Businessmirror July 03, 2019

BORACAY ACTION PLAN TO COST P25.3B

By Cai U. Ordinario @caiordinario

T THE view on Boracay’s world-famous beach, as seen in this 2017 BusinessMirror file photo, is something the government and the private sector will be paying a fortune for to sustain. BRIX VILLARUEL

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

HE national government and the private sector will spend P25.26 billion to implement the medium-term Boracay Action Plan (BAP), according to documents obtained from the National Economic and Development Authority (Neda).

In a Cabinet presentation on Monday, Socioeconomic Planning Secretary Ernesto M. Pernia and Neda Undersecretary Adoracion M. Navarro said the amount includes P7.22 billion from the national government and P15.89 billion from the private sector. The remaining P2.15 billion will be obtained through cofinancing between local governments and the private sector.

The President approved the BAP on Monday. Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo said the plan “will sustain the efforts of the government after its closure.”

“The total public investment cost amounts to 28.6 percent of the total investment requirement. Majority of the projects will be financed by the private sector amounting to P15.9 billion, or 62.9 percent of the total investment requirement,” Navarro said in the presentation.

Navarro said the bulk of the government share of P7.22 billion is composed of agencies’ regular budget worth P4.89 billion, or 19.4 percent of the total; local government unit funds, P1.95 billion, or 7.7 percent; cofinancing arrangements between

agencies and LGUs, P202.17 million, or 0.8 percent. The government still needs to secure financing for P182.24 million, or 0.7 percent.

The bulk of the funds will be spent on putting in place reliable infrastructure facilities worth P3.49 billion or 48 percent of the amount. Another area that will receive a significant share of the pie is pollution control and prevention worth P1.99 billion, or 28 percent of the total.

Spending for enforcement of laws and regulations, as well as responsive social services such as those for health, education and housing, will have a 9-percent share at P635.47 million and P676.66 million, respectively.

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

n

Wednesday, July 3, 2019 Vol. 14 No. 266

DBM to defer sending 2020 budget to House

By Rea Cu

L

₧4.1 trillion

@ReaCuBM

OOKING to ensure close coordination with lawmakers in the passage of the 2020 General Appropriations Act, the Department of Budget and Management (DBM) will wait for the appointment of the House Speaker before endorsing the 2020 budget proposal of P4.1 trillion.

DBM Acting Budget Secretary Janet B. Abuel told reporters on Tuesday the agency has until August 21, 2019, or 30 days after the President’s State of the Nation Address (Sona), to submit the 2020 budget proposal, but pointed out that the agency will wait until the

House of Representatives elects its new Speaker.

This is a step back from the agency’s earlier declaration that it targeted sending the 2020 proposal to the House of Representatives the day after the 2019 Sona on July 22.

The proposed national budget for 2020. It is higher by 9.1 percent than the 2019 General Appropriations Act’s P3.7 trillion

The abundant caution apparently stems partly from the ongoing heated speakership race, as well as the bad experience with the 2019 General Appropriations Act, which President Duterte signed only in April, amid a standoff between the House and the Senate over alleged

manipulation of the enrolled copy of the bill. This, even though the Executive had submitted the budget proposal to Congress right after Duterte delivered his 2018 Sona.

The expectation then was that the 2019 budget could hurdle congressional approval before the Christmas break, so Duterte could sign it into law by end-2018. Instead, the House took longer than usual to process it, submitting the money measure to the Senate in December.

See “2020 budget,” A2

HE Department of Finance (DOF) has issued guidelines on the payment and collection of taxes by local government units (LGUs) from professionals, in order to ensure a fair, uniform and proper implementation of tax laws. It is also seen to boost efforts to streamline government transactions and improve the ease of doing business.

Local Finance Circular (LFC) 001-2019 still rerquires professionals to secure business permits from LGUs, at no cost, during the registration or renewal of the operation of their clinics or offices, given that such permits cannot regulate the practice of their profession.

“This is because regulations over the practice of professions are within the exclusive domain of the respective agencies or regulatory boards empowered by law to super-

vise and regulate professions,” the DOF said.

The circular, signed by Finance Secretary Carlos G. Dominguez III on June 12, 2019, outlines the exemptions of professionals in the payment of business permit fees in operating their offices or clinics.

According to the finance department, LGUs may impose a local business tax on professionals if they are verified to be engaged in selling, trading or distributing goods of whatever kind, or involved in trade and other business activities that do not constitute the practice of their professions.

“In this case, the LGU can impose a business permit fee during the registration and renewal of the operation of the office or clinic of the concerned professional,” the DOF added.

PESO EXCHANGE RATES n

See “DOF,” A12

2018 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

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

BANANA SECTOR NEEDS P3.65B TO HIKE OUTPUT

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE Philippines must spend at least P3.65 billion over the next three years to improve the competitiveness of the banana industry and maintain its stature as the world’s second-top producer of the tropical fruit, according to an industry road map.

Under the Philippine Banana Industry Roadmap 20192022, the government must invest at least P1.215 billion annually to help local producers become competitive against their Latin A mer ican and Southeast Asian counterparts.

The road map was drawn up by the Department of Agriculture and the banana sector.

The funds will be used to fight pests, particularly Fusarium wilt, roll out international and local marketing campaigns, produce high-quality seedlings and create a reliable

DOF sets rules on LGU taxes on professionals

T

See “Boracay,” A2

industry database.

Bulk of the proposed support, or nearly P1 billion annually, will go to pest management programs, with interventions to fight Fusarium wilt being the top priority.

The proposed budget will also be used to establish two new entities to assist the sector: the Banana Industry Development Council (BIDC) and the Banana Research Institute (BRI). The road map stipulated that the government must spend a total of P75 million yearly for the creation of the two entities.

“The banana industry is one of our top dollar earners which employs thousands. [The] government must focus on it,” Agriculture Secretary Emmanuel F. Piñol told the BusinessMirror via SMS.

Targets, challenges

FROM 2020 to 2022, the government is aiming to hike the See “Banana sector,” A2

GSIS chief Aranas quits post

T

READY FOR CALAMITY Persons with disabilities (PWDs) and senior citizens may be among the most vulnerable in disasters, so hundreds of them attended the Emergency Preparedness Forum 2019 at SM Marikina on Tuesday. DOST Undersecretary Renato U. Solidum Jr. (inset), who is also Phivolcs officer in charge, guided them on the proper response to calamities. NONOY LACZA

HE Government Service Insurance System (GSIS) confirmed on Tuesday that President and CEO Jesus Clint O. Aranas has resigned from his position effective July 2.

VP for Corporate Communications Margie A. Jorillo made this confirmation to reporters when asked if Aranas has indeed stepped down as head of the GSIS. “PGM Clint Aranas resigned effective today,” Jorillo said via SMS. The GSIS said Aranas resigned for “personal reasons.”

Before his resignation, Aranas had reiterated the plan of the GSIS to sell its Manila North Harbor property, despite the claims of port See “GSIS chief,” A2

US 51.1640 n JAPAN 0.4719 n UK 64.6815 n HK 6.5487 n CHINA 7.4659 n SINGAPORE 37.7511 n AUSTRALIA 35.6357 n EU 57.7437 n SAUDI ARABIA 13.6438

Source: BSP (2 July 2019 )

News

BusinessMirror

A2 Wednesday, July 3, 2019

www.businessmirror.com.ph

Business leaders warn vs 14th-month pay

R

By Elijah Felice E. Rosales

@alyasjah

EQUIRING the private sector to pay its workers 14th-month pay will cause inflation to spike and the Philippines to lose its competitiveness against Southeast Asian peers, employers warned on Tuesday.

Employers Confederation of the Philippines (Ecop) President Sergio R. Ortiz-Luis Jr. said institutionalizing the grant of 14thmonth pay to workers could injure the operations of micro, small and medium enterprises.

MSMEs will apparently be left with two options to shoulder higher labor cost: increase the prices of their products or reduce their work force.

“If you force that [14th-month pay] on them, they will either pass it on to buyers by raising prices—

which is inflationary—to shoulder the additional cost, or they will lay off some of their workers to lessen business cost,” Ortiz-Luis said over the phone.

He argued that inflation is only beginning to temper this year after hitting a record high of 6.7 percent in September and October of last year. Ortiz-Luis said the government is in no position then to approve measures that could spike consumer prices.

“Large corporations can afford even more than a 14th-month pay,

Boracay. . .

Banana sector. . .

Continued from A1

Other areas that will receive funds are sustainable economic activities including tourism and livelihood worth P336.43 million or 5 percent of the total; and rehabilitation and recovery of ecosystems worth P96.49 million or 1 percent of the total.

“To monitor the implementation of programs, projects and activities in the BAP, the BIATF [Boracay Inter-Agency Task Force] issued Resolution 2018-31‘Creating the Boracay InterAgency Rehabilitation Management Group’ [or BIARMG],” Navarro said.

Monitoring

APART from implementing the BAP, the BIARMG will help set up an effective monitoring and evaluation system to keep track of the activities for the BAP. The BIARMG will also harmonize relevant databases and consolidate all the monitoring reports of departments into one single overall monitoring report.

The Management Group will have a general manager under the Department of Environment and Natural Resources (DENR). The General Manager will be supported by an Assistant General Manager, and Strategic Communication Department and Stakeholder Representatives.

Navarro said the BIARMRG will serve as an interim structure while the government creates an institution tasked to manage Boracay Island on a long-term basis. The creation of the new institution should be done before May 8, 2020.

“Based on the evolving discussion at the Task Force, member-agencies expressed a desire to have an institutional structure that is national government-led and with considerable participation of LGUs, and to enlist the support of Congress in enacting a legislation to that is in line with this,” Navarro said.

“Whatever the final institutional structure is, Neda as the lead agency in crafting this Boracay Action Plan believes that the new entity that will manage Boracay Island must be able to craft and enforce rules that give foremost consideration to the carrying capacity of the Island and must be able to translate the principles for managing Boracay,”she explained.

DOT cheers approval

MEANWHILE, the Department of Tourism (DOT) welcomed President Duter te’s approval of the BAP to complete the island’s rehabilitation and continue its sustainable tourism development program.

“By essentially institutionalizing the functions of the BIATF with the approval of the Action Plan, we can clearly see the government’s determination to sustain the gains of the initial six-month rehabilitation,” said the DOT statement. The DOT chairs the Thematic Cluster on Sustainable Economic activities including Tourism and livelihood.

“The President’s move assures us of Boracay Island’s sustainable tourism development with the BAP serving as the BIATF’s guide in ensuring sustainable and inclusive growth in the island with continuing opportunities for all stakeholders,” Tourism Secretary Bernadette Romulo Puyat said.

The DOT also gladly noted that the Neda has consolidated and packaged the BAP in line with local and national development plans and directions.

but what about our MSMEs? Most of them, particularly the small and micro firms, cannot. If you exempt them from the law, however, the large corporations might think they are being singled out,” Ortiz-Luis added.

In 2017 the Philippine Statistics Authority (PSA) reported there are a total of 924,721 business establishments in the Philippines, of which 99.56 percent, or 920,677, are MSMEs. They generated 4.92 million jobs that year as against the 2.9 million created by large enterprises.

‘Counterproductive’

PHILIPPINE Chamber of Commerce and Industry Chairman George T. Barcelon said mandating the payment of a 14th month is counterproductive to government efforts to make the Philippines competitive in the region.

“It is inflationary and detrimental to our competitiveness.

We will only deprive our country of competitiveness against our peers in the region, especially on labor cost,” Barcelon said in a

Continued from A1

productivity of Cavendish growers by 4 percent annually. The government also wants to improve productivity of Lakatan and Cardaba planters by 2 percent.

The road map calls for hiking Cavendish yield to 62.24 metric ton per hectare, from the baseline of 53.2 MT/ha. For Cardaba and Lakatan varieties, the target is to attain a productivity level of 15.15 MT/ha and 18.18 MT/ha, respectively.

The government plans to achieve these goals by expanding production areas for Cavendish by at least 3 percent annually and 2 percent for the Lakatan and Cardaba varieties.

The road map sets a production area target of 96,236 hectares for Cavendish, from 85,505 hectares.

Plantations dedicated to Cardaba and Lakatan varieties must reach 60,276 hectares and 198,214 hectares by 2022.

The expansion of production area is expected to increase the annual output of Cavendish banana by 7 percent annually until 2022, when production is expected to

reach nearly 6 million metric tons, from the current 4.548 MMT. The production of Cardaba and Lakatan by 2022 is expected to hit 913,426 MT and 3.604 MMT, respectively.

Aside from hiking output, the government and planters want to address other problems plaguing the industry, such as unserved markets, inadequate cold chain facilities, low-quality planting materials and trade barriers.

Satellites. . .

Term sharing. . .

Filipino scientists and researchers in return,” the DOST said.

The agency added that the GRS facilities of the Pedro Center are vital infrastructure for pre- and post-disaster monitoring that support DRR (disaster risk reduction) agencies.

The Pedro Center has been receiving satellite-captured images from various Earth-observation satellites, including the Philippines’s very own Diwata-1 and Diwata-2 microsatellites, according to the DOST. T he D av ao GR S w i l l no w serve as an auxiliary antenna for the Pedro Center, “which means that in cases of catastrophes and impending threats of disasters in Mani la, the Pedro Center can still receive Earth surface information.”

The two stations were designed to communicate with Earth observation satellites by receiving, processing, and distributing space-borne imagery, according to the DOST. These ground receiving stations also have direct access to a broad range of “optical [highresolution, multispectral] and synthetic aperture radar [cloudpenetrating, day-night-imaging] satellite data.”

“Simply put, these ground facilities can upload commands and can download data captured by satellites deployed in space,” it added.

Paolo Duterte announced he might run for the speakership this 18th Congress.

“The House is divided, I might be able to help unite it. Pareho lang kaming binoto ng mga tao. Kung term sharing, term sharing na kaming lahat [We were all elected by the people anyway. If it’s going to be term sharing, then we might as well all be part of it],” the President’s son said.

He proposed that the speakership be shared by representatives from Mindanao, Visayas, Luzon and the party-list groups.

“I will ask the Visayas bloc to elect their Speaker for their term share, and so with the Mindanao bloc and the party-list coalition,” Duterte said. “We are not talking about two persons here. We are talking about our beloved country.

Continued from A12

Data discrepancies

ONE of the top priorities of the BIDC and BRI is to address discrepancies in the country’s production and export figures, which are inconsistent with the statistics of the Philippines’s trade partners.

Under the road map, some P30 million will have to be set aside to establish a banana database over the next three years.

Industr y sta keholders and economists have been lobbying for better industry statistics, saying “unrealistic” figures will hurt

Continued from A12

Impeachment. . . executed so that it will be binding not only on the current administration but also on subsequent administrations because that will be a governmentto-government agreement,” Guevarra explained.

He said it would be difficult to characterize such an agreement although it was only his belief that it was like a mutual understanding.

Guevarra said he is leaving it to the President to make statements on the

“The government implemented a lot of huge reforms that cut down the expenses on taxes, education and transportation of our workers. That should be enough. All of those reforms are in remedy of their plight.”—Barcelon

phone interview.

Last year a minimum-wage earner in the Philippines was paid between $169.99 and $287.24 monthly depending on the region where the worker is based, according to government data.

When the Philippine figures are pitted with Southeast Asian competitors, Indonesia provides a lower monthly minimum pay of $90.71 to $227.55, as well as Vietnam at $143.2 to $161.74. Malaysia is within the same range as the Philippines at $223.7 to $243.16, while Thailand’s labor cost is higher at $282.69 to $302.88.

“Businessmen are generally not in favor of that [14th-month pay] because of its potential negative the country’s status as one of the world’s leading banana producers.

“The existing monitoring structure is a mix of government and private institutions/agencies mostly operating independently of each other,” the road map read.

“Not all the data is openly shared; thus, sometimes the statistics do not tally from one agency to the other, and sometimes even within the same agency,” it added.

The BRI will serve as a consolidator of data gathered by different government and private stakeholders in line with its mandate for research and development of the banana industry and technology.

The BIDC will be the repository and clearinghouse of all the data and information gathered pursuant to its role of developing and advocating policies to govern the banana industry.

The BRI is a government entity that will be supported by the private sector while the BIDC will consist of representatives from the government and the private sector. These institutions would gather, organize, analyze and evaluate banana industry statistics on a quarterly basis.

It is not about speakership alone, but who is the right person to unite Congress, and I hope those running for the speakership stop influencing the Cabinet,” he added.

E a rl ier, C ayet a no c l a i med that President Duterte himself is pushing for a term sharing between him and Marinduque Rep. Lord Allan Velasco to resolve the heated race.

Under the agreement, Cayetano said he would occupy the Speaker’s post for the first 15 months while the remaining 21 months of the 36th month of the 18th Congress will be taken by Velasco.

Also, some lawmakers said term sharing between Velasco and Cayetano is the “easiest way” to eliminate Leyte Rep. Martin Romualdez from the race.

The election for the next Speaker will be done on July 22, the same day as the fourth State of the Nation Address of Duterte.

Jovee Marie N. Dela Cruz

impact on the economy and the investment climate,” Barcelon said.

He said there is no need for such measure, as many firms are supposedly giving out performance-based incentives to their workers on top of the mandatory 13th-month pay. Too much wage and incentives regulation could be restrictive for investors, Barcelon argued.

Further, he said there are a number of social services in place aimed at cushioning the impact of rising commodity prices on workers and their dependents, including the lowering of personal income-tax (PIT) rates under the Tax Reform for Acceleration and Inclusion (TRAIN) law, free tuition in state universities and colleges and the free train ride for students.

Although the TRAIN law reduced PIT rates, it applied excise taxes on fuel, sugar-sweetened beverages, coal, automobile, among others.

It was largely blamed for the price surges last year that pushed inflation to a new record high.

“The government implemented a lot of huge reforms that cut down the expenses on taxes, education

CBCP warns vs ‘false’ teachings by preacher

T

HE Catholic Bishops’ Conference of the Philippines (CBCP) warned the faithful against a preacher spreading false teachings of the Church.

In a statement, Davao Archbishop Romulo G. Valles formally endorsed the position of Balanga Bishop Ruperto C. Santos against Maria Divine Mercy (MDM).

Valles said the teachings and activities of MDM “bring confusion and propagate erroneous, false and distorted teachings [among] our Catholic faithful.”

In its web site, CBCP News said

2020 budget. . .

Continued from A1

On Tuesday, Abuel was more confident about their schedule. “We’re on track, [and] within the timeline. Before, I said [we’ll give it] a day after the Sona, but maybe now we’ll have to wait because we need to have a very close coordination with Congress. So we need to wait for their leadership so that [our efforts will not be] put to waste [and that it will be] faster,” Abuel said.

Abuel was apparently referring to the heated race for Speaker, with the President’s allies bitterly split and all jockeying for his endorsement.

Abuel explained that the DBM will not wait for the last day of the deadline to submit the 2020 budget proposal, since everything is “more or less crystallized,”adding that they have set an internal deadline that the budget should be submitted on or before the first half of August.

“Within 30 days from Sona, so we have until August 21. But we will not be waiting that long.

We’re targeting, worst case scenario, first half of August because they [the Congress] also have their own timeline,” she added.

Tier 2

S H E pointed out that discussions and coordination with some government agencies still have to be done in line with Tier 2 of the

GSIS chief. . .

Continued from A1

Continued from A12

matter. Palace Presidential Spokesman and Chief Presidential Legal Counsel Salvador Panelo earlier said there was nothing wrong with the President’s pronouncement allowing Chinese fishermen in the country’s EEZ despite the constitutional prohibition against it.

He said the President was only putting the welfare of the 110 million Filipinos in choosing to talk to China with regard to the two countries’ longstanding maritime dispute.

and transportation of our workers. That should be enough. All of those reforms are in remedy of their plight,” Barcelon said.

For think tank IBON Foundation, the government should study the proposed P750 national minimum wage if it really intends to give workers with a higher take home.

IBON Foundation Executive Director Jose Enrique A. Africa said a P750 daily wage will reflect in the overtime and holiday pay of workers, which is not the case in the 14th-month pay.

“Any measure increasing the take-home pay of underpaid workers is always welcome, so the proposed mandatory 14th-month pay is, in that sense, an improvement,” Africa said in a statement.

But, he added, “the majority of workers who are paid the minimum wage or less would be better off with the proposed P750 national minimum wage. Their annual salary will be higher and will also count as part of their overtime pay, holiday pay and the like, which is not in the case of the 14th-month pay.”

operator International Container Terminal Services Inc. (ICTSI) that the agency only has a “naked title” on the property.

In a statement issued on June 26, the GSIS said it is pushing through with the sale of the 672,645-square-meter property through public bidding, to help ensure the integrity of the funds of GSIS members.

Aranas said the market value of the property is approximately P33.632 billion based on the zonal valuation as of May 9, and as reflected

MDM is the moniker adopted by Mary Carberry, a self-proclaimed Irish seer, who made apocalyptic visions.

“Trusting on the wisdom and pastoral assessment of Bishop Santos and the assessment of the Divine Mercy Philippines [DMP]National Working Committee, we thus heed their warning that we should be very careful of the group Maria Divine Mercy,” Valles said.

Santos earlier said the activities of MDM in Cebu, Iloilo, Bukidnon, Zamboanga and Batangas is a cause for alarm. Samuel P. Medenilla budget proposal, which is being eyed to be finalized this week.

“We’re more positive now. We’re not really fearing [a delay] but we’re preparing for it just in case. That’s why this time we don’t want to rush, we want to wait, instead of submitting the day after [the Sona], even if we are already ready [with the budget proposal]. We want also that, at least we have coordination so that the relationship is better and that the proposed budget will be in a sense preserved as much as possible,” she added.

The DBM said in May that it is targeting to submit the 2020 national budget proposal of P4.1 trillion under a cash-based budgeting system during the Sona of President Duterte in July 22.

Abuel explained that the DBM is still pushing for a cash-based budgeting system, but is still studying the transition process since the passage of the 2019 budget bill of P3.7 trillion was delayed.

The proposed 2020 budget of P4.1 trillion is higher by 9.1 percent than the 2019 General Appropriations Act (GAA) of P3.7 trillion.

The delay in passing the 2019 GAA bill —the first budget proposal implementing a cash-based budgeting system under the Duterte administration—forced the government to operate under a 2018 reenacted budget till past the first quarter. This affected the spending plans of the government, especially on its infrastructure projects, and was blamed for the lower-thanexpected growth in the first quarter.

in the GSIS books as of May 20.

Enrique K. Razon Jr., president and chairman of ICTSI, earlier said the GSIS has only a naked title so it has no right to use the property.

ICTSI operates the Manila International Container Terminal (MICT) which is located in the property that GSIS wants to sell.

The Philippine Ports Authority also questioned the validity of the 43-year-old title, saying that the PPA owns the North Harbor property even if it was registered under the name of the GSIS. Aranas, meanwhile, also resigned from his post in the Philippine Olympic Committee (POC) during an executive board meeting. Rea Cu

A BusinessMirror Special Feature

www.businessmirror.com.ph

Maintaining price stability in the Philippines through inflation targeting

T

HE year 2019 marks the 70th year of central banking in the Philippines.

It also highlights the many years of Bangko Sentral ng Pilipinas’s (BSP) quest of maintaining price stability conducive to a balanced and sustainable growth of the economy. While the price-stability objective was already embedded in the provisions of the New Central Bank Act of 1993, the BSP only shifted formally to an inflation targeting (IT) framework 16 years ago. Looking back, it is during the IT regime that the BSP recorded considerable success in bringing inflation rates lower and keeping inflation expectations well anchored. Consequently, this allowed the BSP to build its credibility through greater accountability and transparency.

What is an IT framework? It is a monetary policy framework that focuses on achieving price stability as the primary objective. With IT, the BSP publicly announces a headline inflation target, which it promises to achieve over a certain period.

The achievement of the goal is measured by comparing the actual headline inflation with the publicly announced inflation target.

The BSP formally adopted IT on January 24, 2000, to better achieve the BSP’s primary mandate. The key advantage of IT is its relative simplicity, which allows the public to understand how the BSP works. It is also a comprehensive approach to policy making, which takes into consideration the widest set of available information about the economy.

It is forward-looking and recognizes that monetary-policy actions affect inflation with a lag. It also promotes transparency in the conduct of monetary policy, with the announcement of targets and the reporting of measures that the BSP will adopt to attain these targets, as well as the outcomes of policy decisions.

The shift to IT framework was a natural transition for the BSP since its basic elements—the primacy of price stability as the objective of monetary policy and the BSP’s fiscal and administrative autonomy, or central bank independence—are already institutionally present, both in the 1987 Philippine Constitution and in the BSP charter. Also, the national government had already been announcing to the public its annual inflation targets since 1994.

The inflation target-setting process in the country is largely based on the existing framework for coordination among government economic agencies under the development budget coordination committee (DBCC). The national government (NG), through the DBCC, sets the inflation target two years ahead, in consultation with the BSP. However, the responsibility of achieving the inflation target rests primarily with the BSP. The coordination between the BSP and the NG on the setting of the inflation target ensures that it is aligned with the overall policy framework of the country.

The BSP manages inflation through its conduct of monetary policy, which is done primarily by moving its policy interest rate. The Monetary Board (MB) meets eight times per year to review, discuss and decide on the appropriate monetary-policy stance of the BSP to keep inflation within the target. The decisions made are based on a

comprehensive set of economic information available at the time of the policy meeting.

To strengthen the decision-making process, the MB receives recommendations from the advisory committee (AC), a technical body which meets regularly, prior to each MB meeting. The AC meetings are intended to serve as a forum for in-depth, comprehensive, broad-ranging and balanced assessment of different factors affecting inflation.

The BSP also has a number of disclosure and reporting mechanisms to help the public gauge the BSP’s commitment to achieve the inflation target. These include various reports and publications, including the quarterly inflation report and the highlights of the meeting of the monetary board on monetary policy, as well as regular seminars and conferences involving the discussion of monetary developments and policy issues.

Moreover, to ensure accountability in case the BSP fails to achieve the inflation target, the BSP governor issues an open letter to the president explaining the reasons why actual inflation did not fall within the target, along with the steps to be done to bring inflation towards the target.

How successful was the IT framework in the Philippines? From a 12.2-percent annual average inflation from 1988 to 1994 that declined to 6.9 percent from 1995 to 2001, the BSP succeeded in taming inflation as headline inflation rate decelerated further to 3.8 percent from 2002 to 2018. For the past 16 years the BSP also managed to keep inflation within prudent and manageable bounds, accompanied by solid economic growth, despite the presence of global and domestic shocks. Moreover, the enhanced transparency and accountability associated with the shift to IT regime has led to the continued anchoring of market-inflation expectations to monetary-policy decisions.

While it is true that the low-inflation global economic environment in recent years has helped in pulling down actual inflation in the country, the BSP’s success in taming inflation did not escape the notice of international observers. The Asian Banker recognized the BSP as Best Macro Economic Regulator in 2013, 2016 and 2017, for its “disciplined effort to maintain low and stable inflation.” The Philippines’s low and stable inflation is one of the factors that credit-rating agencies often cite for the favorable ratings of the country, the latest of which is a rating of BBB+ from Standard & Poor’s, two notches higher than the minimum investment grade of BBB-. An international survey also identified the Philippines as one of the countries where transparency has improved the most.

Going forward, the BSP continues to take measures to further enhance the implementation of the IT framework by improving its suite of models, data, software, the capability of its technical staff and modelers, and the way it communicates its assessment of current conditions and outlook. This is to ensure that the country’s IT framework keeps up with the BSP’s increasing role in maintaining macroeconomic stability amid the emergence of new technologies and increasing global integration.

Wednesday, July 3, 2019

A3

BSP BOOSTS CHARTER CAPACITY TO PURSUE MANDATE

P

RESIDENT Duterte signed into law Republic Act (RA) 11211, or An Act Amending Republic Act 7653, Otherwise Known as the ‘New Central Bank Act’, and for Other Purposes” on February 14, 2019.

According to the Bangko Sentral ng Pilipinas (BSP), “The amendments are intended to provide for a more effective and dynamic central monetary authority. The amended BSP charter strengthens the central bank’s capacity to foster price stability, financial stability, and a safe and reliable payments system.”

Enhancing BSP’s capability to perform its mandate is ultimately for the economic and financial well-being of Filipinos. Stable prices benefit all Filipinos by preserving their purchasing power and providing an enabling environment for stronger economic growth. A strong and stable financial system ensures efficient fund intermediation between savers and investors, and sound-risk management.

Moreover, a stable payments system supports financial inclusion by providing more unbanked Filipinos access to financial products and services. Financial inclusion is integral to broad-based economic growth that benefits all Filipinos.

Price stability

RA 11211 provides for an enhanced policy framework for promoting price stability, which is manifested through low and stable inflation.

In line with current international trends, the new law recognizes that there is a broader set of indicators, aside from monetary aggregates, that serves as a basis for the formulation of monetary policy. Under the inflation-targeting framework, the BSP focuses mainly on achieving price stability, instead of targeting monetary aggregates, as the ultimate objective of monetary policy.

The law also restores the central bank’s authority to issue its own debt papers as part of its regular operations. This gives the BSP greater flexibility in determining the timing

and size of its monetary operations, and expands its policy toolkit.

Financial stability

MOREOVER, RA 11211 establishes a stronger prudential regulatory framework to promote a safe and sound financial system; and explicitly identifies financial-stability as a mandate of the BSP. An express financial stability mandate ensures that the BSP can take direct action on vulnerabilities and mitigate systemic risks that may have system-wide impact, thus, further strengthening prudential oversight over the country’s overall financial stability. In this regard the central bank works closely with the Department of Finance, Securities and Exchange Commission, Insurance Commission, and Philippine Deposit Insurance Corp.

The said law also widens the coverage of institutions under the BSP supervision to include moneyservice businesses, credit-granting businesses and payment-system operators. This puts the BSP’s in a strategic position to address potential risks arising from interlinkages within the financial

system, and between financial institutions and service providers across instruments and markets.

The law also authorizes the BSP to prescribe minimum risk-based capital-adequacy ratios based on internationally accepted standards and practices.

Payment-system efficiency

FURTHERMORE, RA 11211 empowers the BSP to oversee payment and settlement systems (PSS), including critical-market infrastructures that are vital components of the country’s financial system.

This reform stems directly from the central bank’s role of fostering price and financial stability. As pipelines for the flow of funds, PSS are critical transmission channels for monetary policy and in mitigating systemic disruptions, ensuring the smooth flow of financial transactions and maintaining public confidence in the financial system.

Placing PSS under the BSP’s supervision provides a holistic view for setting standards and defining the operating environment in the financial system. The development

of a safe and efficient national payment system that is crucial to price stability, financial stability and economic growth is a paramount objective of the BSP.

Corporate viability

TO enhance BSP’s corporate viability, RA 11211 authorizes the increase in the capitalization of the BSP from P50 billion to P200 billion, which shall be sourced from dividends declared by the BSP in favor of the national government.

Under the amended Charter, the BSP is also exempted from paying taxes on income derived from its governmental functions. These reforms place the BSP on a stronger position to pursue its mandate amid a growing economy and the increasing sophistication of the financial system.

Data access

THE amended BSP charter restores the central bank’s authority to obtain data from any person or entity from the private and public sectors, for statistical-and policy-development purposes in line with the pursuit of its mandates.

BSP Roadmap: A balanced approach to fintech

F

INANCIAL Technology (Fintech) is the application of technology in financial services, in a manner that drives the transformation or disruption of traditional processes in financial system.

In the Philippines Fintech has transformed the delivery of financial services from branch banking to online banking, paper-based money to electronic money, and face-to-face customer verification to technology-aided know-yourcustomer process, among others.

Aside from enhancing consumer experience, Fintech transcends geographical barriers and enhances transparency, and reduces the cost of financial transactions. Hence, the Bangko Sentral ng Pilipinas (BSP) deems Fintech as a potent tool for promoting financial inclusion.

In view of this, the BSP has identified the responsible promotion of Fintech as a priority BSP agenda. Under this agenda, the BSP strikes a right balance between enabling useful innovations and managing associated risks; and pursues a Fintech road map covering collaborative engagements, commensurate regulations and capacity building.

Fintechs commonly engage in emerging business models and technologies, which are often beyond the supervision of financial regulators.

For this reason the BSP actively engages Fintech players and innovators through a flexible “test and learn” environment, or the “regulatory sandbox.”

“This approach has served us well since it has enabled us to fully understand new business models; and assess risks and employ mitigating

actions when necessary, while allowing benefits to be realized from these new technologies,” the BSP said.

Aside from engaging fintech players, the BSP collaborates with other financial regulators to ensure policy consistency, prevent regulatory arbitrage and promote expansion of innovations.

The BSP also participates in domestic and international information-sharing fora on such topics as technology-risk management, innovation, payment systems and cyber security.

In November 2017 the BSP signed a fintech-cooperation agreement with the Monetary Authority of Singapore covering information sharing and referral system specifically focused on fintechs

operating in the two countries.

In August 2018 a fintech committee was also created under the financial sector forum (FSF), which is composed of the BSP, Insurance Commission, Philippine Deposit Insurance Corp., and the Securities and Exchange Commission. Under this committee, the FSF shall harmonize its regulatory responses to fintech innovations in the financial sector.

“Through increased collaboration, financial regulators can quickly anticipate changes, assess technological trends across different sectors, and optimize the potential of digital innovations to provide more convenient and efficient financial services,” the BSP added.

Meanwhile, in crafting commensurate regulations, the BSP has implemented key policy changes espousing the principle of “proportionality.” Toward this end, the BSP has progressively implemented banking laws and regulations to fully develop the country’s digitalfinancial ecosystem and enhance the management of operational, technology, business continuity, antimoney laundering/countering financing of terrorism and cyber-security risks by BSP

Supervised Financial Institutions.

Moreover, the BSP has adopted an activitybased approach in supervising and regulating non-bank institutions that are engaged in money service business operations. Prudential requirements are anchored on activities performed by these entities and differentiated regulations are imposed depending on the risks that may arise from these activities.

As part of BSP’s proactive fintech risk supervision and oversight, the BSP is also exploring (regulatory technology) and supervisorytechnology solutions that cover regulatory reporting, consumer complaint oversight and regulatory compliance automation to enhance the timeliness and quality of BSP’s risk-based decisionmaking. The central bank also established in 2018 a dedicated Financial Technology Subsector to institutionalize the operational and cyber-resilience of the financial system.

“The BSP foresees that the digital future will continue to disrupt traditional boundaries, introduce exciting opportunities, as well as a host of emerging threats and risks. Striking the right balance between promoting financial innovation, on one hand, and consumer protection, security and financial stability on the other —is an ongoing challenge,” the central bank said.

