BusinessMirror July 16, 2019 by BusinessMirror

OFW REMITTANCES IN JAN-MAY HIT $13.7B By Rea Cu

ERSONAL remittances made by Filipinos working abroad amounted to $2.9 billion in May this year, pushing remittances to reach $13.7 billion during the first five months of 2019, the Bangko Sentral ng Pilipinas (BSP) has reported. Latest data from the BSP showed the personal remittances from overseas Filipino workers (OFWs) in May represented a 5.5-percent increase, from the $2.7 billion recorded in the same month for 2018. The January to May 2019 total remittances of $13.7 billion, meanwhile,

OVERSEAS Filipino workers wave as they arrive at the Naia Terminal 1 in this 2018 BusinessMirror file photo. Reports said that OFW remittances from January to May hit $13.7 billion. NONIE REYES

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

@ReaCuBM

are 4.1 percent higher than the $13.2 billion recorded during the same period for 2018. According to the BSP, the steady growth in personal remittances for the five-month period came from the remittance inflows from land-based OFWs with work contracts of one year or more, which aggregated to $10.5 billion from $10.2 billion in the same period last year. Furthermore, inflows from the compensation of sea-based workers and land-based workers with shortterm contracts also contributed to the growth, at $2.9 billion coming from $2.7 billion a year ago. Cash remittances coursed through

banks from OFWs for May alone amounted to $2.6 billion, posting an increase of 5.7 percent, compared to the $2.5 billion recorded in May 2018. This brought cash remittances for the January-to-May period to reach $12.3 billion—a growth of 4.5 percent from the $11.8 billion recorded in the same period last year. “In particular, cash remittances from land-based and sea-based workers increased by 3.2 percent at $9.7 billion and 9.2 percent at $2.7 billion, respectively, during the first five months of 2019,” the BSP said. It was pointed out that remittances See “Remittances,” A2

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

n Tuesday, July 16, 2019 Vol. 14 No. 279

₧159-B deals dropped with NCR ecozone ban T

By Bernadette D. Nicolas

@BNicolasBM

HE national government has decided to let go of P159 billion worth of project proposals to develop 131 informationtechnology (IT) centers and parks in Metro Manila even if these were already approved by Philippine Economic Zone Authority (Peza) board but have yet to be endorsed to the Office of the President.

Executive Secretary Salvador C. Medialdea told the BusinessMirror that they will go by the Administrative Order (AO) 18, which

imposed the moratorium on economic zone development in the nation’s capital despite Peza’s appeal to exempt those applications

approved by the Peza board and are already for endorsement to the OP. “We will abide by the AO and the intent behind it which is to spur

“We will abide by the AO and the intent behind it which is to spur growth in the countryside. Thus, applications for Metro Manila which had not been submitted to OP as of the date of the AO will no longer be entertained, even those already approved at the level of Peza.”—Medialdea

growth in the countryside. Thus, applications for Metro Manila which had not been submitted to OP as of the date of the AO will no longer be entertained, even those already approved at the level of Peza,” Medialdea said in a text message. See “Ecozone,” A8

As global oil hits 7-wk highs, local players set price hike

BUSINESS NEWS SOURCE OF THE YEAR DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

P25.00 nationwide | 4 sections 26 pages | 7 DAYS A WEEK

PNOC, RATIO PETROLEUM INK PACT TO EXPLORE FOR OIL, GAS RESOURCES IN PHL By Lenie Lectura @llectura

HE Philippine National Oil Co. (PNOC) and Ratio Petroleum Ltd. of Israel have signed a memorandum of understanding (MOU) for them to explore and develop oil and gas resources in the Philippines. The MOU provides for cooperation in the conduct of research and feasibility studies; the exchange of technical information, including coordination to facilitate necessary permits and clearances; and the sharing of technical resources and capabilities for project development, starting with Service Contract (SC) 76. SC 76 is the first petroleum service contract signed under the current administration. Ratio Petroleum was awarded SC 76, covering Eastern Palawan. The MOU allows PNOC to participate in SC 76, based on terms to be mutually agreed upon. PNOC has been looking for technology partners to assist its

energy activities, particularly in the exploration and development of new oil and gas fields to intensify its contribution to building the country’s energy security and selfsufficiency. Ratio Petroleum is part of the Ratio Group, with an experience of more than three decades in the exploration and production (E&P) industry. The Israeli company operates in six countries around the world and is credited with developing the Leviathan natural gas field—the largest natural gas field (22 tcf ) in the Mediterranean Sea. PNOC President and Chief Executive Officer Admiral Reuben S. Lista and Ratio Petroleum Ltd. CEO Itay Raphael Tabibzada signed the MOU. Witnessing the signing were: PNOC board director, retired AFP Maj. General Romeo de Vera Poquiz; and Ratio Petroleum Ltd. Senior Vice President for Engineering and Petroleum Eitan Aizenberg. The signing was also witnessed by Energy Secretary Alfonso G. Cusi, PNOC ex-officio chairman.

Smartmatic signals intent to bid for supply of new voting machines in 2022

IL companies are implementing another price increase, citing upward adjustments in global oil prices. The price of gasoline will increase by P1.05 per liter; and diesel and kerosene by P0.70 per liter, respectively. The price adjustment will be implemented by Pilipinas Shell, PTT Philippines, Phoenix Petroleum, Eastern Petroleum, Seaoil Philippines and PetroGazz at 6 a.m. of Tuesday, July 16. Based on monitoring by the Department of Energy (DOE), oil prices surged to a seven-week high brought about by “a gathering storm in the US, as well as bubbling tensions in the Middle East.” The agency said“tensions remained high” as Iran attempted to make good on a threat to seize a British tanker in retaliation for the UK’s capture this week of one of its vessels laden with crude off the coast of Gibraltar. Last week, gasoline prices increased by P0.25 per liter while diesel and kerosene prices went down by P0.40 per liter and P0.35 per liter, respectively. The adjustment in local pump prices reflects movements in the international oil market. Other oil firms are expected to announce their price adjustment Monday night. Lenie Lectura

2018 EJAP JOURNALISM AWARDS

By Samuel P. Medenilla

S ‘ANDAR NA O ATRAS?’ Transport groups picket the main office of the Land Transportation Franchising and Regulatory Board (LTFRB) in Quezon City on Monday (July 15) to protest the government’s PUV modernization program, specifically the forced consolidation of franchises. Also on Monday, Sen. Grace Poe pressed the Duterte administration to take time to attend to “legitimate concerns” of jeepney drivers after noting that “the issues surrounding the jeepney modernization program are far from resolved.” Poe chairs the Senate Committee on Public Services. NONOY LACZA

Consumers hail ERC move to order DU refunds

ONSUMER group Murang Kuryente (MK) on Monday commended the Energy Regulatory Commission (ERC) for ordering distribution utilities (DUs) to refund their customers on unused Regulatory Reset Cost (RRC). RRC represents expenses incurred in engaging regulatory

PESO EXCHANGE RATES n

experts or consultants when setting and updating the DU’s electricity rates. Under the commission’s performance-based regulation (PBR) methodology, DUs are allowed to charge RRC in their revenue requirement. Twelve DUs were ordered by the ERC to refund more than P20.8 million to their respective consumers,

said the ERC last week. “ The Commission has ruled that regulation should be at the cost of the government, and we will consider the same ruling in our current review of the regulatory reset process,” ERC Chairman and Chief Executive Officer Agnes VST Devanadera had said. See “ERC,” A2

@sam_medenilla

MARTMATIC International has renewed its bid to supply the new voting machines to be used by the Commission on Elections (Comelec) for the 2022 polls. Comelec Spokesman James B. Jimenez said Smartmatic was among the at least four elections solutions exhibitors in the recent Automated Election System (AES) Technology Fair organized by the Department of Information and Com mu n ic at ions Tec h nolog y (DICT) and the Comelec Advisory Council. “They presented the VCM [votecounting machines], with some functionalities which were not used in the 2016 and 2019 elections,” Jimenez said. Smartmatic also a presented a direct recording (DRE) machine solution as well as an Internet voting solution. Smartmatic has been the official vote-counting machine supplier of Comelec since 2010 polls, when the

Philippines first resorted to automated elections. It was the supplier of the over 97,000 VCM used by the poll body in the May 2019 polls. Smartmatic’s involvement in the country’s elections has drawn opposition from poll watchdogs worried by its alleged lapses and irregularities in its services. Aside from the previous Comelec supplier, Jimenez said other exhibitors in the AES technology fair were BOSES, a homegrown election system; VOATZ, a mobile voting solutions provider; and Indra Sistemas. During the event, he said the following groups also had booths to showcase their products: transparentelections.org featuring its hybrid process; and the DICT itself with its One Citizen, One Vote AES Prototype Concept. Comelec said in May it is now considering replacing its existing VCM for the 2022 polls since the said units are now becoming more prone to malfunctions. See “Smartmatic,” A2

US 51.1640 n JAPAN 0.4741 n UK 64.3285 n HK 6.5390 n CHINA 7.4361 n SINGAPORE 37.6621 n AUSTRALIA 35.8864 n EU 57.6721 n SAUDI ARABIA 13.6426

Source: BSP (15 July 2019 )

News

BusinessMirror

A2 Tuesday, July 16, 2019

DOH declares Natl Dengue Alert as cases keep rising

By Claudeth Mocon-Ciriaco | Correspondent

EALTH Secretary Francisco T. Duque III on Monday declared a National Dengue Alert, citing the rapidly increasing number of cases observed in several regions. Duque listed among the regions which have exceeded the epidemic threshold Mimaropa (Region 4B), Western Visayas (Region 6), Central Visayas (Region 7) and Northern Mindanao (Region 10). The health chief disclosed that clustering of cases must be identified by the Deparment of Health (DOH) regional

office as a basis for declaring a localized epidemic at the barangay level. Meanwhile, the following regions are being monitored after having exceeded the alert threshold—Ilocos, Cagayan Valley, Calabarzon, Bicol, Eastern Visayas, Zamboanga Peninsula, Davao, Bangsamoro Autonomous Region

in Muslim Mindanao and Cordillera Administrative Region. In coordination with the National Disaster Risk Reduction and Management Council, through Undersecretary Ricardo Jalad of the Office of Civil Defense, the code blue alert has been activated. DOH as lead agency will be convening the NDRRMC Health Cluster. From January 1 to June 29 this year, most cases listed were from Western Visayas (13,164), Calabarzon (11,474), Central Visayas (9,199), Soccsksargen (9,107) and Northern Mindanao (8,739). Dengue cases nationwide have now reached a cumulative figure of 106,630. This is 85 percent higher compared to the same period last year (57,564).

Peaking cycle

DUQUE explained that dengue cases have been observed to peak every three to four years. He added that early detection and proper case management can prevent deaths. The last peak occurred in 2016, and given this pattern, the DOH expects an increase in cases this year. Dengue is a viral disease with no known vaccine or specific antibiotics. Effective surveillance can also help in reducing cases and deaths if areas with clustering of cases are identified early. Signs and symptoms of disease are severe headache, pain behind the eyes, severe joint and muscle pain, fatigue, nausea, vomiting and skin rashes.

ING Bank’s economist Mapa sees 50-bps rate cut in 3rd quarter

NG Bank Manila sees a possible rate cut from the Bangko Sentral ng Pilipinas (BSP) during the third quarter of this year, as it considers the dovish stance of the Federal Reserve System (the Fed). In a statement on Monday, ING Bank Manila Senior Economist Nicholas Antonio T. Mapa said the BSP could cut policy rates by a total of 50 basis points during the third quarter of this year, either in a phased manner of 25 bps in August and 25 bps in September, or via a single 50-bps rate cut in August. “We have solidified our forecast for a policy cut at the 9 Au-

El Nido. . .

Continued from A8

“Are they really referring to the entire Bacuit Bay, or just El Nido Bay, which is fronting El Nido town?,” the source asked, noting that the DILG inspection team only visited El Nido town and the Corong Corong area. The source explained, El Nido Bay is contiguous to Bacuit Bay, which also includes Corong Corong Bay. The source noted, if the entire Bacuit Bay is closed, “would this mean no one would be able to pass there, and even fisherfolk would have to defer to the [decision].” If the entire bay is closed, then the government would have had to take water samples in the middle of the ocean, or in the

Electronic cigarettes. . . Continued from A8

harmful and potentially harmful substances including second-hand aerosols (SHA). Since these products have a unique appeal to the youth—due to the prevalence of flavored variants and their unique construction—the DOH and FDA strongly appealed to parents, teachers, and health workers to educate children and adolescents about the health risks of e-cigarettes. As to the claim regarding the effectiveness of e-cigarette as a smoking cessation aid, the DOH said there is barely sufficient evidence-based research to prove so. “While there is a lack of conclusive data regarding the long-term effects of using e-cigarettes, its health risks cannot be set aside. The precautionary principle recommends that, until conclusive data regarding their safety have been established, regulatory measures should aim at reducing exposures to these products,” Duque added. Claudeth Mocon-Ciriaco

gust meeting given [BSP] Governor [Benjamin E.] Diokno’s recent dovish tilt, and we are opening the possibility for a third easing for 2019. Governor Diokno shared that the decision to cut policy rates for a second time had been made prior to [the Fed Chairman Jerome] Powell’s recent testimony which foreshadows a possible third rate cut either at the September meeting,” Mapa said. The ING Bank Manila also pointed out that the market can expect the BSP to trim reserve requirement ratios (RRR) at a nonpolicy meeting after the September policy meeting, possibly in a phased manner of 50 bps at

bay’s more pristine areas. “In our cases, the waters surrounding our island resorts, have always tested negatively for these things,” said the source, who requested anonymity as he was not authorized to speak on the matter. Tourist arrivals in El Nido reached 200,000 in 2017, with the LGU earning some P40 million from the environmental fee it charges each guest. For his part, Clemente said, the government cannot close El Nido so quickly. “The resorts still have bookings, even if it is the low season.” He also asked for a more scientific basis for the closure, noting that during the monsoon season, “trash from all over the ocean wash up on our shores, which are not necessarily ours. They should

Drills. . .

the end of October, and another 50 bps either in November or December. This is seen to bring the 2019 reduction in RRR possibly to 300 bps, the ING Bank Manila said. It was explained that the Central Bank governor did indicate earlier that he would like to slash RRR further, but hinted that policy cuts would precede them as he gauges the impact of his recent phased RRR reduction first ordered in May 2019. In May, the BSP’s Monetary Board (MB) moved to cut its deposit requirement on smaller banks in the system, after earlier cutting the rates for the universal

also take a look at the trash being ejected from cruise ships which visit the destination.” He noted that “tour operators in Bacuit Bay have already been compliant with the limited numbers of tourists they take around the bay.” Clemente cautioned the government against making any hasty decisions regarding El Nido, as what happened in Boracay Island last year. “My concern is, those stakeholders who have been complying with the task force requirements or LGU ordinances will be affected, and they will lose their livelihoods again.” Boracay Island was closed to tourists for six months in 2018, leading to the loss of some 30,000 jobs and receipts amounting to some P30 billion.

Continued from A8

Off to Russia

MEANWHILE, the Navy contingent involving about 300 Navy and Marines left Pier 13 in Manila aboard the landing dock ship, BRP Davao del Sur, and with the onboard Helicopter Detachment Afloat (HDA). A statement from the Navy said the contingent headed by Capt. Richard Gonzaga will join in the naval parade in Vladivostok from July 24 to 29 in celebration of Russian Day. “ This is a follow-up of our first port visit last year which hopes to broaden our horizon on capacity building and another opportunity for us to continue and strengthen our bilateral military cooperation and diplomatic relationship with the Russian Federation and other counterparts, as well as an avenue to explore resolutions on issues and concerns mutual to all maritime countries,” Rear Adm. Loumer Bernabe, the chief of the Navy’s naval staff, said during the sendoff ceremony. Aside from joining in the parade, the contingent is scheduled to visit Russia’s submarines. The Navy is eyeing to acquire submarines in its capability upgrade program and was looking at Russia as one of its possible sources.

Smartmatic. . .

Continued from A1

Comelec Chairman Sheriff M. Abas said the conduct of the AES technology fair allowed them to connect with more suppliers. “ The technology fair gives the Commission on Elections the opportunity to see what is available out there, in terms of modern election solutions. It shows us solutions we have not seen before, and it shows us new strategies for using the technology we already have,” Abas said.

and commercial banks RRR. Monetary authorities decided to cut the RRR of thrift banks by 2 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 2 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. Rea Cu

Remittances. . . Continued from A1

coming from the United States registered the highest share of overall remittances for the five-month period at 36 percent, followed by Saudi Arabia, Singapore, United Arab Emirates, the United Kingdom, Japan, Canada, Hong Kong, Qatar and Kuwait. “ The combined remittances from these countries accounted for 78 percent of total cash remittances from January to May 2019,” the BSP added. According to the BSP, personal remittances is computed as the sum of net compensation of employees, personal transfers and capital transfers between households. The steady flow of remittances into the country has long been a boon for the country’s economic story—particularly fueling the private consumption part of the country’s gross domestic product growth.

Pregnant. . . Continued from A8

Program abandoned

EARLIER, Socioeconomic Planning Secretary Ernesto M. Pernia said the population boom emanated from the abandonment of the government’s population program in 1969. If the population program were only sustained, the country would have reached upper middle-income country (Umic) status as early as 2011. He said that in 1969, the Philippines had the same population as Thailand at around 68 million to 70 million. However, the country abandoned its population program and this has caused the population to reach 108 million today and on track to reaching 110 by year-end. If the Philippines had maintained its population policy, Pernia said poverty would only be at 10 percent and the country would have fewer out-of-school youths and teen pregnancies. And, its maternal mortality rate would be lower. The government, Pernia said, would also be able to have more financial head room to finance human capital development projects.

www.businessmirror.com.ph

No need to legislate divorce, several options available–CBCP brass

N official of the Catholic Bishops’ Conference of the Philippines (CBCP) said on Monday that legislation to allow divorce is no longer necessary, as there are other “remedies” for couples who cannot get along, like “legal separation.” CBCP-Public Affairs Committee Executive Secretary Fr. Jerome Secillano said, “Declaration of nullity, annulment and legal separation are available options but perhaps couples just don’t simply avail of them.” “If legislators see problems in these remedies, they simply need

to fix them,” he added. The CBCP official issued the statement after Sen. Risa Hontiveros refiled her bill allowing divorce in the country. Secillano warned that the proposal will be detrimental to the welfare of families. “Divorce does not keep families together. It breaks up families,” Secillano said. “Adding another option for separation puts to risk the family, which under our Constitution and Family Code, is an inviolable institution that must be protected by the State,” he added. Samuel P. Medenilla

Social welfare attachés to be deployed to places with big OFW population

R ESIDEN T Duter te has signed into law the measure establishing the Office of Social Welfare Attaché. Signed into law last April 17, the new law paves the way for the deployment of more social welfare attachés to assist distressed overseas Filipinos and their children. Under Republic Act 11299, the Department of Social Welfare and Development (DSWD) shall deploy social welfare attachés in countries with a large concentration of overseas Filipino workers (OFW). These attachés shall be responsible for managing cases of OFWs and other overseas Filipinos in distress needing psychosocial services, such as victims of trafficking or illegal recruitment, rape or sexual abuse, maltreatment and other forms of physical or mental abuse and cases of abandoned or neglected children; and establishing and maintaining a data bank and documentation of OFWs and their families so that appropriate social welfare services can be more effectively provided. They are also tasked to submit regular reports to the DSWD and Department of Foreign Affairs (DFA) home office on plans and

ERC. . .

Continued from A1

“We thank Chairperson AgnesT. Devanadera and the ERC for recognizing the excessive billing of DUs. However, we would also like to remind her that Meralco [Manila Electric Co.] has yet to fully implement the refund orders give to it, and so we will watch closely if the new set of DUs will comply with the order to return the money of consumers by July,”Murang Kuryente Spokesman Gerry Arances said in a statement Monday. The ERC earlier computed the regulatory reset cost to be refunded by Meralco at P0.0731 per kWh in July. DUs affected by the refund include: Cabanatuan Electric Corp. (Celcor); Clark Electric Distribution Corp. (CEDC); Dagupan Electric Power Corp. (Decorp); La Union Electric Co. (Lueco); San Fernando Electric Light & Power Co. (Sfelapco); Tarlac Electric Inc. (TEI); Bohol Light Co. Inc. (BLCI); Cagayan Electric Power and Light Co. (Cepalco); Cotabato Light and Power Co. (CLPC); Davao Light and Power Co. (DLPC); Iligan Light and Power Inc. (ILPI); and Visayan Electric Co. (Veco). Also, the commission required the DUs to submit a compliance report on or before August 15. “Having begun this trend, we also ask the ERC to consider other pass-on costs of DUs, such as the pending case on real property taxes [RPTs] filed by electric co-ops,” said Arances. “Murang Kuryente said it forced a delay in the hearings concerning the petition of the Philippine Electric Rural Cooperatives Association [Philreca], an association of rural electric cooperatives in the country, to allow them to charge their member-consumers with RPTs assessed on cooperatives by local government units (LGUs).

activities undertaken, recommendations, and updates on the situation of OFWs, particularly those encountering difficulties. This report shall also form part of t he semiannua l repor t to Congress. The funding for the implementation of this Act shall be included by the DSWD among its programs in the annual national budget. Within 60 days after the effectivity of this Act, the DSWD, in consultation with the DFA, Department of Labor and Employment, Department of Health, Philippine Overseas Employment Administration, Overseas Workers Welfare Administration and other relevant stakeholders shall formulate the necessary implementing rules and regulations of the new law. Moreover, the DSWD shall also provide the criteria for determining the selection of Diplomatic Posts to which social welfare attachés will be deployed and the minimum qualifications and attributes of the social welfare attachés. The law shall take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation . Bernadette D. Nicolas “Murang Kuryente remains firm in its advocacy that electricity is a right and should not be burdened with unnecessary costs to consumers. We are hoping that the ERC will stand with us on this advocacy,” said Arances. Arances, who is also the executive director of the Center for Energy, Ecology and Development (CEED) lauded the decision of the Catholic Bishops’ Conference of the Philippines (CBCP) to divest from coal, following Pope Francis’s encyclical letter on the environment. “The moral leadership of the Church lends great weight to our cause for a coal-free Philippines. No amount of short-term profit justifies the long-term compromise of the health of our people and the Earth’s climate,” said Arances. The decision to divest from coal is one of the 10 action plans for Laudato Si National Campaign which was presented to the bishops during the recent Plenary Assembly in Manila. The Philippines is one of the countries most vulnerable to climate change, yet it is also one of the few countries in the world where investments in coal continue to rise. The CBCP is the most recent institution of the Catholic Church to make the move away from coal. The bishops of Belgium, Ireland and Australia have preceded the CBCP in these divestments, along with 120 other Catholic institutions around the world. “My hope is that this is the beginning of a trend where all investors will reject coal and other fossil fuels, choosing the Earth over their pockets,” said Arances. In 2015, the Vatican published Laudato si’ (Praise Be to You), an encyclical subtitled “On care for a common home,” which stated that the warming of the planet is a symptom of the world pursuing short-term economic gains at the expense of harming the planet. Lenie Lectura

A4 Tuesday, July 16, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Avid reports flat imported vehicle sales growth in H1

By Elijah Felice E. Rosales

@alyasjah

UTOMOBILE importers fell flat on their objective to grow sales in the first half of the year, as a slight increase in the demand for light commercial vehicles was offset by a declining appetite for passenger cars. In a report on Monday, the Association of Vehicle Importers and Distributors Inc. (Avid) said its sales from January to June grew flat at 0.57 percent to 43,333 units, from 43,084 units during the same period last year. Two segments posted single-digit improvements, but the passenger car bracket nullified these upswings with an over 4-percent sales contraction. Sales of light commercial vehicles improved 3.64 percent to 27,331 units from 26,370 units, as the segment accounted for nearly two-thirds of industry sales. Commercial vehicle sales in the first half slightly went up to 666 units from 661 units during the same half last year. However, sales of passenger cars declined 4.46 percent to 15,336 units from 16,053 units, in a reflection of the market’s slowing demand for automobiles. In the second quarter, Avid’s sales expanded 4.9 percent to 21,134 units from 20,145 units, on positive performances from all

0.57% The growth of imported vehicle sales from January to June this year to 43,333 units, from 43,084 units during the same comparative period last year

three brackets. Passenger car sales in the second quarter rose 6.88 percent to 7,422 units from 6,944 units during the same period last year. Further, sales of light commercial vehicles grew 3.91 percent to 13,383 units from 12,879 units, and of commercial vehicles increased to 329 units from 322 units. Avid President Maria Fe PerezAgudo said the flat growth is but temporary, as the automotive industry is projected to do better in the second half on more favorable

economic conditions. “Despite headwinds that include an economic slowdown in the first quarter of 2019, Avid posted a third straight month of positive growth to finish the second quarter strong. We believe that this slowdown is temporary since the Philippines is now on a higher growth path and is a leading economy in [Southeast Asia],” Agudo said. “Given these, we will continue to introduce exciting models and innovative services to give consumers more value for their money,” she added. In the first half Hyundai Asia Resources Inc. sold the most passenger cars at 9,458 units, followed by Suzuki Philippines Inc. at 4,206 units and Ford Group Philippines Inc. at 675 units. On the other hand, FGPI took the lion’s share of light commercial vehicle sales at 10,552 units, trailed by Hari at 7,690 units and SPI at 6,611 units. Last year Avid’s sales slumped 16.54 percent to 88,700 units from 106,285 units in 2017 on the confluence of record high inflation, higher borrowing costs, unstable fuel prices and excise taxes on automobile imposed by the Tax Reform for Acceleration and Inclusion law. Vehicle importers are targeting to grow sales by 10 percent this year. They are hoping inflation will settle within the government target range of 2 percent to 4 percent all throughout, which, in the process, should result in the Bangko Sentral ng Pilipinas loosening its monetary policy.

www.businessmirror.com.ph

Do tech giants use our data to change our behavior?

By Henry J. Schumacher

HE tech companies’ innovation rhetoric effectively blinded us for many years. Facebook and Google were regarded as innovative companies that made dreadful mistakes at the expense of our privacy. However, since then the picture has sharpened. It’s scary, that their logic of surveillance begins with unilaterally claiming private human experience as free raw material for production and sales. They are using our walk in the park, online browsing and communications, hunt for a parking space, voice at the breakfast table… These experiences are translated into behavioral data. Some of these data may be applied to product or service improvements, and the rest is valued for its predictive power. These flows of predictive data are fed into computational products that predict human behavior. A leaked Facebook document in 2018 describes its machine-learning system that “ingests trillions of data points every day” and produces “more than 6 million predictions per second.” Finally, these prediction products are sold to business customers in markets that trade in human futures. Markets in human futures compete on the quality of predictions. This competition to sell certainty produces the economic imperatives that drive business

practices. Ultimately, it has become clear that the most predictive data comes from intervening in our lives to tune and herd our behavior toward the most profitable outcomes. Data scientists describe this as a shift from monitoring to actuation. The idea is not only to know our behavior, but also to shape it in ways that can turn predictions into guarantees. It is no longer enough to automate information flows about us; the goal now is to automate us, you and me. The big picture reveals extreme concentrations of knowledge and power. Surveillance capitalists know everything about us, but we know little about them. Their knowledge is used for others’ interests, not our own. Surveillance capitalism thrives in the absence of law or the proper implementation of the law. The question is, what kind of regulation? Are existing approaches to privacy and antitrust law the answer? Both are critical but neither is adequate. One example is the privacy law’s call for “data ownership.” It’s a misleading notion because it legitimates the unilateral taking of human experience — your face, your phone, your emotions — for translation into data in the first place. Even if we achieve “ownership” of the data we have provided to companies like Facebook or Google, we will not achieve ownership of the predictions gleaned from it, or the fate of those products in its prediction markets. Data ownership is an individual solution when collective solutions are required. We will never own those 6 million predictions produced each second I mentioned above. Surveillance capitalists know this. Research over the past decade suggests that when “users” are informed of surveillance capitalism’s backstage operations, they want protection, and they want alternatives. We need regulation designed to advantage companies that want to break with surveillance capitalism. Competitors that align themselves with the actual needs of people and the norms of a market democracy are likely to attract just about every person on Earth as their customer. Surveillance capitalists are rich and powerful, but they are not invulnerable. They fear law. They fear lawmakers. They fear citizen-protecting regulators! They fear citizens who insist on a different path. Both groups are bound together in the work of rescuing the digital future for democracy. In conclusion, there is a need that companies respect the data privacy protection and implement the data privacy law, and that individuals understand their “power” over their privacy. Sad to say, we have not reached both objectives—yet. Feedback is appreciated; e-mail me at schumacher@ eitsc.com.

Fare discount law also exempts students from travel tax–Angara By Butch Fernandez

@butchfBM

RECENTLY enacted fare discount law is expected to benefit over 30 million students, its proponents said on Monday. Sen. Juan Edgardo Angara, one of its principal authors, confirmed that Republic Act 11314 will cover all forms of transportation—from land (jeep, bus, UV Express vans, taxi and TNVS), airplane and ship fares, as well as rail transport, including the MRT, LRT and Philippine National Railways (PNR). In a news statement, Angara said that “all a student has to do is to present a valid school ID, or his or her current validated enrollment forms to avail of the fare discount.” For students going abroad to study, train or participate in competition, “they too will be exempted from paying the P1,620 travel tax,” Angara added. “So now students will enjoy the same privilege granted to our senior citizens and persons with disabilities,” Angara said. The senator clarified that the student fare discount is “a year-round benefit that students can avail so they can have discounted fares whenever they want to go home to their families, even during holidays.” Angara affirmed, however, that excluded from coverage of the law are individuals enrolled in dancing or driving schools, short-term courses of seminar type and post-graduate studies, such as those taking up medicine, law, masteral degree course and doctorate degrees. “Matagal na hinihintay ng ating mga estudyante ang batas na magbibigay ng 20 porsyento na diskwento sa pamasahe [Students have long awaited the approval and ratification of this law that will give 20-percent discount on transport fares],” said Angara, recalling that he first filed a student fare discount bill way back in 2007, during his second term as congressman. “Since then, we already wanted to give this privilege to our students, knowing that rising transport fare is one of the burdens they bear.” The senator pointed out that over 30 million students need to travel from home to school and back from elementary until college, so this fare discount law is a “big help to them and their families.” Apart from the fare discount, Angara said, they are also pushing passage of remedial legislation to provide discounts on daily expenses of students, including meals, medicine and school supplies, but clarified this will only cover indigent students.

