BusinessMirror January 29, 2019

GOVT PLANS ON HANJIN CLEARER BY Q1

By Bernadette D. Nicolas @BNicolasBM

& Samuel P. Medenilla

T A DESERTED street on Hanjin Village, the once-bustling housing project for Hanjin’s thousands of workers at the Subic Freeport. HENRY EMPEÑO

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

@sam_medenilla

HE government sees itself forging within the first quarter a more concrete position on its plans for debt-saddled Hanjin Heavy Industries and Construction Corp.

Philippines (HHIC-Phil).

HHIC-Phil is the local subsidiary of the Korean shipbuilder whose plea to be placed under receivership has been granted by a court. “Maybe first quarter, we’ll have a more concrete position because, again, government is the last resort. We’re not obliged to take over

that,” Trade Secretary Ramon Lopez said on the sidelines of the Dutertenomics 2.0 attended by the country’s economic managers.

While the plans on the financial bailout remain unclear, the government has been moving, though, on efforts to find new job opportunities for displaced workers.

As early as this week, the Department of Labor and Employment (DOLE) said it will be able to determine new employment options for the over 3,800 remaining Hanjin workers.

DOLE will be meeting the Department of Public Works and Highways (DPWH), Department of Trade and Industry (DTI), Subic Bay Metropolitan

Authority, Clark Development Corp. and Philippine Economic Zone Authority to discuss the job options.

Shipbuilders

MEANWHILE, DTI’s Lopez said that since last week they have been proactively offering Hanjin as an option for interested parties in shipbuilding to come in.

“Since Hanjin happened already, we are now actively offering [them] that we have this opportunity here.

Would there be any interested shipbuilders out there? We have given that signal to some embassies already,” he said.

Continued on A2

BusinessMirror A broader look at today’s business

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Tuesday, January 29, 2019 Vol. 14 No. 111

n

HE National Economic and Development Authority (Neda) will seek to exempt key infrastructure projects from the ban on spending during elections to minimize the adverse impact of a reenacted budget on the economy.

Socioeconomic Planning Secretary Ernesto M. Pernia said his agency will appeal to the Commission on Elections (Comelec) to spare some public infrastructure from

the spending ban. He argued some government projects, including the rollout of the national ID system, are just “too risky” to stall.

“All we can do is ask for an ex-

emption [from the] Comelec on the ban on spending,” Pernia said in a news briefing.

He said this is particularly important if the government will

continue to operate on a reenacted budget. Estimates by the Neda put reduction in GDP for the year at 1.6 percentage points to 2.3 percentage points if the proposed 2019 national budget is not passed.

With the slowdown brought about by the reenacted budget, Pernia said the government has to make up for this through higher spending on infrastructure.

Neda Undersecretary Rosemarie G. Edillon explained there is a carryover fund for the implementation of the national ID system. However, some public works projects will be delayed without the new budget.

“I think the more problematic [thing about] the Comelec ban [are] for projects, like the [national ID system], and those that require [the] establishment of new agen-

“I think the more problematic [thing about] the Comelec ban [are] for projects, like the [national ID system], and those that require [the] establishment of new agencies because they will need to hire people, [put up] plantilla and you will have a ban taking effect in March.”—Edillon

cies because they will need to hire people, [put up] plantilla and you will have a ban taking effect in March,” Edillon said.

February 6 meeting

THE proposal to exempt key infrastructure projects will be taken up See “Neda,” A2

Bicam sets ₧50-B cap on ‘re-prioritization’ projects of 2 houses

By Jovee Marie N. dela Cruz

T

@joveemarie

HE Senate and the House of Representatives on Monday temporarily agreed to set to P50 billion the two houses’ “reprioritization” projects.

In an interview after the bicameral conference committee hearing on the P3.757-trillion national budget for 2019, House Committee on Appropriations Chairman Rolando Andaya Jr. said the fund for these projects or the “institutionalized amendments” may still increase, if needed.

The agreement came after Andaya bared during the hearing that senators introduced almost P190 billion in so-called insertions. He admitted that the lower chamber has P51 billion under the proposed 2019 budget.

“The Senate version is seeking an amendment or a total net increase of around P190 billion and the House is requesting for P51 billion,” Andaya said.

For her part, Senate Committee on Finance Chairman Loren Legarda explained that the “P68 billion of that are unprogrammed appropriations, while almost P50 billion of that were amendments

The increase in the DOH budget that Speaker Arroyo wants the bicameral conference committee on the 2019 budget to consider in order to improve health facilities and retain more health personnel

PESO EXCHANGE RATES n US 52.7280

See “Bicam,” A2

Senators firm up sked to front-load budget bill

By Butch Fernandez @butchfBM

S

ENATORS on Monday moved to firm up the timetable for Congress to front-load passage of the P3.757-trillion 2019 budget bill, amid reports that the delayed enactment of the annual money measure, according to the Department of Finance, cut government’s spending by P46 billion, effectively denting the country’s first-quarter growth.

Senate President Vicente Sotto III, shortly after banging the gavel opening Monday’s session, called for a closed-door all-senators caucus to adjust and finalize their agenda, giving the pending budget bill top priority.

S enators ear lier ack nowl edged the possibility of continuing the practice of holding marathon sessions to tackle the proposed budgets of various executive departments, earlier opting to start sessions at 10 a.m., with an option to extend budget deliberations until their afternoon regular sessions, before taking up other pending matters.

‘Alakdan’ Division funds vs terror

₧10B

of my vice chairman [Sen. Panfilo Lacson], and I accepted his amendments.”

Legarda added, “I hope this will not be misconstrued as my amendments. Honestly, I don’t consider that as pork because I get a lot of texts, calls from agencies. Personal are different from institutional amendments,” she said.

For his part, Lacson said his P4 billion “institutional amendment” was for the activation of an infantry division of both the Armed Forces of the Philippines and the Philippine National Police.

“Why we don’t agree on a pie?

We also acknowledge that you congressmen have legislative districts to attend to. Let’s have a certain

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Neda: Exempt public infra projects from spending ban T

By Elijah Felice E. Rosales @alyasjah & Rea Cu @ReaCuBM

2017 EJAP JOURNALISM AWARDS

THE Makati skyline is seen in the distance from adjacent Mandaluyong City’s residential area. They are two of the country’s most progressive cities and site of several projects under the government’s centerpiece infrastructure program. Economic planners worry, however, the first-quarter growth may be dented by the slowed government spending under a reenacted budget. NONOY LACZA

THIS developed as Sen. Panfilo Lacson Sr. pushed for a P4.78-billion institutional amendment in the P3.7-trillion 2019 budget for an infantry division that, he says, will counter threats from armed groups like the Abu Sayyaf.

Lacson offered the amendment for consideration by lawmakers at Monday’s bicameral conference committee meeting on the 2019 budget, saying the additional funding to mobilize the 11th Infantry Division was sought by the Department of National Defense. “It is an institutional amendment that I introduced, for the activation of an infantry division as requested by the DND.” In making the motion, the senator clarified that institutional See “Senators,” A2

Governors, farmers seek halt to new tobacco tax hikes

By Jasper Emmanuel Y. Arcalas

A

@jearcalas

HEAD of a Senate hearing on the proposed additional excise tax on tobacco products, farmers from 23 groups urged lawmakers to reconsider the measure, as it would mean further reduction in local output and more revenue losses.

“Our very livelihood is at stake and providing for our families and the education of our children remains a big question since we have been suffering since 2013,” the 23 tobacco farmer groups said in a statement on Monday.

The Senate Committee on Ways and Means is set to deliberate the proposed bills that seek to increase further the excise tax slapped on

tobacco products in the market.

In a separate move from the farmers, governors from tobacco-producing provinces called on the Senate to give their constituents some reprieve from the seven successive cigarette excise tax increases over a span of only five years.

The letter of appeal to the Ways and Means Committee was signed

by Ilocos Norte Gov. Imee Marcos, Ilocos Sur Gov. Ryan Singson, La Union Gov. Francisco Emmanuel Ortega III, Isabela Gov. Faustino Dy III and Abra Gov. Maria Jocelyn Valera-Bernos.

“From 2013, tobacco crop production has dropped by more than 20 million kilos or roughly 40 percent of the annual yield.

See “Tobacco tax,” A8

n JAPAN 0.4815 n UK 69.5166 n HK 6.7211 n CHINA 7.8133 n SINGAPORE 38.9741 n AUSTRALIA 37.8007 n EU 60.1732 n SAUDI ARABIA 14.0600

Source: BSP (28 January 2019 )

News

BusinessMirror

A2 Tuesday, January 29, 2019

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Wanted: More investments in Roros, seaports

By Ma. Stella F. Arnaldo

A

@akosistellaBM Special to the BusinessMirror

LAWMAKER on Sunday batted for the strengthening of the nautical highway and use of inland waterways to boost tourism in the Visayas and Mindanao.

Sen. Nancy Binay, who chairs the Senate Committee on Tourism, pushed especially for more investments to modernize in rollon,roll-off (Roro) vessels, as well as seaports.

“I believe our waterways are underutilized,” said Binay in Filipino, “this is why we need new Roro vessels and more seaports that can

handle these kinds of ships. We need more investors for these kind of projects.”

She added, “More destinations can be opened and easily reached in the Visayas and Mindanao through these initiatives.”

Binay noted government plans to construct and rehabilitate seaports in the Visayas, which could

be linked to Cebu, Northern Mindanao and other parts of the nautical highway.

“More economic opportunities can be opened and expanded through greater mobility and affordability,” she said in a news statement. The lawmaker was in Cebu City over the weekend for the blessing of the new ship, MV Filipinas Cagayan de Oro. The vessel is owned by Cokaliong Shipping Lines, one of Cebu’s leading shipping companies.

The nautical highway, opened in 2003 under the term of President Gloria Macapagal-Arroyo, uses a network of Roro vessels and seaports to link different islands in the country.

Binay said that since the opening of the 919-kilometer highway, more people have traveled across the islands as it as an affordable

“I believe our waterways are underutilized...This is why we need new Roro vessels and more seaports that can handle these kinds of ships. We need more investors for these kind of projects.”—Binay

alternative to flying. This, has opened access to numerous tourist destinations along the nautical highway’s path.

“I think it’s high time that we make use of our bodies of water as a mode of transportation,” she emphasized. “It’s high time that we further develop the nautical highway, and strengthen it to boost the tourism industry in the Visayas and Mindanao.”

“The key to a vibrant tourism industry is a well-oiled transportation network, especially so that the

Visayas and Northern Mindanao have mostly island destinations,” the legislator said.

She noted Cebu as a hub for local and international flights, “and by having more transportation options to complement the Cebu airport, tourists can be enticed to go to more destinations.”

Because of the six-month closure of Boracay Island last year, tourists started going to alternative island destinations like Bohol, Siquijor, Camiguin, and Siargao, she stressed.

The Philippines received 7.1 million foreign visitors last year, up 7.65 percent from 2017. While last year’s tourist performance is considered an historic high, it was lower than the 7.4 million targeted by the Department of Tourism (DOT) under its National Tourism Development Plan

(NTDP) for 2016-2022.

Last year, Cebu was estimated to have been visited by 6 million tourists, both foreigners and domestic travelers.

Under the NTDP, transportation infrastructure development, travel facilitation, tourism investments, are one of the key points for the DOT to increase and expand economic opportunities for Filipinos, the latter, a goal of the government under its AmBisyon Natin 2040 plan.

The Medium Term Tourism Infrastructure Program drawn up for the NTDP estimates that P6.1 billion is needed to develop cruise ports, specifically from 2017 to 2022. Also, some P1.6 billion in investments are needed for transport units in general, except for aircraft, for the same reference period.

CCTV of Jolo church blasts shows ASG bomb maker GOVT PLANS ON HANJIN Continued from A8

Albayalde said at least 200 kilos of chemical was used in the explosions, which Besana said appeared to be ammonium nitrate with fuel based on the initial results of the ongoing investigation, and they were triggered by mobile phones.

Phone parts were initially recovered from the blast sites—one inside the cathedral and in the parking lot close to the building’s entrance, with the second bomb apparently rigged into a parked motorcycle.

A chemical bomb in attacks is rarely used by local terrorist groups operating in Mindanao, but Besana said the lesson and expertise could have been passed on to the ASG by international terrorists.

In putting the PNP under heightened alert, PNP Spokesman Senior Supt. Bernard Banac said Albayalde wanted to ensure that “no similar plans of terrorist groups will be carried out in other regions.”The alert status included intensified checkpoint operations and strict implementation of the election gun ban.

“Regional directors were given discretionary authority to raise alert conditions in their areas of responsibility as deemed necessary,” said Banac.

Duterte at ground zero PRESIDENT Duterte and his top security officials on Monday visited the Cathedral of Our Lady of Mount Carmel.

Neda. . .

Continued from A1

in the Cabinet meeting on February 6, according to Pernia. He is hoping President Duterte himself can seek a blanket exemption from the ban.

When asked if spending for the coming election will help offset the impact of the late passage of the budget, Pernia said, “we don’t know, but it would have been better because it would still be a minus on what could have been.”

In a separate news briefing, Pernia said the government is making “definite progress” in infrastructure development. “As of today, the Neda Board has approved 61 big-ticket projects amounting to P2.73 trillion.”

Of the 75 flagship projects under the government’s “Build, Build, Build” program, 44 projects are under various stages of implementation, 24 are under preinvestment study and the remaining seven are up for a review.

‘Fighting target’

FINANCE Assistant Secretary Antonio Joselito G. Lambino II echoed the sentiments of Pernia, adding that the immediate passage of the proposed General Appropriations Act for 2019 will help the government hit its target growth rate of 7 percent to 8 percent this year.

“Yes, that is the hope because that’s, I think one quarter is what we can afford given where we are

He met some of the survivors and held a security meeting with military and police officials.”We will pursue to the ends of the earth the ruthless perpetrators behind this dastardly crime until every killer is brought to justice and put behind bars. The law will give them no mercy,” the president’s office said earlier.

The bombings came nearly a week after minority Muslims in the predominantly Roman Catholic nation endorsed a new autonomous region in the southern Philippines in hopes of ending nearly five decades of a separatist rebellion that has left 150,000 people dead.

Although most Muslim areas approved the autonomy deal, voters in Sulu province, where Jolo is located, rejected it. The province is home to a rival rebel faction that’s opposed to the deal as well as smaller militant cells that are not part of any peace process.

A top Philippine government official told The Associated Press that an Abu Sayyaf commander, Hatib Sawadjaan, is one of the main suspects. At least four of Sawadjaan’s men were filmed by security cameras near the bombed area, said the official, who spoke on condition of anonymity to discuss the investigation.

Sawadjaan is based in the jungles of Patikul town, near Jolo, and has been blamed for kidnappings for ransom and beheadings of hostages, including two Canadian men, in recent years.

Sawadjaan’s faction has aired ransom-

now, hopefully not longer than that.

Our fighting target is still 7 percent, that’s what [Finance] Secretary Sonny [Carlos G. Dominguez III] says,” Lambino said.

He said the Development Budget Coordination Committee (DBCC) will have to discuss if a revision on the target is in order given the delay in the passage of the 2019 budget.

“That will be something that the DBCC will have to decide, whether they have to revise,” he said.

Budget Secretary Benjamin E. Diokno also said discussions on the budget are already in its “critical stages,” and that the economic team never fails to stress the importance of passing the budget as soon as possible.

“We communicate with them the importance of having a new budget as soon as possible. Also, in light of the forthcoming elections and the election ban sometime in March this year. They know exactly the critical nature of the budget and we tell them that it is very important that we have a new budget passed as soon as possible,” Diokno said.

Dominguez said over the weekend that the delay in the passage of the 2019 national budget will cut government spending by P46 billion, which could halt the implementation of some public infrastructure projects.

Congress has already resumed sessions and will hold sessions until February 8. Lawmakers will go on recess from February 9 to May 19 for the midterm elections.

demanding videos that used Islamic State-styled black flags as backdrops.

The SITE Intelligence monitoring group said an IS communique claimed the attack was carried out by two of its suicide bombers who wore explosive belts, one detonating inside the church and the other in the parking lot. The claim could not be independently verified.

The United Nations and others denounced the attack. In a statement attributed to a spokesman, SecretaryGeneral Antonio Guterres called for the perpetrators to be brougrtht to justice and reiterated the UN’s support for the Philippines’s efforts to fight terrorism and to carry forward a peace process in the Muslim region.

Western governments welcomed the autonomy pact in part to ease concerns that Filipino militants could ally themselves with foreigners and turn the southern region into a breeding ground for extremists.

NBI tapped THE National Bureau of Investigation (NBI) has been directed to help identify those responsible for the twin bombings.

In Department Order 21, Justice Secretary Menardo Guevarra specifically tasked the NBI through its Director Dante Gierran to “conduct an investigation and case buildup on the bombing of the Cathedral of Our Lady of Mount Carmel in Jolo, Sulu, and if evidence so warrants, to file the appropriate charg-

Bicam. . .

Airport security AIRPORT authorities intensified security inspections. Agencies in charge of security, particularly the Office for Transportation Security (OTS), instructed their personnel to thoroughly check all passengers entering the Ninoy Aquino International Airport (Naia) to ensure that no firearms or explosives are smuggled into the facilities.

“We are on Security Level 1 though on heightened alert,” the Manila International Airport Authority (Miaa) said in a statement.

The OTS, as the designated authority/administration, sets the security level for all airports within Philippine territory and for all Philippine-flagged ships. OTS Head Executive Assistant Napoleon Cuaton said all airports in Mindanao have been under heightened alert following the Jolo bombing.

With reports by Recto L. Mercene, Joel R. San Juan and AP

Continued from A1

figure to work on...but huwag naman unlimited,” Lacson said.

Not pork

es against persons found responsible” for the bombings.

Guevarra described the incident as a “mass murder and desecration of a place of worship.”

The NBI was also directed to submit progress reports on its investigation and case buildup.

NBI field operatives in Zamboanga “have already been sent to assist in the investigation, and additional lawenforcement units have been deployed to hunt and bring the perpetrators to justice,” Guevarra said.

MEANWHILE, lawmakers also clarified that these “institutionalized amendments” are not the unconstitutional “pork barrel.”

The Senate has yet to identify which programs or projects will be funded under this “re-prioritization” projects pending its caucus to consult its members whether the amount would be enough to cover the requests of government agencies.

On the part of the House, it will prioritize the budget increase being push by Speaker Gloria Macapagal-Arroyo for the Department of Health, Department of Agriculture and for the government’s housing programs, according to Andaya.

Earlier, Arroyo asked the bicameral conference committee on the proposed 2019 budget to increase the DOH budget by P10 billion to improve health facilities and to retain more health personnel.

Arroyo instructed Andaya to put an additional P5 billion for the Health Facilities Program to upgrade government hospitals and barangay health centers.

Arroyo also wants to augment by P5 billion the Health

Human Resources Development program to prevent the reported mass layoff of some 6,000 health personnel—doctors, nurses and dentists—in government health facilities.

She asked to increase the budget of the Department of Agriculture by P20 billion to help farmers and lower the inflation.

She, likewise, asked the bicameral panel to allocate P350 million to the Department of Public Works and Highways to help more than 8,000 urban poor families at the National Government Center in Quezon City to acquire the land they have long been occupying.

Tough timeline

MOREOVER, during the bicameral conference, Legarda said Congress is eyeing to produce a reconciled version of the proposed 2019 budget by January 30, and approve it before Congress goes on break.

Congress will take a break on February 6 to May 19, 2019, for the midterm elections.

However, a member of the bicameral conference committee, who asked not to be named, said it is a big challenge for them to approve the 2019 budget as Congress has only five session days before its break.

CLEARER BY Q1

Lopez also noted during the press conference that interested parties will be given two options, whether they start from zero or acquire Hanjin’s assets.

“If you assume liability of $400 million, you probably get the entire asset of over $1 billion by assuming liabilities. So this offers now a new proposition for any shipbuilder abroad that will intend to enter into the Philippines,” he said.

According to Lopez, the more immediate ones on the list of countries interested in shipbuilding are the United States, Japan, Korea and China.

However, there was no response yet to DTI’s move as Lopez clarified that companies from these countries made their interest known even before the Hanjin issue came out.

He noted that companies take a month or two to conduct due diligence before deciding to pursue their next business move.

Lopez said they expected that “by the first quarter some of the companies interested to look into Hanjin or enter into shipbuilding industry in the Philippines... probably will have already the results of their studies. It’s not really government selecting it. It’s a private-sector decision.”

But he said even during the rehabilitation plan of Hanjin, interested investors or a white knight can be assisted by the government to make the process easier for Hanjin.

Meanwhile, the government will hold a job fair in Subic on February 9 to provide opportunity or complementary jobs for those displaced due to Hanjin’s failure, Transportation Secretary Arthur Tugade said.

The Maritime Industry Authority (Marina) has also said the state-of-the-art facilities of the HHIC-Phil may be considered as an option for the establishment of an eco-industrial maritime park for the clustering and consolidation of all maritime-related services.

Earlier, Budget Secretary Benjamin E. Diokno said the economic managers are looking at various options to help save Hanjin, such as the government financially assisting the “white knight” that is interested to take over Hanjin in Subic.

Finance Secretary Carlos G. Dominguez III also said the government is ready to help Hanjin creditors in line with addressing the company’s debt problem.

The BusinessMirror, in an exclusive story,

Senators. . .

Continued from A1

amendments should not be set aside because these were requested by the agencies concerned, and are “properly vetted by lawmakers.”

According to Lacson, the 11th Infantry “Alakdan” Division, provisionally activated by the Philippine Army last December 1 in Jolo, Sulu, aims to strengthen the AFP’s efforts to address the threat by the Abu Sayyaf in the Basilan-Sulu-Tawi-Tawi (BaSulTa) area.

A former National Police chief, the senator recalled that the Abu Sayyaf had been linked to various incidents of violence, and was initially being considered as the perpetrator of last Sunday’s bombing of a church in Jolo, Sulu, that left more than 20 people dead and dozens of others injured.

Lacson noted that the P4.78-billion institutional amendment is part of the unit’s three-year funding requirement. “ We should not set aside

Continued from A1

earlier reported that Hanjin filed for corporate rehabilitation on January 8 at the Olongapo Regional Trial Court, seeking protection from creditors to which it owed $412 million.

The Department of National Defense also said that it favors the proposal for the government to take over the shipbuilding facility so that it can use its site as a major naval base while supplying the government’s requirement for military and civilian ships.

Construction-related

DOLE earlier said opportunities for displaced Hanjin workers will be mostly constructionrelated.

“Hopefully, we could give to these companies the profile of the workers of Hanjin so they get new employment,” Labor Secretary Silvestre H. Bello III told reporters in an ambush interview on Monday.

Last Thursday, DOLE-Region 3 Dir. Zenaida A. Campita said they completed the profiling of HHIC-Phil workers earlier this month.

Some of the remaining HHIC-Phil employees are expected to be displaced by next month— earlier than DOLE’s previous pronouncement that it will happen by March.

“We are confident we will be able to provide them new jobs, especially since they are highly skilled,” Bello said. Members of the Samahan ng Manggagawa ng Hanjin (SMH), who were among those facing retrenchment, met with Bello on Monday to relay their concerns.

Their concerns include getting their separation pay, return of their “employment bond,” as well as possible cash subsidy from the government, and moratorium on their housing payments.

SMH President Efren Vinluan said Bello satisfactorily addressed all the concerns during their meeting.

While SMH workers still hope the financially troubled HHIC-Phil can resume operations under a new management, its workers are bracing for a shutdown.

“We just hope the alternative employment will be appropriate for our skills,” Vinluan said.

Although some local, Japanese and Chinese companies have expressed interest in taking over the Zambales-based shipyard, Bello said none have formalized their intent.

institutional amendments because these were requested. We also vet,” he added.

At the same time, Lacson pressed for transparency in crafting the national budget, by retaining the Unified Accounts Code Structure in the budget bill. He said the UACS, which helps track programs for funding in the budget, is in the National Expenditure Program—the version of the budget submitted by Malacañang to Congress—but is usually gone by the time the budget bill is transmitted by the House of Representatives to the Senate.

While it may be too late for the UACS in this year’s budget, Lacson said the UACS should be maintained in future budget deliberations so items for funding will be easier to trace.

“It is easier to track where the line items would go if we maintained the UACS. My suggestion is future budget deliberations we maintain the presence of UACS so that it would be easier to trace,” he added.

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briefs PALACE REAPPOINTS MAGLUNSOD FORMER Labor Undersecretary Joel B. Maglunsod is back in government service following his reappointment

by President Duterte as the executive director of the National Maritime Polytechnic, vice Romulo V. Bernardes.

Maglunsod’s reappointment to the new post came three months after he was fired reportedly for his ties with the Left.

To recall, President Duterte himself mentioned in a speech in Samar last October that he has fired Maglunsod, amid the reported rise of labor strikes, adding such “will paralyze the economy.”

Maglunsod has since said that he intended to seek an audience with the President regarding his dismissal. Bernadette D. Nicolas

NEVER TOO LATE TO SAVE MANILA BAY ENVIRONMENTAL lawyer Antonio Oposa Jr. lauded the Duterte administration for stepping up the effort to rehabilitate Manila Bay. According to Oposa, it is never too late to save Manila Bay as he joined more than 5,000 who took part in the Solidarity Walk along Roxas Boulevard on Sunday for the “Battle for Manila Bay” launch.

“There is no limit to what we can achieve if we do not care who gets the credit. Emperors come and go, empires rise and fall, but a story lives forever. Let the story be about all of us Filipinos—waking together, walking together and working together—for a purpose that is greater than ourselves. Let that story be heard...around the world,” Oposa said. Jonathan L. Mayuga

SUMMIT TO BOOST FORESTRY SECTOR TO revitalize the forestry and wood products sector and transform the country’s wood industry into a growth industry, the Department of Environment and Natural Resources will hold the first-ever Forestry and Wood Industry Summit.

Environment Secretary Roy A. Cimatu is expected to deliver the keynote address during the kick-off

ceremonies to be held today, Tuesday, at the Edsa Shangri-La Hotel in Mandaluyong City.

The summit carries the theme “Sustainable Forest Management: The Role of Wood Industry in Nation Building.” The summit will be held tomorrow, a news statement said. Jonathan L. Mayuga

P394.76-M ALLOTED FOR MINDANAO ROAD THE Department of Public Works and Highways (DPWH) has allotted P394.76 million to develop a 60.4-kilometer (km) diversion road in Northern Mindanao to cut travel time between Iligan City and Talakag, Bukidnon, by more than half.

DPWH Regional Director Zenaida Tan said her office has so far completed the concreting of 1.74 km of the Sta. Felomina-Bonbonon-Digkilaan-Rogongon Road in Iligan City, Lanao del Norte.

“This big-ticket project will serve as a shorter route between Iligan City and Talakag bypassing the usual route, which passes through Cagayan de Oro City,” she noted.

Once completed, the diversion road will reduce travel time from Iligan to Bukidnon and vice versa from three hours and 30 minutes to one hour and 30 minutes. The road will also pass through “scenic” views of forests and agricultural lands, Tan added.

‘KOKO, SERGE MAY STILL BE DISQUALIFIED‘ SENATORIAL aspirants Aquilino “Koko” L. Pimentel III and Sergio “Serge” Osmeña III are yet off the hook as far as their disqualification cases are concerned, according to the Commission on Elections (Comelec).

Comelec Spokesman James B. Jimenez clarified the cases of both candidates are still pending before the poll body.

“The stories [of their disqualification cases] are still not over specifically for the case of Sen. Koko and former Sen. Serge,” Jimenez said.

The Comelec decided to still include both high-profile candidates in the 2019 midterm ballots since they were not considered as “nuisance candidates.” Samuel P. Medenilla

Editor: Vittorio V. Vitug • Tuesday, January 29, 2019 A3

DOJ orders 3 cops in QC prosecutor’s gun slay to answer murder complaint

By Joel R. San Juan @jrsanjuan1573

T

HE Department of Justice (DOJ) on Monday ordered the three police officers accused of killing Quezon City Prosecutor Rogelio Velasco to answer the murder complaint filed against them by the National Bureau of Investigation (NBI).

In a subpoena issued by Senior Assistant State Prosecutor Peter Ong, the DOJ gave SPO2 Rodante

Sicat Laimarmo, PO3 Arthur Yasonio Lucy and PO1 Jose Lunar Mercado until February 19 to file their respective counteraffidavits.

Velasco’s camp, on the other hand, represented by his daughter Vanessa, was given up to March 11 to submit a reply to the counter-affidavits.

Ong also gave the both parties up to March 25 to submit a rejoinder if they still deem it necessary, after which, the case is considered submitted for resolution.

It can be recalled that Velasco was ambushed by four gunmen on May 11, 2018, while driving along Don Antonio Street, Barangay Holy Spirit in Quezon City.

He was rushed to the East Avenue Medical Center but was declared dead on arrival due to multiple gunshot wounds.

