BusinessMirror June 11, 2019

E.O. RECLASSIFIES CLARK INDUSTRIAL HUB, LETS C.I.A.C. FORGE NON-AVIATION DEALS

By Bernadette D. Nicolas

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RESIDENT Duterte has signed a new executive order (EO) reclassifying the 290-hectare Clark Industrial Estate 5 (IE5) as an international center of commerce, industry and recreation, and authorizing the Clark International Airport Corp. (CIAC) to broaden its scope and enter into lease agreements other than aviation-related activities.

The reclassification of IE5 and the expansion of permitted activities will

THE expanding horizon at Clark is framed in this photo, taken on June 1, 2019, by the nearly finished roofing of the new Clark international terminal that is expected to open next year. BERNARD TESTA

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

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pave the way for the development of the entire Clark area as a globally competitive international commercial center in the Asia-Pacific region.

With the signing of EO 81 on June 4, CIAC is now allowed to enter into lease agreements and similar business arrangements covering the broad range of commercial, industrial, leisure and recreation-related activities.

The new EO also amended EO 716 (s. 2008), which declared IE5 as a logistics center and mandated CIAC to engage only in aviation-related ser-

vices and aviation-related logistics activities.

“Whereas, the Clark Special Economic Zone [CSEZ] and Clark Freeport Zone [CFZ], including the IE5, has attracted international interest as the Asia-Pacific region’s emerging premiere hub for aviation and international logistics, as well as international center for commerce, industry, leisure and recreation,” read the rationale for the new EO, a copy of which was just released to Malacañang reporters on Monday.

See “Clark,” A2

BusinessMirror A broader look at today’s business

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n Tuesday, June 11, 2019 Vol. 14 No. 244

FDI levels down 15% in Q1 to $1.94B–BSP $586M L

By Bianca Cuaresma

first quarter of 2019, it is significantly lower than the $2.29 billion seen in the same period in 2018.

FDI is the type of investment that is often more coveted, as it stays longer in the economy and creates job opportunities for locals.

P25.00 nationwide | 4 sections 24 pages | 7 DAYS A WEEK

Daniel proves that poverty is not a barrier to success

It is also usually an indicator of long-term sentiment of the global community on the Philippines’s economic dynamics, as FDI are not easily pulled out of the market, unlike their shorter-term counterpart, the foreign portfolio investments.

Net FDI inflows for March 2019, lower by 13.9 percent than the $681-million net inflows registered in the comparable period last year

The BSP said that during the quarter, both placements and withdrawals were affected, resulting in the double-digit decline.

Actual equity capital placements declined to $568 million from $996 million, posting a 42.9-percent decline from 2018 to 2019. This was coupled with a rise in the investors’ equity withdrawals for the period, increasing to $273 million.

Manny F. Dooc

TELLTALES

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HE trimedia and social media usually give us inexhaustible bad news. But once in a while, like an oasis in a desert, we encounter inspiring reports. This time, the happy news came from Cebu, particularly a follow-up story about a studious boy, Daniel Cabrera, whose photo showing him studying on the pavement under a faint light coming from a McDonald’s store went viral in 2015. The story was picked up by foreign media, making the boy an international celebrity. Now, Daniel has graduated from Subangdaku Elementary School in Cebu. To honor his achievement, McDonald’s Philippines feted him with a graduation party in the same McDonald’s branch where his photo was taken. McDonald’s also announced that it would support Daniel’s studies until he finishes Grade 12.

His persistence has touched the hearts of millions and has inspired many others to demonstrate resilience and determination to escape from the clutches of poverty.

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See “FDI,” A2

Borrowings in Q3 seen below ₧300B

PCCI asks govt bodies to address investors’ fears on red tape, graft

By Elijah Felice E. Rosales @alyasjah

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HE country’s largest business network on Monday called on local and national government agencies to improve their good governance measures to attract larger investments to the Philippines.

In a statement, the Philippine Chamber of Commerce and Industry (PCCI) said government bodies must elevate good governance initiatives to better the country’s competitiveness ratings in surveys. The PCCI lamented that investors continue to worry about corruption and red tape in the Philippines, causing many of them to hesitate in pouring in capital.

PCCI Chairman George T. Barcelon said local and national agencies should take a cue from President Duterte, who he said made clear in his recent visit to Japan his abhorrence of corruption.

“The President’s anticorruption pronouncements have been well-received by the international business community, gauging from the investment deals I personally witness signed in the state visits and official business missions I have been fortunate to be part of—in Israel, Singapore, China and Japan,” Barcelon said.

“Our country can generate even more investments arising from these

agreements if there is a pronounced support for anti-corrupt practices from our government agencies and LGUs and the implementation of corresponding good governance programs,” he added.

Barcelon said the private sector can partake in this practice of good governance by not engaging in and promoting under-the-table deals with authorities.

Business leaders previously polled by the BusinessMirror said the Ease of Doing Business (EODB) law has yet to make an impact on their operations because its implementing rules and regulations (IRR) are not yet promulgated. As far as transactions with the government are concerned, they remain too burdensome.

This is because the President has yet to appoint the director general of the Anti-Red Tape Authority (Arta). The Arta chief has the sole authority to sign and issue the IRR. The Philippines continues to place low in competitiveness surveys, such as in the IMD Competitiveness Ranking 2019. Manila climbed four notches to 46th among 63 economies in the said study, but remained to be a laggard in the region.

When pitted against regional neighbors, the country placed 13th among 14 Asia-Pacific economies included in the study.

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ONG-TERM investments made by foreign players declined in the first quarter of the year, as a significant chunk of investment withdrawals were seen early in 2019, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

The Central Bank on Monday reported a 15-percent drop in the country’s foreign direct investment (FDI) numbers in the January-toMarch period of this year. In particular, while FDI still amounted to a net inflow of $1.94 billion in the

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By Rea Cu

@ReaCuBM

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the President [to impose an import ban]. It’s at the department level.

But I just have to inform him of course so that he will not be caught off-guard,” Piñol said.

“If the Philippines is hit by ASF because our rules are too soft, considerate, imagine the devastation this will cause. It can cause economic

HE borrowing program for the third quarter this year will likely be lower than P300 billion, in line with the slow disbursements made by the government during the first few months of 2019, the Bureau of the Treasury (BTr) said on Monday.

The borrowing program for the second quarter was at P315 billion.

“In terms of the volume, most likely the volume would be lower than the second quarter [borrowing program] since spending was a bit weaker during the first two quarters. But at the same time, we’ve been able to maintain our borrowing program given the auction performance and also in terms of the external [borrowings]. And also the [revenue] collections are pretty good, so we have more than enough cash to be able to finance the sustained higher spending for the next quarter or so,” National Treasurer Rosalia V. de Leon said.

State spending was earlier reported to be sluggish, as the government operated under a 2018 reenacted budget, as well as a spending ban being implemented in line with the May 2019 midterm elections.

See “ASF,” A2

See “Borrowings,” A2

THE COLORS OF FREEDOM Philippine flags cut a dramatic contrast to the metallic gray of the Ayala Bridge in Manila on Monday, June 10.

The display of flags in key areas is part of the preparations for the Philippines’s 121st Independence Day celebration on Wednesday.

ROY DOMINGO

‘Firm rules to prevent ASF’s entry’

By Cai U. Ordinario

D

@caiordinario

ESPITE receiving flak for implementing stringent quarantine rules, Agriculture Secretary Emmanuel F. Piñol said the government will continue to strengthen efforts to prevent the entry of meat products contaminated

with the dreaded African swine fever (ASF).

Piñol told reporters on Monday that he will insist on an import moratorium on pork and pork products from countries with confirmed ASF outbreaks, as well as those nations that are contiguous with affected countries.

“We don’t need an order from

n JAPAN 0.4771 n UK 65.9552 n HK 6.6015 n CHINA 7.4883 n SINGAPORE 37.9959 n AUSTRALIA 36.2772 n EU 58.6159 n SAUDI ARABIA 13.8025

Source: BSP (10 June 2019 )

News

BusinessMirror

A2 Tuesday, June 11, 2019

Bad weather delays flights, prompts a visit from Duterte

A

By Recto Mercene @rectomercene & Bernadette D. Nicolas @BNicolasBM

FTER hearing reports of severe flight delays and cancellations late Sunday, President Duterte made a detour in the wee hours of Monday morning and made a surprise inspection at the Ninoy Aquino International Airport Terminal 2.

The President proceeded to Naia Terminal 2 after coming from the wake of Sendeng Loo Gaisano, the wife of businessman James Gaisano.

Duterte talked to airline and Naia officials to know if there are flight diversions and to hear assurances that affected passengers are given incentives to ease their inconvenience. It was learned that in all, 51 flights were canceled by the weather-related disruptions: 10 from Philippine Airlines and 41 from Cebu Pacific, which operates out of Naia Terminal 3.

The President then personally apologized to the passengers for the inconvenience caused by flight disruptions as he vowed to come up with a solution within a month.

He was later told that the delays were caused by a nearly four-hourlong stoppage of airport operations on account of a “red lightning alert,” a precaution taken during severe thunderstorms.

A Philippine Airlines manager and a Naia-Terminal 2 airport duty manager briefed the President and explained the actions they took to normalize the situation.

For his part, the Chief Executive made suggestions on how flight aberrations could be minimized, as well as long-term actions that could be done by the government, particularly by the Department of

ASF. . .

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dislocation because we will import pork at a very high price,” he added.

The agriculture chief also said he is not content with merely deploying sniff dogs at airports as these animals “can make mistakes.” Piñol said he wants to install x-ray machines in all major gateways of the country.

He said these x-ray machines will be able to ensure that all the pork and meat products entering the Philippines are ASF-free.

Piñol added that the government is willing to study proposals to impose higher penalties for violators. However, he said, this may take longer given that the existing penalties are included in the Food Safety Act, which requires legislation to amend.

Fears of high prices eased

THE agriculture chief also allayed fears that the stringent quarantine rules would result in higher prices of meat products. He said there are many other sources of pork and products that can meet the requirements of the Philippines.

Piñol said the Department of Agriculture (DA) has identified countries that remain ASFfree where meat importers can source pork and pork products.

He said these countries have been able to keep ASF out because of their strict quarantine rules.

Remaining ASF-free, he

Transportation.

The four-star carrier confirmed that Duterte spoke to their officers during a surprise visit at 2 a.m. on Monday.

“The President spoke to two PAL airport officers who explained that several flights on June 9 experienced delays in departure as well as in the deplaning of passengers solely as a result of a red lightning alert issued by the airport authorities, which suspended all ground movements and operations from 6:40 p.m. to 9:15 p.m., affecting ramp personnel and other operational movements at all the Naia terminals,” PAL said in a statement.

“Such red alerts in the midst of a thunderstorm with lightning strikes are mandatory for the safety of airport personnel and passengers,” it said.

PAL said President Duterte appeared to be generally satisfied with the actions taken by PAL management to address the concerns of affected travelers.

“Passengers of canceled flights were rebooked on next available flights, and several transit and elderly and PWD passengers were provided hotel accommodations,” said the airlines Spokesman Cielo Villaluna.

She said passengers of arriving flights that were diverted to Clark International Airport were prosaid, is the only way to ensure that the Philippines will be able to achieve its goal of exporting pork products.

Citing studies, the DA chief said countries that have been infected by ASF could “suffer for decades.” This, he said, provides the Philippines a window of opportunity for the local hog sector to export pork.

“We are not rejoicing that our neighbors are suffering because of ASF. But that’s life. We will take advantage of this opportunity and we will assume the role of a major producer of pork and pork products in this region,” Piñol said.

Piñol earlier said he will propose to President Duterte a three-month import morator ium on pork and pork products from countries that are at high risk for African swine fever. This means that these countries have not reported any ASF outbreak, but are at risk because they are contiguous with infected territories.

He said the proposal of the DA is a preventive measure aimed at ensuring stable food prices, as a decimated domestic hog population could accelerate inflation.

The proposed import ban has the backing of economic managers led by Finance Secretary Carlos G. Dominguez III, he added.

Piñol said economic managers vowed to yield to the DA on issues involving quarantine measures against animal diseases, such as ASF, that could cripple industries.

51

Number of flights canceled as a result of severe weather disruptions at the weekend vided land transfers to Manila.

PAL canceled about 10 flights representing the onward and return flights of their aircraft to Cagayan de Oro, Cebu, Iloilo, Bacolod and Davao.

Two flights which diverted to Clark—PR 2860 Cebu to Manila and PR 2818 Davao to Manila—were eventually canceled due to air traffic congestion at Naia, as air traffic control authorities worked to clear the backlog caused by the freeze in airport operations as a result of the red lightning alert.

CAB Resolution 49, which requires airlines to complete the deplaning of domestic flights by the third hour and the deplaning of international flights by the fourth hour, includes an exception on “no ground movement during terminal lightning alerts” for vital safety reasons. In compliance with PAL procedures and in line with current DOTr/Caap and CAB regulations, PAL provided food and water, as far as practicable, to passengers who were not deplaned, PAL said.

“Philippine Airlines seeks the kind understanding of the riding public on the need for the airline to carry out certain procedures, including any necessary cessation of ground operations, to ensure compliance with safety regulations, emphasizing that safety will always be the cornerstone of PAL operations.”

Cebu Pacific

CEBU Pacific (CEB), meanwhile, said it is making every effort toward full operational recovery following

Borrowings. . .

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“Most likely [below P300 billion], lower than what we have issued,” de Leon added.

She explained that a cash programming meeting will be held sometime this week to assess how fast disbursements are being made by government agencies for implementing projects, which will aid the BTr in calibrating the final volume for the local borrowings for the third quarter. “[The volume will depend] on the spending. We have a cash programming meeting this week.... We will have to calibrate, because there’s a catch-up plan in terms of the disbursements, so that would be running now.

It would have to start end of May to June. And there’s a commitment from the agencies that they would really be pushing hard in terms of the spending.

So we will have to see how spending goes this month,” she said.

For 2019, the national government

DepEd. . .

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“Based on the same document, her total earnings for 2018 was P3.3 million—and not P3.95 million as initially reported—excluding the Gasoline and Miscellaneous Expenses that are actual expenses incurred by the Office of the Secretary proper and not as her personal use.”

These expenses, the DepEd said, were considered as “allowance” by DepEd’s accounting office and the Commission on Audit (COA) resident auditors, and therefore included as footnotes in the Rosa.

“That being said, given her actual total earnings for 2018, the education chief’s ranking in terms of salaries and allowance will be

weather-related disruptions at the Manila airport on Sunday evening.

“From June 9 to 10, we have so far canceled 41 flights, of which eight are international and the rest are domestic,” CEB said in a statement on Monday.

“For flights canceled today, affected passengers were notified through the contact details provided upon booking. We are assisting all affected passengers as best as we can. We have also given travel vouchers that they redeem for a future booking with Cebu Pacific.”

On top of that, all passengers on canceled flights may take any of the following options, which they can do through the “Manage Booking” section of the Cebu Pacific web site: 1. Rebook flights for travel within 30 days from original departure date, free of charge; 2. Reroute to/from alternate airports for travel within 30 days, subject to availability of seats; 3. Get a full refund; and 4. Place the full cost of the ticket in a Travel Fund.

Among those with the President when he visited the Naia were Manila International Airport Authority (Miaa) General Manager Ed Monreal, Civil Aviation Authority of the Philippines (Caap) Director General Capt. Jim Sydiongco, Leyte Rep. Martin Romualdez and Davao businessman Sammy Uy. Last week, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said he called the attention of Monreal over the limited number of functioning carousels and the airport’s poor airconditioning system.

Panelo recalled it took them more than two hours to retrieve their luggage.

The Palace spokesman said Transportation Secretary Arthur Tugade already assumed responsibility for the incident and that Monreal has apologized.

Panelo was part of President Duterte’s delegation to Japan.

has programmed its gross borrowings for both domestic and foreign IOUs at P1.19 trillion, higher by 20.7 percent from the 2018 level of P986 billion.

Broken down, external borrowings will account for P297.2 billion and domestic borrowings at P891.7 billion of the total. The government said it is eyeing a borrowing mix of 75:25 for this year, with domestic borrowings accounting for 75 percent and foreign borrowings at 25 percent.

The BTr reported in March that government borrowings for the second quarter of this year was programmed at P315 billion for domestic securities, lower than the first quarter programmed borrowing of P360 billion.

The government has programmed a borrowing of P315 billion for the second quarter of this year in the form of Treasury bills (T-bills) and Treasury bonds (T-bonds).

This is lower by 12.5 percent from the first-quarter programmed borrowing level of P360 billion, and lower by 3 percent than the second-quarter 2018 borrowing level of P325 billion. the lowest among the Top 10 listed in the publication,” the statement concluded.

Meanwhile, DepEd underscored that Briones has already prioritized the expansion of the scope of employee welfare in her 10-Point Agenda when she assumed office in 2016 amid the clamor to increase the salary of publicschool teachers.

As the DepEd chief “continuously works to realize an equitable and sustainable salary increase that will benefit the Department’s 843,917 teachers,”she said that she has already pushed for initiatives and reforms that resulted in “additional compensation and benefit for teachers.”The DepEd also assured the public that Briones remains committed to promoting and improving the living and working conditions of both teaching and nonteaching personnel. Claudeth Mocon-Ciriaco

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What is a ‘red lightning alert’? Officials explain after airport shutdown T HE “red lightning alert” issued by the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), which freezes airport operations whenever intense lighting activity is detected within 9 kilometers of the airport, was the cause of air congestion at the premier airport on Sunday night.

This was clarified by Alger Ramo, chief of airport Ramp Control Terminal 1. He said the airport operation was halted for nearly four hours, from 7 pm until about 11 p.m. on Sunday.

Because all airport activities are suspended during the alert, all departures were put on stand by at the Ninoy Aquino International Airport (Naia) while arriving aircraft were diverted to Clark International Airport, he said.

H owe ve r, t h e co m p l a i nt s o f affected passengers must have reached Malacañang, so President Duterte made a surprise visit to the Naia at 2 a.m. on Monday to look into the situation.

Ramo said the yellow and red lightning alert scheme was adopted at the Naia last year following the death of an employee who was struck dead by a lightning bolt on the tarmac of Naia Terminal 3 at the height of a thunderstorm over the airfield.

The chief of airport branch of Pagasa Aeronautical Meteorological Service Section, Marygrace Cristi, said

Clark. . .

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The reclassification, however, shall also be without prejudice to any rights and interests under existing contracts, leases and business arrangements covering areas within IE5, which the CIAC lawfully entered into prior to the effectivity of the order.

For other business activities, prior approval of the Department of Transportation (DOTr) and the

FDI. . .

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This is about 150 percent higher than the $109 million seen in the same period last year.

Equity capital infusions during the period emanated mainly from Japan, China, the United States, Singapore and South Korea.

According to the BSP, these were channeled largely to the financial and insurance, real estate, transportation and storage, manufacturing, and administrative and support service industries.

On the other hand, other components of the FDI registered improvements in the first quarter of the year compared to that of 2018.

In particular, net investments in debt instruments rose by 18.6 percent to $1.4 billion from $1.2 billion in the same quarter in 2018.

Reinvestment of earnings increased by 11.3

PhilHealth. . .

Continued from A12

following President Duterte’s twin directives to effect a leadership shakeup at the PhilHealth and charge unscrupulous health-service providers and their cohorts believed responsible for the hemorrhage of as high as P154 billion in funds since 2013 through bogus treatments of phony or dead patients.

Villafuerte said the Palace decision will prevent the Universal Health Care (UHC) program from taking a nosedive even before it could take off, more so now that this pro-poor program has obtained adequate funding with the passage of a new “sin” tax bill before the 17th Congress adjourned sine die last week.

“This multibillion-peso scam has obviously thrived through the sheer incompetence or connivance of certain PhilHealth execs nationwide,” Villafuerte said.

President Duterte earlier ordered the National Bureau of Investigation (NBI) to arrest and probe the owners of a dialysis facility in Quezon City that made bogus dialysis procedures

that following the death at the tarmac, they installed last year a Lightning Activity System (LAS), which tells them whether to raise the yellow or red alert warning.

“Yellow means the thunderstorm is more than 9 kilometers away from the airport and the airport operation continues.”

“However,”she said,“when the thunderstorm, accompanied by intense lightning activity, is within 9 miles from the Naia, we raise the red alarm to stop airport operations.”

Meanwhile, Transportation Secretary Arthur Tugade said the President’s 2 a.m. visit to the Naia was an expression of“his deep concern for the welfare of the air-riding public.”

The meeting in the wee hours with airport and airline officials, Tugade stressed, was “to seek the best modality and platform in meeting the objective of resolving airport and aviation concerns at the fastest possible time.”

Following the meeting, Tugade immediately met with officials from the Department of Transportation (DOTr), Manila International Airport Authority (Miaa), Civil Aviation Authority of the Philippines (Caap), Civil Aeronautics Board (CAB) and Office for Transportation Security (OTS) remain committed in ensuring safe, secure and convenient gateways for Filipinos and guests throughout the country.

Recto L. Mercene

Bases Conversion and Development Authority (BCDA) shall be secured.

According to the Bases Conversion and Development Act of 1992, the government is mandated to accelerate the sound and beneficial conversion of Clark and Subic military reservations into alternative productive uses and to enhance the benefits to be derived from these areas in a bid to promote the economic and social development of Central Luzon in particular and the country in general. percent to $234 million during the quarter from $211 million in the comparable period last year.

For March alone, FDI hit $586-million net inflows, lower by 13.9 percent than the $681-million net inflows registered in the comparable period last year.

This developed on account of the decline in net equity capital investments, as placements dropped to $126 million from $351 million in March 2018.

Meanwhile, nonresidents’ investments in debt instruments (consisting mainly of loans extended by parent companies abroad to their local affiliates) recorded an increase of 35.8 percent to $399 million, from $294 million last year.

Reinvestment of earnings increased by 14.4 percent to $80 million during the period, from $70 million a year ago. to nonexistent kidney patients.

A news report has estimated that PhilHealth losses from this scam could reach as high as P154 billion combined since 2013.

Strict

MEANWHILE, House Committee on Health Chairman Angelina Helen Tan urged PhilHealth to strictly implement the Benefit Payment Notice for the patient to compare their statement of account from the hospital and the BPN. According to Tan, the one-page notice indicates the member’s name, date of confinement, diagnosis, details of hospital bills and PhilHealth payment, including doctors payment. If there is a discrepancy or underdeduction, the lawmaker said patients can present the BPN to the hospital for reimbursement.

Earlier, Bayan Muna Rep. Rep. Carlos Isagani Zarate called on the national government to investigate the alleged“ghost”kidney treatments

by PhiHealth and WellMed Dialysis Center.

Zarate said the 18th Congress must investigate the matter soonest, as lives hang in the balance in the matter of dialysis treatments.

With Jovee Marie N. Dela Cruz

The Nation BusinessMirror

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Albayalde vows probe into arrest of columnist erroneously tagged as wanted female rebel

By Rene Acosta

@reneacostaBM

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HE Philippine National Police (PNP) is investigating the arrest of a columnist for a local paper in Mindanao who had been mistaken for a top female rebel wanted for criminal charges while she was on her way home to Davao City.

PNP chief Director General Oscar D. Albayalde said the Internal Affairs Service would look into the mistaken arrest of Margarita Valle, columnist for the Davao Today, at the Laguindingan Airport in Misamis Oriental on Saturday.

He said the probe will look into whether lapses were committed by the arresting officers from the Criminal Investigation and Detection Group (CIDG), who, it turned out, were just assisting the military in serving a warrant of arrest.

CIDG director Major General Amador Corpus said the assistance was sought by their “counterparts” from the military, which ironically ended in the more than nine-hour ordeal of Valle in Pagadian City where she was brought by the arresting officers.

“Our counterparts asked for assistance in the service of a warrant against a high-profile personality.

So that was a normal police procedure,” said Corpus, adding that their counterparts used an agent in aiding the service of the warrant.

He said that while Valle had been brought to Pagadian City, the military informant did not confirm whether Valle was indeed the same personality indicated in the warrant, thus, resulting in her longer stay under the custody of policemen.

“So they have an agent whom they had used, and she was intercepted at the airport. From there, their informant did not confirm, even after validation, that she was the same person. That’s why there was a mistaken identity,” Corpus explained.

Corpus said that the CIDG later confirmed that it had taken the wrong person through a photo.

The National Union of Journalists of the Philippines said Valle “was forcibly taken” at the airport while waiting for her flight to Davao City using a warrant of arrest issued against “Elsa Renton, alias Tina Maglaya, and Fidelina Margarita Valle.”

Renton, an alleged communist party member, has standing warrants of arrest for arson and multiple murder with quadruple frustrated murder and damage to government property.

Albayalde said that if Valle felt that her rights were violated, then the PNP leadership would assist her. But still, whether she would file a complaint or not, the PNP will probe her arrest.

“If she feels she was violated, we will be very glad to assist her. If her arrest or the manner she was arrested, and even if something was violated against her while she was in custody…we will not hesitate to file charges against our people,” the PNP chief said.

Albayalde said that such case of mistaken arrest was not the first for the PNP, but there are “isolated cases also of mistaken identities” for policemen.

Robin Padilla volunteers to become face of PHL agri

By Cai U. Ordinario

R

@caiordinario

OBIN PADILLA, who has earned a reputation as one of the Philippine showbiz industry’s “bad boys”—albeit a most charming one— has volunteered to become the face of the country’s agriculture sector to boost the image of farming and farmers nationwide.

Agriculture Secretary Emmanuel F. Piñol made the announcement on Monday and said Padilla has already agreed to film a documentary and appear on a TV program on agriculture. The director of the documentary will be Njel de Mesa.

The funding for the documentary, Piñol said, will come from the DA and the private sector. However, he said Padilla already waived his talent fee.

“On behalf of the Filipino farmers and fisherfolk, I want to thank Robin for his selfless offer to help the sector. He has seen the problems confronting agriculture and he wants to help,” Piñol said in a mix of English and Filipino.

“His advocacy is to show that agriculture, particularly farmers, will not wear a tattered sombrero and short pants but [are] macho and handsome like him,” he quipped.