“By consistently implementing the BSP roadmap through collaborative engagements, commensurate regulations and capacity-building initiatives, we hope to realize the full potential of fintech to uplift the lives of all Filipinos,” the BSP emphasized.

A4 Wednesday, July 3, 2019 • Editor: Vittorio V. Vitug

The Nation BusinessMirror

Cops, Army nab Kenyan terrorist in Iba, Zambales

By Rene Acosta @reneacostaBM

A

COMBINED team of police and military intelligence agents arrested a Kenyan who is allegedly a member of an East African terrorist group affiliated with international terrorist the al-Qaeda and seized a gun and explosives from him.

Cholo Abdi Abdullah was nabbed at around 3:30 p.m. on Monday during a raid at the Rasaca Hotel in Iba, Zambales, by members of the Crimi-

nal Investigation and Detection Group (CIDG) and intelligence personnel from the National Police and the Army.

The arrest of Abdullah, which was made through the enforcement of a search warrant, was also backed by soldiers and policemen from other units of the military, the Police Regional Office 3 and Zambales Provincial Police Office.

In his report to CIDG Director Maj. Amador Corpus, CIDG Region3 Chief Col. Christopher Abrahano said that the Kenyan yielded a .9mm

pistol, a magazine, ammunition, a hand grenade, a homemade bomb and other bombmaking components.

Corpus said that based on their investigation, Abdullah is an alleged member of the Al Shabaab Group, an East African terrorist group affiliated with the al-Qaeda terror group.

He said the Al Shabaab Group has pledged its allegiance to alQaeda in 2012 and is currently operating in East Africa.

“Accordingly, Abdullah is studying to be a pilot at All Asia Aviation Acad-

emy and is doing research on different aviation threats, aircraft hijacking and falsifying travel documents,” the CIDG said in a news statement.

Cases for violations of Republic Act 10591 (Comprehensive Firearms and Ammunition Regulation Act) and RA 9516 (Illegal Possession of Explosives) will be filed against Abdullah.

The arrest of the Kenyan was the first against any known foreign operative of the al-Qaeda or its foreign affiliated group in the country.

DILG fetes outgoing Pampanga governor Pineda

By Ashley Manabat | Correspondent

C

ITY OF SAN FERNANDO—It was a fitting farewell for outgoing Gov. Lilia “Nanay Baby” Pineda, as the Department of the Interior and Local Government (DILG) recognized her unprecedented achievements in her nine years as chief executive of Pampanga.

On Monday, DILG Provincial Director Myrvi Favia awarded Pineda with a Plaque of Recognition outlining her achievements as governor beginning with the highest revenue income of P3.05 billion for Pampanga, as well as P13 trillion worth of investments and the generation of 40,000 employment as a result of the massive investment.

The DILG said because of the preceding, the Commission on Audit (COA) has given Pampanga due recognition as one of the 10 richest provinces in the Philippines with a total asset of P9.53 billion.

The DILG then cited Pineda’s programs that were created under her leadership, resulting in the reduction of poverty from 6.4 percent in 2013 to 4.9 percent in 2018. This is proof that Pineda’s programs of poverty alleviation helped in

uplifting the level of life of the Capampangan, the department said.

The DILG also gave Pineda’s popular health program a special mention, specifically for her Point of Care, No Balance Billing and PhilHealth coverage for every CaPINEDA pampangans.

Favia said the DILG believes that every Capampangan is happy living in the province because of the high level of service given by Pineda’s administration.

The DILG said aside from this, it is also noteworthy to acknowledge the different citations and recognitions that were awarded to Pampanga because of the sterling performance of the province under Pineda’s governance.

Among these are the ability to respond and

Lacson laments ‘over-talking’ govt spokesman

By Butch Fernandez

S

@butchfBM

EN. Panfilo Lacson played down a brewing uproar over an earlier “verbal agreement” between leaders of the Philippines and China allowing Chinese fishermen to catch fish in the West Philippine Sea’s rich fishing grounds well within the country’s exclusive economic zone (EEZ).

“A verbal agreement between President Duterte and President Xi is what it is—a verbal agreement,” Lacson said Tuesday, adding, “Is that verbal agreement already part of our national policy?

Is it being carried out?”

In a news statement, Lacson said he does not think so.

“It is my humble view that it is not.

Why? There is no showing that the Department of Foreign Affairs as well as the Department of National Defense are implementing that so-called verbal agreement,” the senator stressed.

He noted that “in fact, on occasion, the two frontline agencies have expressed different views.”

Lacson added: “Having said that, we will be better off to just leave it at that.”

Without naming names, the senator suggested that the trouble could be caused by an over-talkative government mouthpiece.

“Maybe our problem is, we have a spokesman who talks more than he should,” Lacson lamented, adding, “He telegraphs every move and every plan that the executive has on issues that need a little diligence and study.”

Justice Secretary Menardo Guevarra, at a news conference, meanwhile, said “there is no legal basis” to conduct a warrantless arrest against any individual or group who will file an impeachment complaint against President Duterte following a supposed admission that he allowed Chinese fishermen to trawl in the Philippine exclusive economic zone.

At a news briefing, Guevarra explained a warrantless arrest may only be resorted to in case somebody is caught in the act of committing a crime.

“So, in situations where an unlawful act is not being committed in the first place, so there will be no legal basis for an arrest,” Guevarra said.

The Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya), for its part, said that Duterte’s fishing deal with China is a ground for impeachment.

“Whether a verbal or formal agreement, the mere fact that our Chief Executive has given a go signal to China to exploit our marine territory at the expense of Filipino fisherfolk is more than enough to have him impeached over treason and culpable violation of our Constitution,” Pamalakaya National Chairman Fernando Hicap said in a news statement.

According to Hicap, the deal, without a democratic consultation with the Filipino fishers whose livelihood and rights are at stake because of the deal is “unacceptable.”

“A Chief Executive does not make an agreement with a foreign counterpart without getting the side of its constituents, especially if it involves and compromises our rights to our exclusive territory,” Hicap asserted.

With Jonathan L. Mayuga and Joel R. San Juan

face every disaster and calamity brought upon the province with better preparedness, which was given due recognition by the Office of Civil Defense with the awarding of National Gawad Kalasag award in 2018.

The DILG also mentioned the peace and order situation in the province, which was recognized by the Armed Forces of the Philippines by declaring Pampanga “insurgency free” and ready for further development.

The DILG said all the programs under Pineda’s leadership have greatly contributed to the raising of the level of lives of every Capampangan, as can be gleaned with the recognition of Pampanga as having the most number of passers in the Seal of Good Local Governance (SGLG) in Central Luzon for three consecutive years and in 2016.

As a result, the province was given recognition with the highest percentage of SGLG passers in the whole country.

Favia said the department is also aware of other noteworthy programs undertaken by Pineda but the whole day will not be enough to cite them all as she thanked her for her outstanding governance.

Congress to prioritize passage of bill creating new water department

By Jovee Marie N. Dela Cruz

T

www.businessmirror.com.ph

A ‘game changer’? 1 of 2 suicide bombers in Sulu attack a Filipino

O

NE of the two suicide bombers in the twin explosions that rocked the camp of the Army’s 1st Brigade Combat Team (BCT) in Sulu was a Filipino, the commander of the Armed Forces Western Mindanao Command (Wesmincom) said on Tuesday.

Norman Lasuca, 23 years old and born in Asturias, Jolo, Sulu, was the man behind the blast at the gate of the military in Barangay Kajatian, Indanan, on Friday last week that killed himself, three soldiers and three civilians, said Maj. Gen. Cirilito Sobejana.

Sobejana said they were still investigating whether Lasuca deliberately blew himself, or, if the bomb in his possession was remotely detonated.

“However, the probability that it is [a suicide bombing] is very high,” said the Wesmincom commander.

Lasuca and another bomber, whom Sobejana believed based on their ongoing investigation as the 14-year-old son of a Moroccan, were responsible behind the twin explosions at the camp of the 1st BCT, which was barely on its month of deployment in Sulu.

The elder Moroccan was responsible for the bombing in Lamitan City, Basilan, in 2017, by blowing himself up with the vehicle laden with explosives.

Twenty-two soldiers and civilians were also wounded in the twin bombings, wherein the son of the Moroccan bearing the second bomb, who ran into the camp’s compound a minute after the first blast, was killed.

Defen se Sec ret a r y De l f i n

Lorenzana said on Monday that he believed the successive explosions were a case of suicide bombing based on the narration of soldiers.

Lasuca, whose head was severed by the explosion, was a son a Filipino Balik-Islam or a Muslim convert, according to Sobejana.

His remains, or his head, was claimed by his Tausug mother, Vilma, and his brother Alhussin at the morgue of Camp Teodulfo Bautista in Busbos, Jolo, on Monday, the Wesmincom commander said.

Sobejana said that Lasuca, a member of the Abu Sayyaf Group under Hatib Hadjan Sawadjaan, who is now the acting head of the Dawla Islamiyah, left their home five years ago and his family have not seen him since.

“Based on the statement of the mother, he left their house in 2014 and it is only now that they have seen him and he is no longer alive, only his head,” he said.

Sobejana added that the mother also said that her son did not go through high school and only finished elementary schooling.

“His mother only saw him now and he is already dead. He is now 23 years old,” Sobejana said.

As to the second bomber whom Sobejana was inclined to believe as the son of the Moroccan, he resembled the looks of a Caucasian.

“He looks like a Caucasian. He can be the son of the Moroccan, the bomber in Basilan,” he said.

The bombings, Sobejana said, posed a great challenge for the military as it appeared the terrorists are now more determined by even directly targeting camps.

briefs 2019 BUDGET DELAY APPROVAL HOBBLES B.A.R.M.M. PREPS PREPARATION for the creation of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is being hobbled by the delay in the release of the 2019 national budget.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said Presidential Adviser on Peace, Reconciliation and Unification (PAPRU) Carlito Galvez Jr. made the disclosure during the Cabinet meeting on Monday.

Galvez said the late release of the budget affected the salaries of the 82 members of the Bangsamoro Transition Authority. The BTA members were swore in as early as February. Samuel Y. Medenilla

@joveemarie

HE 18th Congress will prioritize the passage of the proposed Department of Water to address the country’s problem on water shortage, a lawmaker said on Tuesday.

Leyte Rep. Martin Romualdez said the creation of a new department will include the construction of mini dams.

He said the passage of the measure creating a Department of Water is a long-term solution to the water shortage.

According to Romualdez, the construction of mini dams was proposed by Bulacan Rep. Gavini Pancho at the sidelines of Monday’s pre-Sona economic and infrastructure forum at the Philippine International Convention Center Reception Hall in Pasay City.

“Since the creation of Department of Water is a priority of President Duterte, I will ask other leaders of Congress to include the mini dam concept in the legislative measure,” said Romualdez in a news statement.

Romualdez also said the country’s economic managers have long been pushing for the creation of a central authority on water resource management, which will become the Department of Water. “ This is expected to address the suboptimal use and poor management of the country’s water resources, the result of fragmented regulation of water supply and usage,” he said.

Currently, Romualdez said there are now at least 32 agencies involved in the management of the country’s water resources.

“This structure gave rise to issues on coordination of plans for projects and programs in the sector, as well as limitations in the development of new water sources in several areas,” he added.

Romualdez said the proposed water agency should prioritize the creation of sustainable water supply from various sources, including rainwater from local catchment or mini dams.

“It is ironic that Metro Manila is submerged in floodwaters even at the slightest downpour, yet households do not have a steady supply of water from their faucets,” he added.

“The mean annual rainfall of the Philippines varies from 965 to 4,064 millimeters annually. It is time that we study the possibility of rainwater harvesting as a source of drinking water for our cities and municipalities,” he said.

For his part, Pancho said the construction of mini dams will not only help address the water supply problem but also solve the flooding problem besetting Metro Manila and nearby provinces.

He said constructing mini dams is not too costly for the government since the project only involves stages of walling of existing infrastructure and levelling and deepening of riverbed.

KUSH MARIJUANA SEIZED AT C.M.E.C.

A PARCEL containing P1.4 million worth of Kush marijuana seeds found concealed inside tortilla chips was seized on Monday at the Central Mail Exchange Center (CMEC) in Parañaque City. Kush is a form of cannabis that originated from the Hindu Kush region in Afghanistan, north Pakistan and western India.

Ninoy Aquino International Airport Customs Collector Mimel M. Talusan said an unidentified San Juan City resident was apprehended after claiming the parcel containing some 847.20 grams of Kush weed.

Talusan said the apprehension was made possible through the vigilance of Customs agents in coordination with the Philippine Drug Enforcement Agency. Recto Mercene

MAYOR EYES CITYHOOD FOR CONCEPCION, TARLAC CLARK FREEPORT—Third-term Concepcion, Tarlac Mayor Andy Lacson is eyeing cityhood for his first-class municipality considered as the premier town in Tarlac province.

Lacson said with the entry of Steel Asia, Concepcion would easily become a city, as he disclosed that the income requirement is all that is needed for cityhood.

He said the company will be investing P20 billion for its 80-hectare plant in Barangay Telabangka in the said Tarlac municipality.

Lacson was guest of the media forum “Balitaan” organized by the Capampangan in Media Inc. in cooperation with the Clark Development Corp. at the Bale Balita here last Friday. Ashley Manabat

LAWMAKER SEEKS PROBE ON RISING PRICE OF MEDICINES A PARTY-LIST lawmaker on Tuesday urged the 18th Congress to look into the increasing prices of medicines in the Philippines.

Party-list Rep. Michael Defensor of Anakalusugan, in a news statement, said it was unacceptable that the country’s expected medical inflation this year of 13.7 percent was more than double the full-year average inflation of 5.2 percent in 2018.

The lawmaker said medical inflation forecast is also more than 300 percent higher than this year’s expected average inflation, pegged at 2.7 percent by the Bangko Sentral ng Pilipinas. Jovee Marie N. Dela Cruz

PHL FISHERIES PROFESSION ACT AWAITS DUTERTE’S OKAY THE proposed Philippine Fisheries Profession Act may soon be enacted into law as Congress already endorsed it for President Duterte’s signature.

The enrolled copy on the consolidated version of the House of Representatives and Senate measures seek to professionalize and regulate the practice of fisheries profession and upgrade the standard of education in the country.

The bill seeks to establish quality standards for fisheries professionals that shall guide schools, through the Commission on Higher Education, for the development of curricular programs. Jovee Marie N. Dela Cruz

www.businessmirror.com.ph

BusinessMirror

Wednesday, July 3, 2019 A5

A6 Wednesday, July 3, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, July 3, 2019

A7

A8 Wednesday, July 3, 2019

BusinessMirror

www.businessmirror.com.ph

If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Wednesday, July 3, 2019

A9

Cost of AML compliance rises after Bangladesh Bank heist

F

By Bianca Cuaresma

@BcuaresmaBM

INANCIAL institutions in the country reportedly spend millions of dollars to comply with local anti-money laundering regulations. The spending is expected to increase further as the local landscape places a high value on averting risks associated with dirty money, according to a report by LexisNexis.

The global business and risk management research firm said Philippine financial firms spend about half-a-billion dollars in their com-

pliance for local risk regulations particularly associated with anti-money laundering rules. This is a 10-percent rise in the last 24 months.

Also, across firm size, LexisNexis said financial firms in the country expect anti-money laundering compliance costs to rise in similar fashion in the next 12 months.

“The Philippines’s physical location within international trafficking routes, high volume of remittances from Filipinos living abroad, the presence of terrorist organizations and regulatory vulnerabilities that were exploited by hackers in 2016 creates an environment susceptible to money laundering,” the report, entitled The True Cost of Compliance 2019, read.

It was in 2016 when a crossborder electronic heist made headlines, as hackers were able to steal

$81 million of Bangladesh Bank’s funds, funds that were deposited in the Federal Reserve Bank of New York. The stolen money eventually found its way into the Philippines through accounts in RCBC, where much of it was withdrawn and disappeared into the country’s casino sector.

In mid-2016, following investigation and processing of the issue, the Bangko Sentral ng Pilipinas (BSP) sanctioned RCBC with P1 billion in fines—the largest amount ever to be imposed as a fine for a banking institution in the Philippines.

The incident also prompted officials to include the gaming houses in the Anti-Money Laundering Council ’s (AMLC)

coverage and in 2018, President Duterte signed into law Republic Act 10927, effectively designating casinos as covered entities under the Anti-Money Laundering Act of 2001.

The report said spending is distributed more toward labor in the screening process, than technology, especially for firms with less than $10 billion in assets. Larger firms spend more on technology than smaller firms.

“A number of firms expect to increase compliance staff in order to address challenges and risks posed by non-bank payment providers.

Added labor should theoretically add much more costs to compliance operations; alternatively, investments in compliance technology

can reduce the longer-term expenses, especially where there are concerns for ever-increasing alert volumes and false positives,” the report read.

The global research firm said down the line, local financial institutions must find the balance between the use of technology and human capital for more efficient and cost effective anti-money laundering strategies.

“Technology does not need to replace human involvement; it can augment it to improve compliance processes and reduce the need for bringing in more resources [while keeping those you have]—thus ‘future proofing’ against significant cost increases over the long term,” the report said.

Investors troop to three-year COA gives Makati City ‘unqualified opinion’ T-bonds on strong liquidity F T HE Bureau of the Treasury (BTr) has awarded the full P20 billion on offer for three-year Treasury bonds (Tbonds) that were auctioned off on Tuesday as the market remains awash with cash.

National Treasurer Rosalia V. de Leon said the auction committee decided to award the full P20 billion on offer as the market is still flushed with liquidity because of the cut by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) of banks’ reserve requirement ratio (RRR).

“We had a very healthy auction today given that [it’s] more than three times oversubscribed. We received offers of P65 billion. See also the decline in the rates given that last June 28 there was additional 50 basis points from the RRR [cut],” de Leon said. “And then, of course, given also that coming from the expectation that there will be another cut end of July [for] the other 50 basis points.”

The three-year T-bond bore a coupon rate of 4.750 percent, with bids amounting to P65.911 billion.

The average annual rate for the T-bond settled at 4.803 percent, which posted a decrease of 33.3 basis points from the previous auction rate for three-year T-bonds of 5.136 percent.

Secondary market rates under the Bloomberg Valuation Service (Bval) settled at 4.975 percent.

“The consensus on inflation for June would be about 2.9 [percent], 2.8 percent. So given all these considerations, the bids came in much lower than even the secondaries; and it’s about 33 basis points lower than the previous auction,” she added.

In May, the BSP’s MB moved to cut its deposit requirement on smaller banks in the system, after earlier cutting the rates for the universal and commercial banks’ RRR. Monetary authorities decided to cut the RRR of thrift banks by two-percentage points from 8 percent to 6 percent.

The implementation dates for the reduction are as follows: 100 basis points effective May 31; 50 basis points effective June 28; and 50 basis points effective July 26, 2019.

The MB also cut the RRR of the universal and commercial banks by a total of two percentage points, as per implementation dates, about P95 billion will be released by end-May; about P47 billion by end-June 28; and another P47 billion by end-July.

Meanwhile, in terms of the samurai bond issuance for this year, de Leon explained that Japanese investors were bullish on the growth story of the country as depicted during the non-deal road show held by BTr officials in Japan last week, but the timing of the issuance will still depend on market conditions.

“We had the non-deal road show last week. So we also saw strong appetite of Japanese investors for the issue. In terms of the schedule, we still have to do several [things], like market sounding,” she said.

“The consideration is when you reach the second half of August, that would already be the ghost period, so the investors would be out on vacation already; so we also make sure [for a] clear market for our own issuance.” Rea Cu

OR the second straight year, Makati City has obtained an “unmodified opinion” from the Commission on Audit (COA) in its annual audit report on the city’s financial statements for Calendar Year 2018, the city said.

The local government of Makati City said COA Director Adelina Concepcion L. Ancajas stated in her letter of transmittal, dated June 25, that the auditor “rendered an unmodified opinion on the fairness of presentation of the financial statements of the city.”

An “unmodified opinion” is the highest audit rating that can be rendered by an auditor after concluding that the financial statements of the audited entity are presented fairly and in conformity with generally accepted accounting principles.

Mayor Abigail Binay-Campos was quoted as saying she is “deeply heartened by this good news” from the COA. “This second unmodified opinion shows we have remained on course in espousing the principles of good governance, including transparency and accountability,” Binay said.

The mayor added that “getting an unmodified opinion for two years in a row is a rare achievement.”

For the past three years, the c it y gover nment has implemented reforms aimed to enhance transparency and efficiency in the systems and op-

The governor the BSP could have had

D

IWA C. GUINIGUNDO, BSP deputy governor for the monetary and economics sector, may be said to have been a bridesmaid or a “lady in waiting” or, should I say, a “governor in waiting” for the last so many years. I consider him the governor the BSP could have had, his talent and expertise in economic, monetary and financial matters way above par. But I guess, bridesmaids never get to be the bride.

Without disparaging Governor Nestor “Nesting” A. Espenilla Jr., who himself was a product of the inestimable DER (Department of Economic Research) as was Governor Amando “Say” M. Tetangco Jr., Diwa was the logical successor of Say in view of his excellent grasp of matters economic, monetary, financial and international, with the tradition of choosing the governor from within the ranks of the BSP, which former Governor Rafael “Paeng” B. Buenaventura began. The appointment of Governor Espenilla, who then headed the supervisory sector, was the tradition continued. With his passing away, the logic of Deputy Governor Diwa Guinigundo as successor apparently no longer held true.

Who is DG Diwa Guinigundo? Having graduated, cum laude, at the top of his AB Economics class at the UP (University of the Philippines), and having earned his MSc degree at the London School of Economics (as a scholar of the BSP), he rose from the ranks of the BSP as one of the brightest stars of DER, leading to his eventual appointment as deputy governor for the monetary and economics sector, from whence policy matters are crafted. He had served the BSP 41 years. He has had extensive international experience, serving as alternate executive director at the IMF (International Monetary Fund) in Wash-

FINEX FREE ENTERPRISE Mercedes B. Suleik ington, D.C., as well as having headed the research office of Seacen (Southeast Asian Central Banks) Centre in Kuala Lumpur, Malaysia, at which his leadership was well recognized.

Since 2000, Diwa has cochaired with Bank Negara Malaysia, the Seacen Experts Group on Capital Flows; and in 2010 to 2013, the Asean Senior Level Committee on Financial Integration; after which in 2016 to 2018 he became the sole chair of that Committee, as well as chairing the Seacen Task force on Seacen membership.

In 2017, when the Asean finance and central bank deputies met in Manila, he served as its chair.

Outside the Asean region, Diwa had also distinguished himself as chair of the Executive Meeting of East Asia and the Pacific’s Monetary and Financial Stability Committee that is tasked to conduct regional and global surveillance, establishing early warning systems for surveillance and risk management purposes. It might be added that he has participated in the annual Philippine Economic Briefing sessions in Europe, the United States, Asia and the Philippines together with the country’s principal economic managers. In 2018, he was the recipient of the Promise Governance Leadership Award for Asia in the United States.

Locally, he is a member of the Neda (National Economic and Development Authority) Board, as well as the Philippine Statistics Authority Board. Representing BSP, he is a member of the National Food Authority Council, National Home Mortgage Finance Corp., Industrial Guarantee and Loan Fund, and the Halal Export Development Board, and serves as a resource person of the Development Budget Coordination Committee and Executive Technical Board.

It goes without saying that DG Guinigundo has a profound knowledge of all central banking aspects. He pioneered inflation targeting as the BSP’s analytical framework for monetary policy in 2002, and in 2016, he was instrumental in introducing the interest rate corridor system as a tool for monetary management to keep inflation under control. Notably, he is the moving force behind the Bank’s advocacy for economic and financial literacy to help the citizenry manage their finances. Moreover, Diwa also championed the establishment of Credit Security Funds throughout the Philippines to empower micro, small and medium enterprises by enhancing their access to bank credit without collateral.

On a personal note, Diwa is married to April Eve L. Guerrero, with whom he has two sons, Daniel and Abraham, both lawyers. Diwa is, likewise, active in the Fullness of Christ International Ministries where he serves as a senior pastor.

Is it any wonder that I make this bold statement: Diwa Guinigundo is the governor that the Bangko Sentral could have had to continue steering the Bank and the Philippine economy to its future heights.

Contact the author via merci.suleik@ gmail.com

erations at City Hall. These included a one-stop shop for processing businesses applications and payments, and securing licenses, clearances and permits.

Binay said the city is also pursuing a ‘no-contact’ policy to eliminate fixers and curtail corruption and abusive practices, particularly in the processing of permits. Currently being developed is an enhanced business permit and licensing system or e-BPLS, a computerized system that will provide easy access to business permits through different platforms.

She added that her first term had been marked with other achievements, including posting a two-digit increase in revenue collections in 2017 for the first time after 12 years of one-digit gains. The city has also consistently surpassed its revenue targets for the past three years.

After several years, Makati reclaimed its title as the country’s richest local government unit after its assets reached P196.57 billion, and was confirmed by the Department of the Interior and Local Government as the first LGU to breach the P100-billion mark. Claudette C. Mocon

A10 Wednesday, July 3, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Enabling Pinoys to eat healthy

N

EARLY half a century ago, the national government implemented a law that sought to address malnutrition that seriously affected millions of Filipinos. Dubbed Nutrition Act of the Philippines, it was signed in 1974 and paved the way for the creation of the National Nutrition Council (NNC), which coordinated all the food and nutrition efforts of agencies. The law also designated the month of July as Nutrition Month to increase the awareness of Filipinos about the importance of nutrition.

While the prevalence of malnutrition has significantly declined 45 years after the law was implemented, the Philippines continues to grapple with nutrition problems. Data from the Food and Nutrition Research Institute (FNRI) revealed that the prevalence of stunting remains high for children under five years old at 30.3 percent in 2018. The prevalence of underweight children from 0 to 59 months old was recorded at 19.1 percent.

Stunting, according to the World Health Organization, is the impaired growth and development that children experience from poor nutrition, repeated infection and inadequate psychosocial stimulation. It has adverse functional consequences on the child if it is experienced in early life, particularly in the first 1,000 days from conception until the age of two. Some of those consequences, WHO said, include poor cognition and educational performance, low adult wages and lost productivity.

Poor nutrition is also a problem among adults as the number of obese and overweight Filipinos is on the rise, according to FNRI data. In just three years, the FNRI noted that the prevalence of obesity jumped by 6 percentage points to 37.2 percent in 2018, from 31.1 percent in 2015. The latest figure was also more than double the 16.6 percent recorded in 1993.

These trends are not due to the Filipinos’ lack of awareness about the need to eat healthy. Many are aware that they need to eat nutritious food.

The problem is their inability to access “healthy choices,” as these are more expensive. The prices of some fish species, for instance, are now on a par with a kilo of pork or chicken, or are even more expensive than a meal at a fast-food restaurant. Also, those in urban areas tend to prefer eating food served in restaurants and fast-food chains because their busy lifestyle prevents them from preparing home-cooked meals. The price of ingredients and the increasing cost of liquefied petroleum gas complicate matters for city folks who want to cook their own food.

If the government is serious about its goal of improving the diet of Filipinos, it must find a way to enable people to access healthy food choices.

Increasing farmers’ production is just one part of the equation; their produce must be able to reach the tables of consumers sans the hefty price tag.

The government could consider revisiting its earlier plan to put up more bagsakan centers where cheaper farm products are sold. The government should also promote urban gardening and allow children to grow their own vegetables so they could better appreciate nutritious food.

These are but some of the initiatives that do not require a huge sum of money that the government can undertake. The government should now move away from enhancing people’s awareness about eating healthy to enabling them to have access to affordable nutritious food. This is something that the government should seriously consider if it wants to fully benefit from the so-called demographic sweet spot, or the state where the size of a country’s working-age population is relatively larger than its dependents.

Since 2005

BusinessMirror A broader look at today’s business

It’s never too early–or too late–to start saving with SSS Aurora C. Ignacio

All About Social Security Today marks the return of this column to share with you the good news from your pension fund. Thank you to BusinessMirror for this opportunity to reach out to our stakeholders through this column. Let me start our weekly discussion on the importance of social protection.

S

OCIAL insurance is a basic human need that no modern society or government can do without. It provides citizens peace of mind and incentive to work productively, secure in the belief that their needs in times of contingencies today and even in the distant future will be met, in exchange for a small, regular monetary contribution to the system.

As the pension fund for the private sector, SSS has a social contract with its members from the time they joined the labor force. No government agency provides qualified members with a collective form of protection against seven types of contingencies through benefits that could be availed of in times of sickness, maternity, unemployment, disability, retirement, funeral and death of a spouse.

This guarantee of protection against life’s contingencies and a

monthly pension to supplement the daily basic needs during old age is realized through the support of employers who pay for 70 percent of their workers’ contribution to SSS. As such, payment of regular contributions may not be a worry among covered employees, since they have their respective employers to do it for them as mandated by law.

However, regular payment of self-employed workers and voluntary members remains a challenge

PhilHealth, heal thyself

✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

SCRIBBLES

Lourdes M. Fernandez

Online Editor Social Media Editor

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Susan V. Ople

T. Anthony C. Cabangon

L

IKE a love song, the Universal Health Care (UHC) Act of 2018 promises to take care of us until we breathe our last, through a complex health-care system and network that would need massive infusion of public funds to sustain.

The law declares as state policy the creation of a health-care model that “provides all Filipinos access to a comprehensive set of quality and cost-effective, promotive, preventive, curative, rehabilitative and palliative health services without causing financial hardship and prioritizes the needs of the population who cannot afford such services.”

Wow. Sarap pakinggan.

PhilHealth (with the Department of Health) plays a critical role in ensuring that the provisions of this law are fulfilled. Unfortunately, PhilHealth as a government-owned and -controlled corporation has so many issues concerning integrity, transparency, and public accountability.

When “ghosts” are able to obtain dialysis treatments, and there are regions where pneumonia cas-

es have reached outbreak proportions based on claims rather than scientific medical data, it is obvious that PhilHealth is sick.

PhilHealth needs to heal itself, before trying to heal an entire nation.

Its Board of Directors failed to resolve cases of overseas Filipino workers (OFW) who paid premiums to PhilHealth only to find out during desperate times that their premiums were pilfered and receipts were faked.

Why leave the investigation of such cases solely to Philippine Overseas Employment Administration when the syndicate composed of liaison officers of recruitment agencies that may be in cahoots with insiders has yet to fall? Why does PhilHealth continue to hold on to these affidavits for years instead of transmitting them to the POEA?

for SSS. There are many workers at the early stages of their productive years, such as the current millennial generation, who think that starting a retirement nest egg ranks low in their list of priorities, perhaps knowing that retirement is still several decades away and that they can just worry about it later in life. Building up one’s retirement and emergency fund can also be shelved in favor of more tempting options like buying trendy clothes, high-tech gadgets and leisurely travel.

Then, there are also workers in the middle or latter stages of their working life who forego saving up for retirement and future emergencies due to family obligations, such as paying for household expenses, children’s tuition and monthly rent or mortgage.

But with SSS, it is never too late to resurrect the habit of saving for the future through an active membership by paying monthly contributions regularly.

Unlike a regular private insurance policy that has termination features, SSS membership is lifetime. Sa SSS, may forever.

Whatever the circumstances or age one is in, saving for the future should ideally be a major priority, and this is where the SSS comes in.

Workers covered by the pension fund

benefit from a safe and secure means to financially prepare for their retirement, as well as other contingencies.

With the SSS, members can gradually add to their retirement or emergency funds and earn generous returns for what they contribute. At present, monthly SSS contributions range from P240 up to P2,400, which is based on 12 percent of reported earnings per month with the coverable income capped at P20,000.

To make it easy for members, the SSS offers a diverse menu of payment options. Members can remit their contributions over-the-counter at SSS branches and through various SSS-accredited partners, including banks, Bayad Centers, authorized cooperatives and microfinance institutions, to name a few. Members can even make online payments, or use their “virtual wallets” for those duly enrolled in Globe GCash—the latest in the SSS’s expanding list of payment options.

Next week, we will discuss the ongoing Contribution Penalty Condonation Program for delinquent employers.

Prior to the passage of the UHC, the health insurance agency was already in epic-fail mode. What more when hundreds of billions in new funding go through its bureaucratic veins and moneyclogged arteries?

The list of appropriations and its sources to fund the law is as follows: n Total incremental sin tax collections as provided under Republic Act 10351 otherwise known as the “Sin Tax Reform Law”; n 50 percent of the national government share from the income of the Philippine Amusement Gaming Corp.; n 40 percent of the Charity Fund, net of Documentary Stamp Tax Payments, and mandatory contributions of the Philippine Charity Sweepstakes Office; n Premium contributions of members; n Annual appropriations of the DOH as included in the General Appropriations Act; and, n National government subsidy to PhilHealth included in the General Appropriations Act. For the first year of implementation, Health Secretary Francisco T. Duque III said some P254.8 billion has been allotted. In exchange for such hefty sum, Filipinos will gain universal health care coverage— with each citizen having access to a

primary health-care provider of his or her choice. The primary healthcare provider is the health worker they can go to for medical treatment.

To ensure that you and I will have our own designated healthcare provider, the law mandates the establishment of a National Health Workforce Support System. The NHW support system “shall be created to support local public health systems in addressing their human resource needs.”

Even prior to having such a designated health-care provider and yet before the main components of the health-care act are in place, we will already be paying higher premiums to PhilHealth. For our OFWs, this means that every domestic worker deployed abroad would have to pay P6,864 this year and P7,488 next year in annual contributions. The current fixed-rate for PhilHealth premiums across the board for every OFW is at P2,400.

Five years from now, the monthly contribution of an OFW domestic worker to PhilHealth will be P1,040 per month or P12,480 a year. They cannot afford this. No OFW was invited to participate in public hearings on the Universal Health Care Act. This major oversight on the part of our legislators has yet to be explained.

See “Ople,” A11

Aurora C. Ignacio is SSS president and chief executive officer.

We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

www.businessmirror.com.ph

Opinion

Is my ‘suki’ a price fixer?

Critical illness insurance

BusinessMirror

Atty. Dennis B. Funa

Atty. Macario R. de Claro Jr.