DOE order upholds perks for IPs hosting power development projects in their domain By Lenie Lectura

@llectura

HE Department of Energy (DOE) has released a new circular aimed at guiding indigenous communities in accessing and utilizing the financial benefits from hosting power-generation facilities and/or energy resource development projects pursuant to the Energy Regulations (ER) 1-94 Program. Under Department Circular (DC) C2019-060010, the National Commission on Indigenous Peoples (NCIP) shall endorse all legitimate indigenous cultural communities/indigenous peoples beneficiaries to the DOE within 30 days from receiving all the necessary requirements from the ICCs/IPs. Thereafter, the DOE will notify the concerned generation company and/or energy resource developer of the inclusion of the host ICCs/IPs for the remittance of their financial benefits. The policy enables the host ICCs/IPs to utilize the funds for the implementation of their social development projects. Energy Secretary Alfonso G. Cusi said his office recognizes the rights of tribal and indigenous communities to optimize available social development opportunities and preserve their critical role as the stewards of energy resources, particularly where the power plants and/or the energy resource development projects are located. “The host ICCs/IPs’ receipt of financial benefits from power plants situated within their ancestral domain is a symbolic way to mark the 25th year of implementing ER 1-94. This arrangement with the ICCs/IPs further strengthens the DOE’s commitment to boost their participation, cooperation and sustained partnership in power development projects,” Cusi said. Meanwhile, the DOE-Renewable Energy Management Bureau (REMB) conducted last week the third leg of public consultations on the draft DC that would guide the end-users, renewable-energy suppliers and network service providers in facilitating the option taken by end-users to choose RE resources to supply their energy needs.

The World BusinessMirror

www.businessmirror.com.ph

Editor: Angel R. Calso • Tuesday, July 16, 2019 A5

China’s economic growth cools down amid tariff war

EIJING—China’s economic growth sank to its lowest level in at least 26 years in the quarter ending in June, adding to pressure on Chinese leaders as they fight a tariff war with Washington. The world’s second-largest economy grew 6.2 percent over a year ago, down from the previous quarter’s 6.4 percent, government data showed Monday. Forecasters expected China’s economy to rebound in late 2018 but pushed back that target after President Donald J. Trump hiked tariffs on Chinese imports to pressure Beijing over its technology development tactics. Now, economists say the slowdown might extend into next year. Trump and Chinese President Xi Jinping agreed last month to resume negotiations on the fight that has battered exporters on

both sides. But economists warn their truce is fragile because they still face the same array of disputes that caused talks to break down in May. “The trade war is having a huge impact on the Chinese economy,” Edward Moya of OANDA said in a report. “As trade negotiations struggle for meaningful progress, we are probably not near the bottom for China’s economy.” Chinese leaders have stepped up spending and bank lending to keep growth within this year’s official target range of 6 percent to 6.5 percent and avert politically dangerous job losses. But they

face an avalanche of unexpectedly bad news, including plunging auto sales. In the second half of the year, “the external environment may still be more complicated,” said a government spokesman, Mao Shengyong, at a news conference. Quarterly growth was the lowest since China began reporting such data in 1993, according to an employee of the press office of the National Bureau of Statistics, Dong Hui. In 2009, the NBS reported growth of 6.1 percent for the first three months of that year. However, Dong said that later was revised up to 6.4 percent. Jittery consumers are putting off major purchases, depressing demand for autos, home appliances and other goods. “I don’t think the country’s economy is as good as it looks,” said Peng Tao, a 26-year-old delivery courier who said he makes 5,0006,000 yuan ($750-$870) a month. “China has been surely hurt more in the trade war,” said Peng.

“I am not very happy about job prospects because there just aren’t many opportunities out there.” Weaker Chinese activity has global repercussions. China is the biggest export customer for its Asian neighbors and a major market for global suppliers of food, mobile phones, industrial technology and consumer goods. The International Monetary Fund and private sector economists have cut this year’s Chinese growth forecast to as low as 6.2 percent, a further marked decline after last year’s three-decade low of 6.6 percent. Growth in retail sales slowed to 8.4 percent in the first half of 2019, down 0.1 percentage points from the first quarter, the government reported. Growth in factory output decelerated to 6 percent in the first half, down 0.1 percentage points from the first quarter. Auto sales, reported earlier, fell 7.8 percent in June, extending a yearlong contraction in the industry’s biggest market. Chinese exports to the United States fell 7.8

EU seeks to de-escalate Persian Gulf tensions

RUSSELS—European Union nations were looking to deescalate tensions in the Persian Gulf area on Monday and call on Iran to stick to the 2015 nuclear deal, despite the pullout of the United States from the accord and the re-imposition of US sanctions on Tehran. Dutch Foreign Minister Stef Blok said that “it is still not too late, but Iran really has to stick to its obligations.” Iran recently begun surpassing uranium enrichment limits set in its 2015 nuclear deal, saying these moves can be reversed if the other parties to the agreement — Germany, France, Britain, China, Russia and the European Union — come up with enough economic incentives to effectively offset the US sanctions. But EU foreign ministers first and foremost want to get Iran to respect the terms of the deal again. “All these gestures are really raising doubt about intensions” of Tehran, said Linas Linkevicius, the foreign minister of Lithuania. British Foreign Secretary Jeremy Hunt said it was essential to keep all diplomatic channels open. “The Middle East is already one of the most unstable regions in the world, but if the different parties were armed with nuclear weapons it would represent an existential threat to mankind,” Hunt said. The leaders of the UK, France and Germany, signatories to the nuclear deal, called for an end to escalation of tensions in the region. At their regular monthly meeting, the EU foreign minister will also look

percent in June from a year ago. Urba n fa m i l ies t he r u l ing Communist Party is counting on to help propel consumer-driven growth to offset weak trade are being squeezed by rising living costs and slower wage growth. Qiu Wanli, who works for an insurance company in the northwestern region of Xinjiang, said her family has little left over each month after paying a mortgage and expenses for her 3- and 6-year-old daughters and two elderly relatives. “The burden to support the family is fairly heavy,” said Qiu, 30. “We rarely travel and have no plans to because of financial conditions.” The fight between the two biggest global traders has disrupted sales of goods from soybeans to medical equipment and rattled financial markets. The biggest factor in the latest Chinese economic weakness is lackluster activity in construction and industry, according to Julian Evans-Pritchard of Capital Economics. He said that was likely

India aborts moon mission launch, citing technical glitch

THIS undated Ministry of Defense handout shows the HMS Duncan, a Type 45 Destroyer, which will relieve HMS Montrose in the region as Iran threatens to disrupt shipping. Iran on Friday, July 12, 2019, demanded the British navy release an Iranian oil tanker seized last week off Gibraltar, accusing London of playing a “dangerous game” and threatening retribution. British media reported a second warship, the destroyer HMS Duncan, was being sent to the Persian Gulf to operate alongside the Royal Navy’s HMS Montrose frigate and American forces, and would be there in a few days. The British Ministry of Defense refused to comment. BEN SUTTON/MINISTRY OF DEFENSE VIA AP

to drum up further support for the bloc’s barter-type system to trade with Tehran and get around possible US sanctions. Ten nations are already on board with the idea. Iran has said it needs improved economic ties with Europe since the United States has re-imposed harsh sanctions on Tehran’s oil exports, exacerbating an economic crisis that has sent its currency plummeting. Tehran said Sunday it is ready to

negotiate with the United States if Washington lifts its punishing economic tensions. President Hassan Rouhani’s official website quoted him as saying, “The moment you stop sanctions and bullying, we are ready to negotiate.” And the day before, Britain’s top diplomat said the UK will facilitate the release of a seized Iranian tanker if Iran can provide guarantees the vessel would not

breach European sanctions on oil shipments to Syria. Hunt’s remarks late Saturday could help de-escalate tensions. In apparent retaliation for the seized tanker, Iranian paramilitary vessels tried to impede the passage of a British oil tanker through the Strait of Hormuz, only turning away after receiving “verbal warnings” from a British navy vessel accompanying the ship, the British government said. AP

to worsen because a boom in real estate development is fading. “Combined with increasing headwinds from US tariffs and weaker global growth, we expect this to culminate in a further slowdown in economic growth over the coming year,” Evans-Pritchard said in a report. Beijing is pumping money into the economy through higher spending on building highways and other public works. That has shored up growth but set back efforts to reduce reliance on investment, which has pushed debt to levels that prompted credit rating agencies to cut China’s credit rating for government borrowing. Spending on factories, real estate and other fixed assets rose 5.8 percent in the first half of the year, up 0.2 percentage points from the first five months. Credit growth to support that has accelerated to dangerously high levels, according to Iris Pang of ING. She said in a report Friday that suggests the economy “would be deteriorating” without stimulus. “This worries us,” she said. AP

RIHARIKOTA, India—India aborted the launch on Monday of a spacecraft intended to land on the far side of the moon less than an hour before liftoff. The Chandrayaan-2 mission was called off when a “technical snag” was observed in the 640-ton, 14-story rocket launcher, Indian Space Research Organization spokesman B.R. Guruprasad said. The countdown abruptly stopped at T-56 minutes, 24 seconds, and Guruprasad said that the agency would announce a revised launch date soon. Chandrayaan, the word for “moon craft” in Sanskrit, is designed for a soft landing on the lunar south pole and to send a rover to explore water deposits confirmed by a previous Indian space mission. With nuclear-armed India poised to become the world’s fifth-largest economy, the ardently nationalist government of Prime Minister Narendra Modi is eager to show off the country’s prowess in security and technology. If India did manage the soft landing, it would be only the fourth to do so after the US, Russia and China. Dr. K. Sivan, chairman of the Indian Space Research Organization, said at a news conference last week that the around $140-million Chandrayaan-2 mission was the nation’s most prestigious to date, in part because of the technical complexities of soft landing on the lunar surface—an event he described as “15 terrifying minutes.” After countdown commenced on Sunday, Sivan visited two Hin-

du shrines to pray for the mission’s success. Practically since its inception in 1962, India’s space program has been criticized as inappropriate for an overpopulated, developing nation. But decades of space research have allowed India to develop satellite communications and remote sensing technologies that are helping solve everyday problems at home, from forecasting fish migration to predicting storms and floods. With the 50th anniversary of the Apollo 11 mission this month, the world’s biggest space agencies are returning their gaze to the moon, seen as ideal testing grounds for technologies required for deep space exploration, and, with the confirmed discovery of water, as a possible pit stop along the way. “The moon is sort of our backyard for training to go to Mars,” said Adam Steltzner, NASA’s chief engineer responsible for its 2020 mission to Mars. Because of repeated delays, India missed the chance to achieve the first soft landing near the lunar south pole. China’s Chang’e 4 mission landed a lander and rover there last January. India’s Chandrayaan-1 mission orbited the moon in 2008 and helped confirm the presence of water. The Indian Space Research Organization wants its new mission’s rover to further probe the far side of the moon, where scientists believe a basin contains water-ice that could help humans do more than plant flags on future manned missions. AP

S. Korea president says Tokyo’s trade curbs will hurt Japan more

EOUL, South Korea—In his strongest comments yet on a growing trade dispute, South Korea’s president urged Japan on Monday to lift recently tightened controls on high-tech exports to South Korea, which he said threaten to shatter the countries’ economic cooperation and could damage Japan more than South Korea. The dispute between the two US allies has further soured relations already troubled over Japan’s colonial rule of Korea before the end of World War II. President Moon Jae-in accused Japan of abusing its leverage in trade to punish South Korea over their historical dispute. South Korea sees the trade curbs as retaliation for South Korean court rulings earlier this year that ordered Japanese corporations to compensate South Korean victims for forced labor during World War II. South Korea says the strength-

ened export controls of photoresists and other sensitive materials mainly to manufacture semiconductors and display screens could hurt its export-dependent economy and disrupt global supply chains. Its government plans to file a complaint with the World Trade Organization and raise the issue at next week’s WTO General Council in Geneva. Trade officials from the countries failed to resolve the dispute in a working-level meeting in Tokyo on Friday. Moon also said South Korea will use the dispute as an opportunity to reduce its dependence on Japan by strengthening its technology industry and diversifying import sources. “Japan’s export restrictions have broken the framework of economic cooperation between South Korea and Japan that had continued over a half-century based on mutual dependence,” Moon said in a meeting of senior aides at Seoul’s

presidential palace. “The shattered credibility of cooperation with Japan in the manufacturing industry will inspire our companies to break out of their dependence on Japanese materials, components and equipment and work toward diversifying import sources or localizing the technologies. I warn that, eventually, it will be the Japanese economy that will be damaged more.” Moon spoke hours after dozens of South Korean small-business owners rallied in Seoul, calling for boycotts of Japanese consumer goods. The Japanese measures, which went into effect earlier this month, have stoked public anger in South Korea, where many believe Japan still hasn’t fully acknowledged responsibility for atrocities committed during its colonial occupation of Korea from 1910 to 1945. Kim Sung-min, president of the

Korea Mart Association, urged shop owners to boycott the distribution of Japanese products until Tokyo apologizes over the trade curbs and withdraws them. Other demonstrators held up signs that read, “Our supermarket does not sell Japanese products.” Thousands of South Koreans have signed petitions posted by citizens on the presidential office’s websites that called for boycotts of Japanese products and of travel to Japan and for South Korea to skip next year’s Tokyo Summer Olympics. Retailers have also reported modest drops in the sales of Japanese beer. “We will continue boycotting the consumption and distribution of Japanese products until Japan’s government and the Abe administration apologizes and withdraws its economic retaliation,” Kim said, referring to Japanese Prime Minister Shinzo Abe. AP

SOUTH Korean small and medium-sized business owners stage a rally calling for a boycott of Japanese products in front of the Japanese Embassy in Seoul, South Korea, on Monday, July 15, 2019. South Korea and Japan on Friday, July 12, failed to resolve their dispute over Japanese export restrictions that could hurt South Korean technology companies, as Seoul called for an investigation by the United Nations or another international body. The signs read: “We don’t sell Japanese products.” AP PHOTO/AHN YOUNG-JOON

A6 Tuesday, July 16, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Customized cleansing

RESIDENTIAL Spokesman Salvador Panelo recently said the President has ordered the freezing of 64 high-ranking Customs officials and employees, meaning they would be put on “floating” status, pending the filing of administrative and criminal charges against them.

Crooks in the Customs bureau must be fired. If kept on floating status, they would still be getting their salaries doing nothing, becoming a burden to taxpayers. Once the heat is off, or perhaps when a new, ‘friendlier’ administration takes over, there is even a chance they could go back to their old jobs and resume their corrupt activities. Time and again we have heard one president after another, administration after administration, boldly declaring they would go after crooked Customs officials and smuggling syndicates. We need to see successful prosecutions and convictions against smugglers and their coddlers in government to send a strong message that corruption is not tolerated. Only then will people really believe the campaign against corruption in the Bureau of Customs. The Fair Trade Alliance estimates foregone revenues from outright and technical smuggling at P237 billion yearly. Smuggling on petroleum products alone is conservatively estimated at P30 billion in revenue losses, according to the Management Association of the Philippines. Think of how many schools, textbooks, hospitals and medicines such amount of money could have bought, or how many roads it could have built or improved. It’s a colossal financial loss to our government, one that could even buy our Armed Forces modern assets to better protect the country’s territorial waters. When the President named Rey Leonardo Guerrero, his former Armed Forces chief of staff, as Customs chief in October last year, he told the latter to “double the zealousness” in ridding the agency of corruption. If Guerrero cannot bust the smuggling syndicates in Customs, then he too should step aside. If he can’t do it, then he really should give the job to other people who can. The Department of Finance’s Revenue Integrity Protection Service (DOFRIPS) has shown that there are many ways to get corrupt Customs officials, even if they are well entrenched and there are supposedly powerful people behind them. After conducting lifestyle checks, the DOF-RIPS was able to file cases against Customs personnel with the Office of the Ombudsman and the Civil Service Commission. Crooked BOC employees were dismissed from service and indicted for such offenses like false declarations in their Statement of Assets, Liabilities and Net Worth. They were found guilty of dishonesty and grave misconduct for their failure to declare a complete, true and detailed inventory of their real properties, their motor vehicles, business interests and other assets. Some were also slapped with accessory penalties of cancellation of their eligibility, perpetual disqualification from holding public office, and forfeiture of retirement benefits. Still others were slapped with perjury charges, for failure to secure the necessary travel authority for various trips abroad, for falsifying records and other unlawful acts and omissions. The President has an arsenal of government agencies that could go after grafters upon his orders, and millions of intelligence funds at his disposal. If President Duterte really wants to, even with just three more years left in his term, he can cleanse the Customs bureau of grafters and smugglers. While corruption doesn’t usually leave a paper trail, wealth is very hard to hide, and corrupt Customs officials are not exactly shy in flaunting their wealth. Conducting a sweeping asset hunt on Customs officials, as the DOF-RIPS lifestyle checks has shown, would likely result in more high profile arrests and convictions. If all else fails, then the President, with the help of his allies in Congress, could just abolish the Customs bureau and create a new agency that could better serve the public.

Since 2005

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

T. Anthony C. Cabangon

THE ENTREPRENEUR

MUST say that the infrastructure facilities in many Asian countries are now more modern and superior in design than their counterparts in the United States and Europe.

The major airports and railway networks in Asia have applied the latest construction and architectural designs that one will not normally see in the US and Europe. A foreign traveler, for instance, will easily notice that the airports of Singapore, Shenzhen in Guangdong province, China, the Narita International Airport in Tokyo, and the Incheon International Airport in Seoul are more modern and spacious than those in the US and other European capitals. Filipino and other Asian businessmen used to look up to the major American cities and Europe for ideas, innovations and the latest technologies in infrastructure. This is not the case anymore. The airports and railway networks in America are already old and in need of rehabilitation or major upgrade. European airports and railways are also old, but they are

viewed in a different way because of their rich history and culture, which the US does not have. Asian countries, instead, are looking inward for the latest technology and designs in airport, railway and toll road construction. The economic boom in Asia that started in the 1960s, and extended into the 1980s, and 1990s has led to the construction of bigger and more modern airports and railway networks in the region. Philippine airports and railways have not yet matched the development in major Asian cities. But I believe things are moving in the Philippines, especially with the upgrade of Clark International Airport and the development of regional airports. I also think we can move a lot faster now because we are closer to the infrastructure models in Asia. It is now easier to catch up with the rest

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

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

of Asia amid the booming development in the region. Infrastructure development in the past 10 or 12 years has been feverish, while the “Build, Build, Build” program of President Duterte will ensure a more vigorous economic development. The Department of Transportation reported that it completed 17 commercial airport projects in the first half of President Duterte’s term and is undertaking 28 more projects. Two new international airports in the first half of Duterte’s six-year term were built, including Lal-Lo International Airport in Cagayan and BoholPanglao International Airport. The country’s railway network projects, meanwhile, are also moving. The Metro Manila Subway Project, a 36-kilometer underground railway system dubbed the “project of the century,” broke ground early this year. It will be the country’s first-ever underground railway system, with 15 stations from Quirino Highway in Quezon City to the Ninoy Aquino International Airport Terminal 3 in Pasay City and FTI complex in Taguig City. The government expects 370,000 passengers to benefit from the subway’s first year of full operations by 2025. The project is set to transform the economic and social landscape of the National Capital Region. Real-estate consultancy Colliers International

said the ground-breaking for the subway’s first three stations would benefit the Quezon City property sector over the near to medium term. “In our opinion, the subway should play an important role in dictating private developer strategies in Metro Manila,” Colliers said. Infrastructure and government spending will be the key in expanding the economy and achieving inclusive growth. For this year alone, the government plans to spend a total of P3.774 trillion, or equivalent to 19.6 percent of the gross domestic product, in order to achieve an economic growth rate of above 6 percent. The spending plan is 10.7 percent higher than the actual disbursement in 2018. Finance Secretary Carlos Dominguez III has said infrastructure spending will account for almost one-third of the amount of disbursements programmed for the succeeding quarters this year. Actual infrastructure disbursements in the first quarter of this year amounted to just P207.2 billion. “To reach our total infrastructure disbursement target of P1 trillion for the entire year, the government must disburse around P792.97 billion for infrastructure from the second to fourth quarters of the year,” he said. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

The conditions against stock market investing

Jennifer A. Ng Vittorio V. Vitug

Ruben M. Cruz Jr. Angel R. Calso

MEMBER OF

Manny B. Villar

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

Modern Asian railways, airports rising

John Mangun

OUTSIDE THE BOX

HE Philippine Stock Exchange was proud to announce earlier this year that it now has 1 million accounts. Considering that the PSE has been in business (from the merger of the Manila and the Makati stock exchanges) since 1992, “congratulations” is in order—with a small “c.”

At the current rate of growth and public penetration, it will take 100 years for us to match our regional neighbors. I am not blaming PSE Inc. and the stock brokerage firms. In the past two decades, the PSE has done as much as it can to bring investors to the market. The PSE has constantly been reaching out through free seminars and road shows around the country to educate potential investors. The PSE has done virtually everything it can, short of giving free San Mig Light and SM gift cards. Further, there has not been a real trading scandal for 20 years. Newer

and younger faces are finally managing some of the firms and online trading has brought the stock market to anyone with a computer or smartphone. The PSE is still and almost constantly conducting free seminars and webinars. So what is the problem? We speak about people joining the pyramid schemes and other scam investments because they are ignorant, greedy, foolish and stupid. That may all be true. But there also might be a more practical reason. Participating in a pyramid scheme is easy. In fact, one of the warnings that should be given to people on the

lookout against getting cheated is, how easy was it to give your money? Once I convinced a person that he will double his “investment” in a month, how much paperwork am I going to make to do the deal? Certainly the CAIF (Customer Account Information Form) is important for many purposes, including limiting money laundering and other dirty deeds. But only one stockbroker that I know of lets you fill the information out online, and then sends you a completed from by e-mail in a few seconds, which needs to be signed and sent back. Also, banks have branches in malls that are open on Saturdays. Why not satellite stock brokerage offices in malls too? There is another situation that limits investor participation, and you are going to hate me for saying this: Stock trading commissions are too low. You get what you pay for and unless you are the stockbroker equivalent of SM Department Store, this is not really a profitable business. Small and medium size brokers make their money trading the market for their own account; not servicing your account. Do you think that 24/7 Internet access (and other IT), backroom

operations, and research are cheap, let alone setting up branch offices? That is why some firm’s minimum account opening is P100,000. The stock market is a partnership among the exchange, the shareholders, and the listed companies. Unfortunately, because the public ownership requirements are so low, publicly traded corporations are not proactive toward their public minority shareholders. It is not that they are antagonistic; it is just that the investor with P50,000 or P100,000 in the company is not on the radar screen. No public company is going to have to worry about a “shareholders revolt” over bad performance because in the Philippines, minority means miniscule. Until changes are made to create an environment where the averagesized investor is a larger part of the system, stock market investing will be minimal. And the trading activity will continue to be dominated by speculative transactions. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

www.businessmirror.com.ph

A decade of BDB Law

Customs accreditation–crimes have been committed in its name!

Atty. Irwin C. Nidea Jr.

Cecilio T. Arillo

DATABASE

TAX LAW FOR BUSINESS

JOINED BDB Law a few months after its inception. It seems like yesterday when a firm of one lawyer, one secretary and one liaison officer, grew to around 40 personnel in the last 10 years —a boutique firm specializing in tax and corporate law.

HE Bureau of Customs (BOC) in Aduana is back in the radar. “And it’s smack in the crosshairs again that provoked the ire of President Rodrigo Duterte himself who said: I will fire more than 50 executives in Customs.”

To show its gratitude to clients and friends, and as part of the celebration of its 10th anniversary, BDB Law sponsored a Midyear Tax Forum that tackled three important topics: 1. Boarding the Tax Train: After the first stage of Tax Reform for Acceleration and Inclusion Act Law implementation, there is now sufficient period to assess its effect and the challenges in making it work. The speakers from the Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) asserted that the TRAIN is working. There was an increase in tax collection, which helped realize the infrastructure programs of the government. As regards the general tax amnesty, it seems that the DOF will not initiate the refiling of the same in Congress. If we want the general tax amnesty to pass, our Congressmen must be willing to include a provision of waiver of the bank secrecy law. The BIR is also firm in its stand that the definition of “delinquencies” is limited to assessments that have become final and executory. Thus, “delinquencies” arising from nonpayment of the tax liability declared in the tax returns are not covered by the tax amnesty law. 2. Taxing the Digital: This panel discussion was very interesting since the speakers are experts from Singapore and Malaysia who have wide experience in the realm of digital economy. The panel discussion revolved around the rise of Fintechs and the much urgent need to plug the Digital Leaks. There is also an increased use of e-commerce, cryptocurrencies and blockchain technology. They present tax compliance challenges for both the businesses and governments. Because of digital technology, the definition of “permanent establishment” is evolving. With the rise of e-commerce and the digital economy, determining the source of the income is more vague. Income has no intrinsic geographical location attached to it. The assets and activities involved in generating the income can be located in more than one State, thus rendering the source unclear—a single firm’s activities can potentially stretch across multiple boundaries—e.g., business profits derived from the manufacture of goods in State A, the sale of the goods through an online platform based in State B and the delivery of

Interviewed exclusively by this writer, lawyer Ramon Cuyco, who retired in 2014 at the age of 61 as BOC director, said a Customs official said “we are not surprised by the President’s announcement anymore.” “Well, sir,” Cuyco retorted, “probably what should not surprise you as well is perhaps, why the foundation of the many problems that confront the BOC, and allows them to subsist and persist is not addressed until now —the accreditation of importers.” Cuyco said: “Accreditation is the first issue one has to get acquainted with when planning to deal with the Bureau of Customs regularly. Unless your firm is accredited, your importation documents will not be processed. You have to secure an accreditation; otherwise your importation will languish within the Customs zone for eons.” “Under the old Tariff and Customs Code of the Philippines,” Cuyco said, “accreditation was never a legislative imposition. It was not even expressly mentioned in any of its provisions. It gained relevance, traction, recognition and prominence only through various rules and regulations of the agency—i.e., Customs Administrative Order, Customs Memorandum Order or Customs Memorandum Circular, that were issued by our fiscal and Customs authorities in the exercise of their powers of subordinate legislation. Until the last time the TCCP was amended to accommodate postentry audit operations, there was no mention of accreditation.

the goods to the consumer in State C. Thus, source taxation is becoming more challenging as a meaningful starting point for international taxation allocation. There was also a discussion on transfer pricing. It is a rich revenue source that the BIR continuously disregard. There are Philippine conglomerates and multinational corporations that do not buy and sell to each other, at arm’s length. Tax leakages are rampant because the BIR may not have the capability and facility to implement transfer pricing rules. It was eye opening to learn in 2011, Starbucks had a £398-million revenue but paid zero tax in the UK. Google, on the other hand, had a £2.6-billion revenue in 2011 in the UK, but only paid £6 million in tax. 3. The last panel discussion was dubbed “Tilting the Balance towards Transparent, Sustainable and Inclusive Taxation.” Enforcement of greater transparency in reporting and ensuring that the tax revenues will go toward improving the quality of life of the citizens are issues that are driving tax policies. Companies need to brace themselves for these developments and start re-assessing business and tax strategies in the light of the future demand for public disclosures of tax information. After an afternoon of intense discussions, BDB Law celebrated with clients and friends in a night of cocktails and broadway. A new book of the Tax Code, which includes a complete annotation of recent Revenue Regulations and Revenue Memorandum Circulars, including TRAIN 1 and the latest amendments to RR 2-98, was also launched. Copies of the new Tax Code have been given to clients and friends. Indeed, July 8 was a day of thanksgiving and celebration. BDB Law hopes to continue its tax education pursuit as it writes in this space for the next decades to come. The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.nidea@ bdblaw.com.ph or call 403-2001 local 330.