Padilla said he wants to change the image of the farm sector, especially the farmers. He said the sector is badly in need of a “morale booster.”

The documentary will also show the step-by-step process of putting up agribusinesses. In fact, Padilla said, Piñol urged him to go into agribusiness so that he could better understand the sector.

Piñol said Padilla volunteered to promote Philippine agriculture during the President’s state visit to Japan in May. He said Padilla is already thinking of agriculture-related projects, especially for rehabilitation centers for drug dependents.

Editor: Vittorio V. Vitug • Tuesday, June 11, 2019 A3

CA freezes Kapa assets, bank accounts over ‘fraudulent’ investment scheme T

HE Court of Appeals has issued a freeze order on several bank accounts and other assets linked to Kapa-Community Ministry International Inc. (Kapa), a nonstock corporation operating a fraudulent investment scheme, the Securities and Exchange Commission (SEC) said in a press advisory on Monday.

The appellate court issued the freeze order on June 4 upon the petition of the SEC and the Anti-Money Laundering Council (AMLC).

Under Section 10 of Republic Act 9160, or the Anti-Money Laundering Act of 2001, as amended, the Court of Appeals may issue a freeze order upon a verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity.

Among the unlawful activities covered by the anti-money laundering law are fraudulent practices and other violations under Republic Act 8799, or the Securities Regulation Code.

The Commission earlier revoked the certificate of incorporation of Kapa for serious misrepresentation as to what it can do or is doing to the great prejudice

Sotto shoo-in to retain Senate President post

By Butch Fernandez @butchfBM

S

ENATE President Vicente C. Sotto III is seen to be on track to retain his post with no emerging challenger seen to covet the Senate presidency when Congress opens regular session on July 23.

This, after Senator-elect Francis Tolentino, who was earlier reported to have expressed interest to vie for the No. 3 post in the line of presidential succession, disavowed reports he was planning to challenge Sotto.

Instead, Tolentino clarified he was eyeing the chairmanship of the foreign relations committee, currently chaired by Sen. Aquilino Pimentel III, “ because my masteral degree is foreign relations.”

But Tolentino quickly added he would readily settle to sit as member of the Pimentel-chaired committee, indicating he would also consider chairing the Committee on Local Governments “if given to me.” Tolentino, a neophyte senator, said he shuns intrigues, adding he already talked with Senate President Sotto and “clarified the intrigues.”

“There is no voice clip that will prove I said it, but I admit its part of politics,” Tolentino asserted, referring to his reported plan to take over the choice committee chairmanships also eyed by more senior colleagues.

Sotto, for his part, assured he has “no problem” if any of the senators can get 13 votes to take over his post.

“I find no problem if any of my col leag ues in the Senate could muster 13 votes to elect a new Senate President. I don’t intend to cling to this position; you always ser ve at the pleasure of the majority,” he said in Filipino.

Sotto added that he and Tolentino already settled the matter.

At t he same t ime, Senate sources told BusinessMirror that Senator-elect Bong Go earlier expressed preference to chair the Committees on Health and on Urban Planning, even as the former close aide of President Duterte is also likely to get the chairmanship of the Committee on Sports currently chaired by Sen. Emmanuel Pacquiao.

of or damage to the general public.

Kapa was found to have recruited and encouraged members to “donate” any amount in exchange for a 30-percent monthly return for life, without having to do anything other than invest and wait for the payout.

Such scheme constituted the sale and offer of securities, in the form of investment contracts, and required a secondary license, according to the SEC. Under Section 8 of the Securities Regulation Code, securities shall not be sold or offered for sale or distribution without a registration statement duly filed and approved by the Commission.

Section 28 further states that no person shall engage in the business of buying or selling securities in the Philippines as a broker or dealer, or act as a salesman, or an associated person of any broker or dealer unless registered with the SEC. In offering and selling securities, Kapa committed an ultra vires act exceeding the privilege granted to it and misrepresented itself to the public by concealing this investment scheme in the guise of a donation to entice the public to donating when in truth and in fact they are invest-

ing, the Commission noted.

The investment-taking activity of Kapa also constituted a Ponzi scheme, an investment program that offers impossibly high returns and pays investors out of the capital contributed by later investors.

The SEC noted that Kapa’s investment scheme is unsustainable. To illustrate, Kapa will need P15 billion a month to pay 5 million members, who have contributed at least P10,000 each.

Without recruiting new members or soliciting more investments from the public, the pooled funds will not last beyond three months.

Prior to issuing an order of revocation against Kapa, the SEC issued a cease and desist order (CDO) against the nonstock corporation on February 14. It subsequently made the order permanent after Kapa failed to file a motion for the lifting thereof within the prescribed period.

The CDO covered the partners, officers, directors, agents, representatives and all other persons acting for and in behalf of Kapa, which also operates as Kapa Kabus Padatuon (Enrich the Poor), Kapa/Kappa (Kabus Padutoon), KapaCoconvenience Store and General Mer-

chandise, and Kapa Worldwide Ministry.

The SEC also issued an advisory against Kapa as early as March 2017, noting the nonstock corporation did not have a license to solicit investments from the public. It issued another advisory in October 2018 and in March 2019.

The Commission advised the public to be cautious in dealing with Kapa and to report to its head office or extension offices any continued investmenttaking activity by Kapa and its allied entities.

Those who have invested money or have been invited to join Kapa may visit the SEC Enforcement and Investor Protection Department at Secretariat Building, PICC Complex, Roxas Boulevard, Pasay City, or call (02) 818-6337 and (02) 818-5324.

They may also seek assistance from the SEC-Davao City Extension Office at SDC Building, Purok 13, Maa Road, Maa, Davao City; call (082) 298-2170 and (082) 298-1893; or e-mail kjpestares@sec.gov. ph. In Cagayan de Oro City, they may visit the Commission at the SEC Building, corner 14th and Tomasco Del Lara Street; call (088) 857-4325 and (088) 857-7225; or e-mail rvegypto@sec.gov.ph.

A4 Tuesday, June 11, 2019

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BusinessMirror

Editor: Vittorio V. Vitug • Tuesday, June 11, 2019 A5

DTI to tighten PS rules, rid market of substandard products

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By Elijah Felice E. Rosales

@alyasjah

HE Department of Trade and Industry (DTI) is tightening its standard certification procedures as part of efforts to rid the market of substandard products.

In a draft Department Administrative Order (DAO), the DTI’s Bureau of Philippine Standards (DTI-BPS) will roll out a new Philippine Standard mark in the form of a holographic sticker. This will come with security features identifiable only by the government, the prescribed PS logo, a unique serial number and a quick response code.

“For a more stringent control of the use of the PS mark, the PS mark stickers shall only be pur-

chased at the BPS or DTI regional and provincial offices,” the draft DAO read.

All PS license holders are also mandated under the proposed order to buy PS mark stickers. However, they must affix this only on products covered by a valid PS license before market distribution and selling.

The DTI-BPS said there is a need to change the procedures, as the existing policy permits manufacturers to print the PS mark on

products included in the scope of certification of their PS licenses.

This, the trade body stated, is prone to abuse. Unscrupulous people trying to imitate the PS mark can print it and affix it to products not certified by the DTI-BPS. “The existing policy also provides opportunity to manufacturers with suspended, expired or canceled license to continue to operate and produce covered products and use the PS mark since the same is not traceable once the products are placed in the market,” the draft DAO read.

The DTI-BPS said it has to establish strict control over the use of the PS mark by making sure the certification is issued only to legitimate PS license holders. It added the change in procedures should preserve the integrity of the government’s standard certification.

Industry associations, such as the Philippine Iron and Steel Institute (Pisi), have been appealing to the gov-

ernment to do a nationwide market monitoring and standards enforcement campaign.

Pisi Vice President for Technical Affairs Joel T. Ronquillo in April said market monitoring teams should conduct an actual weighing of steel bars to determine compliance to safety and quality standards, as well as checking of logos and marks. He also put the government to task in going after stores and manufacturers found violating laws on product standards and fair trade.

In an earlier report to the DTI, Pisi claimed substandard steel bars being sold in several hardware stores in the Cordilleras.

Pisi recommended the DTI to make stringent its standard certification procedures to stop the proliferation of low-grade rebars.

In response, the trade body vowed to heighten efforts that will uphold product standards and protect consumers.

BTr awards ₧15-B Treasury bills in auction; rates decline 40 bps

By Rea Cu

@ReaCuBM

T

HE Bureau of the Treasury (BTr) has awarded the full P15 billion on offer in its latest auction for Treasury bills (T-bills) on Monday, even as rates for the security posted a reduction of more than 40 basis points.

National Treasurer Rosalia V. de Leon told financial reporters that the auction committee decided to award all tenor buckets during the T-bill auction as rates for the security contracted by more than 40 basis points on the back of the reserve requirement ratio (RRR) cuts made by the Bangko Sentral ng Pilipinas (BSP), which pushed liquidity in the system.

“So it’s expected given the developments both onshore and offshore....

[For offshore]. Treasuries flight to safe haven again, at the same time, the drag to growth because of the escalating trade tensions. So on the

onshore market, again even in spite of the yield pickup in terms of inflation of 3.2 [percent in May], still the BSP pronouncement is that we will still be on track in meeting the inflation target of about 2.9 [percent] for this year,” de Leon said.

In terms of offshore developments, she explained that investors are looking to park their funds in a safe haven, which is through government securities, amid trade tensions between China and the United States (US).

“And of course last May 30 was the first tranche of the cut for the RRR [cut]. We see that there’s excellent participation in the auction today and we see moving forward that would also be the trend,” she added.

The 92-day T-bill was awarded the full P4 billion on offer, with tenders for the security amounting to P7.80 billion.

The average rate for the tenor bucket reached 4.555 percent, which

posted a contraction of 43.7 basis points, compared to the previous auction rate of 4.992 percent.

“We haven’t seen that [the more than 40-basis-point decline] because the trend before was really upward, so this is really significant.... Even before, it’s just five to 10 basis points, even in terms of the market survey that we have been getting, it’s only about 15- to 20-basis-point decline. So this is much more than what we expected,” she said.

Bids for the 183-day security amounted to P20.132 billion, which prompted the auction committee to award the P5 billion on offer.

The average annual rate settled at 4.923 percent, decreasing by 47.7 basis points from the previous auction rate of 5.400 percent.

The full P6 billion was awarded for the 365-day T-bill, with tenders for the security reaching P25.655 billion.

The average annual rate was re-

corded at 5.069 percent, lower by 42.9 basis points from the previous auction rate of 5.498 percent.

“Again, the expectation is also the rate cut, and I think, as the [BSP] governor has mentioned, it remains to be on the table. And even the Fed [Federal Reserve system], now the market is projecting that there will be two rate cuts by Fed given the drag on growth because of the trade tensions,” she added.

Meanwhile, de Leon said that BTr officials will be meeting with investors in Tokyo, Japan, next week for its planned Samurai bond issuance.

She pointed out the three possible tenor buckets are being looked into for the issuance with a three-year, five- or seven-year and 10-year tenor buckets, adding that the volume won’t likely go over $1 billion equivalent to the yen. “[We will be] meeting with investors in Tokyo [next week], they are finalizing the schedules,” she said.

A sustainability culture is badly needed

By Henry J. Schumacher

S

USTAINABLE development or a sustainability culture seems to be taking root. There are quite a number of companies in the Philippines that are subscribing to sustainability, focusing on both—profit and purpose.

Some even believe that a cultural “tipping point” has been reached.

Many issues have shaped it: changes in climate patterns, geopolitical conflicts, global media networks, innovations in the marketplace, the success of “green” business and many other factors, including the need to address poverty, hunger, bad health and limited education among the less privileged.

Many people believe that environmental degradation is real and a threat to them and their children, and they tend to believe that their lives could be improved through the better management of social and environmental systems.

There is also a set of initiatives for further reducing social and economic inequities. There is a need for public-private initiatives to reducing the rate of preventable diseases and to facilitating access to clean drinking water for all people. Much will depend on the actions businesses, government (both national and local), educational institutions, nongov-

ernment organizations and other stakeholders will take to address the most demanding Sustainable Development Goals (SDGs) of the United Nations, to which the Philippines is subscribing.

If these entities can work together to align their values and organizational processes around sustainable principles, then there is a greater chance of addressing, ameliorating, and sometimes even solving, a range of social and environmental problems.

The hope is that a more sustainable culture would make for a more sustainable business environment.

Getting there won’t be easy, but the barriers to sustainability are not that daunting. Assuming sustainability principles are well supported by the scientific and managerial literature, many of them seem likely to be adopted by the wider culture. There are also indications that individual employee values are already fairly well aligned with sustainability principles. We saw the beginning in millennials but see a much larger focus

on sustainability in centennials, who insist that tech-touch has to be accompanied by human-touch.

It seems that organizations— even high-performing ones—continue to struggle with certain aspects of sustainability, especially aspects related to organizational integration and alignment. Maybe it’s natural that sustainability related values and leadership come first, while alignment and integration come later in the process. Or, perhaps, it’s simply easier to claim to have sustainability-related leadership, values and strategies than it is to truly integrate sustainability principles into organizational structures, systems and functions.

It’s good to see that the Security and Exchange Commission has issued guidelines on the implementation on “sustainable development” for publicly listed companies!

The good news, from a sustainability point of view, is that highperforming organizations have sustainability qualities to a larger extent than low-performing organizations. That is, the degree to which sustainability practices and strategies are being implemented—and the extent to which those strategies reportedly produce benefits—are stronger among the organizations reporting higher performance in the areas of revenue growth, market share, profitability and customer satisfaction.

Whether or not sustainability practices actually result in better market performance remains an open question, but at least it becomes

clearer that sustainability qualities do not prevent organizations from achieving market success.

More study needs to be done in this area. After all, one of the reasons commonly given for not pursuing sustainability approaches in a free-market system is that it costs too much and so hurts competitiveness. However, this conventional wisdom may be too simplistic and, in many cases, wrongheaded. It’s quite possible that, when implemented wisely and well, sustainability-related strategies and practices are simply very good business.

We will be discussing these issues during an advocacy forum achieving win-win approaches in “sustainable development” on June 20, and will focus on three sectors that can help make the changes leading to inclusive growth:

Agriculture—with emphasis on creating supply chains;

Maritime—growing the share of Filipinos involved in the “blue economy”;

Tourism—enhancing the country’s next growth engine.

The forum will also address issues like access to finance and technologies for the less effluent players, and the positive impact of digitalization.

Let me close by stating that the collective journey toward “sustainable development” has—at its heart—a promise to leave no one behind!!!

Feedback is welcome; please email me at schumacher@eitsc.com.

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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. ANA C. DIONE, CPA REGIONAL DIRECTOR

A10 Tuesday, June 11, 2019 • Editor: Angel R. Calso

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editorial

Can our new senators leave a lasting legacy?

E

ACH new Congress gathers the members of the Senate and the House of Representatives in special meetings to talk about who gets what committees and to select their respective leaders. However, the real selections are done ahead of time, before Congress actually opens.

One such meeting happened among administration senators for the 18th Congress on Wednesday, at the residence of Sen. Manny Pacquiao in Dasmariñas Village in Makati, supposedly to settle a leadership row between Senate President Vicente Sotto III and Sen. Cynthia Villar, as well as problems with committee chairmanships.

It was reported that Sotto had a separate meeting with the three new senators from PDP-Laban: Bong Go, Francis Tolentino and Ronald dela Rosa. Sotto confirmed after these meetings that 95 percent of committee chairmanships in the Senate had been settled.

Sotto’s Senate presidency seems safe, for the moment, if we are to believe Sen. Panfilo Lacson, who drafted a manifesto of support for Sotto’s continued leadership in the 18th Congress, signed by 14 senators. But three signatories are outgoing senators. Who knows what would happen when the 18th Congress opens on July 22 and the actual voting takes place?

The struggle for supremacy in the House of Representatives may prove even messier with Lord Velasco of Marinduque, Martin Romualdez of Leyte, Alan Peter Cayetano of Taguig and Davao del Norte Rep. Bebot Alvarez all vying to be the next Speaker of the House. The House, after all, has 297 members, and more members mean more maneuverings and deals to be made.

This behind the scenes horse-trading for coveted posts reminds us that in Philippine politics, your friend and ally today could just as easily stab you in the back tomorrow. We saw this many times in past congressional skirmishes.

Legislators have to keep their backs to the wall and watch out for their enemies, but perhaps watch out for their friends even more.

This also provides the best reason not to change the Constitution through a constituent assembly. Members of Congress, both past and present, have demonstrated their ability to put their own interests above all else. Charter change via constituent assembly may, indeed, be the more economical and expedient way, but in such a mode lies the danger of having like-minded, selfserving members of Congress engage in deliberations only with one another and for one another.

We can’t blame people who are suspicious of their legislators after having seen the extent of pork barrel corruption in the past, and the backroom deals made when selecting committee chairmanships.

In a radio interview, Senate Minority Leader Franklin Drilon told incoming neophyte senators to study first and settle leadership quarrels later.

“They were elected by the people to make laws, not to immediately meddle in leadership quarrels,” Drilon said.

Good advice. Perhaps a dose of humility and less hubris would help too.

When the 8th Congress convened after the ratification of the 1987 Constitution and the 1986 Edsa People Power Revolution, it was a Congress dominated by the late President Cory Aquino’s favored candidates, and the housewife who led the toppling of the Marcos dictatorship had set the tone for simplicity and humility among government leaders.

It wasn’t all that uncommon for senators then to be seen driving around in secondhand cars or even taking taxis to work. For instance, Rene Saguisag drove himself to the Old Congress Building in a Volkswagen Beetle that had seen better days, and Orly Mercado did the same in a secondhand Mitsubishi Lancer.

SUVs with special plates and coteries of bodyguards accompanying senators were unheard of in the Senate then. Many of those post-Marcos senators stood out because of the quality of their work. They passed landmark laws.

Even if all appropriation measures originate from the House of Representatives, they scrutinized the budget thoroughly. They used the Senate’s vast oversight powers to make good laws. That’s their job, and, regardless of which committee a senator ends up with, that senator will leave a lasting legacy by doing his or her job well.

Since 2005

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

THE ENTREPRENEUR

E

CONOMIC growth in the first quarter may have “paused” to 5.6 percent, but I believe the Philippines is poised to regain its robust pace in the next three quarters. The country’s economic managers, and monetary authorities as well, are beginning to pump-prime the economy to keep the growth target of 6 to 7 percent this year back on track.

The twin moves of the Bangko Sentral ng Pilipinas (BSP) to lower the borrowing rates and reduce the reserve requirement on banks can be considered a timely stimulus package after the curb in government spending in the first four months of the year.

By reducing interest rates, the Monetary Board of the Bangko Sentral has given financial markets a concrete assurance that the high inflation rate story seen in the latter part of 2018 is now over. Lowering the reserve requirement ratio of universal and commercial banks by 200 basis points within two months to 16 percent from 18 percent will inject more liquidity into the financial market.

The lower reserve requirement will release an additional liquidity of about P230 billion into the financial system, based on the P11.576-

trillion deposits held by universal and commercial banks as of end2018, as reported by the Philippine Insurance Deposit Corp.

The Bankers Association of the Philippines agreed the RRR cut was appropriate as this would help boost the economy. “The 2 percent cut in reserve requirements recognizes the BSP’s effectiveness in strengthening the country’s banking system. It is a bold move, coming on the heels of a policy rate cut, but equally appropriate given how our financial system has advanced under the BSP’s stewardship,” says BAP President Cezar Consing.

The key to a more robust economic growth is increased government spending. This will essentially pump-prime the economy, generate additional jobs and spur consumer spending.

The economic Cabinet cluster to

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this end has taken a proactive stance to sustain our economic growth momentum. The cluster held a recent meeting to formulate a carefully crafted and bold expenditure catchup plan to achieve a GDP growth rate of above 6 percent this year.

Finance Secretary Carlos Dominguez III has taken the initiative to rally the economic Cabinet cluster and keep the growth momentum.

The delay in passing the 2019 budget during the first three months of this year, he says, hit our economy hard.

“Public spending plays a crucial role in supporting the rapid expansion of domestic economic activity. This led to our GDP growth rate for the first quarter to fall below expectations, a four-year low of 5.6 percent,” says Dominguez.

As we all know now, the deadlock over the 2019 General Appropriations Bill forced the government to operate under a reenacted 2018 budget in the first quarter. The economic Cabinet cluster noted that the economy could have received a tremendous boost from what should have been much higher state spending on infrastructure modernization and human capital formation at the onset of 2019.

Finance Undersecretary Gil Beltran said the economy should have grown by 7.2 percent in the first quarter, adding that the underspending of P69.5 billion in the first quarter reduced GDP growth by 1.6 percentage points.

Obviously, as our finance secretary

Governor Diokno and BSP policy

Lourdes M. Fernandez

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Big infra spending to revitalize growth

OUTSIDE THE BOX

T

HE Philippine economy was able to hold together from the 1997 Asian financial crisis through the global debt crisis because of two factors. The first was a strong and stable banking sector, and the second was strong and stable central bank policies.

The Bank of Thailand encouraged banks to borrow in dollars and lend in local currency while holding the Thai baht to an artificially controlled exchange rate. It was a perfect policy until the bank had spent 35 percent of its foreign-currency reserves. The Bank of Korea did the same thing until they had spent 47 percent of their reserves. Then the won depreciated from 900 to nearly 2,000 to the greenback.

At the BusinessMirror Coffee Club last week, Bangko Sentral ng Pilipinas Governor Benjamin Diokno answered questions and offered his views. He spoke about inflation and topics ranging from the potential of

a “cash-less” economy to my favorite topic, the Philippine peso.Having been greatly disappointed by BSP actions in 2018 (of course, I mentioned that to Mr. Diokno), I was impressed by our new central bank leader.

Governor Diokno is the worst nightmare of every “economic expert.” He is a thoroughly trained academic with decades of experience in policy formation and implementation and who—wait for it—completely understands real-world implications of those policies.

Currency is every nation’s economic weak point, especially if yours is a developing economy. Think of it this way. Given a choice, would you

rather lose your wallet full of IDs and bankcards or your cell phone? If you said cell phone, you are probably under 16 years old.

The BSP’s monetary mandate is price and currency stability. That requires walking a narrow path. Too much “intervention” and, as at the poker table, some player with a big chip stack will force you to eventually go “all-in.” Too little market participation and that same opponent will slowly take all your money. The BSP has always let market forces prevail for both inflation and currency exchange, while making sure the banks did not get too arrogant. Listening to Governor Diokno talk about the exchange rate policy, I had an epiphany going back to my childhood.

In sixth grade, my teacher was Mrs. Taylor. She was sweet as when one boy left his lunch on the bus, she wiped his tears and gave him money to buy food. Mrs. Taylor also had another side—sadistic prison warden.

No student would dare cheat on a test. If Mrs. Taylor caught you, that meant after-school detention and we were sure that past students had never returned from her detention; their bodies were probably never found.

When Governor Diokno spoke of the increasing foreign-currency re-

noted, the government must accelerate its expenditures in the months ahead to achieve an economic growth of more than 6 percent this year.

“To enable us to hit a GDP growth rate above 6 percent this year, national government needs to ramp up its spending. In 2019, national government disbursements are targeted to reach P3.774 trillion, equivalent to 19.6 percent of GDP. This is 10.7 percent higher than the actual disbursement in 2018,” says Dominguez after the Economic Development Cluster meeting. “For us to achieve this year’s disbursement target, the government must spend a total of around P2.996 trillion from the second to the fourth quarter of the year,” he adds.

Infrastructure spending will certainly account for a huge chunk of the spending catch-up plan. The government, according to Dominguez, must disburse around P792.97 billion for infrastructure from the second to the fourth quarter of the year to achieve the total infrastructure disbursement target of P1 trillion for the entire year.

I have confidence in the government that it will pursue this massive spending program. The administration of President Rodrigo Duterte, as it has proven in the past, will pursue its “Build, Build, Build” program with more vigor to recover lost ground.

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

serves at his disposal to prevent “unjustified” peso movement, he smiled.

I remembered that same little smile on Mrs. Taylor’s face. Bank currency traders beware.

His optimism about the Philippine economy is grounded in facts and realism, not political nonsense nor wishful thinking. He obviously listens to the data. His reducing the banks’ reserve requirement was truly brilliant monetary policy that I will speak about in the future.

I was at the BusinessMirror Coffee Club to gain a greater insight about the man who leads this critical organization. The right person is in charge of the BSP. While this is a paraphrase, I will use quotation marks because it accurately reflects his attitude and intentions. “I take my job seriously. If something goes wrong with the Philippine economy, it is my responsibility.”

I am going to be pleased with the BSP for the next few years. The Philippines will benefit from Governor Diokno’s term of office.

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

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Tuesday, June 11, 2019 A11

Naspers is 100 times more Daniel proves that poverty is not a barrier to success outrageous than Facebook

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By Alex Webb | Bloomberg Opinion

Manny F. Dooc

UROPE wanted a consumer-technology giant to rival Silicon Valley. It’s getting one—along with California-style disregard for public investors.

When Naspers Ltd. lists its technology investing unit in Amsterdam next month, the new company will have a market capitalization that’s likely to top $100 billion, a valuation derived entirely from its 31-percent stake in Tencent Holdings Ltd. The parent trades at a discount to the value of its holding in the Chinese Web giant.

But Naspers will also bring with it a dual shareholding structure to match or even exceed the worst practices of tech behemoths such as Facebook Inc. or Google parent Alphabet Inc. It’s a holdover of Naspers’s current setup, where the two classes of stock give the chairman and his cohort extra voting rights. Its rationale lies in the Cape Town-based company’s origins as an Afrikaans newspaper owner. Like The New York Times Co., which has a similar structure, the arrangement is supposed to ensure editorial independence by preventing malign influences from building up a stake and trying to dictate editorial policy. But it also makes it more difficult for shareholders to hold management to account.

However much sense that makes for journalists, it’s hard to see how the safeguards are needed for investors in food delivery and e-commerce start-ups, which is where the new company is directing its funds. Even the argument that a guarantee of independence is required for its stake in Russian social media and messaging platform Mail.Ru seems thin.

