BusinessMirror January 10, 2019

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PHILIPPINE STATISTICS AUTHORITY

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Thursday, January 10, 2019 Vol. 14 No. 92

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WB cuts 2018, 2019 PHL growth forecast

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By Cai U. Ordinario

@caiordinario

IGH inflation and slowing private consumption has forced the World Bank to cut its growth forecast for the Philippine economy in 2018 and 2019.

In the January 2019 Global Economic Prospects, the Washingtonbased lender said economic growth in 2018 and 2019 is now forecast to reach 6.4 percent and 6.5 percent, respectively.

The forecast for 2018 was a 0.3percentage-point reduction from the June 2018 forecast of 6.7 percent, while the 2019 estimate was 0.2 percentage points lower than the Bank’s initial projection.

“Growth in commodity-importing economies excluding China is moderating. In the Philippines, activity has slowed as surging inflation, capacity constraints and currency pressures have prompted

Growth in commodityimporting economies excluding China is moderating.

In the Philippines, activity has slowed as surging inflation, capacity constraints and currency pressures have prompted authorities to hike policy rates.”—World Bank authorities to hike policy rates,” the World Bank flagship report read.

“Excluding China, the 2018 growth outlook for EAP [East Asia and the Pacific] commodity importers has been downgraded because of a moderation in private consumption amid rising inflation in the Philippines,” the report also stated.

See “WB,” A8

State workers’ pay to remain as is–DBM @BNicolasBM

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OVERNMENT employees have no choice but to wait for the passage of the proposed national budget for 2019 before they can see an increase in their salaries, the Department of Budget and Management (DBM) said.

Budget Secretary Benjamin E. Diokno said the DBM cannot implement the scheduled increase in the pay of state workers for this year until after the enactment of the proposed 2019 General Appropriations Act (GAA), which is still pending in Congress.

“The implementation of the fourth tranche of compensation adjustments will be applied retroactively from January 1, 2019, once the GAA is signed into law. In effect, government employees will receive salary differentials within the year,” Diokno said.

Diokno also refuted House Majority Rep. Rolando G. Andaya Jr. and Sen. Franklin M. Drilon’s statements that the DBM does not have to wait for Congress to approve the 2019 budget before implementing the salary hike.

Citing Section 11 of Executive Order 201, Series of 2016, Diokno said the implementation of the salary schedule “is subject to appropriations

by Congress.”

See “State workers,” A8

PRICES of assorted varieties of rice are seen at the San Andres public market in Manila in this file photo. President Duterte is expected to sign into law soon the bill formalizing the conversion of quantitative restrictions on rice imports into a regime of tariffication. ROY DOMINGO

‘Reverting MDM tariff to 40% not automatic’

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HANGES to the concessionary tariff rate for mechanically deboned meat (MDM) granted by the Philippines in exchange for retaining its quantitative restriction (QR) on rice will not be automatic once the President signs into law the rice tariffication bill.

Government sources familiar

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with the matter told the BusinessMirror that there is a 45-day window before any increase or decrease in concessionary tariff rate for MDM is implemented, as indicated in the proposed implementing rules and regulations (IRR) of the rice tariffication bill.

The 45-day period, which will take effect right after the tariffica-

tion bill is signed into law, is also being seen as a period when a corresponding executive order (EO) on the MDM tariff can be issued.

The Tariff Commission has been tasked to conduct a study on the “most optimal” tariff rate and timetable for the implementation of the tariff rates for MDM. See “Tariff,” A2

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Can the unions be a force for change in PHL society?

Rene E. Ofreneo

LABOREM EXERCENS

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HE Philippines has a fairly progressive legal framework recognizing the rights of workers to associate freely and have a voice on national and industry policies affecting them.

These rights are a product of long workers’ struggle for collective advancement that dates back from the American colonial period at the turn of the 20th century and which continues to the present.

Continued on A7

DBM touts huge infra spending by Duterte: 6.2% of GDP in 2018

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By Bernadette D. Nicolas

2017 EJAP JOURNALISM AWARDS

UDGET Secretary Benjamin E. Diokno said on Wednesday that infrastr ucture spending is projected to hit 6.2 percent of GDP in 2018, almost tripling the average of 2 percent of GDP spent from 1986 to 2016.

However, this is slightly lower than last year’s 6.3 percent.

Average infrastructure outlay under the Duterte administration (2017-2018) is P1.0427 trillion, while that of the Aquino administration is P378.3 billion; Arroyo administration (P100.3 billion); Estrada administration (P60.1 billion); and Ramos administration (P38.7 billion).

The Department of Budget and Management (DBM) noted, though, that these figures were based on actual obligations from 1993 to 2017 and program obligations in 2018.

Sought by the BusinessMirror for clarification on why there will be a possible slight decline year-on-year on infrastructure spending as a percent of GDP, Diokno said it is because there were more accounts payable in 2017 than in 2018.

Nonetheless, Diokno said this is still in line with the Duterte administration’s target of increasing infrastructure spending to more than 7 percent of GDP by 2022.

“Unlike other administrations, we started...full blast, no slack because the other administrations took a year or two before they were

able to pick up,” he said.

The DBM also said in a separate statement: “Compared to the initial two years of every president when he or she was still learning the ropes of the presidency, President Duterte has [done] a much better job than his peers.”

It added: “ This fast-tracked spending performance addresses the countr y’s underinvestment in infrastructure, which has severely dragged the Philippines’s economic performance in the past.”

According to the latest data on government disbursements, yearto-date actual disbursements also stand at P3.1 trillion, increasing the likelihood of zero underspending for 2018, DBM said. “ W it h t he “ B u i ld , B u i ld , Build” program in full swing, infrastructure outlays are expected to increase from 4.7 percent in 2019 to 7 percent in 2022. So far 44 out of 75 major projects have already begun implementation,” Diokno said. “And this year, the P356-billion Metro Manila Subway Project, the Philippines’s first ever subway system, w i l l com mence con st r uc t ion this month.”

As of December 31, 2018, the Department of Public Works and Highways completed 8,598 projects. There are also 24,000 ongoing nationwide project components.

n JAPAN 0.4823 n UK 66.7267 n HK 6.6918 n CHINA 7.6521 n SINGAPORE 38.6259 n AUSTRALIA 37.4417 n EU 60.0179 n SAUDI ARABIA 13.9848

Bernadette D. Nicolas Source: BSP (9 January 2019 )

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News

BusinessMirror

Thursday, January 10, 2019

Atienza blames private water firms for Manila Bay pollution

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By Jovee Marie N. dela Cruz

@joveemarie

HE government should force the private water concessionaires— Maynilad Water Services Inc. and the Manila Water Co.—to carry out the water-treatment part of their contracts if it wants to clean the famous Manila Bay, a lawmaker said on Wednesday.

Senior Deputy Minority Leader Lito Atienza of Buhay party-list, in a news conference, said the concessionaires’ failure is behind the dumping of untreated sewer waste in Manila Bay. “Manila Bay remains to be one big sewer. It’s just like sewer, it

looks like sewer,” Atienza, a former three-term Manila mayor and former secretary of the Department of Environment and Natural Resources (DENR), said.

Atienza said Manila Bay, despite the continuing mandamus issued by the Supreme Court,

“continues to be a giant sewer depository of household waste and veritable pozo negro of Metro Manila because the two water concessionaires—Manila Water and Maynilad—have yet to deliver on their commitment to provide wastewater-treatment facilities,” he said.

During his term as environment secretary, Atienza caused the issuance of a continuing mandamus by the Supreme Court ordering the government, all local government units, the private sector and the two water concessionaires to clean Manila Bay and revive it to its original pristine condition.

President Duterte threatened to close hotels near Manila Bay if they do not practice proper waste treatment as he ordered the DENR to clean up the water body.

The rehabilitation plan came after the six-month closure of the Boracay Island.

Atienza said if Malacañang can strong-arm the environmental renewal of Boracay, surely it can also do the same to Manila Bay. “Government should force them to provide for the water-treatment contracts, otherwise their concessionaires’ contracts should be canceled,” said Atienza.

Under the contract, the lawmaker added, the two water firms will be authorized to collect environment fees, which will be used to address problems on waterwaste.

“The real way to clean up the bay is to force the two water concessionaires to implement the wastewatertreatment facility. This will ensure that wastewater is already cleaned before being thrown out into Manila bay,” Atienza added.

He said the DENR, as well as the Metropolitan Waterworks and Sewerage System, should ensure that concessionaires’ contract will be implemented properly.

Court strikes down Andaya-Eusebio’s bid for CamSur congressional seat

By Joel R. San Juan

@jrsanjuan1573

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HE Regional Trial Court (RTC) of Libmanan in Camarines Sur has finally shut the door on the congressional bid of Maribel Andaya-Eusebio, sister of House Majority Leader Rolando G. Andaya Jr. In a decision issued by Judge Irma Isidora Boncodin-Zamudio, the court turned down Andaya-Eusebio’s lastditch appeal to be included in the list of voters in the second district of Camarines Sur. Andaya-Eusebio is the wife of Pasig City incumbent mayor Roberto Eusebio, who is also seeking reelection in the coming the May 2019 polls. She is seeking a congressional seat against reelectionist Rep. Luis

Tariff. . .

Continued from A1

In a public hearing in September, Tariff Commission Chairman Marilou P. Mendoza said the agency will need a month to investigate and evaluate the position papers submitted by industry groups.

However, if the Committee on Tariff and Related Matters (CTRM) decides to retain the existing MFN rate for MDM, the President must immediately issue an executive order that will amend EO 23.

If this is not done before the QR is converted into tariffs, Mendoza said the provisions of EO 23 pertaining to MDM will automatically take effect.

A month before the expiry of the country’s rice-import cap, the President signed EO 23 to extend the validity of the MFN tariff rates on agricultural products under Republic Act (RA) 10863, or the Customs Modernization and Tariff Act. The EO retained the 5-percent tariff on MDM. This rate would revert to its 2012 level of 40 percent once the rice is lifted, or by January 1, 2021, whichever comes first.

In a statement on Wednesday, the

Raymond F. Villafuerte Jr., who had served as three-term governor of the province before his election to the House of Representatives in 2016.

Judge Zamudio dismissed her appeal for lack of merit and insufficiency of evidence.

It affirmed the earlier resolution of the Election Registration Board (ERB) of the Commission on Elections (Comelec) denying AndayaEusebio’s petition to be included in the list of voters of Barangay Puro Batia in the municipality of Libmanan.

The RTC reaffirmed the ERB’s findings that Andaya-Eusebio failed to meet the three basic conditions on establishing residency in Libmanan, which include residence or bodily presence in that particular place;

intention to remain there; and intention to abandon the old domicile or residence.

It held that the Comelec-ERB’s findings should be “accorded not only respect but also [with] finality,” because as an administrative agency, the ERB is in a better position to pass judgment on election-related issues.

Prior to the RTC’s ruling, the Third Metropolitan Circuit Trial Court of Libmanan-Cabusao also dismissed her petition.

This RTC decision, in effect, renders Andaya-Eusebio’s candidacy for representative of Camarines Sur’s second district invalid because this means she has failed to fulfill the basic requirement of establishing residency in that

National Economic and Development Authority (Neda) reiterated its position that enactment of the rice tariffication bill will help stabilize food prices and temper inflation.

The bill, ratified by both chambers of Congress on November 28, is set to be transmitted to Malacañang for the President’s signature.

“The aim of the bill is to make rice accessible and affordable to every Filipino, and to make the rice sector competitive,” Pernia said.

Apart from the reduction in rice prices, the Neda said the bill empowers the President, for a limited period and for a specified volume, to allow the importation of rice at lower rates for the benefit of consumers in the event of a shortage.

Pernia urged the Department of Agriculture (DA) and the Department of Trade and Industry, as well as other concerned agencies, to carry out information dissemination campaigns on the new rice importation regime and ensure that traders are ready to participate when the bill is enacted into law.

“Increasing the number of market players and competition in the rice sector are critical for the bill to deliver on its promise of lower rice prices for everyone,” Pernia said. The rice tariffication

bill amends the two-decade-old RA 8178, otherwise known as the Agricultural Tariffication Act of 1996, and replaces the QR on rice imports with tariff.

The proposed law also provides for the establishment of the Rice Competitiveness Enhancement Fund (RCEF) consisting of tariff revenues. A portion of the rice tariff revenues in excess of P10 billion will be used to provide direct financial assistance to rice farmers.

The DA, Pernia said, will also have an additional source of funding for its programs and projects to increase the productivity and enhance the competitiveness of the sector.

Key interventions to be financed by the RCEF include farm machinery and equipment to improve farm mechanization, rice seed development, propagation and promotion, expanded rice credit, crop diversification and extension services. The rice tariffication bill provides safety nets to the rice sector as it grants the President emergency power to increase, reduce or adjust existing tariff rates to safeguard Filipino farmers.

The bill also provides the imposition of a special safeguard duty on rice in case of extreme or sudden price fluctuations in accordance with RA 8800, or the Safeguard Measures Act. Cai U. Ordinario

area at the time she filed her congressional bid before the Comelec last October.

“It is not the task for the Appellate Court or this Court to once again weigh the evidence submitted before and passed upon by the administrative body and to substitute its own judgment regarding the sufficiency of evidence,” Judge Zamudio said in his ruling.

It further explained that the Supreme Court, in several instances, has held that the “findings of facts of administrative bodies charged with their specific field of expertise,” such as the Comelec, “are afforded great weight by the courts,” unless the evidence presented to them were erroneously evaluated.

Bids. . .

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to P37.135 billion from the P20 billion on offer. The coupon rate for the security remained at 6.875 percent during the auction through the tap facility.

The tap facility is only made available to the Treasury’s 10 market makers, namely, BDO Unibank Inc., Bank of the Philippine Islands, China Banking Corp., Citibank Philippines, Development 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.

During the primary auction for the IOUs, bids reached P52.989 billion, prompting the auction committee to fully award the security with the P20 billion on offer.

National Treasurer Rosalia V. de Leon earlier said the BTr saw the strong appetite of investors for longer-dated securities, which resulted with the opening of its tap facility.

She expressed hope that the government’s future auctions will also be met with strong interest, as displayed during the first two auctions for government securities starting this year.

For 2019, the government plans to borrow from both domestic and foreign financial institutions a total of P1.19 trillion, higher than the programmed P986-billion borrowings for 2018. The increase was a result of the government’s adjustment of the deficit ceiling of 3.2 percent, the BTr said.

Demand for BSP’s ₧20-B term-deposit offering hits ₧35.34 billion

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EMAND for the Bangko Sentral ng Pilipinas’s (BSP) term-deposit offering on Wednesday surged, as banks continued to flock back to the Central Bank (CB) after meeting the country’s liquidity needs during the holiday season.

Data from the BSP showed oversubscription anew across all tenors on Wednesday, the second consecutive week all three tenors were oversubscribed.

In particular, banks tendered a total amount of P35.34 billion in the seven-day term-deposit facility (TDF) on Wednesday, exceeding the P20 billion offered by the Central Bank during the week.

Similarly, the total bids in the 14-day

facility was at P23.297 billion—also exceeding the P20 billion offered by the BSP during the week.

The two faciltiies were still oversubscribed despite the already higher offered volumes in the seven-day and 14-day facilities compared to the first week of January this year. Both facilties were doubled in volume from P10 billion in January 2 to P20 billion on Wednesday.

The volume of the 28-day TDF has been unchanged at P10 billion.

The oversubscription trend, nevertheless, continued in the 28-day TDF, where the amount tendered hit P14.877 billion on Wednesday, surpassing the P10 bil-

lion offered by the BSP during the week.

Toward the end of December, the BSP started reducing the volumes of the term-deposit offerings as demand from banks fell during the holiday season.

BSP officials said banks chose to remain liquid during Christmas to service the needs of their clientele for the holidays.

The TDF is one of the BSP’s liquidity absorption facilities to manage circulation in the economy.

As banks bid to park funds in the BSP’s facility, the TDF effectively siphons off a part of this structural liquidity from the financial system to bring market rates closer to the BSP’s main policy rate.

On Wednesday, the rates of the three facilities showed mixed movement.

Yields for the seven-day facility hit 5.0706 percent on Wednesday, down from the 5.0784 percent seen in last week’s auction. This is contrasting movement compared to the two other facilities, as the 14-day TDF yield hit 5.1530 percent, up from the previous week’s 5.1319 percent.

For the 28-day facility, the rate hit 5.1644 percent during the week, also up from the 5.1672 percent in the previous week. The BSP’s main policy rate currently stands at 4.75 percent. For next week, the BSP retained the volumes across all tenors. Bianca Cuaresma

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Duterte signs into law bill to curb HIV/AIDS spread

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RESIDENT Duterte has signed into law the bill seeking to strengthen government’s measures to prevent the spread of HIV/ AIDS in the country, Malacañang announced on Wednesday.

HIV/AIDS refers to human immunodeficiency virus and acquired immunodeficiency syndrome.

In a statement, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said the measure, which was signed by the President last December 20, also provides for the establishment of policies and programs to ensure delivery of proper treatment, care and support services to Filipinos living with HIV. This will be in accordance with “evidence-based strategies and approaches, which are in tune with key principles of human rights, gender equality and meaningful participation of communities.

“We consider its enactment and signing timely and relevant on account of the report of the Department of Health disclosing that our country has the highest percentage relative to the the increase of new HIV cases in the Asia-Pacific region from 2010

to 2016,” Panelo said on Wednesday.

“We laud our lawmakers, including various stakeholders who immensely contributed to the passage of an updated legal framework addressing HIV and AIDS. This piece of landmark legislation will significantly reduce the stigma of people living with HIV or AIDS.” The Senate and the House of Representatives ratified the bicameral conference committee report on the bill in October.

In the same month, the World Health Organization (WHO) expressed concern over the rising incidence of HIV in the country as other countries in the Western Pacific region experienced a decline in HIV cases.

WHO Philippines Representative Gundo Aurel Weiler noted that HIV prevalence has increased by 140 percent in the last six to eight years, while other countries in the region and in the world saw a 20-percent decline in HIV cases.

Weiler said before that there were 80,000 Filipinos living with HIV, and half of whom are not aware that they have been infected. Bernadette D. Nicolas

Foreigners account for 60% of visitors to Boracay in 2018

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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OTAL ����������������������� visitor arrivals in Boracay Island plunged by some 53 percent to 942,533 in 2018, from the historic high of 2 million the previous year. The massive drop in the number of tourists is attributed to the island’s six-month closure from April 26 to October 26, which gave way to the rehabilitation effort of government agencies led by the Department of Environment and Natural Resources (DENR).

Data from the Department of Tourism (DOT) also showed of total visitor arrivals, 60 percent or 565,530 were foreign tourists, while the rest where Philippine residents and Filipinos residing abroad.

DOT Undersecretary for Tourism Regulation, Coordination & Resource Generation Arturo P. Boncato Jr. expressed optimism that foreign tourists would continue to look at Boracay as a major destination in Asia, especially now that it has been reopened and restored to its pristine glory. He noted that in his trip last November to attend the World Travel Market in London, “there was heightened interest in Boracay, especially with the rehabilitation it had undergone; many were eager to visit.”

Tourists from the United Kingdom account for among the largest number of European visitors to Boracay.

As this developed, at least P340 million will be spent this year by member-agencies of the Boracay Inter-Agency Task Force (BIATF) to continue the upgrading of infrastructure on the popular resort island.

In an interview with the BusinessMirror, DENR Undersecretary for Attached Agencies Sherwin Rigor said the largest capital outlay of some P300 million will be for “phase two” of the main road construction project on the island.

This is being implemented by the Department of Public Works and Highways (DPWH).

The DPWH had previously committed to complete the widening of the main road until the Elizalde property on Station 1 by the island’s reopening on October 26. The agency, however, failed to achieve the target ostensibly due to the rains brought on by the monsoon season.

He added, the Tourism Infrastructure and Enterprise Zone Authority (Tieza) will also spend P25 million to put up a ���������������� “��������������� complete lighting system on the main beachfront, Diniwid Beach, and other alleys.”

He said these will be solar lighting systems with atop posts, with a bat-

tery system to enable them to be lit at night. “This will be installed

by February; the project is being bid out this January,” said Rigor.

Since the island reopened last October 26, locals and tourists have been complaining of the dark beachfront, giving rise to safety concerns.

The BIATF had earlier removed the lights along the beachfront because these were nailed to the coconut trees, which is considered an environmental violation.

Another major project by the BIATF, is a P15-million park development project in Wetland No. 4, to be funded by Tieza. Wetland No. 4, which is the lagoon across the main road from McDonald’s at D’Mall, is being rehabilitated by the Aboitiz Group. According to the DENR official, the Aboitiz project will include a floating garden on the lagoon itself, “so we will have a carbon exchange.”

On the other hand, the Tieza park project will include a car park, public restrooms, park benches and facilities for persons with disability. The project will likely be completed by October-November 2019, Rigor said.

“Those are big projects, especially the common lighting system,” he noted. “These will include CCTV cameras, whose images will be transmitted to the task force’s command center on the island, but linked up to the police, local government unit and other authorities,” he added. The command center will likely be turned over to the Boracay Island development authority that will be created

by President Duterte.

Rigor said the President will likely sign the executive order setting up a body to oversee the management of Boracay Island ������������������� “������������������ this year,�������� ” or ������ before the expiration of EO 53 creating the BIATF. The BIATF is supposed to cease to exist by May 8, 2020, or two years after its creation.

Earlier, Tourism Secretary Bernadette Romulo Puyat had announced that an EO creating a management authority to oversee Boracay will be headed by her agency, the DOT, but will still include her counterparts at the Departments of Environment and Natural Resources, and the Interior and Local Government.

Rigor said the BIATF will act as the “transitional authority” to the new development authority.

While lawmakers in both houses of Congress have already filed their respective bills creating the island authority patterned after the Subic Bay Metropolitan Authority and similar government agencies, he expressed doubts said bills could be passed and approved before the first half of the year, due to the elections this May.

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ADB: Education key to break intergenerational poverty

By Cai U. Ordinario @caiordinario

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NLIKE their parents before them, poor Filipino children are not necessarily doomed to suffer the indignity of poverty, according to experts from the Asian Development Bank (ADB).

In an Asian Development Blog, ADB Economic Research and Regional Cooperation Department Statistician Arturo Martinez, and Consultants Katrina G. Miradora and Jan Arvin Lapuz said quality education is the key to their economic and financial success.

“Better intergenerational mobility [or the process of moving up and down the socioeconomic ladder across generations] prospects in education may not necessarily be a predetermined outcome for economies that are moving into a higher income group. To ensure that family background does not become a binding constraint, economic growth should be complemented by policies that promote greater access to high quality education for all—especially for those who do not come from a privileged family background,” the authors said.

The blog authors said that in 22 economies across the Asia Pacific, around 27 percent to as much as 46 percent of children whose parents were from the bottom half or the “education-poor” group managed to reach the top quartile.

However, a large portion of children, around 54 percent to 73 percent whose parents are from the bottom half remained in bottom half.

The data also showed that about 35 percent to 57 percent of children whose parents’ educational attainment belong to the upper 25 percent or the “education-rich” group have stayed in the same quartile as their parents, while 15 percent to 43 percent of them have fallen to the bottom half.

“Our findings underscore that parental characteristics are not the sole determining factor of one’s future mobility prospects. In Asia and the Pacific, there is evidence of intergenerational mobility in education, with richer economies showing generally higher levels of mobility,” the authors said.

“Interestingly, the chances of children with ‘education-poor’ parents to climb the education ladder are not so different among economies with low and high overall mobility,” they added.

In terms of gender, the authors said the results were mixed. But in economies where the overall average mobility is low, females are also less mobile than their male counterparts.

The authors said a lower median level of intergenerational mobility is observed among men, consistent with the reversal of gender inequality in education that started in 1970s.

However, cross-country variation is higher among women, and females from more than half of the sampled economies have lower mobility.

“National wealth may have played a big role in this trend. There is evidence suggesting that richer economies tend to have higher levels of intergenerational mobility in education due to their greater capacity to invest in education,” the authors also said.

In a 2014 study titled “Growth and Redistribution: Is there Trickle Down Effect in the Philippines?” Philippine Institute for Development Studies (PIDS) Supervising Research Specialist Danileen Kristel C. Parel said earning a high-school diploma and a college degree are key factors in preventing Filipinos from entering poverty or experiencing intergenerational poverty in both rural and urban areas.

Parel said obtaining a secondary education reduces the probability of a person to experience chronic poverty in rural and urban areas. She added that tertiary education, on the other hand, has a more encompassing impact as it decreases the probability of experiencing chronic poverty and becoming poor in both urban and rural areas.

Data showed that secondary increases the probability of escaping poverty by 70 percent relative to being chronically poor, compared to only 20 percent in urban areas.

Parel said this means the impact of secondaryeducationontransientpoverty is more pronounced in rural than urban areas. It also decreases the likelihood of enteringintopovertyinruralareas,while it is not significant in urban areas.

Editor: Vittorio V. Vitug • Thursday, January 10, 2019 A3

Travel, airline execs urge lifting of visa requisite for Chinese and Indian tourists

ORGANIZERS of the 2019 Philippine Travel Agencies Association­—Travel and Tour Expo pose for souvenir shot after the signing of a partnership pact for the event. The signatories are (middle) Citibank Cards and Loans Head Mukul Sukhani, TTE 2019 Chairman Marlene Dado Jonte. Joining them are (from left) Citibank Portfolio Usage Head Gaurish Khanna, newly elected PTAA President Ritchie Tuano and TTE 2019 Vice Chairman Patty Chiong. ROY DOMINGO

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By Recto Mercene

@rectomercene

NBOUND Chinese tourists from mainland China could grow between 2 million and 5 million more if the Philippines waives its visa requirement, a member of the Philippine Travel Agencies Association—Travel and Tour Expo (PTAA-TTE) said.

“If we really want to grow inbound tourists, the visa requirement for foreigners should be waived, not only for China but also [for] India and other nearby countries,” said Ryan Uy, Philippine Airlines vicepresident for sales.

Indian tourists, the airline official observed, had been doubling in arrival to the country during the past five years. “But we are not enjoying the full potentials of tourists who want to come to the country because of the visa prerequisite,” he said.

“We suggest that the government [just] provide temporary visafree [requirement] for visitors from China and India for three or five months as an experiment, and we can guarantee the volume of tourists from these places would more than double or triple,” Uy said.

Patty Chiong, executive vice president of the Philippine Travel Agencies Association (PTAA), for her part, supported Uy’s call, saying Thailand welcomes 6 million tourists from China a year “because they waive the visa requirement.”

China promised to send to the country some 2 million tourists a year. But so far, only more than 700,000 tourists have come because of our visa restrictions, Uy added.

Last year 145 million mainland Chinese tourists left their country for foreign lands. It is estimated that

today, there are 400 million Chinese who count themselves as belonging to the middle class.

Taiwan, which waved the visa for Filipinos in 2017 for nine months and then extended it for another nine months has also appealed to the government to reciprocate their gesture.

Taipei Economic and Cultural Office (Teco) Director Alfred Y. H. Wang of the Economic Division, said the number of Filipino tourists who visited Taiwan in the last quarter of last year almost doubled compared to the same three-month period in 2016.

Official data from Taiwan’s tourism bureau, showed that Filipino tourist arrivals in Taiwan increased by 68.59 percent to 290,784 last year, from 172,475 in 2016.

He noted that Taiwan intends to get 90,000 tourists for each quarter of 2018, hitting around 360,000 Filipino tourist arrivals.

“If the Philippines could reciprocate our visa-free offer, Taiwanese visitors would more than double and more investors would be encouraged to come, Former Teco Representative Gary Song-Huann Lin, said.

The PTAA is looking to break foot traffic record when it holds the 26th edition of the TTE this year at the SMC Convention Center.

The organization expects more than 135,000 Filipinos to troop to the three-day event, with more than 400 exhibitors participating in February.

“Travel is no longer a luxury among our countrymen, said TTE Chairman Marlene Dado Jante, adding the expo will be the only time during the year that drop down travel services and packages to most destinations locally and abroad will be available.

The TTE is supported by the Department of Tourism, Tourism Promotion Board, Philippine Airlines, Mabuhay Miles and Citibank.

Senator pushes hospital for Philippine DA readies financial aid to Usman-affected Coast Guard personnel and dependents farmers in Bicol, Quezon, Mindoro, Samar

By Butch Fernandez @butchfBM

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ONGRESS is being asked to allocate P400 million to put up a full-service hospital exclusive to Philippine Coast Guard (PCG) personnel and their dependents.

The proposal is embodied in Senate Bill 2128 filed by Sen. Joseph Victor Ejercito to build the PCG General Hospital inside the Coast Guard Base at Lower Bicutan, Taguig City, that the senator envisions to provide a comprehensive and total health-care service.

As provided in Ejercito’s bill, at least P400 million is to be appropriated for the construction and initial operation of the PCG General Hospital, adding that for the succeeding years, “appropriations for its operations shall be included in the annual

national budget.”

In filing the enabling bill, Ejercito emphasized the need to “not only protect but promote the well-being and the medical needs of the PCG personnel and their dependents.”

“Considering their herculean task, injuries, accidents or deaths are inevitable,” Ejercito explained, adding, “Our Coast Guards have been often placed to various dangerous situations at sea that may risk their very life in the performance of their duties and functions.”

He noted that apart from maritime safety, environmental protection and security, part of the mandate of the PCG include search and rescue operations and maritime law enforcement, placing them in dangerous situations.

Ejercito explained the measure aims to “recognize their hard work, bravery and heroism. To ad-

dress their well-being is the State’s utmost concern without sacrificing and jeopardizing the future of their family and loved ones.”

“Hence,” he added, “it is only imperative that a PCG Hospital be established, intended primarily for our coast guards and their dependents to address all of their medical needs and other services.”

Moreover, Ejercito suggested that putting up the PCG General Hospital will ensure the availability, accessibility and affordability of quality health care to its personnel, including their dependents.

“This is the most opportune time to create and establish the PCG Hospital, which is in conformity with the policy of the State to provide quality and efficient health-care services, in relation to the national government’s healthcare agenda,” Ejercito added.

