BusinessMirror July 17, 2019 by BusinessMirror

C.A.B. CHANGES MIND, ALLOWS CHARTER FLIGHTS ANEW TO BORACAY GATEWAYS

SUNSET at the popular Willy’s Rock in Boracay Island is seen in this 2018 BusinessMirror file photo. NONOY LACZA

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Civil Aeronautics Board (CAB) has lifted the moratorium on charter flights to Kalibo and Caticlan, both gateways to the Philippines’s so-called crown jewel of tourism, Boracay Island. The lifting comes after local tourism stakeholders pressed the Department of Tourism (DOT), whose secretary sits as CAB vice chairman, to undo the moratorium, counting billions of pesos in losses from booking cancellations in hotels in Boracay.

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In a news statement sent to the Busi-

nessM irror by CAB Executive Director Car-

melo L. Arcilla, the agency also allowed carriers with scheduled flights to Kalibo and Caticlan to maintain their schedules for the rest of the Iata (International Air Transport Association) Summer Season, “but are restricted, however, from mounting additional flights.” Also, all air operators to these two cities “will not be allowed to use aircraft with more than a 200-seat capacity.” The CAB resolution lifting the moratorium, effective immediately, was signed after a special board meeting on July 15, 2019.

Christine Ann U. Ibarreta, president of the Hotel Sales and Marketing Association Inc., welcomed CAB’s decision lifting the moratorium: “We thank the DOT and CAB for listening to our side. Due to our constant dialogues, they came to appreciate our position and intention to grow the tourism industry. We hope for a more open and consultative process with relevant government agencies in the future.” Asked if the hotels would be able to get back their guests, she said, “we hope that our business partners [wholesalers] are still willing to gamble and rebook their guests.” See “CAB,” A2

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Wednesday, July 17, 2019 Vol. 14 No. 280

Pre-Sona: Govt policy widened inequality ₧86,000 C By Cai U. Ordinario

@caiordinario

ONDITIONAL cash transfers (CCTs) and various corporate social responsibility programs alone will not address income inequality in the Philippines, according to the Freedom from Debt Coalition (FDC).

In its annual State of the People’s Address (Sopa), FDC President Rene Ofreneo said these were merely “dole-outs” that do not address structural issues affecting the lives of the poor. Based on the 2015 Poverty Statistics, the Philippine Statistics

Authority (PSA) said the income of the poorest Filipinos, which averaged P86,000 a year, is just oneninth of the income of the richest in the country, pegged at an average of P786,000 per year. “Reducing inequ a l it y is about how a society’s policies, struc-

tures and decisions work together to promote inclusion, equality and balanced development. This means formulation of programs that help empower the poor to become active players in societ y and economy, not just passive recipients of

The average annual income of the poorest Filipinos, a figure that is just one-ninth of the income of the richest in the country, pegged at an average of P786,000 per year, according to PSA data

dole-outs from government and the do-gooders or conscience-stricken corporate captains of industry,” Ofreneo said in a statement. In an interview at the sidelines of the Sopa, Ofreneo said the key to addressing poverty and inequality are jobs. This will empower the poor to address their economic and financial needs. See “Pre-Sona,” A2

PESO EXCHANGE RATES n

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DEFIANT REMITTANCE FLOWS WILL PATCH UP HOLES IN PHL ECONOMY–EXPERTS By Bianca Cuaresma

@BcuaresmaBM

EMITTANCE flows in the country are projected to remain strong in the coming months no matter the condition of the global economy, and is seen to patch up some holes in the local economy in the coming months, analysts said. In their assessment following the Bangko Sentral ng Pilipinas’s (BSP) release of the remittance flows in the first five months of the year, local economists were optimistic about how the cash sent by Filipino migrant workers will continue to provide fresh fuel for the country’s growth engines in the near-term. Some experts have projected a slowdown in the transfers from overseas Filipino workers (OFWs) to the country, especially last year. The forecasts were made on ac-

count of the foreseen decline of remittances in big source countries, particularly those in the Middle East. On Monday, however, the BSP reported a 5.7-percent rise in May alone—bringing the five-month average growth to 4.5 percent. This is higher than the 3.1-percent average growth in 2018. In a commentary, ING Bank Manila economist Nicholas Mapa said the month’s rise in remittances went against the expectations of remittance decline and will continue to thrive in the coming months. “Filipinos working abroad cont i nued to def y m a rket expectations, clocking in at a 5.7-percent g row t h c l ip, proving that it remains to be a solid and dependable source of both foreign currency and potent purchasing power,” Mapa said. See “Remittances,” A2

Rice output likely dipped 5.6% in Q2 By Jovee Marie N. dela Cruz

The NIC, in coordination with concerned agencies, is also tasked to “explore the possibility of accessing a growing range of bilateral and multilateral funds” as assistance to the funding of research, development and extension and other innovation efforts, according to Republic Act 11293 signed by the President last April 17, a copy of which was only released to reporters on Tuesday. Public-private partnership shall also be encouraged in the development and implementation of innovation initiatives. All banking institutions, whether government or private, shall also set aside at least 4 percent of their total loanable funds for innovation development credit. See “Innovation Act,” A2

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Duterte signs Innovation Act; ₧1-B revolving fund to help small enterprises

RESIDENT Duterte has finally signed the Philippine Innovation Act, which sets up at least P1 billion in a revolving Innovation Fund to strengthen entrepreneurship and enterprises engaged in developing innovative solutions to benefit the poorest of the poor. The new law also mandates the establishment of a National Innovation Council (NIC) chaired by the President to develop the country’s innovation goals, priorities and long-term national strategy. The NIC shall also develop strategies to promote the creation of new ideas that will be developed into new and quality products, processes and services aimed at improving the welfare of low-income and marginalized groups.

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HE country’s production of unhusked rice likely fell by an annualized rate of 5.6 percent in April to June due to the contraction in harvest area, the Philippine Statistics Authority (PSA) said in its latest report. Based on standing crop, the PSA said in its report, titled “Updated Palay and Corn Estimates,” that palay production in the second quarter of the year was slightly lower than its previous estimate of 3.86 million metric tons. Harvest area in the April-to-June period shrank by some 18,000 hectares, from 932,790 hectares recorded a year ago, while yield per hectare likely fell by 3.7 percent from last year’s 4.38 metric tons.

AS palay husks fly, farmers at a farm in Nueva Ecija work with threshers in this 2018 BusinessMirror file photo.

BERNARD TESTA

US 51.0880 n JAPAN 0.4735 n UK 63.9520 n HK 6.5283 n CHINA 7.4283 n SINGAPORE 37.6783 n AUSTRALIA 35.9608 n EU 57.5200 n SAUDI ARABIA 13.6220

See “Rice,” A12

Source: BSP (16 July 2019 )

A2 Wednesday, July 17, 2019

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SC issues gag order on WPS case litigants T By Joel R. San Juan

The order was issued during the Court’s regular en banc session and a day after Solicitor General Jose Calida warned that the lawyers involved in the petition may face disbarment over violations of legal ethics after they allegedly deceived petitionerfishermen from Zambales and Palawan into signing the petition. The lawyers strongly denied Calida’s claim. The petition seeks to compel the government to protect and rehabilitate the Scarborough Shoal, Ayungin Shoal and

Mischief Reef, which China claims, and are within the Philippines’s exclusive economic zone (EEZ). Calida cited Section 27, Rule 138 of the Rules of Court which states : “A member of the Bar may be removed or suspended from his office by the Supreme Court for any deceit, malpractice or other gross misconduct in such office or for corruptly or willful appearing as an attorney for a party in a case without authority to do so.” He added that the lawyers “were not authorized to file a case against the government agencies.” Calida alleged that the fishermen-petitioners were only told by their lawyers that the petition was against foreigners intruding in the country’s water to fish. They were supposedly not informed the petition was against the government. He added they were also told that the petition was also for their protection. “Apparently, there is a gag order,” SC Spokesman Atty. Brian Hosaka said in a text message. “Furthermore, the SC en banc reminded the counsels of their obligations under the Code of Professional Responsibility and Rules of Court not to litigate their cases through their me-

CAB. . .

Innovation Act. . .

Ibarreta earlier disclosed hotels and resorts in Boracay were projected to lose at least P2.21 billion from the sudden cancellation of bookings brought on by the CAB suspension of new and additional charter flights to Kalibo and Caticlan issued on June 19. The losses covered three months from July to September, considered the lean season on the island. (See, “Charter flights halt costs Boracay resorts P2 billion,” in the BusinessMirror, June 27, 2019.) Local stakeholders have yet to recover from the sixmonth closure of Boracay last year. About P30 billion in visitor receipts were estimated to have been lost from the closure. Meanwhile, the CAB instructed carriers intending to mount new and additional charter flights to the Kalibo and Caticlan airports, to file their charter applications “at least 30 days before the intended date of operation, and the scheduling of operations on less congested days of the week as determined by the CAB.” The board stressed that it will continue to monitor the impact of the commercial air operations in these two airports on the carrying capacity of Boracay, to be able to review and adjust its guidelines as needed. Last year, the Department of Environment and Natural Resources determined that the popular resort island of Boracay can only accommodate 19,215 tourists a day, at any given time, or 6,405 arrivals a day based on an average three-day stay. Previous instances when tourist arrivals in Boracay exceeded 6,405 a day were not considered a violation by the DOT, as officials explained, the departures on the island on those days kept the carrying capacity within the 19,215 level. (See, “Boracay stakeholders fret over ‘breaching’ of daily arrivals cap,” in the BusinessMirror, December 17, 2018.) The CAB noted that an average of more than 7,000 tourists arrived on Boracay a day in April and May, and took to mean that breached the island’s daily carrying capacity. This was the reason it suspended new and additional charter flights to Kalibo and Boracay, and ordered scheduled carriers to review their flight numbers for a possible scaleback. “But in view of June arrivals data and trends in past years, the CAB has determined that there is no reason to maintain the current flight restrictions,” the board stressed in its news statement. According to data from the Malay Tourism Office cited by the CAB, tourists in Boracay dropped to 189,444 in June 2019, from 222,330 in April and 221,138 in May. This translates to an average of 6,314 daily arrivals. “The annual trend in 2015-2017 suggests that this number may still go down, bottoming out in September, consistently the month with least visitor numbers [an average of 44 percent from April peaks]. This year, that can mean only around 4,200 tourists per day, irrespective of the mode of transportation taken. The tourist arrivals then recover until December, but only top off at 76 percent of the April average.”

However, these loanable funds shall refer to the funds generated from the date of effectivity of this Act. Moreover, these innovation development loans benefiting agricultural sector workers and businesses shall also be considered as part of the compliance with the credit quota requirement of the Agri-Agra Reform Credit Act of 2009. It is also within the mandate of NIC to conduct an annual assessment on the compliance of these banking institutions with applicable regulations on credit quotas for innovation development, and submit its recommendations to the Bangko Sentral ng Pilipinas (BSP). The BSP shall impose administrative sanctions and other penalties on the lending institutions if they are found to be noncomplying with the pro-

@jrsanjuan1573

HE Supreme Court on Tuesday issued a gag order enjoining parties in the petition for the issuance of a writ of kalikasan in some parts of the West Philippine Sea from issuing statements about the case to the media.

Continued from A1

SCS. . .

Continued from A12

“Today is the best time in our economic cooperation with the United States,” Romualdez said, when asked on developments in the Free Trade Agreement being forged with the US. Manila and Washington held the Eighth Bilateral Strategic Dialogue on July 15 and 16, 2019, in Manila. Department of Foreign Affairs Undersecretary for Policy Enrique Manalo and Department of National Defense Undersecretary Cesar Yano co-led the Philippine delegation. On the other hand, Assistant Secretary of State for East Asian and Pacific Affairs David Stilwell and Assistant Secretary of Defense for IndoPacific Security Affairs Randy Schriver co-led the

Continued from A1

Pre-Sona. . .

Continued from A1

Over time, he said, jobs will enable the poor, especially those who receive CCTs, to decline in number. This is because more of these people will have the means to send their children to school, submit them for regular checkups, and take care of pregnant women. These are the conditions linked to the receipt of CCTs. Based on the latest PSA data, 7.995 million Filipinos are jobless and looking for better opportunities. This is composed of 2.286 million jobless Filipinos and 5.709 million underemployed or those looking for decent jobs. “That’s [CCTs, CSRs] not enough. What we need is public reform. Social protection and social redistribution should go together,” Ofreneo said in his presentation. Ofreneo added that the “Build, Build, Build”initiative should be replaced by programs that seek to promote

Remittances. . .

dia or social media. Infractions shall be dealt with severely,” he added. Also during the en banc session, the Court granted the Integrated Bar of the Philippines’s (IBP) plea to be given more time to comply with the Court’s order to “move in premises” during the second round of the oral argument of the petition held last July 9. “Petitioners were given until July 19, 2019, to confer with their clients and comply with the Supreme Court’s order to move in the premises last July 9, 2019,” Hosaka said in a statement. Philippine jurisprudence defines a “move in the premises” as a directive for parties to inform the court of “developments pertinent to the case which may be of help to the Court in its immediate disposition.” The Court issued the “move in the premises” order after a closed-door conference with the parties last Tuesday, which was called after Calida manifested that the fishermen from Palawan and Zambales, who are the main petitioners in the case, have decided to withdraw from the petition. The fishermen are being represented by lawyers from the IBP. visions of the law. Penalties on noncompliance or undercompliance shall be computed at one-half of 1 percent of the amount of noncompliance and shall be directed toward innovation development. Ninetypercent of the penalties collected shall go to the Innovation Fund and the remaining 10 percent shall be given to the BSP to cover administrative expenses. Moreover, the NIC and its member agencies shall also eliminate regulatory barriers to innovation and cut red tape to boost innovation efforts. The National Economic and Development Authority (Neda), in coordination with Departments of Science and Technology (DOST) and Trade and Industry (DTI), shall also promulgate the implementing rules and regulations within 60 days from the effectivity of the law. The Act shall take effect 15 days after its publication in the Official Gazette or in a newspaper of a general circulation. Bernadette D. Nicolas

“inclusion, equality and balanced development.” FDC said instead of keeping this in mind, the government implemented policies that have widened inequality in the country, citing as examples the liberalization of the rice trade and the passage of the Tax Reform for Acceleration and Inclusion (TRAIN) law. The group said other policies that widened inequality include allowing more foreign ownership of resources such as those that paved the way for the growth in the number of Chinese workers and businesses in the country. “The growth is a lie. As most of our legislators will fervently applaud the push for Cha-cha [which will allow 100 percent foreign ownership of resources], further liberalization of public services, the return of the death penalty, the lowering of the minimum age of criminal responsibility, and the Trabaho bill, working and poor Filipinos will continue to suffer institutionalized contractualization, TRAIN-induced inflation, extrajudicial killings, and deficient social services,” FDC Executive Director Zeena Manglinog said.

“Time and time again, the Filipino has proven critics wrong, finding a way to send home much-needed funds to bolster domestic consumption and, perhaps unwittingly, helped deliver the much-awaited transition to a new growth path,” he added. Security Bank chief economist Robert Dan Roces also lauded the May uptick in remittances as beneficial to the recent ailments of the local economy. “We see this as a positive development since higher remittances also increase domestic consumption on imported and other taxable products while inflation tapers off—the improvement in vehicle sales last month may be proof of this,” Roces said.

“It should also keep residential property sales strong. From another macro perspective, the higher remittances may further stabilize the country’s BOP [Balance of Payments] position by serving as a good source of fiscal cushion,”he added. Aside from that, Mapa agreed that the steady inflows from Filipinos abroad will help bridge the widening trade gap and help stop the country’s dollar bleeding from its overall current account deficit. Remittances also continue to support the government’s campaign for an infrastructure overhaul in the country, he added. “In the future, as the economy improves and opportunities arise onshore, Filipinos may finally be able to be faced with the choice to live abroad or back home in the economy they helped bring forward to the golden age of infrastructure,” Mapa said.

US delegation. The Bilateral Strategic Dialogue is the principal forum for discussing the full range of political, security and economic cooperation between the Philippines and the United States, comprising four working groups: Defense and Security; Economics, Development, and Prosperity; Regional and Global Diplomatic Engagement; and, Rule of Law and Law Enforcement. The joint statement said the discussions between Foreign Affairs Secretary Teodoro L. Locsin Jr. and Secretary of State Pompeo in March 2019, and the Joint Statement resulting from the meeting in Manila between President Duterte and President Donald J. Trump in November 2017 “provided strategic direction to the Dialogue.” “Both sides recognized the importance of a strong Philippines-US alliance in enhancing

security cooperation, and promoting regional stability and prosperity,” the statement added. “The Philippines and the United States pledged to enhance their already robust defense cooperation, by improving defense infrastructure, updating personnel and logistics procedures, and increasing mutual communication and coordination on operational elements of regional security.” Also, both sides commit to begin planning on a range of activities to improve “maritime domain awareness,”a key point of discussion given China’s aggressive behavior in the SCS/WPS. In June, Locsin, speaking at the United Nations, denounced Chinese fishermen for abandoning 22 Filipino fishermen to the mercy of the sea after their anchored trawler was hit by the Chinese vessel in Recto Bank, which is within the Philippines’s EEZ.

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Editor: Vittorio V. Vitug • Wednesday, July 17, 2019 A3

Probe ‘disappearance’ of priceless mural at Manila City Hall–Atienza By Jovee Marie N. Dela Cruz @joveemarie

ORMER Manila Mayor and now Buhay Rep. Lito Atienza has filed a resolution calling for an immediate investigation into the disappearance of the Botong Francisco mural from the Bulwagang Antonio J. Villegas at the Manila City Hall. According to Atienza, the mural, which had been declared a National Cultural Treasure in 1996, has been hailed by art experts as Botong’s last masterpiece and greatest extant work of art. “When I attended the inaugural ceremonies of newly elected Mayor Isko Moreno a few weeks ago, I saw that instead of the Botong masterpiece, what was installed in the Bulwagan is a poor tarpaulin replica! This is not only illegal, but it is a big slap to Manilans who are asking the question—where is our masterpiece?” the lawmaker said. “It disappeared from the Bulwagan 12 years ago and until now has not been returned,” he added. The lawmaker said it behooves all administrations of the city to protect its existence, saying the priceless artwork may now be worth billions of pesos. “This used to be the major attrac-

tion in the Office of the Mayor. During our nine years as mayor, every visitor, Manilan or foreign, always marveled at the grandeur of this priceless artwork,” Atienza said. “That painting belongs to Manila and should be re-installed in City Hall. We will push for [a] congressional inquiry to pinpoint responsibility for this injustice to the people of Manila. And if necessary, charges should be filed against those who have been remiss in their duty to safeguard the interest of Manilans,” Atienza added. The mural depicts the history of Manila and its important role in our nation’s history and development, he added. “We have filed a resolution calling for an immediate congressional inquiry into the whereabouts of the masterpiece by National Artist Carlos ‘Botong’ Francisco. This priceless obra maestra, entitled Filipino Struggles through History, was commissioned by then-Mayor Villegas in 1968,” he said. Atienza added the mural has always been a

Ex-VP Binay files poll protest against Peña’s congressional win in Makati

By Claudeth Mocon-Ciriaco | Correspondent

TRESSING that the recent congressional election in Makati City was allegedly marred by various manifestations of “fraud, anomalies, irregularities and statistical improbabilities,” the camp of former Vice President Jejomar “Jojo” Binay have filed a verified election protest seeking to nullify the proclamation of Romulo “Kid” Peña Jr. in the city’s First District. In the 70-page electoral protest filed before the House of Representatives Electoral Tribunal (HRET), Binay’s lawyers sought the nullification of Peña’s proclamation as a member of the House of Representatives in the First District of Makati by the Makati City Board of Canvassers last May 14. “The congressional contest was marred by various manifestations of fraud, anomalies, irregularities and statistical improbabilities. Approximately 9,050 votes were disenfranchised to be null/misread votes,” the election protest stated. The camp of Binay appealed to the tribunal to order the conduct of a manual recount of the ballots cast and other election documents in all of the 235 protested clustered precincts. They also decried numerous votes intended for Binay that were unaccounted for as a result of the failure of several vote-counting machines (VCM) in many clustered precincts to transmit the actual election results. Peña allegedly garnered a total of 71,035 votes against Binay’s 65,229 votes, or a presumptive margin of 5,806 votes, according to the Certificate of Canvass of Votes. Considering the “slim margin” between their vote counts, the electoral protest said the votes in contention are “crucially determinative” of the true representative of Makati’s First District. “As it is, the proclamation of [Peña] was based on figures plagued by mysteries,” the protest stated. The electoral protest also assailed the failure of the Commission on Elections (Comelec) to provide the complete copies of the certified true copies of Statement of Votes (SOV) for 85 out of the 235 clustered precincts that functioned during the elections. The protest contested the election results in each of the 235 clustered precincts, citing several grounds that include the following: Various election irregularities, frauds and rampant violations of election laws, rules and regulations committed by Peña and his allies on the day of the elections; Widespread brownouts of suspicious causes that occurred simultaneously in the barangays of San Antonio, Bangkal and San Isidro on or about 5:30 to 6:30 p.m. Watchers have attested that the brownouts affected the functioning of the VCMs and reduced the ability of the watchers to observe the activities inside the precincts; Irregularities in the canvassing of votes in the protested precincts, seen in instances when votes for Binay that were undershaded, overshaded or checked ovals were not read by the VCMs, and were recorded as “undervote”; Errors in the scanning of ballots and/or counting or appreciation of the votes cast in the ballot by the VCM, where validly cast votes in favor of Binay were inexplicably not counted or tallied, but were instead rejected by the VCM; Alarming discrepancy between the total number of votes cast for both candidates and the total number of valid ballots counted; Electoral Boards’ failure to replace official ballots rejected by the VCMs, in violation of contingency measures issued by the Comelec; The failure of several VCMs to print ballot receipts prevented voters from verifying if their votes had been recorded properly. Several CF cards in the VCM were reconfigured immediately after the polls were closed on the evening of May 13, 2019. Moreover, the protest cited instances when Peña’s camp allegedly manipulated precinct proceedings while all the while engaging in rampant “vote-buying.” During the election campaign period and up to the election day itself, the Binay camp stated that they had been receiving reports from various sources that the team of Peña has allegedly been engaging in vote-buying practices in order to get more votes or to take away votes from him. The alleged vote-buying perpetrated by Peña’s group reportedly involved the payment of P500 to P2,000 to voters for them to vote for their candidate, or anyone else but Binay, the protest said. “This election protest is not filed out of spite. It is a challenge to uncover the true will of the people, the voters of Makati City,” it further stated. The protest added that there were just allegedly too many reports of machine malfunction, voter disenfranchisement and other issues pertaining to widespread fraud to ignore. It pointed out that no less than the President himself publicly stated his displeasure with the conduct of the 2019 midterm elections. “While the overall objective of the automated elections is to facilitate the swift transmission of election results, this should not divert the electorate of the concerned legislative district and insult the sanctity of the right to suffrage.

source of pride and inspiration for every Manileño and everyone who visited City Hall then.

“This is exactly the purpose of Mayor Villegas who appropriated public funds and commissioned the

painting. No one has the right to loan or lend it to anybody. It must be returned to its original place in the

Bulwagan in deference to the mayor who, in his patriotic and cultural vision, had it made,” he said.

A4 Wednesday, July 17, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DTI’s Lopez pushes P4-B yearly MSME budget to stop ‘5-6’ lending scheme

By Elijah Felice E. Rosales

@alyasjah

O less than P4 billion should be allocated to the government’s microfinancing program yearly to stop the “5-6” lending scheme preying on micro, small and medium enterprises (MSMEs), the country’s trade chief said on Tuesday. At the sidelines of the National MSME Summit 2019 in Pasay City, Trade Secretary Ramon M. Lopez said lawmakers should ensure a bill institutionalizing the Pondo sa Pagbabago at Pag-asenso (P3) program will be passed within the 18th Congress, stressing the program’s institutionalization is necessary to secure yearly funding for the program. “We are proposing [to lawmakers to pass] a P3 bill so that we can institutionalize already the P3 allocation. It will still go through the budget [deliberation process], but at least, there is more certainty that it will get budget allocation every year. In the original plan, it is supposed to be a P4-billion P3 funding for four

years,” Lopez said. Last year the House of Representatives passed House Bill 7446 seeking to institutionalize the P3 program, but the version had no exact allocation. However, it ensured budget as may be necessary will be included in the General Appropriations Act for the seamless implementation of the program. Lopez said he will ask lawmakers to revert to the original plan and reinstall in the measure the P4-billion annual allocation for the P3 program, as this will inch the government closer to its objective of dismantling the estimated P30-billion market of 5-6 lenders.

“We want to have, hopefully, a specific amount. I’m taking off from the P30-billion target. P30-billion is the estimated amount of 5-6 floating in the system. We want to kill it and put it aside and, therefore, we need to put out an alternative,” Lopez argued. As intended, the P3 program should replace the 5-6 lending scheme by allowing MSMEs to borrow up to P300,000 depending on business needs and repayment capacity. Borrowers will be charged a maximum interest rate of 26 percent per annum with no collateral requirement. This rate is lower than the 20 percent per day, week or month interest charged by 5-6 lenders, as well as those applied by most microfinance institutions (MFIs). The P3 bill slip past the House last year, but its counterpart version, Senate Bill 2017, filed by Sen. Aquilino L. Pimentel III, got stuck in the second reading. The trade chief is still banking on Pimentel, who was reelected in the midterm polls, to push for the institutionalization of the P3 program in the Senate. On the other hand, he will ask whoever will lead the House Committee on Trade and Industry to file the

House version. As of May, P3.1 billion of loans were released to 88,088 beneficiaries, of which P7.57 million were directed to 457 borrowers in Marawi City, P25.89 million to 335 families of soldiers killed or wounded in action and P3.14 million to 108 MSMEs in Boracay, which was shut down by the government for six-month rehabilitation last year. Aside from the institutionalization of the P3 program, Lopez wants the Magna Carta for MSMEs amended under the 18th Congress. Amending the law will extend its provision requiring all lending institutions to set aside at least 8 percent for micro and small enterprises and at least 2 percent for medium enterprises of their loan portfolio. “The proposed amendments to the Magna Carta for MSMEs include provisions such as an extension of the mandatory allocation of credit resources to set aside 10 percent of their loan portfolio for lending to MSMEs,” Lopez said in his speech at the summit. “This will provide an alternative compliance through lending by MFIs and cooperatives as conduits. The amendments will also strengthen the Small Business Corp. both in terms of capitalization and exemption from the Bangko Sentral ng Pilipinas’s supervisory powers on quasi-banking operations,” he added. Further, the amended Magna Carta for MSMEs will require private malls and supermarkets to allocate at least 10 percent of their selling area to qualified MSMEs.

Workers air gripes over Duterte’s unmet ‘promises’

ALFWAY through his term, President Duterte has yet to fulfill his two major laborrelated campaign “promises,” according to labor groups. In a joint statement, labor coalition Nagkaisa and Kilusang Mayo Uno (KMU) said President Duterte still fell short with regards to his commitment to bring back the national minimum wage and to end the prevalence of contractual employment. Partido Manggagawa (PM), a Nagkaisa labor group member, gave Duterte a failing grade with regard to its efforts to fulfill the said promises. “We give the administration a poor grade when it comes to the protection of workers rights and welfare including wages,” Nagkaisa Spokesman and PM Chairman Renato Magtubo told the BusinessMirror via SMS. This, despite the previous statements of the Department of Labor and Employment (DOLE) that the government has already initiated a review of the current regional minimum-wage setting mechanism and the near signing of the security of tenure (SOT) bill. The SOT bill, labor officials said, will help to further reduce the number of illegal contractualization nationwide by further restricting its practice. Both groups announced on Tuesday they will be demanding the realization of said promises during Duterte’s upcoming State of the Nation Address (Sona) next week. “We call on fellow Filipino workers all over the country to join the United People’s Sona during the State of the Nation Address of President Rodrigo Duterte on July 22,” the joint statement said. Samuel P. Medenilla

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Labor dept spells out priority legislation for 18th Congress By Samuel P. Medenilla @sam_medenilla

AISING the allowable working age and cutting down long-drawn court battles on labor disputes are among the priority legislations to be pushed by the Department of Labor and Employment (DOLE) in the 18th Congress. In an interview, Labor Assistant Secretary Joji V. Aragon said they are now studying the possibility of raising the minimum age for Filipinos to legally work from 15 years old, which is the standard from the International Labor Organization (ILO) to 16 years old. She noted the proposal aims to further reduce the number of child laborers. “There are 2 million working children nationwide. Of this, 1.2 million are child labor in the age bracket of 14 to 15. That is why we want to raise the working age to 16,” Aragon said. “We would be able to take out around 700,000 children out of work, which will allow them to go to school,” she added. She noted this reform initiative is still in the exploratory phase and that they will be still conducting an extensive public consultation on the matter. But she is confident of the feasibility of the proposal especially with the implementation of the Pantawid Pamilyang Pilipino Program (4Ps) of the government and Conditional Cash Transfer (CCT) program providing needed income to families with child laborers. “With all the subsidies and the protection the government is giving, I think it is time to focus on finishing at least their K to 12 studies before working,” Aragon said.

Shortened litigation

ANOTHER legislation DOLE will be lobbying in the current Congress is a bill for labor-related cases from the National Labor Relations Commission (NLRC) to no longer pass the Court of Appeals (CA) and instead to be directly filed before the Supreme Court. “This will shorten litigation and be less costly for the parties. It will also allow the faster implementation of court decisions,” Labor Assistant Benjo M. Benavidez said in a separate interview. It usually takes six to eight years for the full resolution of a labor case. Aragon said the proposal may be able to reduce this by three years if implemented. Benavidez assured the proposal

will not harm the chances of labor or management to seek recourse on their case since their petitions will still be reviewed at the NLRC and SC.

Pro-labor and employer

ARAGON said they will also be pushing for a bill allowing the Employees Compensation Commission (ECC) to adjust its rates without going through Congress and expanding the period for its beneficiaries to collect their claims from three years to 10 years. “We think this will widen the scope of our beneficiaries, as well as widen the scope also of the quality of ECC benefits,” Aragon said. In 2018, ECC was able to pay some P5 billion worth of benefits. Aragon added, they will also be lobbying for a bill to boost productivity among companies by making it mandatory for them to create productivity schemes. She said they will also propose for government to extend subsidies or other aid to companies to accomplish this. “It could be either tax or nonmonetary benefits. It could even be in the form inspection regime...we will come up with some innovation,” Aragon said.

OFW-centered

THE other remaining bills in the legislation agenda of DOLE are bills that enable the construction and operation of the overseas Filipino workers (OFW) Hospital in Pampanga as well as the creation of a dedicated Department for OFWs. Aragon said bill for the OFW Hospital is necessary for the facilities’ budgetary needs for its operation and to determine which government agency will handle it. As for the the Department for OFWs, Aragon said, they would have to initiate the necessary consultation to determine its feasibility. To recall, Sen. Christopher “Bong” Go already filed a bill for the creation of the said department. Benavidez said the list of their legislative agenda could still expand once they get the recommendations from DOLE’s bureaus. Aragon said they are optimistic more labor-related legislation will be passed in the current Congress thanks to President Duterte’s initiatives. “In the 16th Congress there were 12 labor laws. In the 17th Congress we counted 10. It has been a very prolific and bountiful Congresses since our President is very caring to our workers. This 18th Congress we hope to continue this,” Aragon said.

