BusinessMirror January 09, 2019

ANTI-RED TAPE CZAR NAMED SOON–LOPEZ

By Elijah Felice E. Rosales

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ALM down, business leaders. The government is close to fully enforcing the Ease of Doing Business (EODB) law, as its chief implementor will be named soon, the country’s trade chief said on Tuesday.

Responding to a BusinessMirror story on January 8, Trade Secretary Ramon M. Lopez said President Duterte is expected to appoint soon the director general of the Anti-Red Tape Authority (Arta). The Arta is tasked to oversee compliance of local and national government

TRADE Secretary Ramon M. Lopez gestures as he stresses a point at a forum in this November 2018 file photo. BUSINESSMIRROR

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

@alyasjah

agencies with the provisions of the EODB law.

The nonappointment of the Arta chief is the sole reason the EODB law has yet to take full effect, as the law requires prior appointment of that person.

This, for the business leaders, is alarming, as the EODB law is expected to help the Philippines bounce back from its dismal showing in competitiveness surveys last year. The country fell by double-digit notches in the 2019 edition of the World Bank’s Doing Business report.

“We expect a director general for [the] Arta to be appointed soon,” Lopez told the BusinessMirror.

Once the law is in full swing, simple government transactions must be completed within three working days; complex transactions within seven working days; and highly technical transactions within 20 working days.

It will also reduce the number of signatories needed to obtain governmentissued documents.

Philexport

THE benefits of fully implementing the EODB law compelled Philippine Exporters Confederation Inc. (Philexport) President Sergio R. Ortiz-Luis Jr. to tell the government to hasten the issuance of the IRR. See “Anti-red tape,” A8

BusinessMirror A broader look at today’s business

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Wednesday, January 9, 2019 Vol. 14 No. 91

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@villygc

OUTH Korea’s ship builder Hanjin Heavy Industries and Construction Co. Philippines Inc. on Tuesday filed for corporate rehabilitation at the Olongapo Regional Trial Court, seeking protection from its creditors.

$1.64B

The value of Hanjin’s Philippine assets. The once mighty Korean firm—that at one point propelled the Philippines to become the fifth top ship builder in the world—had already sounded off in mid-2018 that it is selling its Philippine assets, but the deal fell through.

Ahead of the submission of the rehabilitation proposal in the local courts, its mother company, Hanjin Heavy in South Korea, had disclosed to Korean regulators the filing of the case in the Philippines, according to a report

by Yonhap news agency in the Korea Herald.

T he shipya rd operat ion is known to be struggling to pay hundreds of millions of dollars in loans to some of the Philippines’s leading banks.

Continued on A2

Road funds also eyed for Manila Bay cleanup

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

See “Manila Bay,” A2

Dollar bonds fetch $1.5B, PHL cites good market support

By Rea Cu

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@ReaCuBM

HE Republic of the Philippines has successfully raised $1.5 billion through the issuance of 10-year dollar bonds, demonstrating the country’s ability to respond tactically to conducive market conditions to capture a favorable issuance window, according to the Bureau of the Treasury (BTr).

The BTr said in a statement on Tuesday that the global bonds issuance was priced at United States (US) Treasury spreads of plus 110 basis points carrying a coupon rate of 3.75 percent, and will be settled on January 14, 2019.

“We have garnered strong support from the global fixed-income investor community despite recently heightened volatilities in the global markets. This demonstrates strong conviction from the global investor community on the Republic’s economic fundamentals, as well as the depth of the Republic’s investor outreach,” said National Treasurer Rosalia V. de Leon.

Rating

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HE funds for the rehabilitation of Manila Bay will likely be sourced from the Road Board Users Tax, according to a Malacañang official.

In a press briefing on Tuesday, Presidential Spokesman Salvador S. Panelo added that the bay cleanup will likely cost “P46 billion…. And that the primary purpose is to get those funds [from the Road Board] to defray expenses for these items: Storm Usman victims, hospitals and cleanup of Manila Bay.” He added Environment Secretary Roy A. Cimatu had expressed the hope that the rehabilitation would be completed “at the end of [President Duterte’s] term…. What is important to the President is that we will clean up this Manila Bay.” Due to the massive scale of the project, environment officials, however, have said the rehab could take longer. (See, “Saving Manila Bay,” in the BusinessMirror, January 5, 2019.)

Panelo added that the rehabilitation of Boracay Island will be the template followed in the cleanup of Manila Bay in that “the policy of the government is if you violate certain regulations—then you have to pay for that. Whatever we did in Boracay, [i.e. closing resorts with environmental violations], we will do for all.”

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Hanjin Subic shipyard seeks court relief from creditors

By VG Cabuag

2017 EJAP JOURNALISM AWARDS

HANJIN Shipyard, located in Redondo Peninsula, Subic Bay Freeport Zone, is seen from across the bay on Tuesday. The free port’s biggest investor and employer is seeking rehabilitation, under the weight of hundred of millions of dollars in loans to some of the country’s leading banks. NONIE REYES

Andaya to sue Diokno over state workers’ pay hike release

By Jovee Marie N. dela Cruz @joveemarie

& Bernadette D. Nicolas

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@BNicolasBM

OUSE Majority Leader Rolando Andaya Jr. has threatened to file a case for mandamus before the Supreme Court against Budget Secretary Benjamin Diokno if the scheduled salary increase for state workers is not out by next week.

Andaya said on Tuesday a re-

PESO EXCHANGE RATES n US 52.3580

enacted budget is not an excuse to stop the implementation of the salary increase for civil servants, which is set this January 15.

Relatedly, Malacañang said, however, that the Executive is unfazed by the threatened lawsuit, saying it is well within Andaya’s right to file it. At the same time, Presidential Spokesman Salvador Panelo took a swipe at the majority leader, saying his allegations of wrongdoing against Diokno lacked common sense.

On Tuesday, Andaya, who had earlier separately accused Diokno of conspiring with his daughter’s in-laws to funnel billions for floodcontrol projects into Bicol, said: “My advice to Secretary Diokno: Do not make the reenacted budget as an excuse in not implementing salary increases for our civil servants. The DBM has all the tools in pushing through with the salary increases this year,” he said.

“Secretary Diokno is using every trick in the book to rush the

Senate and the House of Representatives into approving his pet projects under the proposed 2019 national budget. Now, the DBM is using scare tactics, warning that a delay in the budget’s approval will affect the release of the funds for the salary hike of soldiers, policemen, teachers and civilian employees,” he added.

According to Andaya, the first round of salary increase for uniformed personnel in 2018 happened

ON Monday, the ROP bonds were given a rating of “Baa2” by Moody’s, and “BBB” by Standard & Poor’s as well as Fitch Ratings.

See related story on B3.

De Leon earlier pointed out that proceeds of the issuance will be for the Republic’s general purposes, including budgetary support.

According to the BTr, the government was able to capitalize on the recent positive markets’ trading tone after the strong US employment data release last Friday, resulting in the issuance of the notes on January 7, 2019.

By geographical allocation, 37 percent of the bonds were allocated to Asia, 28 percent to the US and 35 percent to Europe. In terms of investor type, 52 percent went to asset managers; 22 percent went to banks; 14 percent went to sovereign wealth funds, pension funds and insurance; and the remaining 12 percent went to private banks and other type of investors.

“This transaction further illustrates deepening investor confidence in the Philippines’s growth story and the Duterte administration’s ability to maintain fiscal discipline while spending big on infrastructure modernization, human capital development and social protection for the poor,” said Finance Secretary Carlos G. See “Dollar bonds,” A8

Continued on A8

n JAPAN 0.4817 n UK 66.8612 n HK 6.6832 n CHINA 7.6430 n SINGAPORE 38.6235 n AUSTRALIA 37.4046 n EU 60.0913 n SAUDI ARABIA 13.9588

Source: BSP (8 January 2019 )

News

BusinessMirror

A2 Wednesday, January 9, 2019

www.businessmirror.com.ph

DA: Low prices may cause chicken shortage

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE country may experience a chicken shortage in the second quarter, which could result in higher retail prices, if the current glut and low farm-gate prices are not addressed immediately, according to the Department of Agriculture (DA).

“My worry is that if we do not address the problem [glut], some of the small players might go out of business due to low prices and, in a few months, we will have a shortage of chicken,” Agriculture Secretary

Emmanuel F. Piñol told reporters in an interview on Tuesday.

“That is the effect of low prices.

The farmers will pull out and when they do that, we would have a shortage, hence, chicken prices would

increase,” Piñol added.

Piñol said the shortage may occur in the April-to-June period if the current supply situation does not improve.

The current supply glut has caused farm-gate prices to sink below breakeven levels, with some farmers selling live broilers at P38 per kilogram, according to Piñol.

The cost of producing broilers ranges from P80 to P85 per kg.

The United Broiler Raisers Association (Ubra) had flagged the oversupply in end-December as local production continued to improve due to increasing demand for poultry.

Piñol told poultry stakeholders to agree on increasing their farmgate price by at least P10 per kg

every week until such time that they reach a breakeven level.

“You really have to bite the bullet and agree on the price among yourselves, whether or not there are buyers,” he said.

“The only competition would be imported chicken. If stakeholders would continue to compete [by lowering their prices], then they are killing themselves and the big integrators will have an advantage,” Piñol added.

He also said the DA will assess if the volume of imported poultry meat entering the country could be absorbed by the market. Piñol said the volume of imports might already be detrimental to the local poultry sector and may have caused the fall in farm-gate prices.

Hanjin Subic shipyard seeks court relief from creditors Continued from A1

Company lawyers in Olongapo City declined to give details of the case but they brought in 10 blue boxes that appeared to contain documents of the case as they entered the court’s premises at about 4:20 p.m. of Tuesday. Court officials declined interviews.

The local Hanjin operations had laid off some 7,000 workers in December, and sources said it plans to fire 3,000 more in the coming months, and retain some 300 workers that will maintain its factory located in Redondo Peninsula, in Subic Bay in Zambales.

In November it delivered two units of 114K tanker to Singaporebased Eastern Pacific Shipping, according to the company’s web site.

“Its ship owners are also expecting two more tankers of the same kind to be delivered on the first quarter of 2019. And with the positive business momentum of HHIC Phil and Eastern Pacific shipping, the latter have ordered two more tanker vessels that is set to start its construction on the second quarter of 2019,” the company said then.

Since it started its operations in 2004, it had already completed 123 vessels and there were six more

Manila Bay. . .

Continued from A1

T he bay’s rehabilitation, he stressed, will start with the cleanup of esteros and rivers, “because that’s the source of the pollution. Manila Bay is just where the garbage goes to. So they will clean at the source.”

He added, the President will likely sign an executive order directing the cleanup of Manila Bay. The cost on the Department of Environment and Natural Resources’s (DENR) end for the cleanup is estimated to reach P1.75 billion over a period of three years, or from 2019 to 2021, according to the agency’s presentation during the Cabinet meeting in Malacañang on Monday. Major problems identified as causing the bay’s pollution include liquid waste, solid waste, informal settlers, and soil erosion and siltation.

Part of its “quick-fix” strategy to rehabilitate the bay is the deployment of environmental infrastructure, such as the deployment of a silt curtain with sewerage treatment plant (STP), which will cost some P56 million for a threeyear period, a temporary sewerage system for informal settlers areas (P36 million), and aquifer recharging (P30 million).

The silt curtain with STP, which will be established at the mouth of outfalls, costs about P18 million per unit, with the STP able to treat some 200,000 liters a day of sewage. These will be deployed at the Manila Yacht Club, the Libertad Channel (near the Seaside Dampa Market), and the Navotas Fishport.

The sewerage system for informal settlers will cost P12 million a unit,

orders, but that could also be in danger of being canceled out.

Since June last year, the once mighty Korean firm—that at one point propelled the Philippines to become the fifth top ship builder in the world—had already sounded off that it is selling its Philippine assets valued at about $1.64 billion.

It has been racking up debt since 2016, when the mother firm also started disposing of noncore assets. Hanjin Heavy in Korea had, since 2016, been reported to be selling some of its noncore assets as it struggled to meet obligations to creditors. The Yonhap report said that, so far, the mother firm had complied with 65 percent of the 2.1-trillion-won ($1.86 billion) restructuring scheme proposed by creditors.

According to the earlier plan in mid-2018 that did not push through, the Korean firm will sell its 85-percent stake in the Subic Bay facility for about $894 million and will retain the rest.

Davao-based businessman Dennis Uy was once short-listed for the purchase but later on backed out of the deal.

Subic Bay Metropolitan Authority (SBMA) Chairman Wilma T. Eisma said she was “saddened”

and cover 400 households. The STP will be able to treat some 150,000 liters a day.

The aquifer recharge “involves the construction of deep wells to return water to the deeper confined aquifers,” and will cost P12 million per unit.

The DENR is just one of 13 government agencies directed by the Supreme Court in its mandamus issued on December 18, 2008, to “clean up, rehabilitate and preserve Manila Bay and restore and maintain its water to SB level (class B) sea waters per water classification under DENR Administrative Order 34 (1990) to make them fit for swimming, skin-diving, and other forms of contact recreation.”

Other agencies included in the mandamus are the Departments of the Interior and Local Government, Education, Health, Agriculture, Public Works and Highways, Budget and Management, as well as the Philippine Coast Guard, Philippine National Police Maritime Group, Philippine Ports Authority, Metropolitan Manila Development Authority, Metropolitan Waterworks and Sewerage System, and Local Water Utilities Administration.

The Supreme Court decision arose from the 1999 complaint filed

by Concerned Residents of Manila Bay at the Regional Trial Court in Imus, Cavite, against government agencies cited above to push the cleanup of Manila Bay. The RTC, and subsequently, the Court of Appeals, sided with the petitioners, despite appeals made by the government agencies, until the case reached the SC. Said government agencies were supposed to submit quarterly progress reports of their cleanup activities.

to learn that Hanjin Philippines is facing serious financial trouble.

“The bottom line is that the company said it does not have enough cash to repay its loans, and that it cannot continue with its operations under these circumstances,” she said.

perks offered to locators such as Hanjin.

“Hanjin is registered with [the] BOI and [the] SBMA. It is done with ITH with [the] BOI, but might still be enjoying something from [the] SBMA,” Lopez told the BusinessMirror.

Usual incentives

Biggest investor, employer

CONTACTED by the BusinessMirror, Trade Secretary Ramon M. Lopez confirmed that Hanjin Heavy Industries and Construction Philippines had once enjoyed the usual income tax holiday from the Board of Investments (BOI).

The ITH is usually enjoyed for up to six years of a locator’s existence.

Hanjin shipyard was established in 2004.

However, Lopez is unsure if Hanjin is still receiving any incentive from the SBMA, which is overseeing its business activity in the free port area. Firms in economic zones and free ports, such as Hanjin, are usually granted tax perks, such as the 5-percent tax on gross income earned (GIE) in lieu of all local and national taxes.

The Duterte administration’s second tax-reform program seeks to rationalize these incentives, and overhaul the entire menu of tax

HANJIN Subic is the biggest investor at the former sprawling US naval base transformed into a free port after the Americans left in 1991, and now managed by the SBMA. In past years, Hanjin-Subic had been rocked by allegations of lax compliance with labor safety standards, prompting a Senate committee inquiry into workplace conditions at the shipyard, which sits across from the main Subic commercial area, facing Redondo Bay. HHICC-Phil’s reported multiple workplace accidents led to several casualties since 2009.

Just last year, DOLE-Region 3 Director Zenaida Campita issued another work-stoppage order against the company after another accident killed one of its employees and injured three others. With reports

by Samuel P. Medenilla and Elijah Felice E. Rosales

INFLATION NO CONCERN OF BLACK NAZARENE DEVOTEES AT ‘PAHALIK’ Continued from A8

“It is already there so we just have to accept it,” said Ele, who was waiting at the special line for senior citizens, persons with disabilities and pregnant women.

But unlike other devotees, the 55-year-old vegetable vendor’s relation with the Nazarene is centered on gratitude rather than asking for favors.

“I no longer ask for anything since everything was already given to me,” Ele said.

He said he is thankful for his livelihood and for still being able to go to Quiapo Church every Friday despite his multiple ailments.

Ele became a devotee of the Black Nazarene after he was brought to Quiapo Church by his wife after suffering from a stroke.

While he noticed the constant increase in the number of believers of the Black Nazarene, he lamented he may be the last in his family to show a similar devotion.

“That is why I will always pray for them.... Given the opportunity and [if] I remain strong, I would still continue my devotion in the coming years,” Ele said.

Early veneration

SU YAT and Ele were among the 16,350 devotees who were the first to venerate the Black Nazarene during the traditional Pahalik in Manila on Tuesday.

The figure was based on the

crowd estimate of the Philippine National Police (PNP) as of 12 p.m. on the number of people who lined up for the event for a chance to touch the feet and cross of the historic darkened image of Jesus Christ being displayed at the stage of the Quirino Grandstand.

The activity, which precedes the world-renowned procession of the Black Nazarene, was supposed to start at 8 a.m., but Quiapo Church officials decided to accommodate the crowd immediately after the 6 a.m. Mass at the grandstand.

“We decided to start early so they [devotees] will no longer have to wait two more hours for the Pahalik. We hope this will be more convenient for them and allow them to go home early,” Quiapo Church parochial vicar Douglas Badong said.

In his homily during the Mass, Badong urged the volunteers and the media, who will be participating in the 2019 Traslación, to ex press their love in the performance of their duties.

Quiapo Church rector and parish priest Msgr. Hernando Coronel then later thanked them for their services for the 2019 Traslación.

The long lines for the Pahalik started from Manila Hotel and stretched to Roxas Boulevard before returning to the Quirino Grandstand.

“Because the volume might be too much for the local market to absorb and could hurt the local industry,” Piñol said. “Under the agreement with our trade partners at the World Trade Organization, we can actually institute remedies to protect local industries from being injured from over-importation.

Citing government data, Piñol said cold storages can no longer accommodate more chicken. He said locally produced chicken in cold storages is estimated at 18 million kg while imported poultry meat is at 16 million kg.

Ubra President Elias Jose Inciong told the BusinessMirror in a recent interview that some of their members have already slashed their output or stopped producing

altogether due to the current supply situation.

“This is bad. [The price] is lower than usual,” Inciong said. “It is usually low [after Christmas] but not this low,” Inciong said.

Poultry raisers will be forced to extend their loading cycle in order to cope with the falling prices, he said.

“For example, instead of loading 1 million heads in 60 days, it is spread out up to 90 days. That is a 33-percent reduction,” he said. “It depends on the financial resources of the raiser.”

Inciong warned that if demand does not improve in two weeks, the oversupply of chicken could persist beyond March and cause small poultry growers to lose a lot of money.

‘Blanket ban on pork imports may open PHL to sanctions’

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HE government said on Tuesday that it cannot ban pork from “highrisk” countries, or those near countries struck by African swine fever (ASF), as this may trigger the filing of cases against the Philippines at the World Trade Organization (WTO).

Bureau of Animal Industry (BAI) OICDirector Ronnie D. Domingo admitted that disallowing pork products from highrisk countries is “one of the best solutions” at this time when ASF is spreading across European and Asian countries.

Domingo said, however, that banning pork from countries that remain free from ASF may be contested by the Philippines’s trade partners and may result in disputes before the WTO due to the lack of scientific justification.

As a member of the WTO, Domingo said the Philippines may not just arbitrarily ban pork from countries that are free from ASF. “What would be our basis [for the blanket ban]? We need a basis because if we do not have that and we pursue [the ban on high-risk countries], we could easily lose a dispute at the WTO,” he told reporters in an interview on Tuesday.

The BAI official made the pronouncement after industry groups called for the slapping of a temporary ban even on high-risk countries to ensure that the ASF would enter the country and harm the local hog sector.

Citing the guidelines of the World Organisation for Animal Health, Domingo said the Philippines may allow pork products from Belgium, provided that these will come from domestic farms that are not affected by ASF. The ASF outbreak was confined in the southern side of Belgium and affected wild boars.

The Department of Agriculture (DA) on Monday appealed to traders to avoid importing pork products from high-risk countries, such as Germany, to protect the local hog industry.

“We cannot actually stop [importers] but we can only appeal to them. We are calling on their sense of patriotism as [the hog] industry involves millions of poor Filipino farming families,” he added.

Meat Importers and Traders Association President Jesus C. Cham told the BusinessMirror that he would ask Mita’s members to follow the recommendation

Excise tax. . .

Continued from A8

Meanwhile, the tax on still and carbonated wines with lower than 14-percent alcohol content was increased by P2.10 (from P37.90 to P40), while those with an alcohol content higher than 14 percent saw a P4.10 increase effective January 2019. It will be increased by 7 percent every year thereafter.

Also, the approved tax rate on fermented liquors was P28—P2.60 higher than the P25.40 tax rate mandated by RA 10351. It will be increased by 7 percent every year thereafter.

Farmers upset

FARMERS are chafing over the next-round excise tax increase on tobacco products.

“We find it worrisome for the government to consider another round of excise tax increases for tobacco,”

of the DA. Cham said, however, that it is still up to Mita members if they would comply or not.

Cham noted that the OIE allows the “unhampered” trade of pork products from areas uninfected by diseases, such as ASF.

Border security THE Bureau of Customs (BOC) said the BAI and the Ninoy Aquino International Airport (Naia) have organized more briefings and disseminated information to Customs Naia frontliners at Terminals 1, 2 and 3.

The BOC said an interagency meeting was held on January 7 to ensure that contaminated pork and meat products from countries struck by ASF will not enter the country. Outbreaks of ASF were reported in China, Belgium, Hungary, Latvia, Poland, Romania, Russia and Ukraine.

Dr. Simeon Amurao Jr., director III of the BAI; Dr. May Magno, chairman of the National African Swine Fever Task Force; as well as other BAI officers attended the meeting.

In September and October 2018, cases of pork meat products’ contamination have been recorded in Korea and Japan through dumplings and hot dogs products, according to the BOC. The BAI also reported that outbreak of the virus can affect the more than 40 million live pigs in the Philippines, and can also destroy the P2-billion swine industry in the country.

The BOC said that safe meat products accompanied by import permits or the sanitary and Phyto-Sanitary Import Clearance are the ones only qualified for release in the ports nationwide.

In line with safeguarding the borders of the country, the BOC will also be adding 50 new x-ray machines in various airports and seaports nationwide within the year.

The BOC said 15 units of fixed baggage x-ray machines, 25 units of handcarried baggage x-ray machines, four units of mobile baggage x-ray machines and six units of portal-type x-ray machines amounting to more than P1.2 billion will be installed.

There are about 66 units of x-ray machines installed and operating in various airports and seaports nationwide at present, according to the BOC. Jasper

Emmanuel Y. Arcalas and Rea Cu PTGA President Saturnino Distor said in a statement on Tuesday.

“Cigarette taxes have gone up seven times in the last five years. This has directly impacted our production and caused the displacement of a lot of farmers,” he added.

Higher prices of tobacco products in the local market would lead to more smuggled cigarettes in the country, with the bulk coming from China that does not use Philipine tobacco produce, Distor said. Citing the National Tobacco Administration (NTA), Distor said tobacco production has declined to 48 million kilograms in 2017, from 68 million kilograms recorded in 2013.

“The tobacco industry has been contributing billions of pesos in excise tax revenues to the government that in 2017 alone, BIR collected P126 billion,” he said.

“These cigarette prices have contributed to the spike in inflation to all time highs. Our families are barely coping,” he added.

News BusinessMirror

www.businessmirror.com.ph

briefs GROUP PUSHES MEASLES VACCINATION TO CURB RISING DEATHS OF CHILDREN SAVE the Children Philippines called on parents and health workers on Tuesday to intensify measles vaccination due to the steady rise of deaths among children caused by complications from the preventable disease.

Lawyer Albert Muyot, chief executive officer of Save the Children Philippines, said in a news statement that there is a need to dispel the public scare against vaccination in general, as it has prevented mothers from having their children immunized.

A scare against vaccination spread in the Philippines because of the Dengvaxia vaccine against dengue.

“Parents and community health workers must be at the forefront of the campaign to dispel the public scare against measles vaccination to make sure children do not die from the preventable disease,” said Muyot.

The number of deaths from measles, mostly children, climbed five times to 17, 289 between January and November 2018, compared to 3,706 cases recorded during the same period in 2017, according to the Department of Health.

The recently passed First 1,000 Days law highlights the need for complete immunization of babies, including measles vaccines, before they reach one year old. It also ensures children’s health and nutrition, and better performance in schools.

Dr. Amado Parawan, health and nutrition advisor of Save the Children Philippines said immunization is important to ensure herd immunity of children from the airborne virus of measles.

He said measles vaccine has been used in the country for four decades and has prevented deaths and diseases among children since then.

D.P.W.H. COMPLETES P46.5-M TULLAHAN RIVER REVETMENT PROJECT THE Department of Public Works and Highways (DPWH) has completed a P46.5-million revetment structure along Tullahan River, a facility that will help serve as a protective barrier to flooding in the area of SSS Village, Barangay North Fairview, Quezon City.

Public Works Director for National Capital Region Melvin B. Navarro said the 461-lineal meter structure replaced the 3-meter grouted riprap that previously served as defense against the force of the river, especially during heavy rains in the area.

“With the taller and sturdier concrete revetment along Tullahan River, residents near the area are assured that the inundation of flooding and soil erosion along the riverbanks will be avoided in case of heavy rains, preventing damages to properties and loss of lives,” Navarro said.

The construction of river wall was funded under 2018 government budget and was implemented from February to November 2018. Lorenz S. Marasigan

M.M.D.A. BLAMES MRT 7 CONTRACTOR FOR ELLIPTICAL ROAD TRAFFIC SNAFU

A NOTICE of violation was issued by the Metropolitan Manila Development Authority (MMDA) against one of the private contractors undertaking the construction of Metro Rail Transit 7 for occupying several lanes along Elliptical Road corner North Avenue in Quezon City without prior notice, resulting in traffic congestion in the area.

MMDA General Manager Jojo Garcia said EEI Corp. failed to coordinate with the agency of occupying two lanes of the road for heavy equipment used in its excavation activities that troubled passing motorists.

“We were surprised about the closure of two lanes without properly informing us of the exact date of the closure. The area became a chokepoint as lanes available for the motorists narrowed,” said Garcia, who inspected the construction works on Tuesday morning.

Regularly, the MMDA advises motorists ahead of time of traffic-causing construction activities in Metro Manila that would affect them.

As a remedy, Garcia also ordered EEI Corp. officials to immediately install steel plates on the two affected lanes to make them passable to motorists “as soon as possible.”

Claudeth Mocon-Ciriaco

CRIMINALS IN COLOMBIA ROB ANGELES CITY COUNCILOR ANGELES CITY—Travelers to South America, especially Colombia, better be warned.

A city councilor learned the hard way the prevalence of the high crime rate in the said country during his visit last December 29.

Councilor Joseph “PG” G. Ponce said on Monday that he fell victim to “riding-in-tandem” criminals in Bogota who robbed him at gunpoint of his watch, cash and other personal belongings, including his bag containing his identification cards, debit and credit cards.

Ponce was able to come home only on Sunday after being stranded for six days in Bogota because his passport was also taken.

The councilor said he arrived at the El Dorado International Airport on December 29 for a two-day tour in the country’s capital city with his partner and planned to stay overnight before moving on to New York where his son was waiting for him.

He said they hailed a taxi from the airport that would bring them to their hotel. But as soon as they arrived at the hotel at around 4 p.m. local time, two men in their 30s dismounted from their motorcycles, accosted him at gunpoint and demanded that he hand over his watch, a Rolex Submariner Blue. Ashley Manabat

Wednesday, January 9, 2019 A3

Lower consumer power rates in January–Meralco

By Lenie Lectura

@llectura

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ONSUMERS will see a P0.3418-perkilowatt-hour (kWh) reduction in their power bills this month, the Manila Electric Co. (Meralco) announced on Tuesday.

For a typical household consuming 200 kWh, January bills will decline by around P68.

Meralco said overall electricity rates decreased to P9.8385 per kWh this month, from last month’s P10.1803 per kWh, mainly on account of lower generation charge.

From P5.3303 per kWh last month, the generation charge for January went down to P4.9119 per kWh, a decrease of P0.4184 per kWh. The decrease is mainly the result of a P1.2293-per-kWh reduction in the cost of power from Meralco’s power supply agreements. The share of PSAs to Meralco’s total requirement this month was at 40 percent.

Meralco Public Information Office Head Joe Zaldarriaga said lower PSA charges were brought about by a reduction in capacity fees as a result of the an-

nual reconciliation of outage allowances done at the end of each year under the PSAs approved by the Energy Regulatory Commission (ERC).

The early completion of annual capacity payment for Sual Unit 1, Ilijan, Pagbilao Unit 1 and Panay Energy Development Corp. resulted in savings immediately passed on to consumers by way of lower electricity rates. He warned, though, that the capacity fees of PSAs will return to normal levels in January that will impact on February bills after the downward adjustment in December.

Meanwhile, charges from the Wholesale Electricity Spot Market (WESM) also went down by P0.0165 per kWh due to improvement in the Luzon power situation.

The demand for power in the Luzon grid decreased by 101 MW. However, cost of power from t he independent power pro ducers went up by P0.0847 per kW h due to peso depreciation.

About 92 percent of IPP charges are dollar-denominated. WESM and IPPs provided 18 percent

DA eyes new measures to balance Philippines-Indonesia agri trade

By Jasper Emmanuel Y. Arcalas @jearcalas

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ILATERAL talks between Jakarta and Manila last month ended in a stalemate with the Indonesian market remaining closed to Philippine farm goods, including horticulture and tobacco products, according to the Department of Agriculture (DA).

Agriculture Secretary Emmanuel F. Piñol said results of negotiations were “not very good,” with Indonesia maintaining its restrictive import policies over Philippine farm exports.

“It looks like they were not really [willing] to open up their markets. Our negotiators came home downhearted but we are not giving up,” Piñol told reporters in a recent interview.

With this, Piñol said the DA has become lukewarm to open further the local market to Indonesian farm products.

He added that the DA is now looking for measures to balance the bilateral agricultural trade between the Philippines and Indonesia, which is heavily tilted in favor of Jakarta.

“It is one of the reasons that dampened our interest to open further the market for Indonesia. It’s not a tit for tat but we might [impose stricter import measures],” he said.

“It should not be a one-way affair.

We are neighbors in the first place and we are also blood relatives,” he added.

Among the measures being mulled over by the DA is the possible imposition

of quantitative restriction on palm-oil imports, which has been a subject of an investigation by the agency over alleged dumping, Piñol said.

Furthermore, the government may not anymore push through with the lifting of the special safeguard duty (SSG) on imports of coffee products, he added.

The lifting of the SSG on coffee imports was a sign of goodwill prior to the agricultural trade talks between the Philippines and Indonesia.

Indonesia questioned the Philippines’s imposition of SSG during a September meeting of the World Trade Organization (WTO) Committee on Agriculture.

Indonesia, the source of certain popular instant coffee brands, noted that the imposition of additional duties on coffee products greatly affects them.