Authorities subsequently identified the suspects based on witnesses’ testimonies and closedcircuit television camera footages.

GROUP TO COMELEC: BAR A.C.T. MEMBERS FROM ELECTION DUTIES

By Samuel P. Medenilla @sam_medenilla

A

PARTY-LIST group is calling on the Commission on Elections (Comelec) to stop members of the Alliance of Concerned Teachers (ACT) Party-list from serving as members of the Board of Election Inspectors (BEI).

In a letter addressed to members of the Comelec en banc, Tao Muna Party-list Secretary-General Mohammad Omar Fajardo said appointing ACT Party-list members as BEIs will be unfair for other party-list groups.

“BEI members who are also members of ACT could cause undue advantage and influence in favor of ACT Party-list [and] to the disadvantage to other party-lists or other candi-

dates running in the coming elections whose campaign platform or public pronouncements may be perceived as antagonistic to the ACT’s advocate for a cause,” Fajardo said in the letter.

To justify his appeal, the former overseas Filipino worker (OFW) sector representative cited the provision of the Omnibus Election Code and civil service laws stating public officers and employees are prohibited from engaging in partisan political activity.

He said the Comelec should enforce this law to ensure the fair and orderly conduct of the elections.

Tao Muna Party-list estimates about 300,000 of the over 460,000 BEIs are members of ACT Party-list.

He said ACT Party-list representatives should be replaced by other

credible representatives from the government or the private sector.

“What is important is for sanctity of the votes to be protected,” Fajardo said.

Esra-based

IN his initial assessment on the said petition, Comelec Spokesman James B. Jimenez said he sees nothing wrong with ACT Party-list members serving as BEIs. He noted the Election Service Reform Act (Esra) has no provision when it comes to allowed and prohibited affiliations for BEIs. “It contains the order of preference.

The first is public-school teachers, then private-school teachers, then employees of the government before private individuals of known integrity,” Jimenez said.

A4 Tuesday, January 29, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

JFC pushes FIA measure revision on job and wage requirements

By Elijah Felice E. Rosales @alyasjah

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OREIGN firms want the employment requirement under the law reduced to calibrate it with changes in the minimum wage and make the country more attractive to foreign investments.

In a statement, the Joint Foreign Chambers of the Philippines (JFC) pushed for the passage of all the amendments sought under Senate Bill (SB) 2102.

The bill, filed by Sen. Sherwin T. Gatchalian, will lift restrictions on the practice of professions and reduce the employment requirement under Republic Act 8179, or the Foreign Investments Act (FIA).

Under the FIA, full foreign ownership is allowed in domestic market activities above a minimum capital of $100,000, as long as the investor brings in new technology or employs 50 direct workers.

This, for foreign businesses, must be changed. They argued no enterprise with a capital of $100,000—or about P5.4 million—can sustain a labor force of 50 persons.

They also pointed this provision of the law as restrictive to the inflow of foreign direct investments (FDI).

The JFC said minimum wage in Metro Manila was only P142 when the law was enacted in 1991.

It claimed an investor now has to spend $114,269 to pay 50 workers full year at the rate of P54 against

the dollar and a basic pay of P475, which was the minimum wage for agriculture and service workers before an increase was approved in November of last year.

“This does not take into account other labor expenses nor other costs to operate,” the statement read.

Foreign investors, in response, want the government to lower the employment requirement to 15 workers, as proposed, too, under SB 2102. They computed the basic wage budget for 15 employees will be $34,273 annually, and said enough funds will be left over for other expenses if this be the case.

“So as not to render pointless this provision of the law—and to align it with the spirit of the FIA—there is a need to reduce the employment requirement and lower the threshold to a more reasonable number, which the bill recommends to be 15 employees,” the statement added.

Further, the JFC argued Southeast Asian competitors Singapore, Thailand and Vietnam maintain less restrictions for foreign investments. They figured this could be the reason they get better sums of FDI than the Philippines.

Singapore has no requirements on minimum investment and job creation that it received $62 billion in FDI in 2017.

On the other hand, JFC claimed Thailand, with no minimum investment requirement

for foreign businesses, obtained $7.3 billion in FDI in 2017, but had two previous years of getting more than $10 billion—$15.5 billion in 2013 and $11.4 billion in 2017. Vietnam has no minimum requirements for capita l and employment that it received $14 billion in FDI in 2017.

The JFC added easing requirements on investment and job creation will enable the development of small foreign-owned enterprises in the creative industries and similar businesses that start small but grow big in terms of production, revenue and employment.

Foreign businesses also back the proposal under SB 2102 to remove practice of professions under the scope of the FIA. They said allowing foreign professionals to practice here can bring in new skills, ideas, connections and integration into global networks of service providers, as well as support sunrise industries, such as medical travel and retirement.

“This is a win-win policy for Philippine professionals to have more opportunities on the world stage and for the domestic market to benefit and be enriched from the skills of foreign professionals,” the statement read.

The JFC statement was delivered last Thursday at the initial deliberation of SB 2102. The measure is awaiting approval at the committee level.

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People give away the most precious resource of the 21st century: Data. Why?

By Henry J. Schumacher In 21 lessons for the 21st century, Yuval Noah Harari explains: “Even if you don’t know how to cash in on the data today, it is worth having it because it might hold the key to controlling and shaping life in the future. I don’t know for certain that the data-giants explicitly think about it in such terms, but their actions indicate that they value the accumulation of data more than mere dollars and cents.

“Ordinary humans will find it very difficult to resist this process. At present, people are happy to give away their most valuable asset — t heir personal data — i n exchange for free e-mail services and funny cat videos. It is a bit like African and Native American tribes who unwittingly sold entire countries to European imperialists in exchange for colorful beads and cheap trinkets. If, later on, ordinary people decide to try and block the flow of data, they might find it increasingly difficult, especially as they might come to rely on the network for all their decisions, and even for their health care and physical survival.”

E’RE in big trouble.

Once people are aware of how vulnerable they are when they give away their privacy and data, it’ll be time to give them tools to actually control it. Today we’re not even close to have a solution. Even if many people praise blockchain as the ultimate solution, it still doesn’t solve it.

It doesn’t matter if Facebook says they want you to control your data. That’s an illusion. They offer more privacy options because that makes people share more stuff with them. Real control, though,

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comes from deciding who can access it, how they might use it and what for. Until you have that kind of control, the problem isn’t solved.

If you think about it, we’ve got more than 100 years of experience dealing with physical property, but we’ve got none when it comes to digital property. But the stakes are the same — a nd I feel it’s way more scary not to own your digital property.

We surely have to come up with a system to control data as personal property, but we need the right regulations. (That’s what Europe is trying with the General Data Protection Regulation, or GDPR, and the Philippines, with the Data Privacy Act.) One of the things we can also do is to apply political pressure to make sure tech giants and other organizations don’t do anything weird with our data. But, if the incentives are good enough, they still have the power to make use of it, and make sure they don’t get caught.

That’s not all, of course. The other danger is that the value of data increases over time. Nobody knows how valuable your data will be in 2035. But since it gets more valuable, you better keep it safe and not give it away.

However, people who don’t think they have a problem don’t seek for a solution. This is the same thing for privacy. We can have the tools (something that gives you ownership over your data), and even have regulations, but if people are not aware of why they shouldn’t give up on their privacy, nothing else matters.

Maybe it’s time to lay out the foundation of a privacy standard that tackles the real issue, such as: 1. A corporation, organization or government may not invade the privacy of a human being. It may only happen with explicit permission, requiring full transparency of the purpose behind the data extraction. The individual has to understand the real use of his or her data.

2. A corporation, organization or government must give up the ownership of that data. It is the individual who owns it. It can’t be stored nor used in the future. It may only be used in the future for other purposes, except where such usage would conflict with the first law.

3. A corporation, organization or government may have permission to invade an individual’s privacy and make use of his or her data, as long as such permission does not conflict with the first or second laws.

We need to change the conversation and bring the problem to the table. As they say, you can’t appreciate the solution until you appreciate the problem.

We are responsible of what we make with our future.

People have to be aware of the problem. Then, and only then, we can apply political pressure — otherwise the debate won’t even be on the table.

Let’s do this right. Spread the word. Try to get people to watch out for their privacy. If not us, who?

If not now, when?

I look forward to your feedback—contact me at Schumacher@eitsc.com.

DA opens ₧200-million Solon questions of bill farmers’ loan program withdrawal meant to benefit

By Jasper Emmanuel Y. Arcalas

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@jearcalas

HE Department of Agriculture (DA) said it has opened a P200million loan portfolio for rice farmers—particularly for those that would sell their produce to the National Food Authority (NFA)—to provide affordable financing and cut farmers’ dependency to loan sharks.

Agriculture Secretary Emmanuel F. Piñol said farmers who would commit to sell their rice to the NFA can borrow up to P50,000 through the DA’s Production Loan Easy Access (PLEA) program. The loan could be availed of by the farmers without any collateral but must be paid back after rice harvest with a 3-percent interest, Piñol added.

“The PLEA for rice farmers is the latest variant of the DA’s Easy Access Credit Program aimed at providing farmers access to production loans which they traditionally get from traders and loan sharks at 10percent interest per month,” he said in a recent statement posted online.

“Unlike the regular PLEA program, where the borrowers are required to be members of a cooperative or association, the PLEA program for rice farmers will be granted to both individual farmers and members of cooperatives or associations,” he added.

The DA launched the PLEA program for rice farmers on Tuesday at the Southern Philippines Grains Center in Tacurong City, Sultan Kudarat, with about 500 farmers as the first beneficiaries of the loan portfolio, Piñol said.

The rice farmers in Sultan Kudarat are the ideal first beneficiaries of the PLEA program, the DA chief said, as they are now preparing for the next planting season. They just finished harvesting their crops, he added.

“Since many of them borrow their production expenses from traders at high interest rates, the bigger part of their income would go to the payment of loans leaving them with no choice but to again borrow money to finance their land preparation and planting,” he said.

“The PLEA for rice farmers is intended to free the rice farmers from the bondage and control of the traders and loan sharks who usually are also the buyers of their produce,” he added.

Farmers that would want to participate in the program would be documented by the DA’s Information and Communication Technology Service team. The farmers’ information would be saved in a database that will be supported by satellite images and aerial photos by drones which will pinpoint exactly the location of the applicants’ farms, according to Piñol.

Bicol power users

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LAWMAKER is questioning the withdrawal of a House of Representativesapproved bill supposedly meant to benefit power consumers in the Bicol province.

In a news statement, Camarines Sur Rep. Luis Raymund F. Villafuerte Jr. said House Bill (HB) 5664 granting the Bicol Light and Power Corp. a franchise was passed by the House on third and final reading bill by a 221-0 vote almost two years ago. However,thelowerchamberreconsideredthe third reading approval of the bill and withdrawn the transmittal to the Senate on January 15.

“The withdrawal of a bill meant to benefit electricity consumers in their province that has long been passed by the House of Representatives and then transmitted to the Senate for its concurrence, in gross violation of congressional rules,” he said.

This measure—HB 5664—which was passed bytheHouseonthirdandfinalreadingbillbya2210 vote almost two years ago and which has since then been the subject of several public hearings by three Senate committees, has suffered the same sorry fate as the bill abolishing the graft-ridden Road Board that Camarines Sur Rep. Rolando G. AndayaJr.,asmajorityleader,hadontheslymaneuvered to be recalled by the House from the Senate last year despite having been passed earlier by the chamber on the watch of then-Speaker Pantaleon D. Alvarez, Villafuerte said.

He said the House-approved HB 5664, which would benefit electricity consumers in the fifth district of Camarines Sur, has, since its transmittal to the Senate in May 2017, been tackled in three joint hearings by that chamber’s committees on public services, on energy and on finance. Jovee Marie N. Dela Cruz

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The World BusinessMirror

Tuesday, January 29, 2019

A5

Malaysia to terminate $20-B China-backed rail project

M

alaysia will terminate a $20-billion rail project with contractor China Communications Construction Co., Economic Affairs Minister Mohamed Azmin Ali said.

The Cabinet decided the East Coast Rail Link project was “beyond the government’s financial capability,” he told reporters on Saturday. Malaysia Finance Minister Lim Guan Eng wouldn’t corroborate Azmin’s comments, saying an official announcement would be issued if necessary by next week on the instructions of Prime Minister Mahathir Mohamad.

“The decision was taken because the cost of the project was too high,” Azmin said in Kuala Lumpur. “If the project is not canceled, the government will have to bear the interest rate of about half a billion ringgit a year, which we can’t afford. Therefore, the project needs to be terminated without jeopardizing relations with China.”

Azmin said the amount of compensation for the cancelation will be determined by the Finance Ministry, which is conducting due diligence process, to ensure that the cost would not weigh on the country’s financial position.

While the government had received several proposals, it had yet to decide on whether it would appoint a new developer for the rail project as that would depend on the country’s financial capability, he said.

“As far as I know, the project was reached on commercial principles of equality and mutual-benefit by companies from China and Malaysia,” Chinese Foreign Ministry Spokesman Geng Shuang told reporters at a regular briefing in Beijing on Monday. “Both sides have been communicating over related issues.”

China Communications Construction took steps on Thursday to rationalize its workforce following the Malaysian finance ministry’s instruction last year to suspend all contracts related to Malaysia Rail Link Sdn. Malaysia Rail Link was appointed to oversee the East Coast Rail Link with China Communications Construction as the main contractor. The total cost for the project was expected to reach 81 billion ringgit ($19.6 billion). Bloomberg News

Pentagon’s cyber security found unable to stay ahead of attackers

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HE US military’s cyber-security capabilities aren’t advancing fast enough to stay ahead of the “onslaught of multipronged” attacks envisioned by adversaries, the Pentagon’s combat testing office is warning.

Despite some progress in fending off attacks staged by inhouse “Red Teams,” the testing office said, “We estimate that the rate of these improvements is not outpacing the growing capabilities of potential adversaries who continue to find new vulnerabilities and techniques to counter fixes.”

Automation and artificial intelligence (AI) are beginning to “make profound changes to the cyber domain,” a threat that the military hasn’t yet fully grasped how to counter, Robert Behler, the Defense Department’s director of operational test and evaluation, said in his annual assessment of cyber threats, which was obtained by Bloomberg News. The test office’s findings may be discussed on Tuesday during a Senate Armed Services hearing focused on Pentagon cyber policy with Chief Information Officer Dana Deasy.

The evaluation, part of the testing office’s annual report that may be released as early as this week, comes amid other critical appraisals of the military’s ability to maintain and improves its defense against computer attacks. In an acknowledgment of potential threat from AI, the Army is seeking information about “autonomous cyber” capabilities that would use AI and machine learning to defend its networks and protect its own intelligent systems against sophisticated cyber attacks. In other words, the Army wants to pit AI against AI in cyberspace, according to Bloomberg Government analyst Chris Cornillie. In October, the Government Accountability Office issued a withering assessment, saying the US military had failed to make cyber security for its multibillion-dollar weapons systems a major focus until recently, despite years of warnings.

“We have not reviewed the latest report” from Behler “but DOD faces significant challenges in securing its weapon systems from cyber threats,” Cristina Chaplain, the GAO director who managed the agency’s report, said in an email.

She said “DOD testers routinely found mission-critical vulnerabilities in systems under development, and in some cases, repeatedly over the years,” and program officials “tended to discount the scale and severity of the problem.”

Expertise lacking

BEHLER’S report reinforces those concerns, saying the Pentagon’s cyber testing is “handicapped by lack of expertise” and tools to assess software-intensive weapons systems.

Among the test results cited in assessment: The Air Force found “suggested areas for needed cyber-security hardening” when it conducted tests last year of initial capabilities for Raytheon Co.’s ground-control network for new GPS III satellites. Cyber-security testing of Lockheed Martin Corp.’s F-35, a flying computer with 8 million lines of code, “showed that some of the vulnerabilities identified during earlier testing periods still had not been remedied.” Red Teams recently conducted three successful cyber attacks on the new Defense Department-Department of Veterans Affairs health-care records management system known as Genesis that showed it “is not survivable in a cyber-contested environment.” Bloomberg News

A6 Tuesday, January 29, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Walk this way

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HILE the refreshing burst of cold weather that we usually get in January and February somewhat extols the virtues of a leisurely stroll, and more than a few health studies show that walking can reduce stress, anxiety and depression, we are not sure if such is true when you walk the streets of Metro Manila.

As if breathing in the choking pollution from its notorious standstill traffic is not enough, pedestrians in this busy metropolis also have to contend with sidewalks and footpaths (if they exist at all) that are often obstructed by diggings, parked cars, motorcycles, street vendors, garbage piles, construction machinery and equipment—indeed, it seems every kind of obstruction under the sun, including barangay offices, which house officials among whose duties, quite ironically, is ridding our streets of obstructions and illegal structures.

By its very name, a sidewalk is designated for walkers, and yet in Metro Manila anyone who wants to use sidewalks to actually walk on are the ones who are sidelined, so much so that pedestrians are forced to walk on the road and put themselves at risk of getting hit by vehicles (which happens regularly).

This should not be so. The national and local governments must reclaim our sidewalks for pedestrians and enforce pedestrian rights.

Every city must make sure streets have sidewalks and these are kept free of any obstruction or encroachment in compliance with local and national laws pertaining to public domain.

There must be stricter enforcement of laws prohibiting the parking of motor vehicles and the construction or establishment of business stalls, residential structures, or any kind of object that restrict, impede or obstruct the free flow of pedestrian traffic on sidewalks.

There must be clearly marked boundaries separating sidewalks from roads, as well as houses and businesses whose property lines often encroach on or obstruct them, contrary to the National Building Code and city ordinances.

Regular sidewalk clearing operations must be conducted, both by local governments and the Metropolitan Manila Development Authority (MMDA), perhaps with the help of the Department of Public Works and Highways and even the police.

In a previous editorial, we commended the MMDA’s efforts to clear our roads, streets and sidewalks of all kinds of obstructions, particularly their operations going after illegally parked vehicles. We know the job is not easy and a lot of their people, as well as other government personnel have gotten into arguments and have even been hurt just because they were trying to do their jobs.

For instance, a policeman assigned to clear sidewalks of vendors near the Baclaran Church in Parañaque City was shot dead on his way home from work a few years ago.

In Antipolo City, Bernard Sanchez, a city hall official, was shot outside a public market last New Year’s Eve after leading a similar clearing operation.

This is why we reiterate that the police must help city officials and the MMDA when they try to reclaim our sidewalks for pedestrians by force of law and remove all the hazards and obstructions that pedestrians confront daily.

Laws can be enforced, and stricter ones with harsher penalties can help.

The MMDA, for instance, is implementing higher fines for illegal parking.

The fine for attended vehicles that are illegally parked will be raised from P200 to P1,000, while illegal parking for unattended vehicles will be up from P500 to P2,000. Motorists who obstruct roads will now be asked to pay P1,000 from P150.

Senators want to pass a law that would require car buyers to acquire or lease parking space prior to purchasing vehicles. Under Senate Bill 201, to be known as the Proof of Parking Space Act, car buyers and businesses based in Metro Manila will only be allowed to acquire vehicles after signing a sworn statement (notarized affidavit) affirming purchase or lease of parking space.

This law, if passed and strictly implemented, would not only help decongest worsening traffic gridlocks in the metropolis but also help rid streets of illegally parked vehicles.

Pedestrian cities are growing in popularity in many countries around the world.

If we could make Metro Manila more hospitable to walkers by protecting pedestrians and making sure they have clean and clear sidewalks they could actually walk on—perhaps even create a network of connected sidewalks they can use on a daily basis— we are sure many would ditch their cars or public transports and choose to walk the distances that they can.

This could help reduce Metro Manila’s air pollution and traffic congestion while saving on fuel and providing our citizens the opportunity to get some muchneeded exercise.

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BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

T. Anthony C. Cabangon

THE ENTREPRENEUR

P

RESIDENT Duterte’s higher approval rating in December 2018 is a clear affirmation of his mandate to govern the country and implement policies to improve the lot of the Filipinos and the overall economy.

I think the President is in an ideal situation. With key indicators, especially inflation and the exchange rate, starting to stabilize, Mr. Duterte can better focus on the agenda at hand, create more jobs through “Build, Build, Build,” and significantly reduce the country’s poverty incidence.

President Duterte emerged as the most trusted government official in the latest survey conducted by Pulse Asia in December 2018. The President’s trust rating was at 76 percent, a 4-percentage-point increase from his previous 72 percent in September 2018. His approval rating, according to the survey, stood at 81 percent, up by 6 percentage points from his previous mark of 75 percent in September 2018.

Nearly halfway through his sixyear term, President Duterte is still

solidly popular among the Filipinos despite what his critics claim. I think the confidence of the Filipinos in President Duterte is reaching near all-time high. He received a 96-percent approval rating and a 91-percent trust rating in Mindanao; an 86-percent approval rating and 82-percent trust rating in the Visayas; and a 74-percent approval rating and 69-percent trust rating in Luzon.

The survey shows that the Filipino people, as noted by President’s Spokesman Salvador S. Panelo, fully believe in the way the President is running the bureaucracy and the nation.

The Pulse Asia survey is, therefore, another repudiation of the critics and detractors of (the President), says Panelo. “Their loud hysterical harping and assaulting the administration with their accusations and

Weird stuff

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Duterte’s popularity a boon to economy

John Mangun

OUTSIDE THE BOX

F

ROM about once a month, I am now saying this every day or so: “There is a lot of weird stuff [or another ‘S’ word] going on right now.” I am not complaining because it does keep life interesting.

For example. The United States and most European nations are calling for the removal of Nicolás Maduro as President on Venezuela based on a rigged election. Who am I to judge the truthfulness of that claim? However, it is interesting that many are saying this is only another plot in the long US campaign to overthrow governments it sees as being unfriendly.

Under President Obama, the US openly called for and supported with military action the overthrow of Bashar al-Assad, President of Syria.

The “weird” part is that that was not seen as a negative policy because Assad was “evil” and US intervention

was for the good of the region if not the entire world. Then again, there are probably going to be comments that I am pro-Maduro, since he and I share the same birth day if not the same birth year. There are no coincidences.

Twelve years ago this past week Al Gore released his movie An Inconvenient Truth. In January 2006, Al Gore said, “Within the next 10 years, the world will reach a point of no return” due to global warming. Also last week US Representative Alexandria Ocasio-Corte said, “I think that the part of it that is generational is that millennials, and people and you know, Gen Z, and all these folks that come

condemnation are in sharp contrast to the clamor of the Filipinos for genuine and transparent change,” he adds.

I believe Duterte achieved the higher trust and approval rating because of, among other things, the way he and his economic managers handled the temporary imbalances in the local economy. World oil prices in the fourth quarter of the year were surging while the inflation rate was at a nine-year high of 6.7 percent in October, mainly because of the rice supply shortfall. The exchange rate, meanwhile, hovered at below 54 against the US dollar in October 2018.

But things quickly changed for the better toward the close of 2018.

The inflation rate eased to 6 percent and 5.1 percent in November and December, respectively, after President Duterte ordered the importation of more rice to address the supply shortage.

The peso has settled to 52 against the greenback since then, and even the stock market is recovering with the Philippine Stock Exchange index closing above 8,000 points.

It is safe to say that the Philippine economy survived the brewing worldwide economic crisis in 2018 that was precipitated by the tit-fortat tariff impositions of the United States and China, surging oil prices and the political and economic

turmoils in Turkey and Argentina.

With a resilient economy, I believe the Philippines will perform much better this year. For one, the inflation rate will likely go down further this year once the rice tariffication bill is enacted into law. Lower inflation rate bolsters the spending power of the consumers. Increased household consumption, in turn, spurs demand and production.

President Duterte’s increasing trust and approval rating, meanwhile, reflects a stable political environment that investors prefer.

I am confident more investments will come in this year given the impressive economic scorecard of the Duterte administration and the country’s growth story.

Moody’s Analytics, a division of Moody’s Corp., made the same upbeat forecast. The international agency saw the Philippine economy rebounding with a growth of 6.8 percent in the fourth quarter from a sluggish 6.1-percent expansion in the third quarter because of strong private consumption.

On January 24, the Philippine Statistics Authority (PSA) reported that the GDP grew 6.1 percent in the fourth quarter, bringing economic expansion in the full of 2018 to 6.2 percent.

after us, are looking up and we’re like, ‘the world is going to end in 12 years if we don’t address climate change.’”

I do not pretend to be a climate scientist but is there some sort of cycle of the “Climate Doomsday Clock” that resets every 12 years?

Once upon a time—not too long ago—the Philippines was regarded as a “Third-World Basket Case.” Actually, the Philippines was more of a “Three-Legged Dog,” which could not run but slobbered affectionately over anyone who patted its head. This all changed in September 16, 1991, when the agreement to host the US bases was ended.

Interestingly—or maybe weirdly—the Philippine economy started taking off after that vote with only two brief periods of year-onyear negative quarterly economic growth during the 1997/1998 Asian economic crisis.

After the recent release of 2018 gross domestic product data—which was slightly below forecasts at 6.1 percent—there were some negative comments. The headlines read “Philippine economy unlikely to rebound in 2019” and “Philippine economy to ‘rebound slightly’ in 2019.”

Ignore for a moment that those

two thoughts are a little contradictory. Perhaps the first analysis—from the private sector—is “the glass is half empty.” The second—“the glass is half full”—is from the United Nations economic experts. However, a couple of things are strange to me.

Since January 2000 and for 72 quarters, the Philippines has not experienced a single period of yearon-year negative quarterly growth, which is great for a “Three-legged Basket Case.” In fact, most countries would sell their collective souls for that performance.

Further, if you eliminate small countries like Tajikistan and Uganda and others that went from “zero” to “hero” like Libya, the Philippines still has one of the strongest economies on the planet. In two decades, the Philippines went from being told it was the dumbest kid in the class and “Go sit in the corner and shut up,” to “So what is your excuse for not being the Valedictorian?” You have to admit, that is kind of weird.

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

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

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Basics of mediation at the CTA

Which description fits a rapidly militarizing China?

Atty. Jomel N. Manaig

Cecilio T. Arillo

DATABASE

TAX LAW FOR BUSINESS

I

N hopes of declogging the dockets of the Court of Tax Appeals, the Court finally pushed through with the referral of cases to mediation as envisioned in AM 11-1-5-SC-Philja. Under the guidelines, the CTA may refer cases within its jurisdiction to mediation, subject to certain exclusions. Cases are referred to mediation at relatively early stages. For cases pending with the CTA Division, referral is done before or during pretrial conference.

On the other hand, for cases pending with the CTA En Banc, referral is done after filing the Comment.

The referral hopes to expeditiously terminate litigation by offering the taxpayer and the Bureau of Internal Revenue (BIR) the opportunity to settle before a full-blown trial commences. True to the word “referral,” the parties are not obligated to settle but are merely referred to a mediation center to discuss the possibility of entering into mediation. Either of them may refuse if the party so chooses.

Let us say that the Court refers a case to mediation, what happens next? The parties are ordered to attend an “initial appearance” at the Philippine Mediation Center-CTA to communicate whether or not they are willing to enter into mediation.

If either the taxpayer or the BIR is not willing to enter into mediation, the mediation proceedings would be terminated and the CTA proceedings would continue. If willing, the parties execute an “agreement to mediate” and are asked to name their preferred PMC accredited mediator.

The taxpayer is also required to submit certain documents and pay the mediation fee (if not already paid as part of the filing fee).

The mediation fee consists of a basic mediation fee and an additional mediation fee. The taxpayer would be asked to pay the basic mediation fee of P2,500 at the initial appearance.

Meanwhile, the additional mediation fee, which ranges from P5,000 to P50,000 depending on the sum in dispute, is paid upon the execution of the agreement to mediate.

After the initial appearance, the preliminary mediation conference ensues, wherein the parties and the mediator meet for the first time.

Counting from the preliminary mediation conference, the parties and the mediator have 30 days, extendible for another 30 days, within which to meet and reach a settlement amount. Within the 30-day period, mediation conferences would be held wherein the taxpayer and the BIR would discuss a compromise amount with the help of the mediator.

If the mediation is successful, it may result in either a full or partial compromise. A full compromise would terminate the CTA proceedings. On the other hand, if there is only a partial compromise the CTA proceedings would continue on the remaining issues. If the mediation is not successful, then the Court would continue the trial on all the issues.

The overview of the structure of the mediation at the CTA is simple enough to be readily understood.

However, looking closely, there are underlying matters that may be of issue.

For starters, the goal of mediation is to enable the taxpayer and the BIR to reach a settlement, also known as a compromise. However, our Tax Code already provides for such mechanism under Section 204(A). In certain cases, the taxpayer and the BIR may have already explored the option to compromise the tax liability. Would referring them to undergo the same process be a superfluity? Is the presence of the mediator enough to tip the scales toward a compromise?

