BusinessMirror June 13, 2019

24/7 WORK AT SANGLEY FOR GEN-AV MOVE

By Recto Mercene @rectomercene

& Lorenz S. Marasigan @lorenzmarasigan

F

OR the nth time, the government has announced the relocation of general aviation (Gen-Av) operations to Sangley Airport in Cavite, this time ordering a 24/7 construction schedule to meet a November deadline.

The announcement by Transportation Secretary Arthur Tugade that they will relocate the Gen-Av sector to Cavite came on the heels of President Duterte’s directive to ease congestion at the premier airport following a 3-hour shutdown of

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

operations Sunday night, cancelling over 50 flights.

At dawn last Monday, Duterte made a surprise visit at Terminal 2 of the Ninoy Aquino International Airport (Naia), where officials of both the airport and Philippine Airlines explained to him the closure was prompted by the Red Lightning Alert issued by meteorologistts. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) issued the alert due to intense lightning activity over the airfield last Sunday.

As the Department of Transportation (DOTr) guns to meet the November completion target set

by no less than Duterte, Tugade, meanwhile, has ordered the hiring of additional manpower, extension of work hours, and acquisition of new equipment for the construction the Sangley Airport in Cavite.

Tugade directed the contractor for the project to implement a 24/7 construction of Sangley’s runway, apron, passenger terminal building, power supply and drainage system, among others.

“Whatever it takes, we need to make sure that the directive of the President is delivered. Hire more manpower to work 24/7. We need to finish this before the timeline set

by President Duterte,” he said.

See “Sangley,” A2

BusinessMirror A broader look at today’s business

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Thursday, June 13, 2019 Vol. 14 No. 246

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BOC to collect 35% MDM tariff difference ₧4.5B I B

Can the two archipelagos continue coexisting?

Rene E. Ofreneo

By Rea Cu @ReaCuBM & Jasper Emmanuel Y. Arcalas @jearcalas

MPORTERS of mechanically deboned meat (MDM) of chicken whose shipments were assessed a lower tariff of 5 percent even after the effectivity of the rice trade liberalization law in March will have to pay the government more.

Chicken MDM is a key component for processed meat products, such as hot dogs and canned luncheon meat.

The Bureau of Customs (BOC) said it will still collect retroactively an additional 35-percent tariff from importers of chicken MDM who paid a lower tariff of 5 per-

cent for shipments that entered the country after Republic Act (RA) 11203 took effect.

The BOC said the retroactive collection of the 35-percent tariff difference is in accordance with the law. The agency cited in particular Executive Order (EO) 23 issued by the President in 2017, which

stipulated that concessionary rates on certain agricultural products should go back to the 2012 levels once the quantitative restriction (QR) on rice is removed.

The QR on rice was removed and converted into ordinary customs duties once RA 11203 took effect on March 5. The Department of

The projected forgone revenue if the President signs a proposed EO reverting the tariff on imported MDM to 5 percent

Agriculture (DA) had argued that the reversion of MDM tariff to 40 percent is automatic by virtue of EO 23, but meat processors, led by the Philippine Association of Meat Processors Inc. (Pampi), disagreed with this.

“The 40 percent rate applied. Of course, we will [collect the 35-percent tariff difference] because the rate is 40 percent. So if [an importer] paid a lower rate, then the difference will be collected,” BOC Spokesman Erastus Sandino B. Austria told the BusinessMirror via SMS. See “MDM,” A2

LABOREM EXERCENS

ECAUSE of chronic mass unemployment and mass poverty amid a rising GDP, the Philippines has now two archipelagos —the Archipelago of the Rich and the Archipelago of the Poor. The first archipelago consists of “islands of globalization” (term given

by Dutch researcher Jana Keibert in her book Expanding Global Production Networks, 2015).

The islands include modern buildings, malls, condominiums, entertainment complexes, resorts and gated villages populated by the elite, middle class and moneyed tourists and visitors.

Continued on A7

FDI seen to pick up after low Q1 levels

Engage 18th Congress better to pass priority bills–DOF chief to staff

F

INANCE Secretary Carlos G. Dominguez III has instructed Department of Finance (DOF) officials to better engage lawmakers in the 18th Congress, in order to speed up approval of the rest of the Duterte administration’s tax-reform packages. Lawmakers must be apprised, as well, of the untenability and adverse financial repercussions of certain legislative proposals.

Dominguez issued the order at a recent executive committee meeting of the DOF, where he listed the priority measures that need to be passed when the new set of lawmakers assume office on July 22, 2019, said a DOF statement on Wednesday.

“We have to improve our engagement with the legislature, and we have to get it more organized. We have to get our tax-reform packages passed by the end of this year,” Dominguez said.

The legislative priorities he listed include increasing ta x collection by, among others, collecting the right amount of taxes from Philippine offshore gaming operators (Pogo) and their foreign employees; ensuring that the Bureau of the Treasury (BTr) is functioning well; privatizing idle state assets; collecting un-

PESO EXCHANGE RATES n

paid obligations due the Power Sector A ssets and Liabilities Management Cor p. (PSA LM); and further increasing the dividend contributions of government- ow ned a nd - control led corporations (GOCCs).

Dominguez also instructed DOF officials to accelerate the full implementation of the Customs Modernization and Tariff Act (CMTA) and the fuel marking program, and to assist in the proper implementation of the rice tariffication law.

The finance chief also directed officials to study the feasibility of liberalizing imports of certain agricultural products such as sugar; the government’s plan to buy the stake of the Philippine Stock Exchange (PSE) in the Philippine Dealing System Holdings Cor p. (PDSHC); the privatization of the United Coconut Planters Bank (UCPB); strengthening disaster-risk financing programs to help communities become climate-resilient; the future of the Al-Amanah Bank under a new Bangsamoro region; and the transfer of the Credit Information Corp.

(CIC) to the Bangko Sentral ng Pilipinas (BSP).

See “Priority bills,” A2

A SACKS of imported rice are delivered to a rice seller at San Andres district in Manila on Wednesday. Philippine rice imports are expected to reach a record-high of 3 million metric tons this year, according to the US Department of Agriculture. NONIE REYES

Rice imports this year seen reaching 3 MMT

P

HILIPPINE rice imports this year will rise by 20 percent to a record high of 3 million metric tons (MMT), making the country one of the world’s top buyers of the staple, according to the United States Department of Agriculture (USDA).

The USDA said purchases for imports went up after the government removed the quantitative restriction (QR) on rice with the implementation of Republic Act (RA) 11203, or the rice trade liberalization law.

On March 5 the government, through RA 11203, liberalized the country’s rice

trade by removing the QR on the staple and limiting the role of the National Food Authority to buffer stocking.

In its monthly global grains situation report, the USDA said it has observed “rapid pace of shipments, particularly from Vietnam,” after the government liberalized domestic rice industry.

Due to this, the USDA revised upward its 2019 import forecast for the Philippines from the earlier estimated 2.8 MMT. The Philippines imported 2.5 MMT of rice last year, USDA data showed.

The Philippines’s projected rice pur-

chases this year could eclipse the 2.4 MMT it bought in 2008, when the country experienced a rice-price crisis. USDA data showed that this will be the first time that the country’s purchases will hit the 3-MMT level.

USDA data also indicated that the projected rice purchases of the country for 2019 would make the Philippines the second-biggest buyer of the staple for the second consecutive year.

The USDA attributed this to higher ending stocks in 2019, which could settle at 3.39 MMT. Jasper Emmanuel Y. Arcalas

MID their decline in the first quarter of 2019 compared to last year, foreign direct investments (FDI) are expected to pick up in the coming months due to recent developments in and out of the country, a private economist said.

In a recent review of the country’s FDI numbers, Rizal Commercial Banking Corp. (RCBC) Head of Economics & Industry Research Team Michael Ricafort said the downward trend in the country’s FDI in the first three months of the year is expected to revert to an upward trajectory toward year-end.

Among the reasons cited by Ricafort are the low interest rate regime in the country and the recent S&P Global rating upgrade given to the Philippines. “S&P upgraded the Philippine credit ratings by one notch to BBB+, two notches above the minimum investment grade.

This reflects improved international investor sentiment/confidence on the Philippines, and may increase the inflows of foreign direct investments into the country,” the RCBC economic team said.

US 52.0750 n JAPAN 0.4803 n UK 66.0728 n HK 6.6400 n CHINA 7.5139 n SINGAPORE 38.1195 n AUSTRALIA 36.2494 n EU 58.9333 n SAUDI ARABIA 13.8867

See “FDI,” A8

Source: BSP (11 June 2019 )

News

BusinessMirror

A2 Thursday, June 13, 2019

www.businessmirror.com.ph

‘Fiscal perks most used tool to lure investors’

By Elijah Felice E. Rosales

T

@alyasjah

AKE note, Department of Finance (DOF). Economies across the world make use of fiscal incentives as a key instrument to attract investments in special economic zones (SEZ), according to the World Investment Report 2019 of the United Nations Conference for Trade and Development (Unctad).

“Almost 80 percent of the SEZ laws provide for fiscal incentives, such as tax holidays for a defined period often five to 10 years or the application of a reduced tax rate,” the report read.

“Tax exemptions may apply to the payment of profit taxes, corporate taxes, wages and salaries taxes, and value-added taxes invoiced by local suppliers of goods, services and works necessary for carrying out SEZ activities. Some countries allow the deduction of a certain percentage of training expenses for local personnel from

Data privacy safe in Natl ID Law, says Drilon

A

LLAYING fears over potential data leaks in the soon-to-beimplemented National Identification System, Senate Minority Leader Franklin Drilon assured the public “enough safeguards” were provided in the law to protect the privacy of personal data.

Drilon, its principal author, affirmed that the new ID system law was crafted precisely to enhance delivery of basic services to the public, adding: “There are enough safeguards in the law to protect their privacy.”

He made the assurance to “allay public fears” after Malacañang confirmed the new law will initially be implemented in September by the Duterte government for “pilot testing.”

The minority leader stressed that the ID Law was crafted precisely to ensure effective delivery of services and facilitate transactions with government agencies.

“Today, you open a wallet and you will find a driver’s license, a voter’s ID, an SSS/GSIS ID, PhilHealth ID, Tax Identification Number card, among others,” said Drilon, adding: “Once the National ID is distributed to every Filipino here and abroad, transactions will be made easier and faster.”

According to Drilon, the law has “enough safeguards to protect the sanctity of the individual’s information and protect their right to privacy.” It also included provisions to protect citizens against “unlawful disclosure” of information and “punishes those who will subvert the system for unlawful ends,” he added.