“Having substantial interests in supplying these agriculture product categories, Indonesia would like to express its deep regret on the imposition of this measure by the Philippines,” Jakarta said He said the restrictions imposed by Jakarta caused the “drastic” decline in the volume and value of shipments of agricultural products, such as shallots and tobacco.

Indonesia exports about $1 billion worth of agricultural products to the Philippines, mainly palm oil, while the Philippines ships around only $50 million worth of farm products to Jakarta, according to Piñol.

Lacson: Keep watch on crooked cops and soldiers, not teachers

By Butch Fernandez

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@butchfBM

EN. Panfilo Lacson is prodding the Philippine National Police (PNP) to mount a crackdown against wayward cops and soldiers, instead of targeting teachers.

Lacson, who served as National Police chief (1999-2001) before his election to the Senate, suggested that the PNP leadership “should train [their] profiling and surveillance efforts on dishonorably discharged police and military personnel who have become guns for hire.”

In a news statement issued on Tuesday, the senator cited several cases of expelled law enforcers being tagged as suspects in recent heinous crimes.

“Focusing on these ‘rejects’—who are likely skilled with firearms and other weapons—can even help solve or even preempt crimes,” he added.

According to Lacson, “the PNP should instead conduct profiling and surveillance on dishonorably discharged PNP and Armed Forces of the Philippines personnel to keep track of their post-discharge activities, includ-

ing their lifestyle.”

He added: “In that way, they may be able to solve a lot of crimes, even preempt them.”

The senator, who was known as a crack police prober, stressed that “such intelligence work should be part of the solution of recent heinous crimes, including killings with impunity.”

Among other cases, Lacson listed earlier reports indicating the killers of Party-list Rep. Rodel Batocabe and his police security aide last December included dismissed Army sergeants said to be “part of a local official’s private army.”

He, likewise, recalled reports linking former policemen among the armed bodyguards of Guimbal Mayor Oscar Garin and his son Rep. Richard Garin, who mauled a policeman also last December, indicating he intends to “raise this point when the Senate Committee on Public Order and Dangerous Drugs investigates recent cases of killings with impunity” as soon as the Senate reconvenes next week.

and 42 percent of Meralco’s supply needs, respectively.

Transmission charge of residential customers increased by P0.1210 per kWh this month due to higher National Grid Corp. of the Philippines (NGCP) ancillary services charges. Meanwhile, taxes and other charges went down by P0.0444 per kWh this month.

Meralco’s distribution, supply and metering charges, meanwhile, have remained

unchanged for 42 months, after these registered reductions in July 2015.

Meralco reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other public policy charges like the FiT-All rate are remitted to the government.

A4 Wednesday, January 9, 2019

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US-China trade negotiations start amid cooling economic growth

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EIJING—Facing a March deadline, talks aimed at ending a trade war between China and the United States are under way, with the world’s two biggest economies expressing optimism over the potential for progress but neither indicating its stance has changed.

Cooling economic growth in both countries is increasing pressure to reach a settlement.

As the talks began on Monday at the Chinese Commerce Ministry, Beijing complained about a US warship in what it said were Chinese waters, but it was unclear if that would disrupt the proceedings. Both sides have provided scant information about their discussions.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran. The American delegation is led by a deputy US trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.

President Donald J. Trump im-

posed tariff increases of up to 25 percent on $250 billion of Chinese imports over complaints Beijing steals or pressures companies to hand over technology. President Xi Jinping responded by imposing penalties on $110 billion of American goods, slowing customs clearance for US companies and suspending issuing licenses in finance and other businesses.

A December 1 agreement postponed further tariff increases.

Economists say the 90-day postponement of additional tariff increases that had been meant to take effect January 1 may be too short to settle the disputes bedeviling US-Chinese relations.

Chinese growth fell to a postglobal crisis low of 6.5 percent in the quarter ending in September.

Auto sales tumbled 16 percent in November over a year earlier.

Weak real-estate sales are forcing developers to cut prices.

The US economy grew at an annual rate of 3.4 percent in the third quarter, and unemployment is at a five-decade low. But surveys show consumer confidence is weakening because of concern that growth will slow this year.

Washington, Europe and other trading partners complain Beijing’s tactics violate its marketopening obligations.

T he standof f a lso ref lects American anxiety about China’s rise as a potential competitor in telecommunications and other technology. Trump wants Beijing to roll back initiatives intended to create homegrown Chinese leaders in robotics and artificial intelligence.

China’s leaders see such strategies as a path to greater prosperity and global influence, and have tried to defuse complaints by emphasizing the country’s potential as a huge consumer market.

They’ve also promised to allow more foreign access to its auto, finance and other industries.

Beijing has tried in vain to recruit France, Germany, South Korea and other governments as allies against Trump, but they have echoed US complaints about Chinese industrial policy and market barriers.

T he European Union f i led its own challenge in the World Trade O rga n i z at ion i n Ju ne against Chinese rules that the

28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

For their part, Chinese officials are unhappy with US curbs on exports of “dual use” technology with possible military applications. They complain China’s companies are treated unfairly in national security reviews of proposed corporate acquisitions, though almost all deals are approved unchanged.

With talks expected to move into a second day on Tuesday, it’s not clear whether the flap over the warship might throw them offtrack.

Ministry Spokesman Lu Kang said on Monday that Chinese military aircraft and naval vessels were dispatched to identify the US vessel and warn it to leave the area near disputed islands in the South China Sea. “We have made stern complaints with the US,” Lu said. “As for whether this move has any impact to the ongoing China-US trade consultations... to properly resolve existing issues of all kinds between China and the US is good for the two countries and the world.” But he added, “The two sides both have responsibility to create necessary and good atmosphere to this end.”

A Pentagon spokesman, Lt. Col. David Eastburn, said “The United States will continue to fly, sail and operate anywhere international law allows.” AP

North Korea’s Kim Jong Un arrives in Beijing for talks

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EIJING—North Korean leader Kim Jong Un arrived in Beijing on Tuesday at the start of a fourday visit, in what’s likely an effort to coordinate with his only major ally ahead of a second summit with President Donald J. Trump that could happen early this year.

A long motorcade including motorcycle outriders reserved for state leaders left a Beijing train station shortly after the arrival of an armored train consisting of 20 to 25 cars—most of whose windows were blacked-out— along tracks lined by police and paramilitary troops.

Kim’s trip, announced earlier by both sides, comes after US and North Korean officials are believed to have met in Vietnam to discuss the location of a second summit.

North ’s Korean Central News Agency said Kim departed on Monday afternoon with his wife, Ri Sol Ju, and other top officials. It said Kim is visiting China at the invitation of Chinese President Xi Jinping. Tuesday also happens to be Kim’s birthday.

China’s official X inhua News Agency issued a nearly identical report, while Beijing’s North Railway Station was cocooned in security, with dozens of police and paramilitary troops patrolling outside.

Kim is expected to stay at the highly secure Diaoyutai State Guest House in the capital’s west, with meetings held at the Great Hall of the People, the hulking seat of the legislature that sits next to Tiananmen Square.

The trip marked a further break with past practice in that it was announced in advance of Kim’s arrival, a possible sign of growing confidence on the part of North Korea and China, Pyongyang’s most important trading partner and a key buffer against pressure from Washington.

After years of cool relations following Kim’s assumption of power 2011, ties have improved remarkably over the past year as Xi seeks to maintain his influence in the region.

Kim’s trip comes as the US and North Korea look to settle the North’s decades-long pursuit of a nuclear arsenal.

Wa sh i ng ton a nd P yong y a ng seemed close to war at points during 2017 as the North staged a series of increasingly powerful weapons tests that got it tantalizingly close to its nuclear goal of one day targeting with pinpoint accuracy anywhere on the US mainland.

Possibly fearing the economic effect of crushing outside sanctions imposed because of his weapons’ tests, Kim abruptly turned to diplomacy with Seoul and Washington last year.

He also visited China three times, notably without a reciprocal visit from Xi in a break with diplomatic convention.

But even after what was seen as a blockbuster summit between Kim and Trump in Singapore last June— the first ever between the leaders of the war enemies—there’s been little real progress in nuclear disarmament.

Washington is pressing the North to offer up a detailed accounting of its nuclear arsenal, while Pyongyang says it has already done enough and it’s time for the US to ease harsh international sanctions that hold back the North Korean economy.

South Korean Presidential Spokesman Kim Eui-kyeom said on Tuesday that Seoul hopes Kim’s trip to China will act as a “stepping stone” for a second Trump-Kim summit.

Trump has offered assurances that another summit will allow him and Kim to make a grand deal to settle the nuclear standoff and change a relationship marked by decades of animosity and mistrust.

However, outside analysts are highly skeptical that the North will easily abandon a nuclear arsenal constructed in the face of deep poverty and likely seen by Kim as his only guarantee of regime survival.

Instead, Kim may be seeking to gauge China’s attitude toward sanctions ahead of the talks, including what the North would have to concede in order to win Beijing’s support at the UN The North has held off on additional nuclear weapons and missile tests for more than a year, possibly in response to China’s displeasure, while carrying out its new diplomatic offensive. AP

Editor: Angel R. Calso • Wednesday, January 9, 2019 A5

Search for new World Bank president to test Trump’s America First mantra

KIM

T

HE World Bank’s search for a new leader will be the latest test of President Donald J. Trump’s pledge to put “America First” in the nation’s foreign policy.

Jim Yong Kim abruptly resigned as president of the World Bank on Monday more than three years before the end of his term, potentially sparking an international tussle over who replaces him as the Trump administration questions the development lender’s purpose.

Kristalina Georgieva, the bank’s second in command, will take over as interim president on February 1, the Washington-based bank said on Monday in a statement. In an e-mail to employees of the lender, Kim said he’ll join a private firm focused on infrastructure investments in developing countries.

“The opportunity to join the private sector was unexpected, but I’ve concluded that this is the path through which I will be able to make the largest impact on major global issues like climate change and the infrastructure deficit in emerging markets,” Kim said.

Kim, 59, began his second fiveyear term at the bank on July 1, 2017.

He helped the lender win support from its member-countries in April for a $13-billion capital increase, after the US dropped proposals to limit the World Bank’s resources.

Preferred candidate

PRESIDENT Donald J. Trump will now be expected to put forward a preferred American candidate to replace Kim, who was nominated

by Barack Obama. The choice could prove controversial if the nominee shares Trump’s own disdain for international institutions such as the World Trade Organization and Nato.

The president’s national-security adviser, John Bolton, wrote an article in 2016 in which he cited arguments for privatizing the World Bank, while Treasury Undersecretary for International Affairs David Malpass has questioned why the bank lends so much money to China when the nation already has access to global financial markets.

Trump’s decision could affect how the bank deploys its capital at a time when emerging markets are facing growing stress from rising US interest rates and trade tensions.

The World Bank committed nearly $64 billion in loans to developing countries in the fiscal year ended June 30 last year.

Selection process

THE US is the largest shareholder in the development lender, which was conceived during the Second World War to finance the reconstruction of Europe. It has since focused on alleviating extreme poverty around the world.

An American has run the bank since it was established in 1945.

Its sister institution, the International Monetary Fund, has always been led by a European, as part of an unwritten understanding between Western powers. Former French Fi-

nance Minister Christine Lagarde is the current head of the IMF. But some nations have been pushing for a representative from emerging markets. The selection process is managed by the bank’s board of executive directors, which represents the lender’s 189 member-countries.

Contentious debate

“IF these institutions are to be made more appealing to the rest of the world, the lock hold that the United States and Europe have on both the president of the World Bank and managing director of the IMF has to end,” said Raghuram Rajan, former governor of the Reserve Bank of India and now a finance professor at the University of Chicago.

The rise of populism and the contentious debate over globalization is raising the political pressure on leaders of organizations such as the World Bank, he said in an interview. “Even without the restriction that this be an American, it’s going to be hard to find good people to take these positions in this difficult global environment,” said Rajan.

Other experts believe Trump may find it difficult to push through his desired candidate.

“It’s always really been about coalitions, and the one key coalition that has held for 75 years is the USEuropean one,” said Scott Morris, senior fellow at the Center for Global Development and former deputy assistant secretary for development finance at the US Treasury under Obama. “It’s hard to see a strong basis for that continuing to hold.”

‘No sure thing’

THE Trump administration may face resistance from other countries if the president puts forward a candidate openly hostile to the bank, he said. “They have to go out and get those votes from other membercountries, and there’s no sure thing.”

While the US president traditionally nominates the person who eventually heads the bank, the lender’s executive board has the final say.

The board said on Monday it will immediately begin the process for picking Kim’s successor.

Kim was appointed in 2012 to succeed Robert Zoellick. In that race, Kim beat out Ngozi OkonjoIweala, then Nigeria’s finance minister, and Jose Antonio Ocampo, a Colombian national and professor at Columbia University in New York.

Kim was previously president of Dartmouth College and head of the HIV/AIDS department at the World Health Organization.

He was born in Seoul and grew up in Iowa. He has a medical degree and a PhD in anthropology from Harvard University.

Kim’s resignation caught staff and the board off guard, said a person familiar with the matter who spoke on condition of anonymity.

Kim notified the executive board at a meeting on Monday morning, after giving little indication that he was planning to leave, the person said. Bloomberg News

A6 Wednesday, January 9, 2019 • Editor: Angel R. Calso

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editorial

Govt can cut PHL’s agri trade deficit

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FEW days after we celebrated the coming of the New Year, the Philippine Statistics Authority released a report that reminded us of this harsh reality: The Philippines is still a net food-importing country. In a report published on January 3, the PSA revealed that the agricultural trade deficit in the third quarter of 2018 expanded to $1.86 billion, from $1.3 billion a year ago. For the period, agricultural exports declined by 4 percent, while payments for imports rose 15.5 percent, according to PSA data.

When a country records a deficit in trade, it means that its import bill is bigger than its export earnings. In the case of the Philippines, figures from the PSA showed that expenditures for imports in the July-to-September 2018 period went up to $3.54 billion, from last year’s $3.06 billion. In contrast, export receipts settled at $1.68 billion, 4.3 percent lower than last year’s $1.76 billion. These figures mirror the country’s overall trade performance in September, when the balance of trade in goods recorded a deficit of $3.93 billion, more than double the previous year’s $1.75 billion.

While the share of payments for agricultural products in the country’s total import bill got bigger, that of farm exports declined to less than 10 percent, according to PSA data. This, after the Philippines’s balance of trade recorded deficits with four of its five major trading partners. Worth noting is the country’s total trade deficit with Asean, which was the largest at $1.07 billion. The Philippines imported more agricultural products from neighboring Southeast Asian countries. The United States, which recorded a trade surplus of $470.68 million with the Philippines, was the country’s second top source of food imports.

Japan was the top buyer of Philippine agricultural products, such as fruits, nuts and fish. The preference of Japanese consumers for Philippine fruits allowed the country to enjoy a trade surplus of $273.38 million in the third quarter of 2018. This, despite the fact that Manila continues to push for the further reduction of import tariffs on Philippine fruits under the PhilippineJapan Economic Partnership Agreement.

What caused the trade deficit to balloon is the increase in the country’s payments for cereals, including rice and wheat. PSA data showed that the country purchased $826.47 million worth of cereals, 82.4 percent higher than the $453.25 million recorded in the third quarter of 2017. Payments for imported cereals accounted for 23 percent of the total agricultural import bill.

Meat products, including mechanically deboned meat (MDM), were the other major food items bought by the Philippines.

Importing agricultural products is not entirely bad, as no country can produce all the requirements of its industries and citizens. Case in point is MDM, a raw material used in manufacturing processed food items, which is not produced in the Philippines. But crops, such as rice, can be grown in the country and need not be imported in huge quantities, if only the right farm policies were put in place right after the Philippines joined the World Trade Organization.

Expanding shipments of Philippine agricultural products is an ideal strategy, as this would help create jobs and increase incomes of Filipino farmers.

For years, the government has been planning to “diversify” Philippine exports and reduce its reliance on electronics to boost export receipts. The government also tried to open markets by forging agricultural trade deals. The Asean market, for example, offers opportunities that remain untapped.

The government must help food exporters by rolling out policies that would hasten their growth. A “stimulus package” exclusively for agribusinesses would be a good start. Providing the right policy environment that would encourage aspiring entrepreneurs to go into agribusiness would also boost government efforts to improve farm-sector productivity.

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Good move, Secretary Bello!

Susan V. Ople

SCRIBBLES

O

N December 13, 2018, Labor Secretary Silvestre Bello III wrote a memorandum to Administrator Bernard Olalia of the Philippine Overseas Employment Administration (POEA), which states: “In the interest of the service and in view of the increasing welfare cases and labor issues among our Filipino workers in the Middle East, especially in the Kingdom of Saudi Arabia, you are hereby instructed to draft the necessary issuances on the following: “Reducing the processing of accreditation of FRAs and verification of employment contracts including other employment related documents of POLOs in the Middle East by 10 percent within the first semester of 2019 and to continue until the end of 2019 specially those foreign recruitment agencies with wards admitted at the MWOFRCs.” “Strict monitoring of the Philippine recruitment agencies of their deployed workers and stern reminder of their solitary liability in case of breach of contract pursuant to the POEA Rules and Regulations.”

“Strict implementation of the regulation on the ban on the deployment of minors and underage workers and impose the necessary sanctions on erring PRAs.” “Str ict implementation of the rules on the deployment of name-hires.”

Labor Secretary Bello knows fully well the travails of our domestic workers in the Middle East. He has been forwarding urgent requests for assistance to OWWA Administrator Hans Cacdac on a daily basis from dusk to dawn. And I say that without exaggeration.

This directive, however, comes at a time when the demand for domestic workers in the Kingdom of Saudi Arabia continues to soar. As part of the Saudization campaign, their government has given full priority to increasing the labor participation of women, which, in turn, has driven the demand for and costs in recruiting foreign domestic workers to historic highs. Filipino domestic workers are considered the best there is, and households across the Middle East are willing to pay a premium just to source their maids from our shores.

Thus, some would argue that this memo effectively takes away surefire sources of employment from jobless women in the countryside.

Those of us who are more immersed in labor migration know that this has been done before but not in writing. There were times when the head office would instruct our labor

attachés to go slow in the processing of contracts of overseas domestic workers—through verbal orders— to avoid potential bilateral disputes.

The secretary’s instructions, however, were written and made public for all stakeholders, including our partners overseas, to know. In this light, one can consider this a bold and welcome move from Secretary Bello.

Of course, some overseas Filipino workers advocates, especially those based abroad, would predictably say, why only 10 percent? That calls for a longer, more vigorous debate among the different stakeholders.

Bello’s instructions on zero tolerance on the part of the POEA for agencies recruiting minors as domestic workers to the Middle East should have been observed far long ago. There is no reason— absolutely none—for a conscientious recruitment agency owner to deploy a minor to Saudi Arabia.

This is qualified trafficking, which bears the penalty of life imprisonment. Swift action on the part of the POEA must be forthcoming and unrelenting.

In light of the 10-percent reduction policy, DOLE needs to offer viable local or safer overseas alternatives to prospective applicants.

Without such alternatives, we may see more of these women move away from the legitimate recruitment process and into the filthy, greedy hands of human traffickers.

The 10 percent reduction can and should be a component of a grander plan to push for a higher labor participation rate for women, not through temporary employment programs but through solid partnerships with the private sector at all local levels. If we combine skills training,

apprenticeship programs and gender development for income security, then our women have every reason to stay home.

First, we need to keep asking “why?”

Why do Filipino women continue to leave to work as domestic workers in the Middle East? Why do some of them, bearing trauma and invisible scars as ex-OFWs, still insist on leaving again as domestic workers?

Why do some of them agree to pay the most dubious recruiter even to the point of selling their soul just so they could get away with a suitcase packed with dreams?

It is only when our policy-makers come to grip with the “whys” that we could get to the “hows”. How do we train as many women as possible so that they can gain portable, employable skills that would guarantee them safer and decent work? How do we encourage the leaders of commerce to embrace the hiring and retooling of women as part of their corporate social responsibility?

How do we convince and encourage our recruitment agencies to be more discriminating in their choice of markets and workers and foreign employers for the protection of our workers? What kind of incentives do they need to be able to transform their agencies into centers of excellence?

Let’s start these conversations soonest! Given the secretary’s memorandum, the ball is clearly now in POEA’s court.

Susan Ople heads the Blas F. Ople Policy Center and Training Institute, a nonprofit organization that deals with labor and migration issues. She also represents the OFW sector in the Inter-Agency Council Against Trafficking.

Israel can live with Trump’s Syria withdrawal

By Zev Chafets Bloomberg Opinion

D

ONALD J. TRUMP’S sudden December 19 announcement that the US would withdraw its 2,000 troops from Syria cost him his defense secretary and set off alarm bells among Israel’s staunchest US supporters, notably Republican Sen. Lindsey Graham.

The one person we didn’t hear objecting was Israeli Prime Minister Benjamin Netanyahu.

That’s less of a mystery than it might appear. Having carefully built a close relationship with Trump— one that has already resulted in the historic US Embassy move to Jerusalem and other signs of friendship—Netanyahu knows better than to publicly upbraid his ally.

But behind the scenes, he’s worked to ensure that any American withdrawal not only doesn’t hurt Israel, but might deliver some benefits.

In Brazil last week, Netanyahu discussed Israel-American cooperation with US Secretary of State Mike Pompeo and received assurances that the American

commitment to countering Iranian aggression and to the “protection of Israel” is unchanged. This week, National Security Adviser John Bolton came to Jerusalem to explicitly declare American support for Israel’s war against Iran in Syria and Lebanon.

Bolton seems to have succeeded in getting some conditionality attached to the withdrawal plan, though expressed with excruciating care so as not to be seen to contradict his boss: “Timetables or the timing of withdrawal occurs as a result of the fulfillment of the conditions and the establishment of the circumstances we want to see. It is not the establishment of an arbitrary point for the withdrawal to take place as President Obama did in the Afghan situation.... The timetable flows from the policy decisions that we need to implement.” Translated into English, this suggests that an unconditional, immediate withdrawal would send the wrong signals to Arab and Kurdish allies, and to Iranian adversaries, not to mention the Lindsey Graham wing of the Republican Party.

Netanyahu, standing next to Bolton,

maintained his public silence on the question. He has nothing to gain by entering into the argument over the withdrawal. He also has less to lose by a withdrawal than many think.

“The ultimate test of a sovereign nation is its ability to defend itself,” Bolton declared. That was not a brush-off, but a compliment. Military self-sufficiency is central to Israel’s national ethos: It can never base its safety on the kindness of strangers, or even well-meaning friends.

This is what motivates young Israelis to serve in the military, and allows their parents to accept this service as a requirement of national survival.

From the Israeli perspective, Trump was not being cavalier when he told reporters that Israel can take care of itself.

“We give them huge money to fight their own battles,” he said. He put the sum at $4.5 billion, most of which is used

by Israel to buy American-made weapons, a fact that fits nicely with Trump’s America-First jobs policy. Loudly protesting the withdrawal would have been a projection of weakness, not strength; that’s not how Netanyahu does things.

Nor was there much to be gained through complaint. The presence of 2,000 American troops in northeastern Syria has been helpful in blocking overland supply routes from Tehran to Iran’s Lebanese proxy, Hezbollah; but they are, from Jerusalem’s point of view, not essential. Israel is waging its war on Hezbollah mostly from the air.

What Netanyahu wants from Trump is not American troops in the neighborhood, but his support for Israel to have freedom of action in the skies of Syria and Lebanon, and perhaps western Iraq.

With its air superiority, Israel can maintain red lines on the ground, preventing shipment of advanced Iranian weapons to Hezbollah via Damascus, preventing Iranian military installations in proximity to Israel, and, of course, preventing attacks on Israeli territory. Russia, which has installed new air defenses in Syria, has thus far respected Israeli security interests, but the dynamics could change if Russia were to allow the Syrians to control the defenses directly. A greater danger is that Russia will make a deal

See “Israel,” A7

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Putin’s retirement plan depends on Belarus

The year ahead for market competition Arsenio M. Balisacan

COMPETITION MATTERS

Leonid Bershidsky

BLOOMBERG

P

RESIDENT Vladimir Putin has more than five years left in office, but he must already contemplate his next move.

The transition among Russia’s leaders is seldom smooth, so Putin is looking at ways to ensure his continued influence by forging a closer union with neighboring Belarus. A change in the Russian oil taxation regime has provided the opportunity for exploring this scenario.

The Russian constitution allows a president to serve only two consecutive terms. In 2008, rather than change the law and be ridiculed as the equal of Central Asian dictators, Putin ceded the presidency to a close ally, Dmitry Medvedev. But he hated playing second fiddle and disliked Medvedev’s openness to more cooperation with the US; besides, trusting anyone with such a handover could be a bigger risk today, in a country increasingly run by the security apparatus. Simply going into retirement in 2024 is an even scarier option: Putin could never be certain of any personal security guarantees his successor might provide.

That makes the Belarus deal especially attractive. Putin’s predecessor, Boris Yeltsin, and the Belarusian dictator Alexander Lukashenko, driven by regrets about the dissolution of economic ties after the Soviet Union’s breakup, signed a framework union treaty in 1997. The 1999 version of the document essentially describes a federation of the two states, with a single currency, flag and emblem, a common market and a unified judiciary. It’s supposed to be run by a Supreme State Council, headed by the presidents of the two countries on a rotating basis “unless they agree otherwise.” Lukashenko has headed the body since 2000, but it doesn’t have much real power because the union treaty was never fully operational. The only element of the union that exists for ordinary people today is a seamless joint labor market.

Russia itself has been lukewarm about a closer union with economically weak Belarus, run by Lukashenko’s thoroughly Soviet team. In particular, extending the Russian monetary system to Belarus, as Lukashenko has at times suggested, could weaken the ruble and undermine Russia’s macroeconomic stability. Russia had enough problems of its own even to consider spreading its rickety economic umbrella over a country of almost 10 million with a purchasing power-adjusted per capita economic output about a third smaller than Russia’s, according to the International Monetary Fund. Lukashenko, for his part, only wanted the economic benefits of a closer union with Russia, such as cheap oil and gas, but not the loss of sovereignty that would come with implementing the union treaty. In a way, it was cheaper for Russia to give him what he wanted than to push for more.

Now, however, unification is politically attractive to Putin, and not just because he could take over a much strengthened Supreme State Council in 2024, retaining a large measure of his power for life without changing the constitution.

Russia is closer than ever to resolving a territorial dispute with Japan that has festered since 1945. Although it would unlock major Japanese investment, the deal would mean handing over some of the disputed Far Eastern islands, a potentially unpopular move that it would be good to balance by territorial gains elsewhere. A peaceful reunification with Belarusians also could be spun as a kind of

Israel. . .

continued from A6

with Iran or Turkey that causes a change in Putin’s attitudes. Clear support from the US for Israeli air operations in Syria would make it riskier for Russian President Vladimir Putin to make such a move.

The fuss around the planned US withdrawal has also created a fresh opportunity for Netanyahu to raise the issue of the Golan Heights, which Israel regards as integral to its national security. No nation has accepted Israeli sovereignty in the Heights, which it seized from Syria in the Six Day War. Netanyahu told Bolton that Israel would never leave the Heights

compensation to Russians for the recent rift with once equally friendly Ukraine.

This is a good moment for Putin to put pressure on Lukashenko without looking overly aggressive. Russia doesn’t have to threaten to cut off gas supplies, raise energy prices or insist on a greater military presence. Belarus stands to lose billions of dollars from a perfectly reasonable tax reform going on in Russia today.

The reform is known as the “tax maneuver”: Starting this year, Russia is gradually phasing out oil-export duties, which stand at 30 percent today, and replacing them with a higher mineral extraction tax. The idea is to lower de facto fuel subsidies for the domestic market: All oil, whether exported or sold domestically, will eventually be taxed the same.

That means Belarus, which today buys Russian oil duty-free and exports much of it, charging its own duties, will have to pay more. This year, according to the Belarusian Finance Ministry, the country stands to lose $300 million from the Russian “tax maneuver” given an oil price of about $70 per barrel. That’s already quite a lot for a country with an economic output of about $55 billion, and the losses will mount as the Russian export duties disappear.

Lukashenko has asked Russia to reimburse Belarus for the losses either by lowering the oil price or via a direct budgetary transfer. But in December, multiple Russian government officials, including Prime Minister Medvedev and Finance Minister Anton Siluanov, linked any compensation to a deeper integration with Russia under the 1999 union treaty. Though Lukashenko has publicly warned Russia against trying to swallow up Belarus and Putin’s spokesman, Dmitry Peskov, has said a Russia-Belarus merger isn’t the subject of discussion, the denials only concern a full takeover, rather than a deeper integration scenario with Belarus and Russia both formally ceding part of their sovereignty to the union state. That scenario—a single currency, a unified judiciary and a harmonized tax system—appears to be on Russian officials’ minds. During two meetings with Lukashenko in late December, however, Putin failed to convince his junior partner to go down the unification path. Most Belarusians, too, believe Belarus should be independent, though a Russian ally.

Lukashenko’s alternative to bending to Putin’s pressure is seeking help in the West, but that, in a way, is a less attractive option for him: He suspects the US and the European Union want to undermine his near-absolute power. As many times before in his career, the Belarusian leader is caught between a rock and a hard place. Whether he can wiggle out this time depends largely on whether Putin finds other ways to resolve his own political problems, both with succession and with the balance of gains and sacrifices in foreign policy. If he doesn’t, the pressure may become unbearable for the Belarusian dictator. and that it was time for the world— meaning, of course, the US—to recognize Israel’s claim. He announced that the two would visit the Heights, but the poor weather meant that didn’t happen.

Expect Netanyahu to keep pressing on this point with American interlocutors in the weeks and months ahead. If the US wants to show it cares even after the troops leave Syria, here’s a way to show it.

An abrupt US pullout from Syria would, of course, worry Israelis. But not overly, so long as America’s greater commitment to Israel remains firm. There is no sign it won’t. How the US wields influence in the world matters more to Israelis than how it projects power in northeastern Syria.

Wednesday, January 9, 2019 A7

I

N last week’s column, I shared the key accomplishments of the Philippine Competition Commission (PCC) in 2018, which we consider as the first full year of the country’s new competition policy regime. Throughout last year, the commission placed the consumers, along with promoting competitive processes, at the heart of its endeavors.

But, while we have accomplished much within a short amount of time, many new and continuing challenges remain to be hurdled by the commission under its three broad functions of competition enforcement, merger review and competition advocacy.

These challenges shape the commission’s priorities in 2019.

First, we recognize that in an archipelagic economy where oligopolies and highly concentrated markets abound, expectations are mounting for the commission to deliver more and better competition enforcement.

Our goal this year and onward is to effectively investigate anticompetitive agreements and conduct, such as price-fixing and bid-rigging. Deterrence requires that the threat of penalties is truly felt and that the detection and prosecution of infringements are effective.

In carrying this out, our enforcement action would be informed not only by the complaints or queries we receive, but also by the prioritization framework that the commission has developed. In this regard, based on the findings of our issue paper on the manufacturing sector, in tandem with other considerations (e.g.,

the relative importance of the good or service on consumer welfare), we have identified the following priority sectors for competition analysis and enforcement in 2019: logistics supply chain, corn milling and trading, refined petroleum manufacturing and trading, sugar, and pesticides. These are in addition to the ongoing work on priority sectors launched in 2018.