TELLTALES

AYOR Isko Moreno’s unrelenting campaign to clean up and rid his beloved city of illegal vendors and the tons of waste littering its streets got a little ugly when he stepped on a mound of human feces near the Andres Bonifacio Shrine that is just a stone’s throw from the Manila City Hall, which has become an open toilet. Mayor Isko recommended the relief of the police station commander assigned in the area for his failure to enforce the city ordinance prohibiting people from defecating on the streets of Manila. To me, the greater offense is the desecration of our hero’s shrine in the most odious manner. Bonifacio’s “Dambana ng Kagitingan” should not be converted

into a “Dambana ng Kasalaulahan.” Well, as Senator Bato has said, “shit happens.” nnn

I HAVE always admired Senator Dick Gordon. He’s a rarity in Philippine politics—a proven administrator as a long-time mayor of his native Olongapo City, former SBMA chairman, former Tourism secretary,

“But the objectives of accreditation were undoubtedly noble, and their pursuits were necessary, until—unfortunately—the implementation became tainted with graft, its reputation besmirched, and the entire process has gone terribly awry. Today, nothing good has been said about it; only its notoriety has stuck with this administrative mechanism. And it has even survived the TCCP having perpetuated its infamy under the new Customs Modernization and Tariff Act [CMTA]. “What started as an effective organizational response to the many evils that were sought to be avoided, succumbed to, and, worse, ended up becoming the very evil itself. And the BOC seemingly has not find— or deliberately refuses to find—an antidote to this virus that—for want of a name, we shall refer to as ‘accreditationitis.’ This dreaded disease has long gnawed into the very backbone of the agency’s cargo clearing system. Perforce, a procedure is necessary, and ‘accreditingotomy’ it has to be.” According to Cuyco, “the agency’s response to contain this disease was simply to transfer the Accreditation Office to a new organizational grouping, or create a new name for the outfit, or install a new head; but it maintained its systems and processes that were pockmarked with holes—so big are the holes that even ocean going vessels can breeze through them, in a manner of speaking.” He said the CMTA has preserved

the requirement in the old law, that is, for the BOC to keep records of importers and brokers. These data are necessary in the conduct of the post audit activities of the bureau, and include vital information that can only be generated through a system of accreditation. Thus, the CMTA provides: “SEC. 1006. Records to be Kept by the Bureau.—The Bureau shall keep a database of importer and broker profile, which shall include a record of audit results and the following information and papers: (a) Articles of Incorporation; (b) The company structure, which shall include but not limited to incorporators and board of directors, key officers, and organizational structure; (c) Key importations; (d) Privileges enjoyed; (e) Penalties; and (f) Risk categories.” Cuyco said: “Approved two months before the installation of President Duterte who campaigned on a platform of a drug-free and crime-free Federal Philippines,” this new law has not really curtailed the evils that were sought to be avoided—consignees-for-hire, single-proprietorships bringing in billion pesos-worth of goods, firms that are not just flyingby-night but on-broad-day-light as well, among the many, still proliferate in wild abandon. “A check into the regulatory architecture of this accreditation process will readily show that its design was bound to fail ab initio. The whole process is host to the DNA of corruption, that is, C=M+D-A, as deciphered by Dean Robert Kliitgard of the Rand Graduate School of Sta. Monica, California, USA. “Kliitgard says: where there is monopoly of authority, plus wide latitude of discretion, minus accountability, you are likely to see corruption. “Applied to the BOC’s accreditation process, M+D-A exists unchallenged, undisturbed, and unabated—worse, nurtured and cared for. “Starting with its days under the

Customs Intelligence and Investigation Service of the Intelligence and Enforcement Group as Accreditation Unit, it was relocated to the Legal Service of the Revenue Collections Monitoring Group as Customs Accreditation Secretariat. “Then, having seen the potency of the ‘enterprise,’ the RCMG itself poked its dainty fingers into the accreditation process as its Interim Customs Accreditation and Registration office—this was the period when some 2,000 containers were reported missing. ICARE didn’t care; then it meandered its way to a joint-accreditation system in tandem with the Bureau of Internal Revenue upon the behest of the Department of Finance. “Eventually, it got unnecessarily annexed to the Office of the Commissioner as its Accreditation Management Office, yet the outfit’s systems did not really address the problem of M+D-A.” Cuyco further explained: “As had been for decades, BOC has a predilection for simply changing people, without changing its systems. And this port-based agency has been doing this repeatedly in the same fashion for the same purpose with high expectation for a different outcome. “Einstein has a term for this: insanity. Dr. Stephen Covey, once one of America’s Five Most Influential People, expounded Einstein’s postulate, he said: ‘One of the definitions of insanity is to keep on doing the same thing the same way and expect a different result.’ “Under the present dispensation, the incumbent Customs chief is the third Customs Commissioner of the Duterte Administration—they’re all handpicked by the Chief Executive, sans recommendation from anyone, not even from the top honcho of the Finance Department. To date, the systems and processes of accreditation office have virtually remained unchanged—from the perspective of checks and balances.” To reach the writer, e-mail cecilio.arillo@ gmail.com.

Nervous Hong Kong millionaires are moving their cash to Singapore By Chanyaporn Chanjaroen & Alfred Liu Bloomberg Opinion

RIVATE bankers are being flooded with inquiries from investors in Hong Kong who are worried about the long-term effects of the political crisis in the Chinese city. While the Hong Kong government has shelved the controversial law that sparked the latest round of unrest—one that would have allowed criminal suspects to be transferred to the mainland for trial—a new tier of wealthy investors are setting up ways to move their money out of the former British colony more

A rarity in Philippine politics Manny F. Dooc

Tuesday, July 16, 2019 A7

and an effective legislator and fiscalizer who has served both Houses of Congress with distinction, and most of all, as the current chairman and chief executive officer of the Philippine Red Cross. In terms of contributions to alleviate people’s suffering during times of distress, tragedy and calamity, no person can claim so much credit as Senator Gordon and the Philippine Red Cross. He has tremendously grown the organization’s assets and resources, including the procurement of a relief vessel, watercraft and a large fleet of fully equipped fleet of Red Cross ambulance to effectively pursue emergency and rescue operations. His political sense is like a fresh wind, which brings renewed hope to our people. For instance, his recent statement about the speakership row questioning the congressmen’s decision to ask our President to endorse his anointed candidate for Speaker smacks of subservience to a

quickly, bankers and wealth managers said. A major Asian wealth manager said it has received a large flow of new money in Singapore from Hong Kong over recent weeks, requesting not to be identified due to the sensitivity of the issue. One Hong Kong private banker said the majority of the new queries he receives aren’t coming from the super-rich, most of whom already have alternative destinations for their money, but from individuals with assets in the $10 million to $20 million range. “Even for those who think the protests will blow over, will die down, their conversations have become: change is coming, how are we

planning?” said Clifford Ng, a managing partner at the Zhong Lun Law Firm in Hong Kong who specializes in advising rich clients on cross-border transactions and investments. The extradition fight reinforced concerns among Hong Kong investors and democracy advocates alike that the Beijing-backed government is eroding the legal wall separating the local judicial system from the mainland’s. The proposal was the latest of several such incidents, including the disappearance of financier Xiao Jianhua, who was abducted from Hong Kong by Chinese agents in 2017 and hasn’t resurfaced since. Hong Kong police arrested more than 40 people after attempts to clear

the remnants of a mass antigovernment march resulted in clashes with demonstrators on Sunday. Ten officers were injured, including at least one who lost a finger, Police Commissioner Stephen Lo said. Twenty-two demonstrators were also hurt, RTHK reported, citing the city’s hospital authority. The recent demonstrations are the latest trigger in a long process of Chinese money flowing to Singapore, London, New York and other centers outside Beijing’s reach. Singapore’s $2.4-trillion asset management industry has been one of the main beneficiaries because of advantages such as political stability, language and rapid air connections with China.

supposedly coequal branch of government. “Why do the congressmen ask the President to intervene in their affairs? Aren’t they supposed to be independent?” he asked. As one former senator, Doy Laurel, whose star shone in another era, had once said: “Leadership is never inherited [or anointed], it is earned. A leader will emerge, the man of the hour will come at the right time.”

the aisle and conveniently close to the microphone. Since there were other senators who wanted it too, Senate President Gil Puyat ordered a drawing of lots. As faith would have it, Senator Doy won, prompting Senator Puyat to quip that the late Jose P. Laurel must be helping Doy. His third wish was to get the chairmanship of the Committee on Justice, which was then ably headed by Senator Jose Diokno, a noted lawyer and a bar topnotcher, who was a fellow Batangueno. Unexpectedly and graciously, Sen. Diokno yielded to Doy’s ardent wish and he instead headed the newly created Committee on Economic Affairs. We may not see again the likes and caliber of Senators Gil Puyat, Jose W. Diokno and Salvador Laurel, but we hope that the brilliance and patriotism of the three stalwarts of the Philippine Senate will inspire and guide our present crop of senators to faithfully discharge their duties.

nnn

SPEAKING of the late Senator Doy Laurel, now that the newlyminted senators will be officially occupying their new offices very soon, I remember his three wishes before he joined the 6th Congress: Firstly, to occupy the same office used by his late father, Senator Jose Laurel Sr., a corner room on the second floor of the old Legislative Building with a clear view of the Luneta Park, which everybody wanted. Second, he also wanted the old seat of his father on the Senate plenary hall, which was near

THE day after the Pacquiao-Thurman championship bout at the MGM Grand in Las Vegas on July 21, 2019, (Manila time), the 18th Congress of the Philippines will officially open with the joint session of the Senate and the House of Representatives, and will be formally addressed by PRRD. I can guarantee you that the 18th Congress of which Senator Manny Pacquiao will be a protagonist will be far more exciting, grueling and bruising than his upcoming 12-round fisticuff. As the secretary-general of PDP-Laban, the dominant and official party of the President, Senator Pacquiao will be receiving blows from the opposition and unfriendly quarters. He may not hit the canvass inside the ring, but he may get pummeled by his political enemies and may metaphorically kiss the Senate floor. I shall always pray for your success in both arenas of conflict, Senator Manny.

2nd Front Page BusinessMirror

A8 Tuesday, July 16, 2019

www.businessmirror.com.ph

‘First, give El Nido folk alternative jobs’ By Ma. Stella F. Arnaldo

@akosistellaBM

Special to the BusinessMirror

OURISM stakeholders are once again questioning the plans to close portions of El Nido in Palawan, without giving local businesses and residents any livelihood alternatives.

In an interview with the BusinessMirror, Jose C. Clemente III, president of the 300-strong Tourism Congress of the Philippines said, “While we do support the government initiative to clean up Bacuit Bay, there is again the question of what happens to the stakeholders, both big and small, if they are not allowed to operate.” He stressed that “Bacuit Bay is valuable to the El Nido area and cleaning it up will undoubtedly be a boon to all who use it. However, the proposed period of closure is

Counterterrorism, humanitarian aid, disaster response drills open By Rene Acosta

@reneacostaBM

JOINT military exercise involv ing Filipino and American troops began on Monday even as a Navy contingent aboard a landing dock vessel sailed for Russia to join a scheduled naval parade. The 10-day Marine Aviation Support Activity (Masa) 19.2, a semiannual exercise between the Philippines and the US, and focused on mutual defense, fired off in the country, a statement from the US Embassy said. Aside from defense, the Filipino

and American troops will hold exercises on counterterrorism and humanitarian assistance and disaster response, added the statement, without disclosing the number of participating troops and the scenes of the training. The joint training will be participated in by members of US Marines and aircraft from Marine Medium Tiltrotor Squadron 262 and 3rd Battalion, 6th Marine Regiment, based in Okinawa, Japan. “Philippine and US service members will conduct cooperation and interoperability training consistent with the Mutual Defense Treaty and Visiting Forces Agreement,”

TROPICAL DEPRESSION “FALCON” ESTIMATED AT 1,025 KM EAST OF CASIGURAN, AURORA as of 4:00 pm - July 15, 2019

the US Embassy statement said. “Military training exercises like these allow the US to strengthen our longstanding security alliance with our friends, partners and allies in the Philippines,” it added. In January this year, the Philippines and the US also held Masa 19.1, which stretched for 24 days at the Basa Air Base in Pampanga and at the Marine base in Ternate, Cavite. The training was participated in by members of the Philippine Marines and the Philippine Air Force along with the 1st Marine Air Wing of the US 3rd Infantry Division. See “Drills,” A2

too soon and stakeholders need time to plan around that. The question arises, as with Boracay, what is the alternative for those who need Bacuit Bay to make a living?” He said tourism stakeholders in the municipality “who predominantly include Bacuit Bay for their clients, are hoping that they will be consulted or involved in this proposal.” The Department of the Interior and Local Government (DILG) will soon be recommending to the interagency task force monitoring island

Ecozone. . .

Continued from A1

“The only Metro Manila applications that we will continue to process are those which Peza already submitted to the OP before [the] AO took effect.” Peza Deputy Director General Tereso O. Panga said these 22 applications to put up IT centers and parks in Metro Manila that are pending with OP but just lack certain documents amount to P34.23 billion. Under AO 18 signed last June 17, the President ordered Peza to “no longer accept, process or evaluate applications for the establishments in Metro Manila immediately upon the effectivity of this Order and until such memorandum is lifted.” Medialdea also said they “will not grant a six-month extension across the board” as requested by Peza, although they already discussed the proposal with the Department of Trade and Industry given its impact on investments. In a letter dated July 1, Peza Director General Charito B. Plaza appealed to Medialdea to give developers at least six months to complete their requirements, which are apparently time-consuming to secure. Nonetheless, the Executive Secretary said they will grant Peza 30 days to complete the lacking requirements as stated in the AO, but he added they may consider accepting supporting documents beyond 30 days “on a case-by-case basis” and “depending on the reasons for inability to complete the requirements and how close Peza is to completing those requirements.” In any case, he said, “the extension will only be up to a reasonable period to complete the requirements.” The Palace official added: “We considered, among others, the fact that the concerned agencies were well-aware of this impending moratorium since it was first raised for consideration, and much time had already lapsed since then for adjustments to be made. We also took note that the establishment of ecozones is a grant of a privilege rather than the enforcement of a right, thus giving us less reason to be lenient with extensions.” Asked until when will the moratorium be imposed, Medialdea said there is still no discussion on that. “We will have to see first how this moratorium will actually impact the development of the regions before we begin to discuss when it should be lifted,” he said.

DTI retreat

TRADE Secretary Ramon M. Lopez earlier said he has abandoned his plan to seek the extension of transitory period to 90 days, saying the objective of the order must be realized the soonest and this can be done by allowing the provisions to take effect as is. Industry leaders have already expressed concern that the moratorium will put IT and business-process management firms, which are mostly operating in Metro Manila, in an office space crunch. Plaza also said in the same letter to Medialdea that there is a tight supply in available IT building spaces under Peza given the forecast IT office space take-up of 450,000 square meters this year vis-à-vis the available 214,000 square meters in Metro Manila, which is less than half the industry’s demand for office spaces. As of June, Metro Manila hosts nearly two thirds of IT centers and parks in the Philippines. Of the 278 operating IT economic zones nationwide, 167 are located in the nation’s capital with approved investments of P286.35 billion, according to data from the Peza. Most of the IT centers and parks in Metro Manila are situated in the central business districts of Makati, Quezon City, Pasig, Taguig, Mandaluyong and Muntinlupa.

destinations and other key tourism areas for possible pollution violations, the three-month closure of Bacuit Bay and the Corong Corong outfall; and the prohibition on water activities in these areas. (See, “‘DILG to recommend El Nido closure,’” in the BusinessMirror, July 15, 2019.) The task force has yet to meet on the matter but Environment Secretary Roy A. Cimatu, who chairs the body, said he, along with DILG Secretary Eduardo M. Año and Tourism Secretary Bernadette Romulo Puyat, will be revisiting El Nido, as

well as Panglao Island in Bohol, to check on the progress of the LGU and local stakeholders in addressing the pollution, easement and local government concerns. A source in Ayala Hotels and Resorts Corp., meanwhile asked for clarity on which portions of Bacuit Bay would actually be closed. AHRC owns El Nido Resorts, which has four properties sitting right on Bacuit Bay—Miniloc, Lagen, and Pangalusian Islands, along with the newly opened Lio Tourism Estate. See “El Nido,” A2

‘PREGNANT AT 10, 11, 12 YEARS OLD? A LIKELY CASE OF ABUSE THERE’ By Cai U. Ordinario @caiordinario

EEN pregnancies, particularly among girls below 15 years old, could be linked to child abuse, according to the Commission on Population and Development (Popcom). In a recent interview, Popcom Undersecretary Juan Antonio A. Perez III told theBusinessMirror more attention should be given to the increasing trend in pregnancies, especially among 10- to 14-yearolds nationwide. Perez said in 2017, there were 2,000 girls aged 10 to 14 years old who gave birth. This was an increase of 11 percent from the 1,800 of girls in this age group. “Many of them are probably cases of abuse. Most likely,” Perez said. “Once you see someone 10, 11, 12 years old giving birth, there’s abuse there. That’s statutory rape. So, we should be doing more. Even the hospitals should be reporting. It should be a signal. People are just not conscious about it.” In some cases, Perez said, however, that the increase in pregnancies among this age group could be linked to practices of child brides that are still observed in some parts

of the Philippines. Perez said some Indigenous Peoples and even among the Muslim community practice child marriage, where young girls are allowed to marry as soon as they start having their menstrual periods. Addressing teen pregnancies, especially in communities that practice child marriage, will require greater effort on the part of the government, particularly in the conduct of family development sessions, Perez said. These family development sessions are being extended to those enrolled in the Pantawid Pamilyang Pilipino Program (4Ps) or the Conditional Cash Transfer (CCT) program of the government. However, Perez said the government is not the only stakeholder that must act on behalf of the 10- to 14year-olds who are getting pregnant. “We also need the voice of religious leaders, faith-based organizations, DepEd [Department of Education] through comprehensive sexuality education. That will be happening in one or two years, I think. My concern is the long term. We have to catch up in terms of setting a long-term direction in addressing this problem,” Perez said. See “Pregnant,” A2

DOH, FDA: Verdict’s not yet out on safety of electronic cigarettes

HE Department of Health (DOH) and the Food and Drug Administration (FDA) have issued a warning on the adverse health effects and safety concerns associated with the use of Electronic Nicotine and Non-Nicotine Delivery Systems (ENDS/ENNDS), more commonly known as electronic cigarettes. “The Department, together with the Food and Drug Administration, maintains that a series of long-term epidemiological and peer-reviewed studies are required to conclude that e-cigarettes are less harmful than conventional smoking,” said Health Secretary Francisco T. Duque III. In 2015, the Global Adult Tobacco Survey (GATS) recorded that the overall prevalence of “ever users” and current users of e-cigarettes in the Philippines was 2.8 percent and 0.8 percent, respectively. Given the rapidly expanding global market for this new class of devices, the local consumers of e-cigarettes are likely to have also increased. In the interest of informed policy development, the DOH and FDA sought to provide some information on the state of the current science on electronic cigarettes. ■ E-cigarettes or vapes are combinations of nontobacco-containing e-liquids or refills, and an electronic delivery device. These systems produce aerosol, mist or vapor that users inhale by mim-

icking the act of smoking. Current literature shows that composite contents of and emissions from these devices are not completely without harm. ■ Five US medical specialty societies (American College of Obstetricians and Gynecologists, American College of Physicians, American Academy of Pediatrics, American Academy of Family Physicians and the American College of Surgeons) have unanimously stated that these devices are health hazards. The Philippine Pediatric Society has, likewise, been vocal about its strongly addictive and potentially cancer-causing effects. The DOH cautioned the public regarding harmful chemicals in these devices such as nicotine, ultrafine particles, carcinogens, heavy metals and volatile organic compounds. Results generated from peer-reviewed studies show that e-cig juices contain high levels of addictive nicotine, which can result in acute or even fatal poisoning through ingestion and other means. In addition to nicotine addiction, cases of nicotine toxicity in children of epidemic proportion have been documented in other countries with increasing prevalence of e-cigarette use. E-cigarette aerosol that users and bystanders breathe and exhale also contain See “Electronic cigarettes,” A2

News BusinessMirror

www.businessmirror.com.ph

KAPA officers plead for time to answer fraud, other charges By Joel R. San Juan @jrsanjuan1573

HE camp of the Kapa-Community Ministry International Inc. (KAPA) on Monday asked the Department of Justice (DOJ) to give them more time to answer the complaint filed by the Securities and Exchange Commission (SEC) accusing its officials of amassing at least P50-billion investment through the illegal Ponzi scheme. During Monday’s preliminary investigation on the complaint for violation of provisions of Securities Regulation Code (SRC) filed by the SEC, lawyer Mae S. Divinagracia told reporters that she had told the panel of prosecutors handling the case to extend the deadline for the filing of the counter-affidavits of her clients due to voluminous documents to study and the need to interview the respondents. Divinagracia presented herself as counsel for respondents KAPA founder Joel Apolinario, Corporate Secretary Reyna L. Apolinario and Rene Catubigan. Other respondents in the complaint who were not represented are trustees Margie Danao, Marisol Diaz, Adelfa Fernandico, Moises Mopia and Catherine Evangelista. “We had to file an extension, or we have to request for an extension because we still have to thoroughly study the records considering that the documents that were furnished to us are quite voluminous. And we also have to fly to Sarangani to conduct the necessary interviews,” Divinagracia said. The panel of prosecutors lead by

Assistant State Prosecutor Zenamar Machacon-Caparros granted the request of KAPA and decided to reset the submission of their counteraffidavits on the next preliminary hearing set on July 29. Divinagracia also said they asked that the respondents be allowed to subscribe their counteraffidavit before the provincial prosecutor of Sarangani as they cannot appear before the DOJ due to threats to their lives. In its complaint, the SEC said KAPA violated Section 8 (8.1) of the SRC, which prohibits the selling or offering for sale or distribution of securities without a registration statement filed and duly approved by the SEC. It added that the respondents violated Section 8 of the SRC which states that “no person shall engage in the business of buying or selling securities in the Philippines as a broker or dealer, or act as a salesman, or an associated person of any broker or dealer unless registered with the SEC.” Likewise, the SEC is also asking the DOJ to prosecute K APA for employing a Ponzi scheme, which is considered a fraudulent transaction prohibited under Section 26 of the SRC. The National Bureau of Investigation also earlier filed syndicated estafa and violation of the provisions of the SRC before the DOJ against 14 officers of KAPA. The complaint was filed on behalf of three of the millions of investors of KAPA who claimed that they were duped by its officers into investing their hard-earn money with guaranteed high returns.

Editor: Vittorio V. Vitug • Tuesday, July 16, 2019 A9

PHL may acquire first submarine from France, DND’s Lorenzana says By Recto Mercene @rectomercene

HE Philippines is considering an option acquire a submarine from France as part of the Armed Forces of the Philippines’s (AFP) multibillion-peso modernization program. Defense Secretary Delfin N. Lorenzana revealed he will schedule a visit to Paris this coming September to possibly shop for the military hardware. “The Navy is considering France as source of our submarine [since] they [the French] are good at making them,” Lorenzana said during an ambush interview at the French ambassador’s residence while celebrating Bastille Day Sunday night. “France has been making these equipment for the longest time and they have good qualities,” the defense chief added. If the submarine deal with France, any other countries will push through, it will be the first time for the AFP to have such a vessel at its service and under its disposal.

100% available

AT the same event, French Ambassador Nicolas Galey said France is “hundred percent available” in establishing defense cooperation with the Philippines similar to its partners in the Indo-Pacific region. “We are happy that the Philippines clearly wants to play a bigger role in the region, [and] wants to share this with us. We are obviously 100 percent available to have the same kind of cooperation with

the Philippines like the one we have with other countries in the world and in this region like Malaysia and Australia,” the envoy said. “We are also an Indo-Pacific power, we have the second-largest economic zone in the world thanks to the French territories in the Pacific and in the Indian Ocean, New Caledonia, French Polynesia and the Island of Réunion.... This gives us a particular reason and motivation to have good cooperation with the Philippines,” he said. Aside from 8,000 French militaries, Galey mentioned that France also has naval bases posted in the IndoPacific region.

Other needed assets

LAST year, during President Duterte’s visit to Russia, Lorenzana broached that the Philippine government is studying the procurement from Russia of a helicopter, trainer planes and submarine for the military. He went as far as saying that a technical working group from the Philippine Air Force will go to Moscow to study the plan and make a recommendation. The Philippines is also considering South Korea and the US to supply the submarine and helicopters, respectively, Lorenzana added. However, in subsequent interviews, Lorenzana backtracked on the Russian sub issue before a Senate hearing, saying they could be expensive to maintain. At this stage, however, it seems that all submarine suppliers are in consideration, including Japan, because “we have not chosen propo-

₧1.6-B Subic expressway widening project under way

HEAVY machinery starts boring into the hillside to gouge out a new two-lane tunnel at the Subic Freeport Expressway.

along the Causeway Road and the Argonaut-Kalayaan Access Road. According to Nlex project officers, the SFex widening project entails the construction of additional lanes to convert the 8.8-kilometer road into a four-lane expressway. This includes building new spans alongside the Jadjad and Argonaut bridges, and boring through the mountainside to create another twolane tunnel beside the existing one. Work at the Maritan-Rizal-Tipo junction is expected to be completed by October, in time for Subic’s hosting of 16 sports in the 2019 Southeast Asian Games to be held from November 30 to December 11. The second phase, which will involve construc-

tion in the opposite lane, will start in January 2020. Eisma said that Subic residents and visitors should expect “the usual dust, noise and other small inconveniences” during project construction. “So I ask you to bear with us for 18 months until the whole project is completed,” she said. “The pay-off to our patience will be a better road in and out of the Subic Bay Freeport, and we can then say goodbye to the occasional heavy traffic,” she concluded. Nlex Corp., which is the toll road subsidiary of Metro Pacific Tollways Corp. (MPTC), has contracted out the Subic expressway project to Sta. Clara International Corp., an “AAAA” fullservice contractor that constructed the original Tipo Road.

“Maybe it’s just a word by the press that we will allow it, but even if we will not allow it, they will be there, we cannot remove them,” he said. “In fact they have already made some islands there within our EEZ [exclusive economic zone]. How can we remove them there? To our detractors, tell us how we can remove them there?” the defense chief said. Lorenzana shared that during fishing seasons, “they have lots of fishing vessels [in the area].” The defense chief said he does not know of the implications of allowing the claimant countries to fish in the contested area. “I don’t know what are the implications, are there any implications when they [President Duterte and President Xi Jinping] agree that the Chinese could fish there?” Lorenzana said. Second guessing what President Duterte may have discussed with Xi, Lorenza said: “Maybe what the President [Duterte] said is, “we will allow you to go there, anyway the EEZ belongs to us.” Queried whether the government’s stance seems like adopting a policy of appeasement, Lorenzana replied, “We are not afraid of anyone. It’s only because they are already [fishing] there at the WPS, and they’re listening to us. But they already said that they do not honor the arbitral ruling. So what can we do?” He said that from the start, the country should have convinced China to participate in the trial “so that there will be two of us arbiters, but they did not, it is only us who went there.” With PNA

Fresh from the academy: BI deploys 67 new immigration officers at Naia

By Henry Empeño | Correspondent

UBIC BAY FREEPORT—A P1.6-billion project to increase the capacity of the two-lane highway leading to this free port is now being undertaken by the North Luzon Expressway Corp. (Nlex), which operates the Subic Freeport Expressway (SFex). Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma said the project was designed to further ease motoring in and out of this growing business and leisure hub, as well as improve road safety. “It will also complement the SBMA’s infrastructure development program which includes widening of free port roads and improvement of our airport, seaport and other logistics facilities,” Eisma said in a statement issued over the weekend. Eisma stressed that the ongoing project is seen to eliminate flooding at the busy Maritan HighwayRizal Highway-Tipo Road junction leading to the Subic Bay Freeport central business district, as the road segment there will be raised by 1 or 2 meters and the drainage system will be improved. “This is the solution to the flooding problem that we have been experiencing in recent years,” said Eisma. “I know this would exact some toll on the quality of work and leisure environment in Subic, as we have several infrastructure projects going on at the same time. But let us bear in mind that all these are meant to improve the business environment in the Subic Bay Freeport Zone,” she added. Work at the Maritan-Rizal-Tipo junction began last Saturday, with one lane closed to traffic and motorists redirected to alternate routes

nents yet...so everybody’s still have a chance to being chosen.” Lorenzana also admitted that there has not been any memorandum of understanding or memorandum of agreement being signed with any country. Asked whether France or Russia has the better underwater fighting machine, Lorenzana said he is not an expert on submarines to be able to make such an assessment. He said “yes” when asked if the military is still on a mission to canvass the military hardware abroad. “Our meeting in France would be a bilateral between two defense ministers. We will discuss what is the best way forward for everybody,” Lorenzana said. The need for the AFP for more up-to-date equipment is being fast-tracked in the face of China’s continued military upgrading of the facilities in the seven reclaimed features in the South China Sea/ West Philippine Sea. The latest conflict to erupt was the June 9 allision between a suspected Chinese militia vessel and a Filipino fishing trawler in the Recto Bank/Reed Bank. The Chinese boat fled the scene and failed to render assistance to the 22 Filipino fishermen left swimming in the sea until a Vietnamese fishing boat saved all of them. A joint investigation has yet to release its findings. Lorenzana said, however, that the contested area in the WPS has been, “for the longest time…the fishing ground for Koreans, Chinese and Vietnamese.”