Naspers is adamant that a multiplicity of shareholders are represented in the two main holding companies that control the firm, and that their main objective is to preserve its independence.

Naspers is listing about a quarter of the new firm, known as NewCo for now, and retaining the rest. While an exchange-traded “N Class” share in NewCo will confer one vote on its owner, the holders of the unlisted “A Class” stock will have 1,000 votes, just as they currently do in Johannesburg, should Naspers’s voting interest in the NewCo drop below 50 percent.

Dual classes of shares aren’t uncommon, but seldom on this sort of scale. Volkswagen AG, Ericsson AB, Altice Europe NV are among European firms with dual structures, but the voting ratios are generally much lower. And they are the exception, not the rule. At Facebook, Mark Zuckerberg and his cofounders have “Class B” shares, which enjoy 10 times as many votes as the “Class A” shares that are publicly traded.

That arrangement has provoked dissatisfaction enough as the social network’s shareholders have been helpless in the face of management missteps over data and privacy. But it looks almost progressive compared to Naspers, where the voting concentration is 100 times greater. The situation there is exacerbated by the

opacity of the ownership structure.

The supervoting shares reside in a series of holding companies. In a legal dispute two years ago, rival media firm Caxton alleged that those holding companies were in turn controlled by Naspers Chairman Koos Bekker and other veterans of the firm, including nonexecutive director Cobus Stofberg. Irrespective of who ultimately calls the shots, the point is that we don’t quite know. It’s thoroughly unsatisfactory.

What’s more, the Silicon Valley firms are controlled by their founders, who are supposed to have a singular corporate vision. While Bekker and his colleagues helped transform Naspers, the firm dates back to 1915.

Bekker did not found it. Why he merits more votes is therefore unclear.

Who has the power to affect this?

Without outside pressure, the A Class shareholders have little incentive to sacrifice control. Investors can complain until they’re blue in the face, but if they want to get a piece of Tencent’s growth, they know they have to stomach the huge imbalance.

Two groups have the ability to push back: the stock exchanges and the index creators. In Hong Kong, for instance, the exchange limits supervoting shares to 10 times the votes of normal stock, and makes it harder for holders to wield their additional power after they leave the company.

But Euronext NV, which owns the Amsterdam stock exchange, would risk losing the lucrative Naspers listing to a rival if it sought to impose similar strictures—stock offerings generated about 8.6 percent of its 2018 revenue. It would also forego the distinction of having such a prominent firm on its exchange. In the context, you can see why Euronext is being so spineless.

The more achievable approach would be for index operators to exclude firms with dual structures, since no exchange seems likely to push back. S&P Global has taken that route, which is why Snap Inc., which confers no voting rights whatsoever on ordinary shareholders, isn’t a constituent of the S&P 500. But it hasn’t imposed the same rules on those existing listings with dual stocks.

Naspers’s European listing is partly intended to attract index investors —it expects to be newly eligible for nine indices. If the operators of those groupings were to stipulate that the shareholding structure is an obstacle to joining, it would be a positive step.

And it will be difficult to persuade start-ups planning to list in Europe to adopt a structure that represents all shareholders equally when what could be the region’s biggest tech firm doesn’t. It would risk making poor shareholder representation de rigueur in Europe, and it’s harder to put toothpaste back in the tube than to stop it escaping to begin with.

Exchanges and indices have an opportunity to lay down a marker, and they should.

TELLTALES Continued from A1

U

NLIKE other children who have resigned themselves to hopelessness, Daniel is proving to the entire world that poverty is not a barrier to success, and one way to overcome deprivation is through education. As I have said many times in my inspirational talks to promote microinsurance when I was the Insurance Commissioner, it is not your fault to be born poor, but it is your fault if you die poor. nnn

I DON’T know if we should feel sorry for the criminals in Venezuela who have been griping about their country’s failing economy. They complained that the financial crisis gripping the Venezuelans has adversely affected their illegal businesses.

With less money in circulation or in possession of the people, it does not pay much to commit robbery, extortion, kidnapping and other crimes that used to be a good source of illicit funds. The local currency has virtually become worthless with hyperinflation soaring over 1.6 million

percent last year. I can imagine robbers hauling truckloads of banknotes just to get real money from their victims. Police authorities in Venezuela had noted that crimes have plummeted considerably, and they attributed this to the severe economic woes in the country. Maybe the wealthy nations should consider sending economic aid to the criminals in Venezuela to help them tide over their current financial difficulties. nnn

IT is admirable that Sen. JV Ejercito has not shown rancor or bitterness against Sen. Nancy Binay after his

Dealing with money Cecilio T. Arillo

DATABASE

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ISTINGUISHED Tufts University law professor Jeswald W. Salacuse, in his lecture at the Harvard Program on Negotiation that I attended, said the existence of so many currencies creates a potential barrier in international business negotiations.

Salacuse advised us on how money affects negotiations and what solutions are available to handle the problems is creates. Unlike purely domestic deals, international business transactions take place in an arena where there is no single global money for making payment.

“Bear in mind,” he said, “that the relative value of the world’s currencies fluctuates in relation to one another. This factor creates special risks and other problems in making global business deal or restructuring existing ones.”

Not only that. Many countries’ currencies are not freely convertible; consequently, the dealmaker or negotiator who is to be paid in nonconvertible currencies must worry constantly about ways to move the value stored in them into more usable funds.

This relative value is known as exchange rates. Money, like any other commodity, responds to the forces of supply and demand. Supply and demand for currency in any country depend on many factors, including inflation rates, prevailing interest rates, economic growth, system of

taxation and political stability.

The foreign-exchange risk

FOR a negotiator, a deal in foreign currency creates a special risk. Between the time an agreement is signed and the time payment is received, the value of the foreign currency in relation to the company’s national or desired currency may decrease so that the company ultimately receives, after conversion, less of its own currency.

Similarly, if a company has to pay in foreign-currency, the value of that currency may increase so that the company has to spend more of its own money than it intended in order to buy the foreign currency necessary to make payment.

A foreign-exchange risk is always present for one of the parties in an international business transaction.

The longer the term of a deal, the greater is the risk.

Because the foreign-exchange risk is present in any international deal, negotiators faced the challenge of coping with it. Various techniques exist, and Salacuse’s three basic choices are quite instructive: (1) give

Wall Street outguns Europe’s banks, again

By Elisa Martinuzzi Bloomberg Opinion

P

ITY Europe’s banks. For years, they have been in retreat, losing business in their own back yards to Wall Street rivals. Now the battlefront is shifting—but what looks like an opportunity to gain ground may be just the opposite.

In wholesale banking, the pursuit of growth has moved away from the dealing floor—where revenue has been shrinking and will, at best, remain flat—to the less glamorous business of helping companies with their day-to-day transactions. The higher returns available from helping corporates manage their cash piles and make faster payments are luring everyone from Goldman Sachs Group Inc. to fintech entrepreneurs.

It’s easy to see why. By 2020, the fixed income market, for years the big money spinner for the securities industry, will be overtaken by transaction banking, according to projections by Oliver Wyman and Coalition. Managing cash, payments and trade financing for corporates could bring in $102 billion in revenue next year, compared with $101 billion from the trading of bonds and currencies, according to their estimates. That gap is expected to widen further.

Shackled by sluggish economic growth at home and record-low interest rates that are crushing margins, European firms have been unable to compete with US rivals in trading and capital markets. Those same dynamics look set to play out again in transaction banking.

Ta ke one key ind icator of a bank’s likely success in maintaining and

gaining business in this area: technology spending. While detailed (let alone fully comparable) data are hard to come by, the metrics that do exist are hardly encouraging.

European banks allocate about 11 percent of revenue to IT, according to data compiled by BCG, BCG Expand and Rubin Worldwide. While that looks to be in line with US firms, European lenders have seen sales contract, unlike their rivals over the Atlantic.

Group-wide revenue at the top 3 US firms in transaction banking has climbed at anything between 3 percent at Citigroup Inc. and 13 percent at JPMorgan Chase & Co. over the past two years. In Europe, revenue fell by 2 percent at BNP Paribas SA and 16 percent at Deutsche Bank AG. The exception among the region’s big lenders is HSBC Holdings

Plc., which saw revenue rise 12 percent, buoyed by its Asia business.

Scrape below the surface, and the signs are even more alarming. European firms are devoting a smaller chunk of money to adding new services and platforms, the data show. The difference in the amount US lenders spend on investments for the future as opposed to just keeping the lights on—the so-called change-the-bank ratio—stood at 41 percent in 2018; the average for European banks was about 30 percent.

That kind of gap will hurt. Leadership in the industry will increasingly be established with the fastest technology and cheapest platforms.

Displacement and disruption are already under way. In cash management, the largest component of transaction banking, as much as 10 percent of the

narrow loss for the last winning slot.

He proved to all and sundry that he is the good one. Despite his solid legislative achievements marked by the passage of major laws that he principally authored, the more than 14 million votes that he garnered was not enough to land him in the winning column, losing less than 200,000 votes to Sen. Binay. I hope the President makes good his promise to give him a Cabinet position suitable to his qualifications after the one-year appointment ban expires.

In past elections, we had seen senatorial candidates losing by the slimmest of margins. In the 1964 elections, former Customs Commissioner Cesar Climaco lost by about 3,500 votes to NP bet Wenceslao Rancap Lagumbay. In the 1958 senatorial elections, Cipriano Primicias won over fellow Nacionalista candidate Jose Locsin by a smaller difference of 3,100 votes. But the closest margin was posted in the 1946 general elections where we elected 16 senators when Salipada Pendatun edged out Prospero Sanidad by about 400 votes. Sanidad protested the results, and in the process dislodged Jose Romero for the 15th place, while Pendatun retained his 16th and last winning slot. nnn

NOT all the 12 winning senators

the risk to the other side; (2) accept the risk but protect yourself; or (3) share the risk.

One simple strategy is that the side that is better able to handle the foreign-exchange risk should be the one to bear it. Thus, if you have substantial costs in a specific currency, you can argue that you should be paid in that currency, and that the other side should bear the foreignexchange risk.

Many times, however, this technique of allocating the risk to the other side is unusable, either because the other side has the bargaining power to resist it or that the transaction does not allow for it. Take for instance an American and a Japanese company negotiating a joint venture to establish a plant in Japan. The American company, by the very nature of the deal, assumes a foreignexchange risk since its assets in Japan will be valued in yen and any profit will be earned in yen.

Accept the risk, but protect yourself

A SECOND technique of dealing with foreign-exchange risk is to accept the risk but take special measures to protect yourself against adverse fluctuations in exchange rates. One of the simplest applications of this approach is for the party bearing the risk to estimate the cost of foreignexchange fluctuation likely to occur before completion of payment and build that cost into the transaction.

A commodity seller who agrees to pay in a foreign currency might increase the price of the product to take account of expected adverse changes in exchange rates. However, that party still bears the exchange risk because the actual exchange

revenue pool could be up for grabs by 2021 as innovation will lead to better offerings for customers, research by Oliver Wyman and Morgan Stanley shows. With the top 10 firms controlling just 30 percent of the pie, the opportunity to gain market share is substantial. From Credit Agricole SA to Standard Chartered Plc., European banks large and small are keen on growing. But clients tend to be sticky, and don’t want to switch systems too often. Miss out on those customers in the next round, and it could be a while before the business is up for grabs again.

US banks have multiple advantages: for a start, their home market uses the world’s reserve currency and their margins benefit from a higher interest-rate environment.

In Europe, traditional banks are being hobbled by regulators seeking to encour-

in the last elections are necessarily the best among the crop. There are definitely winners who emerged victorious on their own merits and records of performance, while others won on account of the endorsement by our very popular President.

No doubt, the Duterte “magic” had spelled the difference and accounted for the landslide, if not tsunami, victory of the administration slate. The 1949 general elections also saw the ruling Liberal Party, led by President Elpidio Quirino, sweep the polls by winning all the eight Senate seats. Sen. Claro M. Recto, one of the most brilliant Filipino legislators of all time, placed only No. 9 then. It’s also the only time in our history that the winning President, vice president and all eight senators came from the same political party. The 8-0 senatorial landslide was replicated in the midterm elections of 1955 at the height of the popularity of the late President Ramon Magsaysay.

All his eight candidates won over their LP opponents, which include then Congressman Diosdado Macapagal who landed at ninth place. nnn

ELECTIVE officials should take heed of Coach Bear Bryant’s advice to his Alabama football players: “Be good, or be gone.”

rate may be different from what was expected.

One of the most common approaches to protecting against the exchange risk is to shift the risk to a third party or institution not directly involved in the deal that you are trying to put together. A variety of insurance-type techniques exist to achieve this goal.

One method, said Salacuse, is to make a contract to purchase currency at a specific price and date in the “forward market” or “future market.”

Another is to secure a foreign currency option to buy or sell currency for a fixed price during a specified period in the future.

Large businesses may use other techniques such as establishing foreign currency accounts or purchasing foreign currency bonds. Both of these may protect yourself against adverse changes in rates, but they may also require you to divert working capital from more profitable uses.

A company with substantial international business can manage its risks of currency fluctuations by arranging offsetting transactions— often called exposure netting—in which the risk of loss in one transaction would be counterbalanced by a gain in another. In this way, an American company’s risk stemming from an obligation to pay yen in the future might be offset by a debt in yen owed to that company and payable by another company at the same future date.

All these techniques though have associated costs. Therefore, sound financial advice by experts in the field is necessary to use them effectively.

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

age new entrants. Under the so-called second payment services directive, or PSD2, lenders will have to provide thirdparty payment providers access to data on their accounts.

Some relief may be in sight. Under the latest batch of European Union banking rules, lenders should get capital relief on the intangible value of their software.

The extent to which firms will benefit will depend on technical standards being drafted by the European Banking Authority.

European banking executives have said it’s too early to quantify the effect the capital boost may have, and transaction banking is only part of their digital spend. But it’s clear if Europe wants to seize a global lead in this pocket of wholesale banking, the battle will be tough and the odds are currently stacked against it.

2nd Front Page BusinessMirror

A12 Tuesday, June 11, 2019

Coast Guard spots Chinese warship at Scarborough

By Rene Acosta

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@reneacostaBM

CHINESE warship along with other paramilitary vessels have been spotted by the Philippine Coast Guard at Scarborough Shoal, where the Philippine patrol unit was challenged by Chinese Coast Guard personnel.

China had been exercising de facto control over the shoal since a standoff with Philippine forces in 2012, but sightings of Chinese Navy vessels were “very rare,” and this is the “first time” that a Chi-

nese warship had moved so close to the lagoon.

Coast Guard Spokesman Capt.

Armand Balilo said the Chinese Navy ship was only about 12 nautical miles from the Scarborough

Shoal, adding the ship was in the company of Chinese Coast Guard vessels and paramilitary ships.

A Philippine Coast Guard vessel, BRP Malabrigo (MRRV 4402), conducted a four-day patrol in the Scarborough Shoal known locally as Bajo de Masinloc and its surrounding waters from Thursday up to Sunday.

During the patrol, Philippine Coast Guard personnel saw two Chinese Coast Guard ships, the frigate and two Chinese militia boats moving at the “end” of shoal’s waters.

The Coast Guard patrol also saw the presence of three Filipino fishing vessels.

Balilo said that during the patrol, Malabrigo was challenged by the two Chinese Coast Guard ships, with Chinese officials ask-

ing questions, among others, about the purpose of its presence in the shoal.

“Except with the regular questioning, nothing untoward happened during the four days,” the Philippine Coast Guard said in a post.

Asked about the presence of a Chinese military ship in Scarborough, Defense Secretary Delfin Lorenzana said this was “not the first time” that Chinese Navy vessels have been spotted in the area.

C h i n a cont rol s t he shoa l , although the Philippines maintains it has not lost it to the Chinese. This, even though it can only manage to send civilian ships in the area while Chinese military and paramilitar y ships prowl and maintain their presence in the shoal.

Duterte wants PhilHealth execs to resign–Go

By Bernadette D. Nicolas @BNicolasBM

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RESIDENT Duterte met with executives of the Philippine Health Insurance Corp. (PhilHealth) on Monday after he had asked them to resign following the alleged fraudulent claims being made to the state-run insurer.

Senator-elect Christopher “Bong” T. Go revealed in an interview that he was asked by the President last week to tell the board members, including acting PhilHealth President and Chief Executive Officer Dr. Roy B. Ferrer, to hand in their courtesy resignation.

Go said Duterte was “dismayed”

that the top PhilHealth executives allowed this to happen.

“I talked to him [Ferrer] last Saturday. I was asked by the President to tell them that they should just submit their courtesy resignation,” said Go, who remains to be a confidante of the President even after winning a seat in the last midterm senatorial elections.

Go said Ferrer told him that they did everything they can to address the fraudulent claims, including the creation of an anti-fraud team, but the PhilHealth president admitted that this unfortunate incident happened under their watch.

Even if the executives from PhilHealth will not resign from their re-

INTERTROPICAL CONVERGENCE ZONE AFFECTING SOUTHERN LUZON, VISAYAS AND MINDANAO as of 4:00 pm - June 10, 2019

spective posts, Go said that they will still face termination.

The President called for the meeting with PhilHealth executives on Monday to give them a chance to explain their side.

Other officials who were called to the meeting are ex-officio members of the PhilHealth Board of Directors, including Health Secretary Francisco T. Duque III, Finance Secretary Carlos G. Dominguez III and Budget Acting Secretary Atty. Janet B. Abuel.

Go said the President will “most likely” make good on his word to revamp PhilHealth.

The President said over the weekend that the agency needs “business people” who know how to manage the

agency’s funds well.

Despite this, the President earlier said he does not have the “slightest doubt about the integrity and honesty of Roy Ferrer” although he lamented that a loss of around P100 billion is “totally, totally unacceptable.”

Strict on BPN

FOLLOWING the reported “ghost” kidney treatments by the stateowned health insurance firm, lawmakers on Monday backed legal action against PhilHealth officials while calling for the strict implementation of Benefit Payment Notice (BPN).

Camarines Sur Rep. Luis Raymund Villafuerte made a statement See “Philhealth,” A2

DepEd disputes ACT claims on Briones pay

A

FTER her salary was compared to that of a Teacher 1 in public schools, the Department of Education (DepEd) on Monday corrected the misconceptions about the income of Education Secretary Leonor Magtolis Briones.

In a statement, the department stressed two points that must be understood.

“First, the salaries and allowances of all Cabinet members are standard; second, the difference in the Cabinet members’ reported incomes is affected by the varying system of each agency’s accounting office,” it stated.

In its Facebook page, the Alliance of Concerned Teachers-Philippines posted the supposed salary difference of a Teacher 1 receiving P20,754 (Salary Grade 11) and Briones, who’s supposedly getting P257,809 (Salary 31).

The DepEd said the salary schedule is uniform based on the Salary Standardization Law (SSL) and Executive Order 201, Series of 2016, which set the “governing principles of the Compensation and Position Classification System [CPCS]—the payment of just and equitable compensation to all government personnel in accordance with the principle of equal pay for work of equal value.”

Thus, Briones’s Report of Salaries and Allowances (Rosa) for 2018 shows that aside from her monthly basic salary as a Cabinet member, she receives the standard allowances accorded all government personnel.

See “DepEd,” A2

www.businessmirror.com.ph

JAPAN MORE RECEPTIVE TO SLASHING TARIFFS ON PHL BANANAS–PIÑOL

By Cai U. Ordinario @caiordinario

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ANILA is seeing light at the end of tunnel with regard to its request for lower tariffs on bananas shipped to Japan as Tokyo is now more receptive to it, according to Agriculture Secretary Emmanuel F. Piñol.

Piñol said on Monday that this may be due to the decision of Manila to lift the seven-year-old import ban on Cherry Salmon, Sand Lance, Japanese Dace and Ayu from Fukushima.

“I noticed the softening of the stance of the Japanese government [on the Philippine request for lower banana tariffs]. Before, Japan was firm, but now Tokyo is open. In fact, the commitment of [Agriculture, Forestry and Fishery] Minister [Takamori] Yoshikawa was that he will work on the issues of the Philippine government,” he said in a mix of English and Filipino.

“I cannot of course come up with a timeframe, it’s up to the Japanese government and it’s something beyond my control,” Piñol added.

Currently, the DA chief said Japan slaps a tariff rate of 8 percent during off season and 18 percent during harvest season on Philippine bananas.

Manila wants to slash tariffs to zero, noting that bananas exported by Mexico to Japan enjoy zero tariffs.

Apart from the tariff rate, Piñol said President Duterte also voiced his concerns over the maximum residue limit (MRL) imposed on Philippine bananas.

He said the Philippine govern-

ment urged Japan to exempt from 100-percent inspection those Philippine bananas shipped by firms that have met the MRL. Earlier, Tokyo tightened its food-safety rules on Philippine bananas after a local shipment in August was detected to contain Fipronil insecticide beyond its MRL, or the allowable level deemed safe for human consumption.

Japan reduced its MRL on Fipronil from 0.01 parts per million to 0.005 ppm, which is still compliant with the Codex Alimentarius International Food Standards.

Apart from the MRL, Piñol said the President also raised concern over the country’s access to the Japanese market for Hass avocado and other fruits, such as mangoes.

Piñol said the discussions on these concerns may be included in the review of the Philippine-Japan Economic Partnership Agreement (PJEPA).

Pilipino Banana Growers and Exporters Association (PBGEA) Executive Director Stephen A. Antig earlier told the BusinessMirror that the government should pursue the reduction or elimination of Japan’s tariffs on Philippine bananas.

Antig said this would keep the Philippines more competitive against Japan’s other banana suppliers, which are exporting to the East Asian country at zero tariff.

Aside from banana-related issues, Piñol was set to discuss with Japanese officials Tokyo’s recognition of the Philippines as a country free from foot-and-mouth disease.

This, Piñol said, would allow the Philippines to pursue plans of exporting meat products to Japan.

PHL keen on exporting mango to SoKor, Russia

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HE Philippines is targeting to ship more mangoes to Japan, South Korea and Russia to ease the glut in mango supply, but the Department of Agriculture (DA) admitted it will not be easy due to stringent food-safety rules.

Agriculture Secretary Emmanuel F. Piñol told reporters in an interview on Monday that the Philippines could export an additional 100 metric tons (MT) of mangoes to Japan this harvest season.

On top of this, Piñol said negotiations are now under way to ship mangoes to South Korea and Russia.

He said Manila is already making the necessary preparations to comply with the sanitary and phytosanitary requirements of the Russian government.

“Within the week, [the DA] expects to dispose of about 1 million kilograms. The Japanese buyer is already in the country,” Piñol said.

The DA chief said, however, that one of the challenges for producers when shipping to other countries, particularly to Japan and South Korea, is the maximum residue limit (MRL).

MRL—the maximum concentration of pesticide residue which is legally permitted in food and animal feeds—is usually recommended by the Codex Alimentarius Commission, according to the Food and Agriculture Organization (FAO).

FAO added that the limits are based on good agricultural practices data and food derived from commodities that comply with the respective MRLs are intended to be toxicologically acceptable.

Piñol said addressing MRL concerns will allow the Philippines to regain its market share in countries like Japan.

“The farm practices of our planters which involve the use of a lot of

chemicals in their spray [is the reason we fail to meet the MRL]. That’s why we included this in our mango road map which we crafted last year,” Piñol said.

Apart from meeting the MRL requirements, he said farmers should also work on reducing the cost of producing mangoes.

While Philippine mangoes are highly regarded in other countries, the high production cost prevents planters from enticing more buyers.

“There’s a need to address the high production cost. While others are saying that Philippine mangoes are the best because of their taste, of course buyers will initially consider the price,” Piñol said in a mix of English and Filipino.

He said the DA is encouraging farmers to go into processing and value-adding. Farmers could consider using mango to produce vinegar.

Piñol said the oversupply of mangoes can be attributed to the weak El Niño this year. The last time the country saw a mango glut was in 2015, another El Niño year.

Still, the estimated glut of 2 million kg, Piñol said, is lower compared to the volume recorded in 2015. The DA said this is due to the fact that El Niño was severe that year.

“The increase in output is due to fallowing where the land is able to rest for some time because of the heat and then when the rains come, production of fruit trees shoots up. According to mango growers, it happens every three or four years,” he said.

“It’s a good phenomenon for us.

The only problem is that farmers were not able to coordinate immediately with the DA that they were expecting an oversupply. I think the DA may have also been remiss in monitoring the developments,” he added. Cai U. Ordinario

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, June 11, 2019

B1

ACR allots ₧21-B capex for two power projects

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By Lenie Lectura

@llectura

LSONS Consolidated Resources Inc., (ACR) of the Alcantara Group has earmarked P21 billion in capital expenditure (capex) for two power projects lined up for completion in two to three years.

P17 billion to develop the 105MW San Ramon Power Inc. baseload coal-fired power plant in Zamboanga City.

“San Ramon will actually come next year. We have spent money on San Ramon. We’ve spent about P400 million already on San Ramon. We will spend more in December, when we give our notice to proceed. Then we’re planning to borrow money by March 2020. That’s a P17-billion project,” Santillan said.

ACR earlier posted a net income of P104.4 million in the first quarter of the year, slightly lower than the P103.14 million it posted in the same period a year ago mainly on account of lower revenue.

The financial results in the first three months of the year showed P1.226 billion in revenues, slightly lower than the P1.678-billion revenues in the same period a year ago.

“The company hopes to recover the shortfall when the Sarangani Energy Corp. Unit 2 comes online in the second half of this year,” the company said in its financial report.

The SEC baseload coal-fired power plant in Maasim, Sarangani province, remains the key driver of revenue and income for ACR. The SEC plant’s first unit with a capacity of up to 105 MW began operating in April 2016 and currently delivers power to more than 3 million people in the General Santos-Sarangani area and other parts of Mindanao.

The plant’s second section is currently in the commissioning stage and is targeting to start commercial operations in the second half of 2019.

SEC 2 is set to contribute another 105 MW of baseload power to benefit an additional 3 million people in various parts of Mindanao when it begins operating later this year.