“With a national ID system in place, it would be easier for individuals seeking basic services from the government to identify themselves and for agencies, both public and private, to verify the information,” said Drilon.

The lawmakers also strived, he said, to ensure balance between enhancing the system of legal identification for better service delivery and protecting the right to privacy.

“The type of information collected and the purposes for which they may be used is limited,” the senator added, noting that the data to be included in the national ID system will not be different from the information currently present in all government-issued IDs. Under the new law, Filipinos will be given a Common Reference Number containing essential information “such as full name, address, date and place of birth, sex, civil status, signature, CRN and date of card issuance, along with a recent photo.”Butch Fernandez

the tax bill,” it added.

The report showed 98 of the 127 SEZ laws across the world provide locators with incentives, while 94 implement special customs regimes that simplify import procedures for firms operating in economic zones.

“Similarly, most SEZ laws provide for a special customs regime, eliminating or reducing tariffs on goods, plants or machinery imported into the zone. This applies to items to be used exclusively inside the zone,” the report read.

On the other hand, about one third of SEZ laws include rules on

investment facilitation, of which the Philippines was cited for institutionalizing the one-stop shop Philippine Economic Zone Authority (Peza).

“One frequently used tool is the streamlining of registration procedures, for instance, by providing a list of documents required for admission or by setting deadlines for the completion of approval procedures. Other laws require zone operators to establish a single point of contact or a one-stop shop to deliver government services to businesses within SEZs,” the report read.

SEZ laws also commonly provide for investment protection, preferential land use, trade facilitation, infrastructure provision and social amenities, the Unctad study added.

According to Unctad, the Philippines has the second-highest number of SEZs among all economies.

China tops the list with 2,543 economic zones, followed by the Philippines with 528, India with 373, the United States with 262 and Russia with 130.

The report also showed SEZs account for a major share of exports, particularly manufactured products, such as in the Philippines,

where 60 percent of shipments were produced by economic zone firms.

It argued that SEZs are part and parcel of any industrial policy, as they present an opportunity to develop technology and skills and improve a country’s role in the global value chain. Several economies incorporated SEZs with their development frameworks, and this resulted in industrial improvement and upgrading.

“Asean countries, such as the Philippines and Malaysia, have also been able to attract foreign direct investment to SEZs and upgrade to higher value-added and technology-intensive industries, including electronics, services and software development,” the report read.

In an earlier report, Finance Secretary Carlos Dominguez III had said that fiscal incentives are only “No. 5” on the list of factors that entice investors to make a stake in the country. Thus, he found it illogical for business groups and the ecozone officials to keep harping on the need for fiscal perks as a first priority. (“See, DOF insists: Investors will come sans tax perks,” by Ma. Stella F. Arnaldo, BusinessMirror, June 5, 2019)

HOUSE HAS ONLY 2 BILLIONAIRES

By Jovee Marie N. dela Cruz @joveemarie

T

HERE are only two billionairemembers of the House of Representatives in the 17th Congress: 1-Pacman Rep. Michael Romero and Negros Occidental Rep. Alfredo Benitez.

According to the summary of the statements of assets, liabilities and net worth (SALN) released by the House, Romero has declared a net worth value of P7.8 billion as of December 31, 2018, up from his P7.291-billion net wor th in December 2017.

Romero is the majority shareholder

MDM. . .

of Air Asia Inc. (AAI), the corporation that owns and manages Philippines AirAsia.

Benitez, meanwhile, declared a net worth of P1.017 billion in 2018, up from P1.005 billion in 2017.

Rep. Imelda Marcos of Ilocos Norte, meanwhile, is the third-richest member of the House with P923.8 million.

Also on the list of richest congressmen are former speaker and now Quezon City Rep. Feliciano Belmonte Jr. with P864.8 million, and Manila Teachers Party-list Rep. Virgilio Lacson with P793.87 million.

Rounding off the top 10 are Marikina City Rep. Bayani Fernando with P748 million, Davao del Norte Rep. Antonio

Continued from A1

‘New EO means P4.5-B loss’

THE BOC policy to keep imposing the 40-percent rate could be negated, however, if Malacañang pushes through with an executive order reverting the rates to 5 percent, as earlier reported by the BusinessMirror.

That projected EO, however, could cost the government P4.5 billion annually in forgone revenue, said the United Broiler Raisers Association (Ubra). This could be used to improve the livelihood of small farmers, it added.

Ubra issued the warning after the BusinessMirror reported that an executive order reducing the tariff on chicken MDM to 5 percent is just awaiting President Duterte’s signature.

The BOC, meanwhile, made the statement justifying its orders to impose the 40-percent rate after Pampi questioned the legal authority of the agency attached to the Department of Finance (DOF) to issue Customs Memorandum Circular (CMC) 131-2019 dated May 23, which announced the reversion of the tariff rate to 40 percent.

Pampi President Felix O. Tiukinhoy Jr. had also complained that even before CMC 131-2019 was issued, collectors had already imposed a 40-percent tariff on imported chicken MDM. BOC Public Information and Assistance Division (PIAD) Chief Administrative Officer Elenita Abaño told the BusinessMirror in a phone interview that the reversion of the chicken MDM tariff to 40 percent was already in effect since April.

Tariff body meeting

ABAÑO said the adjustment of the rate was in accordance with what was discussed during a meeting involving the BOC, Tariff Commission

(TC), DOF and the National Economic and Development Authority (Neda) on April 12.

The TC called the meeting after Pampi requested the BOC to reinstate the 5-percent tariff on imported chicken MDM. The BOC sent the letter of Pampi to the commission on April 3.

Abaño said the decision to implement the 40-percent tariff rate was included in the reply of the commission to the BOC sent on April 16.

She also said that during the April 12 meeting, government agencies had agreed that the difference in duties can still be collected by the BOC. “They also had a point during the meeting that it was agreed upon, and it’s in the web site of the Tariff Commission, with regards to duties already collected. For example, if the tariff collected was only 5 percent, the BOC is entitled to collect the difference,” Abaño said.

“It’s in the final highlights of the meeting, the applicable tariff equivalent and other matters in the implementation of RA 11203,” she added.

Forgone revenue

THE Ubra, meanwhile, worries over the impending issuance of a new EO reverting the tariff rate to 5 percent.

“That is unfor tunate because the government will continue to forgo additional revenues of P4.5 billion to P5 billion,” Ubra President Elias Jose Inciong told the BusinessM irror on Wednesday.

Inciong said the P4 billion to P5 billion could be used by the DA to aid small farmers, as collections will form part of the Agricultural Competitiveness Enhancement Fund (Acef).

He also said that since the QR on rice has been removed, MDM should again be

Priority bills. . .

Continued from A1

Finance Undersecretary and Chief Economist Gil S. Beltran also cited the Warehouse Receipts Bill as another priority measure to help expand the access of farmers to credit and improve the ease of doing business in the rural sector. Assistant

Floirendo with P714.6 million, Batangas Rep. Vilma Santos Recto with P555.3 million, Leyte Rep. Yedda Romualdez with P487.6 million and Speaker Gloria Macapagal Arroyo with P479.54 million.

House Majority Leader Fredenil Castro has a P39.85-million net worth, while House Minority Leader Danilo Suarez has P214.77 million.

Meanwhile, the poorest lawmaker is Kabataan Party-list Rep. Sarah Elago with P85,400 net worth.

Under Republic Act 6770 or the Code of Conduct and Ethical Standards for Public Officials, all government officials are required under oath to list down all their assets and liabilities in the official document known as the SALN.

included in the minimum access volume (MAV) for chicken imports.

The inclusion of chicken MDM imports in the MAV would allow the government to slap special safeguard duties (SSG) on shipments exceeding the 23,500 metric tons.

This, Inciong noted, was part and parcel of the concession in reducing the tariff on MDM from 40 percent to 5 percent in 2007.

“The importers could easily regain that P4 billion to P5 billion by increasing their prices a little. The problem is that they want to continue enjoying a trade privilege granted in consideration for the rice industry,” he said.

Tariff collections from imported agricultural products should go to Acef, a fund pool which should be used to improve Philippine farm sector, as mandated by RA 8178.

‘Acceptable compromise’

AGRICULTURE Secretary Emmanuel F. Piñol told the BusinessMirror that he agreed with his fellow Cabinet officials to maintain the 5-percent tariff on imported chicken MDM since it is not produced locally.

“This was the consensus but this will apply only for chicken [MDM]. We agreed to lower tariff on chicken MDM because we don’t produce it anyway,” Piñol said via SMS. “It’s just MDM. That’s an acceptable compromise for us.”

Inciong said it was “unfortunate” that even Piñol agreed to the reduction of tariffs despite the uncertainties surrounding the local meat processing industry.

He noted that unscrupulous importers and traders avoid paying the correct tariff on chicken leg quarters by misdeclaring this as chicken MDM. In January, the Cabinet-level Committee on Tariff and Related Matters decided to retain the 5-percent tariff on MDM of chicken despite the opposition of local poultry growers.

Secretary Antonio Joselito G. Lambino II cited the completion and full implementation of the National Single Window (NSW) to facilitate trading and speed up the processing of regulatory requirements here and with the country’s neighbors in the region. The rest of the tax reform packages that have yet to be passed into law include Package 2, which aims to lower the corporate income tax (CIT) and modernize the fiscal incentives regime; Package 3, which institutes reforms in

Anxious in PHL

ECONOMIC zones in the Philippines are developing slower over the past months, as prospective and existing investors are holding on to their capital in anticipation of a change in the corporate tax and incentives regime. Investments registered with the Peza from January to April declined 24.54 percent to P29.49 billion, from P39.08 billion during the same period last year.

The government, headed by the DOF, is seeking to gradually bring down corporate income tax to 20 percent by 2029, from 30 percent at present.

In exchange, incentives granted to economic zone firms will be overhauled. Locators, mostly multinationals, warned they will relocate to another Southeast Asian site with more competitive

incentives if the government takes away their existing incentives, particularly the 5-percent tax on gross income in lieu of all local and national taxes.

Efforts to swing the changes, packaged as the Tax Reform for Attracting Better and High Quality Opportunities (Trabaho) bill in the 17th Congress, hurdled final approval at the House of Representatives but failed to pass Senate scrutiny.

In spite of the nonpassage of the “Trabaho” bill, Peza Director General Charito B. Plaza in May said uncertainties brought about by the measure will continue to scare off investors. As long as the rationalization of incentives remains a priority of the Duterte administration, expect firms to be hesitant about expanding operations or bringing in fresh capital, she added.

