bang, solitude is one place where profound silence connects us to our soul. Somehow, silence can remind our inner selves that everything is fine, true of the words of Venables. Silence can also become a valuable companion and a source of inspiration, as Turner said. Contrary to what most people think about silence as a form of emptiness, Turner discovered that silence is filled with powerful gifts that most people miss out on.

Silence allows the soul to regain balance by allowing the Holy Spirit

within us to reenergize, revitalize and recalibrate our restless minds and tired bodies at the end of each year. Silence also helps us to have a different mental perspective of burdens—things that bring havoc on our inner peace. Sitting quietly in peaceful meditation allows God to unearth the pain within us in order to heal it and fix it. Most important, silence prepares us to receive gifts of love, joy and peace—the same gifts that my sister Irene wishes her family and friends at the end of each year through her newsletters. In the Bible, Exodus 14:14 tells us “The Lord will fight for you, and you have only to be silent.” Each year will always be filled with struggles. In silence, gratitude comes out naturally knowing that these constant struggles bring us valuable lessons in life.

A friend, who binges on all kinds of Netflix television series, once told me that each end of every episode allows her to briefly pause and comment on what just happened.

In her thoughts, she has an endgame analysis while anticipating or predicting what will happen in the next episode. Like a television series, the end of each year happens to be a logical segue to the next. We should make use of these short gaps between each year in gratitude in whatever way possible. Try some moments of silence. So, instead of just happily greeting each other “Happy New Year,” we can also whisper and tell ourselves, “Thank You Past Year.”

For questions and comments, please e-mail me at sbmison@gmail.com.

China has a dangerous dollar debt addiction Christopher Balding

BLOOMBERG VIEW

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HINA’S foreign debt has been rising rapidly, and that’s becoming an increasingly big problem—for the country and, potentially, the world.

Officially, China lists its outstanding external debt at $1.9 trillion. For a $13-trillion economy, that’s not a major amount.

But focusing on the headline number significantly understates the underlying risks.

Short-term debt accounted for 62 percent of the total as of September, according to official data, meaning that $1.2 trillion will have to be rolled over this year. Just as worrying is the speed of increase: Total external debt has increased 14 percent in the past year and 35 percent since the beginning of 2017.

External debt is no longer a trivial slice of China’s foreign-exchange reserves, which stood at just over $3 trillion at the end of November, little changed from two years earlier.

Short-term foreign debt increased to 39 percent of reserves in September,

from 26 percent in March 2016.

The true picture may be more precarious. China’s external debt was estimated at between $3 trillion and $3.5 trillion by Daiwa Capital Markets in an August report. In other words, total foreign liabilities could be understated by as much as $1.5 trillion after accounting for borrowing in financial centers such as Hong Kong, New York and the Caribbean islands that isn’t included in the official tally.

Circumstances aren’t moving in China’s favor. The nation’s companies rushed to borrow in dollars when there was a 3-5 percent spread between Chinese and US interest rates and the yuan was expected to strengthen. Borrowing offshore was cheaper and offered the additional bonus of likely currency gains. Now, the spread in official short-term

Saudis slash oil output: Get ready for Trump tweets

By Julian Lee

Monday, January 7, 2019 A7

decline in four years.

Bloomberg’s tracking of crude exports from Saudi Arabia indicates that the biggest drop in flows from the kingdom was in the volume heading for the US. Shipments to ports on the Atlantic, Gulf and West coasts fell by nearly 60 percent between November and December to just over 350,000 barrels a day.

That’s the lowest since Bloomberg started tracking these flows in January 2017.

The size of the drop isn’t set in stone—a small number of ships signaling that they are heading for the Suez Canal or Singapore could eventually go to the US. Even so, a decline in Saudi crude shipments to American ports should start to show up in lower deliveries after about six weeks. By mid-February, US imports of the kingdom’s oil

There is no reason to doubt that Al-Falih will do what he said in Vienna. It was only after slashing exports to the US in July 2017 that oil prices really began to recover, and Saudi Arabia will be hoping for a similar impact this time, too.

But don’t be surprised if that also unleashes angry tweets from the US president. could fall to the lowest in more than 30 years, according to data from the Department of Energy. The last time the flow from Saudi to the US fell below half a million barrels a day was in the mid-1980s, after the kingdom slashed its production by

Bulls have long argued that China’s financial risks are contained because of the country’s low levels of external debt and large foreign-exchange reserves. That has changed.

China’s external debt has been increasing by an average of $70 billion per quarter since the beginning of 2017.

yields has shrunk to near zero, and the yuan has been depreciating for most of the past year. Refinancing debt in dollars has become harder, and more risky. Beijing’s policies have exacerbated the buildup of foreign debt. To promote Xi Jinping’s “Belt and Road” initiative, the president’s landmark foreign policy endeavor, China has been borrowing dollars on international markets and lending around the world for everything from Kenyan railways to Pakistani business parks.

With this year and 2020 being the peak years for repayments, China faces dollar-funding pressure. To repay their dollar debts, Chinese firms will either have to draw from the central bank’s foreign-exchange reserves (a prospect Beijing is unlikely to allow) or buy dollars on international markets. This creates a new set of problems. There are only 617 billion yuan

($90 billion) of offshore renminbi deposits in Hong Kong available to buy dollars. If China was to push firms to bring debt back onshore, this would necessitate significant outflows that would push down the yuan’s value against the dollar.

International dollar investors need to be wary of Chinese-linked investments. Local government financing vehicles and Belt and Road borrowers may seem quasi-sovereign quality, but any shift in the willingness to roll over dollar debt could create a funding crunch. With the US Federal Reserve raising rates and reducing its balance sheet, Chinese companies could face paying more for capital in dollars than in yuan.

Bulls have long argued that China’s financial risks are contained because of the country’s low levels of external debt and large foreign-exchange reserves. That has changed.

China’s external debt has been increasing by an average of $70 billion per quarter since the beginning of 2017. If it keeps rising, Beijing will have the unpalatable choice of burning through its reserves or letting the yuan fall, both of which would carry additional risks.

China and the world need to think clearly about this growing dollar debt dependence. Any cessation of funding could have severe and unforeseen consequences.

80 percent over four years in an ultimately unsuccessful attempt to prop up oil prices.

It’s not just this volume decline that is going to rile Trump. The price of that oil isn’t going to make him happy either.

Saudi Arabia sets its crude prices a month in advance of it being loaded at its export terminals, so it has just published its price list for February.

In common with other producers, it does not set an outright price, but rather a differential to regional benchmarks for each export grade and each market area.

Price differentials for US buyers have been going up since August and for most grades are now close to record levels. Saudi heavy crude, which is the closest alternative to dwindling supplies from Venezuela and Mexico, is the most expensive it’s

been since 2009 in relative terms.

It makes sense for Saudi Arabia to focus its cuts on sales to the US, the only country that publishes detailed weekly data on oil imports and inventory levels—traders watch the reports closely. This means the reductions will be evident more quickly than would similar cuts to other destinations, so a drop in American imports should have a much more immediate impact on price expectations.

There is no reason to doubt that Al-Falih will do what he said in Vienna. It was only after slashing exports to the US in July 2017 that oil prices really began to recover, and Saudi Arabia will be hoping for a similar impact this time, too.

But don’t be surprised if that also unleashes angry tweets from the US president.

2nd Front Page BusinessMirror

A8 Monday, January 7, 2019

Usman damage nears ₧1B as more rice farms included

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By Elijah Felice E. Rosales

@alyasjah

AMAGE to the farm sector caused by Typhoon Usman last week has reached almost P1 billion with an estimated production volume loss of nearly 20,000 metric tons (MT), according to the latest assessment of the Department of Agriculture (DA).

A report released by the DA Disaster Risk Reduction and Management Operations Center on Sunday afternoon showed that Usman has affected 42,863 farmers planting in 47,529 hectares of agricultural land in four regions.

“The increase in the overall values is attributed to reports on rice in Quezon. The affected regions

are now conducting their field validation,” it said in the report, which was updated as of 9 a.m. of January 6.

Losses in the rice sector, which suffered the brunt of the typhoon damage, reached P840.40 million with an estimated volume of 15,883 MT in 41,143 hectares of farm.

About 35,385 rice farmers in

35,385 The number of rice farmers affected in the provinces of Quezon, Oriental Mindoro, Albay, Camarines Norte, Camarines Sur, Catanduanes, Masbate, Sorsogon, Leyte, Eastern Samar, Northern Samar and Samar

the provinces of Quezon, Oriental Mindoro, Albay, Camarines Norte, Camarines Sur, Catanduanes, Masbate, Sorsogon, Leyte, Eastern Samar, Northern Samar and Samar were affected.

Damage to high-value crops was valued at P56.99 million with an estimated production loss of about 3,216 MT in 649 hectares in Albay, Camarines Sur, Masbate, Sorsogon, Eastern Samar, Northern

Samar and Samar. The damage thus far reported included production losses from fruit trees, assorted vegetables and root crops.

Furthermore, some 4,576 corn farmers lost 286 MT of produce planted on 5,737 hectares in Albay, Camarines Sur and Masbate, which was valued at P27.59 million.

The DA has also noted that some 256 livestock raisers in Camarines Norte, Camarines Sur, Catanduanes, Eastern Samar and Northern Samar have incurred losses amounting to P16.78 million.

The DA has also recorded P15.37 million worth of seafood production loss in the provinces of Oriental Mindoro, Camarines Norte and Sorsogon. Usman affected around 90 fishermen who produce tilapia, crab, shrimp, bangus, prawns and other aquatic products.

Last, around P500,000 worth of small-scale irrigation projects were damaged in the provinces of Camarines Sur and Sorsogon, according to the DA report.

Meralco prods ERC on capex applications

By Lenie Lectura

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@llectura

HE Manila Electric Co. (Meralco) has formally informed regulators of a pressing need to approve its applications for emergency capital expenditures (capex) while its 2018 and 2019 capex applications are pending.

According to Meralco Chief Financial Officer Betty Siy-Yap, the utility firm has manifested an urgency to approve P4 billion in the

first half of 2018 and another P4 billion in the second half of the same year.

“The total amount manifested is about P8 billion,” the Meralco official said in a text-message reply.

Meralco, which is required to seek approval from the Energy Regulatory Commission (ERC) before it c a n i mplement it s planned capex, has been filing for emergency capex because its main application for capex has yet to be approved.

TAIL-END OF A COLD FRONT AFFECTING EASTERN MINDANAO NORTHEAST MONSOON AFFECTING LUZON AND VISAYAS as of 4:00 am - January 6, 2019

₧40.26B Total of Meralco’s capex applications for two regulatory periods, which remain pending with the ERC

Even its applications for emergency capex have yet to be resolved by the ERC. As such, the utility firm has filed manifesta-

tions before the ERC. “We manifested most of them because the projects are critically loaded,” she said, adding that the emergency capex are vital to finance Meralco’s network.

Meralco’s capex for the third regulatory year (RY) of its fourth regulatory period (RP) amounting to P18.8 billion still awaits approval of the ERC. The amount covers the period July 2017 to June 2018.

For its July 2018 to June 2019 capex, Meralco filed approval for P21.46 billion. This is also pending.

In all, Meralco’s P40.26-billion capex application for two regulatory periods remains pending with the ERC. The proposed capex programs are necessary to meet growth in peak demand and customer connections; to ensure sustained network efficiency; to enhance its distribution network; to comply with regulatory requirements; and support government’s publicprivate partnership programs.

Meralco forecasts a 4.5-percent growth in peak demand and a 3.6-percent growth in customer base. “The increase…will require Meralco to increase the capacity of the electric distribution system in order to accommodate customer connect ions, whi le maintaining the reliability and power quality of the distribution system,” it said.

It also pointed out that capex projects are required to maintain existing assets, improve network performance and enhance customer service performance. Moreover, technology projects will allow it to enhance its distribution network, enabling it to respond effectively to line and network outages, which will reduce service interruptions of customers, Meralco said.

It stressed that non-approval of its capex projects will severely hamper its operations and affect its ability to deliver electric service to its customers.

“It is imperative for Meralco to undertake in a timely manner, expansion and rehabilitation of its network facilities through acquisition of new assets in order to ensure continuous delivery of reliable service, and comply with safety, performance and other regulatory requirements, while addressing the growing needs of its more than 6 million customers,” it said.

www.businessmirror.com.ph

M.M.D.A. DEPLOYING 850 PEOPLE FOR ‘TRASLACIÓN’ FOR SECURITY, TRAFFIC

A MAN who does silk screen printing holds one of his designs used for t-shirts and handkerchiefs to be sold in time for the Traslación, the annual feast of the Black Nazarene, to be marked on Wednesday 9. NONIE REYES

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T least 850 personnel of the Metropolitan Manila Development Authority (MMDA) will be deployed for the January 9 annual procession of the Black Nazarene, which is expected to draw millions of participants.

MMDA Chairman Danilo Lim said the MMDA personnel will also be ready to provide traffic and emergency assistance during the occasion. As of Sunday, some 350 personnel were already deployed for the procession of Black Nazarene replicas on January 7 and traditional Pahalik or kissing of the image at the Quirino Grandstand starting January 8.

The MMDA contingent will come from different units identified to help the local government unit of Manila in maintaining peace and order during the festivity: The Western Traffic Enforcement Division shall be in-charge of managing traffic in the designated route of the procession and alternative routes for motorists, while the Road Safety Unit is tasked to install traffic cones and barriers at Luneta and processional route.

The Sidewalk Clearing Group will also provide crowd control personnel during the Pahalik.

The Metro Parkway Clearing Group is tasked to manage road clearing of any form of obstruction particularly garbage at the Luneta Parade Ground and roads along the 5.9 kilometer procession route.

Emergency and medical assistance shall be rendered by the Road Emergency Group and Public Safety Division while monitoring and communication will be handled by the Metrobase.

“Street sweepers will immediately clear roads of all types of clutter,” said Lim. “Emergency teams will be deployed at the Grandstand and along the route of the procession to assist those who would be injured,” Lim added.

Ferry boats of the Pasig River Ferry Service will also be placed on standby at Jones Bridge in

Manila City.

Traffic mobile patrols, ambulances, road emergency vehicles, mobile surveillance and communication units and other necessary equipment and vehicles will also be dispatched.

Lim also advised motorists and the commuting public to take note of the roads that will be temporarily closed for the grand procession which starts at the Quirino Grandstand and end in Quiapo Church.

The Grand Procession of the Black Nazarene will take this route: from the Quirino Grandstand to Katigbak Drive thru P. Burgos, left Taft Ave. thru Jones Bridge, right to Dasmariñas St., right to Plaza Sta. Cruz St.; left Carlos Palanca St. under Quezon Bridge, left Quezon Blvd., right Arlegui St., right Fraternal St., right Vergara St., left Duque de Alba St., left Castillejos St., left Farnecio St., right Arlegui St., left Nepomuceno St. (counterflow), left Aguila St., right Carcer St., right Hidalgo thru Plaza del Carmen, left Bilibid Viejo thru Puyat, left Guzman St., right Hidalgo St., left Bautista (Barbosa) St., right Globo de Oro thru under Quezon Bridge, right Palanca St., right Villalobos thru Plaza Miranda to Quiapo Church.

Meanwhile, the Metro Manila Disaster Risk Reduction and Management Council (MMDRRMC), also chaired by Lim, has asked the local government units of Metro Manila to mobilize manpower and resources on standby for the religious festivity.

The Manila City Disaster Risk Reduction and Management Council is taking the lead on the first emergency response through coordination and collaboration with the MMDRRMC. “We expect around 13 to 15 million participants to join the procession since weather is predicted to be good that day,” said MMDRRMC Vice Chairman Romulo Cabantac Jr., who led a coordination meeting held on Friday.

Retail trade lib. . .

Yap and Gatchalian argued the law has restricted the entry of foreign retailer firms, which could have translated to more employment opportunities.

“Based on the list of foreign retailers prequalified by the [Board of Investments], only 22 retailer firms have invested in the country’s retail sector since 2000,” Gatchalian said in his explanatory note of SB 1639.

“Currently, the law requires a minimum paid-up capital of $2.5 million for a 100-percent foreign ownership of a retail establishment. These requirements, along with other barriers, have resulted in the Philippines lagging behind other Asian countries in terms of developing a regulatory regime favorable to foreign investment,” he added.

Claudeth Mocon-Ciriaco

Continued from A1

In a statement in November, the Joint Foreign Chambers of the Philippines had called on lawmakers to expedite the passage of amendments to, among others, the Public Service Act and Retail Trade Liberalization Act. However, bills seeking to liberalize the retail trade industry have yet to make significant progress in both chambers.

HB 4595 and SB 1639 are both pending committee deliberations.

Congress will resume session on January 14 and will end on February 8 to make way for the midterm elections.

The 17th Congress will then commence session for the last time on May 20. Sine die adjournment begins on June 8.

Editor: Efleda P. Campos

Companies BusinessMirror

Monday, January 7, 2019

B1

NGCP wants solons to pass law to curb ROW violations

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By Lenie Lectura

@llectura

HE National Grid Corp. of the Philippines (NGCP) urged lawmakers to expedite the passage of the Anti-Power Line Disturbance Act following the recent spate of rightof-way (ROW) violations.

incident was recorded along the Mexico-Calumpit 69-kV line when a laborer working on the construction of a new building along McArthur Road, San Simon, Pampanga, accidentally swung the 18-foot steel bar reinforcement, which directly hit the conductor of the line. The victim suffered slight electric shock that caused power interruption.

A similar incident occurred in Batangas City last December 10 when a construction worker was electrocuted when the tubular metal he was using in plastering the wall breached the safe distance of the Bolbok-Ma. Parang-Concepcion 13.8-kV line. He fell to the ground and was rushed to the hospital for treatment.

“We have been very serious in the conduct of our information and safety campaigns in the communities near our transmission facilities. But our efforts are often ignored because there is no legal consequence to breaching safety clearances. These breaches in right-of-way not only threaten the reliability of the transmission system, causing unnecessary inconvenience to power customers, but also risks the lives of anyone involved or living near the area,” the NGCP said.

The company called on the legislative body for the immediate passage of the Anti-Power Line Disturbance

Act, which seeks to prevent obstructions and penalize the introduction of high-growing vegetation or hazardous improvements along power line corridors.

Sen. Sherwin T. Gatchalian, chairman of the Senate Committee on Energy, recently sponsored the Senate version of the act, Senate Bill 2098 or the Anti-Obstruction of Power Lines Act of 2018. Rep. Carlos Uybarreta, vice chairman of the House energy committee, sponsored the Lower House counterpart of the bill, which was passed on September 25, 2017.

“We are grateful to Sen. Sherwin Gatchalian and Cong. Carlos Uybarreta, who sponsored the bill in the Senate and in the House, respectively. We hope that this bill, when passed into law, will act as a deterrent to the public from breaching the required clearance around the power-transmission lines. Incidents like these will be prevented from happening. Not only will the continuous flow of power to homes, communities and industries across the country be guaranteed but injuries will also be minimized,” the NGCP added.

The NGCP is a Filipino-led, privately owned company in charge of operating, maintaining and developing the country’s power grid, led by majority shareholders Henry Sy Jr. and Robert Coyiuto Jr.

This even as it reminded the public to observe ROW clearances since the recent breaches affected NGCP’s power-transmission services to its customers.

It cited a November 13 incident when the Nabunturan-Monkayo 69kV line tripped, resulting in an hourlong power interruption to customers of the Davao del Norte Electric Cooperative. A landowner harvested his falcata trees using a chainsaw, causing the falling tree to swing and hit the power cables of Towers 11 and 12 in Poblacion, Monte Vista, Compostela Valley.

Power was eventually restored after NGCP line crews remedied the situation.

Two days after, the Santa Barbara-San Jose 138-kV line in Iloilo went on emergency shutdown when an unidentified man was seen

climbing one of the towers along the said line. Several other 69-kV power lines in the area were likewise put on emergency shutdown to ensure the security of the transmission system and the safety of the person involved and the responders in the area. This resulted in power interruptions lasting a few hours, affecting various parts of Iloilo and Antique. Power was restored when the area was cleared and declared safe for reenergization.

Another incident occurred last November 18 when the Maco-Banaybanay 69-kV line in Compostela Valley tripped due to kaingin or grass fire between Towers 259 and 260. Upon investigation, a witness claimed it seemed like the fire was intentionally started to make way for the planting of new crops.

Also in November, a tripping

ABS-CBN claims dominance in last year’s TV ratings

Sears said to prepare for possible liquidation as ESL bid fails

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BS-CBN Corp. claimed to have dominated the nationwide ratings war in 2018, asserting it captured almost half of Philippine households last year.

Citing data from ratings provider Kantar Media, the Lopez-led company said it cornered 45 percent of the nationwide audience share in 2018, a 13-point lead versus its direct competitor GMA Network Inc.’s 32-percent share.

In Metro Manila, considered GMA’s bailiwick, ABS-CBN scored an average audience share of 42 percent, or 16 points higher than competition, while claiming the lead in Mega Manila, where it netted 36 percent over the competitor’s 34-percent share.

Among all time blocks, ABS-CBN gained the highest viewership in primetime with an average audience share of 49 percent, 17 points higher than that of GMA’s.

The prime-time block is the most important part of the day when most Filipinos watch TV and advertisers put a larger chunk of their investment in to reach more consumers effectively. It also fared batter than the competitor in the morning block, where it scored 38 percent versus GMA’s 30 percent; noontime block with 44 percent versus the competitor’s 33 percent; and afternoon block, where it cornered 43 percent of the Philippine households, as opposed to GMA’s 35 percent.

The Lopez-led broadcaster also attracted more viewers than GMA in other areas. It won the ratings game in Total Luzon with an average totalday audience share of 40 percent, versus GMA’s 35 percent; in Total Visayas with 53 percent versus GMA’s 26 percent; and in Total Mindanao with 52 percent, versus GMA’s 28 percent.

Kantar Media uses a nationwide panel size of 2,610 urban and rural homes that represent 100 percent of the total Philippine TV viewing population. GMA bases its ratings from Nielsen’s monthly and annual consumer reports. Lorenz S. Marasigan

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EARS Holdings Corp. is preparing to potentially wind down the iconic retailer after Chairman Eddie Lampert’s bid to buy several hundred stores out of bankruptcy fell short of bankers’ qualifications, according to people with knowledge of the matter.

The retailer started laying the groundwork for a liquidation after a series of meetings on Friday when its advisers weighed the merits of a $4.4-billion bid by Lampert’s hedge fund to buy Sears as a going concern, said the people, who asked not to be identified because the discussions are private.

While Lampert’s ESL Investments has failed to convince the bankers of the viability of its bid, it could still make last-minute improvements before a status hearing on Tuesday.

Lampert also has outlined a back-up plan in which ESL would pursue the purchase of some of Sears’s parts, including real estate and intellectual property, such as its brand.

Spokesmen for Sears and ESL declined to comment, as did a representative for Lazard, which is advising Sears.

The retailer, which includes its namesake department stores and the Kmart chain, entered Chapter 11 protection in October with the hope that it could emerge from bankruptcy with less debt and a smaller group of more profitable stores. The bid Lampert submitted in late December intended to keep 425 stores open, while preserving up to 50,000 jobs.

But as representatives for the company—along with creditors and other parties—met in New York on Friday to assess the merits of the bid, they found a number of shortcomings, people with knowledge of the discussions said.

Gaps remained in some of the financing for the proposal, and the plan wouldn’t have provided enough cash to cover costs incurred in the bankruptcy, the people said;

it also undervalued inventory and other assets relative to what liquidators were promising to pay.

Another key sticking point: Much of Lampert’s bid rested on his getting ownership of the reorganized business in exchange for the forgiveness of $1.3 billion of debt he holds. But the validity of those very claims— racked up in a series of spinoffs, refinancings and other transactions—has already been challenged by a group of creditors. The ESL plan didn’t include a cash backstop for that part of the bid.

ESL has said its liens are valid and came after the firm extended more than $2.4 billion of secured financing to keep Sears afloat.

Lampert’s bid included a secondary proposal were the going-concern offer to fall through. It included buying selected real estate for $1.8 billion and Sears intellectual property, such as the brand name. Much of that plan would also be funded by forgiving some of the debt he holds. AP

ERC okays ₧1.082-B capex for Paleco

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HE Energy Regulatory Commission (ERC) has approved a capital expenditure (capex) spending of P1.082 billion from 2017 to 2021 for beleaguered Palawan Electric Cooperative (Paleco).

The amount is lower than Paleco’s application of P1.161 billion, intended for spending for 29 proposed projects. Only four projects were disapproved by the ERC. “The application filed by Paleco for approval of its capital projects for the years 2017 to 2021 and for authority to secure loan, with prayer for provisional authority, is hereby resolved,” the ERC said in its November 6 decision, which was posted only last month.

The ERC authorized Paleco to secure a P263.70-million loan to finance its capex.

“Based on Paleco’s application, its average annual capex is approximately P129 million. Based on the simulation conducted by the Commission, Paleco must require an approximate loan of P295 million to maintain a revolving fund of approximately P38.7 million by the end of the implementation period. However, Paleco proposed a lower loan amount of P263,708,768.67. Therefore, the Commission approved the authority to secure a loan by Paleco in the amount of P263,708,768.67, as proposed,” the ERC said.

Paleco intended to avail itself of the loans from the National Electrification Administration (NEA) to finance several of its proposed capex projects. The proposed loan amount is payable within 15 years with an annual interest rate of 6 percent.

Paleco expressed concern about NEA’s move to appoint an acting general manager to oversee the power utility’s operations.

NEA Administrator Edgardo Masongsong earlier designated engineer Nelson Lalas as Project Supervisor and Acting General Manager of Paleco. Lalas was tasked to manage the day-to-day operations of Paleco and to ensure the efficient delivery of electric service to its memberconsumer-owners (MCOs).

“Despite its status as an electric

cooperative registered with the Cooperative Development Authority, the NEA will not stand idly by. We will exercise the agency’s inherent jurisdiction over Paleco, as it has the technical capability to turn things around in Palawan and for Palawan member-consumer-owners,” Masongsong said.

This was after President Duterte last November 10 expressed his disappointment over the worsening power-supply problem in Palawan, and warned Paleco of government takeover if frequent service interruptions in the province were not solved by the end of the year.

In its position paper, Paleco outlined a range of issues in providing reliable electricity service to its MCOs, which include the delay in the approval of its capex application by the ERC. Paleco is proposing to install substations in strategic places in Puerto Princesa City and in the southern part of Palawan, as well as to put up a Supervisory Control and Data Acquisition System in a bid to improve its power-supply reliability in the province.

Another concern of Paleco was the construction of transmission lines of the National Power Corp. and upgrading its substations to augment its existing capacities.

Paleco also cited delays in the processing and issuance of necessary permits like the environmental compliance certificates, and electrical permits from the local government.

Also, it blamed the road-widening projects of the Department of Public Works and Highways. Paleco’s operations were greatly affected due to the need for the relocation of affected poles, which in turn resulted into a series of power interruptions.