CBAs drop 13.41% in 2017–PSA By Cai U. Ordinario @caiordinario

HEnumberofcollectivebargainingagreements(CBAs)thatwere craftedforthefirsttime,renegotiated, and renewed shrank 13.41 percentin2017,accordingtothePhilippine Statistics Authority (PSA). Based on the Profile of Collective Bargaining Agreements in the same year, PSA said there were 284 CBAs, lower than the 328 CBAs signed, renegotiated and renewed in 2016. “A CBA is a contract executed upon incorporating the agreements reached after negotiations with the employer and the exclusive bargaining representative of the employees with respect to wages, hours or work and all other terms and conditions of employment,” PSA said. Labor economist Rene Ofreneo told the BusinessMirror that this could be the effect of the length of time CBAs are in effect. He said some CBAs get renewed every two to three years. However, he said, what is unusual is the coverage of the CBAs, which is pegged at 46,920 workers in 2017. Ofreneo said the figure is “too small” given the number of workers in 2017. In 2017, there were around 43 million workers and 200,476 of them were covered by CBAs based on the

decent work report of the Department of Labor and Employment (DOLE) and International Labor Organization (ILO). “In July 2016, there were only 1,126 (6.5 percent) registered unions with collective bargaining agreements covering 200,476 workers. The collective bargaining coverage rates also fell in all sectors during the period in review and is now down to less than 1 percent,” the Decent Work Country Diagnostics: Philippines 2017 report stated. Ofreneo recommended that more effort should be exerted to study the reason behind why the numbers do not match. This is especially the case since the data for the decent work data was obtained from the PSA and the DOLE. Meanwhile, based on the PSA data on CBAs, among the covered workers, 53 percent or 24,830 of workers covered by CBAs are in the services sector. Data showed that 45.8 percent or 21,511 workers were in the industry sector and the rest or 1.3 percent of the workers were engaged in agriculture. “Three out of every five [60.6 percent or 28,433] workers covered by CBAs were members of affiliated unions while the rest (39.4 percent or 18,487) were members of independent unions,” PSA added.

Wednesday, July 17, 2019 A5

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A8 Wednesday, July 17, 2019

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In the ad material of Notice of filing of Application for Alien Employment Permits published on July 16, 2017, the Company name and Address of Mr. Thammachan, Tawan should have been read as RED PIXEL SOLUTIONS GLOBAL INC. located at 33/F PBCOM Tower, 6795 Ayala Ave. Cor. V.A. Rufino St., Salcedo Vill., Bel-Air, Makati City, Metro Manila and not as published. 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

A10 Wednesday, July 17, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Helping farmers survive the flood of cheap imports

HE massive shift to a more open rice market did not happen overnight. It took more than two decades for the government to finally scrap the caps on imports and remove the power of state-run National Food Authority (NFA) to regulate the entry of imported rice. That’s because rice is the Philippines’s most important commodity, which is why it is the preferred crop for millions of local planters. More than 2 million farmers plant rice and millions more—such as millers and farmworkers—depend on the sector for their livelihood. This is the primary reason behind the government’s previous efforts to have the World Trade Organization extend the waiver for the special treatment for rice. The rationale is to prepare the sector, particularly the farmers, for the eventual shift to a more open rice market. Two decades later, the sector continues to struggle to produce all the rice requirements of the country. Bad policies, coupled with the ill effects of climate change, made it more difficult for planters to keep up with the increasing demand for the staple. NFA’s regulation of the domestic market and the fact that all Filipinos eat rice made the commodity the single biggest factor behind the acceleration of inflation last year. The jump in inflation in 2018 prompted the President to call for the immediate passage of a measure that sought to repeal Republic Act 8178 or the Agricultural Tariffication Act of 1996. One of the provisions of the proposed bill is the setting up of a fund, dubbed Rice Competitiveness Enhancement Fund. The national government agreed to front-load P10 billion for the RCEF in the first year of the new law’s implementation. RA 11203 also provided that P10 billion should be allocated for the RCEF every year. Under the law, the money must come from tariffs slapped on rice imports. Crucial to ensuring that there’s enough funds for the RCEF is the Bureau of Customs (BOC), an agency attached to the Department of Finance (DOF) that is tasked to collect the tariffs on imported rice (See, “Rice tariffs collection at P5.9 billion,” in the BusinessMirror, July 5, 2019). The bulk of collection came from the Subic Bay port, which accounted for more than a fifth of the total amount recorded in January to June. A farmers’ group, however, contested the amount collected by the BOC and raised the possibility that traders and importers undervalued their shipments (See, “Undervalued rice imports may have caused P5-billion gap in tariff collection,” in the BusinessMirror, July 9, 2019). The group said tariffs collected from the shipments during the period do not jive with world market prices of rice. This prompted the bureau to launch an investigation to see whether traders resorted to what is known as technical smuggling—the act of importing goods through fraudulent, falsified or erroneous declarations to evade payment of correct duties and taxes (See, “BOC to probe January-June rice imports,” in the BusinessMirror, July 12, 2019). We urge the BOC to spare no trader or importer in its probe and to punish those guilty of misdeclaration of shipments. Failure to penalize traders engaged in technical smuggling will only embolden other traders, which will deprive farmers of funds meant to help them survive the deluge of cheap rice imports. The government must also plug loopholes in policies that make it easier for traders to get away with undervaluation, specifically the rules on dutiable value.

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Aurora C. Ignacio

All About Social Security

INCE last month, there have been numerous public conversations—and confusion—on the mandatory coverage of overseas Filipino workers (OFWs) under Republic Act 11199 or the Social Security Act of 2018. The confusion seems to stem from the loss of the most critical point in the conversation, that SSS is the only agency that provides OFWs with seven types of benefits—sickness, maternity, unemployment, disability, retirement, funeral and death/survivorship pension—that they could depend on in times of contingencies. The sad fact is that only 325,061 OFWs out of about 2.3 million deployed abroad based on the latest data from the Philippine Statistics Authority are actively paying SSS contribution as voluntary members. Our lawmakers, especially Sen. Richard Gordon who was the principal author of the SS Act of 2018, recognized this predicament. Obviously, voluntary coverage for landbased workers is not working. While it is stipulated in the new law that bilateral agreements with other countries should include social security protection, this will take years to realize. The urgency to provide meaningful social protection to OFWs can’t be stressed enough: It

must be done now. Why do OFWs need SSS coverage? I can cite three reasons. One, an OFW’s family needs protection when there is sudden loss of income. Many OFW families rely on remittances. It is hard to imagine if the OFW suffers from disability. With SSS coverage, sickness and disability benefits could be availed of by actively paying members. For example, when an OFW gets sick, he will receive P600/day under the new highest MSC of 20,000 or P2,400 monthly contribution. Two, the risk of involuntary separation abroad is high. Retrenchment or downsizing, natural and manmade calamities, inhumane and unbearable treatment by employers are only some of the situations that could cause an OFW to lose his or her job abroad. With SSS membership, an OFW could avail himself/herself of unemployment benefit. Three, SSS is savings. At some point, an OFW will eventually retire. With savings in SSS paid through monthly contributions, he or she

can enjoy a monthly pension to supplement his or her daily income. Admittedly, SSS pension would only supplement a retiree’s expenses because the amount is relatively low compared with the actual income as an OFW. When they retire, those with 120 qualified monthly contributions at P8,000 MSC will have a basic monthly pension amounting to P3,200. While those who are paying based on the P20,000 MSC will receive a pension benefit of P8,000 per month. This shows that the higher the contribution, the higher the pension. However, the return of SSS contributions is very significant. To illustrate, let me cite as an example, Mang Rody’s case who was an OFW for 12 years. He paid SSS contributions for 124 months with a total amount of P13,262.80. Now on his eight year of receiving pension with SSS, Mang Rody has received P172,580 worth of pension. This is 13 times his total paid monthly contributions. For OFWs who want to save more for retirement, SSS offers the FlexiFund program. This is a voluntary provident fund on top of the regular SSS membership. The good thing about the Flexi-Fund is that it has guaranteed earnings compounded monthly. Earnings at the end of the month are taken into account in the computation of earnings in the succeeding month so the funds accumulate. It gives an Annual Incentive Benefit to all its active members who retained individual accounts as of year-end. Simply put, the longer your savings sit in the Flexi-Fund the higher its income will be.

An OFW actually gets 61 times in return from his or her contribution or P58,000 in total lump-sum benefits for disability, death or retirement plus funeral grant even with only one paid contribution at the minimum MSC of P8,000. If the contribution is at the highest MSC of P20,000 or P2,400 monthly contribution, the OFW will receive a benefit amounting to P116,000. Murphy’s law is a popular adage that says, “whatever can go wrong, will go wrong.” This encapsulates why OFWs should be compulsorily covered by SSS. To date, discussions are ongoing on how to implement the compulsory coverage of OFWs while listening to the concerns of all stakeholders. SSS is arranging a meeting of the Joint Committee with the Department of Labor and Employment and Department of Foreign Affairs to resolve all concerns related to this provision of the SS Act of 2018. It is an unpleasant situation that is difficult to accept, but OFWs leave their loved ones to find a better paying job that would ensure their family’s future. But with just one illness, accident or death, an OFW family’s stability will be put at risk. By being covered with SSS savings, an OFW and his or her family is secure that they could rely on their pension fund in times of contingencies. Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

Should there be a new department for overseas workers?

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

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

Why OFWs need SSS coverage

Susan V. Ople

SCRIBBLES

RESIDENT Duterte promised the creation of a separate department for overseas Filipino workers during his first State of the Nation Address. Recently, he resurrected that promise when he spoke before OFWs and their families at the “Araw ng Pasasalamat” celebration held in Camp Crame. Three senators have come forward to advocate for the new department, namely: Sens. Cynthia Villar, Imee Marcos and Christopher “Bong” Go. Senator Go expressed optimism that a law for this purpose would be enacted by December this year. Millions of our modern-day heroes deserve a department they could call their own, given the size of their economic contributions to the country, and the challenges that they go through from point of recruitment and actual deployment to social and economic reintegration. The following can be the gains

in creating a separate department: The Department of Labor and Employment (DOLE) will be able to devote 100 percent of its time and resources in addressing the concerns of our local work force, which is the bigger work force that is driving the engine of our economy. Overlapping functions and

budgetary redundancies given the plethora of agencies catering to OFWs would be eliminated leading to streamlined, cost-effective and simplified processes. Accountability will be firmly established at the Cabinet level, with a secretary devoted solely to policies, plans and programs for Filipino migrants. Data collection and analysis will be purpose-driven in line with Neda’s AmBisyon Natin 2040 blueprint. Welfare cases involving abused and exploited Filipinos overseas will be trimmed and more swiftly addressed regardless of whether the victim is undocumented or not. Reintegration programs will be a priority, rather than an afterthought, thus offering our more senior OFWs the chance to come home as investors and/or entrepreneurs. Incentive program can be put in place for top-notch, ethical recruitment agencies while swifter punitive actions are guaranteed for agencies that willfully violate Philippine Overseas Employment

Administration (POEA) rules and the anti-trafficking law. Unlike a department for housing or a department on information, communications and technology that deals with structures and bandwidths, an OFW department will deal with human beings on the move and their families left behind. Reckless policies could lead to job losses, confusion among stakeholders here and especially overseas and more workers leaving through the backdoor. An OFW department can be a crossbreed between a globally attuned DFA and a welfare—as well as employment-oriented DOLE. It must not be too big and thus, cumbersome, because our lawmakers already have existing agencies that only need to be combined and placed under a single roof. For example, the POEA and the Overseas Workers Welfare Administration (OWWA), as attached agencies of DOLE, have their respective governing boards where representatives from the industry and workers’ See “Ople,” A11

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People make it so hard to ditch plastic straws

Retention limits

By Scott Duke Kominers | Bloomberg Opinion

ARELY has a minor consumer product received more vilification than the plastic straw. As a symbol of human wastefulness and our careless disregard for the environment, straws are the near-perfect villain. You use a plastic straw once and toss it, but it stays with us forever, sitting in a landfill, floating in the sea or harming wildlife. That’s why some local governments like that of New York City have stopped allowing them, along with other single-use plastics. This seems like a perfectly reasonable thing to do, even though plastic straws comprise only a small part of the total volume of plastic disposed of each year. But eliminating plastic straws offers a case study in how simple solutions can be devilishly tricky to implement—and sometimes even worse than the problems they were meant to solve. For that, we can largely thank ourselves and our behavioral quirks. Let’s look at just one example: Some restaurants and bars have replaced their plastic straws with reusable metal variants. But there’s a hitch, as the New York Post recently reported: customers keep taking the metal straws home with them. This leaves restaurants holding the short straw, so to speak. Metal straws are expensive—perhaps a dollar apiece (or more) versus a penny or two for the plastic version—and so replacement costs add up quickly. This might not be so problematic if the metal straws that customers walk off with get reused frequently. But most probably go on display as novelties or sit forgotten in a utensil drawer. And this means the metal straws—which presumably required mining, plus large amounts of energy to convert into sheet metal and then fashion it into a cylindrical tube— don’t provide the intended environmental benefit. I’m not aware of any research on the relative environmental costs of producing different types of straws. But the evidence on reusable grocery bags is not heartening. Reusable bags take much more energy than single-use paper or plastic bags to make. As a result, they become an environmental plus only after a large number of uses—estimates suggest you need to use a reusable bag almost 40 times to break even in terms of environmental costs. Most reusable bags get lost, discarded or neglected in a closet before that milestone, undermining the case for them. It would be surprising if the calculus for metal straws were any better. If metal straws get pilfered before they’ve been used enough, they may well be worse for the environment than their plastic peers.

Ople. . .

continued from A10 sectors play a significant role. If you abolish these two institutions, those board seats would be gone, as well. The proposed abolition of Owwa or having it folded in a new department would entail a co-mingling of funds, now hefty at P19 billion, a prospect that may prove unfair to its millions of members. Owwa has always been envisioned as a trust fund, and to my mind, it should remain to be so. The new department should find ways to strengthen and enhance programs and benefits accruing to Owwa members, instead of Owwa funds being used as an excuse to make the creation of a new institution financially possible. As a former labor undersecretary and given my family’s long history with the Philippine overseas employment program dating back to the days of Labor Secretary Blas F. Ople, I would urge the Senate and House leadership to agree to form a technical working group, bicameral in nature, to consider the creation of a new OFW department from both a parochial and global perspective. My fear is that in abolishing certain agencies, best practices honed over 40 years of overseas employment governance would also be lost. Of course, the participation of

So what’s to be done? Economics offers a straightforward answer: instead of banning single-use plastics, the right strategy is to tax them. Taxes force people to pay—or in econ-speak, internalize—their own environmental costs. This tends to lead people to change their behavior: with plastic taxes, everyone reduces usage on the margin, with those who get relatively lower value from singleuse plastics reducing their usage more. Even small taxes can change behavior substantially: a 7 cent tax on all grocery bags in Chicago, for example, was associated with a 42 percent drop in usage. We can calibrate taxes to match actual estimates of environmental harm. This helps make environmental concerns tangible and, in particular, makes people aware of which types of plastic are most harmful. Moreover, we can use the plastic tax revenue to support environmental causes, as Chicago and other cities have. Of course, with these sorts of user and consumption taxes we have to be careful about inequality: the effective tax burden tends to fall more on those with lower incomes and/or those who need to use more plastic products. But tax-based policy can be designed to account for individual circumstances. For example, the high-end plastic bags in upscale grocery stores are often taxed more highly than bags at lower-cost stores. Meanwhile, some people have disabilities that mean they need to use straws; they could be exempted from the straw tax. Exempting these individuals from plastic straw bans would not help nearly as much, since under bans many restaurants will stop stocking plastic straws entirely. So while it’s true that reducing plastic straw usage might be an easy way to limit the harm we do to the environment, we need to make sure the limitations we place really are providing solutions. And that means taxes may be better than bans. the DFA through the Office of the Undersecretary for Migrant Workers Affairs (OUMWA) and the DOLE led by Secretary Silvestre Bello III are also of extreme importance. The DOLE and the DFA can be the “parents” of a third and new department, thus ensuring seamless cooperation and practical discussions on what the third institution ought to do. I am sure that all this talk about a new department is making the employees of POEA, Owwa and the CFO jittery. They have unions that can and should be listened to. Our legislators also need to draw on the expertise of former labor secretaries and labor attaches, as well as former undersecretaries of DFA-OUMWA. Of course, the voices of its intended constituents, our OFWs from both the land-based and sea-based sectors, must also be heard. Critics of a new OFW department say that its creation means that the government wants to make labor export a State policy and program. The State is not compelling our people to leave. Regardless of nationality, people go where the jobs are—regardless of how many or few agencies are in place to keep them out of harm’s way. All we can do is to manage labor migration in the best way possible. Susan V. Ople heads the Blas F. Ople Policy Center and Training Institute, a nonprofit organization that deals with labor and migration issues. She also represents the OFW sector in the InterAgency Council Against Trafficking.

Atty. Dennis B. Funa

INSURANCE FORUM

NONLIFE insurer may either retain the risks that it takes on or cede a portion of such risks by way of reinsurance. The more risks the insurer retains, the riskier it becomes for the insurer. Section 221 of the Insurance Code imposes a limit on the maximum amount of risk (or business) the insurer may retain in its books. Beyond which it must reinsure. This is called the “retention limit.” The retention limit represents the insurer’s own risk without reinsurance protection. It is also the point by which the insurer must cede the risks. The retention limit serves as a buffer against the occurrence of any catastrophic losses. On the other hand, low retention limits may lead to fronting, wherein the insurer will be ceding or transferring practically the entire risk to the reinsurer.

Note that, in the Philippines, there is no law requiring a minimum retention. This means that an insurer may cede 100 percent of the risks that it takes on. This also means that fronting is not illegal. In such a case, the “fronting insurer” merely receives a fronting fee. Retention is defined as “the amount of risk that the reinsured [cedant] is willing to pay out of its

Wednesday, July 17, 2019 A11

own account for any policy, risk or group of risks. The portion of risk that is written and not ceded away to the reinsurer.” Generally, retention is a matter of choice for the insurer, there is no fixed standard mathematical formula. A conservative management would want to lower their risk exposure and so choose to have lower retention of risks. Section 221 merely sets the maximum limit of retention. Determining how much should be retained and reinsured has become a complex subject that companies have to undertake risk retention analysis applying mathematical models.

Application

HOW much should an insurer retain? Under Section 221, a nonlife company may only retain risks, determined on a per single risk basis, not exceeding 20 percent of its net worth. The law presumes that this is “how much of the said risk, the reinsured would be in position to pay out of its own account.” Beyond the amount exceeding 20 percent of its net worth, the

insurer must mandatorily cede by reinsurance. A nonlife insurance company doing business in the Philippines, whether foreign or domestic, may retain risks on any one subject of insurance in an amount not exceeding 20 percent of its net worth. It will be observed that for very large risks, local insurers, with smaller net worth, end up retaining a minimal portion of said large risks as the retained capacities are soon exhausted. Reinsurance is, therefore, inevitable.

Retention limit for life insurers

THE retention of a life insurance company on any one standard life insured, pursuant to CL 2014-42, shall not be less than the amount equal to one-half of 1 percent of the latest verified net worth of the ceding company. Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016. E-mail: dennisfuna@yahoo.com.

Oil giants note: Nigeria now has a chance to open its fields By Dulue Mbachu & Tope Alake | Bloomberg Opinion

NVESTORS’ 11-year wait for the Nigerian government to open up Africa’s biggest crude industry may be over. An overhaul of oil policy that’s been in the works for more than a decade is among a raft of laws President Muhammadu Buhari could steer through parliament in his second term to help drive investment in the oil-dependent economy. The delays cost an estimated $15 billion a year in lost funding for the industry over the past decade, according to the Petroleum Ministry. The ability to implement reforms would mark a departure from Buhari’s first four years in office, when he faced hostile leaders of both chambers of the legislature. Since his reelection in February, Buhari loyalists have taken over as the heads of the Senate and the House of Representatives. “Expect an improved level of harmony between the National Assembly and the president going forward,” said Luke Ofojebe, an analyst at Lagos-based Vetiva Capital Ltd. The urgency to get the oil reforms going was signaled by a July 4 meeting between the new Senate president, Ahmed Lawan, and head of Exxon Mobil Corp.’s Nigerian unit, Paul McGrath, where they discussed the quick passage of the bill. “I promise Nigerians, as soon as we inaugurate our committee, they’ll start work on the Petroleum

Industry Bill,” Lawan told reporters afterward. “This time around, we will work with every stakeholder in the industry.” The reforms are needed to drive investment in oil exploration and production that have been withheld because of policy uncertainty. As a result, Nigeria’s crude output and reserves have stagnated over the past two decades, and targets to reach reserves of 40 billion barrels and output of 4 million barrels a day have been pushed back more than 15 years. Unless new investment comes in, the government may have to cut spending and could struggle to service existing debt. The state relies on oil for two-thirds of government revenue and has failed to meet its income targets in the past three years mainly due to lower-than-expected crude volumes.

The reforms being considered include: n An intention to sell part of the state’s controlling stakes in joint ventures. Another initiative being considered is the conversion of the partnerships into incorporated entities, which would enable them to raise funding from financial markets. n Plans to introduce royalties and taxes for the first time on deepwater exploration—a proposal that has faced stiff opposition from oil companies, including Exxon, Royal Dutch Shell Plc., Chevron Corp., Total SA and Eni SpA, the state’s jointventure partners. n Ensuring that the state derives more benefit from oil and gas contracts. n Addressing the root causes of violence in the oil-rich Niger River delta that has plagued the industry for more than two decades. Even with all the reins now in his hands, some analysts still doubt there’ll be rapid progress, given Buhari’s inclination for state intervention rather than market reforms. When the economy was beset by falling revenue in 2016, the government imposed capital controls, banned certain imports and refused currency devaluation amid a foreigncurrency shortage. “I don’t think the government is

interested in any reform, judging by history,” said Robert Omotunde, an analyst at Lagos-based Afrinvest West Africa Ltd. Foreign portfolio investors fled in the face of the interventionist measures, and only began to return when the central bank set up a market-determined trading window for exporters and importers. Confidence remains low. The Nigerian Stock Exchange Main-Board Index has declined 10 percent since the first trading day after Buhari’s reelection.

Delicate negotiations

TO arrive at a new law that satisfies the energy companies will take delicate negotiations in the coming months, given lawsuits filed by the government against joint-venture partners that accused them of taking more than their fair share of crude revenue. Still, a more compliant legislature gives Buhari the muscle he needs to push his reform agenda through. “It is more likely they will pass now more than ever because of the mutual suspicion with the leadership of the last National Assembly,” said Bismarck Rewane, chief executive officer of Lagos-based advisory Financial Derivatives Co. “When you remove that, it is more likely to be passed now.”

Trump moves to end US asylum for Central American migrants By Margaret Talev Bloomberg Opinion

RESIDENT Donald J. Trump moved to end asylum protections for most Central American migrants who cross the US southern border as he steps up his crackdown on immigration. Migrants who fail to apply for protection from persecution or torture while in a third country before entering the US would be ineligible for asylum, under a rule set to be published Tuesday in the Federal Register by the Trump administration. “The large number of meritless asylum claims places an extraordinary strain on the nation’s immigration system,” according to the notice. It also said the claims undermine “humanitarian purposes of asylum” and have worsened human smuggling. Trump has focused on cracking down on undocumented immigration—one of his signature issues —for weeks as his 2020 reelection campaign gets under way. He prodded Mexico to take steps to block migrants from crossing into the US after threatening the country with tariffs on goods last month. Trump dropped plans for tariffs after a June 7 agreement with Mexico that called for its authorities to take new steps to prevent

migrants from entering the US. Trump has said Mexico has done “an outstanding job.”

Reversing course

THE president’s new move, which affects migrants from any country traveling through Mexico, reverses the US’s decades-old approach on asylum. It comes as the administration faces heavy criticism from Democrats and immigration rights groups over the treatment of children and other immigrants in detention facilities on the border. Democrats denounced Trump’s approach. “The president is devastating lives, dishonoring our values and departing from decades of precedent and law in his haste to destroy the lifeline of asylum in America,” House Speaker Nancy Pelosi said in a statement. “This cruel new asylum rule perfectly showcases the Administration’s utter disdain and disregard for immigrant communities and communities of color.” The new policy is sure to attract legal challenges, as have many of the administration’s earlier plans to limit asylum. While the notice asserts that the policy complies with US law, Lee Gelernt, deputy director of the Immigrants’ Rights Project of the American Civil Liberties Union, said in a statement that

it’s “patently unlawful and we will sue swiftly.” “The Trump administration is trying to unilaterally reverse our country’s legal and moral commitment to protect those fleeing danger,” Gelernt said. The Trump administration said there’s been a sharp increase in migrants claiming fear of persecution or torture when caught by US authorities. “Only a small minority of these individuals, however, are ultimately granted asylum,” according to the notice. T he US granted asylum to 26,568 individuals in 2017, an increase of 31 percent from the year before, according to the Department of Homeland Security. The top countries from which those people came to the US were China, El Salvador and Guatemala. The rule allows for some exceptions. A claim can still be filed in the US if a migrant’s application was denied in another country en route to the US. Also, applications would be allowed for victims of “a severe form of trafficking” and those who travel to the US through countries that aren’t party to an international treaty on refugees. Kevin McAleenan, the acting secretary of Homeland Security, said in a statement that asylum is “a discretionary benefit” offered by the

US to those “fleeing persecution on account of race, religion, nationality, membership in a particular social group or political opinion.” Mexico plans to maintain its current policies on asylum, said the country’s foreign minister, Marcelo Ebrard. Mexico hasn’t agreed to be a “safe third country” that would process paperwork for asylum seekers to prevent them from applying in the US, he said. The administration said last week that the number of people caught illegally crossing into the US or turned away at the Mexican border dropped to 104,000 in June, compared to 144,000 a month earlier. Still, it’s not clear how much of the decrease can be attributed to hotter temperatures versus Mexican law enforcement efforts along migration routes. The number of migrants apprehended in June was still more than double the same time a year ago. Starting Sunday, Immigration and Customs Enforcement (ICE) agents began raids reportedly targeting 2,000 undocumented immigrants in the US. On Monday, Trump declined to say how many people were taken into custody. “The ICE raids were very successful,” Trump told reporters at the White House. “Many were felons. Many were convicted of crimes.”

2nd Front Page BusinessMirror

A12 Wednesday, July 17, 2019

PHL, US agree to safeguard freedom of navigation in SCS

By Recto Mercene

@rectomercene

HE Philippines and the United States have agreed to safeguard freedom of navigation and overflight over the South China Sea/ West Philippine Sea (SCS/WPS) at the conclusion of the two countries’ Eighth Bilateral Strategic Review. In joint statement, the two sides agreed to “peacefully resolve” the disputes in the strategic waters “in accordance with international law,

as reflected in the Law of the Sea Convention.” The meeting reinforced an earlier statement by Secretary of

State Mike Pompeo during a visit to Manila in March, honoring the two countries’ 1951 defense treaty which says, “any armed attack on Philippine armed forces, public vessels, or aircraft in the SCS will trigger Article IV of the Mutual Defense Treaty.” In plain language, it means that the US military will intervene if any foreign power attacks the Philippines’s armed forces, public vessels or aircraft in the SCS/WPS. “Both sides also emphasized the importance of concluding an effective and substantive Code of Conduct [COC] that would not prejudice the rights under international law of both claimant states and nonclaimant states in the SCS,” the

statement said. In a joint press conference attended by the Philippine Ambassador to the United States Jose Manuel Romualdez and US Ambassador Sung Kim in Makati, the two diplomats cited the continuing friendly relations between the two countries. Ambassador Kim said both sides have agreed on ways to strengthen their alliances and committed to let discussions continue into the future. Ambassador Romualdez said the Philippines and the US continue “to look for ways to enhance cooperation, especially in intelligence sharing.” See “SCS,” A2

RRR cut boosts demand for 7-year T-bonds By Rea Cu

@ReaCuBM

HE Bureau of the Treasury (BTr) awarded the full P20 billion for reissued sevenyear Treasury bonds (T-bonds) on Tuesday as the cut in reserve requirement ratio (RRR) helped whet investors’ appetite for the government security.

National Treasurer Rosalia V. de Leon told reporters that the auction committee decided to fully award the seven-year T-bonds amounting to P20 billion with investors offering lower rates. “First of all, it’s a one-liner for the auction. We also expect that rates would come down given the recent developments. So we heard about pronouncements from both

TROPICAL STORM “FALCON” ESTIMATED AT 335 KM EAST SOUTHEAST OF TUGUEGARAO CITY, CAGAYAN as of 4:00 pm - July 16, 2019

[Federal Reserve System Chairman Jerome Powell and Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno] that the cut on policy rates is on the table given the benign inflation,” de Leon said. “So all these developments and the anticipation of a cut [in RRR] in July, as well as maturities this week of about P54 billion, add up to more liquidity,” she added.

A one-liner occurs when banks or investors provide the same rate or the offers converge at a single rate for a government security being auctioned off. Bids for seven-year T-bonds amounted to P74.940 billion, almost four times oversubscribed than the offer of the BTr. The average annual rate for the security settled at 4.845 percent, 89.8 basis points lower than the 5.743 percent set during the Tbonds auction last May 15. In May, the Monetary Board (MB) decided to reduce the RRR of universal and commercial banks by 200 basis points (bps) to 16 percent, from 18 percent. The MB slashed the RRR by 100 bps on May 31 and by 50 bps on June 28. The 50-bps cut will happen on July 26. The MB also cut the RRR of the universal and commercial banks by a total of 2 percentage points.

Rice. . .

Continued from A1

Of the 914,460 hectares planted with rice, the PSA said 89.2 percent have been harvested. “As to farmers’ planting intention, 314,890 hectares or 37.6 percent of perceived harvest area for July-September have been actually planted,” the report read. Despite the onslaught of El Niño, the Department of Agriculture said it remains optimistic that Philippine rice production would reach a record high of 20 MMT this year. Agriculture Secretary Emmanuel F. Piñol said the DA is banking on the increase in wet season harvest to offset palay damaged by the weather phenomenon. The country’s unmilled rice output in 2018 declined by 1.09 percent to 19.066 MMT, from 19.276 MMT recorded in 2017. The reduction in output was attributed to a series of weather disturbances, including a super typhoon, last year. The PSA also adjusted downward its projection for corn production during the second quarter. Based on standing crop, the report indicated that corn production likely fell to 1.15 MMT, 10.2 percent lower than last year’s harvest and 1.5 percent lower than its previous estimate of 1.17 MMT. “Also, harvest area may decrease to 374,840 hectares, from 392,360 hectares in 2018. Moreover, yield per hectare may decline to 3.08 MT, from 3.27 MT in 2018,” the report read. Of the 374,840 hectares updated standing crop, the PSA noted that nearly 78 percent have been harvested. More than half (66.3 percent) or 569,610 hectares of the planting intentions of the farmers for April-June have been realized. In its report on the performance of the farm sector, the PSA said palay and corn production in the first quarter fell by 4.46 percent and 2.07 percent, respectively, due to El Niño. Rice output fell to a three-year low of 4.416 million metric tons from 4.622 MMT last year, while corn production declined to 2.425 MMT from 2.476 MMT in the first quarter of 2018, PSA said.

www.businessmirror.com.ph

FIRMS URGED TO APPLY FOR CONDONATION PROGRAM UNDER S.S.S.