Also, to what extent is the BIR counsel authorized to settle or compromise taxes? It should be noted that although the mediation proceedings were initiated by the CTA, the BIR is still bound by the provisions of Section 204(A) of the Tax Code. Under the said provision, “[w] here the basic tax involved exceeds P1,000 or where the settlement offered is less than the prescribed minimum rates, the compromise shall be subject to the approval of the Evaluation Board, which shall be composed of the commissioner and the four deputy commissioners.” With such strict requirements under the Tax Code, would the BIR counsel be too restricted to discuss a compromise that may be acceptable to the taxpayer?

Another one is that mediation is easy to imagine when you are thinking of tax assessment cases.

Both the taxpayer and the BIR may opt to compromise in order to speedily terminate the litigation.

The taxpayer pays a lower amount, and the BIR collects taxes: a winwin. However, would mediation work in tax refund cases where the taxpayer is seeking to get back taxes paid to the BIR? Would a taxpayer be willing to settle for a lower amount than what he believes he is entitled to?

Given that the mediation proceedings is still in its infantile stage in terms of actual execution, it would not be surprising to see new rules and guidelines rolled out to address certain gray areas. Hopefully, mediation would be the answer to the clogged dockets of the Court.

The author is a senior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 403-2001 local 370.

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HINA will be a “status quo” power interested only in prosperous economic engagement, a peaceful rise and the opportunity to become a responsible stakeholder in the international world order.

It will behave like a “revisionist” power and use its growing economic and military might to expand its territory and hegemonic influence in Asia.

These hypothetical, contrasting descriptions really cut to the heart of the question of “will there be war?” in the intriguing best-selling book, Crouching Tiger, written by Prof.

Peter Navarro, a Harvard-trained White House trade adviser of President Trump.

On one hand, if China benignly seeks only prosperous engagement and a “peaceful rise” as the Chinese leadership has frequently emphasized, there is a very low probability of conflict.

On the other, if China does indeed intend to use force or coercion to seize new territories in Asia and to become, as Prof. John Mearsheimer

Bloomberg Opinion

I

N the past decade, China has relied primarily on credit growth to fund its economic ambitions.

The country’s banks are now feeling the constraints of this lending binge and need to raise a lot of capital over the next couple of years.

The way China handles this challenge will determine its economic health. With 267 trillion yuan ($39.4 trillion) of total assets, and home to the world’s four largest banks by this measure, the country’s financial system doesn’t

operate in isolation. Whatever happens in China will have a global impact.

Major Chinese banks raised or announced plans to raise 343 billion yuan in 2018, according to a recent note by Nomura Holdings Inc. That’s well below the estimates of UBS Group AG, which just last year said these firms would need 1 trillion to 3 trillion yuan, depending on the targeted capital-adequacy level. Neither forecast counts the additional funds the big four banks need to meet Basel III requirements for systematically important institutions by 2024.

has warned, a “regional hegemon,” these revisionist and malign intentions will certainly be a recipe for military clashes, if not all-out war.

“So how might we determine,” Navarro asked, “whether China will act as a status quo or a revisionist power?”

“One possible way is to carefully analyze China’s behavior since the Chinese Communist Party seized power in 1949. In fact, even the most casual review of such a history reveals a deep disconnect between the ‘peaceful rise’ rhetoric of the Chinese leadership and the reality of a long history of aggression spanning more than six decades,” Navarro said.

According to him, “This reality begins in 1950 with one of the largest imperial land grabs in world history: China’s military conquests of Tibet and what is now China’s most north-

west province, Xinjiang. Together, these two mineral-rich spoils of war span over 1 million square miles and today comprise fully 30 percent of the current Chinese land mass.

“Both the invasions of these territories and the ongoing brutal treatment of their indigenous peoples shine a very bright light on the darkest side of Chinese authoritarianism.

These invasions are also highly symptomatic of China’s historically based territorial claims that are at sharp odds with a body of modern international law that does not easily recognize such ‘revanchist’ arguments.”

In 1950, China also entered the Korean War with one of the most effective sneak attacks in modern warfare history. Under cover of darkness, a full three-division army, numbering more than 100,000 troops, surreptitiously crossed the Yalu River into North Korea and caught allied forces completely by surprise.

The grim result: the slaughter of thousands of US and South Korean troops. During the early 1950s, China would likewise help the Vietnamese drive the French colonialists out of Indochina. The defining battle at Dien Bien Phu, planned under the watchful eyes of Chinese strategists and prosecuted with large caches of Chinese weapons, led to a defeat no less humiliating for the French than Napoleon’s at Waterloo.

After the French withdrawal in

1954, Vietnam would be split into two nations, north and south. This would set the stage for America’s own inglorious retreat from South Vietnam several decades later. In 1962, China would begin the first of three surprise attacks on former friends and allies with an invasion of India.

This Sino-Indian War involved two separate border disputes over 1,000 miles apart, each with their own unique history and each, in no small way, an extension of China’s conquests of Tibet and Xinjiang 12 years earlier.

The first border dispute, in the western theater, focused on China’s seizure of the Aksai Chin portion of the Kashmir region. The second dispute, in the eastern theater of war, hinged around the Indian-held Arunachal Pradesh, an area China continues to claim as “Southern Tibet.” “As for the war itself, it was pure Hobbes—nasty, brutish and short.”

“It was also India’s most humiliating defeat—one that has left the Indian populace with a deep and abiding distrust of China. During the 1960s, China would also play a pivotal role in America’s war in Vietnam. It was not just the massive quantities of trucks, tanks, MiG jets and artillery pieces that would help make the difference,” Navarro said.

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

Government without the drama and tumult

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By Cass R. Sunstein | Bloomberg Opinion

ANY social problems seem impossibly daunting, simply because they are so large. Poverty, immigration, cancer deaths, gun violence, climate change—in light of the magnitude of those problems, most imaginable reforms seem pretty small.

In their book Switch: How to Change Things When Change Is Hard, Chip Heath and Dan Heath argue that the best response to big challenges is often to “shrink the change.” Instead of trying to solve a problem, dent it.

If you do that, you will accomplish some good and help real people in the process. And you might spur much more, because success breeds more of the same.

In the midst of its nation’s tumult and anxiety over Brexit, the United Kingdom’s Behavioural Insights Team has enjoyed a lot of quiet successes, not least because it has been shrinking the change. BIT’s latest annual report should be an inspiration to governments all over the world—and to citizens who are unsure whether public officials can get together and achieve anything.

Consider a few examples.

1. About half of the population of the UK will get cancer in their lifetime.

For many people, survival depends on early diagnosis. Doctors are allowed to use an urgent cancer-referral process, which can get patients to a specialist within two weeks. But a lot of doctors just don’t take advantage of that process.

To increase referrals, BIT, a global public-service company connected with the UK government, sent personalized letters to doctors whose referral rates were below the UK average.

The letters simply informed them of that fact.

The result? A significant increase

China’s banks are desperate for capital

By Christopher Balding

Tuesday, January 29, 2019 A7

The fundamental problem is the conflicting pressures on the sector.

Despite talk of deleveraging in 2018, as nominal GDP growth slowed to 9.7 percent, total loans outstanding grew 13.5 percent. To prop up the economy, Chinese banks have been lending well in excess of deposit growth. Since the beginning of 2016, as loans outstanding grew 41 percent, deposits rose just 29 percent. That put balance sheets under increasing strain. Officially, capital adequacy ratios improved to 13.8 percent in 2018 from 13.4 percent two years earlier. In reality, this was only achieved with an

in referrals by those doctors. That means an improvement in survival rates—and also major economic savings, because earlier cancer treatment is a lot cheaper.

2. Childhood obesity is now a problem in many nations. In the UK, about 20 percent of children are overweight or obese by the age of 11. There’s no magic bullet for the problem, but some steps, such as restrictions on the promotion of unhealthy food, are likely to help.

BIT has helped to develop a childhood obesity plan that relies on proven strategies. The UK’s sugar tax is designed to promote reformulation of products. Even before the tax went into effect in 2018, popular brands cut the sugar content of soft drinks by 11 percent—removing 10,000 tons of sugar from the market.

3. Many consumers stick with their current energy provider even though they could save money if they switched.

BIT worked with the UK energy regulator to send personalized messages to 150,000 customers, telling them how much they could save by switching, and informing them about the best available alternatives. Within just 30 days, the letters tripled switching rates.

4. In the UK, as elsewhere, cyber attacks are a serious threat. They often begin with phishing attacks, in the form of seemingly real e-mails designed to elicit responses that expose computer systems to attacks.

Working with the Metropolitan Police Service, BIT designed several

accounting sleight of hand.

With the Chinese economy slowing, Beijing has been leaning on banks both to absorb the buildup in shadow assets and continue lending to drive investment-dependent growth. With new loans outpacing new deposits by 20 percent in 2018, and a similar trend expected this year, capital is becoming increasingly constrained. Almost every cut to banks’ reserve requirements over the past year has coincided with a significant repayment to the central bank.

In other words, banks are borrowing from themselves to reimburse the People’s Bank of China (PBOC).

A YOUNG demonstrator spray-paints on a “mock” wall on the Northern Ireland/Republic of Ireland border, near Newry in Northern Ireland, on January 26. Protesters angered at the prospect of a hard Brexit built a mock wall across part of the Irish border. The theatrical gesture on Saturday was the centerpiece of a County Down demonstration against future border checks. AP

forms of preventative training, including simple rules of thumb for how to avoid phishing attacks. BIT followed up by sending mock phishing attacks to the officers who had been trained—and compared their responses with those of officers who had not been trained.

The training worked. It dramatically reduced the number of officers who clicked on the link and submitted relevant information.

Originally limited to the UK, BIT is now operating in 31 nations. In Moldova, it identified a way to encourage tuberculosis patients to take their daily medication—and succeeded in nearly doubling adherence rates. In Indonesia, it worked to increase tax compliance—and with one small communication, informing taxpayers that early filing avoids potential problems, it succeeded in bringing in the equivalent of nearly $2 million.

In Australia, BIT helped simplify the form that teachers must use to obtain placements in rural areas, where they are badly needed. The simplified forms, along with timely prompts,

tripled the number of teachers who applied for rural placements.

BIT is making progress on other problems as well, including air quality, road safety, domestic violence, voter turnout and sex equality in hiring.

In many of these cases, it is working to reduce “sludge”—administrative burdens that make it hard for people to achieve their goals. In other cases, it is working to get people’s attention (for example, through simple reminders), with an understanding that all of us have limited mental bandwidth. If the goal is to promote health and safety, getting people’s attention may be half the battle.

When it comes to the government, citizens find it natural to focus on the most dramatic questions—indictments, investigations, shutdowns, Brexit, border walls. Amid the tumult, the release of BIT’s report demonstrates that creative people in the public sector are working hard, every day, to improve people’s lives, sometimes by denting the most daunting problems.

BIT’s secret? It shrinks the change.

Banks simply don’t have the ability to continue lending as much as they do without additional capital.

Chinese banks and regulators thus need to establish a plan to raise funds. They’ve made a start: On Thursday the PBOC announced measures to help banks raise capital by issuing perpetual bonds. Whether officials also consider convertible bonds or secondary offerings—to name just a few of the possibilities—they need to speed up approvals and encourage firms to address their balance-sheet weaknesses more promptly. Waiting for an economic slowdown or external event to raise

capital isn’t a wise strategy.

As Beijing comes under fire for favoring state-owned firms over private ones, it should urge the larger dinosaurs to deleverage faster, making it easier to allocate credit to smaller enterprises. China needs to move away from favoring the firms that consume the largest amounts of capital inefficiently.

Bank-capital levels may not grab headlines, but continuing to lend faster than deposits are growing and reducing the ability to cushion a slowdown can only continue for so long. Regulators need to address this problem before it becomes a crisis.

2nd Front Page BusinessMirror

A8 Tuesday, January 29, 2019

CCTV of Jolo church blasts shows ASG bomb maker

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By Rene Acosta

@reneacostaBM

SUSPECT has been identified in the twin bombings in Sulu on Sunday that has killed at least 20 people, including five soldiers, as the Philippine National Police (PNP) went on nationwide heightened alert following the deadly bombings.

In Metro Manila, National Capital Region Police Office chief Director Guillermo Eleazar put all police forces under full alert in order to ensure security in the capital in the aftermath of the explosions that struck the Catholic cathedral in Jolo, Sulu’s capital, as Sunday Mass was being held.

PNP chief Director General Oscar D. Albayalde identified a certain

Kamah, a bomb maker from the Abu Sayyaf Group (ASG), as an initial suspect in the powerful blasts that hit the Cathedral of Our Lady of Mount Carmel packed with churchgoers.

Albayalde, who was in Sulu on Monday, said Kamah, a brother of ASG leader Surakah Ingog, was seen on surveillance camera moving around the cathedral with other suspects before the twin

200 kilos

The volume of chemical used in the explosions, initially believed to be ammonium nitrate with fuel based on the initial results of the ongoing investigation. They were triggered by mobile phones. explosions occurred.

IS claims bombing

THE Islamic State (IS) claimed responsibility over the attacks on Monday, saying it was carried out by two bombers. Military officials initially rejected the claim, although they said they were also looking into this assertion.

The Armed Forces Western Mindanao Command, through its spokesman Col. Gerry Besana, said the explosions were carried out by the Ajang-ajang group of the Abu

Sayyaf, whose leader is ASG subleader Hatib Hajan Sawadjaan. He had been wounded by the military during an operation in Sulu late last year.

Besana said CCTV footage recovered by the military from or near the explosion site pointed to the involvement of the Ajang-ajang group, whom previous military reports had claimed was only into kidnapping.

Besana said the group could have carried out the attacks to avenge the successive deaths of its leaders in continuing military operations in Sulu against its members, the ASG and other lawless groups.

Besana said that as of Monday, the death toll from the bombings had reached 20 (not 27 as earlier reported)—five soldiers, one Coast Guard personnel and 14 civilians — while 97 people were wounded, 15 of them soldiers and two Coast Guard personnel. The rest are civilians.

Continued on A2

Ex-RCBC exec appeals money-laundering ruling

By Joel R. San Juan @jrsanjuan1573

F

ORMER Rizal Commercial Banking Corp. (RCBC) branch manager Maia Santos-Deguito has asked the Regional Trial Court (RTC) of Makati City to reverse its decision, which found her guilty of seven counts of money laundering.

The Makati RTC declared on January 10 that Deguito was guilty of laundering the $81 million stolen from by hackers from the Bangladesh Bank in 2016.

In her 53-page motion for reconsideration, Deguito raised three grounds in seeking her acquittal before the sala of Makati RTC Branch 149 Presiding Judge

Cesar Untalan, who sentenced her to a maximum of seven years in prison for each count of money laundering.

Deguito insisted that Judge Untalan misunderstood the meaning of a money, laundering offense under the law, misappreciated the facts and the evidence, and imposed the wrong penalty on her.

The former RCBC manager pointed out to Section 4 (f ) of the Anti-Money Laundering Act (Amla) which states: “Money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves or relates to the proceeds of any unlawful activity...performs or fails to perform any act as a result of which he facilitates the offense of money laundering.”

NORTHEAST MONSOON AFFECTING THE WHOLE COUNTRY as of 4:00 pm - January 28, 2019

Deguito said, however, that none of these elements of money laundering was present in the case against her.

When the trial court held that she should be made criminally liable for violation of the Amla law, she said it could be referring to accounts which were opened in the names of Michael Cruz, Jessie Christopher Lagrosa, Alfred Vergara and Enrico Vasquez in 2015.

But, she pointed out that there was no monetary instrument or property and no proceeds of any against her.

The court, according to Deguito, even admitted that from 2015 since the accounts were opened, there were no transactions recorded in the said bank accounts.

“Without the existence of an unlawful activity, its proceeds and a monetary instrument or property that represents, involves or relates to such proceeds, then there can be no knowledge of these facts, as well. Clearly, no money-laundering offense was committed when the accounts were opened in May 2015,” she said.

With regard to accusation that she facilitated the withdrawals and deposits of certain amounts of money from February 5, 2016, and February 9, 2016, despite knowing that each amount is a portion of the $81 million related to the proceeds of unlawful activity, Deguito explained that just because the amounts were considered “covered transactions” under Republic Act (RA) 9160 as they exceeded P500,000, it does not automatically mean that they came from unlawful activity.

“But a transaction does not become a violation of RA 9160, as amended, by the mere fact of it being a‘covered transaction.’

The law, to be sure, does not say this. Instead, it is the failure to report a covered transaction to the Anti-Money Laundering Council (AMLC) that constitutes a money laundering offense,” she said.

Deguito also denied the court’s findings that she had full and prior knowledge of the illegal source of the funds.

“This conclusion, however, was not based on direct proof of the element of knowledge, as the prosecution failed to present any. Instead, it was only presumed by the Honorable Court from the alleged failure of accused to do what the Honorable Court believes she should have done,” the accused said.

Deguito also claimed that she verified the validity of the remittances and their sources.

Contrary to the ruling, Deguito said she has no authority to stop the withdrawal of such huge amounts.

“Another reason why the accused could not have stopped the transactions was because RCBC higher-ups actually put a hold on the transactions, but then lifted the hold after determining that the remittances were valid,” she noted.

In its January 10 decision, the Makati RTC held that Deguito’s claim that she has nothing to do with the transactions was “a complete lie.”

Aside from the prison term, Deguito was ordered to pay a fine corresponding to not more than 200 percent of the value of the laundered money, which would amount to almost $110 million.

In convicting Deguito, the court gave weight to the testimony of AMLC secretariat officer Rafael Echaluse who investigated the case.

Echaluse claimed that Deguito, then the RCBC-Jupiter branch manager, facilitated the opening of several fictitious accounts where the stolen money from Bangladesh was deposited.

It was also Deguito who facilitated the withdrawals of the money from the said accounts to the dollar accounts of businessman William Go, who denied opening a dollar account at RCBC and accused Deguito of opening the accounts without his knowledge.

www.businessmirror.com.ph

‘PHL MAY NOT BECOME UPPER MIDDLE-INCOME ECONOMY IN 2019’

By Elijah Felice E. Rosales @alyasjah

T

HE Philippines could fall short of becoming an upper middle-income economy this year, as the protracted trade conflict between the United States and China is seen by a World Bank economist to take a toll on the country’s growth.

Andrew D. Mason, acting chief economist for East Asia and the Pacific of the World Bank, said it will be difficult for the country to become an upper middle-income economy in the collapse of the multilateral trading system. He argued the virtual trade war between the US and China will—one way or the other—affect the economic pace of the Philippines.

“Any trade war, if it lasts long enough, is going to have a negative effect on both local and global growth,” Mason said on Monday.

Foreign investments originally intended for China could be diverted to the Philippines, according to Mason, as investors are becoming wary of the consequences of opening shops there given the heavy tariffs imposed by the US on Chinese goods. However, he warned, exports could take a hit in the long run, as the conflicting economies are top importers of Philippine products.

“The other side is to the extent that the Philippines provides inputs and components to China, and China’s growth [and] demand [for their products are] adversely affected, then that will have a negative effect on Philippine exports to

China,” Mason said.

China is the country’s fourthlargest export market at $8.14 billion from January to November of last year, according to data from the Philippine Statistics Authority.

Exports to China amounted to $8.01 billion in 2017.

On top of the trade conflict, the World Bank economist said the peso could be challenged if the US Federal Reserve (the Fed) delivers interest rate hikes this year.

“We also know that what happens in the Philippines will be affected by whether the US Fed continues to raise interest rates or not.

That has affected interest rates here in the Philippines, [and] it has put pressure on your currency and so on,” Mason explained.

Socioeconomic Planning Secretary Ernesto M. Pernia last year forecast that the country will be an upper middle-income economy by as early as 2019, not 2022, which was the government’s target.

Upper middle-income economies should have a per-capita income of $3,896 to $12,000. In 2017 the Philippines had a per-capita income of $3,660, according to figures from the World Bank.

Pernia on Monday said percapita income grew 4.1 percent, estimated at about $150, last year.

He argued the Philippines can still hurdle the threshold if per- capita income expands by 3 percent this year. Pernia added it is important for the government to keep macroeconomic fundamentals sound and strong for the country to become an upper middle-income economy.

Tobacco tax. . .

Continued from A1

Madasig Group of Farmers and Rizal Tobacco Farmers Club.

“This represents a significant drop in the household income of tobacco farmers,” the governors said in a news statement.

For his part, PhilTobacco Growers Association (PTGA) President Saturnino Distor called on lawmakers to stop putting on them the burden of increasing government revenue by taxing tobacco products higher than other agricultural commodities such as rice and corn.

“A year has not passed since the last increment of excise tax took effect in July 2018 and yet [the government] plans to hike it further. This is already discrimination,” Distor said in a statement.

“Why is it the government always takes care of corn and rice? Tobacco is also an agricultural commodity,” Distor added.

The increase in excise tax since 2013, he said, has led to grave reduction in local tobacco output. Citing data from the National Tobacco Administration, local output in 2017 declined by 29 percent to 48 million kilograms, from 68 million kilograms in 2013, according to Distor.

Bernard Vicente, president of the National Federation of Tobacco Growers Association and Cooperative, echoed Distor and described tobacco farmers as “always the victims” when the government seeks to increase revenue to support its programs.

“The government has given us so much burden. We are already struggling. A lot of tobacco farmers have lost their livelihoods [due to excise taxes],” he said.

The farmers groups are PTGA, NAFTAC, Pasuquin Tobacco Growers Association, Narvacan Tobacco Growers Association, Leet Bansal Erfe Tobacco Farmers Association, Velasco Tobacco Farmers Association, Sinait Tobacco Growers Association, Northeastern Bacarra Tobacco Farmers Association, San Juan Ilocos Sur Tobacco Farmers Multi-purpose Cooperative, Sta. Isabel Sur Tobacco Farmers Credit Cooperative, Galimuyot Tobacco Farmers Association, Burgonians Tobacco Farmers Association, Tobacco Air-Cured Burley Association, Alcala Tobacco Producers Cooperative, Gumaod Tobacco Farmers Organization, Hinaplanan Jgalon Farmers Group, Jolly Tobacco Farmers Association, Masai Tobacco Farmers Association, Tamboboan Farmers Club, Sta. LaLuna Farmers Club, Aposkahoy Tobacco Farmers Association,

THE local chief executives said the poor farmers are being “threatened by the calls of vested interest groups to raise again the taxes on tobacco.”

“We request our national leaders to also consider the welfare of the Filipinos in this sector. Before entertaining demands to increase tobacco tax again, the government must let the industry and the millions of Filipinos dependent on it to first recover from the crippling annual tax increases that began in 2013,” the governors said.

They noted that the latest increase was implemented only six months ago under the Tax Reform Acceleration and Inclusion law.

In their letter to Angara, the governors cited huge contributions of the tobacco sector to government revenues—a total P475 billion in tobacco excise taxes from 2013 to 2017.

This amount has supported health programs and development projects that benefitted millions of poor and indigent Filipinos in other agricultural communities, as well.

“On the other hand, the almost 3 million Filipinos dependent on tobacco are suffering from the adverse impact of higher taxes,” the governors said.

The governors said two-thirds of the Department of Health budget in 2017 came from “sin” taxes. The World Bank even cited in an October 2017 report called “Tobacco Tax Reform: At the Crossroads of Health and Development” that “the additional fiscal space created by the [sin tax] reform increased the DOH budget threefold.”

In contrast to the P475 billion in tobacco excise taxes it collected from 2013 to 2017, the government only collected P11.78 billion in mineral excise taxes, P58.43 billion from petroleum and P223 billion from the alcohol industry, the governors pointed out.

As of present count, 2,400 manufacturing workers have lost their jobs and a multinational tobacco company has pulled out its $200-million investment due to the challenging excise tax increases, they added.

They reminded the government that excise tax shares of provinces have funded construction of postharvest facilities, farm-tomarket roads and farm implements, benefitting not only tobacco farmers but also rice farmers, fishermen and other farm workers.

Local execs’ plea

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, January 29, 2019

B1

Study reveals hybrid skills required by emerging jobs in Philippines

Meralco to source add’l power H ahead of Malampaya shutdown

T

By Lenie Lectura

@llectura

HE Manila Electric Co. (Meralco) may have to source additional power in time for the scheduled maintenance shutdown of the Malampaya gas facility in October this year.

“We may have to look if there is available supply to source from,” Meralco utility economics head Lawrence Fernandez said in an interview on Monday afternoon.

Meralco, however, has yet to determine the additional capacity it would need to source from other power suppliers, saying it “depends on forecast of demand at that time.”

Besides, he added, Meralco has yet to be formally informed about the shutdown set to take place from October 12 to 16.

“Normally, there is a coordination meeting set whenever there’s a Malampaya shutdown. All stakeholders will meet to ensure there is adequate supply and to ensure minimal impact on consumers,” Fernandez said.

Fernandez said between 50 percent and 60 percent of Meralco-DU (distribution utility) supply is from power plants using Malampaya gas.

The gas facility fuels the following gas plants: the 1,000-megawatt Santa Rita, the 500-MW San Loren-

zo, the 1,200-MW Ilijan, the 97-MW Avion and the 414-MW San Gabriel.

Meralco partly sources its requirements from the Santa Rita, San Lorenzo, San Gabriel plants of First Gas Corp. and from South Premier Power Corp.’s Ilijan plant.

The utility firm does not have a power supply agreement with First Gen’s Avion plant.

Meralco normally seeks additional power requirements from other power producers via interim power supply agreements (IPSAs) during the summer months to ensure continuous and reliable electricity for Meralco customers.

This is also the case whenever the Malampaya gas facility is on shutdown.

“We will get guidance from the Department of Energy to coordinate efforts to ensure reliable power during the planned shutdown.

Past initiatives included IPSAs, ensuring availability of adequate alternative/liquid fuel, adjusting maintenance shutdowns of other

power plants. All these will be considered by stakeholders during the coordination meetings,” Fernandez said.

This year’s Malampaya scheduled maintenance shutdown will cover technical work at offshore platform (West Philippine Sea) and at onshore gas plant (Batangas); repair of equipment; installation of critical spare parts; check of instrumentation and controls.

“We aim to make shutdown duration as short as possible to minimize impact on natural gas supply. This shutdown is relatively short compared to previous ones,” a source from the Malampaya consortium said last week.

The Malampaya consortium is composed of SPEx (Shell Philippines Exploration BV), with a 45 -percent sta ke, Chev ron Ma lampaya Llc., a lso w it h a 45-percent stake; and PNOC-EC (Philippine National Oil Co.-Exploration Corp.), which holds the remaining 10 percent.

COL: Stock market index rise may be capped at 8,600 by year-end

By VG Cabuag

@villygc

B

ROKERAGE firm COL Financial Inc. on Monday said the rise of the benchmark Philippine Stock Exchange index (PSEi) may be capped at 8,600 points by the end of the year on slower government spending and weaker global growth.

April Lynn Tan, the broker’s head of research, said there are expectations of lower government spending this year and slower global economic growth, both of which will have an effect on the rise of the stock market as investors’ sentiments may turn sour.

Last year, COL predicted the main index would end at 9,100 points. The index did reach that level, but early in 2018 before jittery markets pulled prices down, closing the year at the 8,000-point level.

“Although there are reasons we

should be optimistic this year, I feel like we have to be cautiously optimistic because the upside is capped. First, we still have problems domestically, the twin deficits, the risks of slower investment and slower government spending going into 2019 and we may not be as resilient to this global economic growth,” Tan said during the company’s economic briefing.

The twin deficit that Tan is referring to is the current account and budget deficits, as both are seen to limit the peso’s strength.

There are expectations of a slower growth of government investment and spending due to the delays in the passage of the 2019 budget, as well as the election ban on release of public funds, while the slower global economy could also hurt Philippine exports and remittances.

Tan, however, said inflation has peaked last year and this could mean an end to interest rate hikes and a reduction in banks’ reserve requirements will boost consumer spending.

Based on technical charts, COL’s chief technical analyst Juan Barredo said the main index may soon need to correct due to its stretched rebound with resistance at 8,200 to 8,300.

“The first half may be beset by zig-zag swings or wide patterns as some risks may cause opposing volatility. But, if the PSEi can remain over 7,300, or better at 7,580, then the rally posture may linger despite some pit stops and side reactions,” he said.

“Some risks show as US rally may stall, the weakness in the peso is still a concern, and oil prices are rallying from a major low, but the rally may be capped,” he said.

MWSS exec lauds P1.7-B Jica-funded water reclamation facility

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ETROPOLITAN Waterworks and Sewerage System (MWSS) Administrator Reynaldo V. Velasco recently led the inauguration of a P1.7-billion Jica-funded Parañaque Water Reclamation Facility.

The facility is the largest sewage treatment plant of Maynilad Water Services Inc. (Maynilad) in terms of processing capacity.

With the facility’s operation in full swing, the city government is assured of sufficient capacity for a 92-percent compliance rate in terms of its sewer connection.

Lauding the project’s completion Velasco said the Jica-funded project is a big boost to the ongoing Manila Bay cleanup effort of the government.