“This year, we’re implementing Siguil. That’s going to be the biggest capex. Siguil is a P4-billion project, in which our equity is P1 billon,” ACR Executive Vice President Tirso G. Santillan said.

Financing for the remaining P3 billion has been identified.

“We have already lined up project financing for that, with the balance

of the Siguil project. We have a mandate,” said Robert Yenko, ACR chief financial officer.

Siguil is a 14.5-megawatt (MW) run-of-river hydroelectric power project located at Siguil River basin in Maasim. The P4.25-billion power project is the company’s first renewable-energy project.

ACR will also spend a total of

Nestlé PHL launches 1st residual wasterecovery program in ‘plastic city’

SBMA chief receives woman-leader award

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ESTLÉ Philippines together with Valenzuela City, the Department of Education (DepEd) and Green Antz Builders Inc. launched on Monday a city-wide residual waste-recovery program in Valenzuela City, known as “plastic city” for hosting a number of plastic factories in Metro Manila.

Nestlé Philippines’s first, the program called May Balik! Sa Plastik!, promotes proper waste segregation, recycling, and disposal—with a particular focus on the collection of its product—packaging materials that end up in sanitary engineered landfills or open dumps.

In Metro Manila, which produces around 9,000 metric tons of waste every day, waste-collection efficiency is highest at 80 percent. This means that 20 percent of the wastes remain uncollected and end up in vacant lots or clogging canals, which eventually drain to Manila Bay. The program targets the recovery of waste laminates such as postconsumer sachets and used beverage cartons, considered residual wastes and comprise the bulk of ocean-plastic pollution. The Philippines is the third-largest source of ocean plastic pollution.

Under the program, using appropriate technologies, these so-called residual wastes may still be used for recycling, upcycling or coprocessing in cement kilns.

The program is the first city-specific residual waste-recovery program by Nestlé Philippines, which was identified by international environmental group Greenpeace as one of the top plastic-waste polluters in the Philippines, based on a brand audit it conducted in the past two years.

A first-class city, Valenzuela City is determined to challenge the perception that plastic is bad.

Properly managed, plastic or even its so-called residual waste, have its positive impact to livelihood, and environment, Mayor Rexlon Gatchalian said during the launch at the city’s Amphitheater.

Speaking mostly in Filipino, Gatchalian said through the program, they hope to encourage proper use and disposal of plastics as it also has positive effect to the environment and through the program, to help improve the living condition in Valenzuela City by converting these residual wastes either into cash or food items.

Valenzuela City is among the very few cities in the National Capital Region (NCR) with an ordinance that bans the use of single-use plastic or Styrofoam.

The launch of the program was attended by some 2,500 public-elementary pupils and the city’s street sweepers and waste collectors who will play a crucial role under the program.

“Tackling the problem of plastic waste in the environment and arriving at sustainable solutions are of paramount importance to Nestlé,” the company’s Chairman and CEO Kais Mazouki said. Jonathan L. Mayuga

By Henry Empeño Correspondent

S

UBIC BAY FREEPORT—Multi-awarded woman executive Wilma T. Eisma, the chairman and administrator of the Subic Bay Metropolitan Authority (SBMA), received yet another recognition for excellence during the Philippines Leadership Awards held on June 7 at the Dusit Thani Manila Hotel in Makati City.

Eisma, the SBMA’s first lady chief executive, garnered the “Woman Leadership Award” from the World Women Leadership Congress in the run up to the 7th World Women Leadership Awards in Mumbai next February.

The Women Leadership Award recognizes the profound role played by women as leaders, executioners, and decision-makers, in shaping the future of the region and nation.

Eisma also received in the same occasion the “CSR Leadership Award” from World CSR Day, a corporate social responsibility network founded

by Mumbai management guru Dr. RL Bhatia, which recognizes individuals and groups that help create a healthy CSR ecosystem.

In accepting the Woman Leader Award, Eisma paid tribute to her mother Clarita, whom she described as “the one who stands out the most” among her mentors that included Sen. Richard Gordon, the first SBMA chairman.

“She taught me that there is no such thing as short cuts; that success and leadership is all about hard work and setting an example. And she did just that: She worked hard and lived a life that is an example and an inspiration,” Eisma said.

“I wish to continue to make her proud and hope

By Roderick L. Abad @rodrik_28 Contributor

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O keep its legacy in place, Cebu Landmasters Inc. (CLI) and the Archdiocese of Cebu have committed to work together to keep the historic edifice of Patria de Cebu as they received the approval of the National Historical Commission of the Philippines (NHCP) to retain the main building in its final design.

“It is crucial in the redevelopment to keep the main Patria building while integrating it with a new practical structure to preserve the heritage of the Patria for the people of Cebu,” said Jose Soberano III, president and CEO of CLI. “Through this project, we will celebrate Cebuano history and culture.”

In October 2018, the real-estate firm announced its tie-up with the Archdiocese of Cebu to develop and operate a mixed-use development in the 6,670-square meter (sq.m.) Patria de Cebu property for 40 years.

With an investment of P900 million, the development is envisioned to serve as the highlight of the 500th year celebration of Christianity in Cebu in 2021.

Cebu Archdiocesan Commission for the Cultural Heritage of the Church Chairman Fr. Brian Brigoli said keeping the original structure of the Patria complex’s frontage is the result of a conscientious dialogue among stakeholders.

“The old structure will not just blend with the new development, but also make the two work together

as one; where the former is never a hindrance to the latter and the new structure respects the old,” he said.

Included in this project is the renovation of the main building to house retail and office spaces in the first two stories.

Approximately, it will have 21,000 sq.m. of gross floor area. The breakdown would be 4,320 sq.m. of retail spaces that are a mix of food, dining and entertainment establishments; 4,400 sq.m. of office space; and 11,700 sq.m. of hotel space for around 167 guest rooms with provision for events, meetings, and other functions.

As the focal point of the property, a big central interior courtyard will be highlighted by a rooftop for openair events.

The concept and design of this integrated shopping center, office and hotel structure are inspired by the rich Filipino-Spanish culture, history and architecture. This is exhibited by the Cebu Metropolitan Cathedral, located in front of the Patria building.

With the NHCP’s go-signal, construction is set to begin in October.

Commercial operations will start in July 2022. History has it that the Patria site was occupied by informal settlers in the mid-1950s until the Archdiocese of Cebu offered the area to Student Catholic Action members.

The archdiocese challenged them to build a recreation hub where Catholic youth could play bowling and billiards, as well as learn how to swim.

From then on, Patria de Cebu became a convent for nuns and finally, a budget-friendly hostel.

Deactivated Grab drivers ask LTFRB to review policy on TNVS permits

By Lorenz S. Marasigan @lorenzmarasigan

WILMA T. EISMA (right), chairman and administrator of the Subic Bay Metropolitan Authority, receives the “Woman Leadership Award” from the World Women Leadership Congress at the Dusit Thani Manila Hotel on June 7, with World CSR Day Founder Dr. RL Bhatia.

to lead a life that is an example and inspiration to others,” she added.

The two leadership awards are the latest in a string of recognition Eisma had received after her appointment as SBMA chairman and administrator in September 2017.

She received the JCI “Pinay Power” Award in July last year from the Junior Chamber International Philippines for “efforts to provide economic development to the community and to help others succeed in business.”

Eisma also received in November 2018 the International Public Service award from the Chicago Filipino Asian-American Hall of Fame Awards in Chicago, Illinois, and a silver Stevie for “Female Executive of the Year” in a government or nonprofit organization during the 15th annual Stevie Awards in New York City.

The SBMA official is also scheduled to receive recognition from the Olongapo City Bayanihan Club of San Diego Country in California next week.

INAEC Aviation achieves IS-BAO Stage 1 Certification

O

N May 9, 2019, INAEC Aviation Corp. earned the International Standard for Business Aircraft Operations (IS-BAO) Stage 1 Level Certification. This marks the first time that a holder of an Air Operator Certificate (AOC) issued by the Civil Aviation Authority of the Philippines (Caap) has been accorded such distinction.

The certificate was awarded by the International Business Aviation Council (IBAC), based in Montreal, Canada, after the company passed a comprehensive audit conducted by US-based audit firm Mente Group.

The Stage 1 Certification is achieved when the operator’s Safety Management System has been documented, approved and resourced, and implemented at the time of the audit.

IS-BAO adopts international standards consistent with the requirements of the International Civil Aviation Organization to prepare the operator, whether large or small, for both domestic and international operations. This is anchored on the Safety Management System to enable the operator to achieve a risk-averse, generative safety culture. Audits are conducted every two years to determine continued conformance of the operator with the standards and recommended

NHCP green-lights redevelopment of Patria de Cebu

INAEC team passes IS-BAO Stage 1 audit (from left): Mark Jayson Hojilla, avionics technician; Carlo Conti, aircraft mechanic; Deecap Pocopio, aircraft mechanic supervisor-fixed wing; Jerome Mendoza, aircraft mechanic supervisor-rotary Wing; Donald Hammer, IS-BAO auditor; Reymark Villafuerte, aircraft mechanic; Ghandie Martinez, aircraft mechanic; and Glenn Perez, head, Corporate Services.

practices and to provide feedback to the operator on its practices (https://www.ibac.org /is_bao/ introduction-to-is-bao-get-started/).

Kurt Edwards, director general of IBAC, congratulated the members of INAEC Aviation Corp. for this significant accomplishment and for joining the expanding list of flight departments and operators around the world that have taken the initiative to implement the IS-

BAO to manage the safety, security, efficiency and effectiveness of the operation.

There are over 700 IS-BAO registered operators around the world, and only two from the Philippines.

INAEC will continue to work for Stage 2 and Stage 3 level to reach their journey of having an effective safety management system and sustainable culture of safety.

D

EACTIVATED Grab drivers asked the Land Transportation Franchising and Regulatory Board (LTFRB) to review its policy on acquiring permits to operate transport network vehicle services (TNVS), saying the policy limits the industry and is a disservice to passengers.

In a statement, the group of deactivated Grab drivers totaling roughly 8,000 on Monday sought the amendment of the rules and regulations for the acquisition of provisional authorities (PAs) and certificates of public convenience (CPCs), citing four specific provisions.

For one, they sought to change the hearing process for franchises. They asked the LTFRB to allow transport network companies (TNCs) to represent vehicle owners on their behalf during franchise hearings.

Currently, the regulator only bestows the special power of attorney through the vehicle owner’s spouse, parents and descendants. In the ride-hailing industry, the driver of the car does not necessarily own the vehicle. He could be contracted by the owner to use the vehicle for ride-hailing services.

“TNVS operators affected mostly are those who work abroad, doing part-time work for TNVS, and not based in Metro Manila,” the statement read.

Second, they sought to remove the bank conformity requirement to secure franchises. The regulator requires this document to get a bank certification that it allows the vehicles that are still being paid to be used for public transport.

“Different banks have their own processes and fees in securing this certificate. This requirement is understandable if the business is a company with fleet. But in the case of TNVS, most have only one or two cars in which the business is only under the category of micro to small enterprises,” the statement read.

They also claimed that some banks charge exorbitant fees, including a change of insurance and an increase in monthly amortization.

“To protect the interest of banks, the operator can invest in a commercial insurance of his or her choice,” they suggested.

Third, the affected TNVS asked the LTFRB to recompute the proof of financial capacity requirement, saying that P50,000 per vehicle is too much for a small-time business.

“One of the reasons TNVS operators chose to have this business is to add income to the household, meaning many have no savings of P50,000 and it is only now that they are able to save,” the statement read.

It added the previous board set this at P15,000.

“Unfortunately, the current board increased this by 233 percent or P50,000, making it hard for many small Filipino entrepreneurs,” the statement read.

Last, they sought for a dialog with the board to resolve their issue on the “assume balance requirement.”

“Due to the mentioned problems in securing a CPC, many TNVS operators simply gave up and had their cars assumed or surrendered to the banks. Those who assumed the balance of those TNVS operators are having difficulties complying with the requirements, as CPCs and PAs are nontransferable,” they said.

B2

Companies BusinessMirror

Tuesday, June 11, 2019

Meralco to finish New Clark City power substation by end-June MUTUAL FUNDS

June 10, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 265.7 -0.5% 0.35% 0.97% 5.34% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6552 7.64% 8.71% 3.43% 14.88% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.1446 -2.47% 0.5% 0.23% 6.19% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9466 2.24% N.A. N.A. 6.3% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8822 2.32% N.A. N.A. 7.49% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.5225 0.76% 0.95% 0.97% 4.77% MBG EQUITY INVESTMENT FUND, INC. -A 122.21 7.8% N.A. N.A. 4.94% ONE WEALTHY NATION FUND, INC. -A 0.8852 -1.16% -3.96% N.A. 6.34% PAMI EQUITY INDEX FUND, INC. -A 52.6777 2.05% 1.28% N.A. 7.06% PHILAM STRATEGIC GROWTH FUND, INC. -A 548.09 1.3% 0.29% 0.93% 6.48% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3356 3.37% 2.11% 3.41% 6.51% PHILEQUITY FUND, INC. -A 39.2172 3.36% 2.94% 2.98% 7.06% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0547 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.3415 2.91% 2.3% 3.26% 7.72% PHILIPPINE STOCK INDEX FUND CORP. -A 891.89 3% 2.02% 3.21% 7.65% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9405 4.44% 1.41% N.A. 9.21% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3709 3.39% 2.25% 2.39% 7.69% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.025 2.5% 1.95% N.A. 7.41% UNITED FUND, INC. -A 3.7723 3.11% 4.01% 2.98% 7.75% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 119.4106 3.46% 2.99% 4.28% 7.82% ATRAM ASIAPLUS EQUITY FUND, INC. -B

$0.954 -14.97% 4.01% -0.67% 2.68% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2568 -4.1% 6.87% N.A. 13.73% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.743 0.41% -0.89% -1.25% 5.56% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3298 -0.4% 0.51% 0.76% 5.46% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6691 1.06% -0.02% -1.37% 4.93% GREPALIFE BALANCED FUND CORPORATION -A 1.3606 -0.18% N.A. N.A. 4.32% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9403 3.16% 0.98% 1.4% 5.27% PAMI HORIZON FUND, INC. -A 3.7369 1.22% -0.22% 0.55% 5.88% PHILAM FUND, INC. -A 16.8471 2.23% -0.03% 0.61% 5.91% SOLIDARITAS FUND, INC. -A 2.1568 1.74% 1.16% 1.86% 4.08% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8913 3.52% 1.06% 1.5% 6.57% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0193 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0192 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0161 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.003 4.78% 1.49% N.A. 8.82% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.037 6.78% 1.25% 1.72% 4.96% PAMI ASIA BALANCED FUND, INC. -A $0.9562 -10.06% 2.16% -1.31% 2.14% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6634 -0.91% 5.19% 2.23% 10.73% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0909 1.19% 3.21% N.A. 8.01% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 349.47 3.23% 2.02% 2.14% 1.77% ATRAM CORPORATE BOND FUND, INC. -A,1 1.889 1.6% -0.22% -0.28% 1.6% COCOLIFE FIXED INCOME FUND, INC. -A 3.0415 5.44% 5.28% 5.27% 2.38% EKKLESIA MUTUAL FUND INC. -A 2.1789 3.05% 1.09% 1.76% 2.27% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3033 3.87% 0.96% 1.29% 4.25% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6055 1.63% -1.01% -0.04% 2.63% PHILAM BOND FUND, INC. -A 4.1283 3.6% -0.05% 0.86% 5.32% PHILEQUITY PESO BOND FUND, INC. -A 3.6529 4.56% 1.05% 1.22% 3.86% SOLDIVO BOND FUND, INC. -A 0.9359 2.72% -0.34% N.A. 4.85% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9366 6.87% 1.57% 1.89% 6.17% SUN LIFE PROSPERITY GS FUND, INC. -A

1.6324 6.77% 1.12% 1.45% 6.01% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $457.17 3.46% 1.81% 2.7% 1.98% ALFM EURO BOND FUND, INC. -A Є216.34 1.78% 1.37% 1.43% 1.74% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1773 5.93% 1.8% 2.21% 4.57% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0255 3.24% 0.93% N.A. 2.82% GREPALIFE DOLLAR BOND FUND CORP. -A $1.715 1.23% -1.42% 0.57% 1.47% PAMI GLOBAL BOND FUND, INC -A $1.0808 4.54% -0.21% -2.03% 4.16% PHILAM DOLLAR BOND FUND, INC. -A $2.3165 8.22% 1.04% 2.88% 6.69% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0588385 3.73% 1.45% 1.73% 3.26% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.0426 5.5% 0.38% 2.26% 5.94% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 123.16 3.6% 2.33% 1.87% 1.92% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0132 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2088 3.53% 1.56% 0.98% 2.28% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.241 3.56% 2.59% 1.97% 1.8% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0266 2.1% N.A. N.A. 1.05%

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.

T

By Lenie Lectura

@llectura

HE Manila Electric Co. (Meralco) is on track to complete a power substation in New Clark City by the end of this month.

“Our obligation is to complete the substation scheduled for end of June,” said Rogelio Singson, president of Meralco PowerGen Corp., the power generation arm of Meralco.

However, Meralco and partners have yet to be awarded a franchise.

Meralco’s partners include Marubeni Corp., Kansai Electric Power Co. Inc., and Chubu Electric Power Co. Inc. Meralco owns a 60-percent equity stake in the consortium.

Meralco and partners signed an agreement with the Bases Conversion and Development Authority (BCDA) for power distribution in New Clark City.

“We have an arrangement with Tarelco [Tarlac Electric Co.] and BCDA to source power. Our joint venture company [JVC] is for distribution only and we can’t contract yet because the franchise has not been granted to the JVC. It was only passed by Congress last week,” Singson said.

Under the JVA, the consortium will put up a special purpose company that will have equity stake equivalent to 90 percent in a JVC to be formed with the BCDA. The JVC will then have pursue and undertake the financing, design, ad engineering, establishment, construction, development, and operation and maintenance of the electric power distribution system in New Clark City.

Singson earlier said it would provide 10 megawatts to 14 MW of power services to New Clark City.

“We’re looking at 10 MW to 14 MW. As far as June or July, the commitment of Meralco will be ready. But how that is connected, that’s the responsibility of BCDA. We’re helping them out in terms of specifications so when it is eventually turned over to Meralco, it is acceptable,” Singson had said.

The 9,450-hectare New Clark City, located within the Clark special economic zone that spans Angeles City in Pampanga and the towns of Capas and Bamban in Tarlac, is the country’s first smart, disaster resilient and sustainable city.

The first phase of the development covering 60 hectares features the National Government Administrative Center that will house backup offices of various government agencies and a world-class sports complex now being constructed in time for the 2019 Southeast Asian (SEA) Games.

Singson said Meralco has committed to make available temporary power for the SEA games.

The new metropolis will also have mixed-use residential, commercial, agro-industrial, educational institutions and information-technology developments.

Cebu Pacific expands China operations

By Lorenz S. Marasigan @lorenzmarasigan

B

UDGET carrier Cebu Pacific is expanding its Chinese operations with the introduction of direct flights to Shenzhen from Manila next month, a ranking official said on Monday.

Cebu Pacific Vice President Candice Iyog said her group’s new destination is part of the airline’s program to expand its route network in China, whose citizens are the second-largest source of tourists to the Philippines.

“We want to provide our travelers a viable option to reach some of the most crucial commercial centers in the world. Our new direct service between Manila and Shenzhen will enable faster movement of people and products providing increased

mobility and access in some of the fastest-growing economies in the world,” she said.

Currently, Cebu Pacific flies 23 times weekly between the Philippines and mainland China, with direct flights between Shanghai, Manila and Cebu; as well as Manila and Beijing, Guangzhou and Xiamen.

It also flies 55 times weekly between Hong Kong and Manila, Cebu, Clark and Iloilo, and 20 times weekly between Macau and Manila, Clark and Cebu. The carrier also flies nine times a week between Manila and Taipei.

Shenzhen, located in Guangdong Province, becomes Cebu Pacific’s fifth destination in China, and the carrier’s 27th international destination.

The service, which will run for four times a week, will start on July 1.

US firm, Frabelle form JV to make Johnsonville hot dogs

By Elijah Felice E. Rosales @alyasjah

A

MERICAN sausage maker Johnsonville is looking to expand its market in the Philippines through its approved joint venture with local hot dog maker Frabelle.

Johnsonville President Michael StayerSuprick in a statement on Monday said the imported brand is most likely to get better market presence under its merger with Frabelle. The sausage brand will now be sold exclusively through Frabelle’s sales

and marketing network.

In May the Philippine Competition Commission (PCC) gave the green-light to Johnsonville’s acquisition of 51 percent of outstanding stock and capital in Frabelle.

The PCC said the merger will not result in the substantial lessening of competition, as the combined production volume of the two firms will not likely impact the current structure of the sausage market.

Further, the competition body argued that the resulting change in the market shares of the parties for hot dogs and sausages is minimal.

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

June 10, 2019

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

59 139.5 81.8 26.85 11.48 71.2 13.38 56.7 28.4 170.9 59.8 2.25 18.74 0.53 4.36 0.485 0.97 184

59.4 139.6 81.85 26.9 11.5 71.25 13.7 56.75 28.45 171.5 59.85 2.31 18.82 0.59 4.49 0.53 1 184.9

59 139.8 82 26.9 11.52 70.95 13.8 57.2 27.5 171.9 60 2.26 18.74 0.59 4.36 0.5 1 184.9

59.4 140.6 82.25 26.9 11.66 72.5 13.8 57.6 29 171.9 60.2 2.32 18.82 0.59 4.49 0.53 1.01 184.9

59 139 81.7 26.8 11.48 70.95 13.8 56.7 27.5 170.4 59.8 2.23 18.74 0.59 4.36 0.46 0.96 184

59.4 139.5 81.85 26.9 11.5 71.25 13.8 56.75 28.4 170.9 59.8 2.32 18.82 0.59 4.49 0.53 1 184.9

4210 4646900 6862870 36900 492900 1178760 100 242030 386800 585210 13090 42000 13600 2000 4000 1284000 237000 590

249306 649208391 561975412.5 990835 5676310 84390210.5 1380 13824211.5 10978005 100061320 784615.5 94510 255402 1180 17570 655605 233730 109055

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

1.38 35 0.275 24.1 76.9 387.6 23.5 6.08 4.52 2.62 12 41.1 6.5 15.52 14.4 14.96 14.68 5.6 10.26 7.58 105.5 0.73 46.35 280 9.45 12.48 0.186 1.22 14.28 1.48 4.9 0.126 172.9 1.33 2.5 2.38 5.3 15.96 10.52 13.98 19.28 9.06 1.33 1.35 109 1.97 1.6 3.33 4.86 43.5 2.49 10.22 1.65 5.43 1.18 24.2

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

0.67 13.78 926.5 55.7 15.92 3.44 6.7 0.76 1.22 1.24 6.76 10.42 13.8 882 6.22 63.35 0.465 4.66 15.48 0.57 4.55 0.038 1.1 1.34 425 970.5 182 0.94 265 0.232 0.305

1.4 35.2 0.28 24.15 77.9 388 23.6 6.1 4.6 2.64 12.22 41.15 6.61 17 14.48 16.9 14.74 5.7 10.28 7.6 105.6 0.74 46.5 280.2 9.72 12.5 0.198 1.23 14.3 1.49 5 0.134 173 1.34 2.51 2.41 5.31 16 10.6 14 19.34 9.39 1.34 1.36 116.8 2.02 1.7 3.5 4.93 44.9 2.5 10.24 1.68 5.71 1.2 24.65

1.38 35.15 0.29 24 76.9 388 23.5 6.07 4.55 2.54 12.24 41.9 6.62 17 14.7 16.9 14.76 5.6 10.2 7.59 106 0.74 42.4 275.2 9.41 12.46 0.198 1.23 13.94 1.52 2.53 0.126 169 1.29 2.48 2.36 5.31 16 10.3 13.64 19.8 9.05 1.33 1.35 109 1.97 1.6 3.41 4.9 44.75 2.6 10.2 1.66 5.71 1.17 24.9

1.38 35.95 0.29 24.15 77 388 23.65 6.1 4.6 2.67 12.24 42 6.63 17 14.7 16.9 14.76 5.75 10.3 7.6 107 0.75 46.85 280 9.75 12.6 0.198 1.25 14.28 1.52 5 0.126 173.3 1.34 2.51 2.44 5.31 16.08 10.62 14.02 19.9 9.05 1.37 1.41 117.9 2.02 1.6 3.41 4.93 44.75 2.6 10.3 1.68 5.71 1.22 25

1.37 35 0.275 23.6 76.9 384.4 23.3 6.05 4.52 2.54 12 41 6.5 17 14.4 16.9 14.5 5.5 10.2 7.52 105.5 0.72 42.3 275 9.4 12.44 0.186 1.22 13.86 1.44 2.53 0.126 168 1.27 2.48 2.36 5.31 15.96 10.12 13.62 19.28 9.05 1.29 1.35 109 1.97 1.6 3.4 4.85 44.75 2.48 10.2 1.66 5.71 1.17 24.15

1.38 35 0.275 24.1 76.9 387.6 23.5 6.1 4.52 2.62 12.24 41.15 6.51 17 14.48 16.9 14.68 5.6 10.26 7.6 105.6 0.73 46.35 280 9.75 12.5 0.186 1.23 14.28 1.48 5 0.126 173 1.33 2.5 2.38 5.31 15.96 10.6 14 19.28 9.05 1.33 1.35 116.8 2.02 1.6 3.4 4.9 44.75 2.5 10.24 1.68 5.71 1.18 24.65

257000 545300 5650000 2992200 80530 156760 3287400 964900 128000 34858000 33200 123200 71500 2700 2462800 900 605500 58600 10996500 5310500 270090 1166000 714800 468090 5800 547700 410000 402000 535000 1466000 16900 50000 1696410 7195000 936000 9399000 10200 710900 1081000 1907800 833600 4900 2462000 11644000 250 16000 1000 6000 219000 100 6523000 66800 144000 1000 304000 217100