H E S o c i a l S e c u r it y System (SSS) is encouraging delinquent employers to avail themselves of its Contribution Penalty Condonation Program, saying it will accept applications for the CPCP until September 6. The SSS said on Tuesday that the Social Security Commission, through the issuance of Resolution 453-s.2019, set the deadline of the CPCP on September 6 and not September 1. The SSC is the policy-making body of the state-run pension fund. Republic Act (RA) 11199, or the Social Security Act of 2018 paved the way for the rollout of the condonation program for employers, which took effect last March 5. “ The transitor y clause or Section 31 of the newly enacted law states that an employer who is delinquent or has not remitted all contributions due and payable to the SSS may do so, within six months from the effectivity of the Act. The law was signed on Februar y 7,” the SSS said in a statement. Last February, former SSS

President and CEO Emmanuel F. Dooc said that under the new charter of the agency, it may now permit the condonation of penalties effective within six months from when the law is implemented. Dooc explained that the condonation of penalties will be done on a “one-time, big-time” scheme. Antonio S. Argabioso, senior vice president for the account management group, said that terms of the condonation program will depend on the implementing rules and regulations of RA 11199. RA 11199 is expected to help the pension fund increase its viability by 13 years to 2045 from 2032, as it implements a gradual increase in monthly contributions by 1 percentage point starting on the year of implementation until it reaches 15 percent in 2025. For more information on how to apply for the program, employers may visit the nearest SSS branch, contact the SSS Call Center hot line at 9206446 to 55, or send an e-mail to member_relations@sss.gov. ph. Rea Cu

‘Duterte needs emergency powers to speed up Internet’ By Jovee Marie N. dela Cruz @joveemarie

SENIOR lawmaker made a pitch for the passage of a measure granting President Duterte emergency powers to address poor Internet speed and connectivity in the Philippines. Albay Rep. Joey Salceda said House Bill (HB) 312 also seeks to declare the poor Internet speed and connectivity in the country as a national emergency. The measure declares slow Internet speed and poor Internet connectivity as a national emergency, conversely declaring Internet speed and quality as a national imperative being a source of national competitiveness. In this connection, the bill seeks to grant the President of the Republic of the Philippines emergency powers to adopt the necessary measures to be able to harness all available resources to address Internet problems in two years. Under the bill, the President is given the authority to utilize all government resources, perform executive actions, unhampered and unbridled by existing laws, regulations and procedures. The bill seeks to grant the President the power to streamline regulatory processes and procedures in relation to the development and improvement of Internet infrastructure, any application for the construction of cell sites or cell towers and installation of related infrastructure facilities. It also requires concerned local government units (LGUs) and other national agencies to issue the necessary permits for the construction of cell site or cell tower or other similar facilities within seven days, which may be extended only under exceptional circumstances. The bill gives the President a power to enter into partnership or collaborative arrangement with any entity, public or private, to share resources that would achieve public interest consistent to the desired objective of this proposal. The measure will mandate the provision of incentive plans and opportunities, as well as impose penalties whenever necessary. The secretary of the Department of Information and Communications Technology (DICT) will be designated

as the Internet Speed and Connectivity Crisis Manager. The DICT will formulate a sustainable five-year Internet Speed and Connectivity Reform Plan, which will set target speed and coverage; quality metrics and Competition Policy and Consumer Welfare aspects including affordability. The bill also seeks to transform the Common Tower Policy of the DICT into binding law.

‘Alter ego’ AS alter ego of the President, the DICT secretary shall, under the bill, have the powers to modify, amend, or expand the functions of the DICT or the National Telecommunications Commission (NTC) as may be determined under the plan. The secretary will have the power to override the permits and licenses, including building permit procedures and governing ordinances of LGUs, as well as the relevant and existing procedures, and implement such other measures as exigencies shall require. Also included in the powers of the DICT head: to enter into, using perpetually, private properties, when necessary for the speedy connection and construction of connectivity linkages network and to acquire any land or property for the purpose of developing future connectivity projects, to minimize cost of acquisition, and maximize value capture opportunities for the government. To avoid prolonged litigation and legal disruption that would delay the immediate resolution of the crisis, temporary restraining orders or preliminary injunctions shall not be issued against the government or any of its subdivisions, official or any person or entity.

Laggard IN his explanatory note, Salceda said among Asia-Pacific countries, the Philippines has remained the“cellar-staying laggard” in terms of Internet speed and affordability. Citing Akamai Technologies Inc.’s 2016 report, Salceda said the Philippines ranked 14 among 15 countries in the Asia-Pacific region with respect to Internet speed, averaging a woeful 3.5 Mbps, at best 5.5 Mbps (megabits per second).

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, July 17, 2019

PSALM sends 14 firms final demand for ₧1.9-B payment

By Rea Cu

@ReaCuBM

HE Power Sector Assets and Liabilities Management Corp. (PSALM) has sent out final letters of demand for payment to 14 firms with overdue obligations totaling P1.931 billion.

Fi n a nce S e c re t a r y C a rlo s G. Dominguez III, who chairs PSALM’s board of directors, and Energy Secretary Alfonso G. Cusi, who is ex-officio board member, were furnished copies of the final demand letters. Broken down, the NPC Alliance Corp. has arrears amounting to P611.36 million over a 10-year period; Canlubang Sugar Estates with P517.56 million; Abra Electric Cooperative Inc. with P505.32 million covering a period of over three years; and the Philippine Economic Zone Authority (Peza)-Mactan Economic Zone with P74.93 million in arrears covering a period of over eight years. Letters were also sent to the Sunrise Paper Production Inc. with P29.05 million in arrears covering a period of over 15 years; Clark Power Corp. with P67.10 million covering a period of over 16 years; and First Bay Power Corp. with P31.36 million for obligations covering a period of over six years; The local government of Pantabangan in Nueva Ecija—for the account of the Pantabangan Municipal Electric Services—owes PSALM a total of P38.55 million

covering over a six-year period; the Diversified Ecozone Corp. with P23.32 million in arrears covering a period of over 11 years; and the Waterfront Airport Hotel & Casino with P8.46 million covering a fiveyear period. Other entities that have received final demand letters from PSALM were First Bukidnon Electric Cooperative Inc. (Fibeco) in the amount of P10.897 million; Isarog Pulp and Paper Company Inc. with P5.251 million; Maria Cristina Chemicals Inc. (formerly Platinum Metals Corp.) with P4.99 million; and Mindanao State University with P3.313 million. In May this year, Dominguez instructed PSALM to relentlessly pursue collection efforts against independent power producer administrators and electric cooperatives with long-overdue accounts with the PSALM, and use all remedies available to protect the rights of the government and the Filipino people. “A ll these borrow ing costs could have otherwise been utilized by the government for the construction of public-school classrooms or to build roads and bridges,” Dominguez said.

In a statement issued on Tuesday, the Department of Finance (DOF) reported that in the final demand letters sent by PSALM, the firms were given 10 days from receipt of the demand to pay their arrears. PSALM President and CEO Atty. Irene Besido-Garcia said that PSALM will take legal steps against firms that fail to heed the final demand and pay their overdue obligations. “For years, these companies have evaded the collection efforts of NPC [National Power Corp.] and PSALM, causing extreme prejudice and serious damage to PSALM and the government. Under President Duterte’s

administration, there are no sacred cows. We will not hesitate to file cases against these firms and their officers if the arrears are not paid soon. We need to protect electricity consumers who end up subsidizing the cost of these firms’ nonpayment,” Garcia said. According to the DOF, entities with long-overdue obligations include a hotel, a state university, a local government unit (LGU) and a polyethylene plant. Their outstanding obligations include: unpaid power bills, deferred accounting adjustments, unpaid automatic cost recovery mechanism charges, value-added taxes, interest payments and penalty interests.

SMPC asks DOE to ease conditions for lifting CDO on coal trading

PSEi succumbs to late profit-taking

EMIRARA Mining and Power Corp. (SMPC) is asking the Department of Energy (DOE) to amend the conditions cited in lifting of the cease-and-desist order (CDO) earlier imposed on the Consunji-led firm’s coal trading operations. SMPC earlier requested reconsideration with the DOE to hold in abeyance the implementation of its June 4 order pending resolution of the alleged violation and in order not to interrupt SMPC’s ongoing coal trading activities and operations, and renege on its contractual commitments and obligations to its coal buyers. The DOE, in a letter dated July 12, granted SMPC’s request to hold in abeyance the CDO, subject to four conditions: The order shall take effect for 30 days or until the DOE resolves SMPC’s verified answer, whichever comes earlier; SMPC shall continue its coal trading activities only on existing coal supply contracts/agreements; SMPC shall not enter into new coal supply contracts/agreements; and SMPC shall faithfully comply with all its commitments and obligations under Coal Trader Accreditation No. CT208-12-0351(R). “SMPC submits today a rejoinder to DOE with a prayer to amend the conditions, which might limit SMPC’s compliance to its commitment per DOE-approved Work Program,” SMPC said on Tuesday. SMPC was earlier told by the DOE to submit its verified answer allegedly for illegal coal trading operation in Pulupandan Port, Pulupandan, Negros Occidental. SMPC supplied Semirara coal to a buyer on May 23, 2019, for a trial shipment of 4,768.73 metric tons in order to tap additional markets on the basis of a representation by the buyer that it has accordingly submitted and applied for a Coal Accreditation Certificate with the DOE on April 5, 2019. Lenie Lectura

By VG Cabuag @villygc

HARE prices dropped on Tuesday, a day after the main index went into bull territory, with most of the profit-taking activity happening right before the close of the trade. The benchmark Philippine Stock Exchange index (PSEi) fell 101.72 points to close at 8,263.57 points. “This was to be expected after the big day that we had [on Monday],” Christopher Mangun, research head at AAA Securities Inc., said. “Investors took profits on their blue-chip positions after seeing al-

most no action for the last several months. As long as the PSEi stays above 8,150, there should be nothing to worry about. And with secondquarter earnings out soon, we may see it challenge the next resistance at 8,550,” he said. The main index gained 223.47 points on Monday to 8,365.29, placing the PSEi in bull territory, a technical term when prices are rising. Total volume of trade was at 1.21 billion shares valued at P10.49 billion. Gainers managed to edge loser 121 to 85 and 48 shares were unchanged. Other subindices ended mixed; the broader All Shares index dropped

30.97 points to 5,012.99; the Financials index gained 4.83 to 1,854.05, the Industrial index plunged 145.92 to 11,861.92; the Holding Firms index shed 68.97 to 7,947.78; and the Property index was down 74.38 to 4,432.91. Bank of the Philippine Islands was the day’s most actively traded, rising by P6.10 to close at P90 per share. Parent firm Ayala Corp. was up P12 to P942; property arm Ayala Land Inc. was down P1.70 to P51.80 even on news that it will acquire a property in Carmona in Cavite; BDO Unibank Inc. fell P7.80 to P146.20; and Metropolitan Bank and Trust Co. gained P0.90 to P77.90.

Iceland’s investments in PHL intact despite UN resolution By Bernadette D. Nicolas @BNicolasBM

ESPITE President D uter te’s vent i ng h i s ire on Iceland and “seriously considering” severing ties with that country for sponsoring a UN resolution to investigate drug-war related killings, Malacañang said on Tuesday economic relations between the two countries will continue. Iceland’s investments in geothermal energy, particularly in the Biliran Geothermal Incorporated, will remain intact. In a Palace briefing, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo expressed confidence that economic cooperation with the Nordic country will not be affected following the United Nations Human Rights Council (UNHRC) adoption of the Iceland resolution by a minority vote. T he resolution adopted by 48-member UNHRC last week required UN human rights chief Michelle Bachelet to prepare a comprehensive report on the human-rights situation in the Philippines that will be presented to the council’s 44th session. “I don’t think even if you cut ties with a particular country, if it

benefits that country to be entering into a commercial agreement with one who cuts its ties, I don’t think they will sever that relationship. It’s only the diplomatic relations,” Panelo said. According to the Philippine Embassy web site, the Philippines and Iceland have been “steady partners” in the areas of maritime, mining, renewable energy, medical services, fisheries and geothermal energy. Iceland’s investments in the Philippines include the Biliran Geothermal Inc., a joint venture of Filtech Energy Drilling Corp. and ORK A Energy Philippines where ORK A Energy of Iceland has equity. Aside from this, there is continued employment of Filipinos in Iceland as nurses, and office and factory workers. Panelo added he also does not see Iceland deporting Filipino workers. While the Philippines has no embassy in Iceland, it maintains a consulate in Reykjavik. Diplomatic relations between the two countries were established in 1999. Asked if the consulate will be removed following the President’s pronouncement, Panelo can’t say as it is still too early

to tell. He added the President is still “mulling” over it. Meanwhile, Foreign Affairs Secretary Teodoro L. Locsin Jr. has also said the Philippines will not cut ties with Iceland nor leave the UNHRC. Malacañang has since rejected the Iceland resolution, calling it “grotesquely one-sided, outrageously narrow and maliciously partisan” and “was designed to embarrass the Philippines before the international community and the global audience.” Eighteen of the 47 membercountries voted in favor of the resolution during the 41st session in Geneva last Thursday. Fourteen states, including China, voted against the resolution, while 15 abstained. Human-rights advocates have since criticized the Duterte administration’s war on dr ugs, which allegedly involved extrajudicial killings, but the government has also denied that the killings were state-sponsored. In the past, the President has also repeatedly lashed out against United Nations special rapporteurs seeking an investigation into his drug war, saying they should not meddle with the country’s affairs.

C Estates all set to tokenize real-estate industry in PHL By Roderick L. Abad @rodrik_28 Contributor

ROPERTY transactions in the Philippines will soon be tokenized as new real-estate player C Estates Inc. announced on Monday that it will officially launch in the latter part of this year an online platform that allows investors to buy a fraction or whole of any property in the country using tokens. Tokenization is the process of protecting sensitive data by replacing it with an algorithmically generated number called a token. Because C Estates wants to set a global industry benchmark, it adopts this for realestate transactions to replicate the success of its use in the financial sector that has long been embracing this on monetary assets. Apart from security issue, this marketplace was also conceptualized due to the slow and strenuous process of purchasing and selling estates in the country, according to C Estates Inc. CEO Teru Sumida. “The idea behind C Estates is also to make the process of buying and selling less complicated for investors,” he said. This is by way of using a blockchain technology which, according to him, will help promote more transparency and efficiency in any kind of transaction since it is best matched for the real-estate industry. C Estates will have a soft launch of the platform by end of the month, showcasing the first phase of the project, which is property listing and virtual trading. This will run for three months meant to educate the users—brokerage firms, property developers, individual property owners and buyers or investors—and make them familiar with the ins and outs of the portal. The official rollout is set on November 15, wherein everyone can really buy and sell properties on the platform. “We are not, however, focused on the primary market like most property developers who pre-sell condominiums that are still under construction or about to be constructed. Buyers in that primary market usually have to wait five years until completion,” Sumida said, while citing that their main focus is on the secondary market or estates that already exist since they are more attractive and can

create income right after purchase. Initially, C Estates will offer properties that are under the Condominium Certificate of Titles that can be owned by foreign investors. In the short term, the company will have them listed and marketed to the global real-estate investors keen on buying property in the Philippines. “So it can be residential, it can be commercial. Because our expertise is foreign investment, we want to cater properties that can be owned by foreign people,” C Estates COO Elixes Becislao told reporters during their media briefing in Makati City. “Right now, we’ve been getting demands from Chinese, Japanese and Koreans. But mostly it’s the Chinese people that are actually buying a lot of properties.” Even though the platform is not yet live, he noted that they have already worked and partnered with key players in the industry. In fact, they have gotten several hundreds of property listings. The next phase is to be able to cater to Transfer Certificate of Title that can only be owned by Filipino nationals. While they are still waiting for the regulations to be in place, Becislao is confident this will eventually happen. Part of their road map, he revealed, is to work with the government in order for them to equip it with technologies so as to build the right infrastructure needed. “Because in Japan, if you would like to purchase a property, it will just take you an hour or a couple of days. It’s [a] done deal. But in the Philippines, the average is around three to four months to complete the transaction. If other countries were able to achieve that, why not the Philippines? So that’s one of our visions,” said the COO. “Pretty much, I can say within the next two to three years or less, hopefully, we could have a better infrastructure and, at the same time, legal framework that we can bank into.” Currently, C Estates is working with several institutions in the government, such as the Securities and Exchange Commission, to ensure that they are compliant with the law, and all the legalities. “We’re tapping at the retail market; we’re talking about the public to be able to buy properties in small portions. So pretty much, of course, we want to protect as well the consumers participating on our platform,” Becislao said.

Companies BusinessMirror

Wednesday, July 17, 2019

PSE STOCK QUOTATIONS

July 16, 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 CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

58 146.2 90 27.4 5.5 12.54 77 13.2 22.5 54.85 58.1 27.45 184.2 59.85 1.21 18.6 4.64 1.32 0.47 1.01 190 1760 1.12

58.9 147 90.05 27.5 7.97 12.56 77.9 13.26 22.6 55 58.15 27.5 185 60 1.24 18.7 4.78 1.38 0.48 1.02 191 1800 1.2

58.9 154 84.4 27.4 4.52 12.28 76.8 13.24 21.3 54 58.1 27.05 183 59.5 1.19 18.68 4.69 1.38 0.47 1.03 191 1760 1.12

58.9 154 90.2 27.75 7.97 12.74 79.15 13.24 22.5 55.8 58.45 27.5 187.1 60.2 1.24 18.76 4.84 1.38 0.48 1.04 191 1760 1.12

58.9 146 84.3 27.25 4.52 12.24 75.9 13.2 21.3 53.85 58.05 27 183 59.45 1.18 18.6 4.63 1.31 0.46 1.01 190 1760 1.12

58.9 146.2 90 27.6 7.97 12.56 77.9 13.2 22.5 55 58.1 27.4 185 59.85 1.24 18.6 4.78 1.31 0.48 1.02 191 1760 1.12

12000 3892430 20,561,310 1 190400 600 6554600 6524570 87500 2700 526970 5530 104100 931750 51380 21000 168200 622000 22000 1540000 344000 1460 30 3000

706800 580386442 ,821,285,842.5 5243115 4437 82321248 508048490 1155400 58525 29005510.5 321863.5 2859140 172436817 3078317 24940 3139682 2896480 28960 717700 350150 277485 52800 3360

INDUSTRIAL

294500 -29692753 1205111562 -1217110 -13503762 30517428 13508228 -122781.5 -1325335 40893662 -2420654.5 -23700 -2812072 -19000 -

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

1.32 37.5 0.26 26.3 90.2 380.4 24.95 5.84 4.8 2.6 11.8 39.55 6.52 14.24 90 16.2 14.5 6.15 10.38 7.58 103.8 0.82 61.65 284 9 14.3 0.186 1.85 14.78 1.48 5.04 1.94 0.127 171 1.26 2.48 80.7 93.15 2.87 5 15.2 11.22 14.08 18.74 9 1.16 1.41 2.02 1.7 4.22 3.21 4.82 41 2.34 9.8 1.68 5.51 1.15 16.84

1.35 37.65 0.265 26.8 90.25 384 25 5.85 4.81 2.61 12.1 39.6 6.6 14.4 99.8 16.96 14.6 6.28 10.4 7.6 104 0.83 61.9 284.6 9.3 14.32 0.192 1.87 14.8 1.49 5.1 2.1 0.13 173 1.27 2.56 81.5 96 2.88 5.25 15.3 11.24 14.16 18.88 9.3 1.17 1.42 2.04 1.73 4.55 3.42 4.88 41.75 2.35 9.81 1.7 5.67 1.16 16.88

1.35 37.95 0.265 27.2 91.4 385 24.4 5.8 4.81 2.61 12.04 39.3 6.55 14.58 88.05 15.7 14.5 6.1 10.46 7.63 104 0.85 61.5 285.6 8.96 14.2 0.188 1.78 14.8 1.48 5 2.1 0.127 175 1.24 2.54 89 99 2.93 5 15.4 11.26 13.98 18.92 9.3 1.17 1.38 2.02 1.64 4.22 3.42 4.84 41 2.38 9.92 1.7 5.5 1.12 17.56

1.35 38 0.265 27.2 91.4 388.8 25 5.92 4.81 2.66 12.1 39.9 6.6 14.58 99.8 16.98 14.66 6.38 10.48 7.63 104.7 0.86 62.35 285.6 9.3 14.38 0.188 1.87 14.84 1.49 5.1 2.1 0.13 175.1 1.28 2.59 89 103 2.97 5 15.5 11.3 14.16 19.16 9.3 1.19 1.43 2.05 1.7 4.22 3.42 4.9 41 2.38 9.93 1.7 5.68 1.16 17.7

1.34 37.4 0.26 26.3 90.2 380.4 24.4 5.79 4.77 2.52 11.78 39 6.5 14.2 88.05 15.62 14.5 6.1 10.38 7.5 103 0.83 60.05 283.6 8.95 14.14 0.188 1.78 14.52 1.43 5 2.1 0.127 171 1.23 2.48 78 90.1 2.87 5 15.2 11.18 13.9 18.74 9.3 1.15 1.38 2.02 1.6 4.22 3.42 4.82 40.95 2.28 9.79 1.67 5.5 1.1 16.64

1.35 37.5 0.265 26.3 90.2 380.4 24.95 5.85 4.8 2.6 12.1 39.6 6.52 14.4 99.8 16.2 14.5 6.28 10.38 7.59 104 0.83 61.9 284.6 9 14.3 0.188 1.85 14.78 1.48 5.1 2.1 0.13 171 1.26 2.48 80.7 96 2.88 5 15.2 11.24 14.16 18.74 9.3 1.17 1.42 2.02 1.7 4.22 3.42 4.9 41 2.35 9.81 1.7 5.67 1.15 16.84

41000 2628700 1490000 2094900 288840 118450 774600 3922400 94000 17311000 209800 246000 78100 545900 110 3100 992400 21800 821000 1128200 912300 2168000 236050 882710 15400 466300 40000 10722000 749800 779000 24100 1000 70000 1067120 2509000 142000 31710 10720 5157000 41000 1807800 1230400 366200 2312700 2200 363000 6472000 138000 10000 20000 1000 36000 177600 4667000 663000 345000 16100 543000 523500

55150 99007980 387750 55776965 26,201,120( 45282872 19292390 23031599 451120 45130420 2502342 9,717,120( 513957 7898426 9803 49498 14445466 136694 8556958 8506334 94850483 1829110 14560706.5 250866544 138095 6648998 7520 19706640 11067388 1149680 122121 2100 9040 184569053 3155470 355420 2600267 1011573 15132560 205000 27555038 13854816 5145860 43873660 20460 422830 9144230 279060 16560 84400 3420 174470 7281510 10865310 6526207 580160 90520 613530 8866342

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

1 13.7 940 57.2 15.82 3.98 7.01 0.73 1.3 1.31 7.07 10.48 13.76 0.222 923 6.43 69.95 6.04 0.49 4.58 15.96 0.63 2.61 4.66 0.04 1.81 1.38 990 175 0.82 2.44 266 0.237 0.295

1.01 13.8 942 58.4 15.9 3.99 7.09 0.74 1.31 1.32 7.1 10.5 14 0.237 929 6.48 70.3 6.36 0.495 4.6 16.2 0.64 2.89 4.67 0.041 1.82 1.39 1000 175.1 0.83 2.85 266.6 0.243 0.305

1.02 13.64 930 59.5 15.74 3.98 6.94 0.73 1.29 1.3 7.05 10.44 14 0.222 907.5 6.48 70.75 6.36 0.5 4.58 16.06 0.62 2.89 4.81 0.04 1.82 1.4 996 174 0.83 2.48 264 0.243 0.3

1.03 13.9 948.5 59.5 16.2 4.02 7.1 0.74 1.31 1.33 7.1 10.74 14.06 0.238 932 6.48 70.75 6.36 0.5 4.64 16.4 0.65 2.89 4.82 0.04 1.9 1.41 1027 176 0.84 2.5 266.6 0.248 0.305

0.99 13.62 930 57.2 15.74 3.93 6.9 0.72 1.28 1.3 7.05 10.3 13.74 0.222 900.5 6.48 69.95 6.36 0.48 4.58 15.96 0.62 2.61 4.67 0.039 1.81 1.37 990 174 0.83 2.48 260.2 0.237 0.295

1 13.8 942 57.2 15.82 3.99 7.01 0.73 1.31 1.32 7.07 10.5 14 0.238 923 6.48 69.95 6.36 0.49 4.6 15.96 0.63 2.61 4.67 0.04 1.81 1.37 990 175 0.83 2.5 266.6 0.243 0.305

25364000 82100 1108270 823360 16138500 12979000 15800 126000 1572000 222000 3396200 11381900 179200 50000 191200 35500 1327070 1200 190000 4387000 5459700 450000 2000 40657000 7400000 3882000 67000 277195 355390 59000 63000 460 5350000 2850000

25663840 228360 1128012 83204 1042951385 191223790 47686071 -379941.5 257761122 -82893214 51761620 -3955660 110319 -6694 91910 2037770 289090 254800 24064913 -1525654 119975002 -26826456 2510910 -2262702 11260 176247120 -8976490 230040 -209304 93238532.5 21375180 7632 92050 20193660 124460 88,000,326( 63,304,726.0001) 284330 5500 192225770 -32535540 295500 7215800 977400 93090 13700 279453475 103314865 62180124 -16946252 48980 157070 119962 1284480 856300 -296700

HOLDING & FRIMS

42465630 3100845 6,000,152.0003) -10627138 -4893795 1232353 -1527300 -367060 1,972,764.9997) 410150 -2056824 -385754 -1953390 90724292 -10320 7538028.5 -65721880 2914632 -515260 4962576 -32639.9999 -81260767 149450 51500 -2138780 1293812 4177450 -439214 -23912968 -169200 13360 -475660 903010 -1119933 16700 241607.9997