Moreover, the local power utility also sought the national government’s assistance to get Palawan’s rightful share in the Malampaya project to accelerate the electrification projects in the province.

Paleco is the lone power distributor of Puerto Princesa City and 18 municipalities, serving 137,277 consumers as of June 2018. Lenie Lectura

General Mills renews RE contract with EDC

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HAPPY DAYS AT TOM’S WORLD A Tom’s World store at the Mall of Asia in Pasay City sells assorted stuffed toys for children. ROY DOMINGO

ENERAL Milling Corp. (GMC), a leading integrated food-manufacturing company, has renewed its supply contract clean, reliable and renewable energy (RE) from Lopez-led Energy Development Corp. (EDC).

“We chose to renew with EDC because, aside from the pure renewable energy they provide, we are very satisfied with their service. It is just like a renewal of vows for us,” GMC EVP Joselito Parco said. Cebu-based GMC has been providing quality flour and bakery products for more than 50 years.

Its facility is located in Lapu-Lapu City.

From its first milling facility established in the mid-1970s, GMC has expanded to animal feeds, corn mill, and the manufacture and sales

of consumer goods like snack food, pasta, instant noodles, edible oil and coffee. The Lapu-Lapu factory is GMC’s biggest facility.

EDC’s parent firm is First Gen Corp., the country’s leading clean and RE producer with 3,490 megawatts in installed capacity.

Subsidiary EDC is one of the world’s largest geothermal producers and the country’s leading RE company with an installed capacity of 1,471.8 MW. For over 40 years, EDC has been implementing comprehensive environmental management programs that enhance the ecosystem and corporate social responsibility programs that ensure inclusive growth for its partner communities. Lenie Lectura

B2

Companies BusinessMirror

Monday, January 7, 2019

PSE STOCK QUOTATIONS

January 4, 2019

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

ASIA UNITED 59.25 59.6 58.2 59.6 58.2 59.6 17950 1068312 BDO UNIBANK 132.4 132.8 129.4 132.8 128.1 132.8 1825970 240720119 BANK PH ISLANDS 93.5 94 94.55 95.05 93.5 93.5 2918340 276257781.5 CHINABANK 27.5 27.55 27.5 27.6 27.45 27.55 135200 3726230 EAST WEST BANK 12.34 12.38 12.18 12.42 12.14 12.38 1496000 18473554 METROBANK 84 84.6 84 84.8 83.45 84.6 2172900 183255660.5 PB BANK 12.38 12.5 12.38 12.38 12.38 12.38 5200 64376 PHIL NATL BANK 42.75 42.9 42.5 42.9 42.5 42.75 105300 4500975 PSBANK 57.5 58 61 61 57 57.5 86480 5017958.5 PHILTRUST 114 124.9 113.3 114 113.3 114 700 79534 RCBC 28.75 28.8 28.6 28.75 28.6 28.75 14000 401420 SECURITY BANK 163.1 163.3 160.5 164.7 160.2 163.3 928760 151044135 UNION BANK 64.35 64.4 64 64.4 64 64.4 17460 1120279.5 BRIGHT KINDLE 1.45 1.46 1.48 1.48 1.43 1.47 117000 170410 BDO LEASING 2.15 2.18 2.12 2.17 2.12 2.15 178000 382010 COL FINANCIAL 15.8 16.2 16.2 16.2 16 16 1000 16180 FIRST ABACUS 0.65 0.72 0.62 0.62 0.62 0.62 5000 3100 FERRONOUX HLDG 4.48 4.5 4.49 4.57 4.47 4.5 663000 2983260 FILIPINO FUND 7.5 9.26 7.36 7.36 7.36 7.36 300 2208 IREMIT 1.43 1.47 1.48 1.48 1.47 1.47 6000 8860 MEDCO HLDG 0.47 0.485 0.465 0.5 0.465 0.47 400000 191600 MANULIFE 770 825 780 780 780 780 40 31200 NTL REINSURANCE 0.88 0.9 0.9 0.9 0.88 0.88 340000 300040 PHIL STOCK EXCH 178.1 180 180 180 179 180 2010 360630 SUN LIFE 1805 1879 1850 1850 1850 1850 15 27750

INDUSTRIAL ALSONS CONS 1.27 1.29 1.29 1.3 1.29 1.29 145000 187170 ABOITIZ POWER 35.7 35.75 35.7 35.75 35.4 35.7 1005800 35899565 BASIC ENERGY 0.25 0.255 0.255 0.26 0.25 0.255 1350000 343850 FIRST GEN 21.3 21.35 20.35 21.4 20.25 21.35 6218700 129575220 FIRST PHIL HLDG 66.05 66.1 64.7 66.25 64.7 66.05 67250 4416865.5 MERALCO 394 394.6 390 394 388 394 156370 61290724 MANILA WATER 27.1 27.65 27.3 27.7 27.05 27.65 71700 1962335 PETRON 7.7 7.73 7.71 7.78 7.7 7.7 4823800 37282493 PETROENERGY 3.63 3.68 3.65 3.7 3.6 3.67 837000 3047840 PHINMA ENERGY 1.15 1.16 1.16 1.22 1.15 1.16 64490000 76812010 PH RESORTS GRP 5.6 5.67 5.3 5.67 5.3 5.67 80200 444745 PHX PETROLEUM 10.74 10.98 11 11 10.68 10.98 138700 1493490 PILIPINAS SHELL 47.25 47.3 47.5 47.5 47.15 47.3 511100 24173340 SPC POWER 5.95 6.09 5.63 6.45 5.63 6.09 1433200 8398615 AGRINURTURE 16.8 16.9 16.8 16.98 16.76 16.94 954600 16167828 BOGO MEDELLIN 91.3 96.5 92.1 93 92 92 3460 319343 CNTRL AZUCARERA 16.12 17.18 17.2 17.2 17.2 17.2 100 1720 CENTURY FOOD 15.68 15.72 15.48 15.76 15.48 15.72 597000 9365220 DEL MONTE 6.45 6.46 6.35 6.54 6.35 6.46 99700 642119 DNL INDUS 11.18 11.2 11.18 11.2 11.06 11.2 3175300 35423170 EMPERADOR 7.15 7.16 7.18 7.18 7.08 7.16 647400 4634124 SMC FOODANDBEV 81.9 81.95 81.7 82 81.5 81.95 427480 34978446.5 ALLIANCE SELECT 1.06 1.07 1.09 1.11 1.05 1.07 11107000 11953710 GINEBRA 25.3 25.6 25.25 25.7 25.25 25.7 7800 198170 JOLLIBEE 308.6 309 293.8 310.4 293.2 309 1622480 497237604 MACAY HLDG 8.91 9.98 8.9 8.9 8.9 8.9 1000 8900 MAXS GROUP 10.82 10.84 10.58 11 10.58 10.84 661500 7189800 MG HLDG 0.175 0.179 0.175 0.175 0.175 0.175 50000 8750 PEPSI COLA 1.36 1.37 1.33 1.37 1.33 1.37 9101000 12240790 SHAKEYS PIZZA 11.88 12 11.64 12.08 11.64 12 568400 6797790 ROXAS AND CO 1.95 1.97 1.92 2 1.92 1.97 199000 391850 RFM CORP 4.8 4.9 4.9 4.9 4.9 4.9 10000 49000 SWIFT FOODS 0.125 0.127 0.127 0.127 0.125 0.125 310000 38950 UNIV ROBINA 128.5 129.3 128.5 130.5 127.5 128.5 3470890 448165602 VITARICH 1.93 1.94 1.94 1.98 1.9 1.94 5657000 10978760 CONCRETE A 60 64.6 60 60 60 60 120 7200 CEMEX HLDG 1.97 1.98 1.94 2.01 1.93 1.97 19808000 39311690 DAVINCI CAPITAL 6.33 6.48 6.5 6.5 6.32 6.48 89600 570168 EAGLE CEMENT 15.12 15.36 15.4 15.4 15.12 15.36 60900 936608 EEI CORP 8.18 8.2 8 8.26 8 8.2 384000 3,139,336( HOLCIM 5.79 5.9 5.8 5.9 5.79 5.79 537800 3119373 MEGAWIDE 18.14 18.16 18 18.3 17.98 18.16 5088400 92430582 PHINMA 8.36 9.1 9.1 9.1 9.1 9.1 36000 327600 TKC METALS 0.84 0.88 0.88 0.89 0.85 0.88 171000 147330 VULCAN INDL 1.65 1.66 1.63 1.69 1.62 1.66 3545000 5895700 CHEMPHIL 106.8 199.7 160.8 160.8 106.8 106.8 2000 267600 CROWN ASIA 1.78 1.8 1.71 1.78 1.7 1.78 178000 311460 EUROMED 1.55 1.65 1.67 1.67 1.67 1.67 7000 11690 LMG CHEMICALS 4.29 4.39 4.28 4.28 4.28 4.28 18000 77040 PRYCE CORP 5.91 5.93 5.85 5.9 5.85 5.9 47600 280495 CONCEPCION 39.95 40 38.05 40.7 37 39.95 8200 310215 GREENERGY 2.09 2.12 2.15 2.15 2.08 2.09 2603000 5480190 INTEGRATED MICR 11.04 11.08 10.7 11.16 10.6 11.08 1681400 18550262 IONICS 1.89 1.9 1.82 1.92 1.82 1.9 1929000 3625070 PANASONIC 5.76 5.77 5.77 5.77 5.77 5.77 13400 77318 SFA SEMICON 1.49 1.5 1.44 1.52 1.44 1.5 467000 690150 CIRTEK HLDG 31 31.8 31 31.8 30.65 31.8 187000 5867020

HOLDING & FRIMS ABACORE CAPITAL 0.71 0.72 0.68 0.73 0.67 0.71 62270000 43913010 ASIABEST GROUP 27.45 27.5 28.5 28.85 27.1 27.5 256900 7143825 AYALA CORP 956.5 960 930 970 925 960 790610 758288700 ABOITIZ EQUITY 57 58 55.7 59.55 55.7 57 1866700 108420152 ALLIANCE GLOBAL 11.8 11.86 11.9 12 11.8 11.8 4427600 52850114 ANSCOR 6.35 6.5 6.26 6.5 6.26 6.5 56700 359450 ATN HLDG A 1.46 1.47 1.45 1.48 1.43 1.47 10335000 15049740 ATN HLDG B 1.47 1.48 1.46 1.47 1.45 1.47 1583000 2308470 COSCO CAPITAL 7 7.01 6.88 7.13 6.86 7 2187400 15203960 DMCI HLDG 12.76 12.78 13 13 12.78 12.78 3132000 40099086 FILINVEST DEV 13.42 13.46 13.3 13.5 13.02 13.46 2507200 33479940 GT CAPITAL 995 998 1005 1007 991 995 91620 91422292.5 HOUSE OF INV 5.77 6.19 5.81 5.81 5.75 5.75 10000 57917 JG SUMMIT 59.4 59.45 57.65 60.3 57.65 59.4 3241300 192524818 JOLLIVILLE HLDG 5.56 5.85 5.85 5.9 5.85 5.9 9800 57730 LODESTAR 0.57 0.58 0.58 0.58 0.56 0.57 129000 73290 LOPEZ HLDG 4.1 4.14 4.06 4.15 4.06 4.1 1961000 8,080,770( LT GROUP 16.02 16.2 16.3 16.46 16.02 16.02 2189500 35373960 MABUHAY HLDG 0.59 0.6 0.59 0.6 0.59 0.6 169000 99730 METRO PAC INV 4.85 4.87 4.75 4.91 4.71 4.85 36750000 178503290 PACIFICA 0.037 0.039 0.037 0.038 0.037 0.038 8600000 324300 PRIME ORION 2.45 2.46 2.46 2.5 2.43 2.45 634000 1563040 SOLID GROUP 1.31 1.32 1.31 1.34 1.29 1.33 142000 185080 SM INVESTMENTS 946 953.5 951 965 946 946 591270 565094590 SAN MIGUEL CORP 145.3 145.9 149 149.8 145.1 145.3 1032530 151929259 SOC RESOURCES 0.74 0.8 0.74 0.74 0.74 0.74 31000 22940 TOP FRONTIER 245.2 249.8 249.8 249.8 249.8 249.8 10 2498 WELLEX INDUS 0.26 0.27 0.275 0.275 0.26 0.26 11400000 3011650 ZEUS HLDG 0.226 0.227 0.226 0.226 0.226 0.226 200000 45200

PROPERTY ARTHALAND CORP 0.99 1 1.02 1.05 0.99 1 11108000 11251230 ANCHOR LAND 10.58 11.56 11.68 11.68 11.68 11.68 300 3504 AYALA LAND 43.7 43.75 42.35 44.35 42.35 43.7 27004800 1178707205 ARANETA PROP 1.71 1.75 1.71 1.82 1.69 1.75 111000 189900 BELLE CORP 2.4 2.41 2.39 2.45 2.38 2.41 2442000 5884900 A BROWN 0.84 0.85 0.81 0.88 0.81 0.84 5701000 4819060 CITYLAND DEVT 0.88 0.89 0.88 0.88 0.88 0.88 3000 2640 CROWN EQUITIES 0.245 0.248 0.239 0.249 0.238 0.248 1140000 278010 CEBU HLDG 6.3 6.45 6.45 6.45 6.3 6.45 47900 308865 CEB LANDMASTERS 4.2 4.25 4.16 4.25 4.16 4.25 236000 1001190 CENTURY PROP 0.435 0.44 0.425 0.445 0.425 0.44 10080000 4401650 CYBER BAY 0.375 0.38 0.38 0.38 0.38 0.38 390000 148200 DOUBLEDRAGON 19.54 19.6 18.28 20.25 18.22 19.54 2836500 55345415 DM WENCESLAO 7.9 7.92 7.92 7.92 7.7 7.92 82100 643408 EMPIRE EAST 0.485 0.49 0.49 0.49 0.49 0.49 40000 19600 EVER GOTESCO 0.112 0.12 0.112 0.112 0.112 0.112 30000 3360 FILINVEST LAND 1.45 1.46 1.45 1.47 1.44 1.45 10843000 15788750 GLOBAL ESTATE 1.15 1.16 1.1 1.17 1.1 1.16 2471000 2823740 8990 HLDG 8.28 8.4 8.29 8.47 8.25 8.4 3121000 25933595 PHIL INFRADEV 2.29 2.3 2.32 2.32 2.27 2.3 3996000 9169330 MEGAWORLD 4.82 4.83 4.84 4.86 4.79 4.83 29781000 143764250 MRC ALLIED 0.46 0.465 0.45 0.46 0.445 0.46 23550000 10698150 PHIL ESTATES 0.46 0.465 0.475 0.475 0.46 0.46 310000 143800 PRIMEX CORP 3.54 3.55 3.58 3.58 3.54 3.55 395000 1402340 ROBINSONS LAND 21.6 21.7 21.5 22.1 20.85 21.7 2790800 60824535 PHIL REALTY 0.42 0.425 0.425 0.43 0.42 0.425 360000 152050 ROCKWELL 2.02 2.04 2.01 2.06 2.01 2.02 994000 2022470 SHANG PROP 3.1 3.12 3.1 3.15 3.1 3.12 383000 1192940 STA LUCIA LAND 1.34 1.36 1.26 1.38 1.25 1.36 15458000 20226490 SM PRIME HLDG 38.5 38.55 37.5 38.5 37.5 38.5 13631900 521196840 STARMALLS 5.61 5.64 5.6 5.75 5.51 5.61 249100 1398199 PTFC REDEV CORP 37.05 43.8 40 40 40 40 600 24000 VISTA LAND 5.57 5.6 5.44 5.63 5.38 5.6 6068100 33814738

SERVICES ABS CBN 20.3 20.35 20.2 20.4 20.2 20.35 92200 1871030 GMA NETWORK 5.56 5.59 5.58 5.67 5.53 5.59 583200 3270962 MLA BRDCASTING 16.48 18 16.38 16.38 16.38 16.38 200 3276 GLOBE TELECOM 1872 1899 1885 1913 1872 1872 13870 26143205 PLDT 1160 1170 1158 1185 1148 1160 89605 104563580 APOLLO GLOBAL 0.039 0.04 0.039 0.04 0.039 0.039 43300000 1691600 DFNN INC 7.1 7.45 7.01 7.47 7.01 7.45 25700 180467 IMPERIAL 1.89 2 2.02 2.02 2.02 2.02 3000 6060 ISLAND INFO 0.123 0.125 0.123 0.128 0.122 0.125 7940000 981760 ISM COMM 6.32 6.33 6.1 6.35 6.1 6.32 13086500 81811233 JACKSTONES 3.1 3.37 3.39 3.39 3.39 3.39 5000 16950 NOW CORP 3.71 3.72 3.81 3.85 3.69 3.72 3625000 13583030 TRANSPACIFIC BR 0.445 0.45 0.445 0.46 0.44 0.45 40380000 18274100 PHILWEB 3.43 3.45 3.58 3.58 3.4 3.45 2785000 9681150 2GO GROUP 14.3 14.34 14.56 14.56 14.04 14.34 198400 2821814 ASIAN TERMINALS 14.12 15 15 15 15 15 2400 36000 CEBU AIR 78.5 78.6 78 78.65 77.05 78.5 188970 14787490.5 CHELSEA 6.92 6.93 6.65 6.92 6.65 6.92 3230900 22049217 INTL CONTAINER 99 99.5 100 101.9 99 99 1169420 116448593 LBC EXPRESS 14.18 14.88 14.88 14.88 14.88 14.88 800 11904 LORENZO SHIPPNG 0.82 0.83 0.77 0.85 0.77 0.83 679000 560340 MACROASIA 18.24 18.26 17.98 18.4 17.98 18.26 903100 16485666 METROALLIANCE A 1.97 2.02 1.97 2.03 1.97 2.01 196000 389540 PAL HLDG 8.34 9 8.33 9 8.33 8.9 60300 509037 HARBOR STAR 3.29 3.3 3.23 3.32 3.23 3.3 2557000 8388050 ACESITE HOTEL 1.34 1.39 1.34 1.35 1.34 1.34 136000 182440 DISCOVERY WORLD 2.15 2.16 2.16 2.16 2.16 2.16 12000 25920 WATERFRONT 0.77 0.78 0.79 0.79 0.76 0.77 5504000 4254570 STI HLDG 0.8 0.81 0.81 0.82 0.77 0.81 30537000 24061000 BERJAYA 3.34 3.35 3.55 3.6 3.3 3.34 6453000 21990900 BLOOMBERRY 9.7 9.71 9.93 9.94 9.55 9.7 8255600 81163598 LEISURE AND RES 3.36 3.4 3.32 3.41 3.2 3.4 697000 2318830 MANILA JOCKEY 5.17 5.33 5.18 5.34 5.15 5.33 37000 190976 PREMIUM LEISURE 0.81 0.82 0.81 0.83 0.81 0.82 7161000 5873480 TRAVELLERS 5.36 5.37 5.35 5.37 5.31 5.37 1407400 7538443 METRO RETAIL 2.55 2.56 2.5 2.58 2.5 2.56 3702000 9360600 PUREGOLD 47.1 47.2 45.15 47.75 45.15 47.2 8979600 422224155 ROBINSONS RTL 87 88 84.5 88.65 83.9 88 1175690 102740118.5 PHIL SEVEN CORP 113.1 120 119 120 119 120 5830 699330 SSI GROUP 2.51 2.52 2.52 2.52 2.47 2.52 6108000 15324820 WILCON DEPOT 13.38 13.4 13 13.5 12.9 13.4 6822000 89872542 APC GROUP 0.415 0.42 0.41 0.42 0.41 0.42 730000 303350 EASYCALL 15.26 15.56 16 16 15.26 15.26 92000 1427954 GOLDEN BRIA 315.2 324.8 320 325 320 325 420 135220 IPM HLDG 8 8.2 8.2 8.2 8.2 8.2 2000 16400 PAXYS 3.43 3.45 3.5 3.5 3.26 3.43 88000 307540 PRMIERE HORIZON 0.325 0.345 0.34 0.345 0.325 0.325 150000 50100 SBS PHIL CORP 7.55 7.77 7.48 7.78 7.41 7.77 208400 1586532

MINING & OIL ATOK 15.4 16.5 15.38 16.76 15.38 16.5 24700 391686 APEX MINING 1.68 1.7 1.68 1.73 1.68 1.69 5009000 8538640 ABRA MINING 0.0019 0.0021 0.002 0.0021 0.002 0.0021 570000000 1141300 ATLAS MINING 2.68 2.75 2.8 2.8 2.67 2.68 132000 358290 BENGUET A 1.32 1.47 1.25 1.35 1.25 1.3 27000 35250 COAL ASIA HLDG 0.295 0.305 0.3 0.305 0.295 0.295 310000 93950 CENTURY PEAK 2.11 2.12 2.1 2.11 2.06 2.11 2446000 5078210 DIZON MINES 7.81 7.83 7.5 7.97 7.36 7.81 26300 202804 FERRONICKEL 1.68 1.69 1.68 1.69 1.68 1.69 951000 1605380 GEOGRACE 0.209 0.212 0.204 0.211 0.204 0.209 230000 48070 LEPANTO A 0.121 0.123 0.119 0.124 0.114 0.123 22420000 2675400 LEPANTO B 0.125 0.132 0.121 0.132 0.12 0.125 4060000 509740 MANILA MINING A 0.0069 0.0074 0.0072 0.0076 0.0069 0.0069 42000000 300300 MANILA MINING B 0.007 0.0079 0.0072 0.0072 0.007 0.007 6000000 42400 MARCVENTURES 1.28 1.3 1.28 1.31 1.27 1.3 498000 644760 NIHAO 1.07 1.1 1.06 1.09 1.04 1.08 159000 169740 NICKEL ASIA 2.43 2.44 2.38 2.45 2.34 2.44 4080000 9812660 OMICO CORP 0.62 0.65 0.62 0.65 0.62 0.65 1672000 1064270 ORNTL PENINSULA 0.99 1 0.96 1.05 0.96 1 2238000 2257260 PX MINING 3.8 3.83 3.84 3.95 3.77 3.8 7585000 29166060 SEMIRARA MINING 24.7 24.8 24.2 24.85 24.2 24.7 1534000 37765350 UNITED PARAGON 0.008 0.0082 0.0061 0.0085 0.0061 0.0082 539000000 4202500 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 10700000 135500 PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.012 6300000 77200 PXP ENERGY 16.2 16.22 15.82 16.34 15.82 16.2 2555000 41269120

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 ALCO PREF B DD PREF SMC FB PREF 2 FGEN PREF G GTCAP PREF B LR PREF MWIDE PREF PCOR PREF 2A SMC PREF 2B SMC PREF 2C SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2I

95 455 480 98 97.5 971 102 851 1 98 980 74.25 76 72.5 73 74.45 72.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.5 5.4 2

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.08 XURPAS 1.75

115.1

528939.9998 -156250 139566955 44170335 -18900354 304960.9999 -33350 2623156 4123330 3036182 44087277.5 90358627.5 1,538,389.9999) -20357866 -22501100 74550 220634920 -13028019 -22940 16600 -47060 333715685 -1865700 194390 287670 1115300 -5343145 -77345 -4828950 -950 895923 -99320 -40913040 205250 -78320 -6884340 -197970 234170120 35746 -13130512 -16761605 -18267350 -2830372 400940 1083350 -1267860 56520 6020354.5 28529 -15420349.5 5238160 -27900 -617180 -15600 -9683090 566090 -30777050 -44488 1730209.9999 42779675 7776362 43190 -4940600 25912796 853320 -350 -515040 -70100 137250 -60620 208900 -3045690 -49700 10794054.0002

95 456 489 99 98.5 971 102 823 1.02 101 980 74.1 76.7 73 74.9 74.45 72.5

95 456 489 99 98.5 997 102.5 900 1.02 101 980 75.9 77.2 73 74.9 74.45 73.5

95 456 489 96.1 94.6 971 102 823 1.02 101 955 74.1 76.7 73 74.9 74.45 72.5

95 456 489 96.1 97.5 997 102.5 900 1.02 101 979.5 75 77.2 73 74.9 74.45 73.5

700 4630 4400 2300 9590 100 380 1900 6000 320 340 850 150 120 800 100 140

66500 2111280 2151600 224578 911875 98400 38855 1571400 6120 32320 330090 63786 11555 8760 59920 7445 10260

2175

18.7 5.49

18.68 5.44

18.7 5.5

18.68 5.4

18.7 5.4

405500 235600

7582800 1279699

-7249968 544

2.04

1.93

2.04

1.9

2.04

184000

364210

-

5.1 1.76

5.1 1.74

5.1 1.8

5 1.69

5.1 1.76

492000 6662000

2492719 11629790

939430

EXHANGE TRADE FUNDS FIRST METRO ETF

-10602625 43786215 350904.5 17522732 1166440 -16429347 7340 -28072460 111080 -10228575 -62600 5194042 553070 -461751 -6211434 -80920 -2192847 258180 -88375 145054464 -1390738 -11130730 -5173270 -49000 -187554583 1125920 -14740410 -4620 1,259,513.9997) -2923395 -5239144 71520 1068 67590 152025 112300 -791922 -1878120 -2420810

96 456 492 100.9 98 997 102.8 900 1.02 100.8 999.5 75 77.2 73 74.85 74.5 73.5

WARRANTS LR WARRANT

1041550 55330 74830854 -204170 -4901838 111170660.5 -2389675 -2320 1140 -48835361 -992315 4480 -

115.5

113

115.5

113

115.5

34500

3959259

10370

Editor: Efleda P. Campos

PT&T, 5G close security deal to help firms vs cyber attacks

P

By Lorenz S. Marasigan

@lorenzmarasigan

HILIPPINE Telegraph and Telephone Corp. (PT&T) has struck a deal with security solutions provider 5G Security Inc. to empower both companies to provide cybersecurity solutions to enterprises in the country.

Under the deal, the two companies would jointly develop cybersecurity solutions to support

the government’s cybersecurity program through 2022 by offering Philippine-based companies

digital protection from potential attacks.

“PT&T’s partnership with 5GS couldn’t be more timely. Cybersecurity is essential in today’s world where the number of transactions in the Web are increasing,” PT&T President James Velasquez said on Sunday.

5GS offers cybersecurity solutions, both hardware and software, such as multidimensional security system, ground security– personnel access control, ground security–vehicle access control, ground security–perimeter protection, medium/low airspace

protection, computer network/ online protection, security visualization and security operations center.

“The strength and reliability of our services will complement PT&T’s products and services.” 5GS SVP Leuvino Valencia added.

Velasquez noted that “a true endto-end security setup is realized with the 100-percent fiber network of PT&T and the cybersecurity expertise of 5GS.” PT&T has a fiber-optic cable network that spans roughly 10,000 kilometers, which can provide for seamless connectivity.

SAP Philippines named 2019 Top Employer

C

LOUD provider SAP Philippines has been named the 2019 Top Employer for its best people practices and provision of outstanding working conditions to employees.

This is the second year the company received this distinction from the Top Employers Institute.