INSURANCE FORUM

COMPETITION MATTERS

Y

OU have recently learned about the Philippine Competition Act and have become more wary of possible violations in everyday life. A case that comes to mind is the price of your favorite snack and its competitors. All these products appear similarly priced and their producers raise prices at the same time, especially when the price of sugar or flour goes up. Another example would be the sellers of electronics at the local tiangge, promising to match lower prices from their competitors. Are these violations of the PCA? In a previous article, I discussed bid rigging, a per se violation under Section 14(a)(2) of Republic Act (RA) 10667 or the PCA. You worry that the scenarios above may pertain to another per se prohibition under Section 14(a)(1) of the PCA: price fixing.

Let’s break it down.

Price fixing is an agreement among competing businesses to directly or indirectly raise, lower, or maintain purchase or selling prices.

Under fair market competition, the dynamics of supply and demand determine the prices of goods and services. Companies are expected to establish prices and other terms of trade on their own. When businesses subvert the market and agree to fix prices and restrict competition, they are engaging in anticompetitive behavior that often leads to higher prices for end-consumers or less incentive for businesses to innovate.

As such, price fixing is a major concern of the Philippine Competition Commission (PCC).

Competitors need not meet formally in a boardroom and decide to fix prices for them to be culpable. The agreement may be written, verbal, or inferred from observed conduct.

Do some of your company’s suppliers or clients routinely exhibit a pattern of identical contract terms or price behavior that appear lacking a legitimate business explanation?

They may have entered into a pricefixing agreement.

Of course, not all price similarities result from price fixing. They can often just be the effect of normal market conditions. Products that are practically identical, like similar varieties of rice, will usually be similarly priced, because the prices farmers charge rise and fall with the seasons or as a result of natural and man-made calamities, even without any agreement. Rising consumer demand due to higher incomes or changing consumer attitudes can also cause uniform price increases when the supply of a product is limited.

Price-fixing agreements do not only pertain to up-front prices. They can also be about other terms of trade that affect prices to consumers, such as delivery fees, discount programs, or installment interest rates. Competing businesses and their representatives should be wary about discussing, in any context, present

Ople. . .

continued from A10 Under the UHC, can an OFW on vacation gets free medical treatment as a mandatory PhilHealth member? Yes, but he or she would be required to pay all missed contributions with interest, compounded monthly —this is the plan under the proposed IRR. The new health law also does not specify the designation of an OFW representative to PhilHealth’s Board of Directors.

Collection without representation renders the entire OFW sector mute and invisible to the eye, especially when high-level critical decisions are made.

We all want universal health care. That is important. But equally important is sustainability, transparency, and foremost of all, integrity. The

or future prices, pricing policies, promotions, bids, costs, capacity, terms or conditions of sale, among other confidential business information, that competitors must protect and use in making independent pricing and other strategic decisions.

Given this information, are your snack manufacturers and electronics vendors violating the PCA? Perhaps not. Unless agreements were made to fix snack prices, price changes that result from rising input prices are expected from the ordinary conduct of business. As for the electronics vendors, matching competitor prices, so long as it results from independent price setting and not coordination agreements, is the very mechanism that allows consumers to benefit from highly competitive markets.

But actual price fixers must be forewarned. Since price fixing is a per se violation under the PCA, there can be no justification of such conduct. Similar to bid riggers, price fixers, regardless of claimed intent or effects, will be prosecuted and may be fined and penalized according to the fine and penalty schedule in the PCA and its implementing rules and regulations. The fine will be tripled if the price fixing involves basic necessities and prime commodities as defined by RA 7581 or the Price Act. To encourage cooperation by possible informants, the PCC provides incentives, such as a price fixing participant may still be immune from prosecution or have the administrative fines reduced if said participant will avail himself of the PCC’s Leniency Program.

Thus, if anyone suspects that any of the above anticompetitive conducts may have been committed, you may report this to the PCC immediately. Help the PCC keep an even playing field for business to ensure that the consuming public will always get their money’s worth.

Commissioner de Claro is a CPA lawyer who has worked in companies in the fields of manufacturing, mining, telecommunications, real estate, and banking and finance prior to his appointment to the Philippine Competition Commission. A litigation and corporate lawyer, he once served as legal consultant to the Department of Environment and Natural Resources. He graduated from the De La Salle College with a BS in Commerce, Major in Accounting and earned a Bachelor of Laws degree from the Ateneo de Davao Law School.

saddest love songs are meant for the brokenhearted. We don’t want to hear that kind of love song sung by patients who paid a lot more for a multi-billionpeso health care system that could be taken advantaged of by a corrupt, still unaccountable few.

Thus, this writer’s humble plea: PhilHealth, heal thyself.

The health-care needs of our children and of generations more to come, are in your shaky hands. Be honest. Can you stem corruption and implement a nationwide health security and insurance program, and serve our people without “ghosts,” fake receipts and overpayments galore? Whatever your answer, know this.

We, the people, will be watching. And because the premiums are higher, with promises of a First World health insurance, we won’t be as forgiving.

L

IFE expectancy has increased around the world, and the top causes of death have declined by 54 percent from 1900 to 2010. However, every year, thousands of people will suffer a stroke or heart attack, and thousands more will be diagnosed with cancer. According to the American Cancer Association, one in three people are at risk of cancer. It is also expensive.

The American Cancer Society revealed that Americans spent a total of $80.2 billion for cancer treatment in 2015. The American Heart Association reports that more than 320,000 out-of-hospital cardiac arrest occur annually in the United States. For every 1,000 people who are 50 years old, it has been estimated that 12 to 15 might experience one of the five conditions often covered by critical illness polices: cancer, heart attack, stroke, renal failure or a major organ transplant.

Ninety percent of the insurance claims are tied to the first three: cancer, heart attack and stroke.

Critical illness is a life-threatening disease or medical condition that involves ever-increasing medical costs. This medical cost can be financially devastating and can be an enormous out-of-pocket burden.

The cost of the medical treatment is not the only burden. The decreased

ability to earn money and the loss of income adds not only to the financial burden but contributes to the patient’s poor health caused by stress.

What is critical illness insurance?

CRITICAL illness insurance, on the other hand, is an insurance policy which pays out directly to the insured if the policyholder is diagnosed with a serious medical condition. It is also called critical care insurance.

The insured may spend the proceeds as he wishes, whether for medical or non-medical bills. In other words, it is not an annuity benefit and it is not based on reimbursement. The clear import is that critical illness insurance will help reduce a patient’s financial burden. As stated by Stephen Rowley, a vice president at Gen Re, “the intention behind critical illness insurance was to help patients pay for the high cost so often associated

Wednesday, July 3, 2019 A11

with surviving a critical condition.”

While life insurance pays upon the death of the insured, and disability insurance pays when the insured is no longer able to work, critical illness insurance addresses the financial burden brought about by the diagnosis of a critical illness. Disability insurance may cover only a portion of the financial burden. If one wants to be covered airtight, one will have to get a comprehensive health insurance, disability insurance, critical illness insurance and life insurance.

Critical illness insurance is a type of health insurance. There are variations of health insurance. Critical illness insurance has been described as a “supplemental” insurance plan that fills in gaps in the health insurance coverage. It has been found that the majority of critical illness insurance claims were for heart attack, stroke, and cancer. The average age of claimants is 41 years old.

Typical features

CRITICAL illness insurance coverage, as well as the critical illness covered, varies among the different insurers. Typically, a lump-sum amount is paid to the insured when an insured is diagnosed with the critical illness covered. Payments, however, can be structured to be paid on a staggered basis. This insurance cannot be purchased after the critical illness has been diagnosed.

It is usual that a period of time be stipulated for one to be covered before certain ailments qualify for coverage. There is also the survival

United Nations stands with LGBTQI

By Ola Almgren

T

HE United Nations in the Philippines stands in solidarity with the community of lesbian, gay, bisexual, transgender, queer and intersex (LGBTQI) Filipinos, their families, friends and allies in their pursuit of equality, inclusion and pride.

The struggle for the rights of LGBTQI people is a core part of the struggle for the full and equal enjoyment of human rights by all. The very first article of the Universal Declaration of Human Rights proclaims that, “All human beings are born free and equal in dignity and rights.”

All human beings—not some, not most, but all.

And yet, in the Philippines as in other parts of the world, members of the LGBTQI community continue to face barriers to equal access to education, health care, employment, and other rights that are guaranteed by national and international laws. The LGBTQI community contends with many of the same discriminations that stand in the way of women, indigenous people, persons with disabilities, persons living with HIV, and other groups as they stake their claim to their social, political and economic rights. It is essential that we defend and protect all of these groups from every kind of discrimination so that no one is left behind.

Since 1996 LGBTQI Filipinos have been celebrating Pride in June to advocate for greater promotion and recognition of their rights and freedoms that

are protected under Philippine and international law, and for protection from prejudice, discrimination and violence because of their sexual orientation, gender identity, gender expression or sex characteristics (SOGIESC).

LGBTQI organizations in the Philippines, civil-society organizations, the private sector, government agencies and local government units have tirelessly worked together to address the challenges that LGBTQI Filipinos face, particularly through gender-responsive policies in education, SOGIESC-inclusive workplaces, and anti-discrimination legislation in various parts of the country, among others. As a partner of these groups, organizations and institutions, UN Philippines supports initiatives to achieve full recognition of the rights of LGBTQI Filipinos.

We commend the cities and provinces in the Philippines that have adopted and are implementing ordinances that prohibit discrimination on the basis of a person’s sexual orientation and gender identity and expression (SOGIE). Unfortunately, these local government units are still in the minority. Only 21 of the 1,634 cities and municipalities and six out of the 81 provinces in the Philippines have anti-discrimination ordinances (ADOs). This leaves 79.2 percent of Filipinos, or close to 80 million people, without protection against SOGIEbased discrimination.

Furthermore, the protection afforded by these ADOs varies across different

areas. Not all of the LGUs that have enacted ADOs have also passed implementing rules and regulations. Thus, the ADOs could remain unenforceable.

UN Philippines therefore affirms its support for the LGBTQI community’s call for the passage of the SOGIE Equality Bill and urges renewed efforts to push for its enactment by the 18th Congress.

The United Nations is committed to action.

Just two years ago, the Human Rights Council decided to appoint the first-ever UN Independent Expert on the protection against violence and discrimination based on sexual orientation and gender identity. Victor Madrigal-Borloz took up his mandate on January 1, 2018. This was a historic step.

We work with decision-makers, human-rights institutions and community leaders around the world to change discriminatory laws and put legal protections in place.

But, as we all know, legal change is not enough—we also need social and cultural change.

The stigma perpetuating the abuses against LGBTQI people is often rooted in deeply held beliefs about gender, family, tradition and religion. And reactionary forces are not shying away from weaponizing people’s fears of the unfamiliar for their own political gains.

Moreover, equality cannot be won by the LGBTQI community alone—they need allies who will use their influence and voice to promote equality for the LGBTQI community.

period (or waiting period) where the policy may require the policyholder to survive for a minimum number of days (usually 15 to 30 days) from the time the illness was first diagnosed. Certain coverages offer the option to travel to highly specialized hospitals in other countries to receive treatment. A severity-based cover or tiered coverage may also be provided wherein payments are made depending on the severity of the diagnosis, such as early-detection benefits.

A critical illness insurance, being for critical illnesses only, does not replace a typical health insurance policy. It is designed to supplement an existing health coverage.

Social benefit of critical illness insurance

AFTER China implemented critical illness insurance in 2012, a study was made to determine if such insurance coverage benefited the rural poor of China by reducing the outof-pocket expenditures. The study concluded that the program “effectively reduced the financial burden of patients with high medical cost, whether in the short term or a longer length of time. It also improved health equity in health service utilization and expenditure.” No specific study has been completed yet in the Philippines.

Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016.

E-mail: dennisfuna@yahoo.com.

Recognizing this need, the UN human-rights office launched the UN Free & Equal campaign in July 2013—an unprecedented global UN public information campaign aimed at promoting equal rights and fair treatment of LGBTQI people. It is being implemented

by UN and non-UN partners at the country level.

We are also looking at ourselves and what we can do better to ensure that members of the LGBTQI community among our staff enjoy an accepting and equal workplace. UN Globe is a network of UN staff that advocates for the equality and nondiscrimination of LGBTQI staff in the UN system and its peacekeeping operations.

We have momentum on our side. But we need to come together to address the remaining challenges. The Metro Manila Pride March and Festival on June 29, for example, offered one such opportunity and the UN Philippines joined in the celebration under the banners of UN Free & Equal, and UN Globe.

You and I and people of conscience everywhere must keep pushing until we realize the promise of the Universal Declaration of Human Rights for all people. The freedom, dignity and equal rights that all people are born with— should and must be a living reality for the LGBTQI community each and every day of their lives.

Ola Almgren is the United Nations Resident Coordinator and Humanitarian Coordinator in the Philippines.

Saudis dig in for shale fight as Opec extends cuts to 2020

By Grant Smith, Golnar Motevalli & Salma El Wardany Bloomberg Opinion

S

AUDI Arabia, Opec’s dominant producer, pledged to keep doing the heavy lifting as the cartel was all but forced to extend its effort to counter the US shale boom into a fourth year.

After ministers from the Organization of the Petroleum Exporting Countries settled on continuing production limits for another nine months, Saudi Oil Minister Khalid Al-Falih used the closing press conference to say the kingdom was willing to keep cutting more deeply than its quota requires.

“This is a commitment to reduce inventories, and whatever it takes for them to do it,” said Amrita Sen, chief oil analyst at Energy Aspects Ltd. The Saudis are likely to keep production

at around 10 million barrels a day— below their target—and “if required after nine months, they will continue with the deal.”

Al-Falih, who back in 2016 suggested supply reductions by Saudi Arabia, Russia and other producers in the Opec+ coalition would only be needed for six months, appears increasingly bogged down in a struggle to wrest control of the global oil market from the US shale industry. He expects to win, but conceded it will take a long time.

“I have no doubt in my mind that US shale will peak, plateau and then decline like every other basin in history,” Al-Falih told reporters at Opec’s Vienna headquarters. “Until it does, I think it’s prudent for those of us who have a lot at stake, and also for us who want to protect the global economy and provide visibility going forward, to keep adjusting to it.”

Opec could be in for a decadelong

fight. US shale output will keep growing until the early 2030s, according to estimates from Rystad Energy A/S, an Oslo-based consultant that has been a staunch believer in the American energy boom since early this decade.

The long-term nature of Saudi Arabia’s commitment was also signaled by two other decisions during Opec’s marathon meeting. First, making the cooperation with Russia and other countries in the Opec+ coalition more formal by adopting a charter to govern the relationship.

Second, setting a more ambitious target to reduce global stockpiles.

Saudi Arabia said it would measure the surplus of crude inventories against the 2010-2014 average rather than over the last five years’ average. That would mean draining an additional 160 million barrels from the world’s oil tanks, based on calculation by Bloomberg News. Russia promised to study the

Saudi proposal.

“Inventories have gone out of our hands the last few months,” Al-Falih said. “It’s unfortunate but they did.”

The initial reaction to Opec’s decision was modest, suggesting investors remain worried about the outlook for global oil demand during the rest of the year and into 2020. Brent crude was up 0.3 percent at $65.24 a barrel at 8:05 a.m. in London on Tuesday. That’s about 2 percent below the closing price on Friday, before the cuts extension was announced.

The decision to extend production curbs through next March comes as the International Energy Agency and other market watchers peg back forecasts for demand, amid sluggish growth in China and India. But Al-Falih said concern about slowing oil demand was overdone, especially after China and the US agreed on a trade war truce at the G-20 summit in Osaka.

2nd Front Page BusinessMirror

A12 Wednesday, July 3, 2019

Govt unveils largest antenna for tracking satellites in Davao

By Manuel T. Cayon

D

@awimailbox Mindanao Bureau Chief

AVAO CITY—The country’s largest antenna tracking Earth observation satellites, which will boost the capacity of the antenna setup in Quezon City and receive space-borne information vital to the Philippines, is now operating here.

Department of Science and Technology (DOST) officials headed by Secretary Fortunato de la Peña inaugurated on Sunday the new facil-

ity stationed at the Civil Aviation Authority of the Philippines (Caap) Transmitter Facility here.

The Davao station is the second

Ground Receiving Station (GRS) of the Philippine Earth Data Resource and Observation (Pedro) Center. The first station was set up at the DOST-Advanced Science and Technology Institute office in Quezon City.

“Now fully operational, the Davao GRS [D-GRS] provides additional capacity and redundancy to the functions of the Pedro Center in Quezon City,” the DOST said.

Compared to the Pedro Center, which has an antenna of 3.7 meters, the D-GRS has a 7.3-meter satellite-tracking antenna to allow for a more efficient download of images at a higher bandwidth.

Both antennas are contained inside a radome, a special spheri-

cal structure enclosing the antennas from physical forces while still allowing reception of satellite signals, the DOST said. The radome can withstand temperatures up to 80 degrees celsius, wind speed of up to 320 kilometers per hour, and rainfall of 100 millimeters per hour.

“The direct reception of data from Earth observation satellite images provides the Pedro Center more capability in near real-time acquisition of information. With the ASTI and Davao GRS in full operation, the reception, processing, and satellite data storage cycle will open more opportunities to promote inclusive innovation, reaching more See “Satellites,” A2

‘If you want term sharing, let’s split it 4 ways’

T

HE President’s son and Davao Cit y Rep. Paolo Duterte on Tuesday announced that he might vie for the speakership in the House of Representatives if lawmakers push through with “term sharing” in the 18th Congress.

Lawmakers had earlier rejected the term sharing being pushed by Taguig Rep. Alan Peter Cayetano,

saying, “it is not going to be healthy for the chamber.”

Bagong Henerasyon Rep. Bernadette Herrera-Dy, in a statement, said term sharing would only be good for those seeking the leadership of the House but not for the institution itself.

“Three years is too short to share between two Speakers. It’s going to disrupt the institution,” Herrera-

SOUTHWEST MONSOON AFFECTING LUZON AND VISAYAS as of 4:00 am - July 2, 2019

Dy said.

According to the lawmaker, a change in the House leadership entails changes in the committee chairmanships and subsequently disrupts committee hearings, as well as deliberations on the national budget.

For his part, Capiz Rep. Fredenil Castro said term sharing is “a waste of time and opportunity for

the House to perform its duties as the legislature of the country.”

Castro reminded his peers, “The President has spoken, he will leave the issue of the speakership for lawmakers to decide.”

Polong as Speaker?

WHILE he has previously said he has no interest in the position,

www.businessmirror.com.ph

TECH-RELATED SKILLS TOP CREDENTIALS OF FILIPINOS–STUDY

By Roderick L. Abad @rodrik_28 Contributor

T

ECHNOLOGY-RELATED skills top the credentials of Filipino professionals today as various industries, especially traditional ones, ride the wave of digital transformation, according to a study.

LinkedIn’s Future of Skills 2019 Report shows that social-media marketing, frontend Web development, and human-centered design are the most rising skills of local talents at present.

These are based on the main attributes listed by its members from the Philippines, alongside their counterparts in the Asia-Pacific region, with the highest month-on-month growth.

Per the study’s findings, professionals with social-media marketing skills promote products and/or services through various online network platforms to achieve business goals.

Their occupations are mostly as digital marketing specialist, marketing manager and social-media marketing specialist.

Frontend developer, full stack engineer, and Web developer, on the other hand, are those with frontend Web development expertise responsible for converting data to graphical interface to build web sites or Web apps.

Meanwhile, the graphics designer, product designer and user experience designer have the mastery of human-centered design to

develop solutions to problems with a deep focus on understanding the human perspective in all steps of the process.

As digitalization continues to transform the work force at a rapid speed, certain skills are becoming less in-demand simply because different skill sets are required to navigate such transformation,” said Feon Ang, vice president for talent and learning solutions, Asia Pacific, LinkedIn. With this in mind, he noted that it is vital for companies to understand well their current talent pool and know how they will develop it further for their long-term business goals.

“Helping current talent to upskill or reskill early can help organizations ensure that their future talent needs are met,” he said.

While the top executive urged firms to tap into real-time data and insights to help inform them about trends in the talent marketplace, he pointed out that adopting a culture of learning is just as important for organizations to remain resilient despite a rapidly changing work force.

“At the same time, employees need to be empowered and motivated to learn on their own terms, given difficulties in finding time and accessing opportunities,” Ang added.

LinkedIn connects global professionals to make them more productive and successful and transforms the way companies hire, market and sell.

It has more than 630 million members and has offices worldwide.

See “Term sharing,” A2

Impeachment Congress urged to prevent rap filer can’t Manila Bay reclamation be held–DOJ T

By Samuel P. Medenilla @sam_medenilla

J

USTICE Secretary Menardo Guevarra said on Tuesday there is no legal basis to conduct a warrantless arrest against any individual or group who will file an impeachment complaint against President Duterte following his admission that he allowed Chinese fishermen to trawl in the Philippines’s exclusive economic zone (EEZ).

At a press briefing, Guevarra explained that a warrantless arrest may only be resorted to in case somebody is caught in the act of committing a crime.

“So in situations where an unlawful act is not being committed in the first place, so there will be no legal basis for an arrest,” Guevarra said.

“So the question before us now is: Is filing a complaint for impeachment an unlawful act? And my answer to that question is certainly no,” Guevarra said.

Still, Guevarra opined that the fishing agreement between the Philippine and China is not a formal bilateral agreement intended to bind the two governments. “I guess it is more like a mutual understanding between them.

If it is meant to bind the governments of the two countries, I suppose that the proper documentation will have to be See “Impeachment,” A2

DOF. . .

Continued from A1

The Bureau of Local Government Finance (BLGF) is tasked to monitor the compliance by LGUs with the circular and provide technical assistance to aid them in following the guidelines.

Finance Undersecretary Antonette C. Tionko, who heads the DOF’s Revenue Operations Group, said the new guidelines seek to address reports and complaints received by the DOF on the improper imposition by LGUs of local taxes, fees and other charges

O prevent the “wholesale slaughter” of Manila Bay and its already fragile marine ecosystem, militant fishers’ group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) said the entire region should be declared a land reclamation-free zone.

Pamalakaya is pushing for the passage of a proposed measure seeking to prevent all forms of reclamation activities in the entire Manila Bay, which was refiled by the Bayan Muna Party-list in the 18th Congress on Monday.

The House bill, according to Pamalakaya, advances the 2008 Supreme Court’s writ of continuing mandamus ordering 13 government agencies “to clean up, rehabilitate, and preserve Manila Bay” because it will advance the protection of the gulf against land reclamation, also called dump and fill, which is considered as one of the most destructive activities in its coastal waters.

The proposed measure will also restrict the Philippine Reclamation Authority (PRA) and Department of Environment and Natural Resources (DENR) from issuing permits to big-ticket reclamation projects along the entire stretch of Manila Bay. Pamalakaya said it recorded a total of 43 reclamation projects

covering at least 32,000 hectares of Manila Bay, threatening to displace hundreds of thousands of fishermen and residents.

“Reclamation will defeat the purpose of rehabilitating Manila Bay; a cleanup should not only reduce the levels of fecal bacteria, but must also include protecting the bay against all forms of destructive projects, especially reclamation that will wipe out the remaining mangroves and sea grasses which serve as fish shelter and protection of communities from natural disasters,” Fernando Hicap, Pamalakaya national chairman and former Anakpawis party-list representative, said in a statement.

The P43-billion budget for the rehabilitation of Manila Bay, the group said, should be funneled to services for waste management like a Materials Recovery Facility and proper sanitary landfills, instead of relocating fishermen’s families that subsist on Manila Bay to far-flung areas without livelihood and basic social services.

“We challenge the newly elected legislators in the 18th Congress to support and pass the House Bill that are both beneficial to the biodiversity and to millions of fishermen and urban poor residents situated around the historic Manila Bay,” Hicap said. Jonathan L. Mayuga

on professionals.

The LFC’s objective is to ensure the fair, uniform and proper implementation of the provisions of the Local Government Code governing the taxability of professionals in the practice of their profession, and to complement efforts in streamlining and facilitating government transactions, as mandated under Republic Act 11032, or the Ease of Doing Business Law. “However, professionals exclusively employed in the government shall be exempt from the payment of the professional tax, unless [they have] been duly

authorized to practice the profession outside of one’s official functions,” Tionko said.

The professional tax imposed by LGUs shall “not exceed P300 or the rate provided under a duly enacted local ordinance, subject to adjustment not exceeding 10 percent every five years,” the LFC said.

According to Tionko, the LFC was crafted following consultations with the BLGF, the Departments of the Interior and Local Government (DILG) and of Trade and Industry (DTI), local treasurers and representatives from local government leagues, among others. Rea Cu

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, July 3, 2019

B1

Tanglawan PHL LNG permit expired in June

T

By Lenie Lectura

@llectura

ANGLAWAN Philippine LNG Inc.’s permit to proceed with its liquefied natural gas (LNG) regasification terminal project expired last month, an official of the Department of Energy (DOE) said.

its plans presented last year.

CREC oversees and handles the processing of service contracts in various segments of the sector.

The committee is chaired by DOE Undersecretary Donito Marcos.

Pulido is a committee member.

Tanglawan’s LNG project will consist of regasification and receiving terminal with a capacity of 2.2 metric tons per annum, with commercial operations targeted to start by 2023.

It also aims to develop a gas-fired power-generation facility with up to 2,000 megawatts (MW) installed capacity. Groundbreaking was supposed to happen last May. However, there has been no update since Enerdy Secretary Alfonso Cusi divulged the group’s plan to break ground for the project.

The other day, Cusi said Tanglawan could file for an extension.

“I only heard through the grapevine that they will ask for extension.

We will just wait for their justifica-

tion,” said the DOE chief.

Phoenix and CNOOC have signed a memorandum of understanding (MOU) with state-owned firm Philippine National Oil Co. (PNOC).

The MOU will allow the three companies to explore and discuss business opportunities and cooperation in relation to the equity investment in Tanglawan and other companies relating to the project, PNOC facilities, market development, PNOC banked gas and future energy projects.

Cusi had said PNOC and Tanglawan are trying to find ways on how to maximize the remaining 97.67-petajoules (Pj) Malampaya banked gas, valued at $700 million to $750 million.

“If their LNG power plant will push through they will study if they can buy our banked gas. They will consider if it is viable for them to buy the banked gas from us when the power plant is operational,” PNOC President Reuben Lista earlier said.

“It expired last June 22,” said DOE Assistant Secretary Leonido Pulido on Tuesday.

He was referring to the Notice to Proceed (NTP) signed by the DOE on December 21, 2018.

Tanglawan is a planned joint venture between Phoenix Petroleum and CNOOC Gas and Power Group Co. Ltd., China’s largest LNG importer and terminal operator.

The NTP is valid for six months but can be extended upon approval

of the DOE secretary. So far, Tanglawan has not applied for extension.

“They have yet to file for an extension so we have nothing to act on yet,” Pulido said. “We are planning to write them to ask for status of their proposed project.”

Should Tanglawan seek an extension of its NTP, the Centralized Review and Evaluation Committee (CREC) of the DOE will evaluate Tanglawan’s project status, if it has substantially complied with

Phoenix Petroleum seeking consent from noteholders of P1.375-B notes

Hortaleza group to go into food biz, remits ₧1.2 billion in taxes

P

HOENIX Petroleum Philippines Inc. is seeking consent from noteholders of its P1.375billion notes to make certain amendments to the trust deed.

In a disclosure to the stock exchange, the oil company said “it is soliciting consents of the registered noteholders of its P1.375-billion fixed-rate notes for the adoption of certain amendments to the trust agreement dated March 16, 2018, between the company and China Banking Corp. -Trust and Asset Management Group, as trustee and the terms and conditions under which the notes were issued.”

Noteholders will be provided with a consent solicitation statement that will spell out the details of the consent solicitation. They have until July 5. Phoenix said it could amend the terms and conditions of the consent solicitation at any time prior to the expiration date. The proposed amendment is meant to provide the company with the flexibility to pursue and capture growth opportunities that will further strengthen its position as the country’s leading independent oil company.

“The proposed amendments aims to improve the flexibility of the company to pursue growth opportunities with the continued expansion of its retail network and regional investments,” said Phoenix Senior Vice President for External Affairs Raymond Zorilla when sought for comment. At end-March this year, Phoenix opened 615 stations nationwide. Phoenix is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience store retailing; and trading and supply.

“With the ongoing expansion of its core operations via rollout of retail stations nationwide, coupled with the rapid growth prospects of the company’s subsidiaries, namely PNX Petroleum Singapore Pte. Ltd. and Phoenix LPG Philippines Inc., the proposed amendment will allow the company to strongly support its desired growth trajectory through the aforementioned initiatives,” the company added. Lenie Lectura

By VG Cabuag @villygc

A

NG Hortaleza Corp., a privately held company, said it will aggressively go into the food business, further expanding to other food categories, health and wellness, as well as home-care sectors.

Company Chairman and CEO Rolando B. Hortaleza said his group, through its unit Prime Global Corp., will continue to support other micro, small and medium enterprises, including start-ups, with their financial requirements.

Hortaleza said the company will also go into strategic partnerships

through joint ventures aligned with its strategic directions and positioning of the company.

The said companies under the Ang Hortaleza Corp. will now hold their corporate offices at the Currency Tower 8F, Julia Vargas Avenue, Corner F. Ortigas Jr. and Garnet Roads, Ortigas Center in Pasig.

AHC also said it remitted some P1.2 billion in capital gains tax from a transaction from Splash Corp., a company formerly listed at the Philippine Stock Exchange. Hortaleza said that he believes that paying the right taxes is businesses way of contributing to the growth and development of the Philippines.

“The recent Splash transaction in

fact, is the perfect platform for our group to invest in businesses, create brands, create jobs and remain relevant,” Hortaleza said when asked about Splash and where he intends to position his companies in the coming years.

Hortaleza made a courtesy call to BIR Commissioner Caesar R. Dulay and Assistant Commissioner Teresita N. Dulay for the said tax remittance.

Splash, a Filipino-owned firm known for its personal-care products such as astringents, voluntarily delisted from the PSE in 2016 after about nine years of a public company.

The company said the delisting was also done to avoid telegraphing its business plans to its competitors.

New DICT head vows to continue predecessor’s policy directives

By Lorenz S. Marasigan @lorenzmarasigan

S

USTAINABILITY will be a key thrust of newly invested Department of Information and Communications Technology (DICT) Secretary Gregorio B. Honasan II, who vowed to adopt the policies and programs of his predecessor and to introduce new competition in the telco market.

During his first press conference at the inauguration of the Free WiFi Access Point at the Quirino Memorial Medical Center, Honasan congratulated Former Acting DICT Secretary Eliseo M. Rio Jr. for steering the department effectively to achieve its mandate of bringing digital innovations to the Philippines.

Honasan said he will “continue” to implement the “programs and policies” of Rio and open the telco market to more competition to further bring the prices of telecommunications services down while keeping the service levels on an uptrend.

The government was able to award the third telco franchise to Mislatel Consortium, introducing new competition in the duopolistic

local market that is still dominated

by Globe Telecom Inc. and PLDT Inc. Rio also led the department in deploying free Internet connection in public places. Today, a total of 2,565 Wi-Fi sites, covering 17 regions, 58 provinces, and 394 municipalities, have been deployed, benefiting roughly 2.5 million unique users.

He was also instrumental to concretizing the national broadband plan and has secured key contracts with Facebook for a two-terabyte backbone, as well as with the National Grid Corp. of the Philippines and the National Transmission Corp. for the use of their dark fiber under Rio’s two-year term as acting DICT chief, for Internet connectivity.

Rio also pushed the industry to adopt infrastructure sharing. As acting head of the ICT department, he signed 23 deals with common tower providers to build at least 50,000 telco towers in the next five years.

Through Rio’s leadership, the department was able to craft Vision 2020, an overarching goal for ICT development that aims to develop the industry and bring forth digital innovations and services that will greatly improve the daily lives of

Filipinos. “What we try to do, as a continuation of the marching orders that were given to the DICT, is first to connect everybody—from government to governance, domestic and global, government to businesses, and government to citizens, and do this in a faster cheaper and more secure manner,” he said.

Honasan, who promised to veer away from the stereotype of a military man, said he will lead the ICT department “as human as possible,” and will be “very strategic” in implementing programs that will create an impact on the lives of the most unconnected Filipinos.

He is expected to lead the awarding of the frequencies and certificate of public convenience and necessity to Mislatel Consortium—a group of Filipino and Chinese companies led

by Davao-based businessman Dennis A. Uy—on Monday next week.

The new DICT head noted that this is just the start of a whole new era for connectivity in the Philippines, as he will open up the market to new telco players in the future.

“More players will bring the prices down. More competition is encouraged,” Honasan said.

PT&T bullish to sustain growth, resume share listing

By Roderick L. Abad @rodrik_28 Contributor

P

HILIPPINE Telegraph and Telephone Corp. (PT&T) is positive to continue its growth trajectory this year and hopes to relist its shares for trading at the Philippine Stock Exchange (PSE) soon.

The firm has accomplished important milestones on its operations and compliance over the last couple of years.

PT&T cited at its annual stockholders’ meeting significant achievements that would enable it to sustain its growth momentum and expand its business across the country.

Makati City’s Regional Trial Court Branch 66 greenlighted in December 2018 the company’s exit to corporate rehabilitation earlier than the 2025 schedule.

This enables PT&T to widen more of its operations and unleash its real potential as a fixed and wireless broadband player from its roots in the telecommunications industries since 1962. Its Congressional franchise was renewed in July 2016.

Likewise, the firm has made an impressive turnaround since the new management, led by businessman Salvador Zamora II of the Menlo Capital Corp., took over it in August 2017. MCC acquired significant interest in PT&T from Republic Telecommunications Holdings Inc. The improved financial performance of the company is shown in its 55-percent revenue hike last year, mainly due to the 61-percent increase in subscriber base. It sustained its growth as revenues rose by 29 percent in the first quarter of 2019.

In pursuit of its strategic expan-

sion initiatives, PT&T increased its authorized capital stock to P15.6 billion that was approved by the Securities and Exchange Commission last October 31, 2018.

By way of equity restructuring, it can raise the funds in the form of equity offering. The proceeds will then be used to bankroll its growth and expansion, general corporate purposes and other opportunities to be determined by the board.

Alongside its improved business, PT&T has been working fervently to adhere the requirements of the local bourse to have its trading suspension lifted.

“PT&T has gone a long way in just a year and our relisting in the PSE will allow us to serve more Filipinos with our 100-percent fiber Internet and complementary IT services for greater participation in the digital economy,” said James Velasquez, president and chief executive of PT&T. “It was encouraging to see a lot of our stockholders at the Annual Stockholders Meeting, excited to learn of our progress with regards to our relisting efforts and learn about our business results and strategic projects and initiatives,” he added.

PT&T’s shares were last exchanged on December 9, 2004. They closed at P0.33 per piece.