Having identified these priorities, we are keen on implementing three key components this year to bolster and complete our enforcement framework. This January 2019, we will be rolling out the commission’s Leniency Program. We expect this whistle-blower-type program to significantly improve our ability to detect cartels and increase the number of cartel investigations in the coming years.

In addition, we will soon implement our Rules on Forbearance and on Inspection Orders, which will enable us to work more efficiently.

The former will allow an entity or group of entities to be exempted from certain provisions of the Philippine Competition Act under very specific circumstances and stringent

conditions. The latter will govern our conduct of dawn raids (an addition to our arsenal of investigative tools).

Fortunately, the commission is not alone in its mission to enforce the law. With the Office of the Ombudsman and the commission on Audit as key partners, the commission has laid the groundwork for the adoption of a tripartite action plan and the formal constitution of a joint task force to investigate bid-rigging in public procurement. As the economy weathers domestic and global headwinds and the government ramps up its “Build, Build, Build” program, ensuring a clean selection process in public procurement is key to extracting the best value for our taxpayers’ money.

Upholding fairness in the market is one of the principles enshrined in the PCA. In this regard, the credibility of PCC rests on its ability to swiftly and thoroughly detect, investigate, and prosecute anticompetitive agreements and conduct.

Second, for mergers and acquisitions, we shall adopt a more simplified notification process to further expedite the review of non-problematic merger cases and facilitate the ease of doing business. We will continue our efforts to proactively monitor non-notified transactions and evaluate merging parties’ compliance with their voluntary undertakings. This means we can constantly check the market power of growing and dominant firms and, at the same time, focus on transactions that pose greater competition concerns.

Last, one persistent challenge has been the general population’s low level of awareness and understanding of the commission and the PCA, as well as the principles of healthy market competition. When consumers, busi-

nesses, and even government entities, including government-owned and -controlled corporations, are uninformed, anticompetitive conduct and misinformed public policies may proliferate.

This 2019, the commission shall become more proactive in its engagement with Congress and sector regulators by reviewing bills, existing laws and regulations that restrict competition in various markets.

We hope to organize a multiyear workplan utilizing a quick-response mechanism, tapping competition and sectoral experts in the provision of targeted, timely, and informed comments on legislative proposals and executive issuances. We recognize that competition advocacy is a cost-efficient way of preempting anticompetitive conduct.

As the PCC expands its portfolio of cases and advocacy efforts in 2019, we reaffirm our commitment to our vision of becoming a world-class competition authority.

Indeed, we have set a lofty goal, yet it is attainable. This goal provides us the impetus to work at the frontier, aiming to attain the standards set by model competition authorities in other jurisdictions.

The PCC’s 2019 marching order is set. We step into this year with hope and renewed vigor to foster competitive processes in the markets of goods and services.

Dr. Arsenio M. Balisacan is the chairman of the Philippine Competition Commission and a professor of economics (on secondment) at the University of the Philippines. Prior to his appointment to the commission, he served as socioeconomic planning secretary and, concurrently, director general of the National Economic and Development Authority. He also served as dean of the School of Economics in UP Diliman and Director-Chief Executive of Searca.

Don’t be fooled by China’s old debt playbook

By Anjani Trivedi Bloomberg Opinion

B

UILD it and they will come.

Or will they?

A flurry of construction may be about to take off in China, and investors have pinned their hopes on it. Stocks of Japanese machinery makers Komatsu Ltd. and Hitachi Construction Machinery Co. perked up on Monday. Over the past week, Chinese engineering and construction companies’ shares have surfaced from multimonth lows.

Chinese economic data certainly haven’t given much reason to celebrate. Manufacturing activity has slowed amid the trade war. Overall industrial profits for November were down from a year earlier, posting their first negative reading since 2015. Margins have been contracting. Successive boosts from

the central bank to push lending haven’t encouraged banks to start doling out cash.

The optimism stems from the latest and greatest version of fiscal stimulus: more than $120 billion of rail projects across the country have been announced over the past month, which would add 6,800 kilometers (4,200 miles) of track in 2019. That’s an about-face from an effective halt on approvals last year, meant to rein in the debilitating rise of local government debt.

China Railway Construction Corp. reported orders of locomotives and subway trains rose almost 30 percent in 2018.

The problem is that Beijing is returning to its old refrain—building up debt—and risks running into challenges that are all too familiar.

The approvals of rail projects have come alongside a surge in the issuance of special local government

bonds, which are supposed to be repaid by income generated from projects they fund. Issuance of special debt for infrastructure investment rose 145 percent in 2018 from a year earlier, according to CLSA Ltd., with a surge in August and September. In July, the State Council announced a quota of 1.35 trillion yuan ($200 billion) of such bond sales. It will only get larger.

That should be a boon for machinery and construction firms. But not all can stake their future on it.

For one, financing for capital expenditure will be tight for small and medium companies, even if the projects are approved. More realistically, the push will boost China’s large state-backed railway and construction firms and bypass weak borrowers. The real beneficiaries probably will be big, local engineering and procurement companies that have a direct hand

in these projects.

As in the past when growth has stumbled, Beijing will rely on stateowned infrastructure giants at the expense of already-enfeebled private-sector companies.

Foreign firms like Komatsu and Hitachi may struggle to squeeze out much more benefit than they already have—and they’ve exceeded expectations. Overall excavator sales continue to grow, albeit at a muted pace.

But the likes of China’s Sany Heavy Industry Co. have done much better. In November, local brands’ sales rose more than 40 percent from a year earlier, while foreign competitors fell 10 percent. Barring one-offs that encourage equipment buying ahead of time—like the new emissions regulation set for 2020— it’s unclear how long the good news will last.

This new year optimism is better reserved for Beijing’s favorites.

Calling time on Ghosn not a moment too soon

By Anjani Trivedi Bloomberg Opinion

W

HERE did Nissan Motor Co. end and the world of Carlos Ghosn begin? It’s unclear after his decades-long reign.

“I have dedicated two decades of my life to reviving Nissan and building the Alliance,” Ghosn told a Tokyo court on Tuesday in his first appearance since his arrest, according to a prepared statement. He had worked “day and night, on the earth and in the air,” the former Nissan chairman said. In closing, Ghosn said he was innocent of the accusations made against him.

Ghosn’s innocence or guilt is for the court to decide. Still, his fate raises the question of whether his corporate tenure should have drawn to a close even earlier.

A multipart series on “What Drives Carlos Ghosn” on the company’s web site and Nikkei.com—which includes his baby pictures—talks about how the executive split his time between four countries. “This kind of lifestyle can take a toll on anyone—both physically and socially. But it’s what’s required of many leaders in the age of globalization,”

it says. Such personal sharing by the CEO on a corporate web site is rare.

The annals of CEO history are filled with stories of legendary men whose misuse of company assets precipitated their downfall. Often, the blurred line between their business and private lives lies at the heart of it. Ghosn became so personally entwined with Nissan that he ended up overshadowing the company, even after moving into the chairman role and appointing his personal choice of Hiroto Saikawa as CEO. The longer a top executive spends at the company, it seems, the fuzzier those lines become. Consider Ghosn’s explanation about why Nissan covered his collateral on personal foreign-exchange forward contracts during the financial crisis. When the executive realized he didn’t have the resources to put up the amount himself, according to his statement, he was faced with a choice: either resign and use his retirement allowance, or ask Nissan to take on the burden “so long as it came to no cost to the company” as he gathered cash from other sources to pay the company back. He chose the latter. His “moral commitment to Nissan” didn’t allow him to walk away because “a

captain doesn’t jump ship in the middle of a storm,” the statement says.

Whether or not Nissan incurred losses is beside the point (Ghosn said it didn’t). That Nissan was even a stopgap option for its top executive’s personal trading losses presents an alreadyflawed picture.

Other allegations include Nissan paying “huge sums” toward Ghosn’s residences in four cities around the world that weren’t justified by the business, according to Japanese broadcaster NHK. It also reported that Ghosn charged travel expenses for family vacations, amounting to tens of millions of yen to a Nissan unit. These weren’t addressed in the statement.

Long tenures hurt companies, too. A retrospective look at the likes of General Electric Co.’s Jack Welch shows as much.

A study found that the longer CEOs are at the helm, the more reliant they become on their internal networks for information and less attuned they are to market conditions. In Ghosn’s case, perhaps blindsided by the status quo, he ignored Nissan’s dismal performance in recent years in its largest markets. He also seemed to have ignored the growing

discontent around him.

Planned corporate successions are also rarer than you’d imagine. The rate of CEO turnover at the world’s largest companies because of ethical lapses rose almost 40 percent from 2007 to 2011 and from 2012 to 2016. Meanwhile, the median CEO tenure at large-cap firms in the US is around five years, down from six in 2013. Research has found that replacing CEOs is good for companies. A PricewaterhouseCooper study from 2016 found that Japan and Western Europe had one of the highest CEO turnover rates—15.5 percent and 15.3 percent. Most CEO changes in Japan are planned.

The power Ghosn wielded was impressive and, to be fair, so was his commitment. Yet, as we’ve written before, the company had one of the worst corporate governance records in Japan during his oversight. Critics say this is a reality of Japan Inc. If Carlos Ghosn was such a hard-hitting, internationally renowned executive who did things differently, shouldn’t he have been able to change that? It’s unfortunate Ghosn departed this way. Perhaps, shareholders can extract a lesson in the dangers of letting a legendary leader stay too long.

2nd Front Page BusinessMirror

A8 Wednesday, January 9, 2019

Farmers upset as new excise tax hike on ‘sin’ items looms

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By Bernadette D. Nicolas @BNicolasBM & Jasper Emmanuel Y. Arcalas @jearcalas

RESIDENT Duterte will certify as urgent a proposed measure to increase the excise tax for alcohol and tobacco products, Malacañang said on Tuesday.

Presidential Spokesman Salvador S. Panelo told reporters in a briefing that the President backs Sen. Manny Pacquiao’s bill doubling the excise tax on cigarettes from the current P30 per pack to as much as P60 per pack, with provisions for an annual increase of 9 percent, from the initial 4 percent.

In a separate development, the PhilTobacco Growers Association Inc. (PTGA) expressed dismay over the approval of another round of excise tax increase on tobacco products, which they claim would result in lower production and displace more farmers.

The Cabinet held its first meeting for the year on Monday night.

“The recommendation of the Department of Finance and [Department of Health] is that this bill should be certified as urgent. Because under the proposal, the tax on tobacco would be raised to P60 per pack, while on the part of alcohol it will be P40 per liter. So the recommendation is that, that bill should be passed and signed into law—that was what was approved last night,” said Panelo, who is also the Chief Presidential Legal Counsel.

According to Panelo, if the measure is signed into law, this will

₧60

The per pack excise tax on cigarettes proposed in Sen. Manny Pacquiao’s bill, doubling the current P30 per pack, with provisions for an annual increase of 9 percent, from the initial 4 percent effectively amend the sin tax rate increases under the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Last month the House of Representatives also approved on third and final reading two bills seeking to raise excise taxes on alcohol and tobacco products.

For health care

THE bills’ main authors said that the revenue which will be generated from the excise of these sin products will fund the proposed Universal Health Care Act.

Apart from this, Panelo said these are also health measures to dissuade people from using these products.

The reconciled version of the UHC bill has yet to be signed by the President after the bicameral conference committee approved it in November.

Under House Bill 8618, the excise tax imposed on distilled spirits will be increased by P6.60.

Starting January 2019, an ad valorem rate of 22 percent, including specific tax rates per proof liter of P30, P35, P40, and P45 from 2019 to 2022 will be imposed on distilled spirits and it will be increased by 7 percent annually starting 2023.

Currently, Republic Act 10351 imposes on distilled spirits a P22.40 specific tax and an ad valorem tax of 20 percent.

The lower chamber also approved a shift to a unitary rate of P650 plus ad valorem of 15 percent for sparkling wines, compared to the twotiered system under RA 10351.

It will be increased by 7 percent annually starting 2023.

See “Excise tax,” A2

Comelec racing vs time to print ballots T HE Commission on Elections said it is targeting to finally end the delays in its preparations for the May 2019 midterm polls once it starts the printing of ballots.

In an ambush interview, Comelec Spokesman James B. Jimenez admitted the postponement of the date of the filing for certificate of candidacy (COC) took its toll on the date of their release of the final list of candidates.

Last year the poll body reset the schedule for COC filing from the original October 1 to 5, to the new window—October 11 to 17—upon the request of Congress, which was then still preoccupied with the budget deliberations.

“As we warned back then, it would create a downstream effect [in our preparations],” Jimenez said.

“Hopefully, we can cut the effects with the start of the printing,” he added.

Jimenez said the tentative date for the printing of the ballots will be from January 23 to 25. Comelec was supposed to have already completed the list as early as December 15, later pushed to December 21 last year.

It opted to reset its release date twice due to the pending disqualification cases against some of the aspiring 2019 candidates.

Currently, Jimenez said over 70 candidates of the 152 senatorial aspirants have been disqualified.

“We are just waiting for their Certificates of Finality, which will declare that their disqualification is already final,” Jimenez said in a radio interview on Tuesday.

For party list, the poll official said only 154 of the 182 groups are still in the running for the 2019 elections. The midterm polls will see races in the Senate, House of Representatives and local government units except for the barangay officials. Samuel P. Medenilla

INFLATION NO CONCERN OF BLACK NAZARENE DEVOTEES AT ‘PAHALIK’

DEVOTEES line up at the Quirino Grandstand area on Tuesday for the traditional Pahalik (Kissing) of the Black Nazarene image, a day before the annual January 9 procession of the centuries-old image back to the Quiapo basilica. NONOY LACZA

By Samuel P. Medenilla

F

@sam_medenilla

OR the true devotees of the Black Nazarene, not even the surging inflation last year was a cause for concern.

Weliza Suyat, 40, and her nine other relatives left their home in Cavite as early as 12 a.m. and arrived at the grounds of the Quirino Grandstand two hours later. They knew there would be large crowds for the traditional Pahalik.

“The rise in prices of basic commodities is just natural and we are already used to it,” Suyat said.

“Even if there is a financial crisis we could still feel the presence of the Señor Nazareno and we manage to get by,” she added.

Last year the inflation rate started exceeding the projection of the government economic managers as early as March, when it reached 4.3 percent.

Andaya to sue Diokno over state workers’ pay hike release Continued from A1 NORTHEAST MONSOON AFFECTING LUZON AND VISAYAS as of 4:00 pm - January 8, 2019

without a specific budget for it.

“The increase was not included in the 2018 budget proposal,” he said.

Considering the fact that the cash budget proposal this year is the same as last year, Andaya added, then a reenacted budget already covers the needed funding for the salary increases.

“The President’s decision to extend the 2018 budget under Joint Resolution 3 also gives the DBM more spending authority,” he said.

“In case he is too proud to take advice from a congressman, then we might just see each other in court.

I will personally file a case for mandamus in the Supreme Court if the DBM will not implement the salary increase by January 15,” he added.

A nd aya a l so appea led to President Duterte to remind the DBM secretary to transmit to the OP all the documents needed to effect the release of salary increases for government employees due this year.

“Sec. Diokno will be doing the countr y a great disser vice if he fails to submit these documents to the President on time.

The President needs to sign the pertinent documents in order to effect the releases by January 15. These are the same documents that the President signed last year for the first tranche of sa lar y increases for uniformed personnel, at a time when the pay raise was still not included in the 2018

www.businessmirror.com.ph

budget proposal,” he said.

Refusal

ALSO, Andaya told Diokno that the executive privilege is an exemption to the power of inquiry of the legislative department.

Andaya said this only covers specific categories of information such as residential conversations, correspondences, and discussions in closed-door Cabinet meetings; information on military and diplomatic secrets and those affecting national security; and information on investigations of crimes b y l a w - e n f o r c e m e nt a g e n cies before the prosecution of the accused.

He said existing laws and jurisprudence have even declared that there is an absence of any recog nition that exempts executive officials from their duty to disclose information by the mere fact of being executive officials.

“Sec. Diokno is all over town, telling journalists that he will not honor the invitation of the House to explain his side on the flood control scam issue. His reason: the Executive Department advised him not to attend the House probe,” he added. “ T he DBM secretar y a lso cited bad experience during t he cong ressiona l Quest ion Hour as reason for invoking the executive privilege not to appear in Congress. Bad experience is never a valid legal reason to snub the House inquiry on the f lood control scam,” the lawmaker added.

It continued to soar throughout the year before settling at 6.7 percent in September and October. It finally slowed down to 6 percent in November.

Instead of focusing on their economic woes, Suyat said she would opt to pray for good health, as well as harmony and peace in their family.

Suyat said she has been a devotee of the Black Nazarene since 2011, when she was introduced by her “changed brother” to it. She said the Nazarene has answered many of her prayers since then.

The Caviteña said they hope to pass on the practice to their children, including her youngest son, 18-month-old Duke Kingsley Aurelius.

Show of gratitude

RENATO ELE also reflected faith in the Nazarene when it comes to addressing the rising cost of living.

Continued on A2

Anti-red tape. . .

Continued from A1

“There are some laws which are supposed to be good, like the ease of doing business, [but] it has not yet benefited us up to now,” OrtizLuis said. To this, Lopez argued the country could have fared better in the World Bank’s index on EODB if not for the alleged incorrect score it got on getting credit. “[The] Philexport should remember that reforms have been made and our ranking should have improved by about eight notches if not for the incorrect basis in one of the indicators, [on] getting credit, that brought down score and ranking,” Lopez said.

He also assured the private sector “reforms continue in all those parameters” that will ease business transactions with the government.

This, as the next round of review for the World Bank survey on EODB approaches.

Dollar bonds. . .

Continued from A1

Dominguez III. Bank of China, J.P. Morgan, and Standard Chartered Bank acted as Joint Global Coordinators for the transaction, while Citigroup, Credit Suisse, Goldman Sachs (Asia) Llc., and UBS acted as Joint Bookrunners for the transaction.

In terms of the order book for the 10-year ROP bonds, sources said the demand for the notes has already reached around $4 billion.

The Philippines also issued 10year global bonds in January 2018, as part of its funding exercise, raising a total of $2 billion. This received a tight spread of 37.8 basis points over the US Treasuries.

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, January 9, 2019

B1

PAL opens 3 new regional routes

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By Recto Mercene @rectomercene & Lorenz S. Marasigan @lorenzmarasigan

EGACY carrier Philippine Airlines (PAL), claiming to have the largest network in Asia and Southeast Asia, aims to make Manila a major hub by opening three new regional routes and increasing more capacities for existing routes in the US and Canada.

In a news conference on Tuesday, PAL President and COO Jaime J. Bautista said that after a hiatus of five years, the four-star airline is returning to India’s capital New Delhi and opening new connections to the Vietnamese capital Hanoi and the Cambodian capital Phnom Penh starting early this year to take advantage of growing demand for air travel.

“Manila will position itself as a hub for those traveling from New York, San Francisco and Los Angeles and from Vancouver,” Bautista told reporters.

In a related development, Bautista announced in the same media brief-

ing that PAL is in serious talks with a prospective foreign partner to help manage its operations. He said PAL hopes to take in “a strategic partner within the first half of 2019.”

Bautista said the LTC group is close to signing a deal with the potential business partner, a foreign company, but not necessarily an airline, as negotiations have reached advanced stages.

“We are talking to a potential strategic partner. Hopefully within the first half of 2019, we can finish,” he said.

“The airline will fly from Manila to the Vietnamese capital starting on

TOP officials of Philippine Airlines hold a media briefing to announce the opening of three major regional routes during the first half of 2019 on Tuesday at the Century Park Hotel in Manila. From left are Ria Domingo, PAL vice president for Marketing; Jaime J. Bautista, PAL president and COO; Ismael Augusto Gozon, PAL SVP for Operations; and Ryan Uy, PAL VP for Sales. ROY DOMINGO

March 31, to the Cambodian capital starting on April 1 and to the Indian capital nonstop in the second week of April,” he said. “In opening these new routes, PAL is making a strategic decision to go beyond our traditional service of point-to-point market.”

Despite the record low prices of oil during the past week, the PAL COO would not commit to saying it would lower air fares in the near future. “We wish we have a crystal ball to predict

oil’s outcome in the following weeks, but the price of oil fluctuates. It was $50 last week, and suddenly, it rose to $58 this week.”

Bautista said local carriers are hoping the government would fasttrack the development of Sangley Airport in Cavite so that their Clark to Cebu flight using the Q400 could transfer its operations there.

“If we could fly out of Sangley Airport, passengers need no longer

travel to Clark, but go to Cavite instead,” he added.

PAL said a direct flight to India, an emerging economic power, will “improve the Philippines’s connectivity with the global economy,” he added.

Bautista said the LTC conglomerate, along with six other partners are upgrading the existing Ninoy Aquino International Airport (Naia) Terminal 1, where most international airlines operate.

In the planning stages are the full development of Sangley and the San Miguel-financed Bulacan International Airport. SMC’s bid to construct an initial four parallel runways is being reviewed by the National Economic and Development Authority.

“We hope the government will give full support the developments of these airport projects,” Bautista said, adding the carrier wants to help the Department of Tourism achieve its target goals of 6.7 million to 7 million visitors this year.

PAL’s latest expansion creates the first direct air link between the Philippines and Phnom Penh, expands PAL’s existing Vietnam network and reestablishes a historic link to India with immense potential for tourism development.

“PAL’s strategic vision is to make

the Philippines a true gateway to Asia. We are the Southeast Asian airline with the biggest and most extensive network of direct flights to the US and Canada, and thus, we can be the leader in carrying North American travelers to India, Cambodia and Vietnam via our Manila hub,” Bautista emphasized. “We will leverage Manila’s excellent geographical location as an ideal stopover point for people flying to Southeast and South Asia from the East and West Coasts of North America.”

“Vietnam and Cambodia are emerging markets and economic centers that need connections to the rest of the world,” he said. “We are excited to introduce their excellent tourist attractions to more and more Western travelers, including Filipino Americans.”

PAL also looks forward to serving the many ethnic Vietnamese and Cambodian people who are now US and Canadian citizens.

As the Vietnamese capital Hanoi offers a harmonious fusion of East and West, combining Vietnamese and French cultures is reflected in its heritage architecture and worldrenowned cuisine.

Continued on B2

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Companies BusinessMirror

Wednesday, January 9, 2019

PSE STOCK QUOTATIONS

January 8, 2019

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

ASIA UNITED 59.1 59.6 59 59.5 59 59.5 16790 991150 401150 BDO UNIBANK 128.8 129 130 131 129 129 1315420 170497703 1312368 BANK PH ISLANDS 91.8 92 94.7 94.7 91.8 91.8 1463860 135137362 -36363209.5 CHINABANK 27.7 27.75 27.8 27.9 27.7 27.75 66000 1833965 -516920 EAST WEST BANK 12.64 12.7 12.7 12.82 12.54 12.7 1203300 15247540 -3946830 METROBANK 80.75 81 83.35 83.85 79.7 80.75 3745570 303320851.5 14233754 PB BANK 12.04 12.7 12.88 12.88 12.7 12.7 1300 16548 PHIL NATL BANK 43.5 44 44.15 44.15 43.45 44 95800 4195955 272760 PSBANK 58.3 59.2 59.6 59.7 57.9 58.3 4930 288758.5 29675 RCBC 29 29.2 29.5 29.5 29 29 101800 2981525 -14695 SECURITY BANK 163.4 163.5 164 166 162.8 163.5 1099530 179932997 -606460 UNION BANK 64.35 64.95 64.5 65 64.3 64.35 16070 1033969 -947725 BRIGHT KINDLE 1.44 1.51 1.44 1.52 1.43 1.51 278000 406110 1440 BDO LEASING 2.1 2.19 2.18 2.18 2.1 2.1 129000 273670 COL FINANCIAL 16.1 16.2 16.2 16.2 16.2 16.2 1300 21060 FERRONOUX HLDG 4.43 4.5 4.44 4.5 4.41 4.5 141000 629990 IREMIT 1.45 1.47 1.44 1.47 1.44 1.47 7000 10140 MEDCO HLDG 0.47 0.485 0.47 0.485 0.47 0.47 140000 65950 MANULIFE 775 800 775 775 775 775 100 77500 77500 NTL REINSURANCE 0.95 0.96 0.95 0.97 0.94 0.95 1187000 1125190 PHIL STOCK EXCH 179.3 179.5 179.5 179.5 179.1 179.3 170 30463 SUN LIFE 1802 1850 1802 1802 1802 1802 30 54060 VANTAGE 1.14 1.17 1.17 1.17 1.17 1.17 6000 7020

INDUSTRIAL ALSONS CONS 1.27 1.31 1.31 1.32 1.27 1.31 158000 205530 ABOITIZ POWER 35 35.8 36 36 35 35 624900 22124855 -4757215 BASIC ENERGY 0.245 0.249 0.25 0.25 0.249 0.249 440000 109620 FIRST GEN 20.25 20.3 20.6 20.7 19.98 20.3 1697500 34472694 3799812 FIRST PHIL HLDG 67.4 67.5 67.5 67.5 66.55 67.5 31500 2118783.5 -518783.4999 MERALCO 381.6 382 388 388 382 382 142450 54660844 6621286 MANILA WATER 26.95 27.25 26.9 27.5 26.65 26.95 52400 1413165 -304435 PETRON 7.68 7.69 7.81 7.89 7.68 7.69 3102500 23977264 -9767024 PETROENERGY 3.71 3.72 3.65 3.72 3.65 3.71 142000 526470 -7420 PH RESORTS GRP 5.78 5.8 5.78 5.8 5.6 5.78 145300 836586 PHX PETROLEUM 10.66 10.8 10.78 10.8 10.64 10.8 48400 517684 10700 PILIPINAS SHELL 47.55 47.7 48 48 47.5 47.55 407600 19478000 -9137900 SPC POWER 6.23 6.24 6.08 6.24 6.06 6.23 350700 2157736 -32822 AGRINURTURE 16.66 16.74 16.8 16.88 16.64 16.84 312200 5250066 1048672 BOGO MEDELLIN 91.5 92 92 92 92 92 280 25760 CENTURY FOOD 15.5 15.6 15.78 15.78 15.6 15.6 820700 12935236 -1683498 DEL MONTE 6.46 6.5 6.46 6.5 6.46 6.5 14000 90896 16150 DNL INDUS 11.26 11.28 11.34 11.38 11.2 11.28 3434400 38851980 15515780 EMPERADOR 7.36 7.5 7.36 7.55 7.2 7.5 1005400 7511389 1366992 SMC FOODANDBEV 83.1 83.5 82.95 83.6 82.9 83.1 298720 24840471.5 -5958483 ALLIANCE SELECT 1.13 1.14 1.1 1.16 1.06 1.14 18060000 20360310 -160100 GINEBRA 25 25.1 25 26.65 25 25 26300 659765 -35510 JOLLIBEE 317.8 321 323 323 316 321 623090 198674214 46693834 MAXS GROUP 10.96 10.98 11 11.14 10.9 10.98 275500 3027422 -515930 MG HLDG 0.174 0.175 0.174 0.175 0.174 0.175 70000 12220 PEPSI COLA 1.38 1.39 1.41 1.44 1.38 1.38 3438000 4791720 -372160.0001 SHAKEYS PIZZA 12.3 12.34 12.34 12.36 12.22 12.3 171500 2111528 -101228 ROXAS AND CO 1.94 1.98 1.99 1.99 1.94 1.98 93000 183020 29850 RFM CORP 4.68 4.79 4.65 4.74 4.65 4.74 13011000 61606430 -0 ROXAS HLDG 2.72 2.85 2.85 2.85 2.85 2.85 1000 2850 SWIFT FOODS 0.126 0.128 0.125 0.126 0.125 0.126 490000 61730 UNIV ROBINA 130 130.1 131 131.3 129.5 130 1710720 222373222 -110874151 VITARICH 1.9 1.91 1.88 1.94 1.88 1.9 3316000 6295130 -113740 CONCRETE B 78 88.9 78 78 78 78 10 780 CEMEX HLDG 2.14 2.15 2.02 2.14 2 2.14 32844000 68257380 -20912190 DAVINCI CAPITAL 6.52 6.56 6.76 6.76 6.51 6.56 14300 93438 EAGLE CEMENT 15 15.06 15.12 15.12 15 15 232700 3507122 160536 EEI CORP 8.2 8.22 8.36 8.52 8.2 8.22 428700 3598584 -501319 HOLCIM 5.79 5.8 5.8 5.8 5.79 5.8 332200 1925655 -1395270 MEGAWIDE 18 18.02 18.26 18.26 18.02 18.02 2086500 37,682,936( 29,699,312.0003) TKC METALS 0.87 0.88 0.89 0.89 0.86 0.88 71000 62030 VULCAN INDL 1.63 1.64 1.62 1.66 1.6 1.64 3762000 6134490 -535430 CHEMPHIL 159.9 160 170 209.4 150.2 159.9 7040 1250180 CROWN ASIA 1.77 1.79 1.77 1.79 1.77 1.79 36000 64250 60670 LMG CHEMICALS 4.28 4.38 4.29 4.29 4.28 4.28 44000 188630 PRYCE CORP 5.86 5.9 5.99 5.99 5.9 5.9 4600 27518 CONCEPCION 39.2 41.4 39.15 39.15 39.1 39.1 1500 58665 GREENERGY 2.05 2.07 2.11 2.11 2 2.05 4507000 9247670 862719.9998 INTEGRATED MICR 11.42 11.46 11.5 11.64 11.34 11.46 1096100 12575292 4447026 IONICS 1.9 1.93 1.96 1.96 1.87 1.9 1134000 2169030 -142350 PANASONIC 5.77 5.8 5.75 5.8 5.75 5.8 15900 91720 SFA SEMICON 1.54 1.55 1.54 1.55 1.47 1.55 253000 382330 38000 CIRTEK HLDG 30.65 30.7 31.3 31.65 30.7 30.7 178100 5522135 -2883900