“We are delighted to be recognized again for our ‘people-first’ HR [human resource] practices through this certification for the second year in a row,” SAP Philippines Managing Director Edler Panlilio said. “It is truly our people who are at the core of our vision to help the Philippines run better and improve the lives of Filipinos,” he added.

The yearly international research honors

leading employers globally that give exceptional employee conditions, nurture and develop talent throughout all levels of the organization, and strive to continuously advance best-in-class employment practices.

Crucial to the procedure is that participating companies must complete a stringent research process and meet the required high standard across multiple continents and countries. The TEI evaluated SAP’s employee offerings on the criteria of talent strategy, workforce planning, on-boarding, learning and development, performance management, leadership development, career and succession management, compensation and benefits, and company culture.

Roderick L. Abad

STOCK-MARKET OUTLOOK LAST WEEK

SHARE prices rose during the first three trading days of the year, despite jittery markets overseas.

The benchmark Philippine Stock Exchange index (PSEi) gained 295.09 points, or 4 percent, to close the week at 7,761.11 points.

“This was no doubt a very big week for the PSE despite only having three trading days. Everyone expected trading volumes to be low because of the shortened trading week. The release of the December 2018 inflation numbers is really what fueled the rally this week,” said Christopher Mangun, head of research at Eagle Equities Inc. Core inflation for December came in at 5.2 percent, way below the analysts’ consensus of 5.6-6 percent.

Value turnover for the week averaged at P6.22 billion as foreign inflows continued to pick up with net foreign buying at P1.21 billion for the week.

All of the other subindices ended on the green. The broader All Shares index surged 134.74 points to 4,652.59; the Financials index rose 33.76 to 1,813.61; the Industrial index was up 298.55 to 11,249.91; the Holding Firms index increased 265.23; the Property index soared 249.38 to 3,877.36; the Services index gained 40.7 to 1,483.41; and the Mining and Oil index expanded 671.65 to 8,872.15.

Gainers led losers 159 to 59; and 21 shares were unchanged.

Top gainers were United Paragon Mining Corp., Philex Mining Corp., Abacore Capital Holdings Inc., Filinvest Development Corp., SPC Power Corp and Harbor Star Shipping Services Inc. Top losers were Chemical Industries of the Philippines Inc., Berjaya Philippines Inc., Philippine Trust Co., First Abacus Financial Holdings Corp., Seafront Resources Corp. and Benguet Corp. A.

THIS WEEK

SHARE prices may fall this week as investors may be cautious due to the jittery markets overseas and some may take early profits.

“Caution is to be expected, having seen the PSEi move to an intra-week high of 7,801 during the initial trading week for the year. The focus is back on consumer and investment spending for the first quarter, which will provide a clearer view how specific industries would fine-tune their spending plan for the rest of 2019,” broker 2TradeAsia said.

“With the huge move that we saw this week, there is a strong possibility that we will see a pullback [this] week,” Mangun said.

Major resistance areas for the main index range between 7,740 and 7,800, which may cause some profit-taking from investors, he said.

Immediate support is seen at 7,600 to 7,700 and resistance at 7,850 to 7,880, 2TradeAsia said.

STOCK PICKS

SHARES of Lucio Co’s Puregold Price Club Inc. skyrocketed last week to 5 percent to as high as P45.70 per share after weeks of sluggishness below its 50-day moving average.

“The stock almost tapped its quarter’s long resistance at P45.85, but the thin volume prevented it from sustaining the level. Indicators have reflected the rally, but quick to show some overbought signs,” broker Regina Capital and Development Corp. said.

“And since Puregold jumped too high, too fast, risk of profit-taking is also high, selling pressure to persist until about P43.20,” it said.

Shares of Puregold closed Friday at P47.20 apiece.

Meanwhile, shares of JG Summit Holdings Inc. also rose during the week, but the increase was seen as part of its gradual ascent since finding its footing at P41.90 back in early November, the broker said.

“With volume picking up, and indicators showing room for more rally, then there is more buying pressure than selling, as long as the ground can support,” it said.

It recommended to buy the stock when its support price of P55.80 per share holds.

Shares of JG Summit closed at P59.40 apiece last week. VG Cabuag

MUTUAL FUNDS

January 4, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 258.31 -13.39% 1.63% 3.15% 2.48% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4586 -8.89% 7.57% 3.43% 2.27% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.009 -14.13% 3.14% 1.59% 2.65% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9104 -10.88% N.A. N.A. 2.2% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8445 N.A. N.A. N.A. 2.65% FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.4322 -10.55% 0.96% 2.52% 3.19% MBG EQUITY INVESTMENT FUND, INC. * ****** 118.28 N.A. N.A. N.A. 0.26% ONE WEALTHY NATION FUND, INC.* 0.8547 -15.17% -4.35% N.A. 2.35% PAMI EQUITY INDEX FUND, INC.* 50.6013 -11.81% 2.7% N.A. 2.57% PHILAM STRATEGIC GROWTH FUND, INC.* 528.13 -11.66% 1.45% 2.53% 2.54% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.285 -9.73% 3.1% N.A. 2.28% PHILEQUITY FUND, INC.* 37.5778 -9.99% 3.62% 5.09% 2.42% PHILEQUITY PSE INDEX FUND INC.* 5.1031 -11.75% 3.44% 4.97% 2.67% PHILIPPINE STOCK INDEX FUND CORP.* 852.58 -11.54% 3.22% 5.09% 2.68% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8819 -10.25% 1% N.A. 2.43% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.1698 -10.48% 2.93% 3.5% 2.6% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9818 -11.87% 3.23% N.A. 2.65% UNITED FUND, INC.* 3.586 -8.63% 4.64% 4.04% 2.45% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***113.927 -11.24% 4.35% 6.17% 2.65% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9202 -17.08% 1.3% -0.86% -0.58% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1165 -12.14% N.A. N.A. 2.4% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6776 -11.21% -1.17% -0.78% 1.45% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2466 -9.47% 1.74% 1.3% 1.67% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.5931 -7.12% -1.22% -0.77% 2% GREPALIFE BALANCED FUND CORPORATION* **** 1.3235 -10.05% N.A. N.A. 1.33% NCM MUTUAL FUND OF THE PHILS., INC* 1.8655 -7.2% 1.42% 2.38% 1.13% PAMI HORIZON FUND, INC.* 3.5101 -11.55% -0.5% 1.24% -0.72% PHILAM FUND, INC.* 15.9437 -10.27% -0.09% 1.27% 0.19% SOLIDARITAS FUND, INC.* ******** 2.1044 -7.18% 1.7% 3.06% 1.59% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.7153 -8.08% 1.16% 1.89% 1.67% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9393 -8.87% 0.47% N.A. 1.96% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03532 -2.16% -0.07% 1.73% 0.37% PAMI ASIA BALANCED FUND, INC.* $0.9256 -12.49% 1.49% -1.46% 0.02% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.3331 -9.02% 2.31% 0.7% 1.13% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0144 -9.03% N.A. N.A. 0.88% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 343.49 1.85% 2.09% 1.85% 0.03% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8597 -2.06% -0.6% -0.42% 0.16% COCOLIFE FIXED INCOME FUND, INC.* 2.9745 5.46% 5.44% 5.26% 0.14% EKKLESIA MUTUAL FUND INC.* 2.1315 1.27% 1.48% 1.52% 0.06% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2111 -0.49% 0.08% 0.16% 0.1% GREPALIFE FIXED INCOME FUND CORP.* P 1.5675 -2.66% -0.69% -0.45% 0.23% PHILAM BOND FUND, INC.* 3.7726 -7.08% -1.81% -0.7% -3.76% PHILEQUITY PESO BOND FUND, INC.* 3.5211 0.43% 0.4% 0.58% 0.22% SOLDIVO BOND FUND, INC. * 0.8936 -3.45% -0.87% N.A. 0.12% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7697 -0.28% 0.82% 0.87% 0.18% SUN LIFE PROSPERITY GS FUND, INC.* 1.5423 -0.52% 0.4% 0.46% 0.22% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $448.56 0.58% 2.34% 3.11% 0.07% ALFM EURO BOND FUND, INC. * Є212.83 -0.37% 1.07% 1.61% 0.1% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1283 -0.51% 1.03% 1.96% 0.27% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 -0.4% 0.82% N.A. N.A. GREPALIFE DOLLAR BOND FUND CORP.* $1.6908 -4.59% -0.39% 1.15% 0.02% 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* $1.0392 -3.32% -0.52% -2.22% 0.52% PHILAM DOLLAR BOND FUND, INC.* $2.1808 -3.17% 1.1% 2.81% 0.46% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0569899 -0.35% 0.91% 1.86% 0% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8735 -4.67% 0.42% 1.72% 0.07% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.92 2.8% 1.89% 1.58% 0.08% PHILAM MANAGED INCOME FUND, INC.* 1.1765 1.62% 0.55% 0.42% -0.42% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2193 2.69% 2.28% 1.62% 0.06% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0161 1.74% N.A. N.A. 0.05%

* - 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

Green Monday BusinessMirror

B3 Monday, January 7, 2019

www.businessmirror.com.ph • Editor: Lyn Resurreccion

GROUP DISAPPOINTED ON MINING

DENR in 2018: Exceeding targets, Boracay as biggest accomplishment

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Story by Jonathan L. Mayuga @jonlmayuga

the annual targets of 21,163 and 44,740, respectively.

HE year 2018 was marked with hits and misses as far as the Department of Environment and Natural Resources (DENR) is concerned.

Having its hands full following President Duterte’s marching order to rehabilitate Boracay Island in Malay, Aklan, the DENR, however, exceeded its year-end targets for environmental programs on solid waste management, clean air and clean water, which are among the top priorities of Environment Secretary Roy A. Cimatu.

On the other hand, it took the department more than a year to resolve controversial mine closure and suspension orders, during which mining companies accused of failing environmental standards were able to continue their operation.

Cimatu considered the successful rehabilitation of Boracay as the “single biggest accomplishment” of the DENR in 2018 after the agency—along with other government offices—devoted much of its time, effort and resources to carry out the President’s directive.

“What we have done in Boracay could well serve as one of the DENR’s best legacies. We have done something, but we will not stop there,” Cimatu was quoted in a December 27 news release.

Cimatu is hopeful to replicate the success of the Boracay rehabilitation in the heavily polluted Manila Bay.

Boracay rehabilitation

AS early as March 2018, the DENR has had its hands full preparing for the rehabilitation of Boracay, the countr y’s top tourist destination, which no less than Duterte once tagged as the country’s biggest cesspool.

Having been tapped to lead the rehabilitation of the worldrenowned tourism site, the department launched a massive crackdown on erring tourism establishments, deploying close to 200 of its officials and personnel—including experts in various fields, from the department’s central and regional offices, including those assigned in various

units, bureaus and offices—to work with stakeholders.

The six-month closure, which began from April 26, 2018, until its reopening on October 26, 2018, proved taxing as other issues were momentarily set aside—including the resolution of contested mine closure and suspension orders issued by Cimatu’s predecessor, Regina Paz L. Lopez.

Nevertheless, the DENR claimed to have succeeded in removing the cesspool tag on Boracay by instituting corrective measures, including the dismantling of illegal structures in supposedly “no-build” zones along beachfronts; implementing a road-widening program; addressing garbage problems; and, more important, preventing the direct discharge of untreated wastewater from tourism-related establishments near beachfronts.

The site’s rehabilitation has set a new benchmark in tourism areas, as the DENR has been ordered to strictly implement various environmental laws in known beach and coastal or marine ecotourism magnets elsewhere in the country, including Palawan, Mindoro in Luzon, Siargao in Mindanao and Panglao in Bohol.

Exceeding targets

In a report to Cimatu, DENR Undersecretary for Policy, Planning and International Affairs Jonas R. Leones said the agency’s program on solid waste management topped the list of the DENR’s major accomplishments in 2018.

For one, the DENR was able to exceed its own target in the implementation of rehabilitation and closure plans of open and controlled dumps by 22 percent.

“Through its Environmental Management Bureau [EMB], the DENR was supposed to monitor only 535 closure and rehabilitation plans of local government units [LGUs] this year, but it ended up monitoring 654 as of November,” Leones said in his report, covering

Disappointed on mining performance

TOURISTS frolic on the world-famous Boracay beach in June 2017. LYN RESURRECCION

the DENR accomplishments from January to November 2018.

As of end November 2018, the EMB also monitored 919 materials-recovery facilities, around 11 percent higher than the original target of 829 MRFs for 2018.

“Both the implementation of closure and rehabilitation plans and the establishment of MRFs by LGUs are mandated under Republic Act 9003 [RA], or the Ecological Solid Waste Management Act of 2000,” Leones added.

Also this year, the National Solid Waste Management Commission was able to approve a record 322 solid-waste management plans (SWMPs) of LGUs, bringing to 806 the total number of approved SWMPs since the enactment of R A 9003.

Clean air, water programs

LEONES reported that the DENR surpassed its 2018 targets in the implementation of RA 8749, or the Clean Air Act of 1999.

The EMB registered a 102-percent accomplishment in terms of monitoring the compliance of industries to emission standards set by the EMB. A total of 16,117 industries were monitored for their emissions in 2018.

There was also 100-percent accomplishment in the formula-

tion and updating of 22 airshed action plans and maintenance of 98 air quality monitoring stations (AQMS) across the country.

Properly maintained AQMS are crucial to the monitoring of air quality in Metro Manila and other urban centers.

As part of its implementation of R A 9275, or the Clean Water Act of 2004, the DENR was able to monitor the compliance of 8,664 firms or industries, equivalent to 122 percent of the annual target of 7,123.

The DENR had also entered into 92 agreements with LGUs under the Adopt an Estero, or Water Body Program, instead of the original target of 64.

Six new water quality management areas (WQMAs) were also designated this year. These are Upper Amburayan River System; Lower Amburayan River System; Dupong, Matlang and Merida; MalabonNavotas-Tullahan-Tinajeros River System; Iyam-Dumacaa Rivers; and Las Piñas-Parañaque River System.

WQMA is a significant tool in enforcing the country’s clean water law. It aims for the improvement of water quality to meet the guidelines under which water bodies have been classified or to improve their classification and meet their potential use, he added.

As soon as he assumed the DENR post in May 2017, Cimatu vowed to prioritize environmental protection through full implementation of existing laws on clean air, clean water and solid waste management.

Reforestation, other programs

MEANWHILE, Leones reported that the National Greening Program (NGP) also ended on a high note.

A total of 144,827,921 seedlings have been produced in 2018, exceeding the target by 5 percent.

On the other hand, a total of 125,214 hectares, or 92 percent, of the annual target of 135,859 hectares have been planted with 116,502,217 seedlings of various commodities nationwide.

Further, 1,175 forest-protection officers have been hired, including the total accomplishment of 508 in Payapa at Masaganang Pamayanan (Pamana).

To date, 108,353 kilometers of forests have been patrolled, 38,879 have been accomplished more than the annual target of 69,474 kilometers.

On lands disposition, a total of 17,044 (81 percent) agricultural and 36,605 (82 percent) residential patents have been issued to untitled public alienable and disposable lands of the public domain out of

TOURISTS HELP REGREEN CATANDUANES T V

MEANWHILE, the nongovernment group Alyansa Tigil Mina (ATM) welcomed the accomplishment report of the DENR for 2018.

“We are glad the DENR has exceeded its performance targets in the fields of solid waste management, air-pollution monitoring and water-quality assessments. We also give credit to the DENR for the rehabilitation of Boracay,” Jaybee Garganera, ATM national coordinator, told the BusinessMirror.

However, Garganera said the alliance “is disappointed with the performance of the department in addressing mining issues, particularly in the performance of the Mines and Geosciences Bureau [MGB].”

“We have yet to see the report of the fact-finding mission in Surigao del Sur after the landslides and floods brought by Typhoon Basyang in January 2018,” he said.

Garganera said his group has not seen any concrete action “in the demands for rehabilitation, repair and compensation to mining-affected communities in Santa Cruz [Zambales], Aroroy [Masbate] and Narra [Palawan].”

“Com mu n it ies a f fec ted by OceanaGold in Didipio, Kasibu, Nueva Vizcaya, have submitted a petition for nonrenewal of the Didipio Gold Mining Project, but [they] still have not received a n y c o n c r e t e r e s p o n s e ,” h e pointed out. “Worse, anti-mining and environmental activists in Didipio have been erroneously and maliciously tagged as communists supporters, which is a baseless accusation.”

Garganera said the “most disappointing fact” is that the mine closures and suspension orders issued against 26 mining projects “have not been fully enforced by DENR.” “This, despite the recent review of the MICC [Mining Industry Coordinating Council] and the DENR itself that there are enough legal, technical and social basis to enforce the closures,” he added.

“Our deepest disappointment is that 2018 [is over] but President Duterte has not issued his executive order to ban open-pit mining, a promise that he has made repeatedly and publicly in the past,” Garganera lamented.

ISST, IIRR forge development partnership

ISITORS to the island province of Catanduanes can enjoy its natural allure and, at the same time, make a meaningful share in nurturing Mother Earth.

This, after the provincial government adopted a unique program that provides tourists the opportunity to plant trees during their stay in the province.

Provincial Tourism Head Carmel BonifacioGarcia said the undertaking, called “One Tourist, One Tree,” encourages foreign and domestic tourists to plant a tree in areas identified by the provincial government.

She said the program was incepted in 2015 to help promote responsible and sustainable tourism in Catanduanes by incorporating the tree-planting activity into the itinerary of the guests, as well as sporting events.

She added that the undertaking also intends to support the programs of the Department of Environment and Natural Resources (DENR) aimed at reforesting the

archipelago to mitigate the impact of climate change. The province is listed by the DENR as among the country’s most important biodiversity areas.

In the past four years, some 1,280 trees have been planted at Mount Cagmasoso in San Andres, Pag-Asa Radar Station in Bato, Puraran Beach, and in Balacay Point in Baras, Carangyan Beach in Pandan, Simamla Breeding Station, a government facility in the capital town of Virac.

In addition to tree planting, the province is also undertaking environmental measures to ensure the carr ying capacity and sustainability of the tourist spots.

Catanduanes takes pride in its 60,000 hectares of forests considered as the largest green patch in the Bicol region, which includes the Watershed Forest Reserve, the 1,500 hectares of old- and second-growth forests, and vast abaca plantations, which are home to various wildlife species.

TOURISTS participate in the “One tourist, One tree” tree planting in Catanduanes.

It is the Philippines’s top producer of the abaca fiber, which is celebrated in the annual Abaca Festival every summer.

In the east of the Bicol peninsula, Catanduanes is a booming destination for

its powdery beaches, unspoiled islands, enchanting waterfalls, panoramic viewpoints, marine sanctuaries and surfing areas, topped by the iconic Puraran “majestic” spot in Baras, which hosts international tournaments.

HE International School of Sustainable Tourism (ISST) recently opened its new training center at the 52-hectare integrated farmland of James Yen Center of the International Institute for Rural Reconstruction (IIRR) in Silang, Cavite.

Under a recent memorandum of agreement, both institutions can collaborate with each other’s expertise in earth-friendly agriculture, sustainable tourism, community development and other common avenues of cooperation.

The campus, which has the United Nations World Tourism Organization as a benefactor, has two classrooms, four executive meeting rooms and a learning resource center, a boardroom, and can host over 100 students. Meanwhile, the IIRR is a United States-based 501 private voluntary organization with strong

anti-poverty programs in eight countries in Southeast Asia, Eastern and Southern Africa, and works in collaboration with more than 125 local development partners.

It implements integrated and holistic programs on education for marginalized communities, food security and resilient livelihoods, community-driven and managed disaster-risk reduction, and building collaborative leadership through global learning and sharing.

Its opening was attended by civic leader Sonia Roco, ISST President Dr. Mina Gabor, Tourism Promotions Board COO Marie Venus Tan, IIRR Executive Director Philip Usi, IIRR Board Member Dr. John Batten and ISST Business Development Head Mark Tinao, ISST Senior Vice President Joselito Bernardo and IIRR Senior Global Adviser Dr. Julian Gonsalvez.

Biodiversity Monday BusinessMirror

Asean Champions of Biodiversity Media Category 2014

Monday, January 7, 2019

Editor: Lyn Resurreccion • www.businessmirror.com.ph

B4

Deforestation, dying rivers leading to water wars

By Michael A. Bengwayan

Special to the BusinessMirror

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O N T O C , M o u nt a i n P rov i nce — A n eer ie calm exists over the villages of Fedelisan, Sagada and Dalican in Bontoc in Mountain Province in northern Philippines. It is because there is no telling how many killings will again turn the pristine waters red. Not too long ago, 10 people died and scores injured in prolonged tribal war over water.

Water has become a major bone of contention not only in v illages but also nationw ide.

Water-rel ated conf l icts have been increasing lately.

The Philippine National Police (PNP), in four regions covering 56 provinces, identified 34 areas last year where shooting and killing erupted due to conflicts on water rights, boundaries, use and sharing.

In urban areas, it may not be long before the problem of diminishing water resource goes uncontrolled toward social unrest. Per capita demands are increasing and per capita water availability is declining due to population growth and trends in economic development.

The country’s capital, Manila, is the most vulnerable to water scarcity, so are the major cities of Baguio, Cebu, Bacolod, Iloilo, Olongapo, Angeles, Cagayan de Oro, Pagadian and Davao, the Philippine Center for Water and Sanitation (PCWS) said. These cities are currently experiencing severe water shortages.

Enough water but unavailable for all

IT may be unthinkable because according to Dr. Peter H. Glieck of the Pacific Institute for Env ironment, the countr y happens to have 323 km3 per year of total renewable fresh water supply, third-most bountiful in Southeast Asia after Indonesia and Malaysia. But think again.

Of that amount, the country can only withdraw a total of 29.5 percent yearly of water.

Glieck reported in the 2012 edition of the World Water that the Philippines will need some 393 percent of total withdrawal until the next 10 years.

Of the tota l w ithdrawable amount, 18 percent is consumed for domestic use, 21 percent for industrial purposes and 61 percent for agricultural irrigation.

Luzon itself is a paradoxical case. Even with the Gran Cordillera, Caraballo and Sierra Madre ranges, which cradle three giant river basins—Agno, Angat and Cagayan—water scarcity has not only become a problem in the country’s biggest island. It is also

causing sanitation constraints and increasing incidences of waterrelated diseases. The amount of land irrigated is falling as competition for agricultural water is being strained to the limit.

Deforestation and water mismanagement are culprits

NOT surprisingly, massive deforestation is behind the problem.

Deforestation is rampant nationwide. If the country’s deforestation rate pegged at 1,500 hectares a day as of 1995 by the World Resources Institute is not scary enough, deforestation rates in several provinces are more alarming with many provinces falling below the ideal 60:40 forest-settlement ratio to maintain ecological balance.

The Cordillera Ecological Center (CEC), an environmental nongovernment organization, said at least six provinces in the Cordillera region have only between 20 percent and 30 percent forest cover, based from Landsat satellites estimates, with the province of Benguet having the least forest cover.

The Philippines itself has only a little more than 4 million hectares of forests left, 700,000 hectares of which are virgin forests as bared by former Senate Committee on Environment head, Sen. Loren B. Legarda.

But it may not be long before these are wiped out, what with the deforestation rate far outstripping reforestation efforts.

According to former director of PCWS, Rory Villaluna, deforestation is not the only cause for worsening water inadequacy.

Rather, water resources—like river basins, rivers, creeks, brooks and underground water—are inadequately protected, conserved and rehabilitated.

She said water levels have not only gone down. These are being polluted at an alarming rate such that it is not fit for domestic or agricultural use.

Such statements only prove Legarda’s lamentable revelation that only one forester guards and protects every 3,000 hectares of forests in the country.

“We often equate water with forests, but actually ill water management and use has only aggravated the sad state of our watersheds—our main sources of water. Much water, if not polluted and poisoned, can be used back for the burgeoning population,” Villaluna said.

“We ask what forests can give us, but we don’t do enough to give back to conserve our forests and water,” she added.

Dying rivers

THE Agno River of the Philippines is a very good example.

While it feeds three dams—San

PARTS of the deforested mountains in Nueva Ecija in Central Luzon are very visible from afar. NONIE REYES

Roque, A mbu k l ao a nd Binga which generate 1,200 megawatts of electricity—it is dying.

From its headwaters in Mount Data and Loo, Buguias in Benguet, now the country’s center of highland vegetable production, toxic pesticides find their way to the river.

Along its stretch, vegetable gardens using dangerous broad spectrum pesticides exist. The deadly chemicals eventually find their way to the river through soil and water surface, as well as underground run-off.

As the river reaches Itogon municipality, cyanide and mercury from the various mines and hundreds of pocket miners seep to the river. A Japan International Cooperation Agency study in 1990 showed that at Lingayen Gulf, Pangasinan, the delta of Agno, shellfishes have trace deposits of cyanide and mercury.

Mercurial and cyanide poisoning cause weakening of the hu m a n b o d y, a nd t he s e a re c h a r a c t e r i z e d b y s y mp t om s cough ing , vom it ing , reddening of eyes, nausea and difficulty of breathing, said the Dr. Charles Cheng, a noted medical researcher and director of the Baguio-based Chinese-Filipino General Hospital.

Because both have cumulative effects, they may not kill instantly in small deposits in the human body. But when accumulation defeats the tolerable level of the human body, instant death oc-

curs, said Cheng, who has recently passed away.

Besides the two deadly chemicals, an independent assessment team commissioned by the Friends of the Earth and the International Rivers Network found several more harmful chemicals in Agno’s river. Dr. Sergio Feld of the team identified these as lead, selenium, molybdenum, iron, manganese, zinc, arsenic, copper, nickel and even radioactive compounds like uranium.

The Manila-based Upland NGO Committee (Unac) said 27 rivers which used to provide household water, irrigation, fishing haven, and washing and swimming grounds are “crying in silence” as they go to die in dams or either run dry.

Unac member and secretarygeneral of the NGO Bantay Mina, Nestor Caoli, said six of the 27 rivers—Balili, Agno, Baroro, Balincaquin, Bued and Dagupan—are biologically dead due to mining.

Six more rivers are heavily polluted and silted by mining activities. These are Naguillan, Upper Magat, Caraballo, Santa Fe, Amburayan and Pasil.

Expanding agricultural operations are pouring pesticide elements into the river, Caoli said. The dead and dying rivers are adversely affecting economic and social activities of people living within and along the rivers’ headwaters and tributaries, Unac added.

CEC added that one river that

We ask what forests can give us, but we don’t do enough to give back to conserve our forests and water.”—Villaluna

feeds the countr y’s vegetable bowl, Balili River, is being killed mainly by solid-waste pollution, including human excrement from Baguio City, a known highland tourism city. An estimated 3,000 tons monthly of human excreta is treated by the Baguio Sewage Plant but still find their way to Balili river.

The Cordillera, it appears, is fast turning out to be the region of not only the “dammed damned, but also of dying rivers,” CEC said.