353200 19216960 1581650 72024720 6199896 60711174 77170685 5868548 582400 91243640 405878 5093600 469929 45900 35673622 15210 8913628 328055 112670454 40106132 28528556 855230 32267980 129898572 55244 6845794 79860 495540 7593234 2164270 83032 6300 292886123 9456210 2339780 22567880 54162 11373412 11341110 26515536 16194266 44345 3256190 16111650 28899 31600 1600 20430 1074050 4475 16471690 683674 240680 5710 360010 5338145

HOLDING & FRIMS 0.68 13.88 927 56.3 15.98 3.47 6.8 0.77 1.24 1.25 6.78 10.44 13.88 893 6.28 63.4 0.495 4.67 15.52 0.59 4.56 0.039 1.14 1.38 434 971 182.9 0.95 270 0.235 0.31

0.67 14.08 923 55.3 15.52 3.63 6.7 0.78 1.27 1.3 6.82 10.44 13.98 878 6.21 63.4 0.51 4.67 15.4 0.57 4.49 0.038 1.15 1.35 434 960 183.1 0.92 266 0.231 0.3

0.71 14.08 929 56.7 15.98 3.65 6.7 0.78 1.28 1.3 6.82 10.6 13.98 894 6.21 63.5 0.51 4.7 15.58 0.57 4.56 0.038 1.18 1.38 434 975 184 0.95 270 0.234 0.31

0.67 13.74 920 54.45 15.4 3.44 6.7 0.76 1.2 1.24 6.75 10.4 13.8 870 6.21 62.4 0.46 4.64 15.4 0.57 4.47 0.038 1.1 1.34 434 953 181.3 0.92 264 0.231 0.3

0.67 13.88 927 55.7 15.98 3.44 6.7 0.77 1.22 1.24 6.77 10.44 13.9 893 6.21 63.4 0.495 4.66 15.52 0.57 4.56 0.038 1.1 1.34 434 971 182 0.94 270 0.232 0.31

76138000 86200 256280 724650 2719800 7145000 800 499000 2684000 261000 2258300 2503000 99100 43680 1700 1597730 420000 1087000 381500 71000 31184000 12200000 263000 86000 30 170980 351120 373000 2490 410000 6620000

52388140 1193058 237237010 40463131.5 43141326 25009420 5360 381490 3298800 329660 15295262 26271604 1376428 38859745 10557 101181751.5 196880 5055170 5915780 40470 140911030 463600 296730 116230 13020 165920765 63989238 347290 670714 94900 2028150

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PROPERTY

ARTHALAND CORP 0.77 0.78 0.77 0.78 0.76 0.78 1009000 771460 -56980 AYALA LAND 50.65 50.7 49.85 50.7 49.7 50.65 13988300 701441545 94946950 ARANETA PROP 2.07 2.1 2.1 2.1 2.1 2.1 55000 115500 BELLE CORP 2.28 2.3 2.32 2.32 2.28 2.28 439000 1007620 -77930 A BROWN 0.78 0.79 0.79 0.8 0.79 0.79 430000 339950 27800 CITYLAND DEVT 0.97 0.98 0.97 1 0.95 0.98 606000 596400 1940 CROWN EQUITIES 0.229 0.23 0.227 0.229 0.225 0.229 1300000 296180 CEBU HLDG 6.18 6.35 6.3 6.35 6.13 6.35 4500 27858 -6787 CEB LANDMASTERS 4.76 4.77 4.79 4.79 4.75 4.77 517000 2463070 CENTURY PROP 0.58 0.59 0.59 0.59 0.58 0.59 19646000 11504120 1828980 DOUBLEDRAGON 26 26.05 25.85 26.2 25.85 26 1147500 29866750 6310600 DM WENCESLAO 9.99 10.06 10 10.1 9.96 9.99 267200 2668506 980481 EMPIRE EAST 0.475 0.48 0.47 0.475 0.47 0.475 340000 160050 FILINVEST LAND 1.82 1.83 1.82 1.85 1.81 1.82 26442000 48419480 9099820 GLOBAL ESTATE 1.43 1.44 1.4 1.45 1.4 1.43 1740000 2484420 100110 8990 HLDG 15.6 15.8 16 16 15.5 15.8 917300 14320256 350944 PHIL INFRADEV 1.92 1.93 1.99 2.02 1.9 1.92 8188000 15984520 -30870 CITY AND LAND 0.86 0.88 0.87 0.88 0.87 0.88 138000 121180 88000 MEGAWORLD 6.12 6.13 6.07 6.13 5.95 6.13 7020200 42756519 16013820 MRC ALLIED 0.33 0.335 0.32 0.33 0.315 0.33 19360000 6288950 9450 PHIL ESTATES 0.465 0.475 0.475 0.48 0.465 0.465 1290000 607750 PRIMEX CORP 2.12 2.13 2.2 2.2 2.1 2.12 2504000 5366350 -0 ROBINSONS LAND 26.95 27 26.25 27 26 26.95 2753300 73996245 23680820 PHIL REALTY 0.405 0.415 0.41 0.415 0.41 0.41 400000 164050 ROCKWELL 2.13 2.14 2.14 2.17 2.11 2.13 827000 1778980 -85900 SHANG PROP 2.95 2.99 3 3 2.99 2.99 182000 544680 STA LUCIA LAND 1.95 1.96 1.95 1.98 1.93 1.96 1383000 2698090 7800 SM PRIME HLDG 39.5 39.7 39.35 39.7 39.35 39.7 5488400 217323310 -15030455 STARMALLS 6.34 6.35 6.31 6.37 6.3 6.34 77700 490323 257499 SUNTRUST HOME 0.73 0.75 0.72 0.72 0.72 0.72 11000 7920 VISTA LAND 7.08 7.1 7.15 7.15 7.08 7.1 3117700 22137563 -14825459

SERVICES ABS CBN 18.5 18.52 18.46 18.58 18.46 18.52 89900 1662824 GMA NETWORK 5.28 5.31 5.31 5.31 5.25 5.28 133700 705525 MANILA BULLETIN 0.54 0.55 0.55 0.55 0.53 0.54 575000 310180 GLOBE TELECOM 2226 2238 2234 2244 2226 2226 11005 24583270 -5939490 PLDT 1229 1230 1232 1244 1227 1230 109600 135156390 -49340130 APOLLO GLOBAL 0.044 0.045 0.044 0.044 0.044 0.044 200000 8800 DFNN INC 5.7 5.88 5.7 5.88 5.7 5.88 4000 23268 -15288 IMPERIAL 1.81 1.82 1.86 1.86 1.82 1.82 44000 81290 ISLAND INFO 0.121 0.123 0.12 0.123 0.12 0.123 550000 67090 ISM COMM 6.28 6.29 6.1 6.34 6.1 6.29 7521700 47059132 -362511 NOW CORP 2.52 2.53 2.4 2.54 2.36 2.52 4105000 10145180 395920 TRANSPACIFIC BR 0.38 0.385 0.385 0.39 0.375 0.385 5170000 1985150 -161200 PHILWEB 3.54 3.55 3.43 3.61 3.41 3.54 3743000 13202760 -1787770 2GO GROUP 11.3 11.32 11.32 11.32 11.3 11.32 14900 168614 3396 ASIAN TERMINALS 20.55 21.5 21 21.5 21 21.5 2200 47200 -43000 CHELSEA 6.73 6.74 6.55 6.74 6.55 6.73 1409000 9433945 -17347 CEBU AIR 88.3 88.4 89 89 86 88.3 357300 31429650.5 7698147.5 INTL CONTAINER 139 139.9 137.5 139.9 136 139.9 2921390 404895176 23022440 LBC EXPRESS 14.5 15 14.9 14.9 14.9 14.9 700 10430 LORENZO SHIPPNG 0.85 0.89 0.83 0.92 0.83 0.89 71000 61190 MACROASIA 19.92 19.94 20.15 20.15 19.9 19.94 401200 8014690 -2945169 METROALLIANCE A 1.51 1.6 1.51 1.53 1.51 1.53 16000 24370 METROALLIANCE B 1.52 1.67 1.53 1.66 1.52 1.66 10000 15530 PAL HLDG 9.38 9.5 9.55 9.55 9.35 9.38 45000 422562 HARBOR STAR 2.23 2.24 2.2 2.24 2.2 2.23 808000 1799640 ACESITE HOTEL 1.31 1.39 1.35 1.41 1.3 1.3 268000 357790 BOULEVARD HLDG 0.055 0.056 0.058 0.059 0.056 0.056 58350000 3302210 61600 DISCOVERY WORLD 2.03 2.14 2.17 2.17 2.17 2.17 11000 23870 WATERFRONT 0.69 0.71 0.72 0.72 0.7 0.71 1943000 1370720 CENTRO ESCOLAR 7 7.29 7.01 7.01 7 7 8500 59510 52500 IPEOPLE 10.12 10.2 10.1 10.3 10.08 10.12 8600 86942 STI HLDG 0.71 0.72 0.71 0.73 0.71 0.71 1770000 1261230 -15910 BERJAYA 2.9 2.95 2.96 2.96 2.9 2.9 731000 2136540 11640 BLOOMBERRY 11.86 11.9 11.92 11.94 11.82 11.9 497800 5913772 -853974 PACIFIC ONLINE 3.11 3.19 3.19 3.19 3.17 3.17 74000 235700 LEISURE AND RES 4.28 4.3 4.31 4.39 4.28 4.28 1024000 4440010 888569.9997 MANILA JOCKEY 3.63 3.67 3.67 3.67 3.63 3.67 61000 222600 PH RESORTS GRP 4.77 4.95 4.95 4.95 4.8 4.95 62000 306720 PREMIUM LEISURE 0.77 0.78 0.78 0.8 0.77 0.78 5127000 4000270 -16250 PHIL RACING 8.13 8.99 8.11 8.99 8.11 8.99 200 1710 TRAVELLERS 5.18 5.19 5.19 5.25 5.17 5.18 624200 3242506 -2455656 METRO RETAIL 2.6 2.61 2.63 2.63 2.56 2.61 2886000 7472130 30 PUREGOLD 45.5 46 46.35 46.35 45.5 45.5 212700 9735740 -1736725 ROBINSONS RTL 75.85 76 72.45 76 72.45 75.9 186050 13889574 -4081702.5 PHIL SEVEN CORP 125 125.8 125.9 125.9 125.8 125.8 1740 218904 205060 SSI GROUP 3.5 3.51 3.52 3.6 3.48 3.51 10311000 36500510 8063020 WILCON DEPOT 17 17.04 17 17.04 17 17 606600 10313928 3085098 APC GROUP 0.44 0.445 0.44 0.44 0.44 0.44 830000 365200 EASYCALL 10.6 10.66 10.5 10.76 10.38 10.66 83300 876294 GOLDEN BRIA 402 414 401.2 415 401.2 414 1010 412552 PAXYS 3 3.04 3.04 3.04 3.04 3.04 6000 18240 PRMIERE HORIZON 0.84 0.85 0.87 0.88 0.84 0.84 17771000 15275580 529390 SBS PHIL CORP 9.25 9.44 9.2 9.26 9.19 9.24 12900 118918

MINING & OIL ATOK 11.52 12.38 12.38 12.38 12.38 12.38 300 3714 APEX MINING 1.15 1.16 1.15 1.17 1.12 1.15 887000 1020660 11600 ABRA MINING 0.0018 0.0019 0.0019 0.0019 0.0018 0.0018 47000000 86700 ATLAS MINING 2.8 2.81 2.8 2.8 2.8 2.8 97000 271600 -2800 BENGUET B 1.12 1.28 1.28 1.28 1.28 1.28 4000 5120 COAL ASIA HLDG 0.28 0.29 0.295 0.295 0.29 0.29 40000 11700 CENTURY PEAK 2.84 2.85 2.82 2.85 2.82 2.84 231000 657740 FERRONICKEL 1.47 1.49 1.49 1.49 1.46 1.49 275000 406450 -17880 GEOGRACE 0.229 0.232 0.238 0.238 0.228 0.233 370000 85320 LEPANTO A 0.111 0.115 0.11 0.115 0.11 0.115 960000 110150 LEPANTO B 0.11 0.117 0.109 0.117 0.108 0.117 280000 30530 -1170 MARCVENTURES 1.03 1.04 1.03 1.03 1.03 1.03 140000 144200 NIHAO 0.97 1 1 1 0.98 1 3000 2980 NICKEL ASIA 2.28 2.3 2.25 2.32 2.23 2.28 684000 1558740 -397330 OMICO CORP 0.54 0.58 0.58 0.58 0.58 0.58 2000 1160 ORNTL PENINSULA 0.87 0.89 0.87 0.89 0.87 0.89 117000 101810 PX MINING 3.25 3.26 3.23 3.27 3.23 3.26 635000 2061000 133630 SEMIRARA MINING 21.8 21.85 21.9 21.9 21.7 21.85 726600 15792015 464130 UNITED PARAGON 0.0068 0.0069 0.0066 0.0068 0.0066 0.0068 15000000 100500 54300 ORNTL PETROL A 0.012 0.013 0.012 0.012 0.012 0.012 48100000 577200 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 10100000 121200 -52800 PHILODRILL 0.01 0.011 0.01 0.011 0.01 0.011 74700000 821200 PHINMA PETRO 3.9 3.99 4 4.05 3.89 4 197000 786260 -76000 PXP ENERGY 7.73 7.75 7.9 7.99 7.7 7.73 2950200 23018166 244472

PREFFERED

HOUSE PREF A 96.1 96.9 96.9 96.9 96.9 96.9 130 12597 AC PREF B2 495 497 487 495 483 495 1950 953430 ALCO PREF B 94.05 99.9 98 98 98 98 15500 1519000 DD PREF 97.15 98.4 97.5 98.4 97 97.15 10770 1045398 FGEN PREF G 104.1 104.8 104 104 104 104 1170 121680 GLO PREF P 487 493 487 487 487 487 10 4870 GTCAP PREF A 917 920 917 917 917 917 410 375970 GTCAP PREF B 921 959 959 959 959 959 40 38360 PNX PREF 3B 103 106.9 105.1 105.1 105 105 2170 227852 2102 PCOR PREF 2A 985 995 985 990 985 985 160 157650 SMC PREF 2B 75.1 75.4 75.4 75.4 75.4 75.4 100 7540 SMC PREF 2C 77.2 77.65 77.8 77.8 77 77 1630 125559 SMC PREF 2E 72.2 73.95 72.1 72.6 72.1 72.6 3140 227394 SMC PREF 2F 74.1 76.45 74 74 74 74 6700 495800 SMC PREF 2G 73.15 74.35 73.2 73.2 73.1 73.1 14150 1034665 SMC PREF 2H 72.6 73.75 73 73 70 72.6 19800 1436050 SMC PREF 2I 73 73.7 73.7 73.7 73.7 73.7 500 36850 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.96 5.05

18 5.1

18 5.15

18 5.2

17.96 5.05

18 5.05

41200 113400

741540 578270

WARRANTS LR WARRANT

2

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.08 XURPAS 1.02

2.05

2

2.06

1.97

2

73000

146040

-

5.11 1.03

5.03 1.04

5.19 1.04

5 1.01

5.08 1.03

781000 2903000

3965870 2948290

155810

EXHANGE TRADE FUNDS FIRST METRO ETF

119.7

-739744 -340445

120.3

119.5

120.3

119.4

120.3

14530

1739797

358200

B4 Tuesday, June 11, 2019

EASTERN COMMUNICATIONS TAKES HOME GOLD, BRONZE STEVIES FORTUNE LIFE AT BRIGADA ESKWELA Scores of Fortune Life Insurance Co. officers and sales agents participated as volunteers in the recent Brigada Eskwela, the Department of Education’s yearly activity, to prepare school facilities for the opening. Fortune Life branch and agency managers, together with their sales agents, assisted in 261 schools nationwide, and brought cleaning materials, paint and snacks for the teachers, parents and other volunteers. Fortune Life has been fielding participants in the annual event for several years now. Photo shows Fortune Life officers and agents joining the ribbon cutting of the Brigada Eskwela national kickoff in Cavite, led by Education Undersecretaries Tonisito Umali and Annalyn Sevilla (center).

E

A S T E R N C o m mu n i c at i o n s cocoordinators lawyer Aileen Regio and Ramon Aesquivel, together w ith marketing communications coordinator Paulina Beatriz Castro, proudly claim the Gold and Bronze Stevies

in the recent sixth annual Asia-Pacific Stevie Awards in Singapore.

Eastern Communications is the first telco company in the Philippines to ever win a Gold Stevie for Innovation in Customer Service

CALLIGRAPHY WITH PLAYCRAFTS PHL

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ALLIGRAPHY is back at the Sunshine Place with Play Crafts Philippines.

The three-Saturday series will be conducted from 10 a.m. to 2 p.m. Syllabus for June 8 will tackle tools and basic strokes. Participants will learn how to use pointed nibs and ink to create beautiful strokes. The June 15 schedule will be on learning the principal strokes in writing capital letters and ways to connect them. This will enable workshoppers to write simple greetings, such as “Happy Birthday”, “Congratulations” and “Thank You”. The third-day syllabus is called offhand flourishing. Participants will learn the basics of flourishing, creating quills, cartouche, borders and scrolls to embellish his/her work.

Calligraphy adds flair to handwritten envelope invitations, stationary and sweet nothings.

Even more than being beautiful, calligraphy is a classic writing execution that offers much-needed breather in the midst of the digital world. In fact, it is in calligraphy that most fonts in our writing software are originally designed.

Instructress Beth Robles started with scrapbooking and

card making as a personal hobby, and started a page to initially destash some items. From then on, she conducted calligraphy floral painting workshops using different media, such as watercolor, gouache, soft pastels and acrylic. These same workshops will be held at Sunshine place this year. For more information, e-mail at playcrafts.ph@gmail.com.

JAC AUTOMOBILE AT TRANSPORT AND LOGISTICS EXPO

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AC Automobile International Philippines Inc., internationally known for its comprehensive lineup of brand vehicles with high-quality parts from Japan, will proudly exhibit the Hangcha, its main line of warehouse equipment.

“We are excited to accommodate all our current and future clients. Our products are open for dealership, and trade buyers who will visit our booth can get a discount of P20,000 to P100,000 when they purchase during

the show,” said Rey Zaldy de la Cruz, marketing manager.

Transport and Logistics Philippines, the largest international transport system, delivery vehicles, logistics, and supply-chain equipment and serviceprovider exhibition and conference, will be held from August 15 to 17 at the World Trade Center. It will gather thousands of industry professionals from the entire supply chain and its entire end-user market.

Management, Planning and Practice (Telecommunications Industr ies) category for their Link VIP Club Program. On the other hand, Eastern C o m mu n i c at io n s ’ “ O u r St r o n g Connection” rebranding campaign won a Bronze Stevie for Brand Renovation/ Rebranding category.

The Eastern Link VIP Club was created to f ur t her d if ferent iate Eastern’s “High Touch” service and to strengthen relationships with their customers. Members enjoy service perks and privileges, such as a dedicated senior staff to handle their billing, credit and collection concerns, or a chance to attend a gala dinner and watch blockbuster movies.

Meanwhile, Our Strong Connection campaign was focused on relaunching t he Easter n Commu nicat ions’ brand, aiming to bring back the human connection in the business of communications technology.

For more information on Eastern Communications, visit http://www. eastern.com.ph/.

SAVE THE CHILDREN PHILIPPINES CALLS FOR CLEANER AIR IN SCHOOLS, COMMUNITIES

S

AVE the Children Philippines called for a clean and healthy environment in schools and communities, to protect children from diseases and premature deaths due to air pollution.

The group raised the issue at the World Environment Day on June 5, citing around 7 million people die every year across the world due to health problems caused by air pollution, 600,000 of them are children.

L aw yer A lb er t Muyot , c h ief executive officer of Save the Children Philippines, said learners spend an average of five to eight hours in schools facing health risks from air pollution.

As classes opened last Monday, majority of children will be in schools for five days and will be exposed to air pollution and other health risks, Muyot said.

“ You ng lea r ners h ave f rag i le bodies, and [their] exposure to tiny, invisible airborne particles from dirty air pose serious risks to their health,” Muyot said.

Based on a 2019 report by Save the Children, titled “End of Childhoold”, the Philippines is ranked 104th in the 176 list of best and worst countries for a child to live in due to high number of teenage pregnancy, malnutrition and child deaths before reaching five years old.

The report said malnutrition, among Filipino children under five years old, remains high at 33.4 percent, or 3.8 m. It added that nearly 3 percent, or 322,000 of children in the country, die before their fifth birthday from preventable causes.

“Millions of children who lack daily nutrition are more susceptible

to illnesses, including pneumonia, bronchitis and asthma, due to air pollution and face the risk of dropping out of schools,” Muyot said. These children also face devastating and lifelong health risks as air pollution can affect the development of their lungs, brain and other organs, he added.

Last year the Philippines recorded the third highest number of deaths due to air pollution with 45.3 deaths per 100,000 individuals, next to China as first and Mongolia as second.

“Save the Children Philippines makes sure children have a healthy start in life,” Muyot added.

To prevent the spread of diseases, the group provides clean water, hygiene and sanitation programs in public schools, in most deprived areas and during humanitarian response to natural disasters.

LAS CASAS PAYS HOMAGE TO LOCAL WEAVES

O

N May 24 close to 50 seasoned Filipino fashion designers gathered andsharedanundeniablecreativity inagrandshowcaseofFilipinoingenuityand beauty at Las Casas Filipinas de Acuzar in Bagac, Bataan.

Celebrated as a religious initiative, Flores de Mayo, “the festival of all festivals” reveres and pays tribute to the Blessed Virgin Mary, as it is believed that she brings beneficial rain making flowers bloom every after the dry season.

In partnership with Designers Circle Philippines (DCP), Las Casas held a grand parade, titled “Flores de Mayo: A grandiose showcase of Philippine artistry” on Friday afternoon.

Being true to its core mission, the

heritage hotel and destination paid homage to the traditional Flores de Mayo while adding its own touch of grandeur to it.

The collection of restored heritage houses became a fitting background for Filipino talent and creativity with its “Sagala sa Las Casas” featuring traditional weaves that were transformed into stunning modern pieces.

Putting great emphasis on the ingenuity of young designers, the festivities started with the reinas parading in their fabulous gowns.

By the end of the night, Las Casas recognized five designer standouts and their muses. La Bella de Las Casas, or Most Beautiful Face, was awarded to designer Ira Baylon and muse Jam Trias; La Estrella de

Las Casas, or The Star of Las Casas, given to designer Roy Aquino and muse Simone Nadine Bornilla; La Rosa de Las Casas, or The Rose of Las Casas, given to designer Joemel Calma and muse Jennifer Castro; and La Perlita de Las Casas, or The Pearl of Las Casas, was awarded to designer Rich Sabinian and muse Bianca Denise Garcia.

Meanwhile, designer Enoc Aliga and muse Claire Fermin was hailed as this year’s grand winner La Reina de Las Casas, or The Queen of Las Casas.

Topnotch designers joined forces in making this event more special, including icons Fanny Serrano and Renee Salud, Dave Ocampo, Edwin Uy, Johnny Abad, Francis Calaquian, Ivan de la Cruz, Paul Semira, Sasa Abarentos, Alfie Desamparado, Jehrick de la Roca, Deejay Abustan, Omar Perez, Adam Balasa, Yep Yep Mesina, Karen Castro, James Cabriole, Brad Agarano, Simoun Andres, Norman Acuba, Alfie Ong, Joebee Henson, Richie Bondoc, Erjohn Dela Serna, Rafael Gonzalez, Jennica Castro, Ranel Espaldon, Don Pedro Moises, Gary Roces, Majalco Calayag, Marjorie Lee Gumabay, Mark Pacion, Lou Vella, Garvy Terrado, Harley Ruedas, Rem Divino, Nino Ramirez, Card Arcita, Rey Lazaro, Richard Roque, Cherry Talaoc, Mars Silud, Vinze Asuncion and Joel Mendoza.

With the continuous pursuit in empowering Filipino heritage, Las Casas gave guests a wave of nostalgia that encourages them to appreciate Filipino culture through a totally immersive experience.

For an illustrious journey, visit www. lascasasfilipinas.com.

NADAL STILL KING OF CLAY!

Sports BusinessMirror

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| Tuesday, June 11, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

No one in tennis ever has won any major tournament that frequently. Then again, no one ever has been as suited for success on any of the sport’s surfaces as this 33-year-old Spaniard is on red clay: Nadal is 93-2 for his career at Roland Garros, winning four in a row from 2005-08, five in a row from 2010-14, and now three in a row.

By Howard Fendrich

first year since 2004. Injuries, as often is the case with Nadal, were a problem, including a bad right knee.

“Mentally, I lost a little bit [of] energy, because I had too many issues in a row,” Nadal said, tapping his right fingers on his temple.

“When you are constantly hit in the face,” he said in Spanish, “you end up being hurt.”

He started to right himself by taking the Italian Open title on clay last month.

“It was very important for him to win in Rome.

It was like he realized that he was getting back on the good level, on the right path,” said Nadal’s coach, 1998 French Open champion

The Associated Press

P

ARIS—For a few, fleeting moments on Sunday, Rafael Nadal found his French Open supremacy seemingly threatened by Dominic Thiem, a younger, talented opponent challenging him in the final for the second consecutive year.

A poor game from Nadal allowed Thiem to break him and even things at a set apiece. That development brought fans to their feet in Court Philippe Chatrier, roaring and clapping and, above all, wondering: Was this, now, a real contest? Could Thiem push Nadal more? Could Thiem make this surge last? Would Nadal falter?

That the questions arose at all was significant. The answers arrived swiftly. Nadal reasserted himself, as he usually does at Roland Garros, by grabbing 16 of the next 17 points and 12 of the remaining 14 games, pulling away to beat Thiem, 6-3, 5-7, 6-1, 6-1, for his record-extending 12th championship at the French Open.

“He stepped on me,” Thiem said. “The numbers are crazy.

He won it 12 times.”