HOLDING & FRIMS ABACORE CAPITAL 0.7 0.71 0.72 0.72 0.7 0.7 19443000 13720290 77020 ASIABEST GROUP 28 28.15 28.1 28.15 26.7 28.15 110300 3041445 -32845 AYALA CORP 970 970.5 994 994 957 970 307810 298600815 -55705920 ABOITIZ EQUITY 57.1 57.2 58 58.6 57.2 57.2 819970 47004339 15430786 ALLIANCE GLOBAL 11.78 11.8 11.8 11.9 11.76 11.78 9119900 107662290 -30062660 ANSCOR 6.5 6.54 6.5 6.5 6.5 6.5 50400 327600 327600 ANGLO PHIL HLDG 0.83 0.84 0.81 0.83 0.8 0.83 501000 407460 ATN HLDG A 1.43 1.44 1.47 1.47 1.43 1.43 4142000 5953210 ATN HLDG B 1.44 1.45 1.44 1.44 1.44 1.44 38000 54720 COSCO CAPITAL 7.07 7.11 7.18 7.18 7.08 7.11 1691000 12063663 7975777 DMCI HLDG 12.5 12.52 12.64 12.68 12.5 12.5 4704300 58964258 -15373038 FILINVEST DEV 12.76 13.1 13.4 13.4 12.5 13.1 611100 7903530 2525626 GT CAPITAL 961.5 975 987 1000 961.5 961.5 42010 41221800 -6840125 HOUSE OF INV 5.9 6.28 5.9 5.9 5.9 5.9 10000 59000 59000 JG SUMMIT 59.9 59.95 60.45 60.45 59.15 59.95 1311370 78564400.5 20107128 JOLLIVILLE HLDG 5.56 5.84 5.56 5.56 5.56 5.56 500 2780 LODESTAR 0.58 0.59 0.6 0.61 0.58 0.59 232000 140190 600 LOPEZ HLDG 4.56 4.58 4.36 4.69 4.35 4.56 11026000 50283420 15942340 LT GROUP 15.8 15.84 16.04 16.1 15.8 15.8 5205900 82780398 2019750 MABUHAY HLDG 0.59 0.61 0.59 0.62 0.59 0.61 151000 89470 METRO PAC INV 4.62 4.63 4.79 4.81 4.62 4.63 29741000 138570860 -38591300 PACIFICA 0.037 0.038 0.038 0.038 0.038 0.038 700000 26600 PRIME ORION 2.5 2.54 2.51 2.66 2.46 2.54 2643000 6792920 159520 PRIME MEDIA 1.18 1.19 1.18 1.23 1.18 1.19 190000 224460 SOLID GROUP 1.4 1.41 1.34 1.45 1.34 1.4 1044000 1455530 -34750 SYNERGY GRID 485 495 450 484 450 484 110 52900 SM INVESTMENTS 938 944 944 955.5 932 938 226340 212342825 -41106010 SAN MIGUEL CORP 146.4 146.5 148 148.7 146.4 146.5 1188620 175311008 -7861151 TOP FRONTIER 239.4 250 249.8 250 238.2 250 1520 379028 2398 WELLEX INDUS 0.247 0.248 0.255 0.265 0.248 0.248 7670000 1918420

PROPERTY ARTHALAND CORP 0.96 0.97 1 1.02 0.95 0.96 8458000 8223490 28800 ANCHOR LAND 10.54 11.58 11.7 11.7 11.7 11.7 400 4680 AYALA LAND 43.9 43.95 44.8 44.8 43.5 43.9 11078100 487546380 99860800 ARANETA PROP 1.72 1.74 1.75 1.75 1.74 1.74 9000 15670 BELLE CORP 2.38 2.39 2.43 2.43 2.38 2.38 1562000 3737550 -722530 A BROWN 0.83 0.84 0.82 0.84 0.82 0.84 1358000 1121090 86100 CITYLAND DEVT 0.89 0.93 0.89 0.93 0.89 0.93 4000 3600 CROWN EQUITIES 0.248 0.249 0.247 0.255 0.247 0.249 10410000 2610020 20400 CEBU HLDG 6.2 6.43 6.5 6.5 5.9 6.43 13700 81983 CEB LANDMASTERS 4.17 4.3 4.3 4.35 4.18 4.3 319000 1366700 -821800 CENTURY PROP 0.435 0.44 0.445 0.445 0.435 0.44 4250000 1871100 -17600 CYBER BAY 0.37 0.38 0.37 0.37 0.37 0.37 10000 3700 DOUBLEDRAGON 20.35 20.4 21 21.35 20.15 20.4 1500800 30833685 -1164165 DM WENCESLAO 7.94 7.99 7.99 7.99 7.92 7.99 84400 673271 11985 EMPIRE EAST 0.48 0.49 0.48 0.48 0.48 0.48 230000 110400 EVER GOTESCO 0.111 0.114 0.111 0.111 0.111 0.111 40000 4440 FILINVEST LAND 1.43 1.45 1.47 1.47 1.43 1.43 16914000 24284750 2026440 GLOBAL ESTATE 1.17 1.18 1.2 1.2 1.17 1.17 1393000 1640790 -63380 8990 HLDG 8.45 8.5 8.57 8.58 8.37 8.5 710400 6017993 -457093 PHIL INFRADEV 2.24 2.25 2.28 2.29 2.24 2.24 2362000 5337850 -29270 MEGAWORLD 4.94 4.95 4.95 4.97 4.92 4.95 31352000 155220480 52032190 MRC ALLIED 0.465 0.47 0.485 0.485 0.465 0.47 23650000 11231100 43700 PHIL ESTATES 0.465 0.475 0.47 0.475 0.46 0.46 490000 231300 PRIMEX CORP 3.54 3.56 3.55 3.56 3.53 3.56 409000 1449470 ROBINSONS LAND 21.25 21.4 21.6 21.7 21.15 21.25 806900 17208120 9860030 PHIL REALTY 0.435 0.44 0.43 0.435 0.43 0.435 790000 342350 ROCKWELL 2.01 2.02 2.02 2.03 2.01 2.01 172000 347030 52309.9998 SHANG PROP 3.12 3.16 3.16 3.16 3.12 3.12 45000 140500 STA LUCIA LAND 1.39 1.4 1.41 1.44 1.36 1.4 2442000 3391150 -82800 SM PRIME HLDG 38.05 38.2 38.5 38.9 37.8 38.05 6298000 240527305 110087070 STARMALLS 5.93 5.97 5.75 6.19 5.66 5.93 1787500 10639382 3045 SUNTRUST HOME 0.72 0.73 0.73 0.73 0.73 0.73 100000 73000 VISTA LAND 5.63 5.65 5.69 5.69 5.55 5.65 3847100 21610289 -2835509

SERVICES ABS CBN 21.45 21.5 21.05 21.95 21.05 21.5 182000 3916595 GMA NETWORK 5.6 5.64 5.65 5.65 5.6 5.6 108400 608367 MANILA BULLETIN 0.35 0.365 0.345 0.345 0.345 0.345 50000 17250 MLA BRDCASTING 16.46 17.9 16.44 18 16.44 18 900 15344 GLOBE TELECOM 1860 1880 1880 1899 1860 1860 30960 57819320 -10060695 PLDT 1139 1140 1162 1177 1140 1140 42255 48524835 -2034860 APOLLO GLOBAL 0.039 0.04 0.041 0.041 0.039 0.039 6600000 260500 DFNN INC 7.02 7.4 7.4 7.4 7.4 7.4 5000 37000 ISLAND INFO 0.135 0.136 0.127 0.139 0.124 0.135 42520000 5677650 -20400 ISM COMM 6.21 6.22 6.49 6.49 6.15 6.21 13354700 83975083 -3447344 JACKSTONES 3.15 3.39 3.4 3.4 3.38 3.39 50000 169530 NOW CORP 3.91 3.92 4.1 4.3 3.82 3.92 14027000 56640780 998460 TRANSPACIFIC BR 0.445 0.45 0.45 0.455 0.445 0.45 14130000 6347250 -281900 PHILWEB 3.45 3.47 3.59 3.63 3.44 3.45 1464000 5149810 -282550 2GO GROUP 15 15.02 14.06 15.48 14 15.02 592800 8825942 -150668 ASIAN TERMINALS 14.08 15 14.98 14.98 14.98 14.98 200 2996 CEBU AIR 78 78.4 79.5 79.5 78 78 91650 7180342 1964249 CHELSEA 6.81 6.82 7.05 7.05 6.79 6.82 1918800 13221897 -13436 INTL CONTAINER 98.9 99.1 101 101.5 98.8 98.9 1138070 113363272 -7221711.5 LBC EXPRESS 14.84 14.88 14.86 14.88 14.02 14.88 18800 277276 LORENZO SHIPPNG 0.85 0.87 0.84 0.86 0.84 0.86 522000 445180 MACROASIA 18.02 18.26 18.44 18.46 18.24 18.26 1417800 25967960 15354180 METROALLIANCE A 2.15 2.18 2 2.37 2 2.15 2112000 4660500 METROALLIANCE B 2.02 2.26 2.24 2.4 2.24 2.37 60000 140240 -11200 PAL HLDG 8.6 8.65 8.7 8.7 8.65 8.65 2800 24237 HARBOR STAR 3.21 3.26 3.25 3.27 3.15 3.26 1493000 4790520 887140 ACESITE HOTEL 1.37 1.38 1.37 1.38 1.35 1.37 85000 115510 GRAND PLAZA 10.3 12.48 11.04 11.04 11.04 11.04 20000 220800 WATERFRONT 0.77 0.78 0.79 0.79 0.76 0.78 3298000 2550680 CENTRO ESCOLAR 7.7 7.96 7.7 7.7 7.7 7.7 300 2310 STI HLDG 0.75 0.76 0.79 0.8 0.74 0.75 21826000 16782160 -2919150 BERJAYA 3.44 3.45 3.45 3.52 3.34 3.45 2740000 9476870 -713650 BLOOMBERRY 10 10.04 10.1 10.14 9.86 10 7289200 72,936,351( 1,915,475.0004) PACIFIC ONLINE 9.7 9.99 9.99 9.99 9.76 9.76 5800 57022 LEISURE AND RES 3.55 3.57 3.47 3.6 3.47 3.55 1619000 5738830 -685220 PREMIUM LEISURE 0.84 0.85 0.86 0.87 0.84 0.85 12139000 10366700 TRAVELLERS 5.35 5.36 5.38 5.39 5.36 5.36 16500 88751 METRO RETAIL 2.66 2.69 2.63 2.8 2.63 2.69 5607000 15212800 1596810 PUREGOLD 48.75 48.85 49 49.05 48.5 48.75 9708900 473416180 143581505 ROBINSONS RTL 84.8 86.5 87 88 84.8 84.8 1160620 101118554 38669885 PHIL SEVEN CORP 120 121.9 122 122 121.9 121.9 368420 44947230 19510 SSI GROUP 2.43 2.44 2.54 2.54 2.42 2.43 4586000 11308110 2368689.9999 WILCON DEPOT 13.74 13.76 14 14 13.66 13.74 4539900 62887884 38865306 APC GROUP 0.415 0.42 0.425 0.425 0.41 0.41 550000 228650 83000 EASYCALL 18.8 18.88 14.9 21.8 14.48 18.88 2898900 55750519 269620 GOLDEN BRIA 322 325 322.6 327 320 327 2420 786004 -48600 IPM HLDG 7.31 7.9 7.16 7.94 7 7.3 27100 195638 PAXYS 3.26 3.54 3.4 3.54 3.38 3.54 3000 10320 PRMIERE HORIZON 0.33 0.34 0.325 0.33 0.325 0.33 150000 49200 SBS PHIL CORP 7.76 7.8 7.62 7.8 7.62 7.8 801000 6185608

MINING & OIL ATOK 14.72 15.5 15.9 15.9 14.72 15.5 9200 142414 APEX MINING 1.67 1.68 1.68 1.69 1.67 1.68 846000 1420450 -15130 ABRA MINING 0.0019 0.002 0.002 0.0021 0.002 0.002 411000000 822500 ATLAS MINING 2.7 2.75 2.7 2.75 2.68 2.7 27000 72710 -8100 CENTURY PEAK 2.09 2.12 2.09 2.12 2.06 2.12 805000 1668820 10350 DIZON MINES 7.51 7.87 7.88 7.88 7.52 7.86 1100 8343 FERRONICKEL 1.68 1.69 1.69 1.69 1.68 1.68 460000 776210 -45360 LEPANTO A 0.118 0.12 0.118 0.123 0.116 0.118 9180000 1089560 LEPANTO B 0.122 0.126 0.125 0.13 0.124 0.126 1670000 208800 9940 MANILA MINING A 0.0069 0.0078 0.0069 0.0069 0.0069 0.0069 2000000 13800 MARCVENTURES 1.25 1.27 1.27 1.28 1.25 1.27 118000 149450 NIHAO 1.04 1.1 1.1 1.11 1.06 1.1 122000 130760 NICKEL ASIA 2.35 2.37 2.42 2.45 2.35 2.35 4441000 10589230 -1210110 OMICO CORP 0.62 0.67 0.65 0.66 0.62 0.66 2600000 1689000 ORNTL PENINSULA 0.98 0.99 1.03 1.03 0.97 0.98 384000 378610 PX MINING 4.01 4.02 4.1 4.1 3.96 4.01 3581000 14351210 676470 SEMIRARA MINING 24.35 24.4 24.95 25.1 24.3 24.4 734400 18053790 -356920 UNITED PARAGON 0.0077 0.008 0.0076 0.0081 0.007 0.0077 57000000 435700 ORNTL PETROL A 0.012 0.013 0.012 0.012 0.012 0.012 54400000 652800 PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.012 98200000 1179200 24000 PXP ENERGY 15.64 15.66 15.84 16 15.58 15.66 1058600 16681566 -564434

PREFFERED AC PREF B1 AC PREF B2 DD PREF SMC FB PREF 2 FGEN PREF G FPH PREF C GTCAP PREF A GTCAP PREF B LR PREF MWIDE PREF PCOR PREF 2A PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2D

461 480 96.4 970.5 102.5 451.2 880 865.5 1 99 980 962 75 75.95 72.15

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

19.12

464.8 495 98.5 971 104.8 455 912 900 1.02 100.5 999.5 1002 75.45 76.1 73.85

464.8 499 96.5 971 104 466 860 834 1.01 100.5 980 1002 75.05 77.2 73.8

464.8 499 96.5 971 104.8 466 860 834 1.01 100.5 980 1002 75.05 77.2 73.9

19.4

19.02

19.5

464.8 499 96.5 970 103.9 455 860 834 1 100.5 980 1002 75 76 73.8

464.8 499 96.5 971 104.8 455 860 834 1 100.5 980 1002 75 76.1 73.9

19

19.4

20 30 1460 5550 2720 2290 830 70 851000 120 750 10 2520 2800 1300

9296 14970 140890 5388570 284402 1050500 713800 58380 852240 12060 735000 10020 189018.5 213530 96051.5

-

53300

1032882

-912410

WARRANTS LR WARRANT

2.06

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.36 XURPAS 1.79

2.1

2.08

2.16

2.06

2.1

309000

647290

-

5.37 1.8

5.63 1.8

5.63 1.84

5.33 1.77

5.37 1.8

1105300 5925000

6018624 10663770

-448290

EXHANGE TRADE FUNDS FIRST METRO ETF

114.8

114.9

116

116.1

114.9

114.9

8810

1013622

-

Editor: Efleda P. Campos

Aboitiz upbeat on 2 regional airport project proposals

A

By Lorenz S. Marasigan

@lorenzmarasigan

BOITIZ InfraCapital Inc. hopes its unsolicited proposals for the development of two regional airports will move forward before the end of 2019, a ranking official said on Tuesday.

Cosette V. Canilao, the company’s COO, said her group hopes the government will fast-track the process for its unsolicited proposals for the

upgrade, operations, maintenance and expansion of the Bohol-Panglao International Airport and Laguindingan Airport.

“We are hopeful the government will allow us to operate these two regional gateways this year,” she said.

The group was awarded the original proponent status for the BoholPanglao proposal last September.

Its proposal for the Laguindingan Airport was submitted in August, but the Department of Transportation (DOTr) sought for “some clarifications.”

“It is not a revised offer, but a response to DOTr’s requests [for additional info],” Canilao noted.

She added that Aboitiz InfraCapital has “identified an experienced international airport operator” to work

with on the P42.7-billion project. It has also tapped design and engineering firm Arup as consultant for the technical studies and masterplan of the Laguindingan proposal.

Aboitiz InfraCapital is a member of the Naia Consortium, which proposed to rehabilitate, operate and expand the Ninoy Aquino International Airport.

“We are hopeful the government will grant the consortium the notice to proceed this 2019 so that we can commence the expansion of Naia to accommodate 65 million passengers per year,” Naia Consortium Spokesman Jose Emmanuel P. Reverente said.

Dennison makes ₧40.29-M down payment to PXP

D

ENNIS UY’S Dennison Holdings Corp. made a P40.29-million down payment to PXP Energy Corp. pursuant to their amended subscription agreement signed last December.

On Tuesday, PXP informed the stock exchange that Dennison has paid its 1-percent down pay-

ment equivalent to P40,290,000.

The December agreement stated that both parties agreed to reschedule and accelerate the full payment of Dennison’s subscription in 340,000,000 common shares of PXP, at an aggregate subscription price of P4.03 billion, to not

PAL opens 3 new regional routes Continued from B1

Vietnam has posted among the highest economic-growth records in Southeast Asia, fueling an increase in overseas travel by its own citizens.

Flights between Manila and Hanoi will operate four times weekly (Monday, Wednesday, Friday and Sunday) starting March 31, with PR 595 departing at 10:25 p.m. and arriving at Hanoi’s Noi Bai International Airport at 12:45 a.m. the following day. Return flights via PR 596 leave Hanoi every Monday, Tuesday, Thursday and Saturday at 1:45 a.m. and touch down in Manila at 5:30 a.m.

Flights between Manila and Phnom Penh will operate five times weekly (Monday, Tuesday, Thursday, Friday and Saturday) starting April 1, with PR 521 departing at 10:10 p.m. and arriving at Phnom Penh International Airport at 11:45 p.m. Return flights via PR 522 leave Phnom Penh every Tuesday, Wednesday, Friday, Saturday and Sunday at 12:45 a.m. and touch down in Manila at 4:20 a.m.

PAL will maintain its current eight weekly flights between Manila and Vietnam’s commercial hub, Ho Chi Minh City (Saigon), a city served by the flag carrier since the mid-1980s.

The long-heralded return of PAL to the Indian market will provide a welcome boost to the tourism industries of both the Philippines and India, Bautista said, adding the airline previously flew the Manila–Delhi route from 2011 to 2013, with most flights making costly stopovers in Bangkok due to the limited range of the Airbus A320 aircraft then in use.

PAL also served Kolkata (Calcutta) as a key stopover point on the flag carrier’s multi-stop Manila-Europe services in the 1950s.

PAL is targeting April 2019 as the start of the New Delhi service subject to final slot and operational clearances with the Indian authorities.

The new route is slated to run four times weekly nonstop between Manila and New Delhi’s Indira Gandhi International Airport using brandnew Airbus A321neo aircraft.

“India is the air-travel growth market of the future and a new economic power, so our link to Delhi improves the Philippines’s connectivity with the global economy. We are enthusiastic about our new Delhi route because, for the first time, we

have the right-sized aircraft for the Indian market,” he said.

Bautista added PAL’s Airbus A321neo’s long-range capability makes direct nonstop flights possible, and this new plane features 168 seats configured especially for long-haul travel, making the six hour and 50 minute ManilaDelhi f light more comfortable and pleasant.

The A321neo also offers passengers full-flat business-class seats, generous legroom and the latest in entertainment systems and Wi-Fi connectivity. The aircraft is also flying nonstop to Sydney, Brisbane, Port Moresby and Sapporo at present.

For Hanoi and Phnom Penh, PAL will utilize a 156-seater Airbus A320 and a 199-seater Airbus A321 Classic.

To serve the strategic goal of strengthening the Philippines as a network hub, PAL is increasing the number of weekly flights to certain destinations during the summer 2019 travel season.

PAL’s expanded services mark the first time an airline will offer more than four daily flights linking Manila with the US West Coast (totaling 31 weekly flights to California alone) along with daily services on ultra-long-range routes to both New York and Toronto on the US/ Canadian East Coast. (PAL’s Manila-New York nonstop is the longest commercial route operated by any airline to New York’s JFK Airport, and the eighth-longest commercial airline route in the world.)

Bautista said the expanded flight frequencies will give PAL passengers the increased flexibility to choose from a wider array of flight departure and arrival times for greater convenience. “Travelers will also be able to connect more easily across the airline’s international and domestic route network, thus supporting the Philippines’s position as an aviation hub.”

PAL shall continue to deploy its full fleet of brand-new, hightechnology aircraft, including the long-range Airbus A350-900, the mid-range A321neo and the tri-class A330 airliners so that more flyers can experience the four-star branded service that won accolades for the flag carrier in recent months, including most recently the honors for the World’s Most Improved Airline for 2019 according to AirlineRatings. com, Bautista said.

later than March 31; and for Dennison to pay the down payment on or before January 7.

Last October, Dennison signed an equity subscription deal with PXP. The deal covered 340 million common shares in the energyexploration company at P11.85 per share for

MUTUAL FUNDS

a total subscription of P4.03 billion.

In the event Dennison fails to pay the entire subscription price on or before March 31, the entire amount of the down payment shall be forfeited in favor of PXP, and the subscription agreement shall be terminated at the option of PXP. Lenie Lectura

January 8, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 261.18 -12.79% 3.34% 3.48% 3.61% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.496 -7.2% 10.63% 4.15% 4.89% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.0709 -13.16% 5.3% 2.05% 4.23% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9239 -9.51% N.A. N.A. 3.72% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8616 N.A. N.A. N.A. 4.73% FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.5189 -9.25% 3.03% 2.96% 4.84% MBG EQUITY INVESTMENT FUND, INC. * ****** 118.75 N.A. N.A. N.A. 0.66% ONE WEALTHY NATION FUND, INC.* 0.8669 -14.33% -3.9% N.A. 3.81% PAMI EQUITY INDEX FUND, INC.* 51.2956 -11.14% 4.69% N.A. 3.98% PHILAM STRATEGIC GROWTH FUND, INC.* 534.65 -11.18% 3.19% 2.87% 3.81% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.3022 -8.8% 4.89% N.A. 3.65% PHILEQUITY FUND, INC.* 38.1023 -9.12% 5.6% 5.45% 3.85% PHILEQUITY PSE INDEX FUND INC.* 5.1734 -10.97% 5.56% 5.39% 4.08% PHILIPPINE STOCK INDEX FUND CORP.* 864.25 -10.79% 5.4% 5.51% 4.08% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8914 -9.9% 2.7% N.A. 3.53% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.2227 -9.66% 5.09% 3.86% 3.9% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9951 -11.13% 5.33% N.A. 4.04% UNITED FUND, INC.* 3.6617 -7.3% 6.79% 4.57% 4.61% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***115.4666 -10.49% 6.55% 6.59% 4.04% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9289 -18.72% 2.82% -0.43% 0.36% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1246 -12.68% N.A. N.A. 3.15% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6891 -10.87% 0.14% -0.54% 2.14% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2634 -8.97% 2.94% 1.56% 2.43% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.6275 -5.85% 0.36% -0.44% 3.35% GREPALIFE BALANCED FUND CORPORATION* **** 1.3339 -9.6% N.A. N.A. 2.13% NCM MUTUAL FUND OF THE PHILS., INC* 1.8787 -6.76% 2.42% 2.6% 1.85% PAMI HORIZON FUND, INC.* 3.5408 -10.87% 0.54% 1.48% 0.14% PHILAM FUND, INC.* 16.0849 -9.63% 0.95% 1.53% 1.08% SOLIDARITAS FUND, INC.* ******** 2.1154 -6.88% 2.65% 3.21% 2.12% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.7469 -7.53% 2.33% 2.15% 2.54% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.949 -7.77% 1.78% N.A. 3.02% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03541 -1.86% 0.02% 1.84% 0.63% PAMI ASIA BALANCED FUND, INC.* $0.9292 -14.11% 2.69% -1.13% 0.41% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.3506 -9.41% 3.26% 0.96% 1.66% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0189 -9.13% N.A. N.A. 1.32% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 343.7 1.96% 2.13% 1.93% 0.09% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8603 -1.95% -0.56% -0.37% 0.19% COCOLIFE FIXED INCOME FUND, INC.* 2.9758 5.51% 5.39% 5.27% 0.19% EKKLESIA MUTUAL FUND INC.* 2.1325 1.5% 1.45% 1.57% 0.1% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2123 -0.4% 0.06% 0.27% 0.15% GREPALIFE FIXED INCOME FUND CORP.* P 1.5699 -2.53% -0.74% -0.22% 0.38% PHILAM BOND FUND, INC.* 3.7894 -6.27% -1.7% -0.5% -3.33% PHILEQUITY PESO BOND FUND, INC.* 3.5378 1.4% 0.75% 0.78% 0.69% SOLDIVO BOND FUND, INC. * 0.8953 -2.75% -0.73% N.A. 0.31% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7744 -0.15% 0.88% 0.98% 0.35% SUN LIFE PROSPERITY GS FUND, INC.* 1.5448 -0.39% 0.48% 0.57% 0.38% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $448.75 0.54% 2.24% 3.13% 0.11% ALFM EURO BOND FUND, INC. * Є212.62 -0.62% 1.01% 1.56% 0% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1291 -0.41% 1.02% 2.06% 0.34% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 -0.4% 0.82% N.A. 0% GREPALIFE DOLLAR BOND FUND CORP.* $1.6911 -4.86% -0.54% 1.22% 0.04% 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* $1.0391 -3.19% -0.41% -2.22% 0.51% PHILAM DOLLAR BOND FUND, INC.*

$2.1843 -3.2% 0.94% 2.91% 0.62% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0570179 -0.31% 0.91% 1.87% 0.05% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.876 -4.79% 0.26% 1.75% 0.15% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.96 2.8% 1.9% 1.58% 0.12% PHILAM MANAGED INCOME FUND, INC.* 1.1776 1.7% 0.64% 0.44% -0.33% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2199 2.72% 2.28% 1.63% 0.11% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0163 1.75% N.A. N.A. 0.07%

* - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE.

**** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.).

***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Wednesday, January 9, 2019

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BTr fully awards P20B on offer at first T-bonds auction

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By Rea Cu

@ReaCuBM

HE Bureau of the Treasury (BTr) has fully awarded the P20 billion on offer during its first auction for Treasury bonds (T-bonds) for 2019 on Tuesday, opening its tap facility to accommodate the oversubscription.

National Treasurer Rosalia V. de Leon said the auction committee saw the strong appetite of investors for longer-dated securities with bids for the maiden issuance of 10-year T-bonds amounting to as much as P52.989 billion.

“For the opening salvo of our T-bonds auction, we are ver y much pleased with the results and the participation of our GSEDs [government securities eligible dealers], so we see that the appetite now is really toward the long-end, on the 10 years this

time. And also because of the significant downtrend of inflation and even in terms of the path, [there are] expectations that it will continue to go downhill,” de Leon said.

This prompted the auction committee to award in full the P20 billion on offer at a coupon rate of 6.875 percent, as well as open its tap facility on the same day.

“And we also see that there is liquidity onshore, as well. Hopefully, for the next auctions, it will be replicating these kind of

Hyperbolic Discounting, or why most people don’t invest

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HAT is Hyperbolic Discounting, and how is it related to investing? Before I answer this, let me first give you a thought experiment.

Below are three scenarios that I want you to consider. Carefully read the question, and answer immediately, which among the two given choices you prefer.

Scenario A I’m giving you money. Which one would you prefer? First choice: receive P10,000 now; or second choice: receive P20,000 next year.

Have your final answer before you read the next scenario. Done? Then proceed.

Scenario B Let’s say that I changed my mind and, instead, I’m choosing to give you money in the future. This time, which one would you prefer? First choice: receive P10,000 five years from now; or second choice: receive P20,000 six years from now.

Again, finalize your answer before proceeding below. If you’ve made the choice, then consider this last scenario.

Scenario C Imagine that it’s five years later, and I’m now giving you a chance to change your original answer in Scenario B, which one would you now choose? First choice: receive P10,000 now; or second choice: receive P20,000 next year.

What is Hyperbolic Discounting?

WITHOUT being too scientific about it, hyperbolic discounting is the tendency of an individual to prefer things that arrive sooner rather than later.

T h i s i s t he rea son most people would choose to receive P10,000 now rather than the P20,000 a year after

Fitz Gerard Villafuerte

PERSONAL FINANCE for Scenario A. However, when presented with Scenario B, more people will choose to wait six years to receive P20,000 rather than getting the P10,000 five years after.

Last, take note that Scenario C is just like Scenario A, but only set in the future.

If you choose to receive P10,000 now in Scenario A, then you’ll most likely want to receive P10,000 also in Scenario C, even if your choice was to get P20,000 in Scenario B. Indeed, most people will choose to get the money now, instead of waiting for the better reward in the future; but are willing to delay gratification to get the higher amount if both choices require waiting.

Each person is different, and there would be those who will still choose to get the P10,000 in Scenario B. If you’re one of them, then ask yourself: would you still choose P10,000 in that scenario if the delay was 15 years, instead of five years? Or are you going to choose to the second option (wait 16 years) and get the P20,000?

Logically, it’s best to choose P20,000 in all scenarios. But people will “discount” or fail to realize this because they fear the uncertainty that comes with waiting.

If you still remember what a hyperbola looks like, that’s the shape that forms

when you plot the number of people who are willing to wait longer for the better reward against the waiting time.

That is, more and more people will be willing to delay gratification and receive the higher amount if you increase the waiting time to receive the lesser amount.

The Investor Mindset

THOSE who chose to receive P10,000 in both Scenario A and C can be described as “present-biased”; and it requires an investor mindset to logically choose the better recourse of getting P20,000 a year later.

If you’re financially aware enough, you’ll know that it’s rare to find an investment today that can double your money passively within a year—and that’s why the second option is such a great deal.

Unfortunately, not a lot of people will have that knowledge, nor will they have the kind of mindset that is willing to take the risk. So they’ll choose what’s “sure” and settle for the lower reward.

And this is the reason most people don’t invest. Remember that life is uncertain, and having that fear is normal.

However, with proper financial education, you’ll know better which financial risks are logically and practically—worth choosing.

Fitz Villafuerte is Registered Financial Planner of RFP Philippines. To learn more about personal f inanc ial planning, attend the 74th RFP program this January 2019.

To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Malaysia probing whether China offered to bail out state fund 1MDB

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ALAYSIA is looking into allegations that China offered to help deter probes into 1MDB in exchange for infrastructure projects, after the Wall Street Journal reported that senior Chinese leaders offered to help bail out the troubled state fund in 2016.

The government is unaware of the discussions detailed in the Journal report, which cited minutes from meetings the newspaper reviewed, and is examining the matter, said Finance Minister Lim Guan Eng. The cost of China-backed projects was certainly enlarged and Malaysia will check whether that was due to 1MDB links, Lim said near Kuala Lumpur on Tuesday.

“But I have to refer back to see if there are details or things explicitly said,” he said, adding that the government is looking through records.

“If this is said, this is something we will pursue.”

Chinese officials told visiting Malaysians that China would use its influence to try and get the US and other countries to drop probes of allegations that allies of then-Prime Minister Najib Razak and others plundered the fund, according to the Journal. In return, Malaysia offered stakes in railway and pipeline projects as part of China’s Belt and Road Initiative.

The minutes state that the projects were to be presented as market-driven initiatives, even though their real purposes were shoring up Najib’s government, settling 1MDB debts and deepening Chinese influence in Malaysia, according to the Journal.

The Chinese government information office didn’t respond to requests for comment, the Journal said, adding that China’s foreign ministry has earlier denied that money in the program was used to help bail out the 1MDB fund.

“Both China and Malaysia are cooperating on certain projects,” China’s Foreign Ministry Spokesman Lu Kang told reporters in Beijing Tuesday, saying he wasn’t aware of the Journal’s

report. “We also maintain close communication and sound cooperation with the new Malaysian administration.”