The government’s Environmental Management Bureau of the Department of Environment and Natural Resources came out with a different view but still complements the findings of the NGOs. It said Amburayan and Baroro rivers in La Union are dead, so are Agno and Dagupan of Pangasinan.

Even the rivers in the provinces of Bulacan and Batangas are dying; Balagtas, Bocaue, Guiguinto, Marilao and Meycauayan in Bulacan, and Dumaca-a in Batangas.

In Luzon’s heart, Metro Manila, nine river sub-basins may soon have only poisoned water. These are Obando-Malabon-Navotas estuary in Balut and Malabon; Tullahan in Valenzuela; and the three Taguig-Napindan river basins in Taguig and Taguig-Napindan in Fort Bonifacio.

These are in the most critical situations among the country’s 18 river basins whose areas total to more than 110,000 square kilometers.

No water means death of communities

THE dead and silent rivers are now the subject of fierce rhetoric from environmentalists hell-bent on protecting what is left of the country’s water sources. NGOs in Luzon look squarely at logging companies, mines, dams and insensitive farmers as culprits.

Forester George Facsoy of the CEC, for instance, sees the death of rivers as the decapitation of communities from the ecosystem that once supported them.

In the Cordillera, “water is looked upon as life itself,” as the Igorot hero Macli-ing Dulag once said.

Death of a river means people will suffer deep economic recession. There will be no farms and fishing areas, and people will be marginalized, making them dependent on outside culture difficult for them to adapt to, he said.

The precious water from rivers replenishes the paddies and deposits fertile silt onto thousands of hectares of farms which foster populations along rivers. If and when the rivers run dry, the imprint of many centuries of human civilizations’ cumulative toiling, ethnic culture and identity will be forever lost, he said.

Groundwater will be affected

THE extinction of rivers will directly affect underground water resources, the National Water Resources Center warned. Of all the nation’s provinces, only 12 have groundwater resources that are expected to provide water in the near future. Not one of these has a groundwater area of more than 30,000 hectares—meaning—population density will definitely bear hard on water that these sources can provide.

Groundwater, often looked upon as an unreliable resource, is possible of being lost. It is very vulnerable and with the water and sanitation sectors’ poor management of it, like surface water, it may soon be lost to oblivion.

If so, biodiversity will be lost too, and economic and social activities will altogether be disrupted, especially in the lower regions.

Water wars in this millennium

THE specter of water crisis will cause communities to fight tooth and nail for its possession and use.

The politics of water is as difficult as preventing a war. It makes rivers no longer “deep and wide” as the song goes, but the rift between communities.

Sandra Postel of the inf luential Worldwatch Institute said: “In efforts to seek and prevent water as f lashpoints of conf lict, there is a must for mediators to allocate strategies where communities or nations can agree to equal sharing.”

Easier said than done, especially so when no law exists where pressure is put on lower communities to either pay for the water that f lows or die without. Moreso, putting water scarcity to the already crowded policy agenda of the government has not yet been done with genuine interest by Philippine lawmakers, even though the challenge to recognize water scarcity as an increasingly powerful cause of political and social instability is so great.

In fact, politicians have yet to pass a Code of Conduct for the water and sanitation sector.

“Communities and even counties will go to war,” warned Facsoy, “and the government may find it too late to act.”

T he v i l l a ges i n Mou nt a i n Province are not the only volatile places. This year’s drought, the impending long, hot summer and El Niño next year, need not spell these out.

Bengwayan has a Master’s Degree and PhD in Development Studies and Environmental Resource Management from University College Dublin, Ireland, as a European Union fellow. He is currently a fellow of Echoing Green Foundation in New York.

Globe’s myBusiness leads campaign on marine biodiversity in Siargao

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OLLOWING its participation in the recent rehabilitation efforts on Boracay Island, Globe Telecom led an awa reness c a mpa ig n on Marine Biodoversity Conservation on Siargao Island, Surigao del Norte, which is dubbed as the surfing mecca of the Philippines.

This was done through Globe myBusiness, which cater s to the business needs of micro, small and medium enterprises (MSMEs), in partnership with Save Philippine Seas (SPS), an independent nongover nment, nonprof it org a n i z at ion t h at aims to protect the country’s rich marine resources.

Stakeholders—including 30 business owners and a representative from the Department of Env ironment and Natura l

Resources (DENR)—attended the one-and-a-half day marine biodiversity workshop to discuss best practices on sustainability and biodiversity.

“This program of Globe about Marine Biodiversity and Sustainable Business Practices is a big help to the municipality of General Luna. The program serves as a tool to give proper education and awareness to every household and every barangay in order to solve our solid waste management problem,” said Jose Wilbert L. Gorgonio, Municipal Environment and Natural Resources Officer, General Luna.

“I would like to appeal to the local community and all business establishments here in General Luna that we help each other and work together for the success of

our environment-conservation efforts for the prosperity and progress of our own municipality,” Gorgonio added.

While the island is very progressive and has become a booming tourist destination, Siargao is not yet too commercialized, thus, an early intervention is ideal to avoid the pitfalls that Boracay had encountered.

Several establishments in Siargao’s capital of General Luna are working together to create a better sustainable development, making it one of the best places to start the awareness campaign.

Harana Surf Resort, for instance, gave a commitment through its general manager, Veda Alcos, that, while the establishment is not yet fully plastic-free, “we are aiming to be one very soon.”

The Philippines is considered as one of the 25 biodiversity hot spots in the world but it is also the third-largest polluter of plastic into the ocean, according to Earth Day Network, prompting Globe myBusiness to help address the situation.

“We want to help combat this growing concern on marine litter. Through the workshop, we were able to inform and influence business stakeholders that this advocacy on marine conservation and the problem on plastic litter is everyone’s responsibility. They have a big role in this endeavor and that, together, they can create huge positive social impact,” said Derrick Heng, senior adviser for Globe myBusiness.

During the workshop, Globe myBusiness and SPS shared tips

on how to integrate sustainable best practices into day-to-day operations of businesses. These include the use of eco bags, reusable eating utensils, refillable containers and the reuse of printed tarps and signage.

T he business ow ners were also requested not to use sand, seashells, corals and sea stars as decorations, as well as avoid balloons and lantern releases.

At the same time, Globe myBusiness, being a trusted business partner of MSMEs, gave participants a sneak peek into its Lakbay sesssion by prov iding them w ith useful information on how they can use technolog y to run their businesses more ef f ic ient ly i n order to prov ide the best ex perience to their customers.

“We have prepared a portfolio of business solutions to give them the competitive advantage to improve efficiency and productivity, reduce cost and further grow their business so that they can focus on what matters most—the customers,” said Mitch Peralta, head for Marketing for Tourism of Globe myBusiness.

Among the solutions being offered by Globe myBusiness are Wi-Fi connectivity, digital advertising, web site creation, auto SMS blast, digitized forms and a personalized loyalty program.

Globe Telecom has committed to contribute to UN Sustainable Development Goals, which include Sustainable Cities and Communities, Responsible Production and Consumption and Life Below Water.

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Reinsurance sector seen to reap windfall from ‘BBB’

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By Rea Cu

@ReaCuBM

HIS year’s Philippine Insurers and Reinsurers Association (Pira) chairman believes the reinsurance industry would reap a windfall from the revenue-generating effects of the government’s “Build, Build, Build” (BBB) infrastructure program.

“With the government’s massive infrastructure program rolled out and with household consumer spending poised to grow further, demand for both nonlife- and life-insurance products is expected to remain buoyant,” Allan R. Santos said. “Growth prospects for our local reinsurance industry in particular remain bright

on the back of the continued rise of the Philippine economy.”

Santos may, however, have to keep his fingers crossed as government data revealed a lower growth rate in the third quarter of last year.

Philippine Statistics Authority data bared that the country’s gross domestic product for the third quarter of

Perspectives

Making the most of the third dimension

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ERSONAL drones are buzzing on beaches and at parks; commercial drones are working on construction sites and farms, and delivery drones are even starting to deliver packages in some cities.

And by all accounts, this is just the beginning. Gartner believes that worldwide production of personal drones neared 3 million units in 2017.

Forecasts suggest that that number will rise to over 5 million in the next two years alone. The vast majority of these will be taking flight in and around cities.

While it’s impossible to accurately predict the future, there are already signs emerging of what cities can expect over the next few years. Current drone production-growth rates suggest there will likely be millions of drones flying around each city center. The increasing “specialization” of drone technology for commercial use indicates there will be many different types and sizes of drones at work around a city. The massive rise in use cases being published by companies suggests that drones will be put to use in a wide range of hitherto unimagined ways.

In many respects, this is great news.

The adoption of drones in the urban setting could help reduce congestion (as deliveries and, maybe, people take to the skies). They could help improve safety and security (by, for example, conducting neighborhood surveillance). And they offer city managers a host of opportunities to improve the way they deliver their services. Not surprisingly, many city leaders are keen to let the drones fly.

Five ways cities could be using drones right now: 1. To improve the monitoring of situations (such as events), people or objects.

2. To provide temporary communications support or infrastructure, particularly after a natural disaster.

3. To inspect difficult-to-reach assets or locations such as tree tops, building rooftops and street-lighting infrastructure.

4. To perform high-risk functions such as fire management, policing or searching for victims after a flood.

5. To install or maintain equipment and parts, particularly in complicated locations.

Opening a new dimension IF the pundits are right (and, in this case, they may actually be underestimating the size of the market), this rapid and widespread adoption of drones will represent a massive shift in the way things move around a city.

Until today, our perspective on transportation has been entirely twodimensional; the adoption of drones in the urban environment opens up a third—and largely unused—dimension: low aerial urban airspace.

The problem is that—while drone tech and use cases are evolving rap-

idly—most cities have been slow to react. Some of the more advanced cities have started to think through the civic aspects of drone use. But these efforts have largely been reactive—focusing on solving key pain points like ensuring public safety, reserving protected airspace and managing privacy concerns—rather than proactive.

Few cities are currently thinking about how drones integrate into the existing urban transport ecosystem.

Or about what infrastructure might be required to support the new urban technology. Fewer still have thought about how they might encourage the technology to take off in other key sectors and city service areas.

Taking flight WE believe that cities will need to take a much more proactive and holistic approach to managing the rapid adoption of drones in their jurisdiction. But we also firmly believe that this issue requires deep collaboration on many fronts—between cities, levels of government, and the private and public sectors.

In part, this will require cities to start thinking holistically about how they might build and invest into public private partnerships (possibly taking advantage of existing national programs such as drone test sites) to help both public- and private-sector players gain much-needed experience and capabilities. It will also require them to consider a radical realignment of their existing infrastructure planning and investment agenda to integrate this new technology into the existing transport ecosystem.

City leaders should also be collaborating with their peers in other jurisdictions to test and pilot new use cases for city operations. Sharing experiences, best practices and maybe even investment on their experiments and trails will be key to reducing cost and risk during this pioneering phase of development.

National governments will also need to play a role. The reality is that—to fully develop and mature— the commercial drone-manufacturing and application-development sectors would prefer a clear set of rules and regulations that are essentially standardized at the national (or, better yet, global) level. Just like any new technology, the standardization of technical specifications and regulatory guidelines will be key to not only driving commercialization and investment into the sector, but also in setting the rules of engagement for businesses and city governments.

This article is an excerpt from the publication, titled “Foresight: Embracing Drones.” R.G. Manabat & Co. is a Philippine partnership and a member-firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity.

2018 was 6.1 percent, lower than the revised second quarter GDP figure of 6.2 percent.

This means the effects of the Duterte administration’s BBB, which consists of 75 flagship infrastructure projects, has yet to usher in the country’s “golden age of infrastructure.” The government is seen to spend around P8 trillion to fund these projects.

Santos, who was elected as Pira chairman for this year, said he remains “cautiously optimistic.”

“I remain cautiously optimistic about the sustained growth of the Philippine reinsurance industry as growth of the insurance industry in emerging markets continues to outpace that of the developed markets,” added Santos, who is also president and CEO of the National Reinsurance Corp. of the Philippines.

Based on a report by Swiss Reinsurance Co. Ltd. (Swiss Re) published

in November 2018, its outlook for the growth of the global insurance industry for 2019 and 2020 remain positive as economic momentum is seen to support global annual insurance premium growth of around 3 percent.

It added that the main drivers for the growth in global premiums in 2019 and 2020 would be coming from emerging markets for both the nonlife- and life-insurance industry.

The Insurance Commission reported last year that the industry posted an 18-percent growth in terms of premium income as of endSeptember, with the life, nonlife and mutual benefit associations posting a strong performance during the nine-month period.

The insurance industry recorded a total premium income of P218.91 billion, which is 18-percent higher than the P185.51 billion recorded in the same period for 2017.

Monday, January 7, 2019

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ING Bank economist sees BSP cutting rates as early as May

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S price pressures wane, causing inf lation to fall back to only 5.1 percent last December, an economist of ING Bank N.V. Manila forecasts a strong reversal in the Bangko Sentral ng Pilipinas’s (BSP) policy decisions, which saw a 175-basis-point hike in key rates in 2018.

In a report, ING Bank N.V. Manila Senior Economist Nicholas Mapa said deceleration of domestic rate of price increases provides the BSP leeway to cut key policy rates as early as the May 9 ratesetting meet of the policy-making Monetary Board.

The forecast slash in the BSP’s policy rates this year is seen to “help bolster slowing growth momentum with its price stability mandate safeguarded.”

The cut is on top of the projected 200-basis-point reduction in banks’ reserve requirement ratio (RRR) this year, Mapa said.

“With market anticipating a less aggressive Fed rate-hike cycle in 2019, BSP may be afforded a window to walk back its own aggressive rate-hike salvo from 2018,” he said.

Mapa also explained that anticipations for both the policy rate and RRR cuts this year will further increase if inflation continues to go down, if the Fed becomes more dovish and if growth momentum slows.

“With our inflation forecasts likely to be lowered given recent price trends, we will be revisiting our forecast for BSP policy in 2019 as well,” he added.

ING currently forecasts Philippines 2019 inflation rate to average at 3.6 percent, within the government’s 2 to 4 percent inflation target for 2018 to 2020. PNA

UCPB releases survival, recovery loans to survivors of Marawi war

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AVAO CITY—The United Coconut Planters Bank (UCPB) said it has distributed “survival and recovery loans” to farmers and fishermen from Marawi City through the bank’s e-money cards after the Department of Agriculture released the loans last month.

The UCPB is the DA’s conduit bank on releasing the loans, and the UCPB said it distributed these through its e-money cards beginning late November initially to 200 farmers and fishermen.

The bank said a total of 1,500 beneficiaries would be given loans by the Agricultural Credit Policy Council, an attached agency of the DA. The card carried an initial assistance of P5,000 for the basic necessities and livelihood of affected families.

The loan is interest-free and collateral-free and is payable in three years, the projected period when the farmers and fishermen would have fully recovered from the damage caused by the Marawi conflict.

The UCPB e-money card is a reloadable automated teller machine card for different disbursements including loan disbursements, dividend and commission payments, and remittances, the bank said in a statement.

Makati collects P16.8-B revenues in November

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AKATI Mayor Abigail Binay announced the city collected from its taxpayers about P16.8-billion total revenue as November 8, exceeding by 8 percent the fullyear target.

“Our revenues have mostly come from business and real property taxes, and we are heartened by the strong support consistently shown by our taxpayers,” Binay said in a statement.

In a report to the Mayor, Acting City Treasurer Jesusa E. Cuneta said Business Tax remained the top contributor to the city’s coffers, with almost P9.1 billion collected, followed by Real Property Tax with P5.5 billion.

Other local revenue sources include Fees and Charges with P750.9 million and Economic Enterprises with P246.9 million.

Cuneta added that new business registrants as of the second week of December reached 4,770, with combined capital investment amounting to over P30 billion. Business permit renewals also reached 33,978 in the same period.

The card is equipped with the EMV chip, the global standard in cardpayment security. It is reloadable up to P100,000 per month over-thecounter at UCPB branches The financial assistance called Survival and Recovery (Sure) loan is the DA’s program to help rebuild lives after they were displaced in the

five-month siege in 2017.

The loans were released to farmers and fishermen who were identified by the DA Regional Office “as those who lost their livelihood due to the damage wrought by the Marawi siege in 2017,” the UCPB said.

UCPB Assistant Vice President for Mindanao Region Joel P. Javier

said it was honored to be chosen as the government’s conduit bank “to be part of this momentous project.”

“We are honored to be part of the rebuilding efforts for our fellow Filipinos in Marawi who showed their resilience and determination to get back to their normal lives after the crisis,” Javier said. Manuel T. Cayon

B6 Monday, January 7, 2019

REWILDING THE ENDANGERED AT THE BODY SHOP

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HE Body Shop has made its global mission to protect the wild through its world biobridge mission project, which aims to build biobridges that will link forests to help animals and plants, especially the endangered and isolated ones, to thrive and breed again.

To enchant nature this season, The Body Shop Philippines gave back to rewild the endangered. For every purchase of 400-milliliter Fuji Green Tea shampoo, all net proceeds were given to the Philippine Eagle Foundation to preserve its habitats and the communities that share its forest home. The foundation focuses not only on the dwindling populations of the Philippine Eagle, but also to protect its forest habitats to maintain its sustainability.

The Fuji Green Tea refreshing purifying shampoo is enriched with revitalizing Japanese green tea. This refreshing shampoo cleanses and removes impurities, basking your hair and scalp in an invigoratingly fresh feeling.

VIVA MEXICANA AT VU’S

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AY ¡Hola! and have a fiesta with the amigos, as Vu’s Sky Bar and Lounge brings alegria with staple dishes from the land of carnitas and tortillas until January 26.

Sample the sky bar’s take on Mexican cuisine with its festive spices that truly make one’s taste buds dance. Vu’s sky bar and lounge takes guests on a tasty trip with some welldeserved cerveza. Enjoy staples packed with flavor at every bite. Have a platter of gourmet tacos and burritos, and toast

it up with San Miguel Beer for P999. Take the Mexican route after a day’s work, gathering, or celebrating an occasion and fiesta!

Viva Mexicana is on offer at Vu’s sky bar and lounge from Wednesday to Saturday from 5 to 8 p.m. until January 26. The sky bar opens daily from 5 p.m. to 12 midnight from Sunday to Thursday, and 5 p.m. to 2 a.m. on Friday and Saturday.

For more information, e-mail at restaurant.mnl@ marcopolohotels.com.

PWA 2019 SPEAKERS ARE ALL LOCAL FEMALE PHOTOGRAPHERS

T OUTSTANDING FILIPINO ENTREPRENEURS RECOGNIZED The Bangko Sentral ng Pilipinas (BSP), Citi Foundation and Microfinance Council of the Philippines (MCPI) awarded nine outstanding Filipino microentrepreneurs in this year’s 16th Citi Microentrepreneurship Awards (CMA). Winning the national award was (second row, center) Erwin Ramos, owner of Erwin and Lanie’s fishball from Bulacan. The regional winners were (second row, left to right) Rosario Amoroto of Island’s Best Foods for Visayas, Maria Elena Estadola of New Life Crafts Infinito for Luzon, and Arnold Viado of Bam and Jhon Balut Maker for Mindanao. Mary Grace Bayalas (third row, second from left) of Bayalas Birthing Home and Family Planning won the Youth Microentrepreneurship Award. Special awards were given to (top row, from left) Romeo Ponio, a corn and vegetable farmer for agri microbusiness; Jessette Oquendo of Surublien for community leadership; Estrella Balnao, a coffee farmer and producer for agri microbusiness; and Marisa Ganding of Azul massage suites and wellness center for startup microbusiness. The 16th CMA national selection committee included (front row, from left) BSP Deputy Governor Chuchi Fonacier, Citi Philippines Chief Executive Officer Aftab Ahmed, Marixi Rufino-Prieto and Joey Concepcion.

BAYER INTRODUCES FIRST DUAL-TRAIT HYBRID-RICE VARIETY IN THE PHILIPPINES

HE Photoworld Asia (PWA) 2019 is another year for the longestrunning photography event in Southeast Asia. The much-awaited nonstop event will be held at the new activity center of Glorietta for the trade fair, which will showcase the latest photography products and convention at the Asia Institute of Management.

The annual event is organized by t he Federat ion of Phi l ippine Photographers Foundation (FPPF) under the leadership of Pablo Beltran as the president; and Eduviges Huang as the chairman.

T h e F PPF i s b e h i n d i n t h e continuous holding of photography

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farmers ample time to control further damage.

The BLB, on the other hand, is a perennial problem that causes wilting of seedlings and yellowing and drying of leaves.

Both problems adversely affect crop yields and continue to become a serious threat to the rice industry.

“Bayer has been working closely with rice farmers in the Philippines to improve their rice yields and quality through its innovative hybrid seeds, crop-protection products and integrated crop-management solutions. With the increasing demands of our growing population and an ever-evolving ecosystem, it is vital that we empower these farmers with innovative products and solutions to help improve rice productivity in the country, and also to improve the viability and quality of life of our farmers,” said Iiinas Ivan Lao, country commercial lead, Bayer Crop Science.

ENJOY KOREAN CUISINE ALL YEAR AT SAMGYUPSAL KING IN QUEZON CITY

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AMGYUPSAL King, one of the food stalls at Le Village Lifestyle Food Park in Quezon City, offers the best place to whet your Korean appetite. The stall just opened their doors to the public eight months ago and has become the talk of the town.

Since it offers outdoor dining, one doesn’t smell of smoke (due to grilling) after a night of pleasurable dining.

Moreover, the place is Instagrammable, just perfect for today’s digital generation.

The pork and beef meat are well marinated and thinly sliced. The meat is well suited for the Filipino palate (marinated like sweet tocino). The side dishes, or banchan,

like potato marble and egg roll, are well seasoned.

Lettuce leaves are fresh and crispy, one can add the side dishes and make a wrapper out of the leaves like spring rolls.

You do not have to wait long hours just to eat at this food stall. Cooking is easy and even teenagers and family would enjoy the other Korean dishes being offered by this stall.

The helpful staff can cook the meat for you. One can also request for additional spices like ground pepper.

The P399 is definitely worth the price and is even at par with some restaurants in the Metro.

He is from Bolinao, Pangasinan.

The speakers and their respective topics are: Lisa Watson, Angeli Jane Blanco, “Social Media Publishing”; RC Sustiguer, “Your Personal Brand as a Photographer”; Vivian Valdez, “Mobile Phone Photography”; Andrea Genota, “Natural Light Portraiture”; Peachy Her nandez, “Under water Photog raphy”; R ac hel L oba ngco, “Concept Photography”; Shaira Luna, “Fashion and Advertising”; Joan Bondoc, “Photojour na l ism”; Jaja Samaniego, “8 Truths I Learned from Life and Photography”; and Hannah R e yes Mora les, “ Tel l i ng Stor ies Through Photography”.

ENTREPRENEURSHIP HIGHLIGHTED AT SAN LORENZO BUSINESS WEEK

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S pa r t of it s cont i nu i ng business-literacy program for its constituency, Barangay San Lorenzo in Makati City recently held a weeklong business forum with the theme “Developing an Entrepreneurial Mindset”.

The four-day event is in partnership with the Barangay San Lorenzo Business Association (BSLBA); and the local chamber of commerce, which covers establishments in Legazpi Village, Ayala Center and Arnaiz Ave. The group, which has a membership of over 1,000 firms, is mandated to organize

AYER, the global leader in agriculture, has launched Arize AZ 8433 DT, a dual-trait hybrid-rice variety with measurably improved tolerance to both brown plant hopper (BPH) and bacterial leaf blight (BLB).

Arize AZ 8433 DT is the first available hybrid variety in the Philippines to offer tolerance to both of these harmful pest and bacterial disease.

BPH is a re-emerging pest species that has become prevalent in the Philippines, particularly in areas of high cropping intensity. It causes hopperburn, which is a visible yellowing and drying of a plant that can damage the crop in just a matter of days.

In 2017 the Department of Agriculture reported 541 hectares of BPH infestation in Eastern Visayas, resulting to approximately P17 million worth of agricultural damage. The new variety offers added protection against BPH by delaying hopperburn, giving

courses for beginners and professional photographers in the country at The Fort Santiago in Intramuros. The federation also conducts photography courses in the provinces, as well as gover nment agencies, companies and schools.

The PWA 2019 has two distinctions.

This year’s event has no foreign speakers and speakers all are lady photographers. The speakers are multi-awarded who will unselfishly share their experiences and expertise in photography.

Chairman is Catalino Celzo Jr., a multi-awarded photographer who just retired from a hotel job after 36 years.

effective education and training programs for the improvement of business skills and encourage corporate social responsibility.

It is the private sector’s official channel of various business concerns, through its representation in the Makati Liga ng mga Barangay Business Council (MLBBC).

According to barangay chairman Ernesto Moya, the activity is part of their continuing education program to promote the spirit of enterprise within the business and residential community.

The event opened with a trade fair at the Glorietta Activity Center, featuring programs and products of

the departments of trade and industry, and science and technology, the Asian Institute of Management and members of the Association of the Filipino Franchisers Inc. (Affi).

Trade Assistant Secretary Mary Jean Pacheco keynoted the formal opening and talked on the provisions of the newly enacted Ease of Doing Business and Efficient Government Service Delivery Act of 2018 (Republic Act 11032), followed by talks from renowned motivational speaker Francis Kong and Potato Corner Chief Executive Officer Jose Magsaysay Jr. The business week was highlighted the entrepreneurial module series with lectures on entrepreneurial mindset by A sian Food Project President Jorge Noel Wieneke; “Franchise 101” by GMB Franchise De ve lopers P resident A r m a ndo Bartolome; and digital marketing

by StartUp Village director Carlo Calimon.

I n pho t o at t he o p e n i n g ceremonies are Affi President Joyce Yu, BSLBA chairperson AnaMariaTanchanco, Makati City Vice Mayor Monique Yazmin Maria Lagdameo, Mayor Mar-Len Abigail Binay, Congressman Luis Campos, Ayala head for Central Malls Joseph Reyes and Ernesto Moya.

LEADING SOCIAL ENTERPRISE HUMAN NATURE MARKS 10TH YEAR

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UMAN Nature’s propoor policies are at the cornerstone of its commitment to help foster a new middle class. Most notable of these policies are paying a living wage, one-day off (Sunday), regularization for all, no firing policy, freedom from debt programs, values formation and life-skills training.

By intentionally hiring people from the marginalized, the company is able to provide opportunities to those who need it most.

Warehouse staff Jade Estor’s growing up years were tough. His family lived in Payatas, a Metro Manila area known for its massive garbage dumpsites. In 2010

his mother was diagnosed with cancer and he gave up his dreams of finishing school to support his family.

For Estor, receiving living wages became the lifeline his family needed.

He was able to provide for his family and support his nieces and nephew’s schooling. “In Human Nature, I learned to work and value what I earn not for myself but for my family.”

Over 58 percent of Human Nature’s employees are like Estor: low-skilled working poor from communities near the company’s facilities in Quezon City and Laguna. The minimum living wage for its rank-and-file workers ranges from over 60 percent to as high as twice the

minimum legal wage.