No one in tennis ever has won any major tournament that frequently. Then again, no one ever has been as suited for success on any of the sport’s surfaces as this 33-year-old Spaniard is on red clay: Nadal is 93-2 for his career at Roland Garros, winning four in a row from 2005-08, five in a row from 2010-14, and now three in a row.

“I can’t explain my emotions,” said the No. 2-seeded Nadal, who dropped to his back after the final point, getting that rust-colored dirt all over his neon yellow shirt, then wiped away tears during the trophy ceremony.

Looking at the bigger picture, he is now up to 18 Grand Slam trophies, moving within two of Roger Federer’s men’s record of 20.

Nadal, however, did not want to entertain any discussion of a pursuit of Federer.

“I am not very worried about this stuff,” Nadal said.

“You can’t be frustrated all the time because the neighbor has a bigger house than you or a bigger TV or better garden.”

Thiem, a 25-year-old Austrian who was seeded No. 4 and upset No. 1 Novak Djokovic in a draining, raininterrupted semifinal played over two days, was eyeing his first major title in this rematch of the 2018 final in Paris.

But again, he couldn’t solve Nadal.

“First thing that I want to say is congrats to Dominic. I feel sorry, because he deserves it here, too,” Nadal said. “He has an unbelievable intensity.”

So, of course, does Nadal. This had been, by his lofty standards, a rough season, from the most lopsided Grand Slam final loss of his career—against Djokovic at the Australian Open—to entering May without a title for the

FROM the get-go, it’s such a physical grind that Rafael Nadal is soaked with sweat and changes neon yellow shirts after just seven games, eliciting catcalls from the stands. AP

Thiem: I gave everything I had in these two weeks P ARIS—It all took a toll on Dominic Thiem, both physically and mentally, and that left him in no condition to do what it would take to beat Rafael Nadal in the French Open final.

Just to earn the right to face Nadal for the title at Roland Garros for the second year in a row on Sunday, Thiem needed to end No. 1 Novak Djokovic’s 26-match Grand Slam winning streak.

That took five sets over four hours and 13 minutes spread over two raininterrupted days.

Then, less than 24 hours after that one concluded, Thiem needed to step on court for the fourth consecutive day to try to deal with Nadal and everything that entails. For the final’s opening two sets, Thiem was able to hang with the man known as the King of Clay. And then?

“I had a little drop, which is, against most of the players, not that bad,” Thiem said, “but he took the chance

and stepped right on me.”

Nadal reeled off 16 of the initial 17 points in the third set on the way to taking 12 of the last 14 games in a 6-3, 5-7, 6-1, 6-1 victory over Thiem. That gave Nadal his 12th French Open title and 18th Grand Slam trophy overall, while denying Thiem what would have been his first major championship.

There was no doubt for Thiem what played a role.

After all, he was trying to do something only three men have in the professional era, which began in 1968: beat the No. 1 and No. 2 seeds at Roland Garros.

“Beating Novak over two days, with all the interruption,” said Thiem, a 25-year-old Austrian who was seeded No. 4, “it leaves traces on the body and also

on the mind.”

That, especially, is not an ideal way to face Nadal on the red clay of Paris, where the guy has won 93 of 95 career matches.

Still, Thiem gave it a go over the first 100 minutes, hanging with Nadal on exciting exchanges from the baseline that seemingly wouldn’t end, just because both men are so adept at covering the court so well. By match’s end, there were 46 points that lasted at least 10 strokes, and Nadal and Thiem both won 23.

Only one of them was able to sustain the high level of focus and stamina for the third and fourth sets, though.

“Maybe,” acknowledged Thiem’s physical trainer, Alex Stober, “he was running out of fuel a little at the end.”

DOMINIC THIEM runs out of fuel a little at the end. AP

Carlos Moya, “and gaining a lot of confidence.”

Soon enough, Nadal found himself in a familiar position in Paris: playing in the final, and winning it.

This one began on a cloudy afternoon, with the temperature in the low 60s (mid-teens Celsius) and only a slight breeze. In the initial game—interrupted briefly by a baby wailing in the stands, drawing a laugh from other spectators and prompting Nadal to back away from the baseline between serves—three of the five points lasted at least 11 strokes.

And, thereby, a pattern was established: By the end of the three-hour, one-minute match, a total of 46 points went 10 strokes or more. Each man claimed half.

From the get-go, it was such a physical grind that Nadal was soaked with sweat and changed neon yellow shirts after just seven games, eliciting catcalls from the stands.

Early on, there were no signs of fatigue for Thiem, even though he was competing for a fourth straight day.

Indeed, it was Thiem who nosed ahead first, closing a 12-stroke exchange by ripping a forehand to earn the first break point, then converting it with an overhead on a 20-stroke exchange for a 3-2 edge. He turned with a clenched right hand to face his guest box, where his girlfriend, women’s doubles champion Kristina Mladenovic, was pumping her fist and shouting.

Nadal immediately responded. He grabbed the next four games with elan, using a drop shot to help break for a 5-3 lead, then a serve-and-volley to help hold for the set.

That must have been demoralizing for Thiem. But at the ensuing changeover, he didn’t whack a ball toward the stands, as Federer memorably did during his semifinal loss to Nadal.

Thiem casually sat in his gray sideline seat, bounced his legs and chewed on an energy bar, furtively glancing at Nadal.

Thiem bounced back, if only briefly. Talk about a stunning shift: Nadal won 25 of 26 points on his serve before—with spectators trading between-point chants of nicknames, “Ra-fa!” and “Do-mi!”—he got broken to cede the second set. That was the only set Thiem managed to steal from Nadal in four career meetings at Roland Garros.

Maybe this was going to be a long one.

But Thiem, put simply, wilted. Enough to create an opening Nadal barged through.

By now, Nadal was creating magic at the net, and he won the point on 23 of 27 times he went forward. One drop volley was spun so marvelously that it landed on Thiem’s side, then bounced back toward the net. All Thiem could do was watch—and offer an appreciative thumbs-up.

“Almost everybody will tell you that he’s one of the best volleyers of our game,” Thiem said. “Because the last time he missed a volley was, maybe, seven years ago, I guess.”

Soon enough, it was over. The King of Clay, as Nadal is known, still reigns.

During the trophy ceremony, Nadal repeatedly praised his opponent, saying that he expects— and hopes—that Thiem will one day hoist aloft that silver symbol of excellence.

So, too, of course, does Thiem himself.

He kept talking about next year.

And he shouldn’t feel too bad about losing back-toback finals at Roland Garros to Nadal. Thiem is in good company: Roger Federer (2006, 2007, 2008, 2011) and Djokovic (2012, 2014) also each lost multiple French Open finals to the guy.

“I’m on the right way.

And I failed today, but my goal and my dream is still to win this tournament or to win a Grand Slam tournament. I will try my best next year again,” Thiem said. “I gave everything I had in these two weeks.” AP

Spo

Business

C2 Tuesday, June 11, 2019

PHL BOXERS MAKE HAY T

HE Association of Boxing Alliances in the Philippines (Abap) recently sent two teams to separate Asian tournaments in preparation for the 30th Southeast Asian Games to be held in the country at the end of the year.

Former world champion and multiple SEA Games gold medalist Josie Gabuco bannered the Philippine campaign in the prestigious Indian Open in Guahati, India.

The 32-year-old Palawan native snatched the gold in the women’s light flyweight category, while another gold was won by middleweight Eumir Felix Marcial.

Light flyweight Carlo Paalam could only

salvage a bronze as he suffered an ugly gash above his right eyebrow in his quarterfinal win and was not allowed to suit up for his semifinal match the following day.

The team is still in India for a two-week training camp.

In Shanghai, China, the Belt & Road Tournament saw upcoming light flyweight Ramel Macado score a scintillating 5-0 win in the final on Saturday while welterweight Joel Bacho also gained a gold as his opponent from Kazakhstan was unable to suit up because of injury.

Marvin Tabamo settled for silver while Jeorge Edusma, Junmilardo Ogayre and Sugar

Ray Ocaña came away with bronze.

Abap President Ricky Vargas, who also heads the Philippine Olympic Committee, expressed appreciation to the Philippine Sports Commission for their full support for the boxers’ preparation for the SEA Games.

“The PSC has been very helpful to all SEA Games-bound NSAs [national sports associations] as we ramp up our efforts. And we have been getting encouraging news from various disciplines. This is a very positive development in our goal for a successful staging of the Games. I thank Chairman [William] Butch Ramirez, the commissioners and the entire PSC,” Vargas said.

JUMP SHOT? That’s your Manny

Pacquiao, the boxing icon and basketball lover, as he mimics a jump shot during training at the Elorde Gym in Pasay City for his World Boxing Association welterweight title duel with unbeaten American Keith Thurman on July 20 at the MGM Grand in Las Vegas, Nevada. COURTESY WENDELL ALINEA

Blu Boys back on world stage

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CRUZ REUNITES WITH GUIAO AT NLEX AFTER 3-TEAM TRADE

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ERICHO CRUZ reunites with his former Coach Yeng Guiao as the Philippine Basketball Association approved on Monday a three-team trade that sent the guard from TNT to NLEX. The Office of the Commissioner approved the transaction which involved the 6-foot-1 Cruz, some future round picks of NLEX and NorthPort, Road Warriors reserve Marion Magat and big man Michael Miranda.

In the agreement, TNT will receive Magat and two second-round picks from NorthPort for the 2021 and 2022 rookie drafts. In return, the Batang Pier brought in Miranda and two second-round picks in 2019 and 2020 of NLEX that came from previous transactions with Phoenix and Columbian.

The Road Warriors also got a 2020 secondround pick in the process.

It will be a reunion for Cruz and Guiao, who were both at Rain or Shine before they went to different teams.

Cruz was picked ninth overall in 2014 by the Elasto Painters and won the 2016 Commissioner’s Cup with the team.

His arrival at NLEX promises more excitement when Kiefer Ravena returns from his Fiba ban and Kevin Alas heals from his injury.

In the ongoing midseason tournament, the Road Warriors have not found answers after five straight losses that put them at the bottom of the standings.

Ramon Rafael Bonilla

Forum on Le Tour de Filipinas

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HE 10th-year celebration of the Le Tour de Filipinas will be the center of discussion in Tuesday’s session of the Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel-Manila.

Le Tour de Filipinas Chairman Donna Lina lead the loaded guests list that includes coaches, captains and some of the best riders of the participating teams.

Defending champion El Joshua Cariño and Reinhardt Gorantes represent the national team, Marcelo Felipe and Ric Rodriguez

will come on behalf of 7-Eleven Air21 Cliqq Roadbike Philippines, Go For Gold will have Ednalyn Hualda, Daniel Ven Carino and Ismael Gorospe, while veterans Eusebio Quinones and Marc Galedo lead the Celeste Cycle.

Members of Cignal-Ateneo, which bagged the first finals berth in the Philippine Basketball Association Developmental League, have also been invited in the 10 a.m. public sports program presented by San Miguel Corp., Braska Restaurant, Amelie Hotel and the Philippine Amusement and Gaming Corp.

HE Blu Boys return on the World Men’s Softball Championships after a 15-year absence and will open its campaign against world No. 24 Cuba on June 14 in Prague in the Czech Republic.

The Filipinos are bracketed in the June 13 to 24 tournament in Group A alongside defending champion New Zealand and Asian titlist and world No. 3 Japan.

“We have been working hard for this and for the Blu Boys, playing against the world’s best teams will certainly provide us with the needed international experience, at the same time that we will determine our improvement areas for the team,” Amateur Softball Association of the Philippines President Jean Henri Lhuillier said.

Lhuillier said he is confident that the team will give a good account of itself in the tournament that features only the world’s top 24 men’s teams, including the 17th-ranked Philippines.

“I believe we have a big chance of making it to the top 10 as we have been preparing hard for this since we qualified,” Blu Boys Head Coach Eufracio de la Cruz said.

The top 4 teams from each group will advance to the playoffs.

Except for Cuba, the Filipinos will be facing higher ranked teams in the group. They will play No. 13 Botswana on June 15, No. 5 Argentina on June 16, Japan on June 17 and host Czech Republic on June 18 .

The Blu Boys square off with the Kiwis on June 19 and will wind up their qualifying round schedule against No. 20 Mexico on June 20.

Group B is composed of world No. 2 team Canada, No. 4 Australia, No. 6 United States, No. 8 Venezuela, No. 11 Denmark, No. 12 South Africa, No. 19 The Netherlands and No. 22 Singapore.

The Czechs ane Kiwis open hostilities on June 13. The event is organized and supervised by the World Baseball Softball Confederation.

STEVE KERR says the plan is to see if Kevin Durant could clear some hurdles that he hasn’t crossed during his recovery. AP

WANTED: K.D. ON THE FLOOR T

ORONTO—Kevin Durant was playing basketball on Sunday.

The Golden State Warriors hope he will again on Monday.

With the Warriors’ backs to the wall now in the National Basketball Association (NBA) Finals, Durant—now out for more than a month with a strained calf—was taking the practice floor on Sunday in an effort to determine if he will be able to play in Game Five of the title series on Monday night.

The Warriors trail the Toronto Raptors, 3-1, in the series, and need three straight wins to capture a third straight championship.

“He’ll get some extra work in with some of our younger players, and we’ll gauge it from there,” Warriors Coach Steve Kerr said.

Durant was not made available to comment. The Warriors had their media availability in Toronto on Sunday prior to the practice session. Durant averaged 26.0 points per game for the Warriors during the regular season and 34.2 points in 11 playoff games before he got hurt in Game Five of the Western Conference semifinals against Houston.

The Warriors are 6-3 in the nine games Durant has missed.

“It’s just having another powerful weapon out there who can do some very dynamic things on the floor,” Warriors guard Stephen Curry said.

Kerr said the plan was to see if Durant could clear some hurdles that he hasn’t crossed during his recovery. Kerr said earlier in the series that Durant could return after completing one practice.

“He will be very welcomed, I’ll tell you that much,” Warriors guard Klay Thompson said. “I think it’s pretty easy to realize we obviously miss him out there. He’s propelled us to two championships in the last two years, so it’d be pretty storybook if he comes back and helps us do the same.... I know how badly he wants to be out there. He’s one of the best competitors I’ve ever been around.”

Toronto allowed Kobe Bryant to score 81 points on January 22, 2006. In the 1,175 Raptors games since, the most anyone has scored against them is 51 points—done twice, done both times in Toronto, and done both times by Durant.

He had 51 for Oklahoma City in Toronto on March 21, 2014, and scored 51 for the Warriors on the Raptors’ home floor back on November 29. Even if he isn’t 100 percent, Durant’s mere presence should make the Warriors more potent on the offensive end.

The Raptors will have a plan, of course, if Durant gets on the floor Monday night.

“If he plays, he’s an MVP, he’s an All-NBA player, he’s an All-Star, Finals MVP,” Raptors guard Kyle Lowry said. “But we can’t focus on that. We have to focus on ourselves.” AP

VanVleet, Raptors might be smiling soon

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ORONTO—Fred VanVleet had a face that only a country of hockey fans could love.

A bandage covering stitches under his right eye. Swelling near the side of his nose. Fresh dental work to repair a damaged tooth.

His day off in the National Basketball Association (NBA) Finals consisted of a trip to the hospital and then the dentist, necessary stops after he was hit in the face and bloodied late in Game Four, when he had to leave the court with part of his tooth somewhere still on it.

The play hurt, but the Toronto Raptors have a team of guys who would take the pain.

“Yeah, we got some tough guys,”VanVleet said.

And they’ve overcome tough situations.

The Raptors were down and almost out in the Eastern Conference finals, in danger of falling into a hole from which no NBA team has ever recovered. But they pulled out Game Three of that series against Milwaukee to kick off a powerful postseason run, and the only thing that might slow them down is stopping to collect the Larry O’Brien Trophy.

Toronto can do that on Monday by beating the Golden State Warriors at home in Game Five.

“It’s going to be a battle, it’s going to be

hard, but at the same time if we stay together and do everything we’re supposed to do, we have a chance. We have a good chance to put ourselves in a position to win,” Raptors forward Pascal Siakam said.

The first trip to the NBA Finals in franchise history appeared it might have to wait at least another year when the Raptors fell behind in the second overtime of Game Three of the conference finals. Kawhi Leonard’s leg seemed to be hurting, Kyle Lowry had already fouled out and a victory would have given Milwaukee a 3-0 lead that has been insurmountable in the NBA. The Raptors recovered to win and have barely looked back, winning seven of eight games against the Bucks and Warriors, the No. 1 seeds in each conference. Coach Nick Nurse had seen the possibilities from his team even before the comeback started, first with how the Raptors played so well in Game One of the conference finals after needing seven grueling games against Philadelphia in the previous round, and then by the way they shrugged off a blowout loss in Game Two. “So that’s probably a moment of where I thought the team had something inside them

to keep on going,” Nurse said.

What Toronto didn’t have at that point was a reliable offense beyond Leonard.

Veterans Lowry, Danny Green and Marc Gasol had struggled to make shots. The bench was contributing only sporadically.

That isn’t happening anymore. The Raptors made 17 3-pointers in their Game Three victory at Golden State and have hit 10 or more in 10 straight games. VanVleet from the perimeter and Serge Ibaka on the interior have come off the bench to provide big boosts.

“Most teams, they’re expecting their bench to be better than ours,” Green said, “and when they come in outplaying their bench or giving us a huge plus against their starters, it’s due for a win when you’ve got guys performing like that off the bench.”

VanVleet will be back out there trying to keep doing it Monday—this time wearing a mouthpiece—after having to leave Game Four when he was inadvertently hit in the face

by Shaun Livingston while running back on defense. He had a CT scan to make sure there were no broken bones in his face and said he has no concussion symptoms. AP

THE Warriors’ Stephen Curry bites his shoe laces during pr

Warriors, Raptors pr

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ORONTO—The word of the day on Sunday that best summed up the National Basketball Association (NBA) Finals was “yet.”

As in, Golden State isn’t ready to give up its throne—yet.

Kawhi Leonard hasn’t bought any property in Toronto—yet.

The Raptors don’t see any reason to start celebrating—yet.

And Kevin Durant’s Game Five status hadn’t been decided—yet.

The NBA could have a new champion as early as Monday night, when the Toronto Raptors look to finish off the Golden State Warriors in Game Five of the title series. The Raptors lead 3-1, and returned home buoyed by two double-digit wins at Oracle Arena that put the two-time defending champions on the brink of elimination.

“We haven’t done anything,” Raptors guard Kyle Lowry said. “We’ve still got to get one more win.

It’s the first to four. You’ve got champions coming in here and they’re going to play their butts off and

PIRATES ELIMINA L

By Rick Olivares

YCEUM of the Philippines University bounced National University (NU) from the Filoil Flying V Preseason Cup with a 71-68 win on Monday at the Filoil Flying V Centre in San Juan.

With Lyceum leading, 68-64, Jaycee Marcelino and Raymar Caduyac hauled down two crucial offensive rebounds when NU had the inside track on the ball.

The first offensive board saw the ball sail out of bounds after a Lyceum attempt and Marcelino jumped and flicked the ball behind his back to teammate Alvin Baetiong.

The second board found Raymar Caduyac beating NU center Issa Gaye to the ball.

The collective board work and hustle by

orts

sMirror

Tuesday, June 11, 2019

EYES ON JUVIC AND CLYDE

McIlroy wins Canadian Open with scorching final-round 61

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NCASTER, Ontario—Call it the zone, call it the flow. Rory McIlroy is familiar with the feeling that golf is easy, that he can swing freely and nothing bad will happen.

He first felt it at age 16 when he shot 61 at Royal Portrush in his native Northern Ireland, which will host this year’s British Open. He experienced it during runaway victories at the US Open and the PGA Championship. And he savored it again on Sunday en route to another 61, this one giving him a seven-shot victory in the Canadian Open.

“I think when you play, you get into stretches like this, you do get into some sort of flow, that flow state or in the zone or whatever anyone wants to call it. I definitely got into that a little bit today at the start of the back nine. It was the same that day at Portrush all those years ago,” McIlroy said. “It’s almost like you’re out of your own body and looking at yourself play. For some times today that’s how it felt. So if I could bottle that feeling and take it with me week to week, I would. Sort of comes and goes.”

McIlroy added the Canadian Open to his schedule for the first time largely because it was moved to the week before the US Open.

He turned the major-championship tuneup into a career highlight, becoming the sixth player to win national championships in the US, Britain and Canada. Lee Trevino (1971) and Tiger Woods (2000) are the only players to win all three in the same season, something McIlroy could do this year with victories next week at Pebble Beach and at Royal Portrush in July.

It was McIlroy’s fifth win in a national open, following the US Open (2011), Australian Open (2013), British Open (2014) and Irish Open (2016). McIlroy also counts the Hong Kong Open (2011) as part of his nationalchampionship tally.

“Some of the greats of the game have won this trophy. For me to put my name on it is something I’m very proud of,” McIlroy said. “Part of the reason for playing here was I wanted my game

ractice in Toronto on Sunday. AP

repare for Game 5 play extremely hard.”

They might have Durant, too.

Out for more than a month now with a calf strain, Durant was on the floor for practice on Sunday. The Warriors are hoping he will be able to play on Monday night.

“It’s just a matter of, ‘Can you win one basketball game right now? Can you go play an amazing 48 minutes, quiet this crowd that’s going to be probably unbelievable, and slow down a team that’s been playing amazing, especially these last two games, and just win one basketball game?’”

Warriors guard Stephen Curry said. “If we focus on that mission, our history kind of speaks for itself in terms of being able to get that done.”

The Raptors are showing no signs of exhaling.

Raptors coach Nick Nurse was amused to learn that there were “Let’s Go Raptors” chants on some flights landing in Toronto on Sunday, as well as at the PGA Tour’s Canadian Open. He hasn’t paid much attention to the news in recent days, but when a Raptors watch party was held in his condo building someone put a

ATE BULLDOGS Lyceum saw the Pirates chew off a minute off the game clock and ended when Marcelino drove the lane and found his twin brother Jayvee for an undergoal stab to hike their lead to 70-64, 1:57 left in the game.

NU’s Miggy Oczon deducted a point off a free throw.

After a Lyceum miss, Jaycee Marcelino jumped high enough to block Dave Ildefonso’s reverse lay-up. NU got the ball back and John Lloyd Clemente chopped the lead to two with a triple.

After an Ildefonso foul, Jayvee Marcelino could only convert a free throw and Lyceum had to weather the Bulldogs’ late three-point attempt to take the win.

“We aren’t really trying to take the top

photo in the elevator—just to make sure he saw.

“There’s still a lot of work to do,” Nurse said.

Leonard feels precisely the same way.

With the free-agency rumor mill for this summer already churning, Leonard was asked to confirm reports that he recently bought property in Toronto.

“It didn’t happen yet, no,” Leonard said.

Something else that hasn’t happened is the win the Raptors need to end this series and win their first title.

“We’re focused,” Leonard said. “We know that it doesn’t mean anything until someone has four wins.”

If the Warriors win, Game Six is Thursday night at Oracle Arena—which would be their home floor for the final time. Warriors guard Klay Thompson said he thinks Oracle deserves one more game.

Otherwise, Oracle’s run is over.

So, too, would be Golden State’s run as champions.

“You wish to have no end in sight, but everything that’s great always comes to an end,” Thompson said. “So whether that’s [Monday] or four years from now, you never know. That’s the beauty of life.” AP position of Group B,” downplayed Pirates head coach Topex Robinson.

“We’re just trying to improve every game.”

Jaycee Marcelino and Ralph Tansingco led Lyceum—that played without African center Mike Nzeusseu—with 11 points each, while Niño Ibañez added 10.

Lyceum improved to 6-1 won-lost to top Group B and oust NU from the tournament with a 2-3 card.

Miguel Oczon led NU with 14 points, while Ildefonso and John Lloyd Clemente each scored 13.

University of Santo Tomas beat Mapua, 91-67, with coach Aldin Ayo’s troops drilling 12 three-pointers and harassing the Cardinals into 21 turnovers and 13 turnover points.

UST hiked its record to 2-4, while Mapua bowed out of the tournament with a 1-6 record.

to be in good shape for Pebble Beach, but [it] doesn’t mean this tournament doesn’t mean anything.”

Starting the day in a three-way tie for the lead, McIlroy ended any suspense about who would emerge as the champion with five birdies in his first seven holes, none from longer than 8 feet.

The only question on the back nine was whether McIlroy would shoot the 11th sub-60 round in Professional Golfers’ Association Tour history. He made four straight birdies from Nos. 11-14, and a bogey on the par-3 16th stalled him only momentarily. He followed with a 7-iron from 196 yards to 2½ feet for eagle on the par-5 17th to get to 10 under at par-70 Hamilton Golf and Country Club.

But he missed the green on the par-4 18th and his bunker shot went long. He ended up tapping in for bogey to finish at a tournamentrecord 22-under 258. The 61 equaled the low round of McIlroy’s PGA Tour career.

McIlroy was five shots off the lead entering the weekend and shot 64 on Saturday before finding another gear on Sunday.

“I think what I’m proudest of is still playing with that freedom today going out being tied for the lead. Just putting my foot down and really making this tournament mine,” McIlroy said. “I think by the time I got to the 14th tee I wasn’t really thinking of winning the tournament. I was thinking of trying to shoot 59. I had to reassess my goals a little bit in the middle of that back nine.”

He settled for his 16th PGA Tour victory and 25th win worldwide, and the fourth by at least seven shots.

Shane Lowry and Webb Simpson tied for second at 15 under.

Adam Hadwin, seeking to become the first Canadian winner of the event since 1954, closed with a 70 and finished sixth, 10 shots back. His consolation prize was a spot in the British Open.

Graeme McDowell also earned his place in the British Open. The Portrush native guaranteed a tee time in his hometown by holing a hard-breaking 29-footer for par on the par-4 18th to shoot 68 and finish in a tie for eighth. AP NOW we know who Rory McIlroy is rooting for. AP

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UVIC PAGUNSAN and Clyde Mondilla set out for no less than a victory in their keenly awaited return to the Philippine Golf Tour, boosting the already-formidable cast clashing in the International Container Terminal Services Inc. (ICTSI) Bacolod Golf Challenge starting on Wednesday in Murcia, Negros Occidental.