“We are happy with the completion of this modern water-reclamation facility three years after it was started. I commend both Maynilad and Parañaque City for remaining steadfast in pushing for this flagship project, despite protestations and brickbats from motorists, as this project is not only a means to comply with the Supreme Court mandamus to clean Manila Bay, but more so, for the overall benefit of the people,” Velasco said in a statement.

Velasco was guest of honor during the formal opening of the new STP facility in San Dionisio, Parañaque City, the other day with MWSS Chairman Franklin Demonteverde, MWSS RO Chief Patrick Ty, Parañaque City

Mayor Edwin L. Olivarez, Maynilad President and CEO Ramoncito S. Fernandez, Jica official Yoshio Wada, Development Bank of the Philippines President and CEO Cecilia Borromeo, and other members of the MWSS Board of Trustees.

“The success story of the Maynilad Water Reclamation Facility completion and the 92-percent compliance rate of Parañaque City to sewer connectivity including its firm resolve to clear more than 5,000 out of the 8,000 informal settlers living along esteros and rivers in the city should now become the template for all other local government units covered by our concessionaires,” Velasco said.

Parañaque City Mayor Olivarez said, “This is a very important step in our collective efforts to help you protect our environment, which is one of the pillars of governance agenda in the city to be business-friendly, and at the same time environment-friendly.”

Olivarez added the start of operations of the Parañaque Water Reclamation Facility is “timely” because of the renewed drive to fast-track the rehabilitation and cleanup of Manila Bay led by Environment Secretary Roy A. Cimatu. “With this water facility, we will now be able to remove pollutants from the wastewater being collected from Maynilad costumers in Parañaque before these are discharged to the waterways that eventually end up in Manila Bay,” Olivarez said.

Meanwhile, Maynilad recently

announced the company would invest P26.4 billion in the next five years to build new sewage treatment plants (STPs) and lay sewer lines in Caloocan, Las Piñas, Muntinlupa and Kawit, Cavite.

The new facilities, which will have a combined treatment capacity of 320 million liters per day (MLD), will remove harmful substances from the wastewater generated by more than 2 million Maynilad customers, thus helping to reduce pollution loading into water bodies.

Of the P26.4-billion budget allocation, about P16.3 billion will be spent for laying some 241 kilometers of new sewer lines, which will convey wastewater from households to Maynilad’s new STPs for treatment.

Once completed in 2021, these new facilities will expand Maynilad’s sewerage coverage to 47 percent up from only 6 percent in 2006 before Maynilad was re-privatized. The company aims to attain 100-percent sewer coverage by the end of the concession period in 2037.

“So far, we have invested P23.3 billion to improve the wastewater infrastructure and expand coverage in the West Zone since 2007. By sustaining investments in wastewater projects, we do our part in the cleanup and rehabilitation of Manila Bay, per the Supreme Court mandamus,” Fernandez said.

The company is investing P11.4 billion for wastewater projects this year. Jonathan L. Mayuga

YBRID skills are highly needed by the local labor market to fit in with new employment opportunities available in the country, the 2019 Emerging Jobs in the Philippines Report of LinkedIn said.

From the millions of unique, user-input work titles analyzed by the world’s largest professional network from 2013 to 2017, the top 5 rising jobs here are Data Scientist, Application Development Analyst, Back End Developer, Full Stack Engineer and Sales Development Representative.

LinkedIn discovered that, while the leading emerging jobs require competency to enable hiring companies in their digital shift, that majority of them need complementary skills.

Digitization in the Philippines is seen to account for P416.9 billion to the Philippines economy by 2022. “Our Emerging Jobs Report highlights the reality that new jobs are emerging more rapidly than at any other time in history. Traditional roles have evolved into hybrids that did not exist five years ago. While the top emerging jobs for the Philippines are mostly related to technology, many of them require soft skills such as management and communications skills, making them hybrids of new and traditional roles,” said Feon Ang, VP of talent and learning solutions for Asia Pacific at LinkedIn. The top skills for Data Scientist include data analysis, Python SQL, R programming and Machine Learning.

An Application Development Analyst must be adept in SQL, HTML, Java Script, Java and Cascading Style Sheets (CSS).

Meanwhile, knowledge in Java Script, PHP, My SQL, CSS, and jQuery is required for both Back End Developer and Full Stack Engineer positions.

For Sales Development Representative, a potential candidate must be competent in the areas of customer service, sales, leadership, management and marketing.

The study found that the evolution of busi-

ness-process outsourcing (BPO) is fueling the rise of hybrid skills.

Even if there are concerns on automation taking over routine tasks and affecting the jobs of low-skilled BPO workers, it is also enabling this sector to evolve and move up the value chain.

This industry is seeking core skills, such as big data, data analytics, cyber security, blockchain, digital commerce and fintech.

Given the rise in knowledge outsourcing, more organizations will offer more complex services, prompting the need for hybrid talent with both soft and hard skills who can communicate their unique value to clients and build lasting customer relationships. What also contributes to the increased demand for jobs in tech are digitalization in the public and private sectors, as well as the emergence of start-ups in fintech, agriculture, retail, and engineering, among others.

The demand for such jobs is fast growing yet comparatively low in supply, thus, encouraging companies to look into providing opportunities for existing employees to upskill or reskill.

LinkedIn’s data noted that human resource and talent acquisition teams must evolve and innovate the way they hire. As skills commonly associated with these emerging jobs evolve, recruiting based on a candidate’s title is no longer adequate and accurate in filling these gaps.

“Digital competence, as we now know, is composed of a blend of hard and soft skills. This competition for talent will only grow fiercer, so organizations need to build an adaptable work force,” Ang said.

“Real-time understanding of the demand and supply of skills, talent pools and talent movement is the first step toward building talent intelligence at scale,” he added.

LinkedIn has more than 590 million members and has offices globally. In the Philippines; it connects over 6 million professionals and build a data-driven recruiting method. Roderick L. Abad

B2

Companies BusinessMirror

Tuesday, January 29, 2019

PSE STOCK QUOTATIONS

January 28, 2019

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

ASIA UNITED 59.4 59.5 58.5 59.5 58.5 59.5 30000 1766950 BDO UNIBANK 138 138.1 136.5 139.3 136.2 138 3739320 517392455 BANK PH ISLANDS 92.1 92.15 91.8 92.7 91.8 92.1 3532890 325212815.5 CHINABANK 28.9 29 28.1 29.4 28.05 29 357200 10257170 EAST WEST BANK 12.6 12.64 12.56 12.72 12.56 12.6 345100 4357270 METROBANK 83.4 83.5 83 83.7 82.95 83.4 1564990 130405765 PB BANK 12.78 12.8 12.54 12.78 12.54 12.78 216700 2760928 PBCOM 20.25 20.95 21 21 20.2 20.2 1400 28360 PHIL NATL BANK 44.45 44.5 44.5 45 44.5 44.5 80800 3611910 PSBANK 60.8 60.95 60.6 60.95 60.25 60.8 12070 732796.5 RCBC 26.8 26.85 26.85 27.1 26.85 26.85 90700 2439190 SECURITY BANK 175 177.4 177.8 178 175 175 231070 40835984 UNION BANK 64.45 64.55 65 65.5 64.45 64.45 286970 18523156 BRIGHT KINDLE 1.44 1.49 1.44 1.5 1.44 1.49 177000 255190 BDO LEASING 2.15 2.17 2.15 2.17 2.13 2.17 96000 207100 COL FINANCIAL 16.2 16.5 16.5 16.5 16.5 16.5 112100 1849650 FIRST ABACUS 0.61 0.66 0.65 0.65 0.65 0.65 22000 14300 FERRONOUX HLDG 4.82 4.87 4.75 4.97 4.75 4.87 256000 1245380 FILIPINO FUND 7.8 8.98 7.74 7.8 7.74 7.8 1200 9342 IREMIT 1.39 1.47 1.43 1.43 1.38 1.38 155000 216450 MEDCO HLDG 0.45 0.465 0.445 0.46 0.445 0.445 450000 200850 NTL REINSURANCE 1.12 1.13 1.07 1.15 1.05 1.13 4792000 5355460 PHIL STOCK EXCH 181.5 186 184.5 186 181.1 186 670 123936 SUN LIFE 1805 1809 1810 1810 1810 1810 10 18100 VANTAGE 1.14 1.17 1.14 1.14 1.14 1.14 30000 34200

INDUSTRIAL ALSONS CONS 1.36 1.38 1.36 1.39 1.36 1.39 178000 244320 ABOITIZ POWER 37.9 38.4 37.7 38.4 37.5 38.4 1302100 49684440 BASIC ENERGY 0.24 0.245 0.246 0.247 0.24 0.246 360000 88050 FIRST GEN 20.25 20.35 20.5 20.6 20.1 20.35 1797300 36672840 FIRST PHIL HLDG 74.1 74.7 75 76 74.1 74.1 47050 3531032.5 MERALCO 375 376 372.6 378.4 372.6 375 226730 85210778 MANILA WATER 27 27.4 27.1 27.5 27.05 27.4 301400 8261195 PETRON 7.82 7.84 7.81 7.86 7.8 7.82 1166200 9128372 PETROENERGY 3.64 3.69 3.64 3.65 3.64 3.64 48000 174750 PHINMA ENERGY 1.29 1.3 1.3 1.32 1.28 1.3 33028000 42866770 PH RESORTS GRP 6.33 6.36 6.79 6.82 6.33 6.33 3177700 20795061 PHX PETROLEUM 10.78 10.8 10.7 10.78 10.7 10.78 75000 805158 PILIPINAS SHELL 47.15 47.55 47.4 47.75 47.1 47.15 873700 41301355 SPC POWER 6.4 6.45 6.45 6.55 6.45 6.45 113500 737442 VIVANT 16.06 17 16.5 16.5 16.5 16.5 100 1650 AGRINURTURE 16.08 16.24 16.2 16.36 16.08 16.24 371500 6046976 CNTRL AZUCARERA 17.3 17.58 18.38 19 17 17.58 80700 1437474 CENTURY FOOD 15.62 15.7 15.9 15.96 15.6 15.7 471100 7396850 DEL MONTE 6.5 6.67 6.4 6.4 6.4 6.4 3200 20480 DNL INDUS 11.72 11.74 11.72 11.8 11.68 11.74 3786200 44478778 EMPERADOR 7.6 7.64 7.55 7.66 7.43 7.64 283300 2156460 SMC FOODANDBEV 95 95.35 94.45 95.35 94 95.35 776280 73723373 ALLIANCE SELECT 1.03 1.04 1.02 1.06 1 1.04 10017000 10266940 GINEBRA 27 27.7 27.7 27.7 27 27.7 607700 16830305 JOLLIBEE 317 319.2 323 324 317 317 596470 190522802 MACAY HLDG 9.91 10.44 10 10.48 10 10.48 4000 41344 MAXS GROUP 12.48 12.5 12.48 12.64 12.48 12.5 370500 4650686 MG HLDG 0.175 0.18 0.176 0.176 0.175 0.176 200000 35100 PEPSI COLA 1.38 1.39 1.39 1.4 1.37 1.39 3332000 4617330 SHAKEYS PIZZA 11.74 11.92 12.1 12.2 11.74 11.74 315300 3762362 ROXAS AND CO 1.83 1.84 1.89 1.89 1.83 1.83 406000 752060 RFM CORP 4.76 4.84 4.76 4.76 4.75 4.75 3000 14270 ROXAS HLDG 2.81 2.98 2.81 2.98 2.81 2.98 11000 31930 SWIFT FOODS 0.125 0.126 0.126 0.126 0.125 0.125 330000 41390 UNIV ROBINA 147.2 148 149.3 149.4 145.5 148 667900 98835321 VITARICH 1.88 1.89 2.12 2.12 1.86 1.89 26979000 52649470 VICTORIAS 2.36 2.4 2.37 2.37 2.36 2.36 49000 115790 CONCRETE A 60.15 64.6 60.05 64.6 60.05 64.6 20 1246.5 CEMEX HLDG 2.37 2.38 2.35 2.49 2.34 2.38 28902000 69931640 DAVINCI CAPITAL 6.11 6.3 6.1 6.3 6.1 6.3 5400 33188 EAGLE CEMENT 15.92 15.94 15.8 16.1 15.8 15.94 1810300 28930834 EEI CORP 8.05 8.08 8.18 8.18 7.97 8.05 1160700 9,331,815( HOLCIM 7.3 7.33 6.71 8.5 6.71 7.3 9005100 65664342 MEGAWIDE 18.24 18.28 18.3 18.4 18.24 18.28 2137700 39029640 PHINMA 9.1 9.3 9.3 9.3 9.29 9.3 3100 28813 TKC METALS 0.93 0.96 0.97 0.97 0.94 0.96 232000 224060 VULCAN INDL 1.54 1.55 1.55 1.58 1.54 1.55 3043000 4719400 CHEMPHIL 133.2 140 140 140 140 140 140 19600 CROWN ASIA 1.78 1.79 1.79 1.79 1.78 1.78 96000 171000 EUROMED 1.55 1.69 1.55 1.55 1.55 1.55 1000 1550 LMG CHEMICALS 4.3 4.4 4.29 4.31 4.29 4.31 49000 210410 MABUHAY VINYL 3.2 3.29 3.15 3.3 3.15 3.3 44000 141940 PRYCE CORP 5.81 5.99 5.81 5.81 5.81 5.81 1900 11039 CONCEPCION 41 42 41.5 41.5 41 41 563000 23083280 GREENERGY 2.17 2.19 2.19 2.24 2.12 2.17 5740000 12436150 INTEGRATED MICR 11.88 11.96 11.8 12.2 11.7 11.88 841500 9963326 IONICS 1.68 1.7 1.7 1.72 1.66 1.68 575000 969840 PANASONIC 5.9 6.1 5.99 6.12 5.9 5.9 140800 842646 SFA SEMICON 1.4 1.45 1.4 1.45 1.4 1.45 59000 84050 CIRTEK HLDG 30.75 31 30.9 31.1 30.7 30.75 28700 885500

HOLDING & FRIMS ABACORE CAPITAL 0.66 0.67 0.66 0.68 0.65 0.66 14799000 9816600 ASIABEST GROUP 28.8 29 26.45 29.45 26.25 28.8 450100 12621130 AYALA CORP 927 929.5 924 933 922.5 927 672730 624281165 ABOITIZ EQUITY 63 63.55 64.7 65.8 63 63 1117720 71256543 ALLIANCE GLOBAL 14.28 14.3 14.36 14.4 14.22 14.28 4767500 68153972 ANSCOR 6.5 6.55 6.5 6.55 6.5 6.55 11900 77415 ANGLO PHIL HLDG 0.75 0.79 0.76 0.76 0.75 0.75 30000 22750 ATN HLDG A 1.42 1.43 1.44 1.46 1.41 1.42 7921000 11301200 ATN HLDG B 1.42 1.43 1.44 1.45 1.42 1.43 2858000 4096590 COSCO CAPITAL 7.49 7.5 7.48 7.5 7.47 7.49 1014300 7596915 DMCI HLDG 12.2 12.24 12.04 12.4 12.04 12.24 3895500 47733372 FILINVEST DEV 12.42 12.58 12.38 12.6 12.1 12.58 147100 1846380 FORUM PACIFIC 0.216 0.229 0.238 0.238 0.238 0.238 10000 2380 GT CAPITAL 1025 1035 1034 1050 1025 1035 93740 97277260 HOUSE OF INV 5.91 6.15 5.95 5.95 5.95 5.95 200 1190 JG SUMMIT 63.7 64.95 65.5 66.35 63.05 63.7 1458420 94003785.5 JOLLIVILLE HLDG 5.51 5.7 5.7 5.7 5.7 5.7 1000 5700 KEPPEL HLDG A 4.82 5.29 4.82 4.82 4.82 4.82 3000 14460 LODESTAR 0.62 0.63 0.64 0.64 0.62 0.62 339000 213460 LOPEZ HLDG 5.21 5.22 5.49 5.5 5.21 5.22 3822200 20448827 LT GROUP 15.54 15.58 15.66 16.14 15.58 15.58 2803600 44499736 MABUHAY HLDG 0.59 0.6 0.59 0.61 0.59 0.59 398000 236570 METRO PAC INV 4.9 4.94 4.98 5.06 4.87 4.9 32152000 159709640 PACIFICA 0.038 0.04 0.041 0.041 0.038 0.038 26100000 1036500 PRIME ORION 2.43 2.46 2.42 2.45 2.41 2.43 286000 694400 PRIME MEDIA 1.17 1.23 1.17 1.17 1.17 1.17 6000 7020 REPUBLIC GLASS 2.56 2.66 2.56 2.56 2.56 2.56 66000 168960 SOLID GROUP 1.33 1.35 1.33 1.35 1.32 1.35 255000 341080 SYNERGY GRID 450 464.8 464.8 464.8 464.8 464.8 50 23240 SM INVESTMENTS 970 988 987 1001 970 970 259620 255752895 SAN MIGUEL CORP 165.4 166.3 168.6 169.4 165 165.4 602800 100124980 SOC RESOURCES 0.8 0.84 0.82 0.85 0.81 0.81 250000 208200 TOP FRONTIER 260.2 280 260.2 280 258 280 8810 2419390 WELLEX INDUS 0.25 0.26 0.25 0.265 0.245 0.26 9990000 2563750 ZEUS HLDG 0.212 0.228 0.212 0.212 0.212 0.212 10000 2120

PROPERTY ARTHALAND CORP 0.97 0.98 0.97 0.99 0.94 0.97 3901000 3773270 ANCHOR LAND 10.58 11.18 10.6 10.6 10.58 10.58 2900 30698 AYALA LAND 44.2 44.3 44.6 44.8 43.85 44.2 15793200 701225700 ARANETA PROP 1.66 1.69 1.66 1.66 1.64 1.66 435000 720030 BELLE CORP 2.5 2.51 2.49 2.54 2.49 2.51 1072000 2693830 A BROWN 0.82 0.83 0.81 0.84 0.81 0.83 678000 554550 CITYLAND DEVT 0.87 0.9 0.89 0.89 0.87 0.87 220000 191860 CROWN EQUITIES 0.242 0.246 0.24 0.248 0.24 0.246 5300000 1289300 CEB LANDMASTERS 4.17 4.19 4.26 4.26 4.17 4.17 363000 1523210 CENTURY PROP 0.46 0.465 0.475 0.48 0.465 0.465 5430000 2556700 CYBER BAY 0.375 0.395 0.385 0.385 0.38 0.38 300000 114500 DOUBLEDRAGON 20.85 20.95 20.85 21.5 20.85 20.95 826800 17471090 DM WENCESLAO 9 9.01 8.67 9.21 8.67 9 2264300 20406998 EMPIRE EAST 0.5 0.51 0.51 0.51 0.495 0.495 50000 25025 FILINVEST LAND 1.51 1.52 1.52 1.58 1.52 1.52 9076000 13980010 GLOBAL ESTATE 1.17 1.18 1.18 1.19 1.17 1.17 719000 845670 8990 HLDG 8.75 8.8 8.7 8.8 8.7 8.8 506000 4430488 PHIL INFRADEV 2.35 2.36 2.47 2.5 2.36 2.36 12232000 29461710 CITY AND LAND 0.76 0.77 0.79 0.79 0.77 0.77 330000 257970 MEGAWORLD 5.25 5.29 5.24 5.3 5.24 5.29 11068400 58449499 MRC ALLIED 0.42 0.425 0.43 0.43 0.42 0.42 10440000 4437450 PHIL ESTATES 0.465 0.47 0.465 0.52 0.46 0.47 22380000 10975100 PRIMEX CORP 3.23 3.3 3.3 3.3 3.23 3.3 257000 839230 ROBINSONS LAND 23.05 23.1 23 23.4 22.75 23.05 928000 21424285 PHIL REALTY 0.45 0.455 0.405 0.46 0.4 0.455 7640000 3394650 ROCKWELL 1.98 2 1.98 2 1.98 1.98 23000 45740 SHANG PROP 3.1 3.12 3.12 3.12 3.09 3.12 91000 282410 STA LUCIA LAND 1.33 1.35 1.37 1.37 1.33 1.33 859000 1149940 SM PRIME HLDG 39.75 39.95 39.6 39.95 39.6 39.95 10371800 413476185 STARMALLS 5.95 5.97 5.94 6.04 5.94 5.95 203900 1215073 SUNTRUST HOME 0.7 0.73 0.71 0.71 0.7 0.7 110000 77100 PTFC REDEV CORP 45.05 50 55 64 45.05 50 11030 591887 VISTA LAND 5.82 5.87 5.92 5.92 5.82 5.87 5803300 34044940

SERVICES ABS CBN 23.85 23.9 24.95 25.3 23.85 23.9 440100 10752290 GMA NETWORK 5.8 5.82 5.72 5.84 5.71 5.8 297300 1718576 MANILA BULLETIN 0.345 0.375 0.355 0.355 0.345 0.345 160000 56000 GLOBE TELECOM 2142 2144 2120 2160 2118 2142 51785 110988150 PLDT 1372 1385 1330 1386 1330 1385 146975 201212300 APOLLO GLOBAL 0.039 0.04 0.04 0.04 0.039 0.04 6000000 238800 DFNN INC 6.77 7.27 7.36 7.36 7 7 44100 308988 ISLAND INFO 0.127 0.13 0.125 0.132 0.125 0.127 8190000 1050540 ISM COMM 5.86 5.87 6.05 6.09 5.82 5.86 8056700 47943841 JACKSTONES 3.24 3.28 3.12 3.24 3.12 3.24 52000 166740 NOW CORP 3.59 3.6 3.64 3.74 3.6 3.6 1665000 6054540 TRANSPACIFIC BR 0.465 0.47 0.46 0.47 0.455 0.465 36400000 16883350 PHILWEB 3.03 3.08 3.11 3.12 3.02 3.03 1249000 3822170 2GO GROUP 13.88 13.9 13.9 14.2 13.6 13.88 65800 918112 ASIAN TERMINALS 14.04 15 15 15 15 15 300 4500 CEBU AIR 88.95 89 85.7 89.2 85.7 88.95 514320 45360623.5 CHELSEA 6.42 6.43 6.51 6.65 6.42 6.43 1387800 9001598 INTL CONTAINER 108.6 108.8 107 109.6 107 108.6 3049540 331146264 LBC EXPRESS 14.32 14.9 15 15 15 15 200 3000 LORENZO SHIPPNG 0.81 0.82 0.81 0.81 0.81 0.81 73000 59130 MACROASIA 18 18.14 18 18.3 18 18 1227300 22246158 METROALLIANCE A 2.09 2.12 2.19 2.25 2.09 2.12 1224000 2587810 METROALLIANCE B 2.07 2.27 2.24 2.43 2.24 2.28 33000 76930 PAL HLDG 13.08 13.1 13.5 14.3 12.04 13.08 1731600 22747160 HARBOR STAR 3 3.02 3.05 3.05 2.99 3 1062000 3187660 ACESITE HOTEL 1.33 1.34 1.33 1.38 1.33 1.34 156000 209890 BOULEVARD HLDG 0.058 0.059 0.054 0.06 0.053 0.058 81940000 4718020 GRAND PLAZA 10.34 11.9 11.9 11.9 11.9 11.9 200 2380 WATERFRONT 0.71 0.72 0.7 0.73 0.69 0.72 2882000 2042060 CENTRO ESCOLAR 7.9 7.99 7.99 8 7.9 7.9 10300 82080 IPEOPLE 10.68 11 11.14 11.14 11 11 1400 15456 STI HLDG 0.76 0.77 0.77 0.78 0.75 0.76 7169000 5496410 BERJAYA 2.9 2.96 3.03 3.05 2.85 2.96 3234000 9530560 BLOOMBERRY 10.56 10.62 10.5 10.74 10.48 10.56 8401200 88630512 PACIFIC ONLINE 9.4 9.77 9.64 9.64 9.4 9.44 37000 350084 LEISURE AND RES 3.28 3.29 3.26 3.36 3.26 3.29 673000 2227470 MANILA JOCKEY 4.99 5 4.89 5 4.88 4.99 307700 1516646 PREMIUM LEISURE 0.89 0.9 0.91 0.91 0.88 0.89 8315000 7490110 TRAVELLERS 5.4 5.44 5.85 5.9 5.39 5.4 1550500 8547081 METRO RETAIL 2.68 2.69 2.67 2.74 2.65 2.68 1684000 4519280 PUREGOLD 45.7 46 45 46 45 46 2717900 124036565 ROBINSONS RTL 85.4 86.5 85 87 84.95 86.5 999570 86457363 PHIL SEVEN CORP 117.5 121 117 117.5 117 117.5 210 24656 SSI GROUP 2.45 2.46 2.45 2.54 2.43 2.45 16939000 42216680 WILCON DEPOT 13.22 13.24 13.36 13.36 13.24 13.24 572800 7607602 APC GROUP 0.445 0.465 0.455 0.465 0.445 0.455 2430000 1102200 EASYCALL 15.7 15.76 16.6 16.6 15.4 15.74 241000 3807188 GOLDEN BRIA 353 353.8 350 355 340 353.8 1610 563762 IPM HLDG 7.18 7.25 7.25 7.25 7.2 7.2 8500 61495 PRMIERE HORIZON 1.36 1.37 1.1 1.42 1.07 1.36 608498000 769229330 SBS PHIL CORP 8.22 8.23 8.19 8.29 8.17 8.22 530000 4356538

MINING & OIL ATOK 13.4 13.6 14.9 15 13.4 13.6 33800 462808 APEX MINING 1.58 1.6 1.59 1.62 1.58 1.6 2460000 3931040 ABRA MINING 0.0021 0.0022 0.0021 0.0021 0.002 0.0021 107000000 224300 ATLAS MINING 2.83 2.9 2.99 2.99 2.82 2.9 191000 552240 BENGUET B 1.2 1.25 1.25 1.25 1.25 1.25 100000 125000 CENTURY PEAK 2.04 2.05 2.03 2.06 2.03 2.04 296000 605420 DIZON MINES 7.85 7.91 7.91 7.97 7.8 7.9 4700 37171 FERRONICKEL 1.48 1.49 1.49 1.5 1.47 1.49 2945000 4388260 GEOGRACE 0.22 0.223 0.22 0.228 0.219 0.221 110000 24460 LEPANTO A 0.119 0.121 0.119 0.119 0.118 0.119 1240000 147400 LEPANTO B 0.121 0.129 0.121 0.121 0.121 0.121 50000 6050 MARCVENTURES 1.16 1.19 1.19 1.19 1.19 1.19 4000 4760 NIHAO 1.09 1.14 1.16 1.16 1.09 1.14 561000 622090 NICKEL ASIA 2.47 2.49 2.53 2.54 2.46 2.49 772000 1929300 OMICO CORP 0.67 0.69 0.69 0.69 0.69 0.69 55000 37950 ORNTL PENINSULA 0.99 1 0.98 1 0.96 1 334000 325890 PX MINING 4.08 4.09 3.98 4.08 3.98 4.08 1803000 7260400 SEMIRARA MINING 23.25 23.7 23.1 24 23.1 23.25 1009100 23858390 UNITED PARAGON 0.0078 0.008 0.0075 0.0086 0.0075 0.008 167000000 1372600 ORNTL PETROL A 0.012 0.013 0.012 0.012 0.012 0.012 2600000 31200 ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 700000 8600 PHILODRILL 0.012 0.013 0.012 0.012 0.012 0.012 104900000 1258800 PHINMA PETRO 3.65 3.74 3.65 3.74 3.65 3.74 49000 179030 PXP ENERGY 15 15.02 15.06 15.14 14.9 15 684500 10270206

PREFFERED HOUSE PREF A AC PREF B2 DD PREF FGEN PREF G GTCAP PREF A GTCAP PREF B LR PREF MWIDE PREF PNX PREF 3A PNX PREF 3B PCOR PREF 2A SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

95.1 498 98 102 900 899 0.99 101.1 99.5 103.2 965.5 74.8 75.6 72.5 72.1 74.4 73 72.65 73

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20.8 5.55 1.96

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.85 XURPAS 1.33

119.3

34750 -1980075 -60863950 13542202 9764392 76760 2690210 3006372 20696028 -16272 4318030 31588693 3993216 -19531520 -73800 -28676720 -179550 -23240 41130875 -2511256 -1488892 21160 248026535 -611570.0001 154500 -8010 -191700 -79700 3033075 -10476974 -1603950 -5850 517614.9999 160160 25910 44368335 1731300 3250 8363950 -91000 274559550 65620 -17863894 7584140 104515430 -52600 -862171 -116480 -1274100 -938800 -18200 14217074 912024 29213262 10419786 -34166 45000 58500 1334730 51520 -382610 -148700 131170 -247594 776120 -971665 31002107.5 19975 1501730 765838 54000 9274 -6617660 21000 14150 -20500 155840 782600 5880 1458810 630335 -2600 156146

95.5 498 98.2 102 929.5 900 1 101.4 100 105 963 75.25 76 72.65 72.6 74.8 73 73.5 73.4

96 498 98.2 102 929.5 900 1.01 101.4 100 105 963 75.25 76 72.65 72.6 74.8 73.05 73.5 73.5

95.1 498 98 102 929.5 900 1 101 100 105 963 74.8 75.5 72.5 72.05 74.4 73 72.65 73

95.1 498 98 102 929.5 900 1.01 101.4 100 105 963 74.8 75.5 72.5 72.05 74.4 73.05 72.65 73

1500 50 550 500 100 7390 201000 3410 8200 100 30 4420 13000 2800 5910 8010 7000 2190 28400

143235 24900 53902 51000 92950 6651000 201010 345696 820000 10500 28890 331934 982817 203150 427668 599144 511050 159265 2080400

31000 -

20.85 5.7

21 5.61

21.1 5.67

20.65 5.6

20.8 5.6

619400 75000

13003505 421205

3455355 -

2

1.95

2.07

1.95

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405000

813550

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4.9 1.34

4.82 1.31

4.95 1.37

4.8 1.3

4.9 1.33

492000 12093000

2382180 16013330

-192000 -390640

EXHANGE TRADE FUNDS FIRST METRO ETF

28175565 14609495 1818776 19199836 -3609145 1874281 18200 -19773480 -183665 121814 -8951620 -1935 470892 887766 -10676160 140151 45902385 -7620 8100 -14243132 -2022252 1763100 -2718960 -4750 6250 44104107 1709540 -20421820 -5806014 3,225,523.9997) 1435311 5314918 8370 21840 21480 -33030 157880 2882578 8500 -5600 108680

96 499 98.1 103.5 930 900 1.01 101.4 100.9 106.9 1000 75 76 73.85 74.4 74.8 74.5 73.5 73.95

WARRANTS LR WARRANT

1003500 217382638 59149841 -2803690 -1193606 42837084 258185 7917 1360200 2672275 -4451909.5 -90399.9997 -7380 -

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Editor: Efleda P. Campos

Megaworld selling office spaces in Gen. Trias, Cavite

P

By VG Cabuag

@villygc

ROPERTY developer Megaworld Corp. on Monday said it will start selling office spaces in its 140-hectare Maple Grove township in General Trias, Cavite.