While the worldwide trend is to add more working hours, Human Nature is working on reducing the work hours of employees. Some teams and departments are currently on a seven-hour work day, and the goal is to eventually bring it down to six productive hours.

Citing the Sundays off policy and shortened working hours as integral to changing labor practices, GKI Chairman Dylan Wilk said that, “Being middle class is not only about earning a decent income, but about having genuine quality of life, including proper family time and rest.”

Sports BusinessMirror

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| Monday, January 7, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NO MORE 40-PT PLUS NIGHTS P

By Anne M. Peterson The Associated Press

ORTLAND, Oregon—Jusuf Nurkic had 25 points and 15 rebounds, and the Portland Trail Blazers snapped James Harden’s 40-point streak and the Houston Rockets’ six-game winning streak with a 110-101 victory on Saturday night.

Harden finished with 38 points, falling just short of his sixth straight game with 40 or more. He was 13 of 35 from the field, shooting 5 of 17 from three-point range.

CJ McCollum added 24 points and Damian Lillard finis hed with 17 points and 12 rebounds for the Blazers, who have won three of their last four games.

Austin Rivers scored a season-high 21 points for Houston, while Clint Capela had 13 points and 21 rebounds.

Portland led by as many as 16 points in the third quarter, but Harden started to show some life after a surprisingly cold first half.

Gerald Green’s dunk got Houston within 88-83 early in the fourth but Nurkic’s lay-up pushed Portland’s lead to 97-85 with just under six minutes left.

After Harden collected his fourth foul, McCollum hit a long jumper to put Portland up 101-90 with 3:10 left. Evan Turner’s lay-up and free throw made it 106-95 and Moda Center fans started heading for the doors.

There was some controversy when Harden got three free throws on Turner’s foul and he made all three to close the gap with 1:02 left. After Lillard made a free throw on the other end, Harden’s step-back jumper got the Rockets within 107-101 with 34 seconds left—but it was a close as they could get.

Portland was the last team to hold Harden under 30. He had 29 in Houston’s 111-104 home victory on December 11. Maurice Harkless had some success guarding Harden, but he out with a sore left knee after Saturday night’s loss to the Thunder and Turner started for the Blazers.

Portland surrendered the lead to Oklahoma City heading into the fourth quarter and came up short 111-109 despite a late rally.

Harden had a triple-double in a 135-134 overtime victory over Golden State on Thursday night. He had 44 points, 10 rebounds and 15 assists for his second straight 40-point triple-double and 11th of his career.

Rivers hit all four of his three-point attempts to start the game and finished the first quarter with 14 points.

Neither team was able to make much of a move until the final two minutes of the half, when Portland went up 54-46 on Turner’s lay-up. Nene was charged with a flagrant foul on Nurkic, who made one of the two free throws then added a basket. Lillard had a floater before time ran out and the Blazers went to the break with a 59-46 lead.

Harden was 0 for 8 from three-point range in the opening half and had nine points. It was just the second time this season he failed to reach double digits in the first half.

Lillard’s three-pointer pushed Portland’s lead to 77-61, but Harden answered with his own. Harden had 20 points in the third quarter but the Blazers led 86-77 going into the final period.

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NBA RESULTS Denver 123, Charlotte 110 Utah 110, Detroit 105 Philadelphia 106, Dallas 100 New Orleans 133, Cleveland 98 San Antonio 108, Memphis 88 Toronto 123, Milwaukee 116 Golden State 127, Sacramento 123

THE Mavericks’ Luka Doncic crashes into a television cameraman after falling out of bounds during the first half of Dallas’s road against Philadelphia on Saturday. AP

CURRY, WARRIORS BEAT KINGS STEPHEN CURRY scored 20 of his 42 points in the fourth quarter and had 10 three-pointers, and the Golden State Warriors held on to beat the Sacramento Kings, 127-123, also on Saturday night.

Kevin Durant added 29 points, nine assists and five rebounds, and Klay Thompson scored 20 points to help the Warriors complete a three-game sweep of the season series. The three games were decided by a total of 10 points.

Coming off a 135-134 overtime loss to Houston on Thursday night when they let a 20-point lead slip away, the Warriors blew another big lead in the third quarter before storming past the Kings over the final 12 minutes.

Curry led the way with five of his threes in the fourth, and had a pair of key three-point plays. Curry also closed out the quarter with a pair of free throws with 9.4 seconds left.

Buddy Hield scored 32 points on a career-high eight threes for Sacramento. The teams combined for an NBA-record 41 three-pointers, and the Kings set a franchise record with 20.

Justin Jackson added a career-high 28 points, and Willie Cauley-Stein had 14 points and 13 rebounds.

The teams exchanged 15-0 runs in the first half.

Golden State made four consecutive three-pointers, including a four-point play by Quinn Cook, and Durant soared through the key for an emphatic two-handed dunk that put the Warriors up 37-22 in the first quarter. The Kings made their surge in the second behind threes.

Sacramento trailed by 16, but pulled to 70-69 in the first half.

Knicks’ Kanter fears for life in London trip OS ANGELES—New York center Enes Kanter will not travel to London for the Knicks’ upcoming international game because he believes he could be assassinated for his opposition to Turkish President Recep Tayyip Erdogan.

Kanter announced his plan on Friday night after the Knicks’ 119-112 win over the Lakers. The Knicks later said Kanter also won’t make the trip because of a visa issue.

Kanter will stay in New York while the Knicks travel to face Washington at The O2 arena in London on January 17.

He says he can’t travel anywhere except the US and Canada because “there’s a chance I could get killed out there.”

“Sadly, I’m not going because of that freaking lunatic, the Turkish president,” Kanter said. “It’s pretty sad that all the stuff affects my career and basketball, because I want to be out there and help my team win. But just because of the one lunatic guy, one maniac, one dictator, I can’t even go out there and do my job. It’s pretty sad.”

Kanter has been a vocal critic of Erdogan for years, once referring to him as “the Hitler of our century.” Kanter’s Turkish

PORTLAND’S Evan Turner gets a foul from Houston’s James Harden during the second half of their game on Saturday. AP

passport was revoked in 2017, and an international warrant for his arrest was issued by Turkey.

Kanter is a follower of a US-based Turkish cleric accused

by Turkey’s government of masterminding a failed military coup in 2016.

Kanter said it would be “easy” for an attempt on his life to be made in London.

“They’ve got a lot of spies there,” he added. “I think I can get killed there easy. It would be a very ugly situation.”

Kanter’s father, Mehmet, was indicted last year and charged with “membership in a terror group.” The former professor lost his job after the failed military coup even though he publicly disavowed his son and his beliefs.

“People often ask me why I continue to speak out if it’s hurting my family,” Kanter wrote in a column for Time magazine last year. “But that’s exactly why I speak out. The people Erdogan is targeting are my family, my friends, my neighbors, my classmates. I need to speak out, or my country will suffer in silence.” AP

BEAL TO WADE: YOU’RE MY IDOL

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IAMI—Bradley Beal has been keeping a secret from Dwyane Wade all of these years.

Beal wears No. 3 for one reason.

It’s a tribute to his idol.

After their 16th head-to-head meeting on Friday night—Miami beat Washington, 115-109—Beal finally summoned up the courage to let Wade know how he feels about his game, and acknowledged afterward that he was nervous when asking to exchange jerseys with the player who, not at all coincidentally, wears No. 3 for the Heat.

“I tried not to lose my mind when he first gave it to me because that’s unbelievable,” Beal said. “I’m trying not to be a fan, but I am a fan and I am a huge fan of his game. I try to predicate a little bit of my game off of his. This is probably the first time I’m actually saying that, but he’s a legend forever.”

Wade has been exchanging jerseys with players over the course of this, his 16th and final NBA season. Beal said he was nervous to ask Wade for his, for fear that the answer would be no.

Turns out, Wade wanted his jersey, as well—and said he was deeply moved by Beal calling him an idol.

“Those moments mean everything,” Wade said. “Fan ovations are great, but to be able to have future players coming into this league and good players in this league, and to know you had an impact on their growth, that’s what you want. It meant a lot. When he said it, I thanked him and I hope I was good enough role model for him.”

Wade left Miami for basically one-and-a-half of his 16 NBA seasons, playing a year in Chicago before starting last season in Cleveland. Beal still considers him a Heat lifer, and indicated that he would like to follow along a similar path.

“He paved the way for me,” Beal said. “He paved the way for a lot of us in today’s game and to see his hard work and to play as long as he did in one organization...he meant everything to this city and this team. That’s kind of the legacy I want to leave too.”

Beal could face Wade one more time: The Heat visit the Wizards on March 23.

“He’s one of the best to ever do it and he’s not cocky with it,” Beal said. “He does it in a humble way and he’s still able to do what he does at this age and it’s amazing. Everything he’s been through, people talk about him, but he’s still here.

He’s still competing with the best of us and I have nothing but respect for him, his game, his legacy that he left.” AP THE Heat’s Dwyane Wade (right) and the Wizards’ Bradley Beal exchange jerseys. AP

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No. 1 Halep back in action, Sharapova retires in China

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YDNEY—No. 1-ranked Simona Halep returns to competitive tennis this week at the Sydney International unsure if her back injury has fully healed.

It will be the first time Halep has played since the French Open champion ended her season in October due to a herniated disc in her back.

And while the injury didn’t require surgery, Halep, who has previously battled similar injuries during her junior years, has spent much of the past three months off the court.

“It was very scary because it was below

the back, so it’s always dangerous. But I had treatment at home,” Halep said while sailing around Sydney Harbour on Sunday.

“I rested for about six weeks and I did nothing, just exercises for the back. I didn’t have pain while I was practicing this period, offseason. So now I feel confident and it’s OK. But I need to see during the official match.”

Halep got off to a strong start last year, reaching the Australian Open final (losing to Caroline Wozniacki) and claiming her first Grand Slam title in Paris (beating Sloane

Stephens) before losing her final four matches of the season, including a first-round defeat at the US Open.

She will start the season without a coach after Australian Darren Cahill said in November he wanted to spend more time with his family.

Cahill, who has spent the past four years with Halep, is taking a 12-month break.

The 27-year-old Halep said she will not consider a new coach for at least the next few months. “[He] was a very big part of my career and I want to thank him for that,” she said. “Together we won the Grand Slam that we always wished for. It’s going to be tough, I’m sure.... but he decided this and I fully understood because family comes first always.”

With a bye in the first round in Sydney, Halep

will meet either Jelena Ostapenko or Ashleigh Barty in the second round before a possible quarterfinal against Karolina Pliskova.

Maria Sharapova, meanwhile, retired from her match at the Shenzhen Open with an injury late on Friday in Shenzhen, China—giving top-seeded Aryna Sabalenka a spot in the tournament’s semifinals.

The fifth-seeded Sharapova was trailing 6-1, 4-2 when she stopped because of a left thigh injury.

Sharapova received off-court medical treatment between the two sets.

“I think we both played well and then she got injured,” Sabalenka said. “Hopefully she will get well soon.”

Sabalenka will next face Wang Yafan, who beat qualifier Monica Niculescu, 2-6, 7-6 (4), 6-1. AP

SWISS FLAVOR IN HOPMAN CUP P

ERTH, Australia— Roger Federer won the Hopman Cup for a record third time after defending champion Switzerland beat Germany, 2-1, on Saturday.

Switzerland took its fourth Hopman Cup title overall when Federer and Belinda Bencic beat Alexander Zverev and Angelique Kerber,, 4-0, 1-4, 4-3 (4), in the Fast4 format in the mixed doubles decider.

In the men’s singles, Federer defeated fourth-ranked Zverev, 6-4, 6-2.

Ahead of his Australian Open title defense, the 37-year-old Federer didn’t drop a set in four singles matches at the tournament, beating Frances Tiafoe, Stefanos Tsitsipas, Cameron Norrie and Zverev.

“I’m happy I’m feeling this good and playing as well as I am,” Federer said. “It’s good to finish on a singles performance like this. I’m a bit surprised that the matches have gone as well as they have.”

Switzerland won the third-set tiebreaker in the mixed doubles after Zverev hit the ball into the net on the winner-takesall point. Germany had earlier wasted a championship point.

Federer’s impressive stroke play countered the power of Zverev in the singles before the Swiss earned a crucial break

in the 10th game of the first set. Federer broke his German opponent early in the second set on his way to victory in 70 minutes.

Kerber leveled with a 6-4, 7-6 (6) win over Bencic.

Federer, a 20-time Grand Slam champion, first won the Hopman Cup in 2001, joining forces with Martina Hingis to beat the United States in the final.

Switzerland also won in 1992.

The Australian Open starts January 14.

semifinals or better at four of her last five tournaments but hasn’t added another title.

A 6-2, 6-4 loss to No. 27-ranked Lesia Tsurenko on Saturday cost second-seeded Osaka a place in the Brisbane International final and a move up to the No. 3 world ranking— which would be a record high for a player from Japan.

“If I’m being really frank, I just feel like I had like the worst attitude today,” the 21-year-old Osaka said. “I feel like I didn’t really know how to cope with not playing well.”

She dropped two service games in the first and went down an early break in the second but had chances to get even in the sixth game, when she had two break points but committed a string of unforced errors and Tsurenko held for 4-2.

Osaka kicked the air at one point and dropped her racket to the court after missing another, before visibly questioning how she could be getting it so wrong when her forehand skewed wide on game point.

“I was sulking a little bit, and like there are moments that I tried not to do that. But then the ball wouldn’t go in, and then I would go back to being like childish and stuff,” Osaka said. “So I think like that was sort of my main problem today.

“I feel like last year I did a lot of that, and I’m trying to change it more, and I think I have—like toward the end of last year. Hopefully this isn’t like a recurring thing.”

Japanese flags were still waving in the crowd at Pat Rafter Arena for the next match, when No. 2-seeded Kei Nishikori defeated Jeremy Chardy, 6-2, 6-2, in 66 minutes.

“Felt very good physically and, tennis-wise, I think it was perfect,” Nishikori said.

He’ll play fourth-seeded Daniil Medvedev, a 7-6 (6), 6-2 winner over Jo-Wilfried Tsonga, in Sunday’s final, where he’s hoping to claim his first title since Memphis in 2016. AP

OSAKA OUT IN BRISBANE

NAOMI OSAKA is ranked No. 5 in the world, will enter the season-opening major as a reigning Grand Slam champion and is trying not to sulk.

A lot has happened for Osaka since she beat Serena Williams in the US Open final last September, and she’s still coming to terms with it. Mostly, it’s the expectations.

She has reached the

ROGER FEDERER and Belinda Bencic kiss the Hosman Cup trophy. AP

Rivera at center of Sunweb’s new season T EAM Sunweb officially launched its roster for the new season in Berlin recently, presenting the men’s WorldTour and development teams and the International Cycling Union (UCI) Women’s Team together at the Umspannwerk, Alexanderplatz.

There are three new faces among the 11 riders on the women’s squad while Ellen van Dijk and Ruth Winder both moved to the newly formed Trek-Segafredo team.

At the presentation, Cyclingnews spoke to the three new signings—Susanne Andersen, Pfeiffer Georgi and Janneke Ensing, as well as Sports Director Hans Timmermans, about the

upcoming season.

Timmermans thought that the loss of van Dijk and Winder has not weakened the team massively. “They’re good riders, but I feel they are not as versatile as others,” he told Cyclingnews.

“And we wanted a team of riders that can all fulfill various roles. We are competing against an individual class like for instance [Annemiek] van Vleuten or [Anna] van der Breggen, and then you need to work together as a team really well to have a chance to beat them.”

Ensing, 32 and from the Netherlands, joins the team from Alé Cipollini. She is a Classics-style rider who won Le Samyn des Dames in 2018.

NAOMI OSAKA is a picture of frustration as she walks off the court—leaving her racket behind—in Brisbane. AP

Timmermans explained that she was not signed to replace van Dijk, even though they are similar in some aspects.

“We had already signed Janneke before we knew they would leave,” he said. “She is a great rider, and we wanted to become stronger as a team, that is always our philosophy. Liane Lippert, Juliette Labous, and Floortje Mackaij are one year older now, Lucinda Brand made another step last year, so we hope to have three or four riders among the last 20 to 30 riders [during the races] now instead of one or two.”

Andersen, 20, and Georgi, 18, were signings of a different nature; both are young riders who

show promise in their future careers. Andersen joins the team from Hitec Products and is a regular podium finisher in bigger stage races, while Georgi is a neo-pro from Great Britain who won the junior editions of the Healthy Ageing Tour and Trofeo Alfredo Binda.

“We always try to bring in the biggest talents,” Timmermans said. “Susanne has been at the top of our list for years already. She had signed a long-term deal with Hitec Products as a first-year junior, we continued to follow her, and now she was available. Pfeiffer was the best junior rider of the last two years, performing well in a variety of races with different courses.”

Andersen will begin her 2019 season in Spain at the Setmana Valenciana before racing in the spring Classics—Omloop van het Hageland,

Woodland up by three with big putt at Kapalua

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APALUA, Hawaii—One day, Gary Woodland pulled away with five straight birdies. The next day, all it took was one big putt.

The challenge now is to finish off the Sentry Tournament of Champions.

Woodland broke a tie with Rory McIlroy by making a 65-foot eagle putt on 15th hole, and he closed with one last birdie on Saturday for a five-under 68 that gave him a three-shot lead going into the final round at Kapalua.

Woodland has never won on the PGA Tour in the six previous times he had the 54-hole lead in stroke play. In his favor is the history at Kapalua.

While the Plantation course lends itself to wild swings in scoring, no one has ever lost a threeshot lead after 54 holes since the winners-only tournament moved here in 1999.

“The difference is I’m a completely different player than I have been in the past,” Woodland said. “I’ve obviously been in the position multiple times. It’s nice to build off those and take certain things out of them.... I’m playing well enough where I don’t have to play conservative. I can attack and continue to trust what I’m doing and should be good.”

McIlroy played bogey-free for a 68 after he had to settle for pars on the two par 5s at the end. Still, he starts the new year playing in the final group, having not played a tournament in nearly two months.

“Another final group is great, especially coming off the back of not being able to play, as well as I would have liked in final groups last year,” McIlroy said. “So to get myself right back in contention and see if I’ve learned anything from last year and try to put that into practice is great.”

Woodland was at 17-under 202, and would love nothing better than to secure another trip to Kapalua in the first tournament of the year.

Marc Leishman, who made a double bogey in the opening round and a triple bogey on Friday, limited the damage to only one bogey. He had a 68 and was well in range, four shots behind.

Xander Schauffele (68) and Bryson DeChambeau (70) were five back.

The only downer for Woodland was learning that his grandmother in Kansas had died on Friday night. This is a family vacation for most of the Woodland crew—for Christmas, he flew out 11 relatives. AP

90 STILL DOPING

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90-YEAR-OLD cyclist has accepted a public warning for an anti-doping violation.

The United States Anti-Doping Agency (Usada) announced the sanction against Carl Grove who tested positive for epitrenbolone, a metabolite of the banned steroid trenbolone.

He failed on July 11 after setting an age-group world record at the Masters Track National Championships.

Usada said that, following an investigation, contaminated meat that Grove had eaten on July 10 was “more likely than not” to have been the cause of the failure.

Before eating the meat, Grove had tested negative for banned substances after an incompetition test on July 10.

During the investigation, it was also determined that a supplement Grove used before July 11 was contaminated with clomiphene.

The cyclist provided Usada with information about supplements he used, but none listed clomiphene or other banned substances on their labels.

Detailed analysis subsequently conducted on the supplement by the World Anti-Doping Agency-accredited laboratory in Salt Lake City confirmed the presence of clomiphene in one of the supplements, however.

Grove, from Bristol, Indiana, has now been Ronde van Drenthe, Nokere Koerse and Driedaagse Brugge-De Panne. Later in the year, her program includes the Ladies Tour of Norway, but before that, Andersen is scheduled for the Giro Rosa.

Timmermans believes that Andersen has a lot of talent and that there is still much room for improvement. “I think her development has stalled a bit in the last years,” he said. “She has some very good results but is still lacking consistency. Over time she can become a top sprinter and also do well in punchy races, comparable to Coryn Rivera.” Cyclingnews

CORYN RIVERA is carried by her teammates in a photo session.

GEARING UP FOR ‘THE PROBLEM’

The world’s only eight-division world champion, Sen. Manny Pacquiao, connects with a right to Arnold Gonzalez’s face at the Wild Card Gym in Los Angeles, and later shares a light moment with Hall of Fame Coach Freddie Roach and signs autographs for fans at the parking area of Pan Pacific Park on Saturday.

Pacquiao ends a two-year hiatus atop a US boxing ring when he returns to Las Vegas to defend his World Boxing Association welterweight belt against former four-division world champion Adrien “The Problem” Broner on January 19 at the MGM Grand Arena. COURTESY WENDELL ALINEA/MP PROMOTIONS

disqualified from his July 11 race.

“Usada announced today that Carl Grove, an athlete in the sport of cycling, has accepted a public warning for his anti-doping rule violations,” a Usada statement said. Insidethegames

CARL GROVE tests positive for epitrenbolone, a metabolite of the banned steroid trenbolone.

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Monday, January 7, 2019

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GO CAPTURES AM OPEN TITLE L

OIS KAYE GO survived Bianca Pagdanganan’s blazing backside charge with clutch par putts in the last two holes, claiming the hotly disputed Philippine Amateur Open Golf Championship women’s crown on a closing 70 for a one-shot victory at Riviera’s Langer course in Silang, Cavite, on Sunday.

Just when Go thought she had the championship all but wrapped up after storming to a four-shot lead at the turn, Pagdanganan came charging back with three birdies in the last nine holes, including back-to-back feats from No. 15 to pull within one.

But she failed to cap her

fiery rally with flubbed birdie chances from long range in the last two holes and Go, a Boston College junior, kept her poise and matched her Asian Games gold medal teammate’s pars to clinch the country’s premier championship on a 72-hole 285 total.

“I got a little bit rattled after she [Pagdanganan] birdied Nos. 15 and 16. But I stayed relaxed and told myself to just take it easy,” said Go, who trailed the fancied Pagdanganan

DIDAL’S ROAD TO TOKYO BEGINS S

KATEBOARDING heroine Margielyn Didal begins her quest to earn a spot in the 2020 Tokyo Olympics in the Street League Skateboarding PRO Championships in Rio de Janeiro, Brazil, that rolls off on Wednesday.

The championships is the first Olympic ranking competition for skateboarding that debuts as a medal sport in Tokyo.

Didal, who catapulted to instant fame when the 19-year-old captured a gold medal in the 2018 Asian Games, will be in the company of the world’s best in the discipline, including Brazilian Monica Torres, Australian Haley Wilson, Candy Jacobs of the Netherlands and 16-year-old Japanese world champion Aori Nishimura.

Didal would love to follow the footsteps of 2016 Olympic silver medalist Hidilyn Diaz or even surpass the feat of the Filipino weightlifting star by aiming for the country’s first Olympic gold in the 2020 Tokyo Games.

“It’s a dream that I hope to fulfill. But for now, my focus is how to earn a spot in the Olympics through a series of ranking competitions where I have to perform at my best,’’ Didal said.

“I believe she is one of the leading contenders for our country to get another Olympic medal,’’ said Go For Gold godfather Jeremy Go, one of Didal’s chief backers aside from the Philippine Sports Commission.

Asian Cup opens with Gulf political issues

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BU DHABI, United Arab Emirates—Asian Cup host United Arab Emirates (UAE) needed a late penalty from a handball to salvage a 1-1 draw with Bahrain on Saturday in the opening match of a tournament taking place against the backdrop of a regional diplomatic crisis.

Bahrain was close to snatching a win after Mohamed Al Rohaimi scored from the center of the area in the 78th minute. But Mohamed Marhoon handled the ball in the box, sending Ahmed Khalil to the spot to snatch the equalizer with two minutes remaining. UAE and Bahrain share Group A with India and Thailand.

The Asian Cup has expanded to 24 teams from 16 in 2015 when Australia won the title on home soil. The holder open its defense on Sunday when it plays Jordan in Group B.

Qatar is among the 24 finalists while the country is being boycotted diplomatically and economically by regional rivals, including the UAE and Saudi Arabia. That has led to air links to Doha being severed by the UAE, impacting players, officials and media.

The chairman of the Asian Cup organizing committee is Qatari, and Saoud al-Mohannadi’s entry to the UAE was delayed this week, bringing the Asian Football Confederation (AFC) deeper into the Persian Gulf political standoff.

The AFC said it received reports from Qatar that al-Mohannadi was unable to travel to the UAE from Muscat in Oman, despite having been “assured of visas and entry permits for all AFC organizing committee and executive members.”The AFC said on Friday that al-Mohannadi, who is also a vice president of the

Also seeing action in the Rio qualifier, considered as the 2019 world championship of skateboarding, is Christiana Means, an Oregon-based Pinay skater.

“We wish her [Didal] good luck in her tournament and will continue to support her and our other Pinoy skateboarders,’’ said Go. The top 14 women of Street League Skateboarding will see action in Rio beginning Tuesday, which will also feature worldrenowned skaters Pamela Rosa, Alexis Sablone, Kate Shengeliya, Jenn Sotto, Lacey Baker, Samarria Brevard, Julia Brueckler, Leticia Bufoni and Mariah Duran.

football confederation, was in Abu Dhabi.

Qatar’s Sports Press Committee said on Friday a five-member media delegation was banned from entering the UAE despite having entry visas. The AFC, which previously said journalists would be subject to a “security check” by UAE authorities, said it assured the Qatari journalists they would be allowed in to cover the tournament.

“We are in contact with the LOC [local organizing committee] as these journalists had been approved by the authorities,” the AFC said on Saturday.

Anyone watching the tournament in the UAE has to watch a feed from Qatar state-owned broadcaster BeIN Sports, which is the host broadcaster and holds the exclusive regional rights. But traveling media reported their official tournament hotel did not carry BeIN, which was blocked for a time in the UAE in 2017 at the start of the boycott of Qatar.

PHL KICKS OFF BID VS. KOREA

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HE men’s national football team takes on World Cup veteran South Korea in the Asian Cup on Monday with a primary mission of setting aside an ambitious goal of winning the tournament but to make its presence felt in the continental championship that is played once in four years.

The match is set at 5:30 p.m. (9:30 p.m.

Manila time) at the at the Al-Maktoum Stadium in Dubai with the Azkals, as what the Philippine footballers are called, staking their Fifa 116th ranking against the No.53 Koreans.

It took 63 years before the Philippines returned to the biggest football tournament

in Asia, where they have to contend with traditional powerhouse teams with World Cup experience.

“I think at this Asian Cup, with this generation of players, the Philippines have the chance to show that football is good in the country,” said the Azkals’ Swede coach, Sven-Goran Eriksson, who took over the team last October, in an Associated Press report.

The nationals secured a berth in the Asian Cup via its impressive stint in the qualifying stage highlighted by a 2-1 win over Tajikistan last March at the Rizal Memorial Coliseum.