The Japan Professional Golfers Association Tour-based Pagunsan hopes to make the most of his rare stint on the circuit, eager to mark his comeback with at least a strong showing as he tries to build confidence in time for his title-retention drive in Negros Occidental next week.

The former Asia’s No. 1 made an emotional return last year on a course where he nurtured his game and won the Philippine Amateur crown in 2006, edging Jobim Carlos in sudden death to win the ICTSI Negros Occidental Classic.

Though he had struggled in the first half of the two other regional tours, the smooth-swinging shotmaker is expected to figure in the title hunt in this week’s P2.5-million event put up by ICTSI owing to his talent and skills, particularly his solid iron game that suits best at the short par-70 layout.

Like Pagunsan, Mondilla is also out to make an impact following a two-monthlong absence due to injury but the

reigning Solaire Philippine Open champion will be in for a tough outing against a fired-up field led by last week’s Club Filipino de Cebu Invitational winner and Maniila-based Guido van der Valk of the Netherlands.

Mondilla and Pagunsan actually finished tied at 22nd in the kickoff leg of PGT Asia at Luisita last April before the former took a break and the latter resumed his campaign in Japan.

Legend Frankie Miñoza is also making his return to the circuit organized by Pilipinas Golf Tournaments Inc., coming in as one of the invitees, along with Mateo Gomez and Sebastian Lopez of Colombia, Englishman George Twyman and Aussie Jack Sullivan and Gleeson.

Justin Quiban, meanwhile, is seeking to recall the form that upstaged the cream of the local pro crop and a number of foreign aces here last year, where

Matsuoka and Taisei Mochita, Koreans Kim Young-hyun and Park Jun-sung, Spain’s Marcos Pastor, Thai Pachaera Sakulyong, Emilio Parodi of Argentina and Rafael Parra of Venezuela.

Also vying in the 72-hole championship serving as the second of the four-stage Visayan swing backed by Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc. are Ira Alido, Art Arbole, Ferdie Aunzo, Jerson Balasabas, Jun Bernis, Marvin Dumandan, Anthony Fernando, Mhark Fernando, Zanieboy Gialon, Keanu Jahns and PGT Asia leg winner James Ryan Lam.

he put up three solid rounds and went on to beat Jay Bayron by five.

But like the other fancied bets, Quiban expects to encounter stiff opposition from the rest of the bidders, including Michael Bibat, Elmer Salvador, Albin Engino, Jhonnel Ababa, Rufino Bayron, Richard Abaring, Joenard Rates, Mars Pucay, Elmer Saban, Richard Sinfuego and Jay Bayron along with Americans Lexus Keoninh and Charles Lee, Japanese Kei JUVIC PAGUNSAN and Clyde Mondilla are expected to draw the crown in Bacolod.

CHAN ZEROES IN ON SEAG A

IDRIC CHAN went on a birdie-binge at the finish and came away with a superb six-under 66 to zero in on one of the coveted berths in the national men’s team vying in the 30th Southeast Asian Games the country is hosting from November 30 to December 10.

Chan birdied four of the last five holes, sparked by three straight feat from No. 14, in a scorching finish that

highlighted the start of the last of the two-stage 2019 SEA Games men’s team qualifier at the Luisita Golf and Country Club in Tarlac yesterday.

After topping Stage I with a two-under 286 last week for a three-stroke lead over three rivals, the Ateneo student now has a 352 aggregate and padded his lead to a whopping eight-stroke margin over Carl Corpus, who carded a 71 for 360.

Gab Manotoc also fired a one-under card to move from fifth to third at 361 with three rounds left in the grueling elims that will select the three players who will banner the PHL team’s campaign in the biennial games, also to be played at the Robert Trent Jones Sr.-designed layout.

Luis Castro and Sean Ramos, tied with Corpus at second after the first phase, floundered with 73 and 75 and slipped to fourth and fifth at 362 and 364, respectively, with the rest of the 13 survivors still lagging behind to pose a threat for the leading contenders in the event organized and conducted by the National Golf Association of the Philippines, sponsored by the MVP Sports Foundation, the PLDT Group, Cignal and Metro Pacific and hosted by Luisita.

Edward Dy matched par 72 for a 368, Paolo Wong hobbled with a 73 for a 370 and Kristoffer

Arevalo fumbled with a 75 for a 371 followed

by Ivan Monsalve (75-372), Lanz Uy (75-374), Alexander Bisera (77-374), Ryan Monsalve (73376) and Rolando Bregente (78-381).

Corpus actually pulled to within one with a birdie on No. 1, which Chan bogeyed, but the former bogeyed the third and parred the rest for a 36 and the latter recovered and birdied two of the last three holes at the front for a 36 and hiked his lead to four.

The reigning national junior sustained his charge and birdied the 10th then came through with that sizzling windup with birdies on Nos. 14, 15 and 16 before closing out with another feat to virtually go unassailably ahead.

Corpus also birdied the last hole to turn in a 36-35 card and hold off Manotoc, who gunned down a birdie at the front then mixed two birdies against the same number of bogeys in the last nine holes to stay in the hunt for one of the Philippine team slots.

Castro also closed out within one off Chan with a fiery 33 but bogeyed the 10th and dropped two strokes on the next to limp with a 40 and 73 while Ramos failed to rebound from a 39 start with a two-birdie, two-bogey stint at the back for that 75.

Nationals take on Volley Masters

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HE national team faces a struggling Instituto Estetico Manila (IEM) side on Tuesday, looking for its fifth win in six games even as Animo Green and Sta. Elena take on winless rivals in the Spikers’ Turf Season 4 Reinforced Conference at the Paco Arena in Manila.

Led by the power-hitting Marck Espejo and Vic de Guzman, the Rebisco-backed Nationals are tipped to get past the IEM Phoenix Volley Masters in the 5 p.m. main dish of another explosive trible-bill in the event also serving as part of the Philippine team’s training for the SEA Games late this year.

After dominating their first two rivals, the Nationals absorbed a stinging 1-3 loss to the powerhouse Cignal HD Spikers but bounced back with a five-set win over Navy and a shutout victory over Army to tie PLDT at second.

Sta. Elena, on the other hand, hopes to improve its 2-3 card as it tangles with Easytrip at 3 p.m., while Animo, toting a 3-2 slate, squares off with Coast Guard in the 1 p.m. opener.

But expect Coast Guard and Easytrip to go flat out in pursuit of their first victory in six and seven games, respectively, in the country’s premier men’s league organized by Sports Vision.

Meanwhile, league-leading Cignal HD subdued PLDT in a duel of unbeaten teams on Sunday, scoring a 25-21, 25-19, 25-19 romp, as the former stretched its win run to five while dealing the latter its first loss in five games.

Sta. Elena also notched its second win in five games as it repulsed Navy, 25-22, 25-11, 20-25, 25-23, while VNS Volley Club turned back Easytrip, 25-18, 20-25, 25-10, 29-27, to end a three-game skid.

HONEY ROYSE TUBINO of the Pacifictown Army Lady Troopers holds the fort against Yasemin Sahin Yildirim (18) and Jamenea Ferrer (12) of Banko Perlas Spikers during their Premier Volleyball League Reinforced Conference match on Sunday at the Flying V Center in San Juan. NONOY LACZA

F

By Jerome Pugmire The Associated Press

ERRARI driver Sebastian Vettel was red with rage at being stripped of a much-needed win at the Canadian Grand Prix on Sunday.

So the four-time Formula One (F1) world champion took matters into his own hands—literally.

After getting out of his car with his helmet still on and stomping back to his garage, Vettel then made his way to the post-race grid.

The Montreal crowd watched in amazement as Vettel theatrically grabbed the big No. 1 sign parked in front of race winner Lewis Hamilton’s Mercedes car and moved it to where his Ferrari should have been in the empty No. 2 slot.

Then Vettel did the opposite with the No. 2 sign, hauling it over and dramatically plonking it in front of Hamilton’s car.

The crowd cheered, as if witnessing a moral victory.

“Obviously I’m angry, as you can imagine,” Vettel said.

“I gave everything I had today and more.”

Vettel had started from pole position and crossed the finish line narrowly ahead of Hamilton.

But Vettel had been given a five-second time penalty for an incident which happened with a little more than 20 laps to go. Despite Vettel taking the checkered flag, that penalty gave the five-time F1 champion Hamilton his fifth win in seven races and 78th overall.

Vettel, meanwhile, has not won in 15 races—a dismal run at the most storied team in F1.

His mistake was basic, unfair time penalty or not.

He went into the grass with Hamilton pressuring behind him, and then swerved back onto the track, forcing Hamilton to brake suddenly to avoid crashing into the barriers to the right of the track.

But amid the anger Vettel did have a point.

F1 carved its reputation in decades of daredevil acts and used to be famed for such high-speed drama but here it was deemed preferable to fine Vettel for an unsafe reentry back onto the track.

Vettel took a swipe—or rather a full-blown lunge—at governing body FIA, saying the reasoning of the stewards went against the spirit of motor racing.

“It is not making our sport popular. People want to see us race, and it was racing. Just a shame when we have these funny decisions,” Vettel said. “I just wish I could be as good as I am...but in the old drivers’ time.

We should be able to say what we think, but we can’t.

I disagree with where the sport is now. It’s not the one I fell in love with.”

Strong words from Vettel, who finished ahead of his Ferrari teammate Charles Leclerc with Mercedes driver Valtteri Bottas in fourth place and taking a bonus point for the fastest lap.

In the standings, Hamilton is 29 points clear of Bottas and already 62 ahead of Vettel heading into the French GP in two weeks’ time.

An exasperated Vettel said on team radio “they’re stealing this race from us”—and the stewards’ decision clearly festered for the remaining laps—but it was another Vettel blunder following multiple mistakes in losing the past two championships to Hamilton.

Vettel’s barren streak dates back to the Belgian GP last August, while his longtime rival Hamilton is well poised in his bid for a sixth F1 title to move within one of Michael Schumacher’s all-time record.

Hamilton and Schumacher have both won the

Baseball signed

by Hall of Famers fetches $236,389 GREAT EFFORT Kansas City

Royals shortstop Adalberto Mondesi fields a ground ball hit by Chicago White Sox’s Yoan Moncada during the ninth inning of their Major League Baseball game at Kauffman Stadium in Kansas City on Sunday. Moncada earned a hit on the play in the match won by the White Sox, 5-2. AP

Canadian GP a record seven times.

Hamilton showed a touch of class on the podium, grabbing Vettel’s arm and pulling the German alongside him on the top step. Hamilton was asked for his view and some of the crowd jeered when he said “all I can say is I didn’t make the decision.”

Vettel intervened quickly and told the crowd not to boo Hamilton, but to jeer the stewards’ decision itself.

“We have very great respect for each other,” Vettel said. “I heard some fans booing when Lewis got his trophy. I will defend Lewis 100 percent here because it wasn’t him.”

Mercedes has now clinched seven straight wins this season—and nine in the past 10 races overall—and Ferrari has not won since former driver Kimi Raikkonen’s victory at the United States GP in October last year.

Once again, Vettel seemed to have the race under control only to lose his composure.

It is the third straight season he is making panicky errors.

He span his car with Hamilton behind him in Bahrain earlier this season, went into the barriers when leading the rain-soaked German GP by nearly 10 seconds last July; and crashed from pole at the Singapore GP two years ago.

This time, the mistake was made on a bone-dry track and in perfect weather conditions.

The excuses are running out fast for Vettel, unfair decisions or not.

VETTEL: OBVIOUSLY, I’M ANGRY!

Sports BusinessMirror

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| Tuesday, June 11, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE crowd watches in amazement as Sebastian Vettel theatrically grabs the big No. 1 sign parked in front of race winner Lewis Hamilton’s Mercedes car and moves it to where his Ferrari should have been in the empty No. 2 slot. Then Vettel does the opposite with the No. 2 sign, hauling it over and dramatically plonking it in front of Hamilton’s car. AP

A

BASEBALL signed by 11 of Major League Baseball’s (MLB) original Hall of Fame inductees in 1939 fetched $236,389 at the Lelands Spring Classic Auction.

Among the other highlights were an original team photo of the 1914 Baltimore Orioles featuring Babe Ruth, which sold for a record $190,373; a Bobby Orr circa 1972 Boston Bruins game-worn jersey that went for $113,924; and a jersey worn by former Knicks star Walt Frazier in Game Seven of the 1970 National Basketball Association Finals, which netted $100,081.

The sale of the Ruth photo shattered the previous record price for a sports photo sold at auction: $77,098 for an original image of Charles Conlon’s iconic Ty Cobb sliding photo

taken at Hilltop Park in New York in 1910.

The Hall of Fame baseball was one of 42 pieces consigned to the auction by the family of Eddie Rommel, a star pitcher for the Philadelphia Athletics in the 1920s and early 1930s, and later an American League umpire.

The collection also featured a 1924 Yankees team signed baseball featuring rookie Lou Gehrig ($71,508), a 1924 Washington Senators world champion team signed baseball ($54,301) and a 1924 Cleveland Indians team signed baseball ($48,178).

Pittsburgh Steelers game-worn jerseys directly from the team’s archive were also sold, including a 1982 Jack Lambert jersey ($50,131). A portion of the proceeds from the sale of the jerseys will be donated to the Chuck Noll Foundation for Brain Injury Research.

Also auctioned was the last jersey worn in a game by Heisman Trophy winner Ernie Davis, in the 1962 Coaches All-America Game. It sold for $20,713. AP

ENGLAND’S Nikita Parris (left) celebrates after scoring her side’s opening goal on a penalty kick against Scotland. AP

Parris overcomes nerves, leads England past Scots N

ICE, France—Sitting in her hotel on the French Riviera on the eve of her World Cup debut, England forward Nikita Parris suddenly felt an unexpected twinge of nerves.

“I’m not going to lie to you,” Parris said. “I said to Abbie [McManus], my roommate, ‘I’ve got butterflies.’ I hadn’t experienced it before.”

Parris went to sleep.

“And they had gone,” she said.

That was clear 14 minutes into her first game on soccer’s biggest stage on Sunday when Parris set England on its way to a 2-1 victory over World Cup newcomer Scotland in its opening game in Group D on Sunday.

After Fran Kirby’s cross hit Nicola Docherty’s outstretched arm—and a video review confirmed a penalty—Parris stepped up to send the ball past goalkeeper Lee Alexander.

“The atmosphere is there to

intimidate you,” Parris said. “The more atmosphere I get in my body, the more passionate I am about putting the ball in the back of the net.”

England did that again but Ellen White’s shot was ruled out for an offside when she was

already celebrating.

But she was putting her hands back to her eyes again in the 40th minute—imitating the celebration of former Nice player Anthony Modeste. After Fran Kirby won a 50-50 ball with Rachel Corsie, the ball was released for White to curl into the net.

“We were only 2-0 at halftime,” Parris said, “and then we came out too complacent.”

There was no repeat of England’s 6-0 rout of its neighbor at the European Championship two years ago.

But Scotland ensured it was a nervy end for England Coach Phil Neville’s side after Claire Emslie pulled one back in the 79th. The 20th-ranked Scots couldn’t produce an equalizer against No. 3 England in Group D, which also features Japan and Argentina.

“I suppose the disappointment leaving the game,” Neville said, “and it’s the standards that we have set—is that in the second half we need to keep the ball better. So we have to keep driving those standards, we have to keep being ruthless. But it’s good to get the first game out of the way.”

Despite Fifa’s attempts to talk up ticket sales at the World Cup, the stadium in Nice was only about a third full with the attendance given as 13,188.

“If the fans don’t come out, they are missing out,” said Parris, who collected an English player of the year award last month but will playing in France next season with Lyon after leaving Manchester City.

Cristiane, meanwhile, scored all three goals and Brazil spoiled Jamaica’s first-ever Women’s World Cup match with a 3-0 victory on Sunday.

The veteran forward’s goal in the 64th minute for the hat trick came on a free kick that curled just under the crossbar. She also scored in the 15th and 50th minutes for the Brazilians, who were playing without star Marta. The six-time women’s world player of the year was ruled out of the match because of a left thigh injury.

Brazil stopped a nine-game losing streak that began with a 4-1 defeat to the US last August 2.

The loss could have been worse for the Reggae Girlz, but goalkeeper Sydney Schneider stopped Andressa’s penalty kick in the 38th minute. The save prompted countryman Usain Bolt to tweet “Yes mi keeper.” Jamaica is the first Caribbean nation to play in the Women’s World Cup. It is Brazil’s first hat trick in a World Cup since 1999.

Cristiane is the ninth player overall to score 10 career World Cup goals; Marta holds the record with 15. AP

D

God of unity and peace

EAR God, in Jesus You bestow upon us the gift of everlasting life. Hear us as we pray: Lead us to living waters, oh God. Strengthen Your Church to be a mediator of reconciliation in the world. Inspire ecumenism and dialogue among Christians and other religions. Bring to everlasting life all who have died in the hope of resurrection.

May God attune our ears to the voice of the Good Shepherd and lead us to walk always in the path that leads to eternal life. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

❶

Life BusinessMirror

❷

4 simple steps toward a healthier home ❶ INTERIOR

designer Carolyn DiCarlo shows a space she created for relaxing and meditation by DiCarlo in this New York home, with a moveable cushion with a view of the outdoors. To capture a space for relaxing, meditation and morning newspaperreading, DiCarlo created a window seat and nature perch for these clients overlooking the trees in Central Park. PHOTOS: ADAM DICARLO/CAROLYN DICARLO VIA AP

❷ DICARLO

shows a Brooklyn loft bedroom area in New York that she designed.

The clients wanted some privacy and a study area in this shared bedroom for two boys, so she designed a movable wall system to allow for harmony in the household.

Homeowners seeking an uncluttered atmosphere can still keep plenty of treasured possessions, says DiCarlo, as long as those items are stored neatly and thoughtfully, as seen here.

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By MeLissa rayWOrTH The Associated Press

AN your home help you get healthier?

Interior designers say clients don’t just want help creating a more beautiful home anymore. They want to create living spaces where they will cook healthier foods, breathe healthier air and improve overall wellness.

Here, three interior design experts—Jon Call of Palm Springs, California-based Mr. Call Designs, and New Yorkers Young Huh and Carolyn DiCarlo— recommend four general approaches to creating a healthy home.

1. CONSCIOUS CLEANING. “The first thing I do when I go into a client’s home is talk to them about how they take care of their home,” says Call. He looks at how they’re cleaning their home and what products they use. “Cleaning is really the baseline,” he says, “not only for insuring the interior is healthful but also to actively decorate your home.”

A deep-cleaning session can inspire changes you hadn’t considered: Wash your windows, DiCarlo says, and consider reorienting your furniture to take advantage of a room’s natural light.

Call agrees: “When I clean my coffee table, in order to oil the wood, I’m going to take everything off of it,” he says. When it’s time to put items back, he’ll ask: “Do I really need this remote control here? Is it time to ditch the candles?”

All three designers suggest switching to natural cleaning products. Call recommends learning to make small batches of cleaning products from a handful of items like white vinegar, baking soda and lemon oil.

Your air will be healthier, you’ll save money, you’ll need less space for storing cleaning products and you won’t be buying disposable plastic spray bottles.

2. CREATING SPACE FOR WELLNESS. Although her background is in architecture and design, DiCarlo’s work with clients begins with the question of wellbeing. She suggests they walk through their home and “check how they feel when they enter a room. Whether it makes them feel kind of enlightened, whether it make them depressed. Is it too big and makes them feel small, or too small and makes them feel cluttered?”

Noting those responses can help you decide what changes are necessary and which rooms need attention. “You could have the most beautiful home,” DiCarlo says, “but you could feel empty, lost and forlorn in it, and what good does it do you?”

Many people are seeking a sanctuary area for relaxation and meditation, the three designers say. If you have a spare room available for that, Huh says, include a cabinet to store cushions, and create a space “that may sort of act like an altar piece or for burning incense.” DiCarlo often helps clients design just part of a room—perhaps a bedroom—as a personal space for meditation and reflection.

Installing sound-deadening sheetrock can make a bedroom more soothing and healthful, especially in an

urban apartment, she says.

And clearing out clutter can make any room more relaxing. People realize “they’ve acquired too much stuff in the last decade and now it’s making them feel unwell,” says Huh. Adds Call: “How many sheet sets do you really need?” With fewer items and clear places to store them, he says, you “start creating this rhythm, and that makes you feel peaceful.”

3. CURATED KITCHENS. Huh sees more homeowners converting from gas-powered ranges to energy-efficient, cleaner induction cooking.

“There are no gases and no heat produced from the cooking,” she says. “It works by magnetically charging the surface of the cooktop, which creates heat. But it’s not burning fuel.” New refrigerators with windows let you keep tabs on how fresh your foods are.

And energy-efficient dishwashers conserve water.

Call recommends making your own natural dishwasher soap rather than using store-bought products, whose chemicals can leach into the air when the dishwasher is running and hot.

Another trend: growing organic produce in your kitchen. Besides counter-top and windowsill herb gardens, Huh says, consider adding cabinets with lights and soil for growing lettuces, berries and more.

“We’re all much more concerned about where our food is coming from and being closer to good fresh food,” she says.

Redecorating your kitchen can actually help you cook more. You need plenty of open counter space, DiCarlo says, and “a balance between decluttering and also stimulation of healthy food choices.” Put a bowl of fresh fruit on the counters, she says, and consider a calming color scheme. “A red kitchen may be too intense energetically to be in there for long,” which may mean you’ll avoid cooking.

4. CLEARING THE AIR. Choose paints that don’t “off-gas” toxic chemicals, Huh says, and sofas and mattresses that aren’t treated with chemicals that release unhealthy gases.

“As much as you can try to bring in natural fibers and things that were painted or dyed or printed in a responsible way,” do so, she says.

DiCarlo agrees: “Look to nature to inspire you,” she says, whether that means adding plants or swapping out synthetics for natural fabrics.

You might save money at the same time. Says Huh: “It’s cheaper to buy a horsehair mattress than some of the fancy foam mattresses.” If clients want to scent their homes in soothing and healthful ways, Call advises using natural oil diffusers rather than synthetic fragrances. “You’ve got to be really careful with all the parafins and waxes,” he says. Because essential oils are mixed with a “carrier oil,” read the fine print.

“In the US, they don’t have to tell you what carrier oil they’re using,” Call says, “so I assume the worst, unless a company is really transparent. Look at labels.... Those decisions out in the world are where you’re engaging and empowering yourself.” n

BOX OFFICE: ‘SECRET LIFE OF PETS 2’ BESTS ‘DARK PHOENIX’ D3

Tuesday, June 11, 2019

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Prose is clean and easy to follow in ‘Leaving the Witness’

By Tracee M. Herbaugh The Associated Press

A

S an adolescent Jehovah’s Witness, Amber Scorah knocked on plenty of doors and assigned each house a two- or three-letter code.

NH for not home; B-CA for busy, call again; DNC for do not call, if a resident was unusually threatening.

She also knew if you were that person who hid behind the curtains pretending you weren’t home.

In a new memoir, Scorah chronicles her experience in the Jehovah’s Witness faith and ultimately leaving it to start an entirely different life.

Leaving the Witness: Exiting a Religion and Finding a Life (Viking) is a deeply personal and detailed exposition that, at times, is difficult to read. But you will be better for it should you choose to do so.

Born into the Jehovah’s Witness faith, the writer’s entire world was comprised of the religion. Jehovah’s Witnesses are discouraged in working or socializing unless these pursuits center on the faith. The same goes for higher education.

Leaving the Witness opens as the author recounts her move from Vancouver to Shanghai, an adventure she hoped would invigorate her marriage.

WASHINGTON—A writer who faced social-media backlash for calling out a transit worker eating on a train sued her publisher on Friday after it canceled her book deal over the controversy.

Lawyers for Natasha Tynes filed suit against publisher Rare Bird Lit. Inc. in Los Angeles County Superior Court, saying that the company breached its contract and defamed the Maryland author. She’s seeking $13.4 million in damages.

In May, Tynes tweeted a picture of a female worker eating on a Washington Metro train with the message: “When you’re on your morning commute & see @wmata employee in Uniform eating on the train I thought we were not allowed to eat on the train. This is unacceptable. Hope @wmata responds.” When the D.C., area agency’s Twitter account reached out for more information, Tynes replied with the time, the train and the direction it was traveling.

But scores of Twitter users criticized her for shaming the black worker, despite being a minority writer. Tynes is Jordanian American.

A transit worker union official said at the time that the woman had been taking a break while going from one job to another. The union official also noted that Metro Transit police no longer enforce the ban on eating and drinking on trains.

Tynes later apologized, deleted the tweet and took down her personal web site.

But the publishing house, which didn’t respond to an e-mail seeking comment on Saturday, swiftly condemned her comments and said it was canceling her book deal.

Tynes “did something truly horrible today in tweeting a picture of a Metro worker eating her

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Claire Holt, 31; Shia LaBeouf, 33; Peter Dinklage, 50; Hugh Laurie, 60.

HAPPY BIRTHDAY: Spend time with people who put a smile on your face. You don’t have to go overboard to have a good time. Consider putting time and effort into minimalizing your lifestyle to ensure you have more time and extra cash readily available to do the things you enjoy most with those you love. Your lucky numbers are 2, 5, 17, 21, 33, 39, 42.

Jehovah’s Witness activities are illegal in China, so the pair had to conduct their missionary work in secret. The couple’s proselytizing most often started as an outside-the-faith relationship and this is where things unfurled.

Scorah takes a job producing podcasts and meets an American man who exposes her to ideas she hasn’t before considered.

“A religious person learns to live with a divided heart, one that does not acknowledge what it does not want to admit to itself,” she writes.

She eventually leaves the religion, though it’s the church that kicks her out—and starts over.

Because all of Scorah’s friends and family are Witnesses, she is excommunicated and grapples with losing everyone from her past. To be sure, abandonment is a traumatic circumstance—and one the author knows well.

Leaving the Witness is a fully engrossing story. It is a stark reminder that nothing is permanent.

Readers will walk away with a keen understanding of this secretive religion.