To be sold first are units in the 17-story One Corporate Place, which offers 93 select office units with layout sizes ranging from 63 square meters to 281 sq m. The space is perfect for corporate offices and business-process outsourcing companies, including small to medium enterprises, the company said.

“Maple Grove’s rising business district in this side of Cavite allows companies to thrive and grow their businesses in a green and sustain-

able community where everything is integrated and within reach. The entire development itself, as in any other townships that we’ve already built, will be walkable from one office tower to another, or to the mall, residential towers and parks that we will build around the community,” Megaworld’s Vice President for Sales and Marketing Rachelle Peñaflorida said.

Equipped with its own buildingmanagement system, it will have facilities such as a 24-hour security and fire command center, seismic detec-

tion and monitoring system, standby generators for full back-up power, fire security system, water reservoir with separate fire reserve-water tanks, and a 24-hour CCTV monitoring system. The entire building will also be fiber-optic ready.

The office tower will also be highlighted with sustainability features that include a roofdeck garden, use of energy-saving LED lights in common areas, use of dual-flush type water closets for common toilets and its own material recovery facility that allows waste segregation and recycling.

“Owning an office space in Maple Grove would be a wise move especially since General Trias is now fast becoming a key growth area in Cavite. In five years, we expect rental prices to go up as more developments rise within the township,” Peñaflorida said.

In October, Megaworld launched the 10-story The Verdin at Maple

Grove, its first residential condominium tower in the township.

Last year, the company also announced it is building the Maple Grove Commercial District, a 35-hectare Makati-inspired business district within the 140-hectare township, offering 363 prime lots where companies and businesses can construct their own buildings and towers.

The district will be surrounded by seven green and open parks including a central park.

Aside from the commercial district, residential properties and green parks around the development, Maple Grove will soon have its own shopping mall, commercial centers and office towers.

The township is easily accessible via the Coastal Road and Cavitex, with an estimated travel time of only 30 minutes to 45 minutes from Makati and Bonifacio Global City in Taguig.

SPSB hopes House bill approved to bolster goal of solar service to more rural areas

By Lenie Lectura

@llectura

S

OLAR Para sa Bayan Corp.

(SPSB) is hoping the Senate hearings on House Bill 8179 will pave the way for various groups to fully grasp the importance of its goal to extend its services to other parts of the Philippines seeking alternative choices for electric service.

“We are hoping the industry will consider,” said SPSB President Leandro Leviste after the second hearing conducted by the Senate Committee on Public Services held on Monday.

Leviste was referring to the groups—mostly from the renewableenergy (RE) sector—that are not in favor of granting SPSB a 25-year franchise to construct, install, establish, operate, and maintain distributable power technologies and mini-grid systems throughout the Philippines.

In December last year, the House of Representatives approved on second reading House Bill 8179.

“The divide in this discussion is very clear. If you are a producer, you want to protect the businesses of producers.

“If you are a consumer, you want to have as many choices as possible to have the lowest cost and best service for consumers. There has yet to be a single consumer who is unaffiliated with a producer who has anything negative to say about this bill. We are, therefore, elated that has be-

came clear in the last two hearings on this bill,” he said in an interview after the hearing.

“Again, we see very little opposition to the bill as far as democracy is concerned,” he added.

He said HB 8179 will also help the Department of Energy (DOE) achieve its goal of 100-percent electrification and affordable, reliable electricity for all Filipinos by 2022.

The DOE, represented by Assistant Secretary Gerphy Erquiza, acknowledged this, saying the agency’s concern is to fulfill th government’s electrification program.

“We look at the electric cooperatives [ECs] serving. Step up and serve the people. If they cannot serve the people and somebody comes in…

We are not opposing this franchise because it wants to serve the people.

“We will see to it that what is expected of the DOE will be done. We will define what is unserved and underserved. Solar Para sa Bayan will go through the process just like other power-generation companies,” Erquiza said.

The DOE defines unserved areas as areas without electricity access while underserved areas are areas whose electricity services are less than 24 hours, affected by the non-implementation of applied capital expenditure projects with the Energy Regulatory Commission and currently served with individual PV solar-home system.

Aramco’s $1.6-B Korea deal deepens Asian refining ties

S

AUDI Arabian Oil Co. is taking a nearly 20-percent stake in South Korean oil refiner Hyundai Oilbank Co. for $1.6 billion, tightening the grip of the world’s top crude exporter on the biggest oil-consuming region.

The Saudi state-owned giant, known as Aramco, is seeking to firm up its customer base and market share in Asia as it moves toward a partial listing in what could be the biggest-ever initial public offering.

The Hyundai Oilbank purchase announced on Monday would be the latest in Aramco’s refining asset spree across the region in recent years, eyeing stakes in plants in China, India, Indonesia, Malaysia and Pakistan. Aramco has also taken equity positions in whole refining companies, such as its 15-percent share in Japan’s Showa Shell Sekiyu KK or its 63 percent of the common stock in South

Korea’s S-Oil Corp. “Saudi Aramco growing its footprint in the Asian refining industry is now a well-established strategy,” said Vandana Hari, founder of Vanda Insights, a Singaporebased provider of oil market analysis. “It offers security of demand for Saudi crude and enables the company to participate in downstream margins, especially in a region with high demand growth for fuels.”

Aramco, the world’s biggest oil exporter, and Hyundai Heavy Industries Holdings Co., which is selling the 19.9-percent Hyundai Oilbank stake, are expected to hold board meetings early next month to approve the deal, a spokesman for the South Korean company said. Hyundai Heavy Industries Holdings said it aims to complete 1.8 trillion won sale this year, which involves Aramco paying 36,000 won per share.Bloomberg News

MUTUAL FUNDS

January 28, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 268.83 -11.82% 5.03% 3.81% 6.58% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4844 -10.54% 13.59% 3.87% 3.03% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.16 -13.19% 7.1% 2.19% 6.58% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9529 -7.15% N.A. N.A. 7.01% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC.* 0.884 N.A. N.A. N.A. 7.71% FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.572 -10.33% 4.78% 3.03% 5.71% MBG EQUITY INVESTMENT FUND, INC. * 123.19 3.91% N.A. N.A. 5.78% ONE WEALTHY NATION FUND, INC.* 0.8943 -12.73% -2.9% N.A. 7.44% PAMI EQUITY INDEX FUND, INC.* 52.9606 -10.23% 6.5% N.A. 7.63% PHILAM STRATEGIC GROWTH FUND, INC.* 548.89 -10.67% 4.84% 2.98% 6.63% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.3319 -8.25% 6.43% N.A. 6.21% PHILEQUITY FUND, INC.* 39.1201 -8.68% 7.37% 5.67% 6.79% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC.* **** 1.0542 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC.* 5.3462 -10.28% 7.33% 5.69% 7.81% PHILIPPINE STOCK INDEX FUND CORP.* 893.05 -10.08% 7.21% 5.75% 7.79% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.9121 -9.68% 4.37% N.A. 5.91% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.3295 -9.92% 6.82% 4.12% 6.67% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 1.0282 -10.4% 7.08% N.A. 7.74% UNITED FUND, INC.* 3.7255 -6.64% 8.35% 4.62% 6.41% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***^ 119.4107 -9.74% 8.37% 6.84% 7.82% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9694 -18.99% 7.56% 0.79% 4.34% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1815 -12.08% N.A. N.A. 6.91% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.7346 -9.83% 1.48% -0.17% 5.05% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.3083 -8.39% 4.16% 1.76% 4.49% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.65 -6.23% 1.82% -0.37% 4.17% GREPALIFE BALANCED FUND CORPORATION* 1.3654 -8.93% N.A. N.A. 4.68% NCM MUTUAL FUND OF THE PHILS., INC* 1.9158 -6.36% 3.34% 2.61% 3.94% PAMI HORIZON FUND, INC.* 3.6334 -10.05% 1.83% 1.54% 2.95% PHILAM FUND, INC.* 16.4648 -8.85% 2.13% 1.61% 3.5% SOLIDARITAS FUND, INC.* 2.1601 -6.23% 3.63% 3.55% 4.24% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.8281 -7.49% 3.5% 2.49% 4.84% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9688 -8% 2.96% N.A. 5.11% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03549 -1.36% 0.08% 1.79% 0.68% PAMI ASIA BALANCED FUND, INC.* $0.9532 -13.69% 5.15% -0.53% 1.82% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.4735 -9.03% 5.66% 1.74% 4.99% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0423 -8.84% N.A. N.A. 3.2% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 344.52 2.04% 2.13% 2.03% 0.33% ATRAM CORPORATE BOND FUND, INC.* ^^ 1.8692 -1.18% -0.33% -0.29% 0.54% COCOLIFE FIXED INCOME FUND, INC.* 2.9819 5.43% 5.35% 5.27% 0.37% EKKLESIA MUTUAL FUND INC.* 2.1417 1.42% 1.58% 1.65% 0.53% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2231 0.18% 0.31% 0.52% 0.62% GREPALIFE FIXED INCOME FUND CORP.* P 1.5878 -1.87% -0.37% 0.23% 1.5% PHILAM BOND FUND, INC.* 3.8814 -4.2% -0.91% 0.08% -0.98% PHILEQUITY PESO BOND FUND, INC.* 3.5619 1.81% 1.03% 0.97% 1.27% SOLDIVO BOND FUND, INC. * 0.9091 -1.61% -0.2% N.A. 1.85% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.8127 0.75% 1.55% 1.35% 1.69% SUN LIFE PROSPERITY GS FUND, INC.* 1.5643 0.37% 1.21% 0.94% 1.58% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $449.79 0.93% 2.24% 3.08% 0.34% ALFM EURO BOND FUND, INC. * Є213.5 -0.16% 1.21% 1.56% 0.4% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1378 0.73% 1.07% 2.1% 1.07% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 - 0.4% 0.82% N.A. 0.4% GREPALIFE DOLLAR BOND FUND CORP.* $1.6932 -4.09% -0.65% 1.1% 0.18% 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* $1.0408 -2.25% -0.55% -2.4% 0.31% PHILAM DOLLAR BOND FUND, INC.* $2.1968 -1.77% 0.92% 2.86% 1.18% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0571532 0.24% 0.94% 1.85% 0.3% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8982 -3.46% 0.31% 1.85% 0.91% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 121.35 3.02% 1.98% 1.64% 0.42% PHILAM MANAGED INCOME FUND, INC.* 1.1826 1.93% 0.77% 0.53% 0.06% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2223 2.77% 2.31% 1.67% 0.27% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* $1.0176 1.84% N.A. N.A. 0.17%

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

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

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

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Investors continue to bank on longer-dated securities

T

By Rea Cu

@ReaCuBM

HE Bureau of the Treasury (BTr) said it expects market demand to shift to longer-dated government securities, as the auction committee saw bids for the 364-day Treasury bills (T-bills) more than twice oversubscribed.

National Treasurer Rosalia V. de Leon said the Treasury saw strong demand for the 364-day T-bill as bids for the security reached P19.747 billion, from the P8 billion on offer.

“So again, we see that there’s already the flow going into the longer tenor; longer, meaning on the one

year [security],” de Leon said.

The rate for the T-bill fell by 2.30 basis points to 5.946 percent coming from 5.969 percent in the previous auction.

The decline prompted the auction committee to open its Tap facility for the 10 government securities eligible

BSP eyes further enhancements to PHL payments system in 2019

T

HE Bangko Sentral ng Pilipinas (BSP) is eyeing further enhancements to the country’s payments system this year, after the launch of two electronic clearing houses in the previous years.

In a speech of Central Bank Governor Nestor A. Espenilla Jr. as delivered by Deputy Governor Chuchi G. Fonacier, the governor said further enhancements are in the pipeline for the country’s payment system, with current efforts that would include the development of an interoperable national quick response (QR) code standard.

This standard, according to the BSP, is born out of the “fundamental need” to create an efficient digital financial ecosystem for the country where innovations can come together to achieve the greatest synergy for local financial consumers.

A QR code is an image consisting of black and white squares that could store information about a certain product, service or transaction. It works similar to a traditional barcode, except that it can be scanned or read via a smartphone’s camera.

The BSP said an interoperable national QR code standards will accelerate the digitalization of merchants to close the loop on the digital payment system. In Espenilla’s speech, technological advances in the banking and payments system have been cited as one of the key core challenges that the BSP is looking to deal with this 2019.

“Another challenge is to adapt to the rapid expansion and reach of technological innovation and deployment of digital financial solutions,” Fonacier said. “These developments need to meet the highest standards of transparency, product suitability, security and confidentiality to ultimately serve the public.”

Among the other challenges at the BSP’s table include developments in the economic global landscape and keeping an eye out for signs of excessive credit and leverage in the financial system.

Bianca Cuaresma

dealers, many of which are commercial banks, for the one-year T-bill at the same offering of P8 billion and same rate of 5.946 percent.

Bids for the 182-day T-bill reached P11.699 billion, which resulted to the auction committee awarding the full P6 billion on offer.

The average annual rate for the security fell by 2.20 basis points to settle at 5.892 percent coming from the 5.914 percent during the previous auction.

Demand for the 90-day T-bill, with an offering of P6 billion, fell short as bids for the security were undersubscribed at P5.807 billion.

This is due to banks trying to offset the higher cost of their funding, as rates for time deposits increased, according to de Leon.

“So now they are trying also to make sure that the yields where they invest will be able to make up

for the higher cost of fund of the bank,” she added.

The auction committee awarded P4.397 billion for the IOU at an average annual rate of 5.534 percent.

This posted an 11.60-basis-point increase from the previous auction rate of 5.418 percent.

“We also have a maturity of about P11 billion that would also be liquidity. And there is also a forthcoming, big maturity on February [19] of about P70 billion,” she said.

The auction committee also opened its over-the-counter (OTC) window for all tenor buckets to enable participation from tax exempt institutions or governmentowned and -controlled corporations (GOCCs).

“For the Tap, it would be the one year for P8 billion; for the OTC, we always open that, but that’s really for the tax-exempt GOCCs,” she added.

Takeda seen planning Japan bond sale after Shire purchase

T

AKEDA Pharmaceutical Co. is planning what would be the biggest singletranche Japanese corporate yen bond sale in an effort to extend its debt obligations following its $62-billion purchase of Shire Plc., according to people with knowledge of the discussions.

The drugmaker is planning to sell as much as ¥500 billion ($4.6 billion) of hybrid notes in the fiscal year starting April 1, said the people, who asked not to be identified because the details are private. That would be the largest-ever public issuance of Japanese corporate bonds in the local market excluding private placements, according to Bloombergcompiled data.

A spokesman for Takeda declined to comment.

Takeda’s takeover of Shire—the largest announced global deal of 2018—vaulted it into the ranks of the 10 biggest drugmakers by sales, but also more than doubled the Japanese firm’s borrowing level. Takeda’s management has stressed the importance of maintaining its credit ratings at investment grade, and hybrid debt can help achieve that as ratings firms may view the bonds as having an equity component

depending on their structure. Takeda is looking to extend its debt maturities and is examining the sale of bonds that aren’t callable for the first six years, the people said. Takeda faces maturities as early as 2020 on euro-denominated debt sold last November to refinance part of the Shire acquisition, which was completed earlier this month.

S&P Global Ratings cut Takeda’s credit rating by one level to BBB+ after the deal closed, following a similar move by Moody’s Investors Service. Both cited the high level of debt and concerns over whether Takeda would be able to deleverage fast enough as it integrated Shire’s operations into its own.

CEO Christophe Weber has said he intends to move quickly on asset sales as part of its deleveraging plan, with the company laying out a scenario of a potential $10 billion in divestments.

The company is working with bankers on gauging interest for its emerging-market prescription and over-the-counter assets, which could go for about $3 billion, Bloomberg reported last week. It also detailed plans on Monday to dispose of a portfolio of real-estate assets to an unnamed buyer. Bloomberg News

Tuesday, January 29, 2019 B3

Preparing to retire

R

ETIREMENT is defined as the withdrawal from one’s position or occupation or from active working life. In many cases, retirement is a matter that is not really prioritized, especially for young entrepreneurs and professionals.

Slogans like Yolo, or “you only live once,” seem to put a lot of weight on the present. However, retirement is something that has to be planned for as it will ultimately happen to many. In this light, there are three vital questions that have to be answered in order to plan effectively for retirement.

The first question is “What is the retirement goal?” Stephen Covey once said that we should begin with the end in mind. Retirement is not exempt from having a goal. Leaving retirement up to sheer luck will be very risky.

Awareness of the retirement goal can help bring about a more purposive way of living.

The retirement goal question can be answered in terms of time.

What is the planned retirement age? For many, the retirement age can be the mandatory retirement age in the corporate world.

For others who follow a different path, the retirement age can be a lot lower. What is the expected life expectancy? According to the latest report in 2018 of the World Health Organization, the average life expectancy in the Philippines is about 69.3 years. Life expectancy can vary depending on one’s general health status.

The difference between life expectancy and the retirement age is the retirement period. Thus, the retirement goal question can also be answered in terms of financial value. What amount will be needed to sustain life during the retirement period? Forecasting the financial value can be based on items like current lifestyle spending, possible future opportunities and also on the projected inflation figures.

The second question then, is: “What are the resources to support retirement life?” Current resources of an individual can be those that are liquid and non-liquid. Liquidity refers to the ease through which assets can be converted to cash.

Examples of liquid assets include cash, bank accounts and easy-toconvert financial investments.

Examples of non-liquid assets can be physical property and longterm financial investments. Apart

Genesis Kelly S. Lontoc

PERSONAL FINANCE from current resources, expected resources must be considered, as well. These additional resources can include additional cash from projected salary increases, corporate retirement benefits, gains from long-term financial investments and also benefits from government pension schemes.

In reality though, the amount needed for retirement may be higher than what both current and expected resources can support. This can be referred to as the retirement gap.

The third question then is, “How can the retirement gap be addressed?” There are quite a number of ways that can be done in the present to bridge the gap. One way is to review expenses. By identifying needs versus wants, by optimizing expenses to proper levels and by developing a good budget, money can be added to the assets of an individual.

Another way is to augment income. Income can be in terms of active income. Active income can be enhanced over time through professional development and good work ethic. Income can also be in terms of passive income. This type of income can be enhanced through additional work, running a business and financial investments. A good combination of active income and passive income can help an individual generate multiple streams of income that can further augment the resources needed for retirement.

In planning for retirement, time is truly a great ally. It is never too early for one to plan for retirement.

Consciousness and action related to the preparation for resources needed for retirement can spell the difference. Living in the present must be balanced with living the kind of life planned for in the future. Hopefully, the financially seeds planted today will eventually lead to a good future financial harvest.

Gemmy Lontoc is a Registered Financial Planner of RFP Philippines.

To learn more about personal financial planning, attend the 75th RFP program in March. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Security Bank Foundation helps Tarlac school rise after typhoon

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ECURITY Bank Foundation Inc. (SBFI) announced it has replaced the school chairs, tables and electric fans of the Voice of Truth Foundational Learning Center in Camiling, Tarlac, that were damaged by the flooding caused by typhoons that hit Northern and Central Luzon.

Bags filled with brand-new school supplies were also distributed to 75 students of the beneficiary school, the charitable arm of Security Bank said.

The turnover ceremony was graced by

MELISSA AQUINO, trustee of the Security Bank Foundation Inc., led SBFI’s charitable activity for the Voice of Truth Foundational Learning Center in Camiling, Tarlac, which was adversely affected by typhoons that hit Northern and Central Luzon.

the presence of Patricia Capwell, national director of the Institute for Foundational Learning, the organization running the beneficiary school, and Melissa Aquino, SBFI trustee.

Also present to witness the turnover were Security Bank Business Managers Roselyn Arato of Tarlac Branch and Angelica Liwanag of the bank’s TarlacTañedo Branch.

Through a presentation, the students expressed their gratitude and joy after receiving brand-new school

supplies and furniture, which will enable them to comfortably continue their classes free from worry about damaged classrooms or incomplete resources.

“Security Bank Foundation is a big help and a great blessing to all—providing a project that uplifts and gives hope to people who are devastated by unexpected calamities,” Veronica Zacarias, Princi-

pal of the Voice of Truth Foundational Learning Center, said. “It is our prayer that this project of assisting calamityaffected schools will continue.”

The Foundation’s assistance to calamity-affected schools reaffirms its commitment to uplift the quality of life in communities that Security Bank serves, the group said.

B4 Tuesday, January 29, 2019

RUN AND HAVE FUN WITH YOUR FAMILY!

S

EE you on March 17! Sharp Philippines Corp., in partnership with RED Sports, honors every Filipino family through “Fun Run for Every Juan”, the largest presummer funrun event made this year.

Exciting prizes and giveaways await all participants, plus they will be able to avail themselves of huge discounts in select Sharp products in the event. Sharp also rolls out it one-day RED tag sale with huge discounts on purchased items.

For sponsorship details, e-mail us at cziannica.balcos@spc.sharp-world.com/ redsportsph@gmail.com.

ROLEX SPONSORS 2019 AUSTRALIAN OPEN FOR THE FIRST TIME

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OR more than 40 years Rolex has always been supportive of tennis, championing excellent performance while upholding traditions of this particular sport.

St a r t i n g t h i s ye a r t h i s lon g standing partnership will extend to all four Grand Slam tournaments: the Austra lian Open; Roland- Gar ros; T he C ha mpionships, Wimbledon; and the US Open. This remarkable engagement once again emphasizes Rolex’s role as primar y sponsor and its unwavering commitment to the development of tennis worldwide.

It all started back in 1978, when Rolex became the official timekeeper at The Championships, Wimbledon, t h e s p o r t ’s o r i g i n a l a n d m o s t prestigious tournament.

Over the decades the partnership w ith tennis has blossomed, extending to principal institutions administering the sport and toplevel events, including the men’s Nitto ATP Finals and the women’s BNP Paribas W TA Finals, the Davis Cup, the Laver Cup, and all the ATP Ma sters 10 0 0 a nd W TA P rem ier mandator y events.

Since 2008 Rolex has been the associate sponsor and of f icia l

timekeeper of the Australian Open, whose roots go back to 1905, when it was first played on grass, a tradition that continued until 1988, when the event was moved from Kooyong Lawn tennis club to the hard courts of Melbourne Park.

The first of the four Grand Slam events, the Australian Open has been dubbed the “ happy slam” by Swiss phenomenon Roger Federer.

Ever y Januar y record numbers of tennis enthusiasts gather in a festive mood in Melbourne to watch the world ’s best pl ayers compete i n Australia’s summer heat.

Defending champions Caroline Wozn i ac k i a nd Federer a re bot h Rolex testimonees. Federer arrives in Melbourne after another hugely successful season in 2018, in which he regained the World No. 1 ranking at the age of 36. It was here a year ago that he defeated Marin Čilić in a fiveset final to win a record-equal sixth Australian Open crown and extend to his 20th record of men’s Grand Slam singles titles. He starts this year with 99 Career Singles titles and Victory No. 100 firmly in his sights.

Many other g reat names have adorned the tournament, including

R o l e x t e s t i mo n e e R o d L a v e r o f Australia, one of the most successful players in tennis histor y. In 2000 Laver, a three-time winner of the Australian title, was honored with the main stadium at the Melbourne Park complex being named after him.

Aside from sponsoring the f o u r G r a n d S l a m t o u r n a m e nt s , Rolex supports high-ranking players, including Belinda Bencic (Sw it zerl a nd), Eugen ie Bouc h a rd (C a n ad a), Gr igor D i m it rov ( Bu l g a r i a), Tay lor Fr it z ( Un ite d States), Caroline Garcia (France), Kyle Edmund (Gibraltar), Angelique Kerber (Germany), Karen Khachanov (Russia), Garbiñe Muguruza (Spain), Jelena Ostapen ko (L at v ia), Juan M a r t í n D e l Po t r o ( A r g e n t i n a ), Lucas Pouille (France), Milos Raonic (C a n ad a), Sloa ne Ste phens ( US), Dominic Thiem (Austria), Stefanos Tsitsipas (Greece) and Jo-Wilfried Tsonga (France).

M a ny of t he s e s p or t le ge nd s are also part of the Rolex family, including several former Australian Open winners: Chris Evert of the US (1982, 1984), Li Na of China (2014) and most recent inductee Stefan Edberg of Sweden (1985, 1987).

CELEBRATE CHINESE NEW YEAR AT MARRIOTT

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ARRIOTT Manila celebrates the most important festivity in the Chinese calendar with various treats from dining to accommodation.

Double your luck in 2019 with Man Ho’s “ti-koi” fish (weighing 300 and 700 grams [g] each), a traditional Chinese delicacy enclosed in a red oriental box and sealed with a gold stamp, for only P1,888 net. According to Chinese belief, this sweet and sticky pastry, also called as nian gao, is pasted to the image of the kitchen god in every household a week before the Lunar New Year. It is believed that smearing tikoy to his mouth will keep his lips “sealed” and speak only “sweet” words to the Jade Emperor on the family he watches over.

Man Ho has handpicked exquisite items from their offerings for the perfect Lunar New Year hamper, which includes the double-prosperity tikoy (700 g and 300 g), festive chocolates (120 g) inspired from Daruma piglets, chili sauce (30 g), walnuts (150 g), XO sauce (30 g), kiam muy (280 g) and Jasmine Green Tea (250 g)—all in one elegant matte gold box for only P3,188 net.

Aside from tikoy, Man Ho adds in two luxurious dishes to their menu. A Lunar New Year trademark, poon choi literally means “Chinese casserole in basin” and signifies affluence and prosperity. This meticulously layered bowl is filled with the most-priced ingredients varying from seafood, meat and vegetables. Savor the massive combination of flavors of abalone, fish maw,

dried scallop, prawns, sea moss, cuttlefish, roasted duck, chicken, pork knuckle and vegetables bathed in rich broth—a cuisine definitely fit for gatherings and festivities. This one-pot communal dish is priced at P18,880 net good for eight to 12 persons.

Another Lunar New Year staple is Lohei also called as yu-sheng, meaning “to toss up good fortune.” This dish has an interesting ritual before it is eaten. The raw fish is served first, followed by lemon and peppers, which represents luck and money, respectively. The sesame oil that circles the dish symbolizes the flow of wealth from every sides, next comes the carrot strips to bring blessings. Lastly, the green and white radish strips represents youth and good fortune in business. The ingredients are then tossed while everyone stands up and pronounce good wishes for the new year. It is believed that the higher the toss, the better you prospect.

You can enjoy this dish for only P2,888 net good for four to six persons. In addition to the feast is Man Ho’s signature stuffed chicken filled with sticky rice and lotus seed that signifies happiness, prosperity and a good beginning until the end of the year. This dish is good for six to 12 persons and is only P3,188 net.