Almost 80 percent of the SEZ laws provide for fiscal incentives, such as tax holidays for a defined period often five to 10 years or the application of a reduced tax rate.”—Unctad report

DBM releases ₧54-B pension funds of AFP, uniformed personnel

T

HE Department of Budget and Management (DBM) has released the pension requirements of military and uniformed personnel (MUP) amounting to around P54.231 billion, in line with Congress Joint Resolution (JR) 1, Series of 2018.

In a statement, the DBM said it released the pension requirements of retired MUP under the Armed Forces of the Philippines-General Headquarters (AFP-GHQ), Philippine National Police (PNP), Bureau of Fire Protection (BFP), and Bureau of Jail Management and Penology (BJMP).

Broken down, the DBM released P29.9 billion to the AFP-GHQ, P21.7 billion to the PNP, P1.9 billion to the BFP and around P731 million to the BJMP. “The release order for uniformed personnel of the National Mapping and Resource Information Authority shall be issued upon its submission of the required Special Budget Request to the DBM,” the DBM said.

The DBM pointed out that the current base pay scale for MUPs is stipulated under Congress JR 1, Series of 2018, or the “Joint Reso-

Sangley. . .

lution Authorizing the Increase in Base Pay of Military and Uniformed Personnel in the Government, and for Other Purposes.”Congress JR 1, Series of 2018, was passed on January 1, 2018, fulfilling President Duterte’s promise of increasing the base pay of all MUP. However, the indexation of pensions to the current base pay scale was suspended in 2018 under the same JR, which states that “pending the review of the current MUP pension system by the Legislative and Executive branches of the government xxx the indexation of the pension of retired MUP with the base pay of those in the active service shall be suspended with respect to the base pay increase authorized in this JR.” The resolution, however, also provided that the suspension of the indexation to the current base pay scale for MUPs would be lifted come January 1, 2019, or if a pension reform law is already implemented.

“This suspension shall be automatically lifted on January 1, 2019, or upon the effectivity of a pension reform law, whichever comes earlier,” according to the DBM. Rea Cu

Continued from A1

The 24/7 construction of Sangley—a former communications site of the United States military, since renamed Danilo Atienza air base—will start today, Thursday.

Tugade has also instructed the Civil Aviation Authority of the Philippines (Caap) to “work closely with the DOTr on the civil works so that the support facilities can be immediately incorporated for the airport to commence operations at the soonest time possible.”

To this end, a synchronization matrix will be submitted as a guide for monitoring. Tugade also ordered the contractor to finish the port for the ferry service to Sangley within two months.

Cavite govt proposal

THE government is developing Sangley as a general aviation hub in order to decongest Naia, which will then be limited to just the commercial airlines. Its initiative

the property valuation system; Package 4, which rationalizes capital income taxation; and one part of Package 2 Plus which is the measure that seeks to increase the government’s share from mining operations.

Package 2, dubbed “Trabaho” bill by both the House of Representatives and DOF, was approved on third reading last year in the House but was pending at the committee level at the Senate when the 17th Congress adjourned sine die earlier

is being implemented, as it awaits the local government of Cavite to finalize its unsolicited proposal to develop the air base as an international air hub.

The proposal of the Cavite government involves the development of Sangley Airport to have a total capacity of 130 million passengers per year and four runways through 2028. The P552.02-billion unsolicited offer likewise has a provision for the construction of mass transit systems and new roads.

Key to its approval is the funding source, which the Cavite government intends to fill by listing P200 billion worth of bonds.

Should the proposal be rejected past endJune, the government will entertain a similar private-sector offer from All-Asia Resources and Reclamation, which proposed to spend $12 billion to build the Philippine Sangley International Airport.

this month. Dominguez also ordered finance officials to also fully explain to legislators why some bills, particularly those that aim to grant tax exemptions and other perks, would prove to be ill-advised and fiscally unwise in the long run. This was in apparent partial reference to the continuing standoff over the Trabaho bill, which business groups, with backing from the ecozones authorities, are opposing for proposing to scuttle such fiscal incentives. Rea Cu

News BusinessMirror

www.businessmirror.com.ph

DOLE plans to limit deployment of nurses overseas amid shortage

By Samuel P. Medenilla @sam_medenilla

T

O address the shortage of local nurses, the Department of Labor and Employment (DOLE) is now eyeing to limit the number of their deployment abroad.

Labor Secretary Silvestre H. Bello III said he may soon instruct the Philippine Overseas Employment Administration (POEA) to slow down the processing of nurses bound for jobs abroad.

The labor chief said he made the decision upon the recommend ation of t he Phi l ippine Nurses Association (PNA) to address the apparent insufficient number of nurses to man local medical facilities.

“All the while I thought there was an oversupply [of nurses]. But it turned out, many nursing graduates who passed the board [exams] would just complete their two-year training before they go [abroad],” Bello said during the sidelines of the Independence Day Job Fair on Monday.

“The PNA officers appealed to me to slow down the deployment of nurses because we really need their services especially for senior citizens,” Bello said.

Bello earlier said they employed the same approach to address the prevailing labor shortage of construction workers.

Deployment decline

THE labor chief attributed the trend to the higher pay received by

overseas-based Filipino nurses compared to their local counterparts.

In February the Department of Health (DOH) pointed out that the lack of nurses, particularly in the public sector, will be one of the challenges in implementing the Universal Health Care System, which is being pushed by the Duterte administration.

But even without government intervention, deployment data from the POEA showed the number of deployed Filipino nurses abroad has already been at the decline as early as 2015.

In 2015 the number of deployed nurses was at 22,175. This declined by 11.8 percent to 19,551 in 2016.

This dropped again by 23.9 percent in 2017 to 14,867.

Legislated pay hike

A POSSIBLE solution to solve the labor shortage being supported by President Duterte, Bello said, is to increase the pay of workers in the public sector, including government nurses through legislation.

“President Duterte already has instructions to increase the pay of not only nurses and teachers, but of all employees of the government,” Bello said.

He said the proposal is now being studied by the Department of Budget and Management.

“They will be one to determine the amount of the increase,” Bello said.

Some lawmakers are pushing to raise the minimum monthly salary of government nurses to P30,000.

Group tells Meralco: We’re closely watching your next move on PSAs

By Lenie Lectura @llectura

C

ONSUMER group Bayan Muna on Wednesday said it is closely watching the Manila Electric Co.’s (Meralco) next move regarding its power-supply agreements (PSAs).

“We welcome the speedy conduct of a CSP [Competitive Selection Process], but if Meralco officials try to rig the outcome of the bidding, we will not hesitate to file new charges in court against these erring and abusive Meralco officials,” warned Bayan Muna Rep. Carlos Isagani Zarate.

Last month, the Supreme Court ruled that all PSAs, including the seven Meralco deals that were submitted to the Energy Regulatory Commission (ERC) on or after June 30, 2015, must undergo CSP. Meralco said it would abide by the SC’s decision.

The seven PSAs cover 3,551 megawatts (MW) of electricity that supposedly would be sourced by Meralco from power suppliers.

Bayan Muna alleged that the seven Meralco PSAs hid P900 billion in additional, or “overpriced” charges, that would burden Meralco customers for over two decades. Bayan Muna, thus, joined other groups that challenged the ERC’s decision to move CSP’s effectivity.

Bayan Muna observed that Meral-

co has allegedly maintained its “dubious attempts” to award to itself a 1,200-MW PSA through a wholly owned subsidiary.

“Meralco’s stubborn insistence to give this multibillion-peso contract to its own subsidiary showed a few days ago when it was reported that Meralco is willing to undertake the [CSP] in order to allow the construction of the Atimonan coalfired power plant to start,” Bayan Muna added.

Zarate noted that, “it is clear that the outcome of the bidding that Meralco will conduct, ostensibly under CSP, to pick the supplier for its 1,200-MW power requirement is predetermined. Its subsidiary Atimonan One Energy Inc. [Atimonan One], which happens to be the proponent of a matching 1,200-MW power plant in Atimonan, Quezon, will win the bidding.”

Meralco officials, therefore, “are making a mockery out of the CSP, which is designed to promote competition and not bid-rigging,” he said.

Zarate said his group will not hesitate to file a case against Meralco for violating the Philippine Competition Act (PCA), which prohibits a company with a dominant position in the market from engaging in conduct that would substantially prevent, restrict or lessen competition.

Meralco, for its part, reiterated it “respects and will abide by the decision of the SC.”

Editor: Vittorio V. Vitug • Thursday, June 13, 2019 A3

Chinese vessel sinks PHL fishing boat in Recto Bank ‘collision’

A

By Rene Acosta

@reneacostaBM

FISHING vessel with 22 Filipino fishermen on board was rammed by a Chinese fishing vessel and sank at the Recto Bank in the West Philippine Sea, Defense Secretary Delfin Lorenzana said.

All of the distressed fishermen were later rescued by a Vietnamese boat.

The defense chief condemned the incident, which happened on Sunday, and called for a thorough investigation, while pushing for diplomatic actions.

“We call for the conduct of a formal investigation on the matter and for diplomatic steps be taken to prevent a repeat of this incident,” he said in news statement issued on Wednesday.

Fore ig n A f f a i rs S e c ret a r y Teodoro L . Locsin Jr. subsequently tweeted a brief condemnation of the Chinese action, while praising the Vietnamese.

The incident involving Filipino and Chinese fishermen was the first in the country’s territory, which is being claimed by China, since Chinese maritime militias masquerading as fishermen have reportedly swarmed in that area.

Lorenzana, in the same news statement, said the “collision between a Chinese and Filipino vessel [F/B Gimver 1] was reported

by Filipino fishermen near the Recto Bank in the West Philippine Sea on the evening of June 9, 2019. The collision sank the Filipino vessel.”

“We denounce the actions of the Chinese fishing vessel for immediately leaving the scene of the

incident, abandoning the 22 Filipino crewmen to the mercy of the elements. The F/B Gimver 1 was anchored at the time when it was hit by the Chinese fishing vessel,” he said.

The defense chief said a Vietnamese fishing vessel, which was near the vicinity, rescued all 22 fishermen and brought them to safety, in coordination with the Armed Forces of the Philippines Western Command.

“The BRP Ramon Alcaraz, which was conducting a routine maritime patrol in the area, was ordered to assist in the recovery of F/B Gimver 1 and its crew,” Lorenzana said.

In his tweet, Locsin said, “I take my cue from Defense Secretary

Lorenzana. What is contemptible and condemnable is the abandonment of the crew to the elements.”

Locsin added that the “Vietnamese rescue will be the basis of enhanced Vietnam-Philippines military cooperation.”

While Lorenzana thanked the Vietnamese vessel and its crewmen for saving the Filipino fishermen, he strongly protested the action of the Chinese fishing vessel and its crew.