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Department of Agriculture (DA) said it is now preparing P160 million worth of indemnity to almost 20,000 farmers adversely affected by Typhoon Usman last week.

Agriculture Secretary Emmanuel F. Piñol said the Philippine Crop Insurance Corp. (PCIC) reported that checks covering insurance payments worth P160 million would be released next week to aid farmers recover from the damage caused by Usman.

Citing PCIC President Jovy Bernabe, Piñol said around 14,200 farmers in Bicol region would receive P116 million in insurance, while 4,300 farmers in Northern and Eastern Samar would get P32.5 million.

Around 1,503 farmers in the

provinces of Quezon and Oriental Mindoro will receive P11.9 million, according to Piñol.

Furthermore, another DA-attached agency, the Agricultural Credit Policy Council (ACPC) has started listing and validating identities of farmers that could avail themselves of available credit from the government.

Piñol said they estimate that about P200 million in loans would be allocated to Usman-affected farmers through the DA’s Survival and Recovery (SURE) and the Production Loan Easy Access (PLEA) programs.

“The SURE Loaning Program, started under the Duterte administration, provides no collateral, no interest loans to farmers and fishermen affected by calamities and disasters of up to P25,000 per family to enable them to buy food and recover until the next harvest

season,” he said.

“The PLEA program provides a no collateral production loan at 6percent interest per year to farmers and fishermen who need financial support,” he added.

Piñol said he promised to President Duterte last week that the DA’s support and interventions to the farmers would be immediate so that they could quickly recover and replant this first quarter.

Latest damage report by the DA showed that about 56,108 farmers lost 25,240 metric tons of produce valued at P1.18 billion due to Usman. Total hectarage of affected farms was pegged at 62,331 hectares as of January 8, 12 noon.

“The increase in the overall values is attributed to reports on rice in Quezon, Capiz and Northern Samar,” it said.

Dumaguete subport revenues breaches ₧3-billion mark–Customs

D

UMAGUETE CITY—The Bureau of Customs (BOC) in the subport of Dumaguete exceeded its target revenue collection for 2018 by almost 50 percent, as it hit the P3-billion mark.

Dumaguete Customs Collector Fe Lluelyn G. Toring disclosed that as of December 31, the actual collection of her office was pegged at a little more than P3.4 billion.

This is more than P1.1 billion or 48.21 percent in excess of the 2018 target collection of P2.295 billion, she said.

The biggest importer that contributed to the positive gains of the local Customs office is Filoil Energy Co. Inc., which hauled in some P3.1 billion in petroleum products importation, Toring noted.

Other top importers and their import products include Dumaguete Coconut Mills Inc. (palm olein), Wilmar Edible Oils Phils.

Inc. (palm olein), Primary Trident Marine Solutions Inc. (conversion of international vessels to local) and Pryce Gases Inc. (liquefied petroleum gas).

Toring attributed the accomplishments to the imposition of the country’s comprehensive taxreform program, known as the Tax Reform for Acceleration and Inclusion, or TRAIN law, which saw a corresponding hike in revenues generated from these importers.

“Because of the TRAIN law, those products which were not subjected to excise tax before were now being taxed, so dako gyud kaau ug impact ang TRAIN law sa among collection [the TRAIN law has a big impact on our collection],” she stressed.

According to Toring, her office started implementing the TRAIN law in January 2018.

Also, another factor that contributed to the increase in revenues is the spike in the volume of importation, “which naturally also brings about an increase in our collection of duties and taxes,” she pointed out.

The Customs collector also gave credit to her hardworking staff for remarkable services that made it easier for importers to go through the bureaucratic processes.

“Also, maybe the trust of these

importers lies on us because we serve them, we give them a fast delivery of services, especially in the processing of papers,” Toring noted.

If there are some delays, it’s because some necessary papers are lacking, otherwise “our office is committed to providing the best service that we can give to these importers.”

“In a matter of 20 minutes the most, kung naa lang tanan, tapos na ang transaction [if all the requirements are there, the transaction is all done],” she said.

This is the fourth consecutive year under Toring’s watch that the BOC-Dumaguete has exceeded its target collection.

In 2017 its actual collection was P1.8 billion, versus the target collection set at P1.3 billion, or a variance of 42.62 percent.

Last month during its Christmas party, the Customs office here gave out recognition awards to its top importers, with the hope that 2019 will continue to bring in more positive gains, Toring said. PNA

A4

TheBroa

Business

Thursday, January 10, 2019

A giant stumbles in S

By Sam Medenilla, Lenie Lectura, Elijah Rosales, Henry Empeño & VG Cabuag

T

HE full story of Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phil) Inc., once touted as the shining star of Subic Freeport and an inspiration to Philippine policy-makers who used it as part of their basis to list shipbuilding among the country’s most promising industries, will perhaps not be known anytime soon.

It is a saga that raises numerous questions, chiefly: how could such a big operation—representing the biggest investment for Subic— suddenly fail, as to force lawyers of the Korean giant’s affiliate to rush to an Olongapo court on January 8 to seek relief from holders of its $400 million in debt to leading local banks?

HHIC-Phil has invested $2.3 billion in the Subic Bay Freeport since beginning operations in 2007. The shipyard has delivered 123 ships from the shipyard in the past 11 years.

It is listed as the biggest employer and, until last year, its website had been touting new orders from regional shipping lines.

Was the Philippine economic climate part of the context for the collapse? The Department of Trade and Industry secretary, and the Subic Bay Metropolitan Authority’s chief had both confirmed that the HHIC-Phil had enjoyed the incentives accorded to Freeport locators in the country, and more.

It enjoyed, for instance, income-tax holiday and a P4-billion power subsidy that allowed it to access cheaper energy from the national grid for its humongous operations on the Redondo Peninsula, just across the bay from Subic’s main commercial district.

And yet, as the BusinessMirror sought to unravel the mystery behind HHIC-Phil’s saga, it appeared that a confluence of problems—some self-inflicted, some possibly from the fallout of its own mother firm’s struggles in South Korea and others from the problems confronting the global shipping industry—had been hounding the company the past several years.

For one, the incentives, especially the income-tax holiday and the power subsidy, had ended.

Then, too, the company had been penalized with regulatory fines through the years for numerous violations of workplace safety standards, as inquiry after inquiry by both Congress and the DOLE focused on the deaths and injuries at the shipyard.

Then, too, there was a local problem that coincided with the 2016 debacle of its mother firm in South Korea. HHIC-Phil’s agent, MOF, filed for voluntary liquidation, citing irreversible business difficulties.

For all these, however, the financial problems that most impacted the giant shipbuilder and forced it to seek court relief arose mainly, it seems, from the payment system that afflicted most other big shipbuilders: a system that allowed buyers of ships to make huge payments only late into production, with the builders cobbling together loans to cover their operations.

Ripples

THE ripples reached the corporate shores of HHIC-Phil on Tuesday, January 8, as it filed for corporate

rehabilitation at the Olongapo Regional Trial Court, seeking protection from its creditors.

This was stated in its “Application for rehabilitation, bankruptcy, etc. of principal debtor (guarantee) corporation” with the Korea Exchange (KRX). The company stated in Hangul its reason for application as: “Promote management normalization by applying for regeneration procedure.”

HHIC-Phil, represented by Bong Hyun Soo, made the announcement “based on the fact that HHIC-Phil’s new repayment guarantee (R/G) issuance smoothly proceeded.”

The company said “the total amount of guarantees and guarantees during the above warranty (guarantee) is [an] R/G balance as of January 8 of $85,199,038,” with the US$1=KRW1,119.50.

“The application for commencement of the rehabilitation process is filed for rehabilitation proceedings in accordance with the Financial Rehabilitation and Insolvency Act of the Philippines and is similar to the corporate rehabilitation procedure under the Law on the Debtor’s Regeneration and Bankruptcy,” HHIC-Phil said.

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

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

Labor displacements

WHATEVER the real reasons may have been that pushed HHIC-Phil to the Olongapo court on January 8, one thing is clear: the workers are collateral damage.

Amid its ongoing financial crisis, Hanjin Heavy Industries and Construction Co.-Philippines (HHICC-Phil) Inc. has started to lay off its contractual employees.

Based on the latest report from DOLE-Region III, the Zambales-based shipbuilding firm retrenched at least 500 workers from one of its subcontractors.

The DOLE also got reports of other subcontractors of HHICCPhil, which are now seeking permission to reduce the number of work hours of their employees to cut their expenses.

As of November 2018 HHICCPhil had 22 registered subcontractors with a total of 11,526 workers.

DOLE is still consolidating its December 2018 report before it could determine the total number of displaced workers from HHICCPhil as a result of its ongoing financial woes.

HANJIN Shipyard, located on the 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

The BusinessMirror earlier reported HHICC-Phil had already retrenched 7,000 workers in December 2018.

According to Bureau of Local Employment (BLE) Director Dominique R. Tutay, Labor and Employment Secretary Silvestre H. Bello III instructed them to prepare possible interventions for the displaced workers of HHICC-Phil.

“We would encourage workers affected to retool/reskill themselves to take advantage of the job opportunities from other sectors,” Tutay said.

HHICC-Phil is currently one of the biggest employers in the province of Zambales.

Tutay said the affected workers can look for alternative employment opportunities in the following sectors: construction,; administrative support and manufacturing, other than shipbuilding.

Leading shipbuilder

IN its JobsFit 2022 report, the DOLE noted that HHICC-Phil is among the companies which helped cement the country’s reputation as the fourth largest shipbuilding nation in 2010.

Citing studies from the De-

BOXES of what appeared to contain documents for the filing of petition for corporate rehabilitation are seen at the Olongapo Regional Trial Court on Tuesday. NONIE REYES

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, January 10, 2019

A5

Subic: Too big to fail? to come and invest here since we have one of the highest power rates in Asia,” noted Eisma.

In August last year, the average rates of the Manila Electric Co. (Meralco), the country’s largest power distributor, remained the third-highest in Asia.

According to Eisma, the subsidy ended last year. However, “except for this year, the national government is releasing a final amount of P30 million plus.”

The amount represents the unpaid portion of Hanjin’s power consumption in 2018.

Eisma said Hanjin directly sources power “from the grid.”

According to an official of power market operator, Independent Electricity Market Operator of the Philippines Inc. (Iemop), Hanjin is a directly connected customer that still sources power from a generation company (genco).

“NGCP only provides the transmission but power supply still comes from a genco sold to it through RES [retail electricity supplier]. Advent Energy Inc. of the Aboitiz is the supplier of Hanjin,” said Iemop president Francis Saturnino C. Juan.

“I remember several years ago, Hanjin had a supply contract with PSALM [Power Sector Assets and Liabilities Management Corp.] wherein Hanjin was provided with preferential rate, pursuant to an executive order,” added Juan.

Echoes of 2016

partment of Trade and Industry (DTI) and the Board of Investments, the report tagged shipbuilding and ship repair among the emerging industries in terms of job creation up to 2022.

“Opportunities abound in the country’s shipyards which are now building ships like bulk carriers, containers ships, and big passenger ferries and repairs of ships. Job prospects include skilled welders, steel cutters and engineers,” the report said.

When news first broke of the Hanjin shipyard’s lawyers having filed for corporate rehabilitation on Tuesday to get protection from creditors, the DOLE had said it was monitoring possible labor displacement.

In an interview, Labor Assistant Secretary Benjo M. Benavidez told the BusinessMirror they have yet to receive an official report of retrenched workers from the Zambales-based shipbuilding firm.

“We will first check if the development will lead to any disruption in the company’s operation,” Benavidez said.

On Tuesday, HHICC-Phil filed for receivership as it reels from the prolonged decline in international

shipping demands.

Incentives

BENAVIDEZ explained that receivership means the company is suffering from financial instability and is now seeking for “life support” from other entities.

“If the operation is not affected even if the company is under receivership, then no worker will be affected,” the labor official said.

Benavidez gave assurances that the DOLE will provide aid like livelihood and employment facilitation to workers who may lose their jobs at HHICC-Phil.

“If there is any displacement, that is when we will come in to offer our usual [assistance] programs,” Benavidez said.

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. The income-tax holiday 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 Subic Bay Metropoli-

tan Authority (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 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.

Power subsidy

BESIDES the usual perks given to Freeport locators, HHIC-Phil also enjoyed subsidized power rates for many years from the Philippine government.

“The total subsidy was more or less P4 billion over a 10-year period,” said SBMA Chairman and Administrator Wilma T. Eisma.

The shipbuilder based in South Korea was given subsidized power rates during the Arroyo administration in a bid to “convince them

THE problems faced by HHIC-Phils are now being compared to former subsidiary Hanjin Shipping Line Co. Ltd., which filed for court receivership in South Korea in August 2016.

While Hanjin Heavy Industries has become a separate entity after spinning off from Hanjin Group in 2005, it was plagued with inquiries on the future of its business when Hanjin Shipping filed for what the United Nations Commission on Trade and Development then described as “the largest bankruptcy ever to take place in container shipping.”

These inquiries as to the future of its business seemed, nonetheless, valid as MOF, an agent of Hanjin Shipping in the Philippines, also filed a petition for voluntary liquidation.

According to BusinessMirror columnist Cecilio Arillo, MOF collected container deposits in the amount of P107.7 million from several importers and customs brokers.

Because of MOF’s voluntary liquidation, “its creditors, whose unpaid claims aggregated to more than P158 million, including the P103-million unreturned container deposits, were paid only with the remaining more or less P5-million assets of MOF divided proportionately among them.”

The Aduana Business Club Inc. (ABCI), representing more than 50 customs brokers, had insisted then, through its lawyer, that container deposits—given by importers and customs brokers to shipping lines as guarantee that containers will be returned in good condition— “are not part of MOF assets but are trust bonds for containers and thus should be returned,” according to an article in the industry newsletter Port Calls.

No recent signs

STILL, there were no recent signs HHIC was struggling. In January 2018, to note, the South Korean shipbuilder unveiled the CMA CGM Antoine de Saint Exupery, the first 20,600 TEU (20-foot equivalent unit) container vessel built in Subic.

As of late November last year, Hanjin still sounded optimistic as it announced the delivery of two units of 114,000-deadweight crude oil tankers to its Singapore-based client Eastern Pacific Shipping (EPS).

Hanjin reported on its website then that EPS was also expecting two more tankers of the same kind for delivery in 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 [are] set to start construction in the second quarter of 2019,” the Hanjin report added.

Such optimism was characteristic of a company which has delivered 123 vessels since July 2008 when it rolled out Argolikos, the first container ship to be built in the Philippines. That record meant that the company was churning out production at the rate of more than 12 vessels a year.

According to Hanjin Heavy Industries & Construction Co., the mother firm in South Korea, its Subic affiliate filed for an insolvency scheme following “a drop in new orders amid the protracted slump in the global shipbuilding sector.”

Hanjin’s petition to seek relief from creditors sent a shockwave through the business community in Subic, which has seen the meteoric rise of the South Korean firm since it started operation in the former US base turned free port in 2006.

“It’s really sad that Hanjin would be in dire financial straits after successfully building some of the world’s biggest ships here and putting the Philippines on the map as the world’s fifth-largest shipbuilder,” said Eisma, who met with a high-ranking Hanjin official last Saturday to discuss the rehabilitation scheme.

The Subic shipbuilder is a subsidiary of Hanjin Heavy Industries and Construction Co. Ltd. (HHIC), the South Korea-based multinational that provides shipbuilding, construction and plant services worldwide, and is thus backed by one of the biggest chaebols, which are conglomerates with affiliated companies.

Hanjin initially pumped $1.7 billion to complete its 300-hectare shipyard on the Redondo Peninsula in Subic, Zambales, in record time, and in 2016 the company’s foreign direct investment stood at $2.3 billion, the biggest in Subic since the free port was established in 1992.

By August 2015, Hanjin was already the single-biggest employer in the Subic Bay Freeport, with workers at its Redondo shipbuilding facility making up 36 percent of the total Subic work force. That year, the SBMA said it expected Hanjin workers to breach the 30,000 mark, as the company was signing more shipbuilding contracts.

In the same year, the SBMA credited Hanjin among the major growth contributors in the Subic Freeport as the firm set out to complete at least 17 ships worth over $1.6 billion.

In January last year, as Hanjin delivered the CMA CGM Antoine de Saint Exupery HHIC-Phil President Gwang Suk Chung said the new vessel represented a breakthrough in global shipbuilding.

“This newly built 20,600-TEU vessel proves, among others, the strength and capability of our Subic shipyard to manufacture in a timely manner mega-ships of much higher quality tonnage that are now shaping the shipping landscape around the world,” Chung said.

Heavy-tail contracts

HANJIN’S fall appears to follow the path that has waylaid some of South Korea’s top shipbuilders since 2010.

In a report by the South Korean news agency Yonhap in May 2016, it was said that heavy-tail contracts—where the buyer makes a larger payment late in the building process—may have led to

heavy borrowings by Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering.

Pyong Jong Yu, HHIC-Phil’s executive director for administration, was said to have confirmed as much during a meeting with Eisma on Saturday when he said that Hanjin has agreed to heavy-tail payments.

A source said Yu revealed that the Subic shipbuilder has incurred at least $100 million in losses because of stiff global competition, low prices of ships, and low production at the local shipyard.

Yu reportedly said that Hanjin’s troubles “drastically developed in October 2018, when we applied for a loan for two ships [and] we were turned down.”

“We invested a lot of money when the shipbuilding industry was already at its peak,” Yu reportedly lamented. “Then it came down.”

Fallout

IN a statement on Wednesday, Eisma said she was informed that Hanjin owes some $400 million in outstanding loans from Philippine banks on top of another $900 million in debts with lenders in South Korea.

The company still has six pending multimillion-dollar new building projects at its Redondo Peninsula shipyard, and these may have to be canceled if a rehabilitation plan does not materialize, Eisma also said.

“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,” Eisma added.

Eisma also said that in the face of recent liquidity problems, Hanjin had laid off more than 7,000 workers last December and is poised to lay off another 3,000 early this year. The plan is to retain just about 300 local workers and as few as seven Korean supervisors by March to do facility maintenance, she added.

“The SBMA, of course, expressed its concern about the separation of shipyard workers, but we received assurances that those who were laid off were amply compensated. Still, we’re having this aspect checked out,” Eisma said.

White Knight

ACCORDING to sources, Hanjin’s best scenario would be when the local creditor banks agree to the firm’s rehabilitation plan, which may involve the conversion of its debt to equity.

The worst would be when the court tells Hanjin to liquidate its assets outright.

Eisma said the SBMA is now working with Hanjin officials to find some way to keep the shipbuilder, which has helped build Subic’s huge reputation in the global maritime industry.

“I really hope that Hanjin’s creditors would agree to some rehabilitation plan, or that the company would find some financial partner to continue with its shipbuilding operations in Subic,” Eisma also said.

Specifically, Hanjin would need a white knight, a friendly party that would come to the aid of the ailing giant. In mid-2018, there was talk of negotiations with Davao’s Dennis Uy, but such fell through.

Hanjin had reportedly talked to various parties but had not made any real progress on negotiations.

However this story ends, it has become another cautionary tale for businesses, local or global, that achieve phenomenal growth on heavy borrowing. And, as the cliché goes, the bigger they are, the harder they fall.

A6 Thursday, January 10, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Crafting a national nuclear program

O

N Christmas day, the Press and Public Affairs Bureau of the House of Representatives posted online a news release saying the House of Representatives, before its holiday break, has approved on second reading House Bill 8733, or the proposed “Comprehensive Nuclear Regulation Act,” which seeks to establish a comprehensive nuclear regulatory framework and create the Philippine Nuclear Regulatory Commission (PNRC).

The bill’s proponents said the PNRC will be an independent nuclear regulatory body focused on the control of peaceful uses and application of nuclear energy. The sponsors are House Speaker Gloria Macapagal-Arroyo, Deputy Majority Leader Ron Salo (Party-list, Kabayan), Reps. Francis Gerald Abaya (First District, Cavite), Maximo Rodriguez Jr. (Second District, Cagayan de Oro City), Gary Alejano, (Party-list, Magdalo), Divina Grace Yu (First District, Zamboanga del Sur), Erico Aristotle Aumentado (Second District, Bohol), Seth Frederick Jalosjos (First District, Zamboanga del Norte), and Joey Sarte Salceda (Second District, Albay).

Long overdue, the bill will help shape a national nuclear program to help us address our problem of looking for cheap and reliable alternative energy sources. For the longest time, Filipinos have been complaining about the high cost of electricity. As of January 2018, the country’s average electricity price for residential customers is the second highest in Asia, according to a Perth-based consulting firm that specializes in providing power market advisory services in the Asia-Pacific region (see “Micro, small firms still unable to tap loans from banks” in BusinessMirror, December 27, 2018). The top 5 countries with the highest power rates surveyed in Asia are Japan (P12.31 per kWh); Philippines (P8.96 per kWh); Singapore (P8.83 per kWh; Hong Kong (P6.53 per kWh); and Thailand (P6.23 per kWh).

If both houses of Congress can get their act together and succeed in crafting a viable national nuclear program, they can help liberate millions of Filipino households from the grip of expensive electricity. For example, we have a $2-billion white elephant that can be turned into an asset: The Bataan Nuclear Power Plant (BNPP) is a fully functional but nonoperating nuclear power installation. It was built by the late President Ferdinand Marcos in the 1970s and was supposed to be operated in 1985. However, the People Power revolution drove Marcos out and the Aquino administration shelved the nuclear program.

The Duterte administration has all the information it needs to decide whether to revive the mothballed BNPP. Reports said the government will have to spend $1 billion to make it operational. After 40 years of dormancy, the BNPP is still safe to use as it can withstand an intensity 8 earthquake, according to the National Power Corp. The shell of the nuclear plant was made from imported cement and Bethlehem steel, the same brand used to put up the Golden Gate Bridge and the Empire State Building.

Proponents said the BNPP must be revived if we want cheaper electricity. While it is true that BNPP’s capacity is only around 620 megawatts, a far cry from the 1,200-megawatt coal-fired Sual Power Station in Pangasinan, the nuke plant offers huge savings. That’s because 1 gram of uranium, which costs about 6 cents, matches the power that can be generated by 1 ton of coal or 1,800 liters of oil.

The Duterte administration, like past administrations, has the choice to leave the BNPP idle—and let taxpayers continuously shoulder around P50 million annually for its maintenance—or make it operational so it can contribute to the advancement of our national interest.

Since 2005

BusinessMirror A broader look at today’s business

A perfect world John Mangun

OUTSIDE THE BOX

I

N a perfect world, fast-food hamburgers would look the same in real life as in the advertisements. In a perfect world, 90 percent of the global production of vitamin C would not come from one source—China. In a perfect world, scientific research would be independently objective and not funded by corporations and governments.

In a perfect world, the free market would be allowed to function without interference.

Since price inflation is on everyone’s mind, it might be enlightening to look at history. The British have always been exceptional at keeping records and preserving common but important documents. Using deeds of sale for land and goods, receipts of purchase, and local tax registers, we have accurate data about price inflation going back to the 13th century.

It was an exciting time in England between the years 1209 and 1709.

The Magna Carta was signed. The Black plague arrived in England.

There was the English victory over

PIC hears complaint against AISL Cecilio T. Arillo

✝ Ambassador Antonio L. Cabangon Chua

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France in the Hundred Years’ War. Jamestown was founded in the Virginia Colony and was the first permanent English colony in the Americas.

The Bank of England was founded.

Price inflation between 1209 and 1709 averaged 0.5 percent per year.

Years of high price increases were usually times of famine or war. But money kept a stable value against goods and services based on the free market of buyers and sellers determining prices.

The next 200 years between 1709 and 1909 saw average yearly inflation fall to 0.2 percent. The Kingdom of Great Britain came into being and the American colonies fought a war for

independence. England once again beat France—and Napoleon—in a major war and the first peacetime income tax was introduced. There was also that economic life-changing event called the Industrial Revolution between about 1760 and 1840.

Big technological changes have a positive effect on prices.

However, the greatest technological advancements occurred in the past 100 years. Inflation in England between 1900 and 1990 averaged 4.5 percent per year.

Governments have increasingly controlled interest rates, which is the “price” for buying and selling money.

Governments control foreign-exchange rates, which is a major part of the price of goods and services traded between nations. Consumer and business buying is significantly controlled through the price manipulation of government subsidies, “fiscal incentives,” and preferential treatment of certain industries.

There is no such animal as the “free market” when the control of pricing is directly or indirectly set by the government and not by the participants—buyers and sellers.

The greatest manipulation by the government is through taxation.

Political divisions used to separate the people from the government

T

HE Philippine Insurance Commission (PIC) will continue at 9 a.m. on Thursday its administrative hearing on the complaint filed by stakeholders against the influential Association of International Shipping Lines Inc. (AISL) for alleged violation of the insurance code.

The case arose from the collection by AISL of container insurance without any authority from the Insurance Commission.

As early as the 1990s, AISL had started a mandatory collection from port stakeholders, the importers in most instances, P30 per shipping container. Earlier, AISL claimed that the mandatorily collected amount is for the insurance of shipping containers used by an importer or port stakeholder. Before an importer or consignee can pull out from the container yards the shipping container containing imported goods, he must first, among others, pay to AISL the above-mentioned amount to insure the said shipping container while the same is outside the container yards (delivering goods to importer’s premises).

This practice has inflationary effect on the economy as the insurance

collected from them is eventually passed on to the consumers.

The AISL collection is called “equipment insurance clearance,” the receipt as proof of payment thereof is issued under the name of AISL and photo copy of this is attached as Annex “A” in the complaint.

The complaint, among others, said that: 1. The mandatory imposition of this amount on an importer or concerned port stakeholder is highly irregular and scandalous as the beneficiaries thereof are not the paying importer or concerned port stakeholder.

2. AISL has never shown any proof that the said collected amounts were indeed paid or remitted to insurance company/ies.

3. Most of all, AISL by its act of collecting said amount (ostensibly for insurance) is bereft of any li-

cense, permit or authority from the Insurance Commission to act as such.

Clearly, AISL ventured into an insurance related operation and at most acting as an insurance agent, the complainants said.

In connection with item No. 3, a formal query was sent to the Insurance Commission, Licensing Division as to whether AISL is registered, authorized or has been registered or authorized with the Insurance Commission as an insurance agent or as an insurance broker or to engage in an insurance related venture.

In September 2017, the Licensing Division of the Insurance Commission issued a reply stating that AISL has not been issued a certificate of authority that may authorize it to act either as an insurance agent or broker.

Copy of the reply from the Licensing Division is attached in the complaint as another piece of evidence.

In view of the denial by the Licensing Division, it is clear that AISL has unlawfully collected from port stakeholders the above-mentioned amounts.

Information gathered by this writer from various sources showed that AISL has, since the early part of 1990s, collected from concerned port stakeholders more or less P25 per container, which was later increased to P30 per container and paid through a highly digitized system called “Go Fast.”

Contacted for comment, Patrick

are simple. A little over one-half of Americans are net payers of tax. The other 47 percent receive cash or inkind payments and effectively do not pay national income tax.

Backroom deals and trade-offs are made between governments.

The $50-billion Three Gorges Dam project saw millions of dollars of contracts go to US companies. Hundreds of millions of dollars in contract went to German firms. The US would not wave income tax on US companies to participate in building the dam—in spite of warming US/China relations—because of the 1989 Tiananmen Square Massacre. German companies had a 40 percent cost advantage because Germany did not have taxes on foreign income.

Anyone who speaks of the “economic evils” of the free market—usually using the term “capitalism”—is a fool or an agenda-driven liar. The 20th century and now the 21st is not the Age of Capitalism. It is the Age of Economic Manipulation by governments.

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

Ronas, AISL president, said in a text message: “With much regrets but I was advised not to comment as it is subjudice [under judicial consideration], according to our lawyers.”

Based on verification, AISL is an association composed of international shipping lines that are calling at Philippine ports.

This is how it happens: Before an importer, broker or concerned port stakeholder can pull out from container yards his cargo loaded on the AISL-member shipping line container, he must pay the said amount to AISL. Upon payment of the P30, AISL will issue a receipt with the following printed words: “Equipment Insurance Clearance.” According to port stakeholders who used containers belonging to AISL member-line, this amount will be used to ensure the return of the container used by a port stakeholder.

According to the complaint, the justification for the AISL collection is that there is a need to insure a subject container from the time when it leaves any port of the Philippines and terminates when the same is returned to any international seaport of the Philippines or to a duly designated place of return.

But such an activity requires the authority of a regulatory agency, in this case, the Philippine Insurance Commission, the complaint said.

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

Opinion BusinessMirror

www.businessmirror.com.ph

Can the unions be a force Life in the Spirit for change in PHL society?

Msgr. Sabino A. Vengco Jr.

ALÁLAONG BAGÁ

Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

T

HE 1987 Constitution is quite explicit on the various rights of the workers. Section 3, Article XIII, provides for the following:

“The State shall afford full protection to labor, local and overseas, organized and unorganized, and promote full employment and equality of employment opportunities for all.

“It shall guarantee the rights of all workers to self-organization, collective bargaining and negotiations, and peaceful concerted activities, including the right to strike in accordance with law. They shall be entitled to security of tenure, humane conditions of work and a living wage. They shall also participate in policy- and decision-making processes affecting their rights and benefits as may be provided by law.”

And yet, the unionized workers who enjoy collective bargaining rights constitute a distinct minority, less than 1 percent of the 43 million plus work force.

As gathered by the ILO Manila Office, in its Decent Work Country Diagnostics (2017), there were 17,245 registered unions in the private sector in 2016, and yet, only 1,126 of these unions have collective bargaining agreements. These CBAs covered a total of 200,476 workers, a figure equivalent to half of 1 percent of the total employed of 40 million for the year 2016. Moreover, the CBA rates have been going down since 2003.

So what accounts for the low rate of unionism and declining CBA coverage despite what is supposedly to be a favorable and pro-union legal system in the Philippines?

Several major explanations can be advanced: First, the traditional base of trade unionism—the formal sector establishments with 20 or more workers—is not growing as fast as the swelling informal sector (two-thirds of the labor force), the overseas migration (10 million plus OFWs), and the micro, small and medium enterprises or MSMEs (which account for 99 percent of registered enterprises).