That historic night was capped by the 50th

and Thai ace Atthaya Thitikul with a 71 in the first round, closed in on the duo with a gutsy 74 in tough conditions on Friday then surged ahead with a brilliant 70 in windy play on Saturday.

Pagdanganan, who trailed by three after 54 holes, fell farther back with a par-game (35) in the first nine holes as Go closed out the frontside with a birdie-bogey-birdie stint for a 34.

With a huge lead, Go, a Southeast Asian Games bronze medalist who also won the Kuala Lumpur Amateur Open last year, opted to go for regulation pars at the back but Pagdanganan worked her way back with a birdie on the 10th then threatened within one with birdies on Nos. 15 and 16, a run that, however, proved short after failing to set up short birdie opportunities in the last two holes.

The Asiad individual bronze medalist finished with a 68 for a 286 in the event sponsored by the MVP Sports Foundation and backed by Cignal and Metro Pacific and official hotel Summit Ridge.

Fiercer was the battle for the men’s diadem with Gen Nagai of Japan edging Thai Vanchai Luangnitikul with a birdie on the second extra hole of a three-man playoff with Singapore’s Lucius Toh in the event held as part of the PLDT Group National Amateur Tour.

Nagai and Toh fought back with identical 71s to force a three-way tie at 298 after 72 holes as Luangnitikul stumbled with a 72. But Toh bowed out early with a bogey on the first playoff hole (No. 18), then Nagai struck a solid approach shot to within 4 feet for birdie on their next return to No. 18 to beat the Thai, who missed the green, for the crown.

“I played my best game today [yesterday] this win will bring me more confidence as I head back to the US,” said the Mandaue, Cebu-based Nagai, a former Philippine junior champion and member of the Seton Hall U Athletics.

Ivan Monsalve turned in a 73 and wound up a far fourth at 204 while Aidric Chan limped with a 75 for fifth at 305.

Back in women’s play, Thitikul, just one behind Go after 54 holes, never recovered from a threebogey mishap from No. 4 and virtually dropped out of contention with bogeys on Nos. 9 and 12. She wound up with a 76 and ended up third at 292.

Malaysian Natasha Oon carded a 74 for fourth at 299 while last year’s runner Kim Heeji of

LOIS KAY GO acknowledges cheers from the gallery.

CHOT: I’M NOT PART OF TNT

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OP Philippine Basketball Association (PBA) teams appear to be on a roll in brewing ticklish issues regarding their coaching staff.

After San Miguel Beer tapped Jimmy Alapag as one of head coach Leo Austria’s assistants, former national team mentor Chot Reyes made an intriguing appearance at TNT’s training camp, fanning speculation he, like Alapag—the KaTropa’s former top guard— are easing their way through.

But Reyes was quick to douse water on the issue.

“Contrary to published reports, I am not part of TNT in any official capacity,” Reyes said his official Twitter account.

“I was asked to facilitate a team session in their training camp last week, just as I have been doing with other companies and even team in the NCAA [National Collegiate Athletic Association], MPBL [Maharlika Pilipinas Basketball League], etc,” he added.

The eight-time PBA champion coach and five-time Coach of the Year handled the Talk ’N Text franchise from 2008 to 2012. international goal for Phil Younghusband, who has long been around the football scene and is considered the Azkals’ poster boy.

In total, the team skipper has 52 international goals in 105 appearances, making him the anchor on the offensive end.

Fellow veterans Stephan Shrock, Carli de Murga, Patrick Reichelt, Javier Patiño, Paul Mulders, Iain Ramsay and Manny Ott are backing up Younghusband, along with Filipino-Danish goalies Michael Falkesgaard and Kevin Ray Hansen and homegrown stopper Ace Villanueva.

Top goalkeeper Neil Etheridge was not released for international duties by Cardiff City which is in the heat of the battle in the English Premier League (EPL).

CHOT REYES says on Twitter that he was asked to facilitate a training camp session.

With Reyes refuting reports that the team has again tapped his services as team advisor, the coaching staff remained intact with Bong Ravena serving as head coach, Mark Dickel as consultant and Sandy Arespacochage, Yuri Escueta and Alton Lister as assistants.

The KaTropa and Beermen had unsuccessful campaigns in the Governors’ Cup last season. The team last won a title—the Commissioner’s Cup in 2014— under Jong Uichico.

The national team will be in action against a Son-heung Min-less South Korea as the forward still has to complete his duties with the Tottenham Hotspur also in the EPL. Son will catch up in Korea’s final group match against China.

The Taeguk Warriors nevertheless remain tough opponents as they rely heavily on the experience of World Cup veteran and team captain Ki Sung-yueng, Ji Dong-won and Hwang Hee-chan, all top names in European leagues.

South Korea made the World Cup 10 times and is best remembered for eliminating defending champion Germany last year in Russia with a 2-0 victory.

Ramon Rafael Bonilla

Korea also shot a 74 for 301 for fifth followed by Junia Gabasa (80-305), Nicole Abelar (73-306), Japanese Tai Saito (75-308), Korean Kim Seo-yun (78-310) and Ayumi Takahashi of Japan (73), Thai Kultida Pramphun (75) and Mikha Fortuna (77), who tied for 10th at 311 in the event organized and conducted by the National Golf Association of the Philippines (NGAP).

Shinichi Suzuki rallied with a 77 for a 158, posting a five-stroke victory over Korean Kim Tae-won (88-163) in the Special Division for boys’ while Korean Heeyeon Bang bagged the girls’ title with a 166 after a 79, three-strokes ahead of compatriot Jeong Yeah-eun (89-169) in the event serving as part of NGAP’s talent search.

RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

Bataan loads up

WHAT do Arvie Bringas and Ivan Ludovice bring to the Bataan Risers?

The Bataan Risers shored up its depleted lineup with Jeepy Faundo and Jayjay Alejandro going to the Philippine Basketball Association (PBA). They added former Far Eastern University (FEU) Tamaraw forward-center Arvie Bringas and ex-National University (NU) Bulldog and San Beda Red Lion Ivan Ludovice to plug the gaps.

With Barkley Eboña not yet given clearance by the University Athletic Association of the Philippines (UAAP) to suit up for the Risers, the addition of Bringas is even more imperative with the match against Zamboanga looming.

At this point, Bataan has only Alfred Batino and Bernie Bregondo to patrol the lane, and it is imperative that the 6-foot-5 Bringas make an impact with rebounding, rim protection, and scoring.

The addition of Ludovice will allow Pamboy Raymundo to also slide into the two-guard spot and be somewhat free of playmaking chores.

The 15-2 (won-lost) Bataan Risers will take on the 7-10 Zamboanga Family’s Brand Sardines squad at the Bataan People’s Center on Monday (9 p.m.). They righted their ship after seeing their 14-game win streak halted at the hands of the San Juan Knights. They previously dispatched the Rizal Crusaders, 88-74, and now have another opportunity to go on a win streak with three matches this January.

They play back-to-back home games, first against Zamboanga on Monday and then the Navotas Clutch the 16th. They pack their bags for the Alonte Sports Arena in Laguna on January 28 where they face the Laguna Heroes.

Their win-loss record notwithstanding, Zamboanga has the players that can hurt Bataan.

They have the tall, physical and mobile bigs like former University of the East Red Warrior RR de Leon, former University of the Visayas Green Lancer Rino Berame (who backstopped Greg Slaughter at the slot before the 7-footer de-camped for Ateneo), former PCU Dolphin Jay-R Yasa, and former Adamson University Falcon Ivan Villanueva.

They have dangerous scorers like Reed Juntilla, former Ateneo Blue Eagle Ryan Buenafe who was Bringas’s teammate in high school at San Sebastian, former Perpetual Help and Talk ‘N Text player Harold Arboleda who is tough on the boards, and former NU point guard Robin Roño among others.

For Bataan to win its 16th match in 18 games, there needs to be consistency among its scorers, especially Byron Villarias, Gary David and Raymundo. That will ease the pressure on Batino inside. And if Gab Daganon can get going offensively—because he is one of the few slashers on the team—it will create space for his teammates. With Alejandro now in the PBA, the role and importance of Daganon—who was coveted by many a MPBL and D-League team— will be highlighted.

And, of course, if Bringas can throw his weight around and put points on the board.

The elimination round is fast approaching its end. The Risers have stocked up for the title run by not only adding players but also Joel Banal to the coaching staff. If the loss to San Juan has shown the Risers’ it is not only the need to play consistently, but for the bigs to play well.

Zamboanga will be a stern test to the Risers’ resolve.

IN PURSUIT OF OLYMPIC DREAM

By Jimmy Golen

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The Associated Press

EFENSIVE lineman Jared Allen retired from the National Football League (NFL) in 2015 and wasn’t ready to give up on the competition he’d come to enjoy as a five-time All-Pro. His solution: The Olympics.

The problem: He didn’t compete in any Olympic sports.

Less than a year later, Allen and three other former NFL stars—none with any prior experience—are attempting to qualify for the US national curling championships against players who have been throwing stones for most of their lives.

It would be the first step toward competing in the 2022 Winter Games in Beijing.

“Every team in the NFL—whether you’re hot garbage or the defending Super Bowl champions—every coach come August says the same thing: ‘We’re trying to win the Super Bowl,’” Allen said. “We come from that mentality, where we set lofty goals.

“Our short-term goals are continually to get better: Fundamentals, strategy, sweeping. We know if we master these little things, it will take us a long way.”

A 12-year NFL veteran who spent most of his career with the Chiefs and Vikings, Allen was lamenting the end of his playing days when a friend dared him to try an Olympic sport. Allen toyed with the idea of badminton but rejected it as too taxing.

“We thought about curling. It was chill, and the winners have to buy the losers beer,” he said.

“We thought it was a win-win.”

He rounded up former Rams quarterback Marc Bulger and Titans linebacker Keith Bulluck and tackle Michael Roos to form a team; all were Pro Bowl selections during their NFL career, and living near Nashville, Tennessee.

Adopting the name All-Pro Curling Team, they started from scratch in March and kept their plans under wraps until they felt like they had made enough progress.

“We wanted the reaction when we got on the ice to be ‘Oh, how long have you guys been doing this?’” Allen said in a telephone interview after practicing on a converted hockey rink in Nashville. “We were serious. We didn’t want it to seem like it was just some media hype, or just trying to stay relevant.”

The first test was in November, when Allen and Bulger—with two “regular” curlers— competed in the Curl Mesabi Classic in Northern Minnesota. Their first opponent: The gold medal-winning team from Pyeongchang led by four-time Olympian John Shuster.

They lost 11-3, giving up five points in the sixth end.

“Honestly, they were a little better than I had expected,” said Matt Hamilton, the second on that team. “All in all, Jared was technically

Sports BusinessMirror

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| Monday, January 7, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

FORMER Minnesota Viking Jared Allen (right) practices with his curling team, as coach and former Olympian John Benton watches in Blaine, Minnessota. AP

pretty sound. But at the end of the day, I’ve seen thousands of curling shots and situations and that is ultimately going to win us more games.”

Although curling matches are often conceded when they are out of reach, the Olympians kept playing through the eighth (of 10) ends, to help the football players gain the experience they’ll need if they are going to be more competitive. (If it’s any consolation for Allen’s crew, Shuster’s rink also scored a fiveender against Sweden in the gold-medal match.)

“We had one bad end, and we just kept playing with them. We just wanted to be a sponge,” Bulger said. “The key was they knew we were taking it seriously. It wasn’t just us saying ‘We’re going to take over curling,’ kind of as a gimmick.

“We hope to play them again,” he said, “when we’re better.”

The All-Pros are back at it at the USA Men’s

Challenge Round this weekend in Blaine, Minnesota, where they are competing for one of four remaining spots in next month’s national championships. (Top teams like Shuster’s have already qualified.)

They got off to a rough start in their first match, falling 10-1 to Steve Birklid’s Seattlebased rink on Thursday night. But, by hopping into the sport early in the Olympic cycle, they have almost three more years before the team for the 2022 Games is chosen.

Hamilton confessed he was put off at first about newcomers thinking they could reach the Olympics in a sport he’d worked a lifetime to master. But he also realized the publicity will be good for curling, which has struggled to break out of its niche as an every-four-years curiosity.

“If I really think I’m that good, I should be like ‘Bring it on!’” Hamilton said in an e-mail

to The Associated Press from a competition in Japan. “How much they respected the game, though, is what made me realize they aren’t making a mockery. We just have some extremely athletic individuals who respect sport but have a need to compete in their blood. Can’t disrespect that!”

All four football players agreed the reception they’ve received from lifetime curlers is decidedly different from a curler trying to break into the hypercompetitive NFL. “Oh, he’d get smashed,” Allen said. “We’d go out of our way to test his mettle, for sure.”

Instead, they found the tight-knit but friendly community of curlers was eager to accept them. In their match against the Olympians, there was trash-talking—or banter, depending on whom you ask—and Hamilton even gave them some of his old curling gear.

“I looked at their broom heads and I was disgusted. I was wondering why these former pro football players couldn’t afford new broom heads,” he said. “So I went into my curling bag and gave them some gently used ones before the game. That really surprised Jared, claiming nothing like that would ever fly in football.”

Like many of those who only experience curling every four years on TV, the football players saw the sweeping and the shouting and underestimated how hard it is. “We played football, but it’s a lot of muscles we didn’t use,” Bulger said.

Sliding on the ice was also an adjustment, but the biggest challenge has been the strategy.

When he first started watching, Bulger said, he would see curlers setting up protective stones called guards and thought they were missing their shots.

“We just assumed that you throw to the button every time, and we learned that is not the game,” he said. “It’s like a novice chess player going against” a grandmaster.

But their NFL experience did help in other ways, priming them with not just physical fitness but also good practice habits, making decisions on the fly and improving through film study and coaching.

“Like any other sport, you have to learn, try to figure out how to get better,” Bulluck said.

“Playing football at a very high level, being one of the best at the position once upon a time, to get to that level in anything you do you have to be able to take coaching.”

And, of course, they’re competitive.

“The message is: We want to bring attention to it. We want to have fun with it,” Allen said.

“But we’re dead serious about what we’re trying to accomplish.”

EZEKIEL MITCHELL rides Last Chance during a bull-riding event in Colorado Springs in October. AP

With YouTube assist, young rider eyes bull market in New Yory City

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BOWLED Australia’s Pat Cummins is bowled by India’s Mohammed Shami for 25 runs on Day 4 of their cricket test match on Sunday. Australia is six without loss in its second innings at tea after being required to follow-on by India on the fourth day of the final test as the tourists chase their first test victory at the Sydney Cricket Ground in 40 years. AP

ZEKIEL MITCHELL played football and ran track because he didn’t have the background or money to learn how to ride a bull.

So he did what teenagers do: Watched YouTube.

The video tutorials launched Mitchell’s quest to become a professional bullrider, a journey that takes him to Madison Square Garden ranked No. 2 in the world for Professional Bull Riding’s (PBR) season opener in New York City that runs through Sunday. He’s the only black rider in the 35-rider field in PBR’s top series.

Mitchell’s debut on one of the sport’s biggest stages caps a whirlwind nine months in which he received a call from PBR about an opening for a rider while he was sitting in class at Hill College in Texas.

He accepted the slot last April and days later was riding for the first time in the elite division in Billings, Montana. He was a winner on the tour

by November and skyrocketed his way through the world rankings.

His rapid ascent began when he was 14 and

turned to the Internet for help with his interest in bulls. Mitchell is from Rockdale, Texas, and one of 11 children. He had been to rodeos with his father, a horse dentist. His family assumed he’d become a veterinarian and pursue a sensible career.

“There was a lot of controversy between me and my mother,” Mitchell told The Associated Press on Friday, hours before his first career ride at the Garden. “My parents wanted me to be a vet or continue to play football and run track. I was pretty good at a lot of things. My mother wasn’t really behind the idea. She limited what I could do. She didn’t ever tell me ‘No,’ but she thought I might grow out of it after a little while.”

Mitchell moved from YouTube to practicing on a homemade drop barrel. A neighbor later helped him weld a mechanical bull with a car suspension. Within two years Mitchell got on his first bull. Once he turned 18, and was a qualifier for the Texas High School State Finals, he took control of his career.

“I just moved out and never went back,” said Mitchell, who proved to his family he was on the

right path. “They love it now. Everybody is 100 percent behind me now.”

Mitchell is one of the many success stories PBR is touting as it kicks off in New York City for the 13th season with aspirations to build on its growth the last several seasons.

PBR, which last year set more than 20 local event attendance records, expands this season to Los Angeles with its inaugural event at Staples Center in February. The series will be in Chicago, Los Angeles and New York this season.

PBR CEO Sean Gleason said on Friday the expansion into the Los Angeles market will be aided by the circuit’s longtime presence in nearby Anaheim, California, and promotion from the sports talent agency that purchased the series in 2015. Endeavor, formerly the William Morris Agency/IMG, will try to bring exposure to the sport on the same weekend as the Oscars.

“We expect that to be a great party,” Gleason said.

The PBR Global Cup, a five-nation team bullriding tournament, will be held next month at AT&T Stadium in Dallas and has expanded this year to include a team of Native American riders.

“We’re coming off record-setting year after record-setting year and there’s a lot of excitement around the series,” Gleason said. “We just opened the New York Stock Exchange and we are hoping we kicked off a bull run for everyone.” AP

S

Saving God

AVING God, You called John Neumann to serve You in charity and pastoral care. In company with him, we pray: Strengthen our faith, Oh God. For parish ministers, pastors, and all schools staff to live in peace and love. For children, youth and parents that they know the value of service. For Pope Francis, bishops and national leaders and religious spiritual heads that they may know the truth on how to lead others. May God bless us with every grace that we need to place our trust in Jesus and live in peace. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

CLOCKWISE: Cary Santiago, Francis Libiran, Furne Amato, Ezra Santos and Michael Cinco

Life BusinessMirror

ALL ACCESS: THE 19 MOST LIKELY TO SHINE BRIGHTER IN 2019 D3

Monday, January 7, 2019

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Best of 2018: ‘Clash of the Titans’

PHOTOGRAPHED BY ARIEL AYING SALUPAN

TOTA PULCHRA MISS CHARLIZE

@misscharlize

F

ORTY-FIVE years ago, the world’s social powers descended on the world’s fashion capital to witness five kings of French couture (YSL, Givenchy, Ungaro, Cardin, Dior’s Bohan) face off against five upstart American sportswear designers (Blass, Burrows, Klein, Halston, de la Renta) in what would become known as “The Battle of Versailles.”

The journalist Robin Givhan writes in her book with the aforementioned title: “By the time the spotlight dimmed and the curtain came down on the night’s spectacle, fashion history had been made and an industry had been forever transformed.”

In my heart, what the witnesses must have felt on that night on November 28, 1973, at the Théâtre Gabriel in Château de Versailles was also somewhat experienced by the attendees of the fashion spectacle “World CLASS,” staged at the Waterfront Cebu City Hotel on October 6, 2018: fashion at its finest, grandest, most beautiful.

“World CLASS” gathered in one sensational bridal show Philippine fashion’s “mythical five”: Michael Cinco, Francis Libiran, Furne One of Furne Amato, Ezra Santos and Cary Santiago. In another couture epoch, an unprecedented lineup would be Ramon Valera, Salvacion Lim Higgins, Jose “Pitoy” Moreno, Ben Farrales and Aureo Alonzo. In another Golden Age of Philippine Fashion, the quintet would be Joe Salazar, Inno Sotto, Auggie Cordero, Gang Gomez and Cesar Gaupo.

Versailles had Marie-Hélène de Rothschild, the doyenne of French society, greeting guests. In Cebu, it was Santiago, the best Filipino designer practicing in the country, holding court. As the brainchild of the epic event, Santiago was able to gather—and have

them behave—rivals of all colors and all sectors at the Pacific Grand Ballroom.

It was easy for Santiago to persuade the other designers to participate in the most epic fashion show in decades, recalling the heydays of the Kahirup Balls and Karilagan shows at World’s Fairs. “Michael and I were roommates in Dubai. We then invited Furne to join us. Ezra was already a name there, though he looks younger than us. Francis is a social-media darling, after his stint at America’s Next Top Model,” Santiago said.

Waterfront Cebu gave massive support, coproducing the show with Santiago, an undertaking I think Manila can’t afford. Even if he perfected his craft in war-torn Beirut, Santiago still harbored doubts hours before the show. “I was depressed. This was in Cebu, my city, my home court. I didn’t want to disappoint anyone. Up until the last minute, I was reediting,” he related. His spirits were lifted, however, when his idol, the legendary Inno Sotto, praised him: “Cary, your collection is a work of art.”

Santiago once again showed his love for “Aviary,” a theme he started exploring in 2004 with his winning “Pag-Asa” entry at the Philippine Fashion Design Competition. “I’ve always been fascinated with birds.

One time, I went on vacation to Davao and saw PagAsa [the first Philippine eagle bred and hatched in captivity]. I thought it was the most magnificent creature I ever saw. When it noticed that I was in awe, it showed off its wings,” Santiago said.

It wasn’t Maya Angelou’s “Caged Bird” or Björk’s Marjan Pejowski’s swan dress that Santiago unleashed at the show, but sculptural, draped renditions that only he knows how to exceptionally construct. “I wanted to show freedom, of birds in flight,” he said. Think more Cary-esque Yves Saint Laurent’s Georges Braque-inspired “doves” wedding dress from his 1988 Rive Gauche collection, or elevated interpretations of Cecil Beaton’s gowns for Leslie Caron in Gigi.

For his spine-tingling portion, One was inspired by the ornate architecture of cathedrals, Catholic vestments and religious iconography for his “Amor Vincit Omnia” collection, which means “Love Conquers All” in Latin. The finale piece, worn by the magnificent Marina Benipayo, sent the audience to its feet. It was an “iconic fabric sculpture created

with rows of ruffled tulle in various sizes. The finale embodies angel wings with its curved sleeves and statement headpiece.”

One is also a native Cebuano like Santiago: “Who could say no to being a part of such a prestigious, rare gathering of the country’s most talented and acclaimed artists? For as long as I can remember, we Filipinos have looked up to the designers of Paris and Milan. This is where we can show our fellow Filipinos that we, too, are capable of creative, beautiful, worldclass garments to represent the Philippines and make the country proud.”

Had he lived during Hollywood’s Glamour Age, Santos would have thrived alongside Adrian (who created clothes for Greta Garbo, Joan Crawford and Katharine Hepburn), Orry-Kelly (Bette Davis in Jezebel) and Edith Head (Grace Kelly in Rear Window, among others).

His collection for “World CLASS” is evidence of his elegant aesthetic. “My inspiration is from the 1930s but giving it a modern twist. It’s a beautiful era of fashion—glamorous, tailored, strong but still feminine,” he explained.

Santos showed structured gowns and corsets and cutting the tailored suit to midrib. “I used men’s suiting fabrics for women and layers upon layers of tulle. Embroidery with icy crystals and mother-of-pearl rectangular sequins and beads with off-white and nude petticoats,” he said. “The finale piece, worn by Binibining Cebu 2017 Apriel Smith, is made with hand-embroidered cape embellished with Swarovski crystals with a dove of peace head piece—the symbol of ‘Love and Hope,’ which is the title of my collection.”

The “L” in “CLASS” was the hardest to cast, I assume. Monique Lhuillier, the acclaimed bridal designer this side of Vera Wang, was a natural consensus, being a French-Cebuana. The Londonbased Lesley Mobo, I would’ve considered. Rajo Laurel was busy with his Red Charity Gala. Jesus Lloren would be a refreshing breather from all the bling and tulle.

Libiran, though younger and not Middle East battle-scarred, was an inspired choice. He was overwhelmed by the invitation: “Of course I had to say yes! It’s such an honor to to be part of this fashion show with some of the greatest geniuses of the fashion

world. I was motivated to be more creative, innovative and think out of the box, and create a collection that was different from any I’ve designed before. It was also a platform to show the country and the world, the artistry and talent of Filipinos and our dedication to our craft.”

In “Opulence,” an ode to his architectural background, he wanted to relive our Art Deco past, when Manila was the “Paris of Asia.” Libiran’s finale piece, carried with great discomfort by Miss International 2016 Kylie Verzosa, was nonetheless a gown to behold: “I had a lot of these individually embroidered panels in different sizes, sort of like Art Deco petals. Every panel was meticulously beaded by hand and carefully sewn onto a structured soft tulle base. I wanted to create something that looked beautiful from afar, and the more you get closer and see all the little details and intricacies, you get to see how bold and magnificent the piece truly is.”

It was Cinco, arguably the most internationally recognized of the five, who opened the show with supermodel Ria Bolivar to a rousing start with his “Impalpable Dream of the Royals” collection. “I was inspired and influenced by the Victorian princesses who were larger than life, lovers of arts, had a towering presence and were powerful stateswomen in any empire,” the pouty designer said.

“Most of my fabrics are luxurious lace that make an impact, and these are exquisite crystallized tulle and lightweight impalpable tulle. Most of them are embroidered and decorated by hand, and to get hold of such precious cloth is not easy. However, they produce magic in every creation,” Cinco explained.

“From this point forward, Filipino talent has no geographical boundaries not only here in the Philippines but also in the international market,” Cinco noted. “It was a good thing to see international designers putting Filipino fashion on the map. We all have a strong vision and a high quality of work that needs to be showcased here in our motherland.”

“World CLASS” was truly a “Clash of the Titans.”

Santiago can rightfully bask in the show’s successful afterglow. “Furne came ready for battle. Michael came prepared; he has nothing to prove anymore. Ezra, everyone loved because his clothes are wearable.

Francis is a social-media superstar,” Santiago assessed.

Will there be a rematch next year? “Yes!” n

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Style

BusinessMirror

Monday, January 7, 2019

www.businessmirror.com.ph

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jeremy Renner, 48; Nicolas Cage, 55; Katie Couric, 62; David Caruso, 63.

HAPPY BIRTHDAY: Look for alternate routes and ways to accomplish your goals. Being open to suggestions and focusing on personal improvements and physical fitness will encourage you to participate with people who strive to maintain good health and disciplined lifestyles. Rid yourself of temptation and walk away from those trying to lead you astray. Choose to take positive action. Your lucky numbers are 3, 12, 20, 28, 36, 39, 43.

a

ARIES (March 21-April 19): Use your time wisely. Work on self-improvement and personal gain and avoid getting into a debate with someone who doesn’t see things your way. Walk away from any situation that has the potential to lead to discord. HHHH

b

TAURUS (April 20-May 20): Refuse to let an emotional incident get the better of you.

A clear head and a little nudge is all that’s required to put you in a good position when dealing with friends and colleagues. HH

VERSATILE fanny packs from Parisian Bags can be worn on the waist or cross-body style

ELEVATE your street-style cred

c

GEMINI (May 21-June 20): Complaints can only be justified if you have completed your responsibilities. Physical exercise will help you blow off steam and make you feel good about your look. Romance will ease stress and bring you closer to someone you love. HHHHH

PATENT and glitters update these packs

Trendy + utilitarian = stylish new year T HE season’s trendiest bags are also surprisingly utilitarian, and as we plunge into the new year, it’s time to style up with updated versions of fanny packs and backpacks from Parisian Bags, available at The SM Store. Fanny packs are said to date back to the French in the 15th century when they wore a small bag that hung from a belt called a chatelaine, and the traditional Scottish sporran, a pouch that accompanied the pocket-less kilt.