Malaysia’s government will ensure that all its dealings are based on transparency and accountability, and seeks support from other countries to do so, Minister of Economic Affairs Azmin Ali told reporters last Tuesday, saying he was unaware of what was reported by the Journal. Any credible allegations should be investigated, he added. The Malaysian prime minister’s office couldn’t immediately comment.

Malaysia’s Cabinet was never informed that the China deals were linked to bailing out 1MDB, former Youth and Sports Minister Khairy Jamaluddin said on Twitter on Tuesday. Any such agreements would have been made without Cabinet approval, he said.

Corruption charges 1MDB is at the center of a global scandal involving claims of embezzlement and money laundering, with jurisdictions from the US, Malaysia and Singapore probing cases related to the fund. Najib has been charged with dozens of counts of corruption, criminal breach of trust and money laundering involving 1MDB-related monies.

He also stands accused of altering the report on a government audit into the fund to protect himself from criminal, civil or regulatory action.

He has denied wrongdoing and pleaded not guilty to all charges.

Malaysia’s current government, which toppled Najib from power in a shock election victory last May, has halted billion-dollar projects backed by China. That includes the Sabah gas pipeline project awarded to China Petroleum Pipeline Bureau and overseen by Suria Strategic Energy Resources, which has had its office raided by the anti-graft agency. Bloomberg News

auction outcomes,” she added.

The BTr issued a memorandum opening its tap facility to its 10 market makers following the primary auction for the 10-year T-bonds on Tuesday, with the facility being available from 2 to 4 p.m., with the auction committee posting the results by 5 p.m.

The volume is still P20 billion at a 6.857-percent rate.

The 10 market makers are BDO Unibank Inc., Bank of the Philippine Islands, China Banking Corp., Citibank Philippines, Develop-

ment Bank of the Philippines, First Metro Investment Corp., Land Bank of the Philippines, Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp. and Security Bank Corp.

On Monday, the BTr also opened its tap facility for the 364-day Treasury bills (T-bills) offering the same P8 billion as bids reached P15.849 billion for the IOU during the primary auction. But results for the auction fell flat as the BTr was only able to award P300 million through the tap facility.

Rating firms weigh in on PHL global bond issuance

By Bianca Cuaresma @BcuaresmaBM

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OODY ’S Investors Ser vice announced late Tuesday that they assigned a Baa2 senior unsecured rating to the US dollar-denominated global bond offering by the government of the Philippines.

The 10-year dollar-bond issuance was launched on Monday.

Moody’s said their rating of the bonds mirrors their Philippines’s issuer rating of Baa2 with a stable outlook.

“The Philippines’s relatively large economy and high growth potential supports its capacity to absorb shocks.

The country’s favorable demographics support steadily rising labor inputs and potential growth, while keeping the burden of aging-related costs on government finances low,” Moody’s said.

“In addition, the long average residual maturity of the Philippines’s government debt, at around 12 years for its external obligations and 7.3 years for its domestic issuances, limits recurrent borrowing needs and strengthens the stability of the overall cost of debt,” it added.

The ratings agency further discussed that large foreign exchange reserves and low economy-wide external debt contribute to macroeconomic stability of the country and that its still low reliance on either foreign sources of income or financing insulates the Philippines from the direct impact of abrupt changes in the global macroeconomic and financial environment.

Another international rating

FILE PHOTO

firm, Fitch Ratings, also said their assessment on the bonds is dependent on their overall view of the economy.

Fitch has assigned the Philippines’s US dollar-denominated bond an expected rating of “BBB.” “The expected rating is in line with the Philippines’s Long-Term ForeignCurrency Issuer Default Rating [IDR] of BBB with a Stable Outlook,” Fitch said.

“The rating would be sensitive to any changes in the Philippines’s LongTerm Foreign-Currency IDR,” it added.

B4 Wednesday, January 9, 2019

10 LUCKY WINNERS BRING HOME AUDI CAR COURTESY OF THE SM STORE, MASTERCARD WANT TO PURSUE GRADUATE STUDIES? BE AN AJINOMOTO SCHOLAR!

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OU already have your undergraduate degree under your belt, but you still have this insatiable thirst for knowledge, perhaps, you might also be missing those fun and learning experiences back in your university days. But, is your financial situation an obstacle along the way of your postgraduate dreams?

Annually, Ajinomoto Philippines Cor p. (A PC) sends a Fi l ipino scholar to Japan through the APC Scholarship Foundation’s program.

The foundation’s 2020 Ajinomoto p o s t g r a du at e s c ho l a r s h i p g r a nt selects one student from six countries (Thailand, Indonesia, Malaysia, the Philippines, Vietnam and Russia) who will be given an opportunity to pursue further studies in the field of science or technology.

Each cand id ate can choose to enroll in one of the specified Japanese universities, which include University of Tokyo, Kyoto University, Nagoya University, Ochanomizu University, Wa s e d a Un i v e r s it y a n d K a g aw a

Nutrition University. They can either enroll first in a one-year research program and then continue on to a t wo -yea r master’s prog ra m; or directly enroll in a two-year master’s program.

APC has successfully sent nine Fi l ipi no sc hol a rs to Japa n si nce 2 0 10 , i n c l u d i n g l a t e s t s c h o l a r Anna Legaspi, a University of the Philippines Los Baños alumna, who graduated cum laude with a degree of Bachelor of Science in Chemistry.

She became a research student of the Graduate School of Frontier Sciences at the University of Tokyo last April.

She is set to start her postgraduate deg ree i n 2019, h av i ng recent ly passed her master’s exam.

Just like Anna, another Filipino scholar could also experience the perk s of being a postg raduate student in Japan, as the country has a lot to offer beyond its top-notch e du c at io n a l s t a nd a rd s a nd r i c h cultural heritage.

Interested applicants may visit www.ajinomoto.com.ph/whats-new/ for more details on the scholarship grant. Deadline of applications is on March 1, 2019. For inquiries, e-mail Joyce Mendoza at joycelyn_mendoza@ ajinomoto.com.

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HE SM Store and MasterCard recently awarded ten Audi A1 Cars to ten lucky winners through its Shop and Drive promotion.

A joint project between The SM Store and MasterCard, every P3,000 single-receipt purchase or P5,000 installment transactions from The SM Store— using a Philippine-issued MasterCard—entitles a cardholder to one electronic raffle entry to win one of ten Audi A1 cars. Promo period is from October 8 to December 23, 2018.

The ten winners came from as far north as Bulacan and as far south as General Santos. And while they come from different walks of life—government employees, in the salon and auto supply, and travel businesses—they

all have one thing in common: they love shopping at SM with their MasterCard. And yes, they were thrilled beyond words to win an Audi A1.

The Shop and Drive promotion is one of the many exciting promotions of The SM Store.

In photo are Annabel Alaurin from Sorsogon, Geraldine Pascua from Clark, Jose Cruz Lim from Bulacan, Lucia Pineda from Cavite, Joanna Marie Javier from Las Pinas, and Imelda Ribon from Mandaluyong; and MasterCard director for account management Jo-Ann Camacho, Audi Philippines managing director Christopher Chan, and SM Vice President for Credit Management Division Sid Bada welcoming the winners and leading the symbolical awarding at the Audi Edsa-Ortigas Showroom.

DIVING IN THE COLD WATERS WITH TUDOR PELAGOS

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N a remote area, high in the Alps, French freediving champion Morgan Bourc’his gets out of his comfort zone by exploring waters under the ice, in the extreme cold with almost no light. He is a specialist in unassisted and equipment-free diving considered to be the purest and most demanding of all diving forms. His one instrument, which never shies away from extreme conditions, is his Tudor Pelagos.

Tudor has a long history of making cutting-edge and robust diving watches that are widely used by amateur and professional divers. The Tudor Pelagos is the ultimate traditional diver’s watch. Its impressive list of technical features includes waterproofness to 500 meters, titanium case and bracelet (40 percent lighter than stainless steel), patented auto-adjusting clasp, manufacture calibre MT5612 with 70-hour power reserve and COSC-certification, helium escape valve and fully luminescent display. Also filled with Luminova, the markings on the ceramic rotatable bezel of the Pelagos, allow for complete legibility even in the dark waters of a high-mountain lake in the middle of the winter.

In 2015 Pelagos was awarded the Sports Watch prize at

the prestigious Grand Prix d’Horlogerie de Genève, reinforcing the Pelagos’s position as one of the most complete traditional mechanical diver’s watches available today.

OPTIMIZING TAX SAVINGS FOR REAL-ESTATE TRANSACTIONS

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EARN the trade secrets of saving millions of pesos on relevant taxes in all your real-estate transactions.

The Center for Global Best Practices (CGBP) will host a special program, titled “Optimizing Tax Savings for Real Estate Transactions”, to be held on Friday, February 1, at Manila Marriott Hotel. Visit www.cgbp.org for details and a complete list of Best Practices programs.

There are various tax-avoidance schemes available under the law, which would allow taxpayers, particularly those engaged in real-estate business, to reduce tax liabilities without violating Tax Code provisions.

This comprehensive program will discuss legally permissible means of avoiding taxes in real-estate transactions; and also include updates, examples, new laws and regulations, and specific situations that will be thoroughly discussed to guide participants in executing their plans, or solving their tax problems and issues effectively.

This program will feature lawyer Francisco B. Gonzales V, CPA, who is a partner at Ong Meneses Gonzales and Gupit law offices, where he specializes in tax practice. He is a faculty at the Ateneo Law School since 1997 and a Bar

review lecturer at the same school since 2002. He served as the executive director of the Philippine Institute of Certified Public Accountants from July 2006 until June 2010. He is an active practitioner both as an accountant and lawyer helping many multinationals and SMEs minimize their tax liabilities, and provide remedies and solutions to all types of business and tax-related issues.

Whether you are a real-estate owner, buyer or an industry professional, you will gain valuable insights, creative ways, and learn the best practices in implementing effective tax minimization. Registration is open to the general public.

The 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 Department of Budget and Management Circular 563 dated April 22, 2016.

Interested participants are encouraged to avail themselves of the early-bird and group discounts for three or more attendees. Seats are limited and preregistration is required.

AMC STAR MARKETING UNVEILS NEWEST HOME, PERSONAL CARE PRODUCTS

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OON to be available in the market are the newest home and personal home-care products aptly called Mr. Clear, Mrs. Clear and Lady Clear.

Mrs. Clear has detergent, spa treatment for hair, insect repellant, hand sanitizer, powder soap, fabric conditioner, dishwashing liquid and toilet-bowl cleaner.

Mr. Clear has pomade and deodorant that has been

especially formulated for men. While Lady CLear offers hand and body lotion, shower gel and feminine wash.

AMC Star Marketing Services Inc. President Anna Sepnio spearheaded the introduction of the products at the grand press conference held at the Sulo Riviera Hotel in Quezon City. Gracing the event are the Lady Clear brand ambassadors Samantha Mae Bernardo (BinibiningPilipinas 2018 second runnerup), Shanice Eve Bailon (Supermodel International Philippines 2016) and Mrs. Clear Ambassador Kim Gonzaga (Miss Philippines Earth Makati 2016).

Mr. Clear Brand ambassadors were also present: Mark Kevin Baloaloa (Mister International Philippines 2018), John Paul Ocat (Man of the World Philippines 2018), Casius Panopio (Misters of Filipinas first runner-up), Federico Palejon (Misters of Filipinas second runner-up) and Ruben Anthony Timbol (Misters of Filipinas second runner-up).

Editor: Jun Lomibao • mirror_sports@yahoo.com.ph

Sports BusinessMirror

‘NEW CAPTAIN’ RYAN SAUNDERS is younger than three of his players, and he appears a bit nervous but handles his first news conference smoothly. AP

TAKES OVER B D C The Associated Press

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INNEAPOLIS—Ryan Saunders has always had basketball in his blood, the consummate coach’s son who as a kid would sometimes doze off on the couch after joining dad for a late-night review of game film.

Roughly three years after the death of his father, Flip Saunders, the 32-year-old Ryan Saunders has assumed the job in Minnesota he’s been aiming for all along, albeit earlier and more abruptly than ever expected.

“He is very capable of doing this job. We all have a lot of confidence in him,” Timberwolves center Karl-Anthony Towns said.

“We’re ready to follow him. He’s our new captain.”

Appointed interim coach of Minnesota on Sunday after Tom Thibodeau was fired halfway through his third season, Saunders ran practice for the first time on Monday before the team took off for a game at Oklahoma City on Tuesday.

“You never know if you’re ready until you’re in the situation,“ Saunders said, “but I have great support.”

His dad, by far the winningest coach in Timberwolves history, would of course be proud. His mom stopped by his house for a congratulatory hug after the change was made.

Team owner Glen Taylor has long been an admirer of the Saunders family. Several Timberwolves players attended the coach’s wedding. Simply put: There’s hardly a member of the Timberwolves organization who carries more respect than Ryan Saunders.

“He’s the only coach that’s been here since my rookie year,” said shooting guard Andrew Wiggins, who was acquired by Flip Saunders in his role as executive of the roster in a trade before the 2014-2015 season. “There’s been a lot of changes, but I trust him. I have a good relationship with him. I think he’s going to do a great job, especially because you can talk to him. He’s not too much older than me, so I think we’re going to go in the right direction.”

Thibodeau was picked for his experience with winning teams and his acumen as a defensive whiz, hired to use his demanding, detailed style to bring out the best in franchise cornerstones Wiggins and Towns. Though the Timberwolves ended their 13-year absence from the playoffs last spring, they’ve by and large underachieved since Thibodeau, who is 60, took over.

Saunders is younger than three of his players, and he appeared a bit nervous but handled his first news conference smoothly while surrounded by a horde of reporters and cameras on the team’s practice court. He was quick to compliment Thibodeau and careful not to make any proclamations about how the team might look different under his guidance.

“I’ve got a lot of ideas, but you’ve got to see what’s best for the team,” Saunders said.

He’s got a 42-game audition before the organization must decide who the next coach will be. Former Timberwolves player and Assistant General Manager Fred Hoiberg, who replaced Thibodeau in Chicago, will be available, having been fired last month . Every candidate for the job, certainly, will offer more experience than Saunders, who spent five seasons as an assistant coach with Washington before coming to Minnesota.

“If you look at something as a trial, I think that’s when you start putting pressure on yourself or other people that just isn’t there,” Saunders said.

Thibodeau, who was one game short of the exact midpoint of his five-year contract that’s worth about $40 million, was frequently booed during introductions at Target Center, where the Wolves are next-to-last in the league with an average of 14,765 tickets distributed per game. When the team returns home to play Dallas on Friday, the public address announcement of Saunders is sure to receive a rousing cheer.

“I’m excited to see what he’ll do, because he’s a very enthusiastic

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HARDEN, CAPELA POWER ROCKETS AGAINST NUGGETS

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OUSTON—With James Harden getting double-teamed almost every time he had the ball Monday night against the Denver Nuggets, he looked for other Houston Rockets to step up and make plays.

Chief among them was Clint Capela, who set a career high with 31 points as the Rockets beat the Nuggets, 125-113.

“He did what he was supposed to do,” said Harden, who had 32 points. “He finished. He played extremely well. Played hard.”

PJ Tucker set a career high with seven three-pointers and scored a season-high 21 points to help Houston win for the 12th time in 14 games. Capela had 19 points by halftime as Harden fed him again and again.

“Whenever I’m under the rim and you put a little on me what’s going to happen is that 99 or 100 percent of the time I’m going to dunk the ball,” Capela said. “This is what happened tonight and I did a great job of finishing aggressive under the rim.“ Houston was up by 11 after two free throws by Torrey Craig with about five-and-a-half minutes left before Tucker and Harden made three-pointers on consecutive possessions to make it 117-100 about a minute later.

Gerald Green had 21 points and made six threes on a night Houston made 22 threes for its sixth game this season with at least 20. “We’re just a real tough team when we’re knocking down shots like that,” Green said.

Nikola Jokic scored 24 points for the Nuggets, who had a fivegame winning streak snapped.

“Give them credit,“ Nuggets Coach Michael Malone said. “You know Harden is going to get his, but when P.J. Tucker and Gerald Green score the amount of threes that they made, I believe 13 combined, that’s a tough one to overcome.”

Harden had 14 assists, six three-pointers and scored at least 30 points for the 13th straight game.

“He’s probably the hardest guy in the NBA [National Basketball Association] to guard,“ Malone said.

Coach Mike D’Antoni enjoys watching the different things Harden does to help his team win night after night.

“Whatever they throw at him, he’ll find the best play,“ D’Antoni said. “He’ll also find a way to score. He’ll find his way, but he’ll also get everyone involved.“ AP

HOUSTON’S Clint Capela (15) avoids the steal-attempt

by Denver’s Torrey Craig. AP

coach and he’s a very good communicator,“ said General Manager Scott Layden, who was hired by Thibodeau, also the president of basketball operations, and faces an uncertain future with the club.

The same can be said for Derrick Rose, who flourished in Chicago under Thibodeau and had his career waylaid by a bad knee until his former coach forged a reunion last year in Minnesota.

Though he will miss his sixth straight game with an ankle injury on Tuesday, Rose has hit the 25-point mark eight times to reach his highest scoring average (18.9 points per game) since the 2011-2012 season, the year after he won the National Basketball Association (NBA) Most Valuable Player award.

Rose said he was shocked and hurt by the dismissal, but also insisted the change wouldn’t hinder his resurgence.

“He jump-started my career again and for that, I’ll always be thankful. But everybody that thinks that it’s going to stop, kill yourself. It’s just not,” Rose said. He later apologized on Twitter for the insensitivity of his remark.

The pace of the offense in practice on Monday was faster, Rose said, hinting at one potential difference that could be on display.

Towns, while crediting Thibodeau for pushing him to grow “into a better man,” spoke optimistically of having more of a voice in the on-court strategy and playing more of a “new-school NBA” style under Saunders.

“Thibs has been in the game for a long time. His style was his style. We know what it was. We are going to have a little more change to our game,” Towns said.

LOVE WEEKS AWAY FROM RECOVERY

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NDEPENDENCE, Ohio—Kevin Love’s comeback has been slow and steady. The Cleveland Cavaliers need it to speed up.

Love said on Monday that he’s still weeks away from doing any significant on-court work as the five-time All-Star forward recovers from left foot surgery that has sidelined him nearly all season.

Love was recently cleared to accelerate his rehab, but he isn’t sure when he’ll play and suggested he could be out until after February’s All-Star break.

“I don’t know,” he said when asked for a timeframe on his return. “It’s really tough for me to say because I don’t know how my foot is going to respond. Hopefully it will be sooner rather than later.” Love has begun shooting and been “up on the

toes a little bit“ but not running. He’s listening to his doctors and his body.

“I don’t know when I’ll be able to go one-onone, two-on-two, three-on-three, but I think that’s all part of the next few weeks I’d say,” he said.

The 30-year-old played in just four games before undergoing surgery to have cartilage removed and fluid drained from around his left big toe. He got hurt in Cleveland’s exhibition opener and tried to play through the pain before it got tough for him to walk. Following the surgery, the Cavs initially thought Love might be back by the end of December, and he had targeted mid-January as a possible return. However, it now appears he could be out until February.

One thing is certain: Love has no intention of sitting out the season.

“That’s never really been the thought process—at least for me,“ said Love, who recently visited his surgeon in New York. “I want to play. I want to be out there with those guys. I feel like I would be letting my teammates down, and letting [coach] LD [Larry Drew] and the coaching staff down if I didn’t get out there and play and get out there and play as soon as I could—so long as I’m healthy.”

The Cavaliers need him badly. At 8-32, they have the National Basketball Association’s worst record and lost nine straight games going into Tuesday’s matchup with Indiana. Cleveland has lost its last five home games by at least 20 points—a league

record—and a slew of injuries has made things tougher. This isn’t the season the Cavs expected after signing Love to a four-year, $120-million contract extension after LeBron James left as a free agent.

“It’s a big setback, not in my career, but as far as our team goes,” he said. “It’s just tough when you have several players out, veterans out and some of your top players that give you so much on both sides of the ball. I would just hope to come back, whether it be right before All-Star break, after All-Star break, just get things to start trending in the right direction and give the fans and this organization some hope for better times that are going to be here.”

Love’s injury could complicate things if the Cavaliers intend to trade him.

As he leaned on a wall inside the training facility, Love smiled when reminded that the trade deadline is approaching. His name has been linked to numerous deals almost since the day he arrived in 2014. He doesn’t expect that to change.

“We’ll see. If not, we will wait until summer,” Love said of a possible trade. “I don’t know what’s going to happen. I’ve said all along I’ve wanted to be here. I’ve said this too, it’s a business. We saw that last year at the deadline. I had never seen so many guys traded from a team really ever. I had seen, playing six years in Minnesota and now this being my fifth year here, I’ve seen a lot of stuff. Think every trade deadline, draft, free agency, always brings something new. AP

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LIPPIN STEERS CHINA PAST KYRGYZSTAN

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L AIN, United Arab Emirates—With Coach Marcello Lippi in charge and the team needing a bit of help from an own-goal, China came from behind to beat Kyrgyzstan, 2-1, at the Asian Cup on Monday.

Lippi, who won the World Cup with Italy in 2006, is trying to win another title in what is likely to be his last major tournament. But it won’t be easy in the United Arab Emirates.

Another coaching heavyweight, Sven-Goran Eriksson, lost his opening match of the Asian Cup when South Korea defeated the Philippines, 1-0, in Dubai in the other Group C game.

In Group D, another favorite, Iran, routed Yemen, 5-0. China entered the Asian Cup with one win in seven games, including draws against Palestine, India and Bahrain. It didn’t look much better at the start of Monday’s match.

Akhlidin Israilov gave Kyrgyzstan the lead with a low left-foot shot from outside the box just before halftime.

But five minutes into the second half, Kyrgyzstan goalkeeper Pavel Matiash jumped to handle what seemed to be an easy catch following a corner kick.

He was under no pressure with two of his teammates around him, but the ball went into the net off his gloves.

Yu Dabao then angled in a left-footer in the 78th minute to ensure the fourth straight victory for China in its Asian Cup opening game and improve its record against Kyrgyzstan to 3-0.

A runner-up in 1984 and 2004, China faces the Philippines and South Korea in its remaining group games.

In Dubai, the Philippines had only 18 percent possession against the 2015 Asian Cup runner-up but managed to hold firm until the 67th minute.

With forward Son Heung-min absent, Hwang Ui-jo scored the lone goal for South Korea.

The in-form Son is still with his Tottenham club for one more English Premier League match against Manchester United on Sunday before joining South Korea.

He could be away for up to five of Tottenham’s matches in all competitions if South Korea reaches the final on February 1 in Abu Dhabi. South Korea reached the final at the previous Asian Cup. In Abu Dhabi, two first-half goals from Mehdi Taremi helped Iran ease past Yemen.

Iran is seeking a fourth title, with former Real Madrid and Portugal Coach Carlos Queiroz in charge of Asia’s top-ranked team. AP

AZKALS PUT UP AS SCARE

OUTH KOREA pulled off the expected but could only debut with a 1-0 squeaker over a Philippine side whose debut in the Asian Cup was enough to serve notice of the Azkals’ potential future.

Azkals Head Coach SvenGoran Eriksson said he saw no reason for the Filipino faithful to feel dejected after the loss to the powerhouse Koreans on Monday night at the Al-Maktoum Stadium in Dubai, United Arab Emirates.

“I am proud of the team that went out there. We stood out to them. They had the ball much more than we had, but we created some chances and with a little of luck, we could have gotten a different result,” Eriksson said.

The Philippines had only 18 percent possession against the 2015 Asian Cup runner-up but managed to hold firm until the 67th minute.

“I think we showed here that this country can play good football. We did a lot of good things defensively and

created chances,” the Swede added.

Carrying the underdog tag in Group C, the No. 116-ranked Azkals pushed the No. 53 Taeguk Warriors to the ropes with a relentless defense in the entire match.

South Korea, far more superior in experience with 10 appearances in the World Cup, controlled the ball for 82 percent, while only allowing the Filipinos to just attacks at the goal.

In comparison, the Koreans unleashed 16, six of which were on target.

For the better half of the game, the Azkals were full of spirit especially on the defensive end as goalie Michael Falkesgaard erected a solid wall to protect the back of the net.

Everything seemed perfect until that 67th minute when the Filipinos faltered against the crisp passing of the Koreans that allowed Hwang Ui Jo for an opening to score the match’s lone goal.

Javier Patino had the country grasping with two on-target opportunities,

only to land on their opponents’ goalie in both halves. The performance, however, was enough for veteran midfielder Stephan Shrock to praise his teammates.

“We are proud of that result. I mentioned earlier that Germany even lost 2-0 against South Korea. They have a lot of good players. They are composed and technically, tactically much above for Asian players,” he said. “We surprised everyone, I think, with our performance tonight,” Shrock added.

With the Korean game in the books, the Azkals turn their focus on Friday’s match against No. 76 China.

“We played one of the best teams in the tournament tonight and we created chances against them. That gives us hope in our next two games to do better,” Eriksson said.

China beat Kyrgyzstan, 2-1, in the other Group C action. Ramon Rafael Bonilla

BENCIC ADVANCES IN HOBART MEET

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OBART, Australia—Belinda Bencic has followed up her title at the Hopman Cup with a 4-6, 6-3, 7-5 win over second-seeded Mihaela Buzarnescu in the first round of the Hobart International. Bencic, who combined with Roger Federer to win the international mixed teams event in Perth, Western Australia, on the weekend, kept up her successful start to the season in Australia’s southern island state.

The third set contained nine service breaks, including seven straight, as blustery conditions made it difficult for both players. Bencic had two match points in the 10th game of the third set but dropped serve before winning the last two games to seal her spot in the second round.

“It was an incredibly up-and-down match— very hard work,” said Bencic, who dropped her racket in relief and exhaustion after clinching it on her fifth match point. “I’m a really emotional player and then the wind comes and I’m even more emotional. I feel like ‘Ah, this wind is against me,’ but I have to remember it is for both players.”

Buzarnescu, a finalist last year at Hobart, was one of two highly seeded players to lose on Tuesday, with third-seeded Zhang Shuai losing to Russian qualifier Anna Blinkova, 6-2, 0-6, 6-2.

Seventh-seeded Kirsten Flipkens beat Dalila Jakupovic, 6-4, 7-5; 2016 Hobart champion Alize Cornet opened with a 6-4, 6-2 win over Alison Bai; and Viktoria Kuzmova beat Timea Babos, 6-3, 6-3. AP

STEPHENSSURVIVES FOE IN SYDNEY TILT

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THE Philippines’s Stephan Schrock (left) engages South Korea’s Lee Jae-sung. AP

ITALY GOVERNMENT MINISTER OPPOSES STOPPING MATCHES FOR RACISM

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OME—Opposing views emerged at a summit of Italian soccer and government leaders on Monday following an outbreak of violence and racism surrounding a game in Milan last month.

Interior Minister Matteo Salvini announced that he opposes suspending matches due to racist chants, while the Italian football federation said in a statement it wants to shorten and simplify the procedures for suspensions.

The December 26 game was marred by

racist chants aimed at Napoli defender Kalidou Koulibaly. “Suspending matches for offensive chants is a slippery slope,” Salvini said. “We risk putting the destiny of a lot of people in the hands of very few.... Plus, it’s difficult to find fair criteria for the decision.” Salvini’s view comes in direct opposition to Fifa’s “three-step process” for handling racism inside stadiums.

The Fifa process requires the referee to briefly pause a match at the first hint of discriminatory chants and request an announcement over the

stadium public address system asking fans to stop. If the chanting persists, the referee can suspend the match and order the teams into the changing rooms until it stops. If that doesn’t work, the referee can stop the match definitively.

Fan violence was also discussed after an Inter Milan supporter died following clashes with visiting Napoli fans outside the San Siro Stadium before the match.

Four fans have been arrested for their roles in the clashes and one of them has been charged

with homicide.

Italian football federation president Gabriele Gravina suggested bolstering the presence of security stewards at stadiums, removing fan barriers, and increasing crowd monitoring with the help of fan representatives.

Inter has been ordered to play its next two home matches in an empty stadium, plus a third home game with a partial closure of the San Siro.

Inter fans were also barred from traveling to a recent match at Empoli.

It’s not the first time that clashes between rival fans have led to deaths in Italy.

Napoli supporter Ciro Esposito died 50 days after he was shot by a Roma supporter before the 2014 Italian Cup final. That incident came before a match that Roma was not even involved in—although Napoli’s 3-1 win over Fiorentina was held in Rome.

Also, police officer Filippo Raciti was killed during riots following a Sicilian derby between Catania and Palermo in 2007. AP

YDNEY—Sloane Stephens dropped three service games in the first set and was only two points from defeat before finding a way to hold off Ekaterina Alexandrova, 0-6, 7-6 (3), 7-6 (3), at the Sydney International on Tuesday for her first win of the season.

Alexandrova had a chance to serve for the match at 5-3 in the second set and led 4-2 in the third but fourth-seeded Stephens, the 2017 US Open champion, rallied to survive the round.

“I was, like, ‘It’s not going to get any worse than this...I might as well just play,’” Stephens said of her first set. “Obviously she was playing well.

“I know at some point that I’d be able to win a game, I would hope, so just try and do that.”

Stephens will next play Yulia Putintseva.

Ash Barty ousted 2017 French Open winner Jelena Ostapenko, 6-3, 6-3, to advance to a second-round meeting with No. 1-ranked Simona Halep.

In other women’s matches Aliaksandra Sasnovich ousted No. 8-seeded Daria Kasatkina, 6-1, 6-4; 2015 Sydney champion Petra Kvitova had a 6-1, 7-5 win over Aryna Sabalenka; Hsieh Su-wi beat Danielle Collins, 7-6 (4), 6-3; and Priscilla Hon defeated Tatjana Maria, 6-3, 7-6 (4).

In the men’s draw, eighth-seeded Andreas Seppi advanced 7-5, 2-6, 6-4 over Jeremy Chardy, Guillermo Garcia-Lopez beat Denis Kudla, 7-5, 6-4, and Andrey Rublev ousted No. 6-seeded Lucas Pouille, 6-2, 6-3. AP

SCHAUFFELE JOINS GOLF’S RISING GENERATION

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APALUA, Hawaii—To say that Xander Schauffele has come a long way depends on the view.

Eighteen months ago, Schauffele had played 18 times on the Professional Golfers Association (PGA) Tour and missed the cut in half of them. But after he tied for fifth in his first US Open at Erin Hills, the 25-year-old from San Diego has taken his place among golf’s emerging generation of stars.

Schauffele picked up his fourth PGA Tour victory on Sunday when he holed two shots for eagle, nearly chipped in for two more and finished with two clutch birdies for an 11-under 62 to win the Sentry Tournament of Champions at Kapalua. He tied the Plantation Course record and set tournament records for the lowest closing round by a winner and largest comeback over the last 18 holes (five shots).

The victory, his second of the PGA Tour season following his HSBC Champions title last fall, moved him to No. 6 in the world.

“This is the stuff you dream about,” Schauffele said after his one-shot victory over hard-luck Gary Woodland. “But to actually pull it off, it feels awesome. I could see myself doing it, but it’s hard to believe just sitting here and talking about it.”