Second, paid work in the organizable formal sector is increasingly subjected to “informalization” processes, meaning employers are resorting more and more to short-term and casual hiring arrangements such as the utilization of third-party manpower agencies and putting workers on five-month probationary status (terminated before the six-month regularization requirement of the law). Yes, the anti-endo campaign of the trade unions and the DOLE are bearing some fruits. However, this does not erase the fact that the overwhelming majority of workers still have short-term employment contracts, while many in the MSME enterprises have no employment contracts at all.

Third, the export-oriented services sector, composed of the emergent call centers and business-process outsourcing firms doing offshored ICT-based services, is generally immune from union organizing drives for various reasons such as the anti-union policy of companies, project-based hiring system, low level of awareness on unionism by ICTsavvy millennial workers and limited access of union organizers to workers doing night work in high-rise fully guarded buildings. CC-BPO work is done mostly at night to service American and European clients in their day time.

Fourth, a new but nonunionized work force is emerging under the Fourth Industrial Revolution. There are tens of thousands of online “freelancers” registered with Upwork and other online mediating firms, including the ride-hailing firms such as Grab. There are no unions of online freelancers and there are no blueprints on how to unionize them. In the first place, there is a great deal of uncertainty over their status: independent contractors or employees?

Fifth, there is a general race-tothe-bottom attitude among employers and human-resource managers on the treatment of workers, as reflected in the widespread practice of external labor-market flexibility in a liberalized and globalized Philippine economy (in

contrast to the situation in the 1950s1960s when the domestic economy was sheltered by the policy of industrial protectionism). Moreover, many unionized domestic firms, bred by the said program of industrial protectionism, collapsed in the 1980s-2000s under the IMF-World Bank-supported structural adjustment program (SAP). The unionized exportoriented garments industry also collapsed in the 1980s-2000s, due to the removal of the market quotas under the Clothing and Textile Agreement of the World Trade Organization and the failure of the Philippine garments industry to compete with other producers in Asia in terms of productivity and prices.

Aside from the above difficult external environment for union organizing, the trade union movement is weakened by internal divisions. Over a hundred labor federations compete with one another in organizing across industries, unmindful if there are existing unions or not in these industries. These have spawned numerous and debilitating intra- and interunion conflicts. These conflicts are further exacerbated by political and ideological and even personal/family differences among the trade union leaders. So, can the unions be a force for change in Philippine society?

The reality is that the trade union movement has remained society’s conscience. The various labor groups have been the leading articulators of the interests of society’s “laylayan.”

They have been critical of the deepening social and economic inequality, the poor employment outcomes from SAP and the trickle-down economic programs developed by the technocrats, the antipoor assaults of the new tax program and so on.

And despite its limited base, the trade union movement has managed to push for a number of protective labor laws and keep a seat in the tripartite industrial relations system. This gives them a platform to air unions’ position on various issues and an opportunity to be heard in official consultation meetings on labor matters, at the national and regional levels. Worker representatives are also appointed in different tripartite bodies such those dealing with social security, health and safety, dispute settlement, wage boards and so on. There are also worker-based political parties given special seats in Congress.

Meanwhile, a number of progressive unions have been collaborating with enlightened academics and civil society organizations (CSOs) to advance broader worker organizing through an adjustment in the traditional way workers are organized and their interests are advanced. The concept of “social movement unionism” or SMU has been accepted and articulated by some labor leaders, who realize the importance of covering under the union umbrella all workers, regular and non-regular, formal and informal.

The trade unions, including those sitting in Congress, have been supportive of the proposed “Magna Carta for Workers in the Informal Economy,” which seeks to establish a system of registering organizations of informal workers at the local and national levels. MCWIE seeks to strengthen further existing initiatives of some CSOs and people’s organizations (POs) in organizing different segments of the labor force, e.g., migrants, domestic workers, tribal people, home-based workers, nonwage transport workers, ambulant vendors, coastal fisherfolks, landless rural poor and so on.

If the splintered trade union movement succeeds in forging unity and building productive partnership with the CSOs and POs involved in various forms of worker organizing, there is no doubt that the movement shall become a lot stronger and help shape Social Philippines.

C

LOSING the Christmas Season is the celebration of the event at the baptism of Jesus in the River Jordan. The gospel account (Luke 3:15-16, 21-22) taps on Jesus’ heavenly confirmation, while also uncovering the meaning of our own baptism by Jesus.

The anointed one of the Holy Spirit AT the start of His ministry, Jesus is presented by Luke as anointed and consecrated by the Holy Spirit.

As the Spirit descends on Him, the acknowledgment and approbation of God: “You are my beloved son.

On you my favor rests.” Jesus is the Son filled with the Spirit of God. He definitely understands himself as the “one anointed” (the christos) by the Spirit of God (Luke 4:18), the bearer of the Spirit quenched by the sin of the people. The Spirit of God has returned to the world in and through Jesus, present to Him at his very conception and at His birth (Luke 1:35), with Him in the desert, during His prayer, in His miracles,

at His resurrection.

In the face of the people’s expectation that John the Baptizer might be the Anointed One, Luke portrayed John as denying that he was the awaited messiah or the Christ. The man himself turned the attention from his person to Jesus, the more powerful one to come whose sandals He was not fit to undo, an act of a disciple/slave for his master. In further clarification, the evangelist contrasted John’s lesser baptism with water against the greater sign of the baptism “with the Holy Spirit and fire” made possible by Jesus for our salvation. And downplaying the baptism of Jesus by John in the river by relegating it to a subordinate clause “after being also baptized,”

Thursday, January 10, 2019 A7

Luke stressed that it was while he was praying that Jesus was anointed with the Holy Spirit.

Baptized with the spirit

JESUS was primordially baptized with the Holy Spirit; in His humanness He was anointed and filled with Spirit, and so in full communion with God. That is why in His name believers can now be baptized with the Holy Spirit and thus as though purified by fire. Our Christian sacrament of baptism is above all a baptism in the Holy Spirit, our initiation to a new life in the Spirit in communion with the Father and the Son. It is this intimacy of Jesus Himself with the Father in the Holy Spirit that is given special emphasis in Luke’s characteristic detail: “Jesus was at prayer.” Jesus is consistently said to be at prayer in connection with the big events of his ministry: before choosing His disciples (6:12) and announcing His passion (8:18), at the transfiguration (9:28), before teaching His disciples how to pray (11:2), at the last supper (22:32), in His agony (22:41) and on the cross (23:48).

The importance of prayer in the life of Jesus and therefore in our lives as His followers is here underscored.

As Jesus was anointed by the Holy Spirit and enjoyed communion with the Father and the Spirit especially

while at prayer, so also his faithful ones become empowered by the Spirit and by prayer to be able to live in union with God. The apostolic community believed so and lived so (Acts 1:14; 2:42; 4:31; 12:12). For Luke, prayer is a means of discipleship, a necessary way of integrating faith and life, and a vital defense if one is to survive sufferings and persecutions, superficiality and distractions.

Alálaong bagá, to be a baptized Christian today means to be identified with Jesus baptized and anointed with the Holy Spirit: filled with Christ’s Holy Spirit, and favored

by God’s love, and empowered for the Christian mission in the world.

And all this is actualized to us and celebrated by us in prayer—in the liturgy (the Church at prayer), that begins in baptism and continues and climaxes in the Eucharist. It is here that we are in full communion with the Father, the Son and the Holy Spirit. That makes our Sunday Eucharist, our life-giving prayer par excellence, a necessity of incomparable value, without which one cannot be a follower of Jesus Christ in the world today.

Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Aluminum is the market to watch closely in 2019

By Jason Schenker Bloomberg Opinion

O

N the long list of leading indicators that market participants attempt to use to figure out where the economy may be headed, don’t overlook aluminum.

Despite the many market-soothing words uttered by Federal Reserve Chairman Jerome Powell and former Chairmen Janet Yellen and Ben S. Bernanke at the American Economic Association’s annual meeting in Atlanta on Friday, economic and market risks have not vanished. In fact, the risks for 2019 and 2020 look a lot like those in 2015 and 2016, when a Chinese manufacturing recession, depressed euro-zone manufacturing activity, and a US business investment recession held back markets and growth.

One of the most overlooked economic dynamics of the last five years is the Chinese manufacturing recession that lasted from December 2014 until June 2016. Now, China is on the edge of another manufacturing recession, following contractions in the December 2018 Caixin manufacturing PMI. This is just one of the major

factors that raises the prospects of a 2015/2016 redux.

Then, as now, aluminum led other markets lower, including oil prices, other industrial commodities and even equities. In fact, aluminum led markets in 2018 in a dynamic that we also saw during the drop in late 2014 to mid-2016 as well as the recovery-driven rise from mid-2016 until early 2018.

One reason aluminum is such a leading indicator is that China consumes a majority of the world’s aluminum. Not just a plurality, but an outright, albeit slight, majority of 54 percent. This means that aluminum is a more reliable read on China’s economic health than almost any other metric. And reliable Chinese growth metrics are in short supply.

But China’s aluminum consumption isn’t the only reason the commodity’s a leader of markets. Aluminum consumption is heavily split between leading industries such as transport (27 percent), construction (25 percent) and equipment (9 percent).

Although Powell noted the fall in copper prices, which is often referred to on Wall Street as “Dr. Copper” for its ability to track the global econo-

my’s health, aluminum is arguably a better gauge of demand and growth, as supplies are not as tight worldwide and demand is more broadly distributed.

As an ominous forerunner of the risks ahead in 2019, LME aluminum prices suffered massive downward pressure in 2018, falling by 17.4 in a persistent downtrend throughout most of the year except during a brief period in April when US sanctions on Russian aluminum giant United Co. Rusal triggered a short-lived spike in prices. The risk to industrial metals prices from a trade war—and the proxy implications for the global economy—was apparent in April, as I noted in a Bloomberg Opinion column at the time.

Even if the Fed takes a more dovish turn, as Powell noted that policymakers are prepared to do, it would not end the trade war. And even if the trade war ends soon, which seems unlikely given that tariffs appear to be part of the pretext of a broader iceberg-like US-China conflict, there is a lot of damage that’s been done.

CEOs and supply-chain professionals have been particularly vexed by the highly volatile trade dynamics,

and businesses need stability to plan.

Because without stability, planning is impossible.

This threatens US business investment in a higher interest-rate environment in 2019 even if the Fed is on hold and even if the trade war ends quickly. The potential bright spot for growth in 2019 and 2020 is US consumption, which as Yellen noted on Friday accounts for about two-thirds of US gross domestic product. This seems like a reasonable expectation, since the US consumer carried the day in 2015 and 2016.

Of course, interest rates are a lot higher now, and the Fed keeps talking a hawkish game—no matter how dovish Powell sounded on Friday.

But with a strong labor market and strong consumption, there are limits to the weakness that we could see in the overall US economy. And talk of a recession may be simply too bearish given that labor market dynamics are the best in decades.

In any case, watching aluminum prices for signs of life and a light at the end of the economic tunnel of doom and gloom would be a wise strategy.

Not just for aluminum—but for oil prices and equities.

‘Belt and Road’ initiative is more chaos than conspiracy

By David Fickling Bloomberg Opinion

I

S China’s “Belt and Road” initiative a bold infrastructure vision, or a slush fund? The question is becoming more pressing.

Chinese officials offered to help bail out state-owned 1Malaysia Development Bhd., kill off investigations into alleged corruption at the fund and spy on journalists looking into it in exchange for stakes in Belt and Road railway and pipeline projects in Malaysia, the Wall Street Journal reported on Tuesday. If proven, that would offer the clearest link yet between the 1MDB scandal and Belt and Road, which is still seen by many as a more effective rival to multilateral investors such as the currently leaderless World Bank and Asian Development Bank. China has denied that money in the program was used to help bail out 1MDB. The common perception is that President Xi Jinping’s flagship foreign policy initiative is an ambitious program deploying trillions of dollars on necessary infrastructure in emerging Asian and African countries where Western investors lack the animal spirits to tread.

A variant of this view suggests a greater level of Machiavellian fore-

sight. By getting emerging-economy governments caught in debt traps when unviable projects like Sri Lanka’s Hambantota port go belly-up, China is methodically assembling a network of client governments in hock to Beijing and advancing its military ambitions.

Here’s a better argument for what Belt and Road is really about. Despite Xi’s close association with it, the initiative isn’t ultimately a connected master plan for Chinese global ascendancy.

Instead, it’s better looked at as a somewhat chaotic branding and franchising exercise, a way for the country’s numerous provincial officials and stateowned companies to slap a presidential seal of approval on whatever project they’re seeking to pursue.

“Far from strictly following Beijing’s grand designs, much of the Belt and Road initiative’s activity to date looks more scattered and opportunistic,” Jonathan Hillman, a senior fellow at the Center for Strategic & International Studies, wrote in an analysis last year.

The Journal’s reporting suggests a scheme cooked up on the fly, with its key planks initially proposed by Malaysian rather than Chinese officials. By building the railway at a vastly inflated cost, Chinese state companies would be able to get their hands on spare cash and in return assume some of 1MDB’s

debts. If Malaysia’s Belt and Road projects were all part of a grand strategy hatched by China, the execution was incompetent. According to the Journal, former Malaysian Prime Minister Najib Razak did hold talks with Beijing about granting berthing rights to Chinese naval vessels—but the discussion never bore fruit. Then Najib was voted out of office last year, with his successor Mahathir Mohamad seeking to cancel or renegotiate projects he’s labelled a “new version of colonialism.”

Other examples abound. Oil and gas pipelines linking a planned $9.6billion port in Myanmar to China’s Yunnan province are barely being used after five years in operation. A high-speed train to connect Jakarta to Bandung is running at least two years behind schedule and has barely started construction. Three of the six transAsia “economic corridors” around which the initiative was originally designed are devoid of major projects, while countries well outside its original scope such as Nigeria and Argentina are being brought under the Belt and Road umbrella. Meanwhile, far from binding governments closer to Beijing, its investments in Malaysia, Sri Lanka and the Maldives have fueled backlashes that brought China-skeptical governments to power.

Sometimes, as with the proj-

ects supported by the Asian Infrastructure Investment Bank, the Belt and Road brand is going to be stuck on worthwhile but generally smallscale investments in boring things like electricity grids, gas storage and flood management. At other times, it will be used to burnish splashy but ill-conceived developments that may never get built, such as a proposed high-speed rail link between Dhaka and Chittagong, in Bangladesh.

The prestige of Belt and Road may even end up being used to sell projects that are not just illogical but corrupt.

If you think the massive web of private contracts, public funds and gatekeeping officials that support major infrastructure projects in emerging countries don’t offer ample opportunities for graft, I have a bridge to sell you.

All that is reason for foreign observers to be less worried about the geopolitical ambition of Belt and Road, and much more worried about the light it shines on the haphazard and uneconomic nature of Chinese policymaking in the Xi era.

In truth, infrastructure week Beijing-style looks just as disorganized as the Washington version that President Donald J. Trump occasionally floats.

The more concerning thought isn’t that Belt and Road is a vast conspiracy, but that it’s a vast mess.

2nd Front Page BusinessMirror

A8 Thursday, January 10, 2019

Muslim traders told to tap govt microcredit schemes ‘

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By Elijah Felice E. Rosales

@alyasjah

USLIM entrepreneurs on Wednesday were urged to access the government’s microfinance schemes so as to boost production of halal-certified goods.

On the sidelines of the Muslim Traders’ Entrepreneurship Forum 2019, Trade Undersecretary Abdulgani M. Macatoman said Muslims can utilize the government’s lending and nonmonetary programs to improve their businesses. He claimed this is important given the growing industry of halal products, which Muslim entrepreneurs know best how to produce.

“We want to help them because most of them are asking what programs the government has in terms of access to financing,” Macatoman told reporters.

“They claimed to have no access to financing. That is why we need to introduce them to government agencies that provide financing,

such as the Small Business Corp.,” he added.

Macatoman said Muslim entrepreneurs are most welcome to borrow from the government’s money-lending scheme, the Pondo sa Pagbabago at Pag-asenso (P3) program, which they can use to fund their operations.

Micro, small and medium enterprises may borrow P5,000 up to P200,000 depending on their business needs and repayment capacity, with no collateral requirement under the “P3” program. Interest rate and services fees do not exceed 2.5 percent monthly. The government expects this microfinance scheme to veer small businesses from onerous moneylending.

I

@ReaCuBM

NVESTORS of government securities oversubscribed the 10-year Treasury bonds (T-bonds) the Bureau of the Treasury (BTr) opened on Tuesday when bids made were almost double the P20 billion on offer.

Reforms seen to make 2019 ‘Traslación’ faster, more orderly

$3 trillion

The global value of the halal industry, which the government wants Filipino Muslim entrepreneurs to take advantage of “We want them to know that the P3 program is available for them to utilize, especially if they are a small business in need of capital. The P3, after all, is a program of President Duterte,” he explained.

The trade official said Muslim entrepreneurs can tap the government’s assistance and use the funding for the production of halal products, an industry which has been experiencing exponential growth worldwide.

“The halal industry is really massive, as it is valued now at more than $3 trillion. We want to help our Muslim brothers to take advantage of this so they can infiltrate the halal industry,” he said.

“Locally, we have a target market given that there are 10 million Muslim people in the whole of the country,” he added.

Bids for 10-year Treasury bonds nearly double the ₧20B on offer

By Rea Cu

The BTr was able to award another P20 billion through its tap facility opened on Tuesday, after the primary auction for the maiden issuance of the 10-year T-bonds was oversubscribed.

The auction committee was again met with oversubscription for the government paper amounting See “Bids,” A2

DEVOTEES surround the image of the Black Nazarene in Wednesday’s (January 9) annual procession from Luneta Grandstand to the Quiapo Church in Manila. ROY DOMINGO

By Samuel P. Medenilla

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@sam_medenilla

RGANIZERS of the traditional Traslación for the commemoration of the Feast of Black Nazarene on Wednesday expressed confidence that this year’s procession will be more orderly and take a shorter time, with the introduction of reforms like the setting up of prayer stations.

In an ambush interview, Quiapo Church parochial priest Fr. Daniel “Danichi” B. Hui said they expect the traditional procession will end within 21 hours, or 30 minutes earlier compared to the last two years.

“It started 5:15 a.m....We expect it will end by 2:30 a.m. tomorrow [January 10],” Hui said.

WB. . .

Continued from A1

NORTHEAST MONSOON AFFECTING LUZON AND VISAYAS as of 4:00 pm - January 9, 2019

www.businessmirror.com.ph

The Philippine economy may also be hard-pressed to attain its growth targets of 7-8 percent starting this year until 2021, as the World Bank only forecast a growth of 6.6 percent annually in 2020 and 2021.

The World Bank said these projections also take into account the capital outflows, currency depreciations, equity market corrections, and foreign reserve losses in China, Indonesia, Malaysia, the Philippines and Thailand, among others.

Further, the Philippines along with China, Indonesia and Myanmar have been the most affected in the EAP by widening current account deficits and volatile port-

State workers’. . .

The same EO indicated that the DBM is also “authorized to implement or adjust the compensation corresponding to the appropriations provided in the GAA.” Diokno also contradicted Andaya’s claim that Joint Resolution 3 signed by President Duterte also extended the 2018 appropriations for personnel services and the capital outlays until the end of 2019.

Andaya is insisting that this will allow possible funding sources for the compensation adjustment from remaining appropriations in the 2018 budget.

Diokno said the resolution only extended the validity of 2018 appropriations for maintenance and other operating expenses and capital outlays. It does not include personnel services, he stressed.

In 2018, it took 22 hours for the procession to complete its route in Manila, while in 2017 it was slightly longer with 22 hours and 19 minutes. Hui based his estimates on the impact of the “Devotee’s Pledge,” which they only introduced this year.

The pledge, which was held after the morning prayer, compelled devotees to kneel down and to promise to follow rules set by the Traslación organizers and calmly observe the procession.

Hui said the measure successfully “pacified” the devotees during the transfer of the image of the Black Nazarene to the andas or carriage, which will take it back to the Quiapo Church.

The process now only took five

minutes compared to the 30 minutes in previous years.

Hui said they are also now banking on the effect of the prayer stations, which they set up for the second year along the route of the Traslación.

He noted the prayer stations helped disperse the number of devotees from the Quirino Grandstand to the stations and minimized those who followed the procession, allowing for faster movement of the andas.

As of 6 a.m., the police reported only around 800,000 people accompanied the andas—lower than its expected 5 million.

“This was because many of them decided to just wait for it in the prayer stations,” Hui said.

folio flows, as well as exposure to trade disputes involving major economies.

“Robust economic growth is essential to reducing poverty and boosting shared prosperity,” said World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu.

“As the outlook for the global economy has darkened, strengthening contingency planning, facilitating trade, and improving access to finance will be crucial to navigate current uncertainties and invigorate growth.”

stable commodity prices, a moderation in global demand and trade, and a gradual tightening of global financial conditions.

Growth in China is expected to slow to 6.2 percent this year as domestic and external rebalancing continue. The rest of the region is expected to grow at 5.2 percent in 2019, as resilient domestic demand offsets the negative impact of slowing exports.

The World Bank said global economic growth is projected to slow to 3 percent in 2018 and to 2.9 percent in 2019 amid rising downside risks to the outlook.

These risks include the slowdown in international trade and manufacturing activity; elevated trade tensions remain; and the experience by some large emerging markets of substantial financial market pressures.

Fastest growing

HOWEVER, the World Bank said the East Asia and Pacific remains one of the world’s fastest-growing developing regions. Regional growth is expected to moderate to 6 percent in 2019, assuming broadly

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He also refuted Andaya’s statement that the salary hike for military and uniformed personnel (MUP) was implemented without a funding source in the 2018 budget.

“Adjustments in the base pay schedule of MUP were provided through a budget set aside in the Miscellaneous Personnel Benefits Fund under Personnel Services in the 2018 GAA,” Diokno said.

Lawsuit

ON Tuesday, Andaya threatened to file a case before the Supreme Court against Diokno if the scheduled salary increase for state workers is not implemented. The lawmaker added that a reenacted budget is not an excuse to stop the implementation of the salary increase for civil servants on January 15.

Despite the controversy, Diokno said the DBM is now looking into the possibility of implementing salary increases for state workers from 2020 to 2022.

“Actually, I have already organized a task force to study [additional pay hikes]. We are going to hire a third party to study the wage structure right now at this time for 2020-2022 salary adjustment so 2019 is already covered,” he said.

“The DBM is currently looking into the salary structure of the private sector and will compare this with the government’s structure,” Diokno added. He said the review of the government’s salary structure may be completed before the end of the first quarter.

Diokno said, however, that he does not know whether the salary increase for 2020 to 2022 will be implemented via an executive order or a new law.

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, January 10, 2019

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PPA to evaluate ₧11-B Davao-Sasa Port proposal of Uy-led Chelsea

By Lorenz S. Marasigan

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@lorenzmarasigan

HE Philippine Ports Authority (PPA) is now in the process of evaluating the unsolicited proposal of Chelsea Logistics Holdings Corp. for the development of the Davao-Sasa Port, after the group of businessman Dennis A. Uy completed the submission of the required documents for assessment.

Jay Daniel R. Santiago, general manager at the state-owned port regulator, said his office has already received the completion documents

for the P11-billion unsolicited proposal, and now targets to finish its evaluation as early as this month.

“They have submitted the comple-

tion documents sometime in late December, and we have acknowledge the submission. We will evaluate it this whole month of January, and hopefully by the end of January or first half of February, we will be able to determine the feasibility of the proposal,” he said in an interview.

Santiago added that once the proposal is approved, his office will officially forward it to the Department of Transportation for evaluation. After this, if it approves the proposal, it will then endorse it to the National Economic and Development Authority for review.

“If necessary, we will recommend to the Department of Transportation for further endorsement to Neda for it to give the proponent the original proponent status — if they will pass the evaluation,” he noted.

As briefly discussed earlier by Chelsea President Chryss Alfonsus

V. Damuy, the proposal involves the rehabilitation of the existing terminal and the installation of modern equipment in the port. It will be done in four phases, and each phase will be triggered by a certain milestone in cargo and passenger volumes.

The proposal also includes the reclamation of land to expand the port for both international and domestic cargo and passenger traffic.

It also involves the operations and maintenance of the said port for a period of 25 years.

Chelsea is aggressively expanding its business verticals, as it will soon enter the telecommunications market, being part of the winning bidder for the third telco spot. It has also submitted a proposal for the modernization, expansion and operation and maintenance of the Davao International Airport.

Philippine bulls on a roll as overseas stock funds trickle back

P

HILIPPINE bulls are on a roll, and who can blame them? The nation’s equities index has started the year beating many global peers, and foreign fund managers are putting back money in a market that was among Asia’s worst in 2018.

Traders at Rizal Commercial Banking Corp. and AB Capital & Investment Corp. are riding the rally by deploying their cash, rather than cutting their stock holdings as they did last year whenever equities went into high gear. The Philippine Stock Exchange index rallied 4.9 percent this year, including a 1.7-percent gain Tuesday as of 10:50 a.m. in Manila. This momentum could help break through the 8,000-milestone level this quarter, they said.

“It’s a good strategy to ride the prevailing positive mood, even if only for the short term,” said Gerard Abad, who manages $380 million as chief investment officer at AB Capital. “We will see a continuation of the improvement in inflation, and it helps that the US Fed has become

dovish. That eases pressure on the Central Bank to raise rates.”

The optimism stems from encouraging inflation data—it slowed for a second month from a nine-year high, reaching its slowest pace since May—and prospects that the Federal Reserve will ease interest-rate increases. That’s brought down the US dollar from a high, prompting foreign investors to come back to the Philippines: They’ve already pumped in $49 million in equity funds this year, including the longest streak of daily inflows in five months, after $1.08 billion of withdrawals in 2018.

“Sentiments are very bullish,” said Rizal Bank trader Steven Ko, who helps manage about $1.72 billion. “We are taking profit in some of the leaders, but rotate the money into stocks that will outperform as the climb to the 8,100 to 8,200 level is quite possible from here.”

Nomura analysts Chetan Seth and Jayant Parasramka upgraded Philippine equities to overweight from neutral in a note published

on Wednesday, citing a peak in the nation’s inflation. Stock valuations can be justified by strong earnings growth prospects, they said.

Ko is looking for market laggards, with a preference for banks and consumer-related shares on expectations margins will improve and earnings will grow. Abad, who in addition to those sectors also likes property, is withdrawing from mid-cap stocks and putting the money into the market’s biggest companies, which he expects will propel the nation’s benchmark index higher.

Yet he recommends to “cut exposure” should the Philippine equity index break the 8,200 to 8,300 level, which he sees as likely. With the prevailing bullish sentiment, and should fourth-quarter gross domestic product data show a pick up in growth, the gauge could even hit 8,400, he said.

“It won’t hurt to be conservative and top slice if the market rallies too fast, too soon,” Abad said. “It’s bet-

ter to wait for first-quarter earnings for confirmation of whether this rally is standing on fundamental legs.”

Slowing inflation could boost spending and margins that could trigger a corporate earnings surprise and drive the Philippine stock index to 8,900 this year, according to Jody Santiago, Manila-based strategist at UBS AG. He forecasts market earnings growth to speed up to 12.3 percent this year compared with about 8.5 percent in 2018, when rising inflation squeezed margins and hurt consumer demand.

Optimism for earnings growth is renewing interest from overseas investors and helping support valuations, Ko said. That’s even though, at 16 times projected profit for the next year, they remain among the highest in Asia.

“It’s too early to say if the foreignfund inflow is a reversal of last year’s withdrawals, but definitely there is some interest in emerging markets and the Philippines,” Ko said.

Bloomberg News

GMA TAPS PLDT-SMART TO HELP HASTEN ITS DIGITAL TRANSFORMATION

M

ULTIMEDIA giant GMA Network Inc. has tapped PLDT Inc. and Smart Communications Inc. to help the company in its digital transformation efforts, officials said on Wednesday.

In a statement, the chief honchos of the three companies said they have entered into a technology, content and distribution partnership agreement that will help the television giant to “revolutionize the experience of television viewing in the Philippines.”

“By riding the wave of disruption with PLDT and Smart as partners, we will not only upgrade the quality of content we are producing but we are also setting the stage for a new age of digital television,” GMA Network Chairman Felipe L. Gozon said.

He added that this partnership signals that the company is “welcoming disruption and embracing digital with open arms.”

While television remained king in the last two years, TV networks globally are transitioning their content to the digital space, competing not only with their direct competitors, but with online streaming platforms like Netflix.

“As we transform our business from being a legacy telco into the

premier and most trusted digital enabler in the country, this partnership will enable us to power GMA’s digital pivot and help de-

liver to our millions of fixed and wireless subscribers GMA’s unique and compelling content, as well as exciting new digital experi-

ences to more Filipino families,” PLDT and Smart Chairman and CEO Manuel V. Pangilinan said.

Lorenz S. Marasigan

BISTRO RAVIOLI A Bistro Ravioli restaurant at the Mall of Asia Arena in Pasay City serves freshly baked pizza and pasta. ROY DOMINGO

Ayala’s power arm acquiring 51.48% stake in Phinma Energy

By Lenie Lectura

@llectura

A

C Energy Inc., the power arm of conglomerate Ayala Corp. is acquiring a 51.48-percent stake in Phinma Energy Corp. (PHEN) for P3.42 billion.

The deal, which is still subject to regulatory approvals, would help AC Energy achieve its goal to attain 5 gigawatts (GW) of renewables by 2025.

“This transaction is an important step for AC Energy to achieve 5 GW of renewables by 2025. The Phinma Energy platform has significant operating and developmental renewable energy assets, and its large diesel capacity will complement the scaling-up of our renewable projects,” said AC Energy president and Chief Executive Officer Eric Francia.

The sale will allow Phinma to focus on expanding its other businesses, according to company president and Chief Executive Officer Ramon R. del Rosario Jr. “This strategic move allows Phinma to focus on our rapidly expanding investments and operations in the education and construction materials sectors,” said del Rosario.