It wasn’t until the 1980s, with the first wave of athleisure dressing, that these belt bags or waist bags walked into the fashion scene.

Since then, everyone from joggers to parents juggling kids have been seen sporting this one on the waistline. It’s been touted as a perfect cargo-carrying sack to hold keys, a cell phone and everything else that you may hold as you’re running around town or nature-walking.

Today, the fanny pack trend has dominated both the catwalks and the streets: from the runways of Marc Jacobs, Gucci and Balenciaga, to the street style games of celebrities and supermodels like Rihanna, Beyonce, Rosie Huntington-Whitely and Kaia Gerber.

And it’s not surprising as these are the most functional and versatile bags you can have as they can not only be worn as a belt to cinch the waist but also over the shoulder or cross-body style. Parisian Bags’ new collection offers a variety of glittering and embellished fanny packs to elevate your style game.

Backpacks, too, are back in the big way. It has come a long way since Gerry Cunningham created the first zippered backpack.

Today, fashion backpacks—think those designed by major fashion brands like Gucci and Prada—are a trendy way to carry daily essentials. And Parisian Bags has hip backpacks to bring function and fun to your everyday style. n

DONATELLA VERSACE comes on the catwalk at the end of Versace’s women’s 2019 Spring-Summer collection, unveiled during the Fashion Week in Milan, Italy. AP

CANCER (June 21-July 22): Take care of personal business before you are questioned about what you’ve been doing. Be punctual and prepared if you want to make an impression on someone you look up to. A unique partnership will be worth considering. HHH

e

LEO (July 23-Aug. 22): Travel plans, meetings and networking will help you get things moving forward. Mix business with pleasure to make a difference to someone you care about. Don’t be afraid to show your emotions. Your honesty will have a ripple effect. HHH

f

VIRGO (Aug. 23-Sept. 22): Stay focused on what’s important to you. Avoid people who overreact or tempt you to take part in things you shouldn’t. Use discipline and intellect when choosing friends, partners and activities that will help you grow personally and advance professionally. HHH

g

LIBRA (Sept. 23-Oct. 22): Put greater emphasis on the physical. Take better care of the way you look and feel or deal with emotional issues that have been holding you back.

Refuse to let someone run your life. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Learn from mistakes, and discuss matters that will clear the air, allowing you to make the changes that will make you happy. An unusual opportunity will develop if you contact an old friend and discuss your concerns and intentions. HH FANNY packs shine on with metallic accents

Michael Kors, now Capri Holdings, completes Versace deal NEW YORK—Having added a pair of high-end brands to its stable, Michael Kors is changing its name to Capri.

The company announced the acquisition of the Italian fashion house Versace for more than $2 billion (€1.83 billion) in September, less than two years after acquiring Jimmy Choo, the shoemaker that rocketed to fame on the high heels of Sex and the City.

Michael Kors Holdings, like its counterparts in France, has charged aggressively into the upper echelons of luxury fashion hoping to pump up sales.

Kering snapped up Gucci, Bottega Veneta and Pomelato and LVMH

d

bought Bulgari and Loro Piana.

Capri Holdings Ltd. is projecting $8 billion in annual sales, with most of that coming from Michael Kors.

Starting on Wednesday, its New York Stock Exchange ticker symbol will be CPRI. Gianni Versace founded Versace in 1978. The family-run business was thrown into chaos with Versace’s murder 21 years ago.

His sister, Donatella Versace, will continue with the company, holding the position of creative director.

Michael Kors, who founded the company under his name, also remains as creative director of that wing of the company. AP

i

SAGITTARIUS (Nov. 22-Dec. 21): Thinking big is fine, but when it comes to putting your plans in motion, be realistic and size down.

Don’t be fooled by someone’s enthusiasm. When it comes to honoring a promise, he or she will let you down. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t let the changes going on around you stop you from pursuing what suits you best. Acknowledge what others do, but don’t feel obligated to help someone else get ahead. Stay focused on what’s important to you. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Share your feelings, and get any tension that’s been building out of the way. How you handle situations will make a difference to the overall outcome, as well as to an important relationship. HHH

l

PISCES (Feb. 19-March 20): Offer help, but don’t go overboard or someone will take advantage of you. Do your part and use the time spent to make new connections. Losing your temper will make you look bad. HHH BIRTHDAY BABY: You are intelligent, driven and curious.

You are sociable and energetic.

‘to and from’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Croaky 7 Gregory Peck’s Moby Dick role 11 Nonvulgar swearing 14 Bad deal 15 Parks of Montgomery 16 Miss the mark 17 Cause of nightmares?

19 River, to Rivera 20 ___ ex machina 21 “Well said, preacher” 22 “Highway to Hell” band 26 With 50-Across, setting up a Shakespearean woman?

30 Deleted scene 32 Colorful colony inhabitants 33 Arrange for 34 Retired Nevada senator Harry 35 Guitarists’ push in a battle of the bands?

41 Settled a debt 42 Frequent companion of Q, in Scrabble 44 Goes ballistic 48 Heaven’s gatekeeper

0 See 26-Across 5 52 Bring to tears 53 La ___ Tar Pits 54 Highest draft status 56 Spelling contest 57 College brotherhood of drummers?

64 Night sch. offering 65 Minerals such as cinnabar 66 Unwelcome end 67 Retiring 68 Message with an emoji, maybe 69 Friend of Ren DOWN 1 MLB scores 2 Many a Rembrandt 3 Chimpanzee, e.g.

4 Sturgeon stuff 5 Bay Area law force, briefly 6 Snob descriptor 7 Crop up 8 Take way more than one’s share of 9 Havana residue 10 Ball club?

11 Mice and lice 12 Familiarize (oneself)

3 Treats unfairly 1 18 Essen’s river 21 Doc’s org.

22 Crunch targets 23 Treble, alto or bass 24 No couch potato 25 ___ d’Ivoire (Ghana neighbor) 27 Off the hook 28 Hold back, with “in” 29 Makes sense 31 Entree with a crust 34 Mayberry letters 36 Hedonists sow wild ones 37 School member, in the ocean 38 Part of an agenda 39 The Godfather Corleone 40 Ft. above sea level 43 Before, in poetry 44 Calvin’s tiger 45 From square one 46 ___ Dan (“Reelin’ In the Years” rock group) 47 Mortgage org.

48 Dispatched 49 Fine-tunes

1 Tribute with friendly insults 5 55 Working hard 57 “Baloney!”

58 “My lips ___ sealed” 59 Handle on the range?

60 The X-Files org.

61 Computer storage letters 62 Deadly Egyptian snake 63 Your of yore Solution to Friday’s puzzle:

Show BusinessMirror

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Monday, January 7, 2019

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The 19 most likely to shine brighter in 2019 movie roles that we will definitely watch this 2019.

Felix has finished Mina Anud, the debut film of Kerwin Go shot in a quaint surfing destination in Quezon; and he has also wrapped up work for the Cinemalaya entry Ani, codirected by Kim Zuñiga and Sandro del Rosario.

ALL ACCESS RICKY GALLARDO

rickygallardoTFI@gmail.com

DWEIN BALTAZAR WE always loved breakthrough women filmmakers.

The last one we cheered for was Hannah Espia, who impressed us with the film Transit. Espia is now based overseas and married to a foreigner.

2018 saw the rise of Dwein Baltazar, who directed two very good films: Gusto Kita with All My Hypothalamus and Oda sa Wala. She also wrote the screenplay for the romantic movie Exes Baggage, starring Angelica Panganiban and Carlo Aquino. We are quite sure that Baltazar and her works will figure prominently during the awards season.

CATRIONA GRAY THE country’s fourth Miss Universe continues to be an inspiration to many. Her message: if you work hard at your goals, continue to be the person that you are, and remain grateful for each blessing, life will reward you in so many ways.

Now based in New York City where she will perform her numerous functions as the universe’s most beautiful, Gray will surely seize every moment to make the most out of her reign and make our country more proud.

CALVIN CHUA THE well-loved concert producer who took a big gamble on Jed Madela and won is Filipino Chinese Calvin Chua. Dubbed as the future mega-producer, Chua is the man behind the very successful concert of Madela at the Araneta Coliseum a few months ago.

Always keeping a low profile, Chua has also bankrolled projects for artists, such as Ronnie Alonte, Louise de los Reyes, Christian Bautista, and some of the GMA hunks like Rocco Nacino and Derrick Monasterio. He starts this year with a bang with a concert, billed as The Aces, featuring Lani Misalucha, Jona and Darren Espanto. The show takes off in Cebu on February 2 at the Cebu Waterfront Hotel and then moves to the Davao SMX Convention Center on March 2.

MIKHAIL RED YOUNG filmmaker Mikhail Red is definitely painting tinseltown in more vibrant colors and hues. After a magnificent output with his debut movie Birdshot, which he followed up with the impressive Neomanila, Red has more in store with his third feature film, Eerie, a horror movie which had its premiere in Singapore a few months back.

The son of acclaimed filmmaker Raymond Red continues to show his mettle and is about to start on the zombie movie Block Z soon. The project was temporarily put on halt, which prompted Mikhail to resign as filmmaker, but the mega-producers lured him back with promises of more projects this year.

The promising director reconsidered, but our sources claimed that he forgot to ask for intellectual property ownership for this special project which he should have insisted.

BARBARA RUARO EVERY once in a while we get to meet someone who instantaneously sweeps us off our feet after just a few minutes of conversation. New actress Barbara Ruaro had a good run in 2018 and looks forward to breaking new grounds this year.

Ruaro, who is also a staunch mental-health advocate, made us take notice of her raw and splendid performances in films like Timmy Harn’s Dog Days and Joel Ruiz’s Kung Paano Siya Nawala. She also dipped her fingers in film production, shooting in the south for a project, titled The Art of Ligaw.

TONY LABRUSCA GLORIOUS is one good adjective to describe the year that was for Tony Labrusca, no doubt the breakout star of 2018. His digital movie with the ageless Angel Aquino became the talk of town, the trailer of which scoring an unprecedented number of hits and views on the Internet. He also starred in two daring films—ML and Double Twisting Double Back—for local independent film festivals.

Labrusca will be elevated to leading man status for his next TV series Mea Culpa. He is also working on two films this year, and there’s the Darna movie also waiting for his free time.

MIGUEL VALDES AFTER graduating from the College of Saint Benilde, Valdes tried to check out the acting scene byway of a role in Giancarlo Abrahan’s Paki, Cinema One Film Festival’s Best Film. The debut role garnered a best supporting actor nomination for Valdes which immediately ignited the fire in him to chart a course in the performing arts. Valdes specializes in the art of movement and dance, and he is slowly learning the basics of being an actor. He has just finished a film where he plays the title role of a robot, intended for the next edition of Cinemalaya.

Valdes is the great grandson of National Artist Fernando Amorsolo, and the son of thespian Eula Valdes. His father is Ronnie Quizon, the son of Comedy King Dolphy.

DERRICK MONASTERIO THE new year brings new hope to Derrick Monasterio, who, if he plays his cards right, should be the next big actor of his home network. Tall, handsome, hunky, a people person and very pleasant, it is just sad that he’s not given the big push that he so rightfully deserves.

Perhaps he should consider finding a new home when his contract expires.

REX TIRI FOR someone who was not afraid to get into the arena where big-time film sharks swim, Tiri is highly commendable as the brave movie producer who gave us such endearing films, like Patay na si Hesus and Dedma Walking. His T-Rex Film is quietly preparing for

NICOLE LAUREL ASENSIO BEAUTIFUL and bewitching chanteuse Nicole Asensio is from the famous Laurel clan of artists and politicians. She knew early on that singing is where she will find the most fulfillment, that’s why she has pursued this path. Asensio is a much sought-after performer for corporate shows and events, as she can also do hosting. We learned that she is willing to give acting a try this year, and with such bearing, charm and wit, we’re quite sure that she will also excel in front of the cameras.

new, exciting, and intelligent projects that will again surely send ripples in the film industry that’s still monopolized only by a privileged few. He deserves our support all the way.

APRIL TANHUECO STILL at the peak of being a fashion model, April Tanhueco wants to explore other avenues like acting for film and television. She is setting her eyes on the digital shows that are mushrooming all over the Internet and cable TV. Very entrepreneurial, Tanhueco also co-owns a beauty business, called Prettiserrie Hair and Nail Salon in the Tomas Morato area. This beautiful bundle of energy has also ventured into hosting for corporate events and pageants. A woman of many gifts, indeed.

MON CONFIADO HE has done hundreds of movies to date but Mon Confiado continues to surprise us every year. In 2018 he took home two acting trophies for his flawless performance in Those Long Haired Nights—one from the resurrected Famas and another one from the Urduja Heritage Film Awards. His role as Emilio Aguinaldo keeps on hogging the big screen—first with Heneral Luna, then last year with Goyo.

Stateside, the film he shot in the United States, is now ready for international release, and he is wrapping up work for the Korean movie Packages, where he costars with Korean actor Kwak Do-won.

Mon Confiado is certainly going places.

RIA ATAYDE SYLVIA SANCHEZ’S lovely daughter Ria is slowly moving away from the shadow of her mother and equally talented brother Arjo. Initially a reluctant actress, Atayde has warmed up quite well and has absorbed all the learnings that she can get from her big breaks on television. We hope to see her star in a breakthrough movie this year.

NELSITO GOMEZ WE always look forward to watching Nelsito Gomez perform onstage. Not long ago, he gave two outstanding performances: as the central character in My Name is Asher Lev, and as the gay and Catholic painter Alfonso Ossorio in Angry Christ. Before the year 2018 was over, Gomez appeared alongside Ricky Davao in Baka Naman Hindi (A Flea in Her Ear).

He flew to the UK to do research for future projects, watched 14 plays and explored many possibilities.

Gomez formed a group called Company of Players in Streamlined Theater, and they will be doing staged readings very soon.

MAX EIGENMANN SHE has remained an underrated actress despite being a member of the illustrious Eigenmann showbiz clan, but the cool person that she is, Max Eigenmann believes that everything happens at the right time. She wowed film critics when she did Lem Lorca’s Ned’s Project, and even took home a best supporting actress trophy. A young mother of two lovely boys, Eigenmann has almost wrapped up her next big film project with young filmmaker Raymund Ribay Gutierrez, under the production of internationally acclaimed filmmaker Brillante Mendoza. So watch out for her when the film does the rounds of international festivals this year.

CHRISTIAN BABLES HE first made many take notice of his acting chops as the best friend of the lead gay character in Jun Lana’s Die Beautiful. That performance won him various acting awards and opened many doors for Visayan actor Christian Bables.

He was supposed to play the lead role in the follow-up movie Born Beautiful but conflicts and controversies took over and he lost the project to another actor. Shaken and scarred but not giving up, Bables prayed for another chance and it was generously given to him by director Chito Roño, who cast him for the lead role in Signal Rock. Bables will surely be a frontrunner in the best lead actor race come awards season. He will surely go a long, long way in the acting business. n

GERICK MANALO AS early as last year, Gerick Manalo was being touted as the next big celebrity chef. Good looks, a passion for no-nonsense gastronomic creations using healthy ingredients, and youth all make Manalo the most promising among the young chefs we have today.

For 2019 Manalo told us that he will unwrap a new business which he will share first with BUSINESSMIRROR. And hopefully, a new travel and food lifestyle show will be in the offing so we can see him more on the small screen.

MAYMAY ENTRATA WE always cheer for underdogs. Even when Maymay Entrata was inside the Pinoy Big Brother’s house, we felt that there was something in her that will someday unravel, similar to the story of the ugly duckling that turned into a princess goose. So when she eventually won the search and her tandem with Edward Barber gained popularity, we felt we hadn’t seen nothing yet of her.

Entrata is a favorite of local designers because of her frame and natural model features. So it was no wonder when she sashayed at the 2018 Arab Fashion week in Dubai in November, wearing the creations of acclaimed designer Furne One. MARC FELIX THE farmer from Bicol whose passion for acting keeps him from minding the a 10-hour bus ride to the big city just to audition for a role. His persistence and perseverance have started to pay off by way of two big

HIT KOREAN SERIES COMES TO NETFLIX SUBSCRIBERS

IN a kingdom defeated by corruption and famine, a mysterious plague spreads to turn the infected into monsters. The crown prince, framed for treason and desperate to save his people, sets out on a journey to unveil what evil lurks in the dark.

A blockbuster Korean series, Kingdom stars Ju Ji-hun, Bae Doona, Ryu Seung-yong, Kim Sang-ho and Heo Joon-ho. The series is directed by Kim Seong-hun and written by Kim Eun-hee.

Kingdom is coming to Netflix worldwide on January 25. Netflix is the world’s leading internet entertainment service with 130 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any Internet-connected screen.

Members can play, pause and resume watching, all without commercials or commitments.

FROM left: (first row) Tony Labrusca, Maymay Entrata, Mon Confiado, Ria Atayde, (second row) Nelsito Gomez, Max Eigenmann, Derrick Monasterio, Marc Felix, (third row) Gerick Manalo, Catriona Gray, Miguel Valdes, Dwein Baltazar, (fourth row) Calvin Chua, April Tanhueco, Christian Bables, (fifth row) Mikhail Red, Barbara Ruaro, Rex Tiri and Nicole Asensio

D4 Monday, January 7, 2019

Style

www.businessmirror.com.ph

Men and makeup KOREAN star Lee Dong-wook,

AND THEN SOME DINNA CHAN VASQUEZ @dinnachanvasquez luckydinna@gmail.com

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GREW up in a society where men were supposed to act like men and women were supposed to act like women, and anything in between was not just done. I’m still kind of horrified that my husband uses the soap bar in our shower to wash his hair and he doesn’t have any scalp or hair problems. He uses that same soap to wash his face and body and he doesn’t have any skin problems, either.

But that scenario is rapidly changing as more and more men are becoming more conscious about how they look. And that’s a good thing, right?

The Korean entertainment scene has definitely changed the way we look at fashion and grooming in general. Male K-pop stars wear makeup when they perform. My EXO favorite Xiumin has worn a yellow highlighter while performing and it makes me want to order one from Fenty Beauty. In Korea, male idols endorse beauty products from lip tints to hand creams.

And this development isn’t just happening in Asia. In August, Chanel announced that it would introduce its first-ever men’s makeup line, called Boy De Chanel.

The inaugural collection’s premier campaign stars Korean star Lee Dong-wook, who is the face of the brand.

Lee, who has an impressive body of work that includes the big hit Goblin, embodies the ethos of the collection. The actor is currently starring in

a new medical drama series, called Life, where he plays an ER doctor.

And what is this ethos? The Boy De Chanel collection embodies a person liberated from restrictions with a state of mind that celebrates fluidity and an art of living.

Not surprisingly, the collection made its debut in South Korea and is now available globally. I’m not sure if it will be available in the Philippines though. It is also available via the brand’s web site.

The inaugural Boy De Chanel includes three minimally packaged products, including a tinted fluid, which has SPF 25, as well as a lip balm and an eyebrow pencil.

Both the tinted fluid and the eyebrow pencil will come in four different shades, which, hopefully, will be expanded in the future.

I heard that two more ambassadors will be chosen. These two will probably be Western celebrities. I’m excited to how Chanel’s entry into men’s grooming will play out. If Chanel succeeds, I wouldn’t be surprised to see other luxury brands venturing into men’s beauty in the near future. n

HUGO BOSS, PORSCHE ALIGN INTERNATIONAL COOPERATION HUGO BOSS and Porsche, two global players with shared regional roots, join forces with their cooperation centering on Formula E racing. In its capacity as an official partner to the sport, Hugo Boss, which already boasts a long tradition of motorsports sponsorship, has been successfully engaged in the electric-powered racing series since the end of 2017. From December 2019, the start of the next championship season, Porsche, too, will be joining the Formula E circuit with its own team outfitted by Hugo Boss. The fashion group will also be the official outfitter to the entire Porsche motorsports team worldwide.

The shared passion for racing, and a fascination with perfect design and innovation, inspired the creative minds at Hugo Boss to produce the Porsche x

Boss capsule collection.

Its standout features include premium leather and wool materials presented in the Porsche and Hugo Boss colors of silver, black and red. Starting in March, a range of menswear styles from the debut capsule collection will be available online and at Boss stores. In the Philippines, Hugo Boss is exclusively distributed by Stores Specialists Inc. “Hugo Boss and Porsche are both synonymous with outstanding innovation and consummate quality,” said Mark Langer, CEO of Hugo Boss AG. “We have been working successfully with motorsports over recent years and decades. That is why, with the futureoriented Formula E, I am especially pleased that we are taking our cooperation to a new level.”

BusinessMirror

www.businessmirror.com.ph

Monday, January 7, 2019 E1

ENGAGING THE ‘POLE VAULTERS’ ON YOUR STAFF

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By Katie Bailey & Emma Soane

OU may know the five principles for increasing employee engagement, but firms should also tailor engagement programs to reach different types of workers. After studying eight companies with a total of 180,000 employees, we classified workers into four groups and identified effective ways firms have customized programs.

Our findings suggest that such efforts lead to more-engaged employees, who, in turn, perform better, are more loyal and enjoy better health and personal well-being. See if you recognize the types from our study.

Grand prix drivers

NEARLY always strongly engaged with their work, they’re ideal employees much of the time—but they’re also at risk of burning out.

The Challenge: Prevent them from carrying too much of the load, especially in projects they’ve initiated.

Best Practice: South Africa-based Nampak Plastics Europe made a conscious effort to spread work equitably among team members and established delivery timetables only with input from the people who have to meet the deadlines. A few years ago United Kingdom support-services firm Amey began offering workers stress-management workshops, holding sports tournaments and running health campaigns. About a year later, sick leave fell from 9.6 days to 7.1 (below the national average), attrition dropped from 13 to 7 percent and new hires referred by employees jumped from 5 to 10 percent.

Pole vaulters

THEY’RE strongly engaged, but their episodes of engagement are less frequent than those of Grand Prix Drivers. Pole Vaulters tend to be energized only by certain aspects of their work—cutting the important deal, for example.

The Challenge: Get the most out of their on-again, off-again enthusiasm.

Best Practice: Amey appoints these workers to its Engagement

Champions network of more than 150 employees. Participation in the network, which promotes engagement companywide, encourages Pole Vaulters to deepen and broaden their involvement with all company initiatives.

Long-distance runners

THEY’RE reliable and consistent, but they’re less engaged than Grand Prix Drivers and Pole Vaulters (when the Pole Vaulters are engaged).

The Challenge: Keep them involved, and increase engagement.

Best Practice: UK-based consulting and construction firm Mace Group focused on the creation of interesting, challenging and varied projects for staff members. Mace has also stepped up its corporate social responsibility activities in response to employee concerns that the company wasn’t doing enough for the community.

Flatliners

THEY’RE rarely engaged, and never strongly so. In fact, they can easily become actively disengaged and have a demotivating effect on colleagues.

The Challenge: Reverse their negative feelings and foster engagement.

Best Practice: Nampak implemented several programs (such as visible recognition systems) to engage this group. Having compared its own survey data with ours, the company believed it reduced its Flatliners from 13 to 7 percent of its work force.

Katie Bailey is a professor at King’s College London. Emma Soane is a professor at the London School of Economics.

Learn to ask better questions Debunking myths about employee silence

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By John Baldoni

LL the leaders I know have at least one need in common: to connect honestly with others. One way to foster stronger connections is by asking good questions.

Leaders who excel at this are able to cut to the heart of the matter in a way that disarms the other person and facilitates genuine conversation. Let’s look at several ways to ask better questions:

Be curious. Executives who do all the talking are deaf to the needs of others. Sadly, some managers think that being the first and last person to speak is a sign of strength. In reality, though, it’s the opposite.

Be open-ended.

Leaders should ask questions that encourage people to reveal not simply what happened, but also what they were thinking. Open-ended questions prevent you from making snap judgments and can elicit some surprising answers.

Be engaged.

When you ask questions, act like you care. Yes,

act; use affirmative facial expressions and engaged body language to demonstrate interest. This sets up further conversation and gets the individual to reveal potentially important information.

Dig deeper. Executives frequently assume all is well if they have not heard bad news. Big mistake. It may mean employees are afraid to offer up anything but good news, even if it means stonewalling. So when revealing information surfaces in your dialogue, dig for details without straying into recrimination. Get the whole story. Remember, problems on your team are, first and foremost, your problems.

Asking good questions in the spirit of honest information gathering and eventual collaboration is good practice for leaders. It cultivates an environment where employees feel comfortable discussing issues that affect both their performance and that of the team. And that, in turn, creates a foundation for deepening levels of trust.

John Baldoni is a leadership keynote speaker, executive coach and executive educator.

© 2019 Harvard Business School Publishing Corp. (Distributed by The New York Times Syndicate)

By James R. Detert, Ethan R. Burris & David A. Harrison

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F you’re like a lot of managers, you pride yourself on your open door and all the other ways you signal to employees that you welcome their input. And you probably believe that you’re actually hearing what’s on most people’s minds. Well, you’re not hearing as much as you think or as much as you need to.

Surprisingly, the most common reason employees withhold input is a sense of futility rather than fear of retribution.

In part because employees do sometimes speak up, bosses are often unaware of their workers’ self-censorship. The combination of

tight-lipped employees and oblivious bosses buries constructive criticism, not to mention the unvarnished truth. Most important, it prevents good ideas from bubbling up through the organization.

Data from 439 Cornell National Social Survey respondents who work full time and aren’t self-employed allow us to debunk four common myths.

different genders, education levels or income levels in the likelihood of holding back because of fear or assumptions of futility.)

Myth 2: If my employees are talking openly to me, they’re not holding back. (Fully 42 percentof respondents report periodically speaking up but also withholding information when they feel they have nothing to gain.)

Myth 4: The only issues employees are scared to raise involve serious allegations about illegal or unethical activities. (About 20 percent say a fear of consequences has led them to withhold suggestions about ordinary problems and making improvements. Such silence keeps managers from getting the information they need to prevent bigger problems down the road.)

Myth 1: Women and nonprofessional employees withhold more information than men and professional staffers because they are more concerned about consequences or more likely to see speaking up as futile. (There are no statistically significant differences between workers of

Myth 3: If employees aren’t speaking up, it’s because they don’t feel safe doing so. (More than 25 percent say they withhold feedback on routine problems and opportunities for improvement to avoid wasting their time, not because they fear consequences.)

James R. Detert is an associate dean and professor at the University of Virginia. Ethan R. Burris is a professor at the University of Texas. David A. Harrison is a professor at the University of Texas.