Watching the trophy presentation was Alex

Nakajima, the general manager at Kapalua Resort, whose view is much longer than 18 months.

He first saw Schauffele before the boy could even hold a golf club. It was 1994, when Nakajima was an assistant pro at Princeville on Kauai.

The club had just hired Stefan Schauffele as an assistant, who never finished his PGA certification but knew enough about golf, passion and determination to pass it along to his son.

“It’s awesome,” the father said as he spoke of his brief time on Kauai, and the friends who were at Kapalua to watch the riveting charge on Sunday.

Schauffele doesn’t get wrapped up in anything but the shot in front of him, so he wasn’t amazed at his progress in 18 months, or from the time he was 8 and his father wouldn’t let him play unless he could carry his own bag.

Nor is he willing to inject himself into the category of the best young players in golf.

He is part of the fabled high-school class of 2011, which includes Jordan Spieth, Justin Thomas and Daniel Berger. Spieth and Thomas already have risen to No. 1 and won majors. That’s where Schauffele wants to get.

To even be mentioned in that group, he said, has “kind of a weird sound to it.”

In his four victories, he overcame a three-shot

deficit to win the Greenbrier Classic, a two-shot deficit to beat Thomas at the Tour Championship in 2017, a three-shot deficit to win his first World Golf Championship in Shanghai, and a five-shot deficit to beat the winners-only field at Kapalua.

He is one ranking spot behind 25-year-old Bryson DeChambeau, who has four PGA Tour victories. He is one spot ahead of 24-year-old Jon Rahm, who has two PGA Tour victories and three on the European Tour.

“I just still feel like an underdog,” Schauffele said. “I feel like until you’re No. 1, you’re chasing.

So guys like Bryson and Justin...JT has put together a ton of good years. Brooks [Koepka] has been crushing it. They keep putting that flag way out there for me to go chase, and I feel like that’s what I’ve been doing.”

Did anyone see this coming when he won a playoff for one of the last spots in that 2017 US Open at Erin Hills?

“I really wasn’t surprised,” said his father, the only coach Schauffele has had. “I was hoping he could win in the first year and we’d see from there. Top 50 was a goal, and now he has progressed a little quicker. You’ll only find out when you’re there.”

As a young man, Stefan Schauffele was invited

to train for the decathlon with the German team.

He was trying to master the pole vault when he was hit by a drunken driver on his way to the training center and lost his left eye.

He also lost the chance to compete in his favorite activities—skiing, diving, weightlifting, anything that put pressure on his eye. When he moved to San Diego, he wound up living next to a golf course and was intrigued by the sport because the ball didn’t move.

And then he was hooked. He spent two years in Hawaii and returned to San Diego, where he shared the game with his son.

Schauffele was the PGA Tour rookie of the year in 2017, and his father was never more proud.

“Dreams come true—his and mine,” the father said that year.

“They’re the same dreams—to climb as high as you can in your sport, which was denied to me because of an accident, so I never found out. It’s not a regret, it’s a fact. To be able as a father to see your son rise, it’s wonderful.”

The next question is how far he goes. For now, Schauffele is still rising and chasing flags. AP

XANDER SCHAUFFELE: This is the stuff you dream about. AP

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P.G.T. ASIA RESUMES AT PRADERA

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SLEW of aces from Thailand and Australia head the crack roster of players gearing up for a fierce battle with the top local shotmakers as the Philippine Golf Tour (PGT) Asia resumes next week at the Pradera Golf and Country Club in Lubao, Pampanga.

Thais Wisut Artjanawat, former PGTA Q-School topnotcher Pasavee Lertvilai, Poosit Supupramai, Thammanoon Sriroj and Namchok Tantiphokakul join last year’s runner-up Andrew Campbell and fellow Aussies Clayton Bridge, Nathan Park and Simon Viitakangas in the early roster of bidders in the $100,000 event, which actually serves as the eighth leg of the second season of the newest regional circuit put up by the International Container Terminal Services Inc. Americans Sydney Chung, Dylan Jackson, Andy Kang and Lexus Keoninh, Englishmen Benjamin David, Joe Knox and George Twyman, Keisuke Takahashi of Japan, Korean Hwang Myung Chal, Spain’s Salvador Paya Vila, Peter Stojanovski of Macedonia and Manila-based Dutchman Guido Van der Valk are also in the fold, all eager to slug it out with the best of the best for a crack at the top $17,500 purse in the event firing off on January 16.

Jhonnel Ababa, who beat Campbell by two here last year to emerge the first PGT Asia back-to-back winner after also ruling the Eagle Ridge Invitational, banners the locals’ challenge in the 72-hole championship organized by Pilipinas Golf Tournaments Inc. Joenard Rates, who nipped Finland’s Janne Kaske on the second extra hole to top the last PGT Asia leg at Summit Point last November, also hopes to figure in the title hunt on a flat but challenging course, which puts premier on shotmaking.

Other top locals seeing action are Jay Bayron, Jerson Balasabas, Tony Lascuña and Elmer Salvador and young guns Justin Quiban, James Ryan Lam, Ira Alido and Keanu Jahns.

TARGET: BEERMEN! PHILIPPINE Basketball Association Chairman Ricky Vargas (fifth from left) and Commissioner Willie Marcial (eighth from left) make the thumbs-up sign along with the league governors during Tuesday’s season launch. ROY DOMINGO

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ARANGAY Ginebra San Miguel and TNT KaTropa open hostilities in the 44th season of the Philippine Basketball Association this Sunday but heavy talk was focused on San Miguel Beer that won’t open defense of its Philippine Cup crown until next Friday.

League Chairman Ricky Vargas and Commissioner Willie Marcial led the league’s governors in launching the forthcoming season clad in elegant barongs on Tuesday at the Conrad Hotel in Pasay City where the Beermen were a hot topic as they gun for their fifth straight allFilipino crown.

“I can still put my money on San Miguel,” Magnolia’s representative to the PBA board Rene Pardo said.

But Pardo, stressing the other teams have tinkered with their rosters especially with the acquisition of potent rookies, warned the Beermen couldn’t be complacent.

“The beauty in the PBA is you can never tell who will [go] up,” Pardo said. San Miguel Beer remained as the team to beat with June Mar Fajardo, who is eyeing a fifth consecutive Most Valuable Player trophy, still at the helm of the Ramon S. Ang-franchise.

And with controversial hotshot Terrence Romeo added to the spitfire guard roster of San Miguel Beer, and former TNT and national team ace playmaker Jimmy Alapag bringing his wits to the staff of Head Coach Leo Austria, the Beermen are a more formidable cast.

San Miguel Beer acquired Romeo from TNT and sent Brian Heruala,

David Semerad and future picks to the KaTropa. Also on board are Paul Zamar and the comebacking Beerman Ronald Tubid.

The three-time scoring champion and many-time national team member Romeo adds firepower to a roster that consists of Alex Cabagnot, Chris Ross, Marcio Lassiter and Arwind Santos.

San Miguel Beer Governor Robert Non could only hope that the off-season changes could lead to more championships.

“We hope we can develop the system and the new recruits can easily adopt,” Non said.

Non pointed to sister-team Barangay Ginebra, Alaska and Phoenix as the biggest threats to their throne.

The Gin Kings have LA Tenorio, Japeth Aguilar, Greg Slaughter and

Scottie Thompson, while the Aces have Vic Manuel, Jvee Casio, Chris Banchero and Jeron Teng.

The Fuel Masters, on the other hand, are led by Calvin Abueva, Matthew Wright and Alex Mallari.

The Leo Awards kick off ceremonies for the 44th season at 4 p.m. at the Philippine Arena in Bulacan.

The lone Gin Kings-KaTropa game is set at 6:30 p.m.

The league goes to the Smart Araneta Coliseum on Wednesday for the Blackwater-NorthPort game at 4:30 p.m. and the Phoenix-Meralco duel at 7 p.m.

San Miguel Beer debuts at the smaller Cuneta Astrodome against lowly Columbian Dyip at 4:30 p.m., while a Chris Tiu-less Rain or Shine tangles with NLEX at 7 p.m. on Wednesday. Tiu announced he has retired as a pro on Tuesday.

CHRIS TIU RETIRES VETERAN playmaker Chris Tiu called it a career after six years as a pro as he announced his retirement on Tuesday.

Drafted seventh overall by Rain or Shine in 2012, Tiu, one of the most prominent players from Ateneo, made his farewell through his official Twitter account.

“My heartfelt gratitude to every person who has been part of my basketball journey,” the one-time Philippine Basketball Association champion said.

“Most especially to our Lord who makes all things possible. It’s now time to move on. My heart is full. #17 signing off,” Tiu added.

The 33-year-old player Tiu, a member of the original Gilas Pilipinas program under Rajko Toroman, won gold medals with the national team in the 2011 Southeast Asian Basketball Championships and Southeast Asian Games in Indonesia.

Tiu juggled a pro career with show business, thus making him one of the most recognizable faces in the Philippine Basketball Association.

Tiu first expressed his interest to retire last November, but only made his decision official just days before the 44th PBA season unfurls on Sunday. Ramon Rafael Bonilla

SAN BEDA JOINS ARELLANO U IN SEMIFINALS

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AN BEDA University downed San Sebastian College, 25-20, 25-15, 25-18, on Tuesday to join Arellano University in the Final Four of the 94th National Collegiate Athletic Association women’s volleyball tournament at the Filoil Flying V Centre in San Juan City.

Skipper Cesca Racraquin unloaded a match-high 14 points she laced with 12 spikes and two service aces as the Lady Red Spikers, last year’s runnersup, snared their seventh victory against a lone loss to join the Lady Chiefs, who are unbeaten in seven outings, in the Final Four.

College of Saint Benilde trounced Jose Rizal University (JRU), 20-25, 25-17, 25-20, 25-22, to close in on a Final Four slot.

Klarisa Abriam fired 17 points while Jan Daguil added 14 as the Lady Blazers registered their sixth win in seven outings.

Saint Benilde could advance to the semifinals if the Lady Blazers win at least one of their last two assignments—the Lady Stags on Friday and the Mapua Lady Cardinals on Monday.

JRU had a strong start and snatched the opening set only to wilt against Saint Benilde’s solidified defense.

The Lady Bombers thus fell to their fourth setback against four triumphs.

In the men’s division, Saint Benilde turned back JRU, 25-14, 25-21, 2325, 25-19, to move into joint second with Arellano University with a 6-1 (win-loss) record.

The Bombers dropped to a 2-6 card.

CHRIS TIU calls it a career after six seasons as a pro.

COOPER VISITS PACMAN Eight-division world champion Manny Pacquiao trains with legendary trainer Freddie Roach at the Wild Card Gym in Los Angeles on Monday for his January 19 defense of his World Boxing Association welterweight belt against Adrien “The Problem” Broner at the MGM Grand Arena. Pacquiao later has a surprise visitor in his residence, former LA Lakers star Michael Cooper. COURTESY WENDELL ALINEA/MP PROMOTIONS

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

AT 40, PACQUIAO CAN STILL DISH IT OUT

A

S usual, every time Manny Pacquiao has a fight coming up, friends of mine come to me and ask the same question: “Will he win?”

I’m used to it. Been in the business for so long that it doesn’t rile me anymore. Goes with the territory, so they say.

I’ve had my share of hits and misses.

I said Pacquiao will lose to Oscar de la Hoya on December 6, 2008, and I was wrong. Pacquiao won by an eighthround TKO.

I said Pacquiao will defeat Jeff Horn on July 2, 2017, and I was wrong.

Pacquiao lost by unanimous decision. I was booed no end when I said Pacquiao will beat Marco Antonio Barrera on November 15, 2003, and I was right.

Pacquiao stopped Barrera in the 11th round.

I made my prediction while I was acting as analyst of the live TV coverage of that fight in the company of Quinito Henson, Ed Picson and the late Hermie Rivera. Humbly, I was the only one

from the panel who correctly predicted a Pacquiao victory.

I also said Pacquiao will knock out Erik Morales in their 2006 trilogy in Las Vegas, Nevada, and I was right. From ringside, I nearly busted my lungs out yelling when Pacquiao stopped Morales in the third round to post a 2-1 margin in their storied three-fight duel.

And so, can Pacquiao retain his World Boxing Association welterweight title against Adrien Broner?

Of course.

Even if he’s turned 40 already last December 17, Pacquiao can still dish it out as he has always been famously known for practically killing himself while training for a fight.

And even if Broner is only 29, mentally and even physically, the former four-time world champion will still be no match against the only eightdivision king that is Pacquiao.

In fact, I pray fervently that Broner would make the 147-pound limit on weigh-in day as he was still 30 pounds overweight days before the January 20 (PHL time) fight.

No doubt that Broner’s record of 33-3-1, with 24 knockouts, is also something to crow about. He has not been stopped, too.

But he has been very unpredictable recently. His off-ring activities had been tainted with brushes with the law. His flamboyance and lack of focus could yet send him crashing to the canvas early in the title fight scheduled for 12 rounds.

In fact, if Pacquiao doesn’t knock Broner out for his 40th stoppage in his 70th fight, either the fighting senator has a bum stomach or a toothache.

Pacquiao’s recent reunion too with his longtime trainer Freddie Roach should produce another wondrous result for the fabled partnership, leading—inevitably—to that much talked-about rematch with Floyd Mayweather Jr.?

A sure hit.

■■■ THAT’S IT After Coach Leo Austria won for San Miguel Corp. the Asean Basketball League crown, he would shortly see himself coaching the Beermen in the Philippine Basketball Association. Jimmy Alapag had just won the ABL title coaching Alab-San Miguel Beer. Last week, Alapag saw himself joining Austria in the SMB coaching staff, a shocker of sorts as Alapag left TNT KaTropa—his organization of nearly 20 years.

PSC TO INK DEAL WITH LGU HOSTS DAVAO del Norte, Isabela and Iloilo will host the Mindanao, Luzon and Visayas legs, respectively, of the Philippine Sports Commission’s (PSC) Batang Pinoy. The local government units’s (LGUs) commitment to host the legs will be forged in a memorandum of agreement with the PSC, which will be signed on Friday.

PSC Chairman William Ramirez will lead the signing ceremony together with Davao del Norte Gov. Antonio del Rosario, Ilagan (Isabela) Mayor Evelyn Diaz, Iloilo City Mayor Jose Espinosa III and Iloilo Gov. Arthur Defensor Sr. at the PSC Press Conference Room inside the Rizal Memorial Sports Complex, Manila.

“We are sealing this partnership with our host LGUs to ensure mutual cooperation and achieve a successful staging of Batang Pinoy for Mindanao, [the] Visayas and Luzon,” Ramirez said.

The Batang Pinoy, the PSC’s national youth program for athletes aged 15 and below, will kick off with the Mindanao from February 2 to 9 in Tagum City, Davao del Norte, and will be followed by the Visayas leg in Iloilo City from February 23 to March 2 and Luzon leg from March 16 to 23 in Ilagan.

Ramirez said the dates were set for the summer or dry season.

Typhoon Ompong caused a delay in the conduct of the national championships in Baguio City and Benguet Province last year.

C4

Wednesday, January 9, 2019

AS a nod to its influence and legacy to the game, the iconic Goodyear Blimp joins a stellar class that will be enshrined at the National Football Foundation’s award banquet in December. AP

SPAIN’S Joan Barreda rides his Honda during the first stage of the Dakar Rally between Lima and Pisco, Peru, on Monday. AP

B T W The Associated Press

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LEVELAND—One of the new college football Hall of Famers has an inflated ego—and more.

The Goodyear Blimp, which has become a staple at major sports events for more than 60 years, is being inducted into the College Football Hall of Fame as an honorary member—the first nonplayer or coach to be inducted.

As a nod to its influence and legacy to the game, the iconic airship joins a stellar class that will be enshrined at the National Football Foundation’s award banquet in December.

The blimp will soar into the hall along with Texas quarterback Vince Young, Notre Dame speedster Raghib Ismail, Arkansas running back Darren McFadden, Oklahoma defensive back Rickey Dixon, John Carroll linebacker London Fletcher, Texas A&M defensive lineman Jacob Green, North Carolina State receiver Torry Holt, Arizona State quarterback Jake Plummer, USC defensive back Troy Polamalu, Wisconsin offensive tackle Joe Thomas, Michigan State running back Lorenzo White and Mississippi linebacker Patrick Willis.

Dennis Erickson, who coached Miami to two national championships, and Joe Taylor, who won 233 games at historically black colleges, were also selected for induction.

Sports BusinessMirror

www.businessmirror.com.ph

ICONIC AIRSHIP ENSHRINED TO HALL OF FAME

THE GOODYEAR BLIMP, WHICH HAS BECOME A STAPLE AT MAJOR SPORTS EVENTS FOR MORE THAN 60 YEARS, IS BEING INDUCTED INTO THE COLLEGE FOOTBALL HALL OF FAME AS AN HONORARY MEMBER— THE FIRST NONPLAYER OR COACH TO BE INDUCTED.

The blimp’s flight to fame began during the telecast for the 1955 Rose Bowl Game and has led to its unmistakable attendance at over 2,000 games, hovering above stadiums from coast-to-coast.

“College players and fans know that when the Goodyear Blimp shows up, it’s a big game,” said Archie Manning, National Football Foundation chairman. “Its presence is intrinsically known and tied to the traditions that make college football so great.”

The Goodyear Blimp was the first to provide aerial coverage of a major sports event and first to deliver high-definition live video to a national game.

ESPN analyst Kirk Herbstreit, who played quarterback at Ohio State, said seeing the blimp overhead signified reward.

“I’ve been lucky enough to both play and broadcast underneath the shadow of one of sports’ biggest icons, and each time it’s special,” Herbstreit said. “For me, playing under the blimp felt like a payoff for the hard work that goes into game day, so I’m excited it’s getting recognized for its contributions to college football.”

Trevor Lawrence, meanwhile, passed for 347 yards and three touchdowns and No. 2 Clemson rolled No. 1 Alabama 44-16 on Monday night in the College Football Playoff national championship game in Santa Clara, California.

In the fourth consecutive playoff meeting between the Tigers and Tide, Clemson evened the series and beat ’Bama for the national title for the second time in three seasons. Clemson is the

first team in the Associated Press poll era, dating back to 1936, to finish 15-0. Coach Nick Saban and the Tide (14-1) were looking for a sixth national championship in 10 years, trying to add to an already unprecedented run in the sport. Instead, Clemson crushed Alabama, becoming the first opponent to beat the Tide by more than 14 points since Saban became coach in 2007.

Quarterback Justin Fields, on the other hand, confirmed recently he is transferring to Ohio State following one season as Georgia’s backup.

Fields’ much-anticipated announcement gives new Ohio State Coach Ryan Day a sublimely talented dual-threat passer to run his offense if Dwayne Haskins Jr. makes an expected jump to the National Football League.

Fields decided to transfer from Georgia after he was unable to beat out starter Jake Fromm. Fields announced the transfer after he was expected to visit the Ohio State campus earlier on Friday.

Fields issued a statement on his Twitter account in which he said his one season at Georgia “has given me the opportunity to refine my skills under great coaches and to play with incredibly talented teammates who’ve become like brothers to me.” Fields’s arrival at Ohio State is huge for Day, who took over as coach on Wednesday after Urban Meyer’s retirement. Fields was the overall No. 2 national prospect in the 2018 recruiting class and was highly sought after he announced his intention to transfer last month.

Al-Attiyah wins opening stage of Dakar Rally in Peru FERRARI RETOOLS FOR NEW SEASON L

IMA, Peru—Nasser Al-Attiyah made a great start to winning a third Dakar Rally title when he won the opening stage by almost two minutes on Monday.

Al-Attiyah made light work of the 84-kilometer special on the dunes around Pisco along the Pacific coast.

He led by 38 seconds at the first marker, and by 45 seconds at the halfway point.

Defending champion Carlos Sainz, another two-time winner, was second.

Jakub Przygonski was third. The overall champion of the Cross-Country Rallies World Cup is trying to become the first Polish winner of the Dakar. Seven-time winner Stephane Peterhansel was three minutes back in seventh, and Sebastien Loeb was more than six minutes back.

Joan Barreda showed the focus of his buildup on being fit paid off when he won first motorbike stage by a minute from Pablo Quintanilla. Barreda’s Honda teammate, Ricky Brabec, was third.

Barreda had to withdraw last year on the 11th stage while lying second overall because of knee and hand injuries.

This Dakar has been reduced to a 10-stage race on Peruvian sand, finishing in Lima on January 17.

Daniel Suarez, meanwhile, will hit a reset on his career, getting a second chance to prove he can win at Nascar’s top level.

Pushed out of a ride with Joe Gibbs Racing, one of the top teams in the sport, Suarez found a soft landing at Stewart-Haas Racing. The SHR four-driver lineup combined for 12 victories last season and claimed half the spots in the round of eight in the playoffs.

“I came from a great team that is capable of winning races, but things just didn’t work out for me there,” Suarez told The Associated Press (AP). “Maybe to win races in the Cup Series, I needed something different.”

Suarez didn’t have a choice because he became expendable when Gibbs hired 2017 champion Martin Truex Jr. That pushed Suarez out of a job after two lackluster seasons, with few seats available with top-tier teams. Suarez, who is Mexican and advanced through Nascar’s diversity program, is the only non-American full-time driver at the top level.

It was critical that Suarez find a competitive ride because a seat with a mediocre team would have made it difficult to prove he belongs in the series. He won the Xfinity Series title driving for Gibbs in 2016 but was hastily moved to the Cup Series two months later when Carl Edwards abruptly retired.

He had 21 top-10 finishes in 72 Cup races. Now Suarez will replace Kurt Busch and drive the No. 41 Ford with a team that counts the Daytona 500 among its six victories and qualified for the playoffs in each of the four years Busch drove the car.

Suarez recognized how fortunate he was to be released from one top team and land at another. He spent months talking to SHR but the deal was only confirmed on Monday, on Suarez’s 27th birthday and 41 days before he will make his debut in the No. 41 at the season-opening Daytona 500. He’s hopeful the fresh start will give him the launch he needs in the Cup Series the way it did for Joey Logano, who was once dumped

by Gibbs but became Cup champion in November driving for Team Penske, or for Aric Almirola, who was a mid-pack racer until he joined SHR last season and made the playoffs.

“I have done a lot of sacrifices in my life and my career to be here,” Suarez told the AP. “I have been living in the US almost eight years now. I came here to win races and win championships and I don’t like when people outwork me. I have been working extremely hard the last two years, I was able to show that in winning the [Xfinity] championship, but the last two years have just been OK. I really felt like I was either doing something wrong or needed something different.

“This is my second chance with a top team and I am looking forward to the opportunity.” Suarez will be sponsored by Arris, a company that has backed him since 2016, and Haas Automation, which is owned by SHR Cofounder Gene Haas. AP

M

ARANELLO, Italy—Ferrari replaced Maurizio Arrivabene with Mattia Binotto as team principal on Monday following another failed Formula One title chase.

Binotto, who had been working as Ferrari’s chief technical officer, has been with the team for nearly 25 years.

“After four years of untiring commitment and dedication, Maurizio Arrivabene is leaving the team,” Ferrari said in a statement. “The decision was taken together with the company’s top management after lengthy discussions related to Maurizio’s longterm personal interests, as well as those of the team itself.

“With immediate effect, Mattia Binotto will take over as Scuderia Ferrari’s team principal. All technical areas will continue to report directly to Mattia.”

While Ferrari driver Sebastian Vettel won the opening two races of the 2018 season and took pole position in three of the first four races, Ferrari’s performance waned as the year went on, enabling Mercedes to win a fifth straight drivers’ title with Lewis Hamilton.

Arrivabene had been in charge since the 2015 season, having previously worked for Philip Morris, a key Ferrari sponsor.

Arrivabene’s criticism of Ferrari’s technical department may have resulted in his ouster.

Having joined Ferrari in 1995 as a test engine engineer, Binotto was involved in the team’s golden years when Michael Schumacher won five titles. He was promoted to technical chief in July 2016.

Binotto had reportedly been chosen previously as Arrivabene’s successor by former Ferrari CEO Sergio Marchionne, who died in July. Binotto was widely credited with creating cars that were competitive with Mercedes over the past two years—which put a spotlight on questionable strategic choices.

Arrivabene was criticized for the way Ferrari handled its home Italian Grand Prix in September, when a lack of team orders prevented Kimi Raikkonen from clearing the way for Vettel at the start—which was followed by contact between Vettel and Hamilton. There was another tactical error concerning the choice of tires during qualifying for the Japanese GP. Hamilton clinched the title two races later in Mexico—with two GPs to spare—and finished with an 88-point advantage over Vettel.

In four seasons under Arrivabene, Ferrari won 14 races—13 by Vettel and one by Raikkonen—and finished second three times in the constuctors’ standings. AP

Redeeming God

W

ITH songs of praise this Advent season, we hail You and pray: Be our source of Joy and Merry making, Oh God. Strengthen the faith of all the baptized and those preparing for baptism or confirmation. Help us to lay aside deeds of darkness and be clothed in Christ’s mercy, generosity and love. Deepen the gifts of contemplation, imagination and just action in Your Church. May God restore us in faith, understanding, confirm us in love and strengthen us in hope, through Christ, the eternal glory of God. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

PEOPLE photograph a car before a Byton news conference at CES International, on January 6, in Las Vegas. AP

Life BusinessMirror

SUI GENERIS: SAME DOG, NEW YEAR, NEW TRICKS D4

Wednesday, January 9, 2019

HUAWEI’S HITS ALL-TIME HIGH IN SMARTPHONE SHIPMENTS

CES 2019: People will buy more smart stuff, fewer TVs

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By The assoCiaTed Press

AS VEGAS—The CES 2019 gadget show is revving up in Las Vegas. Here are the latest findings and observations from Associated Press reporters on the ground as technology’s biggest trade event gets under way.

MORE SMART DEVICES, FEWER TVs What gadgets will Americans buy this year? Lots of “smart” devices for their home, according to projections from a technology association.

If that sounds a lot like last year, you’re right, but sales are still expected to grow again in 2019.

The Consumer Technology Association (CTA) expects nearly 37 million Amazon Echoes, Google Homes and other smart speakers to be sold this year in the US, a 5-percent increase from a year ago.

Meanwhile, more than 29 million smart doorbells, thermostats and switches are expected to be sold, a 23-percent increase from the previous year.

The numbers were released on Sunday, two days before the CES 2019 gadget show opens to attendees in Las Vegas. CTA runs the show, which is technology’s largest trade gathering.

The group warned that its projections could change significantly if a trade war with China escalates. Much of the world’s electronics are assembled in China, and the CTA has said that steeper tariffs could hurt the industry by making smartphones or TVs more expensive for consumers.

Other gadgets expected to sell well in 2019: wireless earbuds, smartwatches and drones. Fewer TVs are expected to be sold, however—42 million units, a 1-percent decline from 2018.

Total US tech revenue, which includes video and music streaming services like Spotify, is expected to rise 3.9 percent to a record $398 billion this year, the CTA said.

STEERING WHEEL TOUCH SCREEN READY for a smartphone-like touch screen on your car’s steering wheel?

That’s the future according to Chinese electric carmaker Byton, which is planning to sell its first vehicles in China this year and in the US in 2020.

Byton CEO Carsten Breitfeld unveiled the new driver interface system on Sunday at the CES 2019 gadget show in Las Vegas. He says the wheel-mounted touchscreen on the company’s first model, called the M-Byte, “will stand still while the steering wheel rotates.” The crossover SUV also features a long digital screen across its dashboard.

Byton executives say they’ve met with legal authorities in various countries to ensure the entertainment and control system meets safety standards. They say it’s safer than dashboard touchscreens because the wheel’s already in a driver’s field of vision. The vehicles are expected to sell starting at $45,000.

GOVERNMENT SHUTDOWN EVEN the world’s largest tech conference is feeling the effects of the US government shutdown.

Organizers of the CES gadget show said on Saturday that some scheduled government speakers have canceled their travel plans. The sprawling consumer-electronics show opens to attendees on Tuesday in Las Vegas. Canceled speakers include Federal Communications Commission Chairman

Ajit Pai and at least nine other officials from agencies including the Federal Trade Commission, the Environmental Protection Agency, the Food and Drug Administration and the Department of Homeland Security. CES organizers say Transportation Secretary Elaine Chao is still planning to deliver a keynote talk on Wednesday on federal initiatives to advance drone technology and self-driving vehicles.

The partial shutdown began December 22, but some federal workers remain on the job if they perform essential activities that “protect life and property.”

APPLE: ELEPHANT IN THE CES SHOWROOM APPLE stopped attending the CES consumerelectronics show years ago, but it’s still making its presence known.

The biggest may be the huge sign it splashed across a high-rise hotel overlooking the Las Vegas conference center where other tech companies are gathering to show their wares this week. The sign says, “What happens on your iPhone, stays on your iPhone.” It’s a not-so-subtle dig at the looser privacy practices of data-hungry rivals like Google and Amazon.

But Apple also has news to share at CES. It’s just letting some of its partners do the talking.

Samsung announced on Sunday that its TVs will start offering Apple’s iTunes movies and TV shows beginning this spring. It’s a shift for Apple, which typically hasn’t allowed its services to run on non-Apple hardware. (The big exception: iTunes on Windows PCs.) n AP reporters Matt O’Brien and Joseph Pisani contributed to this article.

Weather Channel app accused of selling users’ personal data LOS ANGELES—People relied on the most popular mobile weather app to track forecasts that determined whether they chose jeans over shorts and packed a parka or umbrella, but its owners used it to track their every step and profit off that information, Los Angeles prosecutors said on Friday.

The operator of The Weather Channel mobile app misled users who agreed to share their location information in exchange for personalized forecasts and alerts, and they instead unwittingly surrendered personal privacy when the company sold their data to third parties, City Attorney Michael Feuer said.

Feuer sued the app’s operator in Los

Angeles County Superior Court to stop the practice. He said 80 percent of users agreed to allow access to their locations because disclosures on how the app uses geolocation data were buried within a 10,000-word privacy policy and not revealed when they downloaded the app.

“Think how Orwellian it feels to live in a world where a private company is tracking potentially every place you go, every minute of every day,” Feuer said. “If you want to sacrifice to that company that information, you sure ought to be doing it with clear advanced notice of what’s at stake.”

A spokesman for IBM Corp., which owns the app, said it has always been clear about the use of location data collected from

users and will vigorously defend its “fully appropriate” disclosures.

Feuer said the app’s operators, TWC Product and Technology Llc., sold data to at least a dozen web sites for targeted ads and to hedge funds that used the information to analyze consumer behavior.

The lawsuit seeks to stop the company from the practice it calls “unfair and fraudulent” and seeks penalties of up to $2,500 for each violation. Any court decision would only apply to California.

Marketed as the “world’s most downloaded weather app,” The Weather Channel app claims approximately 45 million users a month, the lawsuit said.

Users who download the free app are

asked whether to allow access to their location to “get personalized local weather data, alerts and forecasts.” It does not say how the company benefits from the information.

While disclosures may be included in the privacy policy, state law says “fine print alone can’t make good what otherwise has been made obscure,” Feuer said.

He said he learned about the sale of the private data from an article in The New York Times.