Under the deal, AC Energy will acquire Phinma Corp. and Philippine Investment Management, Inc.’s combined 51.48-percent stake in PHEN via a secondary share sale. Also, AC Energy will subscribe to 2.632 billion PHEN primary shares at par value.

The deal will be finalized pending regulatory approvals, including the ap-

proval of the Philippine Competition Commission, and compliance with applicable tender offer requirements.

ING acted as exclusive financial advisor for Phinma in this transaction.

AC Energy and PHEN have partnered since 2011 for a 244-megawatt (MW) coal power project in Calaca, Batangas, under South Luzon Thermal Energy Corp.

“Phinma was one of our early partners when Ayala was new to the power sector. This partnership has prospered over the last eight years and we welcome the opportunity to now integrate Phinma Energy into AC Energy’s platform as we grow our presence in the powergeneration sector,” said Jaime Augusto Zobel de Ayala, Chairman and CEO of Ayala Corp. in a statement.

Del Rosario also commented that Phinma and Ayala have always enjoyed a strong partnership, “making this agreement a truly welcome culmination of our joint initiatives in the energy sector, as we believe AC Energy is best-positioned to grow the business and take it to the next level.”

Phinma Energy has an attributable generation capacity of 472 MW and is the third-largest retail electricity supplier, serving 378 MW of customer demand.

AC Energy, based on its equity interest in power-generation businesses, owns approximately 1.7 GW of generation capacity in operations and under construction.

In 2018, AC Energy generated 2,800 GWH of energy, of which 48 percent was from renewable sources.

P.A. Properties to help ease housing backlog with 25 future projects

By Roderick L. Abad @rodrik_28

L

Contributor

AGUNA-BASED P.A. Alvarez Properties and Development Corp. (P.A. Properties) targets to complete 25 housing communities in five years to help the government fulfill its national shelter program aimed at addressing country’s current housing backlog.

The demand for housing through the years has outstripped supply, mainly due to rural-to-urban and intercity migration in major cities, such as Manila, Laguna, Clark, Cavite and Bulacan, where people believe there are better prospects for employment.

Based on the 2016 UA&P study, there was a sur plus of around 253,300 high-end (or open market) houses and 307,740 mid-priced homes in 2015. The majority of them were located within the National Capital Region and other urban centers in the country.

Nevertheless, the housing segments intended for the poor and lower middle-income classes, which comprise 81.3 percent of the population, presented a different story.

In the socialized, economic and low-cost housing categories, for instance, the need was so high that it is expected to reach 10.1 million units by 2030.

To date, socialized housing has a backlog of 3,032,351 units, while the economic housing segment has 2,588,897. Based on reports, the number continues to rise by 168,000 to 190,000 units a year.

“As a result, prevalence of informal settlements that lack basic infrastructure and sustainable service has increased significantly across most towns and cities,” said Romarico Alvarez, chairman of P.A. Properties.

Thus, he said, addressing the need for housing will require

investments beyond the capacity of the national and local budgets.

“The government needs to develop the synergies and participation of all stakeholders, including the private sector, employers, citizens and development partners in the provision of shelter,” he noted.

“For its part, the government knows that policy-making, land acquisition and a successful expropriation plan are critical to meeting the interests of the general public,” he added.

With nearly 25 years of experience in developing affordable housing and communities, P.A. Properties believes it is wellpositioned to capitalize on the huge housing backlog with its development plans for 25 future projects estimated to generate up to P25 billion in revenues.

Out of its 137 hectares of land bank, the firm has already completed a total of 40 affordable housing communities, with 16 more under construction.

In 2017, the company executed a partnership deal with Japanese real-estate developer Hankyu Hanshin Properties Corp. to develop three township projects, equivalent to a total of 54 hectares with a projected revenue of P11.25 billion.

It ended the same year with P11.8 billion in total assets growing at a two-year compound annual growth rate of 25.3 percent, as it infused P835 million in equity, increasing its total equity to P3.1 billion.

“People migrating to the cities and who are looking for places to live in are taking matters into their own hands by occupying land—building shacks and makeshift houses on vacant lots. Unless the government and the private sector come up with solutions, the pattern of land occupations and the clamor for decent housing will likely continue,” Alvarez stressed.

B2

Companies BusinessMirror

Thursday, January 10, 2019

PSE STOCK QUOTATIONS

January 9, 2019

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH VANTAGE

59.5 130.3 93 27.9 12.78 81.45 11.98 18.6 44.1 58.6 29.2 170.1 64.9 1.46 2.17 15.8 0.64 4.62 7.4 1.43 0.47 775 0.94 180 1.14

59.9 130.5 93.1 28 12.8 81.6 12.38 19.54 44.2 59.2 29.5 171 65 1.49 2.21 16.2 0.7 4.69 9.26 1.47 0.485 800 0.95 182 1.16

59.7 130.5 92.5 27.75 12.7 81 12 18.36 44 59.3 29 163.6 64.4 1.45 2.15 16.2 0.65 4.5 7.4 1.47 0.47 800 0.95 179.4 1.14

59.9 131.8 93.5 28 12.82 82.3 12.46 19.66 44.4 59.3 29.5 171 65 1.5 2.2 16.2 0.65 4.7 7.4 1.47 0.48 800 0.96 182 1.14

59.5 130.1 91.8 27.75 12.7 81 11.98 18.02 43.9 58.35 29 163.6 64.2 1.43 2.15 16.2 0.64 4.45 7.4 1.47 0.47 800 0.94 179.4 1.14

59.9 130.3 93 28 12.8 81.45 11.98 19.66 44.2 59.2 29.5 171 64.9 1.49 2.2 16.2 0.64 4.69 7.4 1.47 0.47 800 0.94 182 1.14

17,050 4,663,530 2,309,930 100,600 812,700 2,647,420 15,700 4,500 534,800 3,750 122,800 2,107,000 17,170 119,000 85,000 700 97,000 405,000 600 1,000 50,000 10 449,000 1,720 60,000

1,018,175 610,459,555 214,560,429 2,809,350 10,392,666 216,346,445 188,644 83,178 23,651,275 220,805.5 3,605,270 357,442,233 1,108,588.5 172,250 186,760 11,340 62,380 1,848,280 4,440 1,470 23,600 8,000 427,810 309,725 68,400

INDUSTRIAL ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PH RESORTS GRP PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP SWIFT FOODS UNIV ROBINA VITARICH CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS SFA SEMICON CIRTEK HLDG

1.29 34.5 0.242 20.35 67.5 390 27.3 7.67 3.74 1.4 5.71 10.78 47.95 6.41 16.88 16.7 91.1 16.16 15.6 6.4 11.36 7.37 83.7 1.13 25.05 318.4 10.32 11.22 0.176 1.5 12.54 1.94 4.7 0.127 131 1.92 2.1 6.5 15.1 8.05 5.79 17.88 8.99 0.88 1.61 148.2 1.75 3.15 5.9 40 2.06 11.88 1.91 1.52 31.1

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME ORION PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.75 28.15 995 60 12.18 6.51 0.8 1.41 1.42 7.13 12.66 13 1,000 5.96 62.7 5.54 0.57 4.59 15.38 0.6 4.73 0.037 2.62 1.18 1.38 500 987 144.9 0.74 246 0.249 0.221

1.32 35 0.249 20.4 67.55 390.4 27.6 7.7 3.78 1.41 5.78 10.8 48 6.45 17 16.8 95 17.3 15.98 6.62 11.4 7.4 83.8 1.14 25.4 319 11.3 11.34 0.185 1.51 12.6 1.95 4.74 0.131 131.1 1.93 2.11 6.69 15.3 8.06 5.8 17.98 9.5 0.89 1.63 150 1.77 3.2 6.15 41.2 2.08 11.94 1.92 1.55 31.45

1.3 35.1 0.25 20.3 67.5 386 27.45 7.7 3.75 1.5 5.83 10.9 47.55 6.16 17 16.84 92 16.98 15.78 6.6 11.28 7.5 83.5 1.14 25.05 321 10 10.96 0.173 1.4 12.34 1.99 4.74 0.128 130.4 1.91 2.16 6.75 15.02 8.22 5.8 18.16 9.98 0.89 1.65 159.9 1.79 3.17 5.9 39.5 2.06 11.4 1.9 1.55 30.7

1.32 35.85 0.25 20.6 67.65 390 27.6 7.78 3.79 1.5 5.83 10.98 48.2 6.58 17 16.88 92 17.3 16 6.62 11.4 7.52 83.95 1.19 25.5 321 11.4 11.3 0.186 1.54 12.54 1.99 4.74 0.131 132.3 1.94 2.21 6.75 15.1 8.26 5.8 18.22 9.98 0.89 1.66 159.9 1.79 3.25 6 41.4 2.09 12 1.94 1.56 31.45

1.28 34.5 0.241 20.15 67.2 384.4 27 7.67 3.74 1.34 5.66 10.8 47.55 6.16 17 16.68 91.1 16.98 15.6 6.4 11.28 7.32 83.3 1.11 25 316 9.7 10.94 0.173 1.38 12.28 1.94 4.74 0.126 130.3 1.9 2.07 6.5 15 8.06 5.79 17.88 8.99 0.88 1.6 135 1.77 3.16 5.9 39.5 2.03 11.34 1.87 1.48 30.7

1.32 34.5 0.249 20.4 67.5 390 27.6 7.67 3.74 1.41 5.72 10.8 48 6.45 17 16.8 91.1 17.3 15.98 6.4 11.36 7.4 83.8 1.13 25.05 319 11.3 11.3 0.185 1.5 12.54 1.95 4.74 0.131 131.1 1.92 2.1 6.5 15.1 8.06 5.8 17.88 8.99 0.89 1.61 150 1.77 3.2 6 40 2.07 11.94 1.92 1.55 31.45

328,000 1,857,100 1,820,000 1,352,500 20,080 295,770 583,700 3,942,000 857,000 164,574,000 55,100 24,600 606,900 1,026,600 500 839,100 1,100 1,100 217,900 55,100 2,788,600 229,100 252,380 13,800,000 33,100 1,659,810 32,200 835,800 1,640,000 27,910,000 178,100 136,000 1,000 3,010,000 2,409,410 3,124,000 28,579,000 118,000 45,100 750,200 1,404,800 2,399,000 5,100 101,000 7,580,000 3,480 51,000 12,000 2,059,800 1,300 2,141,000 2,174,600 627,000 182,000 170,400

429,440 65,352,670 448,620 27,627,515 1,354,872 114,714,412 16,061,870 30,375,090 3,239,010 234,270,040 318,280 266,522 29,128,935 6,558,576 8,500 14,103,890 101,110 18,850 3,466,974 359,803 31,675,390 1,715,578 21,097,039.5 15,937,200 829,335 529,473,896 334,824 9,298,460 293,570 41,525,140 2,216,504 266,740 4,740 386,750 316,322,356 6,001,980 60,837,750 772,000 676,950 6,109,467 8,147,798 43,281,680 47,715 89,880 12,198,640 522,716 90,680 38,150 12,357,840 52,070 4,409,860 25,693,422 1,205,480 278,470 5,294,090

HOLDING & FRIMS 0.76 28.2 1,000 61 12.2 6.54 0.83 1.42 1.44 7.14 12.7 13.08 1,008 6.1 63.5 5.79 0.58 4.6 15.4 0.61 4.74 0.038 2.63 1.2 1.39 518 995 145 0.77 248 0.255 0.227

0.7 28.15 984 58.2 11.9 6.5 0.81 1.44 1.45 7.07 12.62 13.1 980 6.12 59.95 5.79 0.6 4.63 15.84 0.6 4.7 0.038 2.55 1.18 1.4 500 957.5 146.5 0.76 250 0.255 0.224

0.76 29.35 1,003 61 12.22 6.5 0.83 1.46 1.45 7.18 12.86 13.3 1,011 6.12 63.5 5.8 0.6 4.7 15.96 0.61 4.76 0.038 2.63 1.19 1.4 500 995 148.8 0.76 250 0.255 0.228

0.7 28.1 971 57.4 11.8 6.5 0.81 1.38 1.39 7.06 12.52 13 970.5 6.11 59.95 5.79 0.57 4.57 15.4 0.59 4.69 0.037 2.51 1.18 1.38 500 950.5 144.8 0.76 248 0.247 0.221

0.76 28.2 1,000 61 12.18 6.5 0.83 1.41 1.42 7.14 12.66 13 1,008 6.11 63.5 5.8 0.58 4.6 15.4 0.61 4.74 0.038 2.62 1.18 1.39 500 995 145 0.76 248 0.255 0.221

56,988,000 208,100 677,340 2,684,420 14,129,700 2,100 328,000 24,805,000 4,074,000 3,903,300 3,730,900 1,669,000 154,010 6,600 4,767,460 10,000 195,000 2,426,000 5,511,600 243,000 21,376,000 3,900,000 1,411,000 185,000 185,000 190 776,700 769,240 50,000 3,240 3,070,000 200,000

42,086,030 5,996,930 675,885,715 161,545,691 170,304,334 13,650 265,700 34,860,460 5,757,400 27,860,072 47,411,324 21,842,460 153,933,390 40,374 295,223,532.5 57,940 112,050 11,202,090 86,763,536 144,160 101,275,670 147,700 3,660,930 219,040 257,840 95,000 765,028,380 112,539,665 38,000 804,520 765,600 44,860

836,700 (32,141,738) 13,427,047 (539,415) (1,431,602) (1,719,223.5) (10,808,395) 1,776 (200,300) (5,997,269) (579,679.5) 1,470 (21,484,065) 1,724,385 601,182.5 8,147,010 1,549,405 (14,599,453) (24,233,250) (2,567,850) (1,578,100) (8,500) 475,384 989,250 (255,952) 9,520,026 586,534 (8,456,188.5) 8,910 556,110 86,633,186 (7,000) (4,061,266) 1,850 (20,910,070) 339,392 (0) 69,420 (116,969,986) 292,990 (10,807,160) 150,140 (1,174,593) (7,969,780) (16,944,588) (10,830) 1,500 35,790 (28,550) (12,163,200) 1,242,470 12,670,544 (144,000) (2,009,075) 387,340 (145,000) 407,728,845 75,189,258 (47,819,476) 13,000 1,839,600 20,614,283 2,963,286 3,242,608 52,669,200 130,563,462 456,410 (23,368,600) 93,220 9,812,120 (13,100) 409,085,880 5,266,370 627,440 -

PROPERTY

ARTHALAND CORP 0.98 0.99 0.96 1 0.95 0.99 6,620,000 6,460,380 67,320 AYALA LAND 44.95 45 43.9 45 43.9 45 20,331,600 911,140,525 335,135,910 ARANETA PROP 1.74 1.79 1.69 1.79 1.68 1.79 184,000 317,410 BELLE CORP 2.42 2.46 2.39 2.48 2.38 2.42 1,912,000 4,665,170 (1,451,780) A BROWN 0.84 0.85 0.84 0.86 0.84 0.85 2,160,000 1,830,340 CITYLAND DEVT 0.89 0.92 0.89 0.92 0.89 0.92 8,000 7,240 CROWN EQUITIES 0.244 0.249 0.25 0.25 0.241 0.248 6,480,000 1,607,860 (25,000) CEBU HLDG 6.14 6.4 6.41 6.41 6.1 6.4 10,500 64,412 CEB LANDMASTERS 4.28 4.34 4.27 4.34 4.27 4.34 425,000 1,832,560 (888,540) CENTURY PROP 0.44 0.445 0.44 0.445 0.435 0.445 1,630,000 720,250 57,700 CYBER BAY 0.38 0.385 0.37 0.385 0.37 0.38 410,000 156,300 DOUBLEDRAGON 21.45 21.5 20.4 21.45 20.4 21.45 1,887,300 39,925,090 2 ,760,234.9998 DM WENCESLAO 8.12 8.18 7.99 8.28 7.99 8.12 122,400 994,207 4,860 EMPIRE EAST 0.48 0.49 0.48 0.48 0.48 0.48 150,000 72,000 FILINVEST LAND 1.44 1.45 1.44 1.46 1.43 1.45 11,811,000 17,082,540 (5,835,730) GLOBAL ESTATE 1.17 1.18 1.17 1.19 1.17 1.18 797,000 936,370 8990 HLDG 8.67 8.7 8.45 8.76 8.45 8.7 1,839,500 15,839,332 639,482 PHIL INFRADEV 2.21 2.22 2.25 2.27 2.21 2.22 4,930,000 10,997,550 250,900 MEGAWORLD 5.02 5.05 4.96 5.11 4.96 5.05 44,557,000 224,908,900 52,242,000 MRC ALLIED 0.47 0.475 0.47 0.475 0.46 0.475 22,670,000 10,614,350 (89,850) PHIL ESTATES 0.47 0.475 0.475 0.475 0.46 0.475 840,000 394,700 PRIMEX CORP 3.54 3.56 3.55 3.56 3.53 3.56 581,000 2,060,630 (411,640) ROBINSONS LAND 21.65 21.7 21.4 21.85 21.35 21.7 5,368,800 116,181,755 42,744,085 PHIL REALTY 0.445 0.45 0.435 0.445 0.425 0.445 4,130,000 1,813,700 ROCKWELL 2.02 2.04 2.01 2.05 2.01 2.05 470,000 952,740 SHANG PROP 3.11 3.12 3.1 3.16 3.1 3.12 127,000 394,600 STA LUCIA LAND 1.42 1.43 1.41 1.45 1.38 1.42 4,848,000 6,860,330 208,199.9997 SM PRIME HLDG 38.7 38.75 38.45 39 38.2 38.75 13,693,300 530,007,595 194,868,125 STARMALLS 6.25 6.29 5.96 6.6 5.93 6.25 2,360,500 14,775,796 12,500 SUNTRUST HOME 0.73 0.74 0.73 0.73 0.73 0.73 1,000 730 PTFC REDEV CORP 35.05 43.8 39.5 39.5 39.5 39.5 300 11,850 VISTA LAND 5.7 5.85 5.64 5.85 5.6 5.85 8,801,300 50,789,762 (15,746,065)

SERVICES ABS CBN 21.4 21.45 21.5 21.75 21.4 21.45 123,000 2,644,575 GMA NETWORK 5.62 5.66 5.6 5.66 5.56 5.66 296,400 1,675,612 MANILA BULLETIN 0.34 0.36 0.345 0.345 0.34 0.34 150,000 51,250 GLOBE TELECOM 1,913 1,930 1890 1,935 1,861 1,930 53,305 102,015,505 (14,864,925) PLDT 1,182 1,186 1165 1,186 1,165 1,186 104,990 124,079,990 59,137,345 APOLLO GLOBAL 0.039 0.04 0.039 0.04 0.039 0.04 12,700,000 496,900 ISLAND INFO 0.139 0.14 0.139 0.153 0.137 0.14 95,470,000 13,733,840 (17,450) ISM COMM 6.27 6.28 6.2 6.36 6.11 6.28 5,366,300 33,593,376 1,880,395 NOW CORP 4.03 4.04 3.99 4.08 3.82 4.03 3,851,000 15,378,400 1,391,930 TRANSPACIFIC BR 0.435 0.44 0.45 0.455 0.435 0.435 48,020,000 21,156,300 2,142,450 PHILWEB 3.49 3.52 3.5 3.55 3.4 3.49 2,001,000 6,942,420 (2,932,330) 2GO GROUP 14.84 14.96 15 15 14.6 14.84 180,400 2,661,664 (1,478) CEBU AIR 79 79.2 78 79.5 78 79.2 251,880 19,950,352 5,333,930 CHELSEA 6.86 6.88 6.81 6.91 6.8 6.86 1,111,700 7,649,892 (51,765) INTL CONTAINER 104 104.2 100 104.6 98.75 104 2,923,920 301,205,149 (1 52,075,280.5) LBC EXPRESS 14.8 14.88 14.88 14.88 14.88 14.88 200 2,976 LORENZO SHIPPNG 0.86 0.88 0.86 0.9 0.85 0.88 743,000 655,610 MACROASIA 18.34 18.4 18.4 18.5 17.5 18.4 584,000 10,714,534 (775,638) METROALLIANCE A 2.14 2.19 2.21 2.28 2.12 2.19 649,000 1,418,930 METROALLIANCE B 2.05 2.28 2.25 2.32 2.25 2.32 5,000 11,460 PAL HLDG 8.7 8.75 8.9 8.9 8.7 8.7 13,000 115,290 HARBOR STAR 3.19 3.2 3.25 3.28 3.2 3.2 970,000 3,126,220 171,500 ACESITE HOTEL 1.38 1.42 1.39 1.43 1.38 1.42 86,000 120,640 WATERFRONT 0.77 0.79 0.78 0.79 0.77 0.79 2,557,000 1,995,450 CENTRO ESCOLAR 7.71 7.94 7.66 7.66 7.66 7.66 300 2,298 FAR EASTERN U 890 900 900 900 900 900 10 9,000 IPEOPLE 11.14 11.76 11.78 11.78 11.76 11.76 200 2,354 STI HLDG 0.77 0.78 0.76 0.78 0.75 0.78 11,820,000 9,110,820 1,267,120 BERJAYA 3.48 3.49 3.51 3.55 3.44 3.49 1,543,000 5,379,040 (376,430) BLOOMBERRY 10.04 10.1 10.1 10.2 10 10.04 7,373,400 74,437,984 16,015,010 PACIFIC ONLINE 9.72 9.75 9.76 10 9.75 9.75 49,100 483,416 LEISURE AND RES 3.57 3.61 3.62 3.69 3.57 3.57 1,467,000 5,309,940 (576,320) MANILA JOCKEY 5.1 5.29 5.29 5.33 5.1 5.29 13,400 69,017 PREMIUM LEISURE 0.88 0.9 0.85 0.91 0.84 0.89 44,195,000 39,452,790 674,410 TRAVELLERS 5.36 5.38 5.34 5.36 5.3 5.36 804,100 4,296,123 (746,631) METRO RETAIL 2.73 2.74 2.75 2.81 2.7 2.74 3,062,000 8,431,690 1,879,800 PUREGOLD 49.05 49.15 48.75 49.5 48.55 49.05 6,039,200 295,967,490 50,602,215 ROBINSONS RTL 85.5 86.95 84.8 87 84.55 85.5 107,510 9,175,391.5 2,481,214.5 PHIL SEVEN CORP 119.5 122.5 120 122.2 119.5 119.5 66,940 8,032,949 49,315 SSI GROUP 2.45 2.46 2.43 2.5 2.43 2.46 4,399,000 10,810,940 2,443,490 WILCON DEPOT 13.76 13.78 13.9 14 13.76 13.78 3,189,800 44,138,054 (18,822,664) APC GROUP 0.415 0.42 0.42 0.42 0.41 0.42 170,000 71,000 EASYCALL 17.8 17.88 19 20.6 17.8 17.8 1,364,700 25,889,170 159,564 GOLDEN BRIA 319 329 327 329 318.6 329 1,940 634,502 (75,620) SBS PHIL CORP 7.7 7.78 7.7 7.8 7.7 7.7 17,500 135,540

MINING & OIL ATOK 15.14 15.5 14.68 15.5 14.68 15.5 1,200 18,418 APEX MINING 1.62 1.63 1.68 1.7 1.62 1.62 5,968,000 9,868,960 (3,296,680) ABRA MINING 0.0019 0.002 0.002 0.002 0.002 0.002 512,000,000 1,024,000 ATLAS MINING 2.61 2.65 2.74 2.95 2.61 2.61 1,205,000 3,226,740 365,470 BENGUET A 1.25 1.4 1.26 1.28 1.25 1.25 83,000 104,100 BENGUET B 1.2 1.49 1.49 1.49 1.49 1.49 3,000 4,470 COAL ASIA HLDG 0.285 0.3 0.295 0.295 0.285 0.285 300,000 87,000 8,700 CENTURY PEAK 2.06 2.07 2.12 2.12 2.06 2.07 262,000 545,060 DIZON MINES 7.88 7.9 7.85 7.9 7.61 7.89 2,500 19,556 FERRONICKEL 1.68 1.69 1.68 1.69 1.67 1.69 740,000 1,246,470 169,000 GEOGRACE 0.212 0.217 0.219 0.219 0.215 0.216 120,000 26,210 LEPANTO A 0.118 0.12 0.117 0.12 0.116 0.12 6,090,000 714,700 LEPANTO B 0.122 0.13 0.13 0.13 0.13 0.13 10,000 1,300 MARCVENTURES 1.22 1.26 1.25 1.26 1.22 1.22 400,000 495,090 NIHAO 1.08 1.09 1.04 1.09 1.02 1.08 49,000 51,930 NICKEL ASIA 2.33 2.35 2.4 2.45 2.33 2.33 4,798,000 11,404,440 3,721,850 OMICO CORP 0.65 0.68 0.65 0.67 0.65 0.67 140,000 93,630 ORNTL PENINSULA 0.97 0.99 0.98 0.99 0.97 0.99 364,000 356,890 PX MINING 4.17 4.18 4.01 4.19 3.94 4.17 5,421,000 22,056,160 (1,169,160) SEMIRARA MINING 24.55 24.6 24.4 24.85 24.35 24.6 1,183,400 29,125,620 (1,830,520) UNITED PARAGON 0.0076 0.0079 0 0.0078 0.008 0.0075 0.0078 50,000,000 385,300 ORNTL PETROL A 0.013 0.014 0.012 0.014 0.012 0.013 275,400,000 3,580,500 ORNTL PETROL B 0.013 0.014 0.013 0.014 0.013 0.013 1 ,305,100,000 17,266,300 (13,000,000) PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.013 287,100,000 3,727,500 (13,000) PHINMA PETRO 3.45 3.59 4.1 4.1 3.59 3.59 208,000 803,660 (75,600) PXP ENERGY 15.6 15.66 15.68 15.98 15.58 15.6 657,400 10,280,906 (289,396)

PREFFERED

HOUSE PREF A 95.05 96 96 96 95 95 5,100 484,635.5 28,500 AC PREF B1 465 474 462 475 462 473.8 1,310 618,602 AC PREF B2 481 497.8 480 497.8 480 497.8 2,010 964,978 ALCO PREF B 99 100.9 99.05 99.05 99 99 500 49,504.5 DD PREF 97 98.3 97 98.2 97 98.2 610 59,775 SMC FB PREF 2 970.5 994.5 971 971 971 971 5,950 5,777,450 FGEN PREF G 102.5 104.8 104.8 104.8 104.8 104.8 1,420 148,816 GLO PREF P 476 480 479 479 479 479 10 4,790 GTCAP PREF B 860.5 900 900 900 900 900 100 90,000 LR PREF 0.99 1.02 1.02 1.02 0.99 0.99 50,000 50,100 MWIDE PREF 99 100.5 99 99 99 99 8,000 792,000 PNX PREF 3A 99 100 100 100 100 100 10 1,000 1,000 PNX PREF 3B 103.1 107.9 108 108 108 108 10 1,080 PCOR PREF 2B 1,000 1,002 1002 1,002 1,002 1,002 6,100 6,112,200 SFI PREF 1.82 2.65 1.6 1.6 1.6 1.6 1,000 1,600 SMC PREF 2C 76.1 76.4 76.1 76.4 76 76 2,920 222,588 SMC PREF 2D 72.05 74.3 74.25 74.3 74.25 74.3 1,000 74,260 SMC PREF 2F 73 74.8 74 74 74 74 700 51,800 SMC PREF 2H 73 74.3 74.3 74.3 74.3 74.3 10 743 743 SMC PREF 2I 73.3 73.4 73.4 73.4 73.4 73.4 120 8,808 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19.48 5.49

19.78 5.5

19.5 5.49

19.5 5.59

19.4 5.49

19.48 5.5

13,000 64,200

253,246 352,500

WARRANTS LR WARRANT

2.09

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.33 MAKATI FINANCE 2.62 XURPAS 1.76

2.12

2.12

2.14

2.11

2.12

204,000

434,040

-

5.35 2.94 1.77

5.4 2.7 1.8

5.5 2.7 1.81

5.25 2.7 1.76

5.35 2.7 1.77

808,800 19,000 4,223,000

4,367,441 51,300 7,521,900

(344,920)

EXHANGE TRADE FUNDS FIRST METRO ETF

117.2

(39,046) -

117.6

114.9

117.6

114.9

117.6

18,420

2,147,808

-

www.businessmirror.com.ph

MGI secures COC extension for Batangas Maibarara station

By Lenie Lectura

M

@llectura

AIBARARA Geothermal Inc. (MGI) has secured an extension of a Certificate of Compliance (COC) for its 20-megawatt (MW) Maibarara-1 power station in Santo Tomas, Batangas.

It said Wednesday that its application for the COC renewal was

approved by the Energy Regulatory Commission last December 4. The

ERC notified MGI on January 8.

The ERC also incorporated MGI’s 12-MW Unit 2, which has a separate COC issued on April 16, 2018, into the renewed COC of Unit 1. This is in compliance with ERC Resolution No.16, Series of 2014 that requires the consolidation of all individual COCs of one generation company under a single COC. Both Maibarara generating plants are now cleared for commercial operations from October 2018 to October 2023, when the next five-year renewal is set.

“ERC’s renewal of our COC testifies to the continuing technical,

operational and financial compliance of our two geothermal facilities to regulatory standards. The release of the COC at the beginning of the year is auspicious as MGI achieved a record annual gross generation of more than 240 GWh in 2018,” MGI President F.G. Delfin Jr. said.

MGI is a joint venture among PetroGreen Energy Corp. (PGEC, 65 percent), Phinma Energy Corp.

(25 percent) and PNOC Renewables Corp. (10 percent). PGEC is the renewable-energy subsidiary of publicly listed PetroEnergy Resources.

MRSGI targets Phase 1 completion of Metro Ayala Cebu by mid-2019

M

ET RO Ret a i l Stores Group Inc. (MRSGI) is looking to complete by the second half of 2019 the first phase of its rebuilding and recovery program for the fire-damaged Metro Ayala Cebu store, as part of a continuing multiphase program for restoring and fortifying its infrastructure and facilities to adhere to the highest standards in construction and safety.

“We are well on our way to restoring the Metro Supermarket and Metro Department store in Ayala Center Cebu. We initially opened the Metro Supermarket at the end of 2018 to cater to the needs of our customers as they welcome the New Year. We expect that the first phase of the redevelopment to be fully operational by mid this year as we continue to build a much better and more vibrant store for our patrons,” said MRSGI Chairman and CEO Frank Gaisano.