PROPERTY

ARTHALAND CORP 1.07 1.1 1.09 1.14 1.06 1.07 14819000 16235720 103550 ANCHOR LAND 11.4 11.54 10.9 11.66 10.9 11.54 77800 888094 AYALA LAND 51.8 51.85 53.5 53.85 51.8 51.8 15736830 829767861 -52189547 ARANETA PROP 2.05 2.1 2.03 2.1 2.03 2.1 227000 472640 BELLE CORP 2.32 2.33 2.37 2.37 2.32 2.32 349000 815200 -79130 A BROWN 0.87 0.88 0.87 0.89 0.85 0.87 1642000 1433170 CITYLAND DEVT 0.91 0.93 0.91 0.93 0.91 0.93 76000 69880 CROWN EQUITIES 0.243 0.246 0.243 0.243 0.242 0.243 620000 150450 50820 CEB LANDMASTERS 5.16 5.18 5.2 5.2 5.13 5.18 1029200 5326739 -744751 CENTURY PROP 0.64 0.65 0.65 0.67 0.64 0.65 73818000 48179310 411010 CYBER BAY 0.465 0.47 0.465 0.49 0.46 0.47 3860000 1853900 DOUBLEDRAGON 25.25 25.3 25.3 25.5 25.15 25.3 326100 8258775 -181605 DM WENCESLAO 9.92 9.98 10.08 10.12 9.9 9.98 590000 5891717 -495638 EMPIRE EAST 0.47 0.475 0.475 0.48 0.475 0.475 3610000 1721050 -1299250 FILINVEST LAND 2 2.01 1.98 2.05 1.95 2.01 137747000 277103020 105198270 GLOBAL ESTATE 1.4 1.41 1.41 1.43 1.4 1.41 3153000 4444180 618720 8990 HLDG 15.62 15.64 15.62 15.64 15.62 15.62 286400 4473912 -624870 PHIL INFRADEV 1.71 1.72 1.7 1.73 1.68 1.71 1551000 2654800 592450 CITY AND LAND 0.8 0.81 0.8 0.81 0.8 0.81 35000 28340 MEGAWORLD 6.28 6.29 6.5 6.5 6.29 6.29 20410900 130885031 20112823 MRC ALLIED 0.345 0.35 0.345 0.355 0.34 0.35 10140000 3541500 96099.9998 PHIL ESTATES 0.49 0.5 0.49 0.495 0.49 0.49 244000 119690 PRIMEX CORP 2.12 2.13 2.11 2.15 2.1 2.12 3892000 8235460 ROBINSONS LAND 27 27.5 27.5 28.1 27 27 3757800 104307930 21094290 PHIL REALTY 0.42 0.425 0.405 0.43 0.405 0.42 5420000 2287700 ROCKWELL 2.24 2.26 2.28 2.3 2.2 2.26 703000 1578880 116890 SHANG PROP 3.08 3.17 3.11 3.17 3.05 3.17 249000 768540 STA LUCIA LAND 2.04 2.06 2.02 2.07 2.02 2.07 2102000 4308250 SM PRIME HLDG 39.25 39.4 39.5 39.7 39.2 39.25 11258500 443913055 -118406020 STARMALLS 6.25 6.35 6.19 6.42 6.19 6.35 158300 1004518 -31100 SUNTRUST HOME 0.83 0.84 0.83 0.86 0.83 0.83 685000 576750 VISTA LAND 7.72 7.79 7.43 7.79 7.42 7.79 25748500 196904633 21213536 SERVICES ABS CBN 17.3 17.36 17.4 17.48 17.3 17.3 154800 2691138 GMA NETWORK 5.39 5.4 5.39 5.4 5.38 5.4 87400 471406 MANILA BULLETIN 0.56 0.57 0.55 0.57 0.54 0.56 2615000 1469170 GLOBE TELECOM 2140 2200 2240 2246 2140 2140 54560 119604920 18290040 PLDT 1200 1219 1222 1238 1200 1200 126840 154233015 2319590 APOLLO GLOBAL 0.048 0.049 0.051 0.051 0.047 0.049 34530000 1710650 DFNN INC 6 6.11 6.24 6.25 6 6 22300 134265 -120000 IMPERIAL 1.92 1.99 1.91 1.91 1.91 1.91 1000 1910 ISLAND INFO 0.117 0.118 0.115 0.119 0.115 0.118 860000 101030 ISM COMM 5.67 5.68 5.62 5.7 5.62 5.67 4323900 24518639 -3511871 JACKSTONES 2.97 3.09 2.97 2.97 2.97 2.97 5000 14850 NOW CORP 2.58 2.59 2.5 2.61 2.5 2.58 2944000 7468480 1471950.0003 TRANSPACIFIC BR 0.36 0.365 0.355 0.365 0.35 0.36 4620000 1645450 -130600 PHILWEB 4.35 4.38 4.45 4.48 4.25 4.38 6914000 30255150 -3403710 2GO GROUP 11.2 11.3 11 11.3 11 11.2 12800 143370 115360 ASIAN TERMINALS 20.05 21.45 21.5 21.5 21.5 21.5 2900 62350 CHELSEA 7.99 8 7.98 8.08 7.89 7.99 2639400 21073046 1450952 CEBU AIR 96 96.25 95.2 96.3 95.2 96 288160 27640963 11514878 INTL CONTAINER 143 146 147.4 147.4 143 143 652590 94573269 26829038 LBC EXPRESS 14.12 14.8 14.1 14.88 14.1 14.88 600 8538 LORENZO SHIPPNG 0.88 0.9 0.89 0.9 0.88 0.9 71000 62800 MACROASIA 19.24 19.3 19.2 19.48 19.2 19.24 676300 13031266 2722134 METROALLIANCE A 1.51 1.6 1.51 1.51 1.51 1.51 31000 46810 METROALLIANCE B 1.52 1.65 1.56 1.56 1.56 1.56 10000 15600 PAL HLDG 9.3 9.35 9.39 9.39 9.3 9.35 5000 46811 9300 HARBOR STAR 2.11 2.12 2.14 2.17 2.11 2.12 1606000 3419100 8620 ACESITE HOTEL 1.42 1.48 1.43 1.43 1.42 1.42 14000 19910 BOULEVARD HLDG 0.062 0.063 0.064 0.064 0.062 0.063 20640000 1302750 -188250 WATERFRONT 0.82 0.83 0.85 0.89 0.81 0.83 23384000 19937580 -121480 CENTRO ESCOLAR 7 7.19 7 7.05 6.99 7.05 4900 34337 18887 FAR EASTERN U 890 920 890 890 890 890 50 44500 IPEOPLE 9.8 9.89 9.89 9.89 9.89 9.89 500 4945 STI HLDG 0.81 0.82 0.81 0.83 0.81 0.82 17754000 14478810 999110 BERJAYA 2.6 2.62 2.59 2.65 2.56 2.62 189000 494020 BLOOMBERRY 11.9 11.96 11.8 12 11.76 11.9 10024600 119357336 -17936878 PACIFIC ONLINE 2.92 2.94 2.96 2.98 2.93 2.94 76000 223910 LEISURE AND RES 3.86 3.88 3.84 3.89 3.75 3.88 2025000 7678890 -775160 MANILA JOCKEY 3.68 3.79 3.29 4.2 3.29 3.79 3046000 11453750 -3610 PH RESORTS GRP 5.21 5.3 5.19 5.3 5.14 5.21 35500 184763 10380 PREMIUM LEISURE 0.72 0.73 0.71 0.73 0.71 0.72 3861000 2789500 405040 TRAVELLERS 5.53 5.55 5.48 5.55 5.48 5.53 1097900 6053770 -2174358 METRO RETAIL 2.8 2.81 2.8 2.82 2.75 2.8 4746000 13240610 -1760090 PUREGOLD 44.7 45.55 46.1 47 44.7 44.7 1290300 59450215 8807625 ROBINSONS RTL 74.8 77.3 77.9 78.4 74.8 74.8 1489980 114515933 61059458 PHIL SEVEN CORP 142 143 141 142 135 142 6250 882420 864080 SSI GROUP 3.49 3.5 3.5 3.51 3.42 3.49 4011000 13980780 7883860 WILCON DEPOT 16.72 16.88 16.86 16.9 16.72 16.72 6730200 113503272 -31673096 APC GROUP 0.53 0.54 0.53 0.55 0.53 0.54 4411000 2364300 -201400 EASYCALL 9.73 9.92 9.96 9.99 9.7 9.92 33600 329430 GOLDEN BRIA 420.2 428 430 430 418.4 428 470 200754 IPM HLDG 5.8 5.85 5.8 5.8 5.8 5.8 6700 38860 PRMIERE HORIZON 0.86 0.87 0.84 0.87 0.82 0.87 23916000 20270140 161920 SBS PHIL CORP 9.26 9.46 9.13 9.47 9.13 9.47 206600 1947862 -1891732 MINING & OIL ATOK 14.92 14.98 12.08 17 12.08 14.98 434100 6723150 -517412 APEX MINING 1.16 1.17 1.13 1.18 1.12 1.16 4424000 5118400 -449699.9999 ABRA MINING 0.0016 0.0018 0.0017 0.0017 0.0017 0.0017 288000000 489600 5100 ATLAS MINING 2.7 2.8 2.68 2.71 2.68 2.7 1055000 2834900 -2680 BENGUET A 1.18 1.25 1.14 1.25 1.1 1.22 50000 56520 COAL ASIA HLDG 0.28 0.285 0.28 0.29 0.28 0.29 320000 89800 CENTURY PEAK 2.78 2.8 2.79 2.79 2.78 2.79 284000 791780 DIZON MINES 7.71 7.82 7.84 7.85 7.7 7.71 1800 13921 FERRONICKEL 1.44 1.45 1.44 1.46 1.44 1.45 332000 480460 -21750 GEOGRACE 0.22 0.223 0.217 0.224 0.217 0.22 800000 177300 LEPANTO A 0.108 0.11 0.11 0.11 0.107 0.11 1180000 128350 LEPANTO B 0.115 0.12 0.117 0.12 0.113 0.12 1080000 123510 -8400 MANILA MINING A 0.0076 0.0078 0.0076 0.0076 0.0076 0.0076 20000000 152000 MARCVENTURES 1.14 1.15 1.18 1.18 1.14 1.15 700000 808520 NIHAO 1.06 1.07 1.05 1.09 1.03 1.06 422000 443740 274050 NICKEL ASIA 2.31 2.32 2.27 2.35 2.26 2.32 4084000 9,454,760( 4,860,250.0001) OMICO CORP 0.52 0.56 0.56 0.56 0.56 0.56 301000 168560 ORNTL PENINSULA 0.85 0.87 0.87 0.87 0.84 0.87 582000 496090 PX MINING 3.79 3.8 3.62 3.85 3.61 3.79 1835000 6941160 -156790 SEMIRARA MINING 23.8 23.95 22.8 23.95 22.8 23.95 4117200 96543955 3907230 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 21100000 253800 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 100000 1200 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 38600000 424600 PHINMA PETRO 4.8 4.85 4.7 4.8 4.7 4.8 286000 1369820 PXP ENERGY 8.05 8.06 7.86 8.28 7.86 8.06 1819500 14743776 -176392 PREFFERED HOUSE PREF A 94.7 97.5 96.8 97.15 96.4 97.15 23670 2294392 AC PREF B2 490 497 490 497 490 497 9510 4659970 ALCO PREF C 100 102.9 100 100 100 100 500 50000 DD PREF 99 99.5 99.45 99.5 99.45 99.5 7450 741247.5 SMC FB PREF 2 971.5 985 975 985 975 985 100 98000 FGEN PREF G 104.5 106.9 107 107 107 107 10 1070 GTCAP PREF B 940 945 940 940 940 940 50 47000 LR PREF 0.98 0.99 1 1 0.96 0.97 371000 359850 24250 MWIDE PREF 100.1 102 102 102 100 102 2670 271020 102000 PNX PREF 3B 103.8 107.5 107.5 107.5 107.5 107.5 310 33325 PCOR PREF 2A 990 995 992 995 992 995 550 545750 PCOR PREF 2B 960 1000 1000 1000 1000 1000 1000 1000000 PCOR PREF 3A 1010 1011 1010 1011 1010 1010 1750 1769000 PCOR PREF 3B 1011 1012 1010 1012 1010 1012 9335 9439880 20220 SMC PREF 2C 76.2 76.85 76.75 76.85 76.2 76.85 4490 343430 SMC PREF 2D 73.15 73.8 73 73 73 73 3500 255500 SMC PREF 2F 74.5 75 74.55 74.55 74.5 74.5 10000 745075 -409825 SMC PREF 2G 73.3 74.4 73.3 74.4 73.3 74.4 5300 389920 SMC PREF 2H 73.5 74.3 74 74.3 73.5 73.5 23110 1709122 SMC PREF 2I 74 74.9 74 74.5 74 74.5 20 1485 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

16.78 5.36

16.8 5.37

16.82 5.36

16.82 5.37

16.78 5.36

16.78 5.37

84500 16900

1419578 90729

WARRANTS LR WARRANT

1.89

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.47 MAKATI FINANCE 2.49 XURPAS 1.08

1.9

1.89

1.9

1.89

77000

146000

5.5 2.64 1.09

5.41 2.67 1.08

5.52 2.67 1.09

5.4 2.67 1.06

5.5 2.67 1.08

1482200 4000 3002000

8090757 10680 3217560

-157411 -369460

EXHANGE TRADE FUNDS FIRST METRO ETF

123.8

-1419578 -77865

124

124.2

125

123.5

124

53080

6604864

-82692

www.businessmirror.com.ph

DOTr inks deal with Japanese JV on making of rail coaches

By Ashley Manabat | Correspondent

LARK FREEPORT—The Department of Transportation (DOTr) and its Japanese partners, the joint venture of Sumitomo Corp. and Japan Transport Engineering Co. (J-TREC), on Tuesday signed the contract for the manufacture of train coaches for Package 3: Rolling Stock of the PNR Clark Phase 1 Tutuban-Malolos at the Marriott Hotel here. The P12.1-billion supply contract was signed by Transportation Secretary Arthur P. Tugade and PNR Chairman Roberto Lastimoso for the government, and Sumitomo Corp. General Manager Hiroshi Karashima, and J-TREC President Takao Nishiyama. Tugade said the plan is to have eight trains per set to be manufactured by their Japanese partners. “So that if we have 13 sets, we have around 104 trains similar to those and the capacity is 2,200. These trains will be traveling from

Tutuban to Clark to Calamba,” Tugade said. “This is the reason we are all here today, to sign an agreement where the prototypes you see will come into fruition by 2021,” Tugade added, pointing to the miniature prototype displayed at the venue. He said the contract that was signed indicated that the trains shall be delivered in full by the end of the last quarter of 2021. However, he said he prodded their Japanese partners to deliver the trains by the third quarter of 2021

instead of the last quarter, so that the Tutuban-Clark-Calamba route can be realized at the end of the year 2021. “Let me tell you that this morning, prior to entering this room, I talked to Mr. Nishiyama in the presence of Jica [Japan International Cooperation Agency] and we have agreed to do a fast-track mechanism so that the trains committed to be delivered on the fourth quarter of 2021 shall be delivered no later than the third quarter of 2021,” Tugade said. “Why are we doing this? Why are we agreeing to fast-track the manufacture of these trains? Because I have promised the President that we will have the partial operability of the Tutuban-Clark-Calamba by the end of the fourth quarter of 2021,” he explained. “If the trains will be delivered by the fourth quarter of 2021, then I cannot operate the trains before 2021,” he reasoned. “So, today the first agenda that we talked about prior to our coming here is to [forge] an agreement in principle that we will strive to work together so that the trains will be delivered on the third quarter of 2021.” This, he added, will ensure the “partial operability of the TutubanClark-Calamba route” by the end of 2021, Tugade said.

The PNR Clark Phase 1 (TutubanMalolos) broke ground on February 15, 2019. The 37.6-kilometer, elevated mass railway system will connect Malolos to Manila and will entail 10 stations. The trains can run up to 120 kilometers per hour, and reduce the travel time between Manila and Bulacan from over one hour and 30 minutes to 35 minutes once the system is fully operational by 2022. The project is funded by Jica under a ¥241.991-billion or P93.457billion loan agreement signed in November 2015. The PNR Tutuban-Malolos line will be integrated with the PNR Malolos-Clark project and the PNR South Commuter—Manila to Calamba, Laguna, project—to form an integrated commuter railway system that will serve commuters traveling to, from, and within NCR, Region 3 and Region 4A. The full interoperability of the entire PNR North-South Commuter Railway is expected to happen in 2023. The signing was followed by the Japanese traditional ceremony, the Sake Barrel Breaking Ceremony, where Tugade made a toast to every guest with the traditional Japanese rice wine.

Meralco warned as 3rd CSP bid invite is out

HE Manila Electric Co. (Meralco) on Tuesday published a third bid invite for the supply of 500-megawatt (MW) capacity via a Competitive Selection Process (CSP). A five-year power supply contract that starts on December 26, 2019, is up for bidding. Meralco prefers mid-merit power plants or those that can adjust the power output as demand for electricity fluctuates throughout the day. The minimum capacity offer per bid is set at 100MW while the total minimum offer capacity should be at least 400MW. The delivery point should be nearest to Meralco’s load center. The deadline for the submission of expression of interest is on July 30. A pre-bid conference is scheduled on August 8, with the submission of bids set on September 11. Bidders must post a bid security fee of P2.3 million per MW of offered contract capacity. The bid offers will be opened on the same day. “This is the last of the three, but we are hoping for one more CSP within the year. The target is in the fourth quarter this year,” said Meralco utility economics head Lawrence Fernandez when sought for comment. Meralco earlier published two bid invites for two 1,200MW of power supply via CSP. The second bid invite involves a 20-year power supply contract that will start in September 2024. The auction will be held on September 10 this year. The first published bid invite, meanwhile, is for a 10-year contract to start in December 2019. “Pursuant to the DOE Circular 2018-02-0003, Meralco, through the Third Party Bids and Awards Committee [TPBAC], hereby invites all interested and qualified parties to participate in the CSP in respect of the following proposed supply of electricity,” said the utility firm.

Fernandez said the three CSPs to be conducted are in accordance with the Power Supply Procurement Plan that Meralco submitted to the Department of Energy. 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 earlier inked seven power supply agreements (PSA) 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 Supreme Court decision that required all PSAs forged after June 30, 2015, to undergo CSP. The SC order stemmed from allegations that the Energy Regulatory Commission (ERC) gave due preference to Meralco by extending the deadline for compliance of CSP. Over 90 PSAs, with about 5,000-MW capacity, were affected by the SC decision. Of these, 70 percent of the affected PSAs are from Meralco.

Party-list warning

MEANWHILE, a party-list group on Tuesday warned Meralco against violating the Philippine Competition Law for allowing its affiliated generation companies (gencos) from participating in the bidding for the PSAs of distribution utilities. Bayan Muna Rep. Carlos Isagani Zarate and Bayan Muna Chairman Neri Colmenares said Meralco’s attempts to corner its subsidiaries and affiliates PSAs were found burdensome to consumers.Lenie Lectura, Jovee Marie N. Dela Cruz

STI income drops in 2018 on lower enrollees

TI Education System Holdings Inc., an operator of chains of schools in the country, said its net income fell by almost half during its fiscal year ending March on lower turnout of enrolled students while its operation expands. The company said its income fell 43 percent to P284.1 million, from P502.8 million last year. Revenues for the year amounted to P2.75 billion, lower by 11 percent from last year’s P3.08 billion. Tuition and other school fees also dropped by 10 percent to P2.34 billion from the same period last year due to the lower-than-expected turnout of college freshman enrollees. “SHS [senior high school] enrollment also dropped significantly this year as the STI Net-

work held the graduation of over 30,000 Grade 12 students who belonged to the first batch of SHS graduates under the K to 12 program of the government,” it said. Revenues from educational services are derived as a percentage of the tuition and other school fees actually collected by the franchised schools from their students and DepEd. The company, which owns one of the largest networks of private schools in the Philippines, said that it completed four new campuses during the school year 2018-2019. These were its schools in Lipa in Batangas, San Jose del Monte in Bulacan, Santa Mesa in Manila and Pasay-Edsa. Most of these new schools are already accepting tertiary and senior high-school students for the first semester of the incoming school year. VG Cabuag

MUTUAL FUNDS

July 16, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 277.43 9.69% 0.31% 1.96% 10% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6956 17.41% 7.9% 3.62% 17.68% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.3212 8.04% 0.15% 1.15% 10.71% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9897 11.84% N.A. N.A. 9.84% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.9193 10.1% N.A. N.A. 12.01% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.7423 9.95% 1.33% 1.82% 8.89% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.9242 7.94% -2.87% N.A. 10.46% MBG EQUITY INVESTMENT FUND, INC. -A 122.35 14.96% N.A. N.A. 5.32% PAMI EQUITY INDEX FUND, INC. -A 55.1005 12.57% 1.14% N.A. 11.94% PHILAM STRATEGIC GROWTH FUND, INC. -A 571.47 11.25% 0.06% 1.81% 11.02% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3928 12.86% 2.08% 4.04% 11.07% PHILEQUITY FUND, INC. -A 40.8645 13.4% 2.69% 3.66% 11.55% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.1069 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.5947 13.64% 2.15% 4.12% 12.82% PHILIPPINE STOCK INDEX FUND CORP. -A 934.3 13.7% 1.87% 4.09% 12.78% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9748 14.89% 1.1% N.A. 13.35% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.5538 13.58% 1.95% 3.46% 12.19% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0732 13.1% 1.81% N.A. 12.46% UNITED FUND, INC. -A 3.9111 11.57% 3.24% 4.24% 11.72% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 125.0492 14.1% 2.73% 5.15% 12.91% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9936 -3.61% 4.97% -0.4% 6.94% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3244 2.38% 9.13% N.A. 19.83% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.8092 8.84% -0.85% -0.5% 9.57% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.4038 6.8% 0.37% 1.41% 8.81% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.7517 7.54% 0.88% -0.61% 8.2% GREPALIFE BALANCED FUND CORPORATION -A 1.386 4.75% N.A. N.A. 6.26% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.986 8.16% 0.69% 1.9% 7.75% PAMI HORIZON FUND, INC. -A 3.8602 8.74% -0.37% 1.24% 9.38% PHILAM FUND, INC. -A 17.3742 9.6% -0.2% 1.26% 9.22% SOLIDARITAS FUND, INC. -A 2.2184 7.69% 1.12% 2.48% 7.21% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 4.0138 10.88% 0.81% 2.3% 9.93% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0534 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0605 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0572 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.0308 12.4% 1.12% 2.09% 11.84% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03738 6.68% 1.37% 2.02% 5.89% PAMI ASIA BALANCED FUND, INC. -A $0.9975 -0.68% 3.07% -0.81% 9.17% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7995 3.61% 6.27% 3.09% 14.84% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.115 4.08% 3.78% N.A. 10.4% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 351.3 3.61% 2.04% 2.22% 2.28% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9016 2.03% -0.07% -0.17% 2.28% COCOLIFE FIXED INCOME FUND, INC. -A 3.0523 5.32% 5.22% 5.26% 2.56% EKKLESIA MUTUAL FUND INC. -A 2.1955 3.69% 1% 1.9% 3.11% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3188 4.66% 1.01% 1.4% 5.16% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6053 1.9% -1.99% 0% 2.61% PHILAM BOND FUND, INC. -A 4.2002 6.69% -0.3% 1.32% 7.15% PHILEQUITY PESO BOND FUND, INC. -A 3.6861 5.74% 0.58% 1.41% 4.81% SOLDIVO BOND FUND, INC. -A 0.9398 4.36% -0.72% N.A. 5.45% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9727 8.15% 0.91% 2.16% 7.48% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6499 8.06% 0.41% 1.7% 7.14% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $459.42 3.68% 1.66% 2.74% 2.46% ALFM EURO BOND FUND, INC. -A Є218.06 2.3% 1.29% 1.5% 2.53% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1855 6.5% 1.76% 2.52% 5.31% 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 $1.7143 1.22% -2.14% 0.6% 1.43% PAMI GLOBAL BOND FUND, INC -A $1.0853 4.93% -0.6% -2.03% 4.73% PHILAM DOLLAR BOND FUND, INC. -A $2.347 8.52% 0.71% 3.21% 8.12% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0593108 4.55% 1.53% 1.83% 4.05% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.0764 6.76% -0.04% 2.65% 7.11% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 123.77 3.81% 2.47% 1.97% 2.39% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.016 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2182 4.15% 1.83% 1.12% 3.07% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2467 3.79% 2.69% 2.07% 2.26% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.029 2.19% N.A. N.A. 1.29% 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.

Wednesday, July 17, 2019 • Editor: Angel R. Calso

The World BusinessMirror

www.businessmirror.com.ph

EU slaps sanctions on Turkey over gas drilling off Cyprus

RUSSELS—European Union foreign ministers on Monday turned up the pressure on Turkey after approving an initial batch of sanctions against the country over its drilling for gas in waters where EU member Cyprus has exclusive economic rights. The ministers said in a statement that in light of Turkey’s “continued and new illegal drilling activities,” they were suspending talks on an air transport agreement and would call on the European Investment Bank to “review” its lending to the country. They also backed a proposal by the EU’s Executive branch to reduce financial assistance to Turkey for next year. The ministers warned that additional “targeted measures” were being worked on to penalize Turkey, which started negotiations to join the EU in 2005. Tu rkey ’s Foreig n Min ister Mevlut Cavusoglu issued his own warning last week that his country would step up drilling activities off Cyprus if the EU moved ahead

with sanctions. Two Turkish vessels escorted by warships are drilling for gas on either end of ethnically divided Cyprus. The EU ministers repeated the “serious immediate negative impact” that Turkey’s illegal actions are having on EU-Turkey relations and called on Ankara to respect Cyprus’s sovereign rights in line with international law. They also welcomed the Cypriot government’s invitation to Turkey to negotiate the borders of their respective exclusive economic zones and continental shelf. Turkey doesn’t recognize Cyprus as a state and claims 44 percent of Cyprus’s exclusive economic zone as its own, according to Cy-

prus government officials. Turkish Cypriots in the east Mediterranean island nation’s breakaway north claim another 25 percent. Cyprus was split along ethnic lines in 1974 when Turkey invaded in the wake of a coup by supporters of union with Greece. A Turkish Cypriot declaration of independence is recognized only by Turkey, which keeps more than 35,000 troops in the breakaway north. Cyprus joined the EU in 2004, but only the internationally recognized south enjoys full membership benefits. Turkey contends that it’s protecting its rights and those of Turkish Cypriots to the area’s hydrocarbon deposits. Cypriot officials, however, accuse Turkey of using the minority Turkish Cypriots in order to pursue its goal of exerting control over the eastern Mediterranean region. The Cypriot government says it will take legal action against any oil and gas companies supporting Turkish vessels in any repeat attempt to drill for gas. Cyprus has already issued around 20 international arrest warrants against three international companies assisting one of the two Turkish vessels now drilling 42 miles (68

Trade war hands China chance to globalize yuan–PBOC exec

HE Chinese yuan is being given a new opportunity to boost its global status amid rising trade conflicts, according to People’s Bank of China Deputy Governor Pan Gongsheng. “Amid frequent trade frictions and rising populism, some countries and regions are emphasizing the use of local currency in cross-border settlement, bring-

ing about new opportunities for the yuan’s globalization,” Pan wrote in an article published on the PBOC-backed China Finance magazine’s web site. The bank will work to promote global investors’ confidence in the yuan and steadily promote the currency’s global use—although it’ll be mostly a market-driven effort, he wrote.

For now, less than 2 percent of global transactions are settled in the yuan, according to data released by Swift, an international payment institution. The share fell back from a peak of 2.79 percent in August 2015, when the International Monetary Fund agreed to add the yuan into its reserve currency basket. Bloomberg News

Treasury chief says Facebook Top Iran diplomat: currency plan ripe for illicit use Talks on ballistic

ASHINGTON—The Trump administration came out strongly Monday against Facebook’s ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasur y Secretar y Steven Mnuchin expressed “very serious concerns” about the currency proposed by the social network giant, to be called Libra. “This is indeed a national security issue,” Mnuchin told reporters at the White House. His comments came a few days after President Donald Trump tweeted that Libra “will have little standing or dependability.” Trump, fresh off a “social-media summit” he led at the White House that gathered conservative critics of Big Tech, tweeted last week: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” If they want to get into the financial business, Facebook and its dozens of partner companies in the venture will have to accept the kind of tight regulation that banks are under, the president said. The Treasury chief’s comments

went further, though, tying Libra directly to concerns over potential use for money laundering, drug and human trafficking, tax evasion and other crimes. The Treasury Department has “very serious concerns that Libra could be misused by money launderers and terrorist financers,” he said. Facebook has “a lot of work to do before we get to the point where we’re comfortable with it,” Mnuchin said. On Tuesday, Congress begins two days of hearings on Facebook’s Libra plan. The head of the Federal Reserve also raised an alarm about the plan last week. Facebook’s plan “raises a lot of serious concerns, and those would include around privacy, money laundering, consumer protection, financial stability,” Fed Chairman Jerome Powell said in congressional testimony. “Those are going to need to be thoroughly and publicly assessed and evaluated before this proceeds.” Unlike Mnuchin, Powell—as head of the central bank—is an independent regulator who is separate from the administration and political influence. Already under intense scrutiny from regulators and Congress over privacy and market dominance, Facebook stirred anger on Capitol Hill last month with the unveiling of its plan to create a new financial ecosystem based on a digital currency. AP

missiles possible

UBAI, United Arab Emirates—Iran’s foreign minister has for the first time suggested his country’s ballistic missile program could be on the table for negotiations with the US—if America stops selling arms to its Gulf allies in the Mideast. Mohammad Javad Zarif ’s comments came in an NBC News interview that aired Monday night. Iran long has maintained its ballistic missile program, under the control of its Revolutionary Guard, is for defensive purposes only. The 2015 nuclear deal that Tehran struck with world powers did not include its missile program. Zarif says American weaponry “is going into our region, making our region ready to explode. So if they want to talk about our missiles, they need first to stop selling all these weapons.” Iran long has criticized US arms sales in the region. AP

IN this Tuesday, July 9, 2019, photo, a helicopter flies near Turkey’s drilling ship, Fatih dispatched toward the eastern Mediterranean, near Cyprus. Turkish officials say the drillships Fatih and Yavuz will drill for gas, which has prompted protests from Cyprus. TURKISH DEFENSE MINISTRY VIA AP

kilometers) off the island’s west coast. The Cyprus government has licensed energy companies including ExxonMobil, France’s Total and Italy’s Eni to carry out gas drilling in blocks, or areas, off the island’s southern coastline. At least three significant gas deposits have so far been discovered there. Meanwhile, Cyprus’s Greek Cypriot President Nicos Anastasiades will chair a meeting of political

leaders Tuesday to discuss a renewed proposal by Turkish Cypriot leader Mustafa Akinci to establish a joint committee with Greek Cypriots on managing offshore gas drilling activities. Akinci has repeatedly called for the creation of such a committee that he says would give his community a say in how newly found gas deposits off Cyprus’s southern coast are managed and future proceeds are divvied up. A similar

proposal was made by Akinci’s predecessor Dervis Eroglu in 2011. The Cypriot government says energy discussions with Turkish Cypriots should be part of overarching reunification talks, adding that Turkish Cypriot rights to the island’s energy reserves are assured. The government says future gas proceeds that will flow into an established hydrocarbons fund will be shared equitably after a peace deal is signed. AP

B4 Wednesday, July 17, 2019

SALE ALERT: CARELINE LIPSTICK NOW AT P49 A.V.I.D. CONTINUES RECOVERY, POSTS SLIGHT GAIN IN FIRST HALF OF 2019

HE A ssoc i at ion of Ve h ic le Importers and Distributors Inc. (Avid) sold 43,333 units in the first six months of the year, a slight 1-percent increase versus the same period in 2018. In the second quarter of 2019 alone, Avid reached a total of 21,134 units, a 5-percent increase versus the second quarter in 2018. “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 the Asean. Given these, we will continue to introduce exciting models and innovative services to give consumers more value for their money,” Avid President Ma. Fe Perez-Agudo said. Avid’s passenger cars (PC) dipped by 4 percent in year-to-date sales with 15,336 units sold versus same period last year, while in second quarter alone, sales rose

to 7 percent with 7,422 units against the second quarter in 2018. Hyundai remains consistent as Avid’s top volume driver for PC with 9,458 units sold in 2019. The light commercial vehicles (LCV) segment grew 4 percent in year-to-date sales with 27,331 units sold versus the same period of 2018. In second quarter of this year, LCV sales recorded an increase of 4 percent with 13,383 units sold versus the second quarter in 2018. The LCV segment remains to be Avid’s top volume driver, which is led by Ford with 10,552 units sold, followed by Hyundai with 7,690 units and Suzuki with 6,611 units sold in the first half of 2019. T he commercia l vehicles (C V ) segment sales in the second quarter saw an increase of 2 percent with 329 units sold versus same period last year. The overall year-to-date sales of CV units gained 1 percent with 666 units sold versus the same period last year. Hyundai trucks and buses continues to dominate the CV market with over 500 trucks and buses sold from January to May. In photo are (from left) eVAP executive director Dr. Jose Bienvenido Manuel Biona, Ateneo de Manila University dean of the School of Social Sciences Dr. Fernando Aldaba and Perez-Agudo at the first Landscape automotive industry briefing with the theme “Are we busted or built for the future?” The forum was organized by Hyundai Asia Resources Inc. and Avid.

ALLING all beauty junkies! Careline (http://www. careline.com.ph/) is having a nationwide sale for all shades of their matte liquid lipstick and melted metallic lipstick for the whole month of July. The price of your favorite lippies is now an eye-whopping drop from P210 to just P49! Experiment with colors and take home all you desired swatches of Careline matte liquid lipstick. Stand out with Craving, Wall flower, Upper hand and Dark Matter shades; embrace your boldness with Pop, Brick’d, In Bloom and Tutu shades; or look natural and sweet with Gotta Go, Semi Sweet, Normcore and Glaze shade. Embrace your unique side with Careline melted metallic lipstick that comes in Bling, Prince, Luster and Livewire.

GMA KAPUSO, ODYSSEY FOUNDATION HELP 4,500 UNDERNOURISHED KIDS

MA Kapuso FoundationInc. (GMAKFI) and Odyssey Foundation Inc. (OFI), the corporate social-responsibility arm of food conglomerate Foodsphere Inc., are celebrating their 12 years of partnership that has nurtured the lives of more than 4,500 undernourished Filipino children. Both foundations teamed up in 2007 to undertake “Give A Gift: Feed A Child” feeding program, where they serve nutritious meals to undernourished children across the country. They launched a feeding program in Ternate, Cavite, from March 15, 2007, to August 28, 2007, that helped restore the health of 477 previously undernourished kids. Since then, they have assisted more than 4,000 others in different areas across the country. “GMA Kapuso Foundation and CDO/Odyssey’s strong partnership over the years is helping address the problem of malnutrition through our annual Give A Gift:Feed A Child feeding program. For 12 years we have served thousands of children in remote areas of our country who need help. We are able to serve nutritious meals and share the mission of alleviating poverty and fighting malnutrition together,” said Luz Annalee O. Escudero-Catibog, vice president and chief operating officer of GMAKFI. Jerome D. Ong, president of OFI, said that the Gabay Nutrisyon, the foundation’s major initiative, is a community-based supplemental feeding program, which focuses on addressing child hunger and malnutrition in chosen communities. “Developing this program was the first step of the foundation in fulfilling its mission to give back to the community. By providing nutritious food and vitamins to targeted beneficiaries, the foundation aims to restore to normal weight status the underweight children enrolled in the program,” added Ong, who is also the president and chief executive officer of CDO Foodsphere Inc. “Aside from this, the program seeks to improve the

knowledge, attitudes and practices of mothers and child caregivers regarding key nutritional practices through health and nutrition lectures provided by health workers and nutrition scholars,” he said. Ong added the partnership with GMAKFI aims to address the serious problem of child malnutrition in the country. Based on Food and Nutrition Research Institute data, the Philippine chronic malnutrition rate among children aged 0 to 2 reached 26.2 percent in 2015, the highest in 10 years. Studies show that the first 1,000 days of a child’s life is a crucial period when the child must receive optimum nutrition. If not achieved, the effects of malnutrition will be irreversible. The OFI said this is the reason why it focuses on hunger mitigation as its foremost advocacy. OFI is actively implementing “Gabay Nutrisyon” supplemental feeding program to provide nourishment to children and enable them to reach their fullest potential. Under the project, nutrition advocacy interventions are conducted. At the end of the feeding program, children are expected to have reached their normal nutritional status, and their families have gained better understanding of health and nutrition practices that will equip them to sustain a healthy lifestyle. The OFI envisions a hunger-free society, especially among children. To widen its impact, the foundation partners with different organizations with the same advocacy. In the past 12 years the OFI has been working hand in hand with GMAKFI to alleviate hunger among school-aged children, from areas where malnutrition is rampant. “With this partnership, we aim to extend assistance to children in the far-flung provinces in need of nutrition,” the OFI said. Present at the renewal of contract were Ong, Escudero-Catibog, GMAKFI media supervisor Tracy G. Cruz and the OFI team headed by executive director Dindo A. Danao.