The firm holds a 25-year franchise that allows it to build, maintain, and operate both wired and wireless telecommunications systems for local and international communications in the country.

Spanning more than 15,000 kilometers of pure fiber-optic cables, its existing network and infrastructure enable the company to meet the network demands of customers in Greater Manila area and nearby towns in North and South Luzon.

Online hiring exhibits double-digit growth in Q1

By Cai U. Ordinario @caiordinario

T

HE robust growth of industry revenues paved the way for a double-digit growth in online hiring in the Philippines in the first quarter of 2019, Monster.com said.

The latest Monster Employment Index (MEI) showed online hiring of Filipino workers grew 11 percent in the first quarter.

On a month-on-month basis, Monster.com said online hiring grew 3 percent in January; 6 percent in February; and 2 percent in March.

“According to a recent report by the Philippine Statistics Authority [PSA], gross revenue across key industries in the Philippines was up by 8.1 percent in the first quarter of 2019. This sign of a healthy economy was also reflected in the country’s demand for erecruitment,” Monster.com said.

Monster.com said another reason for the growth in online hiring was the passage of the Telecommuting Act in July 2018.

With the passage of the law, Filipino employees to work in an “alternative workplace with the use of telecommunication and/or computer technologies.”

“Another reason why hiring trends may be positive is the flexible work arrangements that were passed by the government in the past year. The Telecommuting Act aims to increase productivity, satisfaction, performance and decrease unnecessary commutes, which was met with an overwhelming positive response by Filipino workers,” the report stated.

Monster.com said that while there are concerns about automa-

tion and regional uncertainties, Monster.com said hiring trends will remain positive.

The report stated that institutions in the Philippines are exerting “numerous efforts to increase the skill levels in various sectors at risk.”

“While the increasing digitization of entire industries will continue to impact hiring trends, it may only be a shift and not a decline,” Monster.com said.

The report also said there was an 18-percent growth for HR and Admin among job roles in March 2019. In the first quarter of 2019, growth was at 29 percent.

There was also a 19-percent increase within the Advertising, Market Research, Public Relations, Media and Entertainment sector when it comes to online hiring in the first quarter of 2019.

The report stated that monthon-month growth of online hiring in the Advertising, Market Research, Public Relations, Media and Entertainment sector was at 6 percent in January; 8 percent in February; and 3 percent in March.

While the MEI offers monthly and quarterly insights into online hiring performance. The report provides a wider perspective of trends in online recruitment demands across major key industries in Singapore, the Philippines and Malaysia.

The MEI records the industries and occupations that show the highest and lowest growth in recruitment activity locally.

It is based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets.

B2

Companies BusinessMirror

Wednesday, July 3, 2019

PSE STOCK QUOTATIONS

July 2, 2019

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

57.5 139 79.05 27.45 11.66 72.1 13.2 51.9 57.85 27.15 169.6 62 1.31 2.41 18.72 0.53 4.82 1.35 0.49 765 0.98 189 1755 1.13

58.5 139.5 79.1 27.5 11.7 72.4 13.26 51.95 57.9 27.4 170 62.15 1.34 2.43 18.8 0.58 4.85 1.4 0.5 790 0.99 192 1800 1.19

58.8 139.5 79 27.5 11.7 72.5 13.2 49.9 57.9 27.1 168.5 61.7 1.2 2.41 18.8 0.53 4.95 1.41 0.5 765 0.99 190 1800 1.13

58.8 140 79.4 27.6 11.7 72.85 13.2 52.15 57.9 27.5 170 62.2 1.36 2.42 18.8 0.53 4.95 1.41 0.5 765 0.99 192.5 1800 1.13

57.5 138.4 78.9 27.4 11.66 72.1 13.2 49.9 57.85 27.05 168.5 61.7 1.2 2.41 18.72 0.53 4.85 1.41 0.485 765 0.97 190 1751 1.13

58.5 139.5 79.1 27.5 11.7 72.4 13.2 51.9 57.85 27.4 170 62 1.34 2.41 18.72 0.53 4.85 1.41 0.5 765 0.98 192 1751 1.13

9130 2459500 1379070 35600 611200 1264240 108000 1214500 2680 14300 203820 10290 830000 55000 16900 4000 271400 10000 570000 40 313000 1090 240 2000

533558 342293047 109059263.5 978530 7142884 91515425 1425600 62449355 155110.5 391275 34598110 636284 1073630 133040 316560 2120 1324599 14100 277050 30600 307430 208655 425265 2260

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

1.37 36.1 0.255 26.95 85.1 383.6 25.5 5.93 4.57 2.33 12 39.1 6.5 14.9 16.64 14.88 6.07 10.48 7.65 105.9 0.83 63 285 9.1 14.22 0.188 1.84 13.86 1.44 1.91 0.133 166.4 1.26 2.49 116.6 146.1 3.07 15.56 11.04 13.58 18.98 1.22 1.44 100.1 2.07 3.35 2.56 10.16 1.72 5.6 1.15 18.2

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

1.06 12.84 900 55.05 15.84 3.87 7.01 0.73 1.31 1.33 6.75 10.48 14 0.235 925 6.41 68.15 6.03 0.48 4.07 15.28 0.64 4.85 0.039 1.83 2.75 1.35 992 175.9 0.84 264.4 0.232 0.33

1.39 36.5 0.26 27 85.3 387.8 25.55 5.94 4.66 2.34 12.1 39.15 6.55 14.98 17 15.1 6.08 10.54 7.66 106.7 0.84 63.3 285.2 9.48 14.24 0.197 1.85 13.88 1.46 2.08 0.134 167.5 1.27 2.6 118 152.8 3.08 15.72 11.1 13.6 19 1.25 1.45 117.2 2.08 3.43 2.58 10.2 1.73 5.89 1.16 18.26

1.36 35.75 0.255 27 83.25 379.6 24.8 5.84 4.66 2.42 12 39.25 6.55 15.04 17.3 15.16 6.11 10.52 7.65 107 0.86 63 284 9.5 13.86 0.187 1.8 13.86 1.39 1.89 0.134 164.7 1.24 2.52 130 160 3.04 15.54 11.2 13.86 19.1 1.19 1.67 113.8 2.05 3.44 2.56 10.16 1.69 5.9 1.15 18.7

1.39 36.5 0.265 27.1 86 387.8 25.55 5.95 4.66 2.46 12.1 39.35 6.58 15.06 17.3 15.2 6.11 10.54 7.66 107 0.86 63.95 285 9.5 14.22 0.188 1.85 14 1.46 2 0.134 168 1.27 2.52 133.9 160 3.12 15.78 11.38 13.86 19.12 1.29 1.68 113.8 2.08 3.44 2.58 10.2 1.77 5.9 1.19 18.7

1.35 35.6 0.255 26.9 83.25 379.6 24.8 5.84 4.55 2.32 11.96 39.05 6.46 14.92 16.7 14.88 6.07 10.46 7.63 105.2 0.81 62.55 283.8 9.15 13.86 0.184 1.73 13.76 1.38 1.89 0.134 164.7 1.24 2.48 116.3 140 3.04 15.54 11.02 13.52 18.98 1.18 1.41 113.8 2.05 3.44 2.52 10.08 1.69 5.9 1.13 18.16

1.39 36.5 0.255 26.95 85.1 387.8 25.5 5.93 4.66 2.33 12.1 39.15 6.55 15 16.7 14.9 6.07 10.54 7.66 106.7 0.83 63 285 9.5 14.22 0.188 1.84 13.88 1.46 1.91 0.134 167.5 1.26 2.49 116.6 152.8 3.08 15.56 11.1 13.6 19 1.25 1.44 113.8 2.08 3.44 2.58 10.2 1.73 5.9 1.16 18.26

6000 1415600 4700000 1408100 340690 111550 1239400 631400 163000 29563000 35700 219000 274400 847700 17700 5476900 23500 1358500 2495600 28640 3243000 197880 191510 1200 571400 1220000 10325000 583900 679000 11000 30000 460880 1650000 133000 83220 36990 12720000 130500 556500 535400 988000 2124000 55087000 70 85000 3000 4482000 229500 1382000 200 542000 332900

8180 51317190 1218150 37984185 28935654 43028558 31016695 3745067 752640 69882900 429258 8590780 1780732 12699984 296510 82352060 143138 14267848 19109273 3048095 2700290 12520132.5 54522640 11050 8067984 226570 18528730 8090286 977660 21000 4020 76927236 2073460 333010 10062794 5470417 39237490 2031688 6209180 7277022 18784610 2643270 85627500 7966 176320 10320 11435290 2336106 2391760 1180 621910 6089770

-60888 -53210173 -28099190.5 -282780 -872189.9997 -21619189 8580 3062144 74889 -2410 -2940 89770 36128985 1481365 575446.5 19922506 10875280 1848677 4560 -660960 -382150 655 -194320 -1018054 -20705 4033390 14508846 -168118 83360 4051223 12300048 3761060 3760 485740 797536 -9450 178770 -13860 12500 3022582 673970 -1601786 1108782 -5120280 7415591.9996 253230 2442220 -1520020 188056 -23920 35739.9998 -2106596

HOLDING & FRIMS 1.07 13.02 902 55.45 15.86 3.88 7.05 0.75 1.32 1.34 6.82 10.5 14.02 0.247 930 6.45 68.5 6.3 0.495 4.1 15.3 0.65 4.86 0.041 1.85 2.9 1.38 996 177 0.85 267 0.235 0.335

1 13.38 903 54.75 15.44 3.87 7.13 0.73 1.35 1.36 6.9 10.3 14 0.248 925 6.4 67.3 6.34 0.48 4.06 15.16 0.63 4.86 0.042 1.39 2.83 1.38 981 175 0.81 264.4 0.23 0.33

1.06 13.38 908 55.5 15.96 3.89 7.13 0.8 1.37 1.38 6.9 10.52 14.12 0.248 935 6.43 68.5 6.34 0.5 4.13 15.32 0.65 4.86 0.042 1.96 2.85 1.38 996 177.5 0.86 267 0.232 0.345

0.97 12.56 897 54.2 15.44 3.86 7 0.73 1.3 1.33 6.75 10.3 13.94 0.235 922 6.4 66.95 6.03 0.48 4.02 15.16 0.63 4.82 0.039 1.39 2.81 1.38 970 174.9 0.8 264.4 0.23 0.32

1.06 13.02 900 55.45 15.86 3.87 7.01 0.73 1.32 1.34 6.75 10.5 14.02 0.246 925 6.41 68.5 6.34 0.48 4.08 15.3 0.65 4.85 0.039 1.83 2.81 1.38 996 175.9 0.85 267 0.232 0.33

70986000 101400 330930 799350 8362000 6687000 34100 2574000 5264000 1137000 1211500 4217400 357300 250000 57780 303000 1178920 400 550000 1081000 2533100 1438000 16003000 33700000 30120000 24000 43000 224940 112860 282000 130 210000 15350000

72474890 -97110 1307916 90080 297878445 -29398940 44173979 441051 132438876 -3507386 25893140 1152970 238953 150500 1956150 7002980 1532680 1280700 8235098 1267491 44280188 -12183224 5011518 -1140206 60980 53613575 -20798820 1941300 -1230180 79983440 48928962.5 2505 264500 4,412,810( 1,710,139.9997) 38716200 -15196130 919350 77527420 31594350 1346100 60000 53105760 -197430 68170 -19780 59340 223440095 102715720 19809911 -3106 235490 34632 48580 5141650 154800

PROPERTY

ARTHALAND CORP 0.9 0.91 0.88 0.94 0.88 0.91 8719000 7962760 273900 ANCHOR LAND 11 11.3 11.3 11.3 11 11 600 6630 AYALA LAND 51.15 51.45 51.55 51.7 51.05 51.45 9924340 509857012 52334505 ARANETA PROP 2 2.04 2 2.06 2 2.06 7000 14060 BELLE CORP 2.32 2.33 2.34 2.34 2.31 2.32 272000 632570 -34800.0001 A BROWN 0.84 0.85 0.83 0.84 0.82 0.84 822000 685330 10060 CITYLAND DEVT 0.92 0.94 0.96 1.05 0.92 0.94 1110000 1097590 CROWN EQUITIES 0.237 0.238 0.24 0.24 0.238 0.238 2440000 581200 -119000 CEBU HLDG 6.08 6.1 6.08 6.08 6.08 6.08 100 608 CEB LANDMASTERS 5.09 5.1 5.1 5.12 5.05 5.09 2469800 12568097 2325053.9997 CENTURY PROP 0.61 0.62 0.63 0.63 0.61 0.62 24436000 15199400 240860 CYBER BAY 0.455 0.46 0.455 0.46 0.44 0.46 2910000 1315600 DOUBLEDRAGON 25.2 25.25 24.15 25.2 24.15 25.2 408300 10131485 4189710 DM WENCESLAO 9.75 9.87 9.84 9.9 9.7 9.75 47200 463753 93068 EMPIRE EAST 0.475 0.48 0.475 0.48 0.465 0.475 3670000 1742450 -715700 FILINVEST LAND 1.87 1.88 1.9 1.92 1.86 1.88 35945000 67892580 -44238740 GLOBAL ESTATE 1.4 1.41 1.39 1.4 1.39 1.4 2171000 3019020 -414220 8990 HLDG 15.46 15.48 15.46 15.5 15.4 15.46 749300 11584622 -626166 PHIL INFRADEV 1.88 1.89 1.83 1.89 1.83 1.88 2995000 5617560 -426590 CITY AND LAND 0.82 0.84 0.82 0.86 0.82 0.84 315000 264050 MEGAWORLD 6.17 6.2 6.15 6.24 6.15 6.2 25884700 160137661 14605512 MRC ALLIED 0.35 0.355 0.355 0.355 0.345 0.35 14340000 5010150 -672650.0002 PRIMEX CORP 2.24 2.25 2.22 2.25 2.17 2.24 1474000 3276150 -150940 ROBINSONS LAND 26.1 26.5 26.1 26.75 26.05 26.5 1770300 46810180 11943515 PHIL REALTY 0.405 0.41 0.405 0.415 0.405 0.405 230000 93500 ROCKWELL 2.18 2.2 2.22 2.22 2.15 2.2 339000 740650 2200 SHANG PROP 2.98 3.04 2.97 3.05 2.95 3.05 290000 862760 15250 STA LUCIA LAND 1.93 1.96 1.98 1.98 1.95 1.97 207000 405490 169650 SM PRIME HLDG 37.9 38 38 38.4 37.7 38 12162200 461633910 -197103790 STARMALLS 6.44 6.45 6.44 6.45 6.36 6.45 59300 380266 SUNTRUST HOME 0.75 0.78 0.75 0.75 0.75 0.75 4000 3000 VISTA LAND 7.12 7.14 7.13 7.14 7.12 7.14 1663600 11872563 -260886

SERVICES ABS CBN 17.2 17.28 17.08 17.28 17.06 17.28 64900 1110948 GMA NETWORK 5.37 5.39 5.39 5.39 5.35 5.39 119100 639035 MANILA BULLETIN 0.52 0.53 0.52 0.53 0.51 0.52 176000 91460 GLOBE TELECOM 2212 2220 2254 2270 2214 2220 41340 92328300 -6344810 PLDT 1270 1280 1272 1286 1268 1280 51305 65460890 10876140 APOLLO GLOBAL 0.046 0.047 0.047 0.047 0.045 0.046 9000000 414700 DFNN INC 5.91 6.2 6.2 6.2 6.2 6.2 100 620 IMPERIAL 1.9 1.99 1.81 2.09 1.81 1.99 211000 407170 ISLAND INFO 0.119 0.121 0.116 0.125 0.115 0.119 6090000 732470 ISM COMM 6.8 6.81 6.84 6.92 6.8 6.81 4102600 28052574 739914 JACKSTONES 3.04 3.18 3.05 3.27 3.04 3.18 30000 92580 NOW CORP 2.6 2.61 2.7 2.74 2.58 2.6 4173000 11090700 -175040 TRANSPACIFIC BR 0.385 0.39 0.39 0.395 0.385 0.39 3900000 1516400 PHILWEB 3.58 3.59 3.58 3.6 3.45 3.59 1628000 5741750 -139960 2GO GROUP 11.12 11.14 11.18 11.18 11.14 11.14 9600 107096 -5590 ASIAN TERMINALS 20.8 21.25 21.3 21.3 21.3 21.3 200 4260 -4260 CHELSEA 8.73 8.74 8.66 8.85 8.66 8.74 3874800 33859137 1489369 CEBU AIR 89.95 90.25 89 90.5 89 90.25 118380 10673214 4565147.5 INTL CONTAINER 146.3 146.4 144 146.4 143.6 146.4 1608570 233801283 -19654098 LBC EXPRESS 14.22 14.9 14.9 14.9 14.9 14.9 500 7450 LORENZO SHIPPNG 0.87 0.89 0.81 0.93 0.81 0.89 3997000 3556690 33800 MACROASIA 19.08 19.18 18.92 19.26 18.92 19.18 1935500 36842940 6071968 METROALLIANCE A 1.57 1.61 1.55 1.55 1.55 1.55 17000 26350 METROALLIANCE B 1.56 1.83 1.56 1.56 1.56 1.56 10000 15600 PAL HLDG 9.2 9.35 9.1 9.35 9.1 9.2 7600 69895 HARBOR STAR 2.22 2.23 2.22 2.23 2.2 2.23 951000 2111730 24420 BOULEVARD HLDG 0.057 0.058 0.057 0.058 0.056 0.057 34420000 1963380 DISCOVERY WORLD 2.06 2.1 2.05 2.05 2.05 2.05 1000 2050 GRAND PLAZA 9.66 12.46 11.3 12.46 11.3 12.46 700 8606 WATERFRONT 0.73 0.74 0.73 0.74 0.72 0.74 3062000 2230420 IPEOPLE 9.86 10.1 10.1 10.1 10.1 10.1 800 8080 STI HLDG 0.74 0.75 0.74 0.75 0.72 0.75 2022000 1485730 743690 BERJAYA 2.72 2.75 2.73 2.83 2.69 2.75 1089000 2982260 -404480 BLOOMBERRY 11.74 11.76 11.32 11.78 11.28 11.74 25801400 300341522 -71999144 PACIFIC ONLINE 3.12 3.17 3.12 3.18 3.12 3.12 493000 1549130 -537780 LEISURE AND RES 3.76 3.79 3.8 3.88 3.76 3.76 1895000 7218080 210910 MANILA JOCKEY 3.17 3.26 3.1 3.2 3.1 3.2 33000 105400 PH RESORTS GRP 5.35 5.46 5.3 5.47 5.3 5.46 43300 233636 PREMIUM LEISURE 0.79 0.8 0.8 0.81 0.78 0.79 2866000 2288620 -167600 PHIL RACING 8.21 9.49 8.8 9.49 8.8 9.49 200 1829 TRAVELLERS 5.44 5.47 5.47 5.47 5.42 5.44 385700 2097726 -712854 METRO RETAIL 2.49 2.5 2.49 2.5 2.49 2.5 2617000 6539980 172500 PUREGOLD 44.7 44.75 44.8 44.95 44.75 44.75 131200 5874735 -2287630 ROBINSONS RTL 75.2 75.25 75.1 75.25 74.9 75.2 1566650 117753392.5 23814485.0004 PHIL SEVEN CORP 118.2 140 140 140 139.9 140 220 30797 SSI GROUP 3.49 3.5 3.45 3.53 3.45 3.5 2978000 10416880 -404620 WILCON DEPOT 17.1 17.18 17 17.2 17 17.18 482800 8283330 2552804 APC GROUP 0.495 0.5 0.49 0.51 0.485 0.5 4420000 2205950 -80000 EASYCALL 10.08 10.18 10.1 10.2 10.06 10.08 42800 431908 GOLDEN BRIA 400.2 408 406 410 406 410 2400 981244 IPM HLDG 5.85 5.9 5.85 5.85 5.85 5.85 10000 58500 PAXYS 2.91 3 2.93 2.99 2.92 2.92 48000 140930 -90940 PRMIERE HORIZON 0.88 0.89 0.91 0.92 0.86 0.89 51174000 45343510 1101060 SBS PHIL CORP 9.01 9.27 9 9 9 9 33000 297000

MINING & OIL ATOK 10.92 12.5 12.5 12.5 12.5 12.5 200 2500 APEX MINING 1.2 1.21 1.23 1.23 1.2 1.2 2757000 3328000 -660740 ABRA MINING 0.0018 0.0019 0.0018 0.0018 0.0018 0.0018 25000000 45000 ATLAS MINING 2.67 2.77 2.68 2.68 2.67 2.67 10000 26710 BENGUET A 1.14 1.2 1.2 1.2 1.2 1.2 11000 13200 COAL ASIA HLDG 0.28 0.285 0.28 0.285 0.28 0.285 260000 72850 CENTURY PEAK 2.78 2.8 2.78 2.78 2.73 2.78 1430000 3937790 DIZON MINES 7.85 7.86 7.89 7.9 7.65 7.85 5200 40787 FERRONICKEL 1.53 1.54 1.54 1.55 1.52 1.54 23200000 35626610 GEOGRACE 0.22 0.226 0.22 0.228 0.219 0.227 130000 28770 LEPANTO A 0.114 0.115 0.115 0.115 0.115 0.115 1580000 181700 LEPANTO B 0.12 0.122 0.12 0.122 0.12 0.122 1500000 182980 MARCVENTURES 1.26 1.27 1.05 1.3 1.04 1.27 152845000 160610900 -4200 NIHAO 0.99 1.01 1.02 1.02 0.99 1.01 82000 81270 72270 NICKEL ASIA 2.32 2.33 2.35 2.35 2.27 2.32 2209000 5108290 -500299.9997 OMICO CORP 0.54 0.56 0.54 0.56 0.54 0.56 44000 24160 11200 ORNTL PENINSULA 0.87 0.89 0.86 0.9 0.86 0.89 88000 76180 1800 PX MINING 3.52 3.56 3.5 3.55 3.5 3.54 236000 832910 -106200 SEMIRARA MINING 23.7 23.75 23.7 23.75 23.2 23.7 1010100 23847910 4540480 UNITED PARAGON 0.0063 0.0064 0.0063 0.0063 0.0063 0.0063 6000000 37800 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.012 3700000 44500 PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.011 8900000 94400 PHINMA PETRO 4.52 4.68 4.61 4.7 4.55 4.68 93000 430510 PXP ENERGY 7.5 7.52 7.36 7.63 7.34 7.52 387100 2911274 430960

PREFFERED

HOUSE PREF A 94.55 96.9 96.9 96.9 96.9 96.9 30 2907 AC PREF B2 490 494 495 495 490 490 100 49250 19800 ALCO PREF C 100 103.9 100 100 100 100 500 50000 DD PREF 98.5 99 98.5 99 98.5 99 10210 1005790 FGEN PREF G 102.1 107.4 107.5 107.5 107 107 15100 1619200 GLO PREF P 479.2 494.8 480 480 479 479 2020 968530 LR PREF 0.98 1 0.98 0.98 0.98 0.98 17000 16660 MWIDE PREF 99.7 102.5 102.5 102.5 102.5 102.5 10 1025 PNX PREF 3A 100 101.8 100 100 100 100 150 15000 PCOR PREF 2A 992 995 995 995 995 995 1130 1124350 PCOR PREF 3A 1000 1010 1000 1010 1000 1010 2180 2199800 PCOR PREF 3B 1004 1007 1006 1006 1004 1004 570 573040 SFI PREF 1.36 1.75 1.36 1.36 1.36 1.36 1000 1360 SMC PREF 2C 76.1 76.8 76.5 76.8 76.1 76.1 13970 1063453 SMC PREF 2D 72.6 73.55 72.6 72.6 72.6 72.6 180 13068 SMC PREF 2E 72.3 73 72.3 73 72.3 73 1360 98370 SMC PREF 2F 73.75 74.9 73.75 74.95 73.75 74.95 15970 1185706.5 SMC PREF 2H 72 74.2 73.65 73.8 73.65 73.8 4620 340888 SMC PREF 2I 73.7 74 72.95 73.7 72.95 73.7 34690 2537860 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

16.72 5.35

16.8 5.48

16.8 5.35

17 5.49

16.72 5.35

16.8 5.45

185400 25600

3118566 139514

WARRANTS LR WARRANT

1.86

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.83 XURPAS 1.13

1.9

1.88

1.93

1.86

1.9

164000

306960

-

4.88 1.14

4.9 1.16

4.93 1.22

4.8 1.12

4.88 1.14

163000 22735000

794400 26653380

-9800 168170

EXHANGE TRADE FUNDS FIRST METRO ETF

119.6

-1158266 -

121

120.4

121

119.5

121

15290

1837847

-

www.businessmirror.com.ph

Megawide expects rebound of biz operations this year

M

By VG Cabuag

@villygc

EGAWIDE Construction Corp. on Tuesday said it expects a stronger year as its construction business rebounds from the cyclical downturn in 2018, coming from a peak in the previous year.

The airport segment, with its Mactan-Cebu International Airport (MCIA), is also expected to sustain its momentum while landport operations are seen to start its contribution to the income stream, although at a minimal rate.

Its airport terminal concession in Clarkfield in Pampanga is on track for the commencement of operations starting next year, company Chairman and CEO Edgar Saavedra said.

“We are expecting an upturn in 2019, especially in the construction business, with the completion of new projects toward the second

half of 2019. Megawide has also secured a healthy pipeline of new projects in the first quarter of 2019, amounting to P6.2 billion, to sustain a healthy order book of projects moving forward,” Saavedra added.

Megawide’s income last year dropped almost 20 percent last year to P1.8 billion, from the previous year’s P2.24 billion as its shifts its income stream from transport infrastructure to the construction of various buildings.

Performance in the first three months of the year, meanwhile, are better than the year before, with

revenues reaching P3.56 billion in the first three months of 2019, 10 percent higher than the fourth quarter of 2018.

In terms of segment, revenues from the construction business picked up to P2.57 billion during the three months of the year, up 10 percent quarter-on-quarter. Airport operations also recorded P892 million in revenues, up 9 percent from the previous quarter.

Megawide commissioned its two national transport infrastructure projects last year, the MCIA Terminal 2 in July and the Parañaque Integrated Terminal Exchange (PITX) in November.

Saavedra said the company may replicate the same systems it used in PITX in some parts of the country that needed such type of landport scheme.

PITX has served approximately 7 million passengers through a total vehicular movement of 400,000 since its launch in November last year to the first quarter of this year.

Destinations have also increased from just 31 in November 2018 to

42 destinations as of March 2019.

“These segments will even out the natural cyclicality in the construction business, and help build a stronger and more stable portfolio for Megawide in the years to come,” Saavedra said.

The renovation of MCIA’s Terminal 1 will add an additional 2,200 square meters of retail space upon its completion at the end of the year.

This will complement the existing 3,800 square meters of retail space located in Terminal 2 and boost nonaero related revenues of the airport business.

In terms of connectivity, MCIA opened a number of international routes and increased a number of existing flights within the first quarter.

Saavedra said it is now time to get more domestic flights in its Mactan airport so tourists would not be connecting using Manila airports.

“We see the airport business sustaining its momentum, driven largely by passenger growth and increased commercial spaces with the completion of Terminal 1’s renovation this year,” he said.

PSALM hopes to raise ₧740M from land sale in August

T

HE Power Sector Assets and Liabilities Management Corp. (PSALM) hopes to raise nearly P740 million from the sale of its land assets next month.

The state firm said it will bid out on August 1 land assets located in Barangay Aplaya, Jasaan, Misamis Oriental and in Toledo City, Cebu.

The sale of these land assets is on an “as is, where is” basis.

These land assets used to be the location of the dismantled Aplaya Diesel Power Plant and the Cebu Diesel Power Plant. In 2009 PSALM privatized the power plant structures based on their scrap value and are now either on ground zero or with minimal structures left.

The land asset in Aplaya, Misamis Oriental, consists of 49 lots with a total area of about 155,504.00 square meters. The land asset in Toledo City, Cebu, consists of 21 lots with a total area of about 129,589.00 sq.m.

PSALM set the minimum bid prices

at P567,626,950 and P171,473,500, respectively.

PSALM is bent on divesting some of its real-estate assets, such as the Naga-Bicol property, Puerto Azul condominium units and the land underlying Manila Thermal Power Plant to name a few. “We are exerting all efforts to resolve asset specific issues, such as title processing, processor rights, real property taxes, and right of way to ensure bidder participation,” said PSALM President Irene Joy Garcia.

The lease of its real-estate assets is another new mode of divestment for PSALM. Leasing is a prudent exercise as it provides income to cover the expenses of maintaining the asset, as well as optimizing their use, it said.

“In 2018 and present, we started to be creative by going into shortterm leases for our Port Area and a portion of Bagac to be able to raise revenues at least to cover our costs of maintenance and real property

TV ratings war rages in June

R

IVALS ABS-CBN Corp. and GMA Network Inc. claimed on Tuesday that they led the ratings game last month, citing data from two different sources.

Lopez-led entertainment and multimedia conglomerate ABSCBN, citing data from Kantar Media, claimed to have posted a higher national-average audience share in June, after recording a solid 44-percent audience share, beating GMA’s 32-percent share.

ABS-CBN also claimed leadership in Metro Manila and Mega Manila, where it scored an average audience share of 42 percent and 36 percent, respectively, against GMA’s 26 percent and 32-percent share.

The Lopez-led broadcaster also attracted more viewers than GMA in other areas. It won the ratings game in Total Luzon with an average total-day audience share of 40 percent, versus GMA’s 35 percent; in Total Visayas with 53 percent versus GMA’s 24 percent; and in Total Mindanao with 52 percent, versus GMA’s 28 percent.

ABS-CBN also claimed it fared better against GMA in the prime-

time block, after it registered a 45-percent audience share, significantly higher than its rival’s 33 percent.

The prime-time block is the most important part of the day when most Filipinos watch TV and advertisers put a larger chunk of their investment in to reach more consumers effectively.

Aside from prime time, ABSCBN won in other time blocks nationwide that include the morning block with 39 percent, versus GMA’s 28 percent; noontime block with 44 percent, versus GMA’s 34 percent; and afternoon block with 48 percent, versus GMA’s 31 percent.

The Gozon-led network claimed to have dominated in Urban Luzon with 35.3-percent audience share versus 30.7 percent of ABS-CBN, based on data from Nielsen TV Audience Measurement. Urban Luzon accounts for 72 percent of all urban TV viewers in the country.

It also claimed to have fared better in Mega Manila which account 60 percent of all urban households in the country, with a 36.3-percent audience share, beating the 28.8-percent share of ABS-CBN. Lorenz S. Marasigan

taxes,” she added.

The contracts it signed with the Philippine Coast Guard for its Port Area property and Bagac property lease will provide PSALM with an

MUTUAL FUNDS

opportunity to earn from rental income and, at the same time, provide another government agency with suitable sites for their own requirements.

July 2, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 268.33 8.49% -0.24% 1.34% 6.4% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6608 14.56% 8.03% 3.18% 15.27% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.153 6.21% -0.33% 0.4% 6.41% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9589 10.54% N.A. N.A. 6.43% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.886 9.63% N.A. N.A. 7.96% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.5379 9.49% 0.69% 1% 5.02% MBG EQUITY INVESTMENT FUND, INC. -A 121.62 12.71% N.A. N.A. 4.7% ONE WEALTHY NATION FUND, INC. -A 0.8908 7.48% -3.99% N.A. 6.47% PAMI EQUITY INDEX FUND, INC. -A 53.0547 11.3% 0.55% N.A. 7.78% PHILAM STRATEGIC GROWTH FUND, INC. -A 552 9.68% -0.38% 1.09% 7.24% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3451 11.32% 1.5% 3.4% 7.26% PHILEQUITY FUND, INC. -A 39.4257 11.77% 2.15% 2.94% 7.63% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0636 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.382 12.41% 1.47% 3.34% 8.53% PHILIPPINE STOCK INDEX FUND CORP. -A 898.82 12.44% 1.19% 3.3% 8.5% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9422 13.56% 0.72% N.A. 9.56% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3981 12.25% 1.41% 2.72% 8.36% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0326 11.85% 1.14% N.A. 8.2% UNITED FUND, INC. -A 3.7928 10.89% 3.16% 3.48% 8.34% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 120.3516 12.9% 2.1% 4.37% 8.67% ATRAM ASIAPLUS EQUITY FUND, INC. -B

$1.0003 -1.69% 6.57% 0.04% 7.66% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3003 2.73% 9.65% N.A. 17.65% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7529 7.57% -1.4% -1.05% 6.16% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3347 5.14% -0.02% 0.89% 5.68% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6816 7.36% 0.01% -1.17% 5.45% GREPALIFE BALANCED FUND CORPORATION -A 1.3643 4.6% N.A. N.A. 4.6% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9512 7.4% 0.52% 1.53% 5.87% PAMI HORIZON FUND, INC. -A 3.7723 7.77% -0.63% 0.78% 6.89% PHILAM FUND, INC. -A 16.9982 8.58% -0.42% 0.82% 6.86% SOLIDARITAS FUND, INC. -A 2.166 6.66% 0.68% 2.04% 4.68% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9196 9.93% 0.63% 1.82% 7.35% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0252 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0262 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0227 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.0051 10.23% 0.86% 1.45% 9.05% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03738 7.51% 1.51% 2% 5.89% PAMI ASIA BALANCED FUND, INC. -A $0.9952 -0.44% 4.07% -0.67% 8.92% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7605 4.17% 6.82% 2.81% 13.66% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1117 4.73% 4.39% N.A. 10.07% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 350.32 3.49% 2% 2.21% 1.99% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8999 1.92% -0.24% -0.15% 2.19% COCOLIFE FIXED INCOME FUND, INC. -A 3.0513 5.62% 5.27% 5.28% 2.53% EKKLESIA MUTUAL FUND INC. -A 2.1861 3.23% 1.02% 1.91% 2.67% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3113 4.31% 0.95% 1.36% 4.82% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6058 2.28% -1.33% 0.05% 2.65% PHILAM BOND FUND, INC. -A 4.1799 5.85% -0.16% 1.31% 6.64% PHILEQUITY PESO BOND FUND, INC. -A 3.6822 5.61% 1.05% 1.46% 4.69% SOLDIVO BOND FUND, INC. -A 0.9395 3.95% -0.5% N.A. 5.42% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9595 8.12% 1.39% 2.15% 7% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6431 8.02% 0.96% 1.65% 6.7% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $458.24 3.59% 1.73% 2.71% 2.19% ALFM EURO BOND FUND, INC. -A Є217.58 2.28% 1.46% 1.48% 2.31% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.184 6.62% 1.79% 2.45% 5.18% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0256 3.64% 0.93% N.A. 3.23% GREPALIFE DOLLAR BOND FUND CORP. -A $1.715 1.35% -1.8% 0.63% 1.47% PAMI GLOBAL BOND FUND, INC -A $1.0874 5.08% -0.27% -2.04% 4.93% PHILAM DOLLAR BOND FUND, INC. -A

$2.3441 9.52% 1.09% 3.2% 7.98% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0591534 4.31% 1.56% 1.81% 3.78% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.082 7.01% 0.34% 2.65% 7.31% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 123.52 3.71% 2.41% 1.94% 2.18% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.015 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2139 3.87% 1.71% 1.05% 2.71% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2448 3.72% 2.66% 2.04% 2.1% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0282 2.16% N.A. N.A. 1.21%

A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU).