In its bid to continue serving its customers, MRSGI opened a temporary 900-square-meter supermarket within Ayala Center Cebu three months after the fire incident. This

is a testament to MRSGI’s resilience and commitment to the Cebuano community.

“Our Cebuano heritage provides a greater impetus for us to rebuild, restore and strengthen our operations in Metro Ayala Cebu. We thank our customers for their support throughout the years. We are all the more inspired to enhance our store and our services—to continue to be the reliable store that has always provided them with quality and affordable products,” added Gaisano.

Alongside its rebuilding and recovery of the Metro Ayala Cebu store, MRSGI kept its goal of expanding in the Visayas and Luzon.

In the past year, MRSGI led the groundbreaking of Super Metro Hypermarket Baybay in Leyte and the opening of Metro Department Store and Supermarket at Ayala Malls Feliz in Pasig City and in Bacolod.

Currently, MRSGI has 53 stores across Central, Western and Eastern Visayas, as well as in Central Luzon, Metro Manila and South Luzon. The company operates three store formats comprising a department store, a supermarket and a hypermarket.

PG&E bankruptcy would leave utility in uncertainty for years

T

HE lights would stay on if California utility giant PG&E Corp. files for bankruptcy. But the company, its customers and investors would be set for years of uncertainty.

While utility bankruptcies are rare, they can result in anything from a healthy company to a breakup, with business units sold off like spare parts. For consumers, the fallout likely means higher rates.

PG&E plunged 22 percent on Monday on news that it’s exploring a bankruptcy filing in response to an onslaught of wildfire liabilities estimated to be as high as $30 billion—far exceeding the company’s market value of less than $10 billion. On Tuesday, the company fell as much as 17 percent after S&P Global Ratings downgraded the San Francisco-based company’s longterm credit rating to junk, and said the utility remains on a negative watch. The bonds hit all-time lows.

A potential bankruptcy is seen as putting pressure on California lawmakers to provide a bailout and avoid more turmoil for the state’s largest utility. Whatever the outcome, bankruptcy tends to be “massively inefficient,” said Severin Borenstein, an energy economist at the University of California, Berkeley.

“It freezes the company,” he said.

“A judge who has no expertise essentially becomes the CEO. And there are these committees that get involved in every corporate decision.”

PG&E has faced bankruptcy previously.

Its Pacific Gas and Electric utility filed for bankruptcy in 2001 as soaring wholesale power prices and rolling blackouts threw California into crisis. The PG&E Corp. holding company itself never filed for bankruptcy. The utility emerged three years later, its business intact.

Under the reorganization plan, ratepayers were responsible for $7.2 billion of the company’s debt from the electricity crisis.

Bankruptcy filings tend to be rare for electric utilities because they have large and steady revenue streams. But there have been other cases. El Paso Electric, for example, filed for Chapter 11 in 1992, due largely to expenses tied to the Palo Verde nuclear plant. The Texas company exited bankruptcy court four years later with a new rate plan that let it recoup its costs.

A PG&E bankruptcy isn’t “likely” at this time as the company can tap other sources of cash, either through the sale of its natural gas unit or other real estate, or a cut in its $5.5-billion capital spending plan, analysts at Mizuho Securities USA Llc.led by Paul Fremont wrote in a research note on Tuesday. Fremont cut his price target on the shares to $19 from $27.

“There are other sources for cash the company can rely on to avoid bankruptcy,” Fremont said in the note. Bloomberg News

MUTUAL FUNDS

January 9, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM GROWTH FUND, INC * 258.36 -13.4% 2.96% 3.12% 2.5% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4864 -8.13% 10.39% 4.01% 4.22% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.0207 -13.97% 4.87% 1.7% 2.95% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9144 -10.29% N.A. N.A. 2.65% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8508 N.A. N.A. N.A. 3.42% FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.4491 -10.05% 2.59% 2.57% 3.51% MBG EQUITY INVESTMENT FUND, INC. * ****** 117.87 2.09% N.A. N.A. -0.08% ONE WEALTHY NATION FUND, INC.* 0.8582 -14.86% -4.22% N.A. 2.77% PAMI EQUITY INDEX FUND, INC.* 50.736 -11.75% 4.31% N.A. 2.84% PHILAM STRATEGIC GROWTH FUND, INC.* 528.9 -11.94% 2.81% 2.52% 2.69% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2884 -9.31% 4.52% N.A. 2.55% PHILEQUITY FUND, INC.* 37.7104 -9.78% 5.24% 5.09% 2.78% PHILEQUITY PSE INDEX FUND INC.* 5.1165 -11.69% 5.17% 5.04% 2.94% PHILIPPINE STOCK INDEX FUND CORP.* 854.76 -11.51% 5.02% 5.14% 2.94% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8822 -10.57% 2.34% N.A. 2.46% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.1758 -10.55% 4.7% 3.52% 2.74% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9842 -11.84% 4.95% N.A. 2.9% UNITED FUND, INC.* 3.6199 -7.96% 6.38% 3.98% 3.42% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** ● 114.2139 -11.2% 6.16% 6.22% 2.91% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9318 -19.09% 2.92% -0.37% 0.67% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1399 -11.92% N.A. N.A. 4.55% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6806 -10.92% -0.03% -0.7% 1.63% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2458 -9.43% 2.68% 1.34% 1.64% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.6052 -6.29% 0.08% -0.7% 2.47% GREPALIFE BALANCED FUND CORPORATION* **** 1.3272 -9.9% N.A. N.A. 1.62% NCM MUTUAL FUND OF THE PHILS., INC* 1.8701 -6.99% 2.27% 2.39% 1.38% PAMI HORIZON FUND, INC.* 3.5202 -11.18% 0.34% 1.24% -0.44% PHILAM FUND, INC.* 15.9878 -9.98% 0.75% 1.29% 0.47% SOLIDARITAS FUND, INC.* ******** 2.1012 -7.3% 2.42% 3% 1.43% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.7214 -8.07% 2.09% 1.96% 1.84% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9391 -8.77% 1.42% N.A. 1.94% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03536 -2.16% -0.03% 1.8% 0.48% PAMI ASIA BALANCED FUND, INC.* $0.9376 -13.79% 3% -4.21% 1.32% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.383 -8.79% 3.59% 1.09% 2.64% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0243 -8.84% N.A. N.A. 1.86% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 343.7 1.99% 2.13% 1.93% 0.09% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8604 -1.94% -0.56% -0.37% 0.19% COCOLIFE FIXED INCOME FUND, INC.* 2.9762 5.48% 5.4% 5.27% 0.2% EKKLESIA MUTUAL FUND INC.* 2.1309 1.44% 1.43% 1.55% 0.03% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2127 -0.22% 0.07% 0.3% 0.17% GREPALIFE FIXED INCOME FUND CORP.* P 1.5708 -2.46% -0.72% -0.21% 0.44% PHILAM BOND FUND, INC.* 3.7933 -6.13% -1.66% -0.46% -3.23% PHILEQUITY PESO BOND FUND, INC.* 3.5386 1.5% 0.76% 0.79% 0.71% SOLDIVO BOND FUND, INC. * 0.8958 -2.68% -0.71% N.A. 0.37% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7767 -0.05% 0.91% 1.03% 0.43% SUN LIFE PROSPERITY GS FUND, INC.* 1.5459 -0.32% 0.5% 0.62% 0.45% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $448.81 0.52% 2.25% 3.12% 0.12% ALFM EURO BOND FUND, INC. * Є212.44 -0.74% 0.98% 1.54% -0.08% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1298 -0.34% 1.05% 2.06% 0.4% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 -0.4% 0.82% N.A. N.A. GREPALIFE DOLLAR BOND FUND CORP.* $1.691 -4.94% -0.54% 1.19% 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* $1.0379 -3.26% -0.45% 1.1% 0.4% PHILAM DOLLAR BOND FUND, INC.* $2.1862 -3.17% 0.97% 2.9% 0.7% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0570204 -0.3% 0.91% 1.86% 0.05% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8757 -4.87% 0.26% 1.74% 0.14% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.98 2.87% 1.91% 1.59% 0.13% PHILAM MANAGED INCOME FUND, INC.* 1.1762 1.57% 0.6% 0.41% -0.45% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.22 2.7% 2.28% 1.63% 0.11% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0164 1.75% N.A. N.A. 0.08%

* - 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 ● - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018.

www.businessmirror.com.ph

The World BusinessMirror

US, China extend talks on trade war for 3rd day

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EIJING—US and Chinese envoys extended trade talks into a third day Wednesday after President Donald J. Trump said negotiations aimed at ending a tariff war were “going very well!”

The two sides announced no details, but Asian stock markets rose on news of the decision to extend negotiations that originally were planned for two days.

Hong Kong’s main market index rose 2.3 percent while Tokyo was up 1.3 percent.

Envoys are meeting face-to-face for the first time since Trump and his Chinese counterpart, Xi Jinping, agreed on December 1 to suspend further punitive action against each other’s imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology.

“Talks with China are going very well!”

Trump said late on Tuesday on Twitter.

Washington is pressing Beijing for changes including rolling back plans for government-led creation of Chinese global champions in robotics and other fields. Europe, Japan and other trading partners echo Washington’s complaints that those violate Beijing’s market-opening obligations.

Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence. They have tried to defuse pressure for more sweeping change by offering concessions, including purchasing more American soybeans, natural gas and other exports.

Neither side has given any indication its basic position has changed.

Economists say the 90-day window is too short to resolve all the conf licts in trade relations between the biggest and second-biggest global economies.

Trump’s “cheerleading tweet” feeds

hopes for a settlement, Mizuho Bank ’s Vishnu Varathan said in a report. However, he cautioned, “Even if a deal is cobbled together, the more strident trade hawks in the White House and Trump may not sign off.”

On Tuesday, an official Chinese newspaper warned Washington “cannot push China too far” and must avoid a situation that “spins out of control.”

The talks went ahead despite tension 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.

Trump has imposed tariff increases of up to 25 percent on $250 billion of Chinese imports. China 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.

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

Car and property sales have slumped as Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

The US economy grew at an annual rate of 3.4 percent in the third quarter but surveys show consumer confidence weakening.

For its part, Beijing is unhappy with US export and investment curbs, suggesting it might demand concessions. AP

OIL SURGES ABOVE $50 AS RALLY PERSISTS ON U.S.-CHINA TRADE TALKS

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IL rose back above $50 a barrel, extending its longest rally in one and a half year as global risk assets were buoyed by the prospect of a thaw in trade tensions between the world’s biggest economies.

Futures in New York—which last traded over $50 in December—are up for an eighth straight session, rebounding from a collapse of almost 40 percent in the final quarter of 2018. US President Donald J. Trump is said to be eager to strike a deal with China soon to perk up financial markets that have slumped on concerns over a trade war between the nations. Asian stocks on Wednesday followed a rally in the US on investor optimism.

For oil bulls, the brightening economic outlook provides some comfort after fears that the long-running trade war will hurt demand helped drag prices into a bear market from a four-year high in October. Confidence is also strengthening that the Organization of the Petroleum Exporting Countries and its allies, including Russia, will curb output enough to counter booming US supplies and avoid an oversupply.

“Overall investor sentiment on risk assets is improving as the ongoing talks between the US and China ease uncertainties in the market,” Ahn Yea Ha, a

commodities analyst at Kiwoom Securities Co., said by phone from Seoul. “On the other hand, Opec is signaling that it’s determined to clear a supply glut, which is also supporting crude prices.”

West Texas Intermediate (WTI) for February delivery climbed as much as 88 cents, or 1.8 percent, to $50.66 on the New York Mercantile Exchange, the first time it’s back above $50 since December 17. It was at $50.42 at 7:56 a.m. in London. Prices have advanced about 12 percent over the previous seven sessions, undoing almost half of 2018’s full-year loss.

Brent for March settlement rose 70 cents to $59.42 a barrel on the ICE Futures Europe Exchange in London. It’s jumped over 12 percent over seven sessions. The global benchmark crude traded at a premium of $8.69 a barrel to WTI for the same month.

US-China trade negotiations in Beijing have been concluded after being extended by a day, which shows both the sides are serious, according to a Chinese foreign ministry spokesman. The talks were originally scheduled for two days, and Trump had earlier expressed optimism in a tweet, exclaiming, “Talks with China are going very well!” Bloomberg News

S. KOREA FREEZES JAPAN COMPANY ASSETS OVER FORCED LABOR SPAT

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EOUL, South Korea—A South Korean court said on Wednesday that it has decided to freeze the local assets of a Japanese company involved in compensation disputes for wartime Korean laborers, in an escalation of diplomatic brawls between the Asian neighbors.

Japan quickly called the asset seizure “extremely regrettable” and said Tokyo will push for talks with Seoul on the issue. In a landmark ruling in October, South Korea’s top court ordered Nippon Steel & Sumitomo Metal Corp. to pay 100 million won ($88,000) each to four plaintiffs forced to work for the company when Japan colonized the Korean Peninsula from 1910 to 1945.

But the company had refused to follow that ruling, siding with Japan’s long-held position that all colonialera compensation issues were settled by a 1965 treaty that restored diplomatic relations between the two governments. Japanese officials said they could take the issue to the International Court of Justice.

On Wednesday, the Daegu District Court’s branch

office in the southeastern city of Pohang said it had approved a request by lawyers for the plaintiffs to seize Korean assets held by the Japanese company as it was refusing to compensate the former laborers.

The Japanese company holds 2.34 million shares, or around $9.7 million, in its joint venture in Pohang with South Korean steelmaker POSCO. In Tokyo, Chief Cabinet Secretary Yoshihide Suga said that Japan has “grave concern over the development.”

Suga was expected to hold a meeting of top officials later on Wednesday to discuss how to respond.

Seoul’s Foreign Ministry said it has no immediate comment on Suga’s statement.

South Korea’s Yonhap news agency, citing an unidentified official at the Pohang office, reported the district court decided to freeze 81,075 of the 2.34 million shares, not the whole shares. Yonhap said the asset freeze will become effective after a related court document is delivered to the joint venture. AP

Thursday, January 10, 2019

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TO PAY OR NOT TO PAY TAX? THAT IS THE QUESTION AN ARTFUL MIX OF PASSION AND EMOTIONS

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AX” is a word feared by many. Paying taxes is “almost like going to the dentist,” says in a New York Times article, with most people delay filing them only to find out they’ll deal with bigger consequences in the long run.

“People fear it because they don’t understand it,” says lawyer Ma. Louella Aranas, a successful tax lawyer and managing partner at LMA Law, a boutique firm in Makati City specializing in taxation and corporate law. “Maybe tax is so foreign to them that it’s difficult to understand and, if you don’t understand something, takot ka.”

With over 20 years of experience in the private tax and corporate practice, Aranas has been advising her clients to pay their taxes correctly and observing that most problems stem from people being afraid of tax.

Aranas, who was former director for the Tax Division at SGV and Co. for almost 10 years, believes that it can be achieved by starting to educate the young in a less intimidating and more relatable way.

“Introduce the concept of taxes at an earlier age and help them to think about taxes by asking the right questions: ‘What is taxation?’, ‘Where does the money go?’, ‘What is it used for?’, ‘Why do you need to pay taxes?’”

Another reason could be the fear of corruption.

“People will always have this negative view of taxation and government,” Aranas says.

Living in a country with notorious corruption scandals

amplifies the fear, but that doesn’t mean it ceases to be your civic obligation.

A graduate of Ateneo de Manila University, Aranas wants to make learning about tax more modernized and interesting for the fresh minds.

She is set to do question-and-answer consultations and release video instructional materials in the coming months. She hopes it will be incorporated in the curriculum of schools or, at least, discussed in the classroom in the next few years.

“I think the young now are actually idealistic whether we accept it or not,” Aranas says, who puts her faith in the new generation. “I’m hoping it will morph into something sophisticated and still informative.”

After serving clients for more than two decades, giving back, according to her, defines her daily activities and gives her purpose. “It’s about leaving a good legacy, how I can give back in a small way.”

Aranas is one of the founders and managing partners of LMA Law, a general professional-partnership law firm specializing in taxation and corporate law. Briefly, she joined KPMG Laya Mananghaya and Co. as senior manager for its Tax Division.

Outside her field, she is also known as the founder of The Sandy Project, a dengue awareness and prevention campaign that she started in 2013.

AMLA COMPLIANCE FOR INSURANCE, FINANCIAL INSTITUTIONS

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ITH the recent release of Insurance Commission (IC) Circular Letter 2018-48 and 2018-60 that took effect last November 14 and 22, all insurance, pre-need, reinsurance companies, mutual benefit associations, trusts for charitable uses, HMOs, other covered persons (agents, brokers, etc.) and institutions regulated by the IC are required to implement detailed policies and procedures combating money laundering and terrorism financing.

The Center for Global Best Practices (CGBP) will host a special program, titled “AMLA for Insurance Companies and Financial Institutions” to be held on Thursday, January 31 at Manila Marriott Hotel. This program coincides with the AntiMoney Laundering Council’s Revised implementing rules and regulations on Anti-Money Laundering Act, which took effect last November 22. Visit www.cgbp.org for details and a complete list of Best Practices programs.

Attending participants will also learn the latest trends on money laundering and terrorism financing; and how to establish an effective risk-assessment and -management system and fully implement AMLA in your company.

Gain valuable insights from certified compliance officer lawyer Danny Espejo Bunyi, who obtained his certification

from the American Academy of Financial Management. He is also a senior partner at Divina Law. His expertise includes corporate, banking and finance, insurance, trust and special projects, with emphasis on regulatory compliance, corporate finance, mergers and acquisitions, corporate housekeeping, financing documentation, cross-border transactions, and trust operations and investments.

His previous posts include having been as senior vice president at the Development Bank of the Philippines, first vice president and chief compliance officer at Robinsons Bank, and first vice president and head of the Legal Services Group of Robinsons Savings Bank.

Registration is open to the general public. The CGBP is an accredited training provider of Bangko Sentral ng Pilipinas, Securities and Exchange Commission, and the Civil Service Commission. Public officials and government employees attending this training program will earn points for career advancement and are exempted from the P 2,000 limit set by the Commission on Audit, based on Department of Budget and Management Circular 563 issued on April 22, 2016.

Interested participants are encouraged to avail themselves of the early-bird and group discounts for three or more registrants. Preregistration is required.

A TASTE OF SPAIN AND A PLATTER OF SWEETS ONLY AT MEQUENI

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RAVING for a taste of Spain? Looking for a way to sit back and delight in a special chika session with your friends? Mequeni is the place to be.

Quest Plus Conference Center Clark wants you to experience the vibrant flavors of Spain and embrace full tita mode over a cup of tea.

Bask in prestige at the Mequeni Lounge from 2 to 5 p.m. because a warm cup of tea or coffee is best paired with your amiga’s equally hot stories. For only P388 net, sip your drink and enjoy a platter of pastries good for three.

Come dinner time, Mequeni Live embraces the

Spanish vibe with a spread of different paellas with a live Cantantes trio to make you feel like you’re in Barcelona.

Feast on the nine live stations Mequeni Live offers, as you dine like you’re in España every Friday and Saturday for only P1,300 net per person.

It’s time to treat yourself and hang out more with your favorite people this New Year. Mequeni Live is open every day and Mequeni Lounge has live acoustic sessions until 12 midnight. For reservation and inquiries, please call (045) 599-8000 or send a message through the official Facebook page.

HE unique partnership they had forged six years ago lives on as strong as ever.

Pooling together anew their resources in an artful mix of passion and emotion, National Artist Ben Cabrera (BenCab) and leading copier-printer Edilberto B. Bravo (EBB) are at it again.

They have just come up with a 2019 calendar with unmatched artistry that only the duo could ever create, in an annual ritual of producing a collection of BenCab masterpieces that began in 2013.

This year BenCab’s iconic Sabel paintings dominate a 12-month 2019 calendar that only U-Bix Corp.’s stateof-the-art Konica Minolta production printers could produce with such ease.

Bravo, a rabid art patron whose U-Bix born in 1974, was an offspring of his Bookhaven bookshop and paper company established in 1969 in Manila’s artsy Malate, expressed appreciation anew of his continuous collaboration with BenCab. “Working with BenCab, I felt so inspired from Day One,” EBB said. “I had to ensure that there wouldn’t be a

room for error—not even the minutest of glitches should ever stain our muchcherished partnership.”

While, by tradition, EBB, who is also an accomplished restaurateur and hotelier, gives the calendar as gifts to chosen “genuine art lovers out there.”

BenCab, the University of the Philippines

alumnus with five art books to his name, has made them available in the BenCab Museum in Baguio.

“I a lways look for ward to collaborations with my old friend Bert Bravo,” BenCab says. “We have many similar interests, and he never runs out of creative projects.”

CALL FOR APPLICATIONS: THE 19TH IYAS LA SALLE NATIONAL WRITERS’ WORKSHOP

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HE 19th Iyas La Salle National Writers’ Workshop is open for applications. This year it will be held from March 31 to April 6 at the Balay Kalinungan, University of Saint La Salle, Bacolod City.

Iyas is organized by the University of Saint La Salle in partnership with the DLSU Bienvenido N. Santos Creative Writing Center, and with support from the National Commission on Culture and the Arts and the Institute for Climate and Sustainable Cities.

The workshop director is John Iremil Teodoro. The panel is composed of Marjorie M. Evasco, Grace Monte de Ramos, Susan Lara, DM Reyes and Em Mendez. Elsie

Martinez-Coscoluella, Ronald Baytan and Iyas project coordinator Rayboy Pandan will also serve in the panel.

The screening committee accepts creative work in Hiligaynon, Cebuano, Kinaray-a,FilipinoandEnglish.Fellowships are awarded by genre and by language.

Creative writing entries that explore human relations with the environment will be given preference. Twelve applicants will be chosen for the fellowships, which will include transportation subsidy, and board and lodging.

Application requirements are as follows: Original, unpublished work in only one chosen literary genre and language:

six poems, two short stories or two oneact plays; Works must be in three computerencoded hard copies, 12 points, doublespaced; and A short résumé with a page containing applicant’s ID photo and complete contact information (residence address, e-mail address, contact number).

Deadline of submission is on February 7. All requirements are addressed to Dr. John Iremil E. Teodoro, Iyas La Salle National Writers’ Workshop director, at the Bienvenido N. Santos Creative Writing Center, Room 208 Miguel Hall, De La Salle University, 2401 Taft Avenue, Malate, 0922 Manila.

FORMER SENATOR SANTANINA RASUL IS TANDANG SORA RECIPIENT Rep. Jose ChristopherY. Belmonte of the Sixth District of Quezon City presents the 2019 Tandang Sora Award to former Sen. Santanina Rasul. It was received by Amina Rasul-Bernardo, president, Philippine Center for Islam and Democracy. Included in the picture are representatives from the Quezon City local government unit and Senator Rasul’s family members. PHOTO COURTESY OF RAMIR CLAVE/QUEZON CITY LOCAL GOVERNMENT FACEBOOK PAGE

SAVE THE CHILDREN PHILIPPINES PUSHES FOR MEASLES VACCINATION TO LIMIT DEATH TOLL AMONG CHILDREN

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AVE the Children Philippines called on parents and health workers to intensify measles vaccination due to the steady rise of deaths among children caused by complications from the preventable disease.

L aw yer A lb er t Muyot , c h ief executive officer of Save the Children Philippines, said 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,” Muyot said.

The number of deaths from measles, mostly children climbed five times to 17, 289 last January to November, 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. “ We cannot compare measles vaccines, which have been proven to be effective in saving the lives of children from the life-threatening disease to the newly developed dengvaxia, which is the subject of the public scare,” Parawan said.

He said measles virus is airborne, and easi ly transfer red among infants and children who have not been vaccinated.

“Complications from measles are pneumonia and diarrhea, which are also the top two leading causes of deaths

among children,” said Parawan.

Save the Children Philippines has been implementing maternal and child health, and nutrition programs among poor families in Navotas, Malabon and Caloocan through access to immunization, prenatal checkups for pregnant mothers, and training of community health workers.

Under Project Nurture, the group is implementing nutrition-sensitive measures in eight poor barangays in Navotas, with focus on the first 1,000 days of the child to prevent stunting and improve the health of pregnant and lactating mothers. The program includes prenatal checkups, food vouchers for pregnant and lactating mothers, as well as health and nutrition services for undernourished children.

Save the Children Philippines pushed for the enactment of the First 1,000 Days law that scales up the nutrition support for mothers and children in the first 1,000 days of a child’s life, which is the crucial window of opportunity to ensure that mothers and children in Philippines achieve optimum development.

Sports BusinessMirror

RYAN SAUNDERS deflects credit to his players after the game. AP

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| Thursday, January 10, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NBA RESULTS Indiana 123, Cleveland 115 Philadelphia 132, Washington 115 Denver 103, Miami 99 Toronto 104, Atlanta 101 Minnesota 119, Oklahoma City 117 Phoenix 115, Sacramento 111 Golden State 122, New York 95 LA Clippers 128, Charlotte 109

NBA investigates McCaw signing

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WOLVES RESPOND TO NEW LEADER

HE National Basketball Association (NBA) is looking into the circumstances surrounding Patrick McCaw’s short-lived stint with the Cleveland Cavaliers.

A person with knowledge of the situation said on Tuesday that the league has opened a review at the request of the Golden State Warriors, the team that McCaw had spent the previous two seasons with. The person spoke to The Associated Press on condition of anonymity because no details of the probe have been revealed publicly.

The New York Times first reported that the NBA was reviewing the matter. It’s unclear how long the NBA’s review will take, or what—if anything—the Warriors are seeking.

The Warriors held McCaw’s rights as a restricted free agent, then elected not to match the two-year, $6-million offer sheet that he signed with the Cavaliers on December 28—with the potential luxury tax ramifications among the many reasons that factored into their thinking.

Speaking on Tuesday before Golden State’s game with New York, Warriors Coach Steve Kerr said he wasn’t aware that his team was involved in the review of the McCaw matter.

“I’ve got enough to worry about,” Kerr said, before adding, “The whole thing was kind of strange. I don’t know that there’s been a totally non-guaranteed offer sheet before.”

McCaw played three games with the Cavs, who waived him on Sunday and did so before his contract would have been guaranteed for the remainder of this season.

McCaw cleared waivers and is now an unrestricted free agent.

McCaw averaged four points in 128 regular-season appearances with the Warriors in the 2016-2017 and 2017-2018 seasons. He scored five points in the three appearances with the Cavaliers.

LeBron James and the Los Angeles Lakers, meanwhile, are headed to China next season for a pair of preseason games against the Brooklyn Nets.

The teams will play October 10 in Shanghai, and October 12 in Shenzhen. They will be the 27th and 28th games that the NBA has played in China. It’ll be the third trip to China for the Nets, and the second for the Lakers.

The China Games have been a major success for the NBA, which has looked to broaden its international footprint for many years. It’s estimated that at least 300 million people in China play basketball in some form.

The 2019-20 NBA season is tentatively scheduled to begin on October 22. AP THE Heat’s Justise Winslow (top) and the Nuggets’ Malik Beasley battle for the ball. AP

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IAMI—Nikola Jokic’s numbers were big, as usual.

And his shooting touch at the end was perfectly soft.

Jokic had his fourth triple-double of the season—29 points, 11 rebounds and 10 assists—and his high-arching shot in the lane with 2.4 seconds left lifted the Western Conference-leading Denver Nuggets to a 103-99 win over the Miami Heat on Tuesday night.

“That’s my kind of shot,” said Jokic, who now has 20 career tripledoubles. “I love floaters, all kind of floaters.”

Jamal Murray had 18 points, Trey Lyles added 15, Paul Millsap had 12 and Torrey Craig finished with 11 points and 16 rebounds for the Nuggets, who outrebounded Miami 50-38 and had a 23-11 edge in second-chance points.

It came on the second night of a back-to-back that started on Monday in Houston, and without Gary Harris—sidelined with lefthamstring tightness.

“Hell of a win,” Nuggets Coach Michael Malone said. “I don’t know if it’s a statement win or not. But it’s a win where we had every reason to use an excuse for the loss. And we don’t want to be a team that makes excuses. We want to be a team that finds ways when everything is stacked against us.”

Dion Waiters returned to the lineup and scored 15 points for Miami, which got 13 apiece from Bam Adebayo

By Cliff Brunt

O

The Associated Press

KLAHOMA CITY—Ryan Saunders went right into the fire in his first game as the Minnesota Timberwolves’ interim coach.

His debut was a down-to-the wire finish with the Oklahoma City Thunder, one of the best teams in the Western Conference.

His team came through. Andrew Wiggins had a season-high 40 points and 10 rebounds, and the Timberwolves beat the Thunder, 119-117, on Tuesday night.

Saunders deflected credit after the game.

“It’s unbelievable how they stayed connected throughout the whole game,” he said. “Down the stretch, there were so many times where we could have disbanded and then the crowd could have got into us. I can’t say enough about that team.”

Saunders, just 32 years old, is the son of former Timberwolves Head Coach Flip Saunders. The team fired Tom Thibodeau on Sunday.

The players went all out for their new leader.

“He fed off our energy, and we fed off his energy,” Timberwolves forward Taj Gibson said. “We were just trying to get a win for him.”

Karl-Anthony Towns scored 20 points and Dario Saric added 15 for the Timberwolves.

Oklahoma City’s Russell Westbrook missed two three-pointers in the closing seconds that would have given the Thunder the lead. He finished with 25 points and 16 assists.

“We just tried to stay solid, really,” Wiggins said. “We knew they were going to try to be aggressive with either [Paul] George or Westbrook. If we’re going to foul, make a hard foul. And don’t let them hit the 3. That was the main thing.”

George scored 27 points and Steven Adams added 20 points and 12 rebounds for Oklahoma City.

Thunder reserve center Nerlens Noel was taken off the court on a stretcher in the third quarter after Wiggins made contact with him on a dunk attempt.

Noel took an elbow in the face as Wiggins went up, and Noel hit the ground hard. A defensive foul was called on Noel. The play was reviewed, and no additional fouls were called. Noel was down for several minutes before being taken from the court. Thunder Coach Billy Donovan said Noel was taken to the University of Oklahoma’s OU Medical Center.