SUN LIFE, WAZE TEAM UP FOR ROAD SAFETY

UN Life of Canada (Philippines) Inc., the No. 1 life-insurance company in the country; and Waze, the social-navigation pioneer, are teaming up to promote road-safety awareness among Filipino motorists in a one-of-a-kind initiative. Dubbed “Brighter Drive, Brighter Life,” the initiative will alert Waze users on accident-prone areas. This may also serve as a reminder for Waze users who are also registered Lazada members to insure themselves with a digital life insurance from Sun Life, such as Life Armor. It may be availed via the said online marketplace for as low as P100. The Brighter Drive, Brighter Life initiative will commence in the coming weeks, as part of Sun Life’s Financial Independence Month campaign this June. “With thousands of Filipinos plying the roads on a daily basis, road safety is an issue that truly needs to be highlighted, especially since an accident could significantly impact their livelihood and their finances,” Sun Life Chief Executive Officer

and country head Benedict Sison said. “This is why Sun Life is delighted to collaborate with Waze in this initiative, as we explore another avenue to help Filipinos secure their future.” This sentiment was echoed by Waze Philippines country manager Sarah Rodriguez, who said, “We are really pleased to be working with Sun Life on this campaign. Safety is of utmost importance at Waze and, through this partnership, we hope to be able to keep Filipinos safer on the roads.” Sun Life hopes that the tieup with Waze will lead more Filipinos to secure themselves, starting with digital insurance. “Financial technology has enabled us to make protection conveniently available to even more Filipinos,” Sun Life chief digital partnerships and fintech officer Teodoro Pineda said. “We look forward [in] tapping more like-minded organizations to help us raise awareness [on] financial security.”

Photo finish decides 10-km open-water race at Korea worlds

Florian Wellbrock touches the timing board to win the men’s 10-km open-water event at the World Swimming Championships in Yeosu, South Korea, on Tuesday. AP

Sports

| Wednesday, July 17, 2019

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

WANGJU, South Korea—After 10 kilometers of open-water swimming in the sea, world championship organizers needed a photo finish to determine the winner of the Olympic qualifier on Tuesday. Florian Wellbrock of Germany edged France’s Marc-Antoine Olivier by two-tenths of a second to take the gold medal. The 21-year-old Wellbrock finished in one hour, 47 minutes and 55.90 seconds, shading Olivier at the finish. Another German swimmer, Rob Muffels, earned bronze in 1:47.57.40. Wellbrook and Olivier were locked in a two-man race for the gold medal in a final 200-meter sprint to the finish line. The group in close pursuit included Muffels, who used his experience to emerge from that tight bunch to finish third. Wellbrook was the race and pace leader for much of the event. The few times that he was not leading he was in the top three and dropped back to sixth only briefly to conserve his energy for the final sprint. “I believe that working together with Rob and also training at altitude helped both of us,” Wellbrock said. “I admit that it’s a big and also a hard step to be on the podium next year in Tokyo, but with hard work it may be possible.” Wellbrock said he plans to also swim in two pool events at Tokyo, including the 1,500-meter race. Hungarian swimmer Kristof Rasovszky, who won the 5-kilometer race on Saturday, was fourth in 1:47.59.50 and American Jordan Wilimovsky, who won silver at the last world titles, was fifth in a time of 1:48.01.00. The top 10 finishers in the race earned spots for their countries in next year’s 10-kilometer race at the Tokyo Olympics. Defending world and Olympic champion Ferry Weertman of the Netherlands faded to seventh, six seconds behind Wellbrock, but will still have a chance to defend a title next year in Tokyo. The open-water races continue Wednesday with the women’s 5-kilometer race, followed by the 5-kilometer team relay on Thursday and the 25-kilometer races for men and women on Friday. All are non-Olympic events. AP

By Howard Fendrich

The Associated Press

IMBLEDON, England—Novak Djokovic never has been this close to Roger Federer and Rafael Nadal in the Grand Slam trophy count. Given the way Djokovic edged Federer in a thrilling Wimbledon final for his fourth championship at the past five major tournaments, there is little reason to think the 32-year-old Serb doesn’t have a realistic shot at catching his two great rivals at the top of tennis. Federer owns the men’s record of 20 Slams, Nadal has 18, Djokovic 16. The chase is really and truly on now. “For him, it’s the goal, absolutely,” said Djokovic’s coach, Marian Vajda. Djokovic’s 7-6 (5), 1-6, 7-6 (4), 4-6, 13-12 (3) victory on Sunday offered some insight about what the future might hold and what his place in the hierarchy eventually could become. At four hours and 57 minutes, it was the longest Wimbledon final in history. More remarkably, Djokovic became the first man since 1948 to win the title at the All England Club after facing championship points; Federer was on the verge of winning while serving at 8-7, 40-15 in the fifth set. But Djokovic took the next two points and, eventually, was better in the closing tiebreaker, instituted at 12-all in deciding sets at Wimbledon for the first time this year. If the consensus is that Federer’s excellence is defined by the word “elegance,” and Nadal’s by “doggedness,” then Djokovic’s might be best distilled to “clutchness.” As Sunday’s match stretched into the evening, one element of their respective past performances at Wimbledon seemed particularly relevant: Djokovic is now 8-1 in five-setters there; Federer 7-7. Against each other? Djokovic is 4-0. Turned out the words spoken by eight-time Wimbledon champion Federer two days before the final were rather prescient: “It comes very much down to who’s better on the day, who’s in a better mental place, who’s got more energy left, who’s tougher when it really comes to the crunch.” Federer lost despite winning more total points, 218-204, and dominating just about every other significant statistic, too: aces (25-10), service breaks (7-3), winners (94-54) and so on. The key: Djokovic won all three tiebreakers, the sort of can’t-take-a-point-off segment of a match that is as much dependent on how capable a player is of steeling oneself as it is about this or that particular stroke. In the moments that meant the most, when the sets were at stake, when the outcome was in the balance, Djokovic was superior. Seven times, Federer was two points away from taking the opening set. Djokovic didn’t allow it. Federer was one point from seizing the third. Again, Djokovic prevented it. And then, just like when he erased two match points each time in the 2010 and 2011 US Open semifinals,

BusinessMirror

FOR DJOKOVIC, CHASE IS ON! NOVAK DJOKOVIC looks at his fourth Wimbledon trophy beside runner-up Roger Federer. AP

AN EPIC DAY FOR SPORTS IN LONDON L

England Captain Eoin Morgan and his teammates present the Cricket World Cup trophy to Britain’s Prime Minister Theresa May. AP

ONDON—An epic day of sports in London came down to two unprecedented endings a few minutes—and miles—apart. Novak Djokovic won the Wimbledon title in a brand-new fifth-set tiebreaker just as England played the first Super Over in history to win the Cricket World Cup. Djokovic beat Roger Federer just after 7 p.m. on Sunday evening (GMT), while England beat New Zealand in the cricket final about 20 minutes later. Making things even more exciting for local sports fans was the British Grand Prix. Formula One champion Lewis Hamilton, who is British, won the race for a record sixth time. In Monday’s The Times of London newspaper, a large photo of a smiling Djokovic holding his gold trophy over his head was placed right in the middle of Page 1. Next to it was the headline: “England end 44-year wait for glory in crazy final.” The picture and the story had nothing to do with each other—they did have one thing in common, though: It was quite a day to be a sports fan in London. The All England Club, the host of the Wimbledon tournament since its inception in 1877, never had used tiebreakers in deciding sets until this year. In 2010, for instance, John Isner and Nicolas Mahut played for more than 11 hours before Isner finally won 70-68 in the fifth set. And last year, Kevin Anderson beat none-other-than Isner in the semifinals 26-24 in the fifth set. In an effort to put an end to those never-ending matches, the organizers this year decided to force players into a tiebreaker if the deciding set goes to 12-12. It didn’t take long for the new rule to affect a final. Although Federer had a chance to win it while serving at 8-7 on Centre Court, Djokovic saved two match points. The tiebreaker eventually made its debut in a Wimbledon final and Djokovic won it. From southwest London to northwest London, something

Djokovic came back from the brink to win. “A mental battle, more than anything else,” Vajda said. “It was all about focus there at the end.” For years, in part because he zoomed past Pete Sampras’s old mark of 14 Grand Slam titles, Federer was considered by many to be the greatest male tennis player in history. Then Nadal earned his supporters and created a debate, not so much by accumulating his own impressive collection of trophies, but by repeatedly getting the better of Federer, including beating him in the epic 2008 Wimbledon final. Djokovic has strengthened his case for being part of the conversation. Younger than both men—Nadal is 33; Federer turns 38 on August 8—he is gaining on them in Slams, is the only member of the trio to have won four consecutive majors and holds an edge in the head-to-head series with each. Against Nadal, he is 28-26. Against Federer, he is 26-22 overall, 10-6 at majors and 3-1 at Wimbledon, including 3-0 in finals at the grass-court tournament. Those, though, aren’t the numbers people generally look at when trying to decide which of the Big Three deserves to be listed first. Djokovic, No. 1 in the Association of Tennis Professionals rankings at the moment, knows what category matters the most to many. “Those two guys [are] probably one of the biggest reasons I still compete at this level. The fact that they made history [in] this sport motivates me as well, inspires me to try to do what they have done, what they’ve achieved, and even more,” said Djokovic, who has won 33 of his past 34 matches at majors. “Whether I’m going to be able to do it or not,” he added, “I don’t know.” Neither do we. But it sure should be fun watching him try.

somewhat similar happened at almost the same exact time. Never before had a Cricket World Cup final finished in a tie. But this one did, with England scoring its last run on its last ball to get to 241 runs—the same score New Zealand had put up a few hours earlier. The decision to play the Super Over left thousands of fans gasping in anticipation at Lord’s—the home of cricket and the equivalent to the All England Club for tennis. In essence, a Super Over allows both teams to face six thrown balls each— known as an over. The team with the most runs would win. But, of course, things don’t always go to plan, and they didn’t this time because both teams scored 15 runs in the Super Over. And that meant England won because they had hit more boundaries in the match. (For baseball fans, that means England had more home runs and more ground-rule doubles than New Zealand during the match. For tennis fans, it’s sort of like winning because one player had more aces than the other.) The cricket win didn’t exactly make up for England’s loss in the soccer World Cup semifinals last year in Russia, but it certainly did send thousands of revelers right into the fountain in Trafalgar Square in celebration. All of that made for quite an exhilarating Sunday, and it also proved Hamilton prophetic. “This is such a special weekend it needs the focus of the whole country,” Hamilton said on Thursday, questioning the decision to put all three big sporting events on at the same time. “People will be switching between channels on Sunday not knowing what to watch.” Whatever they chose, it’s hard to think they were disappointed. AP

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Wednesday, July 17, 2019

R SMITH’S never-a-dull-moment run with the Cavaliers is over. Cleveland released the colorful shooting guard Monday before his $15.6-million contract for next season became guaranteed. The Cavs had been trying to trade Smith for months, but the team was unable to find the right deal even after he agreed to extend his guarantee date from June 30 to July 15. By waiving Smith, the Cavaliers will open salary-cap space and will move under the luxury tax threshold for next season. The 33-year-old played in just 11 games last season after he stepped away from the team in hopes of being traded or released. It was a mutual decision because he wasn’t happy with his role and the Cavaliers didn’t want him to be a negative influence on their young players. Once he clears waivers, Smith will be a free agent and can sign anywhere. Last week, Smith

said he wasn’t finished playing and smiled when asked if it’s been strange not being part of a team for the past eight months. “Technically my whole career’s been in limbo, so this is easy for me,” he said before playing in the All-Star Celebrity Softball Game. Smith’s release ends an interesting tenure with the Cavaliers, who acquired him in a trade from the New York Knicks in 2015. He was both loved and loathed by Cleveland fans, who were never quite sure what he might do on or off the floor. One of the NBA’s most accurate three-point shooters, Smith played a vital part in Cleveland winning the 2016 championship, ending a 52-year title drought for the city’s three major sports teams. Smith made two 3-pointers during a critical stretch of Game Seven of the Finals, helping the Cavaliers complete a historic comeback from a 3-1 series deficit to dethrone

SMITH: NEVER A DULL MOMENT WITH CAVS the Golden State Warriors. A few days after the team’s victory, Smith further endeared himself to Cleveland fans by going shirtless and exposing his numerous tattoos while riding in the Cavs’ celebratory parade through downtown. Smith will also be remembered for a gaffe in Game One of the 2018 Finals. In the closing seconds, he grabbed an offensive rebound after a missed foul shot and dribbled out the clock to end regulation, thinking the Cavs were ahead. The game was tied, and Cleveland lost in overtime on the way to being swept in four straight games by the Warriors. Smith knows some fans won’t forgive him, but there are others who appreciate his quirkiness.

Cleveland will always be special. “That’s one of the more stress relievers is being able to feel wanted, even if it’s not by the organization, it’s the city,” he said. “That’s bigger to me than anything. The people who spent their hard-earned money to come cheer for you, root for you.” A father of four daughters, Smith said he hopes to be picked up by another team. But if not, he has no regrets. “I live a good life,” Smith said. “There’s no reason for me to be stressed or be dissatisfied. I’ve got

four amazing kids. I went through one of the toughest parts of my life with my [premature] daughter. This is easy. This is a cakewalk. Just stay in shape and stay ready to play basketball when I’m called. If I’m not called, I still get to be home with my family.” AP

FRANCESCO MOLINARI has to return the claret jug 51 weeks after he wins the British Open and gazes at his name etched on it. AP

MOLINARI FACES LONG ODDS GETTING CLARET JUG BACK

WARRIORS MOVE ON IN POST-DURANT ERA O

AKLAND, California—Bob Myers has accepted Kevin Durant’s departure for the Brooklyn Nets with an appreciation for all the superstar forward accomplished with the franchise, even if the Golden State general manager would have loved to keep KD around a little longer. “I have a peace about it,” Myers said Monday as he discussed the Warriors’ flurry of moves in free agency. And Myers doesn’t think he would do anything differently in an attempt to keep Durant, who told Myers he was ready for a new chapter after winning championships with the Warriors in 2017 and 2018 as National Basketball Association Finals Most Valuable Player both years. “You do the best you can,” Myers said. “I think all along, to me it was a blessing that he came, that he wanted to be a part of this. This is a guy who can move in whatever direction he wants because of his talent. He came and he delivered. In my opinion he was everything we could have asked for. He represented us on the court, he represented us off the court. He still has a great relationship with a lot of his teammates, our staff, our coaching staff, myself. He just wanted to try something new, and that’s OK. I don’t look back and say, ‘If this or that,’ I don’t feel that way.” Myers sat down with Durant for a lengthy conversation—chatting for an hour or two about life and other matters—in New York ahead of Durant’s Instagram announcement on June 30 that he would sign with the Nets on a max contract. Durant is likely to miss a year as he recovers from surgery on a ruptured right Achilles tendon he hurt in Game Five of the NBA Finals, which the Warriors lost in six games to the Toronto Raptors. “I talked to him until I wasn’t allowed to talk to him a few days later,” Myers said with a chuckle, recalling how regularly they had discussions during Durant’s three years in the Bay Area. “It wasn’t like slamming the door. To be honest I was kind of sad, I was, because I like him. The other thing is, I love basketball,

so just to watch him play was a treat for me, just to watch him practice, to watch him work out.... I’ll miss that, I will, just as a basketball fan because guys like him don’t come along too often. “I got to see him up close for three years of my life, and I’ll always remember that.” Now, Golden State will go forward with a new-look roster featuring just a few of the old regulars: Stephen Curry and Draymond Green, then Klay Thompson sometime next year once he is healthy and recovered from knee surgery. Myers hasn’t visited Thompson in Los Angeles since his July 2 surgery to repair a torn anterior cruciate ligament in his left knee but plans to now that the roster is taking shape and

nearly complete after the frenzy that was the start of free agency. Gone from Golden State are 2015 Finals MVP Andre Iguodala and key reserve Shaun Livingston, while the Warriors brought back big man Kevon Looney. The Warriors acquired shooting guards D’Angelo Russell, Alec Burks and Glenn Robinson III to help take on some of the scoring load lost without Durant and Thompson and center Willie Cauley-Stein. Even the coaching staff will adjust roles to focus more on player development, with Steve Kerr still working out those details. Defensive guru Ron Adams will not have the exact same job description going forward, Myers said. And Myers isn’t about to make any bold

predictions about how this young team will do in an even more powerful Western Conference, especially without Thompson for much of the season. “It’s a new dawn for us, but it’s OK. We haven’t been in this position for five years,” Myers said. “It’s going to be fun. That doesn’t mean it’s going to be easy. Because when you have young players there’s a learning curve to their growth, to their NBA experience.” AP

Cleveland releases the colorful shooting guard JR Smith before his $15.6-million contract fornext season becomes guaranteed. AP

KEVIN DURANT, then with Golden State, battles Brooklyn’s Rondae Hollis-Jefferson (right) during their game in New York in the past season. AP

Oklahoma City’s rebuild will take some time

KLAHOMA CITY—Yosef Maaroof wanted one more Russell Westbrook memory in Oklahoma City. When he learned Thursday night the Thunder were planning to send Westbrook to the Houston Rockets for Chris Paul and draft picks, the 20-yearold Tulsa resident planned to make the two-hour drive to Oklahoma City with friends. They wanted to take videos and photos in front of the large images of Thunder players that adorn Chesapeake Energy Arena during the season, hoping Westbrook’s photo would still be up on Friday morning. It wasn’t, so Maaroof came up with a different tribute. In a video he posted on Twitter, he put on the Westbrook jerseys he’s collected since 2012, took them off one by one and laid them side by side in front of the arena. He wore 18 in the video, which has been viewed more than 85,000 times. Maaroof said Westbrook has always been his favorite player. And the next addition to his collection will be a Rockets jersey. “He was never perfect, but just the emotion he showed—he was very relatable, I feel like,” Maaroof said. “He was the underdog. People have always just not appreciated him the way they should have.” With their emotional sparkplug gone, the Thunder, as we knew them, are no more. Westbrook was the last remaining player from the team that moved from Seattle to Oklahoma City in 2008. Kevin Durant, James Harden, Serge Ibaka, Paul George and others, all gone. Now Westbrook.

He spent his entire 11-year career with the Thunder, despite earlier chances to leave. With Westbrook, the Thunder won at least 45 games for 10 straight years and reached the Western Conference Finals four times, including a run to the NBA Finals in 2012. “It’s a lot of heartbreak,” Maaroof said as he recalled recent conversations with his friends. “Not to be dramatic, but it really feels like someone died. We’re all 20 years old, so we all grew up with Russ, grew up with this team, pretty much through middle school, high school, college now.” Sure, Westbrook was a league MVP, two-time scoring champion and two-time All-Star MVP. Yes, he was a freakish athlete and triple-double threat every night. And against the odds, he evolved from perceived ball hog to two-time assist leader. But it goes beyond that for Thunder fans. Westbrook is from the Los Angeles area, and with it came the flash and style one might expect. But he adopted Oklahoma and supported the community with his reading rooms, basketball camps, comedy shows and his yearly Thanksgiving meal at the Boys and Girls Club in Oklahoma City. The night everyone learned Westbrook was being dealt, he was at a comedy club in Tulsa for a benefit show. “He’s like the staple of the franchise,”Tulsa comic Hynni B said. “He makes you want to stand up, he makes you want to have heart. You know where he came from, you know what he’s doing for the community. It’s hurtful to see him leave.”

Most of all, he’ll be remembered as the one who had stayed. He signed an extension in 2016, then signed a long-term deal in 2017, forever endearing himself to Oklahoma City fans who felt burned by Durant’s departure for rival Golden State. “When he stuck it out, it was like bro, this is our leader,” said Jerry Manna, a Tulsa resident at the comedy show. “This is our guy. After he did that, I didn’t care what nobody said. I wasn’t accepting no Westbrook slander. No sir.” Westbrook teamed up with Durant and Harden to introduce the Thunder as a league power early this decade. At their height, the young trio led the franchise to the finals seven years ago, a loss to the Miami Heat. Now, Westbrook will be reunited with Harden. The run in Oklahoma City wasn’t supposed to end yet, but George left first for the Los Angeles Clippers, opening the door for an earlier-thanexpected reboot. Thunder forward Jerami Grant was traded before Westbrook, and now Oklahoma City has added multiple first-round picks for its rebuilding project. It will take time and Coach Billy Donovan will get plenty of chances to tinker with his lineup and give young players experience. The Thunder haven’t been in this mode since the 2008-09 season, but Oklahoma City Mayor David Holt said it is time to embrace it. He notes that the same general manager who brought the success—Sam Presti—is still running the show. And that offers a sliver of hope for aching Thunder fans. AP

Giannis Antetokounmpo signs shoes for New York Yankees starting pitcher CC Sabathia. AP

Giannis gives baseball a shot

EW YORK—In hoops, Giannis Antetokounmpo is court royalty. But in baseball, he’s a complete rookie. In fact, the 24-year-old from Greece said he’d never even touched a baseball before he did so Monday night at Yankee Stadium. The reigning National Basketball Association MVP was shocked.

“It was really heavy,” Antetokounmpo told The Associated Press. “I thought it would be lighter.” The Milwaukee Bucks star went on to take a few swings in the batting cage beneath the stands before the Yankees faced the Tampa Bay Rays. The 6-foot-11 Antetokounmpo got some coaching, with limited results—he swung and

ORTRUSH, Northern Ireland—Golf’s oldest championship is all about tradition, and this is one Francesco Molinari could have done without. Fifty-one weeks after he won the British Open and gazed at his name etched on the silver claret jug, he had to return it. Getting it back won’t be easy. “I’m well aware of the challenges ahead,” Molinari said Monday on the first day of official practice at Royal Portrush. “There’s a lot of guys capable this week of winning the trophy. All I can do is do my best, try to put up a good defense and be in contention on Sunday. It’s a long week ahead, so I’ll try to take it step-by-step.” The first order of business was getting to know the links. Molinari was among the 21 players who played the Irish Open in 2012 at Royal Portrush. The sharp elevation, sensational views of the limestone cliffs known as White Rocks and the Dunluce Castle in the distance, it all looked familiar. But it’s not quite the same course. The Royal & Ancient wanted two new holes—Nos. 7 and 8—to weave into the century-old links so that the final two holes could be used for concessions and promotional displays for more than 200,000 spectators expected this week. The elevation is rare for links golf, especially courses in the British Open rotation, and there are fewer pot bunkers. “We play a lot in England where it’s quite flat,” Tommy Fleetwood said. “And in front of you there’s a lot more bunkers on those links courses. These have a few more undulations and a few more blind shots. Sure, in general if you hit a good shot there’s always a bit of unpredictability on links golf. And you’re going to get good breaks and bad breaks. But definitely, poor shots are going to get punished.” Tiger Woods was again out early, this time going 18 holes with Rickie Fowler and Dustin Johnson. Just as much attention—if not more—figures to be on Rory McIlroy, playing before a home crowd in Northern Ireland on a course where he showed off his potential as a 16-year-old who set the course record at Royal Portrush with a 61 in the North of Ireland Amateur. Walking onto the course, fans stopped to watched large video screens of McIlroy’s pure swing as a lad, the curly locks and boyish looks of the teenager who shot the 61 at Royal Portrush, and then the older version of McIlroy tapping in to win the British Open five years ago at Hoylake. He played the Scottish Open last week, finishing in the middle of the pack, and stayed away from Royal Portrush on Monday. The honor of the opening tee shot Thursday goes to Darren Clarke, who was raised in Dungannon but spent his formative years at Portrush, which he now calls home. The R&A chief executive asked Clarke if he would mind starting the 148th Open—and first at Royal Portrush since 1951—and it was an easy answer. This will be a nervous moment, and a proud one. “As soon as he asked me, it was always going to be a yes,” Clarke said. “Will there be tears? No. I’ll just be very proud that we have it back here in Northern Ireland. It’s going to be an amazing tournament. If you see how many people were in here yesterday watching, and again today, and all the practice tickets are all soldout. The atmosphere is going to be amazing.” Clarke had the jug for a year after his victory at Royal St. George’s in 2011, and he brought it with him to Royal Portrush for the Irish Open in 2012. Molinari, who gets panned for being a flat-liner and loves it, didn’t do anything too wild with golf’s oldest trophy. He poured a few drinks from it but mostly kept it out of reach of his children to keep anything from happening to it. “I was very, very careful with it, especially the first few weeks,” Molinari said. “So much so that I forgot my TrackMan on the plane not to forget the claret jug. That, obviously, had the priority.” AP

missed once with the ball on a tee, and made light contact on two other tries. “I would be a terrible baseball player,” he said. The “Greek Freak” was in the Bronx with his three brothers to promote his new signature sneaker and signed a pair for a fan—Yankees pitcher CC Sabathia. Antetokounmpo watched the Yankees take batting practice, which reinforced his notion that he wasn’t destined for the diamond. “I saw Aaron Judge hitting the ball into the stands. That’s amazing. You’ve got to be really strong to do that,” he said. AP

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HE International Container Terminal Services Inc. (ICTSI) Pradera Ladies Classic gets going on Wednesday with the Taiwanese, the Thais and the local top guns all set for three days of battle of shotmaking and wits at the Pradera Verde Golf and Country Club in Lubao, Pampanga. But a host of aces from Korea, Japan, Singapore and Malaysia are also coming into the $80,000 event upbeat of their respective chances, all geared up for the title chase at the flat, hazard-laden par-72 layout which put emphasis on power and putting for its length and sleek surface. The event being part of the Ladies Professional Golf Association of Taiwan (TLPGA), the Taiwanese hope to stamp their class with three of the top 10 players in its current Order of Merit ranking—No. 3 Chen Hsuan, No. 6 Tzu Chi Liu and No. 8 Ching Huang—spearheading their charge. Others tipped to contend in the event organized by Pilipinas Golf Tournaments Inc. and sanctioned by TLPGA are Tai-ling Lee, Hanna Chen, Chia Wen Tai, Hsiao Ling Wu, Hsuan Ping Chang, Lynn Chiu, and amateur Yu Chiang Hou, 18, who bested the cream of the pro crop to snare the TLPGA Ladies Open crown last year, and sister Yu Sang Hou.

Wednesday, July 17, 2019 C3

3-WAY BATTLE UP AT PRADERA LADIES But the Thais, the country’s perennial regional rivals who have scored a number of victories on the Ladies Philippine Golf Tour, are also coming in full force, led by defending champion and multi-titled Yupaporn Kawinpakorn, Thanutra Boonraksasat and Arpichaya Yubol, who nailed back-to-back victories at LPGT Southwoods and Manila Golf legs in April, and former leg winners Ploychompoo Wilairungrueng, Onkanok Soisuwan, Supakchaya Pattaranakrueang and Wannasiri Sirisampant. The Filipinas, however, are also ready for

By Ramon Rafael Bonilla

T Ilagan, Bulanadi power Stags past Cardinals

K ILAGAN and Allyn Bulanadi were deadly as San Sebastian College handed Mapua a hard beating, 92-68, in the National Collegiate Athletic Association Season 95 men’s basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City. For the second straight game, Ilagan was lethal in offense with 20 points that went with four rebounds and eight assists. Allyn Bulanadi added 16 points and five boards as the duo conspired for a big first-half push to help the Knights pull away early and cruise to an easy finish. “We’ve been doing a lot of research and planning for this game. We’re happy that it was executed today,” Golden Stags Coach Egay Macaraya said. “The boys are playing well and they’re just focusing on the game plan. Everybody is enjoying the game and playing good games. We wish to continue this in the coming games,” added Macaraya as his team clinched its second win in the season. Two other Golden Stags registered double figures— Alex Desoyo with 14 and Ken Villapando with 13. Ilagan and Bulanadi combined production for 25 points as San Sebastian built a 46-23 advantage at the half. The Golden Stags never got tired on offense as JM Calma’s lay-up brought them to their biggest lead, 62-49, with 5:46 to play in the third quarter. Noah Lugo and Warren Bonifacio tried to rally the Cardinals in the fourth quarter, but the Golden Stags’ lead was too big to topple. Lugo scored 11 of his team-high 13 points in the final period, while Laurenz Victoria and Bonifacio added 11 and 10, respectively. Mapua remained winless in two games. Letran, meanwhile, downed Jose Rizal University, 55-43, in Tuesday’s other game. Bonbon Batiller fired 14 points and had four rebounds and four assists for the Knights, improved to a 2-1 record. Ramon Rafael Bonilla

HE countdown tower at Clark says 136 days to the 30th Southeast Asian Games and Philippine sports is neck deep in pesky issues. The Philippine Olympic Committee (POC) convenes its general assembly on Thursday to discuss parameters on how to elect its president, chairman and two executive board members—an exercise instigated by detractors of resigned president Ricky Vargas. On Tuesday, Malacañang said it wanted the government to organize and run the SEA Games in lieu of the Philippine SEA Games Organizing Committee (Phisgoc). Presidential Spokesman and Chief Presidential Legal Counsel Salvador Panelo told Palace reporters on Tuesday that President Duterte wants “to get rid of corruption that might get in the way of the privately-formed Phisgoc Foundation.”

The question looked to have been induced to draw Panelo’s reaction to the Phisgoc controversy that has started to smell of politics borne out of its chairman, Taguig City Rep. Alan Peter Cayetano’s Speakership at the House of Representatives. From the House and Palace, the political issue has cascaded to the sports community with the Philippines having to save face as it prepares to host the SEA Games for only the fourth time. “He [President Duterte] said he doesn’t want the [Phisgoc] foundation. He wants the government [to organize the Games],” Panelo said. “He said there’s so much corruption in [private].”

Patrombon targets Suarez title repeat in last year’s Jakarta Asian Games. Also part of the national pool are naturalized player Andray Blatche, mainstays June Mar Fajardo, Japeth Aguilar, Gabe Norwood, Roger Pogoy, Matthew Wright, Troy Rosario and Raymond Almazan. Completing the roster are Mark Barroca, Beau Belga, Kiefer Ravena, CJ Perez, Robert Bolick, Paul Lee, Poy Erram, Marcio Lassiter, Christian Standhardinger and Stanley Pringle.

Ramirez calls for more women coaches HILIPPINE Sports Commission (PSC) Chairman William Ramirez aired the need for more women coaches as he spoke during the opening of the Women In Sports Leadership and Coaching Seminar on Tuesday at the Century Park Hotel in Manila. “Women have the special ability to read the heart and mind of an athlete,” Ramirez told more than 150 sports women leaders, coaches and local government representatives from all over the

Pauline del Rosario will face a tough challenge from the foreign contingent.