1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018. 2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018.

3 - LAUNCH DATE IS JANUARY 3, 2019. 4 - LAUNCH DATE IS JANUARY 28, 2019. 5 - LAUNCH DATE IS FEBRUARY 1, 2019.

www.businessmirror.com.ph

The World BusinessMirror

Editor: Angel R. Calso • Wednesday, July 3, 2019

B3

Iran breaches uranium stockpile limit set by 2015 nuclear agreement

T

EHRAN, Iran—Iran has broken the limit set on its stockpile of low-enriched uranium by its 2015 nuclear deal with world powers, international inspectors and Tehran said Monday, marking its first major departure from the unraveling agreement a year after the US unilaterally withdrew from the accord.

The announcement by Iran’s Foreign Minister Mohammad Javad Zarif and later confirmation by the UN nuclear watchdog puts new pressure on European nations trying to save the deal amid President Donald Trump’s maximalist campaign targeting Tehran. Iran separately threatened to raise its uranium enrichment closer to weapons-grade levels on July 7 if Europe fails to offer it a new deal.

It also further heightens tensions across the wider Middle East in the wake of Iran recently shooting down a US military surveillance drone, mysterious attacks on oil tankers that America and the Israelis blame on Tehran, and bomb-laden drone assaults by Yemen’s Iranian-backed rebels targeting Saudi Arabia. Those rebels claimed a new attack late Monday on Saudi Arabia’s Abha airport that the kingdom said wounded nine people, including one Indian.

The European Union urged Iran to reverse course and Israeli Prime Minister Benjamin Netanyahu called the action “a significant step toward making a nuclear weapon.”

Iran long has insisted its nuclear program is for peaceful purposes, despite Western fears about it.

At the White House, Trump told reporters Iran was “playing with fire,” and US Secretary of State Mike Pompeo called on the international community to require Iran to suspend all enrichment, even at levels allowed under the nuclear deal.

“The Iranian regime, armed with nuclear weapons, would pose an even greater danger to the region and to the world,” Pompeo said in a statement.

Though Trump pulled back from air strikes targeting Iran after the US drone was shot down, Washington has rushed an aircraft carrier strike group, nuclear-capable B-52 bombers and thousands of additional troops to the region. That’s raised fears that a miscalculation or further incidents could push the two sides into an armed conflict, some 40 years after the Islamic Revolution and the takeover of the US Embassy in Tehran.

Speaking to journalists in Tehran, Zarif acknowledged Iran had broken through the limit set by the accord.

“We had previously announced this and we have said it transparently what we are going to do,” Zarif said. “We are going to act according to what we have announced and we

IN this June 10, 2019, photo, Iranian Foreign Minister Mohammad Javad Zarif speaks during a press conference with his German counterpart Heiko Maas after their talks in Tehran, Iran. Zarif acknowledged Monday, July 1, 2019, Iran had broken the limit set on its stockpile of low-enriched uranium by the 2015 nuclear deal, marking its first major departure from the unraveling agreement a year after the US unilaterally withdrew from the accord. AP PHOTO/EBRAHIM NOROOZI

consider it our right reserved in the nuclear deal.”

The UN nuclear watchdog, the International Atomic Energy Agency, later said its director general had informed officials that it verified Iran had broken through the limit.

Under terms of the nuclear deal, Iran agreed to have less than 300 kilograms (661 pounds) of uranium enriched to a maximum of 3.67 percent. Previously, Iran enriched as high as 20 percent, which is a short technical step away from reaching weapons-grade levels. It also held up to 10,000 kilograms (22,046 pounds) of the higher-enriched uranium.

Neither Zarif nor the UN agency said how much uranium Iran now had on hand. Last week, an Iranian official in Vienna said that Tehran was 2.8 kilograms away from the

limit. Iran previously announced it had quadrupled its production of low-enriched uranium, which at under 3.67 percent is enough to power a nuclear reactor to create electricity, but is far below weaponsgrade levels.

However, Iran could have chosen to mix the low-enriched uranium with raw uranium, diluting it and bringing it down under the cap.

Pushing past the limit served as a notice to Europe, Zarif said.

The “actions of the Europeans have not been enough so the Islamic Republic will move ahead with its plans as it has previously announced,” Zarif said. “We are in the process of doing our first phase of actions both on increasing our stockpile of enriched uranium, as well as our heavy water reserves.”

Hong Kong protests seen giving Taiwan’s leader boost vs China B

EIJING—Recent anti-government protests in Hong Kong are echoing in Taiwan, possibly giving the island’s President Tsai Ing-wen a lift in her campaign to resist Beijing’s pressure for political unification and win a second term in next year’s elections.

The demonstrations sparked by Hong Kong Chief Executive Carrie Lam’s now-shelved push for unpopular extradition legislation have turned a glaring spotlight on China’s “one country, two systems” framework for ruling the former British colony, the same formula it envisages imposing on self-governing Taiwan.

That proposal has never found much support among Taiwan’s independence-minded voters.

Events in Hong Kong now seem to be handing Tsai even more ammunition to attack opponents who argued that an accommodation with Beijing could be reached.

“People on the street understand that President Tsai took the anti-extradition law episode as a boost for her campaign,” said Andrew Huang, strategic studies professor at Taiwan’s Tamkang University.

The largely student-led demonstrations in Hong Kong have found broad support among their Taiwanese counterparts, prompting sympathy protests outside

In this June 16, 2019, file photo, a supporter holds a card rejecting “One China Peace Agreement” to support Hong Kong’s protesters against an extradition law outside of the Legislative Yuan in Taipei, Taiwan. Recent anti-government protests in Hong Kong are echoing in Taiwan, possibly giving the island’s President Tsai Ing-wen a lift in her campaign to resist Beijing’s pressure for political unification and win a second term in next year’s elections. AP PHOTO/CHIANG YING-YING

Hong Kong’s representative office in the capital, Taipei.

That’s created common cause among democracy advocates in the semi-autonomous Chinese territory that reverted to Chinese rule in 1997, and the island democracy and former Japanese colony that split from China amid civil war in 1949.

The Hong Kong protests “highlight that the system clearly designed to entice Taiwan into unification talks has

been a dismal failure,” said Western Kentucky University political scientist Timothy S. Rich, a close observer of Taiwanese politics. The emphasis on sovereignty and independence should benefit Tsai and her party by shifting the discussion away from contentious domestic issues such as stagnating wages and reductions in civil service pensions, Rich said.

“Tsai can use the Chinese threat to Hong Kong to reposition herself

and her party as protecting democracy, that it is right to be cautious in regards to China and cross-strait relations,” Rich said.

Hong Kong protesters oppose the extradition bills because they could send suspects to Mainland China, where they might be exposed to torture and politically biased trials in courts under the control of the ruling Communist Party. AP

Breaking the stockpile limit by itself doesn’t radically change the one year that experts say Iran would need to have enough material for an atomic bomb, if it chooses to pursue one.

But by coupling an increasing stockpile with higher enrichment, it begins to close that one-year window and hamper any diplomatic efforts at saving the accord.

At the time of the 2015 deal, which was agreed to by Iran, the United States, China, Russia, Germany, France and Britain, experts believed Iran needed anywhere from several weeks to three months to have enough material for a bomb.

Zarif stressed the country remained on track to raise its enrichment if Europe did not take any additional steps toward saving the accord.

“The next step is about the 3.67 percent limitation, which we will implement too,” he warned.

Trump campaigned on pulling the US from the deal, which saw Iran agree to limit its enrichment of uranium in exchange for the lifting of economic sanctions. Since Trump withdrew America from the pact a year ago, the US has reimposed previous sanctions and added new ones, as well as warning other nations they would be subject to sanctions as well if they import Iranian oil.

Amid the tensions, Yemen’s Houthi rebels have launched repeated drone attacks on Saudi Arabia as the kingdom’s long war in the country continues. The Houthi’s satellite news channel Al-Masirah claimed a new attack on Abha regional airport late Monday, which Saudi Arabia said wounded eight Saudis and one Indian. Earlier attacks on the airport have killed one person and wounded dozens more.

Trump discussed the situation by phone with French President

Emmanuel Macron, the White House said.

A spokesman for EU foreign policy chief Federica Mogherini said the bloc urged Iran “to reverse this step and to refrain from further measures that undermine the nuclear deal,” known as the Joint Comprehensive Plan of Action.

Spokesman Maja Kocijancic underlined that Europe “remains fully committed to the agreement as long as Iran continues to fully implement its nuclear commitments.”

British Foreign Secretary Jeremy Hunt said he was “deeply worried”

by Iran’s announcement. In a tweet, he urged Tehran “to avoid any further steps away from JCPoA & come back into compliance.”

As Netanyahu said Iran’s move was a “significant step toward making a nuclear weapon,” he urged European countries to “stand by your commitments” to impose sanctions against Tehran if it violated the agreement.

“The policy changed from ‘wait out Trump’ to ‘hit back at Trump.’

That’s a big deal,” said Cliff Kupchan, a chairman at the Eurasia Group and longtime Iran watcher.

“I don’t think either side wants war, but both sides do want leverage.

We’re in for a rough ride.”

In Moscow, Russia’s Deputy Foreign Minister Sergei Ryabkov noted that Iran had warned it was going to exceed the limit set by the deal and emphasized that Tehran’s move followed “unthinkable” US pressure.

“It didn’t come as a surprise, Iran long has warned about it,” Ryabkov said.

“Exceeding the 300-kilogram limit causes regret, but shouldn’t be overdramatized. It must be seen as a natural result of the preceding events,” Ryabkov said. “Iran has faced an unprecedented and unthinkable US sanction pressure, effectively meaning a total oil embargo, an attempt to strangle a sovereign state.” AP

Opec extends oil production cuts amid weaker demand outlook

V

IENNA — Opec is extending its deal to cut production for another nine months in a bid to keep oil prices from sagging as the oil cartel faces a weakening outlook for global demand.

The decision among the members of the Organization of the Petroleum Exporting Countries came during a meeting Monday at the cartel’s headquarters in Vienna.

Saudi Arabia’s Energy Minister Khalid Al-Falih said “the commitment to a nine-month extension is unequivocal, very solid, very strong” among Opec members. He said he expected nonmember producing countries such as Russia to join in extending the cuts at a separate meeting on Tuesday.

Russian President Vladimir Putin has already said he backs an extension.

The current deal to support prices reduced production by 1.2 million barrels per day starting from January 1 for six months, and will now run into next year. Most of the cuts came from Opec nations, who agreed to reduce 800,000 barrels per day, with the rest of the cuts coming from Russia and other nonOpec countries, though not from the United States.

The cuts were aimed to put upward pressure on the price of oil and reduce oversupply.

“This more than compensates for whatever demand concerns that investors have been experiencing in recent months,” said Pavel Molchanov, energy analyst at Raymond James.

He noted that global demand could fall by 200,000 to 300,000 barrels per day but the Opec cuts will reduce supply by about 1 million barrels per day.

Oil prices will likely increase over the next few months, but there are also many other variables besides Opec that could impact the price, Molchanov said.

Though tensions between the US and Iran and attacks on tankers near the Strait of Hormuz have pushed up oil prices in recent days, there are concerns among members that over the longer term demand could weaken due to slower global growth. The International Energy Agency, a group of oil-consuming countries, cut its demand estimate earlier this month.

The price of Brent crude, the international standard, rose 32 cents Monday to $64.06 a barrel.

Geopolitical turmoil and production problems in various markets have led to concern that oil supply would be tight, conditions which tend to push the price of oil higher. Tensions have been rising in the Middle East as the US imposed new sanctions on Iran, and oil tankers have been attacked near the Strait of Hormuz, a narrow passage through which a fifth of all oil traded around the world passes.

And production out of Venezuela, once one of the world’s largest producers, has collapsed.

Experts say a military conflict between the US and Iran would further constrain oil supply and send oil prices higher. AP

B4 Wednesday, July 3, 2019

FIRST SM LUCENA SUMMA CUM LAUDE SCHOLAR TO STUDENTS: CHOOSE YOUR COURSE WISELY U.K. INSTITUTE ADMITS JOLLY TING AS DOCTORATE FELLOW IN BUSINESS

T

HE Academy of Multi-Skills (AMS) United Kingdom has conferred a doctorate fellow in business on Filipino entrepreneur Jolly Ting (in photo).

Ting, chairman of Jolliville Holdings Corp., received the doctorate fellowship from AMS President Dr. Herbert J. Wooler on June 5, in a conferment ceremony in Macau. It was the second time Ting was recognized by the academic body. He was earlier accepted as a fellow by the AMS. The AMS was founded and registered in the UK in 1995 to give professional recognition to multiskilled personnel, skilled trades, crafts and professions.

It is registered as a leading professional multiskills institute with more than 15,000 members worldwide.

Ting was earlier recognized as a doctor fellow by the Royal Institute of EntrepreneursinSingapore.Healsoreceived the Most Promising Entrepreneurship award at the Asia Pacific Entrepreneurship Awards 2014.

Ting won accolades for transforming Jolliville Holdings Corp. into a business conglomerate with a portfolio of strong companies in various industries that include real estate, power generation, water distribution, management, leisure and business-process outsourcing.

JOH, a publicly listed company, aims

to provide essential services to improve lives in the communities where it operates.

In 1986 he established Jolliville Realty and Development Co. Inc. as a realty company. Three years after JRDCI was transformed into a holding company and was renamed Jolliville Holdings Corp.

“In the mid-1980s, I founded Jolliville to manage a small portfolio of real-estate assets. We started out leasing and managing a couple of Metro Manila properties and catered to a very niche market,” Ting says.

“In the late 1990s we were presented with a rare opportunity to operate a privately run water company in my second hometown, Calapan, Oriental Mindoro.

We took over the operations of Calapan Waterworks Corp. with some hesitation.

Perhaps, I was personally influenced by my entrepreneurial spirit and my love for my hometown that we took on the challenge, despite our inexperience in the waterdistribution business, back then,” he says.

In 2002 JOH was listed in the Philippine Stock Exchange to raise funds for the waterdevelopment project of Calapan Waterworks Corp. Soon after Calapan Water became the group’s flagship company and water revenues became its top growth driver.

“By this time, our company’s portfolio had expanded to include diversified interests in management, leasing, real estate, business process outsourcing and water distribution,” Ting adds.

In 2011, with the looming power crisis in Oriental Mindoro, JOH saw an opportunity to venture into the power industry through subsidiary Ormin Power Inc. Since then, JOH has undertaken several developments across different business segments. “Our water distribution business has expanded to service the town of Agoo in La Union and the town of Tabuk, Kalinga.

Recently, we inaugurated a 10-megawatt mini hydro-power plant in San Teodoro, Oriental Mindoro. We are also rolling out many developments that will enhance our real-property assets,” Ting concludes.

S

M City Lucena has produced its very first summa cum laude among its stable of scholars, one among the 270 graduates of 2019 SM scholars who were presented to the Sy family on Wednesday at the SMX in Pasay City.

Jhon Angelo Virtucio is a 19-year-old Bachelor of Science in Information Technology graduate at Manuel S. Enverga University Foundation with the highest Latin honor.

In his speech, Virtucio related his hardships like going to school without any allowance. He was a third child and his father just lost a job.

He expressed his gratitude to the Sy family for helping

him realized his dreams and promised to help others as payback to his mentors, especially to Henry Sy Sr. He advised aspiring scholars to choose a course they really want to excel academically.

Virtucio is among the 53 alumni of SM City Lucena scholars since 2002.

Meanwhile, this year’s batch of SM Foundation scholars has 270 graduates with 50 Latin honors, including four academic distinctions and four board topnotchers.

Around 100 scholars also came from Tacloban, affected by Yolanda calamity.

HONDA DEBUTS REFRESHED BR-V

H

ONDA Cars Philippines Inc. (HCPI), Honda’s automobile unit in the Philippines, unveils the new BR-V at the City of Dreams Manila.

The new Honda BR-V revolves around the grand concept of “Enhance SUV Image”. It showcases a masculine and premium look with its sleeker design and more advanced features.

Upfront, the new BR-V presents a new Chrome front grille that is perfectly paired with a new front bumper for both variants. Included in the updates is its new LED daytimerunning lights for 1.5 V CVT variant while maintaining its halogen headlights and fog lights for both variants. Its newly designed 16" alloy wheel also contributes to its long, wide stance for a more commanding road presence. For a more convenient driving experience, the power-folding door mirrors with integrated side-turn signals is still available for the 1.5 V CVT. At the back, a newly designed rear bumper is provided to give it a stronger character. Both variants still get the roof rail while the 1.5 V CVT also gets a new shark-fin antenna that enhances its masculine and premium look.

The new Honda BR-V’s interior gets exciting updates, as well. The 1.5 S CVT variant is equipped with a seven-inch capacitive touchscreen-display audio while the 1.5 V CVT is equipped with a seven-inch capacitive touchscreendisplay audio with Apple CarPlay and Android auto. For added convenience, both variants of the New BR-V are now equipped with a reverse camera. The New BR-V maintains a spacious and comfortable cabin that provides ample legroom and head clearance. The New BR-V’s 1.5 V CVT is equipped with a new stylish leather interior.

To complement the seats, new red-leather accents were added to the door-panel armrest, while new red stickers are now found in steering wheel and shift knob to accentuate the new design for 1.5 V CVT. To complete the refreshed interior design, both grades’ interior decoration are also improved and changed into dark steel.

The New Honda BR-V is powered by the 1.5-liter i-Vtec engine that provides 88 kilowatts (120 Ps) at 6,600 rpm and 145 N-m (14.8 kg-m) at 4,600 rpm. The engine is mated to Honda’s Earth Dreams technology that delivers a smooth, refined and fuel-efficient driving performance.

The 1.5 V CVT comes with smart entry with push-start system for convenience; and paddle shifters for an engaging driving experience.

Honda’s eco-assist system, which consists of the E-force control mode and eco-coaching ambient light, is also available to help encourage drivers to drive efficiently.

The new BR-V aims to provide peace of mind on the road with Honda’s G-force control collision-safety body that dissipates G-forces in the event of a crash and disperses it away from the vehicle’s occupants on impact. Moreover, standard on both variants are driver and front-passenger SRS airbags; antilock-braking system with electronic brake-force distribution that prevents wheel lock of sudden braking; hill-start assist that averts backward roll when the vehicle moves from a static position on an incline; vehicle stability assist that restricts sideway skidding when cornering; and speed-sensing auto-door lock that activates when the vehicle accelerates. Additionally, catering to the needs of every Filipino family, the new BR-V comes with ISO-FIX anchors to securely latch a child seat, making the new BR-V worthy of its 5-Star Asean Ncap rating in the Adult Occupancy Protection category.

The new BR-V is now available at all 38 Honda dealerships nationwide and will come in six colors: Platinum white pearl (1.5 V CVT only, P1.2 million SRP, plus additional P20,000 for the coating); Passion red pearl (1.5 V CVT only, P1.2 million SRP); Taffeta white (1.5 S CVT only, P1 million SRP); Lunar silver metallic; Modern steel metallic; and Premium amber metallic (now also available for 1.5 S CVT, P1 million SRP) For more information on the New BR-V and other Honda products, visit any of the authorized Honda Car dealerships today or its official Web site www.hondaphil.com.

SITEL HIGHLIGHTS IMPORTANCE OF DIGITAL CONNECTIVITY, DEVELOPING LOCAL TALENT

‘D

EVELOPING greenfield areas is an important part of the contact-center and IT-BPM industry road map, and this countryside expansion is anchored on digital connectivity and talent availability,” emphasized Haidee Enriquez, Sitel Philippines countryside general manager, at the recently concluded 28th South Luzon area business conference.

Enriquez joined provincial government officials and business leaders from Regions 4A, 4B and 5 for the forum held in Palawan. The conference, a platform for public- and privatesector social and business networking, seeks to promote collaboration and engagement toward creating a more robust national business climate.

Sessions on issues affecting the local business sector were held with specific focus on highlighting requirements needed to build a world-class and competitive business

community. Enriquez joined Monchito Ibrahim, information undersecretary, for the plenary titled “Digital Connectivity for Competitiveness”, delving into the importance of tech readiness in rural locations.

Enriquez emphasized the need to for collaborative work among private, government and academic sectors to address talent gaps and to develop globally competitive workers.

She highlighted Sitel’s experience in Puerto Princesa, in which Sitel Academy became the biggest source of qualified candidates for Sitel, fueling its growth to more than 1,000 associates in less than two years.

Also in attendance was Vice President Leni Roberdo showing her support for the South Luzon region, through the launching of her “Angat Buhay” livelihood and educational program in collaboration with the Philippine Chamber of Commerce and Industry.

GAUFF, ONLY 15, SHOCKS VENUS Sports BusinessMirror

MANY 15-year-olds might spend an early summer day at the beach or at a mall. Coco Gauff plays a tennis match at Wimbledon against Venus Williams—and wins. AP

C1

| Wednesday, July 3, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Wimbledon tinkers with tradition on using Miss or Mrs.

By Howard Fendrich

W

IMBLEDON, England—Coco Gauff grew up admiring the Williams sisters. Picked up a tennis racket as a little girl because of them. And on Monday at Wimbledon, still just 15, Gauff beat one of them.

Gauff, the youngest competitor to qualify at the All England Club in the professional era, showed the poise and power of a much older, much more experienced player, pulling off a 6-4, 6-4 victory in the first round over Venus Williams, who at 39 was the oldest woman in the field.

When it ended, Gauff dropped her racket and put her hands on her head. After a handshake and exchange of words at the net with Williams, Gauff knelt by her sideline chair and tears welled in her eyes. Up in the stands, her father leaped out of his seat.

“Honestly, I don’t really know how to feel. This is the first time I ever cried after a match. Or winning, obviously; I’ve cried after a loss before,” said Gauff, who is based in Florida. “I don’t even know how to explain how I feel.”

This was her third tour-level match—Williams has played more than 1,000. This was Gauff’s first match at Wimbledon, where Williams has played more than 100 and won five titles. By the time Gauff was born in 2004, Williams already had spent time at No. 1 in the rankings and owned four of her seven Grand Slam singles trophies.

“It didn’t really seem real, for a moment,” said Gauff’s father, Corey, between handshakes and slaps on the back and requests for selfies from spectators leaving No. 1 Court. “On the walk to the court, I was walking behind her.

She was excited. I was excited. She seemed confident, but I wasn’t sure if it was false confidence or she really was. I just said to her: This match is really magical. Just enjoy it. Your first Wimbledon main draw and you’re on a main court against somebody you looked up to from the beginning.”

It was by far the most anticipated match of Day 1 at the grass-court tournament, but hardly the only upset. Two-time major champion Naomi Osaka, who was No.1 until a week ago, lost 7-6 (4), 6-2 to Yulia Putinseva, joining two young members of the men’s top-10, No. 6 seed Alexander Zverev and No. 7 seed Stefanos Tsitsipas, on the way out.

This one, though, was special, potentially the sort of changing-of-the-guard moment that people could remember for years.

Gauff certainly has the mindset of someone who

W

IMBLEDON, England—Wimbledon has tinkered with its traditional naming titles for this year’s tournament.

Spectators at the All England Club and those watching at home will still hear the chair umpire refer to female players as Miss, Mrs. or Ms., but only at certain times—in the same instances that they will use Mr. for the male players.

The titles will still be used for both women and men when it comes to code violations, medical announcements and player challenges, according to the All England Club.

Heather Watson, a British player who is making her 10th appearance at Wimbledon, didn’t even notice the change while beating Caty McNally of the United States, 7-6 (3), 6-2, on Monday in the first round. But she was all for it.

“Equality is always good,” Watson said.

In the past, the chair umpire would use the titles at the end of each game during women’s matches, and at the end of the match. But not for men’s matches.

So, when Watson won a game in the past, the chair umpire would announce, “Game, Miss Watson.” But for a men’s match, the announcement would just be, “Game, Federer,” in the case of eight-time Wimbledon champion Roger Federer.

The topic of using the titles came up last year, the first year Serena Williams played at the All England Club as a married woman.

Instead of, “Game, Miss Williams,” it was, “Game, Mrs. Williams.” This year, assuming she wins a game in her firstround match on Tuesday, the chair umpire will say, “Game, Williams.”

Novak Djokovic, a four-time Wimbledon winner and the defending champion, said he hadn’t noticed that the club made the change for this year’s tournament.

“I don’t know, to be honest, how I feel about it,” said Djokovic, who beat Philipp Kohlschreiber 6-3, 7-5, 6-3. “I thought that tradition was very unique and very special. I thought it was nice.”

But after being told that the reason for the change could be in the interest of gender equality, Djokovic was on board.

“I mean, sure, if that is the reason, then why not?” the top-seeded Serb said. “I support that.” AP NAOMI OSAKA: I feel like I’m about to cry. AP

The Associated Press

intends to go far.

“I’ve said this before: I want to be the greatest. My dad told me that I could do this when I was eight. Obviously you never believe it. I’m still, like, not 100 percent confident.

But, like, you have to just say things. You never know what happens,” she said. “If I went into this match saying, ‘Let’s see how many games I can get against her,’ then I most definitely would not have won. My goal was to play my best.

My dream was to win. That’s what happened.”

How far does she think she can fare this fortnight?

“My goal,” she said, her face expressionless, “is to win it.”

Well, then...

Gauff came into the week outside the top 300 but was granted a wild card by the All England Club to enter qualifying. She rolled through those rounds at a nearby site, knocking off the event’s top seed.

But this was a whole other task.

Gauff was sensational and showed zero signs that the moment or the matchup was too daunting for her. It’s the sort of unusual calm and steady way she has progressed through the various levels of youth tennis, including reaching the US Open junior final at 13 and winning the French Open junior title at 14.

The first set was remarkable: Gauff had 10 winners to only two unforced errors, all the while trading powerful groundstrokes at the baseline with Williams, and never facing a break point.

“The sky’s the limit,” Williams said. “It really is.”

Gauff, who is black, idolized Williams and her younger sister, Serena, the first African American women since Althea Gibson in the 1950s to win a Grand Slam singles championship.

Serena has said Gauff reminds her of Venus.

After Monday’s match, Gauff said she thanked Venus “for everything she did.”

“I wouldn’t be here if it wasn’t for her,” said Gauff, who joined the crowd in applauding for Venus as she walked off the court. “And I was just telling her that she’s so inspiring.

Like, I always wanted to tell her that. And even though I met her before, I guess now I have the guts to.”

She showed plenty of grit in this match, particularly after getting broken to make it 4-all in the second set. Gauff steadied herself right there, though, breaking right back with a pair of forehand passing shots that drew errant volleys.

And then in the final game, Gauff needed to erase the disappointment of wasting her initial three match points.

She did just that, converting her fourth when Venus put a forehand into the net.

Many 15-year-olds might spend an early summer day at the beach or at a mall. This one played a tennis match at Wimbledon against Venus Williams—and won.

“People just kind of limit themselves too much. Once you actually get your goal, then it’s like: What do you do now?” Gauff said. “I like to shoot really high.”

OSAKA FALLS IN FIRST ROUND W

IMBLEDON, England— Naomi Osaka’s 16-match Grand Slam winning streak has been followed by a two-match losing streak at majors, and as she haltingly discussed her early exit at Wimbledon at barely above a whisper on Monday, she suddenly stopped.

“Can I leave?” Osaka asked the news conference moderator to her left. “I feel like I’m about to cry.”

And that was that. Osaka walked out. On a wild Day 1 at the All England Club, No. 2 Osaka was the highest-seeded and mostaccomplished player to leave the scene, beaten 7-6 (4), 6-2 by Yulia Putinseva.

Other highly regarded players who were defeated included five-time Wimbledon champion Venus Williams, 2017 French Open champion Jelena Ostapenko and 2019 French Open semifinalist Marketa Vondrousova on the women’s side, and No. 6 Alexander Zverev and No. 7 Stefanos Tsitsipas on the men’s side.

For Osaka, this follows her third-round loss at the French Open in May.

Before that, she had won her first major title at last year’s US Open, then continued the unbeaten run by adding the trophy at the Australian Open in January.

That made her only the 10th woman to win those two tournaments back-to-back, and the first tennis player from Japan to top the Women’s Tennis Association or Association of Tennis Professionals rankings.

Shortly after that, Osaka split from Coach Sascha Bajin, saying: “I think my reason is I wouldn’t put success over my happiness,” but offering no further explanation.

It was, at the very least, curious timing. When Osaka was asked on Monday about whether there could be a correlation between Bajin’s departure and her recent results, she replied: “I don’t think it’s related at all.”

Osaka, who dropped one spot behind new No. 1 Ash Barty last week, found that her biggest issue against the 39th-ranked Putinseva was accuracy. Osaka ended up with 38 unforced errors, 31 more than her opponent.

“I feel like I should have been able to play well today, because I wasn’t practicing bad,” said Osaka, who dropped to 0-3 against Putinseva, including a loss on grass at a tuneup tournament last month. “You never know what’s going to happen during matches.”

Seven of Osaka’s eight losses in 2019 have come against players ranked outside the top 20. Her mood was quite a contrast to that of Putinseva, naturally.

When a reporter wanted to know why she’s had so much success against Osaka, Putinseva erupted into peals of laughter after saying: “I’m not going to tell you my secrets.”

IVANISEVIC JOINS DJOKOVIC

NOVAK DJOKOVIC’S entourage was joined by a new member at Centre Court on Monday: 2001 Wimbledon champion Goran Ivanisevic, the only man to win the tournament as a wild-card recipient. Ivanisevic sat next to defending champion Djokovic’s long-time coach, Marian Vajda, during the top-seeded Serb’s 6-3, 7-5, 6-3 victory over Philipp Kohlschreiber.

“We both agreed that we were looking for someone that was a former champion, someone that knows how I feel on the court, someone that has been through that,” said Djokovic, who is pursuing a fifth Wimbledon title and 16th major trophy in all.

“We agreed with the...idea of introducing a new coach to our team, an addition like Boris Becker was back few years ago. It was a very successful period with Boris. We’re hoping we can have the same with Goran.”

KARLOVIC STILL WINNING AT 40

EVEN at 40, Ivo Karlovic isn’t showing any signs of slowing down, particularly when it’s time for him to serve.

The 6-foot-11 (2.11-meter) Karlovic became the oldest man to win a match—or even compete at all—at Wimbledon since 1975, beating Andrea Arnaboldi 6-4, 6-4, 7-6 (4) with the help of 20 aces.

It’s yet another age mark for a player who is becoming as known for his graying hair as his thunderous serve. In May, Karlovic became the oldest man in 46 years to win a match at the French Open.

“Well [it means] that I’m old,” Karlovic joked when asked about the significance of those marks. “Yeah, obviously it’s an achievement to be able to have this longevity.” AP

Spo

Business

C2 Wednesday, July 3, 2019

Mets apologize to two members of 1969 team for ceremony error

N

EW YORK—In the latest embarrassment for the New York Mets, the team has publicly apologized to two living members of its 1969 World Series championship team who were included in a video montage of dead players during the 50th anniversary celebration.

With a message that filled up one Citi Field scoreboard about 15 minutes before Sunday night’s game against Atlanta,

the Mets expressed deep regret to Jim Gosger and Jesse Hudson for displaying their names and images in error during the “We Remember” segment of Saturday’s ceremony.

The club says it has spoken with both former players to apologize and wants to thank them along with their families and friends for their “gracefulness and understanding.”

The 76-year-old Gosger had 16 plate appearances for the 1969 Mets and returned to the team from 1973-74. Hudson, 70, pitched two innings for the ‘69 club in his only

major league game.

“Somebody from the Mets called me that night and said, ‘We’re awful sorry about the screw-up,’” Gosger told his hometown newspaper, the Times Herald of Port Huron (Michigan). “I said, ‘What’s done is done.’ But I don’t know, it was a shock, I will say that.”

Equally upsetting as the Mets informing the world that he was dead was not getting an invitation to the ceremony, Gosger said.

“I didn’t get an invite for that either but then they recognize you for being dead, that’s

what really hurt,” he said.

Gosger said the Mets could make things up to him by giving him a World Series championship ring from 1969. He got one from 1973 but not 1969.

“I was there in ‘69 and I didn’t get the ring, and that’s the thing I wanted more than anything, the ring,” he said.

Perhaps another apology will follow from the Mets, who won Sunday for only the fifth time in 18 games. On the scoreboard, they misspelled Hudson’s first name as “Jessie.” AP

THE PITCH

San Diego Padres starting pitcher Logan Allen works against a San Francisco Giants batter during the first inning of their Major League Baseball game on Monday in San Diego.

The Giants won big time, 13-2. AP

KLAY THOMPSON announces his decision to stay with the Golden State Warriors for $190 million over the next five years. AP

KLAY STAYS HOME K

LAY THOMPSON is staying home with Golden State.

Jimmy Butler finally has a new home in Miami.

And the wait continues for Kawhi Leonard.

Thompson announced his decision to stay with the Golden State Warriors for $190 million over the next five years, meaning the five-time reigning Western Conference champions have their “Splash Brothers’” backcourt of Thompson and Stephen Curry locked up long term. Thompson made the announcement on social media, using the hashtag “Warrior4life.”

He added, “there was never a doubt.”

There’s still plenty of doubt about Kawhi Leonard’s next stop. The first 24 hours of free agency have come and gone without a peep from the National Basketball Association (NBA) Finals Most Valuable Player, who is expected to meet

with the Toronto Raptors—the team he led to this past season’s NBA title—as early as Tuesday. The Los Angeles Lakers also appear to remain squarely in the race to land him to play alongside LeBron James and Anthony Davis.

But there is no more doubt about Butler’s future.

The Heat completed agreements on what will become a four-team trade Monday to land Butler from the Philadelphia 76ers, with the Los Angeles Clippers and Portland Trail Blazers also involved. Miami gets Butler and Meyers Leonard, the Blazers get Hassan Whiteside, the Clippers get Harkless and a future first-round pick and the 76ers get Josh Richardson.