FRESH batch of 67 newly hired immigration officers have been posted to the Ninoy Aquino International Airport (Naia) terminals as part of the agency’s continuing efforts to improve its services. Bureau of Immigration (BI) Commissioner Jaime Morente said the new employees assumed their posts this week after completing their mandatory three-month training course. The new agents studied the immigration laws and rules and procedures at the Philippine Immigration Academy in Clark Field, Angeles City, Pampanga. Morente said “these fresh recruits underwent rigorous training to thoroughly prepare them for their job as gatekeepers and border control officers of the country.” He added that the bureau plans to hire more immigration officers for deployment to other major ports and border crossing stations. “ We w i l l cont inue to aug ment ou r ma npower in order to improve our ser v ice and address the problem of long passenger queues a nd congest ion in ou r a ir por ts,” Morente sa id. He, likewise, stressed that prior to deploying the new employees to the

ports, the bureau has to make sure that they are “properly trained and mentally equipped to perform their jobs as immigration inspectors.” Morente stated that being an immigration officer “is not an easy job, as it is highly technical and requires deep understanding of laws.” Since Morente assumed post three years ago, the BI has already hired more than 300 immigration officers to beef up its manpower in international ports nationwide. The bureau was obliged to step up its recruitment of new employees to cope with the increasing volume of international passengers and bolster its capability to thwart the entry of unwanted aliens into the country. Immigration officers are also in the frontlines of the government’s campaign to combat human trafficking in the ports. They share credit for the Philippines being ranked in Tier 1 of the US government’s trafficking index for the past four years. Aside from augmenting its manpower the bureau was also successful in reducing the long passenger queues at Naia terminals by launching its e-gates project for Filipino travelers last year. Recto Mercene

Lawmaker presses for proactive measures to fight dengue in school campuses, classrooms By Butch Fernandez @butchfBM

ENATE President Pro Tempore Ralph Recto pressed the Duterte administration on Monday to step up preventive measures in classrooms, recommending mandatory screens in school buildings to protect students from dengue. “With the number of dengue cases in the first half of 2019 double of what was reported in the same period last year, screened

windows and doors should be included in the specifications of public classrooms to be built,” Recto said, adding: “Kung ayaw nating madapuan ng lamok ang ating mga anak sa bahay, dapat ganoon din sa mga paaralan [If we abhor mosquito infestation in our homes, we should, likewise, make our schools free from mosquitos].” In a news statement, Recto reiterated his suggestion to install window and door screens as part of the standard plans for Department of

Education (DepEd) schools. Recto pointed out that “during school days, one in four Filipinos are in public schools,” citing statistics counting 27 million students taught by 830,000 teachers in about 47,000 schools this year. He asserted that “if Filipinos congregate there, then we should make sure that mosquitos don’t go to school with them. Hindi dapat naka-enrol si Aedes Aegypti, o kung nandoon man, dapat i-expel [Aedes Aegypti should be expelled from

the classrooms],” Recto added, referring to the mosquito that carries the dengue virus. “Unfortunately, karamihan ng na-dengue [most dengue patients], may [have] school IDs,” Recto said, noting that schoolchildren form the largest group of dengue victims, the number of whom surged to 98,179 between January and June from the 53,475 that the Department of Health (DOH) recorded during the same period last year. T he senator sug gested

that schools will stop being “injection points of dengue, if new classrooms will come with screened windows and old ones will likewise be fitted, in addition to other measures which are effective in battling dengue, like destroying mosquito breeding places.” Recto notes screening off ventilation points in classrooms is not a new idea. “In 2015, there was already a plan by the DOH to install screens in 20,000 classrooms, to add to 7,620 classrooms which were already in-

stalled with chemically-treated screens by then.” To cope with the annual increase in enrolment, DepEd needs 10,000 new classrooms, he added, noting this is on top of the existing backlog of 64,668 classrooms that must be wiped out to achieve the ideal pupil-to-room ratio. Moreover, he pointed out the DepEd maintains 757,006 rooms nationwide, 687,757 of which are instructional classrooms and 69,249 for administrative use and support services like canteens and clinics.

A10 Tuesday, July 16, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Tuesday, July 16, 2019 A11

A12 Tuesday, July 16, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Tuesday, July 16, 2019 A13

A14 Tuesday, July 16, 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

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, July 16, 2019

SM Prime income jumps 16% in first half to ₧19.3B

By VG Cabuag

@villygc

HOPPING mall operator SM Prime Holdings Inc. said its net income jumped 16 percent during the first half of the year to P19.3 billion from last year’s P16.62 billion on the continued expansion of its malls in the country. Consolidated revenues rose 15 percent to P57.05 billion from P49.77 billion last year, while overall operating income went up 17 percent to P27.42 billion, from P23.36 billion in the previous year. For the second quarter alone, profits also rose 16 percent to P10.50 billion from P9.02 billion last year, while revenues grew at the same pace to P30.51 billion from P26.42 billion. “The country’s stable economy has helped SM Prime maintain its growth in all core businesses for the first half of 2019. We are optimistic to sustain this growth moving forward as we launch new projects with the goal of providing more integrated property developments across the Philippines,” SM Prime President

Jeffrey C. Lim said. SM Prime’s consolidated mall revenues increased by 8 percent to P31.07 billion during the six months of the year ending June. This accounts for 55 percent of the company’s consolidated revenues. Rental revenues went up to P26.22 billion from P24.49 billion in the previous year, driven by the 7-percent same-mall-sales growth, as well as the increasing contribution from newly opened and expanded malls in 2018. Cinema and event ticket sales reached P2.81 billion from P2.59 billion, a 9-percent increase from the same period last year. Meanwhile, other revenues, which include leisure, entertainment

and merchandise sales, jumped by 24 percent to P2.03 billion from P1.64 billion of last year. Mall operating income rose 10 percent to P17.45 billion from P15.90 billion, translating to higher operating income margin of 56 percent from 55 percent last year. SM Prime has 72 malls in the Philippines and seven malls in China with a total gross floor area of 9.3 million square meters as of June. For the second half of the year, SM Prime will open malls in Dagupan, another one in Olongapo, Butuan and Mindpro Citimall in Zamboanga.

Residential group

SM Prime’s residential group, which accounts for 36 percent of consolidated revenues, reported a 26-percent revenue increase to P21.43 billion for the period, from P17.05 billion of last year. High-rise housing projects in Metro Manila launched from 2016 to 2018 continue to drive the growth of this segment, it said. SM Development Corp., its residential business unit, recorded a 20-percent increase in reservation sales for the first six months to P41.46 billion, from P34.45 billion of last year. Unit sales rose 6 percent to 9,877 units from 9,319 units last year.

ICTSI Pakistan subsidiary launches rail cargo service By Lorenz S. Marasigan @lorenzmarasigan

NTERNATIONAL Container Terminal Services Inc. (ICTSI) has launched a dedicated rail cargo service between Karachi and Lahore in Pakistan to facilitate faster movements of goods in its Middle Eastern port. Pakistan International Container Terminal’s (PICT) new rail service is also expected to “significantly lower cost to upcountry markets.” Specifically, it will help benefit major industries of Pakistan, such as

Globe leads fixed wireless market in H1

LOBE Telecom Inc. led the fixed wireless game in the first half of 2019, after cornering almost 90 percent of the market, a ranking company official said on Monday. Citing a Kantar Media study, Globe President Ernest L. Cu said his group accounted for 84.4 percent of the fixed wireless market in the first six months of the year, up from its 76.9-percent market share a year prior. This, he said, helped in increasing the home broadband penetration rate in the Philippines to 27 percent as of end-June from 16 percent last year. “Deploying fixed wireless solutions for homes has been a game changer for Globe. It allowed us to provide more homes with high-speed broadband as quickly and as comprehensively as possible,” he said. Globe started offering fixed wireless home broadband solutions in 2017, when it launched a prepaid service that served the demand for sachet connectivity. This year, Globe introduced Southeast Asia’s first 5G fixed wireless home broadband service, which could provide fiber-like speeds ranging from 50 Mbps to 100 Mbps. Lorenz S. Marasigan

agriculture, textile, fertilizer, sports goods, electronics and fast-moving goods producers to move. “This rail service provides us with more efficiency and flexibility. As an alternative rail transport, this reduces the cost of doing business for clients. At the same time, this helps alleviate congestion on the city roads,” Khurram Khan, who sits as chief executive at PICT, said on Monday. He added that since PICT is the only terminal in the Port of Karachi with internal rail connection, it enjoys a competitive edge in the lo-

cal market, and expects to improve its global competitiveness with this new service. “We foresee increased large volumes in Pakistan’s foreign trade, and we are committed to address this increasing our capability to provide end-to-end logistics solutions for our customers,” Khan said. Khan said the Pakistani subsidiary of the listed Filipino port operator is “playing a key role in uplifting the economy of the country with a focused and determined approach of providing value-added services.”

DOLE orders construction firm to stop work after man’s death

HE Department of Labor and Employment (DOLE) issued a Work Stoppage Order (WSO) on Monday at a construction site of Momentum Construction and Development Corp. (MCDC) in Manila, where a worker was killed last Sunday. DOLE-National Capital Region Director Sarah Buena S. Mirasol issued the order after there labor inspector found 24 counts of occupational safety and health standards (OSHS) violation at the site located at Piy Margal Street corner Dos Castillas Street. The WSO covers MCDC and all involved subcontractors. “Failure to comply with this Order is a criminal offense punishable under Article 288 of the Labor Code of the Philippines,” Mirasol said. Among the violations of MCDC as listed by Mirasol: non-registration of the establishment; inadequate number of safety officers; non-submission of OSH Reports; inadequate safety signages; poor housekeeping; improper handling and storage of materials; inadequate lighting; non-provision of safety measures when operating machines; and non-registration of subcontractors at the Philip-

pine Contractors Accreditation Board (PCAB). MCDC also lacked the following OSHS requirements: OSH program; OSH Committee; first aiders; safety health nurse; health physicians; health dentist; treatment room; eight-hour mandatory OSH orientation to all workers; lactation room; emergency drills; defined procedure in performing hazard; approved work system; guidelines when performing gas, electric, and cutting operations; Employees Compensation Commission (ECC) Logbook. DOLE -NCR conduc ted t he probe following the death of John Erick Marcoso, a steelman from a subcontractor of MCDC, who was hit by a detached part of a crane. Mirasol ordered MCDC to send a representative at DOLE-NCR by Tuesday to “determine the propriety of having this Work Stoppage Order lifted or not.” While the WSO is in effect, Labor Assistant Secretary Benjo M. Benavidez assured the affected workers of MCDC that they will still be paid their regular salaries. He said Marcoso’s loved ones will also be entitled to benefits from the Social Security System and ECC. Samuel P. Medenilla

Lane Residences in Davao City topped the sales during the period, followed by Sail Residences in Pasay and Glam Residences in Quezon City. Its commercial properties group and hotels and convention centers, meanwhile, reported a combined revenue growth of 13 percent to P4.63 billion from P4.11 billion last year. Operating income increased 18 percent to P2.34 billion from P1.99 billion last year, while operating income margin rose 51 percent from 48 percent last year. SM Prime has 11 office buildings with a combined gross floor area of 642,000 square meters as of end June. The company’s first campus building, the NU Tower at the Mall of Asia Complex in Pasay, is set to be launched in the second half, while the FourE-Com Center is scheduled for launch by 2020. SM Prime currently has seven hotels with over 1,700 rooms, four convention centers and three trade halls. The company launched Park Inn by Radisson Iloilo last April and is set to launch Park Inn North Edsa in Quezon City during the second half.

Anchor Land signs P4-billion project with Parañaque City

ROPERTY developer Anchor Land Inc. on Monday said it signed a P4-billion publicprivate partnership contract with the Parañaque City government for a mixed-use development that will house, among others, the satellite office of the city government. Located between the Parañaque Integrated Terminal Exchange and Coastal Mall, and close to the NaiaX exit ramp to Entertainment City, the 1-hectare mixed-use development will consist of three towers. The first tower will house the satellite office of the city government; the second tower will be dedicated to office and commercial use; and the third tower will be used as a bed-spacing facility, it said. “This project and our satellite office will bring the city government’s services closer to our citizens and all sectors, especially our business partners,” Parañaque City Mayor Edwin Olivarez said in a statement. The satellite office will include the extension offices of the city’s business permit and licensing office, as well as the assessor’s office which is responsible for processing permits for both local and foreign investors. Currently, 35,000 employees in Bay City are working in integrated hotels and resorts, such as Solaire

Resort, City of Dreams and Okada Manila; IT/BPO industries; and the Department of Foreign Affairs. With the continuing growth in Bay City, the project will make it easier for businesses to apply for their respective business requirements instead of transacting at the main city hall in Sucat district, it said. Employees of establishments in Bay City will be able to secure their government-related employment requirements since the satellite office will also include extension offices of the National Bureau of Investigation, Government Service Insurance System, Social Security System, Pag-IBIG Fund and the Philippine Health Insurance Corp. “In Bay City alone, we are expecting to reach 100,000 jobs and 5,000 businesses in the years to come, which will be generated by the completion of additional integrated hotels and resorts, a theme park and commercial establishments like the upcoming Ayala Malls Bay Area. Our satellite office will help us efficiently respond to this growing number without them needing to travel to our existing City Hall. And this will be made possible through our partnership with Anchor Land,” Olivarez said. VG Cabuag

Companies BusinessMirror

Tuesday, July 16, 2019

PSE STOCK QUOTATIONS

July 15, 2019

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

58.5 154 83.25 27.2 12.18 75.85 13.2 20.4 53.7 57.95 27 182 59 1.21 2.33 18.68 4.7 7.71 0.46 752 0.99 189.1 1.12

58.9 154.1 83.9 27.4 12.24 77 13.24 21.3 54 58.05 27.1 182.9 59.5 1.24 2.41 18.7 4.74 8.6 0.48 789.5 1.01 190 1.19

58.9 148.2 81.8 27.5 12.26 73 13.2 20.5 53.85 58.45 27 179 60 1.2 2.46 18.7 4.78 7.71 0.47 751.5 0.98 190 1.11

58.9 154 83.95 27.5 12.26 77 13.2 20.5 54 58.5 27 183.5 60 1.24 2.46 18.7 4.79 7.71 0.495 751.5 1.02 191 1.11

58.9 148.1 81.75 27.2 12.16 73 13.2 20.4 53.3 58 26.85 178.2 59 1.2 2.32 18.7 4.69 7.71 0.46 751.5 0.98 188 1.11

58.9 154 83.9 27.4 12.2 77 13.2 20.4 54 58 27 182 59 1.24 2.42 18.7 4.74 7.71 0.475 751.5 1.01 190 1.11

17000 3521350 13730260 39800 2250000 7579900 200 8400 56320 12110 15600 491610 171640 10000 1236000 1300 306000 100 2560000 20 846000 8650 20000

1001300 536,225,7402 1141335569 1091795 27453374 565189436.5 2640 172110 3033106 704845.5 420710 89740419 10156158.5 12040 2970300 24310 1448350 771 1193900 15030 849980 1641462 22200

998355 31176565.0002 44064425 -282565 -8588216 160612117.5 373583 -378968 -26950 10973017 -831955.5 -14960 -32200 1592100 -

INDUSTRIAL 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 MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA LMG CHEMICALS MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

37.7 0.26 27 91.1 384.4 24.5 5.77 4.79 2.59 12.02 39.15 6.52 14.42 16.2 14.4 6.2 10.34 7.6 103 0.83 60.9 284 14 0.186 1.76 14.8 1.45 5.02 0.127 174.7 1.22 86 95 2.91 5 15.3 11.02 14 18.88 9.1 1.16 1.37 2.02 4.22 3.24 4.83 40.25 2.37 9.93 1.68 5.5 1.11 17.54

38 0.265 27.2 91.4 390 24.9 5.78 4.8 2.6 12.06 39.2 6.55 14.5 17 14.5 6.25 10.46 7.63 103.1 0.84 61 285.6 14.08 0.192 1.77 14.82 1.47 5.1 0.13 175 1.23 87.45 99 2.93 5.25 15.32 11.26 14.06 18.9 9.3 1.17 1.38 2.09 4.6 3.41 4.85 41 2.38 9.99 1.7 5.68 1.12 17.56

36.4 0.265 26.75 90 381.8 25 5.62 4.77 2.45 12.06 39 6.5 14.4 16.2 14.54 6.1 10.2 7.49 102.9 0.82 57.9 281 13.98 0.19 1.77 14.36 1.36 5.02 0.128 171.6 1.23 93.4 108.8 2.8 5.01 15.4 11.18 14.4 18.9 9.3 1.19 1.36 2 4.22 3.41 4.84 41 2.11 10 1.69 5.53 1.1 17.78

38 0.265 27.2 92.5 390 25 5.8 4.8 2.61 12.06 39.25 6.6 14.86 17 14.8 6.29 10.46 7.63 103.1 0.85 61 285.6 14.24 0.192 1.82 14.86 1.5 5.1 0.128 177.9 1.24 93.4 108.8 2.92 5.01 15.4 11.26 14.4 19 9.3 1.19 1.38 2.09 4.22 3.41 4.84 41 2.4 10 1.7 5.55 1.11 17.94

36.2 0.26 26.65 90 381.2 24.5 5.61 4.7 2.44 12.06 38.85 6.5 14.4 15.52 14.5 6.1 10.18 7.49 101.9 0.82 57.9 281 13.88 0.19 1.74 14.36 1.36 5.01 0.127 171.6 1.21 86 95 2.78 5.01 15.28 11.14 14 18.88 9.3 1.13 1.34 2 4.22 3.41 4.81 41 2.07 9.9 1.68 5.5 1.09 17.44

38 0.265 27.2 91.4 390 24.5 5.77 4.8 2.6 12.06 39.2 6.55 14.5 16.2 14.5 6.2 10.46 7.63 103 0.84 61 285.6 14 0.192 1.77 14.8 1.47 5.1 0.127 175 1.22 86 99 2.91 5.01 15.3 11.26 14 18.9 9.3 1.17 1.38 2.02 4.22 3.41 4.84 41 2.38 9.93 1.7 5.5 1.11 17.56

1579400 380000 2030000 725130 135600 5359600 739000 186000 28334000 200 151400 94200 789700 6800 3612700 44900 2022800 1001600 1424230 2484000 228120 1211860 525000 530000 3341000 921100 2263000 32000 940000 968550 614000 30830 9340 3947000 16000 557700 688600 922800 1496300 2036000 673000 1544000 176000 5000 6000 14000 57000 35884000 215000 63000 78200 402000 207200

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 FJ PRINCE A FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

1 13.58 920 58.6 15.7 3.97 6.96 0.73 1.28 1.29 7.05 10.32 13.76 3.91 0.226 908 6.41 69.85 6.04 0.485 4.58 15.98 0.62 4.79 0.039 1.8 1.36 431.2 999 174 0.81 263 0.235 0.3

1.01 13.6 930 59.5 15.72 3.98 7 0.74 1.29 1.33 7.06 10.4 14 4.46 0.24 909.5 6.42 70.8 6.36 0.495 4.59 16 0.65 4.8 0.04 1.81 1.39 455 1007 174.4 0.82 263.6 0.242 0.305

0.99 13.32 917 56 15.46 3.88 7 0.73 1.29 1.3 7.08 10.12 13.54 3.91 0.23 900 6.41 67.8 6.02 0.495 4.39 15.76 0.64 4.79 0.039 1.74 1.4 459.4 970 176 0.85 261 0.243 0.305

1.02 13.98 935 59.5 15.9 3.98 7.05 0.74 1.29 1.33 7.08 10.4 14 3.91 0.24 910 6.42 70.8 6.02 0.495 4.61 16.3 0.65 4.83 0.04 1.83 1.4 459.4 1007 177 0.85 263.6 0.243 0.305

0.97 13.32 917 56 15.28 3.86 7 0.72 1.27 1.29 7.05 10.12 13.54 3.91 0.22 895 6.38 67.8 6.02 0.485 4.39 15.7 0.62 4.77 0.039 1.72 1.35 459.4 970 172.8 0.81 260.2 0.233 0.295

1 13.58 930 59.5 15.7 3.98 7 0.73 1.29 1.33 7.06 10.4 14 3.91 0.24 908 6.42 70.8 6.02 0.485 4.58 16 0.62 4.8 0.04 1.8 1.39 459.4 1007 174 0.82 263.6 0.242 0.3

36616000 105200 569770 1073670 6189000 4574000 204800 469000 3440000 254000 1651000 4314100 14300 1000 1060000 128340 112500 1296740 900 190000 6276000 3922000 491000 17509000 5900000 6200000 380000 20 488500 371270 206000 1890 2060000 20780000

HOLDING & FRIMS

59240310 22475755 99400 54919870 29027505 65910283 -23803863 52458412 24729714 133,415,200( 6,281,105.0001) 4241520 204979 887500 72460500 -271640 2412 5918700 306250 614047 11528756 -2687026 109568 52434000 -13401670 276066 -158300 20,784,232( 11,783,719.9996) 7532420 -2416019 146478157 -30961025 2091780 -220980 13695264 890120.5 342936750 -70051218 7377662 2074044 100940 -5760 5920780 -1676800 13461676 9781520 3326450 162358 120250 169358193 -30502165 751180 1220 2727810 923515.5 -721068.5 11334850 -3553730 80160 8534094 1682670 7731958 5427190 12970042 -749230 28297716 958532 18934800 -18600000 779170 2094120 114920 355660 21100 20460 67560 2337000 -0 79630820 8149390 2133290 -558418 106420 -20200 430857 441160 9990 3660964 154684.0001 36784740 1435740 528028330 62480973 96961842 18042570 1433635 342270 4417310 329610 11647951 44765834 199378 3910 237270 116280885 721281 90665955 5418 93900 28355540 62507152 309480 83968020 231400 11029660 518000 9188 489287620 64576518 168860 492440 486120 6226350

4913770 66202 22731330 19577481 -6096728 -2794340 92395 61320 -209600 -3386438 2637538 -166008 64670 25085550 -647670 51079173.0001 146670 -29859358 21103800 -43190 27300 222780045 -14300465 28700 -328178 188600

PROPERTY

ARTHALAND CORP 1.08 1.09 1.08 1.1 1.03 1.09 12357000 13158400 839630 ANCHOR LAND 10.26 11 10.22 11 10.22 11 8100 83210 AYALA LAND 53.1 53.5 53 53.6 52.8 53.5 9744540 518159192.5 238708587.5 ARANETA PROP 2.01 2.06 2.02 2.06 2.01 2.01 90000 183200 BELLE CORP 2.32 2.33 2.31 2.34 2.3 2.33 108000 249550 -20840 A BROWN 0.86 0.87 0.88 0.89 0.86 0.87 2072000 1810260 870 CITYLAND DEVT 0.91 0.93 0.93 0.93 0.91 0.93 526000 478780 CROWN EQUITIES 0.243 0.246 0.241 0.242 0.241 0.241 940000 226560 CEB LANDMASTERS 5.15 5.16 5.17 5.25 5.13 5.16 1688900 8778741 199258 CENTURY PROP 0.64 0.65 0.62 0.65 0.61 0.64 69598000 44189090 749010 CYBER BAY 0.47 0.475 0.45 0.48 0.45 0.475 4180000 1960950 DOUBLEDRAGON 25.25 25.3 24.7 25.3 24.7 25.3 208500 5247270 441945 DM WENCESLAO 9.9 9.97 9.85 10.08 9.83 9.97 539900 5340005 -124562 EMPIRE EAST 0.47 0.475 0.47 0.475 0.47 0.475 160000 75950 EVER GOTESCO 0.123 0.124 0.122 0.122 0.122 0.122 10000 1220 FILINVEST LAND 1.96 1.97 1.9 1.97 1.88 1.97 89851000 174666080 32844910 GLOBAL ESTATE 1.4 1.41 1.42 1.43 1.41 1.41 2596000 3689020 138180 8990 HLDG 15.5 15.54 15.5 15.6 15.5 15.54 906600 14054030 -662324 PHIL INFRADEV 1.7 1.71 1.71 1.72 1.68 1.7 3490000 5897750 8130 CITY AND LAND 0.8 0.81 0.8 0.82 0.8 0.8 220000 176100 MEGAWORLD 6.47 6.5 6.3 6.54 6.26 6.5 36601600 236404394 66848835 MRC ALLIED 0.34 0.345 0.34 0.35 0.34 0.345 8120000 2793650 59150 PHIL ESTATES 0.485 0.5 0.485 0.5 0.485 0.5 22000 10970 PRIMEX CORP 2.11 2.12 2.15 2.15 2.1 2.11 659000 1394620 -347190 ROBINSONS LAND 27.3 27.5 27.5 27.5 27.05 27.5 1037500 28441790 10206145 PHIL REALTY 0.4 0.405 0.4 0.4 0.4 0.4 30000 12000 ROCKWELL 2.3 2.32 2.33 2.33 2.27 2.3 450000 1032540 SHANG PROP 3.1 3.14 3.19 3.19 3.1 3.1 84000 262480 -68600 STA LUCIA LAND 2 2.02 2 2.03 1.98 2.02 1970000 3961190 SM PRIME HLDG 39.35 39.5 38.35 39.5 38.35 39.5 11488600 449534715 85215 STARMALLS 6.19 6.22 6.19 6.22 6.18 6.19 42700 264471 SUNTRUST HOME 0.82 0.83 0.84 0.84 0.8 0.82 5535000 4433070 54270 VISTA LAND 7.32 7.42 7.3 7.42 7.3 7.42 3839400 28392027 -982723 SERVICES ABS CBN 17.38 17.4 17.48 17.6 17.4 17.4 196000 3415742 GMA NETWORK 5.38 5.39 5.33 5.4 5.33 5.39 59000 315287 MANILA BULLETIN 0.55 0.56 0.53 0.56 0.53 0.55 1406000 767840 GLOBE TELECOM 2222 2232 2184 2242 2184 2232 76655 170195600 44808570 PLDT 1220 1222 1220 1235 1214 1222 73970 90436400 24988795 APOLLO GLOBAL 0.049 0.051 0.052 0.052 0.05 0.051 56200000 2835630 DFNN INC 6 6.22 6.25 6.25 5.92 6.25 26600 166052 ISLAND INFO 0.117 0.119 0.117 0.119 0.117 0.119 380000 44740 ISM COMM 5.61 5.62 5.8 5.83 5.58 5.61 7484700 42198887 -8970195 NOW CORP 2.5 2.51 2.59 2.59 2.46 2.5 2890000 7230260 362560 TRANSPACIFIC BR 0.35 0.355 0.35 0.35 0.345 0.35 3330000 1158950 -70000 PHILWEB 4.37 4.38 4.25 4.42 4.25 4.38 6201000 27089750 -6387240 2GO GROUP 11.2 11.3 11.1 11.3 11 11.2 11400 127002 -1100 ASIAN TERMINALS 20.05 21.6 21.6 21.6 21.6 21.6 200 4320 CHELSEA 7.94 7.95 7.8 7.96 7.61 7.95 3777500 29385806 4391582 CEBU AIR 95 95.2 93.5 95.9 93.5 95.2 465560 44258969 7831597.5 INTL CONTAINER 146.4 147.6 141.3 147.6 141.3 147.6 1288060 186913534 10173930 LBC EXPRESS 14.1 14.8 14.1 14.1 14.1 14.1 3300 46530 LORENZO SHIPPNG 0.88 0.91 0.91 0.91 0.88 0.91 47000 41870 MACROASIA 19.26 19.4 19.48 19.5 19.1 19.26 697300 13464414 3805057.9997 METROALLIANCE A 1.53 1.62 1.53 1.53 1.53 1.53 10000 15300 PAL HLDG 9.3 9.39 9.2 9.39 9.2 9.39 6300 59024 HARBOR STAR 2.12 2.14 2.12 2.15 2.09 2.12 2147000 4523810 21200 ACESITE HOTEL 1.42 1.45 1.4 1.45 1.38 1.42 37000 52890 BOULEVARD HLDG 0.062 0.063 0.063 0.065 0.062 0.063 18860000 1199150 -45360 DISCOVERY WORLD 2.08 2.31 2.08 2.08 2.08 2.08 3000 6240 WATERFRONT 0.84 0.85 0.81 0.85 0.79 0.84 10180000 8464860 -31640 CENTRO ESCOLAR 6.98 7.19 6.98 7.19 6.98 7.19 200 1417 698 FAR EASTERN U 892 920 895 895 895 895 30 26850 STI HLDG 0.79 0.8 0.8 0.81 0.78 0.8 8465000 6770300 349230 BERJAYA 2.58 2.63 2.6 2.7 2.55 2.63 340000 882710 BLOOMBERRY 11.8 11.86 11.66 11.96 11.64 11.8 13844200 163783858 -77661882 PACIFIC ONLINE 2.93 2.94 2.88 2.95 2.85 2.94 219000 634920 LEISURE AND RES 3.8 3.82 3.66 3.82 3.66 3.82 1722000 6479850 547050 MANILA JOCKEY 3.15 3.29 3.25 3.29 3.14 3.29 132000 419260 PH RESORTS GRP 5.2 5.22 5.19 5.2 5.14 5.2 63100 327219 PREMIUM LEISURE 0.71 0.73 0.71 0.73 0.71 0.71 2420000 1729890 317290 TRAVELLERS 5.51 5.55 5.5 5.55 5.42 5.51 916200 5037527 -2651278 METRO RETAIL 2.79 2.8 2.63 2.82 2.63 2.79 7480000 20400220 -407840 PUREGOLD 46.05 46.1 45.9 46.25 45.9 46.1 398500 18365885 2341440 ROBINSONS RTL 77.1 77.9 80 80 76.55 77.1 1218150 94514602.5 36259427 PHIL SEVEN CORP 135 141 141 141 129 141 233090 32639535 499074 SSI GROUP 3.48 3.5 3.44 3.5 3.4 3.5 4723000 16499600 7181350 WILCON DEPOT 16.84 16.86 16.82 16.9 16.82 16.84 1510600 25460812 -5073412 APC GROUP 0.53 0.54 0.52 0.54 0.51 0.53 6961000 3663980 EASYCALL 9.7 9.89 9.6 9.9 9.54 9.7 41500 401127 GOLDEN BRIA 418 428 416 428.2 416 428 1400 597080 IPM HLDG 5.75 5.8 5.75 5.8 5.65 5.8 19900 113710 28250 PRMIERE HORIZON 0.83 0.84 0.85 0.85 0.82 0.84 26182000 21922840 2873580 SBS PHIL CORP 9.16 9.4 9.47 9.48 9.15 9.4 242900 2280775 -1992800 MINING & OIL ATOK 11.4 12.1 12.2 12.2 11.4 12.1 1400 16866 APEX MINING 1.12 1.13 1.14 1.14 1.1 1.12 2216000 2473370 -439899.9999 ABRA MINING 0.0016 0.0017 0.0018 0.0018 0.0016 0.0017 622000000 1057100 34000 ATLAS MINING 2.67 2.7 2.7 2.7 2.67 2.67 163000 437940 -8010 CENTURY PEAK 2.79 2.81 2.8 2.8 2.79 2.79 427000 1194380 DIZON MINES 7.69 7.73 7.84 7.84 7.7 7.7 5800 44810 FERRONICKEL 1.44 1.46 1.45 1.47 1.43 1.47 178000 259280 1440 GEOGRACE 0.217 0.218 0.218 0.218 0.216 0.216 590000 127490 99360 LEPANTO A 0.108 0.11 0.109 0.11 0.109 0.11 1550000 169710 LEPANTO B 0.116 0.123 0.116 0.123 0.116 0.123 100000 12020 MANILA MINING A 0.0075 0.0078 0.0077 0.0077 0.0077 0.0077 1000000 7700 MARCVENTURES 1.16 1.18 1.15 1.18 1.15 1.18 218000 254870 NIHAO 1 1.04 1.03 1.05 1.03 1.05 111000 115620 NICKEL ASIA 2.27 2.28 2.26 2.29 2.23 2.27 2193000 4971790 -1753600 ORNTL PENINSULA 0.87 0.88 0.85 0.87 0.84 0.87 262000 223260 13050 PX MINING 3.61 3.64 3.52 3.7 3.52 3.61 825000 2991500 -134820 SEMIRARA MINING 22.8 22.85 22.55 22.9 22.55 22.8 837400 19096135 -117140 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 87100000 1051200 ORNTL PETROL B 0.012 0.013 0.013 0.013 0.012 0.012 20200000 262500 PHILODRILL 0.01 0.011 0.01 0.012 0.01 0.011 104900000 1147900 201300 PHINMA PETRO 4.79 4.8 4.8 4.8 4.7 4.8 346000 1660030 PXP ENERGY 7.75 7.8 7.77 7.85 7.7 7.8 593200 4605229 -1384648 PREFFERED HOUSE PREF A 96.1 96.5 96.5 96.5 96.5 96.5 310 29915 AC PREF B1 480 489 490 490 490 490 10 4900 AC PREF B2 490 496 495 496 483 496 2900 1409190 DD PREF 99 99.45 99 99.45 99 99.45 5050 499972.5 GLO PREF P 480.2 498 499 499 499 499 60 29940 LR PREF 0.98 1 0.99 1 0.97 0.97 221000 217070 MWIDE PREF 100.5 101 102.4 102.4 102.4 102.4 100 10240 PNX PREF 3B 103.7 107.5 103.7 103.7 103.7 103.7 520 53924 PCOR PREF 2B 960 1015 1020 1020 1020 1020 20 20400 PCOR PREF 3A 1010 1011 1011 1011 1010 1010 4080 4124730 PCOR PREF 3B 1012 1013 1012 1013 1012 1013 6340 6416155 SMC PREF 2B 75.2 75.85 75.2 75.2 75.2 75.2 280 21056 SMC PREF 2C 76.6 76.75 76.2 76.75 76.2 76.75 5930 451992.5 SMC PREF 2D 73 73.55 72.9 73.05 72.9 73 13840 1009626 SMC PREF 2F 74.15 74.6 74.8 74.8 74.6 74.6 35420 2648902 SMC PREF 2G 74 74.5 74.5 74.5 74.5 74.5 1700 126650 SMC PREF 2H 73.75 74.2 73.9 74 73.9 74 2500 184800 SMC PREF 2I 74 74.5 74.5 74.5 74.4 74.5 1910 142265 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

16.8 5.26

16.82 5.36

16.82 5.26

138600 32000

2331252 168320

WARRANTS LR WARRANT

1.87

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.37 MAKATI FINANCE 2.48 XURPAS 1.07

1.89

1.84

1.9

1.84

1.87

254000

478330

5.4 2.67 1.08

5.07 2.48 1.09

5.55 2.48 1.09

5.07 2.48 1.06

5.37 2.48 1.07

3005100 1000 3880000

15982724 2480 4142760

-433304 373750

EXHANGE TRADE FUNDS FIRST METRO ETF

123

-2331252 -157800

124.5

121.5

124.5

121.5

124.5

70590

8715800

-128735

www.businessmirror.com.ph

Meralco solicits bids in 2nd competitive selection round

By Lenie Lectura

@llectura

HE Manila Electric Co. (Meralco) is again soliciting bids for its power requirements, another 1,200 megawatts (MW) of capacity, via a Competitive Selection Process (CSP). This is Meralco’s second published bid invite, following a Supreme Court decision that required all power supply agreements (PSAs) forged after June 30, 2015, to undergo CSP. Based on the terms of reference published on Monday, a 20-year power supply contract, from September 2024, is up for bidding on September 10. The 1,200-MW capacity must be supplied by any baseload power plant, one that usually provides a continuous supply of electricity throughout the year with some minimum power generation requirement. Baseload plants will only be turned off during periodic maintenance or upgrading.