“We condemn in the strongest terms the cowardly action of the suspected Chinese fishing vessel and its crew for abandoning the Filipino crew. This is not the expected action from a responsible and friendly people,” he said.

We condemn in the strongest terms the cowardly action of the suspected Chinese fishing vessel and its crew for abandoning the Filipino crew. This is not the expected action from a responsible and friendly people.”—Lorenzana

Government allots ₧3.9 billion for TVET programs

By Jovee Marie N. Dela Cruz @joveemarie

A

PARTY-LIST lawmaker on Wednesday urged Filipinos, including returning overseas Filipino workers (OFWs), to avail themselves of the free training and job opportunities offered by the Technical Education and Skills Development Authority (Tesda).

ACTS-OFW Rep. Aniceto Bertiz II, in a news statement, said Congress has set aside P3.9 billion for Filipinos who are not bachelor’s degree holders, and who may wish to acquire new skills under Tesda’s Technical Vocational Education and Training (TVET) programs.

T V E T s c ho ol i n g pro v ide s knowledge and competencies for immediate employment by com-

bining formal, nonformal and informal learning.

Bertiz said that by availing themselves of the government’s tuitionfree TVET programs, Filipinos can secure higher-paying jobs, or even possibly put up a small business.

“Congress has set aside P3.9 billion this year so that Filipinos, including OFWs, who are not college graduates may freely enroll in state-run or accredited private TVET schools without having to pay for any tuition or miscellaneous fees,” Bertiz said.

“In the Tesda web site, returning OFWs can search for a new skill that they want to learn, and also find online the nearest school that offers the desired program for free,” he said.

Moreover, he said, zero tuition

in TVET schools is part of the Universal Access to Quality Tertiary Education Act. “Actually, tuition and other fees are now free not just in state universities and colleges, but also in government-run TVET institutions and even Tesda-registered private schools,” Bertiz said.

The lawmaker said “high-value” TVET programs available for free to all Filipinos are: aircraft maintenance and technology; agricultural crops production; animal health care and management; animal production; animation and 3D animation; automotive servicing; bread and pastry production; computer systems servicing; cookery; dressmaking; electrical installation and maintenance; electronic products assembly and servicing; refrigeration and

air-conditioning servicing; shielded metal and gas tungsten arc welding; and visual graphic design.

“We say high-value because there is great demand nowadays—both here and abroad—for human resources that can look after technical equipment or perform practical work for people skilled in the technique of a craft or art,” Bertiz said.

“TVET program completers can easily sell their skills to prospective employers, or better yet, use their proficiencies to establish small tax-exempt shops under the Barangay Micro Business Enterprises Law,” Bertiz said.

Quezon City Rep. Alfred Vargas said technical vocational programs will bridge the gap between the skills of the Filipino work force and the jobs available in the country.

OTS employee faces charges for taking cash from departing HK tourist at Naia

By Recto Mercene @rectomercene

A

N Office of Transportation Security (OTS) employee assigned at the x-ray section of the Ninoy Aquino International Airport Terminal 2 was apprehended by airport police authorities on Tuesday, following a complaint from a Hong Kong tourist who claimed that cash was forcibly taken from his hand bag before boarding a flight back to Hong Kong.

The arrest was in reaction to a Facebook post of Jackie Freeman Yuen from Hong Kong who was part of a tour group who visited the Philippines for a brief vacation.

According to Yuen, he, along with his friends, had just checked in for a Philippine Airlines flight back to Hong Kong in the afternoon of June 10, 2019, when they

passed through the final security screening at Naia Terminal 2.

Several members of the group had already passed through screening when one of his friend’s backpack bag was forcibly examined by an employee of the OTS. The security screener opened the backpack and reportedly removed all the items for inspection.

The screener then pulled out the passenger’s wallet from the backpack, and took two HK$1,000 bills from the wallet.

According to Yuen, the OTS screener, who was identif ied as Nissan Abellon Villarino, demanded to give him the money from his bag.

Yuen’s friend, who spoke very little English, refused to give Villarino the bills, but the suspect took the money anyway.

The passenger then narrated the

story to his other companions who turned out to be lawyers.

They accosted the security screener and demanded the return of the money.

After getting back the money, the visitors from Hong Kong proceeded to board the plane since they lacked the time to file an official report, according to the Naia Media Affairs Division (MAD).

Upon their arrival in Hong Kong, Yuen informed airport officials about the incident through Facebook.

Members of the Manila International Airport Authority (Miaa) Surveillance and Screening Department (SSD) swiftly took action with Insp. Jesus Ducusin spearheading the case.

Ducusin got in touch with Yuen in Hong Kong via social media and, after getting some facts, was able to

identify and arrest the suspect.

During inquiry, Villarino voluntarily submitted his written admission that he took the cash from the tourist.

Airport authorities removed Villarino from his posting and revoked his access pass to the airport terminal.

Administrative charges are being filed against him, said MAD chief Connie Bungag.

Meanwhile, the airport police are awaiting for a formal complaint to be filed by the Hong Kong tourists at the Philippine Consulate in Hong Kong preparatory to the filing of a criminal case against Villarino.

“The Miaa regards the act as highly contemptuous and an insult to the rest of airport workers who are mindfully doing their jobs to earn their keep,” said Bungag.

Labor chief Bello cites contribution of job fairs in bringing down unemployment

T

HE Department of Labor and Employment (DOLE) on Wednesday attributed the latest improvement in the local job market to the increasing number of government-led job fairs.

Labor Secretary Silvestre H. Bello III said the increasing number of job fairs of the government has proven to be effective in raising the number of employed workers.

He noted that in the last Labor Day

Job Fair alone, about 9,000 applicants were hired by participating employers.

Under the current administration, Bureau of Local Employment (BLE) Director Dominique R. Tutay said they have been conducting more job fairs.

“Before we have been conducting less than 1,000 job fairs in a year. Now, we are conducting more than a thousand. Most of these are mini-job fairs [are being] con-

ducted by the Public Employment Service Office [PESO],” Tutay said.

Despite their small scale, Tutay said, these mini-job fairs help facilitate employment to more jobseekers.

She noted even the National Economic and Development Authority recognized these job fairs contribution to the improvement in the April round of the Philippine Statistics Authority’s Labor Force Survey (LFS).

Based from the latest LFS, employment rate grew to 94.9 percent from 94.5 percent in the same period in 2018. The LFS also showed unemployment rate slowing down to 5.1 percent and underemployment rate to 13.5 percent.

On Wednesday, DOLE conducted its simultaneous Independence Day Job Fair in 22 sites nationwide, which offered 68,893 job vacancies.

As of 1 p.m. on Wednesday, DOLE

reported 9,658 job applicants registered in the said events, but only 3,177 of them became qualified.

Out of the said qualified jobseekers, 178 became hired-on-the-spot, while 1,065 became near-hires, or those, who will be employed after submitting additional requirements.

As of 5 p.m., DOLE reported 19,109 job applicants registered in the said events, but only 12,909 of them were deemed qualified.

Out of the said qualified jobseekers, 2,193 became hired-on-the-spot, while 6,450 became near hires or those, who will be employed after submitting additional requirements or passing certain qualifications.

DOLE’s Labor Day and Independence Day Job Fairs are considered the biggest job fairs the department organizes each year, yielding the most number of hired applicants. Samuel P. Medenilla

A4

TheBroa

Business

Thursday, June 13, 2019

The Twelfth Man: Diokno’s reign A

By Bianca Cuaresma

@BcuaresmaBM

LMOST three months since he took over the Bangko Sentral ng Pilipinas (BSP) as the appointed governor and chairman of the Monetary Board, former Budget Secretary Benjamin E. Diokno rolls up his sleeves to create his own path as the head of the country’s central monetary authority.

Diokno is the 12th man to lead the country’s monetary institution that was first led by Miguel Cuaderno Sr. in 1949, when the BSP was still known as the Central Bank of the Philippines. Diokno succeeded fourth BSP governor and 11th monetary authority chief Nestor Espenilla Jr., who succumbed to cancer in late February.

Diokno, who was considered as an “outsider” as he had not served the central bank prior to his appointment, holds a Master of Arts in Political Economy from Johns Hopkins University in Maryland and a PhD in Economics from the Maxwell School of Citizenship and Public Affairs in Syracuse University in the United States.

Upon his appointment, the BSP said Diokno “brings with him a special brand of leadership honed from decades of exposure to different facets of government operations.”

Boosting strength

IN his talk with the BusinessMirror, Diokno shared the direction that he intends to pursue from government budgeting to central banking, and talked about his plans and priorities for the central bank now that he has settled in his seat as the BSP chief.

“Indeed, the transition has come with challenges attendant to moving to a new home. As I now roll up my sleeves as a monetary policy-maker and financial regulator, allow me to emphasize three items that I have been pursuing,” he said.

Among these priority paths that Diokno created for the central bank include: implementation of recently enacted laws, institutional independence and stakeholder engagement.

“Under my watch the BSP shall have strict and prompt implementation of recently approved structural reforms,” Diokno said.

Among the recent pieces of legislation he mentioned are the amendment of the BSP charter, the National Payments System Act (NPSA), and the recently passed gold bill, which encourages more small miners to sell their gold directly to the BSP. In February this year, President Rodrigo Duterte signed into law Republic Act 11211, or “An Act Amending RA 7653, Otherwise Known as the ‘New Central Bank Act’.”

This is considered a milestone since July 3, 1993; the day the New Central Bank Act took effect.

Increasing capitalization

REPUBLIC Act 11211 aims to embody a package of reforms that will further align BSP’s operations with global best practices, improve the BSP’s corporate viability, and enhance its capacity for crafting proactive policies amid rising interlinkages in the financial markets and the broader economy.

The new law authorizes the increase in BSP’s capitalization from P50 billion to P200 billion, to be sourced from dividends declared by the BSP in favor of the national government. Under the new BSP charter, the BSP is also exempt from taxes on income derived from its governmental functions. RA 11211 also restores the

central bank’s authority to issue debt papers as part of its regular operation.

In terms of mandate, the law removes money supply and credit levels as basis for determining monetary policy. Also among the salient points of the new law is the wider coverage of institutions under BSP supervision to include money service businesses, credit granting businesses and payment system operators.

A baseline inventory

THE National Payment Systems Act, meanwhile, was passed October last year, with its implementing rules and regulations just passed in April 2019.

The NPSA is the landmark legislation that gives the BSP authority to handle its mandate of maintaining a safe and reliable payment system. In the first phase of their IRR, the BSP said they are looking to prioritize the creation of a baseline inventory of all operators of payment systems (OPS) with the new circular.