Miami had agreed to send Whiteside to Portland for Harkless and Meyers Leonard earlier in the day, and then essentially got absorbed into the deal to get Butler—who will be under contract for $142 million over the next four seasons. The Heat had the framework of a three-team deal with the 76ers and Dallas nearly in place Sunday, before the Mavericks went a different way.

“Anybody got kawhi number??” Harkless wrote on Twitter after he was headed to the Clippers in that fourteam deal.

Kyrie Irving made his move to the Brooklyn Nets on a four-year deal believed to be worth $141 million official, with the New York native saying the lure of going home was too strong to ignore.

“Home is where my family is,” Irving said in a video posted by his new representation, Roc Sports. “Home is where I want my legacy to continue. And I’m happy to be in Brooklyn.”

Irving had been with the Boston Celtics. His replacement in next season’s Celtics lineup will be Kemba Walker, who explained his decision to leave Charlotte for Boston in an essay published on Monday by The Players Tribune.

“I feel like it’s a match made in heaven,” Walker wrote.

“I want to win here, badly—and I’m excited to

prove myself as that type of player in this league. I want to elevate myself into that Boston winning tradition. I want to get this team back on top.”

Hornets Chairman Michael Jordan released a statement lauding Walker.

“He always represented the Hornets, the NBA and the city of Charlotte with class—both on the court and in the community—and we are disappointed he is leaving,” Jordan said. “He’s a special player, with a tremendous heart and tireless work ethic. Kemba is truly one of the best to ever play for our team. We wish him and his family all the best in the future.”

The New York Knicks missed out on players like Irving and Kevin Durant—who is also headed to Brooklyn—but continued the retooling of their roster by adding guards Elfrid Payton and Wayne Ellington. New York will become Ellington’s ninth team in 11 seasons.

And Seth Curry, Stephen’s brother, is returning to Dallas. The Mavericks agreed to a $32-million, four-year contract with the younger Curry, who spent last season with Portland. He played for the Mavs in the 2016-17 season, averaging a careerhigh 12.8 points per game. AP

Pacers sign former Louisville player

I

NDIANAPOLIS—Former Louisville and South Carolina player Brian Bowen II, caught up in the college basketball corruption scandal, has signed a two-way contract with the Indiana Pacers.

The Pacers announced the move on Monday. Bowen played professionally in Australia during the 2018-2019 for the Sydney Kings. He averaged 6.3 points and 3.2 rebounds in 30 games played.

Bowen enrolled at Louisville in the fall of 2017, but never played a game. He transferred to South Carolina for the spring semester and left in May when it became apparent the NCAA would keep him from playing for longer than Bowen hoped.

The scandal included allegations that Bowen’s father was given $100,000 to have his son play for Louisville. The younger Bowen has denied any wrongdoing and recently sued adidas and several associates caught up in the scandal. The suit also names James Gatto, Merl Code, Christian Dawkins, Munish Sood, Thomas Gassnola and Christopher Rivers. Gatto, Code and Dawkins were found guilty last month in a federal trial.

The Pacers also signed forward JaKeenan Gant and guard CJ Wilcox to contracts. AP

Horford, Richardson give 76ers new look in championship push

P

HILADELPHIA—Ben Simmons posted Instagram photos of his shirtless shooting drills and wrote the caption, “Let’s have a great week.”

The 76ers are off to a pretty good start.

One win away from the Eastern Conference finals, the Sixers are set for another new look when training camp opens and they chase their first championship since 1983.

Jimmy Butler, a four-time All-Star hailed as the missing piece when the Sixers traded for him in November, is off to Miami. JJ Redick, one of the top three-point shooters in team history, is headed to New Orleans. Meaning the Sixers lost two starters on a 51-win team poised to contend for conference titles and more for years, defections that could have stunted the franchise—had General Manager Elton Brand not poached All-Star Al Horford from Boston.

Horford signed on for four years, Tobias Harris agreed to a five-year contract, key reserve Mike Scott has a new deal and Josh Richardson is a solid consolation prize in the Butler deal.

In a chaotic East, the Sixers are still in the mix as a top team.

“Crazy,” 76ers forward Zhaire Smith said of NBA free agency. “I never knew it was that crazy. It was crazy.”

Just a bit.

But winning 50 games and a round in the playoffs is no longer good enough for Coach Brett Brown and the Sixers. Redick was their lone reliable three-point ace and Butler turned into a valuable clutch scorer in the playoffs.

The team wouldn’t have gotten to Game Seven against eventual NBA champion Toronto in the semis without them. And Horford, Harris and Richardson are expected to keep the dropoff at a minimum—but are they enough to push the Sixers over the edge into a title team? Throw in Smith, who missed most of his rookie year, and 2019 first-rounder Matisse Thybulle, and the Sixers should be tougher defensively. AP

FOCUS ON BERNAL IN TOUR DE FRANCE TOUR de France winner Britain’s Geraint Thomas, wearing the overall leader’s yellow jersey, passes the Arc de Triomphe in Stage 21 of last year’s race. AP

P

ARIS—Egan Bernal is just 22 years old. Two years younger than Eddy Merckx was when the Belgian great won his first Tour de France half a century ago.

Gifted with superb bike handling and climbing skills, Bernal has matured by leaps and bounds to become cycling’s most exciting Grand Tour rider, and one of the top contenders at cycling’s marquee three-week race, which starts this weekend from Belgium.

Even Merckx, who has seen myriads of riders trying to emulate his feat over the years, has been impressed.

In March, the five-time winner tipped Bernal as a future Tour champion after the Colombian phenomenon won the prestigious Paris-Nice one-week race at a younger age than he did.

Bernal’s time to deliver on the biggest stage was not supposed to come so early, though.

After competing at his first Tour last summer and doing an impressive job in support of teammates Geraint Thomas and Chris Froome, Bernal was set to get a

maiden leader experience at a three-week race at the Giro d’Italia this Spring. But a training crash left him with a collarbone fracture that ruled him out of the race and left him on the sidelines for 76 days.

Bernal returned to competition with a bang, winning the Tour de Suisse at the end of June.

For all his prowess, he was set to keep a low profile this summer and to ride in support of Froome. But the British star rider suffered a horrific crash at the Criterium du Dauphine that ended both his hopes of winning a recordequaling fifth Tour title, and season.

With Froome out of the picture, the leadership at Ineos—the former Sky team—logically fell to Thomas, the defending Tour champion. But Thomas’s preparations for the Tour have been far from ideal. He has not won a race this season and, even worse, abandoned the Tour de Suisse this month after crashing before the race hit the mountains, meaning he did not test his legs at high altitude in racing conditions.

Bernal keeps saying he will race in support of Thomas but, as was shown last year when Froome accepted to work for Thomas, hierarchy within the Ineos squad is defined by performances on the road.

“I don’t choose to say that I’m the favorite,” Bernal said after his victory in Switzerland. “In any case, I will go with G [Thomas], he will be our leader. I will try to help him. If he’s better than me, for sure I will help him. I don’t have any problems to help him. I’m just 22 years old, so I think that I have a lot of Tours in front of me.”

With Bernal touted as cycling’s future star, it is fitting that the Tour starts in Brussels to mark the 50th anniversary of the first of Merckx’s five Tour victories.

The route features five summit finishes, including three stages finishing above 2,000 meters, and only 54 kilometers of time trialing. That perfectly suits Bernal’s qualities. A natural-born climber, he has developed into an all-rounder capable of limiting time losses to minimum damage in the race against the clock. AP

5 KEY TOUR STAGES

P

ARIS—With seven mountain stages and five summit finishes, including three above 2,000 meters, this year’s Tour de France is the highest in the history of the race.

The route for the 106th edition of the three-week marquee event offers only a few moments of respite. The first mountain test will come after just five days of racing, and contenders won’t be able to hide their tactics for long.

Also, there is only 54 kilometers against the clock, split between one team time trial and an individual time trial, meaning a pure climber has a good chance to triumph in Paris on July 28.

Here is a look at five key stages that could define the race dynamics.

STAGE 6: Mulhouse to La Planche Des Belles Filles, 160.5 kilometers, July 11.

orts

sMirror

Wednesday, July 3, 2019

BAMBOL: HONOR THY WORD

By Ramon Rafael Bonilla

T

REP. Abraham “Bambol” Tolentino wants his colleague to honor their commitments.

HE primary option to save the image of the Philippine Olympic Committee (POC) from further embarrassment is for its members to honor their pledge to resign as members of the Executive Board and pave way for an election.

This was strongly suggested by POC Chairman Abraham “Bambol” Tolentino on Tuesday after the International Olympic Committee told the organization to clean up the mess wrought by leadership intramurals.

The POC, the IOC stressed, could face “appropriate action”—words that aren’t pleasant at all as the country hosts the biggest

Southeast Asian Games in five months.

In a statement, Tolentino, who made himself available for the presidency vacated by Ricky Vargas by resigning his post, said the “infighting and bickering” in the POC only means that a major facelift in its leadership should be done.

“I spearheaded the offer to resign during the meeting,” said Tolentino, who verbally showed his interest to step down following the informal General Assembly last week at the GSIS Building.

“It was followed by BM [board member] Clint Aranas, Cynthia Carrion, Auditor Jonne Go, Treasurer Julian Camacho, and, after a protracted pause, First Vice President [Joey] Romasanta,” he added.

“All the mentioned names made it known

to the present officials of national sports associations during the affair that they will resign,” Tolentino said.

Aranas, meanwhile, resigned as general manager of the Government Service Insurance System on Tuesday, citing personal reasons.

During Monday’s press conference after a special executive board meeting, Charlie Ho, presenting himself as the new POC secretarygeneral, confirmed that only Aranas, Carrion and Vargas had furnished their resignation letters.

Tolentino clarified that he has all the intentions to resign and that he will heed the intervention of the IOC, but noted that “words must be recognized as well, and that he expects those officers not to retract their pledges.”

Ramirez sets criteria for SEA Games bets

WORLD-CLASS PHOTOGRAPHY

Renowned photographer Artur Widak of Poland (left) facilitates the Sports, Action and Cycling Photography Masterclass on Tuesday at the Cargohaus Building in Parañaque City. The class is spearheaded by Ube Media Inc. President Donna May Lina, also chairman of the Le Tour de Filipinas, and organized

by OneLGC (Lina Group of Cos.). The participants include Sunshine Joy Mendoza, Blueberry Recto, Benjie Legaspi, Krysslyn Longakit, John Nikkie Chew, Jerome Martin Bautista, Mikayla Anas, Jearvin Jonaurd Quilatan, Lynces Marie Antonio, Chinnee Marielaine Reyes, Nijel Jean Silvala, Ryan Dave Lara, Ma. Veronikka Bacalso, Andrea Ann Nazareno, Ramon Manuel Domingo, Ariel Licas, Michele Garing, Emma Arceo, Emerolf Felix, Michael Bon Galang, Ronely Millar, George Gamayo, Fatima Caberos, Jearom Martinez, Eunice Juntayas, Mark Cris del Rosario, Trisha Garin and Kent Marthin Jay Eribal. Widak has covered important global events for Nur Photo SIPA USA, Newspix Poland and only recently the 10th edition of the Le Tour de Filipinas.

T

HE chief of mission to the 30th Southeast Asian Games— Philippine Sports Commission (PSC) Chairman William Ramirez—wanted nothing less than the best athletes to represent the country in the Games set from November 30 to December 11.

Ramirez on Tuesday said his office will announce the criteria for the selection of members of Team Philippines as he stressed on the goal of winning the overall title in the Games.

“It is important for us to be transparent,” Ramirez said. “The criteria will ensure that we field the best among them because the success of the Games hinges on the performance of our athletes.”

National sports associations (NSAs) have been told to submit the credentials of their athletes for the SEA Games secretariat to scrutinize.

Coordination meetings for the SEA Games have been ongoing between the NSAs and the PSC, including commissioners Arnold Agustin, Ramon Fernandez, Celia Kiram and Charles Maxey.

Team Philippines Secretariat Head Maria Luisa Ner said that the Philippine Rowing Association and Philippine Skating Union were the first to submit their athletes’ credentials.

Cool Smashers take on Lady Troopers

P

ETRO GAZZ and Creamline hope to live up to the hype as they take on rivals they have dominated on their way to topping the eliminations at the start of the semifinal round of the Premier Volleyball League Season 3 Reinforced Conference at the Filoil Flying V Centre in San Juan on Wednesday.

First to see action at 3 p.m. are the Cool Smashers, who step up their title-retention drive against the PacificTown Army Lady Troopers, whom they swept via 3-0 and 3-1 romps in the doubleround eliminations.

The Angels also posted the same score in driving past the BanKo-Perlas Spikers in the qualifiers of the season-opening conference of the league organized by Sports Vision, making them the favorites to score a repeat in their 5 p.m. encounter.

Petro Gazz and Creamline actually emerged tied at 9-1 wonlost after the elims but the former took the top seeding with a higher tiebreak score and drew No. 4 BanKo-Perlas in the crossover semifinals, a pair of best-of-three affairs.

10-DAY REST BOON OR BANE? A

10-DAY rest could be boon or a bane for leagueleading TNT when it tackles Rain or Shine in the Philippine Basketball Association Commissioner’s Cup on Wednesday at the Smart Araneta Coliseum.

The KaTropa deserved the long breather after they were consumed by a five-game win streak that placed them on top of standings at 7-1 won-lost.

But the team may have to get back into groove immediately when it takes on the Elasto Painters (3-4), who are eyeing to mount a strong push from the middle of the pack to avoid

MITCH ROBINS leads a compact men’s pro field.

Subic Freeport hosts long distance TRI 2

L

ONG distance triathlon returns to the Subic Bay Freeport with this year’s edition of Bike King TRI 2 on Sunday.

Hailed as one of the toughest triathlon courses in the country, Bike King TRI 2 will see triathletes swim for 2 kilometers at the pristine waters of Acea Subic Bay followed by cycling for 60 kilometers along the Subic-Clark-Tarlac Expressway (SCTEx) unimpeded by vehicles.

The final test of endurance is the 15-km run which includes the hills of Cubi Point. At stake in the event are especially designed trophies for the top 3 male and female finishers in all age groups, relay team and team competitions. Close to 450 athletes have registered for the event that includes contests for individuals, team relay (all-male, all-female and mixed) and the popular team competition which has attracted several sports clubs.

The awarding ceremony will start at around 11 a.m.

Bike King TRI 2 is organized by Bike King, which has lined up other multisport events for the rest of the year, such as the Vermosa Sports Hub Aquathlon 2 on August 25, Alviera Duathlon on September 8, Sun Life Aquathlon Series Championship on October 13 and MediCard Sprint Tri on November 10.

Introduced to the Tour in 2012, the Planche des Belles Filles ascent immediately became a classic.

Set up in the Vosges mountains, it is steep, tortuous and brutal, featuring a 20 percent gradient at the top.

Chris Froome, who is missing the Tour this year because of an injury, mastered the Planche in 2012 and Vincenzo Nibali triumphed at the summit in 2014, the year he won the Tour.

The final ascent comes after several other climbs, including the Markstein, the Ballon d’Alsace and the Col des Chevrères, meaning the pack should be reduced to a small bunch of general classification contenders in the last few kilometers.

STAGE 13: Pau, individual time trial, 27.2 kilometers, July 19 The only individual time trial of this year’s Tour is taking place on a rolling terrain and features an uphill stretch of road with a 7 percent gradient. A good chance for overall

“Resignations need not be in writing, a verbal contract is just as binding as a written one. POC officials are expected to live up to their words, guided by the tenets of Olympism,” Tolentino said.

The Tagaytay City representative reminded that under the POC Charter, an election should be held within 30 days if a position is vacated.

In Vargas’s case, a July 18 elections is legal and necessary.

“I, likewise, welcome the IOC/OCA [Olympic Council of Asia] plan to send observers to ensure fair and transparent proceedings,” he said.

Tolentino asked interested candidates to step forward on or before Friday, or the date set by the POC for all board members who intend to hand their respective resignation letters.

A

USTRALIA’S Mitch Robins is back for another crack at a 5150 crown, headlining a compact men’s pro field all geared up for a showdown for bragging rights as the first Penong’s 5150 Triathlon champion on Sunday at the Waterfront Hotel in Davao.

Robins marked his first stint in local triathlon with a victory in the inaugural Safeguard 5150 in Subic in 2013 then snapped a string of runner-up finishes with

contenders to gain valuable time on the pure climbers before the race ventures into the high mountains.

The winner of the stage will receive a special collector’s shirt marking the 100th anniversary of the yellow jersey.

STAGE 15: Limoux to Foix Prat d’Albis, 185 kilometers, July 21 Coming right after Stage 14 to the famed Col du Tourmalet—the first of three finishes over 2,000 meters this year—the last Pyrenean trek running close to the ancient Cathar castles is a grueling and daunting ride totaling more than 39 kilometers of climbing. The final ascent of the day leading to the finish at Prat d’Albis is an 11.8-kilometer climb at an average of 6.9 percent. The Tour’s “Queen Stage.”

STAGE 19: Saint-Jean-De-Maurienne to Tignes, 126.5 kilometers, July 26 At 2,770 meters, the Iseran mountain in the Alps is a Tour de France giant, and one of the highest road passes in

top-seed squads in the knockout rounds.

Game time is at 7 p.m.

Meanwhile, second-running NorthPort (7-2) tries to bounce back from a 10-point loss to Phoenix last week when it clashes with lowly Columbian (2-7) at 4:30 p.m. Returning to the game following his wedding with his longtime partner, Jayson Castro unleashed 22 points that went with five rebounds, six assists and two steals in TNT’s 109-102 win over Columbian on June 21.

As usual, import Terrence Jones produced huge numbers of 39 points and 17 boards, and also added seven blocks and six assists to propel the squad to the five-game win run.

But it wasn’t that easy as TNT had to endure scary moments in the third quarter when Columbian grabbed the momentum with an eight-point swing.

The KaTropa also had a bad start, giving Dyip some boost to pull away in the first quarter.

This worries Head Coach Bong Ravena as he emphasized the need for his players to stay sharp, especially that the conference is entering the home stretch.

“We started slow against Columbia. Obviously we need to address that. But this long break would give us enough rest to refocus in our game with Rain or Shine,” Ravena said.

Meanwhile, Denzel Bowles continued to flex his muscles but his efforts were not enough to bail the Elasto Painters against the NLEX Road Warriors, 100-97.

Bowles had 35 points and nine rebounds, while Kris Rosales added 18 in a game that was decided until the last tick of the clock. Ramon Rafael Bonilla

Aussie targets 5150 crown in Davao City another win in the first Black Arrow 5150, also in Subic, last November where he bested a stellar international field.

That makes him the marked man in the upcoming event, another first, this being Davao’s favorite barbecue house Penong’s Barbecue and Seafoods Grill’s initial foray in endurance racing organized and produced by Sunrise Events Inc. (SEI) in the country’s newest triathlon hub.

But the 30-year-old ace from Port Macquarie, who also won the Ironman 70.3 Japan in 2016, faces a tougher challenge against the likes of fellow Aussie Alex Polizzi, Czech Jakub Langhammer and Kiwi Kieran McPherson in the event set over the Olympic distance of 1.5-km swim/40-km bike/10-km run.

“I’ve been joining SEI events for six or seven years so I’m back and will keep on coming back for a long time,” said Robins, who unleashed a strong finishing kick in the run stage to upend fancied and fellow Aussie Sam Betten in Subic last year.

But Polizzi, who had a runner-up finish and a fourth place effort in Cebu and Subic, respectively, early this year; Langhammer, who placed third in Black Arrow 5150; and 2018 Xterra Pan American Tour champion McPherson are all coming into the event all primed up and all focused on stopping Robins, guaranteeing a fierce battle for top honors worth $2,000.

The race kicks off with the swim leg at the Waterfront’s beachfront where participants will tackle an L-shaped course in calm, clear waters of Pakiputan strait.

Europe where thin air makes things harder for the peloton.

Tour riders will tackle it for the eighth time in the history of the race, from its tougher south side, before a final 7.4-kilometer uphill effort to Tignes ski resort. The last kilometer is rather flat and seems ideal for a sprint between the best climbers.

STAGE 20: Albertville to Val Thorens, 130 kilometers, July 27 In their bid to maintain suspense right up until the end, Tour organizers have set up an ideal stage for a final showdown in the Alps.

On the eve of a final processional stage to Paris, yellow jersey contenders will be taking on each other on a royal battleground featuring three climbs and technical downhills.

Capping the highest Tour in the race history, the final climb to the ski station of Val Thorens, at an altitude of 2,365 meters, is more than 33 kilometers, at an average gradient of 5.5 percent. Good luck with that! AP

The two-loop ride bike phase will be held at the Daang Maharlika Highway and back with the closing one-loop run event also set at Daang Maharlika.

Guam’s Manami Iijima, Dimity-Lee Duke and Lisa Tyack of Australia and New Zealand’s Laura Wood dispute the women’s pro title in the event to be spiced up by the Sunrise Sprint set over the 750-meter swim/20-km bike/5-km run distance.

C3

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

Surrendering our Olympic birthright

FROM a chaotic plot comes confusion—seemingly—on the Philippine Olympic Committee (POC) backyard.

This has been triggered by the recent resignation of Ricky Vargas as POC president.

In fairness, Vargas was honest enough to admit that pressure of work outside the POC, plus family duties, had forced him to quit his Olympic mandate.

As the first vice president of the POC, Joey Romasanta took over as acting POC president.

We next saw POC Chairman Bambol Tolentino calling for a General Assembly of the 40-plus national sports associations (NSAs), mainly to elect a new POC president.

But the assembly on June 25 instead decided to hold elections for all POC positions on July 5. Stunning, to say the least.

For that seemed absurd as only Clint Aranas of archery and Cynthia Carrion of gymnastics had followed Vargas’s exit from the POC Board.

Oh, wait, Tolentino and, yes, Romasanta were also reported to have resigned on June 25, in essence making them join Vargas, Aranas and Carrion out the window.

To bathe the proceedings with a semblance of authenticity, former IOC (International Olympic Committee) permanent representative Frank Elizalde was named in the three-man election committee for the July 5 polls.

But as July 5 drew near, Elizalde had yet to come up with election rules.

And Tolentino running for POC president against Aranas was but a rumor. Also, reports about Robert Aventajado targeting the POC chairman against Olympic fixture Steve Hontiveros were fake.

And then only yesterday, the papers reported that the IOC and the Olympic Council of Asia (OCA) had written the POC Executive Board about their intention to send observers to the POC election.

Observer status, yes. But for them joining in the POC deliberations, I say that might be an outright intervention.

Independence is a birthright of all Olympic movements in the world.

But comes now Charlie Ho (the netball president), the newly named POC secretary-general (who appointed him, by the way?), saying the POC must comply with “an IOC-OCA directive” urging the POC to present its plans and steps preparatory to an election.

Now, isn’t this an outright surrender of our right to selfgovernance? Why submit our “plans and steps” for approval to a foreign group?

Ho had told the Inquirer’s June Navarro: “We don’t have a time frame for this [election]. We need to get an approval from the IOC on every move we make...set the election guidelines for the filing of candidacy and schedule the polls after getting the approval of the IOC.” Wow! Listening to Ho, the nobility, dignity, of POC’s independence has been tossed to the doghouse. Gardemit!

THAT’S IT With a 2-5, win-loss card for a precarious 10thplace spot in the 12-team field, San Miguel Beer is almost in a must-win mode in all its remaining four games against NLEX (2-7), Phoenix (4-4), Rain or Shine (3-4) and Meralco (3-6) to make it to the Magic 8. Can the Beermen bail themselves out of the fix again, the way they climbed out of a 0-3 rut to score a historic 4-3 victory over Alaska in the 2016 Philippine Cup? Mostly with SMB, “beeracles” happen.

THE Blu Girls huddle before taking on the Chinese.

BLU GIRLS YIELD TO CHINA, U.S. TEAM

T

HE Cebuana Lhuillier-backed Blu Girls suffered back-to-back losses at the start of the USA Softball International Cup at the South Commons Softball Complex in Columbus, Georgia.

The hardworking Blu Girls lost an early lead and dropped a high-scoring game against China, 9-6, in the morning before succumbing to the USA national team, 8-1, later in the day.

“We had a close game against China. We had a good, strong start but we need to finish strong, too,” said Jean Henri Lhuillier, Amateur Softball Association of the Philippines (Asaphil) president, and Cebuana Lhuillier president and CEO. “We lost to a better USA team in the second game but again, our girls can only get better by playing higher-ranked teams. Nonetheless, the experience it taught our girls is a good one,” he added.

Against China, the Philippines opened up scoring in the first inning with a solo homerun from Angelie Ursabia, who went 3-for-4 at the plate.

The Blu Girls recorded 11 hits in the game but failed to contain Xu Jia, Chen Jia and Lu Ying, who all had multiple hits for China.

In the second game, Riflayca Basa took the loss for the Philippines. She lasted for two innings, and allowed five hits and four runs while walking one.

The host team also totaled nine hits in the game and did not commit a single error in the field.

The other teams participating in the tournament are USA’s under-19 team, world No. 2 Japan, No. 4 Puerto Rico, No. 5 Mexico, No. 6 Chinese Taipei, No. 20 Peru and the Scrap Yard Fast Pitch.

Up next for the Blu Girls is the American U-19 team.

Colombian player Tesillo confirms death threats

C4

B

OGOTÁ, Colombia—Another elimination for Colombia, a new wave of death threats against a player.

Twenty-five years after the murder of a player whose own goal led to Colombia’s elimination at a World Cup, the nation is seeing threats against a player who missed a decisive penalty kick in the Copa América.

Defender William Tesillo said on Monday he and his family have received death threats because of his miss in a quarterfinal on Friday. The threats were made public by his wife on Sunday.

“They’ve written me and my wife [on social media],” he told the daily El País.

Tesillo’s wife, Daniela Mejía, said on Instagram some of the threats alluded to former Colombia defender Andrés Escobar, who was murdered days after he scored an own goal in the 1994 World Cup. There had been other cases of threats against players since then.

After the 2018 World Cup, midfielder Carlos Sánchez was threatened after being sent off only three minutes into Colombia’s 2-1 loss to Japan in Russia.

This year, one of the owners of Colombian club América de Cali had to leave town because of death threats made against him following the team’s elimination in a local competition.

Tesillo missed Colombia’s fifth penalty in the team’s 5-4 loss in the shootout against Chile on Friday, leading to the team’s elimination from the Copa.

Tesillo had been one of the most effective penalty takers in practice, but the 26-year-old León player sent his shot wide of the net in the shootout.

Mejía said she “could spend all morning publishing the threats” against her husband and her family.

The threats were made known to local authorities, who said they were working to try to identify those behind them.

Tesillo’s father said his son took the initiative to take the decisive penalty because nobody else wanted to do it.

“I was convinced he would score,” the player’s father, who is also called William Tesillo, told Caracol Radio. “We can only pray after seeing these threats against us. You have to realize that this is football and you can win or lose.” AP

Sports

| Wednesday, July 3, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BusinessMirror

Brazil coach can’t sleep, Argentina relaxes before clash

AN Argentina fan waves a national flag as he cheers at the Copacabana beach in Rio de Janeiro. Messi and Argentina will play against Brazil for the semifinals of the Copa America. AP

ENGLAND BRACES FOR ‘RUTHLESS’ U.S. L

By Anne M. Peterson The Associated Press

YON, France—England Coach Phil Neville says the United States has a ruthless streak.

It’s one of the reasons the US has never missed the semifinals at the Women’s World Cup, and why the team has three overall titles, more than any other nation.

“America has got that ruthless streak of wanting to win,” Neville said. “You saw the last five minutes of the [quarterfinal] game against France. The game management was fantastic. They took the ball into the corner, they knew what it took to win and they celebrated like winners. That’s what I admire, and that’s what my team has now. It’s about winning.”

The third-ranked Lionesses play the defending champions on Tuesday in Lyon. The winner will go on to the championship match, facing the winner of the other semifinal on Wednesday between Sweden and the Netherlands.

England has never broken through to the final at the World Cup. The Lionesses fell to Japan four years ago in the semis in Canada before going on to defeat Germany in the third-place match for the team’s best tournament finish.

Neville said that’s not good enough.

“My players now want to win,” he said. “If we don’t get the right result, we’ll feel the disappointment and we’ll see that as a failure. That’s not me being negative, that’s just our expectations, and our belief and our confidence and our mindset.”

There were questions when Neville was appointed to lead the team early in 2018 because he’d never coached a women’s team. But the former Manchester United and Everton star has answered all the critics by building a team that believes it can win.

“I think we’ve shown throughout this tournament that we can go toe-to-toe with anybody,” captain Steph Houghton said.

The Lionesses head into the US game with four straight shutouts in France, including a 3-0 quarterfinal victory over Norway. Jill Scott, Ellen White and Lucy Bronze each scored, with Bronze’s goal sealing it.

White, as well as Alex Morgan and Megan Rapinoe, has five goals each in the tournament to lead the field for the Golden Boot. Australia’s Sam Kerr also scored five, but the Matildas were eliminated in the round of 16.

Rapinoe has been particularly dangerous in the past two games, scoring twice in a 2-1 victory over Spain in the round of 16 before another brace in the 2-1 quarterfinal victory over France. The performance in Paris on Friday night came as Rapinoe was embroiled in controversy over a video that surfaced of her saying she wouldn’t visit the White House if the Americans win the

ENGLAND looks to overcome the United States in the semifinals. AP

World Cup. President Donald J. Trump subsequently called her out on Twitter.

The French peppered goalkeeper Alyssa Naeher with shots and the United States settled into a five-man backfield, something French Coach Corinne Diacre said she’d never seen the top-ranked Americans do before.

The United States held firm.

Christen Press said being able to shift from the team’s normally aggressive attack to a more defensive stand is part of what makes the team ruthless.

“I would characterize it as optimism that we’re going

to win. But there is a ruthlessness to this team. And that’s win at all costs,” Press said. “That means tactically adapt in a way that we never have in four years. And you have to do that to win.... It’s incredible that we could change and still be so solid.”

The United States and England have met just once before in the World Cup, a 3-0 US win in the 2007 quarterfinals. But earlier this year the teams played to a 2-all tie in the SheBelieves Cup. The Americans have been called brash and confident at this World Cup, from a resounding 13-0 victory over

Thailand in the opener, to a shutout of nemesis Sweden to close the group stage, and finally, to Rapinoe’s raised arms in the victory over France. Neville added ruthless to the list.

Naeher explained that it’s just a part of the team’s DNA. “That’s the root of the US women’s national team, from back to the teams from 20 years ago,” she said.

“And that’s always been the US mentality and that’s something that every veteran player has instilled in all the new players as we’ve come in. It’s now our job to carry that through.”

B

ELO HORIZONTE, Brazil—Brazil Coach Tite can’t sleep before his team’s Copa América semifinal clash with archrivals Argentina, but his adversary Lionel Scaloni sounded somewhat relaxed for their meeting on Tuesday at the Mineirão Stadium.

Either the Brazilian leading the Seleção for three years, or the Argentine interim that learns as he goes since August, will be at Sunday’s final at the Maracanã Stadium.

For Brazil, playing without Neymar, a title can mean some stability after the frustration in the World Cup in Russia. Argentina hopes to rebuild its team at the same time it takes a shot at winning its first trophy in 26 years, which would also be the first for superstar Lionel Messi with his national team.

Tite has already played against Argentina three times, with two wins and one loss. But that experience didn’t calm him down before the “superclásico.”

“I told you I am feeling a lot of anticipation, I couldn’t sleep and I won’t sleep again [tonight],” Brazil’s coach said in a media conference on Monday.

“I woke up at 3:15 a.m., started thinking about the match. I have the habit of taking notes, so I did it.

That is the reality of coaches, me, Scaloni.”

“I will not fake it, do one thing here and then say something different to the athletes,” he added. “Of course I have expectations, I am only human.”

Tite’s first match against Argentina was also the latest encounter between the two in Belo Horizonte.

In November 2016, the hosts won 3-0 in World Cup qualifiers in Brazil’s first match at the Mineirão since the 7-1 hammering by the Germans in the 2014 World Cup semifinals.

“That win [against Argentina] doesn’t give us credit now, and that defeat [against Germany] we had here doesn’t affect. What matters is the moment,”Tite said.

“But the anticipation I felt then is the same I feel now.”

The troubles of Tite’s sleep go beyond Argentina.

Brazil’s coach has been under criticism for his conservative choices and also for poor performances during Copa América, except for a 5-0 win against Peru. Lifting the trophy in Rio de Janeiro on Sunday could make his path to the Qatar World Cup in 2022 a little less uncertain.

Scaloni, on the other hand, sounded more relaxed than usual. Asked if he is sleeping as little as Tite, he said: “I do that already, it is not because of our rival.”

Argentina’s coach also made fun of reporters who hinted Sergio Agüero could leave the team to open way for a player with more defensive concerns.

“Agüero will play. I said it because I read I was in doubt, let me leave that clear,” Scaloni said. “The rest you will know tomorrow. Not even Messi is confirmed,” Scaloni jokingly said.

The Argentinian coach recognized Brazil is the favorite to win, but believes Tite’s lack of sleep comes from the different stakes for the hosts.

“For him it is his home, his people, there are different circumstances. For us it could grant us access to the final,” Scaloni said. “If this semifinal were against another team it would be the same. I don’t believe beating Brazil is a prize.”

Argentina started Copa América with a 2-0 defeat against Colombia, almost crashed out in the 1-1 draw with Paraguay, but improved in two 2-0 wins against Qatar and Venezuela. Scaloni said fans should expect another good performance against Brazil.

“Argentina fans can be calm, they will feel identification with our team against a tough rival. We will play the match we have to play for people to be proud,” he added. AP

Glory be to You, oh Trinity

D

EAR God, before all ages now and forever. We rejoice in Your love and pray: Triune God, hear our prayer. With You is wisdom: empower Your Church to proclaim Your goodness in word and deed. Your word is true: lead all people of faith to know You more, love You most, and serve You endlessly in their hearts.

Your glory encompasses all: gift us with a greater sense of wonder and awe for the mystery of Your presence. May God open our voices to resound in one joyful hymn of praise to the most Holy Trinity, now and always. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

FILM REVIEW: ‘SPIDER-MAN’ SWINGS AGAIN WITH A SUCCESSFUL SEQUEL D3

BusinessMirror

Wednesday, July 3, 2019

D1

US sales to Huawei won’t imperil national security WASHINGTON—White House Economic Adviser Larry Kudlow insisted on Sunday that President Donald J. Trump won’t back off national security concerns after agreeing to allow US companies to sell some components to Chinese telecommunications giant Huawei.