CHANGING HORSES IN MIDSTREAM

HILIPPINE sports remain one of the biggest beneficiaries of the Philippine Amusement and Gaming Corp. (Pagcor). The gaming agency on Tuesday reiterated its all-out support to local sports as shown by the increase in its monthly contribution to the Philippine Sports Commission (PSC). Pagcor Chairman and Chief Executive Officer (CEO) Andrea Domingo bared in the weekly Philippine Sportswriters Association (PSA) Forum on Tuesday at the Amelie Hotel-Manila that her office has been averaging P140 to P145 million monthly contribution to the PSC, including a total of P159 million just last month. By her estimate, Domingo said more than P4 billion has already been contributed by the Pagcor to Philippine sports since her appointment to the post three years ago.

CLARKSON NAMED TO GILAS POOL

fancied bets are Sock Hwee Koh of Singapore, Mayumi Chinzei, Yuri Onishi and Kotona Tateura of Japan, Dea Mahendra of Indonesia, Thai Chatprapa Siriprakob, and Korean Ye-nah Hwang, a two-time leg winner in the country’s premier circuit backed by Custom Clubmakers, Meralco, K&G Golf Apparel, BDO, Sharp, KZG, PLDT, Empire Golf and Sports and MY Shokai Technology Inc.

The government has earmarked P6 billion for the hosting of the Games, funding that obviously invites corruption. Cayetano has since denied any mishandling of the funds that would be meticulously released by the Department of Budget and Management through the Philippine Sports Commission. President Duterte, too, has vouched for Cayetano in his earlier pronouncement. “Definitely not,” Panelo said in answer to a question on Cayetano’s integrity in heading the Phisgoc. Philippine Sports Commission Chairman William Ramirez, meanwhile, was stingy with his reaction and said he would need to

clarify what Malacañang really meant with government running the Games that are set from November 30 to December 11. Ramirez is also the chef of mission to the Games. Malacañang itself created the Phisgoc when President Duterte agreed to the country hosting the Games. It is supposed to be led by Ramirez and the POC president.

Domingo: Pagcor will always support Philippine Sports

LETRAN’S Jap Pambid (19) gets entangled with Jose Rizal University’s Stefan Steinl. NONOY LACZA

ilas Pilipinas Head Coach Yeng Guiao included Filipino-American Jordan Clarkson of the Cleveland Cavaliers to the 19-man pool for the Fiba World Cup 2019 in China next month. Just like everyone else, including officials of the Samahang Basketbol ng Pilipinas, Guiao remained hopeful Fiba will allow Clarkson to play. Fiba is strict with its rules on citizenship in the World Cup but relaxes its authority in regional games. Clarkson played for the country

the showdown with former LPGT Order of Merit winners Pauline del Rosario and Princess Superal heading the hosts’ title drive along with Chihiro Ikeda, winner of the last LPGT leg at Midlands last May, guaranteeing a shootout right from the first shot. Daniella Uy, Marvin Monsalve, Alex Etter, Pamela Mariano and Gretchen Villacencio are also joining the title hunt with six local amateurs also hoping to upstage the pros, including Nicole Abelar, Sam Martirez, Chanelle Avaricio, Diana Araneta, Tomi Arejola and Sam Bruce. Other foreign bets expected to crowd the

country who attended the seminar. Joining Ramirez were PSC Commissioner Celia Kiram and Australia-based Coach Patricia Puzon as resource speakers. “Coaching is not always perfect, but it is leadership. I want to honor our Filipino women who truly exemplify self-awareness, ingenuity, love and heroism in honing the best in our athletes,” Ramirez added. Puzon is the author of the book Becoming a

In other windows of the Asian Qualifiers, Standhardinger and Pringle played for Gilas under the circumstance that only one of them can suit for the team as a naturalized player in lieu of the then-suspended Blatche, who was penalized for joining the infamous GilasAustralia brawl. The 27-year-old Clarkson’s mother is from Angeles City, Pampanga. The World Cup is set from August 31 to September 15. Gilas is bracketed with Angola, Italy and Serbia in Group D. Ramon Rafael Bonilla Great Coach and the director, founder and head coach of MAC’s CrankIt Tennis Academy in New South Wales, Australia. “I share the call of Chairman Ramirez to develop our Filipino women coaches,” Puzon said. The four-day seminar is an offshoot of last year’s Women’s Congress, with Ilocos Norte Gov. Maria Imelda Josefa “Imee” Marcos attending the event. The PSC continues to promote activities on women in sports as mandated by law through Republic Act 9710, also called the “Magna Carta of Women.”

“Since the administration of President Duterte which started in July 1, 2016, up until the present time, Pagcor has remitted P4.4 billion to the PSC,” Domingo told the session presented by San Miguel Corp., Braska Restaurant, Ameli Hotel and Pagcor. Part of the Pagcor contribution, according to Domingo, goes to the incentives given to athletes who won in international tournaments, as well as for training and pension of athletes and coaches. In some cases, the agency also extends support to several National Sports Associations (NSAs) such as wrestling, bowling, chess, dancesport and taekwondo. Just recently, Pagcor donated P852 million for the renovation and rehabilitation of the country’s three major sports complexes— Rizal Memorial Complex, Philsports, and Ninoy Aquino Stadium—to be used for the country’s hosting of the 30th Southeast Asian Games later this year. Domingo said the agency also released P200 million to the Philippine SEA Games Organizing Committee (Phisgoc). “We have granted Phisgoc [financial

ulti-titled national team mainstay Jeson Patrombon sets out for a title-retention drive in the centerpiece Open class, while the country’s leading and rising junior campaigners slug it out for top honors in their side of the duel in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Fr. Fernando Suarez Open Championships that gets under way on Friday at the Brent Tennis Center in Biñan, Laguna. The two-weekend tournament kicking off the second half of the PPS-PEPP tennis season also features the Legends division featuring the men’s doubles in the 40s and 50s age categories with the other playdates on July 20, 21, 26, 27 and 28. Patrombon smothered fellow Davis Cupper Johnny Arcilla to rule the inaugural staging of the event held in honor of healing priest Father

Domingo

assistance] based on the memorandum from the President exhorting everybody to help with the hosting of the SEA Games,” said the former Pampanga congressman and Bureau of Immigration chief. That’s why it saddened her learning about the ongoing major leadership dispute among the country’s top sports officials especially with the SEA Games just a good five months away. Suarez, who is also a tennis buff, in Bulacan last year. Father Suarez will also see action in the pro-am competition with Leander Lazaro. Though Arcilla won’t be around to honor a previous commitment, the depth of the competing field remains as talent-laden as ever with the likes of Vicente Anasta, Fritz Verdad, Mark Alcoseba, Noel Damian Jr., Rodolfo Barquin, Eric Jed Olivarez and Lazaro ready and eager to stop Patrombon. Meanwhile, to accommodate the big number of entries wishing to play in the Open, a qualifying will be held also on Friday for the four remaining berths in the main 32-player draw of the event sanctioned by the Unified Tennis Philippines made up of PPS-PEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg.

Al Mendoza alsol47@yahoo.com

THAT’S ALL

Halep, Djokovic and Pacquiao SIMONA Halep of Romania is now a certified majors champion. That’s when she defeated American Serena Williams for the Wimbledon title last weekend, making her now a two-time Slam champion. Really, one Slam is not enough to make you a legitimate majors champ. You need to, at least, win one more time to sort of validate your coronation the first time out. But in defeat, there is no reason for Williams to sulk. Even as she lost her third straight finals appearance, Williams’s niche in history is secure. Her haul of 23 majors, while already a massive 21 majors more than Halep’s two, is just one short of Margaret Court’s all-time best of 24. At 37, Williams isn’t spring chicken anymore. If she had so easily amassed those 23 trophies when she was at the top of her game, her struggle to equal, if not surpass, Court’s 24 Slams would need more than an extra effort from here on for her to be able to rewrite history. But if Halep’s two-set win over Williams was a breeze, Novak Djokovic’s victory over Roger Federer was the match of the ages in terms not only in strokes execution but in the length of time for it to be completed, as well. It took Djokovic four hours and 57 minutes—the longest ever majors final—to nail a 7-6, 1-6, 7-6, 4-6, 13-12 (3) victory over a visibly fagged out Federer in a match that virtually defied all form of conventions. To do it, Djokovic survived two potentially match-ending spills, escaping injuries including even a minor scratch. A miracle. And to finally win it, Djokovic had to buck two championship points with the resilience he’s been famously known for all this time, clinching his fifth Wimbledon crown to tie the legendary Bjorn Borg while increasing his total haul of majors to 16. Amazing. That’s just two behind Rafael Nadal’s 18 and four off Federer’s 20. But more sweet is the fact that Djokovic has now beaten Federer, arguably the greatest of all time, three times in a Wimbledon finals, the other two coming in 2014 and 2015. “It is so unreal as I was up against one of the greatest players of all time,” said Djokovic, 32, who is now 10-6 in the majors tally against Federer and 26-22 in their head-to-head duel overall. “Novak was great and I’ll try to forget as I go back to being Dad and husband again,” said Federer, at 37, a father of four. And, finally, to Manny Pacquiao. My take is, he will knock Keith Thurman out between the fifth and ninth rounds. If Thurman survives and finishes the 12-round fight, it’d be Pacquiao by unanimous decision. Lunch with wine at stake. THAT’S IT San Miguel Beer will try to formalize its unimpeded advance to the next round of the Philippine Basketball Association Philippine Cup when it battles Meralco today. With a 5-5, win-loss card after stringing up three straight wins against NLEX, Phoenix Fuels and Rain or Shine, the Beermen can clinch an outright quarterfinals berth with a win over the Bolts. Otherwise, a loss could create complications for SMB as it might put it to a deadlock for the eighth and final slot— necessitating a possible playoff in case it garners a higher quotient than its rivals. There is but one major key for SMB to avoid such a bind: Chris McCullough must continue his spectacular performance and tow the Beermen to a fourth straight victory. The 6-foot-9 import sparked SMB’s resurgence with three straight monster games, including that one on Saturday when he drilled in a three and next fed June Mar Fajardo for a dunk that ensured SMB’s victory over Rain or Shine. PHILIPPINE Sports Commission Chairman William Ramirez, Commissioner Celia Kiram and Australiabased Coach Patricia Puzon pose with the delegates of the Women In Sports Leadership and Coaching Seminar.

Sports BLOWING IN THE WIND BusinessMirror

| Wednesday, July 17, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

LBI, France—Geraint Thomas and his teammates don’t need a mountain to deliver a hammer blow on their rivals at the Tour de France. They can do it on the flat, too. With a little help from the wind. The defending champion was the big winner of a chaotic Stage 10 in southern France on Monday when French rival Thibaut Pinot and other title contenders were caught napping by a treacherous combination of winds and narrow roads. Unable to all ride at the front, Pinot and other riders got left behind when the winds first stretched and then shattered the peloton into groups over 35 frantic final kilometers of a 217.5-kilometer (135-mile) trek from Saint-Flour to Albi in south-central France. Perfectly positioned at the front when the pack took different routes around a traffic circle, triggering the first split, Thomas and his Ineos teammates put pedal to the metal to make the gap on Pinot and other contenders caught behind as big as possible. The bill for the French podium finisher in 2014, as well as Rigoberto Uran, Jakob Fuglsang, and Richie Porte was costly. They rode in a whopping one minute and 40 seconds behind Thomas. “At the start we said at some point this race is going to split,” explained Luke Rowe, one of Thomas’s teammates. “We were all over it with numbers at the front.” Once opened, the gap increased speedily, with yellow jersey-holder Julian Alaphilippe and Ineos riders setting a frenetic tempo until the end. “We were straight on the front foot, we knew it was on us to drive it to the line,” Rowe said. “I was saying to the guys, ‘This is a TTT [team time trial] all the way to the finish line.’” Tour de France rookie Wout van Aert won the stage with a sprint to the line. But Thomas was the headline act. “I couldn’t think of anything better,” Thomas said. “It’s especially good on a day like today when you never expect it. It was just a positioning error from them and

THE pack rides during the 10th stage of the Tour de France as Britain’s Geraint Thomas and France’s Julian Alaphilippe wearing the leader’s yellow jersey stay within sight of each other. AP

they lose a minute and a half. That’s how it goes.” Ahead of big Pyrenean stages this week, Thomas vaulted to second place overall, 1:12 behind Alaphilippe, with teammate Egan Bernal in third place, four seconds further back. After a flawless start to the race, it was Pinot’s first mistake, and a big one. Looking to become the first Frenchman to win the race since Bernard Hinault in 1985, he dropped from third to 11th overall, 2:33 behind Alaphilippe and 1:21 behind Thomas, perhaps not fatal to his Tour but a huge setback. Pinot used an expletive to describe his day. “What do you want me to say? There’s nothing to say,” he said, looking absolutely disgusted. Tour de France Director Christian Prudhomme was

almost as disappointed. “He was ideally placed in the Tour and to be trapped like that in the last 35 kilometers of the stage before the rest day is sad for him,” he said. “It’s a lot of time lost.” The peloton split into three groups on a long but narrow section of road opened to the wind when Alaphilippe’s Deceuninck Quick Step teammates sped up the pace at the front to close the gap to six breakaway riders. The fugitives were reeled in with 25 kilometers (15 miles) left before Thomas and Co., working well with Alaphilippe’s team, pushed harder in an impressive display of collective strength. “It’s not only in the mountains where you can gain time, we have a strong team for days like today, too, and that’s what we showed,”

Garlic soup in Toulouse-Lautrec country A LBI, France—Terrible timing: Wout van Aert, the Belgian winner of Monday’s stage at the Tour de France, just missed the garlic harvest in Lautrec, and he was a few weeks too early for next month’s garlic festival. Stage 10 through the golden corn fields of southcentral France to Albi brought the Tour within a quick pedal of the garlic-producing village that gave local artist Henri de Toulouse-Lautrec, born in Albi in 1864, part of his surname. Lautrec’s pink garlic is famously pungent; it has a Red Label used in France to designate foodstuffs of superior quality. As with Champagne, only garlic producers in a zone stretching from the outskirts of Albi to Castres further south and west toward Toulouse, where Stage 11 ends and Stage 12 starts, can market their bulbs with the Lautrec label. Bulbs harvested in recent weeks are now drying in sheds. Only once they’ve shed much of their moisture and their stalks are no longer green can they be sold. The opening of the selling season is marked by an annual garlic festival in Lautrec, on the first Friday of August. By then, Geraint Thomas may well be celebrating his second Tour title, judging from how he raced on Monday. The 2018 champion caught French rival Thibaut Pinot and other

title contenders napping on what, on paper, had the makings of a fairly uneventful stage. Pinot got left behind when crosswinds broke the main Tour pack into groups, with Thomas and his Ineos teammates speeding off at the front. The mistake cost Pinot dearly. At the start of the stage in Saint-Flour, Pinot had been in third place, leading Thomas by 19 seconds. By the end in Albi, the 2014 podium finisher shouldering French hopes for a first homegrown winner since 1985 had slumped to 11th, now a sizeable one minute, 21 seconds behind Thomas. Thomas vaulted from fifth to second, still 72 seconds behind race leader Julian Alaphilippe. Pinot described his day with an expletive, looking as sour as someone chewing on a bulb of raw garlic. Garlic soup is more palatable. There’ll be free servings of the stuff at Lautrec’s garlic festival on August 2, along with competitions for the best bulb of garlic, the best artistic creation made with garlic, and the best garlic tarte. Robert Pagès is the grand master of the Brotherhood of Lautrec Pink Garlic, which promotes the product. But when called on Monday for a garlic soup recipe, he passed the phone to his wife, Therese. She says she’s tried making soup with garlic from

places other than Lautrec and “it doesn’t give the same thing...it’s bland.” Lautrec garlic “has very fruity flavor, far fruiter and tastier than white garlic or purple garlic,” she said. To 5 liters [10 pints] of water, add 140 grams (5 ounces) of Lautrec garlic, pureed as finely as possible “so you don’t have lumps in the mouth,” and boil for 10 minutes, she said. Set aside a cup of soup to cool. Add four cubes of vegetable stock and two fistfuls of vermicelli noodles to the rest and, once they’re cooked in about five minutes, turn off the heat. Make fresh mayonnaise, adding the cup of cooled soup. Then add that mixture to the rest of the soup. Salt, pepper, eat. “Delicious. Even people who don’t like garlic are always surprised. The mayonnaise softens the taste of the garlic,” Therese Pagès said. Her brother is a garlic producer, on the farm where their father also grew garlic for sale in winter months when the family’s other cashcrops were dormant. AP

Thomas’s teammate Dylan van Baarle, said. Enjoying another day in yellow, Alaphilippe said he and his teammates were thinking about placing Elia Viviani for the finish-line sprint when they accelerated, not deliberately trying to hurt Pinot. “We didn’t plan to split the bunch. We only expected the stage to be nervous and tricky. Our intention was only to protect my yellow jersey and to focus on a sprint,” he said. “We knew precisely at which kilometer there was a risk of crosswinds. All teams gave the same instructions. There was a lot of stress and pressure in the peloton and when it split, everyone expected it, then we did the maximum.” A three-time cyclo-cross world champion starting to live up to his billing as a future star, Van Aert is riding his first Grand Tour. “The last 70 kilometers were very nervous,” he said after edging Viviani by just a few inches. Australian Caleb Ewan placed third. Van Aert surged from the left in the last stretch and resisted Viviani’s comeback by throwing his bike at the line. The up and coming Belgian said he got the OK from his team bosses to race for the win because his team leaders were trapped in the group behind. But even then he didn’t expect to beat recognized sprinters such as Viviani and Peter Sagan in a photo finish. “It’s crazy,” he said. AP

Argentine sport court member advises Messi to apologize

UENOS AIRES, Argentina—Lionel Messi should apologize for his harsh comments at the Copa América in order to avoid a sanction, an Argentine member of sport’s highest court said on Monday. Following defeats in the last two finals, Messi had another frustrating end to the tournament when he was sent off in the third-place game between Argentina and Chile. He protested the refereeing and alleged “corruption,” claiming Argentina had been treated unfairly. Although a decision has not been announced, Conmebol could penalize Messi. “I’d advise Messi to apologize because they’re going to shake him with a sanction,” Gustavo Abreu, an Argentine member of the Court of Arbitration for Sport told local Club Octubre radio. “He should apologize so they don’t hit him with everything.” Abreu also suggested the Argentine Football Association contact Messi and ask him to say sorry. Messi was red carded after getting into a first-half shoving match with Chile midfielder Gary Medel, who also was ejected. Argentina won 2-1 but Messi didn’t show up for the medal ceremony to protest the refereeing. He had harsh words after the match, saying “we shouldn’t take part in this corruption.” Messi had several objections. “There was lack of respect toward us during this Copa América,” he said. “We could have done better, but they didn’t let us make it to the final. Corruption and the referees are not letting the fans enjoy football. This is ruining football.” Messi had already loudly complained against Copa América refereeing after Argentina’s loss to Brazil in the semifinals, hinting the result was expected because the hosts were allegedly in charge of South American soccer. Messi said he expected Brazil to win the final against Peru, claiming it was already set up for the host’s victory. When asked if he feared being suspended for his comments, Messi said “the truth needed to be told.” Conmebol later released a statement condemning the “unacceptable” and “baseless accusations” that discredited the Copa América’s integrity. “In football, sometimes you lose and sometimes you win,” the statement said. “One of the fundamental pillars of fair play is to accept the results and the refereeing decisions with respect.” AP

Lionel Messi loudly complains against Copa América refereeing after Argentina’s loss to Brazil in the semifinals. AP

Faithful God

EAR God, You fill the world with awe and splendor. In faith we pray: Creating God, hear our prayer: Help us to make choices that benefit those who are without adequate food, water or shelter. Uphold efforts to promote and protect the dignity of the unborn and women in crisis pregnancies. Inspire artists, writers, editors and all who use their gifts to display and preserve the natural beauty of the Earth through their works. May the peace of Christ reign in our hearts, now and always. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

‘THE LION KING’ CAST TALKS REIMAGINING THE DISNEY CLASSIC D3

BusinessMirror

Beyond the $5-billion fine, more headaches await Facebook F

By BarBara ortUtay The Associated Press

ACEBOOK may be close to putting a Federal Trade Commission (FTC) investigation behind it. But it faces a variety of other probes in Europe and the United States, some of which could present it with even bigger headaches. While the $5-billion fine from the FTC, which Facebook has been expecting, is by far the largest the agency has levied on a technology company, the real worries for Facebook—and its investors and the companies that use it to advertise on its service—are the other restrictions and government oversight that might come with it. This goes for the other investigations as well, which span the globe from the European Union, Germany, and Belgium to New York, Canada and elsewhere. “This fine signals that regulators are ratcheting up the pressure,” said Dimitri Sirota, the CEO of BigID, a business data privacy company, in an e-mail. He said that the FTC action, together with recent European fines on British Airways and Marriott, shows that regulators around the world are getting bolder in cracking down on data privacy violations. Facebook

Apple says it’s fixing bug in Walkie Talkie app CUPERTINO, California—Apple says it’s fixing a security flaw affecting the Walkie Talkie app on Apple Watch. The company said on Friday it has temporarily disabled a feature that could have allowed someone to listen through another person’s iPhone without that person’s consent. Apple says it’s not easy to exploit the bug to spy on a customer and there’s no evidence anyone has done so. The company says it plans to fix the problem quickly. Apple pledged earlier this year to respond more quickly to people who report vulnerabilities after a 14-year-old boy in Arizona discovered a serious FaceTime group-chatting bug that went unaddressed for more than a week. Apple later rewarded the teenager for his sleuthing. AP

may think the fine is easily affordable, he said, but it hurts its image and trustworthiness. Beyond the regulatory investigations, Cowen analyst John Blackledge noted that Facebook and other big companies also face broader antitrust concerns. Facebook has enjoyed more than a decade of unfettered growth as Silicon Valley’s golden child, trusted to regulate itself and keep its 2.4 billion users’ interests at heart. Then came Russian meddling in the 2016 elections, fake news and the Cambridge Analytica scandal, in which a political data mining firm affiliated with the 2016 presidential campaign of Donald Trump improperly accessed the personal data of as many as 87 million users. Regulators, mainly in Europe but also in the US, perked up. And now Facebook faces the prospect of not only billions more in fines, but additional restrictions on its business. IRISH DATA PROTECTION COMMISSION IRELAND’S data regulator has launched an investigation of Facebook over the Cambridge Analytica data leak last year. At issue is whether the company complied with strict European regulations that went into effect in May 2018 covering data protection. Under the new rules, companies could be hit with fines equal to 4 percent of annual global turnover for the most serious violations. The probe could potentially cost Facebook more than $2.3 billion in fines based on its 2018 revenue, or more if it makes more money this year, which is all but certain. The commission, which handles online data regulation for the European Union, has nearly a dozen open investigations on Facebook that include its subsidiaries WhatsApp and Instagram, which could carry additional. Facebook says it is cooperating with the investigations. U.S. HOUSING AND URBAN DEVELOPMENT THE US government charged Facebook with hightech housing discrimination in March for allegedly allowing landlords and real-estate brokers to systematically exclude groups such as non-Christians, immigrants and minorities from seeing ads for houses and apartments. The civil charges filed by the Department of Housing and Urban Development could cost the social network millions of dollars in penalties. More important, they’re already affecting the company’s business model—its ability to target ads with nearsurgical precision. By its nature, this sort of targeting excludes some people and includes others. And that’s not always legal. The charges came despite

changes Facebook announced just a week earlier to its ad targeting system. The company had agreed to overhaul its targeting system and abandon some of the practices singled out by HUD to prevent discrimination, not just in housing listings but in credit and employment ads, as well. The move was part of a settlement with the American Civil Liberties Union and other activists. But HUD didn’t join the settlement. Facebook says it continues to work with civil-rights experts on the issues. CANADA’S PRIVACY CZAR IN more fallout from Cambridge Analytica, Canada’s privacy head announced in April that he is taking Facebook to court after finding that lax privacy practices allowed personal information to be used for political purposes. A joint report from privacy commissioner Daniel Therrien and his British Columbia counterpart said major shortcomings were uncovered in Facebook’s procedures. It called for stronger laws to protect Canadians. Facebook says it is taking the investigation seriously. U.K., BELGIUM, GERMANY IN October, British regulators slapped Facebook with a fine of £500,000 ($644,000)—the maximum possible—for failing to protect the privacy of its users in the Cambridge Analytica scandal. The company said it is appealing the fine, so the matter is still, technically, unresolved. The Belgian Data Protection Authority and Germany’s Federal Cartel office are also looking into Facebook’s data collection practices. WASHINGTON, D.C., STATE ATTORNEYS GENERAL IF the federal investigations weren’t enough, Facebook also faces local government bodies. Attorneys general for Washington, D.C., and California are looking into Cambridge Analytica, while the New York attorney general is investigating the company’s unauthorized collection of 1.5 million users’ contact lists. Facebook said that it is working with the New York attorney general’s office and that the collection was unintentional. It also says it is cooperating with the other attorneys general in their probes. FBI, S.E.C. THOUGH the scope of their involvement with the FTC investigation is unclear, Facebook has confirmed that it has received questions from the Federal Bureau of Investigation and the Securities and Exchange Commission over Cambridge Analytica and that it is cooperating with the inquiry. n

Wednesday, July 17, 2019

‘MISS US?’ TWITTER HIT WITH HOUR-LONG OUTAGE

SAN FRANCISCO—“Miss us?” Twitter tweeted from its official account as the Great Twitter Outage wound down. We did, apparently. For nearly an hour on Thursday, the service we use to keep up with everything and nothing appeared inaccessible for people around the world, regardless of celebrity status or follower count. We reloaded and reloaded. Some turned to Instagram, Facebook and even LinkedIn to express outrage over the outage. But it was just not the same. Then, shortly before 1 pm PT, it was back for many of us. Twitter posted an explanation on its status page blaming an “internal configuration change” that it was fixing. The model Chrissy Teigen phrased the collective sigh in all caps, tweeting “OH THANK GOD.” Earlier, she turned to Instagram to post what looked very much like a tweet: “TWITTER IS DOWN I DON’T KNOW WHERE ELSE TO SAY THIS AHHHHHH.” How serious she was is in the eyes of the beholder. The hashtag “TwitterDown” was trending as users recalled their experiences. Some were too young to remember a time when such an outage was a common occurrence. Outages were so widespread in Twitter’s early years that a cartoon “fail whale” that the company displayed during outages came to symbolize Twitter almost as much as its little blue bird icon. The whale was retired in 2013, largely because Twitter didn’t want to be associated with what it represented any more. After all, outages had become far less common. This time, Twitter’s home page read in part, “Something is technically wrong. Thanks for noticing.” The disruption appeared to affect both Web and mobile app users. According to Down Detector, a web site that tracks outages, problems were reported from the US, Europe and elsewhere. Facebook and Instagram have also experienced outages recently, during which time users turned to Twitter to joke and complain. But for the politicians, celebrities and other public figures who use Twitter as their main communications platform—and for the people who follow them—nothing quite compares with the immediate, public nature of the service. The outage came as President Donald J. Trump convened a White House conference of like-minded critics of Big Tech. Tech companies, such as Twitter weren’t invited. AP

THE WF-1000XM3 is Sony’s latest addition to the renowned 1000X family of premium wireless headphones.

NOISE-FREE, WIRE-FREE, WORRY-FREE

CONSUMER electronics giant Sony (www.facebook. com/SonyPhilippines) has expanded its renowned 1000X family with the addition of new generation truly wireless headphones: the WF-1000XM3. The company’s industry-leading Noise Cancellation is improved further with the HD Noise Canceling Processor QN1e chip and Dual Noise Sensor Technology which delivers exceptional noise canceling performance, enabling you to hear the music and nothing else. With the Dual Noise Sensor Technology, one feed-forward microphone and one feed-back microphone on the surface of the headphones catch more of the ambient sound around you. Having caught the ambient sound, the dedicated noise canceling processor cleverly creates an inverted sound wave to offset bothersome background noise. It not only cancels more noise across almost all frequencies but also uses less power. Anything ranging from annoying aircraft cabin noise to hustle and bustle on the city streets is dramatically canceled by the buds—so it’s all about the music. The HD Noise Canceling Processor QN1e has low power consumption, boosting the battery life and your listening time considerably. You can listen for up to 24 hours, thanks to WF1000XM3 earbuds’ sleek case that doubles up as a charger, perfect for a battery boost on the go. The buds even have a quick charge function—just 10 minutes of charging gives you up to 90 minutes of battery life. For ease, you can use Quick Attention mode to communicate without removing your earbuds. Simply place your finger over the touch panel of the left earbud to quickly lower the music volume and let the ambient sound in, so you can hear announcements or order a drink. Plus, with the fully customizable touch sensors on the earbuds, you can easily play, pause, skip songs or activate your voice assistant with simple taps. Additionally, the new Wearing Detection feature automatically pauses your music when you remove one of the earbuds from your ear and resumes playing when you put the earbud back in your ear, so you never miss a beat. Optimized for the Google Assistant, you can control your headphones by voice, making the WF-1000XM3 the perfect commuter companion. The headphones are also compatible with the Sony Headphones Connect app, where you’ll find customization for sound, noise cancellation, touch controls and more.

Wednesday, July 17, 2019

Pet Corner BusinessMirror

Every dog has its day, but it’s not on holidays with fireworks H

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Luke Bryan, 42; Carey Hart, 43; David Hasselhoff, 66; Donald Sutherland, 83. HAPPY BIRTHDAY: Home improvements are encouraged this year. Making a move or positive changes to the way you live will lift your spirits and motivate you to get involved in the creative process of turning your surroundings into a place of comfort and convenience. Love, romance and personal growth are highlighted, along with achieving greater stability and personal happiness. Your lucky numbers are 8, 13, 24, 28, 35, 41, 44.