“I just tried to make an aggressive move and dunk,” Wiggins said. “He tried to contest it. I think he fell wrong. I didn’t really see it until I saw him on the ground.

Hopefully, he’s good. I hope nothing but the best for him. I hope he gets healthy soon and comes back stronger.”

In the fourth quarter, Oklahoma City guard Dennis Schroder somehow won a jump ball with Towns, and Westbrook hit a three-pointer to give the Thunder a 111-110 lead.

Josh Okogie’s corner three-pointer with 26.8 seconds left put the Timberwolves up 119-115. Westbrook made two free throws, then Minnesota’s Tyus Jones traveled with 15.5 seconds left to give the Thunder a chance.

JOKIC, AS USUAL, CHURNS IN BIG NUMBERS NIKOLA JOKIC has his fourth triple-double of the season—29 points, 11 rebounds and 10 assists. AP

and Kelly Olynyk, and 12 each from Hassan Whiteside, Josh Richardson and Justise Winslow.

It was Waiters’ first time playing in Miami since December 2017. He missed more than a year after ankle surgery.

“A healthy me, that’s all I can ask for,” Waiters said. “I can just go out there and play. I don’t have to worry about anything.”

A back-and-forth fourth quarter saw the Heat get down by six, then take a six-point lead after a 12-0 run, and rally from four points down to tie it in the last two minutes—with Adebayo getting both of those baskets, the second one coming with 22.9 seconds left.

That’s when Denver went to Jokic, who took a bounce pass from Murray and dropped in what became the biggest shot of the night. Miami’s chance to tie went awry when Olynyk’s lob for Richardson on the inbounds attempt sailed out of bounds—just the sixth Heat turnover, yet the most costly one.

“We did enough things to put ourselves in a position to win,” Heat Coach Erik Spoelstra said. “They just made more plays down the stretch. Simple as that.”

In Oakland, Klay Thompson scored 43 points with seven three-pointers, Stephen Curry had his first double-double of the season with 14 points and a season-best 14 assists, and the Warriors snapped a rare three-game home losing streak by beating the cold-shooting Knicks, 125-95.

Kevin Durant added 24 points, six rebounds and six assists while Draymond Green had 11 rebounds and 10 of his team’s 36 assists as the Warriors pulled away late in the first half to get back on a winning track at Oracle Arena.

Thompson hit 5 of his first 7 shots and had 12 points by the end of the first, finishing 18 of 29 from the floor—7 for 16 from long range—and notching his second game with at least 40 points after going off for 52 at Chicago on October 29.

Mario Hezonja scored 19 points for the Knicks, who shot 39.8 percent (35 of 88).

Serge Ibaka scored the winning basket with 17 seconds remaining and Toronto won its sixth straight home game at the expense of Atlanta, 104-101.

Kawhi Leonard scored 31 points, Pascal Siakam had 13 points and 10 rebounds, and Kyle Lowry scored 16 points as the Raptors earned their sixth consecutive win over the Hawks.

OG Anunoby scored 14 points and Ibaka had 13.

John Collins had 21 points and 14 rebounds, Jeremy Lin scored 20 points and Trae Young added 19 for the Hawks, who have lost four of five.

Thaddeus Young scored 26 points, Bojan Bogdanovic had 23 and Indiana held off Cleveland’s comeback bid and handed the Cavaliers their 10th straight loss, 123-115.

Cleveland has the worst record in the league at 8-33.

The Cavaliers suffered another injury when forward Larry Nance hurt his right knee in the first quarter and didn’t return.

Victor Oladipo had 17 points and Domantas Sabonis had 15 for the Pacers, who have won seven of eight.

Jordan Clarkson scored 26 points for Cleveland. Alec Burks scored 19 points, Tristan Thompson had 15 points and 13 rebounds and rookie point guard Collin Sexton scored 14. AP

Spo

Business

C2 Thursday, January 10, 2019

SAUDI ARABIA BLANKS NORTH KOREA D UBAI, United Arab Emirates (UAE)— This time, Saudi Arabia was on the right side of a rout in its opening game at a major tournament.

The Saudis beat North Korea, 4-0, on Tuesday at the Asian Cup with two wellexecuted goals in each half, dominating the game even before midfielder Han Kwang-song was sent off in the 44th minute.

At the 2018 World Cup, Coach Juan Antonio Pizzi’s team lost 5-0 to host Russia in the showpiece first game featuring the two lowest-ranked nations.

Expectations are higher now for the 69th-ranked Saudis—fifth best in the 24team Asian Cup—who are favored to top a politically charged group that includes Qatar.

On Wednesday, Qatar begins its campaign against Lebanon in Al Ain. Earlier on Tuesday, Iraq scored in the 90th minute to win 3-2 against Vietnam, which led twice in the first half.

Defender Ali Adnan, who plays in Italy for

Atalanta, sealed the victory with a perfectly placed free kick. The high-quality finish stood out after four goals featuring a variety of ricochets, deflections and defensive errors.

Saudi Arabia’s impressive strikes to overwhelm the North Korean defense began when Hatan Bahbri lashed in an angled shot in the 28th minute. A deft backheel by the leaping Mohammed Al-Fatil doubled the lead in the 37th.

Captain Salem Al Dawsari cleverly created space in the penalty area to shoot and score in the 70th, and Fahad Al Muwallad beat overmatched goalkeeper Ri Myong-guk in the 87th.

It was the first time Saudi Arabia won its opening Asian Cup game since winning the last of its three titles in 1996, when the tournament was also hosted by the UAE. The Saudis next play Lebanon and won’t face Qatar until the final round of group games, on January 17 in Abu Dhabi. Both could already have qualified for the knockout

rounds with third-place teams in four of the six groups advancing.

Qatar has been subject to a diplomatic and logistical boycott by regional rivals, including Saudi Arabia and the UAE for more than 18 months, putting the tiny emirate’s 2022 World Cup hosting under pressure.

The first Qatari in action on UAE soil at this Asian Cup was referee Abdulrahman Al-Jassim, handling the Iraq-Vietnam game in Abu Dhabi.

Iraq, the surprise 2007 champion, twice trailed before half time through an own goal

by Ali Faez and a ricochet off Nguyen Cong Phuong’s foot from an attempted defensive clearance.

Substitute Humam Tareq leveled in the 60th after a scramble in the Vietnam goalmouth, before Adnan struck a worthy winner.

Iraq is second in Group D behind Asia’s top-ranked team Iran, which beat Yemen 5-0 on Monday. AP

Kerber reaches q’finals S of Sydney International

YDNEY—Defending champion Angelique Kerber moved into the Sydney International quarterfinals after beating Camila Giorgi, 7-6 (3), 6-2, on Tuesday.

The second-ranked Kerber was under serious pressure in the first set before holding firm in the tiebreaker, then went down an early break before winning the last six games.

After a first-round bye, the Wimbledon champion is on a 5-0 roll to start the season after winning all of her singles matches at the Hopman Cup last week.

“It’s always tricky to play against her, because she’s hitting the balls really hard, especially in the first set,” Kerber said. “I played Perth last week, but now you have the tournament feeling again.”

Sloane Stephens dropped three service games in the first set and was only two points from defeat in the second before finding a way to hold off Ekaterina Alexandrova, 0-6, 7-6 (3), 7-6 (3), 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

ITALY’S Camila Giorgi hits a backhand to Germany’s Angelique Kerber. AP

NO TO PIRACY. NO TO POLITICS. A

BU DHABI, United Arab Emirates (UAE)—Organizers of soccer’s Asian Cup said they condemn Saudi Arabia-backed pirate broadcasts of games stolen from Qatari rights holder BeIN Sports.

The Asian Football Confederation (AFC) said it “already instructed counsel to take legal action in Saudi Arabia” and is working with other sports bodies affected.

World soccer body Fifa and Europe’s UEFA are also weighing action after persistent piracy of BeIN’s rights to broadcast World Cup and Champions League games across the Middle East.

The broadcast conflict is a proxy fight in the 19-month political and logistical

boycott of Qatar by regional rivals including Saudi Arabia and the UAE. At the Asian Cup next week, Saudi Arabia plays Qatar in the UAE capital Abu Dhabi.

Unlike a previous AFC comment on Saturday about a “cease and desist” notice, the statement on Wednesday specifically named Saudi Arabia and “the pirate entity named ‘beoutQ’.”

NO CAMPAIGNING

CANDIDATES for the AFC elections, including several Fifa Council seats, have been reminded they risk disciplinary action for campaigning this month at the Asian Cup. The AFC’s election oversight panel warns in a letter sent on Tuesday of “serious

consequences of noncompliance with the rules.”

The monthlong Asian Cup has brought candidates and voters to the UAE ahead of the April 6 elections.

However, the election panel notes “in particular” no campaign activity should be done at the tournament, or any official functions organized by the AFC or Fifa.

The panel did not say if any candidates had potentially violated election rules.

In the AFC presidential election, incumbent Sheikh Salman of Bahrain faces two rivals— Mohamed Khalfan Al Romaithi of the UAE and Saoud Al-Mohannadi of Qatar. AP

Iniesta explains post of two persons in blackface

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ADRID—Former Spain and Barcelona star Andres Iniesta has released a statement explaining a social-media post that prompted criticism because of a photo that included two people in blackface.

They were among 10 people that appeared along with the 34-year-old Vissel Kobe midfielder in an Instagram post celebrating Three Kings Day, a tradition that in Spain includes parades held in cities and villages featuring three men dressed up as kings—one of whom is traditionally black.

The photo published on Sunday triggered overwhelmingly negative reactions and calls to take it down.

“Andres Iniesta’s family received the visit of the Three Magic Kings at his house and decided to photograph themselves to share this image with

SAUDI Arabia’s midfielder Salem al Dawsari celebrates his goal against North Korea. AP

his fans on the player’s social networks,” the agency representing the player said. “With this post, Andres Iniesta wanted to show the world the children’s illusion in this magical and special day. The presence of the Three Kings belongs to the culture of our country, rooted for many years with which we want to celebrate the most magical day of the year with our children and is a tradition that the Iniesta Ortiz family repeats every year.”

The agency said the statement was intended to “settle the controversy that has arisen in some countries around this picture.”

“At no time, Andres Iniesta wanted to bother anyone with that photograph, which is the image of the illusion in Spain and apologizes to those people who may have been offended,” it said.

In December 2017, France soccer star Antoine Griezmann, who is also white, apologized for any

offense caused after posting an image of himself on social media in blackface as part of National Basketball Association party costume.

In London, three fans were arrested on suspicion of racism offenses at the League Cup semifinal between London rivals Tottenham and Chelsea.

The arrests around Tuesday’s game at Wembley Stadium came after renewed warnings from the Metropolitan Police in London that they were working with teams “to ensure hate crime, including racism and anti-Semitic language, is tackled robustly.”

Police said the men arrested for what are classified in England as “racially aggravated public order offenses” are 17, 20 and 23 years old. They were not named.

Tottenham won the first leg of the semifinal. 1-0. AP

than this...I might as well just play,’” Stephens said of her first set.

“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 secondround meeting with No. 1-ranked Simona Halep.

On another rain-interrupted day in Sydney, 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-wei beat Danielle Collins, 7-6 (4), 6-3; and Priscilla Hon defeated Tatjana Maria, 6-3, 7-6 (4).

No. 7 Kiki Bertens advanced to the quarterfinals when Garbine Muguruza withdrew from the tournament because of illness.

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.

Seventh-seeded Marton Fucsovics beat James Duckworth, 3-6, 6-3, 6-4, and John Millman rallied to hold off Frances Tiafoe, 4-6, 7-6 (5), 7-5. AP

TOP-RANKED HALEP OUSTED IN SYDNEY S

YDNEY —Ashleigh Barty broke Simona Halep’s serve in the final game to beat the No. 1-ranked Halep, 6-4, 6-4, in a second-round match Wednesday at the Sydney International.

It was Halep’s first match since October after a lengthy layoff due to a herniated disc in her back. Halep won last year’s French Open and lost to Caroline Wozniacki in the Australian Open final.

“I think it was a great match after almost four months since I played one full match, the US Open,” Halep said. “I think I played a good level of tennis. She played really well. Her slice was great today, so she deserved to win this match.

“But also I was very close to win. I had so many chances to break her and to take advantage, but I couldn’t.”

Halep said she was pain-free but would wait to see how she pulls up on Thursday before declaring that she is over the back injury.

“No pain at all. I’m happy about that. It’s a great sign,” she said. “I will recover now, and I will see how I wake up tomorrow morning.”

Barty served five aces, no double-faults and broke Halep three times to reverse two previous losses to Halep last August.

“I finally learned my lesson,” Barty said. “She gave me a belting in Montreal. I learned a little bit more in Cincinnati, but today I knuckled down and really thought about it and really gave myself a chance.

“The biggest thing, I believed that I could I win. We’re both out here on the same court. Just very happy I was able to come out and execute.”

The 27-year-old Halep will be at the Australian Open next week in Melbourne without a coach after parting ways with Australian mentor Darren Cahill, who can longer commit to Halep due to family reasons.

Cahill had coached Halep for four years.

In first-round matches, 10th-seeded Elise Mertens beat qualifier Katerina Siniakova, 7-6 (4), 2-6, 6-2, and Anett Kontaveit defeated Monica Puig, 2-6, 7-5, 6-1.

In the second round, Timea Bacsinszky beat Samantha Stosur, 5-7, 6-4, 6-3.

In men’s play, Alex de Minaur beat American qualifier Reilly Opelka, 6-4 7-6 (4), in a match suspended by rain after just one game on Tuesday night to advance to the quarterfinals against fellow Australian Jordan Thompson.

“I think I got lucky today. Reilly’s an incredibly tough opponent,” de Minaur said. “I took care of my chances. I would have loved to get the break in the second. I had a couple of chances, but I did well to focus on my serve and I’m glad things went my way today.”

In other second-round matches, top-seeded Stefanos Tsitsipas defeated Guido Andreozzi, 6-3, 6-4; third-seeded Diego Schwartzman beat qualifier Guillermo Garcia-Lopez, 6-2, 6-3; Yoshihito Nishioka defeated Andrey Rublev, 6-3, 6-1; and No. 8 Andreas Seppi beat Martin Klizan, 7-6 (2), 6-2. AP

SIMONA HALEP loses first match since October after a lengthy layoff due to a herniated disc in her back. AP

orts HELLO? RAY PARKS?

sMirror

B

MARCIAL

OBBY RAY PARKS JR. is making Blackwater worried.

The team that picked Parks at No. 2 overall in last month’s Philippine Basketball Association (PBA) Rookie Draft has yet to sign the 6-foot-4 explosive guard who continues to honor his contract with the San Miguel Beer-Alab Pilipinas team in the Asean Basketball League (ABL).

Silliman Sy, Blackwater’s representative to the PBA board, told reporters during the league’s Season 44 launch on Tuesday, that they are now seeking Commissioner Willie Marcial’s help in determining whether Parks will join the Elite or not.

Parks was an absentee in the draft proceedings at the Robinson’s Place in Manila last December 16 but was nevertheless picked high in the first round by Blackwater.

“We are not expecting an intervention from the league. All we want is a word as to when Parks could play for us,” Sy told reporters.

Top pick CJ Perez of Columbian Dyip and No. 3 Robert Bolick of NorthPort have signed maximum rookie contracts pegged within the vicinity of the P150,000 to P220,000 range set by the PBA for rookies on their first and second year in the league.

The Parks issue has a precedent when Christian Standhardinger was picked No. 1 by Columbian Dyip but was immediately shipped to San Miguel Beer in a multipronged deal. The 6-foot-8 Standhardinger had to finish his contract with the Hong Kong Eastern Dragons also in the ABL before suiting up in the Commissioner’s Cup for the Beermen.

But Standhardinger was made to sign a contract in earnest—unlike Parks—as obliged by then-Commissioner Chito Narvasa.

“What I want to clarify is the existence of a board resolution that covered Christian’s case,” Sy said. “We were told that the Commissioner’s office wanted to verify [this resolution] first before deciding on it.”

Blackwater— which traded big man Poy Erram, and guards John Pinto and Paul Zamar to the Beermen in the off-season—debuts in the Philippine Cup against NorthPort on January 16 at the Smart Araneta Coliseum.

Ramon Rafael Bonilla

be aired on national TV. Far Eastern University-Diliman and Adamson University, bunched in a three-way with Ateneo in second place at 5-2, clash at 11 a.m.

The showdown will also feature giants Kai Sotto, the 7-foot-1 Ateneo center who is leading the season Most Valuable Player race, and NU’s Carl Tamayo.

In their first UAAP matchup with Sotto last December 15, Tamayo tallied a double-double

effort of 13 points and 10 rebounds, while Sotto paced the Eaglets with 23 points, 13 rebounds and three assists.

In other matches, University of Santo Tomas (3-4) and University of the East (1-6) collide at 9 a.m., while De La Salle-Zobel (3-4) and UP Integrated School (0-7) take the floor at 1 p.m.

Thursday, January 10, 2019

TESSA JAZMINES tessa4347@gmail.com

PART OF THE GAME

Busy January for MMA

P.B.A. KEEPS COMMITMENT TO NATIONAL National U-Ateneo squares off in jrs hoops PROGRAM

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HE Philippine Basketball Association (PBA) maintains a solid commitment to support the national basketball program.

This was confirmed by Commissioner Willie Marcial who stressed in Tuesday’s Season 44 launch at the Conrad Manila that the league will take a break from February 14 to 26 to give way to the country’s campaign against Qatar on February 21 and Kazakhstan on February 24 in the Fiba Asia World Cup Qualifiers.

“We have a Fiba window in February so the league will pause action to support the national team,” Marcial said.

If Team Pilipinas, which has a 5-5 won-lost record in Group F, qualifies for the World Cup in September in China, Marcia said the league will go into another hiatus.

Attention will also be focused on the 30th Southeast Asian Games the country will be hosting from November 30 to December 11.

According to PBA Chairman Ricky Vargas, also the president of the Philippine Olympic Committee, the mission would be to win the SEA Games gold medal at all cost.

“It is important that the PBA will support us because we are the host. We need them,” Vargas said.

Marcial said the PBA is bracing for a long season because of a loaded international calendar and he expects the Governors’ Cup to extend to January 2020 The All-Star festivities, meanwhile, are scheduled in Calasiao, Pangasinan, in March.

The league also set four out-of-town games for each of the three conferences and at least two to overseas matches this season.

Ramon Rafael Bonilla

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ATIONAL University (NU) plays defending champion Ateneo to cap a four-game schedule to open secondround action of the University Athletic Association of the Philippines (UAAP) Season 81 juniors basketball tournament on Sunday at the Filoil Flying V Centre.

The 6-1 (won-lost) Bullpups hope to repeat their 78-62 win in a rematch of last year’s Finals and become the No. 1 team in the first round in their 3 p.m. duel with the Blue Eaglets, which will

BOBBY RAY PARKS JR. has yet to sign a contract with Blackwater.

FIRE IN HIS EYES Manny Pacquiao

displays fire in his eyes as he hits the mitts with boyhood buddy and coach Buboy Fernandez at the Wild Card Gym in Los Angeles in preparation for his defense of the World Boxing Association welterweight belt against Adrien “The Problem” Broner at the MGM Grand Arena on January 19. But it’s not all work for the fighting senator as he takes a break and meets up with Los Angeles Clippers Coach Doc Rivers during the National Basketball Association Filipino Heritage Night featuring the Clippers against the Charlotte Hornets. COURTESY WENDELL ALINEA/MP PROMOTIONS

U.S.A. CYCLING HIRES NEW BALANCE BOSS AS C.E.O.

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HE past two leaders of USA Cycling participated at the sport’s highest level, one of them racing in the prestigious ParisRoubaix and the other winning a masters world championship.

Rob DeMartini prepared for the job in the offices and board rooms of Procter & Gamble.

That is exactly why USA Cycling’s board of directors picked the longtime marketing executive to take over the sport’s national governing body, a move announced on Monday.

Derek Bouchard-Hall and Steve Johnson had their successes during tenures as president and chief executive, yet there remained a disconnect between USA Cycling and the business world that was hindering its ability to accomplish its goals.

Without enough sponsorship support, USA Cycling struggled to build its membership and find the resources to support athletes preparing

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ONDON—By improving the accuracy of refereeing decisions, video review was meant to cut out moaning from coaches. The Tottenham and Chelsea managers have other ideas.

Mauricio Pochettino’s Tottenham benefited from a VAR decision on Tuesday—with Harry Kane winning and converting a penalty in the League Cup semifinal first leg against Chelsea—but the manager still grumbled about the technology.

“I don’t like,” Pochettino said after the 1-0 win. “I think it is not clear what are the rules.”

Chelsea manager Maurizio Sarri readily agreed, unhappy about how the penalty was awarded at Wembley Stadium in a rare use of VAR in English football. After a lengthy delay, replays determined Kane was onside and then fouled by goalkeeper Kepa Arrizabalaga when he rushed clear on goal in the first half.

for major events, such as the Olympics.

DeMartini spent 20 years working with such brands as Gillette, then spent time with Tyson Foods before taking over New Balance about 12 years ago.

He built the running and athletic apparel company into a market leader, increasing revenue from $1.5 billion in 2007 to $4.4 billion last year.

As for cycling? Well, he hasn’t raced on the pavements of Europe or the pine surface of a velodrome, but DeMartini is an avid amateur cyclist.

“His passion and ambition for both the future of USA Cycling and our sport is inspiring,” USA Cycling Chairman Bob Stapleton said. “He also brings the proven leadership, commercial success and the resources to elevate USA Cycling and to do more for our members, partners and athletes.”

Part of that involves preparing for the 2020 Tokyo Olympics.

USA Cycling has scratched for funding for

years, and rivals such as Great Britain—with support from its national lottery—have used their resources to lap the Americans.

Bouchard-Hall, who resigned at year’s end to take over Swiss apparel company ASSOS, began to lay the foundation for the future by restructuring USA Cycling. He hired Scott Schnitzspahn as vice president of elite athletics and Chuck Hodge as chief of racing and events. The organization revamped its coaching staff at just about every level and in nearly every discipline.

“I look forward to working closely with Chuck in support of our members, event directors and race officials, as well as Scott to prepare our riders for the Tokyo 2020 Games,” DeMartini said. “I’m excited to join this capable team and very optimistic that we can better meet members’ needs, grow the leadership role USA Cycling plays in our industry and make all disciplines of cycling stronger.” AP

Kane’s VAR-assisted penalty vexes Spurs, Chelsea coaches Recalling how VAR was a “disaster” when first introduced in Serie A last season, Sarri claimed Chelsea’s own camera gave a more accurate reading of Kane’s positioning than the broadcast feed.

“Kane was offside, clearly offside,” Sarri said.

“But it’s not important. It’s more important that the linesman stops the run. He didn’t.”

While previously a referee’s assistant would wave for offside and play would be stopped, officials are now encouraged to let the game continue until the attack has been completed and the incident can be reviewed.

“For the players on the pitch it’s clearly offside and so he had a big influence on our

defenders,” Sarri said. “So I think they need to study better the system, and it’s very strange [that] in the Premier League there is not this system and then in the [League] Cup there is this system. It’s strange for the players...and referees.”

Kane, naturally, was delighted to score his 160th goal for Tottenham in the 26th minute, moving to fourth place on the club’s all-time scoring chart.

“I made the run, just played to the whistle,” Kane said. “I nicked it round the ‘keeper, and I think it’s a clear penalty. It’s just whether it’s offside or not. VAR is there for a reason and I’m sure they got it right.”

VAR is only used in England in some cup

matches before its rollout across the Premier League next season.

“We still have six months to improve the system,” Pochettino said. “There’s a lot of work to do.”

Andreas Christensen won’t want to see any replays of the second-half chance to equalize that he squandered. The Chelsea defender missed an open goal after being unmarked when he met Eden Hazard’s cross in the second half.

Kane’s goal allowed Tottenham to complete a run of three consecutive victories against Chelsea in all competitions for the first time since the early 1960s.

Tottenham has finished above Chelsea in two of the last three Premier League seasons,

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although the west London club won the title in the other year.

Winning his 250th match in charge of Tottenham pushes Pochettino closer to winning a trophy that has eluded him. The League Cup is the last trophy won by the club 11 years ago.

The second leg of the semifinal is at Stamford Bridge on January 24, with the final back at Wembley—Tottenham’s temporary home—a month later.

“There is going to be a bit more pressure on them to come out and attack us in the reverse leg,” Tottenham defender Danny Rose said. “But we’re one of the best counter-attacking teams in the league so we are looking forward to it.” AP

THINGS are popping in the martial-arts scene early in the new year. For ONE Championship alone, the largest global sports-media property in Asia announced it will host 45 events in 2019, including ONE events in new territories such as Japan, South Korea and Vietnam.

Rich Franklin, the former Ultimate Fighting Championship middleweight champion now ONE Championship vice president, has also just kicked off his ONE Warriors Series, a reality TV search whose aim is to hunt for Asia’s next martial-arts superstar.

The groundbreaking documentary series kicked off with three thrilling cards held in Singapore, and saw Franklin unearthing Asia’s finest burgeoning talent, Stamp Fairtex, who captured the ONE Kickboxing Atomweight World Championship en route to being named ONE’s 2018 Breakthrough Athlete of the Year.

ONE will host 12 ONE Hero Series events this year, with a new format to be announced at a later date.

On top of the elite combat sports that are set to light up Asia in 2019, ONE eSports will also get underway.

There will be three of the colossal gaming events on offer, held alongside the martial-arts shows in weekend spectacles.

Event-wise, ONE Championship kicks off 2019 with ONE: Eternal Glory in Jakarta on January 19.

Local hero Joshua “The Passion” Pacio of Team Lakay stakes his ONE Strawweight World Championship belt against Yosuke Saruta of Japan.

On January 25 the much-awaited rubber match between ONE Flyweight Champion Geje “Gravity” Eustaquio of Team Lakay and Adriano “Mikinho” Moraes of Brazil. This will be the third time that Eustaquio and Moraes will face each other in a historic trilogy bout with the score tied 1-1 thus far. In September 2014 Moraes submitted the Team Lakay hero in just two rounds with a second-round guillotine choke to become the first owner of the then inaugural ONE Flyweight Championship belt.

Eustaquio worked his way back up the ranks to secure a rematch with Moraes. After four years (January 2018), he defeated Kairat Akhmetov to set up the title unification bout with Moraes. When they finally clashed again, Eustaquio defeated Moraes via split decision in Macau. It was an epic five-round battle with “Gravity” winning via split decision to become the undisputed champion. Now, they face off one more time for a best of three that will determine who is the rightful owner of the ONE Flyweight World Title in ONE: Hero’s Ascent.

As for Pacio, the young emerging superstar of the Lakay group will face Yosuke Saruta who has taken up the cudgels for his injured compatriot Hayato Suzuki. Suzuki was supposed to have been Pacio’s originally slated opponent where the Lakay champion was supposed to have evened the score, but it was not meant to be. Suzuki was the last man to have defeated Pacio during the latter’s debut in August 2017.

But Pacio must not take his past conquest of the replacement Japanese fighter lightly. The 31-yearold veteran has a wealth of experience and will be on the lookout for any slips or weak links from the champ. Saruta has had 26 professional matches and had made a successful ONE Championship debut in December against Alex Silva. Saruta isn’t a normal replacement opponent, and if the champion takes the challenger lightly, it could be a disaster for him. He is a tremendous striker and an accomplished wrestler with heavy hands that Pacio has to prepare against.

All told, January will be a busy month not just for ONE Championship but for Pinoy martial-arts athletes, as well. Two other Filipino fighters will see action with Pacio in Jakarta, namely, Robin Catalan of Catalan Fighting System and Edward Kelly, also of Team Lakay.

In Manila, former ONE Featherweight World Champion Honorio “The Rock” Banario, a Team Lakay veteran, will tangle with undefeated lightweight Lowen Tynanes of Hawaii, USA. Banario has moved up to the lightweight division after suffering defeat as a flyweight against Amir Khan of Singapore. “The Rock” has won six of his last seven bouts and is already considered as one of the top competitors in his new weight class.

Also in ONE: Hero’s Ascent, Team Lakay prodigy Danny “The King” Kingad of Baguio City will take on Japanese veteran Tatsumitsu “The Sweeper”Wada in a showdown between top flyweight contenders.

Since dropping a first-round submission to Moraes in November 2017, Kingad has stormed back into title contention. He went 3-0 in 2018 and looks to make a statement in the new year with another solid win.

Wada, on the other hand, made his ONE Championship debut last July, falling to Reece McLaren via split decision. He bounced back months later to defeat Eugene Toquero via firstround rear-naked choke.

Sports BusinessMirror

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| Thursday, January 10, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Kizzire’s education includes tough round with Woods

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ONOLULU—Patton Kizzire took longer than expected to reach the Professional Golfers’ Association (PGA) Tour, but he figures every step was a learning experience.

That includes his first victory, which came at Mayakoba, his six-hole playoff win at the Sony Open last year and even one of the more embarrassing moments last year.

He played with Tiger Woods for the first time.

Kizzire was so nervous on the opening tee shot at the Honda Classic that he hooked it into a palmetto bush and had to go back to the tee. He had rounds of 74-78 to miss the cut.

“Right there at the top,” he said on Tuesday. “At the time, I don’t realize how good it is for me, but things that get me so excited I can hardly even perform and what makes me better. That was one of them.... As painful as they are, those help.”

He had been a fan of Woods for as long as he could remember, and appreciated that he was the biggest star in golf by some margin.

Watching on TV was one thing. Being announced to him on the tee was different.

“I’ll feel more comfortable next time I play with him,” Kizzire said. “I had a funny Instagram post after I played with him. It was like a first date with Tiger. I was pretty nervous, but soon I’ll be farting in front of him.”

greens, bunkers, pretty much everything from tee-to-green.

“Every single item on the golf course will be touched,” said Alex Nakajima, general manager for golf and tennis at Kapalua.