This is required under Section 10 of the NPSA, which provides that all OPS shall register with the BSP. This inventory will be used as input to the specific criteria for designating payment systems, as well as the oversight rules to be applied to such systems and the participants.

Also included among the salient points of the first tranche of the IRR are descriptive examples— albeit not exhaustive—of activities to sufficiently guide the stakeholders on which persons are required to register with the Bangko Sentral as an OPS under the NPSA. The IRR also contains a simplified registration process and streamlined documentary requirements.

New laws

THE most recent streamlining tack includes RA 11256, or “An Act to Strengthen the Country’s Gross International Reserves (GIR),” which was passed just last month. The new law exempts from excise and income tax the sale to the BSP of gold sourced from small-scale mining activities. The measure also covers the sale of gold by smallscale miners to accredited traders for the eventual disposal to the central bank.

RA 11256 seeks to remedy the 99-percent drop in BSP’s domestic gold purchases from more than 900 thousand fine troy ounces (FTO) in 2010 to around 10 thousand FTO in 2019 as a result of the taxation of the sale of gold to the BSP beginning July 2011. Gold holdings are one of the components of a country’s GIR—or the economy’s dollar reserves that will be used to cushion the economy should an external crisis affect the country.

Guesting at the BusinessMirror Coffee Club, Diokno also talked about pending legislation they are waiting for, including the anti-bank hacking law—which was recently passed by the Senate in the final reading, as well as the two bills that they have to refile under the new legislative house: the amendments to the bank secrecy law and the Agri-Agra law.

Consolidation, independence

THE governor said while the Agri-

Agra law’s intentions are good, some provisions are outdated and the law really needs to be amended.

“So one possibility is we will just consolidate, consolidate the 25 percent [required lending] and then maybe provide more flexibility in the use,” Diokno explained.

“For example, you can issue a bond that will develop some areas that should be compliant with that law.

You don’t want to have so many rules that will tie up the banking industry. We want the banking industry to be very efficient the way we want to help the country.”

Diokno said the second agenda is institutional independence.

“In pursuing policy continuity, the BSP shall remain an independent institution under the guidance of the Monetary Board,” he said. “Our policy decisions shall remain evidence-based, data-driven and cognizant of prevailing market conditions.”

Under his leadership, the Monetary Board already slashed its main policy rate by 25 basis points.

“In deciding the stance of monetary policy, the Monetary Board noted the impact of the budget delays on near-term economic activity, but took the view that the prospects for domestic demand remain firm, to be supported by a projected recovery in household spending and the continued implementation of the government’s infrastructure program,” Diokno earlier said.

A decision’s consequence

GROWTH for the first quarter of the year slowed to 5.6 percent— the lowest growth for the country in four years. Government officials blamed this on delays in the approval of the national budget.

While a rate cut is known to be supportive of an economy’s growth prospects, Diokno said their decision is “independent” of the government’s budget issues and that the lower interest rate’s ability to support local growth is more of a “consequence” of their decision rather than the actual goal of the cut.

Diokno has also moved to cut the big banks’ reserve requirement ratio (RRR) from 18 percent down to 16 percent. The implementation of the cut will be in three stages: the first 100-basis-point cut will be effective May 31; another 50-basispoint cut will be implemented June 28; and the last 50-basis-point cut will be effective July 26.

A week after its cut in the universal and commercial banks’ RRR, the BSP moved to cut its deposit requirement again—this time on smaller banks in the system.

Cutting the RRR

THE RRR of thrift banks was cut by 2 percentage points—from the current 8 percent down to 6 percent—with the implementation dates as follows: 100 basis points effective May 31, 2019; 50 basis points effective June 28; and 50 basis points effective July 26.

For rural and cooperative banks, the RRR was also cut by 100 basis points—from 5 percent to 4 percent—effective May 31, 2019.

The RRR is one of BSP’s monetary tools. It is the portion of depositors’ balances that banks are asked to keep idle in the BSP’s vaults as reserves. Even at 16 percent, the Philippines still has one of the highest RRRs in the region.

This means that a significant chunk of the bank’s funds are kept in the BSP’s coffers instead of being lent out to fuel economic growth.

Aiming for efficiency

DIOKNO said in the BusinessMirror forum that the fresh money from the central bank’s coffers and into the local cash stream will make the banking system more efficient in delivering a more inclusive growth to the economy.

“We want the banking industry to be very efficient. So the way we want to help the country

BANGKO Sentral ng Pilipinas Governor Benjamin E. Diokno at the BusinessMirror Coffee Club BERNARD TESTA

from the rich to the poor and the poorest of the poor, as well as the small-scale industries, is by having a program of reducing the reserve requirement,” Diokno said.

Diokno also said that so far, banks have been “behaving properly” and are seen to be putting their recently freed-up money into the more productive sectors of the economy.

“They are really well-behaved… the banks, they are not using the money for speculative purposes,” the governor said.

“If you want to make the banking system more efficient and become a partner in development, you let them lend more money. At the same time, we cannot direct the banks to invest their money in

this or that; that is too much. That is micromanagement,” he added.

Next: Stakeholder engagement

ASIDE from inflation as the main driver of monetary policy, Diokno said he is also pushing for more considerations under his watch.

“The traditional thing is to look at inflation, but you have to look much broader than that, in fact, I am asking them to look at capacity utilization. They have to look into it. Are we hitting the capacity of the economy? We have to have a handle on that; also, real estate. So it’s going to be much broader than just inflation,” he said.

“Third is sustained stakeholder engagement. The pursuit

of our mandate requires effective communication of our policies and programs, as well as the impact on the lives of our countrymen,” the governor said.

Diokno, dubbed by some analysts and economists as a “progrowth governor,” said growth per se is not bad. But now that he is BSP governor, he wants to see a more inclusive growth by keeping the inflation rate of the country at bay.

Developing sustainable growth

DIOKNO said the kind of growth he’s trying to pursue “is sustained, balance and inclusive growth.”

“And to attain that objective, you really need to have stable prices,

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, June 13, 2019

A5

n is more than continuing legacies

THE Bangko Sentral ng Pilipinas complex, as seen from the Folk Arts Theater in Pasay City ED DAVAD

‘I

sn’t that nice? Interest rates are going down [and banks] are lending more money . . .

All the stars are aligned for us; we should be happy.’—Diokno

because the first biggest loser of inflation is the poor. The poor, they are fixed income earners so remember if prices are high, with fixed income they cannot cope, so they have to cut down on spending and consumption,” he explained.

Diokno added that a rise in inflation prices doesn’t bother the rich.

“The rich, not so much. If you are a businessman, if the price of oil goes up you just pass it on to consumers, right? But the poor, they are really the major loser if prices are unusually high. So that is very important,” he said.

The BSP chief further explained he is set to explore more bilateral relations with the greater Asia, citing the benefits of recent bilateral partnerships with other central banks in Southeast Asia.

Diokno has his eyes particularly set on signing more bilateral agreements with their counterpart monetary authorities in China, Japan and South Korea.

This, after the Philippines reaped the benefits from recent regional bilateral agreements among member-countries of the Association of Southeast Asian Nations (Asean).

Regional integration

FOR years now, the country’s central monetary authority has been establishing ties with its counterparts, particularly in the Asean region, as part of the regional banking integration framework. One of the most recent of this is the fintech cooperation agreement signed by the BSP and the Monetary Authority of Singapore in 2017. The signing seals a partnership made in an effort to promote innovation in financial services in both jurisdictions.

With this, Diokno said he plans to touch base with other Asian central banks to create similar bilateral agreements.

“We plan to replicate the co-

operation agreement with other regulators, particularly China, South Korea and Japan. And increasing the number of fintech players from this country could offer innovative solutions in crypto currency and digital banking,” Diokno said at the BusinessMirror forum.

“We have to learn lessons from them. To me, it’s good to talk with them and find out how they do it and their monetary policy. Given the technological innovations, the conduct of monetary policy will change. So we have to learn,” he added.

Enabling the industry

WHILE it came as a surprise for the markets, Diokno’s appointment as BSP governor in early March was welcomed by the Bankers’ Association of the Philippines (BAP).

In a statement, the BAP said they are “optimistic that the reformist brand of leadership of the new BSP governor will pave the way in continuing the necessary reforms and policies to strengthen the Philippine banking industry.”

Asked on how he is now as he shifted his career from government budgeting to central banking, Diokno told the BusinessMirror: “I am doing a job; when you do this kind of job you have to think of why you’re doing it: it’s for the Filipino people.”

“I do recognize the recent legislation…has really broadened the powers of BSP. In fact, some people say that this is the fourth branch of government, we have the President, Congress, Supreme Court, and the central bank. So I take my job seriously. If something happens to this country, economically—not politically—I am responsible for that. So that’s how seriously I take my job,” Diokno said.

“But I am aided by a very professional staff and the Monetary Board, which I am very proud of,” he added.

Automating the system

THE 12th man to lead the monetary authority also remains optimistic the ubiquity level of electronic transactions would exceed the 20-percent target set by the National Retail Payment System (NRPS) before the year 2020 deadline.

“We will exceed that, I believe, because the 20 percent was done last 2015. So they [monetary officials] are very optimistic we will exceed that [by 2020]. We have commissioned a group to study that,” Diokno said.

The NRPS, which is a regulatory framework of the BSP in line with institutionalizing retail digital payments in the country, includes two automated clearing houses (ACH). One is the “Philippine EFT [electronic fund transfer] System and Operations Network,” or PESONet, while another is InstaPay. Launched in November 2017, PESONet is a batch EFT credit payment scheme, which can be considered an electronic alternative to the paper-based check system.

InstaPay is an EFT service that allows customers to transfer funds almost instantly between accounts of participating BSP-supervised banks and nonbank e-money issuers in the Philippines. InstaPay was launched last year and allows realtime transactions for individuals, companies and even government agencies to send and receive funds of up to P50,000 per transaction a day.

Based on the BSP’s report, titled “Financial Inclusion in the Philippines,” the number of electronic transaction inflows rose to 9.2 percent in 2017, reaching 73 million from the 67 million transactions recorded in 2016.

“Isn’t that nice? Interest rates are going down [and banks] are lending more money,” Diokno said.

“All the stars are aligned for us; we should be happy.”

A6 Thursday, June 13, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Sticky supply situation

I

T was the appeal issued by the Department of Agriculture’s Agribusiness and Marketing Assistance Service (DA-Amas) to potential institutional buyers that highlighted the oversupply problem now confronting Luzon mango growers. Luzon, one of the three major islands of the Philippines, where many top mango-producing provinces can be found, did not know where to sell its excess supply. The DA estimated that some 2 million kilograms would have to be sold immediately before the mangoes rot.