IBM bought the app along with the digital assets of The Weather Company in 2015 for $2 billion but did not acquire The Weather Channel seen on TV, which is owned by another company.

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WHATEVER roadblocks it encountered in markets including the US and Australia, among other territories, these didn’t stop global Chinese brand Huawei from scoring its best numbers ever in the smartphone space.

Huawei Consumer BG announced that its smartphone shipments for the 2018 year have exceeded 200 million units, thanks to the enthusiastic support of consumers and partners around the world, as well as the strength of the smartphone products, including the Huawei P20 and Mate 20 series.

These 200 million shipments constitute a new record for Huawei. n The Huawei P20 series once again raised the bar for what smart mobile photography can do, proving that even thin and stylish mobile phones can provide a professional-level photography experience.

Moreover, the outstanding aesthetic of the Huawei P20 series has won over a large number of female users. Since its release in March, global shipments have exceeded 16 million units, with female users accounting for nearly half of that number. n The Huawei Mate 20 series follows the advanced technological standards that the Mate series established and is equipped with the most powerful and sophisticated chip in Huawei history, the Kirin 980. The chipset features highly sophisticated 7nm processing and a more powerful A76-based+G76 architecture. These components allow the Mate 20 series to offer improved energy efficiency and a new, extra-smooth experience, making this smartphone even smarter. Within two months of the release of—the Mate 20 series, it had already shipped over 5 million units. n Huawei’s Nova series has been particularly popular with young users, thanks to its stunning appearance and innovative visual elements. As a result of the Huawei Nova 3’s bold color scheme and innovative selfie system, it became the most popular selfie phone of 2018. The Nova 4 continues the series’ strong aesthetic appeal, while delivering innovative elements such as its full-screen, holepunch-style display. As of the end of 2018, the uberpopular Nova series has sold a total of over 65 million units, making it the leader of Huawei’s nascent line of midrange devices.

In the past eight years, Huawei Consumer BG has persisted in the concept of “consumer-centric” and using innovation to create value for its customers.

The company has also led a number of the industry’s most popular, innovative, and competitive technological fields, such as photography, battery life, communication and AI. This innovation has won the favor of consumers around the world.

It’s important to remember that a smartphone serves as the bridge between the physical and virtual worlds, and to continue to play that role, it must constantly store and protect more and more information. Therefore, Huawei believes that the privacy and security of its users is just as important as making outstanding and appealing products.

Huawei has thus put the issue of privacy protection ahead of basic commercial interests and complies with Generally Accepted Privacy Principles (GAPP) for privacy protection, the most stringent privacy technology framework in the world, as well as all requirements set forth in the EU’s General Data Protection Regulation (GDPR). Huawei also applies Privacy by Design principles throughout all of its product development, design, verification, sales, services and procurement activities. Huawei has also built onto the open ARM chip architecture and its underlying Google Android system to further enhance security for both devices and users.

At present, Huawei smartphones are being used by more than 500 million consumers in more than 170 countries around the world. Said Richard Yu, CEO of Huawei Consumer BG: “Looking to the future, Huawei’s consumer business will focus on the core concept of consumer-centric and will dare to keep innovating, and make every effort to become a pioneer and leader in the next wave of the smartphone revolution, as well as constantly create new value for consumers, let our consumers better enjoy their lives, and truly make Huawei a brand that is beloved by consumers the world over.”

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Pet Corner BusinessMirror

Wednesday, January 9, 2019

Less hiss, more purr: Vets turn to cat-friendly treatments VETERINARY nurse An’Jillian Hanshaw placing her cat Lincoln on the table as Veterinarian Amy Keith and Veterinarian Assistant Nate Johnson assist at Valley West Veterinary Hospital in Charleston, West Virginia. AP

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By Maria Young The Associated Press

HARLESTON, West Virginia—To no one’s surprise, it seems cats don’t like going to the veterinarian.

For all their aloof arrogance, a lot of them get pretty freaked out being put in a small box and transported to a strange room with barking dogs and other potential kitty hazards.

And that may explain why 10-year-old Alley behaved so poorly when she went for her regular checkups.

“She’s a bit high-strung,” said her owner, Kathy Carte of Charleston. “She would growl and scratch. But not any more—now we have tools to help with that.”

That’s because Valley West Veterinary Hospital in Charleston, where Alley is treated, recently completed the certification process to become a silver-level catfriendly practice, through a program established by the American Association of Feline Practitioners.

“The veterinary visits are seeing far more dogs than cats, and so people were wondering, ‘Why aren’t people taking their cats to the veterinarian?” said Amy Isaac, a veterinarian with Valley West. “And I think a large reason for that is that it is very difficult to get your cat to the veterinary office. They are scared of the carrier, they’re stressed when they come to the environment of the veterinary hospital. Owners are kind of scared to take them, because they know the cat’s going to be fearful.”

The program was developed, she said, to help make veterinary visits easier and to educate owners that cats really need veterinary care, too.

“Just like with people, preventative care for cats is much less expensive than treating a problem that’s gone undetected for a long time,” said Amy Keith, another Valley West veterinarian.

Valley West is one of a handful of practices in the state to complete the certification program. Others include Cross Lanes Veterinary in Cross Lanes, All Creatures Veterinary Clinic in Princeton and Animal Care Center, also in Princeton.

The certification process is extensive and includes 11 different areas of standards each practice must meet. The waiting room, for example, needs to be visually accommodating, with a screen to block crated cats from view and a pheromone spray for calming

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Nina Dobrev, 30; Kate Middleton, 37; Dave Matthews, 52; Jimmy Page, 75.

HAPPY BIRTHDAY: You’ll face some personal and emotional changes this year. Don’t fret over what others do when you should be considering what you want and how to go about making your dreams come true. Handle legal and financial matters concerning others with clarity, precision and fairness. Put what isn’t working for you to rest, and move in a positive direction.

Your lucky numbers are 4, 18, 23, 31, 35, 42, 44.

a

ARIES (March 21-April 19): Concentrate on personal, medical, legal and financial issues.

Assess your state of health and fitness, and implement exercise into your daily routine. It will help ease stress, as well as give you an outlet for any anger you are feeling. HHHH

b

TAURUS (April 20-May 20): Suppress urgent feelings to start an argument. Getting along will be half the battle and the easiest way to avoid a negative response. A good idea that includes everyone will help you bypass those who are tempted to oppose you. HH

c

GEMINI (May 21-June 20): Get involved in something that requires physical strength. It will help lift any bad feelings you might have about a situation you face at work or with someone you have to deal with today. HHHH

d

CANCER (June 21-July 22): Opportunity knocks; don’t miss out because you are angry about something someone said.

The sweetest revenge is your own success. Follow through with your plans, and walk away from chaos and disputes. A physical activity will do you good. HHHHH

e them down.

Valley West even offers a “kitty concierge service,” said Keith, which allows owners to transport the cats directly into private exam rooms rather than exposing them to the sometimes-loud environment of a waiting room.

“I’ll offer one of the pheromone towels upon checkin, which they can take out to the vehicle and place over the carrier, and we do recommend the feline high-stress kits prior to bringing the patients in,” said receptionist Sherri Adkins, one of several trained cat advocates at the practice.

The high-stress kits provide calming medications owners can sprinkle in their pet’s food before the

visit, pheromone wipes for the carriers and probiotic formula to prevent upset stomachs.

For Alley, the treatment “takes the edge off and calms her down,” said Carte.

“She’s fully aware of where she is and what’s going on but she’s not as anxious.”

That’s important, said both Isaac and Keith. A calmer cat is easier to treat and doesn’t experience higher blood pressure or an accelerated heart rate.

Not only that, but the experience is better for pet owners, too.

“It makes me feel better because I know there’s not as much anxiety, so it’s a more pleasant experience for both of us,” said Carte. n

UK bans pet shops from selling puppies and kittens LONDON—Britain has banned thirdparty sales of puppies and kittens to protect the animals from exploitation.

The government says the new law will help crack down on “puppy farms” and make it harder for unscrupulous dealers who have little regard for animal welfare.

Animal Welfare Minister David Rutley said the ban “is part of our commitment to make sure the nation’s much-loved pets get the right start in life.” The decision follows a public consultation that found overwhelming support for banning third-party sales.

Under the new measure, people wishing to adopt a puppy or kitten would have to deal directly with a breeder or a re-homing center, rather than pet shops or other commercial dealers. Animal welfare groups praised the government measure as an important step forward. Marc

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Abraham, a veterinarian who appears on television and is the founder of Pup Aid, called it “a real victory for grassroots campaigners, as well as the

UK’s dogs and cats.”

He said the law would make breeders more accountable and make it more difficult to sell illegally smuggled

puppies and kittens.

The change was also endorsed by one of Britain’s best-known animal shelters, the Battersea Cat and Dogs Home.

It comes as the Royal Society for the Prevention of Cruelty to Animals (RSPCA) is asking the British public for information about the identity of a passenger and driver caught on closed circuit TV abandoning a dog despite its pleas to be allowed back into the car.

The abandonment took place earlier this month in Trentham, 145 miles (235 kilometers) northwest of London, but the video was circulating on Monday online.

“To see the poor dog in such obvious distress, jumping up at the car as it drives away, is just heartbreaking,” said RSPCA inspector Natalie Perehovsky. “I can’t understand how someone could do this.” AP

LEO (July 23-Aug. 22): Keep moving.

Whether it’s learning something new, traveling for business, or discussing plans with a friend, peer or lover. You can make headway if you are intent on taking action and getting things done instead of just talking about it. HHH

f

VIRGO (Aug. 23-Sept. 22): Do something constructive. Take better care of your health, your home and your relationships with others. Focus on what’s important, and refuse to let a dispute stand between you and your success. HHH

g

LIBRA (Sept. 23-Oct. 22): You will meet with opposition if you are too open regarding your intentions or plans. Consider what you have to accomplish in order to get others to see things your way. Preparation is in your best interest. HHH

h

SCORPIO (Oct. 23-Nov. 21): You can make a difference if you speak up. Using force isn’t going to do as much good as gathering your facts and making an intelligent case to back your thoughts and feelings. HH

i

SAGITTARIUS (Nov. 22-Dec. 21): Honesty will be necessary if you don’t want to make matters worse. Consider the changes you will have to make in order to appease someone you love.

HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Listen and observe how others react before you decide to get involved in a joint venture. Refuse to let emotions dictate how you make important decisions. If you feel the least bit uncertain, back up and rethink your options. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Personal changes should be considered. Taking the initial steps will make you feel good and encourage you to forge ahead. An emotional matter will spur you to strive for perfection and a better future.

Personal improvements will boost your morale. HHH

l

PISCES (Feb. 19-March 20): Your input will be welcome if you volunteer your help.

Someone who is jealous of you or your accomplishments will try to lead you astray. Recognize who is in your corner and who isn’t before you share information. HHH BIRTHDAY BABY: You are intuitive, smart and helpful.

You are quick and persistent.

‘shaken, not stirred’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Help with a heist 5 Closest 57-Across, in texts 9 Bond portrayer in Skyfall 14 Bring down the house?

15 Cream guitarist Clapton 16 Palindromic turbine part 17 High peak in WA 19 Jelly Belly’s ___-Frutti 20 Brewer’s supply 21 Riyadh resident 23 Blues or Jazz 24 French painter who led the Fauvist movement 27 One lacking pigment 30 “Stop it!”

31 Earring style 32 Nasty-sounding container 36 Must-haves 39 New Haven Ivy Leaguer 40 James Bond’s beverage of choice, whose letters are “shaken” in 17-, 24-, 51-, and 64-Across 42 Dr. of rap 43 Kenyan native 45 Fulfilled, as a promise 46 Sicilian mount

7 December 24 and 31 4 49 Old West hangout 51 Question from one concerned about punishment 56 1950s fountain order 57 Friends 58 “Uncle!”

62 With 52-Down, catchphrase such as Indiana’s “Crossroads of America” 64 Hall-of-Fame Expos left fielder 66 A Musketeer 67 Third baseman Longoria 68 Going ___ (arguing) 69 Bond portrayer in Moonraker 70 Gym units 71 “Cup or ___?”

DOWN 1 Troop group 2 Hold, as one’s breath 3 Pound of poetry 4 Unwelcome Boston Harbor vessel in 1773 5 Jerry’s partner 6 Member of a religious order 7 Food Network host Guy 8 “Get lost!”

9 Old PC monitor

0 Daily grind 1 11 Affirmed the truth of 12 I’s, in sorority names 13 Stubborn laundry target 18 Coast-to-coast US highway 22 “Breaking ___” (longtime AMC series) 25 Exploding star 26 Beloved author Morrison 27 “Excuse me...”

28 Kinks hit of 1970 29 Capital southeast of Olympia, Washington 33 Rub the wrong way 34 Enjoyed a dining hall 35 Sass 37 Villain who utters this puzzle’s title in a film of the same name 38 Connery who played Bond in seven films 40 Personal appearance 41 Accident-probing agcy.

44 Ace high?

46 Like a mournful poem 48 “The Racer’s Edge” brand 50 Et ___ (and others) 51 Indian silk center

2 See 62-Across 5 53 Yelp user, at times 54 40-Across garnish 55 One often has a star next to Washington, D.C. 59 Digging, metaphorically 60 Blood vessel that looks blue 61 Tequila sunrise direction?

63 Jargon suffix 65 ICU attendants Solution to yesterday’s puzzle:

Show BusinessMirror

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Wednesday, January 9, 2019

D3

EVEN with the slew of holiday releases, from blockbusters to awards darlings, Sony’s PG-13 rated thriller Escape Room managed to sneak into second place in its first weekend in theaters, generating an estimated $18 million in ticket sales—double its production budget.

BLIND SPOT BRUCE C.

BITTER CELEBRITY

WHO is this female celebrity who cried after the triumph of someone who is her junior in the field? According to eyewitnesses, the celebrity locked herself in a restroom after said triumph. It’s understandable that she would feel that way. The triumph would mean the other celebrity getting lesser jobs and bookings. In fact, if you look at her Instagram and compare it to other celebrity’s, you’ll see that her likes and engagements have diminished significantly.

It isn’t a surprise. The public is always on the lookout for a fresh face. The female celebrity has had her heyday. She knows she must give way to others.

JOBLESS HUSBAND

SO the supporting actress isn’t just estranged from one of her siblings but from most of her family, as well. We heard that before the actress got married, her mother talked to her fiancé and asked about his being jobless and what he intended to do about it. But after that, he never talked to her again. They’d see each other but he made sure she never got the chance to badger him again about not having a job. It’s not that the actress’s husband has had no opportunities. He is actually a talented man with many connections but it appears that he’d rather laze around than find a job.

WHO WILL WIN?

SO it is true that there was a power struggle involving a very popular franchise. While it is true that the current franchise could use some improvement, many are dubious about the challenger’s motives. Yes, they have the financial capability to run the franchise but why are they doing this? This struggle is apparently behind the recent victory of someone involved in the franchise. It’s really all about business and what would benefit the master franchise-holder. The struggle is still ongoing and it would be interesting to see who comes out the victor.

‘Aquaman’ continues reign, but ‘Escape Room’ sneaks into second

STILL PUSHY

THE pushy newbie is still at it. Despite all her efforts, stardom has eluded her. She and her family have resorted to paying for publicity that would imply she and her partner are truly a couple. It’s weird because if you see the newbie, she seems so sweet and innocent but she’s actually very pushy and determined.

And that’s what’s scary about her. Her duality is frightening because what she can do is unknown.

Even her former friends are wise enough to stay away from her.

L MISS TOYOTA ALABANG 2019 winner Kristine Charlotte Hammond and her court: Honey Margaret Cartasano, fourth runner-up; Natalya Margaret Lindsay, third runner-up; Kate Alyson Roño, second runner-up; and Eloisa Jauod, first runner-up

ANOTHER BEAUTY PAGEANT IS BORN

A NEW beauty pageant was born and this just proves that the Philippines is not lacking in beautiful maidens worthy to wear beauty crowns.

The new beauty contest is Miss Toyota Alabang, and it is the launching project of Toyota Alabang Inc. headed by Cesar T. Lee, chairman; Michael M. Lee, vice chairman and Jhoanna Leex-See, president and general manager.

The winner, 19-year old Kristine Charlotte Hammond was crowned on December 19 at the Toyota Alabang Inc. Showroom. The crowning guests and presenters of prizes were: Jhoanna See, Deo Macalma, vice president and station manager of DZRH; Labor Secretary Silvestre H. Bello III; and Ernesto Echauz, chairman and CEO of Standard Insurance.

Hammond joined Pinoy Big Brother in 2016 and was known as the “Sporty Spice ng Laguna.” She said, “After I exited from PBB, doors of opportunity opened for me and I became an influencer/endorser for various brands. This is the only thing I can handle while I am studying and playing volleyball.” Last summer, Hammond joined the Miss Biñan search and won as first runner-up. She also won as second runner-up in Miss Nation Queen 2017.

The production of Miss Toyota Alabang 2019 was handled by renowned fashion designer Renee Salud, who was also one of the judges.

The other judges were Secretary Bello, Bureau of Correction Director General Nicanor E. Faeldon, Macalma, See, Echauz, famous hairstylist James Cooper, Don McGyver Cochico, Professional Models Association President Raphael Kiefer, Raffy Biazon, and former models and beauty queens Leren Mae Bautista, Desiree Verdadero Abesamis and Ana Abiera del Moral.

Among others, Kristine Charlotte Hammond received a cash prize of P100,000.

By Lindsey Bahr The Associated Press

OS ANGELES—Aquaman is still the champ at the box office three weeks in, but the highconcept thriller Escape Room also drew some substantial crowds in its debut weekend.

Warner Bros. on Sunday says that Aquaman has added an estimated $30.7 million from over 4,000 North American theaters. That brings its domestic grosses to nearly $260 million. The DC comics film starring Jason Momoa has had a tidal wave of successes internationally, too.

Worldwide it has made $940.7 million, making it by far the highest grossing film in the modern DC Extended Universe slate (No. 2 is Batman v Superman:

Dawn of Justice with $873.6 million).

Even with the slew of holiday releases, from blockbusters to awards darlings, Sony’s PG-13 rated thriller Escape Room managed to sneak into second place in its first weekend in theaters generating an estimated $18 million in ticket sales—double its production budget.

The film stars Taylor Russell, Deborah Ann Woll and Logan Miller, and was directed by Adam Robitel.

It got mixed reviews from critics and audiences, but that didn’t seem to matter when it came down to the bottom line. “Movies that open in the early part of January don’t get a lot of respect, but this was a great profit maker,” said comScore Senior Media Analyst Paul Dergarabedian. “Sony took perfect advantage of what is typically a marketplace devoid of newcomers and made box office hay out of it.”

Disney’s Mary Poppins Returns landed in third place in its third weekend with $15.8 million. The nostalgic musical has earned $138.7 million domestically and is competing for four Golden Globe Awards on Sunday evening. Globally, it’s made $257.9 million.

Spider-Man: Into the Spider-Verse took fourth place with $13 million and Bumblebee rounded out the top five with $12.8 million.

The Dick Cheney biopic Vice fell only 25 percent in its second weekend, adding $5.8 million to take seventh place. A leading nominee at the Golden Globes, Vice, starring Christian Bale as the former vice president, has now earned $29.8 million, but

still has an uphill climb to even meet its $60 million production budget.

In limited release, the Ruth Bader Ginsburg biopic On the Basis of Sex continued to perform well, with $1.7 million from 112 locations, before expanding nationwide next weekend. The Bollywood film Simmba, playing in 292 locations, grossed $1 million, bringing its North American total to $4.1 million.

Six days into the new year and coming off of a record 2018, the box office overall is running a little behind (5 percent) where the totals were last year, when Star Wars: The Last Jedi and Jumanji: Welcome to the Jungle were still printing money.

But that could all change when Glass opens on January 18. The M. Night Shyamalan film could be a January record-breaker.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. Aquaman, $30.7 million 2. Escape Room, $18 million 3. Mary Poppins Returns, $15.8 million 4. Spider-Man: Into the Spider-Verse, $13 million 5. Bumblebee, $12.8 million 6. The Mule, $9 million 7. Vice, $5.8 million 8. Second Act, $4.9 million 9. Ralph Breaks the Internet, $4.7 million 10. Holmes and Watson, $3.4 million. n

Kevin Spacey’s lawyers enter not guilty plea in sex assault NANTUCKET, Massachusetts— Lawyers for Kevin Spacey entered a not guilty plea on his behalf in Massachusetts court on Monday on charges he groped an 18-year-old busboy in 2016.

The disgraced actor was arraigned on a charge of felony indecent assault and battery during a hearing at Nantucket District Court. The judge set another hearing for March 4. Spacey does not have to appear, the judge ruled, but said he needs to be available by phone.

Spacey must stay away from his accuser and his accuser’s family, the judge also ordered.

The judge granted a request by Spacey’s lawyers to preserve the victim’s cell-phone data from the six months following the alleged assault.

Spacey’s attorney Alan Jackson said there is data that is “likely exculpatory” for Spacey.

Spacey and his lawyers declined to comment as they left the courthouse amid a crush of reporters.

The hearing comes more than a year after a former Boston TV anchor accused the former House of Cards star of sexually assaulting her son, then 18, in the crowded bar at the Club Car, where the teen worked as a busboy.

Jackson has sought to poke holes in the case, noting that the teenager didn’t immediately report the allegations.

If convicted, Spacey faces as many as five years in prison. Spacey has said he intends to plead not guilty.

The civil attorney for the accuser said in a statement ahead of the hearing that his client is “leading by example.”

“By reporting the sexual assault, my client is a determined and encouraging voice for those victims not yet ready to report being sexually assaulted,” said lawyer Mitchell Garabedian, who has represented hundreds of clergy sexual abuse victims.

Garabedian is not a part of the criminal case against Spacey.

Media trucks lined the street before dawn, and locals on the island, which

ACTOR Kevin Spacey arrives at district court on January 7, in Nantucket, Massachusetts, to be arraigned on a charge of indecent assault and battery. AP

teems with tourists in the summer but quiets down in the winter, drove by slowly to take photos of reporters standing in line in the cold.

When the doors opened, more than two dozen journalists packed the courtroom hours before Spacey was scheduled to appear.

It’s the first criminal case brought against Spacey, 59, since other allegations of sexual misconduct surfaced against him in 2017.

A judge denied Spacey’s bid to avoid appearing in person on Monday.

Spacey had argued his presence would “amplify the negative publicity already generated” by the case.

Television anchor Heather Unruh told reporters in November 2017 that Spacey got her son drunk and then grabbed his genitals during the incident. She said her son fled the restaurant when Spacey went to the bathroom. AP

Wednesday, January 9, 2019

D4

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Same dog, New Year, new tricks SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

Editor’s note: The author is a content development leader at a leading BPO who has a thing for music old and new, and an a��inity to bodies of water. His column begins this week and appears every Wednesday therea�ter.

‘W

HERE are we going?” A coworker asked as we turned a corner. I said, “Back to the office, why?”

He laughed. I suddenly realized we were headed away from the office. I was taking a familiar route and I had gone on autopilot thinking that I was on my home. They call it force of habit.

However you may want to call it, habits play a very important role in developing your personality and making you, well, uniquely you.

This space will deal with the most important person in the world, which of course is you. This column will endeavor to help you build your image to friends, officemates, and everybody else in between, this without losing your own unique identity so you can confidently be in a class of your own. A good grasp of how habits build your personality helps you understand how each little thing in your day can actually bring you closer to your ideal self. The year has just started and it is rife with possibilities of how you can become the person you want to be.

Habits are little things you unconsciously do everyday and the choices you make. Habits define what you value and show to others where your affinities lie. They are formed when you do something repeatedly, like driving on the same route going home, that your brain becomes accustomed to it. This gives you time to think of something else, like mentally going through your grocery list while navigating through Manila traffic.

Understanding the nature of habits can also help you figure out how and why you favor something— be it a particular brand of shoes or bags, a type of alcoholic drink, a variety of chocolate and so on.

These are not inherently bad in themselves when done in moderation, but when these control your other activities and take over your everyday thought, they can become a hindrance to your success. Bad habits can take up valuable time that could have been spent instead on improving yourself, which could then lead to self-destructive choices and decisions.

While your New Year’s resolutions are still fresh, now is the best time to evaluate your daily activities and identify which are helpful to achieving these resolutions. You need to bolster those activities that will help you toward those goals, and decisively break down the habits that have become a hindrance. It is easier to stop bad habits when they have not yet taken

root, instead of letting them grow and take over other aspects of your life.

In order to do that, you have to know how habits are formed.

A cursory review of available literature will tell you that it takes a minimum of 21 days to form a habit.

A more detailed research will reveal that for more difficult habits to form, you need more than 21 days for something to be hardwired into your brain in what researchers call automaticity—doing something without even thinking about it. This explains how a trial cup of coffee in the afternoon later on becomes your go-to drink to stay alert, and in time this becomes your norm. Pretty soon, you cannot stay alert in the afternoon without coffee.

Habits are powerful building blocks of your personality. What you do repeatedly inadvertently becomes what you are. And if you want your New Year resolutions to stick, you need to take careful thought and deliberation. Some habits are borne out of necessity, like brushing your teeth, taking a bath, or

cleaning your room. These prevent you from getting sick and allow you to socialize freely. Work habits also help you get through the workload—e.g., listing down what you need to do for the day, regularly coaching your supervisors, or checking up on your project deliverables. These are habits that make wise use of your time and not just build your credibility but also deposit goodwill in the emotional banks of people under you, which will pay out in significant dividends later on.

As a new manager, my director took the time to have weekly skip-level discussions with me because she wanted to know what was going on with my team. At the same time, she also wanted to talk to me about my personal concerns. I was terrified. It was something new and I did not know her well enough to know what to expect on those meetings which occasionally filled me with apprehension. After a few meeting, I was no longer reporting what was going on with my team as much as discussing with her how we could improve my team’s productivity and

efficiency. In as little as three months, she was already picking my brain for strategies and involving me in planning. She helped me develop the habit of looking at the vision for the team and how it would benefit not just the department but the company in the long run.

She was deliberate in building that habit in me and, unconsciously, I adopted her way of thinking.

On the other hand, there are some habits that take up so much of our time with nothing to show for it.

Take stock of your daily activities and evaluate which ones you spend time on and look at the bigger picture, then ask yourself if it will help you achieve your New Year resolution/s. You might be surprised that when you become more mindful of the things you are doing, you will find that a few seemingly inconsequential things eat up so much of your time and deviate from what you want to accomplish for yourself.

List those down and next week, we will look at how you can abandon those bad habits and replace them with new ones to create the best version of yourself this 2019. n

Go for New Year’s ‘real solutions’ JUST THAT JT NISAY

jtnisay@gmail.com

WHILE unpacking from a short trip overseas a few years ago, I took out from the luggage two pairs of pants, three shirts, some socks and gym shorts—all unworn. The last to go was an extra pair of shoes that returned home without a trace of foreign dirt.

To prepare clothes in excess was a mother-knowsbest principle instilled in me so deep it became muscle memory, a vivid reminder where I could hear her voice, saying, “It’s better to be safe than sorry.” I never bothered to question the idea, until that very moment where I had in front of me clothes stuck in laundry purgatory.

This happened during the tail end of 2016 and so naturally, the realization to pack light rolled on to become a New Year’s resolution.

Google told me the key is preparation. The most effective way of saving yourself from the burden of lugging a heavy bag and time-consuming unpacking sessions is to print an itinerary and plan out ensembles accordingly and, more important, economically.

If Monday was for business meetings, Tuesday a casual city tour and Wednesday short shopping, then it’s probably best to leave those swimming trunks behind, which were always reserved for

the quick hotel pool dip that never happens.

Why bring three pants when you could wear the same one worn for arrival and for departure?

Why bring multiple shoes for particular functions when you could go for the one that combines formality and comfort? The list goes on, and I tried to tick every single box.

The pile of excess packs got lower and lower with every trip. The perks of avoiding check-ins and getting out of the airport as soon as possible, while people are still lining up at conveyor belts, became secondary. What’s more fulfilling in clearing the resolution is seeing the face on people whenever I explain that what I need for three days can all fit in my backpack, laptop included. More than that, it’s their realization that packing light is not a myth; that it can be done.

Every New Year’s resolution should have that effect. Aside from being achievable and sustainable, goals and their completion should be inspirational to others.

If “to read more” and “be fit” have been on your head for multiple Januarys now, then it might be wise to go for something lighter to achieve and easier to sustain. Build a habit of winning before you go for the big guns. Start small. Cut down on coffee, take the stairs more often, listen more attentively. Go for the realistic solutions.

Then again, I’m just someone who tried to pack light. If you’re looking at some things to iron out, corners to smoothen, take it from someone like B.C. Forbes, the founding editor of the media outlet named after him. Forbes.com republished on New Year’s Day a list of resolutions written by Forbes a shade under a century ago. Here’s an excerpt of his column that came out on December 29, 1919, titled “Resolutions for 1920.”

I resolve...

To strive to contribute something to the world, its work and the people in it.

To bestir myself more energetically to achieve, and to fret less about reward.

To spend and be spend in worthy service.

To give full measure, running over.

To adhere, the best I can, to the golden rule, both in business and in social life.

I resolve...

To go about my activities with greater cheerfulness.

To be more considerate of others.

To be a good teamworker.

To commend more and condemn less.

To boost rather than bedevil.

To be an inspiration, not a wet blanket.

To pour oil on the machinery of my business rather than drop grit on it.

To be more of a helper and less of a hinderer.

To be a propelling force, not a brake.

To be to my employer and to the world an asset rather than a liability.

I resolve...

To form a more de�inite, clear-cut purpose in life.

To push forward more painstakingly, perseveringly and conscientiously to its realization.

To squander less vitality, less time, less money.

To exercise more self-control, more self-reliance, more unsel�ishness.

To take sharp-edged disappointments and hammer them into spurs.

To philosophize more, recalling always, when things go more than usually awry, “This, too, will pass.”

GAOC OPENS AT AYALA MALLS VERTIS NORTH TOP dentist Dr. Steve Mark Gan recently opened the 10th Gan Advanced Osseointegration Center (GAOC), his newest and largest state-of-the-art clinic at Ayala Malls Vertis North. The new clinic will uphold the center’s philosophy of excellence and personalized service.

The clinic will serve people from Metro Manila North, Camanava (Caloocan, Malabon, Navotas, Valenzuela area) and even those as far as from Pampanga, using the latest digital dental technology and facilities, and providing the superior dental services that GAOC is known for.

Leading the grand opening were (from left) AnyConnect’s Chris Piché, Boysen Philippines’s Willy Ong, SBS Philippines’s Necisto Sytengco, Dr. So Ting Go-Gan, Dr. Steve Mark Gan, Dr. William Hoping Gan, Aivee Group’s Dr. Aivee and Z Teo.

Business

E2 Wednesday, January 9, 2019

Leading the sustainability revolution in real estate

Amor Maclang

J

FIRST DIBS IN REAL ESTATE

ANUARY always promises an opportunity to turn a new leaf, and a most pleasant surprise and token of sustainability I had received was from pioneering sustainability developer, The Net Group (TNG), a fully nonplastic, reusable, renewable picnic basket with the iconic map of Bonifacio Global City (BGC) as the figurative and literal map.