Coore was delighted to hear the grass Kapalua chose is “Celebration Bermuda,” which he said was key to making the Plantation course play how it’s intended—fast. The last several years, the course has played soft. Previously, the 4-iron Gary Woodland hit into the 18th green would not have stopped rolling until it was on the green. Coore recalls telling one resort guest years ago to hit a club he normally hits 150 yards to the seventh green, even though he had 250 yards. It rolled to the green.

Mark Rolfing, a TV golf analyst who has lived at Kapalua from the start, summed it up best.

“For the average player, the course has become much harder,” he said. “For the best players in the world, the course has become much easier.”

Work is expected to be finished about two months before the Sentry Tournament of Champions starts.

WORLD RANKING

UNDER the revamped scoring system at the Tour Championship this year, the top player in the FedEx Cup starts the tournament at 10-under par, with the second player at eight under and on down until the last five players in the 30-man field starts at even.

So the winner of the Tour Championship— and the FedEx Cup—might not have the best score that week.

One problem is what to do about world ranking points because of the staggered start.

PGA Tour Commissioner Jay Monahan says he can imagine the Tour Championship getting ranking points. “If I imagine it in general, I think it will,” he said.

The Tour already has presented a proposal to the Official World Golf Ranking board, and a decision could come as early as April.

One scenario that makes the most sense is to keep score where everyone starts even, like a regular tournament, and award points accordingly. AP

KAPALUA CHANGES

THE Plantation course at Kapalua might look the same when Xander Schauffele returns next year to defend his title.

But it probably won’t play the same.

Kapalua is shutting down the course next month for Bill Coore and Ben Crenshaw to begin a restoration project that will include a new surface, new

PATTON KIZZIRE figures every step is a learning experience. AP

FASTEST TIME The United States’s Mikaela Shiffrin competes on her way to set the fastest time during the first run of an alpine ski women’s

LONG ROAD FOR 42-YR-OLD PGA ROOKIE World Cup slalom in Flachau, Austria, on Tuesday. AP

By Doug Ferguson The Associated Press

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ONOLULU—Considering the long road he traveled and the setbacks that followed, it’s hard to imagine anyone at the Sony Open who appreciates this island paradise more than Chris Thompson. He could have swum to Hawaii in less time than it took him to reach the Professional Golfers’ Association (PGA) Tour.

If there is a mini-tour, chances are he has played it.

Most amazing about Thompson is not that it took him 19 years to get there, but that he never quit trying, even as the odds kept shrinking with age.

And that made it all the more rewarding.

“Everybody says it’s good,” he said. “And then when you get there, it’s even better.”

Thompson is 42, a Kansas graduate with two children, whose wife kept encouraging him to stick it out even when the results and the bank account would have suggested otherwise.

Patience paid off late last summer when he tied for third, tied for fourth and finished third in successive weeks on the Web.com Tour, getting him into the top 25 on the money list to earn a PGA Tour card.

“It was some relief, but obviously a lot of joy,” Thompson said. “I’ve been trying for a long time to do this. I’m 42. I wasn’t going to get a better opportunity than I had toward the end of last year. Those are some pretty stressful rounds... but they were important rounds. If you want to do this for a living, it’s better to play those important rounds. When you can play well in

those rounds that matter the most, that’s the most gratifying.”

It’s even more gratifying for a guy who spent the better part of decade driving to mini-tour events in Florida and the Carolinas, Texas, Arkansas and Louisiana, and as far west as Arizona. There were annual trips to Q-school and occasional trips to PGA Tour events for Monday qualifiers.

Thompson was 37 when he finally qualified for his first PGA Tour event at the Byron Nelson Championship in 2014, his first taste of the good life. Two weeks later, he qualified for the US Open at Pinehurst No. 2 and played a practice round with Dustin Johnson and Rickie Fowler.

And then it was back to the grind.

That’s all Thompson ever knew.

One moment that stands out was his failed attempt at qualifying for the 2002 US Open.

He made it through local qualifying and was preparing for a summer on the Golden Bear Tour in Florida when he drove with Ryan Vermeer to Old Memorial in Tampa, Florida, for the final stage of qualifying.

“We took off in Kansas, drove as far as we could, slept in a hotel and got up and drove to Tampa the next afternoon,” Thompson said. “It was maybe 20 hours in the car. We get to the course and I mean, we’re just peeling ourselves out of the car. Can’t move. Get the clubs and we’re going to the range. But we’re ready to walk across this lawn in front of the clubhouse and this security guy comes up and says, ‘Guys, can you hold up for a minute or two?’

“All of a sudden, you can hear the propellers,” he said. “That’s Greg Norman. He’s coming in to land his chopper.”

Norman qualified. Thompson missed by

seven shots and was back on the road.

He is not the oldest rookie in PGA Tour history. Allen Doyle was 47 his first year on the PGA Tour, but he didn’t turn pro until the year before. Jim Rutledge of Canada also was 47 as a PGA Tour rookie, though he had spent most of his career on the Asian Tour.

But it’s an example of determination and will, and it starts with a family that’s willing to sacrifice the time away with so little guaranteed in return. That’s what Thompson had going for him, even in the leanest of years when doubts began to outweigh hope.

“There were some years where you have to sit back and reflect and you have to rely on the people that you trust and make the best decision that you can,” he said. “I’m not saying I made the right decision. Ended up being right. You try to figure it out as you go. My wife and I assessed it at the end of every year.

Do we shut it down and do something else or do we keep going? She’s always leaned on the side of keep going.

“I was probably that way, too,” he added.

“But there were a couple years we had to make a tough decision. I’m glad we stuck it out. This is pretty cool for me.”

If getting to the PGA Tour was hard, it doesn’t figure to get any easier.

His rookie orientation included players like Cameron Champ and Sam Burns, who might be next in line to join a burgeoning generation of young power players.

“It’s a profession that not many good players get out of, but there [are] always good players getting into it,” he said. “It does get harder.”

That doesn’t intimidate him. It makes him appreciate his journey even more.

Curry’s PGA Tour event scrapped

PATIENCE pays off late last summer when Chris Thompson ties for third, ties for fourth and finishes third in successive weeks on the Web.com Tour, getting him into the top 25 on the money list to earn a Professional Golfers’ Association Tour card. AP

S

AN FRANCISCO—The Professional Golfers’ Association (PGA) Tour has pulled the plug on a new tournament hosted by Stephen Curry with time running short and details ranging from the golf course to sponsorship that could not be pulled together.

“Due to a combination of factors, we are unable to bring a proposed event to San Francisco at this time,” the Tour said on Tuesday in a statement.

The San Francisco Chronicle first reported the development, and Curry told the newspaper he isn’t giving up on the idea.

“We are still committed to bringing an event to San Francisco,” Curry said. “It just won’t be this year.”

The Chronicle said talks with Pleasanton-based Workday, a finance and human resources software company that has endorsement deals with some PGA Tour players, unexpectedly broke off. Curry’s tournament was to be played September 19 to 22, but it still didn’t have a tournament director and there were concerns that work to Lake Merced Golf Club could not be completed in time.

Members at Lake Merced, which hosts an Ladies PGA Tour stop in May, had approved spending more than $3.6 million on upgrades.

“The bottom line is the short time frame for creating an event in early fall of 2019 created the biggest obstacle,” the Tour said.

The Golden State Warriors guard has played in a Web.com Tour event the last two years, missing the cut both times. Curry was not planning to play in the PGA Tour event he was to host. AP

O

How great is Your name

LORD, our God, through all the Earth Your majesty is praised above the heavens. On the lips of children and of babies, You have found praise to foil Your enemy to silence the foe and the rebel. When I see the heavens, the work of Your hands, the moon and the stars which You arranged; what is man that You should keep him in mind, mortal man that You care for him? (Psalm 8) Oh God, please stand by us all the time. Amen.

GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

REELING: A SENSE OF ENDING D4

Thursday, January 10, 2019

D1

No money to travel? Find places to stay for next to nothing

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BY meLiSSA LAmBArenA NerdWallet

REDIT card rewards can be your ticket— literally your plane ticket—to a dream destination. But even if you’ve earned what you need to get to where you’re going, the accommodations could be a different story.

What do you do if you don’t have enough points or miles left for lodging?

You can slash those costs, too, if you’re willing to get out of your comfort zone. That might mean couch surfing with locals, agreeing to a home exchange or signing up for housesitting. Web sites and apps can help you connect with frugal options domestically and abroad. You may be able to stay for free, or nearly free, if you’re flexible with dates and can abide by house rules.

COUCH SURFING THIS option works for solo travelers or couples

looking to make new friends over a few nights. Since you’re staying in someone’s home, you’ll likely need to “check in and out” at reasonable hours and clean up after yourself .

For Alexander Salas, who runs the YouTube channel Alex Travelbum, giving up some freedom is worth it. He uses the app from Couchsur�ing.com, which has allowed him to sleep in 15 countries for free. His trip to Naples, Italy, was the most memorable, he says.

“I stayed with this woman who was just the most generous, nice person in the world, and we’re still friends till this day,” Salas says. “She made me all of this authentic Italian food and took me around town.”

HOME EXCHANGES THIS option offers more privacy since you’ll swap your home temporarily with someone else.

Melissa Conn, blogger at The Family Voyage, uses

Continued on d2

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Travel BusinessMirror

Thursday, January 10, 2019

www.businessmirror.com.ph

No money to travel? Find places to stay for next to nothing Continued from D1 the GuestToGuest web site. This service charges about $11 a night or around $147 annually (and you’ll have to pay a damage deposit). The host may also include additional charges or requests.

“Some hosts charge a cash cleaning fee,” Conn says.

Other places, “they’ll just leave a list of the five things that they want you to do before leaving. And then some people just say, ’Leave it tidy.’”

You can offset the costs of such services by cooking in the kitchen to save money on meals. Some homeowners even let you borrow their car, Conn added.

HOUSESITTING IF you don’t mind pets or a few chores while you travel, you can see the world for less.

Nik and Angel Rowell, YouTubers at Roadtrip with Nik, have traveled to Costa Rica and several US states, among other destinations. They frequently use Trustedhousesitters.com, which also has an app and charges $119 for an annual membership.

They suggest considering the responsibilities of each housesit beforehand and how it might affect your stay. “If you have a weeklong housesit in Hawaii that included caring for a dog that needed to go out in the morning, afternoon and evening, you wouldn’t be able to go explore the island all day long,” Nik Rowell says.

Wherever you stay, communicate with the host to match your expectations to the experience. If you need a kitchen or Wi-Fi, for example, ask whether you’ll have access.

TAKE PRECAUTIONS IF you’re staying with strangers, screen them first.

Some subscription services have a verification process, but it’s not always as robust as a traveler might like.

Amanda Kelly, solo traveler and content creator at Amanda Round The Globe, generally seeks female hosts when she couch-surfs. During a trip to Belgium, she says, she was deceived by a man pretending to be a female host. “After that experience, I did take a lot

more precautions by checking the reviews a lot more,” she says.

Other best practices: n Look for hosts who have several positive references, photos and detailed descriptions. n See how your host behaves on social media. n Set up a video meet-and-greet. n Make sure you’re on the same page with house rules and expectations of privacy. n Tell a family member or friend where you’re staying. n Have a plan B in case the accommodations aren’t a good fit.

If that sounds like too much hassle—or if you’re just not interested in a stranger’s couch, house or chores—consider ways to save on more traditional accommodations.

Join a hotel loyalty program, for example, or consider applying for a hotel credit card. The right one can earn you rewards toward future stays, and many cards even offer a free anniversary night, usually in exchange for an annual fee. AP

z

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Evan Handler, 58; Pat Benatar, 66; George Foreman, 70; Rod Stewart, 74.

HAPPY BIRTHDAY: Refuse to let the past hold you back. It’s time to make changes that will encourage you to build better relationships with positive people who have just as much to offer in return. New beginnings will recharge you mentally and physically and give you greater insight into new possibilities. Walk away from people who bring you down or use emotional blackmail.

Your lucky numbers are 8, 15, 19, 27, 30, 36, 45.

a

ARIES (March 21-April 19): Pour your energy into something constructive. Personal change that will help you explore new ways to be the best that you can be will help you bypass someone who is eager to make you look bad. Strive for peace. HHH

b

TAURUS (April 20-May 20): Don’t let stubbornness stand in your way. Look for the positive in every situation and work alongside instead of against those trying to accomplish similar goals. HHHH

c

GEMINI (May 21-June 20): Gather information and verify its legitimacy before you take action.

An opportunity is only worth your while if it will bring about positive change for everyone involved.

Romance will relieve tension and bring you closer to someone you love. HH

d

CANCER (June 21-July 22): Explore your options and try something new. Treat others with respect, and be willing to compromise.

Don’t take offense if someone wants to do things differently. Concentrate on what you are doing, not on what others are up to. HHHHH

e

LEO (July 23-Aug. 22): Personal improvements will lead to unexpected gain.

A makeover, fitness program or planning a romantic encounter will lift your spirits and encourage you to make positive lifestyle changes. Set a budget, and say no to a slick, misleading sales pitch. HHH

f

VIRGO (Aug. 23-Sept. 22): A change of scenery will make you realize what you’ve got. Look around and consider the changes you can make to improve your life or your relationship with someone who hasn’t been as open with you as you would like. HHH

THE Resorts World Manila Hotel Sales and Marketing Team, led by Kathy Mercado (center), specializes in creating packages specifically suited to the needs of each business partner.

Finding the perfect fit for your travel needs TRUE to its goal of thrilling the world, Resorts World Manila (RWM), the Philippines’s first integrated entertainment and tourism resort, has created the most diverse hotel portfolio in the industry, providing the widest range of choices to suit the needs and wants of every kind of traveler.

Guests are spoiled for choice among over 2,600 elegantly appointed rooms and suites that are spread across six hotels within RWM, including three hotels that cater to practical business and leisure travelers.

“The vast array of choices assures that we can provide top quality accommodation options for every preference, need and budget,” said Kathy Mercado, RWM senior director for sales and marketing.

“Our corporate clients in particular appreciate that they are guaranteed world-class service and signature Filipino hospitality in every hotel, every time.”

International hotel chain Holiday Inn Express—which has opened its first Philippine property, the Holiday Inn Express Manila Newport City (HIEx Manila) by taking over the Remington Hotel, an RWM original brand—is a firm favorite among smart

global travelers.

With 737 rooms, HIEx Manila, of the InterContinental Hotels Group (IHG), is the group’s largest HIEx property in Southeast Asia.

Providing value-for-money accommodations with world-class standards for the budget-conscious traveler, the rooms are equipped with IHG’s signature sleep solution which features blackout curtains, comfortable bedding and a choice of firm or soft pillows.

Amenities have been carefully selected to meet the practical traveler’s needs, such as en-suite bathroom with hot and cold power shower, universal power sockets, in-room safe, flat-screen television, seating area, refrigerator, hairdryer and more.

Hotel facilities are geared for convenience, such as a gym, meeting room and coin-operated laundry.

Twenty-four-hour dining is available through the lobby café where guests also have a choice of enjoying a leisurely breakfast buffet or a Grab & Go packed breakfast if they need to be on the road early.

The Belmont Hotel Manila, owned by local property developer Megaworld Corp.,

has become the preferred accommodation among business travelers.

The 470-room Belmont Hotel Manila, which was recently named the Best Airport Hotel in the Philippines by the Travel and Hospitality Awards, offers optimum city views from its rooftop pool and bar. Café Belmont, the hotel’s all-day dining outlet, serves up classic international cuisine, along with authentic Filipino specialties.

Work essentials are also available, with the Belmont Hotel business center, meeting rooms and a function room that can accommodate a 100-person conference. The hotel also provides comprehensive services, such as taxi and limousine arrangements, VIP airport assistance, laundry, valet and shoe-shine, and even babysitting.

The newest addition to RWM’s lineup of practical accommodations is Savoy Hotel Manila, a 684-room Megaworld Corp. development.

Its proximity to one of the country’s main international terminal, combined with creature comforts such as a swimming pool, function rooms and fitness center, make it the ideal hotel for business travelers who appreciate efficiency and comfort.

Savoy Hotel Manila guests can also enjoy the hotel’s all-day dining restaurant, poolside bar, and cocktail lounge, as well as Squares—a common lounge area with spaces for guests to work, relax or mingle.

Guests of Savoy can also avail themselves of the conveniences of an RWM hotel, such as free airport shuttle service, and complimentary van service within Newport City.

For the luxury segment, gaming guests and VIPs would feel right at home in the all-suite Maxims Hotel, under the Genting Group, while seasoned business and leisure travelers can enjoy the global five-star standards of Marriott Hotel Manila, Hilton Manila, and the soon-to-open Sheraton Manila Hotel and Hotel Okura Manila.

Located just across Ninoy Aquino International Airport Terminal 3 (Naia), one of the country’s busiest travel hubs, RWM provides unbeatable comfort and convenience for guests. Runway Manila, a fully air-conditioned elevated pedestrian link bridge that directly connects Naia Terminal 3 with Newport City and RWM, gives travelers a safe and environmentally sound way to reach their accommodations within the complex in under 10 minutes.

g

LIBRA (Sept. 23-Oct. 22): Refuse to let anger lead to a mistake you’ll regret. When dealing with people you love, you are best not to make accusations or ultimatums. Concentrate more on self-improvement and make physical changes that will make you look and feel good. HHH

h

SCORPIO (Oct. 23-Nov. 21): Learn from those with more experience. Talking to older relatives or friends will give you a better understanding of life and how best to handle domestic situations. Approval will be offered if you include the person standing in your way. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Take care of your responsibilities to avoid complaints.

Discuss what’s expected of you before you enter into something that may turn out to be more than what you want. HH

j

CAPRICORN (Dec. 22-Jan. 19): You’ll be taken advantage of if you are too accommodating or you share your personal information or secrets freely. Being a good listener will stimulate your mind. An idea you come up with will give you something to look forward to. HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Tidy up loose ends, and do your best to get ahead.

An unexpected opportunity should be taken advantage of. He who hesitates is lost, so get moving and take what belongs to you. HHHH

l

PISCES (Feb. 19-March 20): Offer your services, but don’t let anyone take advantage of you. Make what you are offering clear, and don’t take on any more than you can afford to do.

Someone you’ve collaborated with will make a good suggestion. HHH BIRTHDAY BABY: You are resourceful, sensitive and playful.

You are creative and excessive.

‘going to extremes’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 A diet may slim it 6 Reading ___ (bedside fixture) 10 Shoe in high fashion?

14 Slumdog Millionaire setting 15 Plane calculation 16 Trade fair 17 Peaceful pool filler, but more so?

20 Fish that might shock you 21 ___ out a living (barely got by) 22 Missed the mark 23 Core 24 Somewhat, informally 26 Thread or tape holder 28 Elisabeth of Leaving Las Vegas 29 Suffix with “legal” 32 20th-century conflict, but more so?

34 Figure skating maneuver 35 North Dakota city 36 Hit hard 37 The Jetsons dog 38 Shaving lotion brand 39 Rehearsal, but more so?

41 “Mine,” in Madrid

2 Gordon’s beverages 4 43 Key players?

44 It might end a battle 46 Liverpudlian, e.g.

47 “Please specify” survey option 49 Writes (down) 50 ___ coat (sailor’s jacket) 53 Jazz instrument, but more so?

57 Composer Stravinsky 58 Summer solstice month 59 Like soda bread 60 Gwynn with five Gold Gloves 61 Alluring 62 Lake rental DOWN 1 Sage 2 What you put into a pot 3 Old Testament no-no 4 (Not my mistake) 5 Become established 6 Glove material 7 Far from fertile 8 Funny man Brooks 9 Chum

0 <3 1 11 Newsboy’s repeated shout 12 Foil alternative, to a fencer 13 Title for Voldemort 18 Pirate flag icon 19 “What ___ you thinking?”

23 Winter mugful 24 Emotion related to guilt 25 Word in many church names 26 Ready Player One genre, familiarly 27 Five-in-one Olympics event 28 Graceful birds 30 Syringe’s contents, perhaps 31 Tech bigwig Musk 32 Muslim cleric 33 Toy you might attach a camera to 34 Until now 37 Kind of flair or freedom 39 Lighter brand 40 ___ Maul (Star Wars character) 42 Fount of knowledge 45 Take from the top 46 One over par 47 Final newspaper piece, briefly

8 Burkina Faso neighbor 4 49 Curse 50 “No ___, no gain!”

51 Canadian gas brand 52 Tennis legend Arthur 54 Sleepwear, for short 55 Regret 56 Maidenform garment Solution to yesterday’s puzzle:

www.businessmirror.com.ph

Parentlife BusinessMirror

START: _______ FINISH: _______ INITIALS: _______

Thursday, January 10, 2019

A ‘new’ New Year’s perspective MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

M

Y articles last December involved a lot of gratitude and reflection. That’s what the month has always been for me. It’s like I naturally “dwell” in December. I always start with things to be grateful for. Then I walk down memory lane. These “past dwellings” are both the happy and the heavy moments that I like to revisit and sort of pass through my own litmus test of affection.

This process readies me for the year to come. When I randomly read past journal entries, especially on the more difficult points in my life, I get transported to that exact moment—what or who triggered the thought, how I felt, what thoughts got me through it. Then I take reference to today. I see how that experience molded me. I am often caught in a wonder how I was able to overcome a particular circumstance.

Then realize I “providentially” did.

The year 2012 saw some of the most difficult times in my life. Below are some of my “providential” reflections at the time: March 22: “Today I am in Malaysia with Meagan.

With all the worries, I �ind myself asking the question: What really matters to me? If everything does happen whether good or bad, what state can I be where my heart says it does not matter. My essence lies in who I am and how loving my family is. Life is complete. All this work must just be a function of now, not meant to haunt our past and feed fear for the future. Work is of today. Love what you �inish, then tomorrow is another now. When things become too much, edit and choose your battles.

“Being with Meagan allowed me to realize that the unconditional love we share as mother and daughter is such a precious gi�t that a bump in the business can never compare to.”

June 7: “Tomorrow is bright. You need to seize what is right and face the consequences of being right today than deal with the consequences of your cowardice tomorrow.

Trust all where God is guiding you to go. If it is wrong, your heart will be the �irst one to tell you.”

August 2: “The message is clear from the start.

Look to the future. There are so many people to emulate.

Businesses start from scratch and grow. In the 15 years of doing business, you toiled in an organization to inspire.

Loving has always been the key. You can love and work

for what is right at the same time. You lost a part of your family and it makes you unstable. But this journey will lead and has already led you closer to whom you are meant to be. People and relationships will continue to come. Embrace them and nourish them. They will see you so clearly that everything will be so much easier from this day on. Trust and work hard.”

September 3: “Success is not all what people can see and judge. It is what you feel inside. Set the bar for yourself. Don’t let others set the bar for you.”

These reflections are what I make as the fuel for my “New” Year. I bring the past wisdom and perennial “faith” in providence.

What is providence? According to Oxford Dictionary, it is the protective care of God or of nature as a spiritual power. For me, I would describe it as the central force that keeps me attuned to what is to come. I have many a time been in discussions on spiritual beliefs. Through the years, I have attended and studied Kabbalah, Reiki, Opus Dei and so on. I know there is a natural power in us that need to be discovered and honed. But I also believe there is a path that continues to unravel for us each year of our existence. I do not believe in “pre-destiny.” I believe that our path changes as a cumulative result of the decisions we make. I believe that a higher being exists that guides us that good begets good. The higher goal is inner happiness and not external accolade.

In the many times in my life that I thought it was at a dead end, I believe my faith in providence pushed me to “just believe” life will get better. I clung firmly to the righteousness of the moment and waited patiently for meaning to unfold. The biggest lesson providence has taught me is to discern when to let go, that we can’t “rest on our laurels” or hold on to people and things too tightly. We can fight our hardest to keep them but when it is time, we need even more strength to “let live.”

Why? Because life is not meant to be onedimensional. Our lives are not meant to revolve only on one thing. We are various “beings.” We are not just a career person. We can be spouses to our partners, parents to our kids or to pets. We are kids to our parents, friends to our circle and so on....

Whatever comes our way this coming 2019, my main message is to be open and accepting. Know that life’s plan unfolds depending on each decision we make. If we make a mistake along the way, may we find the courage to make things better this New Year. Don’t cloud ourselves with false realities and justifications. If we find ourselves on a nice path, find ways to share the blessings. This is cliche for me to say but I do believe in miracles. It is my personal miracle to live this “providential life” that I get to live each day.

Happy 2019, everyone, and wishing all a “miraculous” New Year ahead. n

Pageant aimed at teens returns to make bigger dreams come true THE country’s first-ever beauty pageant for teens marks a new milestone in its history as Miss Teen Philippines 2019 opens with bigger opportunities for its future youth ambassador to empower the new generation and promote the value of education on the global stage.

In a media launch held recently in Pasig City, Miss Teen Philippines 2019 pageant organizers revealed bigger plans for the beauty tilt and what awaits the next batch of young Filipinas who will be chosen for their beauty, charm, intellect and potential to be inspiring role models for the youth.

Present during the beauty pageant’s media launch were reigning Miss Teen Philippines 2014 Reissha Nicole Villar Magadia, Miss Teen Philippines 2014 Finalist Bianca Willemsen, and Miss Teen Philippines 2014 MISS Teen Philippines 2014 Nicole Magadia

1st Runner Up Chiara Ocampo who all shared their journey and purpose as young beauty queens.

“We are very proud and excited to bring back Miss Teen Philippines,” said Miss Teen Philippines 2004 Stephanie Sol. “We all know that a lot of young girls dream of becoming beauty queens. Miss Teen Philippines is their chance to make that dream come true and, at the same time, make a meaningful impact in society.”

Miss Teen Philippines 2019 (www.facebook.com/ missteenphilippineso��icial) takes the competition to a new level by highlighting the pageant’s aim to promote “global readiness through education” and choosing a winner who embodies all the qualities of a true youth ambassador.

“We are looking for an exceptional winner who is not just a pretty face, but must also be at the forefront in promoting our cause and be a role model among her peers,” shared Regine Angeles, Youth Empowerment Through Education Foundation Inc. director.

“Of course, we will also take into consideration the candidate’s personality. She should be outgoing and exude the vibe of the younger generation.”

To further realize its goal, Miss Teen Philippines has partnered with local government agencies to help facilitate the rollout of the pageant’s projects.

“We have had initial talks with various government agencies, particularly Department of Social Welfare and Development, Department of Education, and National Youth Commission. So far, they are more than willing to extend assistance and make Miss Teen Philippines a partner in some of their initiatives,” Angeles added.

Miss Teen Philippines 2019 is open to all female, single, natural-born Filipinas aged 14 to 18 years old (at the time of the pageant on April 13). The aspiring beauty queen must be currently enrolled in an educational institution, at least 5’2” in height, and has the heart and talent to represent the Filipino youth.

ASIDE from past journal entries, I also looked through old stuff that I’ve kept to remember my childhood— my scout pins from my Girl Scout days, the blue case for the pager on which my husband and I reconnected in 2000, some souvenirs from my debut that had the theme “I Chose the Road Less Traveled By,” my Judenites membership pin, cufflinks from high school, my first Swatch watch from my Aunt Daisy, a white angel with an emotional note from a past heartache and the key to my first diary.

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Show BusinessMirror

Thursday, January 10, 2019

www.businessmirror.com.ph

ONANAY

GMA keeps No. 1 spot in 2018 nationwide TV ratings MEDIA giant GMA capped off another successful year as it continued to lead in nationwide ratings throughout 2018 based on full year data from Nielsen TV Audience Measurement, the industry’s widely trusted ratings service provider.

From January to December (with December 23 to 31 based on overnight data), GMA tallied 40.8 percent total day people audience share, which bested ABS-CBN’s 37.5 percent, in the National Urban Television Audience Measurement (Nutam).

The network was also the most-watched network in both Urban Luzon and Mega Manila—winning across all day parts including the hotly contested prime-time block. Urban Luzon and Mega Manila, respectively, account for 76 and 59 percent of all urban viewers in the country.

Full year 2018 data showed that GMA still kept a double-digit advantage in Urban Luzon with 45.9 percent total day people audience share while its rival only managed to get 31.5 percent.

With official data from January up to December 22, the network posted an even bigger margin in its bailiwick Mega Manila with 47.7 percent, ahead of ABS-CBN’s 28.7 percent.

For December 2018 GMA registered 38 percent total day people audience share in Nutam against ABS-CBN’s 34.8 percent.

It similarly maintained a winning streak in the viewer-rich Urban Luzon with 42.8 percent versus competition’s 28.8 percent.

Furthermore, GMA led competition in Mega Manila (with official data from December 1 to 22) with 44.6 percent, outscoring the 26.1 percent of ABSCBN. The network’s shows also took the lion’s share in Nutam’s list of overall top programs for 2018 with the award-winning magazine program Kapuso Mo, Jessica Soho (KMJS) holding the top spot as the most-watched GMA program for the year. Following it were Daddy’s Gurl, The Clash, Kambal Karibal, Pepito Manaloto, Onanay, 24 Oras, Victor Magtanggol, Magpakailanman and Studio 7.

Also included in the list of top-rating GMA shows last year were Super Ma’am, The Cure, Cain at Abel, Sherlock Jr., Amazing Earth, Daig Kayo ng Lola Ko, Inday Will Always Love You and Lip Sync Battle Philippines.

“Coming from the network’s strong ratings performance in 2018, we are optimistic that we will be able to deliver even better numbers in 2019 as we prepare to launch a number of exciting and innovative programs,” said GMA Network Chairman and CEO Atty. Felipe L. Gozon.

Nielsen data is gathered through a greater number of sampled homes nationwide in comparison to Kantar Media. With approximately 900 more homes surveyed in Total Urban and Rural Philippines compared to Kantar, Nielsen data is statistically considered more representative of the total TV population.

Nielsen TV Audience Measurement’s client pool covers a total of 32 clients/subscribers consisting of six local TV networks, including ABS-CBN, TV5, Aksyon TV and CNN Philippines, among others; three regional clients; two blocktimers; and 21 agencies (17 media agencies, three consulting agencies and one digital agency).