Kudlow told Fox News Sunday and CBS’s Face the Nation that Huawei will remain on an American blacklist as a potential security threat. He stressed that additional US licensing “will be for what we call general merchandise, not national security sensitive,” such as chips and software generally available around the world.

“What’s happening now is simply a loosening up for general merchandise,” Kudlow said. “This is not a general amnesty.”

Trump made the announcement on Saturday after meeting with China’s Xi Jinping at the Group of 20 summit in Japan. Trump said US companies could make the sales if the transactions don’t present a “great, national emergency problem.”

Several Republican senators immediately expressed concerns. In a tweet on Saturday, Sen. Marco Rubio of Florida called the decision a “catastrophic mistake.” Sen. Lindsey Graham, told CBS that Trump’s agreement was “clearly a concession,” and also said it would be a mistake if sales to Huawei involved “major technology.”

Sen. John Barrasso, described the Chinese company as a clear threat to US national security. “To me, Huawei in the United States would be like a Trojan horse ready to steal more information from us,” he told NBC’s Meet the Press.

American officials accuse Huawei of facilitating Chinese spying, a charge the company denies, and see it as a growing competitive threat to US technology industries.

Huawei’s founder, Ren Zhengfei, said earlier this month, it has cut its project sales by $30 billion over the next two years due to curbs on access to American chips and other components. He said smartphone sales outside China will fall 40 percent.

Huawei’s US sales of network gear evaporated after a US congressional panel labeled the company a security threat in 2012 and told phone carriers to avoid it. The Chinese company still has a patent portfolio it licenses to manufacturers and carriers. AP

Politicians’ tweets could get slapped with warning labels

S

By BarBara OrTUTay The Associated Press

AN FRANCISCO—Presidents and other world leaders and political figures who use Twitter to threaten or abuse others could find their tweets slapped with warning labels.

The new policy, announced by the company on Thursday, comes amid complaints from activists and others that President Donald J. Trump has gotten a free pass from Twitter to post hateful messages and attack his enemies in ways they say could lead to violence.

From now on, a tweet that Twitter deems to involve matters of public interest, but which violates the service’s rules, will be obscured by a warning explaining the violation.

Users will have to tap through the warning to see the underlying message, but the tweet won’t be removed, as Twitter might do with a regular person’s posts.

Twitter said the policy applies to all government officials, candidates and similar public figures with more than 100,000 followers. In addition to applying the label, Twitter won’t use its algorithms to “elevate” or otherwise promote such tweets.

“It’s a step in the right direction,” said Keegan Hankes, research analyst for the Southern Poverty Law Center’s Intelligence Project, who focuses on far-right extremist propaganda online. But, he added, Twitter is essentially arguing “that hate speech can be in the public interest. I am arguing that hate speech is never in the public interest.”

Twitter refused to comment on whether any of Trump’s past tweets violated its rules and would not say what role,

if any, his Twitter activity played in the creation of the new warning-label policy.

The new stance could fuel additional Trumpian ire toward social media. The president routinely complains, without evidence, that social-media sites are biased against him and other conservatives.

Twitter’s rules prohibit threatening violence against a person or group, engaging in “targeted harassment of someone,” or inciting others to do so, such as wishing a person is harmed. It also bans hate speech against a group based on race, ethnicity, gender or other categories.

Up to now, the company has exempted prominent leaders from many of those rules, contending that publishing controversial tweets from politicians helps hold them accountable and encourages discussion.

But there have been long-standing calls to remove Trump from the service over what some have called abusive and threatening behavior.

Some activists complained this week after the president threatened Iran with “obliteration” in some areas if it attacks the US. Trump has also tweeted a video of himself beating up a man with a CNN logo in place of his head and retweeted seemingly faked anti-Muslim videos.

“Trump has changed political discourse on Twitter and everywhere else, given the level of toxic statements he has made about vulnerable communities in America,” Hankes said. Other politicians could likewise become subject to warning labels.

In 2018 French prosecutors filed preliminary

charges against far-right French politician Marine Le Pen for tweeting brutal images of Islamic State violence. Twitter prohibits material that is “excessively gory.”

And in March, Brazilian President Jair Bolsonaro stirred outrage by sharing a video on Twitter of a man urinating on the head of another man during a Carnival party.

Insults and mockery fall into a gray area. Calling someone a “lowlife,” a “dog” or a “stone cold loser,” as Trump has done, may not in itself be a violation. But repeated insults against someone might amount to prohibited harassment.

Jennifer Grygiel, a social-media expert and professor at Syracuse University, said Twitter “obviously” enacted the new policy because of Trump’s Twitter activity.

But Grygiel said the new rule doesn’t go far enough.

Because of the president’s outsize ability to start wars, move stock markets or influence other world events, Twitter should instead review leaders’ tweets before they are sent out and block them if necessary, Grygiel said. Twitter’s new policy doesn’t apply to past tweets.

Twitter said it is still possible for a government official or other figure to tweet something so egregious that it warrants removal. A direct threat of violence against an individual, for instance, would qualify.

The company said warning-label decisions will be made by a group that includes members of its trust and safety, legal and public policy teams, as well as employees in the regions where particular tweets originate. n AP Technology Writer Mae Anderson in New York contributed to this report.

PouchNATION out to conquer entertainment and attractions business in Asia EMERGING as a leader in digitizing mass participation events and venues through the use of NFC technology, PouchNATION (www.pouchnation.com) has secured a Series B investment round from Traveloka and SPH Ventures. PouchNATION’s evolution and expansion has come with the success of its innovative cashless wristbands utilized in some of the biggest events in Asia: Zoukout, BeerFestAsia (Singapore), Good Vibes (Malaysia), Sensation (Thailand), etc.

“We are excited to be part of the PouchNATION success story, and to support the founders’ vision for the business,” said Sylvia Gunawan, vice president of revenue and growth, Traveloka Xperience. “We were impressed with the progress they have achieved so far in disrupting the entertainment industry, and are very proud to support the PouchNATION team to further evolve their product by leveraging the synergies with Traveloka’s key business to provide an end-to-end solution for travel and lifestyle needs. This is part of our efforts to strengthen our position as a discovery platform and to empower our users to discover the world around them.”

“This investment deal augments PouchNATION’s position as the leader in its sector, but also builds the fundamentals for a broader vision,” said PouchNATION CEO Ilya Kravtsov.

“The company plans to transition from being just a service provider for events and venues to being a leading entertainment platform that connects hundreds of thousands of event-goers and attraction seekers across Asia with e-commerce giants, brands and other players seeking to get visibility and exposure among their target customers.”

From its beginnings as a cashless payment wristband for events in 2014, PouchNATION has evolved to become a onestop solution for the largest event organizers, theme parks and hospitality venues by providing services that range from ticketing/ registration, to access control/security, cashless payments, brand activations, data collection/insights and others.

PouchNATION’s system currently handles on average over $5 million in transaction value per month, a number sure to grow as the lineup of upcoming clients is growing significantly.

Besides its two existing verticals of PouchEVENTS and PouchVENUES, the company will soon be launching its third line of product, PouchDIGITAL, focusing on providing a more scalable and low-cost solution for event organizers with low budgets but with extremely high-volume events.

“We are very excited to launch our new vertical that will unlock a whole new segment of clients that currently still use very traditional methods to manage events and venues.

Furthermore, by digitizing more crowds and by collecting more consumer data, we are on a mission to attract more brand sponsorships to this industry, and to eventually create a totally new user acquisition channel in the region,” says PouchNATION COO David Rapaport.

PouchNATION is a leading offline-to-online solution for events and recreational venues space in Asia with offices in Singapore, the Philippines, Indonesia, Malaysia, Vietnam and Thailand. It provides clients across Asia with a simple, speedy, and secure way to manage crowds, process payments, collect data and much more.

D2

Pet Corner BusinessMirror

Wednesday, July 3, 2019

www.businessmirror.com.ph

z Pack light but pack right

Today’s Horoscope

By Eugenia Last

Pet Food Institute shares a list of things to bring as pet owners travel with their pets

T

HOUSANDS of pet owners now consider their furry companions as family and would often bring them along when they go on vacation. Veterinarians remind owners that leaving their homes and traveling to foreign places can be overwhelming and stressful to pets; these animals, therefore, have a tendency to avoid eating, become lethargic and even run away from their owners. To avoid these instances, owners must remember to bring their pets’ essentials in order to make the journey fun and enjoyable for their beloved pets.

The Pet Food Institute (PFI), together with its members from pet food and treat manufacturers, reinforces its commitment to educate the Filipino pet community about nutrition and proper pet care as they share a list of essential things pet owners must bring as they travel with their pets this summer.

SAY GOODBYE TO BOREDOM COOPED up in a small confined space for hours may

ARIES (March 21-April 19): Listen to superiors and take care of your responsibilities before moving on to more enjoyable activities.

You’ll have more fun knowing you won’t face criticism later in the day. HHH

b

TAURUS (April 20-May 20): Your changing attitude may confuse some, but the people who can keep up with you and get what you are doing will be most helpful. Stick to those you know and trust to do what you want, and success will be yours. HHHH

c

GEMINI (May 21-June 20): Do things on your own terms and for yourself. If you count on someone else to pitch in, you’ll be disappointed.

A suggestion someone makes will lead to an extravagant situation that will leave you in an awkward position. HH

d

CANCER (June 21-July 22): Check out your options; you will find a way to use your skills to benefit not only yourself, but also anyone who gets involved in your plans. Make a commitment and share what you have with the ones you love. HHHHH

e

LEO (July 23-Aug. 22): A fast-paced lifestyle will be risky. Unexpected obstacles will surface, making it difficult for you to look, see and do with perfection. When in doubt, let someone else go first. Keep life simple, moderate and avoid the consequences of poor planning. HHH

f

VIRGO (Aug. 23-Sept. 22): Settle in for the long haul, and use your imagination to capture the essence of what it is you are trying to accomplish. Practice makes perfect. Once you have everything in place, you will have a masterpiece to unveil. HHH

be stressful to some pets. A handful of dogs and cats might take a nap as they travel. However, there are several pets who might show signs of discomfort and become restless. In order to get rid of their pet’s boredom, owners must bring with them a handful of toys to entertain their furry companions while they are on the road. If playing with them is not an option, toys can greatly help pets cope with boredom.

PFI is committed in informing pet owners about pet nutrition and proper pet care to keep pets healthy and happy. Through its local initiative, Well-Fed, Well-Nurtured campaign in partnership with the Veterinary Practitioners Association of the Philippines, PFI seeks to advocate responsible pet ownership to the ever-growing Filipino pet community. n

DOG RUNS AWAY FROM HOME TO BE WITH DAY-CARE BUDDIES SAINT ANN, Missouri—Sometimes, a guy just wants to hang out with his buddies. Such was apparently the case with Hugo, a dog who ran away from home last week in north St. Louis County and went straight to his doggy day care.

KTVI-TV reports that Hugo is often boarded at Happy Tails Pet Hotel and Playland in Saint Ann. Surveillance video provided to KTVI shows Hugo sprinting through the front door into the business and nosing up to another dog after making the trek from home, which was more than a mile.

The trip wasn’t easy. Hugo had to cross busy Lindbergh Boulevard to get to Happy Tails. AP

Cat found after nearly 3 years; Kansas owner ‘in shock’ GARDNER, Kansas—A cat named Meow has been reunited with her suburban Kansas City owners after she went missing nearly three years ago.

The Kansas City Star reports that Meow escaped after Taylor Jezik moved to a new apartment complex in Gardner, Kansas.

Jezik searched for Meow in her old neighborhood, posted pictures on Facebook, called animal shelters and looked along roadsides for dead cats. She said

HAPPY BIRTHDAY: Look for what motivates and stimulates you to take hold of your life, and strive to develop the groundwork that will bring you closer to your dreams. Opportunity knocks, but unless you are willing to open the door and embrace change, nothing will happen. Live life, love passionately and laugh out loud; you will transform your world. Your lucky numbers are 4, 11, 20, 29, 32, 39, 43.

a

STICK TO THE BASICS EVERY pet owner wishes nothing more than to see their pets happy and healthy. To ensure that their pets achieve this even while they’re on vacation, they must never forget to pack their pet’s food, as well as their pet’s bowls. When traveling, owners must keep their pet’s food in a sealed container and off the floor to avoid ants, cockroaches and mice from contaminating the food.

Several owners are hyped up on the idea of exploring the city with their pets that they often forget to bring their pet’s leash or crate. Pets are often overwhelmed when they are introduced to a foreign environment and may run away from their owners.

In order to prevent this, it is important for owners to always keep their pet on a leash and a collar.

SECURING ONE’S IDENTITY MUCH like humans, pets also need their documents when they travel. While traveling, these four-legged companions may get lost due to their unfamiliarity of the surrounding areas, which is why identification is important when they travel. Pets should always wear a collar that includes identification with the owner’s contact information. Doing this increases the chances that their beloved pets would be returned to them if they do run away.

Another important document that owners must carry would be their pet’s medical records. Pet parents must have this with them as they travel just in case their pet would need to seek the help of a veterinarian.

CELEBRITIES BORN ON THIS DAY: Olivia Munn, 38; Andrea Barber, 42; Tom Cruise, 56; Montel Williams, 62.

g

LIBRA (Sept. 23-Oct. 22): Put on your running shoes and get active. You’ll accomplish the most if you don’t hesitate to take action when prompted by someone in a senior position. Reward yourself with something that is within budget and also meaningful to you. HHH

h

SCORPIO (Oct. 23-Nov. 21): Don’t let confusion set in. If someone is playing with your emotions or trying to entice you to get involved in something that isn’t in your best interest, say no and proceed to do your own thing. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): If confusion sets in regarding a joint venture, walk away. You are better off sticking to what you know and do best. Avoid anyone who has the potential to upset your emotional or financial well-being.

HH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t limit what you can do. Embrace opportunity and new beginnings, and implement tried-and-true plans that have worked for you in the past. The future looks bright if you live by the rules and move forward with confidence. HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Someone who knows exactly how to press your emotional buttons will charge you up easily.

Turn any negative into a positive by offering love, peace, a little romance and honesty. You don’t have to overspend to make an impression. HHH

her young son, Charlie, was devastated.

Then on Tuesday, she received a text message saying her cat had been found. Gardner police said the cat was spotted outside after a rainstorm and taken to an animal hospital, where employees scanned Meow’s microchip.

Jezik recalled that she “instantly started crying” when an animal control officer sent her a picture of Meow. She says she’s “still in shock.” AP

l

PISCES (Feb. 19-March 20): You’ll be inspired by what others do. Jump in and put your twist on whatever you pursue. Your uniqueness will stand out. A gift, proposal or money will come from a source you least expect. Share your good fortune. HHH BIRTHDAY BABY: You are opportunistic, proactive and outspoken.

You are serious and meticulous.

‘legal arrangements’ BY BEN PALL The Universal Crossword/Edited by David Steinberg

ACROSS 1 Notice on some menus 6 Pen pals?

10 Actress Roberts 14 Sitcom set in a HS science class 15 Intl. oil grp.

16 Utah city with a biblical name 17 Rises after hearing a cry for help?

20 Braying beast 21 Stick in a chocolate fountain 22 “Honey” 23 Frenzy 25 Blvd. kin 26 Juiced up portable juicers?

32 “Swiss” vegetable 33 Allocate, with “out” 34 Hush-hush org.

35 They’re found in chests 36 Sudden strike 38 Groups of whales 39 Inventor Whitney 40 Top-___ (first-class) 41 Superhero film trailers?

42 Encounter local wildlife while camping?

46 Company name abbr.

7 Ill-gotten gains 4 48 Very evil 52 Word before “la la” or “na na” 53 Covert ___ 56 Shout from a bench, or a reaction to 17-, 26- and 42-Across?

59 Pinball cheater’s maneuver 60 Stun with a jolt 61 Often-plastic instrument 62 Vodka in a blue bottle 63 Steamy resorts 64 Step aggressively DOWN 1 Org. with a center named after 5-Down 2 Picks 3 Many Wharton grads 4 Cross a moral line 5 Rocket scientist Robert 6 Entree that’s a pastry 7 Nasdaq debut 8 Has down 9 Supernatural force in “Spaceballs,” with “the” 10 They run the show 11 Castle ditch

2 Mauritania neighbor 1 13 Not just willing 18 Tweet from a tree, say 19 Palindromic Pokemon 23 Second-smallest planet 24 High Navy rank 26 Spicy stew 27 Force of ___ 28 Goldfish or snake 29 Extent 30 Duck with soft feathers 31 Back talk 32 Neckline choice 36 Obedience school treats 37 “___ Demoiselles d’Avignon” (Picasso piece) 38 One may be dog-eared 40 General vibe 41 Music storage spots 43 Number of minutes in a soccer game 44 Berry sources 45 Pang 48 Red ___ (cinnamon candies) 49 Killmonger in Black Panther 50 Without purpose

1 Finally break 5 53 Sambuca relative 54 High-school proposal subject 55 Plug up 57 Org. that makes people remove their shoes 58 Cheerios grain

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Wednesday, July 3, 2019

NUMAN ACAR (from left), Tom Holland and Jake Gyllenhaal in a scene from Spider-Man: Far From Home, an ambitious and ultimately successful sequel to Homecoming.

BLIND SPOT BRUCE C.

FAILURE TO LAUNCH

SO this celebrity is the face of so many products in the sense that she brands them as hers and not as an endorser. One of the product lines she branded is food and for a while, sales were brisk. The celebrity is quite popular online and so is her husband, so that’s not a surprise. That said, ultimately the product will speak for itself—and the product she branded isn’t really all that good. The public stopped buying and so it flopped. The celebrity isn’t a complete flop, though. People still believe in and trust her despite what happened.

DOING THE GROCERIES

SO the young couple is very much in love and happy but what’s this we heard that there is some sort of trouble, so to speak, in paradise? It’s not between them but involves their families. It appears that the guy’s mom discovered that her son has been doing the groceries for the girl and her family, and while she likes the girl, she is not happy about this. To the guy’s mom, this smacks of her young son, who can have any girl he wants, being a sugar daddy. So what did the mom do?

She was wise enough to realize that talking to her son would be futile, as he is so blinded by love. What she did was talk to the girl and told her it shouldn’t happen again as she didn’t want her son to be taken advantage of.

HAPPY KID

RUMORS of being gay have hounded the actor since he was a newbie and these rumors haven’t stopped. People are still wondering why he hasn’t had a girlfriend, yet. It’s reportedly because he prefers boyfriends to girlfriends. According to rumors, the actor’s new apple of the eye is a dusky actor who recently transferred to his network. Whether his feelings are reciprocated remains a question but let’s put it this way, the actor rumored to be gay seems to be “blooming,” a colloquial term meaning becoming more attractive.

LOOSE LIPS

SO this young star is beautiful and talented but her career seems to never get off the ground. Why? She’s not very discreet about things that she sees and hears, and in this business, it’s all about trust. She is too talkative that it sometimes results in fights between her coworkers. A guy she dated gave up on her because of this. He said that she was perfect otherwise. If she could only shut her mouth about things she should be quiet about. The young star can’t seem to grasp the idea that once you’re entrusted with a secret, you have to live up to that trust. She actually sometimes wonders why she’s left out of many conversations. It’s not that her peers hate her; they just don’t trust her.

Taylor Swift pens scathing post about Scooter Braun

By Lindsey Bahr The Associated Press LOS ANGELES—Taylor Swift is not staying silent over the sale of her masters to Scooter Braun.

In a scathing Tumblr post on Sunday, the pop superstar writes she is sad and grossed out that her music catalog now belongs to Braun whom she accuses of subjecting her to years of incessant and manipulative bullying, referencing clashes with Kim Kardashian and Kanye West.

“This is my worst case scenario,” Swift writes.

Braun’s Ithaca Holdings announced on Sunday that it is acquiring Big Machine Label Group which released all of Swift’s studio albums and owns her masters. Swift says she learned of the sale on Sunday.

Swift left Big Machine and signed with Universal Music Group in November because she says she knew that resigning with the group that had managed her since she was 15 would only result in her not owning her future work.

“When I left my masters in [Big Machine Label Group Founder Scott Borchetta’s] hands, I made peace with the fact that eventually he would sell them,” she writes.

“Never in my worst nightmares did I imagine the buyer would be Scooter.”

Braun, she alleges, got two clients, including Justin Bieber, to bully her online about a leaked and illegally recorded snippet of a phone call she had with Kardashian. She also references when West, a Braun client, organized a “revenge porn music video which strips my body naked.”

She writes that now Braun has “stripped her” of her life’s work that she “wasn’t given an opportunity to buy.”

“My musical legacy is about to lie in the hands of someone who tried to dismantle it,” she writes.

Representatives for Braun and Borchetta did not immediately respond to request for comment.

Swift ended her post looking to the future and says she thankfully “signed to a label that believes I should own anything I create.”

She also advocates for artist ownership of songs and hopes that the next generation will “read this and learn about how to better protect themselves in a negotiation.”

“I will always be proud of my past work,” she added, making sure to also plug her new album, Lover, which will be released on August 23.

D3

‘Spider-Man’ swings again with a successful sequel

P

By Mark Kennedy The Associated Press

ETER PARKER might be forgiven for craving a vacation as Spider-Man: Far From Home begins. After an emotional and strenuous last few movies with the Avengers, a break sounds nice. “I didn’t think I had to save the world this summer,” he complains.

But, you know the drill: With great power comes great responsibility. So it’s just a matter of time before Parker’s European school trip is interrupted by mayhem that requires a webslinger. We’re just glad the filmmakers didn’t also take a vacation as well.

In this ambitious and ultimately successful sequel to Spider-Man: Homecoming, Parker trades New York’s Coney Island and the Staten Island ferry for such

iconic cities as Venice, Berlin, London and Prague.

Seeing him swing from ancient bell towers instead of Manhattan skyscrapers is weirdly thrilling.

The first half of Spider-Man: Far From Home could stand alone—Parker juggles trying to romance the tough-but-vulnerable MJ (the always welcome Zendaya) while also fighting giant monsters beside a ragtag group of superheroes. Perhaps, it’s a little underwhelming, but it’s solid. Just stick around: Things get positively bizarre in the second half as the film shifts up a few gears, turning into a kind of commentary on filmmaking illusion itself. It goes from sunny pop to acid jazz, from Saved By the Bell to The Matrix.

Speaking of school, viewers who haven’t yet seen Avengers: Endgame have some homework to do before watching Tom Holland pull on the red-and-blue suit this time. Far From Home takes place immediately after the meta-conclusion of all 22 films in the Marvel Cinematic Universe and assumes you know what happened. Plus, it might be a school night, but don’t even think about leaving the theater before catching the two post-film codas.

Director Jon Watts returns, adding to the great work he did in the first film, and screenwriters Chris McKenna and Erik Sommers, who helped write Homecoming, make their own homecoming. So does Jon Favreau playing Happy Hogan, Marisa Tomei as Aunt May and Jacob Batalon as Parker’s best pal, who this time ditches the nerdiness to show off a man-ofthe-world Ned. Borrowed from elsewhere in the Marvel Universe

are Cobie Smulders as S.H.I.E.L.D. agent Maria Hill and a snarling Samuel L. Jackson as Nick Fury. SpiderMan gets to play this time with a pair of high-tech eyeglasses that are an advanced tactical intelligence system, much like he interacted last time with his suit’s computer, Karen. (Alas, no cameo this time from Stan Lee, the Marvel icon who died in 2018).

Jake Gyllenhaal, who has proven to be an actor of tremendous range, is a newcomer to the superhero genre but proves a comfortable fit despite being asked to wear one of Marvel’s oddest costumes. As Mysterio, he dons a huge cape, Roman Empire breastplate, giant gauntlets and a big glass bubble over his face like an upside-down goldfish bowl. But as Will Smith might say, Gyllenhaal makes this look good.

Credit to him and costume designer Anna B. Sheppard, who has concocted four Spider-Man suits, including a “stealth” one that gets him the nickname Night Monkey in Europe. And the trippy visual effects that stun in the second half connect not to the first film but to Spider-Man: Into the Spider-Verse—a huge complement since that one was animated.

But let’s be honest: The thing keeping this together is Holland. He is utterly endearing as a goofy, insecure now-16-year-old hero with a cracked cell phone and who often makes things worse, apologizing along the way. Holland’s aw-shucks naiveté is a 1950-ish throwback even though he is firmly in 2019—taking selfies while in the air and having to be reminded to not text and swing at the same time. He is indeed a Spidey for Generation Z and its fitting that he hits the reset button for Marvel. n

CCP president meets Japanese businessmen for film project THE Cultural Center of the Philippines (CCP), through President Arsenio J. Lizaso, joined other Filipino political and business leaders in a meeting with foreign counterparts in Tokyo, Japan, recently.

The CCP was invited by the Department of Trade and Industry to join the Philippine delegation led

by President Duterte in a meeting with leaders of the Japanese travel industry and invite them to invest in the Philippines. Present at the meeting were Trade Secretary Ramon Lopez, Honeylet Avanceña (the partner of President Duterte), Senator-elect Bong Go, Central Bank Governor Benjamin E. Diokno, Batangas Gov. Hermilando Mandanas, Quezon Province Gov. David Suarez and Rep. Ana Marie Villaraza-Suarez, Transportation Secretary Arthur P. Tugade, Rep. Martin Romualdez, and former House of Representatives Speaker Sonny

Belmonte.

At the event, organized by the Department of Trade and Industry, the CCP President met with Cato Ochi (senior councilor, special advisor to the chairman, assisting and promoting official development assistance), and Naokazu Takemoto (deputy secretary-general of the National Diet Members Alliance for Realizing the world Expo in Osaka) to discuss plans of the two Japanese representatives to produce a film centering on a Japanese straggler.

The tourism and travel sector stand to benefit from the “Build, Build, Build” program of the Philippine government, which has a number of ongoing transportation infrastructure development projects to achieve seamless travel to and around the archipelago.

The travel industry meeting with President Duterte was a historic

FROM left: Trade Secretary Ramon Lopez, Honeylet Avanceña, CCP President Arsenio Lizaso and Fer Martinez

occasion, signaling the importance held by Japan as the country’s fourthbiggest foreign tourist market.

The Philippines played host to 631,801 Japanese travelers in 2018, an 8.15-percent growth versus 2017.

With no less than the President in attendance, more business and investment leads are expected to yield reciprocal arrangements to further strengthen Japan-Philippine tourism relations.

D4

Image BusinessMirror

Wednesday, July 3, 2019

www.businessmirror.com.ph

I.T. START-UP CHANGING THE WAY BUSINESSES DIGITALIZE A MANILA-BASED, full-service Internet-technology firm, Concept Machine (www.conceptmachine.net) delivers IT solutions for industry players of all sizes, allowing companies to focus on core business competencies and keep abreast of trends in a rapidly developing landscape. Renowned as an instrument of innovation, Concept Machine helps its clients develop breakthrough, cutting edge, and custom-built products like digital customer onboarding, apparel rental, online job-matching tools, and more.

The firm offers an extensive list of IT services and solutions, including: Web design and development; technology venture consultancy; mobile and Facebook application development; user experience and interface design; database system management and content management; multimedia design, as well as photography and illustration; cloud-based hosting; and general IT consultancy.

Concept Machine’s services are additionally uniquely bespoke, with every effort made to ensure each project is tailor-fit and custom-built to serve its clients’ business needs. Before starting a project, the founders themselves take clients through brainstorming, working with them closely to garner a deeper understanding of the brand and its campaign objectives before execution.

Clients’ Web assets come with Concept Machine’s own proprietary Content Management System (CMS), which the founders have developed to ensure a seamless, easy-to-use experience for customers to regularly manage and maintain their web site.

Having served a range of industry players from consumer goods, nightlife and entertainment, law firms, government, banking and multi-industry conglomerates, Concept Machine’s clients include ABS-CBN Corp., Yuchengco Group of Cos. and PNB Savings Bank.

Cofounded by young entrepreneurs Claire Ongcangco and Miko Cornejo back when they were members of the student council of the Ateneo de Manila University, Concept Machine was created to offer the best Web and online experience for clients, allowing them create solutions and to get their message out loud and clear in the digital space.

“We had little to no capital. However, we knew there was a very real demand in the market,” said Cornejo, Concept Machine COO. “Consumer behaviors were changing, and there was an increasing need to digitalize businesses. We’re glad to have been pioneers in this space.”

“We started young, and that is one of our key advantages,” added Ongcangco, Concept Machine CEO. “We make sure that we keep ourselves up-todate with the latest trends in technology.” Claire additionally teaches IT Entrepreneurship in the Ateneo de Manila University.

ARCH. Jason Buensalido, principal architect and chief design ambassador of Buensalido+Architects, spoke about the inspiration, beginnings and future goals for B+Abble in his welcome remarks.

Halo effect SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

W

HILE talking to Paulo, one of our major stakeholders, we drifted into a discussion of how my team members were doing in terms of how they dealt with him. He was the new guy and I wanted to ask for his impressions of my team so I could confirm what they had been telling me, and also to adjust whatever was needed so we could work smoothly.

He was particularly impressed with one of my team members, Richard, saying that of all of my team members, he was the best one. I was silent. Because he was wrong.

While Richard is one of my best, he is not the best. Paulo probably thought Richard was the best because he spoke and articulated himself well and also interacted with him frequently on breaks, which made him conclude—wrongly— that Richard was the best. Paulo fell into a cognitive bias called “The Halo Effect.”

An American psychologist by the name of Edward Thorndike coined this term in 1920, in an article he wrote, titled “A Constant Error in Psychological Ratings.” This was the result of an experiment he conducted among military officers who evaluated their soldiers according to leadership, physical appearance and intelligence. Thorndike discovered they were highly correlated. This means a military officer’s perception of a soldier’s physical appearance is highly correlated to a soldier’s leadership or intelligence. When a military perceives a soldier as having desirable physical traits, they also perceive the soldier as having good leadership and intelligence.

This spurred other studies which showed physical attractiveness can actually affect people’s perception of your other qualities. Hence, someone who is perceived as physically attractive is also perceived as being kind, warm

VISUAL Artist and sculptor Jinggoy Buensuceso proudly shared his art and design philosophy, and how he breaks the rules to be his authentic self through his life experiences.

and friendly. Hence, the proliferation of attractive people promoting different products, sometimes in awkward poses, like the one I saw in our vet’s clinic over the weekend where a beautiful woman held a bag of “natural dog food” over her shoulder with one hand while looking dreamily at whoever stared at her.

As a leader, you have to be very careful in appraising your members because your evaluation might be tainted with The Halo Effect. Just like Paulo, who perceived Richard as the best in my team by virtue of his excellent communication skills which is only one facet of the work my team does.

Add to that is the frequency by which they interacted, which reinforced Paulo’s belief. But given this cognitive bias, how do you protect yourself from giving subjective evaluations and ensuring you provide a fair and just performance evaluation of your team?

The first thing you need to do is to be aware of your own biases. I was a teacher for a long time and it took some time for me to realize I played favorites without meaning to. While I try to be as objective as I can, I recognized those biases especially when I would check essays and I catch myself favoring the answer of one over the other when they were actually saying the same thing. One thing I did to overcome this bias was to put off grading the essay questions until the end so that when I checked, I would not know who wrote what. This made it easier for me to check objectively and grade the essays as they were. But I needed to be aware first of my own biases before being able to do something about it.

The same is true when we evaluate our team. There are those you work well with and others who just rub you the wrong way. Be aware of these biases and then create an objective measure of appraising your team’s performance.

What I learned as a teacher, I carry at work but now in a corporate setting. This objective measure is my team’s scorecard which is an important tool in evaluating someone equally and fairly. As a leader, you have to make sure your team’s scorecard measures the actual output of your team.

This helps you curtail your bias because you are measuring their output and not their personalities. Numbers do not lie, and however charming or sanguine a person is, you can still objectively evaluate a person’s performance based on their work. This helps take away your subjectivity and provides security to your team that they are being evaluated equitably.

To further reinforce an objective measure through the scorecard and work results, it would be good to document

GABE MERCADO engages the audience in improvisational techniques useful for work and social settings.

Your team needs to understand they can rely on you to be consistent, reasonable and just. Otherwise, they will look for someone who is. key work events throughout the year which will help you evaluate the performance of your team members. Some may fall into the bias that because they performed well in the last quarter of the year, they will be evaluated on that event alone. On the contrary, a failed project at the last quarter does not necessarily mean a failed year. To prevent evaluating a member by their recent success or failure, you need to document their key milestones throughout the year.

This will help you keep in perspective what they have done for the year and give them a fair evaluation based on objective data. This will prevent your team from comparing themselves to each other and raising questions when one is promoted over the other.

Another important aspect to review your bias is other people’s feedback. Paulo’s commendation actually alerted me that while I look at Richard’s overall performance compared to others in the team, Paulo’s observation helped me pinpoint Richard’s strength and made him the point of contact for projects involving Paulo. This made it easier for the team to negotiate and work with Paulo on future projects.

The Halo Effect can work for you or against you.

By being aware of it and putting up mechanisms to help you avoid falling into its trap, you promote a fair and equitable workplace. Your team needs to understand they can rely on you to be consistent, reasonable and just. Otherwise, they will look for someone who is. n

BAMBI MAÑOSA-TANJUTCO described memories with her father, Arch. Bobby Mañosa, as the inspiration for her work as founder of Awit At Laro.

Creative industry leaders share insights and best practices at B+Abble 2019 FOR a creative, there’s no end to the possibilities of design.

B+Abble: A Series of Talks on Contemporary Philippine Arts and Design encourages people to think outside the box in their fields of expertise, helping them approach their craft in new and exciting ways.

Four exciting personalities took to the stage at the PETA Theater in Quezon City to impart their insights, as B+Abble continues to explore other creative fields in its fifth year.

Gabe Mercado, founder of Silly People’s Improv Theater (SPIT), Manila’s premier improv company, spoke about The Joy of Improv: The Improvisational Mindset as a Key to the Creative Economy, a fun segment on the importance of spontaneous communication techniques in the modern

workplace. Mercado shared key insights he has picked up in the past 15 years coaching people on strategic problem solving, pitching and storytelling.

Visual artist and sculptor Jinggoy Buensuceso delivered a thought-provoking discussion on Changing the Landscape of Philippine Art and Design. A celebrated artist who merges cutting-edge design with functionality, Buensuceso’s pieces are striking for their unique beauty. Drawing from his experience working with unorthodox materials, his talk encouraged people to break the rules and be their authentic selves.