You experience the propensity effect when, say, a baseball that’s hit hard gives you that momentary feeling of “just knowing” it’s going out of the park. People misattribute visual processing of motion to higher-order judgments, such as predicting outcomes. When we gave subjects still photos of the same traffic situations that they could page through at their own pace, the propensity effect wasn’t present.

Computer-animated visualization is appealing because it can help make sense of highly complex information, but it’s also, quite literally, a point of view. The information can be conveyed with certain emphases, shown from certain angles, slowed down or enlarged. (In a

sense, all this is true of text as well, but with subtler effects.) By creating a picture of one possibility, they make others seem less likely, even if they’re not.

When an objective reading of evidence is critical, as it is in a courtroom and in many business contexts, both the deepening hindsight bias and the propensity effect can be pernicious.

We don’t suggest doing away with animations. But we need further research to understand the consequences of using them.

The visualization trap

By Neal J. Roese & Kathleen D. Vohs

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INDSIGHT bias—the irrational belief that past outcomes were predictable—is a well-understood psychological phenomenon. Our research suggests that this bias is becoming stronger, thanks largely to an abundance of visual information, including recreations and simulations. But in measuring it, we’ve also discovered its near opposite, what we call the propensity effect: Visualization may also, in certain circumstances, make people overconfident of impending outcomes.

We presented study participants with traffic situations. Some received a text description

with diagrams, and others watched a computer animation. The amounts and types of information varied. Some people examined normal traffic conditions; others saw or read about a driver error but not the resulting accident; still others saw or read about the driver error and the resulting accident.

Hindsight bias more than doubled for the subjects who watched the computer animation.

The propensity effect was significantly greater for those who watched the driver error but not the accident: They were more likely to say they could see a serious accident coming than those who actually saw it occur and then were asked if they had seen it coming.

Neal J. Roese is a professor at Northwestern University. Kathleen D. Vohs is a professor at the University of Minnesota.

E2 Monday, January 7, 2019 • Editor: Efleda P. Campos

Education BusinessMirror

Private organizations provide tools to enhance students’ learning skills

By Rizal Raoul S. Reyes @brownindio

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Contributor

HE private sector is a key component in providing support to produce graduates of the government’s K to 12 program. Since the government has limited resources, private companies have the expertise and capability to provide tools to students to further enhance their learning skills.

Creotec Philippines Inc., the training arm and member of the EMS Group of Companies, responded to the call from the academic sector to establish a skills-based training program for senior high-school students.

“We put the first Creotec center in the Laguna Techno Park in Biñan as a reaction to the request of numerous schools in the area to train their senior high-school students focusing on the science, technology, engineering and math [STEM] program,” said Thess Bermudez, director of Creotec Philippines Inc., in a recent interview with the BusinessMirror.

“As our parent company, EMS has

developed a solid track record in the electronics industry, our key personnel have earned a broad exposure and experience from both the academe and the electronics manufacturing sector,” Bermudez added.

With its expertise in different manufacturing processes, industry requirements and the latest technology trends, Bermudez said Creotec is capable of providing the tools and the skills to senior high-school students that will train them become competent and skilled professionals in their adult life. “Our solutions suite was developed in response to the road map of a typical school administrator for their high-school students.”

In line with the Department of Education’s Order 40, the Creotec iLearn provides for an 80-hour learning experience for the in-house training. Bermudez said an iLearn participant will be equipped with skills to prepare them for employment or entrepreneurship.

Meanwhile, the Creotec senior high-school immersion program is a two-week, world-class work simulation experience covering a gamut of topics aimed to introduce life and technical skills.

Bermudez said Creotec also crafted a program called Creotec Leaning Systems (CLS) for colleges, technology institutes and secondary schools to enable them to modernize and later, own their laboratory without the additional expenses while providing trainings for students. The package will also include an identified set of training equipment, training for faculty and teacher’s presentation materials.

Under the CLS, programs offered are enhancing skills from Kinder to Grade 3 with basic robotics; robotics learning package for Grades 4 to 6; robotics for junior high school; learning basic electricity and magnetism through practice; Physics 2 for Grade 12. Moreover, it offers courses for engineering students in college such as basic electricity, analog and digital communication, basic programmable logic controller, electronic sensors’ digital logic

laboratory, microcontroller, basic electromagnetism and electricity and electronics 2.

In partnership with GOTT of Malaysia, Creotec’s Iequip program provides secondary, technical-vocational schools, tertiary schools and industry a wide range of training equipment in the Internet of Things (IoT), electricity, electronics, mechatronics, information technology, communications, automotive, consumer electronics, test and measurement, software and renewable energy.

Right now, Creotec has nine centers located in Dagupan, Manila, Biñan, Dasmariñas, Quezon City, Batangas City, Lipa City, Iloilo City and Lapu-Lapu City. It has partnered with 150 schools and trained almost 30,000 students starting last year.

For the work immersion program, a student needs to spend P3,000 for the two-week exposure program.

For next school year, the fees will be reduced because the company has already recovered the cost of initial investments in the facilities and because of competition.

“Our competitors have drastically reduced their prices, but we are quite different from what they are doing,” she said.

Bermudez said Creotec’s programs ensure quality training to the students as they are not integrated in the training sessions of regular employees.

Muntinlupa students reap awards in robotics competition

By Roderick L. Abad @rodrik_28

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Contributor

ILIPINO students outshone their counterparts abroad in the recently concluded robotics competition held for the first time in the country.

Out of the 20 categories in the 20th International Robot Olympiad (IRO), the Philippine delegation garnered 76 medals topped by three golds in humanoid archery, three silvers, 13 bronzes, 35 technical medals and 24 high commendation awards.

The Filipino students competed with 700 students from Bangladesh, China, Indonesia, Malaysia, New Zealand, South Korea, Thailand and Uzbekistan.

The contingents were divided into two groups: Junior Division for kids 12 years old and younger; and Challenge Division for kids 13 to 19 years old.

“I envision that each student in the Philippines will become a productive innovator and inventor who will put the Philippines in the center of global progress,” said Anthony Gabitan, president of Philippine Robotics Team and Data Science and Technology Corp.

He expressed his gratitude to the

PROUDLY holding awards earned by the Philippine delegation during the 20th International Robot Olympiad (IRO) are (from left): Data Science and Technology Corp. President Anthony Gabitan, International Robotics Olympiad Committee President Kim Jong-hwan, Muntinlupa Mayor Jaime Fresnedi and De La Salle Santiago Zobel School President Br. Bernard S. Oca, FSC.

City of Muntinlupa, led by Mayor Jaime Fresnedi, for hosting this year’s IRO, an annual gathering of robot learners and mentors from member-countries.

Themed “Save the Seas,” it was held at the De La Salle Santiago Zobel School (DLSZ) in Ayala, Alabang, from December 14 to 18.

International Robotics Olympiad Committee President Kim Jonghwan led the opening ceremony of the four-day robotics event.

Other officials joining the IRO launch were Muntinlupa Deputy Administrator RJ Smith (representing Fresnedi), DLSZ President Br. Bernard S. Oca FSC, and mem-

bers of the IRO Technical Working Group.

This yearly competition was first staged in South Korea in 1999.

Other countries which previously hosted the contest were China, Australia, Hong Kong, Indonesia, Malaysia, the United States and Singapore.

Seminar on New Year Tax Updates and Remedies

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ITH the passage of Tax Reform for Acceleration and Inclusion (TRAIN) law and the clamor of many businesses and tax practitioners to keep themselves updated and compliant with the numerous changes on tax policies of the Duterte administration, the Center for Global Best Practices (CGBP) will be holding a one-day seminar, entitled “TRAIN Law + New Year Tax Updates and Remedies,” on January 18 at the Marriott Hotel, Pasay City.

For details and a list of best practices programs, such as AMLA for Insurance Companies, Manager Effectiveness Program, Best Practices and Remedies to Avoid COA Disallowances, Managing Cost and Profit, you may check www.cgbp.org or call Manila lines at (02) 842-7148/ 59; 556-8968/ 69; Cebu

lines at (032) 512-3106 to 07 and Baguio at (074) 423-2914.

Start the year right with this oneday comprehensive program to provide you with the updates on new tax laws, very relevant 2017 BIR issuances up to January 2018. This will provide your organization the clear guidance on the impact on the new tax regulations and laws on your business transactions ensuring compliance (monthly, quarterly and annual), minimizing and avoiding unnecessary tax exposures, assessments and penalties from the taxing authority. This will also feature the latest relevant decisions of the Court of Tax Appeals and the Supreme Court involving the national internal revenue taxes and local taxes.

Gain valuable insights, advices, and best practices tips and pointers from

lawyer Nicasio C. Cabaneiro, CPA, an authority in the practice of taxation and commercial law with over 40 years of teaching experience and 25 years with the Bank of Philippine Islands.

He capped his career as its vice president and head of the Legal Services Division (1982 to 2007). He is a soughtafter lecturer and consultant of various institutions across many industries as well as high net worth individuals to help them with their tax and other legal matters. In his law practice, he always keeps himself updated with tax matters, being a bar reviewer on taxation for over 40 years teaching law at San Beda Law School. He finished his accounting degree (magna cum laude) and his law degree (cum laude) at the San Beda College of Law. Whether you are expanding your

business, improving your bottom line, or strategizing your next move as an SME or a large corporation, you will profit from attending this once-a-yearonly seminar. Attendees may also take advantage of the opportunity to ask for a free consultation from the lecturer.

Registration is open to the general public. CGBP is accredited by the Civil Service Commission. Attendees from the government can earn points for their career advancement and is exempted from the P2,000 limit when attending training conducted by the private sector based on DBM circular 563 dated April 22, 2016. Interested participants are encouraged to avail themselves of the early payment savings and group discount for three or more attendees. Seats are limited and preregistration is required.

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Gasoline boy pumped his way to becoming a teacher

F

ORMER Shell Service Champion Warry Bregente Marata still could not believe that he is now living his dream of becoming a school teacher, five years after being employed in a gasoline station and managing the demands of a working student.

Looking back, however, Warry acknowledges he could not have done it on his own.

Six years ago, the Marata family moved from Cebu to Bulacan in pursuit of a better life. But things did not turn out as planned and his parents said they could no longer afford to send him to school.

But Warry would not let any obstacles stop him from chasing his dreams. A consistent honor student, he was determined to continue working his way up through college, whatever it took.

At 18, he took on a job as a dishwasher and utility worker for a bus line in Bulacan until he stumbled upon a job vacancy for a gasoline attendant at a Shell station in San Jose, Bulacan. He took it as an opportunity to be able to help his family and continue his college education.

With support from his superiors and colleagues, Warry was given consideration so he could attend school in the morning and do his shifts in the evening.

“I had many sleepless nights, experienced a lot of discouragement and financial issues, but quitting was not an option,” Warry said.

He credits his faith, sheer determination, hard work, a lot of support from his family and friends and a

constantly positive outlook as his fuel for success.

“A smile can get you a long way,” Warry said, citing this work principle that he learned from his time at Shell, and which he continues to live by now that he is a teacher.

“I am very thankful to our boss, Ma’am Cynthia Teodoro, dealer of this Shell branch, that I worked for.

I sometimes reported for work late and sleepy, but she understood my situation and encouraged me to finish college.”

All his hard work finally paid off when he went up on stage to receive his diploma in education from the Bulacan State University.

Warry was overwhelmed with joy on his graduation that he posted on his Facebook account, “TEACHER na ang GASOLINE BOY!” which chronicled his five-year journey toward becoming a teacher.

The post instantly went viral, was shared 1,624 times, and received hundreds of congratulatory comments from online readers who were inspired by his story.

Today, Warry is referred to as “Sir Warry” by grade school students at the Saint Ignatius School where he is teaching multiple subjects.

But Sir Warry’s dreams do not stop here, as he still intends to take up a masteral course in the future.

“I really feel grateful that I have worked for Shell. It opened doors of opportunities and the chance to fulfill my dream of becoming a teacher.

I am glad that I have accepted the job from Shell, that gasoline boy is now an educator,” Warry ended.

Business innovation hub turned over to Tesda

A

BOITIZ Group, through Aboitiz Foundation Inc. (AFI) and Pilmico Foods Corp. (PFC), handed over the business innovation center called “Wooden Spoon” to the Technical Education and Skills Development Authority (Tesda) Women’s Center (TWC) last month.

Located at the Tesda Compound in Taguig City, it will serve as a venue for skills training and entrepreneurial activities of bakery and café trainees and graduates.

“We will stay true to our mission of empowering budding entrepreneurs, and shaping chefs and baristas who share with us the same promise of advancing business and communities,” AFI COO Maribeth Marasigan said during the recent turnover ceremony.

Marasigan said they are committed to help TWC Bakery and Pastry Production NC II program be accredited at the Unified TVET Program Registration and Accreditation System.

“We will also continue to find more ways to promote education as an enabler of growth and enterprise development, thus, helping more Filipinos earn more income and have better lives,” she said.

Named after the flagship brand of Pilmico, Wooden Spoon is the product of their visions aligned with both PFC and TWC aspiring better futures and greater opportunities for individuals, particularly women and the youth. Attended by top executives from the Aboitiz Group and TWC, the facility was turned over to the caring hands of the government agency for innovation and collaboration to flour-

ish through their trainings.

Designed to showcase an actual business production line, the facility is equipped with up-to-date baking tools, a lecture room, and Cafe Juana that lets students market and sell their own products.

The renovation of the 500-squaremeter space is estimated to cost around P6 million, with 3.6 meters dedicated for the outfitting and design, and 2.2 meters for the state-of-the-art baking equipment. TWC and Pilmico will teach and guide the students. For trainings, a 9:1 ratio of women to men of students in the facility applies.

This facility will also serve as Pilmico’s new center for trainings dedicated to their clients and other stakeholders.

Through their partnership with Tesda and the establishment of Wooden Spoon, PFC and AFI advance business and communities by not only paving new ways of growth and learning for women and the youth, but by also educating them on how to sustain their livelihoods. “Guided by our vision to be our customers’ ‘Partner for Growth,’ we have made it a point to continuously look for opportunities where we can use our expertise to bring a positive and lasting impact to our various stakeholders,” PFC COO Tristan Aboitiz said.

“Over time, we have learned that the best way to make that impact is to work alongside like-minded and values-based organizations that enable us to effectively mobilize our various programs,” he said. Roderick L. Abad

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Editor: Efleda P. Campos • Monday, January 7, 2019 E3

UNLOCKING NEW VALUES TO BOOST BRAND REPUTATION T

RUST and transparency are the top brand values in the digital economy. They help to reaffirm the connection between what the brand stands for and what you as an individual would like to be associated with.”— Ashley George, former Global Head of Innovation and Consumerization Centre of Excellence, Glaxo Smith Kline

PR Matters

By Bong R. Osorio

Today, brand reputation matters more. And reputation care is a major aspect in corporate PR management.

But how you build a brand and its image today has changed.

In a partnership project, Longitude Research and Dentsu Aegis Network (DAN) talked to leading marketing and communications experts to determine how they are embracing disruption in the search for enduring brand value and character. You may agree that marketing and communication of the recent past is unassuming and foreseeable, versus now when everything has morphed, as digital disruption turns the practice on its head. There are three key reasons brands matter more today: n Any loss in brand value—while difficult to quantify—would have major implications for the valuation of businesses, individually and collectively. Brand value accounts for a significant part of the balance sheets of the world’s top companies. Thus, any loss in brand benefit could have a negative impact on the ability of businesses to raise capital, as well as realize opportunities for growth and synergy. n Convenience, prices offered, user experience and empathy are what consumers crave for today.

Digital disruptors give all these. Consumers want to align themselves with brands that fit their sense of self and reflect their identity. And in a world of near-perfect competition where platforms have the data, scale and financial muscle to compete and win almost anywhere, competing on emotions like empathy and trust is perhaps the only sustainable source of competitive advantage and differentiation. n Disruptors are catching up by adopting more tried and tested methods. This happens while it could be argued that established companies have a valuable head start over digital disruptors when it comes to building (and rebuilding) trust in brands. Airbnb, for example, is tapping into the power of traditional brand-building tools with its TV campaign, helping to strengthen its reputation for trust following some negative stories about user discrimination on the platform.

The study also revealed these key takeaways: n The instantaneous nature of new landscape has created new complexities and uncertainties. It has speeded up expectations and reactions, good and bad. As people increasingly consume media online and through mobile, advertising and PR technology platforms are key parts of the chief marketing and communication officers’ marketing strategy, providing a new source of real-time optimization. n Marketers and communicators must have the best customer intelligence, the best data analysis and the ability to react quickly. This will make them operate successfully at the bottom of the funnel. Some established brands are most vulnerable there because they will struggle to be better at this than the likes of Amazon or Facebook. They need to compete with digital disruptors at the top of the funnel, where the focus is on building emotional engagement with consumers to influence their choice at the point of purchase—especially if those brands start selling their products with tools to connect brands with consumers in ways that are engaging and create personal relevance.

According to Ipsos Mori’s Global Trends Survey, 82 percent of consumers believe online advertising gets in the way of what they are trying to do

on the Web. More than half of Internet users (57 percent) say they block out ads by using ad-blocking software or manually closing ad panes.

The Dentsu Aegis CMO Survey 2018 confirms these trends. Its findings reveal that engagement has become the most challenging part of the consumer lifecycle for brands. Respondents cited increasing levels of competition (56 percent), consumers’ intolerance for advertising (46 percent) and information overload (44 percent) as the main reasons for this. n The pillars of traditional brandbuilding—beliefs, purpose, behavior, reputation, trust and emotion—are still very much in place. This is true even while the digital economy has delivered a toolkit that offers greater insight into consumer behavior. Marketing and communication continue to work. They just work differently from before. Jayne Heaford, teaching fellow, King’s College Business School, London stated, “Real-time information has really speeded up expectations and reactions, good and bad.” n Gone are the days when brands could secure share of voice on all the prime communication channels.

Now, technology has lowered the barriers to entry and those channels have been atomized. Faced with so much content across so many channels, consumers are becoming increasingly discerning about what they choose to watch or read. Alarmingly for brands that spend millions on advertising, the use of ad-blocking software is on the rise. When marketers earn consumers’ attention, it’s no longer by approaching them as a passive, unconditionally receptive audience. Rather than purely pushing messages, marketers are now in a two-way conversation with consumers that is often initiated—and largely controlled—by the consumer. n Brands today are increasingly shaped by what they do and how they act (customer experience). In a recent Accenture study, 41 percent of consumers said they switched from one brand to another because the old brand did not take the time to learn about them and reflect that in its interactions with them. The digital economy has made this switching process easier, thanks to an increased choice of product and service providers, access to better information about these providers and lower costs of switching. “Marketers need to figure out how to stop marketing at consumers and how to start mattering to people,” said Dirk Herbert, chief strategy officer, US, DAN. n Consumers, and investors, will buy into a company that stands for something beyond the product alone.

Nike’s experience will underscore this claim. When Nike, for example, chose American football player Colin Kaepernick as the face of its latest “Just Do It” campaign, online sales jumped 31 percent in response and its share price hit a record high of $83.90. Admittedly, the positive numbers were a spike—the share price was down to around $75 at the time of writing (well below the pre-campaign level)—and commentators have been quick to remind the public of Nike’s ultimate profit motive.

This attitude is increasingly evident among younger consumers. According to research from global public relations firm MSL Group, 83 percent of millennials believe businesses should be involved in societal issues while 69 percent want businesses to make it easier for consumers to get involved in societal issues. In the Dentsu Aegis CMO Survey 2018, nearly 70 percent of CMOs say connecting their brand proposition to positive societal impact is an important way to engage with consumers over the next two years to three years.

There are several strategic questions that brands can use to gauge their readiness to take advantage of the opportunities offered by the changing marketing and communications landscape:

n Who are your target publics and brand champions? While CMOs need to own responsibility for brand building, CEOs should champion the brand, internally and externally. The role the CEO plays will depend on the company. Within single-brand companies, where the brand is the company and the company is the brand, the CEO’s involvement will be essential. In multiple-brand companies, the CEO will need to be involved in championing the corporate brand, but may take a smaller role in building product brands. Either way, the CEO’s support will help to win long-term investment for brand reputation building.

In the digital economy, employees and consumers also have a role to play in championing a brand. Ashley George goes so far as to say responsibility for long-term brand building doesn’t lie solely with the CMO or CEO. “It lies in the social amplification of the employees and consumers themselves— how they rave, represent and talk about the brand.” n Are your corporate chiefs on board with investment in brand and image building? As the communication functions have become more complex, it has broken down into separate teams that may include investor relations, corporate social responsibility, public affairs and corporate

communications. PR communicators, for instance, have increasingly found themselves focusing on performance communication while responsibility for building the brand may straddle many different parts of the business.

Is your communication model-customer centric? The digital economy is largely demand-led. Most of contacts between people and brands are now initiated by consumers themselves, whose expectations of brands are also high. Within this context, building an innovative and reputable brand requires businesses to reorganize around the consumer, not just push messages to them. That requires transformation across all elements of culture, organization and technology.

Are you evaluating what are important to customers? When you understand what matters to customers and you have the metrics dashboard in place that tells you how well you are serving your customers, you can start to identify what will drive the greatest impact for them, like removing an existing pain point or delivering above and beyond the customer’s expectation.

Brand-management strategies have moved from five-year strategies to three years to one year, and now we’re in an agile space where everything is instant, Francois Botha,

founder of Simple averred. Indeed, building a brand, as the study espouses, is a fluid and iterative process.

The report is part of an ongoing program of research into brand value in the digital economy. The proponents of the research hope it will encourage business leaders to pause for thought and rediscover the value of strong brands. All businesses can unlock new value in their brands, but it will take different keys depending on their specific context. Embarking on this journey will help businesses embrace the potential of disruption and find a new brand balance.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world's premier organization for PR professionals around the world. Bong R. Osorio is a communications consultant of ABS-CBN Corp., SkyCable, Dentsu Aegis Network, government projects among others, after retiring as vice president and head of the Corporate Communications Division of ABS-CBN. We are devoting a special column each month to answer our readers' questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

Perspective BusinessMirror

E4 Monday, January 7, 2019

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SENTAVIO | DREAMSTIME.COM

Competitive elections are good for democracy–just not every democracy

By Jessica Gottlieb | Texas A&M University & Katrina Kosec | Johns Hopkins University

T

HE 2018 US midterm elecTHE CONVERSATION tions were fierce, expensive and full of upsets, with political newcomers ousting long-tenured incumbents and Democrats unseating Republicans to retake the House of Representatives.

That makes them an exemplary democratic exercise from a political science standpoint: American voters booted the congressional representatives who they believed did not fight for their interests.

That’s exactly what elections are meant to do: Hold politicians accountable.

But it doesn’t work that way everywhere. In younger democracies, our research shows, a superheated campaign with numerous candidates may actually impede democracy.

The downsides of a cutthroat campaign

OUR study, published in the American Political Science Review, examined four decades of data from 164 countries to see how competitive elections effect policymaking and government services.

We found that free, fair and competitive elections are indeed good for mature democracies like the United States, Britain and Denmark. After highly contested races with uncertain outcomes, politicians are more responsive to voters. They spend more money on public services and work harder to fulfill campaign promises.

Our research in the US similarly shows that metropolitan areas where numerous local governments are competing for residents and businesses—such as Houston, where The Woodlands, Sugar Land, Baytown and Conroe all form part of the greater Houston area—ven have higher incomes and faster economic growth.

But in Mali, Guatemala, Pakistan and Belarus—among other young democracies with weak political parties and low transparen-

cy—governments may actually become less effective when political competition is similarly cut throat.

Paradoxically, people in such countries fare better in districts where elections feature fewer, more dominant parties.

Mali as a test case

TO explain why, our study took a deep dive into Mali.

Mali is a generally healthy West African democracy whose Constitution dates back only to 1991, three decades after its independence from France.

Because it has a highly decentralized system of government, Mali keeps robust data on municipal elections, which occur every five years, and on the legislative achievements of local governing councils.

An average of six parties compete for seats on Mali’s local governing councils, which have 11 to 45 members, depending on the municipality’s population.

Government services were worse in Malian districts with above-average competition for these seats, our study found. Fewer children completed primary school and were immunized against disease than in less competitive districts. Roads went unpaved. Water sources were scarcer.

Malians generally have low expectations of their public officials. Corruption is widespread, and a 2012 coup destabilized politics nationwide. So some of these governing shortcomings are to be expected.

But that doesn’t explain our surprising finding that less gets done in Malian districts where more candidates run for office.

We also tested our results against our own prior research from Mali showing that candidates from opposing political parties often collude once in office. Elections give the impression that officials seek to represent their constituencies’ competing interests, but in fact they conspire to share the spoils of power.

But, again, that fact clarifies only why seemingly competitive local elections might not guarantee good governance in Mali. It doesn’t explain why districts with the most political competition actually fare worse than less competitive districts.

The problem of weak political parties

IN places with well-established, ideologically based political parties, like the United States, Canada and the United Kingdom, large segments of the population are represented by a handful of parties.

Citizens’ competing interests are channeled through these parties and into legislative debate, ideally informing a compromise agreement that meets the needs of various constituencies.

Occasionally, of course, the system breaks down—as evidenced in the United States’ federal government shutdown. But, generally speaking, since major parties are here to stay, they can trade favors over time.

Mali’s political infrastructure is very different.

We interviewed 111 locally elected politicians in 24 randomly selected communities in Mali about their experiences with elections and party politics.

Across the board, they told us how weak Mali’s political parties are.

Some said party members answered first to their specific kin or ethnic group—not party leadership. That blurs the ideological lines that help voters know who will best represent their interests.

Approximately one-quarter of the public officials we interviewed said they had switched parties at some point in their career—often after a dispute with a fellow party member. Party-hopping turns personal rivalries into partisan conflict, making legislative deal-making even more difficult.

Political parties also splinter over wedge issues, leading to the formation of new parties and further dividing voters. More than a dozen parties have seats in Mali’s Parliament.

Democracy is more than elections

THE Malian politicians we spoke with disliked the tight, multiparty elections they face every five years, describing them as disorderly, divisive and aggressive. These crowded races make enemies of people who might otherwise agree on many decisions, they said.

Many thought that races with just fewer parties would foster more consensus, allowing policy-

makers to get along well enough to actually govern.

They’re right, it turns out.

When we looked at Malian municipalities where a single party had the majority on the local council, government was indeed more efficient. One party could and did make policy at will, without needing to broker deals. That’s undemocratic but effective: Those places had better roads, schools and health clinics.

Our research suggests that Malian municipalities with very competitive elections are worse off because so much money and time are wasted on partisan infighting. Construction on health clinics may stall during political disputes. Proposals get stuck in debate and never become policy. Planned wells are never dug.

This study complicates the widely held theory that competitive elections are the hallmark of a robust democracy. That understanding, we find, is based mainly on the experiences of rich countries.

Efforts to improve life for people in the developing world must therefore look beyond the superficial measure of free, fair and competitive elections to consider how to help democratic governments work better for their citizens after the heat of the campaign.

• This article is republished from The Conversation under a Creative Commons license. The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.