A sense of ending REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

T

HERE is always something apocalyptic about the annual Metro Manila Film Festival (MMFF). As there is always something indescribably non-inspirational and threatening about the announcement of the kinds of films that qualify in the notorious festival. Well, notorious for those of us—and there is a significant number of us—who feel the whole shebang is really a glorified fund-raiser, a term I borrow from those who have the prescience to see through this MMFF. One always gets this sense that a big instrument or institution has set up a platform, a stage, for films with superfluous and sure promise of box-office returns.

Commerce and certainly not art and any semblance of original storytelling, critical positions or any daring new filmic directions are promised.

When was it that a new selection committee and, eventually, a different group of jurors were ordained to oversee the MMFF? At the end of the festival, a vociferous call for non-intellectual films or “good films” was called.

As some movie directors claim, filmmaking is a business. Now there is no question about that. As some directors also claim, filmmaking has become an art form, an ideology, a politics. Now, there is no question about that either. Films have evolved also from being merely entertainment; films have become teaching tools. This is the very reason why films of any kind are used in classrooms to teach about societies, cultures and politics.

Czech drama ‘Little Girl Blue’ screening in Manila BRINGING to the Filipino audience the final installation for the yearlong Czech Movie Gems film festival, the Czech Embassy in Manila and the Film Development Council of the Philippines unspools the Czech drama Little Girl Blue (2007), awarded as best film in the Czech Lion Awards of the same year.

Produced by Oscar-winning director Jan Sverák, this film written and directed by Alice Nellis reveals a poetic tale of Julie, a 40-year-old translator in the midst of an expansive midlife crisis in the changing city of Prague.

Witness how her seemingly perfect and happy family life traverses a crossroad after one passing prompts her to impulsively reflect on her mechanical married life that leads her to pursue life-altering decisions.

Played by Iva Bittová, a Czech avant-garde violinist, singer and composer who started her career as an actress Julie’s life is marked by a significant decision initiated by her

choice to purchase a used piano for the vast living room. The film also stars Karel Roden, a notable Czech actor successful both in his home country and in Hollywood.

Aside from the story, the cinematography also asserts a sensible and witty portrayal of sparkly images against a backdrop of life-defining tunes.

The film will be screened

on January 16, 6:30 pm, at the Cinematheque Centre Manila. This is the final film for the yearlong Czech Movie Gems festival, which aims to bring award-winning Czech movies to Filipino audience on the occasion of 100 years of independence of its statehood.

Admission is free. Seating is on a first-come, first-served basis, subject to capacity.

The question arises and the doubt comes with it when government institutions, bodies that are supposed to use films and other art forms to teach, enlighten or allow the people to have the critical faculties, use their power to enable producers to make films for the sole purpose of “entertainment,” and, in the process, earn for the producers wealth. All this at the expense of the purpose of the government to use the arts for something more ennobling. All this at the expense of the moviegoers who are (or are we not yet aware of this?) not given any choices each year, when Christmas day falls upon us like a nugget of gold we do not have a share in.

There lies the very sin of this film festival.

Each year, the government makes the viewing of commercial films, by default, compulsory. There it is, that word—“compulsion.” There are no other films to choose from aside from these Filipino films. There are no other films (except for a film or two) good enough in the sense of rewarding the Filipino audience with laughter that comes at a very high price.

The producers, the actors and other filmmakers who go without questions into this enterprise called MMFF, their reasons are varied and, in the view of the limited territories for self-examination and debate, compelling at first glance. One reason is that we have no reason to stop from having fun and joy during Christmas. I find this position not only preposterous and reductionist but also dumb and duplicitous. One need not shell out more than P200 to have fun and joy during Christmas. The whole season is already one f—king trading exercise. Or have we forgotten that ours is the longest celebration of Christmas in the whole world, a claim that makes the businessman salivate?

Actors who we presume have more intelligence between their well-paid and subtly perfumed ears do join in the discussion. Their point: Who are we to dictate what people want to view? Exactly the point of this discourse: If we are to create a nation of thinking individuals, then we really do not have the right to create a space where people, by the nature of their moviegoing habits, can only watch films that can only make them laugh for some two hours, given the sharing that follows each viewing, and spend the rest of the day farting mindlessly. Do not get me wrong: I am not about to insult the minds of those who love films. If we do have a population that enjoys films, then let them do so at the freer space of producers generating interest in whatever kind of films they wish to instill in the audience they feel would benefit from their productions. Again, this position is problematic: Do producers really think of what the audience can take home when they fund films that have silly plots, or possessing of the sense of humor laced with the derogatory, depleted and vacuous?

Assume that these comedians and clowns really have it in their hearts to entertain the public.

Assuming that these showbiz citizens indeed want to bring joy into the hearts (not the homes, for that would be the function of the more insipid TV programs) of the MMFF viewers, what signs can manifest that concern, that love? Well, let me remind the fans who subscribe to the gospel of these entertainers. At the end of the festival, they, the moviegoing public—if they belong to that group we are enamored to label the “poor”—they will remain poor. As for their favorite comedians, they will be sallying forth to the rosy sunrise or whatever sunset, with their bank accounts fatter because many of us were dumb enough not to see the tricks behind their magical lack of logic and reality.

Not all is lost.

Online the debates about the evil of the MMFF are lacking no prophets and soothsayers.

Jerry Gracio, a multi-awarded writer, cultural worker and filmmaker (he did the screenplay with Khavn de la Cruz of that gloriously insolent Balangiga: Howling Wilderness), continues to lament the MMFF each year and what it brings to our film industry.

Gracio is clear about his solution—film education.

What we need is to educate future audiences. He calls on local governments to be more active in this field.

Gracio also believes we should start with schools and there, with teachers. Indeed, teachers have the multiplier effect.

It is also Jerry Gracio who calls our attention to the person of Joel Lamangan. Gracio reminds us that while young critics or viewers may have criticized the films of Lamangan, the veteran director remains one of the staunchest critics of MMFF and what it stands for. Relentless and vastly articulate, Lamangan fights for his cause from the inside.

Joselito “Jay” Altarejos, who, in my book, remains the compelling if not disturbing voice of the angst of the gay male in his films, sees the problem of the MMFF from outside. He calls the problem that plagues the festival as brought about by the structure of the competition. Altarejos sees the affliction as “structural” and “systemic,” and until it remains so, he does not see himself being part of it.

Oggs Cruz, a favorite critic of mine, outside of course the Manunuri ng Pelikulang Pilipino of which I am a part, did a glorious homage to Pauline Kael (attribution solely mine). He enumerates the faults of the films that were entered into the Metro Manila Filmfest and, in return, received ad hominem comments from many who do not understand the work (and mission) of a critic.

Here is Cruz, via Rappler, talking of Vice Ganda and Fantastica: “Instead of coming up with a lucid narrative where Vice Ganda finally gets to achieve what she promotes in the end, which is to love and be loved, no matter who you are, she still insists on being the butt of a staggered joke, the truly unfortunate damsel who gets to save the day but is jokingly rejected by the two men she selflessly helps.” Cruz continues: “Fantastica only proves that Vice Ganda’s comedy is inconsistent with what she presumably stands for. Here, she is either an incoherent messenger of mixed slogans or just a shallow entertainer who is content with getting empty laughter.”

Interestingly, when writers would call a film “chaka,” no one really cares. But it is when writers or critics or even an actor of good standing express their disgust in lucid prose over what troubles the film industry, that our small world sits up and take notice.

It should behoove the industry players therefore to look at this irredeemably mercantile approach to film as a whole. This practice of pulling out the nonbox 0ffice giants from moviehouses speak of what is entirely wrong about this festival. This concourse primarily claims to celebrate everything that is good about Filipino cinema and yet betrays its doubledealing face when its act negate what it pontificates and rhapsodizes as a moving and inspiring force for the nation as the year turns.

Nora Aunor was correct when, upon winning the Best Actress for Thy Womb in the 2012 edition of the MMFF, she spoke how she would continue to make movies so long as there are still people who admire good films. By the same token, the critics would and should continue to rage against films that shamelessly do not give the people the chance to experience the film as a source not merely of moral lessons but as the beginning of the moral strength to look into art forms, which provide the images for us to doubt authorities, subvert totalizing entities, and rejoice in our differences, conflicts, harmonies and dissonances.

And so, happy new year? n

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, January 10, 2019 E1

Profound experiences, accomplishments mark US envoy’s second year in PHL

By Recto L. Mercene

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@rectomercene

ITH the plethora of developments that had transpired between the United States and the Philippines, particularly before the end of 2018, Ambassador Sung Y. Kim shared that last December “has even greater meaning for me, as it marked my second anniversary [in] the Philippines.”

He claimed his October visit to Marawi City had been “one of my most moving experiences as ambassador.”

“Seeing the devastation firsthand enabled me to better grasp its profound impact on peoples’ lives. From the onset of the siege, the US has provided humanitarian assistance to the displaced, [as well as] security assistance to the Armed Forces of the Philippines [AFP].”

In “Ground Zero,” the diplomat announced new funding under the Marawi Response Project to improve the lives of displaced families and host communities, bringing the total US government assistance for the endeavor to

nearly P3.2 billion.

On the trade front, Kim narrated the considerable progress on bilateral ties, “including several achievements that resolved outstanding issues under our Trade and Investment Framework Agreement.”

“Whether it was strengthening agricultural trade, funding supplychain development initiatives or partnering on aviation-infrastructure development, we’re working hard to become the Philippines’s top trade and investment partner. We are fortunate to have strong private-sector partners leading the way, including [more than] 600 companies in the American Chamber of Commerce.”

Bells for Christmastime

IN his New Year message to the Filipinos, Kim declared that the biggest success of his tenure yet was the recent return of the three Balangiga bells.

The American envoy has every reason to feel elated, as the repatriation of the religious artifacts happened under his watch.

“As President Duterte proclaimed at the ceremony in Samar, the return ‘heralds a new and more vibrant chapter in our bilateral relations,’” Kim added.

It could be recalled that the Chief Executive demanded during his second State of the Nation Address, where Kim was guest—in no uncertain terms—the immediate return of the bells, which “are part of our national heritage.”

Despite the President’s fiery rhetoric against the Americans on subsequent occasions, whenever the chance presented itself, the Filipinos were rewarded eventually with the homecoming of the bells, 117 years after they were taken out of their belfry in San Lorenzo de Martir Church in Eastern Samar.

‘Unbreakable’ human connection

ACCORDING to Kim, “Almost every Filipino I’ve met during my time here has some [form of ties with] the US: through personal experience, relatives or friends. Hearing their stories, I’ve come to believe the unique

strength of the US-Philippine relationship lies in the deep, longstanding bonds between our peoples. The human connection between us is unbreakable, linking our two nations’ past, present and future.”

He said that after two years as ambassador, he remains “tremendously optimistic about the future of US-Philippine relations—thanks largely to the vibrant connections between our youth.”

The envoy then cited the 70th anniversary of educational exchanges between the two countries, which have sent 8,000 Filipinos to the US and brought 1,000 Americans to the Philippines.”

“Through exchange programs like the Young Southeast Asian Leadership Initiative, we continue to bring together dynamic American and Filipino youth to learn from each other and forge new collaborations. We are also enabling more Filipinos to prepare for global futures through studies in US institutions, and have even more education programs in store for 2019.”

Defense treaties, Fonop

THIS year, the US Embassy partnered with the Philippine Veterans Affairs Office to award 91 Congressional Gold Medals to Filipino World War II veterans, some of them 100 years or older. Their “unbelievable acts of heroism and sacrifice” were acknowledged as “critical in the fight

for freedom and democracy in the Asia-Pacific.”

One of the bones of contention among our Filipino compatriots revolved around the “ironclad” military alliance forged fighting shoulder-to-shoulder in World War II and in the Korean War. This “ironclad” guarantee was one of controversial aspects of the existing mutual defense treaty between the Philippines and the US. Some sectors strongly feel that, unlike the same guarantee that the American military would come to aid Japan if the latter was attacked by a foreign power in any of their territories, the US does not, or cannot, assure they will do the same if any external force attacks or annexes the entire West Philippine Sea, or even portions of it.

(In a revised Mutual Cooperation Treaty signed on January 19, 1960, the US agreed to help defend Japan against any foreign adversaries. It remains intact to this day.)

In the absence of militarily defending the country from foreign aggression, the US promotes the Freedom of Navigation Operations (or Fonop) in the West Philippine Sea. With this backdrop, Kim underscored the importance of the security alliance existing between the Philippines and the US—“one of our oldest military partnerships.”

As a perspective, the diplomat

explained that in 2018, “we strongly supported the AFP’s modernization efforts—and the Philippines’s vital role in maintaining regional security—through the transfer of more than P1.8 billion in military equipment.”

He claimed the Philippines was the largest recipient of the US’s foreign-military financing in Asia. “We also saw substantive progress with our Enhanced Defense Cooperation Agreement, which will [upgrade] interoperability and the AFP’s disasterresponse capabilities.”

In all, Kim expressed confidence that “together, we continue to fight terrorism, protect maritime spaces and freedom of navigation, and provide humanitarian assistance when disaster strikes.”

Accomplishments, confidence

DESPITE countless issues that may beset the balance and order in this side of the globe, Kim remains resolute in his faith and belief in the long-standing ties that continue to galvanize US-Philippine relations: “It is with great pride that I reflect upon a year of accomplishments.

I’m confident 2019 has even greater things in store for us.”

Thus went Kim’s retrospective of the previous two years of his current tenure, serving as the Americans’ main conduit to the Filipinos, whom they consider friends, partners and allies for the longest time.

Envoys& BusinessMirror

E2 Thursday, January 10, 2019

PHL, US seek enhanced pacts on energy, people-to-people ties

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OREIGN Affairs Secretary Teodoro L. Locsin Jr. met with US State Secretary Michael Pompeo on December 20, as both sought ways to increase the cooperation between the Philippines and the United States in the areas of energy and people-topeople exchanges.

The meeting, held in Washington, D.C., was a follow-up to the two foreign ministers’ phone conversation in October 2018.

“Secretary Pompeo and Secretary Locsin also explored op-

portunities to increase peopleto-people ties between our two countries, our long-standing commitment to human rights, and our cooperation to strengthen the Philippines’s energy security,”

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. and US State Secretary Michael Pompeo at the US Department of State on December 20, 2018. DFA PHOTOS

State Department Deputy Spokesman Robert Palladino said in a statement.

The two top diplomats discussed “ongoing efforts to address regional issues, such as the South China Sea [West Philippine Sea], North Korea and counterterrorism.”

Palladino said the two officials reaffirmed “the enduring US-Philippines alliance, including commitments under the Mutual Defense Treaty of 1951.”

According to the Department of Foreign Affairs, Locsin also expressed Manila’s appreciation for the recent return of the Balangiga Bells during the meeting.

Ambassador of the Philippines to the US Jose Manuel G. Romualdez accompanied Locsin. Joyce Ann L. Rocamora/PNA

Locsin reaffirms PHL-US PAL launches direct New York-to-Manila flight alliance in Washington

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O further “deepen” ties between the Philippines and the United States, Foreign Affairs Secretary Teodoro L. Locsin Jr. met with United States National Security Advisor John Bolton in December.

According to the Philippine Embassy in Washington, D.C., the two officials recognized the role of their nations’ alliance in maintaining peace and stability in the Indo-Pacific region.

This is the first time Locsin met with Bolton since the former became the Philippines’s top diplomat.

Locsin said the meeting was “vastly enlightening, frank [and] wide ranging, yet sharply focused on the key issues.”

Philippine Ambassador to the United States Jose Manuel G. Romualdez, likewise, accompanied the Foreign Affairs chief in the meeting.

The meeting comes a week after the Department of National Defense called for the review of the Mutual Defense Treaty (MDT) between the US and the Philippines.

Previously, Defense Secretary Delfin N. Lorenzana called for the MDT’s review to see if it is still relevant to the Philippines’s “national interest.”

Former Philippine Permanent

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. and US National Security Advisor John Bolton

Representative to the United Nations Lauro Baja agreed that the 1951 MDT must undergo a reassessment to determine if the pact is still attuned to current regional and global dynamics.

“For the Philippines, the review will provide the opportunity to reexamine and clarify the degree and depth of US commitment to defend us, including the area of coverage of the Treaty,” Baja told the Philippine News Agency. Joyce Ann L. Rocamora/PNA

TOURISM Department Officer in Charge Luz Navarro (from left), Consul General in New York Claro S. Cristobal, Philippine Airlines (PAL) New York Area Manager Joesyl Vasquez, PAL’s Domingo Angeles and Evelina Trinidad NEW YORK PCG

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EW YORK—Philippine Airlines (PAL), the national flag carrier, started flying nonstop between New York’s John F. Kennedy (JFK) Airport and Manila five times weekly on their new Airbus 350-900.

To announce the news to travel trade partners, the media, and select community members, PAL hosted a launch event at the Philippine Center in New York.

Consul General to New York Claro S. Cristobal congratulated PAL for this new service, and said he is

pleased that he can now fly direct from New York to Manila, because lay-overs and connecting flights, especially coming from the “Big Apple” where inclement winter weather frequently delays or grounds flights, might ruin passengers’ schedules.

Department of Tourism-New York Administrative Officer Luz Navarro also offered their office’s congratulations to PAL and acknowledged the national carrier as their main partner in promoting tourism to the Philippines.

She took the opportunity to pro-

mote the islands of Siargao, Palawan and Boracay, which recently were recognized as Condé Nast’s Best Islands of the World.

PAL Area Manager for New York Joesyl Vasquez announced that more than 200 passengers have already booked for the maiden direct flight, who were mostly Filipinos and Filipino-Americans.

At 16 hours flying time, the direct flight between Manila and JFK is the ninth- longest commercial fight route in the world, and the longest flight to operate from JFK.

USAID turns over solar-power project to Marawi

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A R AW I C I T Y—T h e United States Agency for International Development (USAID) and the Mindanao Development Authority (MinDA) recently turned over the completed solar-electrification project to at least five barangay health centers and temporary relocation sites here.

The project included those completed in September for Sarimanok Evacuation Sites 1 and 2, and in October in Sagonsongan temporary relocation site, said MinDA Secretary Abul Khayr D. Alonto.

A ccord i n g to A lonto, t he electrification project is part of the P11.7-billion “Building Low Emissions: Alternatives to Develop Economics Resilience and Sustainability,” or B-LEADERS, which is funded by the USAID. The electrification project is implemented by the B-LEADERS

SOLAR-POWERED lampposts light up the road in the temporary shelters in Marawi City. NEF LUCZON

project (under the USAID). The project, however, is under the Mindanao Peace and Develop-

ment (MPAD) Program agreement between MinDA and the USAID that was signed on November 13.

Alonto explained the B-LEADERS solar-electrification project is implemented all over the MPAD

agreement until 2030 and is mainly focused on armed-conflict areas. Divina Suson/PNA

US hikes aid to Mindanao; extends accord with MinDA

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HE United States Agency for International Development (USAID) has increased its contribution to the development of Mindanao by at least $11.45 million, as it extended its bilateral agreement with the Mindanao Development Authority (MinDA) until September 2019.

As of 2018, the total contribution of the USAID to its Mindanao Peace and Development (MPAD) Assistance Agreement with MinDA reached $144.87 million.

MinDA Secretary Abul Khayr D. Alonto accepted the additional aid during the ceremonial signing with USAID Acting Mission Director for Philippine Patrick Wesner.

Alonto said the contribution made for fiscal year 2018 would be allocated to social services and other developmental programs to meet challenges on water and energy in Mindanao.

Given the recent Marawi siege in 2017, however, Alonto noted that a large part of the increase would be focused on Marawi City’s rehabilitation. “[The specific concentration of this year’s MPAD] is the reconstruction of Marawi, and the economic rehabilitation of the conflicted areas beyond [the city],” Alonto told reporters in an interview.

Wesner, meanwhile, said the US is committed to assist Filipinos affected in the war, particularly the displaced families in “Ground Zero.”

“This new assistance will offer opportunities for displaced families to improve their economic conditions after the Marawi siege.

[It] will strengthen community cohesion among the displaced populations,” he said.

For 12 years, Wesner noted that the US has provided provinces and nearly 800 barangays in Mind anao inf rastr uct ure projects, such as the construction of water-sanitation systems, warehouses, market centers, boat landings, bridges and even the upgrade of airport runways.

“These are transformational infrastructure projects in Mindanao, and they were completed in close partnership with the Philippine government in all levels,” he pointed out.

Aside from infrastructure projects, MinDA and the USAID have also partnered in conducting the Water-Energy-Nexus Study, which seeks to identify Mindanao provinces that are most vulnerable to climate change, including its effect to the region’s water reserves and agriculture industry.

MinDA Undersecretary Janet M. Lopoz said that in case of a water shortage, the largest impact can be seen in the urban areas of Mindanao, largely in the south-central part—considered one of the Philippines’s food basket areas.

With the study, she said, the Philippines could establish a baseline quantity for surfacewater supply, specifically for the eight river basins in Mindanao, and simulate impact of climate change.

L opoz i s opt i m i st ic t h at through this research, “policies that efficiently match natural resources to supply availability” may be explored.

Wesner echoed similar sentiments, saying the US is hopeful “the insights gained from the study will fuel a robust and evidence-based strategy led by MinDA, in partnership with other government agencies that advance resilience and economic growth in the region.” Joyce Ann L. Rocamora/PNA

&Expats

envoys.expats.bm@gmail.com | Thursday, January 10, 2019 E3

Finding ‘Wakanda’ in PHL’s foreign policy

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XPLORING potentials for cooperation and mutual benefits, as well as increased people-to-people exchanges between the Philippines and Africa, the Department of Foreign Affairs’s (DFA) Office of Middle East and African Affairs and the Office of Policy Planning and Coordination organized a forum, “Where art thou, Wakanda?—Finding Africa in Philippine Foreign Policy,” on December 13.

The event was organized as part of the DFA’s mandate to pursue an independent foreign policy by fostering deeper engagements with traditional and nontraditional partners alike, including countries in the African region.

Philippine Women’s UniversityHelena Z. Benitez School of International Relations and Diplomacy

Associate Professor and the forum’s resource speaker Dr. Satwinder Rehal delivered a presentation that showed historical ties between the Philippines and Africa, and suggested concrete ways these two growth areas could use their shared history, as well as their common aspirations and values, to leverage existing ties.

Ambassador of South Africa to

“WHERE art thou, Wakanda?” forum participants pose for a group photo. Inset: Philippine Women’s University Professor of International Relations and Diplomacy Dr. Satwinder Rehal delivers his presentation. DFA PHOTO

the Philippines and Dean of the African Diplomatic Corps Martin Slabber, as well as some members of

the private sector, including Meralco Business Consultant Joel Aragon, GMA Worldwide Inc. Assistant Vice

President for Syndication Sales Ana Sevilla, Ethiopian Airlines Country Manager for the Philippines Solo-

mon Bekele, ABS-CBN Corp. Sales Head and Expert in Content Distribution to Africa Laarni Yu and University of the Philippines Women’s Volleyball Team Head Coach Godfrey Okumo also joined the forum as resource speakers.

The forum members shared their insights on the opportunities for doing business with Africa, as well as the challenges they have encountered in establishing their businesses in the continent. They were one in emphasizing the benefits of tapping the potentials for greater cooperation through increased commercial, cultural and people-to-people exchanges.

Finally, the forum highlighted breaking stereotypes and creating awareness about these opportunities that would close the gap and bridge the two regions, despite the geographic distance between them.

The title of the forum was adapted from the title of Rehal’s unpublished paper, “Where art thou, ‘Wakanda?’ The ‘Silence’ in Philippine Education and Foreign Policy on Africa.”

More Filipinos flew to Holy Land in 2018 Filipino Christmas: Big hit in New York

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EW YORK—Christmas celebration—the Filipino way—was in full swing around New York as the lobby and glass windows of the Philippine Center along the bustling Fifth Avenue in midtown Manhattan showcased a colorful collection of traditional Christmas lanterns or parols and Nativity scene.

Thousands of New Yorkers and tourists passed by the Philippine Center everyday and admired the colorful display that depicted the rich values and Christmas traditions of the Philippines.

The project, dubbed as “Feel Pinas,” was a joint undertaking by the Philippine Consulate General, Department of Tourism-New York Office, and the Philippine Center Management Board. It brought together elements of Filipino Christmas that make Filipinos feel at-home and lure foreigners to visit the Philippines.

The launch of Feel Pinas on December 6 was highlighted by the debut of the Nativity scene display,

IMOT-PHILIPPINES and India Director Hassan Madah

JERUSALEM

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SRAEL’S Ministry of Tourism (IMOT) welcomed the increase in the number of Filipinos who visited the “Holy Land” as it broke its all-time record in 2017 of 23,500 tourists from the Philippines.

Statistics released by IMOT revealed that more than 27,000 “Pinoys” visited Israel from January to November 2018 as it marked a growth of 25 percent, vis-à-vis the same period in the previous year.

Speaking about the growth, IMOT-Philippines and India Director Hassan Madah said, “2018 has been outstanding, and by far the best year for Israeli tourism in the Philippines and worldwide. By November, we had already surpassed the 2017 Filipino tourist arrival numbers. The Philippines has been an important market for us, and I am pleased to say that we have witnessed a constant growth over the last two years.”

Madah added, “[With] our initiatives, including a series of roadshows in Manila and Davao, as well as continuous talks with Philippine Airlines for possible direct flights from Manila to Tel Aviv, I am confident that we will achieve 30,000, or even surpass it, by the end of 2019.”

TEL AVIV

With the recent historic visit of President Duterte to Israel, there has been a renewed interest among the Filipinos to visit the

Holy Land in all travel segments. Philippine passport holders can enjoy visa-free access to Israel of up to 90 days.

Russian flotilla visit to strengthen naval ties

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HE Russian Pacific Fleet Task Force, comprised of the guidedmissile cruiser Admiral Varyag, the large antisubmarine ship Admiral Panteleev and the large sea tanker Boris Butoma, docked at the Port of ManilaPier 9 on January 6.

The visit aims to further develop naval cooperation between Russia and the Philippines, as well as to give the crewmembers much-needed rest and replenish their supplies.

At the press briefing, Philippine Navy Spokesman Commander Jonathan Zata extended formal greetings and emphasized that mutual, friendly port calls

between the two countries make a significant contribution to the improving bilateral navy collaborations, ensuring peace and stability in the Asia-Pacific region.

“It will further enhance and sustain the promotion of peace, stability, and [our] maritime cooperation...through naval diplomacy and camaraderie,” Zata said in a statement Sunday.

Russian Rear Admira l Eduard Mikhailov, in turn, pointed out that in previous years, goodwill visits of navy ships had been on a regular basis, and by now have become “a good tradition.”

Mikhailov also highlighted the main

points of the visit, which included a wreath-laying ceremony at the Jose Rizal monument and courtesy calls on commanding officers of the Armed Forces of the Philippines.

The embassy of Russia in the Philippines said, “The continuation of mutual friendly port calls fills us with confidence for peace, stability and further fruitful cooperation between Russia and the Philippines.”

Commodore Toribio Adaci welcomed the Russian contingent. The goodwill visit is the first for the Russian Navy this year, and the seventh since 2012. Embassy of the Russian

Federation, with a report by Priam Nepomuceno/PNA

made of images and décors from the Philippines and was complemented by the display of large LED screens that showed videos of lanterns and snippets of Filipino Christmas celebrations.

This year, nine lanterns from the Filipino-American community, each one symbolizing Filipino values or virtue, further enhanced the display. Two of them, made of capiz shells from Sorsogon, welcomed guests as they entered the Center. Bright and colorful lanterns from Pampanga adorned the lobby. Consul General Claro S. Cristobal said it was heartwarming that the Fil-Am community in New York has preserved the Filipino Christmas traditions.

“Our sense of community, bolstered by faith, had given us the inspiration to be here, despite the busy [atmosphere] of our holiday schedules, [as we devoted] our time and resources in nine days of prayer and praise,” Cristobal declared. New York Philippine Consulate General

Envoys&Expats BusinessMirror

E4 Thursday, January 10, 2019

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

Alliance unleashes PHL creative economy

CREATIVE Economy Council of the Philippines’s GJ Ouano-Saguisag (from left) and Paolo Mercado, the National Commission for Culture and the Arts’s Bernan Corpuz, Trade Undersecretaries Nora K. Terrado and Ceferino S. Rodolfo, British Council in the Philippines’s Pilar Aramayo-Prudencio and Malaya del Rosario, and Board of Investments Executive Director Ma. Corazon Halili-Dichosa

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HE British Council, the National Commission for Culture and the Arts, the Creative Economy Council of the Philippines (CECP), as well as the Department of Trade and Industry and its attached agency, the Board of Investments, have formalized a three-year, multisectoral partnership to promote growth of the Philippines’s creativeeconomy sector.

Signed on December 12, the memorandum of understanding (MOU) supports the Philippine Development Plan 2017-2022 cultural agenda, which is to advance Filipino creativity and pagkamalikhain—the value of creative excellence—by boosting its development as a tool for social cohesion, serving as impetus for culture-based industries and creative economy, as well as building public appreciation.

British Council in the Philippines Country Director Pilar Aramayo-Prudencio said, “We are pleased and excited to be part of this multistakeholder partnership. It is the first high-level MOU of its kind, bringing together local and international partners from the creative, cultural, trade and private sectors to grow the [country’s] cultural and creative industries.”

The creative economy is the fastest-growing sector in the United Kingdom valued at £97 billion, with high numbers of self-employed, micro, small and medium enterprises. The Philippines’s rich traditions in music, performing arts, crafts, design and film, among others, have yet to reach their full potential and find sustainable local and export markets that earn revenue, as well as create jobs and intellectual property. The partnership aims to contribute to unleash such potentials.

The agreement includes, among other components, a research project with the CECP to chart the economic contribution of the creative industries in key cities in the Philippines. It will address the lack of data that hinders national agencies to institute policies supportive of flourishing creative industries.

CECP President Paolo Mercado relayed that Filipino creativity is “out there:” in the form of musicals, animation or behind advertising campaigns.

“It is not often known [that they were created by Filipinos],” Mercado pointed out.

Stakeholders said growing the creative-economy sector would not only impact the national economy; it will also promote the country’s unique culture and facilitate civil engagement toward a more inclusive society.