Interior Design Director of Mañosa and Co., and Founder of Awit At Laro Bambi Mañosa-Tanjutco brought back warm

childhood memories with Awit at Laro: Celebrating the Spirit of Play Through Music, Art, Dance and Culture. This talk focused on the importance of play in current society, tying in with her Awit at Laro campaign, an initiative she spearheads alongside singer Gary Valenciano. It aims to reintroduce traditional Filipino games like “patintero” and “agawan base” to the new generation.

Arch. Joseph Javier, founder of Javier Design StudioManila (JDSM), invited people to impact their communities with The Design of Purpose. His segment casts design as a powerful agent of positive change, recommending actions to help institutions make Philippine design more purposeful.

With 24 years of experience in design and innovation,

Javier has been a key figure at the De La Salle-College of Saint Benilde’s architecture program. Attendees were also serenaded with special musical performances from artists known for fresh takes on their genre. R&B/Soul singersongwriter Bea Lorenzo fuses sparse, spacey synths with the sound of the kalimba, while experimental OPM and jazz duo Project Yazz creates exciting, out-of-the-box renditions of OPM songs, jazz standards and western hits.

B+Abble is organized by Buensalido+Architects, leaders in the local design industry. With a vision to broaden and uplift the design profile of the Philippines, it is a firm that is invested in the future, aiming to help put the Philippines on the global design map.

BusinessMirror

E1 | Wednesday, July 3, 2019 Editor: Tet Andolong

ACTUAL photo of Separate Shower and Bathtub of 2BR Model Unit

JAPANESE TOILETS, A FEATURE AT

THE SEASONS RESIDENCES

J

By Rizal Raoul Reyes

APAN is one of the most amazing countries in the world.

Aside from its kimono, anime, manga, geisha, sumo wrestling, tea ceremony, Shinkansen, bowing, among others, the Land of the Rising Sun is a global technology powerhouse that enables its people to have experienced the greatest comforts in life, achieve high productivity and efficiency.

Moreover, another interesting element in Japan’s high-tech society is its modern toilet. Tourists are treated to a unique and technology-centric experience brought about by the combination of cuttingedge technology and Japanese standards in hygiene and cleanliness.

These sophisticated toilets transform a normal trip to the restroom into a hightech experience by combining innovative technology with the Japanese sense of hygiene and cleanliness. Furthermore, the high-tech appliances allow users a wide array of functions, including heated seats, warm water jets, and flushing at the touch of a button. As technology advances, the toilets have also

Global City (BGC) recently partnered with Toto to install these special washlets in specific units for its first tower, Haru.

These are seats equipped with powerful automated deodorizers that eliminates odor, as well as a soft-closing seat with varied temperature settings. All these functions can be conveniently controlled via a wireless remote with an illuminated touch pad.

A campaign for clean and conscientious living

THE washlet is not just about comfort. It also has a PreMist function that sprays the bowl with water before each use, preventing waste build-up and keeping the toilet bowl clean.

The water spray wand is selfsanitizing, automatically cleaning itself before and after every use.

In addition, the seat itself can be removed for easy cleaning.

introduced new features such as automatic seats.

Thanks to the property boom in the country, Filipinos will now have the opportunity to experience the high quality of Japan’s toilet technology.

Secondary bathrooms and smaller units in The Seasons Residences will be equipped with an Ecowasher, a toilet seat with a bidet that does not need electricity to function. It has a fully retractable nozzle for complete hygiene, and a knob that allows for easy adjustment of water pressure.

The Ecowasher also comes with a soft-closing seat and lid.

These premium toilet fixtures are just a small part of The Seasons Residences’ promise of promoting a lifestyle focused on innovation, comfort, cleanliness, and energy-conservation.

Residents of this new development will be able to enjoy homes that are at the forefront of technology, with interiors and exteriors that guarantee design efficiency, safety and security, advanced clean technology, and resource-saving fixtures.

The Seasons Residences is a joint project between Federal Land, Inc. and leading Japanese real estate group, Nomura Real

TOTO Washlet

Estate Development Co. Ltd., along with Japanese retail conglomerate, Isetan Mitsukoshi Holding Ltd. The development’s first tower, named Haru (Spring), is targeted for completion in 2023. The Seasons Residences will be situated on top of Mitsukoshi Mall, a four-story lifestyle retail establishment by Isetan-Mitsukoshi.

For more information about The Seasons Residences, call the hotline at (632) 359-6756, email at digital.mktg@federalland.ph, or visit the showroom at 7th Ave cor.

34th St, Grand Central Park, North BGC, Taguig City (Across Lexus Manila Showroom from 7th Ave).

Providing both convenience and comfort

THE world’s largest toilet manufacturer Toto is known for developing the cutting-edge washlet, blending seamless style with ergonomic efficiency, and a variety of customizable cleansing, heating, and deodorizing functions at the touch of a button.

The Seasons Residences, a Japanese-inspired four-tower upscale condominium that is now being developed in Bonifacio

ACTUAL photo of Washlet in Master Toilet & Bath of 3BR Model Unit

ARTIST’S Perspective of Master Bedroom Toilet and Bath of 3BR Unit

Business

E2 Wednesday, July 3, 2019

Boutique developer wins big in Shanghai Amor Maclang

FIRST DIBS IN REAL ESTATE

N

Part One

EX Tower has been selected as the winner of the Urban Land Institute (ULI) Asia Pacific Awards for Excellence. Over 50 projects were submitted to the awards program from leading developers across the region. NEX Tower was the sole finalist and the only award winner from the Philippines, with other winning projects by major developers from Singapore, Tokyo and Beijing.

Developed by Nova Group in partnership with VelcoAsia, NEX Tower is designed by the internationally renowned architecture firm Skidmore, Owings & Merrill (SOM). The 28-story structure stands boldly with its striking crystalline form on Ayala Avenue, offering world-class architecture, top-level construction, premium materials and the highest sustainability criteria.

Recognized as the property industry’s most prestigious awards program, the ULI Asia Pacific Awards for Excellence reflects ULI’s objectives throughout the region.

The competition is based on ULI’s guiding principle of recognizing and honoring best practices that foster the highest standards in land use and development.

The ULI Award for Excellence recognizes the full development

NOVA Group Managing Director Ricardo Cuerva at the fourth floor of NEX Tower, the only Philippine recipient of the Urban Land Institute (ULI) Asia Pacific Awards for Excellence 2019

process of a project, not just its architecture and design. The criteria for the award includes leadership, positive impact, relevance to the contemporary and future needs of the community, environmental sustainability, stewardship and resiliency, strategies and techniques that other communities can replicate or adapt, and financial success. Jury members are recognized leaders who represent a broad geographic diversity and are drawn from many areas of real-estate development expertise, including finance, architecture, design, land planning and development, public affairs and professional services.

Ricardo C. Cuerva, managing director of Nova Group, had a specific aspiration for the project. “Our vision is to raise the level of commercial office development in Metro Manila, and to build projects that can compete with the best from other global cities. Winning the ULI award not only affirms this ambition, but it challenges the Philippine real-estate industry to strive

for excellence,” he said.

We had a quick interview exchange shortly after the win where the very coy Cuerva shared with us what’s in store for Nova.

Tell me about the rise of the boutique developer vis a vis the big large-scale ones?

Over several property cycles in the last three decades, I watched the rise of boutique developers.

I recall in the early 90s, you saw companies that were not traditionally in the property business start to venture into development. Back then, property cycles were shorter and during the down cycle, these new developers were hit hard and many of them had to shut down.

The property cycle we are currently in has lasted much longer, so boutique developers have fared much better.

Today you see a number of boutique developers building projects, particularly in the premium office market. Many of these companies are now led by second- and third-

generation business owners, a lot of whom are my friends. You can notice overall that there is a stronger focus on quality, as the projects tend to be legacy projects that pay tribute to and symbolize the success of these families. It also helps that the younger leaders are highly educated and have global exposure.

What’s the competitive advantage of the boutique developer?

Certainly the smaller scale can be an advantage. When you’re only building one or two projects at a given time, the focus on the project is very different from when you’re building 100 projects simultaneously. However, real estate is a highly complex business and only experience can teach you a lot of the hard lessons that you need to learn.

What’s the design philosophy behind Nova that differentiates you from other boutique developers?

I can’t speak specifically for

the developers, who I feel are doing good projects, as well. But I can tell you what differentiates Nova Group from the property industry as a whole.

In a sense, Nova is a hybrid of the large-scale developer and the boutique developer. We have over 30 years of experience in the realestate business and have developed over 2 million square meters of property. We’ve been through multiple cycles, which has endowed us with the resilience, the track record and the expertise that comes with that history. Concurrently, we choose to develop a number of smaller projects like NEX Tower, to really push the envelope, focus on quality and build the best-inclass projects.

Our organization has always been vertically integrated, as we construct all of our own development projects. This enables us to closely control both the quality of the product, as well as the cost. When a developer farms out construction to a general contractor, their builder will tend to have a different set of priorities when building that project.

The fact that I am an architect leading our company is quite unusual. I studied architecture knowing that it would provide me with deep insight into the actual product that developers create.

My architectural education enables me to speak the same language with our architects and I am able to push the design even further than they would with a typical client. I have a graduate degree in real-estate development, as well and I have years of managing our construction company, so I wear several hats and approach a project with these multiple perspectives. The ability to integrate these different but related disciplines makes our project execution very unique.

To be continued

Manta Equities signs KMC NEW BRIDGE AND OTHER DEVELOPMENTS Savills for new premier office HIKE DEMAND FOR OFFICES IN BGC D

ARCHION Architect Dan Lichauco (from left), Manta President Patricia Riingen, KMC Managing Director Michael McCullough and KMC Executive Director for Landlord Representation Melo Porciuncula

M

ANTA Equities, Inc. has formally partnered with leading real-estate firm KMC Savills Inc. for the leasing requirements of their new premier office development, Manta Corporate Plaza. The Grade A office addition will be the first corporate office to rise in the newest central business and lifestyle district, Arca South, Taguig.

KMC Managing Director Michael McCullough and Executive Director for Landlord Representation Melo Porciuncula led the contract signing—inking KMC’s role as its sole leasing agency. Manta Equities Inc. President Patricia Riingen was also in attendance and was joined by Archion Architects Principal Architect Dan Lichauco for the signing.

“It is really a great honor for KMC to be granted the opportunity to be the sole leasing agency of a pioneering office building like Manta Corporate Plaza,” McCullough said after the signing is completed.

The Landlord Representation team, com-

posed of Senior Manager Christopher Ting, Assistant Manager Mariel Opto and Senior Associate Matthew Brimo, all expressed their positive forecast about Manta Corporate Plaza’s substantial role in adding to the total supply of commercial spaces. This will cater to the demand of leading industries and aid in the possible deficit of office supply in the coming years.

Riingen also shared that they are confident about KMC’s ability to deliver given its exemplary track record. “We are confident in partnering up with KMC, given their impressive track record. They can definitely help us achieve our goals for Manta Corporate Plaza in Arca South,” she added.

In return, Porciuncula was quick to express his gratitude for the vote of trust from the executives of Manta Equities Inc. “KMC has worked hard in expressing our intention to help Manta Equities achieve their vision for the project. We were really eager when we pitched for this project and that’s why we are

grateful to be selected to solely represent their building,” he said.

Manta Corporate Plaza will offer a total leasable area of 25,000 sq m. The 14-story building will offer spaces with a typical floor plate of approximately 1,700 sq m from the third floor to the penthouse level for office use. The first and second floor will be dedicated to retail establishments. It also comes with a five-level basement parking to sufficiently accommodate its tenants.

In terms of design, Archion Architects, Principal Architect Dan Lichauco explained that the structure was based on the bahay na bato, a modern adaptation of Filipino architecture. Its landscaped protruding balconies are designed as stress-relieving spaces in the building that will allow people to take breaks.

These spaces will include the Ventanillas for the floor to ceiling class.

It will be a building that will stand out in the wall of structures and become the focal point of the township.

EMAND for office and other projects near BGC’s Kalayaan Avenue boundary is expected to spike further with the projected 2020 completion of a new four-lane bridge that will provide new access from BGC to Ortigas Center, and ease the flow of traffic in and out of the former military camp and rapidly growing business district.

The BGC-Ortigas Center Link, targeted to be finished by June 2020, will provide an alternate route for vehicles bound for BGC and is already driving inquiries into projects like GSC Corporate Tower in the vicinity of Kalayaan Avenue, according to Miguel Manipol, associate director of Leechiu Property Consultants (LPC), a leading realestate services firm.

Professional services firms, medium and large firms, coworking spaces and even multinationals have been keen on leasing office space in GSC Corporate Tower also because of heightened activity in this portion of the city bounded by Eighth, Eleventh and Kalayaan avenues, according to Manipol. Uptown Mall, a new church and many other projects have energized this part of BGC. “You can find everything you need here, including easy access to public transportation,” he said.

As space in BGC’s city center becomes more scarce, potential occupiers have also begun looking to the city’s outlying areas because it is easier to get into and out of the city from these access points.

From Eighth Avenue, the drive to the Ortigas District via Santa

Monica Street in Kapitolyo, Pasig, is an estimated 12 minutes via the new bridge.

Yeli Camus, senior manager of Leechiu Property Consultants, expects office space in GSC Corporate Tower to go fast also because it will likely be the only new building within BGC to be completed in 2020.

Other buildings are expected to be completed only the following year.

GSC is a 15-story Grade A office tower and will have a gross leasable area of just under 12,000 square meters and an approximate typical floor area of 1,300 sq m. It will have an exceptionally high 3-me-

ter ceiling height to provide more natural light for occupiers through an all-glass façade. GSC is named in honor of Go Siok Chu, matriarch of the So family. The entrepreneur was widowed early but still managed to put up an importation business and later ventured into foreign exchange and real estate.

GSC Corporate Tower and other projects in the vicinity of Kalayaan Avenue in BGC have attracted a lot of inquiries owing to the projected completion in 2020 of a four-lane bridge that will provide new access from BGC to Ortigas Center via Kapitolyo, Pasig.

sMirror

Wednesday, July 3, 2019 E3

Real-estate industry sustains growth in Q1

By Roderick L. Abad

A

@rodrik_28

S the first half of 2019 already has concluded, studies have shown the bullish prospects on the Philippine real-estate industry for the rest of the year.

CLARK, Pampanga

This is apparent on the upbeat performance from January to March as shown in the latest report of Lamudi, in partnership with Jones Lang LaSalle (JLL) Philippines, dubbed “The Digital Property Seeker Series 2019: 1st Quarter Metro Manila Market Overview.”

According to JLL Philippines, the real-estate market in Metro Manila is expected to keep on flourishing in Q1 2019 amid the headwinds that the country’s economy experienced in 2018.

“The Philippine economy started to pick up in terms of consumer demand with the cooling of the March 2019 inflation rate. Likewise, the business environment has been steady, supported by the continuous entry and expansion from investors.

This is evident in the office sector with supply increases and continuous rental growth in [the first quarter of 2019],” it noted in the report.

T he propert y sector’s segments—office space, residential and retail—in the metropolis continue to encounter heightened demand, alongside those in budding real-estate hot spots such as Davao

and Pampanga.

During the first three months of the year, strong need for office spaces came from offshore and outsourcing businesses, per the JLL Philippines. They partook 51 percent of the total rental volumes during the period.

Online gaming firms, also known as Philippine Online Gaming Operators or Pogos, accounted for a sizable amount of 27 percent that were leased in Q1. Flexible workspaces also spurred the demand for offices, most of which are multinationals that have built their first hubs in central business districts across the metropolis but have since then expanded to other CBDs. Based on data from Lamudi, 29 percent of its users inquired about office spaces in Metro Manila in Q1 2019, 44 percent asked about office-related properties in Pampanga and 36 percent zeroed in on Davao del Sur. Around 90 percent of the questions generated were about leasing office spaces instead of buying them outright. The leads and actual inquiries on office spaces increased by 38

BUDDING hot spot in Davao BOOKING.COM

percent versus the fourth quarter of last year.

Supply-wise, an aggregate of 173,600 square meters of office space were added to the total inventory during the first three months of the year, according to JLL Philippines. Most of which are in Makati City. Total office space classified as grade A to prime in Metro Manila now stands at 8 million sq m.

On a monthly basis, those in Makati City commanded the highest rental fee. The surge of investors from mainland China, especially those engaged in Pogos, has driven the growth of commercial office activities in both Parañaque City and Pasay City, where the Bay Area is located.

The JLL Philippines reported that high net-worth individuals like expatriates—many of which are key executives—remained as the key drivers for luxury residential condominium purchases. This is proven by the rising number of property developments in Makati and Bonifacio Global City in Taguig.

Chinese tenants from online gaming field also propelled the demand for residential condos, particularly in the Bay Area. JLL Philippines said: “The influx of Chinese investors propped up residential property prices in the Bay Area with investors buying multiple units, with some leasing out to employees from Pogos.”

The rental market for the midlevel segment of vertical housing

projects, on the other hand, were mainly driven by Filipinos working in CBDs. Makati dominated the highest lease value, followed by Pasay City. From January to March of this year, an additional supply of 5,400 residential condo units in Metro Manila brought the overall estimated stock to 347,200 units.

Lamudi reported that 17.33 percent of property hunters inquired to them for residential condos in Metro Manila during the quarter in review. Meanwhile, 42.74 percent did require on condos in Davao del Sur and 38.69 percent zeroed in on Pampanga.

Almost three-fourth of the inquiries is about renting residential condos rather than purchasing them.

When it comes to page views, nearly

43 percent are searches for residential condos up for sale. Compared to the last quarter of 2018, the leads and actual inquiries about vertical housing projects rose by about 35 percent in Q1 2019.

Vacancy rate was sustained at 3.7 percent in the first three months of the year. Per the international property specialist, The Shops at Ayala North Exchange added around 10,000 sq m of retail space during the time, thus, bringing the aggregate supply to 6.5 million sq m.

The country’s real-estate industry is projected to remain steadfast in 2019, with the first quarter movements “creating a tiny ripple in supply completions followed by the coming waves of development across all sectors,” JLL Philippines said.

HOME

Be the life of the party with LG’s new XBOOM line

F

ROM dancing the night away at a party, chilling in a pool with your friends or simply listening to your favorite tunes while doing chores at home, sound brings enjoyment from all walks of life. LG (www.lg.com/ph), through its new XBOOM line of speakers, has tried to capture the essence of the love for music by engineering the sound for your passion.

Music plays an important role in our life so whatever your lifestyle is, whether you’re always on-the-go, a homebody or a party animal, LG promises to deliver superior sound, unique features and exceptional convenience.

To bring their XBOOM speakers to the next level, LG has collaborated with Meridian, the British pioneers and one of the pillars of high-resolution audio. They are trailblazers in digital audio and their technology is actually used in premium British car brands, such as McLaren, Jaguar and Land Rover. With Meridian’s unrivaled sound quality and pioneering approach to audio, and LG’s reputation for producing award-winning, innovative consumer electronics, this partnership promises to deliver premium products with quality sound for everyone.

One of its newest products that comes with Meridian technology is the LG XBOOM Go PK5. The PK5 is a portable Bluetooth speaker with no compromises.

It boasts of Dual Passive Radiators that act like mini bass drivers. This, coupled

LG XBOOM Go PK5, LG XBOOM RK7 and LG XBOOM RL4

with its Enhanced Bass technology, ensure a larger and much more substantial sound. LG XBOOM Go PK5 also equipped with APTX HD built-in, allowing you to stream 24-bit high-fidelity audio without compromising sound quality. Bluetooth normally compresses large lossless files, but with the PK5, you experience all the nuances each song has to offer.

The LG XBOOM Go PK5 has a robust 18-hour battery life, an X-Grip handle for portability and structural protection and

is also IPX5 Water Resistant.

If you need to bring something big and bold to the party, the LG XBOOM RK7 has to be in the conversation. The RK7 has a whopping 550 watts of power, providing clear vocals coming from dual tweeters and deep bass from dual woofers. Even with its size, this speaker easily adapts to its environment. It can be used vertically or horizontally, and you can change its lighting to fit the mood.

One of the biggest problems with Blue-

tooth speakers is that only one device can be connected. Whatever they choose to play, you’re stuck with it. With the RK7 (and the RL4), two devices can be connected simultaneously. Like the PK5, the RK7 also has APT-X HD built-in, giving you crisp high-fidelity sound even when you’re streaming through Bluetooth.

With the RK7, you can make your DJ dreams a reality. Through the DJ App (available on Android devices), you can scratch, loop and add all the effects you

want through your fingertips. If you’re more of a singer than a DJ, you can use the Karaoke Star feature instead. With a push of a button, you can cancel out the vocals in a song, automatically giving you a karaoke track where you can sing to your heart’s content. The song still a bit too high for you? There’s a Key Changer button, as well.

For something still powerful but a lot more compact, the LG XBOOM RL4 is the answer. With 5-inch dual woofers and 150 watts output, the RL4 gives a powerful commanding presence without taking too much space. Moreover, you can use it vertically or horizontally. It’ll still give you flawless sound no matter the orientation.

You can set the mood and create the right atmosphere for the party by changing the color lighting, while you can create your own Karaoke tracks by using the built-in voice canceler and key changer.

Feeling adventurous? Experiment and sing with another voice! The RL4 has up to 18 voice effects, from Bass, Soprano, to even Duets. You can also try your luck becoming a DJ for the night with the easy-to-use DJ App (available on Android devices).

LG’s new XBOOM line also comes with very reasonable and attractive prices, with the PK5 priced at P7,490, the RL4 at P11,990 and the RK7 at P17,990. They are available at leading appliance stores nationwide. Reni Salvador

Entrepreneur BusinessMirror

E4 Wednesday, July 3, 2019 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

Sophos widens cyber-security options for SMEs

B

By Rizal Raoul S. Reyes

@brownindio

Contributor

RITISH security software and hardware company Sophos Group Plc. recently introduced its synchronized security package to enable small and medium enterprises (SMEs) to build their own security network.

Sophos, which primarily provides security software to mid-market and pragmatic enterprise, noted that SMEs have increased security risks as they adopt technology trends in running their business. A majority these SMEs, however, fail to address the issue with urgency.

“A lot of SMEs do not understand the complexity [of cyber security] and they don’t have the resources to respond to the challenge,” said Gavin Struthers, regional vice president for Asia Pacific and Japan of Sophos, in a recent interview with the BusinessMirror.

“They often lack the expertise and skills to tackle these threats,” he added.

Simplify

STRUTHERS said Sophos helps simplify cyber security for these small businesses.

He said Sophos’s endpoint, network, mobile, Wi-Fi, e-mail, and encryption products seamlessly work together, sharing information in real time and responding automatically to incidents.

To prevent the spread of cyber attacks in the network, the endpoint solution will isolate the infected endpoints by blocking

its lateral movement and will restrict Wi-Fi for noncompliant mobile devices.

Struthers said Sophos endpoint would also scan the endpoints of mailboxes that have been compromised and revoke the encryption if a threat is detected to minimize the impact of the breach. To ensure the network is safe, the solution also identifies and determines the legitimate apps in the system.

Raising the bar

MOREOVER, Struthers said management

STRUTHERS

is simple and easy. “Everything is managed through a single, Web-based management console, so you can see and control all your security in one place,” he said.

Meanwhile, the company through its SophosLabs 2019 Threat Report said the

cybercriminals are raising the bar as far as skills are concerned.

“The threat landscape is undoubtedly evolving; less skilled cybercriminals are being forced out of business, the fittest among them step up their game to survive and we will eventually be left with fewer, but smarter and stronger, adversaries. These new cybercriminals are effectively a crossbreed of the once esoteric, targeted attacker and the pedestrian purveyor of off-the-shelf malware, using manual hacking techniques, not for espionage or sabotage, but to maintain their dishonorable income streams,” the report said.

The SophosLabs 2019 Threat Report also pointed out that cybercriminals are using readily available Windows systems administration tools.

The company discovered that there was a shift in the threat execution, as more mainstream attackers now employ Advanced Persistent Threat techniques to use readily available IT tools as their route to advance through a system and complete their mission—whether it is to steal sensitive information off the server or drop ransomware.

The threat landscape is undoubtedly evolving; less skilled cybercriminals are being forced out of business, the fittest among them step up their game to survive and we will eventually be left with fewer, but smarter and stronger, adversaries. These new cybercriminals are effectively a crossbreed of the once esoteric, targeted attacker and the pedestrian purveyor of off-the-shelf malware, using manual hacking techniques, not for espionage or sabotage, but to maintain their dishonorable income streams.”—SophosLabs 2019 Threat Report

ADB seeks ‘sex-disaggregated data’ to gauge women’s role in entrepreneurship

By Cai U. Ordinario @caiordinario

I

MPROVING data collection on women’s assets and business ventures will also help boost the economy and reduce poverty, according to experts from the Asian Development Bank (ADB).

In an Asian Development Blog, Economic Research and Regional Cooperation Department Principal Statistician Kaushal Joshi; Consultant Mildred Addawe; and Statistician Arturo Martinez said women’s asset ownership and entrepreneurship will also lead to better educated and healthier children.

However, without sex-disaggregated data on asset ownership and entrepreneurship, it would be difficult to determine the exact contribution of women in economic growth and poverty reduction.

“In many parts of the world, it is believed that women are less likely to own businesses and productive assets such as homes and land. But what percentage of women in society own and control these vital assets in comparison to men, and how do governments form policies that give women a fair chance?” the authors said.

“It is difficult to answer these questions based on the data that is now gathered on

asset ownership and entrepreneurship in most countries in the region. That is because the data collected on this issue is not separated by gender—referred to as ‘sexdisaggregated data,’” they added.

The authors said the ADB, along with the United Nations Statistics Divisions and the national statistics offices of Georgia, Mongolia and the Philippines, conducted a pilot household survey to help obtain disaggregated data on asset ownership and entrepreneurship.

The pilot surveys conducted in Georgia and Mongolia were nationally representative, whereas the survey in the Philippines was piloted in the province of Cavite. However, the coverage of the pilot surveys was restricted to the ownership of nonagricultural enterprises only.

Based on the results, entrepreneurship was the main activity for 10.4 percent of adult men and 13.9 percent of adult women in Cavite; 9.9 percent of adult men and 7.5 percent of adult women in Mongolia; and 6.5 percent of adult men and 2.6 percent of adult women in Georgia.

In terms of ownership of nonagricultural enterprise, data showed that exclusive male ownership was the most common form in Georgia and Mongolia.

In contrast, the data showed that exclu-

sive female ownership is more predominant than exclusive male ownership in Cavite but principal couple ownership is the most predominant in this area.

In general, the authors said gender disparity in exclusive ownership is highest in Georgia where men are 1.8 times more likely to be exclusive owners of enterprises than women.

“The patterns and determinants of nonagricultural enterprise ownership illustrate that gender disparity is more evident in Georgia and Mongolia. Meanwhile, women in Cavite either have greater advantage, or have similar ownership rights as men. Women-owned enterprises are, in general, small in scale, concentrated largely in the trade sector, and established directly using own funds,” the authors said.

Given the results, the authors said efforts to obtain sex-disaggregated data in other parts of the region is needed to better understand the role of women in the region’s economy.

The authors also said that the pilot surveys showed these could be done given the availability of standardized methods and guidelines, collecting sex-disaggregated data on asset ownership.

“Producing this type of data is an important step in achieving gender equality and

empowerment of women and girls, which is one of the ambitious goals laid out in the 2030 Agenda for Sustainable Development,” the authors said.

Based on Goal 5 of the Sustainable Development Goals (SDGs), countries should achieve gender equality and empower all women and girls by 2030.

This means ending all forms of discrimination against women and girls; eliminating all forms of violence against them in public and private spheres, including sexual and other types of exploitation; eliminating genital mutilation; and recognizing the value of unpaid care and domestic work.

Goal 5 also includes ensuring women’s full participation and equal opportunities for leadership at all levels of decision-making and ensure universal access to sexual and reproductive health and rights in accordance with the Programme of Action of the International Conference on Population and Development and the Beijing Platform for Action.

Other targets under the goal include reforms that will give women equal rights to economic resources, including ownership and control over land and other properties; enhancing women’s use of technology; and adopting policies that promote gender equality.

Negosyo Serbisyo sa Barangay Online portal to fast-track trade launched in Dinalungan, Aurora registration in the works–DICT

D

INALUNGAN, Aurora—The Department of Trade and Industry (DTI) provincial office launched on Tuesday last week its Negosyo Serbisyo sa Barangay (NSB) program in an effort to boost and encourage more barangay-based business ventures and other economic activities.

The initial launching was held in Barangay Simbahan in this town attended by local officials headed by Barangay Chairman Alberto Pascua and some 100 residents composed mostly of fisherfolks, farmers, entrepreneurs and cooperatives members.

DTI-Aurora Provincial Director Edna Dizon said the initiative aims to intensify the promotion and dissemination of the agency’s programs and services to help start-ups and microenterprises in the villages.

“We want the various programs and services of our agency to really reach farmers, fisherfolks, ‘agripreneurs’ and indigenous peoples, among others in order to promote inclusive growth,” Dizon said. She said the DTI aims to conduct the project in selected barangays in fourth to sixth class municipalities of Aurora province. The next

village where the project will be launched next month is in Barangay Mapalad, also in this town.

Similar to Negosyo Centers, DTI will coordinate with the local officials to introduce the program and solicit their support for its implementation.

“The program will continue and followups for the small ventures will be conducted to provide assistance and possibly to refer them to small business corporations,” she added.

At the same time, the DTI is also targeting 555 micro, small and medium enterprises (MSMEs) in the region to be assisted under the indicative target NSB program area coverage.

There are 116 municipalities in seven provinces in the region of which 21 are municipalities under fourth- to sixth-class classification and 311 barangays under fourth- to sixth-class classification.

Dizon also said that a total of seven Negosyo Centers (NCs) have been established in this province except in the town of Casiguran.

The NCs are in the towns of Dingalan, San Luis, Dipaculao, Maria Aurora, Baler, Dinalungan and Dilasag. PNA

A

N online system that would expedite the application process for business registration, in compliance with the Ease of Doing Business Act, is being developed, an official of the Department of Information and Communications Technology (DICT) said.

“In terms of the business portal, its initial functionality is for registering a business, to operate a business entity. It takes so many days before somebody goes from the idea of starting a business to actually implementing it,” DICT Undersecretary Denis Villorente said in an interview.

Villorente said the law mandates the department to create a Central Business Portal, which would serve as a system to receive applications and data involving

business-related transactions, including primary and secondary licenses, business clearances, permits, certificates or authorizations issued by local government units (LGUs).

It may also provide links to the online registration or application systems established by national government agencies.

“He just has to file the application one time with all the information about his business and it gets processed by all the government agencies involved. That will facilitate both the application process and reduce the time to start a business itself,” he added.

The DICT will coordinate with the Department of Trade and Industry and the Anti-Red Tape Authority to lay out the mechanism for the portal’s implementation.

An online-based Philippine Business Data Bank will also be established and managed by the DICT. It shall provide government agencies and LGUs access to data and information of registered business entities to verify their validity, existence and other relevant information.

President Duterte signed in May last year Republic Act 11032 or the Ease of Doing Business Act, which aims to reduce red tape and expedite business and nonbusiness-related transactions in the government.

Under the law, simple transactions of business entities with the government should be processed within three days, seven days for more substantial transactions and 20 days for highly technical transactions. PNA

Axadra Ventures: Digital solutions for Filipino businesses

T

O address the growing need for digitization in the country, Axadra Ventures is developing a solution that will enable small and medium enterprises (SMEs) to harness the potential of digital technology to be more competitive in the marketplace.

“It is going to be a down to Earth solution geared for the SMEs. It w i l l cost them P50,000.

The package con- SAN JUAN III tains social media, Web hosting, search engine optimization, analytics and cloud,” Axadra Ventures General Manager Bernard San Juan III told the press in a recent interview on the sidelines of the launching of the company held in Makati City.

“Right now, we are beta testing the product before launching it to the market,” San Juan added.

Moreover, Axadra is leading “Digitize the Philippines,” an ongoing digital learning seminar for SMEs that aims to address, educate and implement digital solutions for Filipino businesses.

Axadra Ventures is one of the country’s largest digital transformation providers and is leading the way in elevating the local market with scalable, digital solutions.

San Juan said there is a great need for SMEs to pursue the digital road map so they can expand their markets, be more efficient and move up higher in the value chain. Of the 900,000 registered businesses in the Philippines, 90 percent belong to the micro, small and medium enterprises (MSME) category.

Despite having more than 900,000 registered companies in the country, only 25 percent of these companies are optimized for digital transformation.

“Some of them believe going digital is a formidable challenge,” San Juan noted.

Despite being one of the regional leaders in e-commerce spending and digital consumption in general, San Juan pointed out that SMEs in the Philippines lag behind in terms of integrating digital technology to their business processes.

He said the Philippines, particularly the local retails, missed opportunities when e-commerce entered the country. At present, he said the foreign sector controls more than 50 percent of commerce in the Philippines.

Moreover, San Juan said, the country also needs to produce a substantial number of digital marketers to be able to handle the business sector’s requirements in the new marketplace.

Axadra Ventures is actually the parent brand of some of the Philippines’s leading digital marketing and digital solutions providers, such as Truelogic Online Solutions, SEO Werkz, SEO Reseller and many more.

“We want to future-proof local businesses and prepare the leaders of tomorrow for the digital revolution,” said Itamar Gero, chief executive officer and founder of Axadra Ventures.

“Our goal is to create an entire culture of digitization in the Philippines so that even the smallest enterprise can compete on an international level,” he said.

Gero has over a decade of experience working in the digital marketing industry which has helped him build an extensive knowledge based on all things digital and knowledge that he applied in the creation of Axadra Ventures.

San Juan believes that by integrating digital solutions with traditional processes, small-tomedium companies in the Philippines can be at the forefront of the “fourth industrial revolution,” which is the complete shift of major industries into the digital landscape.

San Juan has almost 10 years of experience as a general manager of several companies, including Truelogic Online Solutions.

He pointed out that Axadra Ventures is using the latest innovations in digital practices and applies them to their client’s business processes. “We’re not just trying to ensure their survival, we’re providing our clients with the tools they need to thrive and succeed,” explained San Juan.

“Knowledge is power, and it’s more true now than it was a decade ago,” San Juan added.

In the future, he said, wealth and influence will not be decided by an individual’s family name or by traditional means. Instead, he said, it will be decided by how an entrepreneur’s business has “undergone a digital transformation.” Rizal Raoul S. Reyes