Marriott Manila is offering an additional room package from February 3 to 7. Enjoy an overnight stay at the premium room for only P14,388+, with inclusions of P3,000 food-and-beverage credits per day of stay that can be used in any restaurant outlets of Marriott Manila; and a box of tikoy to welcome you at your stay and wish you prosperity for the whole year. Marriott Manila also invites everyone to join the celebration to attract good spirits in a ceremonial dragon and lion dance on February 6 at 5 p.m.

Man Ho’s ti-koi and Lunar New Year hamper are available until February 15, while the special a la carte dishes are offered from February 1 to 6 only.

AN ICONIC NIGHT AWAITS AT MEQUENI LOUNGE

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OUNGE back and catch up with good old friends as you enjoy the iconic duo of wine and cheese. Let the perfect combination of the two flavors envelop your taste buds.

It’s a night of things that are better as time goes by—wine, cheese and friendship. They say time flies when you’re having fun, so better start sipping early. The iconic duo promo starts at 6 p.m. and wine flows until 10 p.m. from Friday to Sunday. For just P499, have a night to remember while being serenaded by acoustic singers under the relaxing ambience of Mequeni Lounge.

Mequeni Lounge serves a la carte and signature drinks that jive flawlessly with the live acoustic sessions until 12

midnight. For reservations and inquiries, call at (045) 599-8000.

PWDs IN ANGELES CITY RECEIVE WHEELCHAIR FROM WIDUS FOUNDATION

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IDUS Foundation Inc., (WFI) gives 105 chrome-type wheelchairs to the Pampanga Social Welfare and Development Office (PSWDO) on January 24 at the Benigno Aquino Hall Pampanga Capitol.

The turnover held at the first provincial technical assistance and resource augmentation meeting was led by WFI executive director Neki Liwanag and WFI Manager Ronnel Golimlim, together with head of PSWDO Elizabeth Baybayan.

Baybayan, who lauded WFI’s efforts, said that the wheelchairs will cater to 19 municipalities in Pampanga.

“This generous donation will greatly and directly improve the day-today lives of our PWD beneficiaries, since most of them cannot afford a wheelchair of their own. We hope that WFI will continually support our PWDs [persons with disabilities], and may this campaign inspire more corporations to imitate what Widus has been doing,” Baybayan further emphasized.

For her part, Liwanag said the WFI eheelchair program is just an “initial project of Widus to enhance the quality

of life of indigent people with physical disabilities.”

To date, WFI has facilitated the distribution of 238 wheelchairs in Pampanga, 133 of which were given to the Angeles City Persons with Disabilities Affairs Office (PDAO), benefiting indigent PWDs in 33 barangays, including three resettlement areas in Angeles City.

Beneficiaries of the WFI wheelchair program led by Liwanag and Golimlim, together with (from left) Pampanga PDAO head Anne Zamora, Baybayan, PSWDO officer Edna Dimarucut and municipal PSWDO head Marybeth Ortiz.

ELBOURNE, Australia—Lesser experienced players than Rafael Nadal have felt destroyed by the kind of defeat Novak Djokovic inflicted on him in the Australian Open final.

Nadal secured his spot in Sunday’s championship match by conceding just six games in an overwhelming semifinal win over 20-year-old Stefanos Tsitsipas, who admitted it was an utterly shattering experience. Three days later, Nadal was on the receiving end. But the 17-time major winner had a different perspective.

“Stefanos is so young. He hasn’t been destroyed enough times to know that that can happen on a tennis court,” Nadal said. “I am not new on this. I know these kind of things happens—even to the best players of the history.”

“I don’t say I have been destroyed,” added the 32-year-old Spaniard, just for clarification. “I have been playing against a player that was at the highest level possible, in my opinion.”

Djokovic had a 27-25 edge in headto-head meetings going into this final, although Nadal had the superior record in majors at 9-5.

It was the statistics on hard courts that were most relevant for Melbourne Park, though. Djokovic had never lost in his six previous finals here, including the five-hour, 53-minute epic against Nadal in 2012, and had won the previous seven head-to-heads with Nadal on the surface.

Djokovic wanted the record for most Australian Open titles in his own right, and he went out hard.

Nadal lost 13 of the first 14 points, and took just a single point off Djokovic’s serve in the first set. He couldn’t find the extra shot he needed in rallies to claw his way back into the match. He dropped sets for the first time in the tournament, and eventually slumped to his heaviest loss to Djokovic in their Grand Slam meetings. Now they’re 4-4 in Grand Slam finals.

“He was better than me tonight. That’s the sport,” Nadal said. “We can talk a lot, but when the player did almost everything better than you, you can’t complain much.”

Nadal only had one look at break point—one hour, 46 minutes into the match—and he couldn’t convert after netting a backhand. He dropped his head and looked down at the court.

Djokovic rated this victory one of the best of his career, but he didn’t want to say he’d found the secret to breaking down Nadal.

“I don’t want to say I figured him out because I don’t want that to bounce back at me in any way in the future,” Djokovic said. “I might have figured him out for the match, but not for life.”

For his part, Nadal was satisfied with his overall form in his first tournament since the US Open last September.

“I have been going through very tough moments,” he said, listing a string of ailments ranging from his knee, his feet, abdominal issues to an ankle operation at the end of 2018, and a strained thigh muscle in the first week of this season.

Reaching the final had been an unlikely proposition, and losing it in the circumstances was good progress.

“Was unbelievable the way that he played,” Nadal said. “But...five months without competing, having that big challenge in front of me, I needed something else. That something else probably today, I don’t have it yet...to compete at this super high level.”

Nadal was OK with his attacking game, but said he needed a lot more work from his defensive positions.

His coach, Carlos Moya, said he needed to assess what happened but he was pretty certain Djokovic would have beaten anyone on Sunday.

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NAOMI OSAKA makes sure her talent is more obvious to more people. AP

RAFAEL NADAL: Novak Djokovic was better than me tonight. AP

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ELBOURNE, Australia—The way things went at the Australian Open didn’t exactly teach the world that Novak Djokovic is the best there is in men’s tennis right now. Certainly confirmed it, though.

And while those within the game knew all about Naomi Osaka, she made sure her talent is more obvious to more people.

Djokovic, a 31-year-old already ranked No. 1, now has won the past three men’s Grand Slam titles.

Osaka, who earned her debut at No. 1 at age 21, has won the last two women’s trophies at majors.

When it’s time for the next Grand Slam tournament—the French Open, four months from now—all eyes should be on them.

“Obviously, it’s just the beginning of the season.

I know there’s a lot of tournaments to play before

Roland Garros, so I have plenty of time to build my form slowly,” Djokovic said. “I have to work on my game, my clay-court game, a bit more.”

After his impressive 6-3, 6-2, 6-3 victory over Rafael Nadal in the final at Melbourne Park on Sunday, Djokovic can pursue a fourth consecutive major championship, something he already accomplished from 2015-2016.

But the possibility also exists for him to aim for a calendar-year Grand Slam, something last done 50 years ago by Rod Laver.

It’s the kind of thing that could get everyone talking about tennis.

As for Osaka—a 7-6 (2), 5-7, 6-4 winner over Petra Kvitova in Saturday’s final—what makes her sudden surge to the top particularly noteworthy is that it comes right after a period of

OSAKA’S ONLY GETTING BETTER

The next major is the French Open, where Djokovic will be aiming to hold all four major titles.

But if Djokovic is the monarch of Melbourne, Nadal is the king of clay.

“The positive things that happened these couple of weeks make us very optimistic regarding his future and his level,” Moya said of Nadal. “We know there is room to keep improving. He’s been playing very well the past six matches, improving his serving and being very aggressive. We have to be happy the way these two weeks went.” AP

Nadal keeps heavy loss in perspective

apparent depth but no dominance.

Until this Australian Open, eight women had divided the previous eight major titles. Not since Serena Williams took four in a row from 20142015 had one woman won consecutive Slam tournaments.

And you have to go all the way back to Jennifer Capriati in 2001 to find a woman who won her first major championship and followed it up at the very next Slam with a second title.

“I always hear stories that the best players win matches even when they’re not playing their best. And I’ve always wondered how they did that,” Osaka said. “So I feel like this tournament, for me, was that.”

Djokovic is at the height of his powers. Osaka is only getting better. Who will challenge them? AP

BusinessMirror

Sports

| Tuesday, January 29, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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ELBOURNE, Australia—Novak Djokovic was so good, so relentless, so flawless, that Rafael Nadal never stood a chance.

Djokovic reduced one of the greats of the game to merely another outclassed opponent—just a guy, really—and one so out of sorts that Nadal even whiffed on one of his famous forehands entirely.

In a breathtakingly mistake-free performance that yielded a remarkably lopsided result, the No. 1-ranked Djokovic overwhelmed Nadal 6-3, 6-2, 6-3 on Sunday night to win a record seventh Australian Open championship and a third consecutive Grand Slam title, raising his count to 15 overall.

“Under the circumstances,” Djokovic said, “it was truly a perfect match.”

No one who saw it would disagree.

Djokovic’s coach, Marian Vajda, said: “I would describe it as dominance.”

Nadal’s take? “An amazing level of tennis.”

“Unbelievable,” said Nadal’s coach, Carlos Moya.

“Novak probably could have won, no matter who the opponent was.”

That Djokovic would produce 34 winners and only nine unforced errors was impressive enough. That it came against Nadal—who is ranked No. 2, owns 17 major trophies himself and hadn’t dropped a set in the tournament—was hard to comprehend.

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The Associated Press

By Howard Fendrich

Djokovic left Nadal smirking or gritting his teeth or punching his racket strings, unable to compete at all.

Here’s how Nadal explained it: To have a chance when Djokovic plays that well, something extra is required. Given that he’s coming off a series of injuries, given that he hadn’t played since the US Open last September, Nadal couldn’t raise his game.

Then again, Nadal conceded, “When the player did almost everything better than you, you can’t complain much.”

So Djokovic added to previous triumphs in Melbourne in 2008, 2011, 2012, 2013, 2015 and 2016, along with four titles at Wimbledon, three at the US Open and one at the French Open.

He broke his tie with Roger Federer and Roy Emerson for most Australian Open men’s titles. He also broke a tie with his idol, Pete Sampras, for third-most Grand Slam trophies; Djokovic now only trails Federer, with 20, and Nadal.

And he is gaining on them.

Then there’s this tidbit: Djokovic is the only man in tennis history to have a trio of three-straight-Slam streaks.

So let the talk begin about four majors in a row over two seasons, something Djokovic already managed to do from 2015-2016. And, what’s more, about a true Grand Slam, winning all four majors in one calendar year, which only has been done by two men, Donald Budge in 1938 and Rod Laver in 1962 and 1969.

“I am aware that making history of the sport that I truly love is something special,” the 31-year-old Serb said. “Of course, it motivates me.”

He surprised even himself with the way he recovered after problems with his right elbow derailed him.

Djokovic sat out the last half of 2017. He tried to come back at the start of 2018 but was hampered by the elbow and lost in the fourth round in Melbourne. Soon after, he decided to have surgery.

All that is in the past.

He is once again at an elite level. If anything, the gap between him and the rest is growing right now. A year ago, could he have envisioned being here now?

“Not impossible, but highly unlikely. I don’t want to sound arrogant, but I always believe in myself,” Djokovic said.

“I think that’s probably the biggest secret of my success.”

Djokovic and Nadal know each other, their styles and their patterns all too well. This was their 53rd meeting—more than any other pair of men in the halfcentury professional era—and record-equaling 15th at a Grand Slam tournament. It was also their eighth matchup in a major final.

So there should not have been any mysteries out there on Rod Laver Arena’s blue court as they began with the temperature, which had topped 105 degrees Fahrenheit (40 dregrees Celsius) in recent days, at a manageable 750F (250C) and just a hint of wind.

Right from the start, though, this shaped up nothing like their only previous Australian Open title match, back in 2012, which Djokovic won in five hours, 53 minutes, the longest Grand Slam final in history.

Evenly matched as they were that night, this time was no contest. None whatsoever. It lasted a tad more

than two hours.

No ball, no matter how well-struck, was out of Djokovic’s reach. He slid and stretched and occasionally even did the splits, contorting his body to get wherever and whenever he needed.

Djokovic grabbed 13 of the first 14 points, including all four that lasted 10 strokes or more. A trend was established.

Of most significance, Nadal was broken the very first time he served on Sunday. That gave Djokovic one more break of Nadal than the zero that the Spaniard’s five preceding opponents had managed.

Nadal could make no headway on this day. Djokovic won each of the initial 16 points he served and 25 of the first 26.

“One of the most important objectives for the match was to start off well and to bring in the right mindset and intensity,” Djokovic said, “and make sure that he also feels my presence.”

By the end of the second set, Djokovic had won nearly twice as many points (59-30), made more winners (23-14) and far fewer unforced errors (20-4), while taking 14 of 17 points that lasted at least 10 strokes.

The longest was a 22-shot point, which ended when Nadal netted a backhand to give Djokovic a set point at the end of the first. Djokovic raised his right fist and held it there while staring at his guest box.

He was on the right path. Nadal could do nothing to stop him.

At the moment, no one can.

SO GOOD. SO RELENTLESS. SO FLAWLESS.

NOVAK DJOKOVIC adds to previous triumphs in Melbourne in 2008, 2011, 2012, 2013, 2015 and 2016, along with four titles at Wimbledon, three at the US Open and one at the French Open. AP

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Business

C2 Tuesday, January 29, 2019

Ronaldo recovers from difficult week in Juventus’s win at Lazio

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OME—Cristiano Ronaldo bounced back from a difficult week by scoring a decisive penalty to help Juventus complete a 2-1 comeback win at Lazio on Sunday.

Juventus was overwhelmed for more than an hour at the Stadio Olimpico, but two late goals enabled the Serie A leader to avoid its first loss of the season.

Ronaldo confidently struck his spot kick into the roof of the net three minutes from time—a week after he had a penalty saved during a win over Chievo Verona.

Also this week, Ronaldo pleaded guilty to tax fraud in Spain—adding to his off-field difficulties following an accusation of rape in a Las Vegas hotel in 2009. Ronaldo has denied any wrongdoing.

Lazio went ahead near the hour mark when Emre Can scored an own-goal.

But Joao Cancelo scored on Juventus’ first

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OUSTON—James Harden had another huge offensive game on Sunday night, scoring 40 points in Houston’s comeback win over the Orlando Magic.

But it was the point guard’s defense that Coach Mike D’Antoni raved about after Harden blocked three shots and helped limit Orlando 7-footer Nikola Vucevic to just two points in the second half.

“I just told James they voted him in the wrong place. They got him as a guard in the AllStar [Game]—he should be a center,” D’Antoni said with a chuckle. “That’s what he is. He’s a point-center, and his defense in the post and right behind him is Eric Gordon...is really good.”

Harden didn’t answer when asked what he thought about D’Antoni calling him a “point-center,” but he did smile, and he was still laughing as he walked off following the question.

Harden’s 40 points included five critical ones down the stretch to lead the Rockets to

chance less than 15 minutes later, turning in a rebound of a shot from Paulo Dybala following strong work from Federico Bernardeschi to provide a cross from the left flank.

Then Senad Lulic was whistled for a foul on Cancelo directly in front of the goal to set up Ronaldo’s penalty.

Still, it was a difficult night for Juventus as defender Leonardo Bonucci hobbled off with an apparent injury in the first half.

Juventus didn’t produce a single shot in the first half and defender Daniele Rugani had to clear a dangerous effort from Ciro Immobile off the line.

“For 50-60 minutes it was the worst Juventus of the season,” Juventus defender Giorgio Chiellini said. “We always struggle against Lazio, but we’re leaving with a good result.”

The victory moved Juventus 11 points clear of second-placed Napoli, which was held to a 0-0 draw at AC Milan on Saturday. AP

HARDEN: POINT-CENTER a 103-98 victory.

The reigning Most Valuable Player (MVP) extended his streak of 30-point games to 23, which ranks fourth in National Basketball Association history behind three such streaks by Wilt Chamberlain. Harden, who had 11 rebounds and six assists, has scored 40 or more points in 12 of his last 17 games, including a franchise-record 61 against the Knicks last week.

Houston trailed by as many as 16 and never led until there were about four minutes remaining. The game was tied with about 75 seconds left when a three-pointer by Harden put the Rockets up 98-95.

“I thought I could go under and kind of keep

THE Rockets’ James Harden dribbles around the Magic’s Aaron Gordon during the first half of their game on Sunday. AP

him on the side, and of course he made it,” Evan Fournier said of his defense on the play. “It was a dumb mistake.”

Terrence Ross missed a three on the other end and Harden added a step-back jumper with 30 seconds left to stretch the lead.

Harden got his third block when he swatted away a shot by Fournier, and Chris Paul added two free throws with 13.6 seconds remaining to secure Houston’s third straight victory. Paul had 12 points and six assists after missing the previous 17 games with a strained left hamstring.

The Rockets went 12-5 in Paul’s absence and he said his return doesn’t change much for Harden.

“James is going to be James,” Paul said. “I don’t care who’s on the court—me, anybody — he’s going to be him. We need him to be him. That’s why he’s the MVP.” Harden was glad to have Paul back.

“He looked good. He looked like he had an extra pep in his step,” Harden said. “He looked great and he made some big-time shots. It was good to see him back on the court.”

Aaron Gordon had 23 points to lead the Magic, who have dropped six of seven.

The Rockets got another strong game from Kenneth Faried, signed last week to fill in while Clint Capela recovers from thumb surgery. Faried

finished with 12 points, 10 rebounds, five assists and two steals.

Harden scored 38 points in a 116-109 loss to the Magic this month despite going 1 for 17 from three-point range. He fared better on Sunday, making four of 12 attempts on a night when Houston hit 12 of 36 tries.

Orlando had an eight-point lead before Houston used an 11-3 spurt to tie it at 87 with seven minutes left. Paul drained two three-pointers during that stretch, and Gerald Green added a third.

Ross made a three for Orlando to power a 5-2 mini-run that put the Magic back on top 92-89 with five minutes left. AP

NBA RESULTS

Cleveland 104, Chicago 101 LA Clippers 122, Sacramento 108 Oklahoma City 118, Milwaukee 112 Houston 103, Orlando 98 San Antonio 132, Washington 119 Toronto 123, Dallas 120 Utah 125, Minnesota 111 Miami 106, New York 97 LA Lakers 116, Phoenix 102

INSPIRATION ON RACE TRACK D

AYTONA BEACH, Florida—Alex Zanardi’s Rolex 24 at Daytona was problemplagued, perhaps even forgettable.

That was just fine for one of the most beloved figures in motorsports, who found the racing to be secondary to the adulation and affection he received in his return to North America.

“I’m proud of the quotes, the comments, the love,”Zanardi said after the race concluded on Sunday. “It’s what I got from all the fans, all the people that stopped me and all the people who keep telling me how inspirational my story is.”

Zanardi lost both his legs in a 2001 crash during a CART race in Germany but built a remarkable career after the devastating injury. He designed his own prosthetic legs after studying the best options for optimal mobility. Then he took

up touring cars and was able to race again.

Zanardi moved to hand cycling and won that division in the New York City Marathon. The Italian qualified for two Paralympics and won six medals, four of them gold. He’s completed Iron Man competitions by using a wheelchair for the running portion and his handcycle for the biking.

But he’d yet to race in North America, where he built a tremendous following during his two championship seasons in CART. He pulled off one of the greatest passes in motorsports history in the corkscrew at the Laguna Seca, California road course, and invented the victory doughnut that National Association for Stock Car Auto Racing (Nascar) drivers do to this day.

It was the idea of longtime partner BMW to develop a steering wheel that would allow Zanardi to race without his prosthetics. The manufacturer assumed he’d want to use it in the 24 Hours of Le Mans, but Zanardi instead chose Daytona International Speedway.

ALEX ZANARDI, who lost both his legs in a 2001 crash during a CART race in Germany, builds a remarkable career after the devastating injury. AP

The yearlong project with BMW culminated in a reunion between Zanardi and so many of his old friends, teammates and rivals. His plotline was the richest in a race full of superstars, even if it didn’t go as planned.

When Zanardi got in the car for his first driving stint on Saturday, the steering wheel that had been exhaustively tested suddenly wouldn’t make an electrical connection with the car.

Neither did the backup.

Zanardi nearly got out of the car before he’d even left pit lane, but one final flip of the switches at least got the wheel to connect. The problems stretched into the next driver change and put the Bobby Rahal-owned team in a hole that took it out of contention for the GT Le Mans victory. The class win went to the second Rahal car, which reinforced Zanardi’s belief that he had a team capable of winning the race.

“In the end of the day, I came here because I thought it was technically possible to do what we did together, and had I not believed it possible, I don’t think I would have come,” Zanardi said. AP

LADY Altas captain Maria Aurora Bianca Tripoli (right) is expected to pull off another inspired performance.

Perpetual Help Lady Altas target MALAYSIA STRIPPED OF PARA SWIM MEET return to NCAA volleyball finals

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HE International Paralympic Committee (IPC) has stripped Malaysia of the 2019 World Para Swimming Championships with the country unable to guarantee that Israeli athletes could compete.

The Governing Board has made the decision with the Championships due to be held in Kuching from July 29 to August 4.

The Home Ministry of Malaysia had failed to guarantee that Israeli Para-swimmers could participate in the competition safely and without discrimination.

It means Malaysia cannot be fully compliant with IPC protocols regarding anthems and flags, as well as the provision of relevant visas.

The IPC had asked Malaysia for these guarantees following comments from Prime Minister Mahathir Mohamad, who had claimed that there was “no place for Israeli athletes” at the competition earlier this month.

Malaysia does not have diplomatic relations with Israel due to its pro-Palestine stance.

All World Championships must be open to all eligible athletes and nations to compete safely

and free from discrimination,” Andrew Parsons, IPC president, said.

“When a host country excludes athletes from a particular nation, for political reasons, then we have absolutely no alternative but to look for a new Championships host.

“The Paralympic Movement has, and always will be, motivated by a desire to drive inclusion, not exclusion.

“Regardless of the countries involved in this matter, the IPC would take the same decision again if it was to face a similar situation involving different countries.

“In September 2017 when the IPC signed the contract with the Paralympic Council of Malaysia to host the World Para Swimming Championships, we had assurances that all eligible athletes and countries would be allowed to participate in the

From F1 to Daytona, Alonso lets ‘er rip D AYTONA BEACH, Florida—Fernando Alonso was the only driver on the Wayne Taylor Racing team with extensive experience racing in the rain, so he was the natural choice to carry the heaviest load in the weather-ruined Rolex 24 at Daytona.

But when the puddles turned to small ponds and the unrelenting rain made it nearly impossible to see, the two-time Formula One (F1) champion had enough.

He argued the conditions were too treacherous to continue, a complaint he lodged even when

running second in the closing hours of the twiceround-the-clock endurance event. Despite the challenges, Alonso deftly dodged the danger to grab another victory in a bucket-list event.

Alonso drove a Cadillac DPi to the front of the field in each of his three stints in the Rolex, including the final pass for the lead minutes before IMSA finally parked the cars. The race was red-flagged minutes after Alonso cruised past Filipe Nasr, who had missed a turn and drove off course into a deep pool of standing water.

“I think the last five or seven laps of the

race were not, I think, right for anyone that we were on track because the visibility was nearly zero,” Alonso said. “I was calling the team for a safety car immediately because I could not see anything.”

When the safety car finally pulled the field down pit lane, Alonso grabbed an umbrella and went to talk to the driver. Although he leaned in the open door for a discussion with someone, he said later it was a different IMSA official because the driver had already left the car following a near-wreck in the rain.

event with their safety assured.

“Since then, there has been a change of political leadership and the new Malaysian Government has different ideas.

“Politics and sport are never a good mix, and we are disappointed that Israeli athletes would not have been allowed to compete in Malaysia.

“As a result of the Board’s decision today, we are now looking for a new host for this vital World Championships, which acts as a qualifier for the Tokyo 2020 Paralympic Games.

“We will strive to maintain the same dates and conditions for the Championships as to not upset the training schedules of athletes who aim to peak for the end of July and early August.

“However, we may need to be flexible in this area bearing in mind the circumstances we face.”

Insidethegames “I went to talk to him because he nearly crashed,” Alonso said. “I was following him, and he had a massive moment of hydroplaning.

Immediately after, he called red flag. I think he was a little bit scared in that moment, and when I jumped out of the car and I went to the safety car to see him, he was not there anymore.

“They called to the driver, and I said ‘Are you OK? You nearly crashed. Conditions are tricky.’ He said like, ‘It’s not my call’ or something like that.”

Teams waited nearly two hours before IMSA called the race 10 minutes before the scheduled conclusion. It marked the first time rain prevented the Rolex from going the full 24 hours, and it was the first time in race history the event was stopped twice for red flags for rain. AP

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NIVERSITY of Perpetual Help System Dalta tries to prove its victory over College of Saint Benilde in their first Final Four duel was no fluke as the two collide one last time for a finals berth in the 94th National Collegiate Athletic Association women’s volleyball tournament on Tuesday at the Filoil Flying V Centre in San Juan City.

The fourth-seeded Lady Altas summoned all their strength and brought down the top-ranked Lady Blazers, 25-23, 25-21, 20-25, 25-23, last week to force a deciding game scheduled at 4 p.m.

Cindy Imbo delivered when it mattered most and fired a game-high 19 hits she laced with 16 spikes, while Jenny Gaviola and Jhona Rosal chipped in 15 and 11 points, respectively.

But they would have to replicate—or FERNANDO ALONSO becomes third Formula One champ to win at Rolex 24. AP

surpass—their performances as the Lady Blazers are expected to frustrate the Lady Altas’ bid for a first championship appearance in five years.

The winner of the knockout showdown moves on to the best-of-three finals against defending champion Arellano University, which turned back last year’s losing finalist San Beda, 25-18, 25-21, 25-23, also a week ago to snare the first finals berth.

Emilio Aguinaldo College faces off with second seed College of Saint Benilde at 2 p.m. for the right to tackle Perpetual Help, the reigning titlist which swept its way straight to the men’s finals that start on Friday.

The Generals stayed alive after shocking the Chiefs, last year’s finalists, 24-26, 8-25, 25-20, 25-18, 21-19 win.

orts

sMirror

Tuesday, January 29, 2019

PRESSURE ON PHL GOLFERS T

HE local aces will be hard-pressed to sustain the charge set up by Dottie Ardina’s convincing win at Beverly Place last week as they slug it out with bets from Thailand and South Korea in Tuesday’s start of the International Container Terminal Services Inc. (ICTSI) Splendido Ladies Classic in Laurel, Batangas.

Princess Superal hopes to carry the cudgels for the hosts as Ardina and last week’s runner-up Pauline del Rosario try their luck in the Women’s World Championship Qualifying in Singapore with Cyna Rodriguez and Chihiro Ikeda tipped to back the reigning Ladies Philippine Golf Tour Order of Merit champion in the 54-hole championship serving as the fourth leg of the 2018-2019 LPGT season.

But the Thais are all primed up to reassert their might with former leg winner Supakchaya Pattaranakrueang back in the hunt for a second LPGT crown after

nipping Rodriguez in a three-hole playoff at Luisita last year and the likes Punpaka Phuntumabamrung, Chonlada Chayanun and Ornnicha Konsunthea raring to rebound from their setback at Beverly Place.

Focus will also be on Hwang Min-jeong, who beat Superal, Rodriguez and Ikeda at Mount Malarayat in 2015 as an amateur with the young Korean, who also romped off with the Philippine Amateur Stroke Play crown last year, seeking no less than a victory in her first LPGT crack as a pro.

But more than the elite field’s individual skills, their mental toughness will be put to severe test right from tee-off with the wind expected to come into play in most holes of the rolling, hazard laden layout as it did during practice.

Meanwhile, former two-time LPGT Champion Tour titlist Lee Jeong-hwa of Korea is, likewise, eager to rebound from her missed cut stint last week while compatriot Lee Ji-hyeon tries to atone for her 14th place finish

in her pro debut after topping the Baguio kickoff leg of the seventh season of the circuit put up by ICTSI last October.

Also tipped to figure in the title race are Daniella Uy, Marvi Monsalve and Alex Etter along with Thais Saraporn Chamchoi, Mookharin Ladgratok, Aunchisa Utama, Numa Gulyanamitta, Tanaporn Hiranrak, Cristawan Rungruang and former LPGT leg winner Wannasiri Sirisampant.

PRINCESS SUPERAL (right) and Cyna Rodriguez hope to carry the cudgels for the hosts at Splendido.

GO FOR GOLD: GO FOR TALENT G

O For Gold Philippines has put up a perfect environment to discover the country’s future international triathlon champion.

The Go For Gold Sunrise Sprint races scheduled in Cebu, Davao and Subic this year will serve as the talent search platform where the next Nikko Huelgas is expected to emerge.

“I’m looking forward to discover diamonds in the rough and find another Nikko Huelgas,’’ Go For Gold godfather Jeremy Go said.