Her prose is clean and easy to follow, but it’s the final chapter that’s exquisitely written. It’s quite possible Scorah has executed a perfect final line for the story. n

a

ARIES (March 21-April 19): Stay calm, and revert to something that makes you feel good.

A makeover or healthier lifestyle will help you gain insight into possibilities. Expand your horizons instead of letting what others do limit you. HHH

b

TAURUS (April 20-May 20): Go over your current situation and your daily routine.

Question what others are asking you to do, and offer what you feel is fair. Taking the initiative to do things your way will encourage greater support and respect. HHH

c

GEMINI (May 21-June 20): Plan an outing with someone who enjoys the same things you do.

A physical improvement will lift your spirits and give you that extra push to clear up unfinished business.

An important relationship will lead to a positive personal change. HHHHH

d

CANCER (June 21-July 22): Go about your business without making a fuss or offering too much personal information. You’ll get the most in return if you are accommodating and offer suggestions that are forward-thinking and filled with incentives. HH

e

LEO (July 23-Aug. 22): Do your best to help others without going above and beyond what’s expected of you. People will take advantage of you if you let them. Don’t feel obligated to make a change because someone pressures you. Don’t neglect your needs. HHHH

f

WRITER SUES AFTER LOSING BOOK DEAL OVER TRANSIT WORKER FLAP NATASHA TYNES

z

Today’s Horoscope

‘Dark Site’ is sinister and disturbing

By Jeff Ayers The Associated Press

breakfast on the train this morning and drawing attention to her employer,” Rare Birds said in a statement. “Black women face a constant barrage of this kind of inappropriate behavior directed toward them and a constant policing of their bodies.”

In the lawsuit, Tynes’s lawyers say the company’s inflammatory statements forced their client to temporarily flee back to Jordan with her family because they endured weeks of online harassment, including death threats and racial slurs.

The incident also caused Tynes “extreme emotional distress” and prompted her hospitalization for chest pains, severe anxiety and suicidal thoughts, according to the lawsuit. AP

WHAT at first appears to be a random attack on a man and a woman ends up being far more sinister and disturbing in Patrick Lee’s latest thriller, Dark Site (Minotaur Books).

Danica Ellis is attacked as she heads to her car after buying groceries. A man and woman try to grab her and throw her in a van. She’s able to thwart the attempt and get away. Former Special Forces operative Sam Dryden, last seen in Lee’s novel Signal, also avoids being abducted. He’s able to obtain one of his attacker’s cell phones where he learns that the men who came after him are also after a woman named Danica. He learns where she’s heading, and she has no idea she’s about to head into an ambush.

Sam arrives just in time to rescue Danica from the team trying to take her out. The team was successful in killing her stepfather, but not before he gave her a series of documents that she was never meant to see. While she and Sam drive away, Danica reads about a horrible accident that occurred years earlier in a small town. What happened was so traumatic that two people were subjected to potent drugs to wipe their minds of the entire episode. The two forced to endure this erasing procedure were 12-year-olds Sam Dryden and Danica Ellis.

The story jumps back and forth between the present with two adults seeking answers and the past where a 12-year-old Sam moves to a small town and meets a 12-year-old Danica.

Lee’s imagination knows no boundaries, which makes the story elements completely unpredictable.

He also knows how to pace the story to keep the reader from putting down the book. Just when it seems clear what’s truly going on, another surprise appears, adding one more twist to the tale. AP

VIRGO (Aug. 23-Sept. 22): Practicality will be your saving grace when faced with someone who is looking for a handout. Use your imagination, and make suggestions that will not put you in a vulnerable position. Use intelligence to master your skills and reach your goal. HHH

g

LIBRA (Sept. 23-Oct. 22): Take a journey that will touch you emotionally and encourage you to recognize the choices you have and the negatives in your life that you should eliminate. HHH

h

SCORPIO (Oct. 23-Nov. 21): Venture into unfamiliar territory. What you experience will motivate you to take on a new project or to make adjustments to your current lifestyle. Intellectual stimulation will enhance your life, relationships and choices. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): You’ll be tempted to get involved in a joint venture that is lopsided. Before you decide to help someone else get ahead, consider doing something that you can do on your own. Personal improvement will lead to personal gain. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Change should be made for the right reason. Check your motives before you dash into something that may not be right for you. Don’t let someone use emotional tactics to manipulate you. Be smart, and make decisions based on intelligence, not emotions.

HH

k

AQUARIUS (Jan. 20-Feb. 18): Stick close to home, and catch up on overdue paperwork, projects or personal situations that need to be addressed. A physical improvement can be made if you start a new health regimen. HHHH

l

PISCES (Feb. 19-March 20): Keep your life simple, and stick to a set budget. It’s admirable to help others, but first take care of your needs. Networking or getting together with people you have worked with in the past will be eye-opening.

HHH BIRTHDAY BABY: You are popular, original and entertaining.

You are flexible and persuasive.

‘rotating cast of characters’ BY EVAN KALISH The Universal Crossword/Edited by David Steinberg

ACROSS 1 Pollution-regulating org.

4 Really good time 9 Often-animated pic 12 Z’s point value in Scrabble 13 Diameter halves 14 Historical periods 16 “It was a minor slipup!” (see letters 1-7) 19 “Glad to hear that” 20 Advanced animation FX 21 Makeup-removing swab 23 Shoe store section 24 Groups of three 27 Any nonzero number divided by itself 28 Gathering for Eagles (4-10) 31 Drive-up ___ 32 Words before hanging up 33 Bryant of SNL 34 16th president’s nickname 35 UFO crew 36 School zone sign 38 Atlantic crosser of 1492 41 Tiger Woods’ grp.

44 Body system with bones and tendons (5-11) 47 NFL official 48 Plant manager’s field?

49 Fool 50 ___ von Bismarck 52 Low-visibility condition 53 PlayStation maker 54 Dressing room switches, and a hint to the starred answers’ indicated letters 59 Hip-swaying dance 60 Making tons of noise 61 Consume 62 Dreidel, for one 63 Singer Lauper 64 Free of humidity DOWN 1 “And so forth” letters 2 French automaker 3 Opposite word 4 Raised 5 Leaving ___ Vegas 6 Commotion 7 Metropolis-managing video game

8 Reason for extra innings 9 Hairstylist’s aid 10 Kuwait’s northern neighbor 11 Fun piece of trivia 15 Thin 17 Growth on a damp rock 18 Fries or slaw 22 Coat rack projection 23 CEO’s degree, often 24 Cigarette puff 25 Massage 26 Washington airport 29 Stringy Halloween decoration 30 “___ the season...”

34 Internet gateway since the 1990s 35 One-of-a-kind gift site 36 Rough drawing 37 Omitted 38 D.C. area river 39 Mental pictures 40 Convent resident 41 Took a nosedive 42 Time off before college, say 43 “___ you sure?”

44 “No seats left” initials

5 Common meat substitute 4 46 Japanese noodle 51 Capital west of Stockholm 53 Loose Indian garment 55 “What’s on ___?” (bar query) 56 Swindle 57 Consumed 58 Messy space Solution to yesterday’s puzzle:

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Tuesday, June 11, 2019

Music videos connect friends and generations IS there really a chance to connect the older generation with the younger ones? At a time when the generation gap is more pronounced than ever, the country’s leading beer brand released its latest music videos offering both generations a reason to bond with each other.

On May 14, San Miguel Pale Pilsen made available on its Facebook Page and YouTube Channel two music videos in celebration of lasting friendships which is part of the brand’s campaign to celebrate such bonds, aptly themed “Kahit Kailan, Walang Iwanan.”

Grab a friend and play these two videos side-byside on two mobile phones and the videos interact as one. The first music video, “Side A,” perfectly captures how older disco goers party in the day, complete with flared pants, long hair, disco music and their favorite beer. The second music video, “Side B,” is a more modern take, showing millennials having fun in 2019, hitting clubs in street wear, showing off hiphop moves, partying to electro beats and enjoying the same bottle of beer.

A basketball shot in “Side A” becomes a video game alley-oop pass in “Side B.” Electro-infused vocals in one video is harmonized by Motown-style backup singers in the other. A classic disco dance move in one video is complemented by a pop-and-lock move in the other. What sets this campaign apart from previous campaigns that have used dual mobile video executions is the merging of stand-alone songs from two contrasting genres to bridge the gap between generations. It is a triumph of painstaking filming, songwriting, choreography and production design.

Moreover, the new campaign encourages friends to watch and interact together.

Themed #WalangIwanan, the event launch at WhiteSpace in Makati City was attended by celebrities led by music icon Jet Pangan, actress Ina Raymundo and Internet celebrity Kimpoy Feliciano.

SCORCHED by poor reviews, the $200-million Dark Phoenix earned a franchise low of $33 million from 3,721 North American locations over the weekend, finishing in second place on its opening weekend.

‘Secret Life of Pets 2’ bests ‘Dark Phoenix’ at box office

LEONY R. GARCIA

Judge: Spacey accuser’s phone must be turned over to defense NANTUCKET, Massachusetts—A Massachusetts judge says a phone used by a young man who says Kevin Spacey groped him at a bar must be turned over to the defense.

The actor’s lawyer told the judge at a hearing on Monday that they need the accuser’s phone so an expert can try to recover text messages his lawyer says support Spacey’s claims of innocence.

Nantucket District Judge Thomas Barrett said on Friday that the phone must be turned over by June 21.

Spacey is accused of groping the then-18-year-old man in a crowded bar on the resort island in 2016.

Spacey’s lawyers say the man deleted text messages that could help the actor’s defense. Spacey attended on Monday’s hearing but didn’t speak or respond to questions from reporters. The accuser’s attorney declined to comment on Friday. AP

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By Lindsey Bahr The Associated Press

OS ANGELES—After nearly 20 years and a dozen films, the current manifestation of X-Men movies is going out with a whimper.

Scorched by poor reviews, the $200-million Dark Phoenix earned a franchise low of $33 million from 3,721 North American locations over the weekend for a second place finish, according to studio estimates on Sunday. First place went instead to The Secret Life of Pets 2.

The Universal Pictures and Illumination sequel, featuring the voices of Kevin Hart, Tiffany Haddish and Harrison Ford in his first animated role, grossed an estimated $47.1 million in ticket sales. Although less than half of what the first film opened to in 2016, it’s still a major win for the studio, considering the production budget was around $80 million. Including international grosses, its global total is already sitting at $97 million.

“It’s a fantastic result,” said Jim Orr, Universal’s president of domestic theatrical distribution. “We couldn’t be more proud to partner with [CEO] Chris Meledandri and everyone at Illumination.”

He noted that this is the ninth No. 1 opening for Illumination, the animated arm responsible for the Despicable Me movies.

With decidedly less stellar results, Dark Phoenix trailed behind the talking animals. Directed by longtime X-Men scribe Simon Kinberg, it focuses on Jean Grey who is played by Sophie Turner fresh off of

her Game of Thrones run as Sansa Stark. It also brings back James McAvoy, Michael Fassbender and Jennifer Lawrence. It’s the de facto conclusion to the modern X-Men movies that started in 2000, and also the first major 20th Century Fox film to be released by the Walt Disney Co. following the acquisition.

But the quality wasn’t there and it scored even worse reviews overall than the widely disparaged X-Men: Apocalypse. Audiences who showed up seemed to concur with the critics, giving it a deadly “B-” CinemaScore.

“It’s softer than we hoped,” said Cathleen Taff, Disney’s president of theatrical distribution. “While the film didn’t open the way we wanted, we think the legacy of the X-Men series is important and it’s more important than how one film opens. We’re trying to keep it in perspective.”

Paul Dergarabedian, the senior media analyst for comScore, noted even with the lackluster North American debut and reception, internationally Dark Phoenix was No. 1 with $107 million from 53 territories including China. Globally, its earned $140 million.

“In the international marketplace, it seems like the spectacle and the brand wins out,” Dergarabedian said. Also, the X-Men characters, which had been licensed to Fox, are now expected to be integrated with Disney’s stable of characters in the Marvel Cinematic Universe.

Plus, Disney has another winner in its books in Aladdin, which coasted to third place in its third weekend with another $24.5 million. Globally it has earned $604.9 million to date.

Warner Bros.’s Godzilla: King of The Monsters had a titan-sized second weekend fall, however, down 67 percent with $15.5 million.

And the acclaimed Elton John biopic Rocketman, from Paramount Pictures, rounded out the top 5 with $14 million.

While wide-releases are having mixed results lately, independent and platform releases are finding healthy audiences. After Booksmart failed to make a major dent going wide out of the gates, Amazon Studios opened its Mindy Kaling and Emma Thompson comedy Late Night in four theaters, where it earned a healthy $249,654 this weekend, before expanding nationwide next week.

Employing a similar strategy, A24’s The Last Black Man in San Francisco also scored in seven locations with $230,744. Also, overall the box office is healthy. The weekend is up 37 percent from last year when Ocean’s 8 opened and the year to date deficit improved again.

The year is now down 5.9 percent.

“Some movies may have not lived up to expectations but the marketplace is knocking down the year to date deficit at a really fast pace,” Dergarabedian said.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. The Secret Life of Pets 2, $47.1 million ($16 million international) 2. Dark Phoenix, $33 million ($107 million international) 3. Aladdin, $24.5 million ($67.6 million international) 4. Godzilla: King of the Monsters, $15.5 million ($47.1 million international) 5. Rocketman, $14 million ($13 million international) 6. Ma, $7.8 million ($3 million international) 7. John Wick: Chapter 3-Parabellum, $7.4 million ($10.1 million international) 8. Avengers: Endgame, $4.8 million ($3.8 million international) 9. Pokémon Detective Pikachu, $3 million ($7.1 million international) 10. Booksmart, $1.6 million ($206,000 international).

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Dark Phoenix, $107 million 2. Aladdin, $67.6 million 3. Godzilla: King of Monsters, $47.1 million 4. My Best Summer (Zui Hao De Wo Men), $22.7 million 5. Chasing the Dragon 2: Wild Wild Bunch, $22.4 million 6. Parasite, $20.8 million 7. The Secret Life of Pets 2, $16 million 8. Rocketman, $13 million 9. John Wick: Chapter 3-Parbellum, $10.1 million 10. Pokémon Detective Pikachu, $7.1 million. n

Olivia Colman gets royal honor ahead of debut in ‘The Crown’ LONDON—Academy Award-winning actress Olivia Colman has been honored by Queen Elizabeth II—the monarch she is about to play on the Netflix royal family TV drama The Crown.

Colman was named a Commander of the Order of the British Empire, or CBE, in the annual Queen’s Birthday Honors list.

The performer won a best actress Oscar this year for playing 18th-century monarch Queen Anne in The Favorite. She plays Elizabeth in the upcoming third season of The Crown, which is currently in production.

Colman said she was “totally thrilled, delighted and humbled” by the honor.

The queen also made singer-songwriter Elvis Costello, 64, an Officer of the Order of the British Empire, or OBE—an honor far from his roots in Britain’s punk and new wave scene during the 1970s.

In a web site post entitled “In Her Majesty’s Secret Service,” Costello said he spoke with his mother

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before deciding to put aside “old doubts and enmities” about the crown and his country’s past as the British Empire and “muster what little grace I possess” to accept the honor from the 93-year-old monarch on Friday. It was a task Costello made more palatable by dedicating the award to his grandfathers, who fought “for King and Country” during World War I, “and because my Mom told me to do it.”

“To be honest, I’m pretty tickled to receive this acknowledgement for my ‘Services To Music’ as it confirms my long held suspicion nobody really listens to the words in songs or the outcome might have been somewhat different,” Costello wrote.

Other recipients of this years’ Queen’s Birthday Honors include British-Sri Lankan rapper MIA, whose real name Mathangi Arulpragasam, 43, and Andrew Roachford, the singer-songwriter behind the band Roachford. Both were made a Member of the Order of the British Empire, or MBE, for services to music.

The honors are awarded twice a year, at New Year’s and to mark the monarch’s official birthday in June.

(Elizabeth actually was born on April 21, so celebrates twice, as well.) They acknowledge hundreds of people for services to community or British national life.

In descending order, the main honors are knighthoods, CBE, OBE and MBE. Knights are addressed as “sir” or “dame,” followed by their name.

Recipients of the other honors have no title, but can put the letters after their names.

The latest list included a knighthood for Simon Russell Beale, one of Britain’s finest stage actors, who can now call himself Sir Simon. Recipients are selected by committees of civil servants from nominations made by the government and the public, with the awards bestowed by the queen and other senior royals during Buckingham Palace ceremonies.

Famous faces typically are in the minority. Most go to activists and teachers, doctors and police officers—

people who do big things in small communities and often labor for years without recognition.

Among this year’s honorees were seven Holocaust survivors awarded British Empire medals for services to Holocaust education: Walter Kammerling, 95, Ernest Simon, 89, Gabrielle Keenaghan, 92, Ruzena Levy, 89, Ann Kirk, 90, Bob Kirk, 94 and George Hans Vulkan, 89.

Artist Rachel Whiteread, who won the Turner Prize in 1993 for her concrete cast of the inside of a condemned house, became a dame, the female equivalent of a knight.

Novelist Joanna Trollope and Lee Child, writer of the Jack Reacher thrillers, were made CBEs. Like Costello, Feargal Sharkey, former lead singer of The Undertones—best known for punk classic “Teenage Kicks”—was made an Officer of the Order of the British Empire, as was actress Cush Jumbo, a star of TV legal series The Good Fight. AP

Art

BusinessMirror

Tuesday, June 11, 2019

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www.businessmirror.com.ph

FILIPINO artists stand among the likes of Andy Warhol, Keith Haring and Marc Quinn at Seoul’s art labyrinth, Arario Museum in Space. On display since the exhibition space opened in 2014 is a pair of Filipino artworks: Weavers of Time by Geraldine Javier (left) and Under the Belly of the Beast by Leslie de Chavez. Also on view is The Sculpture II by prominent Korean artist Osang Gwon. ARARIO MUSEUM

Art in Seoul CIRCLES JT NISAY

jtnisay@gmail.com

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EOUL, South Korea—The lightness and familiarity between Philippine and Korean cultures extend to the arts. As mentioned last week on this space, Seoul has over 100 museums and galleries, which is less a suffocation for non-art enthusiasts and more of a diverse catalogue for every visitor who steps foot in the nation’s vibrant capital.

Among the rows and rows of art establishments in Samcheong-dong, or Seoul’s center of art and culture, is PKM Gallery. Regarded as one of the leading contemporary art galleries in the world, the space represents prominent Korean and international artists.

Owner and namesake Park Kyung-mee founded PKM Gallery in 2001 when she served as the commissioner of the Korean pavilion at the 49th Venice Biennale. The gallery has transferred to three locations since then, before settling in 2015 at its current location, a former mansion which features a sprawling exhibition space of 576 square meters, heightened by the elevated ceilings and staircase.

On display during our visit was a permanent exhibition featuring four artists. Showcased upon entry are three works by Yun Hyon-keun, a representative artist of the Tansaekwha movement, or Korean monochrome painting, the rise of which we chronicled on this space a week ago.

On that story, we quoted renowned curators Sam Baradouil and Till Fellrath from their 2014 Whitehot Magazine interview about their take on Tansaekwha.

They said Western minimalism is perceived as reductionism, while the Korean approach is “more about accretion and layering.”

“This is where the energy in these works reside,” they added.

The same holds true for the three Yun pieces. A glance at the works reveals little—as what glances do with all minimalist creations—but to inspect the pieces more carefully is to peel the layers of not only the scrutinized piece, but the psyche of the artist as well.

Tansaekwha artists lived through tough times.

They experienced the Korean War, survived the Japanese occupation, and crawled through military dictatorship. Overwhelmed by dominating external forces, they wanted to return to their Korean roots, as their stylistic tendency shifted away from subjects and toward the exploration of the material’s limits.

This is on display at Yun’s 1990 piece, titled Burnt Umber & Ultramarine. What appears to be plain, broad brush of black paint on the sides of the canvas is actually multiple coats of oil on linen, using a color mixture of, as the title suggests, ultramarine blue and burnt umber.

“The void in the middle represents the gateway to heaven, while the columns represent Earth,” said PKM Gallery Exhibition Manager Yeran Jang.

Other pieces on display at the gallery are the painted glass spheres of Danish-Icelandic large installation artist Olafur Eliasson. The piece, titled Pivotal Study, mimics the phases of the moon, and is engaged in a dialogue across the room with a moonlight-exposed photo by British artist Darren Almond, titled Fullmoon Above the Sea of Fog. Southeast of PKM Gallery, along Yulgok-ro, is the can’t-miss structure of Arario Museum in Space.

The modern art museum is one of Seoul’s biggest architectural marvels that was established in 1971 as the office building and residence of famed Korean architect Kim Swoo-geun.

In 2014, the peculiar plant-covered structure was reopened as the exhibition space it is today. Arario Museum in Space houses a permanent collection that features the private collection of Arario Inc. founder Kim Chang-il, which totals over 3,700 pieces of contemporary artworks from all over the world collated over 35 years.

One of the featured pieces in the space is a full-size sculpture of a Lamborghini Murcielago by prominent Korean artist Osang Gwon.

The sculptor is known for deviating from the notion that sculptures should be heavy and solid, using photo sculptures where he pastes zoomed-in photographs of his subject onto light Styrofoam. His recreation of the Italian supercar, however, follows traditional sculptures wherein Gwon used 1.5 tons of bronze on the piece and covered it with a thick layer of orange paint, which dried as it oozed, disguising from viewers the piece’s bronze composition.

According to Jina Kim, curator of Arario Museum in Space, the piece personifies their space in general.

“The room where the car is was the actual garage of the building,” she said. “It is a piece that is contemporary, and shows the history of the building at the same time.”

One of the more important pieces here is a rare Marc Quinn piece, which Kim said introduced Arario Museum in Space to the general art-viewing public.

Since 1991, the British contemporary artist made a self-portrait for every five years using 4.5 liters of his own blood. The amount is the total quantity existing in the human body. There are only five such pieces in total, and all are held in shape using a special refrigerating system. Arario Museum owns the version made in 2001.

Kim said the work was made at a time when Quinn was an alcoholic, and the artist wanted to talk about the addiction through his work.

“The piece shows the fragility of human beings, destined to be dependent on the surrounding environment for its existence,” she said, adding that the piece is very fragile and hard to maintain.

“It is interesting to ask the visitors without prior knowledge to guess what the artwork is made of.”

Elsewhere in the brick museum, which is an artwork in and of itself with swirling staircases and secret passages, are pieces by Filipino artists Leslie de Chavez and Geraldine Javier.

Displayed in one exhibition room are four works by de Chavez that talk about social issues in the Philippines. One piece, titled Under the Belly of the Beast, depicts a man positioned as if hanging on a cross, with

INTOUCH, BOXLESS SOCIETY ORGANIZE EXHIBIT TO RAISE AWARENESS ON MENTAL HEALTH A UNIQUE art exhibition aimed at raising awareness of mental health, hosted by InTouch Community Services, in partnership with Boxless Society, Mental Tapestries features 27 artworks focused on the theme of mental health, created by artists who face mental-health challenges. The artworks showcase how the artists have used their experiences and creativity to manage their condition.

“At InTouch, we hope that all people will value mental health and emotional well-being, and be able to access highquality mental-health services. For this to happen, there needs to be less stigma and more meaningful deliberations around mental health at the community level,” says Camilla Brooks, chairman of

InTouch. “This partnership with Boxless Society is an opportunity for us to view mental health through the medium of art to generate better understanding and awareness,” she added.

“Art can be therapeutic and can help one speak louder than words, because thoughts are often hard to verbalize.

This art exhibit is intended to raise awareness on mental well-being,” says Lucylle Bianca T. Cawaling, event organizer and volunteer at Boxless Society, channeling the sentiments of her team of artists.

The exhibit is ongoing until July 11, and the art will be offered for sale, with the proceeds going to support both organizations, the artists and their cause.

SINKING Deeper by Cheepee Buenaventura

the slums of the Philippines crammed on his stomach.

Meanwhile, Geraline Javier’s Weavers of Time features the three Fates in Greek and Roman mythology, which represent the past, present and future—a commentary about how the fates of people are in the hands of the Gods.

Kim said both artists are quite popular with visitors.

The other must-visit art centers in Seoul are Kukje Gallery, the National Museum of Modern and Contemporary Art, and the National Museum of Korea, which houses more than 70 of the 360 national treasures of Korea. n

‘WORKING ANIMALS NORTHBOUND’ AT BENCAB MUSEUM’S GALLERY INDIGO

THE Working Animals art collective opens their latest group exhibition, Working Animals Northbound, at BenCab Museum in Baguio (www.bencabmuseum.org).

Composed of acclaimed and emergent voices among today’s young artists in the Philippines (Ronson Culibrina, Yeo Kaa, Keb Cerda, Dale Erispe, John Marin, Pow Marin, Lawrence Canto, Aiya Balingit, Johanna Helmuth, Jayvee David, Yani Unsana, Jett Osian), the group once again showcases the diverse styles and processes they have charted in their artistic exploration, and hint at possible trajectories to track in the years to come.

The exhibition highlights the timeless appeal of traditional art forms such as painting and sculpture, but at the same time declares a contemporary presence among the works through references to current events and popular culture, and intervention of digital technology and social media. The imagery, color, figuration, compositional techniques, and personal styles of the artists evoke a range of mood and character, from the narrative, symbolic and literary, to the humorous and satirical. Bringing in a gathering of this diversity to a key locus of creativity in the northern Philippine highlands intensifies the vibrant artistic conversation the collective intends to spark.

Working Animals Northbound is curated by Ruel Caasi and is presented in cooperation with Secret Fresh Gallery. In celebration of the 121st anniversary of the Declaration of Philippine Independence, museum visitors can also view Philippine Revolutionary Army and World War II Soldiers in the Philippines by Dan H. Dizon at the Sepia Gallery.

Both exhibitions are on view until August 4. BenCab Museum is on Km. 6 Asin Road, Tuba, Metro Baguio. It is open on Tuesday to Sunday, 9 am to 6 pm. It is closed on Mondays, Christmas Day, and New Year’s Day.