By Christine Calder Mississippi State University

OLIDAYS that are marked by plenty of fireworks, such as the Fourth of July or New Year, can be a miserable day for dogs. The fireworks make scaredy-cats out of many canines. That’s because dogs, like humans, are hardwired to be afraid of sudden, loud noises. It is what keeps them safe. Some dogs, though, take that fear to the extreme with panting, howling, pacing, whining, hiding, trembling and even self-injury or escape. And, unlike humans, they don’t know that the fanfare on such holidays is not a threat. Dogs hear the fireworks and process it as if their world is under siege. How a dog responds to noises may be influenced by breed, with German shepherd dogs more likely to pace, while border collies or Australian cattle dogs are more likely to show their fear by hiding. While we veterinarians don’t know exactly why some dogs are afraid of fireworks and others not, many dogs that react to one noise often react to others. Therefore, early intervention and treatment are essential in protecting the welfare of these terrified dogs. Here’s how you can protect your dog from fireworks. n Take your pet to the vet. If your dog is afraid of fireworks, the first step is to have your veterinarian evaluate him or her, especially if your dog’s noise sensitivity is relatively new. One recent study found a link between pain and noise sensitivities in older dogs, indicating that muscle tension or sudden movements in response to a loud noise may aggravate a tender area on the body and thus, create an association between the loud noise and pain, causing fear of that particular noise to develop or escalate. n Create a “safe haven” in your home with a secure door or gate, preferably away from outside windows or doors. Close the blinds or curtains to reduce outside noises, and play some classical music to help reduce stress by creating a relaxing environment for your dog during the celebration. A

ARIES (March 21-April 19): Get involved, participate and make a difference. Use your voice to bring about change. Share and make suggestions, but be willing to listen to what others have to contribute. Much can be accomplished if you are a team player. HHH

TAURUS (April 20-May 20): A little downtime will do you good. A change of scenery or a shopping spree will give you some great ideas for ways to update your image or lifestyle. Express how you feel by doing something nice for someone you love. HHHHH

GEMINI (May 21-June 20): Don’t take anything or anyone for granted. Offer what you can and be honest about what you are willing to take on. Expect to face delays and the need to backtrack in order to finish what you start. HH

CANCER (June 21-July 22): Personal improvements can be made. Whether it’s a quick makeover or starting a fitness and health routine, you’ll be happy with the results, and you’ll feel good about what you accomplish. Show someone special how much you care. HHHH

LEO (July 23-Aug. 22): Take your time and live within your means. Trying to do too much will put you in a vulnerable position. Aim to stabilize your situation, not complicate matters. Live up to your promises and take care of your responsibilities. HHH

white noise machine or box fan may also help reduce anxiety, along with a pheromone like Adaptil sprayed on bedding, a bandanna, a collar, or from a diffuser plugged into the wall. n Consider noise-canceling headphones such as Mutt Muffs to muffle the sounds and further reduce noise sensitivities. n Find a food your pet will love. This could be cut pieces of boiled chicken or squeeze cheese. Sit with your pet and feed him with each boom. You can also use a long-lasting food-dispensing or puzzle toy to release food continuously during the celebration. This is to help your dog make a positive association with the noises for the future.

n Consider anxiety wraps, fabric wraps that exert a gentle pressure on your dog’s body. These may help to lower heart rate and other clinical signs of fear and anxiety, operating on the belief that they swaddle a scared animal and thus calm its fears. These work best, however, in conjunction with a complete behavior treatment plan including medication or behavior modification, or both. n When it comes to comforting your dog, the jury is still out. It is difficult, however, to reinforce an emotional response with comfort. Therefore, it is OK to pet your dog when frightened by a noise event so long as the dog appears to be comforted and not more distressed by the attention. AP

more sustainable solutions.” Due largely to poaching, the population of the Philippine pangolin (Manis culionensis) has plummeted as much as 95 percent since the 1980s, locally making it critically endangered—one step above extinction. “The illegal wildlife trade is run by organized syndicates with their own systems for capturing and smuggling pangolins, so we must tighten security,” explains Atty. Edward Lorenzo, USAID’s Protect Wildlife crime prevention advisor. Traffic records 667 Philippine pangolins apprehended by authorities from 2001 to 2017, with 10 live animals recovered at a checkpoint in Tagaytay City last June. Some of the recovered animals came from other countries. In April 2013, a Chinese poaching vessel rammed into the Philippines’s famed Tubbataha Reefs. Found aboard were 2,870 dead pangolins. “DNA tests conducted on the pangolins confiscated off Tubbataha in 2013 revealed they came not just from Palawan, but Cambodia, Indonesia, Malaysia and Vietnam. This proves that illegal traders source their contraband from all over Southeast Asia,” explains Dr. Theresa Mundita S.

VIRGO (Aug. 23-Sept. 22): Set up a plan and follow through. Your ability to bring about positive change in a practical way will be impressive. A partnership will lead to unexpected opportunities. Change will result in greater stability. Physical improvements are favored. HHH

LIBRA (Sept. 23-Oct. 22): Take care of your chores and focus on what you can do for others. Your assistance will be welcomed but may not be appreciated with the rewards you expect. HHH

SCORPIO (Oct. 23-Nov. 21): Make sure you have everything in order before you get started. Being ill-prepared will make others question your ability. Keep your life and activities simple, affordable and moderate. HHHH

Philippine Marines: Easier to find rebels than pangolins “IT’S easier to find rebels in the mountains than pangolins,” grunted a sergeant from the Philippine Marine Corps. Battle-hardened Marines from the third Brigade joined researchers to find pangolins in the dense, rattan-tangled jungles of southern Palawan last month. Pangolins are scaly mammals which slurp ants and termites with their sticky tongues. Caught for traditional Chinese medicine and dubbed as most illegally trafficked mammals on Earth, they’ve become global icons of how animals face extinction via the illegal wildlife trade. Traffic estimates that around a million pangolins have been traded through 67 countries in the past decade, prompting a global ban often skirted by smuggling rings. The belief that pangolin scales—in reality made of keratin (the same material as hair and nails)—has mystical powers dates back centuries. “No one pays for powdered fingernails, but traditional Chinese medicine believers spend a fortune for powdered pangolin scales, which are no different,” says Dr. Sabine Schoppe, an expert on the Philippine pangolin. “Legal prescribed medicines are cheaper and more efficient alternatives. It’s time to leave old traditions behind and opt for

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Lim, executive director of the Asean Centre for Biodiversity. “Efforts to combat the trade cannot be undertaken separately, at a country by country level, but through coordinated action at the regional level.” USAID’s Protect Wildlife Project is working closely with the Palawan Council for Sustainable Development and Katala Foundation to assess pangolin numbers in mainland Palawan. It is funding a dozen ground surveys, each covering 200 hectares. Thirty-five camera traps to catalogue wildlife have also been deployed. The Marines, some of who are Marawi veterans, embraced the idea of helping save wildlife. “The researchers spent six months just to find two pangolins,” notes Sgt. Darwin Balutan, who served in Jolo and Basilan. “It seems there aren’t many left.” Environmentalist Gregg Yan from Best Alternatives joined the expedition to interview the troops, who vowed to protect Palawan’s pangolins. “We’re often in the jungle, but it’s our first time to notice how much wildlife there is in the Philippines,” says Sgt. Norman Pintor. “The conservation community can count on us. We’re proud to serve our country whatever way possible.”

SAGITTARIUS (Nov. 22-Dec. 21): You’ll need to take a closer look at your spending habits and consider who is taking advantage of you and your generosity. Helping someone who is undeserving will cause you to fall short when it comes to your personal responsibilities. HHHH

CAPRICORN (Dec. 22-Jan. 19): You’ll be tempted to express yourself emotionally. Before you do, make sure you have your facts straight. Someone is likely to stand up to you if you get into an emotional discussion that reveals too much personal information. HH

AQUARIUS (Jan. 20-Feb. 18): Put more time and effort into saving and building your equity. If you are excessive, it will leave you in an awkward position that could disrupt your relationship with someone close to you. HHHHH

PISCES (Feb. 19-March 20): Your unusual way of looking at situations will help you come up with the right tools to turn a negative into a positive. Romance or making a personal improvement will boost your morale. HHH BIRTHDAY BABY: You are perceptive, opportunistic and adaptable. You are industrious and innovative.

‘stress test’ BY JOHN GUZZETTA The Universal Crossword/Edited by David Steinberg

ACROSS 1 Drifts, as a scent 6 Unwelcome inbox filler 10 Window molding 14 Greek assembly place 15 RC drink 16 (I’m not a cowardly lion!) 17 Remember past November races? 20 Sinclair who wrote The Jungle 21 Albuquerque Isotopes’ baseball league 22 Approves 24 Jot down minimum temperatures? 30 Bob Marley genre 33 Opposite of WNW 34 Stud horse, to many foals 35 Saint for whom the Russian alphabet is named 36 Ship’s bell sound 38 Superman foe Luthor 39 Appease Xbox users? 42 Fraternity T 43 Very overweight 44 Mountain ridge (EATER anagram) 46 WNBA game airer

8 Survived in musical chairs 4 49 “Just be patient” 50 Leave lab animals in a maze? 53 Chemical suffix with ox 54 “Huh?!” 55 ___ candle (firework) 58 Put bosses’ pictures in a slideshow? 65 Dutch guilder’s replacement 66 Superman partner Lane 67 Actress ___ Michelle Gellar 68 Jack who played Sgt. Friday 69 Inscribe into metal 70 “Go ahead, ask” DOWN 1 Major conflict 2 Information ___ 3 Market research panels 4 Pitfall 5 Shaker contents 6 Part of an act 7 Ilhan Omar or Kamala Harris, briefly 8 Tankard contents 9 1990s dance craze 10 Legal drama events 11 Pooh pal in a blue shirt

2 Moonraker author Fleming 1 13 ___ Butterworth’s 18 Oral history 19 Tiny bit 22 Mordor warrior 23 Jingling pocket item 25 Piano relative 26 Missouri tribe 27 Plant concerning to environmentalists? 28 Took away by force 29 Explicit song subject, perhaps 31 Word before “rummy” or “fizz” 32 Too 36 Translucent 37 FBI guy 40 Part of a West Point course? 41 Historical period 42 Broadcaster Koppel 45 Barnyard mama 47 Dissatisfied worker’s desire 49 “The Heat ___” (Glenn Frey song) 51 Baseball scoreboard letters 52 Wreck, as a hotel room 56 Spinnaker supporter

7 Food thickener 5 58 Hymnal-holding seat 59 Regret 60 Sphere 61 Tyke 62 It picks things up when it’s hot 63 Smash (into) 64 ___/her pronouns Solution to yesterday’s puzzle:

Show BusinessMirror

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‘The Lion King’ cast talks about reimagining the Disney classic

By Katie Campione The Associated Press

OS ANGELES—Disney’s The Lion King has received no shortage of remakes and spin-offs in the years since its original 1994 release. Now, as the film reaches its silver anniversary, Disney delivers a new take on the animated musical. Cast and crew gathered in Hollywood for The Lion King world premiere on Tuesday night, and discussed reimagining the classic. “I think I’m really lucky, because I feel like a lot of the people who are experiencing it don’t remember the first one,” joked Donald Glover, who voices adult Simba. “[The original film] is such a big part of who I was,” Glover continued, adding he felt the weight of his role especially during his duet of “Can You Feel the Love Tonight?” with costar Beyoncé. “Tackling it was really just trying to make the song feel as emotional as it was before,” he said. While the remake pays homage to the source material, a new approach allowed for more creative liberties than its predecessor, many cast and crew noted. Hans Zimmer, who composed the original film’s underscore, said he was excited to produce new compositions as well as revamp original music cues. “This time, I could breathe,” he said, explaining that some of his music was performed too fast the first time around. “I could let them play properly. I could do things with them that I never did before.” Composer Lebo M. said the remake will feature tunes from the original, and a host of new songs, as well as the anthem “He Lives in You,” which debuted in the stage production. “We wrote it originally for the movie 25 years ago, and it made its mark on Broadway and around the world, and it’s now a very special version in this movie soundtrack,” he said. “The music department, we went crazy.” At times, so did the cast. Actor Billy Eichner, who voices Timon, said director Jon Favreau (who also helmed Disney’s recent The Jungle Book) allowed him to record his voice-overs alongside his costar Seth Rogen, the voice of Pumbaa. Most voice actors do the job solo. “I think it all comes back to Jon Favreau for being brilliant and knowing how to do a big spectacular film that people can also relate to and make it feel organic and genuinely funny,” Eichner said. “Even when Donald Glover came in to do ‘Hakuna Matata’ in our

BLIND SPOT BRUCE C.

STRINGING HER ALONG

THIS actor really did a number on the actress and their fans, if the stories are to be believed. So the actor was pulled out of limbo to do a project with the actress, who happens to be his ex. The actor made everybody, including the actress, believe that he had fallen in love with her again. And she fell—again. But a girl emerged from the shadows and it appears that she and the actor have been seeing each other for a while. So the actress was again left devastated. Meanwhile, sources have revealed that even before the actor and the actress did the project, the actor and his girl were already living together. If this is true, it means that he deceived the actress and made her believe he still liked her when, in fact, he no longer.

PROBLEMATIC RELATIONSHIP

THE son of two rich celebrities has a beautiful girlfriend but the young couple’s path seems to be very problematic. First, the boy’s mom discovered that her son was doing the groceries for his girlfriend’s family. So she put her foot down after discovering that her son had incurred unusually big charges on his credit card, which is an extension of hers. After that, the boy’s mom discovered that her husband, who has had a history of being a philanderer, seemed overly interested in the girl. She has caught him looking at her inappropriately a number of times. The wife is scared because the girl seems the type to be into men of wealth and power. So what did she do? She told her son not to bring the girl home always because it could ruin her reputation.

NOT A PLAYGIRL

BOB IGER (left) chairman and CEO of The Walt Disney Company, poses with The Lion King cast member Beyoncé (center) and the film’s director Jon Favreau at the premiere of the film at the El Capitan Theatre, on July 9 in Los Angeles. AP

scenes together, we were all riffing. We kept it very organic and very raw, and I think the movie hopefully benefits from that.” Glover shared a similar sentiment about Favreau, saying the director’s vision for the remake is the reason he signed on. “The story of us all being connected is a universal truth that we really can’t ignore anymore,” he said. “If we don’t really like to see the value of our lives together, what’s the point of all this? Because we’re all connected.” The vibrant red carpet hosted stars including

THE cast of LSS (Last Song Syndrome) during the formal launch of the 2019 Pista ng Pelikulang Pilipino at Sequioa Hotel. LSS, produced by Globe Studios, is among the 10 films that will be featured in the film fest.

former Destiny’s Child singers Michelle Williams and Kelly Rowland, Tiffany Haddish, Jamie Foxx, Chrissy Metz, Tracy Morgan, Yara Shahidi, Chloe x Halle and Zooey Deschanel (whose father, Caleb Deschanel, is the cinematographer). Inside, Favreau introduced the cast, who were met with a standing ovation before the film started. He also singled out filmmakers of the animated original that were in the audience for special thanks. n AP Entertainment writer Mike Cidoni Lennox contributed to this story.

GABBI GARCIA and Khalil Ramos, the stars of LSS share a light moment during the launch.

Create and listen to the soundtrack of life and love JUST like any relationship, life—and love—are utterly complicated. But that doesn’t mean that one will just give up the search for that great love. And what better way to relive the pain, the struggle and the kilig moments of yesteryears by watching a movie that anyone can relate with? From the same production company that gave moviegoers Birdshot, Goyo: Ang Batang Heneral and Hintayan ng Langit, Globe Studios, the content subsidiary of communications giant Globe Telecom (www.globe.com.ph), presents another high-quality, timely and endearing film. Its latest offering LSS (Last Song Syndrome) continues Globe Studios’s

Wednesday, July 17, 2019

high standards with a timely story of two young lovers experiencing the reality of adulthood. Coupled with a soundtrack especially created by the biggest band in the local music scene Ben&Ben, LSS will surely provide the butterflies in the stomach as an official entry in the 2019 Pista ng Pelikulang Pilipino (PPP), set to unfold from September 12 to 28. “When our coproducers Dokimos Entertainment came to us with the project, we immediately fell in love,” Globe Studios Head Quark Henares says about the movie. “Being a big music fan, I understand how songs can really bring people

together, and the image of Khalil Ramos and Gabbi Garcia finding each other to the music of Ben&Ben was irresistible.” Directed by Jade Castro, who also directed the big romcom hit My Big Love and the critically acclaimed and award-winning Endo, LSS details the lives and hopes of Zak and Sarah, played by real-life couple Gabbi Garcia and Khalil Ramos, who both love music and eventually fall in love with each other. Sarah and Zak somehow manage to embroil themselves in a chain of almost-but-not-quite-there-yet romantic sojourns while on the heels of an up-and-coming indie-folk band,

played by the phenomenal nine-piece band Ben&Ben. Last March, the Film Development Council of the Philippines announced the first three movies that made it to the PPP: LSS, Cuddle Weather and Panti Sisters. “Globe Studios has come a long way in showcasing quality films that aren’t what you expect, such as Hintayan ng Langit, Goyo, Panahon ng Halimaw and Kuwaresma. With LSS, we are giving a fresh new take on an all-too familiar genre. We are so excited to tell this story in a funny, poignant and enthusiastic way that has not been seen—and heard— before,” Henares adds.

THE influencer-model has been through a major heartache so she’s been going out and even dating. But she has incurred the ire of a certain quarrelsome fandom because she’s said to be dating a guy who was the boyfriend of their idol, a singer-actress. We wish someone would tell the influencer-model that the guy is known for being a pervert, which is the reason he and the singer-actress broke up. The model is now being branded a playgirl by the singer-actress’ fans and it’s not fair because they don’t know what really happened between her and her ex.

SECOND CHANCE

SO the actor has gotten a second chance at his career, with a new movie and the prospect of having his monicker changed. Also in the works is a project with someone who was linked to him in the past. We wonder how his fans will react since said actress is very much single right now. The actor used to be linked to a very popular celebrity. They have since parted ways as teammates and are living separate lives but their fans refuse to move on. They still believe that the two are together, refusing to acknowledge the truth. The actor’s upcoming project will be a test of sorts for him and his fans.

SCARLETT JOHANSSON: COMMENTS ON DIVERSITY WERE MISCONSTRUED

SCARLETT JOHANSSON says comments she made on the “authentic casting” debate have been taken out of context and asserts that she supports diversity in film. The actress came under fire in 2017 for playing an Asian character in Ghost in the Shell and canceled plans last year to portray a transgender man in the upcoming film Rub & Tug, after transgender actors and advocates questioned the casting. In a recent interview with As If magazine, she said actors should be allowed to play any person “because that is my job and the requirement of my job.” Johansson said on Saturday that those comments were subsequently edited in other publications for “clickbait.” “I personally feel that, in an ideal world, any actor should be able to play anybody and art, in all forms, should be immune to political correctness,” she said in a statement. “I recognize that in reality, there is widespread discrepancy among my industry that favors Caucasian, cisgender actors and that not every actor has been given the same opportunities that I have been privileged to.” AP

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Wednesday, July 17, 2019

GO Run 7 for women

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Developing your people SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

GO Walk 5 for men

RUN WITH GERALD ANDERSON, SANYA LOPEZ

WITH the huge success of its sold-out inaugural running event last year, global footwear and lifestyle brand Skechers is bringing it back bigger and even better. The Skechers Performance Run 2019, happening on August 11 at SM By The Bay in MOA Complex, welcomes everyone to join—from beginners to professional athletes, families and kids. All are invited to join Skechers’ exciting event headlined by Skechers brand ambassador Gerald Anderson and Sanya Lopez, and copresented by Takbo.ph and Leadpack. In line with its mission to inspire everyone to an active lifestyle regardless of background and fitness level, this year’s Skechers Performance run launches a new category, the 3 kilometer Walkathon. Meanwhile the running categories remain the same with 5km, 10km and 21km race distances. Beyond the finish line, exciting booths and activities await participants with various activities, prizes and entertainment at the main event area, so all participants can look forward to a fun-filled Sunday with friends and family. Skechers Performance is also set to release its newest and most technologically advanced footwear for both runners and walkathon participants. Designed for speed, Skechers Performance has just released the GO Run 7 in stores. Responsive, supportive and lightning fast, the GO Run 7 features the award-winning Hyper Burst midsole foam technology, the brand’s lightest and most resilient, yet. Meanwhile, long hailed as the best walking shoes, it is easy to see why Skechers GO Walk shoes have become a go-to for anyone and everyone who benefits from and puts a premium on comfortable footwear. It’s proven especially ideal for commuters, professionals and travelers, all of whom spend extended hours on their feet. More information about the new collection is available at www.facebook.com/SkechersPerformancePH.

FIRST OTC POTASSIUM FOOD SUPPLEMENT LAUNCHED

TO boost overall wellness and help maintain healthy dayto-day productivity, Neutra K, the country’s first potassium food supplement with no prescription needed, was launched recently. Proudly Philippine-made, without artificial flavors and preservatives, Neutra K uses nonacidic potassium that is sourced from one of the world’s leading producers of natural ingredients. Potassium is an essential mineral that regulates fluid and mineral balance in and out of body cells, and functions as an electrolyte, and helps regulate the body’s nerve signals and muscle contractions. Neutra K is FDA-approved and comes in 300 mg film-coated tablets. It is available exclusively in all Mercury Drugstore branches nationwide in boxes of 100 or boxes of 12. In photo (from left): Nutra Tech Biopharma’s Holly Ann Ramos, Vince Velasco, Paracelsus Life Sciences Corp. President Elizabeth Lietz, Oxford Distributions’ Lito Anzures Jr. and Neutra K Brand Manager Angelito Zabala.

OU do not need to be in a leadership position to help another person in your work. But if you are managing people, it is your responsibility to develop them in their career. Your success as a people manager depends on how many advance in their career and acknowledge your role in their career growth. A true measure of leadership is when your people have become more than what they were. One way of expanding your sphere of influence is by developing your team. When other teams see how good your team is doing, you become a catalyst which encourages them to do the same. But you cannot succeed as a team unless you take the time to develop and mentor them. When you do so, it will be easier to persuade your team to take a point of action because all of you are aligned in terms of what needs to be done. Here are some things which helped me develop the skills needed by members of my team: Take the time for self-assessment. Before you start developing others, you have to know where you are in terms of your skills and ensure you have a better understanding of what is required of the role. The blind cannot lead the blind. You should have a better understanding of the tools used in your work than they do; if not, know what the tools are capable of doing. Self-assessment will also reveal which parts of the work you do not have expertise, and this will help you formulate your own development plan. Before you start the discussion on developing their skills, assess each of your team members. List down what is required of their position and objectively come up with an assessment of where they are in their skills. This will become your starting point and will help you assess their progress. A good place to start is their job description, which details what is required of the position. If you do not have a job description, pick out who among your team is the most developed in terms of skill set and write down why they are the most developed. This will become your model team member. And then look at your other team members and list down ways on how you can help them become closer to the skill set of your model team member. After assessing what they can do, create SMART goals for them. This stands for Simple, Measurable, Attainable, Relevant and Time-based goals. Set individual meetings with each of your team members and discuss your assessment of their skills. Next is to create a plan which will help them meet their target skill set. Involve your team member in creating these SMART goals so they can also be accountable for their development and they will be invested in the same. You need to make the goals simple so they can easily understand what is required of them. Measurable so they know if they already have achieved or exceeded it. It should also be attainable so they will not become frustrated. Relevant so they can use it in their work. And it should be time-based so they also know when they need to stop and evaluate where they already are. Setting SMART goals helps your team appreciate the need for their own development and makes it easier for them to be invested in their own development. In the process of developing them, give them regular feedback. You do not need to wait for the next catch-up session to give them direction and guidance. Once you see them straying from their developmental goals, take the time and effort to give feedback. Your team will appreciate this rather than correcting them when they have already finished a project. To

save yourself the aggravation of frustrating yourself and your team, give them the feedback right away. Once they understand the required standards, you can gradually let go and give feedback only when necessary. But when you do find something off, give feedback right away. Giving feedback is especially important when your team member is doing good. Publicly praise your team when they do exemplary work because this will boost your team’s morale and help them see that their progress is recognized. Positively reinforce good work by praising the effort rather than the talent. Praising people for their talent gives the impression to others that the only way to succeed is by sheer talent. Praise effort so that your team will understand it takes perseverance and resilience to succeed. This does not mean you should not take advantage of your team’s strengths. Your team’s development carries with it lots of challenges because they will have to step out of their comfort zones into something they may not be familiar with. One of the ways to cushion the growing pains is to give them projects which leverage their strengths. This will provide a breather for them when they find some of their development tasks daunting. And, when they are ready and have built enough steam to pursue more endeavors, give them stretch assignments. These projects test not only their skills but their behavior under pressure. This will help you assess which of your team members has the requisite behavioral skills needed for a leadership position. Managing others not only means knowing the skills for the job but also having the right mental attitude and behavior needed to manage others. If they cannot manage themselves, how can they manage others? One of the ways the company can validate the need for developing the skills of your team is by investing in external training. Sending people to training seminars and conferences shows to your members the company cares for your development. As a people manager, you need to look for training sessions which will best benefit your team and the organization, and push for these trainings. This is especially important

Your success as a leader will depend on whether you are replaceable. When you develop your people, you open yourself to better career opportunities and help build the next generation of leaders. But it all starts with understanding that as a people manager, you owe it to them to grow in their career. when there is no subject matter expert in the organization who can facilitate the training. Your success as a leader will depend on whether you are replaceable. When you develop your people, you open yourself to better career opportunities and help build the next generation of leaders. But it all starts with understanding that as a people manager, you owe it to them to grow in their career. n

Investing is well within your reach NEWS headlines might lead you to believe that millennials are striking out on a growing list of financial accomplishments: homeownership, paying off student loans—not to mention summoning the will to resist high-end coffee or avocado toast. When it comes to investing, they might have a point. Investment firm TD Ameritrade surveyed 1,519 people ages 21 to 37 in 2018 and found that only 50 percent said they invest—including in their retirement accounts. But, surprisingly, investing is likely one of the easier financial goals to meet. In just a few steps, millennials can set the stage for investing, get their first investing accounts going, then look to bigger investing goals. SET THE FOUNDATION BEFORE you think about jumping into the stock market or other forms of investing, make sure your financial foundation is sound. “Investing is great, but if you have something else that money could be doing to get your overall financial picture in shape, do that first,” says Katrina Welker, a New York-based certified financial planner. “Get your budget under control and a regular savings habit established.” Get a handle on these three factors

before you start investing: n HIGH-INTEREST DEBT PAYMENTS: Pay down high-interest debts, like credit cards or a payday loan. Consolidating debt at a lower interest rate can speed up payoff. You want the power of compounding interest to work for you, not against you. When you invest, you’re earning interest on the money you put in, which raises the amount you have. Then you earn more interest on that amount. With high-interest debts, it’s just the opposite. n SAVINGS: Build up an emergency fund to cover unexpected expenses so you don’t have to withdraw money from investments. n EDUCATION: Research different approaches to investing and how to best succeed at them. Also understand your timeline; any amount you’d need within five years may be better off in a high-yield savings account or CD. The rate of return won’t be as high, but you’re protected from locking in a big loss if you need to pull out of your investment to get your money when the market’s in a slump. START WITH THE ESSENTIAL INVESTMENT “PROBABLY the easiest place to start investing is through your employer retirement plan,” Welker says.

Take advantage of the decades you have before retirement. By investing 10 percent to 15 percent of your income into your retirement account over many years, compounding interest and market returns will likely generate a sizable nest egg. Here are two common retirement account options: n 401(K): Offered by many employers, money is taken directly from your pay and put into an account. Employers often offer to match a portion of what you contribute, which is free money. n TRADITIONAL OR ROTH I.R.A.: An individual retirement account lets you contribute on your terms. The difference between the two is how and when you get a tax break. Contributions to a traditional IRA may be tax-deductible in the year they’re made. With a Roth IRA, withdrawals in retirement are tax-free. NEXT-LEVEL INVESTMENTS WHETHER you want to start investing spare change or want to dive into researching and trading stocks, know your goal— and how you want to get there. “Being ready to invest is a mindset, and it depends on what you want out of it,” says Heather Townsend, a certified

financial planner in Scottsdale, Arizona. “Understand that if you do want to invest, you have to know that the market can have big upswings and downswings. Are you willing to take that risk for the upside?” There are two main paths: DIY or with the help of a portfolio management service. n D.I.Y.: Do-it-yourself investing can take many shapes. Two common options are online brokers and apps. Online brokers require a more hands-on approach to managing a portfolio online, while apps do most of the work for you. While there are a variety of apps that invest spare change, like Acorns, don’t expect them to yield big earnings, Welker says. “Especially early on, if you want to set up an account and dabble and play, the apps are fine. But if you’re more serious about it, find a portfolio you can invest it,” she says. n AUTOMATED PORTFOLIO MANAGEMENT: Often in the form of robo-advisers, automated portfolio management uses algorithms to build and manage your investment portfolio. You set your parameters, including timeline and risk tolerance, and the robo-adviser generally takes care of the rest. These tools can be a quick way to start investing without doing all the legwork yourself. AP

BusinessMirror E1 | Wednesday, July 17, 2019 • Editor : Tet Andolong

ASPIRE Corporate Plaza

On unlocking his true potential A By Jean Singian

S the chief operations officer at Golden Bay Landholdings Inc., Jardin Brian B. Wong is responsible for the day-to-day operations of the company, which is about to finish its first real-estate development project, the Aspire Corporate Plaza.

JARDIN BRIAN B. WONG

He is young, driven, passionate and has a natural flair for business and entrepreneurship. Jardin’s solid foundation came from his family who had developed and built 18 companies from the ground up, including the company where he leads. He finished his college degree at De La Salle University where he majored in Political Science. Besides that, he is also fluent

in Mandarin, an excellent language he uses in business transactions. With his brilliant mind, he is determined to revolutionize the way office spaces are being sold. Shaping the commercial real estate in the Macapagal Bay Area is not something that can be done overnight, but he is looking at it positively with the rapid construction work of Aspire being finished

ahead of its target completion date. Armed with his huge dreams, he embraces challenges and surprisingly finds it “refreshing.” He highlighted the significance of having a proper mindset, as well as having the right guidance to achieve success in work. He is not the type of person to do things half-baked. Instead, as he puts it, “put your heart and mind into what you do.” Moreover, Jardin highly recommends listening because it is the best thing one can do to make a logical decision, especially when he gets an advice from those who have been in the same industry for a long time. Though he’s not exactly an adventurer, he knows the importance of having a break, and that’s what makes Saturdays special for him. He may be a hard worker but he knows when to have a good time, and he has a schedule for it. When asked about the adversities he faced, Jardin said, “Being young and inexperienced in the

real-estate industry, let alone conceptualizing a multibillion project, I’m thankful that the board of directors trusted me. For me being able to take up the challenge to do more, it’s where I want to be. And for Aspire Corporate Plaza to be the first office building in the Macapagal Bay Area that sells office spaces,

rather than having it leased, has been a welcome challenge for us.” To strengthen his knowledge and ensure continuous self-development, he never stops learning. Jardin knows that even if he becomes so capable in the future, he still has a lot to learn from people, books and experiences. For those

who desire to be like him, his piece of advice, “Just do it! Do not wait all your life to do something you want to do. Even with the uncertainty, at least there’s a chance for you to be successful if you just start doing something.” True to his mission of being competitive, he geared himself up with outstanding and world-class partners on his first big real-estate venture. For architecture and interior design, he collaborated with Asya Design and EVR Interior Design Philippines. For construction and other necessities, there are Megawide Construction Corp., D.A. Abcede & Associates, Meinhardt Group, Sta. Elena Construction, MC Balce Surveying Services, ARS Testing and Inspection Inc., Brian B. Tan Engineering Consultancy Services and Spectrum Investment. “We believe that the units we have offer value proposition. It is fairly priced and has a good location,” Jardin’s take on what makes Aspire desirable. “In order to maintain the quality of our building, most of the materials we used were sourced globally. We don’t do shortcuts,” he continued. As a testament to his confidence, Golden Bay Landholdings will hold their office in Aspire once it is ready. Meanwhile, on his next projects, “There are a lot of properties that are waiting to be developed. But for now, it’s a surprise,” he said. As a true visionary, Jardin aims to be one of the most successful developers of real-estate properties, not only in the Philippines, but also worldwide. Not everyone has what it takes to succeed, but he is a risk-taker and someone who always anticipates the demand of the future market. In the next few years, Jardin Wong might just be one of the country’s most promising businessmen to look out for. While waiting, he’ll relentlessly pursue on getting an empire for himself.