Huelgas, the back-to-back Southeast Asian Games men’s triathlon champion, is gunning for a third straight gold medal in the Games’ 30th edition to be hosted by the Philippines later this year.

Teaming up with Sunrise Events over the next three years, the Go For Gold Sunrise Sprint will coincide with the 5150 triathlon races on April 28 in Cebu, July 7 in Davao and November 3 in Subic Bay. 5150 is an Olympic distance race.

Go said the top performers in the open category (15 and above) of these races will be tapped to join the Go For Gold triathlon team along with Huelgas and fellow national team members John Chicano and Kim Remolino.

“It will be a points-based series and the one with the most points or wins at the end of the three races will get a contract with our team,’’ said Go,

K

IETH ABSALON completed a hat-trick as Far Eastern University (FEU)-Diliman overpowered De La Salle-Zobel , 9-0, on Sunday to forge a University Athletic Association of the Philippines Season 81 juniors football finals showdown with National University.

The Baby Tamaraws dislodged the Bullpups from the top of the table with 17 points with a match left in the elimination round.

NU finished the eliminations with 16 points in second place following a goalless draw with University of Santo Tomas in the other match at the FEU-Diliman pitch.

The Bullpups are in their first-ever championship stint.

Pocholo Bugas and Kart Talaroc scored twice, while Marc Tobias and Andrei Sabejoh also saw the back of the net for the Baby Tamaraws.

Gunning for a record ninth straight title, FEU-Diliman will face NU in the onegame Final, the schedule of which will be announced later.

The Tiger Cubs moved up to five points while the Junior Archers remained without a point.

The final elimination round matches on Sunday starting at 1 p.m. will have UST taking on De La Salle-Zobel and FEU-Diliman battling Ateneo.

FEU-Diliman, Ateneo and Adamson University, meanwhile, secured the remaining three Final Four berths after beating separate foes also on Sunday in juniors basketball tournament at the Filoil Flying V Centre.

RR Tolentino had a breakout outing of 20

Swim association agrees to embrace nonmembers

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HE Philippine Swimming Institute (PSI) has agreed to accommodate swimmers who are not registered with the federation to try out for the national team to the 30th Southeast Asian Games the country is hosting later this year.

Philippine Olympic Committee (POC) President Ricky Vargas said PSI Head Lani Velasco was amenable to the arrangement in an effort to select the best athletes for the Games set at a new Aquatics Center being built at the New Clark City in Capas, Tarlac.

“Obviously we should have the best athletes available to us for the SEA Games. That’s why we have always stressed inclusivity in these matters,” Vargas said.

The PSI is embroiled in a crisis after former champions n Eric Buhain, Ral Rosario and Susan Papa indicated that they will conduct separate tryouts in their respective groups and let the results of the swimmers reveal who are deserving to be in the team.

But a meeting among Vargas, Velasco and POC Membership Committee Chairman Robert Bachmann resulted to the

F

OLLOWING back-to-back losses to start the season, veteran combo guard Jayson Castro took it upon himself to take the lead, resulting to TNT’s two straight victories and a Cignal-Philippine Basketball Association (PBA) Press Corps Player of the Week to boot in the ongoing Philippine Cup. Nicknamed the “Blur,” Castro averaged 16.5 points, four rebounds, 6.5 assists and 2.5 steals for the period January 21 to 27 to lead the resurgent TNT to victories over sister team NLEX and four-time Philippine Cup champion San Miguel Beer.

Castro actually had a rough night versus NLEX last January 23, hitting just 1-of-9 from the floor and turning the ball over five times in over 35 minutes of action.

But the 32-year-old Castro showed why he’s the two-time Best Point Guard in Asia during the critical stage of the final quarter, feeding Roger Pogoy for a three-pointer, before following that up with two pressure-packed free throws to seal TNT’s first victory for the season.

The many-time Gilas Pilipinas combo guard went on to finish with a stats line of nine points, three rebounds, two assists and a steal.

Four days later, the four-time Best Player of the Conference returned with a vengeance, registering all-around numbers of 24 points, 11 assists, five rebounds and four steals as the surging KaTropa knocked down the Beermen, 104-93 in a king-sized upset.

The six-time champion took over in the final quarter, dropping eight points and three key assists that turned a shaky six-point lead into a 104-89 bubble late in the game.

Aside from pulling to an even 2-2 record in the standings, Castro’s leadership enabled TNT to end a long, nine-game losing streak to San Miguel dating back to Game Five of the 2017 PBA Commissioner’s Cup Finals.

Castro beat teammate Troy Rosario and Ryan Reyes, Rain or Shine’s Gabe Norwood and Mark Borboran, along with Phoenix forward Calvin Abueva, Jason Perkins and Matthew Wright for the weekly citation.

GO For Gold program searches for more Nikko Huelgas from the rough.

MAGNOLIA HOTSHOTS TEST MIGHTY QUINTET’S METTLE

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points and seven rebounds while Xyrus Torres added 15 markers in a reserve role as the Baby Tamaraws made short work of UP Integrated School, 87-65.

Kai Sotto had 33 points, 11 rebounds and five assists, Ian Espinosa and Geo Chiu each scored 15 points while Forthsky Padrigao chipped in 13 points, nine assists, six steals and three boards as the back-to-back title-seeking Blue Eaglets overhauled a 10-point halftime deficit to beat University of Santo Tomas, 87-78.

The Baby Falcons, behind Adam Doria’s 27-point outburst, later complated the semifinals cast with a 94-77 romp of De La Salle-Zobel.

Meanwhile, National University assured itself of a playoff for the twice-to-beat slot in the Final Four with a 77-56 dismantling of University of the East.

FEU-Diliman and Ateneo are still level in second spot at 9-3, and with two elimination round playdates left, the chase for the second Final Four bonus remains too close to call.

Adamson University, making its first semifinals appearance in four years, rose to 8-4 in fourth place.

The Bullpups, who despite playing minus suspended guard Terrence Fortea have improved to a league-best 11-1 card, pulled away in the second half to move a win of securing the top ranking in the semifinals.

The Tiger Cubs, who drew 27 points from prolific Mark Nonoy, stumbled to their seventh loss in 12 contests were later booted out of Final Four contention with the Baby Falcons’s win over the Junior Archers (4-8).

IGHTY Sports gets another test whether it’s ready for the Dubai International Basketball Championship when it faces Philippine Basketball Association Governors’ Cup champion Magnolia in an exhibition match on Tuesday at Ronac gym in San Juan City.

Coach Charles Tiu is looking for more consistency and better cohesion in his team as they lock horns with the Hotshots at 9:30 a.m.

Although they beat the Blackwater Elite, 106-99, in a recent tune-up, Tiu, younger brother of former Rain or Shine star guard Chris Tiu, was far from being satisfied.

“Though a win is a win, we still have a lot of work to do,” Tiu said.

“In a scale of 10, we’re still at level 5,” said the boyish-looking coach who is also CNN Philippines Sports Desk anchor. “We need to reach 7 or 8 before we leave for Dubai. The tournament there is very tough.”

Backed by Go For Gold, SMDC, Healthcube and Oriental Group, the sports apparel and accessories team is leaving for Dubai on Thursday for the February 1 to 9 tournament that features

some of the toughest clubs from Lebanon, Jordan and United Arab Emirates.

Alex Wongchuking, who co-owns the team with younger brother Caesar, is looking forward to a better finish this time after the team blew several opportunities in its first foray in the annual tournament two years ago.

“I’ll be happier if we can reach the semis this time,” Wongchuking said. “That’s our goal and I’m confident Coach Charles, Coach Jong [Uichico], Coach Woody [Co] and Coach Dean [Castano] can bring out the best from Lamar [Odom] and the rest of the team.”

Although he was still a shadow of his old deadly self, the 6-foot-10 Odom produced five points against the Elite.

“My legs are dead a little bit but it’s going to be better as time goes by,” Odom said.

Ginebra resident import Justine Brownlee is expected to lead Mighty Sports along with Chinese league veteran Randolp Morris and exciting Fil-Am players Jeremiah Gray and Roosevelt Adams—who are deadly from the three-point area.

JAYSON CASTRO is named Player of the Week.

Patrombon, Patrimonio bag Valenzuela net crowns

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OP seed Jeson Patrombon overwhelmed unseeded Joseph Victorino with his power game, 6-3, 6-1, while unranked Christine Patrimonio trounced younger sister Clarice with the same score to clinch the singles crowns of the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Actifit Open Tennis Championship in Valenzuela City on Sunday.

Patrombon flashed top form and superb condition, scoring heavily on long rallies to fashion out the victory and cap his impressive weeklong performance that saw the Davis

Cupper veteran from Iligan City ace drop just 11 games against five rivals.

“This is a good win to start the year and I thank Palawan Pawnshop for putting up these Open tournaments,” said Patrombon, who eased out Philipe Coteron (6-0, 6-0), Raymund Diaz (60, 6-1), Joseph Arcilla (6-1, 6-1) and Fritz Verdad (6-3, 6-1) on his way to the championship.

Christine, on the other hand, banked on her baseline game to outlast Clarice and complete a surge sparked by her shutout win over Franchezka Malaki before toppling third seed

compromise that toppled the fence PSI built around itself against nonmember clubs or organizations.

While the POC will only recognize the PSI tryout results because it is the recognized association by the International Swimming Federation or Fina, Vargas and Velasco agreed that the tryouts will be open and inclusive to all clubs under Fina rules and guidelines.

Velasco said they will be lenient in allowing participation and registration of those who are not yet members of the PSI. “I will even personally assist nonPSI members with their membership applications,”Velasco said.

“I am very encouraged by Ms. Velasco’s gesture. We all need to put our misunderstandings and heartaches aside and come together to get the best Filipino swimmers in the SEA Games,” Vargas said.

“There is no need for acrimony and divisiveness. We can work this out. Lani has announced she is willing to do this. I call on the other groups to cooperate and work as one for the country’s interest,” Vargas added.

Bachmann said he is “pleased with the outcome of the meeting, this is a big step forward to unity.”

Weekly award goes to ‘Blur’

vice president for marketing of Powerball Marketing and Logistics Corp., the company behind the Go For Gold project.

On his 10th year as an elite triathlete, Huelgas is looking forward to train with the triathletes who will be discovered in these races during the initial three-year program.

“I won’t be able to win the 2017 SEA Games if not for the full support of Go For Gold. But it’s not only about delivering medals and bringing pride to the country.

It’s also about sustaining the program,’’ said Huelgas.

“As a veteran triathlete, my role is to help sustain the success by inspiring and mentoring a new generation of triathletes to become world-class,’’ he added.

Participants in the Go For Gold Sunrise Sprint should complete the 750-meter swim, 20-kilometer bike and 5-km run challenge.

Absalon sends Baby Tamaraws to football final

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Rachel Velez, 6-0, 6-2, and stopping top junior Alexa Milliam, 7-5, 6-2, in the semifinals of the event put up by PPS-PEPP headed by President/ CEO Bobby Castro.

“My game plan was to really make it tough for her on baseline rallies while pouncing on her unforced errors,” said Christine, who held serve all throughout her 1:35-minute victory in the tournament presented by Dunlop and co-organized by John Mari Altiche.

Sharing the spotlight were Legends

division winners Expedito Lim and Dennis Sta. Cruz, who clinched the 40s and 50s titles, after organizers forfeited Alvin Lim and Rex Gabuat’s victories in both categories.

Elmer Arcega and Tony Buella copped the 60s diadem in the event backed by Liquid Gold Wine and Spirits, Ayala Amity Centennial Lions Club, Skin Rejuve and Calle Café.

A six-leg PPS-PEPP Mindanao swing kicks off on Thursday with the General Santos City leg with Sultan Kudarat hosting the next stop from February 5 to 11 followed by Kabacan from February 14 to 17, Kidapawan City from February 21 to 25, Digos City from Febrary 28 to March 4 and Tagum City from March 7 to 11.

Sports BusinessMirror

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| Tuesday, January 29, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

ROSE PROVES WHY HE’S NO. 1

By Doug Ferguson

S

The Associated Press

AN DIEGO—Justin Rose missed a short birdie putt that felt like another bogey. His three-shot lead was down to one through six holes of the Farmers Insurance Open, and the biggest battle was trying not to panic.

That’s when he scratched a line on his scorecard after six holes, wanting to start his round from that moment forward.

And he gave himself a pep talk.

“You’re No. 1 for a reason. Just start playing like it, please,” he said.

And he did.

Rose followed with a perfect wedge to a right pin that led to birdie, the first of five birdies the rest of the way for a three-under 69 and a two-shot victory on Sunday over Adam Scott at Torrey Pines. It was his 10th straight year with a victory worldwide, including his gold medal from the 2016 Olympics, and his

10th career Professional Golfers’ Association Tour victory gave him the most of any player from England, breaking a tie with Nick Faldo.

Rose finished at 21-under 267, the lowest 72-hole score at this event in 20 years, and the warm, windless weather had a role in that.

“Twenty-one under around Torrey Pines is great golf,” Rose said. “But you had to do it. It felt like I had to work hard for his.”

Scott left him little choice. After not making a birdie until the ninth hole—and missing a 20-inch par putt on No. 5—Scott closed with four straight birdies and kept the outcome in doubt until Rose hit wedge to 3 feet on the 18th hole for his last birdie.

“I just didn’t have the game on the front nine, and it’s a shame because Justin was a little shaky early with some bogeys,” Scott said. “By the time I got it sorted out, it was a bit too late.”

Rose became the first winner to post all four rounds in the 60s since Peter Jacobsen in 1995, back when the North and South courses were

700 yards shorter. Weather aside, this was an exquisite performance, especially with his three penalty shots on Saturday, and opening the final round with three bogeys in five holes.

Hideki Matsuyama closed with a 67 and tied for third with Talor Gooch, who shot 68 to match Rose with four rounds in the 60s. Gooch, who finished fourth last week in the Desert Classic to get into this event, earned a spot in next week’s Phoenix Open. He is playing this year on conditional status.

Jon Rahm was never a factor after pulling within one shot with that birdie on No. 6, which turned out to be the only one he made all round.

He shot 72 and tied for fifth with Rory McIlroy (69) and defending champion Jason Day (67).

Tiger Woods had to settle for his own version of winning. Starting the final round 13 shots behind, Woods wanted to get into double figures. He birdied his last two holes for a 31 on the front nine to shoot 67 and finish at 10-under 278. He tied for 20th in his 2019 debut.

“Got to have these little goals when I’m not in contention to win a tournament,” Woods said. “Still something positive to end the week on.”

The timing was ideal for Rose, who takes pride in winning every year.

The last time he won in January was in South Africa in 2002, the first of his 22 victories worldwide. But it goes beyond that.

Rose dedicated the victory to his caddie, Mark Fulcher, who had a heart procedure last week and was watching from home. Rose used Gareth Lord, who previously caddied for Henrik Stenson and knows Rose well from Ryder Cup partnerships.

“Probably harder than the heart surgery itself, watching this weekend,” Rose said. “This one’s for him.”

It also was his first victory since signing new equipment deal with Japanese-based Honma, leading Rose to switch out everything but the golf ball.

Even though Rose never lost the lead, and led by at least two the entire back nine, there were a few

JUSTIN ROSE works hard at Torrey Pines. AP

key moments.

He got up-and-down from delicate spots to save par on the 13th and 14th hole, and made an 8-foot par putt on No. 15 with Scott in tight for birdie, keeping the lead at three shots. On the par-3 16th, Rose holed a 30-foot birdie putt, right before Scott followed him in for birdie from 20 feet. And then Scott closed the gap to two shots with an approach inside a foot on the 17th, giving him a chance on the 18th.

The Australian missed his tee shot on the par-5 18th into a bunker and had to lay up, and Rose effectively ended it with his wedge to 3 feet.

Scott also made birdie, a great finish that barely allowed him to make up any ground. His 269 was the same score Woods had in 2008 when he won at Torrey Pines by eight shots.

Only four other scores have been lower since this event moved to Torrey in 1968, all of them before it was beefed up ahead of the US Open.

“He’s the No. 1 player in the world, and he’s showing why,” Scott said.

WAS IT PINK OR RED? S

AN DIEGO—With nothing to gain, Tiger Woods was happy to take whatever victory he could find at Torrey Pines.

His goal on Sunday in the Farmers Insurance Open, where he started the final round 13 shots behind, was to reach double digits under par. Woods birdied his last two holes for a 31 on the front nine of the South course and finished at 10-under par.

“Got to have these little goals when I’m not in contention to win a tournament,”Woods said. “Still something positive to end the week on.”

Another tiny victory: It was the first time since 2008 that Woods broke par all four rounds at Torrey Pines.

Woods closed with a five-under 67 and tied for 20th.

It was never going to be enough to catch Justin Rose, though Woods believes he got enough out of the week to feel reasonably well about the start of his year.

“I feel like I knocked some rust off, which was great this week,” Woods said. “Figured a few things out as the week was going along. I just felt like I got better each and every day. My rounds got cleaner, and that’s what I want to have happen. I’ll be ready in a couple weeks.”

His performance at a tournament he has won seven times was about the same as last year, when he shot 72 in the final round on a much tougher South course and tied for 23rd, never a threat to

the win the tournament but picking up spots on the leaderboard.

The difference was his outlook the rest of the year.

He was just returning to the PGA Tour from his fourth back surgery last year, and Woods says he wasn’t sure how his back was going to hold up the early part of the year until he made it to Florida without any physical issues.

While he conceded to some tournament rust—this was only his second event since he won the Tour Championship on September 23—Woods says there is far less uncertainty about what he expects out of his game.

“Finishing the year the way I did, hitting it like I did was great because I finally built it to a place where I can take a little time off and I know what I’ll have when I come back,” Woods said. “I don’t have to go looking, searching for something. So that helps a lot.”

Woods was stuck in neutral for much of the day after starting on No. 10.

And then he made a pair of 12-foot birdie putts early on the front nine, saved par with a 10-foot putt on No. 4 and hit it tight on No. 5 for another birdie.

After a three-putt par on the par-5 sixth, Woods closed with two birdies for his 67, his best score on the South course at Torrey since a 66 on Saturday in 2008, when he won this PGA Tour event by eight shots.

The biggest question about Woods was the color of his Sunday shirt, which up close was red-and-white stripes, but with enough tiny streaks in the red that from a distance it appeared to be pink.

So, was it pink or red?

“Yeah,” Woods said with a smile.

He now heads home to Florida for two weeks before returning at Riviera for the Genesis Open, where last year he missed the cut. AP

THE biggest question about Tiger Woods was the color of his Sunday shirt, which up close was red-andwhite stripes, but with enough tiny streaks in the red that from a distance it appeared to be pink. AP

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UBAI, United Arab Emirates—Whether it’s science or art, Bryson DeChambeau is making a name for himself for simply winning.

In his most dominant performance yet, DeChambeau turned a one-shot lead into a seven-stroke victory on Sunday by closing with an eight-under 64 to set the tournament record and win the Dubai Desert Classic for his first European Tour victory and his fourth title in the last five months.

“Being able to win internationally is something that I’ve always wanted to do after winning so many times in the States,” DeChambeau said. “And to get it at the Dubai Desert Classic is incredible. I couldn’t be more honored to win this event.”

DeChambeau cruises to victory in Dubai The 25-year-old American wasn’t entirely happy with his game, even while building a one-shot lead over Li Haotong going into the final day at Emirates Golf Club. He had few complaints on Sunday, however, opening with three straight birdies to expand his lead to four shots.

No one had a chance after that.

DeChambeau finished on 24-under 264, breaking by one shot the 72-hole record Li had set the year before.

Matt Wallace of England had a 68 to finish alone in second at 271. Ian Poulter and Paul Waring each had a 64 and tied for third, along with Sergio Garcia

(66) and Alvaro Quiros (68).

Li, trying to join Stephen Gallacher as the only back-to-back winners of this event since it began in 1989, stumbled early and was penalized late in his round of 73 to tie for 12th.

DeChambeau won consecutive FedEx Cup playoff events on the Professional Golfers’ Association Tour against strong fields in August, and he won again in Las Vegas on the US tour. This gives him six worldwide victories in just under three full years as a pro. He will stay at No. 5 in the world. AP

BRYSON DECHAMBEAU will stay at No. 5 in the world. AP

Compassionate God

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EAR God, You know the longing of our hearts. In faith we pray: Oh God, in Your Wisdom, answer our prayer. Advance understanding and dialogue among Christians, Muslims, Jews and other religious denominations.

Help us to secure safety for prisoners, refugees and to end the death penalty. Keep unborn children and infants safe. Inspire indifferent attitudes to be drawn to compassion and forgiveness.

May the God of hope fill us with Joy and Peace in believing so that we may abound in Hope by the power of the Holy Spirit.

Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

CIRCLES: A LEGENDARY LINE-UP FOR ART FAIR PH 2019 D4

BusinessMirror

❶

Tuesday, January 29, 2019

Yale expands Assure Lock line with new smart lever lock

❷

❶ SHADES

of blue were popular in 2018, but there is a growing trend toward decorating with shades of green, as seen in this Washington, D.C., area breakfast nook designed by Marika Meyer in a kitchen by Aidan Design.

PHOTOS: AP

❷ AMONG the

trends emerging for 2019 are an embrace of patterned fabrics that can be paired together, as seen in this area living room designed by interior designer Marika Meyer.

BERLIN, Connecticut—Yale today expanded its popular Assure Lock line of smart locks with the introduction of the Assure Lever, a new lever lock designed for single-hole doors from side entries, garages, basements, interior rooms and more. With a sleek, slim design, it’s the first non-deadbolt option in the Assure Lock series.

The Assure Lever comes in two models; a push button keypad (YRL236) and capacitive touchscreen (YRL256). Users can unlock and lock using their entry code on the keypad—the levers are key-free so they are tamper-proof, and there’s no keys to lose. The Assure Levers can be used as stand-alone keypad locks, or as smart locks that can be fully integrated into a smart home or alarm system with the addition of a Connected by August, Z-Wave Plus or ZigBee Yale Smart Module. The stand-alone version can be upgraded with any Yale Smart Module at any time.

Smart Modules for Control4 and Crestron will be launched in 2019.

“The new Yale Assure Levers introduce further innovation, easier installations and more advanced integrations—all packaged up in beautifully clean designs,” said Jason Williams, president of Yale’s Residential Group.

“It’s a valuable addition to our Assure Lock line, allowing our customers to put smart locks on their interior and entry doors without a deadbolt.”

The Assure Lever will also satisfy smart lock sister company August’s community, which has long requested a non-deadbolt, August-enabled lock.

The models come in three different finishes—satin nickel, polished brass and oil-rubbed bronze—and will be available for purchase at ShopYaleHome.com, August.com, and major retailers for $149 to $299 MSRP (depending on the model and connectivity).

For more information, visit www.yalehome.com.

BUSINESS WIRE/AP

❸ INTERIOR

designer Marika Meyer, based in Washington, D.C., sees a trend toward warm neutral colors and antique furniture in warm wood tones, as seen in this living room designed by Meyer.

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2019 décor trends veer toward elegant comfort

By MelissA rAyWOrTH The Associated Press

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HEN we asked interior designers about the colors, fabrics and styles likely to be popular this year, one message came through loud and clear: People are seeking comfort at home.

But rather than casual, farmhouse-style comfort, these designers are seeing a trend toward a sophisticated, elegant comfort achieved through such things as warm wall colors, antique wooden items with a patina of age and rounded corners on furniture.

Along with the physical coziness these items bring, many folks seem to be seeking a degree of emotional comfort in their home décor.

“Someone just asked us if we would do an ombre carpet up their stairs, working with the ombre wallpaper up the wall,” said Brett Beldock, a furniture and wallcovering designer in New York. “They want this cocoon feeling. Our surroundings have to be really warm and comforting now...everything is crazy and we’re all up in the air.”

We’ve asked Beldock and two other interior designers—Marika Meyer of Washington, D.C., and Dan Mazzarini of New York—for details on what we’ll see in home design in the coming year.

COMFORTING SPACES FOR years, Americans were in love with open floor

plans and large furniture. Now, “people want more intimately scaled spaces,” Mazzarini said.

“Not Victorian-small, but not this kind of ‘everything open’ living.”

In response, we’re seeing “a temporary pause on oversized things,” he said, as people feel like nesting.

Along the way, the color palette is becoming equally cozy. Popular neutral colors have “been so cool for a number of years,” Meyer said. In 2019 “we’re coming back into more warm neutrals.”

And Beldock sees furniture shapes changing: We’re seeing a return to rounded edges and pieces of furniture with big, soft, rounded arms.

PATTERNS AND PAPERS EXPECT to see lots of paper and fabric coverings on walls and ceilings in 2019. Beldock said that murals are popular, as are patterns that can be mixed to create a vibrant space and give walls an appearance of depth.

Meyer agrees that patterns are increasingly important. As part of a “return to traditionalism” in home design, she sees many people opting for “heavy layering of very traditional patterns.”

Although many patterns incorporate a mix of colors, expect to see plenty of rich shades of green in fabric and wallpaper patterns. While blues and indigos have been huge in recent years, Meyer said that in 2019 “green is the new blue.” It’s likely to be used in everything from upholstery patterns to kitchen furnishings.

WARM WOODS AND TRADITIONAL STYLES ANTIQUES and secondhand items are also having a moment. “There have always been the antique lovers that we’ve worked with,” Mazzarini said.

But now, a growing number of people “are responding more positively to things that have an actual sense of history.”

Meyer agrees: “More and more clients say to me they’re interested in a beautiful wood antique chest,” she said.

This trend is quite practical in the smaller-scale homes and condos favored these days, Meyer says, because people have a real need for storage space. If a client chooses an antique wooden chest instead of a Parsons table, “it’s concealed storage.”

Traditional skirted tables are becoming popular again for the same reason: Under the soft folds of a fabric table cloth that reach to the floor, you can store items out of sight.

Even for homeowners who prefer a more modern style, warm wood tones are increasingly popular, Beldock said.

“Everyone’s using warm woods and walnuts,” she said, or “actually doing a fireplace, and around the fireplace having your extra wood in a niche on each side that’s the height of the whole wall.”

Some clients continue asking for lighter wood tones, Mazzarini said. But even when paired with white items for a very clean look, the wood grain brings a degree of warmth to a room. n

TOP-OF-MIND property Amaia Land is set to launch its newest and fifth building in Alabang, Muntinlupa, which will be called Esperanza.

ESPERANZA IS AMAIA’S NEWEST BUILDING TO RISE IN ALABANG

FOLLOWING the success of Amaia Land Corp.’s first four buildings in Alabang, Muntinlupa—Aria, Blanca, Clara and Delicia—the top-of-mind and affordable property developer is all set for the launch of Amaia Steps Alabang Esperanza, its newest and fifth building in the cosmopolitan town.

Esperanza will offer prospective homeowners a total of 256 spacious and well-designed Studio (24.37 square meter), Deluxe (32.50 sq m), and Premier (42 sq m) units. Its special amenities will include a well-equipped kiddie playground and a linear garden where residents can spend leisure moments with their families.

Amaia Land (www.amaialand.com) has, to date, sold a total of 781 units and turned over 371 of these from its previous buildings in Alabang.

Located on Alabang-Zapote Road, Esperanza is the most recent addition to Amaia’s affordable and sustainable condominiums south of the Metro. Esperanza is envisioned to provide bigger breathing and living spaces and a more serene lifestyle far removed from bustling city life.

Future residents of Esperanza will find convenience and comfort in perfect harmony as it is strategically located near business parks, schools like San Beda College Alabang, shopping malls, service centers and other key establishments. Amaia Land brings the dream of owning an affordable superior-quality home closer to hardworking Filipinos through easy payment options: cash, deferred cash and bank financing.

Amaia continues to serve its Filipino residents and homeowners with affordable and sustainable development that aims to elevate living experience and create a positive impact on the environment.

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‘Nowhere Child’ is Christian White’s stunning debut

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By Oline H. Cogdill The Associated Press

YOUNG woman’s fond memories of her happy childhood and loving parents are turned upside down when she learns she may have been kidnapped more than 28 years ago in The Nowhere Child (Minotaur), a stunning debut by Christian White.

The perceptive plot of The Nowhere Child works well as a story about the extremes that one will go to protect loved ones, as well as a tale about what makes a family. White skillfully creates a credible story filled with surprises and realistic characters worth caring about.

Kim Leamy has a quiet life teaching photography at a school in Melbourne, Australia. Her loving mother, Carol, recently died but she has a solid relationship with her supportive stepfather, Dean.

While she isn’t as close to her half-sister Amy, she knows she can always count on her.

Kim’s life changes when she is approached by an American, James Finn, who tells her that she may be Sammy Went, who was kidnapped from her home in

z

Kentucky when she was two. Kim doesn’t believe him.

She has her birth certificate and her family has always lived in Australia.