The power plant should achieve commercial operations not earlier than March 2024 for the first unit, with full contract capacity by September 2024. In case the plant has four units, two of these must attain commercial operation date (COD) by March 2024. If there is a delay in the COD, Meralco may terminate the PSA and forfeit the performance security. Other grounds for PSA termination include event of default, nonfulfillment of condition to effective date, certain events of force majeure, expiration of term, upon mutual agreement and change in circumstances. The power plant must be located in not more than two plant sites and

with one delivery point within the Luzon grid and nearest to Meralco’s load center. Should there be multiple units, the minimum capacity per unit is 300 MW. Meralco requires that the capacity of the plant must not be contracted with any other plant. Also, the power plant that will supply Meralco must not experience more than 30 days of scheduled power outage and not more than 15 days of forced outage. Interested power suppliers have until July 29 to submit their expressions of interest, purchase bid documents and pay a participation fee of P6 million. A pre-bid conference will be held on August 9. The bids, together with a P3.6billion bid security, must be submitted on or before September 10. The bids will be opened on the same day. Last Friday (July 12), Meralco published its first bid invite. The utility firm is soliciting 1,200 MW for 10 years starting December 26, 2019, up to December 25, 2029. Interested bidders must pay a P2,500 fee per MW of offered contract capacity, submit an expression of interest and confidentiality undertaking and purchase bid documents

until July 26. A pre-bid conference is scheduled on August 8, with submission of bids set on September 9. The CSP requires distribution utilities (DUs) to hold competitive bidding for their supply requirements as against securing power deals via bilateral contracts. This is meant to ensure transparency and fair competition. Meralco is expected to publish another bid invite soon. This is the first of three invitations to bid published. The three CSPs to be conducted are in accordance with the Power Supply Procurement Plan that Meralco submitted to the Department of Energy (DOE), Meralco utility head economics Lawrence Fernandez said in a text message last week. Meralco earlier inked seven PSAs with several power generation companies, including subsidiary Meralco Power Gen Corp. The total capacity of the seven PSAs is over 3,500MW. However, these PSAs were not implemented following the SC order which stemmed from allegations that the Energy Regulatory Commission (ERC) gave due preference to Meralco by extending the deadline for compliance with the CSP.

Phoenix Petroleum opens first airside facility in Davao

HE fastest-growing and leading independent oil company in the country, Phoenix Petroleum, has opened its first airside facility at the Francisco Bangoy International Airport in Davao City, further streamlining its operations and services for its aviation partners. In a launching ceremony on July 10, 2019, Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon highlighted the company’s continuous improvement to serve the needs of its clientele and contribute to the development of the community. “In line with our campaign for operational excellence, our newly built depot will help us serve better and more efficiently our commercial aviation clients. This project is also our way of reinforcing the boom-

ing air transportation and tourism industries, enabling us to better contribute to the overall customer experience of passengers, while fulfilling our corporate goal of becoming an indispensable partner in the journey of everyone whose life we touch,” he said. The new airside facility has a storage tank that can store up to 160,000 liters of Jet A1 fuel, a laboratory testing room for supply quality control, a staging area for trucks and aviation refuellers, and an office space for the employees. At present, the facility is expected to cater to the fuel requirements of Cebu Pacific—the company’s longest and biggest commercial aviation client in Davao airport. Also present during the inauguration were Phoenix Petroleum’s Chair-

Sunset Pacific eyes oil drilling in PHL

UNSET Pacific Petroleum Ltd., an oil prospecting firm with joint ventures in Tunisia and the Sultanate of Oman, is eyeing a stake in one of the service contracts in the Philippines. The company is expected to make known its intentions when its officials meet with government agencies next month as the oil drilling season resumes, especially with the Malampaya oil field that made Palawan an oil province, or an area with prospects for oil and gas reserves. Sunset was organized in 1981, and it has ramped up its oil- and gasexploration activities by concluding joint ventures with the Tunisian companies IMI-EAG and Cotif Sicar, Hoqool Petroleum Int’l WLL Co. of Bahrain, as well as acquiring an oil and gas concession in the Sultanate of Oman. The company has been earning from Bougie Trutch and Trutch East fields even as it targets new oil and gas deposits in the Middle East, particularly Oman, and Tunisia in North Africa and soon, in Asia. Its ventures in Tunisia, Bahrain and Oman are significant in the light

of the continuing tensions between the United States and Iran, with Tunisia being deemed a safer source of crude oil. Thirty percent of the world’s crude oil supplies pass the Straits of Hormuz and the Gulf of Oman, where the US Navy is girding for action against Iran after US President Donald J. Trump dumped the nuclear deal with Tehran, the only national leader to scuttle the accord. Full-blown development of oil and gas in Tunisia will also hasten economic development in a country that has a large pool of college graduates seeking jobs and stabilize world crude oil prices. In a statement, Sunset Pacific said “it intends to explore and develop prospective oil and gas fields that will provide it with the economic platform to pursue unconventional formations that have significant upside potentials.” The company, which is present in the Philippines, has been working on the Ben Khedechef, previously known as El Hamra, a 3,972-squarekilometer onshore concession in Tunisia that geologists and petroleum experts believe could harbor 1 billion barrels of oil.

man Domingo Uy, General Manager for Aviation Business Lester Khan, Cebu Pacific’s Vice President Joey Macagga, Fuel Operations Director

MUTUAL FUNDS

Edwin Sarte, Manager Ryan Mendoza, and Civil Aviation Authority of the Philippines’s Davao Manager Engr. Rex Obcena. July 15, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 270.94 7.73% -0.48% 1.48% 7.43% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6779 16.63% 7.52% 3.4% 16.46% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.2334 6.27% -0.54% 0.73% 8.47% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.972 10.3% N.A. N.A. 7.88% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8981 8.19% N.A. N.A. 9.43% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.6074 7.89% 0.53% 1.34% 6.34% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.9008 5.95% -3.7% N.A. 7.66% MBG EQUITY INVESTMENT FUND, INC. -A 121.46 14.82% N.A. N.A. 4.56% PAMI EQUITY INDEX FUND, INC. -A 53.6746 10.39% 0.26% N.A. 9.04% PHILAM STRATEGIC GROWTH FUND, INC. -A 558.26 9.27% -0.72% 1.34% 8.45% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3593 10.6% 1.25% 3.54% 8.4% PHILEQUITY FUND, INC. -A 39.8701 11.2% 1.85% 3.15% 8.84% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0777 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.446 11.35% 1.24% 3.56% 9.82% PHILIPPINE STOCK INDEX FUND CORP. -A 909.55 11.41% 0.96% 3.53% 9.79% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9602 13.73% 0.59% N.A. 11.65% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.454 11.67% 1.2% 3% 9.73% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0448 10.82% 0.9% N.A. 9.48% UNITED FUND, INC. -A 3.8223 9.52% 2.45% 3.76% 9.18% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 121.7639 11.82% 1.82% 4.59% 9.95% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9914 -2.65% 4.89% -0.45% 6.71% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.323 2.81% 9.09% N.A. 19.71% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7707 7.02% -1.55% -0.92% 7.24% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3701 5.53% -0.1% 1.12% 7.28% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.7066 6.14% 0.32% -0.93% 6.43% GREPALIFE BALANCED FUND CORPORATION -A 1.3705 3.9% N.A. N.A. 5.08% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9639 7.18% 0.32% 1.67% 6.55% PAMI HORIZON FUND, INC. -A 3.8054 7.54% -0.85% 0.95% 7.82% PHILAM FUND, INC. -A 17.1308 8.4% -0.66% 0.97% 7.69% SOLIDARITAS FUND, INC. -A 2.189 6.53% 0.68% 2.21% 5.79% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9558 9.62% 0.32% 2% 8.34% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0346 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0364 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0332 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.0173 11.07% 0.68% 1.82% 10.37% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03741 6.61% 1.39% 2.04% 5.98% PAMI ASIA BALANCED FUND, INC. -A $0.9988 -0.34% 3.12% -0.79% 9.31% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7961 3.81% 6.24% 3.07% 14.73% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.115 4.22% 3.78% N.A. 10.4% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 351.17 3.57% 2.03% 2.21% 2.24% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9012 2.02% -0.08% -0.17% 2.26% COCOLIFE FIXED INCOME FUND, INC. -A 3.0545 5.41% 5.25% 5.27% 2.63% EKKLESIA MUTUAL FUND INC. -A 2.1934 3.49% 0.96% 1.88% 3.02% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3162 4.52% 0.97% 1.38% 5.04% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6053 1.91% -1.99% 0% 2.61% PHILAM BOND FUND, INC. -A 4.1943 6.36% -0.34% 1.29% 7% PHILEQUITY PESO BOND FUND, INC. -A 3.6853 5.6% 0.58% 1.4% 4.78% SOLDIVO BOND FUND, INC. -A 0.9388 4.14% -0.76% N.A. 5.34% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9695 8.04% 0.87% 2.14% 7.36% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6479 7.93% 0.37% 1.67% 7.01% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $459.3 3.68% 1.65% 2.73% 2.43% ALFM EURO BOND FUND, INC. -A Є218.04 2.33% 1.29% 1.5% 2.53% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1858 6.53% 1.77% 2.52% 5.34% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0256 3.64% 0.66% N.A. 3.23% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7144 1.25% -2.13% 0.6% 1.43% PAMI GLOBAL BOND FUND, INC -A $1.0854 4.93% -0.6% -2.02% 4.74% PHILAM DOLLAR BOND FUND, INC. -A $2.3445 8.58% 0.67% 3.19% 8% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0593059 4.56% 1.53% 1.83% 4.05% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.0766 6.79% -0.04% 2.65% 7.12% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 123.71 3.76% 2.45% 1.96% 2.34% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0157 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2174 4.05% 1.81% 1.1% 3% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2464 3.76% 2.68% 2.06% 2.23% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0289 2.18% N.A. N.A. 1.28% 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

Banking&Finance BusinessMirror

Legal issues on high-yield investment schemes in the Philippines

IGH-yield investment schemes are a hot topic nowadays in the Philippines. Various entities have successfully enticed not only Filipinos both in the Philippines and abroad but even foreigners to get into these get rich quick scheme which offers rate of returns from 30 percent per month to as high as 400 percent per month! This burning issue (which has become a big headache for the Philippine government) is multifaceted as it has not only legal implications. The problem is multifaceted, as it is also an investment, business, economic and even a theological problem! Why is it a theological problem that needs to be addressed? I will explain this later in the next series of articles. As a pastor, lawyer, businessman and personal finance and investment professional this is my take on this matter. We will tackle the legal perspective first. Republic Act 8799 otherwise known as the “Securities Regulation Code” (SRC) prohibits the sale or distribution of “securities” in the Philippines without first registering it with the Securities and Exchange Commission (SEC). After such securities are registered a “Secondary License” is issued. So what are securities as defined under the SRC? Under Section 3, securities are defined as “shares, participation or interests in a corporation or in a commercial enterprise or profit-making venture and evidenced by a certificate, contract, instruments, whether written or electronic in character. It includes among others… Investment contracts, certificates of interest or participation in a profit-sharing agreement, certifies of deposit for a future subscription.” The high-yield investment schemes that are being peddled to the public very well falls under the definition of securities according to the Securities Regulation Code as these are “investment contracts” and or “profit-sharing agreements.” In short, these schemes are considered securities and before such will be offered to be public, the entities offering them must first acquire a secondary license from the SEC. So why are high-yield investment schemes now being tagged as scams when the entities offering them do not even call what they are offering as “investments”? In several cases the Supreme Court of the Philippines has used what is known as the “Howey Test” to properly answer this question (Borrowed from the United States Supreme Court case of SEC vs W.J Howey Co.) According to the Supreme Court of the Philippines, a scheme is an investment contract (regardless of what it is called) if it: Makes an investment of money in a common enterprise with the expectation of profits to be derived solely from the efforts of others. (primarily for the efforts of others) The Howey test has been applied by the SEC in revoking the registration of one of these entities offering a high-yield investment scheme. Citing the Supreme Court’s decision in the case of Power Homes Unlimited Corp. vs SEC (G.R No. 164182, 28 February 2008) The SEC en banc revoked KAPA Ministry International Inc.’s certificate of registration and concluded that it has deceived the public by offering, selling and transacting unregistered “securities” without the necessary secondarily license from the SEC. According to the SEC en banc: “The EIPD contends that K APA’s investment scheme falls within the ambit of an investment contract... That KAPA’s investment scheme which it calls as a donation is the contract entered into by the member-investor. There is placement of money for which the member-investor is promised an interest of 30 percent of the amount donated per month for life. The money invested is placed in a common enterprise and the member-investor expects to derive profits. Lastly the memberinvestors expect to earn profits from the entrepreneurial and managerial

Zigfred Diaz

PERSONAL FINANCE efforts of others. The member-investors need not do anything other than invest money and go to the office of K APA to receive the monthly profits promised to them…K APA in engaging itself in offering/selling securities in the form of investment contrast with the necessary permit/registration under Section 8.1 of the SRC commits an ultra vires act exceeding the privilege granted to it. K APA misrepresents itself to the public by concealing this investment scheme in the guise of a donation to entice the public to “donating” when in truth and, in fact, they are investing. It is by these acts that K APA’s Certificate of Corporate Registration should be revoked so that it can no longer perpetuate its fraudulent and misleading acts through the privilege granted to it by the State.” Therefore in a nutshell, it does not matter what kind of animal you call something—investing/returns, donation/blessing, planting/harvesting—if it passes the Howey Test and regardless what kind of animal is being fronted as a business—be it a supposed investment in chicks, pigs, prawns or whatever—if such enticement, solicitation, invitation to put in money or whatever it is called is done without securing a secondarily license from the SEC, then such scheme is illegal and can appropriately be called a scam which can be prosecuted criminally as provided for under the SRC. Take note that our lawmakers did not just come up with the SRC without reason. The SRC was enacted to protect the investing public. Our Republic has already seen this scenario (Ponzi schemes) played so many times wherein at the end of the day these Ponzi schemes will just merely collapse without warning leaving thousands of people holding an empty bag. I have seen this scenario firsthand as I have had the experience of being a lawyer for victims with hundreds of millions of claims in one of the biggest investment scams (if not the biggest) in the Philippine (amounting to billions of pesos in total) which ran for a decade and collapsed sometime in 2009. The brains behind this investment scam died in 2012. To my knowledge, up to this day not one of the victims of this scam recovered even a single centavo of their investment. In closing let me also remind everyone that the buying, selling and dealing of unregistered securities is punishable by fine or imprisonment under Section 28 and Section 73 of the SRC which state: “No person shall engage in the business of buying or selling securities in the Philippines as a broker or dealer, or act as a salesman, or an associated person of any broker or dealer unless registered as such with the Commission… Any person who violates any of the provisions of this Code, or the rules and regulations promulgated by the Commission under authority thereof, or any person who, in a registration statement filed under this Code, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall, upon conviction, suffer a fine of not less than P50,000.00 nor more than P5 million or imprisonment of not less than seven [7] years nor more than 21 years, or both in the discretion of the court.” Zigfred Diaz is a Cebu-based registered financial planner of RFP Philippines. He is currently partner at the Loon–Diaz Law Office. To learn more retirement and investing, attend 77th RFP Program this August 2019. To register, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 09179689774.

Tuesday, July 16, 2019

NG crafting EO to rationalize port fees imposed on importers By Elijah Felice E. Rosales @alyasjah

O better address the issues on port inefficiencies and high shipping rates, President Duterte will issue an executive order (EO) granting one government body the power to control fees and charges imposed by shipping lines on importers. In a speech on Monday, Trade Secretary Ramon M. Lopez said he ordered the reconstitution of the joint administrative order (JAO) to resolve port congestion and regulate shipping rates into an EO. He argued that turning the JAO into an EO will make its provisions stronger, as the President himself will appoint a single authority mandated to deal with port problems. Once the EO is in place, the government can tinker with fees and charges applied by shipping lines on imports with the objective of lowering the country’s logistics cost. “May I report that the other day, I...instructed [Trade] Undersecretary Rowel [S.] Barba to reconvene the technical working group to reconstitute the JAO into an executive order. This will address the institutional arrangements required to regulate high shipping costs and address the problem of port congestion, but [the] legal basis must be clearly established,” Lopez said at the Second Logistics Services Philippines Conference and Exhibition in Pasay City. Aside from more comprehensive provisions, the EO will assign one government body tasked to manage shipping rates and

remove arbitrary fees and charges, according to Lopez. Asked what agency will most likely take on the mandate, Lopez disclosed it could either be the Maritime Industry Authority (Marina) or the Philippine Ports Authority (PPA), both of which are under the Department of Transportation (DOTr). However, he said the government is consulting with its lawyers to make sure such move is within the charters of the Marina or the PPA. “That is what the technical working group is working on right now. Most likely, that task will be delegated to the DOTr—probably the Marina or the PPA—we are not yet sure, but that is what we are determining. We have to consult also with our lawyers,” the trade chief said. Lopez explained the authority can enforce a price range for specific shipping fees and charges, but it cannot impose a price cap that could restrict the operations of shipping lines. The EO, he added, will slap penalties on violators of the price range. Once crafted, Lopez, Finance Secretary Carlos G. Dominguez III and Transportation Secretary Arthur P. Tugade will jointly en-

dorse the draft EO to Duterte for his signing. While the EO has yet to be completed, the government will issue the JAO, which is only lacking Dominguez’s signature, and utilize it in settling port inefficiencies and regulating shipping rates. However, it will be superseded once the President approves the EO. “It [JAO] will be superseded by that time. For now, our immediate response would be the JAO and then followed by the EO. The EO, of course, will set the tone from then on,” Lopez said.

Highest cost

THE Philippines has the highest logistics cost among manufacturing rivals in Southeast Asia, as businesses here allocate over one fourth of their sales on logistics services. A study by the Department of Trade and Industry (DTI) and the World Bank titled “An Assessment of Logistics Services Performance of Manufacturing Firms in the Philippines,” said firms operating in the country reportedly spend 27.16 percent of their sales on logistics. When pitted against Southeast Asian competitors, businesses in Thailand spend 11.11 percent of their sales on logistics services, 16.3 percent in Vietnam and 21.4 percent in Indonesia. Some shipping lines allegedly developed a mechanism to make shipping rates less transparent to benefit exporters overseas at the expense of importers here, according to an earlier study by the DTI’s Export Development Council and the now defunct National Competitiveness Council. This scheme, the study read, is costing the economy between $2 billion and $5 billion yearly. In the end, consumers bear the brunt of higher commodity prices, as the additional costs of imported goods are passed on to them.

to hold consultations Group seeks recall of BOC DOF on IRR of Personal order allowing operation Property Security Act T of unlicensed brokers By Rea Cu

@ReaCuBM

N order by the Bureau of Customs (BOC) allowing non-Customs brokers to practice the profession has been described by the Chamber of Customs Brokers Inc. (CCBI) as “unfair and degrading” to professional customs brokers. In a letter obtained by the BusinessMirror, the CCBI wrote to Customs Commissioner Rey Leonardo B. Guerrero requesting for the recall of Customs Memorandum Order (CMO) 34-2019. “It has come to our attention the promulgation of CMO 34-2019 entitled ‘Interim guidelines implementing section 106 and 107 of Republic Act 10863, otherwise known as the Customs Modernization and Tariff Act [CMTA],’” the letter read. “Essentially, this CMO authorizes non-Customs brokers to practice our beloved profession in direct contrast to the provisions of RA 9280, otherwise known as the Customs Brokers Act of 2004.” The BOC received the letter from CCBI, signed by its National President Adones C. Carmona, on July 12. The letter was also forwarded to the Professional Regulation Commission (PRC) the same day. The BOC has yet to issue a statement when asked for their comment regarding CCBI’s request. The CCBI explained in its letter to the BOC that CMO 34-2019 was issued without undertaking a public consultation with its stakeholders. “As the Accredited Professional Organization for Customs Brokers, we believe that we should have been notified at the very least,” the letter added. The issuance also contradicts the prior issuance of the BOC under CMO 5-2019 titled “Rules and regulations governing the registration of Customs brokers transacting with the BOC and for other purposes.” The CCBI said that “‘declarants’ accredited under this CMO run the risk of getting criminally prosecuted and convicted and be impris-

oned for not less than six years for ‘unauthorized practice’ of the Customs broker profession under section 34 and 28, respectively.” The CCBI also noted that the CMO will only encourage the proliferation of “Declarants and Consignees for hire.” “The CMO is, at the least, unfair and degrading to our profession,” the letter added. The CCBI also pointed out the order will negatively affect the more than 11,000 licensed Customs brokers all over the Philippines. These brokers spent their collegiate years to obtain a Bachelor of Science in Customs Administration (BSCA) degree and seven months to take the Customs Brokers Licensure Exam administered annually by the PRC. “This CMO essentially kills not only the profession but also the BSCA program as authorized by the CHEd [Commission on Higher Education].” Furthermore, the organization added that the CMO opens floodgates for just any individual to be accredited as “declarant” sans the restraint and accountability accompanying a Customs brokers’ license. “We understand that the BOC has the mandate to fully implement the CMTA,” the CCBI said. “However, this must not be done at the expense of and in total disregard of our profession.” Last month, the BOC issued guidelines for the registration of brokers transacting with the bureau, in accordance with the CMTA. Customs Administrative Order (CAO) 052019 also gave the customs commissioner the option to “limit the number of Customs brokers representatives commensurate only to the number of transactions of every Customs broker in each port.” The CAO was also issued to help prevent all forms of smuggling, to regulate the conduct of Customs brokers and their representatives transacting with the bureau, to streamline the requirements for their registration, as well as to establish and implement a registration information management system for brokers. The CCBI said the implementation of CMO 34-2019 would have an effect on the BOC’s anti-smuggling efforts.

HE Department of Finance (DOF) is encouraging stakeholders to review the draft implementing rules and regulations (IRR) of the Personal Property Security Act (PPSA) before July 17. In a statement issued on Monday, the DOF said that it has already posted the draft IRR for the PPSA, or Republic Act (RA) 11057, on the department’s website. The DOF said there will be a public consultation on the draft IRR in the afternoon of July 17 at the University of the Philippines Law Center in Diliman, Quezon City. Comments and suggestions on the draft IRR of the PPSA can be emailed to the DOFLegal Services Group (LSG). The draft IRR was prepared by the DOF LSG in consultation with experts, practitioners and professors in commercial laws and credit transactions of the UP Law Center. RA 11057 aims to promote economic activity by increasing access to least-cost credit, particularly for micro, small and medium enterprises (MSMEs), by establishing a unified and modern legal framework for securing obligations with personal property. Under the PPSA, MSMEs, farmers and fishermen can now secure their borrowings by using nontraditional collateral such as account receivables, inventory, negotiable instruments, electronic securities, crops, livestock, consumer goods, machinery, equipment, as well as intellectual-property rights. “It is the policy of the State to promote economic activity by increasing access to least cost credit, particularly for micro, small and medium enterprises, by establishing a unified and modern legal framework for securing obligations with personal property,” the draft IRR said. Rea Cu

B4 Tuesday, July 16, 2019

50 YEARS OF TUDOR ‘SNOWFLAKES’

OWADAYS a famous Tudor signature, the angular hands accompanied by characteristic dials with square hour-markers first appeared in Tudor’s 1969 catalogue. At the time they came fit on two diving watches, respectively, bearing references 7016 and 7021. This design was innovative, allowing for a lot of luminescent material to be applied to the hands and dials, thus, guaranteeing excellent legibility in all conditions. In the 1990s, as this design was somewhat reminiscent of the shape of a partial snowflake, watch enthusiasts started referring to all Tudor diving watches showing this configuration as “Snowflake” submariners. The Snowflake design became popular with collectors having been adopted early on and used extensively by the divers of the French Navy up until the mid-2000s. Some of the largest navies in the world have also chosen to use these for their diving personal, including the American and Canadian navies, as well as the Italian and many others. First introduced in 1969 and used until the mid-1980s for diving watches exclusively, the Snowflake configuration re-entered the Tudor collection at Baselworld 2012 with the combined launch of the popular Black Bay and Pelagos

HYUNDAI SURGES 9.1% SALES IN FIRST HALF OF 2019

O models. Today it remains the single most proprietary and recognized Tudor design element, seen in both its Black Bay and Pelagos lines.

15TH LASALLIAN SCHOLARUM AWARDS HONOR OUTSTANDING YOUTH, EDUCATION STORIES

HE board of judges’ meeting for the 15th Lasallian Scholarum Awards (LSA), themed “New Dimension: Youth and Education in Focus”, culminated on June 28 at De La Salle University (DLSU). This year’s board of judges is composed of Bato Balani Foundation executive director Natalie Christine Jorge, Al Jazeera English correspondent and Foreign Correspondents’ Association of the Philippines President Jamela Aisha Alindogan, Edukasyon.ph Chief Executive Officer Henry Motte-Munoz, DLSU dean of student affairs Nelca Villarin, and Br. Aikee Esmeli, FSC, of the DLSU Brothers House of Studies. Now on its 15th year, the LSA gives recognition to outstanding coverage of youth and education stories by professional and campus journalists. The LSA has four categories: 1) Outstanding feature article on youth and education in a nationally circulated publication; 2) Outstanding feature story on youth and education published online; 3) Outstanding

feature story on youth and education published in a school organ; and 4) Outstanding feature story on DLSU published in a nationally circulated publication. Awardees will receive a sculpture designed by renowned artist Toym Leon Imao. The LSA will take place on July 22 at 11 a.m. at DLSU. A new initiative for print and broadcast media practitioners will also be launched at the event. Established in 2004, the LSA is an annual program that recognizes outstanding media coverage of Filipino youth and education stories. It aims to generate awareness among various sectors on critical issues confronting the education sector. This endeavor encourages them to take initiatives toward the development of the country’s educational system. In photo are (from left) DLSU Office for Strategic Communications executive director Johannes Leo Badillo, Villarin, Jorge, Motte-Munoz and Esmeli.