I had an exchange over the holidays with TNG copresident and real-estate sustainability pillar, Raymond Rufino, with regards to the responsibility of an industry we both love toward the community and the environment.

As waste landfills grow larger and the environment becomes more polluted, the call for sustainability is stronger than ever. Sustainable living is a rising trend that demands to be adapted to the everyday lifestyle.

While most businesses are still on the mindset of adjusting to fast-paced trends, others are innovating towards long-lasting development.

In its efforts to promote the green lifestyle, TNG, the leading green office building developer in the Philippines, gifted environment-friendly picnic baskets to its tenants and partners for Christmas.

Enclosed in the collapsible picnic basket are sets of foldable stainlesssteel utensils, collapsible silicone cups and containers and the #tnghappyatwork picnic mat that displays all the perfect picnic spots around BGC. In support of WWF-Philippines’s #AyokoNgPlastik movement, a sleek reusable glass water bottle for an alternative to plastic water bottles was also included in the kit. These plastic-free picnic essentials encourage to enjoy and celebrate the outdoors while also protecting it from harmful waste.

TNG’s theme and tagline for Christmas this year was #tngenchantedchristmas as its building lobbies were decorated with reusable Christmas trees adorned with live air plants and terrarium ornaments.

The decor also featured a koi pond and other elements of nature as the whimsical display encourages viewers to return to and be enchanted with nature.

Established in 1999 by real-estate pioneers Jacques Dupasquier and Carlos Rufino, TNG has grown to become the leading green real-estate

developer in the Philippines.

“We fully realized that we have a responsibility to the environment, our community and, most important, our tenants to provide health, productive and resilient workplaces with minimized environmental impact. This is why we have positioned The Net Group to be a leader in sustainability, and we are proud to be the top green office developer in the Philippines,” said Raymond Rufino.

Unbeknownst to many, Raymond is a major proponent and pioneer in the movement for sustainability in the real-estate industry. I always tease him as the young father of this young movement.

When Raymond returned home from earning his master’s degree in real-estate development from Columbia University in 2006, his father asked, “Your master’s education cost me a small fortune. Now that you are home, what’s the biggest learning you can bring back to our business?”

The request to keep the payback period for his father’s investment in his education short was no surprise for the young visionary.

Raymond immediately answered, “Green building and sustainability.”

Armed only with the conviction to push sustainability, the young Rufino joined a group of like-minded and passionate individuals, and together, they incorporated the Philippine Green Building Council in 2007.

Today, PhilGBC is an established member of the World Green Building Council and has almost 300 corporate members representing the various sectors of the real-estate industry.

“My hope and vision for Philippine real estate is a built environment not only created through the Filipino’s world-class talent, creative ingenuity and positive spirit but also founded on a respectful balance of people, planet and profits,” said Raymond, who is a past chair of the PhilGBC.

IN its efforts to promote the green lifestyle, TNG, the leading green office building developer in the Philippines, gifted environment-friendly picnic baskets to its tenants and partners for Christmas.

THE Net Group (TNG) is the only office developer to have accomplished all of the following: 100 percent of the portfolio of seven office buildings is certified as green buildings under the Building for Ecologically Responsive Design Excellence green building rating tool; 100 percent of the portfolio is powered by clean and renewable geothermal energy through a power-purchase agreement with Cleanergy of AboitizPower; and 100 percent of the portfolio particpates in global sustainability benchmarking through Global Real Estate Sustainability Benchmarking and the ULI Greenprint Foundation.

PhilGBC established the Building for Ecologically Responsive Design Excellence (Berde) rating system, a localized certification system for green building development to match the conditions of the Philippines.

“It’s easy to market and advertise real-estate projects as ‘green,’ but only certification provides the public and the government with the assurance that a project is truly green and sustainable—performing above and beyond minimum standards for green building design, construction, performance and operation,” he said.

“I decided a long time ago that I would measure my success by the positive impact I can make in the world. And I realized that the greatest positive impact I could make would be through our own real estate development business,” he added.

TNG is the only office developer to have accomplished all of the following: n One-hundred percent of the portfolio of seven office builidngs is certified as green buildings under the Berde green building rating tool. n One-hundred percent of the portfolio is powered by clean and renewable geothermal energy through a power-purchase agreement with

Cleanergy of Aboitiz Power. n One-hundred percent of the portfolio participates in global sustainability benchmarking through Global Real Estate Sustainability Benchmarking and the ULI Greenprint Foundation.

TNG’s Net Lima office project was the pilot project and first certified / green office building under the Berde rating system. In 2016, it won 1st Runner-Up in the Asean Energy Awards in the Efficient Buildings New and Existing Building Category. The same year, it was honored at the Meralco K-Ligtas Awards for its energy efficiency and safe practices.

Since 2011, the buildings of TNG’s portfolio have been recognized by the Department of Energy with the bestowal of the Don Emilio Abello Energy Efficiency Awards. The office developer has also reached international standards. In 2013, it was named Philippine representative to the Asean Energy Awards Best Practice Competition and in 2015. Net Park became a finalist in the 5-Star Best Commercial High Rise Development category of the International Property Awards Regional and Global Division in London.

Recently, the green developer

achieved five-star ratings for Operations under Berde certification system for Net One, Net Square, Net Cube, Net Quad and Net Plaza. Net Park likewise triumphed as the Philippine Winner of the Leadership in Sustainable Design and PerformanceCommercial award in the 2018 Asia Pacific Leadership in Green Building Awards, given last September 21 during the PhilGBC Building Green: Green Building Conference 2018 at SMX Convention Center. Further propelling TNG towards excellence, copresident Maria Cristina Samson was conferred Philippine Winner of the Women in Green Building Leadership Award. Samson was one of the three finalists for this new award in the 2018 WorldGBC Asia Pacific Awards that recognizes women’s role in delivering change in green urban development.

Through its TNG Green campaign, TNG has an active set of programs and activities that engage its tenant community in promoting sustainability.

Some of these activities include treeplanting activities, eco bazaars, Earth Hour participation, and sustainability workshops.

In partnership with Meralco, TNG has also provided electric-vehicle charging stations in two of its buildings, Net Lima and Net Park, with the intention of encouraging tenants to invest in electric vehicles as a more environment-friendly alternative.

TNG has also provided free electric shuttle services within its portfolio

to reduce the carbon footprint when traveling short distances within BGC. In 2016, Meralco recognized TNG as the Commercial Corporate Luminary for the two companies’ shared advocacy of energy conservation.

Rufino sees sustainability trends in legislation, health and wellness, and occupancy types in the real-estate industry for 2019.

“With climate change now a pressing concern and priority, there will be increased legislation and enforcement on both the local and national level for higher levels of environmental performance for our buildings,” he noted. As real-estate development becomes more geared toward the wellbeing of the building occupants, Rufino predicts more attention on the improvement of indoor air quality and lighting in connection with sustainability.

“Green buildings are no longer just about minimizing environmental impact and conserving resources— green buildings can directly contribute to the health, well-being and productivity of its users,” he said.

Rufino claimed hospitality, health care and restaurants are occupancy types that will be key sectors for green buildings.

“PhilGBC has received forthcoming demand for green hospitals driven by WHO Promotion and DOH Mandate. Tourists are also demanding greener hotels, as well as carbon offsetting options from the airline industry,” he said.

Design Center showcases bamboo innovation at Manila FAME

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HE Design Center, an attached agency of the Department of Trade and Industry (DTI) successfully showcased innovative and revolutionary bamboo products at Manila FAME 2018. The special bamboo setting was arranged under a canopy of bamboos and was divided into two innovation projects—the Bamboo 360 and the Bamboo Extreme 2.0.

The Bamboo 360 featured design-forward home and lifestyle products, while the Bamboo Extreme 2.0 focused primarily on mobility concepts for modern

lifestyle. Gracing the innovative bamboo display were (from left) Trade Undersecretary Nora K. Terrado, Design Center of the Philippines Executive Director Rhea Matute, Philippine Nickel Industry Association Chairman Isidro Alcantara Jr., Olli Consulting Group Inc. Chief Executive Officer Leo Dominguez, Chamber of Mines of the Philippines Vice Chairman Joey Leviste, Trade Secretary Ramon M. Lopez, Bambike Founder Bryan Benitez McClelland and Center for International Trade Expositions and Missions Executive Director Pauline Suaco-Juan.

sMirror

Wednesday, January 9, 2019 E3

Aspen Hotel needs accommodations in Slex, QC and BGC

By Rizal Raoul S. Reyes

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@brownindio

HERE is a need for more upscale accommodations to meet the demands for tourists and business travelers in the Metro Manila area, according to a hotel official.

Roberto Alvarez Jr., president of Novel Residential Concepts told reporters in a recent briefing that there is a huge unmet demand in the long stretch of the main C-5 Road from the South Luzon Expressway (Slex) side in Taguig City all the way to Bonifacio Global City up to the Quezon City. In response, Novel Residential Concepts and C-5 Mansions Development Corp. have launched a partnership toward the development and management of an innovative hotel investment property a few steps away from SM Aura in BGC. Alvarez said Aspen Hotel aims to fill a big gap in the market and will cater to businessmen, expatriates and Filipino families starting in 2022. Aspen Hotel will occupy the 14th to 19th floors of C-5 Mansions’ Ridgewood Towers Premier project, which is now under construction across the British and Korean embassies.

Moreover, he said the two companies are now seeking investors to enable them to join in Aspen’s development under an automatic hotel lease agreement. Alvarez stressed the project has a large potential because of the continuous growth of BGC. The hotel’s 186 units, comprised mainly of studio and one-bedroom units, are being offered to long-term investors starting at about P3.5 million each. This is already inclusive of the unit cost, fit-out cost and mis-

cellaneous fees.

All units will be automatically fitted out and automatically leased out to Novel, which guarantees investors a minimum of 6 percent p.a. return to be paid out semiannually. Investors are also set to profit more if the hotel registers high occupancy rates via bonus rates at up to another 6 percent for a total of up to 12 percent return per year.

Alvarez said luxurious rooms have large-cut formats which offer the comforts and luxury of a hotel, thereby making guests feel right at home. The property will offer a polished and stylish look with a welcoming vibe that is translated not only by the rooms and amenities, but also by hotel staff that are ready to accommodate and provide assistance to guests.

To further ensure the comfort and convenience of its guests within a luxurious ambience, it will offer facilities such as private lobby, an all-day restaurant and function rooms for meetings at the second floor. Other leisure facilities include a lap pool, gym, kiddie playroom, a private theater/ game room, and a sky garden with a sweeping vista of BGC. At present, the management believes the daily rate of P3, 500 upon the hotel’s opening is bring in the visitors, as it is competitive with the other hotel properties in the area. “While of course the

ARTIST’S perspective of Aspen Hotel lobby

daily rate may change depending on the market conditions once we start operating in 2022, we are confident that our target market will enjoy the premium affordability that we are offering at Aspen Hotel vis-à-vis other hotel operators in and near BGC,” Alvarez explained.

“Our target with this partnership and project is to offer the best in Filipino hospitality to our local and foreign guests at the hotel, while offering a unique investment opportunity to investors who share in our vision to ride the continued growth and development of BGC,” shared C-5 Mansions Development Corp. General Manager Alfonso Keh Jr.

ARTIST’S perspective of Aspen Hotel room

Filipino warm hospitality meets Thai graciousness

By Roderick L. Abad @rodrik_28

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IPA City is all set toexperience the warmth of Filipino hospitality and Thai graciousness as Torre Lorenzo Development Corp. (TLDC) tied up with Dusit Thani International for a world-class accommodation facility that is expected to rise at the first premium mixed-use development in this side of Batangas by 2021.

In the P2.4-billion urban lifestyle center called “Tierra Lorenzo Lipa,” Dusit Princess Lipa will offer both the business and leisure markets with wellappointed 152 rooms together with its premium hotel amenities and facilities.

Other offerings will include an all-day dining restaurant, a fully equipped gym, a swimming pool and function rooms.

“Lipa, Batangas, over the past few years, has exhibited solid economic growth which shows signs that it is an emerging key city. With the addition of Dusit Princess Lipa, Tierra Lorenzo Lipa is expected to change the leisure and real-estate landscape in the area,” said Tomas P. Lorenzo, president and CEO of TLDC. This project, according to Dusit International Group CEO Suphajee Suthumpun, is going to be the pioneering global branded hotel in this first class city in the province of Batangas.

Seeing that Lipa has so many things to offer yet still missing a hospitality facility that is of global standard, she said that they decided to work with the leading property developer in the country to offer tourists with their distinctive kind of service.

“As the first internationally branded hotel in the area, Dusit Princess Lipa is positioned to tap into the fast-growing domestic and leisure market,” she said

TIERRA Lorenzo Lipa, the first urban lifestyle center in this first-class city in Batangas, features 152-room Dusit Princess Lipa Hotel and two residential condominiums.

TORRE Lorenzo Development Corp. (TLDC) formalizes its partnership with Dusit International and Dusit Thani Philippines Inc. for the first premium hospitality development in Lipa, Batangas. Seated (from left) are TLDC President and CEO Tomas Lorenzo, Dusit Thani Philippines Inc. Vice Chairman Evelyn Singson and Suphajee Suthumpun, Group CEO of Dusit International. Standing (from left) are TLDC CFO Noel Rapadas, TLDC COO Lalaine Regina and Dusit International COO Lim Boon Kwee.

during their contract signing held recently at Dust Thani Hotel in Makati City.

In fact, Suthumpun noted that it’s actually going to create a big potential for the city itself because it can welcome more tourists, conference attendees and some kind of business travelers.

“If you look at the number of occupancy for the city itself, the majority of those hotels are 100 percent occupied and the minimum percentage is 40 percent, which actually opens a lot of rooms for us to be there to offer something better for the city,” she explained.

Established in 1948, Dusit International offers a unique international portfolio of distinctive hotels and resorts operating under four brands: Dusit Thani, dusitD2, Dusit Princess and Dusit Devarana. Dusit Thani

Manila has been in the Philippines for 10 years.

“As we continue to expand the Dusit footprint in the Philippines, we are confident that we have found the right partner in Torre Lorenzo,” said Evelyn Singson, vice chairman and president of Dusit Thani Philippines Inc. “We wish this project the best and success, and we hope that we have more of this kind of pioneering projects to develop in the country,” Suthumpun added.

On his part, TLDC CFO Noel Rapadas expressed gratitude to Dusit International for partnering with them because this project will help grow the business of both parties.

“It also enables us to expand our services to the projects outside of Metro Manila, which to us is a strategic direction because we want to build our brand by moving across the country. This allows us now to also mutually leverage on our expertise, our market knowledge and our brand,” he said.

Apart from accommodation, Tierra Lorenzo Lipa will also house two residential condominiums, with a combined inventory of 526 residential units. “As a real-estate developer, we do not go with trends. We aim to provide an upgraded and elevated lifestyle for emerging affluents for communities in evolving cities all over the country,” Lorenzo stressed.

In January 2019, TLDC will complete Davao’s first luxury complex which houses the Dusit Thani Residence Davao and dusitD2 Davao hotel in Lanang, Davao City.

The company continues to expand its portfolio which features premium university residences, multi-use complexes, leisure destinations and townships across the country.

BusinessMirror E1 | Wednesday, January 9, 2019 • Editor : Tet Andolong

Architecture students design next-gen MRT terminal

By Rizal Raoul S. Reyes

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more comfortable and have greater mobility.

@brownindio

Breaking away from traditional design

AILY commuting is a horrifying experience for commuters in Metro Manila.

The poor commuters are also subjected to excruciating experiences and ordeals such as dirty terminals while waiting for their next train ride.

The School of Design and Architecture of De La Salle-College of Saint Benilde (DLS-CSB) recently launched the Edsa Prototype for Mobility project under professors Ven Quizon and Jimmy Caumeron.

It is actually a superstudio seeking to address the commuters’ plight plying through Edsa. The students focused on Edsa-Ayala station, since Makati remains the premier business district linked with the Edsa Metro Rail Transit (MRT).

“A huge percentage of Makati's population is its working commuters. We have seen footages and photos online of our poor commuters suffering on a daily basis who just want to go to work and then go home. Our class found this situation inhuman and thought that, as citizens of this city, who pay taxes, we deserve better. Therefore, the studio speculated a burgeoning population resulting to the proposal of additional two concourse levels to provide more train capacity,” said

architecture student Noel Joseph Narciso in a recent interview with the BusinessMirror.

Solving the mobility problem

NARCISO and classmate Maria Beatrice Villoria were asked to solve internal mobility and circulation challenges in the MRT Edsa-Ayala station. They were asked to design all concourse levels to serve the same routes. Moreover, they were also asked to develop a clever solution to allow the commuters to choose the right concourse without relying on technology but through the management of sight lines and movement.

They also implemented a futureproofing concept in their designs.

They used the year 2050 as the basis for their design wherein the population of Metro Manila by then would be gargantuan 23.5 million according to the University of Ontario Institute of Technology.

The initial design challenge for

IN her design, Villoria proposed that the ground level of the Edsa-Ayala Metro Rail Transit station be fully lighted and have bigger sidewalks for greater visibility and mobility.

MARIA BEATRIZ VILLORIA

Narciso and Villoria was to first analyze existing site conditions of the current Ayala MRT system, and to explore how circulation systems of incoming and outgoing pedestrians could be improved. In addition to this, the extra design challenge was to redirect pedestrian circulation given that two additional train concourses would be placed on top of the already existing site.

The professors and students agreed that the most logical solution to reroute pedestrian circulation was to create a diagonal ramp that intersects all slabs. These diagonal ramps were then placed on both

NOEL JOSEPH NARCISO

sides of the structure connected by pedestrian bridges crossing above and below, saving pedestrians the need to jaywalk at natural ground level and to radically improve internal terminal connectivity.

With a public sky garden connecting all three main terminals wrapped by diagonal ramps all around the levels of the structure, Narciso said the terminus is placed above all concourses; a literal prioritization of pedestrians above both train and vehicular networks.

“This creates a seamless pedestrian transition experience on all vertical levels within both the concourse and

NARCISO’S design advocates more public space in the MRT Edsa-Ayala station to enable commuters to relax and unwind while waiting for their ride.

outgoing to connected buildings.”

Anchored on circulation-based platform to address the dearth of public spaces in Metro Manila, Narciso said his design also gives premium on the three concourses in the station. On top would be the public garden and the Sky Bridge, which connects SM Makati and One Ayala. “So the people can enter the MRT through these private institutions and descend into the trains either going north or south.

Villoria, meanwhile, also proposed the installation of more lights on the ground level to enable people using the area to be safer,

TO address the congestion at the entrance points in the station from the McKinley side, Narciso and Villoria proposed in their designs that ticketing, booking services and entrance be placed at the current Telus building while SM Makati and the soon to rise One Ayala complex will also function as the entrance points coming from the Ayala commercial business district.

Placing the ticketing and booking functions in those areas will give people more space to move around the area, according to Narciso and Villoria.

Asked if their designs were practical and feasible, Villoria said CSB architectural students are urged to break away from the traditional design and the pragmatic concepts.

“The teachers in CSB asked their students to be explorative,” she said.

As far as they are concerned, Narciso and Villoria created their designs in response to the needs of the future generations.

For Narciso, architecture needs a bigger voice in development and needs to work with various disciplines to achieve total development. “Architecture humanizes the problem in the form of wider sidewalks, better roads and livelier cities,” he said.

“As architects, we can’t just build, build and build. We also have to think about the daily experiences of the Filipinos to determine if we are putting the right infrastructure,” he added.

Entrepreneur BusinessMirror

E4 Wednesday, January 9, 2019

Trading Post helps Caraga MSMEs tap bigger markets

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By Rizal Raoul S. Reyes

@brownindio

Contributor

USBAND and wife team Jim and Shayla Sanchez left their careers in the airline industry in Manila to channel their talent and energy in helping micro, small and medium enterprises (MSMEs) in Caraga region be on a par with global trends and to capture the market with higher purchasing power, as well as a greater appreciation of native products.

The Sanchez couple relocated to Butuan City and put up a boutique, the Trading Post, that displays the products and crafts of local producers and businesses in the region in one of the luxury hotels in the city.

The couple sought the region’s products, gave these a new look and marketed them to a bigger market. In effect and in their own big way, they are assisting MSMEs in branding and marketing their products, leveraging their expertise and experience as well as exposure to global trends and markets.

“We saw how there were a lot of really good products in Caraga but some just needed help with packaging and presentation so we thought we’d start there. We helped producers by making labels for their products and finding better packaging, as well. Later on, when we had producers that showed commitment

in improving their branding and packaging, we decided to partner with a hotel so we could have a small curated shop inside their lobby,” Shayla said in an e-mail interview with the BusinessMirror.

She said Trading Post provided the space to display and sell the products of local producers and entrepreneurs.

By doing so, the Sanchez couple was able to tap the market that had higher purchasing power and who were more likely to appreciate the value of the local products.

The couple had to hurdle the changing mindset of their business suppliers who were either start-ups or who have been doing their businesses traditionally for years.

“Trying to let them see that their products could be sold to a higher market by simply changing their packaging and branding was such a foreign idea to them that there was

We saw how there were a lot of really good products in Caraga but some just needed help with packaging and presentation so we thought we’d start there. We helped producers by making labels for their products and finding better packaging, as well. Later on, when we had producers that showed commitment in improving their branding and packaging, we decided to partner with a hotel so we could have a small curated shop inside their lobby.”—Shayla Sanchez

SOME of the products produced

by Caraga MSMEs displayed at the Trading Post.

some resistance in the beginning,” Shayla recalled.

Nevertheless, the producers realized that Sanchez’s suggestions really made sense when Trading Post started to get bulk orders from other cities and sales also started to pick up. “The producers saw that what we were doing helped their businesses too, so that’s how we were able to change their hearts and their mindsets. As a result, producers started to come to Trading Post to ask for help and request to display their products too,” she said.

Now, Shayla said they constantly encounter the “happy problem” of not having enough space to display as many products as they hope they could.

“It’s a good problem of course, it just goes to show that there is a lot more work to be done to help uplift the lives of the producers through this business. We’re excited for what’s up ahead,” she beamed.

Trading Post usually cater to smaller businesses/entrepreneurs.

If MSMEs think their products have potential in the market, Shayla said, they get to test it in their small shop. If the entrepreneurs need help with their packaging and branding and can’t afford to pay for the services, she said they can give their products equal to the price of their services.

“You know how [it goes] in smaller provinces. The locals will sometimes pay forms of services in kind? Whether it be paying their doctors with their

poultry like their chickens, pigs, etc., that’s how we got the idea of giving them the option to pay us using their products,” she said.

Eventually, if the entrepreneurs see that through Trading Post’s sales there is a demand for their products, then they can slowly scale up their business. The idea, according to Shayla, is for the local producers to have an avenue where they can showcase their talents and skills, whether it’s in the food industry or in the arts and crafts industry, by having their products sold on the shelves of Trading Post.

Shayla said the long-term goal of Trading Post is to be able to help more producers in the entire Caraga region. “Hopefully to even be able to make an impact in different communities by means of livelihood— to be able to create a business for them and to preserve their traditions and spread awareness about the products that they make,” she pointed out.

www.businessmirror.com.ph

The driving force behind Peri-Peri resto brand success

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RYAN TIU, president and chief executive officer of IFoods Group Inc. and also the man behind the success of Peri-Peri, tells entrepreneurs to embrace flexibility to weather challenges that come their way due to rising competition, changing market demands or increasing operations costs.

Tiu, who failed in his first entrepreneurial venture, has established 23 branches of the charcoal grilled chicken restaurant, his own brand name, all over the country and looks forward to adding more.

But before reaping success, Tui experienced failures. In 1996, Tiu, who was then 18 years old, opened a sub franchise with a major pizza brand. However, his small business ran right into the center of the Asian financial crisis.

“My first business venture ran into a bad timing,” Tiu said in a recent interview with the media during the opening of Peri-Peri’s 23rd branch in McKinley Hill.

After his initial setback, Tiu picked up the pieces and opened a Teriyaki Boy franchise in 2001 until 2005, when he had to discontinue the business since Pancake House has acquired Teriyaki Boy. In 2006, Tiu established IFoods Group because he saw an opportunity in the Filipino consumers wanting for more options and that their purchasing power keep on increasing.

So, he explored the casual restaurant segment. Tiu said he wanted to give the local market more options in the segment IFoods is a 14-year-old company that develops local food brands for the mainstream market. Peri-Peri is the flagship of the group.

Starting with a single store at the Podium in 2005, Peri-Peri has a total of 23 stores in 2018. He added that 2018 has been an awesome year for the brand.

“Right now, we are 23 and growing. We have grown so much as a brand, and we will only keep growing in the coming years. Our success story is a strong testament to the trust and love the public has for Peri-Peri,” Tiu said.

“We will be aiming for the opening of 10 more stores in 2019. When we hit 23, the mall owners invited us,” Tiu added.

Tiu said the ideal ratio is 50-50 between company and franchise owned.

Since opening its doors in 2005, the restaurant has enjoyed consistent growth as it established itself as the go-to place for Charcoal Grilled Chicken, BBQ Back Ribs, and unique, character-filled sauces.

ABS-CBN talent Enchong Dee is one of the franchisees of Peri-Peri.

He is also the endorser.

“Peri-Peri is such an easy place to get lost in. There’s the satisfaction of

TIU

eating great-tasting food, the upbeat energy that grabs you the moment you step inside and the passionate colors that entice you—these things create such a distinct atmosphere,” he said.

“I hope that in the coming years, we will continue to grow and excite more taste buds, the way only PeriPeri can,” he added.

Moreover, Dee’s love for the brand truly runs deep, as the actor is also a Peri-Peri franchisee of UP Town Center, Market Market and SM Megamall branches.

Tiu said the mall boom is also a growth driver for Peri-Peri as some of them expressed interest to invite Peri-Peri to open a store there.

Despite the entry of foreign players in the country, Tiu remains confident that Peri-Peri can withstand the competition. “I guess being a local brand, it is easier to understand the market,” Tiu pointed out.

The price points, according to Tiu, is not a big issue to Filipinos as they are now more capable to purchase products and, at the same time, are value conscious, especially the millennials.

“The millennials are very conscious on the price and become picky in their hangouts,” he said.

Peri-Peri currently has branches in Nuvali Solenad 3; Alabang Town Center; Uptown Mall BGC; Greenbelt 3; Eastwood Mall; Capitol Commons; Megamall B; Promenade Greenhills; Evia Lifestyle Center, Las Piñas; Gateway Araneta Center; UP Town Center; Trinoma Mall; SM City Bacolod; Meerea High Street Mandaue, Cebu; Robinsons Manila, Brittany Square, Fairview; Ayala Feliz, Marikina; SM Marikina; Festival Mall, Alabang; Market Market, BGC; Banaue, Quezon City and Resorts World Manila.

The franchise fee is P1.2 million.

Total cost for the construction of the store is P12 million.

Rizal Raoul S. Reyes

Cavite: An emerging food, beverage destination south of Manila

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AWIT, Cavite—Cavite is gradually boosting the food and beverage industry on top of its manufacturing hub, leveraging its “most populous” status to high consumption in retail services as among the top drivers of the province’s economy.

Given this direction, the Provincial Tourism and Cultural Affairs Office steps in to help promote not just Cavite’s rich historical past, but its various gastronomical treasures, on what makes Cavite unique in the palate of the food-loving public, PTCAO Officer in Charge Rozelle Sangalang said.

To position the province as the emerging food destination in Southern Luzon, PTCAO embarked into a series of activities “to revolutionize traditional Cavite dishes and delicacies,” through its “A Taste of Cavite: An appreciation of Cavite’s Old Cuisines.”

The undertaking aims to make professional chefs, and culinary teachers, including students, aware, appreciate and come up with innovative approaches on how to promote,

showcase Cavite’s cultural history of local cuisines “but without losing its authenticity,” Sangalang said.

These activities include workshops and cooking demonstrations with Razor Philippines Executive Chef and Punong Heneral of Cavite’s Culinary Generals, Chef Christopher G. Carangian, and culminate to a “culinary tour” to showcase some of Cavite’s famous cuisines and dishes.

The tour had its initial run on December 14 which showcased famous, heirloom cuisines in the municipalities of Kawit, Tanza and Amadeo, as well as in the cities of Imus and Tagaytay.

Aside from satisfying one’s palate, the tour offers snippets of history and traditions and reflects some traits of the towns and its people with the way they prepare and share their famous dishes.

The first stop, where the province’s greatness is rooted from, is the historic Kawit town.

Chef Michelle Ortega taught the participants not just how to cook this favorite dish of General Emilio Aguinaldo but highlights what makes

SOME of the food choices at Tanza town’s Calle Real. Calle Real is one of Cavite’s food establishments that offer uniquely Caviteño cuisines, using local products. PNA PHOTO BY GLADYS S. PINO

it unique with other Cavite town’s versions.

Kawit’s “adobong dilaw” uses turmeric “because of its therapeutic features” unlike the “achiote” or annato seeds—an orange-red condiment and food coloring used not just to impart a yellow or orange color to foods, but sometimes also for its flavor and aroma used by the other Cavite towns.

A buffet of toclongganisa from

Imus City’s Toclong 1st Multi-Purpose Cooperative came next where preparations using old recipe, passed on from generation to generation, were featured.

Imus City’s longganisa uses no vinegar, but garlic and poses similarity, although more intensely flavored than the Hungarian sausage.

Lunch was at Casa Real in Tanza town where guests partake of the

Spanish-Filipino cuisine.

This location was chosen as they served Caviteño cuisines where ingredients are sourced from what is available in the locality.

Appetizer is dried pusit (squid) with tamarind sauce and “patis tanza” (as Tanza is coastal town, their patis or salty sauce version is made of alamang or shrimp and not fish) and they use available and local products.

For the main courses, owners of this nearly century-old house prepared “kalandrakas”—a mix of vegetables, whatever is available in the surroundings like legumes, sweet potato, the “heart” or the flower bud of banana mixed with noodles.

The dish earned its name from the old tradition where money is not the help, contribution you give to the dead, but whatever you harvest.

The other food choices include kaldereta, an heirloom recipe which forms part of the establishment’s Spanish specialties.

Its large cut was due to the absence of refrigerators in the past, where all ingredients are cooked at the same

time and share the remaining pieces with the neighbors.

There is also crunchy pork binagoongan (pork laced with shrimp paste); tokwa (soya bean) sisig (Filipino dish made of minced pork, chopped onions and chicken liver) for the health conscious, Paella (which uses squid, due to the coastal features of Tanza) and lemon ginger mint as refreshment.

A tour of Cavite is not complete without visiting Amadeo town, the coffee capital of the Philippines and famous for its Pahimis festival.

The last stop is at Amira’s in Tagaytay City famous for its buko (fleshy coconut) pie.

The PTCAO is set to engage more stakeholders for events like this, to ensure that the traditional cuisines are promoted, preserved, yet adaptive to the changing palate of food lovers.

Cavite, located in the Southern shores of Manila bay, abounds not just with historic sites and landmarks—being home to a number of Filipino heroes; but offers a wide range of food specialties to satisfy one’s taste buds. PNA