Business

E2 Wednesday, July 17, 2019

Focus on NEX Tower Amor Maclang

FIRST DIBS IN REAL ESTATE

EX Tower has been selected as the winner of the Urban Land Institute (ULI) Asia Pacific Award for Excellence. Over 50 projects were submitted to the awards program from leading developers across the region. NEX Tower was the sole finalist and the only award winner from the Philippines, with other winning projects by major developers from Singapore, Tokyo and Beijing. Developed by Nova Group in partnership with VelcoAsia, NEX Tower is designed by the internationally renowned architecture firm Skidmore, Owings & Merrill (SOM). The 28-story structure stands boldly with its striking crystalline form on Ayala Avenue, offering world-class architecture, top-level construction, premium materials and the highest sustainability criteria. Recognized as the property industry’s most prestigious awards program, the ULI Asia Pacific

Awards for Excellence reflects ULI’s objectives throughout the region. The competition is based on ULI’s guiding principle of recognizing and honoring best practices that foster the highest standards in land use and development. The ULI Award for Excellence recognizes the full development process of a project, not just its architecture and design. The criteria for the award includes leadership, positive impact, relevance to the contemporary and future needs of the community, environmental sustainability, stewardship and resiliency, strategies and techniques that other communities can replicate or adapt, and financial success. Jury members are recognized

THE ULI Award for Excellence was awarded to NEX Tower at the ULI Summit in Shanghai last June. (From left) Thomas Toomey, ULI Global chairman; Ricardo Cuerva, Nova Group managing director; Nic Medrano, SOM director and Nicolas Brooke, ULI Asia Pacific chairman

NEX Tower on Ayala Avenue

A SERENE roof garden high above the city

leaders who represent a broad geographic diversity and are drawn from many areas of real-estate development expertise, including finance, architecture, design, land planning and development, public affairs and professional services. Ricardo C. Cuerva, managing director of Nova Group had a specific aspiration for the project. “Our vision is to raise the level of commercial office development in Metro Manila, and to build projects

that can compete with the best from other global cities. Winning the ULI award not only affirms this ambition, but it challenges the Philippine real-estate industry to strive for excellence,” he said. When building NEX Tower, the developer focused on providing an open and inspiring environment for tenants, visitors and the greater community. This included an integrated approach to health and wellness that utilizes biophil-

ic design and carefully manages natural resources. The unique approach helped the tower achieve the highest sustainability criteria. Mario Veloso, director of VelcoAsia remarked, “We envision NEX Tower as the premier workspace for leading companies that value integrity, professionalism and entrepreneurship, and we welcome these companies as our tenants.” Ame Engelhart, ULI trustee and awards chairman commended the

high quality of project submissions for the awards program. She observed, “It’s nice that we can have an Asia Pacific award to recognize projects that often come from large, super high-density cities such as the Greater Bay Area, Singapore and Metro Manila. These cities have many more challenges than a lot of North America and European cities…it’s good to be able to adjudicate projects based on the constraints and opportunities in Asia.”

New crop of landmark buildings enhances Metro Manila skyline

A AMAIA STEPS MANDAUE RESIDENTS TO BENEFIT FROM THE OPENING OF THE DAPDAP-PARIL ROAD

EBU’S provincial government will soon formally open two diversion roads that will reduce travel time from Cebu City to the towns of Compostela, Catmon and Tuburan in the north. The first, to be tentatively named Dapdap-Paril, spans about 40 kilometers of road that will bypass Mandaue City and the towns of Consolacion and Liloan. Longer than the Cebu Nautical Highway, Dapdap-Paril road will effectively decongest vehicular traffic on the highway and in Mandaue City, itself, because travelers can now go straight from Cebu City to the Northern towns in half the travel time it used to take them. With this positive development easing up traffic problems within the city, current and future homeowners of Amaia Steps Mandaue can look forward to improved mobility and faster access to Mandaue’s key business and retail establishments. For one, they will find it easier to indulge in their favorite pastime—shopping and strolling at the Pacific Mall, Gaisano Grand Mall and Ayala Center Cebu. They will also have better proximity to the Mactan-Cebu International Airport, University of Cebu, S&R and to the Mandaue Public Market, one of the province’s hubs for fresh produce.

Located on Plaridel Street corner UN Avenue in Barangay Alang-Alang, Mandaue City, Amaia Steps Mandaue is the first mid-rise residential condo development of Amaia Land Corp. in Mandaue, a highly urbanized city of the greater Metropolitan Cebu. Found within the community are retails shops, an amenity courtyard, kids’ and adults’ swimming pools, kids’ play area, a landscaped garden and a multipurpose hall. Amaia Steps Mandaue features the North and South towers, each with 9 stories that offer a total of 576 Studio, De Luxe and Premier units. Select units come with balconies that allow residents to look out on the cityscape and the vast open spaces beyond it. Homeowners at Amaia Steps Mandaue are assured of 24/7 safety and security, with fire detection and alarm systems, and CCTV cameras. To make modern living accessible to Filipino individuals and families, Amaia Land offers flexible payment schemes: cash, deferred cash and bank financing. Amaia continues to serve prospective homeowners with affordable and sustainable developments that aim to elevate the Filipino living experience in a well-secured environment.

NEW set of landmark office buildings notably in rapidly developing Bonifacio Global City is injecting world-class appeal to the Metro Manila skyline. Architectural collaborations between global and leading local planning and design firms, iconic buildings like the 32-story The Curve in BGC’s main thoroughfare 32nd Street are uplifting the face of the metropolis. The asymmetric glass-encased building with two unidentical sides was designed by a team led by a multi-awarded New Yorkbased architectural and urban planning firm. According to Lylah Fronda-Ledonio, executive director of Leechiu Property Consultants (LPC), its distinctive silhouette, which tapers as it rises to the sky, has clearly differentiated it from its surroundings. “Better yet, the landlord’s investment in design coupled with its strategic location, have generated a lot of interest from potential occupiers.”

Leechiu Property Consultants is currently marketing The Curve in addition to 48 projects across Metro Manila and Cebu City covering over 1,200,000 square meters. The Curve’s distinct design and extra features have “made a whole world of difference” to its anchor tenant Figari, an Australian-owned firm which provides world-class facility management services and spaces to international firms starting their business in the country, according to Figari CEO Chris Butt. His testimony is shared by many other international firms— some of which are Fortune 500 companies or in the BPO and IT industries—now occupying other iconic office landmarks in BGC and Makati, observed Mikko Barranda, LPC associate director. Moreover, this new crop of buildings exemplified by The Curve is sustainable, water and energy efficient towers with LEED certifications. LEED is the most

THE asymmetric glass-encased The Curve building with two unidentical sides represents a new wave of landmark buildings now enhancing the Metro Manila skyline.

THE developer’s investment in design by an award-winning New York firm combined with its strategic BGC location have resulted in numerous inquiries.

widely used green building rating system in the world. “Many of Manila’s new iconic buildings are not only visually appealing but also provide healthy and comfortable indoor environments for occupants and their visitors,” said Barranda. Nevertheless, the most successful office buildings are also sought after because of location. The Curve, for instance, is on BGC main thoroughfare 32nd Street “which intersects the two major highways

of C-5 and Edsa. This makes traveling in and out of BGC easy for our employees,” said Butt, who credits LPC for its integrity and reliability in finding solutions to its office requirements. In addition, The Curve is within a special economic zone in BGC accredited by the Philippine Economic Zone Authority and entitled to tax incentives. All these contribute to its appeal as a world-class development in a rapidly globalizing country.

sMirror

Wednesday, July 17, 2019 E3

Cebu, Davao developers top the 7th PropertyGuru Philippines Property Awards 2019

HE Philippines’s finest developers from Luzon, Visayas and Mindanao have been accorded the real-estate industry’s highest honors at the Seventh Annual PropertyGuru Philippines Property Awards, presented by global brand Kohler at an exclusive gala dinner and ceremony on July 5, at the Fairmont Makati hotel.

Cebu Landmasters Inc. earned the highest honor for Best Developer, besting established industry names. The company chaired by Jose R. Soberano III earlier this year reported increased earnings of 23 percent as it continues to focus on quality mid- to high-end properties. “Cebu Landmasters projects capture the imagination magnificently, winning Best High End Condo Development [Cebu] for New Yorkinspired 38 Park Avenue, while the well-being of residents’ lifestyles extends out to the community, attracting a Special Recognition in Corporate Social Responsibility (CSR) award for an emerging, world-class developer,” said the independent panel of judges. Manila-based Torre Lorenzo Development Corp., the team behind two new Dusit-branded properties

in Davao, won a grand slam of four trophies, including the award for Best Boutique Developer, further boosting its regional profile among real-estate investors. Torre Lorenzo’s Dusit Thani Residence Davao is the first Best Housing Development (Philippines) winner to be located in Mindanao. The main highlight of the blacktie ceremony was the presentation of the 2019 Philippines Real Estate Personality of the Year award to the biggest name in Philippine real estate and business sectors: the late Henry Sy Sr. and the entire Sy Family of SM Investments Corp., who are celebrating the 25th anniversary as a publicly listed company on the Philippine Stock Exchange. Three-time Best Developer titleholder Megaworld Corp. and its subsidiaries Empire East Land Holdings Inc. and Global-Estate

38 Park Avenue Cebu

DUSIT Thani Residence Davao

WEWORK LAUNCHES SECOND LOCATION IN THE PHILIPPINES

PLATFORM for creators that provides the space, community and services to help people make a life, not just a living— officially opens its second location in the Philippines in RCBC Plaza on Ayala Avenue in Makati City, a strategic and accessible location in one of the largest and busiest business districts in Metro Manila. “Following the success of our first WeWork space in Bonifacio Global City, our Makati CBD location is testament to our commitment to supporting local companies to be able to tap onto our global network,” said Turochas “T” Fuad, managing director of WeWork Southeast Asia. “Through culture, design, collaboration and technology, we are committed to promoting growth and innovation that will enable local enterprises, freelancers, start-ups, and MSMEs to collaborate locally, regionally and globally.” Currently, WeWork has locations in Manila, Philippines, as well as Singapore, Indonesia (Jakarta), Vietnam (Ho Chi Minh City), Malaysia (Kuala Lumpur) and Thailand (Bangkok) across Southeast Asia. Fostering dynamic community, connections and collaborations among Filipino companies, and other WeWork members

and collaborators across the globe, through access to its global network of 485 workspaces and 466,000 members through a network app, WeWork’s second home in the Philippines features signature WeWork elements, such as common areas, phone booths, community bars and breakout areas. With the space inspired by the streets of Manila—a bustling and vibrant city full of colors, lights and sounds in every corner, a mural sprawling across the wall by the staircase curated by WeWork’s inhouse Arts & Graphics team demonstrates an abstract illustration of the traditional Filipino folk dance “Panagbenga” that signifies the flowerblooming season festival. Grounded in WeWork’s mission of supporting its members, WeWork is also growing in tandem and is here to connect people through intelligent design by fostering community and opportunities. Following WeWork’s commitment to amplifying the impact by bringing people together, WeWork RCBC Plaza welcomes members ranging from global enterprises—a world leader in connecting job seekers with matching employment opportunities, Monster.com; techenabled express logistics company,

Resorts Inc. collected a total of 12 golden trophies, including the Best Housing Development (Philippines) award for Newcoast Village by Geri. Other big winners and highly commended awardees include green developer ArthaLand Corp. (five wins), Ayala-owned Alveo Land (four wins) and Grand Land (two wins). A total of 39 competitive awards and special honors were presented at the annual ceremony and gala dinner, after a rigorous and independent selection process, supervised site visits and deliberations overseen by BDO Roxas, Cruz, Tagle & Co. Special awards in 2019 include accolades for CSR, Sustainable Development, and Design and Construction, as well as the Special Recognition for Public Facility to the already-operational Parañaque Integrated Terminal Exchange (PITX) by the consortium MWM Terminals Inc. Highly regarded as the gold standard for excellence in Philippine real estate, recognizing development, design and innovation, the annual PropertyGuru Philippines Property Awards program has been held since 2013. Main category winners are now eligible to compete for more international accolades at the PropertyGuru Asia Property Awards Grand Final ceremony to be held in Bangkok, Thailand, in November 2019 with representation from more than a dozen property markets around Asia-Pacific region.

Ninja Van; world’s fastest-growing social advertising solutions provider, Strike Social—small and medium enterprises to start-ups and freelancers, such as FinTech start-up Bukas and renowned supporters of startups like early-stage impact incubator and investor, Villgro Philippines. “As we are looking for a space that enables us to adapt and scale based on our growth, we were attracted to WeWork as it enables our crossfunctional teams to collaborate more effectively with each other. By providing purpose-built environments for our teams, we have seen an uptick in employee satisfaction and productivity,” said Martin Cu, country head of Ninja Van. “We are excited to be part of the WeWork Philippines community and look forward to connecting with other homegrown companies and enterprises as we continue to expand our presence in the Philippines.” WeWork recently released its first annual Global Impact Report, measuring the economic effect of its community in 75 cities around the world. Seventy percent of WeWork members are new to the neighborhood, and one in 10 has moved closer to their WeWork locations since joining. This means more business for neighboring shops, cafés, restaurants and pubs. Over one third of the Global Fortune 500 are WeWork Members, citing access to talent and global reach. With WeWork helping enterprises grow, enterprise members use WeWork as a way to grow their global footprint where 49 percent of them have been able to enter new markets. As WeWork establishes its presence in the Philippines, whether it’s work, living, education, wellness or retail—WeWork looks forward to being able to reimagine, reshape and rehumanize the architecture of spaces, buildings and cities to support and encourage human connection and creativity in the nation, as it journeys into a new era of growth.

The Residences at Commonwealth opens its ‘uncommon’ Clubhouse

TYPICAL village clubhouse will have a function room and basketball court, but at The Residences at Commonwealth by Century in Quezon City, the facility goes beyond by providing meaningful spaces for every member of the family. On June 15, Commonwealth by Century officially opened the doors of its clubhouse with Fr. Luciano Felloni, a Commonwealth resident, officiating the blessing. John Victor Antonio, vice chairman of the Century Properties Group, was also present to lead the ribbon cutting. “Today, we’re not just opening the clubhouse of Commonwealth by Century, we’re also celebrating the beginning of many beautiful memories that you, our homeowners, will create here with your friends and loved ones. We envisioned this place to enhance your quality of life—a community that blends perfectly with the sprawling landscapes of Quezon City, but injected with fun, exciting and uncommon features,” Antonio said in his opening remarks. The Clubhouse is in the heart of Commonwealth by Century, surrounded by four completed towers and four more undergoing construction, as well as outdoor amenities and soothing greenery. The ground floor houses a multipurpose room, a Cooking Studio where residents can pursue their culinary inclinations and a Crèche & Kindergarten for kids to learn and play. On the second floor, families can jam and enjoy lessons at the Rock & Roll Studio or unleash their creativity at the Arts & Crafts Studio. There is also a Gym & Dance Studio, movie room and salon. These amenities cater to a variety of interests and passions, giving residents and their families a place where they can bond and

CENTURY Properties Management Inc. officials Joseph Bryan Celestina (from left) and Ogie Blando, Century Properties Group Vice Chairman John Victor Antonio, CPG Design and Innovation Group Architect Michelle Brigino, and CPG Turnover Group Head Kerwin Reganit at the Commonwealth Clubhouse ribboncutting ceremony.

COMMONWEALTH by Century’s uncommon Clubhouse features not-so-ordinary facilities that cater to the different interests and passions of the family.

learn something new. Outside the Clubhouse is an open space dedicated for outdoor pursuits, such as the yoga deck, the basketball court and the children’s playground. In addition, pools and other water features will soon be available. A mid-rise, eight-tower residential community that offers serenity and top-notch amenities, The Residences at Commonwealth is Century Properties’ first vertical village in Quezon City. With a distinct cranked design that takes inspiration from the terrain of the

land, the towers are designed in a way that maximizes natural light and ventilation. Each tower also features an undulating façade, giving residents units with spacious balconies. To ensure the security of the property and its homeowners, Commonwealth by Century also has state-of-the-art facilities and personnel you can count on, 24/7. Why settle for the ordinary when you can live uncommon? The Residences at Commonwealth by Century is at Amsterdam Avenue, Don Antonio Drive, Barangay Batasan Hills, Quezon City.

Entrepreneur

E4 Wednesday, July 17, 2019 • Editor: Vittorio V. Vitug

BusinessMirror

CPR’s culinary legacy lives on at Romulo Café

By Rizal Raoul S. Reyes

@brownindio

Contributor

HE legacy left by statesmandiplomat, the great and endearing Carlos P. Romulo, fondly remembered with his initials, CPR, is not only embedded in the country’s history but also in the local culinary scene. Thanks to his wife, Virginia, who served delectable Filipino food on exotic table settings to their American guests, mostly diplomats, while CPR was the Philippine ambassador to the United States in the 1950s. Today, Filipinos can have a taste of the ambassador’s wife dishes at Romulo’s Café. Sandie Romulo-Squillantini, granddaughter of CPR, keeps the legacy of her family alive by serving the dishes made by her grandmother, Virginia, during the family’s stint in the United States. “I would say 90 percent of our menu is composed of my lola’s recipes but we’re injecting new ones in order to keep up with the times,” said Romulo-Squillantini. Romulo served as the secretary of Foreign Affairs for 17 years and was elected president of the United Nations General Assembly in 1949. During World War II, he was aidede-camp to General Douglas MacArthur. In his earlier career as a journalist he won the 1942 Pulitzer Prize. Romulo played a critical role in marshaling the Philippines through to full independence. In the embassy dining room, the ambassador often entertained diplomats, while his wife showcased her signature dishes.

The ambassador’s wife

VIRGINIA was said to be an exemplary hostess, and newspapers and television shows regularly featured her then both here and abroad. As wife of the ambassador for two decades, she created ways to introduce Philippine cuisine to diplomats in Washington, D.C. “It’s

interesting how my lola was ahead of her time, she had to tweak a lot of the Filipino dishes,” RomuloSquillantini said. In 1963, an article published in the Manila Times talked about how Mrs. Romulo concealed adobo for the American table by using a whole crown of pork and marinating it in the classic garlic vinegar mixture. Unknowingly, the Americans partook of what looked like a crown roast of pork with all the trimmings, but with the taste of adobo. Romulo-Squillantini recalled her grandmother, at one time, could not prepare a roast lechon to her guests. She had to be inventive. Thus, she developed Chicken Relleno. A stuffed chicken was familiar and inoffensive to almost everyone; and yet it was a specialty that represented Filipinos not just in terms of palate but also in terms of history. Romulo-Squillantini said it was a process of trial and error, because in the 1940s and 50s, cuisine hadn’t yet been widely shared across cultures and continents. A mango was still considered very rare in the United States; a fish with its head still attached was downright barbaric. The original recipe, which came from her grandmother (whose nata de piña won a prize in the World’s Fair), included a variety of cured meats that mirrored the Filipinos’ Spanish heritage, namely chorizo, jamón and salchichón. Over the years, Romulo-Squillantini said Romulo Café has built a clientele that returns regularly— whether for business lunches, family dinners, or big events that mark milestones. She added these clients

SANDIE ROMULO-SQUILLANTINI and Enzo Squillantini with chef A1 Rebueno

became familiar with the selection of heirloom dishes available that they usually order without even looking at the menu. To keep things interesting, Romulo Café introduces new items every so often. At a recent launch, the media was presented with seven dishes created by Romulo Café’s executive chef, A1 Rebueno. These dishes were made available on the first week of July: The Sizzling Sinigang na Bulalo Steak—“Sizzling bulalo steak has become a standard in Filipino restaurants but we wanted ours to be a refreshing take. Since bulalo is a fatty cut of beef, we thought we’d cut that fattiness with acidity from tamarind,” reveals the 30-year-old chef. Adobong Pula Confit—“Adobong Pula is a Batangueño dish cooked with tomatoes and a little bit of achuete, that’s why it’s pula,” describes chef A1. He picked up the recipe from his lola who became familiar with the local cuisine after frequenting the province. “I liked her recipe so I played around with it. I did it confit style, I submerged the chicken leg quarters in olive oil and achuete oil then slow roasted it in the oven,” explains chef A1. Cochinillo de Cebu—“We incorporated a lot of Filipino flavors into the Spanish cochinillo, specifically Cebu lechon flavorings like garlic and tanglad. We don’t serve it with lechon sauce. Just like Cebu lechon, our Cochinillo de Cebu is paired with spicy vinegar,” says chef A1. A serving of this baby pig weighs roughly 2 kilos. If you want this as part of

your spread, you must preorder at least seven days ahead. Grilled Boneless Bangus—Simple fare served with a relish of green mangoes and Romulo Café’s signature soy-based dipping sauce. Instead of wrapping the fish in banana leaves or foil, it is grilled directly for a stronger smoky flavor. Chicharon Bulaklak—A basic Filipino bar chow done right, crispy with the right amount of seasoning. It is partnered with pinakurat, a local spiced vinegar. Ginataang Langka—“We have kept this quite traditional. We wanted to extend our list of vegetable offerings and decided on this because it’s something that you don’t usually find in restaurants. It’s also a favorite of one of the owners,” chef A1 reasons. Pan de Sal and Leche Flan Pudding—This treat made it in the newspaper lifestyle pages as “Best Desserts” Book 5, the 2019 edition. “Instead of just dipping day-old pan de sal in coffee, I thought it would be fun to repurpose the bread into a dessert. Then I added another Filipino element, the leche flan,” points out chef A1. Chef A1 applies the same principle when conceptualizing menu items for Romulo’s Café. “I keep the flavor Filipino but how I present it is different. Or I substitute some of the ingredients but at the very core, it’s still Filipino. We want something modern, something new, but we still want it very relatable to the Filipinos. So I try as much as possible that it’s still traditional in terms of the flavor but a bit refreshing to the eyes,” he claims.

‘The Final Pitch’ biz reality show fourth season airs in Sept

FTER its successful third season, The Final Pitch, the Philippines’s first and only business reality TV show, is set to launch its fourth season on CNN Philippines in September 2019. The Final Pitch links entrepreneurs to multimillion investors who are searching to own a piece of the next big business idea. “We are excited for this season’s run. We can’t wait for our entrepreneurs to grow their businesses with the help of our investor-judges,” said John Aguilar, the show’s host and creator. “Every season is different and has something new to offer. Our investors are looking forward to discovering our country’s newest set of rising entrepreneurs and hear their pitches and amazing stories,” he added. The first phase starts with a screening; candidates make their initial pitch to the panel of investorjudges. The selected participants then proceed to a boot camp with mentoring sessions, and challenges that allow for investors to gain insights into the character of the entrepreneurs. Their journey concludes with the “Final Pitch” to the investor judges, who in turn, will negotiate their final offer to the entrepreneurs.

PRESIDENT and founder of Streetpark Productions Inc. and The Final Pitch Producer John Aguilar (from left); IceDream Inc. President and Chief Executive Officer Michael Dargani; Mega Global Corp. CEO and founder William Tiu Lim, MFT Group of Cos. CEO Mica Tan and Tagcash Ltd. founder Mark Vernon at the launch of The Final Pitch Season 4.

Both parties may or may not close a deal based on the offers. William Tiu Lim, chief executive officer and founder of Mega Global Corp. leads the previous season’s returning investor-judges. Just like last year, Tiu Lim will be searching for different businesses to diversify his investments and learn about other industries. Tiu Lim said participating in the show is a form of payback, or philanthropy work, where he shares his most valuable resource and time to help young entrepreneurs with their

start-up businesses. Being the most senior in the group, he serves as a father figure to the new entrepreneurs, sharing the wisdom and knowledge from his many years in business. “I want to help aspiring entrepreneurs by mentoring them until they become successful in their endeavors,” he said. Tiu Lim recalled that he faced huge challenges such as little help and scant resources during fledgling days in the business. Now that he has achieved success, Tiu Lim wants to pay it forward and impart

his experience. When Aguilar, a friend of his son approached him, Tiu Lim did not think twice and agreed to be a judge in the show to help new entrepreneurs. Tiu Lim says he sees that there is still a lot that can be done to help and create a bigger impact. “They meet experienced mentors who can share knowledge and learning. They gain access to resources, connections and network. It is like they enter a school of business without textbooks. These are things you can’t even learn in a classroom. They get unbiased view of their business model if they are feasible or not and how to improve. They get mentorship from these experienced judges,” he said. Tiu Lim hopes to inspire other entrepreneurs with his journey. His message to those who are starting out in their endeavors: “Don’t be afraid to risk things for business and ask for help or partner with others who can make you better.” Returning to the show is Season 2 millennial investor-judge Mica Tan, chief executive officer of MFT Group of Cos. She seeks to create value in companies through capital, strategic insight, global relationships and operational support. Rizal Raoul S. Reyes

www.businessmirror.com.ph

Technolux forays into the beauty and vanity market

HE pressures of daily living in a fast-paced urban setting has prompted a lot of people to pursue a healthy lifestyle, paving the way for the emergence of the health, beauty and wellness industry. Furthermore, the industry’s market space is dominated by beauty, antiaging, fitness and mind+body regimens, as well as nutrition, healthy eating and weight loss products, treatments and services. Wearable fitness technology has also entered the scene like fitness trackers and smart watches. Technolux Equipment and Supply Corp. (Technolux), a major importer and distributor of foodservice, kitchen and laundry equipment and small wares for the food service and F&B industry, sees a huge potential in this particular market as it recently launched its Medical-Aesthetic Division as one of the highlights of its 44th anniversary this June. “It has always been our vision to expand our market reach. When we were presented with studies on the solid growth in the health, beauty, aesthetic and wellness sector, we decided to make a foray into this market. We already have a strong sales, operations and technical team and the expertise on how to become good distributors. Adding new products and services to our portfolio is a challenge that we are poised to address,” said Norell Ortega, vice president for sales, Food service Manila and MedicalAesthetic Division. Ortega disclosed that Technolux’s Medical-Aesthetic Division has thoroughly went around Asia and the US for suppliers of top-quality and state-of-the-art aesthetic machines and dental equipment to meet market demands. “Currently we have a wide range of both table top and big machines with user-friendly, technology for hair removal, antiaging, pigmentation, skin rejuvenation and body slimming. We also have high intensity focused ultrasound, diathermy, lasers, face-lifting apparatus, dry-heat sauna capsules and dental equipment, among others,” Ortega explained. Elaborating, Ortega pointed out that Technolux will provide medical aesthetic services that has advanced technologies in skin care/beauty to help improve,

correct, or enhance a person’s physical appearance. He added the company will address the most common concerns of endusers, such as remedies for fine lines and wrinkles, fat reduction, stretch marks solutions, scar treatments, skin oxygenation and rejuvenation, body contouring and firming, skin tightening and weight loss management. Ortega said Technolux aims to position the new division as the ideal partner and the supplier-of-choice of the country’s top dermatological and aesthetic clinics, facial care centers, fitness and sports facilities, gyms, salons, saunas and spas, dental clinics, and even hospitals. “We have machines that are reasonably priced with advanced technology that give good results. So, our customers can, in turn, offer end-users more affordable treatments and services that make beauty, health and wellness more sustainable. We are always on the look out for the latest innovations by attending beauty and wellness conventions and trade shows in different countries,” Ortega expounded. The Technolux culture of after-sales service will carry its excellent after-sales service their newest business. “We pride ourselves with the best after-sales service in the industry. It’s one of our core values and is part of our company’s culture,” Ortega said. “This is what sets us apart from others in the same field. It doesn’t begin and end with a sale; it’s a whole process of taking care of our customers. We provide and deliver professional and personalized service before, during and after a customer’s requirements are met. It is backed by a round-the-clock call-center facility that responds to inquiries or requests 24/7, plus a fleet of motorcycle-riding technicians who are deployed immediately to assist our customers whenever needed. What we are doing now with the Medical-Aesthetic Division is what we do best…we get the right partners and suppliers and we give our customers great service. In short, we do not only provide the products they need but we also work closely with them as you grow their health, beauty, aesthetic and wellness business,” Ortega explained. Rizal Raoul S. Reyes

Entrepreneurs look at heat-not-burn devices as next source of growth

NTREPRENEURS are now looking at noncombustible tobacco products such as heat-not-burn devices as their next source of growth, amid reports that the smoking epidemic kills 20,000 people a day, according to experts. Japan saw cigarette sales fall 27 percent in two years with the introduction of heat-not-burn products, according to Prof. Gerry Stimson of the London School of Hygiene and Tropical Medicine and the program director of the 6th Global Forum on Nicotine. Around 17 percent of the Japan cigarette market have switched to IQOS, the heated tobacco system of Philip Morris Internal. Japan is the leading market for heatnot-burn tobacco products. David Sweanor, a lawyer and chairman of the advisory board of the Centre for Health Law, Policy & Ethics at the University of Ottawa, said this is because electronic nicotine delivery systems such as heat-not-burn products, electronic cigarettes and Swedish snus are much safer alternatives to cigarette smoking. “In Japan, with the introduction of heated tobacco products, one-third of the cigarette market was gone,” Sweanor said in a news conference at the sidelines of the 6th Global Forum on Nicotine in Warsaw, Poland, in June 2019. “We know enough science to know that we can have enough products that have a tiny fraction of the risks of cigarettes. We have seen examples around the world that many smokers will move to these products,” Sweanor said. About 62 countries currently regulate electronic nicotine delivery systems under tobacco regulation, while 39 countries inappropriately ban safer nicotine products, according to the Global State of Tobacco Harm Reduction Report. The report estimates that by 2021, over 55 million people will be using e-cigarettes, or heat-not-burn tobacco products, and that the global market will be worth $35 billion. The top 5 markets today are the US, the UK, Italy, Germany and France. Sweanor said tobacco companies are now forced to offer safer nicotine products because of the rising demand

from consumers. “Companies are constantly looking at where the market is going. If you miss the change, you will go broke,” he said. “Tobacco companies now see the new technology. The people could now get what they want from cigarettes in a far less hazardous way.” “So we have the ability now through technology [e-cigarette] to end that, just like we learned through technology how we could get clean water or how we could get sanitary food manufacturing, or how we could get science-based pharmaceuticals. We are on the verge of something really, really significant from public health standpoint,” Sweanor said. Sweanor added that countries, such as Japan, the UK, the US, Canada, Sweden, Norway, Iceland, South Korea and New Zealand saw a more rapid decline in smoking because of the use of safer nicotine products, such as heat-not-burn devices, vapes and oral nicotine products such as Swedish snus. Sweanor said the consumers are massively switching to these new technologies that offer much less risks. “Consumers are using these products. We are seeing the biggest declines we have ever seen in smoking because of the substitution and we are seeing this in numerous countries.” “We point to the example of what is happening in Japan. What is now happening in the US. What happened in Norway. What is the history in Sweden. What happened in Iceland or even here in Europe. We are seeing huge breakthroughs in cities around the world,” Sweanor added. Sweanor said it is important that health authorities like the World Health Organization (WHO) recognize the gravity of the smoking epidemic and accept harm reduction tools such as ecigarettes, heat-not-burn devices and other noncombustible products as a way to end the epidemic. The WHO predicted that about a billion people would die of smoking-related diseases by the end of the century. It also placed the global cost of smoking-related diseases and lost productivity at $1 trillion annually.