Oversupply happens when output overshoots demand. Mango supply is abundant because the weak El Niño made it easier for planters to produce more mangoes. The fruit can be grown all year round and is known to be tolerant to dry spells. Unfortunately, farmers could not immediately unload their harvest as the months of March to June are considered peak season for mango—a period when it is usually difficult to find buyers who could offer a better price for their crop (See “Japanese firm to buy PHL’s excess mango,” in the BusinessMirror, June 7, 2019).

This is the first time in recent years that the government has complained of a mango glut. Data from the Philippine Statistics Authority (PSA) revealed that from 2016 to 2018, mango production has been on the downtrend, with the steepest decline recorded in 2016, when output contracted by 9.83 percent. In the first quarter of this year, total national output was also lower by 2.85 percent.

It probably came as a surprise even for the government to learn that there is a glut. The appeal issued by Amas only goes to show that mango farmers have yet to tap into potential bulk buyers, such as restaurants and institutions. A marketing program launched by the DA allowed farmers to unload their excess production. The attention given by the local and international press to the country’s mango predicament has helped pique the interest of foreign buyers.

But there are no institutional mechanisms in place to prevent and deal with oversupply. Farmers are practically blind when it comes to production because the Philippines lacks an agriculture market data system, which would have allowed planters to control production volume. What compounded the situation for farmers is that many have not yet learned to add value to their crop.

The DA is encouraging farmers to go into value adding, but it should do more than just conduct information and education campaign. Government agencies must get their act together and find a way to deliver the support required by farmers who wish to produce other food items from crops grown in their field. Incentives or financial support will also go a long way in encouraging aspiring entrepreneurs, as well as easing requirements to obtain credit from formal institutions.

Because foreign markets afford better income opportunities, the government must find a way to enable planters and other food producers to export their products. The Duterte administration is on the right track in forging trade agreements with potential markets for Philippine-made products, such as South Korea. Planters are looking forward to a free-trade agreement between Manila and Seoul as they have long been targeting to expand shipments of tropical fruits, such as bananas, to South Korea. But unless these would actually benefit local producers, trade agreements are nothing but worthless documents.

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BusinessMirror A broader look at today’s business

Understanding central bank monetary policy John Mangun

OUTSIDE THE BOX

T

HERE are two topics that the average person has little understanding about—the human body and money/economics. It is not that either is a particularly difficult subject.

It is that the way each functions is highly complex.

To make a meal of chicken-pork adobo, you need a rice farmer, a poultry farmer and a piggery. Put these three sources together and you have your dinner and the interaction of the three determines the price and output.

Except to this simple equation we must add the production of garlic, vinegar and soy sauce. And don’t forget the black pepper. Each component in the process also requires someone to make the tools for all the players. Construction workers must build the pens for the chickens and pigs. Drivers must bring the goods to market.

A nation’s economy is a complicated creature—and like in the body—if one part fails to adequately perform, the whole system is at risk.

Two of the most critical health tests are checking your blood pressure and doing a CBC or Complete Blood Count. Blood is what connects all the body parts and monitoring and correcting the health of a person’s blood keeps the system functioning well. Money is the “blood” of an economy.

The government has two tools to influence the economy—fiscal policy and monetary policy.

Fiscal policy includes government spending but is broader as taxation and “incentives for investment” are also included. Fiscal policy can push the economy to grow camote or build spaceships if that is what the government thinks is best.

Monetary policy is the management of a nation’s money in terms

Effective methods in resolving conflict

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of supply and the cost of money or borrowing interest rates. But both fiscal and monetary policy must have specific objectives. Maybe if you have a large unemployed and unskilled work force, growing camote is a great idea. But if the country is making a lot of income from camote, will the government encourage education to move into building spaceships or just keep the people dumb but richer working on camote farms?

When it comes to body blood, helping the system may require prescribing iron to handle anemia. Bleeding disorders, such as hemophilia, will require other treatments. However, athletes— even famous ones like Lance Armstrong—have notoriously had other objectives for the blood. Monitoring for an iron deficiency is the other side of “blood doping,” boosting the number of red blood cells to enhance athletic performance.

Monetary policy regarding interest rates and money supply can be manipulated for several purposes, including short-term political appearances, favoring certain industries, and boosting economic growth. Achieving one goal may be detrimental to another.

Blood doping gives more endurance but can reduce liver function

R

ESEARCHERS and negotiators over the years have used five effective methods in resolving situations that have reached the stage of open conflict. These are Negotiation, Mediation, Arbitration, Conciliation and Conflict Management.

Dr. William Ury, of the Harvard’s Program on Negotiation, broadly defined Negotiation in his lectures as a process of give-and-take communication aimed at reaching agreement with others when some of their interests are shared and some are opposed.

Ury said Negotiation is not only limited to discuss contentious issues across the table and a process where mandated individuals or groups in a conflict situation meet together in order to resolve their differences and to reach agreement but is also an informal exchange of ideas when you want to get something from another person.

It is a deliberate process designed to reconcile differences and to reach agreements by consensus. The outcome is often dependent on the

power relationship between individuals or groups. In workplaces, union and management representatives usually negotiate to solve conflicts.

Political and business groups also often use this method.

Mediation—When negotiations fail and an impasse occur, parties often call in an independent mediator to try to facilitate settlement of the conflict. The mediator plays an active part in the process, advises individuals or groups, acts as intermediary, and suggests possible solutions.

In contrast to arbitration, mediators act only in an advisory capacity, having no decision-making powers and cannot impose a settlement on the conflicting parties. Skilled mediators are able to gain trust and confidence from the conflicting groups or individuals.

Arbitration—It is a mode of settling differences through investigation and determination by one or more unofficial persons selected as a domestic tribunal for the purpose of some disputed matter submitted to them by contending parties for decision and award in lieu of proceeding for judgment in established courts of justice, and its objective is to speedily determine disputes and controversies by quasi-judicial means, thus avoiding formalities, delay, expense, and vexation of ordinary litigation.

It is a process of hearing and resolving conflicts between the parties; it starts with and is dependent upon an agreement of the parties to submit their claims to one or more persons chosen by them to act as their arbitrators or judges of their own choice.

It is therefore a mode, a vehicle and a method of settling commercial disputes in which the parties create their own forms, pick their own judges, waive all but limited right to review and appeal, dispose with the rules of evidence, and leave the issues to be determined in accordance with the sense of justice and equity by their self chosen judges.

Conciliation—The dictionary defines conciliation as “the act of procuring good will or inducing a friendly feeling.” Labor relations legislation provides for the process of conciliation in the workplace,

and thicken the blood, creating a higher potential for blood clots.

The US Federal Reserve has the monetary-policy mandate to maximize employment, stabilize prices (inflation), and keep longterm interest rates low to increase economic growth. However, as the last 10 years have proven, usually you cannot do all of those things at the same time. Further, there may be “harmful side effects.” Keeping long-term interest rates low is great for the stock market but not so good to attract long-term capital investment.

The Fed’s historically low interest rate policy has done a great job of increasing employment and tripling the value of the stock market. But it has kept inflation so low relative to productivity that wage growth is the same as in 2011.

Conversely, the Bangko Sentral ng Pilipinas monetary policy has been uniquely successful in the past decades. There are several reasons why that is true. I’ll discuss them next time.

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.

whereby groups who are in conflict and who have failed to reach agreement, can come together once again to settle their differences.

This is usually attempted before the more serious step of a strike by workers or a lockout by management is taken; and it has been found useful to involve a facilitator in the conciliation process. Similarly, organizations (e.g., sports club, youth group or community organization) try conciliation as a first step.

Conflict Management—It is the tactical and strategic planning process to avoid conflict or to resolve it as rapidly and smoothly as possible when it happens.

Lawrence Susskind and Jeffrey Cruikshank, in their lectures based on their book Breaking the Impasse and lecture series on the Program on Negotiation at MIT, Harvard and Tufts universities that I attended, classified conflicts in two categories: Distributional and Constitutional, which, they said, differed markedly on antecedents and definitions.

For instance, distributional disputes focused on fund allocations, taxation, setting of standards and policies, use of lands and water, utility rate increases, family feuds, lopsided business contracts, and labor-management disagreements.

Constitutional disputes hinged See “Arillo,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Thursday, June 13, 2019 A7

Investors should guard against ‘Isatlong Diyos’ tunnel vision on trade wars

By Stan Choe AP Business Writer

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EW YORK—Once this tradewar cloud gets lifted, investors should have little to worry about, right?

Monday’s market action makes it seem that way: Stocks around the world climbed after President Donald Trump withdrew a threat to impose tariffs on Mexico, at least for now. That leaves investors hoping for a deal to soothe the more contentious and complex trade dispute with China, which helped sink stocks last month.

But there are other concerns that shouldn’t be overlooked.

Economic trends were already signaling trouble before the latest round of tariff-induced fear. Friday’s surprisingly weak jobs report, where employers added far fewer jobs than economists expected, gave extra pause. Corporate profits are also under pressure.

“If the administration fixes the problem it created, I’m sure there will be a short-term pop in the stock market,” said Rich Weiss, chief investment officer of multi-asset strategies at American Century Investments.

“However, I believe it’s only shortterm because ultimately that will not remedy the underlying fundamentals, which are just not strong.”

Of course, many along Wall Street are still forecasting gains for stocks this year. Much of the optimism rides on analyst forecasts for profit growth to accelerate later this year.

Plus, stock prices are looking like better values following their tumble in recent weeks. Perhaps most importantly, the Federal Reserve has intimated it may come to the market’s rescue again and cut interest rates if the trade war swamps the economy.

But skeptics say optimists aren’t looking closely enough at all the troubles getting overshadowed by trade disputes. Among the concerns: n Slowing economic growth, even before the latest trade skirmishes.

The bright spots for the US economy are still clear: The job market is solid, as long as Friday’s disappointing report doesn’t herald something more lasting. The unemployment rate at 3.6 percent is at its lowest since 1969, and consumers are feeling relatively confident. That’s key when consumer spending accounts for two thirds of the economy.

But skeptics point to other recent economic reports that showed weakness in April, before this latest round of trade worries flared up.

Among them: another drop in North American freight shipments, slower manufacturing growth than economists expected, and weaker business spending on equipment.

Michael Wilson, equity strategist at Morgan Stanley, sees a warning flag in falling profits for many retailers. While the industry’s overall figures for the first quarter may look

Arillo . . .

continued from A6

primarily on interpretations by the courts of constitutionally guaranteed rights arising from abortion, religion, abolition of death penalty, freedom of expression, freedom of information and the right to property.