CEBUANA LHUILLIER ACQUIRES SHARES FROM KAKAO-BACKED FINTECH COMPANY SCI VENTURES INC.

ILIPINO-LED blockchain and digital-asset platform Satoshi Citadel Industries (SCI) Ventures Inc.; and Kakao Investment, virtual-currency arm of Kakao Talk, Korea’s largest messaging app, leads an investment from PJ Lhuillier Inc. (PJLI), parent company of Cebuana Lhuillier, the largest nonbank financial-service provider in the Philippines with 2,500 branches nationwide. The company has invested an undisclosed amount to acquire a share in the local financial technology (fintech) firm as part of its bid to enter the digital financial-service market. With the influx of foreign digital-payment giants and local start-ups entering the Philippine fintech market, a digital transformation is a natural progression for Cebuana Lhuillier as they are already servicing millions of Filipinos with microloans, microinsurance, and local and international money transfers. “This is another milestone in our continuing pursuit to expand our horizon and make a significant impact as we enter the digital arena. With our robust 2,500 branch network and strong partnerships with key financial players, such as SCI and KaKao Talk in place, we are ready to take advantage of our unique ‘bricktech’ setup and make our mark in this space,” said

Jean Henri Lhuillier, PJLI president and chief executive officer. This partnership allows SCI to introduce cutting-edge blockchain solutions and services to Cebuana Lhuillier’s 4,000 domestic partners and one million combined physical and virtual touchpoints worldwide, expanding the local market for digital assets. “We’re happy to be backed by an institution like Cebuana Lhuillier. We are well aligned in our goal to provide better inclusive financial services in the Philippines. Their extensive brick-and-mortar network is unmatched in reach and efficiency, and going digital is a natural step forward for the company. SCI is excited to be part of this journey as a technology partner,” said Miguel Cuneta, SCI Ventures Inc. chief compliance officer and cofounder. The Philippines’s largest microfinancial-service provider Cebuana Lhuillier, led by Lhuillier (second from left), enters into a joint venture with the country’s pioneering blockchain-venture builder SCI Ventures Inc., headed by CEO and cofounder John Bailon (third from left). Joining them are Cebuana Lhuillier Digital Sales Group Assistant Vice President James Robert D. Afzelius, and SCI Ventures Inc. chief community officer and cofounder Miguel Cuneta.

NE of the country’s leading automotive companies Hyundai Asia Resources Inc. (Hari) sustained strong recovery in the first half of the year, as sales increased by 9.1 percent to 17,654 units compared to 16,181 vehicles sold over the same period last year. For the month of June, however, sales remained flat with 2,868 units sold, reflecting continued volatility in the automotive industry. The most preferred South Korean vehicle brand’s resilient performance for the year can be attributed to strong sales in major segments of its business, namely, light commercial vehicles (LCV) and commercial vehicles (CV). “We are invigorated to note that our sales performance is still better than industry, which is showing a minor increase, after recovering from a tepid 2018. Despite this flat growth in June, we believe that auto sales will continue to get better in the coming months, buoyed by higher infrastructure spending, lower inflation and increased consumer confidence,” Hari President and Chief Executive Officer Ma. Fe Perez-Agudo said. The LCV segment remains one of Hyundai’s key growth drivers in the first semester of the year, growing by 50.2 percent from 5,119 units sold in said period in 2018 to 7,690 units sold this year. This growth is driven by the brisk sales of the multi-awarded Kona and Santa Fe, and the H100. The Kona was named as the North American Utility Vehicle of the Year at the North A merican International Auto Show in January. It was recognized as the Best Subcompact SUV for the Money in 2019 by the US News and World Report, which judge vehicles of different classes on their quality and value for money. The Santa Fe remains a class of its own as a premium midsize SUV. Its monocoque body, comfort and powerful engine set it apart from the rougher ride of ladder-frame bodies. The versatile and reliable H-100, meanwhile, remains the top choice of entrepreneurs and business owners. Hyundai’s CV segment has been

aggressively expanding with 11 CV dealerships nationwide, underscored by the 125.9-percent and 42-percent growth rate shown in its year-todate and year-on-year sales figures, respectively. Hyundai aims to add eight additional dedicated CV dealerships in key growth areas across the Philippines by the end of 2020. The company expects CV sales to be boosted by Hyundai’s modern jeepneys with the implementation of the government’s Public Utility Vehicle Modernization Program. The Hyundai Class 1 modern jeepney and the Hyundai “Forma Novus” Class 2 modern jeepney guarantee passenger safety and comfort with higher capacity and modern amenities while promising costeffective, reliable and low-maintenance operations. Hyundai’s modern jeepneys are custom-built to meet or even exceed the requirements of the Department of Trade and Industry’s Bureau of Philippines Standards. Hyundai Passenger Cars (PC) still account for a little over half of total company sales. The Accent continues to be one of the company’s volume drivers with its powerful, yet fuel-efficient, engine. The popular compact Reina, meanwhile, is the preferred choice of entry-level buyers and transportnetwork vehicle-service companies.

From January to June PC sales dipped by 12.7 percent to 9,458 units. While it continues to focus on its core business, Hari is already driving to the future as it gets ready for the next evolution in the auto industry. “Sustainable mobility has long been our battle cry and we are keen on playing a major role in taking the Philippines to the future. We have backed our words by introducing to the market a full lineup of Hyundai hybrid/EV vehicles that fuse high performance, technology and safety in bold packages. Hyundai Philippines is prepared to be a driving force in this space,” Perez-Agudo added. In early 2018 Hyundai introduced the first mass-market hybrid vehicle— the Hyundai Ioniq—which retails at P1.548 million. This was followed by the launch of the award-winning Hyundai Kona electric vehicle in April, the first commercially available fully electric vehicle in the country. “Already, the Philippines and South Korea are working to forge a bilateral free-trade agreement that will pave the way for increased market access, including automotive products. On our part, we continue to work closely with industry and government partners to help create an environment that will spur the development of the country’s EV industry,” Ms. Agudo concluded.

WELLS FARGO EMBRACES DIVERSITY AND INCLUSION, CELEBRATES PRIDE MONTH

E L L S Fa r go E nt e r p r i s e Global Ser v ices (EGS) Ph i l ip p i ne s s ho w e d it s suppor t to t he LGBT+ ( lesbi a n, gay bisexual and transgender plus) community this year by joining the 25th Metro Manila Pr ide March at the Marikina Sports Complex. The annual walk, with the theme “ # R e s i s t To g e t h e r ”, c a l l e d f o r heightened awareness on equality. More than a hundred Wells Fargo EGS team members joined the parade, led by t he P r ide Tea m Member Network (TMN) wearing shirts that read “You are empowerful.” I a n G a b r i n a o , We l l s F a r g o operations manager, walked loud and proud supporting the cause. As Pride TMN’s chairman, he participates in the Pride march every year, to freely express his gender identity and show respect to the LGBT+ advocates who fight for the community’s rights. The Pride TMN is a group that specifically caters to the members of the LGBT community and its allies wh i le implement ing notewor t hy initiatives addressing their interests. “It is the voice of equality for the LGBT+ community in the workplace. We are here to promote mutua l respect among team members regardless of sexual orientation and diverse expressions,” Gabrinao said. Pride TMN Philippines started in September 2015. This group now has 271 members and is regarded as a nonvirtual Pride chapter outside

of the US. “We hold awareness campaigns on our main advocacies, such as Sogie [sexual orientation, gender identity and expressions] talks, HIV/AIDS education, support on antibullying and inclusion efforts for transgender team members,” Gabrinao added, who is certified by the Philippine Financial Industry Pride as a Sogie facilitator. Over the past 30 years Wells Fargo has built a reputation as the financial institution truly supportive of the LGBT+ community. The company’s ongoing and unwavering commitment to the LGBT+ community is evident t h rou g h it s sup por t to v a r iou s strategic partners.

Wells Fargo has offered HMO coverage for domestic partners in August 2016, a benefit which is not yet prevalent in the local market. Pat Zaraspe, Wells Fargo team leader, is a t ra nsgender woma n and a mother to a seven-year-old boy. “Wells Fargo has been very generous to me ever since I joined this prestig ious company. I was very grateful when [the] HR [human resource] worked on the HMO plan for domestic partners. I was one of the team members who availed this. It was very helpful to us because my partner was previously diagnosed with a bladder tumor. Good thing it was benign,” she shared.

Federer comes so close to 9th Wimbledon title before losing

ROGER FEDERER: For now it hurts, and it should, like every loss does here at Wimbledon. AP

Sports BusinessMirror

| Tuesday, July 16, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

IMBLEDON, England—Roger Federer won more points than Novak Djokovic in the Wimbledon final. Federer was the first of the pair to come within a point of taking the championship on Sunday, too. Had two such chances in the fifth set, even. Indeed, Federer dominated the historic match in nearly every statistical way. More than twice as many aces. More than twice as many breaks of serve. Nearly twice as many total winners. And yet, in the only category that matters, the final score, Federer barely came up on the short end, losing 7-6 (5), 1-6, 7-6 (4), 4-6, 13-12 (3) to defending champion Djokovic. By ceding all three sets that went to a tiebreaker, including—for the first time at Wimbledon—the fifth, Federer was denied a ninth title at the All England Club and 21st Grand Slam trophy overall, which both would have extended men’s records he already holds. “For now it hurts, and it should, like every loss does here at Wimbledon,” said Federer, who is now 8-4 in finals at the grass-court major, with three of those losses against Djokovic, including in 2014 and 2015. As for how he will go about bouncing back from this sort of

a heartbreaking defeat, Federer replied: “I think it’s a mindset. I’m very strong at being able to move on, because I don’t want to be depressed about actually an amazing tennis match.” That is was. They played for nearly five hours, making it the longest final at Wimbledon, where they’ve been holding this tournament since the 1870s. It surpassed the old mark established by the 2008 final, which Federer also lost in a fifth set, that one against Rafael Nadal. One key difference with this one: The All England Club changed its rules to adopt deciding-set tiebreakers for the first time at 12-all. “I’m the loser both times,” Federer said, “so that’s the only similarity I see.” He wound up with 218 points to Djokovic’s 204. Federer also led in aces, 25-10; service breaks, 7-3; total winners, 94-54. Did a lot of damage at the net, too, winning 13 of 15 serve-and-volley points and 51 of 65 when he moved forward at all. “Most of the match, I was on the back foot, actually. I was defending. He was dictating the play,” Djokovic said. “I just tried to fight and find a way when it mattered the most, which is what happened.” After Federer went up a break at 8-7 in the last set, he served for the victory. He held two championship points at 40-15 and didn’t convert either one. The match would go on for another 45 minutes, and Federer would never get that close to winning again. “Definitely tough,” Federer said, “to have those chances.” On top of everything else, Federer also was stopped from becoming, less than a month away from his 38th birthday, the oldest man to win a major championship in the professional era. “I hope I give some other people a chance to believe that, at 37, it’s not over yet,” Federer said. AP

NOVAK NIPS ROGER IN HISTORIC FINALE

NOVAK DJOKOVIC: Unfortunately in these kinds of matches, one of the players has to lose. AP

In the end, it was Novak Djokovic who emerged victorious, coming back to edge Roger Federer, 7-6 (5), 1-6, 7-6 (4), 4-6, 13-12 (3), and become the first man in 71 years to take home the trophy from the All England Club after needing to erase championship points.

By Howard Fendrich

The Associated Press

IMBLEDON, England—For nearly five tight, tense and terrific hours, Novak Djokovic and Roger Federer traded the lead, playing on and on and on, until an unprecedented fifth-set tiebreaker was required to settle their memorable Wimbledon final. In the end, it was Djokovic who emerged victorious, coming back to edge Federer, 7-6 (5), 1-6, 7-6 (4), 4-6, 1312 (3), and become the first man in 71 years to take home the trophy from the All England Club after needing to erase championship points. “Unfortunately in these kinds of matches, one of the players has to lose,” Djokovic said. “It’s quite unreal.” After facing two match points at 8-7 in the last set, he wound up claiming his fifth Wimbledon title and second in a row. This triumph also earned Djokovic his 16th Grand Slam trophy overall, moving him closer to the only men ahead of him in tennis history: Federer owns 20, Rafael Nadal has 18. “I just feel like it’s such an incredible opportunity missed,” said Federer, who actually accumulated 14 more total points, 218-204. “I can’t believe it.” He has ruled grass courts since the early 2000s; he has won Wimbledon eight times dating to 2003, and this was his record 12th appearance in the title match. But Djokovic is now 3-0 against Federer in finals at the place and 4-0 against him in five-setters anywhere. This one was unlike any other, though. That’s because, while it was reminiscent of Federer’s

16-14 fifth-set victory over Andy Roddick in the 2009 Wimbledon final, that score is no longer possible: The All England Club altered its rule this year to do away with never-ending matches and institute a tiebreaker at 12-all in a deciding set. At one point during the final set on Sunday, Djokovic asked chair umpire Damian Steiner whether the change called for the tiebreaker at 10-10. Later, when Djokovic held for an 11-10 lead, it was Steiner who got confused, beginning to call out the score as 11-9, before catching himself. “I respect whatever the rule is,” Federer said when asked what he thinks of the altered setup. “So really, it is what it is, you know?” Federer and Djokovic pushed each other to the limit in what became as much a test of focus and stamina as it was about skill. It is the longest final in the history of a tournament that dates to the 1870s, eclipsing by nine minutes Nadal’s five-set win over Federer in 2008. Like that one, this is destined to be discussed for years. “I’ll try to forget,” joked Federer, who is less than a month shy of his 38th birthday and would have been the oldest man to win a Grand Slam title in the professional era. “It was a great match. It was long. It had everything. I had my chances. So did he. I thought we played some great tennis. In a way, I’m very happy with my performance, as well,” Federer said during the trophy ceremony. “But Novak, it’s great. Congratulations, man. That was crazy. Well done.” First, it was Federer who kept falling behind, then coming back. He twice trailed by a set even though he came quite close to winning the match in three: Federer was two points from grabbing the opening set on seven

occasions but couldn’t do it; he was one point from seizing the third, but again came up short. Then, Federer was down a break early in the crucible of the fifth. And then, after seemingly gaining the upper hand, standing a single point from winning while serving for the victory at 8-7, 40-15, he faltered. He sent a forehand wide on the first championship point, and Djokovic produced a cross-court forehand winner on the next. Soon enough, the 32-year-old Djokovic had broken back and on they would play for another 45 minutes. “Definitely tough to have those chances,” Federer said. Djokovic has done this to him before. In the semifinals of the 2010 and 2011 US Opens, Djokovic erased two match points each time before coming back to win. Looking at the bigger picture, there’s also this takeaway from Sunday: Nadal’s status as Federer’s principal nemesis has been well-documented and much-examined over the years—which is a small part of why Friday’s semifinal victory for Federer was fraught with meaning. But it’s now high time to discuss Djokovic’s edge over Federer. Djokovic has won their past five meetings and holds a 26-22 advantage overall head-to-head, including 10-6 at Grand Slam tournaments and 3-1 at Wimbledon. By the reverberating sound of things around the old arena on Sunday, a vast majority of the spectators were pulling for the popular Federer. Made it seem as though he might be British, not Swiss. While one person cried out, “We love you both!”—a fitting sentiment, given the high quality and unceasing shifts in momentum—the “Come on, Roger!” count far

outnumbered the shouts for his Serbian foe. Yes, they roared for Federer’s ace on the very first point, and when he sent the final to a fifth set. They even applauded when he kicked a ball to a ball boy or when he brought his racket around his back to make meaningless contact after Djokovic served a let. And then there were the “Awwwws.” So many “Awwwws”—pained sighs of despair accompanying a missed backhand here, a double-fault there, by their guy. It wasn’t until the fourth set that Federer faced so much as one break point, no small accomplishment against Djokovic, considered by many to be the greatest returner of his, or perhaps any, generation. Still, even though Federer did get broken in that set, he won it to send this match to a fifth. What already was fun to watch became completely riveting. That’s not to say the tennis was perfect, because both men showed signs of fatigue and perhaps nerves. Federer’s mediocre approach shot provided Djokovic an opening for a backhand pass that earned a break and a 4-2 lead. Djokovic’s double-fault in the next game helped Federer break back, and the ensuing changeover was filled with a fugue of fans’ voices chanting the first names of both. As the newfangled tiebreaker carried the last set alone past the two-hour mark, it was Djokovic who was better. When Federer shanked a forehand off his racket frame, it was over, allowing Djokovic to renew his personal tradition of plucking some blades of Centre Court grass and chewing on them. “Constant pressure,” Djokovic said. “I had to fight and find my game to stay in the match.”

Spo

Business

Tuesday, July 16, 2019

NBA SUMMER TAKES RESPITE S

South Korea’s Sei rules by 2 Marathon golf

FRITTELLI closes with a seven-under 64 for a two-stroke victory. AP

Frittelli wins Deere Classic for first PGA Tour victory S ILVIS, Illinois—While the rest of the leaders faltered, Dylan Frittelli surged to his first Professional Golfers’ Association (PGA) Tour title. Frittelli won the John Deere Classic on Sunday, closing with a seven-under 64 for a two-stroke victory over Russell Henley. The South African earned a spot next week in the British Open, finishing at 21-under 263 after the bogeyfree final round at TPC Deere Run. One of eight players within two strokes of the lead entering the lead, Frittelli was looking forward to the tournament’s charter flight to Royal Portrush. “I’m sure it’s going to be a fun flight,” Frittelli said. A two-time winner on the European Tour, Frittelli birdied the par-5 17th after blasting out of a greenside bunker to 11 feet, and closed with a par on the par-4 18th. Frittelli had tied for 46th in each of his last two starts. “I don’t want to say it was easy out there. It just felt a whole lot easier than it has been the last few weeks,” Frittelli said. “I calmed my nerves down.” Henley shot a tournament-best 61. Andrew Landry, who opened on Sunday in a two-way tie for the lead, was 18 under after a 69. Rookie Collin Morikawa (66), the runner-up last week in Minnesota, and Chris Stroud (67) followed at 17 under. Morikawa hit all 18 greens in regulation. Henley’s career-low effort included six birdies on the back nine, capped by one on No. 18—the same hole he double-bogeyed Friday. Henley made six putts of at least 7

feet, including 26- and 46-footers. “If you would have told me at the start of the day, ‘We’ll give you 66,’ I’d have said, ‘That’s pretty good.’ So to get five better than that is really awesome,” Henley said. But Henley, who finished well before Frittelli hit the turn, could only watch from the clubhouse as Frittelli surpassed him and everyone else in the field. Frittelli, who opened with rounds of 66, 68 and 65, started the final round with three straight birdies. He matched Henley with a chip-in on No. 10 and took the lead for good with a 20-foot birdie putt on the 11th hole. Landry birdied No. 14 to pull within two shots. But Landry went with his putter 30 feet from the pin while off the green on the par-4 15th hole, and left his try short on his way to his third bogey of the day. Moments later, Frittelli got out of a bunker by using the green’s downward slope to his advantage, where he made a birdie putt that effectively ended the drama in the Quad Cities. “You can’t give up shots to the rest of the field,” Frittelli said. “When I saw the leaderboard, putting downhill, I thought, if I make this [I’ll get] a little bit of breathing room with Russell in the clubhouse already.” Frittelli, who made the winning putt for the University of Texas in the 2012 NCAA Tournament, became the second player from that Longhorns team to win at TPC Deere Run. Jordan Spieth won in 2013 and 2015. AP

HEY’LL hand out t-shirts to the Summer League winners following the championship game between Memphis and Minnesota in Las Vegas on Monday night, and then things will finally slow down a bit in the National Basketball Association (NBA). Maybe. And probably not for long. It’s been a hectic month since Toronto won the NBA championship and the so-called off-season commenced. Already this summer, 18 current and former All-Stars have changed franchises, and that number will rise to 19 if Vince Carter finds a new home for his final season. Recent NBA Finals Most Valuable Players (MVPs) Kawhi Leonard, Kevin Durant and Andre Iguodala all were among those on the move. And another three past finals MVPs—Dwyane Wade, Dirk Nowitzki and Tony Parker—all retired. So when next season begins, very little will look the same. “I think there’s going to be a lot of parity,” Brooklyn Coach Kenny Atkinson said. “That’s my gut.” NBA Commissioner Adam Silver expected this summer to be loaded with player movement,

THE Netherlands’s Inge Jansen and Celine van Duijn compete in the women’s 3-meter synchro springboard on Monday. AP

CHINESE DIVERS RESUME DOMINATION AT WORLDS G

PLENTY of free agents remain unsigned, and that’ll still be the case even in September as training camps get ready to open. It’s still hard to see the Thunder keeping Paul, acquired in the Westbrook trade to Houston, so expect at least one more blockbuster trade before too long. Or can a player who is owed $121 million over the next three seasons be bought out? Stay tuned. Carter wants to come back for a 22nd NBA season, which would be a league record. If he gets into a game after January 1, he’ll also become the first NBA player to appear in four different decades. Jamal Crawford remains out there as well, and contenders should be calling him.

SO NOW WHAT?

WANGJU, South Korea—Zhang Jiaqi and Lu Wei won the women’s 10-meter platform synchro event at the world swimming championships on Sunday as Chinese divers continued their dominance by claiming their fifth straight gold medal. Competing at their first world event, Zhang and Lu dominated the event from the onset, winning with 345.24 points. “It was the first worlds for both of us, we were very nervous indeed. We encouraged each other before and after each dive.

WHO’S LEFT?

ANY NBA withdrawal will really only last about three weeks, until roughly three dozen players return to Las Vegas for USA Basketball’s training camp leading up to the Fiba World Cup in China that starts on August 31. San Antonio’s Gregg Popovich is coaching the Americans, assisted by Golden State’s Steve Kerr, Atlanta’s Lloyd Pearce and Villanova’s Jay Wright. Zion Williamson, knee permitting, may take part in camp as one of the young players brought in to help the more-established pros get ready. If Williamson impresses, he may get a shot at joining the varsity club. Also, this season’s NBA schedule is likely to come around the second week of August, if recent years are any indicator.

Wada: A lot of work still to be done in Spanish football SURVEY in Spain which revealed 97.4 percent of players do not know what substances are banned shows there is a “lot of work to be done” by the Spanish authorities regarding antidoping in domestic football, according to the World Anti-Doping Agency (Wada). A Wada spokesman told insidethegames that the global anti-doping watchdog would contact the relevant officials in Spain following the release of the study, the results of which were described as “alarming” by the body. The survey, conducted by the Granada University department of sports sciences, revealed 95 per cent of the 1,324 players who responded were unaware of the existence of Wada. Five percent admitted to taking banned substances during their careers, while 23.7 percent claimed they were aware of a teammate who had doped. According to Spanish daily newspaper AS, the study covered 88 teams, and included 304 players in the top 3 tiers of Spanish football. “The results of this study are indeed alarming and seem to indicate that a lot of work remains to be done by the Spanish authorities in relation to anti-doping and domestic football,” the Wada spokesman said. “Wada will be in touch with the relevant authorities in Spain to ask how they plan to address this issue and offer any support that may be required.” Wada has previously raised concerns about anti-doping in Spanish football. In February 2017, it was revealed that there had not been any sanctioned anti-doping tests conducted on players in Spain’s top flight, La Liga, since the Spanish Agency for Health Protection in Sport (AEPSAD) was declared noncompliant by Wada in March 2016. AEPSAD claimed 57 tests had been done in the 2016-2017 season from 457 matches in the top 2 divisions. Fears were partially allayed by the AEPSAD regaining compliance, while La Liga President Javier Tebas made the bold claim that there was no doping in Spanish football and that it was “not a big concern for us.” Cases of doping in football remain surprisingly rare but Wada and others have raised issues with the lack of testing in the sport. Insidethegames

and wasn’t complaining about so many big names—Durant, Leonard, Chris Paul, Russell Westbrook, Anthony Davis, Paul George, Kyrie Irving, Al Horford, Jimmy Butler and many more—needing to file change-of-address cards. “At the end of the day, it’s positive for the league,” Silver said. “I will say, though, I’m mindful of this notion of balance of power, and I think it applies in many different ways. An appropriate balance of power between the teams and the players...at the end of the day, you want to make sure you have a league where every team is in a position to compete.” There were some clear winners in free agency: Brooklyn (who got Durant and Irving), the Los Angeles Clippers (who got George and Leonard) and the Los Angeles Lakers (who got Davis) were among them. It could be argued that the Oklahoma City Thunder won as well—no, they won’t be as good this season as they were this past season after trading George and Westbrook, but General Manager Sam Presti has enough draft picks now to enjoy flexibility for years. The losers are clear as well: Toronto lost Leonard and Danny Green, and Golden State lost Durant, so last season’s finalists certainly aren’t favorites to be this season’s finalists. It’s also easy to say that New York lost after coming up empty on the big-name free agents, but the Knicks got plenty of good players on deals that ensure the team will have money again next summer.

That helped us a lot,” the 15-year-old Zhang said. “We had two big mistakes in the easy dives this morning, so we took time to check out the problems through watching video. We improved in the final and we won the championship.” Malaysian veteran Mun Yee Leong and Pandelela Pamg won the silver with 312.72 points. Samantha Bromberg and Katrina Young came from behind in the fifth and final dive to win bronze with 304.86 points. “We were excited to get the Olympic qualification

and finished third at last,” Young said. “In fact, we were very nervous before the last dive, which was our favorite. But when we were on the platform, we concentrated on our own dive, not the others,” Young said. Earlier, 17-year-old debutant Wang Zongyuan claimed China’s fourth gold when he won the men’s 1-meter springboard with 440.25 points. Rommel Pacheco Marrufo of Mexico secured 420.15 for silver while defending champion Peng Jianfeng of China finished third with 415 points. AP

WINNER Sei-young Kim gets a hug from runner-up Lexi Thompson. AP

YLVANIA, Ohio—Sei-young Kim won the Marathon Classic on Sunday for her second Ladies Professional Golf Association (LPGA) Tour victory of the season, making five straight birdies in a mid-round burst and shooting a six-under 65 for a two-stroke victory over Lexi Thompson. Kim began the birdie run on No. 7 and finished at a tournament-record 22-under 262 at Highland Meadows Golf Club. The 26-year-old South Korean player has nine tour titles, also winning the LPGA MEDIHEAL Championship in May in California. “I really wanted another win, especially this week, because the last two weeks I play really bad,” Kim said. Thompson, a stroke behind Kim entering the day, closed birdie-eagle for a 66. “She played some amazing golf,” Thompson said. “I didn’t have my best ball-striking day, but five under, finished well. She played amazing. It’s very well deserved.” Six shots ahead of Thompson after the birdie run, Kim played the final seven holes in even par, offsetting a birdie on 15 with a bogey on No. 1. Kim broke the event mark of 263 set by In-Kyung Kim in 2017. She’s focused on winning her first major title, with The Evian Championship and Women’s British Open coming up. “I haven’t had a win the major tournament yet,” Kim said. “I think I try too much when I play the major tournament. I just play the same as regular tournament, even major.... Just let it go. Let it happen.” Stacy Lewis was third at 16 under after a 66. She was born in nearby Toledo. “It was a lot of fun,” Lewis said. “More putts have gone in this week than in the years past. It was nice to give my family something to cheer for.” US Women’s Open champion Jeongeun Lee6 had a 69 to finish fourth at 14 under. Jennifer Kupcho tied for fifth at 11 under after a 71, playing alongside Lewis. “Getting to play with Stacy— and Lexi yesterday—seeing how their ball-striking is and how good their iron game is, definitely something to work on and definitely can learn and did learn from their games,” Kupcho said. The former Wake Forest star won the inaugural Augusta National Women’s Amateur in April. Linnea Strom (65), Tiffany Joh (67), Caroline Masson (68) and Pavarisa Yoktuan (69) also were 11 under. Kupcho earned a spot in the Women’s British Open along with Joh, Strom, Yoktuan and Mariajo Uribe. AP

Kiwis fall meters short of cricket glory

ONDON—Martin Guptill slumped to his knees, tears in his eyes. He’d just been sprinting, bat outstretched, and New Zealand’s first Cricket World Cup triumph was in his grasp. But he was run out. Three measly meters short. Teammates commiserated with Guptill as England players spilled contrasting tears of joy on Sunday at Lord’s, celebrating victory in an incredible final on a countback after the scores were tied in the regulation 50 overs and the deciding Super Over. “We have showed heart and fight to get to this stage, and a tie in the final...it wasn’t meant to be,” Captain Kane Williamson said. “The guys are shattered. It’s devastating. Tough to swallow.” Guptill’s World Cup mirrored New Zealand’s. He struggled to score runs—New Zealand and Afghanistan were the only teams not to post a total of 300 or more—and atoned with fearsome bowling and brilliant fielding. Guptill was a star in the field, pulling off perhaps the tournament’s best catch (of Steve Smith vs. Australia) and best run out (of MS Dhoni vs. India in the semifinals). That still didn’t stop him from being the most heavily criticized player in the New Zealand squad. The highest run-scorer in the 2015 World Cup was expected to explode with more runs but sputtered on the soft English

pitches. And, yet, in his and New Zealand’s second consecutive World Cup final, he found himself at the center of some of the game’s biggest moments. Guptill was sent in to open the innings after Williamson won the toss and made the 50-50 call to bat first. Batting first has been a mantra at this World Cup, and the bat-first team had won all of the previous matches at Lord’s, but overcast conditions made England’s bowlers rub their hands in anticipation, too. Guptill, to no surprise, lasted seven overs, out lbw on 19 to Chris Woakes. But he wasted New Zealand’s umpire referral on a plumb call. Fellow opener Henry Nicholls hit 55, the first half-century by a New Zealand opener in nine matches, and had England sweating while batting with Williamson. But after the skipper edged behind on 30 and Nicholls was bowled moments later, Tom Latham’s 47 was the only other major contribution. New Zealand’s 241-8 didn’t look scary for a chasing team, but the Kiwis had defended 239 against India in the semifinals. The Kiwi bowlers were outstanding, and unlucky with edges, missing the stumps or falling short. Jason Roy was saved from a golden duck by the umpire’s call. Even so, England’s vaunted top order was all gone by the 24th over. The 107 dot balls England endured in the first 25 overs were their most since the 2015 World Cup. AP

orts

sMirror

Tuesday, July 16, 2019 C3

TAIWANESE ADD SPICE TO PRADERA LADIES TILT T

HE Ladies Professional Golf Association of Taiwan (TLPGA) is putting up a roster of players armed with skills and talent ready to take on the best of the Ladies Philippine Golf Tour (LPGT) in the $80,000 International Container Terminal Services Inc. (ICTSI) Pradera Ladies Classic which gets going on Wednesday at the sprawling Pradera Verde Golf and Country Club in Lubao, Pampanga. Three of the top 10 in the current TLPGA Order of Merit (OOM) ranking head the 57-player strong field from one of the region’s premier circuits, including No. 3 Chen Hsuan, who placed second in the Sampo Ladies Open last April, No. 6 Tzu Chi Liu and No. 8 Ching Huang, who actually reigned at LPGT-TLPGA Champion Tour at Midlands last year. Some of the leading players from Thailand, Singapore, Malaysia, Japan and Korea who have the TLPGA their base are also in the fold,

LADIES Professional Golf Association of Taiwan No. 3 Chen Hsuan and No. 8 Ching Huang are bringing their act to Lubao.