Not only does James have reams of paperwork, he also has a DNA sample that he surreptitiously took from her that definitely proves that Kim is Sammy, and that he is her brother. Kim finds it hard to believe that the warm, happy home in which she was raised was the result of a crime. She agrees to go to Kentucky with James to find out what could have happened.

White seamlessly moves The Nowhere Child from the present, as Kim tries to piece together a lifetime of lies, back to the incidents 28 years ago that may have led to an abduction.

White shows life in a small Kentucky town, the Went family divided by religious fanaticism and a spiritual leader who encourages snake handling without deriding small towns or religion. Despite the evidence that James presents, suspense mounts as the plot explores the decades-old secrets that the Went family held close.

The appealing Kim’s confusion over whether to doubt her childhood or accept this new dysfunctional family adds to the tension in The Nowhere Child. n

JAMES LEE BURKE’S novels have mysteries that light the fuse of the story, but the almost poetic prose sets his novels apart.

In The New Iberia Blues: A Dave Robicheaux Novel (Simon and Schuster), a boy that detective Robicheaux knew almost 25 years ago left town to pursue his dream of becoming a Hollywood film director.

Desmond Cormier found success and moves back

CELEBRITIES BORN ON THIS DAY: Sara Gilbert, 44; Heather Graham, 49; Oprah Winfrey, 65; Tom Selleck, 74.

HAPPY BIRTHDAY: Take the initiative to make a difference. Stand up for those who are challenged to gain strong support. Don’t give in to unjust behavior or those who lack integrity. Speak openly about what’s right and what isn’t. Step into a leadership position and show everyone how strong and courageous you can be when faced with injustice. Your lucky numbers are 8, 14, 19, 24, 31, 33, 41.

a

ARIES (March 21-April 19): Look for new ways to advance. Gather information, attend an event that offers insight into something that interests you, or make a move to a location that has better opportunities. Reconnecting with someone from your past will have its benefits. HHHHH

b

TAURUS (April 20-May 20): Keep moving.

If there is something you don’t know, ask an expert to eliminate the possibility of making a mistake. Look at the cost involved before you proceed. A change needs to be planned properly if you want to be successful. HHH

c

GEMINI (May 21-June 20): Your intelligence and charm will encourage popularity, as well as progress, so don’t feel you have to exaggerate to win favors or convince others. It’s honesty in the end that will help you get what you want. HHH

d

CANCER (June 21-July 22): A problem will surface if you or someone you are dealing with isn’t forthright about what’s possible.

It’s better to promise less and end up giving more than the other way around if you want to maintain your reputation. HHH

e f

VIRGO (Aug. 23-Sept. 22): Problems at home are best left alone for the time being.

Focus on getting ahead and using your skills and knowledge to help you develop connections that are crucial to raising your standard of living, offering you options that are currently unavailable. HH

g

LIBRA (Sept. 23-Oct. 22): Participate in events that will bring you in contact with like-minded people. A partnership will help open doors to a brighter future. Learn all you can and offer what you know, and a change will take place that will improve your life. HHHH

MITCHELL ZUCKOFF IS WRITING A BOOK ABOUT 9-11 TERROR ATTACKS

NEW YORK—A best-selling author and former Boston Globe reporter is completing a project about the September 11 terrorist attacks.

Mitchell Zuckoff’s Fall and Rise: The Story of 9/11 will be released on April 30, HarperCollins Publishing announced on Thursday. Zuckoff wrote about the 2001 attacks for the Globe.

For his new book, he has combined numerous individual stories into what the publisher is calling a comprehensive and minute by minute account.

Zuckoff’s previous books include Thirteen Hours and Frozen in Time. He is currently a journalism professor at Boston University. His work also has appeared in The New Yorker and The New York Times. AP

James Lee Burke’s new mystery novel is engaging, emotional

By Jeff Ayers The Associated Press

By Eugenia Last

LEO (July 23-Aug. 22): Mix business with pleasure and you’ll meet interesting and helpful individuals who will enrich your ideas and what you are trying to achieve. A partnership looks good, but don’t rely on a handshake. HHHHH

‘The Mere Wife’ explores ‘Beowulf’ in the suburbs MARIA DAHVANA HEADLEY’S new novel, The Mere Wife (MCD and Farrar, Straus and Giroux), is much more than a simple recasting of the ancient epic poem “Beowulf” in the suburbs. It’s The Stepford Wives, 9/11 and English class thrown into a lyrical blender, and it’s kind of glorious.

For those who forgot the poem immediately after high school, Beowulf is the Anglo-Saxon classic about a warrior who saves a kingdom first from the monster Grendel, then Grendel’s mother and then a dragon.

Headley, who also is working on a new translation of Beowulf, subverts the epic by exploring its good-versus-evil battle from the perspective of women who were largely left on the margins by the ancient bards.

Grendel’s mother even gets a name: Dana Mills, a former soldier from the wrong side of the tracks exiled to a mountain.

When her son Gren crosses paths with the prince of a nearby gated community, she encounters a formidable foe in suburban ice queen Willa Herot.

The hero is supposed to be local police officer Ben Woolf.

The bards already covered his heroics, so Headley cleverly reflects on his shortcomings. He’s no match for his wife’s ambitious mother, let alone Gren’s overprotective mom.

Gren and Dana threaten Willa’s routine, her low-carb diet and her tasteful décor. But are they really monsters? It’s hard to tell when everyone ends up covered in blood.

You don’t have to remember Beowulf to get what Headley is saying here: a monster lives in every mirror, and every enemy is someone else’s hero. AP

Today’s Horoscope

with awards and respect.

Robicheaux meets him not to congratulate him, but to inquire about the body of a young woman who was found brutally murdered near his property.

Cormier says he has no idea what happened, but Robicheaux has his doubts.

Soon, another suspect becomes the prime candidate when one of Robicheaux’s friends says he saw a man jump off a train and run away. He regrets not reporting it sooner, and it becomes clear that he witnessed the escape of an inmate

named Hugo Tillinger who was in prison for murder and arson. He had claimed he was innocent and an organization known for helping prisoners overturn their convictions was looking into his case. The woman who met with Tillinger is Robicheaux’s murder victim. It seems like an openand-shut case, but evidence and motive are never that transparent.

This time the story is not about the mystery itself, but more about the lyrical journey into Robicheaux’s past and present that will keep the readers in awe.

h

SCORPIO (Oct. 23-Nov. 21): Don’t believe everything you hear. Someone will try to outsmart you in order to take advantage of you. Keep your feelings and plans to yourself, and work alone in order to accomplish the most. Develop your creative skills. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Diligence will pay off. Consider what needs to be done, and put your energy into accomplishing your goal. Personal improvements and physical activities will bring about positive change. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t feel you have to do something because someone else does. Use your common sense to decipher how best to handle someone showing signs of inconsistency. It takes strength to say no to someone you care about. HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Take on anyone who opposes you. Your honesty and integrity will help you win in the end. Don’t lose sight of your goals, and don’t give up or give in until you reach your destination. HHHH

l

PISCES (Feb. 19-March 20): Make thoughtout decisions. Don’t let anyone persuade you to take on the impossible. Learn from experience, and offer only what’s feasible. Work alone and keep your personal opinions and information to yourself. Moderation is in your best interest. HH BIRTHDAY BABY: You are goal-oriented, playful and innovative.

You are dynamic and persuasive.

‘cross words’ BY MARK MCCLAIN The Universal Crossword/Edited by David Steinberg

ACROSS 1 Carries a balance 5 Price 9 Colorado resort 14 ___ Alto, California 15 State that’s also a river 16 Lower-quality 17 *2001 Senate Majority Leader 19 Choose politically 20 Charged 21 Detroit-based labor org.

23 Toyota logo shape 24 Coal country workplaces 25 Key person at a hotel?

27 G.I. mail abbr.

28 *Tugboat sounds 30 Pampers excessively 32 Boxer’s warning 33 Already consumed 35 Stories 36 Kitchen extension?

37 Hansel and Gretel appliance 39 Renaissance ___ 42 Put off 44 “Gloomy” guy

7 First-born 4 49 *Commercial miniature golf name 51 Funny Charlotte 52 Amtrak vehicle 54 Suze with financial advice 55 Eliot Ness, e.g.

57 Up to now 58 Squirrel away 59 Greek I’s 61 *“End of discussion!”

64 Idyllic spots 65 Finding Dory character 66 Seemingly forever 67 Police car, usually 68 Perched on 69 Classroom item DOWN 1 Quit, with “out” 2 Battle participant 3 Teddy Roosevelt’s niece 4 Shakespearean verse 5 Male foal 6 “I thought so!”

7 Put in a certain spot 8 Bottom line

9 Reverence 10 Han or Hope 11 Win in the end 12 Breakout artist?

13 Overall deficit 18 *Soda comparison, perhaps 22 Orb weaver’s work 24 Office event: Abbr.

25 Filled out a ballot 26 *Ore-Ida offerings 29 Kind of bran 31 Outlaw 34 Like a buzzkill 36 Bard’s “before” 38 Examine thoroughly 39 Middle age, or a phonetic hint to the starred answers and their layout 40 With ice cream 41 Brainstormed 43 The Man, for Stan Musial 44 Sleuth, in slang 45 Beehive State residents 46 Amtrak facility: Abbr.

48 Hear in court 50 Rattled on

3 Humana rival 5 56 Granny 58 Organ knob 60 Entry on a W-2, briefly 62 Spanish lover’s word 63 Reproachful cluck

Solution to yesterday’s puzzle:

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‘Black Panther’ wins top honor at SAG Awards, ‘Maisel’ soars N

By Jake Coyle The Associated Press

EW YORK—Black Panther took the top award at Sunday’s 25th Screen Actors Guild Awards, giving Ryan Coogler’s superhero sensation its most significant awards-season honor yet, and potentially setting up Wakanda for a major role at next month’s Academy Awards.

The two leading Oscar nominees—Roma and The Favourite—were bypassed by the actors guild for a best ensemble field that also included BlacKkKlansman, Crazy Rich Asians, Bohemian Rhapsody and A Star Is Born.

Although Black Panther wasn’t nominated for any individual SAG Awards, it took home the final award at the Shrine Auditorium in Los Angeles.

Before a stage full of actors, Chadwick Boseman tried to put into context the moment for the trailblazing Black Panther, which also won for its stunt performer ensemble. “To be young, gifted and black,” he said, quoting the Nina Simone song.

“We know what it’s like to be told there isn’t a screen for you to be featured on, a stage for you to be featured on.... We know what’s like to be beneath and not above. And that is what we went to work with every day,” said Boseman. “We knew that we could create a world that exemplified a world we wanted to see. We knew that we had something to give.”

The win puts Black Panther squarely in contention for best picture at the Academy Awards where it’s nominated for seven honors including best picture.

Actors make up the largest percentage of the academy, so their preferences can have an especially large impact on the Oscar race. In the last decade the SAG ensemble winner has gone on to win best picture at the Academy Awards half of the time.

In the lead acting categories, Glenn Close and Rami Malek solidified themselves as front-runners with wins that followed their triumphs at the Golden Globes. The 71-year-old Close, a seven-time nominee but never an Oscar winner, won best actress for her performance in The Wife. In her speech, she spoke about the power of film in a multiscreen world.

“One of the most powerful things we have as human beings are two eyes looking into two eyes,” said Close. “Film is the only art form that allows us the close-up.” Malek, wining best actor over Christian Bale (Vice) and Bradley Cooper (A Star Is Born) for his performance in Bohemian Rhapsody, seemingly sealed the Oscar many are predicting for him. Malek’s awards are mounting even as the director of Bohemian Rhapsody, Bryan Singer, is facing multiple accusations of sexual assault with minors .

Singer has denied the claims.

As he did at the Globes, Malek dedicated his award to Mercury.

STERLING K. BROWN (from left), Angela Bassett, Lupita Nyong’o, Chadwick Boseman, Danai Gurira, Michael B. Jordan and Andy Serkis pose with the award for outstanding performance by a cast in a motion picture for Black Panther in the press room at the 25th annual Screen Actors Guild Awards at the Shrine Auditorium and Expo Hall on January 27, in Los Angeles. AP

“I get some power from him that’s about stepping up and living your best life, being exactly who you want to be and accomplishing everything you so desire,” said Malek.

More surprising was Emily Blunt’s best supporting actress win for her performance in the horror thriller A Quiet Place. Blunt, also nominated by the guild for her lead performance in Mary Poppins Returns, was visibly shocked. She wasn’t among Tuesday’s Oscar nominees for either film.

“Guys. That truly has blown my slicked hair back,” said Blunt, who praised her husband and A Quiet Place director John Krasinski as a “stunning filmmaker.”

“Thank you for giving me the part. You would have been in major trouble if you hadn’t.”

Best supporting actor in a film went more as expected. Mahershala Ali, who won two years ago for Moonlight, won for his performance in Peter Farrelly’s interracial road trip Green Book.

The Amazon series The Marvelous Mrs. Maisel won the first three awards handed out on Sunday, sweeping the comedy series awards. It won best ensemble in a

comedy series, as well as individual honors for Rachel Brosnahan and Tony Shalhoub, whose win was a surprise in a category that included Bill Hader (Barry) and Michael Douglas (The Kominsky Method).

“We cannot thank you enough,” said Shalhoub, speaking for the cast. “Stay with us.”

Tom Hanks presented the lifetime achievement award to Alan Alda, who in July revealed that he had been living with Parkinson’s disease for more than three years. The 83-year-old actor took the stage to a standing ovation while the theme to M.A.S.H played. He said the award came at a reflective moment for him.

“I see more than ever now how proud I am to be a part of our brotherhood and sisterhood of actors,” said Alda. “It may never have been more urgent to see the world through another person’s eyes. When a culture is divided so sharply, actors can help—a least a little— just by doing what we do. And the nice part is it’s fun to do it. So my wish for all of us is: Let’s stay playful.”

For the second time, the cast of This Is Us won best ensemble in a drama series. Other TV winners

included Sandra Oh (Killing Eve), Darren Criss for The Assassination of Gianni Versace, Jason Bateman (Ozark) and Patricia Arquette (Escape at Dannemora).

Arquette thanked Special Counsel investigator Robert Mueller “and everyone working to make sure we have sovereignty for the United States of America.”

The SAG Awards had one thing the Oscars don’t: a host. Emcee Megan Mullally kicked off the awards by tweaking their role among the many honors leading up to next month’s Oscars. She called the SAGs “the greatest honor an actor can receive this weekend.”

The show did not boost the chances of other Oscar hopefuls, A Star Is Born, The Favourite and BlacKkKlansman, which were all shut out on Sunday night.

Among the attendees Sunday was Geoffrey Owens, the Cosby Show actor who caused a stir when he was photographed working at a New Jersey Trader Joe’s. He was among the performers who began the show with the SAG Awards’ typical “I am an actor” testimony. The SAGs also made time for one reunion: Fatal Attraction stars Michael Douglas and Glenn Close joined each other onstage as presenters. n

and Power Plant Mall, and for the Qatar National Day in Makati Shangri-La. The mission continues as the OFY kicks off 2019 on a high note with their first concert of the year at Sun Life Amphitheater on February 9 at 5:30 pm. Admission is free.

Joining the OFY will be the Apprentice Orchestra, another promising group of young musicians in the music program of Ang Misyon. Conducted by Joshua Dos Santos, OFY’s

music director, expect a wonderful pre-Valentine treat with a repertoire of classical music including pieces from Tchaikovsky and Wagner plus a timeless Filipino favorite from recently named National Artist Ryan Cayabyab.

Upholding the vision, which is excellence in music for a better Philippines, the concert is titled Musika at Misyon. This aims to bring to life what Ang Misyon continues to nurture in the scholars through its programs—the power, passion and

skill in playing orchestral music. Ang Misyon looks forward to another eventful year with its young musicians, and remains steadfast in its mission uplifting the lives of the youth.

Ang Misyon was founded in 2012 by First Philippine Holdings Chairman Federico R. Lopez, ABS-CBN Chairman Emeritus Eugenio Lopez III and Concert Pianist Jovianney Emmanuel Cruz.

For information, visit www.angmisyon.org.

‘Musika at Misyon’ ANG Misyon believes that social change is sparked through the learning of orchestral music. The Orchestra of the Filipino Youth (OFY) consists of young music scholars, the majority of which come from less-privileged families and were handpicked based on talent, passion and need.

Ang Misyon wrapped the year 2018 with performances at international venues including Qatar National Library and Katara Opera House, and local events at Robinsons Galleria

FILIPINO ROCK ICON JOEY ‘PEPE’ SMITH DIES AT 71 PHILIPPINE rock legend Joey “Pepe” Smith passed away yesterday morning, January 28. He was 71.

His daughter, Daisy Smith-Owen, confirmed the news on Facebook without disclosing the cause of death.

“Thank you for everything papa bear ko,” Smith-Owen said in the caption of an old photo of her and a smiling Pepe Smith, who was wearing a black leather jacket, with one hand around her daughter and another holding a cigarette. “Thank you for being the best dad in the world. I know you’re in the best place now, no more pains, Papa....”

An hour before this posting, Smith-Owen wrote in a separate post that the rock legend had been rushed to the hospital. Smith suffered a stroke in April 2015, followed by another one in July 2016. He had a third stroke in November 2017.

Born Joseph William Feliciano Smith, the lanky icon is considered a pioneer of Filipino rock as a member of the Juan dela Cruz Band. Their hits include “Beep Beep,” “No Touch,” and “Himig Natin.” JT NISAY

Bryan Singer keeps directing gig following allegations NEW YORK—Following an expose that claimed Bryan Singer has seduced and molested several underage men, the film production company Millennium Films on Thursday said it is staunchly supporting the director. In a statement, Avi Lerner, founder and chief executive of Millennium, said that the company is going forward with a remake of the fantasy adventure Red Sonja with Singer attached to direct.

“The over $800-million Bohemian Rhapsody has grossed, making it the highest grossing drama in film history, is testament to his remarkable vision and acumen,” said Lerner.

“I know the difference between agenda-driven fake news and reality, and I am very comfortable with this decision. In America, people are innocent until proven guilty.”

An article published on Wednesday in The Atlantic alleged a pattern of predatory behavior by Singer, including sex with a 15-year-old at a Beverly Hills, California, mansion in 1997. Three men spoke on the condition of anonymity and a fourth said he was molested by Singer on the set of 1998’s Apt Pupil, when he was in the seventh grade. Singer has denied the claims. He called the article a “homophobic smear piece” that was “conveniently timed” to take advantage of the success of Bohemian Rhapsody.”

“It’s sad that The Atlantic would stoop to this low standard of journalistic integrity,” said Singer. “Again, I am forced to reiterate that this story rehashes claims

from bogus lawsuits filed by a disreputable cast of individuals willing to lie for money or attention.”

The Los Angeles County District Attorney’s Office earlier investigated claims that male minors were pressured into stripping naked for a shower scene in Apt Pupil but declined to press charges.

Lawsuits filed by families of the minors involved were settled out of court.

Bohemian Rhapsody, the Freddie Mercury biopic, was nominated for five Oscars on Tuesday, including best picture. Singer was fired as the director of the 20th Century Fox film during shooting after several absences from the London production. He remains

the sole credited director on the film even though he was replaced by Dexter Fletcher.

Days after Singer was dismissed from Bohemian Rhapsody, Cesar Sanchez-Guzman filed a lawsuit in Seattle against Singer alleging the director raped him in 2003 when Sanchez-Guzman was 17. Singer’s attorney Andrew Brettler at the time said Singer “categorically denies these allegations and will vehemently defend this lawsuit to the very end.” The case is still pending.

Founded in 1996, Millennium Films has produced a number of star-driven action films including The Expendables, Olympus Has Fallen and The Hitman’s Bodyguard. On Thursday, GLAAD removed Bohemian Rhapsody from consideration for its 30th Media Awards. GLAAD said in a statement that The Atlantic article “brought to light a reality that cannot be ignored or even tacitly rewarded.”

Time’s Up, the group formed by women in the entertainment industry to combat sexual harassment, on Thursday called the allegations against Singer “horrifying” and said they must be taken seriously and investigated.

“Those who hire alleged abusers must recognize that these decisions not only subject their employees to possibly unsafe working conditions but also perpetuates a broken system that rewards powerful people and allows them to act without consequences,” said Time’s Up. AP

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KCC KICKS OFF 70TH PHL-ROK BILATERAL ANNIVERSARY CELEBRATIONS WITH CALLIGRAPHY EXHIBIT KOREAN Cultural Center in the Philippines (KCC) opened its first art exhibition for the year with Strokes: Beautiful Korean Calligraphy on January 21, at KCC Exhibit Hall in Taguig City.

The exhibit, which features 50 different calligraphy artworks by Korea Calligraphy Association artists, is part of the yearlong activities of KCC for the 70th anniversary of Philippines-Korea Diplomatic Relations.

Aside from the exhibit opening, Korea Calligraphy Association conducted a free calligraphy workshop for guests interested to try Korean calligraphy.

The exhibit is ongoing until February 28 at KCC Exhibit Hall. The Korean Cultural Center is at second floor, Mancor Corporate Center, 32nd Street Bonifacio Global City, Taguig City.

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A legend returns home, another visits for the first time in Art Fair PH 2019 FERNANDO BOTERO

CIRCLES JT NISAY

jtnisay@gmail.com

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Kaida Contemporary presents ‘Meeting People at Subconscious Parties’ by Ikea Rizalon KAIDA Contemporary ushers in 2019 with Ikea Rizalon’s first solo exhibition, Meeting People at Subconscious Parties. For Rizalon, history perpetually repeats itself, but an artist can always utilize her power to intervene.

By using old photographs and magazine illustrations from thrift shops and friends’ collections, and then positioning them on canvas, Rizalon explores the creation of stitched stories as she manipulates the flat ground with acrylic paint, oil paint and thread, adding not only visible lines but three-dimensional texture to each individuated piece. She casts organically shaped nets with her wellmeditated piercings, choosing to hide some details while emphasizing others. In doing so, she lends a personal touch to her works by using thread much like she uses paint, adding form, color and meaning.

Meanwhile, the group show #synKronize features recent works from Ejem Alarcon, Jhun Alianza, Thirdy Bustamante, Demosthenes Campos, Kiko Capile, Jay Condeno, Rene Cuvos, Demet de la Cruz, Regie de la Torre, Nelson Ricahuerta, RV Rivera, Roel Salvatiera, Migui Sebastian, Mike Seiling, Salvador Sierra, Jocel Tabualo, Nissa Tayle and Pablo Zingapan.

Fresh from the successes of the past year’s exhibitions, these selected artists set their clocks anew as they embark on a new start.

Elegant abstract works, realistic figurations, fantastic characters and systematic minimalisms all have a place in this timely exhibition.

Meeting People at Subconscious Parties and #synKronize will open on February 3, 6 pm, and will run until February 19. Kaida Contemporary is at 45 Scout Madriñan Street, South Triangle, Quezon City.

HE works of internationally acclaimed Filipino artist David Medalla and Colombian icon Fernando Botero are set for groundbreaking appearances at this year’s Art Fair Philippines, which will run from February 22 to 24 at its home of The Link car park in Makati City.

The titanic duo headlines one of the fair’s highlights, called ArtFairPH/Projects, a showcase of especially commissioned works from artists who have made both critical and commercial impact.

“We are always trying to refine our template, but at the same time retain that same quality and consistency of the fair,” said Lisa Periquet, one of the organizers of the event that is now on its seventh edition. “This year, we have a nice lineup of legendary people.”

Born in Manila in 1938, Medalla is championed for a body of work that spans more than half a century and multiple forms, having pioneered a number of mediums such as Kinetic Art, Land Art, participatory art and live art. He has traveled across the globe and has been described in bio notes of several international museums as an “influence and inspiration,” a “citizen of the world” and a “unique figure in the history of 20th-century art,” among others.

For Art Fair Philippines 2019 (www.artfairphilippines. com), Medalla will stage a new iteration of his 1968 breakthrough participatory work that is inspired by the idea of memory. A Stitch in Time is a 15-meter long canvas suspended like a hammock, onto which the artist stitches his keepsakes and memory objects.

Viewers are invited to sew their own items on the artwork as well, making each iteration unique in every run. The inspiration of the work are the handkerchiefs the artist gave to his ex-lovers in the late 1960s, encouraging them to stitch on it any of their beloved objects.

“Medalla does this in different cities around the world, and each time he does it, there’s always something different about the piece,” said Trickie Lopa, also an organizer of the event. “However, it has not been done in the Philippines before, so the one in this year’s Art Fair will be the first time.”

Another first to be featured in the event is the maiden Philippine exhibit of perhaps the most wellregarded Latin American artist, Fernando Botero.

The master painter and sculptor is known for figures with exaggerated volumes and rotund forms, or an eponymous style of depiction known as Boterismo.

The distinct pieces will be in full display through a capsule retrospective, the first of its kind ever assembled in the country, organized for Art Fair Philippines, titled Botero in Asia.

The favorite subject of the artistic titan is the everyday life in his hometown of Medellin, Colombia. In a statement, Botero explains: “I believe that an artist should approach the topics nearest to his soul, and these are usually related to his childhood years, when he is developing as an artist and as a human being.”

Periquet explained that this year’s ArtFairPH/

Projects will all be located within one floor to give audiences a stronger idea of the fair’s curatorial vision.

Together with Botero and Medalla in this year’s lineup of Projects is Ray Albano, whose experimental works played an integral role in the development of modern conceptual art in the Philippines. His seminal interactive installation, titled Step on the Sand and Make Footprints, won at the Tokyo International Biennial Exhibition of Prints in 1974, and will be featured in the fair.

Also part of the special exhibitions are Ryan Villamael, a master of paper who will be recreating a tableau of pre-World War II Manila; Oscar “Oca” Villamiel, known for the peculiar use of elements of nature and animal by-products for works of social and political commentary; and Ian Fabro, whose unique medium and work process produce images that viscerally confronts the viewer.

Rounding out the artists for Projects are Christina “Ling” Quisimbing Ramilo, Olivia d’Aboville, MM YU and Mauro Malang Santos. To be assembled and exhibited for the first time in the fair are Malang’s works that were accomplished in the 1980s and 1990s, and were kept as family treasure.

Liv Vinluan is included in the slate as this year’s

‘Converging Realities’ by Reybert Ramos ON February 5, ArtistSpace and Galerie Stephanie present Converging Realities, the fifth solo exhibition of visual artist Reybert Ramos.

Ramos continues to tackle the complexity and diversity that pop culture has bought into the Manila contemporary. Drawing inspiration from double meanings and stereotypes, the artist presents Converging Realities as a social evaluation and correction of the modern individual.

Moreover, Ramos fuels his fifth solo exhibition with various symbolisms, criticisms, and paradoxes about human nature as it springboards from the power of media, politics and moral responsibilities. Despite the strong social realism present in the artworks, the artist pushes his audience to deduce

the symbolisms incorporated in his dog-human hybrids, particularly those that are narrative in nature. An instance would be Daily Grind, where the subjects create a crowd of isolated individuals representing diversity of a common struggle. Distinguished Gentlemen, on the other hand, is an attack on stereotypes using the motorcycle as a misinterpreted vehicle of violence associated with biker gangs or other criminal activities. Ramos redefines these associations with utilitarianism instead, that their realities were distorted with societal prejudices.

Converging Realities stands as the artist’s advocacy to continue to question the social predicaments that shape human nature. And with the strong impact of social media, renewing

perspectives or breaking stereotypes come off like a futile effort. Ramos then ingeniously makes these associations malleable instead through his art, reshaping their essence as they trigger a deeper and more implicit familiarity, subtly manifested in the dogs’ characteristics. This exhibition marks the artist’s development of creating finer details both literally and figuratively, exposing the unorthodox characters as the true identities they actually are.

Converging Realities will be on view at the ArtistSpace from February 5 to 19, with an Artist’s Reception on February 16. ArtistSpace is at the Ayala Museum Annex, Ground Level, Makati Avenue corner De La Rosa Street, Makati City.

It is open daily from 10 am to 7 pm.

Admission is free.

recipient of the Karen H. Montinola Grant, which is given in memory of a wife and mother who had a passion for collecting the works of young and emerging artists. Vinluan applies the power of textile to paper, creating threedimensional structures that ultimately convey the illusion of suspension.

“She then appropriates her beautiful drawings around the work,” Lopa said of the work of Vinluan, who will be displaying a piece, titled Nung Gambalain Yung Sayawan/The Disruption of Dance. “Her intent is that this work will be like an object of peaceful contemplation within the frenzy of the Art Fair.”

A total of 52 galleries will be participating in this year’s edition of the event, including 16 from Japan, Hong Kong, Singapore, Vietnam and Taiwan.

The educational component of Art Fair Philippines lives on this year with the ArtFairPH/Talks, headlined by art historian Kathy Galitz from the Metropolitan Museum of Art in New York. Last year’s initiative called ArtFairPH/Photo, which supports photography as contemporary art, will return as well, along with the fair’s complementary series of art events around the Makati Central Business District named 10 Days of Art (www.10daysofart.com). n