Regardless of which interest groups are objecting, they do so in the hope of affecting the distribution of gains and losses.

Affected corporations usually object when higher tax rates translate into lower corporate profits. When lower standards promise greater profits while threatening to endanger public health and safety, this can trigger strikes and other protest action from consumer advocacy organizations or public interest groups.

And when distributional and constitutional disputes tangled, opponents of proposed development projects may contend that a rezoning proposal exceeds constitutional limits. Likewise, business interests may challenge the administration of

decent due to big gains for Amazon, Nordstrom and other retailers saw big declines. That could be an early sign that US consumers, whose spending is such a key part of the economy, may be less willing to spend in coming months.

“Get ready for more potential growth disappointments even with a trade deal,” Wilson wrote in a recent research report. n Lackluster profit growth.

Companies across the S&P 500 reported roughly flat earnings for the first three months of 2019, as they’re no longer getting the big boost of the first year of lower tax rates.

But analysts are more optimistic about trends later this year and are forecasting growth to accelerate to 7 percent in the fourth quarter, according to FactSet. That’s key because stock prices tend to track the path of corporate profits over the long term.

But skeptics say those projections are too high.

Barry Bannister, a strategist at Stifel who was among the first voices on Wall Street to turn cautious on stocks last year, expects earnings in the second half of 2019 to fall short of analysts’ projections, particularly in the technology, health care and energy industries.

With the dollar’s value strong and US manufacturing slowing, he’s looking for CEOs to give profit forecasts for the second half of 2019 that fall short of analysts’ expectations, with announcements coming as soon as next month, when companies begin reporting their second-quarter results.

Companies are also paying higher wages to their workers, and average hourly earnings rose 3.1 percent in May, which raises their costs. Compare that against the consumer price index, which gives a window into how easily companies can pass along price increases to their customers, notes Chun Wang, senior analyst at Leuthold. CPI inflation hasn’t been that high since 2011, and it was at 2 percent in April.

All those pressures could bring down profit margins for companies, which have recently been at record highs. If companies aren’t able to extract as much profit from each $1 in revenue, they’ll need to make up for it by delivering more in sales. A slowing economy would make that tough. n Politics are always looming.

Even beyond trade talks, politics can sway markets.

In Washington, regulators may be setting the stage for antitrust probes into some of the biggest tech companies. Amazon, Apple, Google’s parent and other mega-tech companies have been some of the market’s best-performing stocks in recent years, and losses for them have outsized effects on S&P 500 index funds. Consider June 3, when nearly three quarters of all the stocks in the S&P 500 rose, but the overall index fell 0.3 percent because big technology companies had a bad day.

a safety or too much environmental regulation.

Some challenges to the exercises of governmental authority obviously stem from sincere ideological differences; others are cynically conceived delaying tactics. In either case, the very fundamental challenge, whether ideologically motivated or tactically inspired, must be considered by the courts, said Susskind and Cruikshank.

If, as is often the case, the government’s power to set policy or allocate resources is ultimately reaffirmed, the protagonists may well shift the battle to another arena in which the question is no longer whether government action is permissible, but when, where and how it will be handled.

In other words, once the constitutional question is settled, the distributional dispute can begin in earnest. This is where negotiation and other consensual approaches must be employed.

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

of salvation for humankind is definitely under way. Man’s response to this divine initiative remains to be realized. The faithful’s deeper and fuller understanding of Jesus’ revelation would still come; He is the revelation of the Father, and there is no other apart from Him or any further revelation after Him.

Msgr. Sabino A. Vengco Jr.

ALÁLAONG BAGÁ

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FTER the refreshing season of Easter, we settle down again to the routine of following Jesus in our daily life. And we start with a reorienting gaze at the central truth about God as Trinity. According to Jesus this mystery touches on our very experience of salvation (John 16:12-15). Trinity Sunday is the liturgical expression of our Christian faith in the unity and equality of the three persons in one God.

God’s plan of salvation GOD’S saving love for us was made incarnate in the person of Jesus Christ. Through our faith in Jesus the Son of God we have life in His name and enter into communion with God. This lifelong process means that when Jesus was about to return back to His Father (John 13:1), He had to tell His disciples that they still have a lot to go through: “I have much more to tell you, but you cannot bear it now.” Not that Jesus failed to complete His program, nor were His followers plain incapable of understanding His words and deeds, but rather because the full meaning of what He was saying and doing would

In the spirit of truth

THE Paraclete would be the one to guide the disciples in the way of all truth, and as their helper assist them in the imitation of Jesus. This presence of the Holy Spirit in the community of believers and their response and openness to His presence would be the guarantee that the witness of Jesus to the Father and His ministry are being continued with authenticity by His followers. The Spirit, the teacher, would remind them and interpret to them the Gospel of salvation; He would refresh in their hearts the words of Jesus they have already received, clarifying to them the revelation of God in the person of Jesus.

This includes the imperative that in the Spirit of truth the interpretation of revelation in the light of the evolving community would be part of the fidelity to Jesus Christ.

The increasingly deeper comprehension and assimilation of God’s word in Jesus Christ belongs to the

be unveiled only later by the events to come and especially by His Passover in His death and resurrection.

Jesus’ disciples were in the making, a vocation in progress. They had become sad and fearful when He announced His imminent departure from them. His disciples have gradually metamorphosed into a cohesive group based on His presence and strength. They naturally felt they would be lost and uncertain without Him. Jesus promised to send them another like Him, the other Paraclete, as their advocate and helper. He has told them everything He heard from His Father (John 15:15); God’s plan

very life and mission of the Church as the community shaped by the word of life. The Gospel is “spirit and life” (John 6:63), and its transmission down the ages to our own time is always the work of the Holy Spirit. The Gospel is “inspired,” alive, effective, sanctifying and inerrant—by the power of the Holy Spirit.

The Holy Spirit means the unbroken bond of Christians with the resurrected and glorified Jesus, shielding us also against the heresies and aberrations that proliferate against the true gospel message.

Alálaong bagá, the task of listening to the Word of God, of meditating on its meaning and scrutinizing it for our own guidance and inspiration here and now and for tomorrow must never cease. At stake is no less than the salvific, life-giving encounter with God and His Son Jesus in the power of the Holy Spirit. The Spirit of Jesus from the Father is present in the Church, especially in the Word and Sacraments and the ministries, as “Lord and Giver of Life”—creative, saving, sanctifying. It is in this mystery of the Triune God, our “Isatlong Diyos,” that we have eternal life.

Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Can the two archipelagos continue coexisting?

In recent years, the World Bank, ADB and even the IMF have been warning about the persistent and widening inequality in the Philippines. Their motivations in doing so are understandable. Huge social and economic inequality subverts the stability of society and economy. They destroy the fabrics of the nation. In fact, the long Philippine history of revolts and insurgencies is directly traceable to the twin monsters— poverty and inequality.

Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

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HE archipelago of the poor is composed of numerous islands of congested and depressed rural, urban and “periurban” communities. The poor are so many you cannot miss them. They wear the faces of the “floating” landless rural poor, ambulant street vendors, coastal fisherfolks, hillside farmers, families of indigenous tribes, “Endo” and project workers, and so on. The archipelago of the poor includes the cemetery islands, as many public cemeteries have been transformed by the poor into dwellings of the living and the dead.

Recently, Neda, speaking through Undersecretary Adoracion Navarro, warned about the widening income inequality across the regions despite the nation’s rising GDP. The two poorest regions are Caraga and Cagayan. The first has been weakened by the collapsing mining and wood industries; the second, by the impact of natural calamities.

However, there is a need to examine inequality not only in terms of regional income but also income of families. As duly publicized in the past, based on the studies of economists like Cielito Habito, the economy and the country’s major resources are controlled by 40 families and their foreign partners. In fact, the bidders for most of the big-ticket “Build, Build, Build” (BBB) infrastructure projects are just a score or so of corporate families.

The networth of the 40 richest Filipinos, according to the 2017 study of the National Anti-Poverty Commission (Reforming Philippine Anti-Poverty Policy, 2017) “doubled their equivalent share of GDP from 13 percent in 2006 to 26 percent in 2016.” Further, the combined assets of the top 50 conglomerates and corporations constitute more than half of the total of the corporate sector.

The above statistical figure means the Philippines stands out in Asia as a model or illustration of extreme inequality. Historical data also show that this has been the general pattern since the Philippines acquired formal independence from America in 1946.

The income share of the top 10 percent of the population has remained constant despite the “growth miracle” in certain years.

This means that whatever gains the Philippines has achieved from globalization has only been enjoyed by the richest in the same proportion

the Philippines. Their motivations in doing so are understandable.

Huge social and economic inequality subverts the stability of society and economy. They destroy the fabrics of the nation. In fact, the long Philippine history of revolts and insurgencies is directly traceable to the twin monsters—poverty and inequality. And the continuing problems of criminality and drug addiction are undoubtedly related to these twins. In short, poverty and inequality eventually become natural brakes to growth and development in the medium and long terms.

But like poverty, inequality is a structural issue. Reducing inequality is about how a society’s policies, structures and decisions work together to promote inclusion, equality and balanced development. This means formulation of programs that help empower the poor to become active players in society and economy, not just passive recipients of dole-outs from the government and the do-gooders or consciencestricken corporate captains of industry. This does not mean that those on top should be pulled down.

However, there should be rules against unchecked and unlimited accumulation and centralization of wealth in the hands of a few.

So what can the incoming Senators and Representatives of the 18th Congress do to reduce inequality?

There are many policy doables.

But in a conversation with former Sen. and former Interior Secretary Jose Lina (in his TV program Sagot Ko Yan!), this writer proposed an

as they have from the beginning.

These gains have not trickled down to the poor, but have only marginalized them even further.

Dr. Tomas Africa, former NSO director, in a statistical analysis made in 2011 for the Social Weather Station, concluded that there had been no change in the social pyramid from the time of Edsa I to 2009, or over a period of 25 years. In 1985, the top 1 percent got 32 percent of the national income; in 2009, the top 1 percent still got the 30 percent.

As to the bottom 50 percent, they got 20 percent of the total income in 1985 and also 20 percent in 2009 (see table). He added that this was virtually the situation in the 1960s and 1970s, meaning no significant improvement in social and economic inclusion in six long decades. Furthermore, he said there is virtually “no middle class” in the Philippines.

In 2015, the Philippine Statistics Authority released data on poverty and family incomes. The PSA figures indicate that the income pyramid has remained virtually the same, with the bottom 50 percent of families accounting for 22 percent of national income.