MERICAN Janisa Johnson has one “good” problem to mind after helping provide the answer to ending Creamline’s dominance in the Premier Volleyball League (PVL)—how to fit his Finals Most Valuable Player trophy into her stuff when she leaves for France this Saturday for another tour of duty. “I don’t know how it’s [trophy] going to fit into my bag,” said Johnson, who with Cuban import Wilma Salas rallied the Petro Gazz Angels from a 0-1 series deficit with a sweep of the next two games to foil the Cool Smashers’ bid for a third straight PVL championship and snatch the Reinforced Conference crown in Antipolo on Sunday. “But, for sure, I’m going to put it in there,” the 27-year-old hitter added. “But it’s a great feeling. I mean, for me, awards, you know, aren’t what I always try to achieve for but when I win one of course, I take it all to heart because for me, it’s a great accomplishment. I couldn’t have done it without my team,” Johnson fired 23 points in sudden death, including the last two that ended the Cool Smashers’ reign while heralding the Angels rise to the PVL throne. More than their imports’ power and experience, however, the Angels did rely on their cohesion all throughout their campaign, capped by their remarkable comeback in the finals, including a convincing 25-15, 28-30, 25-23, 25-19 victory before close to 6,000 fans at the Ynares Sports Center. But while Coach Arnold Laniog said that they prayed

including Thai veteran Yupaporn Kawinpakorn, who has piled up a number of wins in the country’s premier circuit put up by ICTSI, including in this event which she ruled by two over compatriot Pimpadsorn Sangkagaro last December. Focus will also be on Thanutra Boonraksasat and Arpichaya Yubol, back-to-back winners of LPGT events at Manila Southwoods and Manila Golf last March and April, respectively, along with Sock Hwee Koh of Singapore, Mayumi Chinzei, Yuri Onishi and Kotona Tateura of Japan, and Yeseul Lee and Jin Hee Park of South Korea. The TLPGA cast will join 35 LPGT campaigners in the 54-hole championship, led by Filipina aces and former LPGT OOM titlists Pauline del Rosario and Princess Superal, along

with recent LPGT Midlands champion Chihiro Ikeda, Daniella Uy, Marvin Monsalve, Alex Etter, Pamela Mariano and Gretchen Villacencio. Comebacking Ye Nah Hwang of Korea also joins the title hunt, hoping to recall the form

ANGELS ARE SO BLESSED

Petron tries to get momentum going

hard for the team’s first-ever crack at the crown, he credited their breakthrough to their teamwork and commitment. “Answered prayers,” said Laniog in the din of the celebration. “Our imports played a big role but again, we did it with the help of all the locals.” “But the moment they committed themselves to our goal, I knew this championship is ours,” he added. For her part, Johnson, a product of California

State University Long Beach who had won a title in France’s Ligue A with Beziers Volley last year, said she didn’t need to look far for motivation. “Like I said before, I was doing it for the girls because I know what it feels like to win a championship, but the other girls’ don’t,” said Johnson. “So I wanted them to experience what I’ve experienced before.” “This team is new in the league. We’re all new so I just wanted to do everything I could

just to, you know, get the team to where we had goals and you know, get us to the championship.” With Salas, who also won the Best Foreign Player honors and unloaded 30 hits in the title-clincher, Johnson dominated the scoring with their high-precision attacking games. Despite dropping the opener of their title series, the Angels regrouped and swept the next two, fulfilling their date with destiny in back-to-back game days.

4 teams dispute Spikers’ Turf Finals seats

TEAMWORK and commitment are key to the Petro Gazz Angels’ rise in the Premier Volleyball League.

Pagcor chair tops forum guests list

HE Philippine Sportswriters Association (PSA) Forum will have no less than the Philippine Amusement and Gaming Corp. (Pagcor) Chairman Andrea Domingo as special guest on Tuesday’s session at the Amelie Hotel-Manila. Domingo, also Pagcor’s chief executive officer, will grace the weekly forum for the first time to talk about the valuable support the gaming agency has been extending to Philippine sports. Pagcor also happens to be a long-time supporter of the country’s longest public sports program along with San Miguel Corp., Braska Restaurant and Amelie Hotel. Joining Ms. Domingo in the session is Skateboarding and Roller Sports Association of the Philippines President Monty Mendigoria who will discuss the recent National Open Skateboarding and Rollerblade Championships in Santa Rosa, Laguna, as well as the ongoing qualifying campaign of Margielyn Didal for the 2020 Tokyo Olympics, and the country’s build up for the 30th Southeast Asian Games where skateboarding will make its debut. The forum starts at 10 a.m.

Mighty unbeaten

IGHTYSports-Go For Gold Philippines warmed up for what could be its championship clash with Korea by crushing University of British Columbia-Canada, 116-87, in the William Jones Cup on Monday in Changhua, Taiwan. Exploiting its quickness and height advantage, Mighty Sports held its collegiate rival to just nine points while exploding for 39 points in the second quarter on the way to a fourth-straight win for a share of the lead with South Korea. The massive victory boosted the team’s confidence going into Tuesday’s crucial showdown at 5 p.m. with Korea, which also notched its fourth-straight win by clobbering Indonesia, 117-55, earlier in the day.

TA. Elena faces Cignal while PLDT slugs it out with Air Force in a pair of sudden deaths for the final berths in the Spikers’ Turf Reinforced Conference at the Paco Arena in Manila on Tuesday. The Sta. Elena Ball Hammers stopped the HD Spikers, 19-25, 25-22, 21-25, 25-17, 16-14, in Game Two of their best-of-three semifinal series while the PLDT Home Fibr Power Hitters stopped the Air Force Jet Spikers in a similar five-set thriller, 26-24, 20-25, 25-21, 20-25, 15-13, in

their side of Final Four last Sunday. Pao Pablico led PLDT’s attack with 18 hits, including 16 attack points while Joshua Umandal added 16 markers and 21 excellent receptions and eight digs, and John Vic de Guzman and Peter Quiel chipping in 10 markers each. Ronchette Villegas produced 22 excellent sets for the Home Fibr Power Hitters.

BLAZERS, ALTAS SQUARE OFF FOR SHARE OF EARLY LEAD C OLLEGE of Saint Benilde and University of Perpetual clash on Tuesday with the winner earning a share of the early lead unbeaten defending champion San Beda University in the National Collegiate Athletic Association Season 95 men’s basketball tournament at the Filoil Flying V Centre in San Juan City. Both coming off victories in their season debut, the Blazers and Altas slug it out at 4 p.m. Kicking off the triple-header is the 12 noon game between Letran (1-1) and winless Jose Rizal University (0-2), and capping the day is 2 p.m. encounter between San Sebastian College (1-0) and

Mapùa (0-1). Saint Benilde nabbed a 69-66 win over the Emilio Aguinaldo College last week to open its campaign on a high note even without Cameroonian center Clement Leutcheu (quad strain) and forward Yankee Haruna (broken jaw). But the victory was not easy as the team’s 17-point fourth quarter lead quickly evaporated—no thanks to the Generals’ suffocating defense that led to easy transition baskets. Luckily, the cushion was just too big to conquer for EAC as James Pasturan made two crucial free throws on two occasions to gift the Blazers a narrow win. “Our individual talents tried to

that netted her victories at Southlinks in 2015 and at Mount Malarayat in 2017, along with former LPGT leg winners Onkanok Soisuwan and Supakchaya Pattaranakrueang of Thailand. The event, organized by Pilipinas Golf Tournaments Inc., also features six local amateurs hoping to spring a surprise or two, including Nicole Abelar, Sam Martirez, Chanelle Avaricio, Diana Araneta, Tomi Arejola and Sam Bruce. Meanwhile, a select number of pros test the flat but long and well-maintained layout in today’s (Tuesday) pro-am where they will be paired with officials and guests of the event’s chief backers, including backed by Custom Clubmakers, Meralco, K&G Golf Apparel, BDO, Sharp, KZG, PLDT, Empire Golf and Sports and M.Y. Shokai Technology Inc.

Bryan Bagunas paced Air Force with 25 points, while Ranran Abdilla finished with 18 markers and 16 excellent receptions. Earlier, Nico Almendras unloaded 17 hits and came through with 16 excellent receptions while Ber Daymil added 14 markers he highlighted with five aces for the Ball Hammers.

Sta. Lucia also drew a combined 23-hit output from James Natividad and Edward Campos, while Joshua Retaman produced 24 excellent sets. Jude Garcia sizzled for 30 points for Cignal HD, while skipper Ysrael Marasigan and Marck Espejo fired 22 and 10 hits, respectively, that went for naught.

overcome the game. Hopefully, we learn from it and get better throughout the season,” Saint Benilde Coach TY Tang said. Also a nail-biter was Perpetual Help’s 80-78 victory over Mapùa last week. Edgar Charcos scored 11 of his 16 points in the final period, including a lay-up that doused the fiery 9-2 run of the Cardinals which almost spelled the turning point of the game. Mapùa staged a comeback in the last four minutes and got to within a point, 78-79, with 35.3 seconds left. Charcos came to the rescue and split his charities in the next possession to bail his team out of trouble.

AKATI Football Club (FC) finished a fighting second against home sides in the Paris World Games over the weekend. With the world-famous Eiffel Tower serving as backdrop, Makati FC’s Boys 14 (2006) turned to Bacolod native Lance Locsin in a 1-2 defeat to CFFP Paris in the championship match at the Stade Emile Anthoine 1. Julio Yoldi, a Philippine U13 team standout from Dumaguete City, also scored as Makati FC’s Boys 13 (2005) gave US Villejuif fits before dropping a 1-2 loss at Stade Emile Anthoine 1. Still, Makati FC’s performance gives the teams the boost heading into the Gothia World Youth Cup which started on Monday in Gothenburg, Sweden. Makati FC’s Boys 14 (2006) made it to the knockout stages after topping Group B with the maximum nine points. They made it all the way to the final after beating France’s JSC Pitray Olier (3-0), Bibo Football Academy (2-0), United States’ XL National Boys

EFENDING champion Petron tries to keep its momentum going when it takes on Generika-Ayala at the start of the second round of the Philippine Superliga All-Filipino Conference on Tuesday at the Bacoor City Strike Gym in Cavite. The Blaze Spikers, who hold solo second place with a 6-1 win-loss record, gun for their fifth straight victory against the Lifesavers (5-2) in the 7 p.m. main game. Jaja Santiago and Foton (4-3), meanwhile, gun for their fourth consecutive win against lowly Sta. Lucia (1-6) in the first match at 4:15 p.m. After crushing the Lady Realtors in their previous game at the Alonte Sports Arena in Biñan City over the weekend, Petron mentor Shaq de los Santos was now convinced that they had already arrested their slow start and are now ready to roar for their third straight All-Filipino crown. Still, the veteran core of Frances Molina, Aiza Maizo-Pontillas, Bernadeth Pons, Mika Reyes and Rhea Dimaculangan has to jack up their performance to dominate the Lifesavers, who are also coming off a fine performance in the first round. In their previous encounter, in fact, the Lifesavers vented their ire on PLDT Home Fibr, 27-25, 16-25, 25-18, 25-13, to bounce back from a three-set loss to Petron last week. Lifesavers Coach Sherwin Meneses encourages his wards led by Angeli Araneta, Fiola Ceballos and Patty Orendain to be more confident against the Blaze Spikers, who have been dominating the league the past couple of weeks. “They shouldn’t play with low morale because this is the first time that we finished third in the first round,” Meneses said. “Before we started slow but now is a good time to be confident.”

Makati FC bags 2 silver medals in Paris Games (4-0) and La Tamponnaise (2-0). Not to be outdone was Makati FC’S Boys 13 (2005), which made it to the playoffs after topping Group C with nine points. The team topped Bangladesh’s Banglore Academy (160), France’s JSC Pitray Olier White (9-0), Turkey’s Aci Genclik Spor Kulub (2-0), France’s CFFP Paris (2-1) and Canada’s Faly Academy (2-1) on its way to the final match. “Best thing about this tournament was the level of football games our teams got to play. All the games were very tough and the opponents were very strong. And for our teams to play on the same level of comepetition, is proof that this program is getting us closer to our goal of making these kids world class athletes,” Makati FC Chief Executive O fficer SeLu Lozano said. Makati FC will make its 37th consecutive stint in the Gothia Cup, with five teams of more than 70 players vying in the Boys 2005, 2006, 2007, 2008 and Girls 2005.

PINOT: FRANCE’S MOST CREDIBLE CONTENDER By John Leicester

The Associated Press

RIOUDE, France—Like a lost love, the Tour de France gains in value for riders who can’t race in it. That was the lesson Thibaut Pinot learned last year when the French rider, who’d fallen sick at the Giro d’Italia in May, then missed the Tour and watched on TV as others wrote history at the cycling’s showcase race. “It was no fun,” he recalls. “I realized how important the Tour is for a French rider.” This year, he’s making amends. With the race shifting its attention to the toughest climbs to come in the Pyrenees and Alps, Pinot is not only lighting up TV screens, but is also most definitely in the picture among top pretenders for overall victory in Paris on July 28. With no Tour winner for French fans to cheer for since Bernard Hinault in 1985, Pinot is third overall and heads into the Tour’s second week looking like France’s most credible contender in years. Unlike Julian Alaphilippe, the punchy, exciting yellow-jersey wearer from France who wowed in week one but who is dreading the high-altitude ascents, Pinot is looking forward to them. “That’s where I get the most pleasure,” he said on Sunday before the start of Stage 9, a hilly trek through the Massif Central mountains won by South African Daryl Impey, while Pinot and all the other top racers took it easy behind, saving their strength. Pinot excelled with the Groupama-FDJ squad in the Stage 2 team time trial, losing just 12 seconds to defending champion Geraint Thomas and his teammates at Ineos. That performance raised French hopes that Pinot might also be able to also limit damage in the individual time trial, upcoming on Stage 13 and where former track specialist Thomas should excel. “Thomas will take back time,” Pinot said.

Sports BusinessMirror

| Tuesday, July 16, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

LEWIS HAMILTON never tires of the crowd-surfacing and adulation of the Union Jack waving home crowd. AP

HAMILTON WINS RECORD 6TH BRITISH GP S ILVERSTONE, England—A day of dramatic English sporting glory began with a far more fortuitous—but still recordbreaking—victory for Lewis Hamilton on the nation’s Formula One track. A sixth British Grand Prix success was sealed, not with a thrilling overtaking move, but by a canny pit stop strategy paying off for the reigning world champion on Sunday at Silverstone. By finishing 25 seconds ahead of Mercedes teammate Valtteri Bottas, Hamilton extended his championship lead over the Finn to 39 points and

AFTER a Tour on TV, Thibaut Pinot now looms large in the picture. AP

But it is anyone’s guess as to which of them will get the upper hand on the climbs. On Stage 6, the first mountain stage, Thomas couldn’t seriously distance Pinot, who rode in just two seconds behind him. On Stage 8, it was Pinot who gained time, surging ahead with Alaphilippe and frustrating Thomas, who crashed and couldn’t catch back up with them. The gap between them didn’t change on Sunday’s Stage 9. Top contenders took a breather, allowing Impey and 14 other riders who aren’t threats for the overall title to build up the biggest lead of any breakaway this year, as they raced off far ahead for the stage win. Thomas is still fifth overall, 72 seconds behind Alaphilippe and 19 seconds behind Pinot. Most striking about Pinot is his seeming serenity. Since a podium finish in 2014, he has sometimes looked as lost as a deer in headlights under the pressure of French hopes. This year, he trained at altitude in February and is enjoying having Alaphilippe around to soak up French attention as the race leader. “If someone had told me that I’d be third overall after the first week, I would have signed up straight away. I wouldn’t have believed it,” Pinot said. Alaphilippe knows his days in yellow are numbered. Not a climber like Pinot, he’s expecting to suffer on the Tourmalet climb to be scaled on Stage 14 in the Pyrenees. It “is going to be terrible for everyone,” he said. “The rankings will change a lot.” Understandable, then, that Thomas, Pinot and others eyeing the podium in Paris opted for a go-slow on Sunday’s 170.5 kilometers of undulating hills peppered with three just climbs of note between the former coal mining center of Saint-Etienne and the agricultural town of Brioude. Such days are tailored for other riders not chasing the overall title to shine. Impey was that man. He beat Belgian rider Tiesj Benoot in a two-man sprint at the finish to become only the second South African stage winner at the Tour—Robert Hunter also won a stage in 2007. “Magical,” Impey said. “A beautiful day.”

Stunning prizes, tasty steaks in Auvergne

RIOUDE, France—After thrusting their arms in victory at the finish line, Tour de France stage winners are greeted by hostesses on the podium. As well as the yellow jersey, the Tour de France race leader is usually handed flowers and a fluffy lion, the mascot of a longtime sponsor of the race. In the Massif Central mountains, they can get bigger—much bigger—animals. Trophies that would not fit in their suitcase, or even on their teams’ buses.

A 700-kilogram Salers cow, for instance. That was the gigantic prize for Frenchman Richard Virenque after his stage win on Bastille Day 15 years ago in the town of Saint-Flour, where Monday’s Stage 10 will start. After all, there is a strong tradition of herding in the region, and a cow seemed a brilliant idea. Virenque managed to avoid any transport problems. “He did not take the cow with him. Instead, he cashed in a €1,500 check

moved ahead of Jim Clark and Alain Prost to take the outright record for British GP victories. Hours before England’s cricketers lifted the World Cup for the first time in London—sealed on a tiebreaker at Lord’s—Hamilton was part of far more familiar scenes in central England in front of a record Silverstone race crowd of 141,000. And yet, Hamilton—who is in a strong position to win the championship after 10 races—never tires of the crowd-surfacing and adulation of the Union Jack waving home crowd. “I have done so many races and you would think I’d get used to it,” Hamilton said. “But this felt just as THE pack rides past cows wearing jerseys during the seventh stage of the Tour de France from Belfort and to Chalon-sur-Saone, France. AP

corresponding to the animal’s value,” Jean Salat, the farmer who provided the animal that day, told The Associated Press. Salat kept the cow at his farm, where she died 10 years later, aged 13. “But Richard came back a year after his win to pay us a visit,” Salat said. “And he took her bell with him, which was quite heavy, too.” One of the world’s oldest breeds, Salers are reputed for their dark-red and curly coat of hair. They produce top-quality milk and are

also popular with steak lovers because of the tenderness of their meat. When Virenque got his cow after a 200-kilometer victorious breakaway, he could not immediately find a name for her. So Salat came to the rescue. “I gave her a name,” the 70-year-old said in a phone interview. “I called her Tempest. Because that day, Virenque had ridden like a storm, crossing the line five or six minutes ahead of his rivals.” AP

amazing as the first win I ever had here in 2008.” While there is no doubting the affection the Silverstone crowd has for Britain’s greatest-ever racing driver, the five-time world champion was unexpectedly dragged into a discussion on his nationality after qualifying with a reporter asking Hamilton why “people question your Britishness.” Hamilton dismissed any doubts over his patriotism, and his first thought after sealing his 80th grand prix win was to slow down to collect a red, white and blue flag from a track-side safety marshal. “This is the greatest single moment for an athlete, to raise their flag as the No. 1,” Hamilton said. “One day, I will have that picture of me in the car holding the British flag. I will always be able to look at that and smile about it for the rest of my life.” Hamilton made the decisive move to the front in the 20th of the 52 laps by pitting to get new tires. With the safety car still out after Antonio Giovinazzi spun off in his Alfa Romeo, Hamilton rejoined to remain ahead of pole-sitter Bottas who had already pitted. “We had a really good fight in the beginning,” Hamilton said. “I nearly got him going into turn seven, but he was next to me and I couldn’t really close the door. “After that I backed off a little and waited for the pit stops, hoping that I could maybe overtake him in the pits. I extended my first stint for a few more laps, then the safety car came out and that was perfect timing for me as I came back out in front of Valtteri.” Hamilton had initially attacked Bottas on the fourth lap, overtaking but failing to keep position. “Effectively got a free stop and came out ahead of me,” Bottas said. “I was hoping that there might be another opportunity in the race, but I knew the chances were slim because I had to do another stop to change to a different compound anyway. “The tire life was ultimately much better than we had thought, so a one-stop would have been possible, but our simulations before the race had predicted a two-stop to be the fastest option. I’m disappointed because the win was definitely possible for me.” A Mercedes one-two was a marked improvement on the last race in Austria when Bottas finished third and Hamilton back in fifth in the team’s worst performance of the season. “It was a tough battle,” team principal Toto Wolff said, “but there’s a lot of respect between the two of them and they always left each other enough space.” Not so elsewhere on the track. Charles Leclerc of Ferrari completed the podium after a crash in the fight for third saw Sebastian Vettel go into the back of Max Verstappen on lap 38. By finishing 15th—including a 10-second penalty for the crash—four-time world champion Vettel now trails Hamilton by 100 points in fourth place in the standings. AP

Reconciling God

EAR God, You made Saint Elizabeth an instrument of reconciliation between feuding peoples. Inspired by her holiness and devotion to You, we pray: Favor us with Your grace, oh God. Inspire faithful dialogue for peace in Syria, Yemen and the Middle East. Shatter our idols, heal our addictions and let our hearts find rest in You. Gift parents with joy in their children and gladness for their vocation. Encourage the unmarried to pursue and find their true partners that would suit their spirituality and love for each other. May God bless us with wise and loving hearts and lead us to share in the glory that Christ has won for us. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

Life

CIRCLES: NO TWO DREAMS ARE EXACTLY ALIKE D4

BusinessMirror

Tuesday, July 16, 2019

Hello, yellow:

Home décor’s upbeat hue should be used right

By KiM cOOK The Associated Press

F ever a color were to be associated with an emotion (OK, blue, we see you), it’s got to be yellow. Upbeat and welcoming, it’s a hue that’s easy to love. But it can be tricky to use when decorating. Bold yellows are eye-catching, but color experts advise caution. Unless you’re prepared to live with bright yellow’s peppy assertiveness, softer, creamier versions might be more prudent choices. Will Taylor, founder of the color blog Bright.Bazaar and an interior design expert at Marshalls, loves yellow in all its iterations. “To me, it’s happiness personified,” he says. “As soon as I see it, I feel joy.” Better Homes & Gardens Style Director Jessica Thomas calls yellow “sunshine in a can.” And Dee Schlotter, senior color marketing manager for PPG Paints , says yellow is often seen as the

signature hue for “happy.” “Bright, energizing yellows are known to enhance the mind and help creativity flow,” she says. “We saw ‘Gen Z yellow’ bubble to the surface last year, with colors like Crushed Pineapple reflecting the optimism and boldness of that generation.” Schlotter says yellow was a close runner-up for PPG’s 2019 Color of the Year. Night Watch, a moody greengray, ultimately took the title, but Golden Field—a dramatic mustard yellow—was a strong second. A tip when you’re in the paint store: “We recommend first looking at the bottom color on the paint swatch to find the root of the yellow,” Schlotter says. “For example, if the bottom color is green, the yellow at the top of the card will have subtle hints of green infused into it.” Go two or three shades lighter than you think you want if you’re painting a room. And “warmer yellows tend to work better on walls,” Schlotter says. “Brighter variations are perfect on a front door, as

an accent wall in a bedroom, or in a dining room to provide a rich, striking look.” Taylor’s got some favorite yellow paints, including Dayroom Yellow from Farrow & Ball, Bicycle Yellow from Behr and Hawthorn Yellow from Benjamin Moore. “Yellow’s the queen of accent colors,” he says. “It goes with neutrals to blacks and blues. Think of adding pops of yellow across art, pillows, throws and flowers. It will instantly add visual interest, giving the eye a place to land, and it prevents a room from feeling flat.” Lemon motifs and prints are a fresh, fun way to bring the color home. “Lemon print wallpaper in a bathroom or closet is a cheerful way to add yellow,” Taylor says. “Every time you step in, it will make you smile.” Check out Spoonflower, Etsy and

Walls Need Love for lemon-y wallpapers that range in style from realistic to retro. Marshalls has some festive, lemonprinted melamine serveware that would add zest to summer parties. For more dressed-up get-togethers, WilliamsSonoma has porcelain plates decorated with Meyer lemons and framed with a vintage-look botanical border. Ballard Designs offers Sunbrella fabric by the yard with a pretty lemon-and-leaf print that would be great on patio pillows or cushions; there are faux lemon branches here as well, to tuck in a vase or basket. Kitchenaid’s buttercup yellow mixer is a softer version of the hue, while Chantal’s sunny yellow Anniversary tea kettle is a waker-upper. If you’d really like to commit, consider a piece of yellow furniture, or even an

appliance. All modern has well-priced upholstered seating, with clean-lined silhouettes that let the color take center stage. West Elm’s got a set of velvet curtains and a distressed rug in a hue called wasabi that has a golden tone. Bertazzoni and SMEG stock equipment like stoves, fridges and range hoods in fresh yellows. Ready for more? Scandinavian manufacturer Vola has marked its 50th anniversary by releasing Arne Jacobsen’s original 1968 designed bath faucet in a rainbow of colors, and a kicky yellow is one of them. Or put the wild on the walls, with glass subway, mosaic or free-form ceramic tiles from Modwalls. Even the names are as fun as this color: Daffodil, Sunflower and Limoncello. n

Raising the benchmark for upscale living AS shown in many indicators, the residential sector of the real-estate industry in the Philippines is expected to continue its growth in 2019. In fact, there was an increase in residential condo prices in Metro Manila by up to 6.4 percent year-on-year, according to Bangko Sentral ng Pilipinas residential realestate price in Q3 2018. This bullish outlook is supported by industry thought leaders JLL Philippines and Colliers Philippines which both emphasize that the Metro’s business districts continue to dominate the real-estate industry in the country. As property demands are highest in the central business districts, potential buyers— especially those who are after luxury—have started looking in areas a bit removed from the influx, but still highly accessible to these business centers. Shang Residences at Wack Wack in Mandaluyong City (www. shangresidencesatwackwack.com) has been one of the favorite picks with over P5 billion in sales to date. “Our clients are familiar with the overall success of Shang Properties Inc., and know that our portfolio of upscale residential developments speaks for itself. We have loyal clients who, as repeat buyers, have been purchasing units from every project of ours, and they have enjoyed capital appreciation from all of their previous investments with us,” says Atty. Karlo P. Estavillo, Shang Properties Inc. COO and CFO. “Seeing that we have delivered solid positive returns, our clients have grown more confident in investing with us, project after project. End-user buyers likewise turn to us to provide the luxurious urban living that meets their discerning standards. Shang Residences at Wack Wack, with its prime location, is expected to yield the same results,” Estavillo continues. Located right at the Metro’s midpoint, Shang Residences at Wack Wack offers quick

WITH the demand for luxury condominiums remaining robust, Shang Residences at Wack Wack boosts high-end developer Shang Properties Inc.’s successful portfolio.

ARTIST RENDERING

access to business centers and more. Its socalled ShowSuite can be found at Shangri-La Plaza in Mandaluyong. The latest residential project of Shang Properties is a few minutes away from the cities of Makati and Taguig where expats who work in multinationals and executives in top companies are expected to contribute to the leasing market. It is also a short drive from Quezon City where businesses will likely improve as the government begins the construction of the Manila subway and wraps up the MRT 7 extension. Shang Residences at Wack Wack is also accessible to top schools including La Salle Greenhills, Xavier School, Lourdes School of Mandaluyong, Immaculate

Conception Academy and Poveda; trusted medical facilities like Cardinal Santos Medical Center, The Medical City and VRP Medical Center; and the best lifestyle destinations such as Shangri-La Plaza. JLL and Colliers have additionally pointed out that the demand for luxury condos will remain robust, driving the overall growth of the residential property sector this year. More than just a location hot spot, Shang Residences at Wack Wack aims to change the meaning of luxurious city living with the developer’s iconic resorts in mind. “Wack Wack is a wonderful community, and a coveted address. And not all high-end residential properties offer stunning views the same way the Shang Residences at Wack Wack

THE collaboration with BTR (HK) Ltd. resulted in a design anchored on tropical resort elements and understated luxury, redefining elevated living in the city. ARTIST RENDERING

can,” says Susan Yu, Shang Properties Inc. director of sales. “This one-of-a-kind location provided the direction to the overall design and aesthetic of the property. We knew that bringing resort living to the city is the best way we can maximize our location and redefine what it means to experience elevated urban living.” Nestled inside a verdant enclave, the residential property offers panoramic views of the well-loved golf course to allow for respite from the frenetic pace of urban life. With a promise to be its residents’ sanctuary in the city, Shang Residences at Wack Wack has top-of-the-line leisure facilities such as a mini theater, a swimming pool tucked in lush gardens, a fully equipped gym, steam and

sauna rooms, and play areas for kids. The residential property’s interiors are also meant to create spaces that rejuvenate residents, to make them feel at home. Collaborating with BTR (HK) Ltd., this 50-story residential property features a design anchored on tropical resort elements and understated luxury. The units showcase sleek wood panels, canopy ceilings and floor-to-ceiling windows. “There’s a very relaxed feel that pervades Shang Residences at Wack Wack. It complements the residents’ busy lifestyles with an oasis of comfort, creating a space where one can rest and recharge,” adds Susan Yu. “Bringing this kind of luxury to a residential development in the middle of a city is a task Shang Properties can certainly to deliver.”

Pages BusinessMirror

Tuesday, July 16, 2019

www.businessmirror.com.ph

Old friends return in Doiron’s ‘Almost Midnight’

By Bruce DeSilva The Associated Press

N nine previous crime novels, Paul Doiron’s protagonist, Maine game warden Mike Bowditch, has made more than his share of friends and enemies. Now, in Almost Midnight (Minotaur), two friends featured in earlier books return, and both are in desperate need of help. One of them is Billy Cronk, an ex-soldier who’s prone to paranoia, fiercely loyal and capable of explosive violence. In an earlier book, Cronk saved Bowditch’s life by shooting two gunmen, impetuously dispatching one, who already been rendered helpless, with a bullet to the head. The other friend is Shadow, a wolf-dog hybrid that Bowditch once rescued from a couple of meth heads and briefly considered keeping as a pet before the beast broke free and fled into the woods. The plot begins when Cronk calls Bowditch from prison, where he is doing time for that head shot. He begs Bowditch to look into the background of a prison guard but won’t explain why. Chalking it up to Cronk’s paranoia, Bowditch declines. But within hours, two shivwielding cons ambush the guard. Cronk comes to the rescue, kills one of

the attackers, and gets stabbed in the gut for his trouble. Not long after, a game warden who patrols a mountainous territory near the Androscoggin River calls Bowditch with more bad news. Shadow has been found at a ramshackle farm, the bolt from a crossbow protruding from his torso. Investigating the prison stabbing is a job for the state police. Because Shadow was shot outside of Bowditch’s territory, that’s none of his business either. But Bowditch has never been one to stand on protocol. Soon, he’s racing between the shoreline, where the prison is located, and the mountains, where Shadow was found, hell-bent on figuring out what his human and canine friends have gotten themselves into. The Cronk case proves far more complicated, involving a conspiracy that puts prisoners, prison guards and even Cronk’s family in mortal peril. The Shadow case is difficult as well, hampered by a lack of cooperation from hostile mountain folk. As usual in a Doiron novel, the characters are well drawn, the Maine landscape is vividly portrayed, and Bowditch pursues his passion to protect the innocent and bring evildoers to justice regardless personal cost. n

A VILE CONSPIRACY IS TAKEN DOWN IN ‘BIG SKY’ FORMER soldier and policeman Jackson Brodie, who last appeared nine years ago in Started Early, Took My Dog, makes his longanticipated return in Kate Atkinson’s new novel, Big Sky (Little, Brown). Although the book is billed as the fifth installment in the Brodie series, the brooding, modern-day white knight isn’t the protagonist of this alternately depressing, inspiring and slyly funny tale. In fact, he blunders into the vile conspiracy at the center of the story without realizing it and has little to do with taking the bad guys down. As the story opens, Brodie is coping with his shambles of a personal life while working as a private detective on the west coast of England. His cases are mundane, and they clearly bore him. The plot develops slowly at first as Atkinson introduces a cabal of seemingly ordinary professional men whose sideline is luring girls into the sex trade. The men’s wives and children are either unaware of where their wealth comes from or don’t care to know. The conspiracy has deep roots. Two

decades earlier, police had smashed a sex trade ring and brought its leaders to justice, but there are rumors that others, including members of the British aristocracy, may have been involved. As circumstances breathe new life into the rumors, two young female police officers, including Brodie’s old friend Reggie (introduced in 2008’s When Will There Be Good News?), are assigned to reopen the case. The unfolding plot snags a dozen main characters in a web of duplicity, human misery, betrayal and murder that Atkinson skillfully relates from multiple points of view—investigators, criminals, family members and victims alike. The heroes of the yarn are its women. The two young police officers, one of the conspirators’ wives, and one of its victims as well, fashion a conclusion that, although not entirely lawful, is justice nonetheless. As always in a Kate Atkinson book, whether it’s the Brodie series or her mainstream novels, the pleasures derive from her mastery as a storyteller, her skillful character development, and the beauty of her quirky and poetic prose. AP

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Gareth Bale, 30; AnnaLynne McCord, 32; Corey Feldman, 48; Will Ferrell, 52. HAPPY BIRTHDAY: Plunge forward, and embrace the people and the events and activities that bring you the most joy. Turn this into a year filled with hope and determination to bring about the changes that will make you feel good about your life and your achievements. Partnerships should be a priority, and any existing problems should be put to rest. Your lucky numbers are 9, 15, 23, 28, 33, 39, 44.

ARIES (March 21-April 19): Consider every angle of a situation before you get involved. Emotions will be difficult to control, and if left to fester, will result in taking action when it’s in your best interest to simply observe. Avoid physical and emotional stress. HH

TAURUS (April 20-May 20): Show what you can do rather than talk about your plans. If you are in active pursuit of your goal, you will reach your destination and receive the praise you deserve for your accomplishment. Positive change is doable. Romance is highlighted. HHHHH

GEMINI (May 21-June 20): Don’t let someone manipulative take advantage of you. Know the difference between friendliness and meddling. If someone shows too much interest, listen more and say less. Don’t reveal personal information about yourself or someone close to you. HHH

CANCER (June 21-July 22): It’s OK to do things differently. You’ll come up with great alternatives if you rely on experience to avoid making the same mistake. Share with someone you love and trust, and you’ll find your way. HHH

LEO (July 23-Aug. 22): Take a look at the offers that come your way, but don’t buy into something without investigating what’s entailed. Protect your assets from anyone who is being nosy or manipulative. An impromptu decision will lead to a loss. HHH

Adrian McKinty delivers powerful thriller with ‘The Chain’

LIBRA (Sept. 23-Oct. 22): Do something good for your health. Exercise, physical labor or living a moderate lifestyle will encourage fitness and well-being. Don’t trust fad diets or products that are expensive and promise the impossible. Listen to your heart, not hearsay. HH

By Jeff Ayers The Associated Press ADRIAN MCKINTY delivers one of the best thrillers of the year with The Chain (Little, Brown). Kylie is a 13-year-old girl who is abducted on her way to school. The man and woman responsible are parents who are also dealing with the kidnapping of their own child. Kylie’s mom, Rachel, receives the phone call. At first, she doesn’t believe that her child isn’t in school. Rachel is divorced and isn’t wealthy, so why was her daughter targeted? Then she learns the ransom isn’t the essential part of getting her child back. She must pay, but she must also keep the chain going by kidnapping a child herself. If she goes to law enforcement, then Kylie will be killed and her kidnappers will be forced to take another child. They cannot break the chain. Rachel realizes that if she doesn’t find a suitable child to kidnap, her daughter will die. Then she receives another phone call giving her possible candidates to abduct. She had been thinking about going to the authorities, but now she knows the top links of the chain are ruthless—and powerful. How far does the chain reach, and how many victims have suffered from this scheme? Rachel has to

VIRGO (Aug. 23-Sept. 22): Spread out, investigate and determine what’s best for you. Too many options can be a bit confusing, but sticking to what’s practical will bring you peace of mind. Personal growth will lead to a positive lifestyle change. HHHHH

SCORPIO (Oct. 23-Nov. 21): Follow the path that makes you feel most exhilarated and alive to discover where it takes you. You are overdue for a change that will stimulate you to start something new. HHHH

SAGITTARIUS (Nov. 22-Dec. 21): You’ll be taken advantage of if you appear to be gullible. Listen to an offer, but don’t commit to anything without considering the risk factor. Play it safe when it comes to investments and joint endeavors. HHH

j find the inner strength to bring her daughter back safe and sound, but will she actually be free from the chain if she succeeds? Parents will do anything for their children, but does that include committing a felony? That dilemma throws the story into high gear, but it feels like whatever Rachel does is already predetermined, giving The Chain an escalating sense of hopelessness. She comes across as everyone’s next-door neighbor, making the story even more frightening and personal.

CAPRICORN (Dec. 22-Jan. 19): Set priorities, and live up to your expectations. A change at home will lift your spirits, but if someone you live with or near isn’t happy with your plan, alter what you are doing to avoid a dispute. HHH

AQUARIUS (Jan. 20-Feb. 18): Only make or agree to a necessary change. If someone wants to head in a different direction, don’t make a fuss. A deal that includes others may not be as good as you are led to believe. HHH

PISCES (Feb. 19-March 20): Keep your life simple, stay focused on what’s important to you and don’t overdo it physically, emotionally or financially. Socializing and romance don’t have to cost a fortune. Live within your means, and avoid adding stress to your life. HHHH BIRTHDAY BABY: You are friendly, unique and fashionable. You are dependable and compassionate.

‘animalistic’ BY JEFFREY WECHSLER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Embraced 7 Monticello roof feature 11 Wagner’s ___ Rheingold 14 False front? 15 Puddle former 16 Subj. of many a night class 17 Becomes apparent 18 Online crafts source 19 Elementary actress Lucy 20 What a call from Bo Peep depends on? 23 Shade of Dorothy’s slippers 25 Allegiance of The Americans on TV, ironically 26 Sacha Baron Cohen persona 27 Name hidden in “Danielle” 28 Khan Academy’s Khan 30 Steak style 31 Proof of Wilbur’s bequest to Charlotte? 34 Hoped (for) 35 Gardening tool in a stable? 37 Pursuers of nymphs 40 Elk, e.g.?

4 2015 Rocky sequel 4 45 Young ___ (tots) 46 Tax-advantaged investment letters 47 You love, in Latin 48 Microwaves 51 Daisy lead-in 52 Fate for a wicked Galapagos animal? 56 “___ a pity” 57 Hoppy brews, briefly 58 Remove (from) 61 Notable period 62 Dimwit 63 NCIS figures 64 Like a prof. emerita 65 Fix, in a way 66 Melancholy compositions DOWN 1 Certain printers 2 Avail oneself of 3 Becomes really buff 4 Effusive to excess 5 Falco of Nurse Jackie 6 “Look what you’ve ___!” 7 Word after “evening” or “wedding” 8 Pledges

9 Extreme penny-pincher 10 Noted Irish singer 11 Biblical clipper? 12 Ludicrous 13 Socked 21 Competes in tug of war 22 They might reflect good business 23 Nicki Minaj genre 24 One: Prefix 28 Epee or foil 29 What snobs might put on 30 Some luxury handbags 32 Most like a shrinking violet 33 Guided 34 “___ in the course of human events...” 36 Oobleck creator of kiddie lit 37 Distribute unevenly 38 Tall wardrobe 39 Attacks, wolverine-style 41 Gunga Din author 42 Collectors’ org. 43 “Uh-uh,” on the Hill 48 Close, as some clothes 49 Yoga position

0 Annoying 5 51 Stomach problem 53 Acrylics’ relatives 54 Lettuce purchase 55 V.A. patron 59 Genevieve, par exemple: Abbr. 60 Approach to the tee?

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, July 16, 2019

KAYA SCODELARIO in a scene from Crawl, which is one of the new releases in North America that have found difficulty in getting traction among audiences.

NETFLIX’S ‘QUEER EYE’ RETURNS FOR SEASON 4 ON JULY 19

THE Emmy Award-winning Queer Eye returns ready to transform the stylistically challenged, and into hip and happening savants at the hands of the Fab Five. Now in its fourth season, the show’s fearless ambassadors of taste return to Kansas City to bring their infectious brand of self-love, confidence and encouragement to a whole new roster of heroes. The series returned to Netflix in 2018 going global and introducing audiences around the world to a modern aesthetic, diverse perspectives and a brand-new Fab Five: Antoni Porowski (food and wine), Bobby Berk (interior design), Jonathan van Ness (grooming), Karamo Brown (culture) and Tan France (fashion). Queer Eye is executive produced by David Collins, Michael Williams and Rob Eric for Scout Productions. Jennifer Lane serves as the showrunner and executive producer. Season 4 launches globally on Netflix on July 19.

Ed Sheeran confirms he’s married to Cherry Seaborn LONDON—Ed Sheeran has confirmed for the first time that he and longtime girlfriend Cherry Seaborn are married. British media reported the pair wed before Christmas in front of about 40 friends and family. In an interview with broadcaster Charlamagne Tha God to promote his album No.6 Collaborations Project, Sheeran talked about how he wrote the song “Remember the Name,” which refers to “my wife.” The 28-year-old British singer-songwriter said “I knew that we’d be married by the point that the song came out.” The album, released on Friday, includes collaborations with Justin Bieber, Stormzy, Eminem, 50 Cent and Bruno Mars. Sheeran and Seaborn, 26, met at primary school in eastern England and announced their engagement in 2018. AP

‘Spider-Man’ does victory lap over ‘Crawl,’ ‘Stuber’

L JODI STA. MARIA ticks off from her bucket list portraying a possessed woman by doing the film Clarita.

THE MYSTERY IN ASIA’S FIRST DEMONIC POSSESSION IN THE FILM ‘CLARITA’

IT was in 1953 when the name Clarita Villanueva became the talk of the town because of an unusual headline: demonic possession. In different accounts, it was claimed that she was possessed by demonic spirits while she was in jail. The story of 17-year-old Clarita Villanueva—the first reported demonic possession in Asia—is the inspiration behind Black Sheep’s latest movie offering, Clarita, which locally has a total gross of over P70 million as of June 27. Clarita is inspired by the mystery behind the story on what occurred during Clarita’s (Jodi Sta. Maria) demonic possession and exorcism, where her faith and those of the people who tried to help her were tested because of the obstacles they had to overcome. The film’s director, Derick Cabrido, studied the records of Villanueva’s case and found out that she was from the province and went to Manila to look for her father. She was then jailed, and although it was suspected the possessions started even before that time, these became more terrifying when she was already behind bars. This is Jodi’s first foray into the horror genre, which she admitted really pushed her to her limits, especially since she chose to do all her scenes without a stunt double. “It was not easy, the process in making the film was not easy. But seeing the finished product, we can say it was rewarding,” said Jodi. Also in the film are Ricky Davao, Nonie Buencamino, Romnick Sarmenta, Arron Villaflor and Alyssa Muhlach. Can Clarita’s soul still be saved or will evil take over it? Clarita will be screened in the following regions on these dates: starting July 26 in the United States; July 28 in Dublin, Ireland; and August 4 in Oslo, Norway. The list of cinemas where Clarita will play is available at emea.kapamilya.com.

By Lindsey Bahr The Associated Press

OS ANGELES—Spider-Man: Far From Home is celebrating another weekend at No. 1, but non-franchise fare continues to struggle at the box office. Fresh studio-released counterprograming such as the horror movie Crawl and the action-comedy Stuber barely made a dent in the web-slinger’s earnings, although there is a glimmer of hope in the independent world. The Spider-Man sequel added $45.3 million in its second weekend, down only 51 percent according to studio estimates on Sunday, bringing its domestic total to $274.5 million. Globally, Sony Pictures’s Far From Home has already grossed $847 million. Disney and Pixar’s Toy Story 4 landed in second place with $20.7 million in its fourth weekend in theaters. It’s now earned $346.4 million from North American theaters. But while the well-reviewed franchises are thriving, original newcomers are facing an uphill battle in wide-release. Crawl, a thriller from Paramount Pictures, debuted in third with an estimated $12 million against a reported $13.5-million budget. Directed by Alexandre Aja, Crawl stars Barry Pepper and Kaya Scodelario as a father and daughter

trapped in their home with a bunch of angry alligators during a hurricane. The R-rated pic has been screened for critics in advance, which usually signals a dud, but it has been surprisingly well-received by critics since opening. It’s currently 88 percent fresh on Rotten Tomatoes. The Uber comedy Stuber got off to a bumpier start with an estimated $8 million from over 3,000 North American locations. The R-rated Kumail Nanjiani and Dave Bautista film cost a reported $16 million to produce and has not inspired the best reviews (it’s resting at a rotten 46). It’s the latest Fox film to be released by Disney. “People always complain about the lack of original offerings from the studios especially during the summer but this summer in particular, it seems like audiences are turning their backs on these films,” observed comScore Senior Media Analyst Paul Dergarabedian. “It’s a real head-scratcher in a way as to why some of these films aren’t doing well.” Universal’s Beatles-themed rom-com Yesterday rounded out the top 5 in weekend three with $6.8 million. Dergarabedian said that it’s never a good thing for the box office when week after week the top movies are holdovers. “That means newcomers are not making inroads,” he said. “You want audiences every weekend to be excited about a new film.” That lack of enthusiasm is showing in the overall industry numbers. The weekend is down nearly 26 percent and the year is still around 9 percent, although Disney’s blockbuster-in-the-making The Lion King is on the horizon. The photo-realistic remake of Disney’s animated classic opened this weekend in China ahead of its North American debut and made an estimated $54.7 million. Although the big new releases failed to light the box office on fire, the independent film scene was thriving with myriad of options. Among the most notable is Lulu Wang’s family drama The Farewell, which currently has 100 percent on Rotten Tomatoes. The Awkwafina-led film opened in four locations to $351,330 for a massive $87,833 per

theater average. It’s expanding to more cities in the coming weeks. The dark Jesse Eisenberg comedy The Art of Self-Defense opened in seven locations to $121,080, and the Marc Maron-led Sword of Trust debuted in two locations with $22,512. Documentaries, such as Maiden, Pavarotti and Echo in the Canyon also continue to find audiences in limited release. “If you’re an independent movie fan, this is your weekend,” Dergarabedian said. “The diversity of films is just staggering.” Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Spider-Man: Far From Home, $45.3 million ($100 million international) 2. Toy Story 4, $20.7 million ($48.1 million international) 3. Crawl, $12 million ($4.8 million international) 4. Stuber, $8 million ($3 million international) 5. Yesterday, $6.8 million ($7.8 million international) 6. Aladdin, $5.9 million ($14.6 million international) 7. Annabelle Comes Home, $5.6 million ($18.1 million international) 8. Midsommar, $3.6 million ($766,000 international) 9. The Secret Life of Pets 2, $3.1 million ($14.6 million) 10. Men in Black: International, $2.2 million. Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Spider-Man: Far From Home, $100 million 2. The Lion King, $54.7 million 3. Toy Story 4, $48.1 million 4. White Storm 2: The Drug Lords, $33.6 million 5. Annabelle Comes Home, $18.1 million 6. Aladdin and The Secret Life of Pets 2, $14.6 million 7. Yesterday, $7.8 million 8. Crawl, $4.8 million 9. Fate/Stay Night: Heaven’s Feel-II. Lost Butterfly, $3.5 million 10. Stuber, $3 million. n

Julie Anne to showcase powerhouse vocals in ‘Julie Sings the Divas’ JULIE ANNE SAN JOSE takes on one of her greatest challenges on the concert stage in Julie Sings the Divas at The Theatre at Solaire on July 20. Following the success of the concerts The Sweetheart and the Balladeer: Fun Night Only in Iloilo and Cagayan de Oro, and Kapusong Pinoy Studio 7 Musikalye sa Brooklyn with fellow GMA stars, Julie is now gearing up for a world-class concert experience like no other. The award-winning and multitalented performer shows off her wide vocal range in true diva style as she breathes new life to the timeless classics of music legends, such as Barbra Streisand, Whitney Houston, Celine Dion and Mariah Carey, accompanied by the UP Arco String Orchestra and under the baton of renowned musical director Danny Tan.

“I am looking forward to this concert because it’s going to be different and, of course, it’s very personal to me. I’m going to perform with an orchestra, which I’ve never done before and I’ve always wanted to do something like that. The songs and the performances here will have a new approach to them, and I think the audience will enjoy what we’ve prepared. I’m very excited,” said Julie. Joining her in this one-night-only event are special guests Journey lead singer Arnel Pineda and the UP Concert Chorus. Presented by Sunny Side Up Productions (SSUP) and GMA Network in cooperation with Solaire Resort & Casino, Julie Sings the Divas is directed by Louie Ignacio. Tickets are available at www.ticketworld.com. ph or 891-9999.

DIRECTOR Louie Ignacio (from left), Julie Anne San Jose and musical director Danny Tan

Art

BusinessMirror

Tuesday, July 16, 2019

INTERMOLECULAR FORCE, Sophia Chizuco, 2017, acrylic on canvas, 91” x 91”

TO THE SKY, TO THE OCEAN, Sophia Chizuco, 2017, acrylic on canvas, 91” x 91”

www.businessmirror.com.ph

LANDSCAPE 0616-3, Sophia Chizuco, 2016, acrylic on canvas, 46” x 61”

No two dreams are exactly alike CIRCLES

PURPLE MOON, Arvin Flores, 2019, oil on canvas, 36x24 inches, 2019

ON VIEW AT ARTERY ART SPACE

THE gallery Artery Art Space, on P. Tuazon in Cubao, Quezon City, presents Far Side of the Moon, an exhibit featuring paintings by Allan Balisi, Argie Bandoy, Demosthenes Campos, Lindslee and Carlo Ricafort. On view until July 27, the show puts on display a spectrum of energy waves collected to paint a definition of abstraction as textured ambience, the image as archeological signifier open for excavation and interpretation, content transmitted from unconscious conditions toward the anxiety of humor, or gestural patterns and compositions that defy convention but form a pleasurable account of the undefinable. Also on view at Artery Art Space is a solo exhibit by Arvin Flores, titled Terrain of the New Vague, which traverses the ground from abstraction to figuration, following a reverberating path to the unknown using gestures and forms that become one’s compass toward a multitude of unimaginable heights. The paintings ensue, intercept, echo, with varying temperatures and gravity, an interchangeable palette of colors tripping on techno electronic nouveau where invention acts as a paradigm shift between mood fragments and comical recesses that push the limits of the expansive terrain of the imagination, as windows to infinite expression, re/creating forms as pattern, time lapses to inform the present.

JT NISAY

jtnisay@gmail.com

EW things are more individual than a dream, which is fabricated by the subconscious and crafted out of a memory, which in itself is subject to the inimitable perception of an event. These multiple filters render dreams as unique as a snowflake, or as exclusive as an interpretation. Viewing the abstract works of artist Sophia Chizuco operates in the same principle of exclusivity. Born in Japan and based in New York, Chizuco sees the world in a way only she does, and paints in nonfigurative shapes and lines that viewers can interpret in a manner only they can. In a series of works in 2017, for example, Chizuco painted circles—small, colorful holed circles against an already colorful base. The busy visuals give an almost unsettling effect, bordering on psychedelic. Staring at the work long enough triggers the hundreds of circles to move, floating and bouncing in a way that is different each time.

“It’s a little bit of a trick,” the equally ecstatic artist said. “So every day you see it, it’s different.” Chizuco said two other factors play a part on her painting’s optical illusion. First is lighting, wherein one circle might appear brighter in the morning than in it is in the afternoon. Next is the audience’s emotion at the time of viewing. “Also, I made these with emphasis on eye movement. The viewer should move all over the painting,” she added. “There should be no blind spot.” One piece under the series features a neon base with multicolored, multilayered circles and dripping streaks. The work is titled Intermolecular Force, inspired by the aesthetic and the artist’s background. Chizuco’s father is a retired microbiologist. He traveled the globe for his studies and even taught at University of the Philippines Manila for 15 years. Science, then, flew naturally through his daughter’s veins. But she had different plans. Chizuco knew she wanted to be an artist when she was five years old after being brought to see the Mona Lisa in France. Chizuco started painting from that point on and moved out of Japan to establish a career in New York. There, she shared a flat with Filipino artist Jojo Austria. Chizuco has held shows around the US, Asia and Europe, and was advised by her roommate to try mounting one in the Philippines. She was then recommended to the late Didi Dee of Hiraya Gallery. A deal was struck and in 2016, Chizuco’s works arrived in the country for the first time for a two-man

show. Another exhibit followed the next year, when her pieces were brought to Manila and Cebu. Last week Chizuco opened her third exhibit in the Philippines: a solo show organized by Hiraya Gallery in partnership with Globe Art Gallery. According to Elaine Carlos, Hiraya’s gallery director, the partnership with the telco giant started three years ago with a fund-raising project for a church in BGC. Since then, regular projects have followed. The latest show featuring Chizuco is titled Dreamscapes, perhaps inspired by how her works evoke the exclusivity of interpretation and dreams. The exhibit runs at the Globe Tower in BGC until July 20. “The painting tells me what to do,” Chizuco said. “If I listen to it, it’s going be successful. But if I force them to do what I want, it’s never successful.” Among the featured works are her aforementioned series of circular abstraction, as well as her exploration of lines made in 2016. One of these is Chizuco’s abstract interpretation of her hometown, Shizouka City, with Mount Fuji as one of its more famous residents, in a piece, titled Landscape 0616-3. The artist explained that her upbringing in the lively environment plays a part in her inclination toward bright colors, from the sunrise to the trees and river. Carlos said Chizuco is a testament to Hiraya’s mission to discover talented artists. She added that the gallery is already preparing shows for its 40th anniversary next year. n

Generous hearts play big brother to struggling artist By Perla G. lena ILOILO CITY—A landscape painting featuring a man, with both arms heavily loaded with frames and walking along a street walled by houses on both sides, serves as the centerpiece of a small house in Barangay Baldoza, La Paz district. That man is Larry Casinao, who for 15 years has immersed himself in painting to be able to put food on the family table, and to spend for the medication of his common-law wife who for the past four years has had to endure twice a week dialysis due to a kidney problem. “I had been wanting to paint that [landscape] for a some time but I couldn’t get myself to start. I display that in our house to remind my family and myself of who and what I am,” he said when asked to describe his life through painting. Casinao has had no formal schooling in visual arts. He shared that as the only boy among the five siblings, he stopped while in his second year in college studying to be a draftsman. He decided to find work as he could not endure seeing his mother sell corn and other native delicacies to meet their family’s daily needs. He used to work in a factory, tried being a pedicab driver and later on joined a friend offering lamination services going from house to house. “I decided to go back to painting because I had been prodded by my friends to put into use my knowledge in the art. I

started with charcoal and later on shifted to acrylic,” he said. As an artist, he said his ideas are freeflowing. He gets inspiration from what he sees in his travels. He learned techniques from the drawings and paintings he saw. “I never run out of ideas on what to paint,” he said. Over the course of 15 years, he was able to produce around 10,000 paintings, which he sold out of town or by displaying them in the streets or showing them to passersby. “Sometimes I felt like crying, especially when there were no buyers. I was thinking of how I could feed my family,” he added. Then, his life changed: Casinao was caught on camera displaying his art along a street, which got posted on the social media and quickly went viral. Tefel Pesigan-Valentino, vice president for marketing and business development of Megaworld Lifestyle Malls, shared that an officer behind Festive Walk, the company’s shopping mall in the Iloilo Business Park township complex in Iloilo City, saw the post about Casinao and tried looking for him. “They found out that Mang Larry had been asked to leave the streets. They immediately extended assistance by offering him a venue inside our mall where he is safe and people can see and appreciate the paintings,” she said in an interview. The mall charged nothing for his showcasing his artworks and instead, he got further promotional help through

the mall’s social-media accounts. “The manager of the Festive Walk called me up and offered me to use a space at the mall for free for three months,” he said. In the mall, his paintings were placed at a strategic location—just across a book store. He said that in the first two days, he was able to sell all the artworks he had on display. The prices of his paintings varied. For a smaller artwork with a frame, a painting cost P10,500, and P8,500 without a frame, while a large painting cost P12,000 with a frame and P9,500 without one. With his paintings and his story having gone viral, he admitted that life has become a bit easier. He now has funds for his partner’s weekly dialysis. His partner, Angelita Salazar, 42, is full of appreciation for Casinao because he never fails in his obligations for their family. “His painting has helped a lot in my medication,” she said. She looks forward to more people appreciating and buying his paintings. She added that Casinao doesn’t only paint but also knows how to draw, especially comic-book characters. Meanwhile, Casinao has received a call from actress Heart Evangelista, who ordered landscape paintings with birds and plenty of flowers, and a colorful abstract. Aside from Festive Walk Mall, he also looks forward to displaying his paintings at the Museo de Iloilo. He has already received a call from the management

ARTS TO PAY FOR DIALYSIS

of the Museo but is yet to come up with paintings for a show. Paying forward, he has been giving tutorials for only P350 for three hours. He said that the rate is lower when compared with other tutorial schools. Meanwhile, aside from playing as big brother to Casinao, Valentino said that Megaworld Lifestyle Malls has been hosting exhibitions featuring local budding artists, some from as far as Antique. Its Iloilo Museum of Contemporary Art (Ilomoca) “is closely working with Ilonggo artists and groups, not just in the visual arts, but also in other forms of art including literature, music and theater,” she said. “Right now, we are working on getting local writers to showcase their works

at our Museum Shop. One of Ilomoca’s goal is for everyone to have access to art, regardless of social class,” she explained. Ilomoca is a three-story museum with six exhibition spaces open as a venue for art exhibits, concerts, theater performances, film screenings and workshops. She said their museum has reached out to various schools for them to bring their students for educational tours to expose them “closer to the works of some of the most significant Filipino artists.” “Art education is important to create interest and develop a passion for the arts, and the workshops we hold in the museum are also providing knowledge and inspiration to those who want to create art,” she added. PNA

Artist Larry Casinao sells his paintings to defray the cost of the dialysis of his common-law wife, Angelita Salazar. Megaworld’s Festive Walk plays a big brother to him by offering a free space where he can display his craft upon learning that he was asked to leave the streets where he used to display his painting. PNA

PHOTO BY PERLA G. LENA