Slaying inequality: A big challenge to the 18th Congress

IN recent years, the World Bank, Asian Development Bank and even the International Monetary Fund have been warning about the persistent and widening inequality in

initial short list of policies for consideration of the legislature: n Rules against natural resource monopolization (land, water, sea and minerals), for example, rules against untrammeled “land banking” by a few and sea/island “reclamation” by rich corporations; n Tweaking of the BBB program to develop or prioritize infras needed by the urban and rural poor communities, promote public-poor partnership in various infra programs and use the BBB program as a platform for the development of job-creating strategic industries such as the steel and shipbuilding industries; n Tapping the savings and talents of the nation’s life savers, the overseas Filipino workers, by involving them not only in the BBB program but also developing or drawing up a separate priority investment program targeted at the OFWs; n Review and reform of the taxation program based on the guiding framework of equity and balanced development (for example, why include the ultra-rich corporations in the proposed corporate tax reduction and why not give fiscal incentives only to those going higher value-added based on concrete upgrading proposals); n Transformation of the CCT and other social protection programs into empowerment programs for the poor, for example, there should be some focusing on CCT for work, CCT for rebuilding community centers, etc.; and n Supplement the Go Negosyo program of DTI with a stronger program of support for the informal sector (which accounts for more than 50 percent of the labor force) and the passage of the Magna Carta for Workers in the Informal Economy.

Undoubtedly, there are many more which can be formulated. The point is that decisive action is needed to address mass poverty and slay the growing monster called inequality. If nothing is done, tensions are likely to multiply in the relations between the two archipelagos—the archipelago of the rich and the archipelago of the poor. Who knows what the future holds for the two archipelagos?

1985

2000

2003

2006

2009

2015

Income Share of Upper 50 percent of Families

80

82

81

81

80

78

Income Share of Lower 50 percent of Families

20

18

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19

20

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2nd Front Page BusinessMirror

A8 Thursday, June 13, 2019

All work permits of foreign nationals to go through DOLE

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By Samuel P. Medenilla sam_medenilla

LL work permits issued to foreign nationals (FN) must soon first go through the Department of Labor and Employment (DOLE) before being approved.

Labor Secretary Silvestre H. Bello III said this will be contained in their new Joint Memorandum Circular (JMC), which President Duterte approved at the Cabinet meeting on Monday.

“Now, before any permit issued [to FNs] can be issued by other agencies, they should first get a no-objection certification from

DOLE,” Bello told reporters in an ambush interview at the sidelines of the Independence Day Job Fair in Manila.

He said the new issuance will ensure FNs have complied with all the necessary requirements, like securing Tax Identification Number, before being allowed to work in the country.

B u re au of L o c a l E mplo y ment Director Dominique R .

Tutay noted the new JMC governing FNs will be more comprehensive t han what was signed last May 1.

“The joint guidelines—which was signed last May 1—only covers permits issued by DOLE and Bureau of Immigration, including payment of taxes. The new memorandum circular will be a bigger document because it will also cover issuance of visas,” Tutay said.

She said the draft of the new

JMC is now almost complete, except for some minor revision.

“We are just fixing some provisions for certificate of no-objection so that it will be properly worded,” Tutay said.

She said they will also include the National Intelligence Coordinating Agency as part of the technical working group, which will be tasked to implement the JMC as directed by Duterte to address the “security concerns” of FNs. Bello said they expect the new document to be signed within the month.

Now, before any permit issued [to FNs] can be issued by other agencies, they should first get a no-objection certification from DOLE.”—Bello

NG debt payments in Q1 rise 11% to ₧220.2B

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EBT payments made by the national government as of the first quarter of 2019 amounted to P220.179 billion, increasing by 11.09 percent from the P198.2 billion recorded in the same period for 2018, with amortization outpacing interest payments for the period.

Data from the Bureau of the Treasury (BTr) showed the breakdown of payments: amortization for the three-month period stood at P112.409 billion and interest payments, P107.77 billion.

Amortization payments in the

first quarter of 2019 rose 11.25 percent compared to the P101.038 billion recorded in 2018, while interest payments registered a 10.92 percent uptick compared to the P97.162 billion in 2018.

For the month of March alone, the government debt payment amounted to P42.801 billion, or a 26.23-percent uptick from the P33.906 billion recorded in the same month for 2018.

M a rc h i nte re s t p ay me nt s amounting to P36.552 billion outpaced that of amortization, P6.249 billion.

Interest payments made for March represented a 32.68-percent increase from P27.549 billion in 2018, while amortization posted a 1.7-percent decrease from the March 2018 level of P6.357 billion.

Under i nterest pay ment s, fixed-rate Treasury bonds comprised the bulk of the payments for the month with P16.284 billion, Treasury bills with P1.583 billion, and retail Treasury bonds, P8.984 billion.

Domestic interest payments for the month hit P26.915 billion,

while foreign interest payments amounted to P9.637 billion.

The majority of the amortization payments for the month went to the domestic agrarian reform beneficiaries at P344 million, while foreign accounts were paid P5.905 billion.

Earlier, the BTr said the national government has programmed its gross borrowings for both domestic and foreign IOUs at P1.19 trillion, with the government eyeing a borrowing mix of 75:25 with a bias for domestic borrowings. Rea Cu

FDI. . .

SOUTHWEST MONSOON AFFECTING WESTERN SECTION OF LUZON as of 4:00 pm - June 12, 2019

Continued from A1

“The lower interest rates will encourage more borrowings/loans needed to finance more FDIs both new investment and expansion projects by foreign investors,” it added.

In terms of developments outside the country, Ricafort said several scenarios from the ongoing tensions between the United States and China may bode well for the global investor sentiment to the Philippines.

“A possible trade deal between the US and China could lead to some pickup in Philippine trade, both exports and imports, and could encourage more FDIs into the country,” the RCBC team said.

“If the US-China trade war lingers or worsens, some FDIs may be redirected from China to Asean countries such as the Philippines to avoid higher tariffs on US imports from China,” it added.

Greater clarity on the proposed rationalization of fiscal incentives and the easing inflation are also expected to lure more foreign investors to put their money in the Philippine economy.

Ricafort also said any further increase in the government’s spending, especially on major infrastructure projects, will help attract more foreign investors into the country—either FDI directly involved in infrastructure projects or FDI that benefit from major infrastructure projects that improve the movement of goods (exports and imports) in the country.

FDI is the type of investment that is often more coveted, as it stays longer in the economy and creates job opportunities for locals. It is also usually an indicator of longterm sentiment of the global community to the Philippines economic dynamics as it is not easily pulled out of the market, unlike its shorter-term counterpart, the foreign portfolio investments.

The Central Bank on Monday reported a 15-percent drop in the country’s FDI numbers in the January-to-March period of this year. In particular, while FDI still amounted to a net inflow of $1.94 billion in the first quarter of 2019, its level is significantly lower than the $2.29 billion seen in the same period in 2018. Bianca Cuaresma

www.businessmirror.com.ph

SBMA SLAPS P50,000 FINE ON ILLEGALLY PARKED HEAVY TRUCKS

A TRUCK and heavy equipment marshaling yard in Subic. The SBMA wants proper regulation of the burgeoning used-vehicles business. PHOTO COURTESY OF SBMA

By Henry Empeño Correspondent permits, importation, use of marshaling yard, subleasing, occupancy and use

of leased property, and environment.

UBIC BAY FREEPORT—Subic She said the huge time lapse beauthorities have imposed a hefty tween the admission and the actual P50,000 penalty for illegally pullout of equipment and trucks results parked trucks and heavy equipment in the roadside parking of vehicles for here, a move designed to keep the buras long as three months. geoning used truck trading in check.

She said this stems from the fact Subic Bay Metropolitan Authorthat some companies were importing ity (SBMA) Chairman and Adminmore than the volume allowed for their istrator Wilma T. Eisma, who had leased areas. earlier warned truck traders about Describing the illegally parked illegal roadside parking and other trucks and equipment as “a bane to road violations, said the SBMA board of users,” Eisma told truck traders that directors on May 23 increased the vehicles should be pulled out within penalty for heavy vehicles parked the allowed given time. illegally or in nonleased areas from Eisma stressed that the SBMA has P500 to P50,000. the authority to preterminate contracts The SBMA resolution raising the without need of court action and may fine took effect on June 1 and applies also revoke, suspend or cancel the regonly to illegally parked heavy vehicles istration of any company for violation owned by conversion yards, auctionof the terms and conditions of its lease eers, service providers and other locontract with the agency. cators in similar operations in this The truck traders agreed to keep free port. their operations within the bounds of “We have to increase the fine to an law, she said. amount that would make it hurt. That The crackdown on illegal parkis the only way they would follow reguing and other policy violations was lations,” Eisma explained. just part of the SBMA’s “shape-up-orThe parking problem has been a fesship-out” policy, which targeted errant tering issue in Subic, the only free port businesses in the Subic Bay Freeport where importation of used vehicles and and sought to improve accountability heavy equipment is allowed by law. It is among stakeholders. now host to 88 vehicle-trading firms.

Last year the SBMA successfully Eisma met with the truck and heavy tracked and chased after delinquent equipment traders in April and in May locators with millions of pesos in unto discuss violations, not just on illegal paid rents and other fees. parking, but also with respect to work

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‘Disasters create barriers to hitting UN devt goals’

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YPHOONS cause more damage than broken homes and communities in many developing countries, including the Philippines, according to Asian Development Bank (ADB) chief economist Yasuyuki Sawada.

In an Asian Development Blog, Sawada said the hidden toll of disasters in countries like the Philippines means difficulties in achieving certain Sustainable Development Goals (SDGs).

In the Philippines, development challenges, particularly infant mortality among baby girls, linger two years after a typhoon. Children whose parents died in the tsunami in Indonesia continue to struggle to go to school while those affected by the drought in India suffer from lack of nutrition.

“Typhoons have been linked to higher infant mortality among baby girls in the Philippines up to two years after the original incident,” Sawada said.

“In these ways, the fallout of disasters creates barriers to countries reaching the targets of SDG 4 on quality education and SDG 3 on good health and well-being.”

Disasters can also lead to forced temporary or permanent migration, especially among rural populations. They are forced to head to cities in search of new livelihood to rebuild their lives.

This, Sawada said, could spark social disorder or conflict. The displaced population, he said, could also be exposed to epidemics and other hazards that they could have avoided if they stayed home.

These problems brought by disasters, Sawada said, should serve as wake-up calls to governments across the Asia and the Pacific region to act on disaster preparedness, especially in a time of climate change.

“The situation stands to become even more perilous in the years ahead.

Climate change is causing more frequent and more intense natural hazards, while rapid socioeconomic development means more homes, businesses and infrastructure are under threat.

This ‘perfect storm’ has made Asia and the Pacific more vulnerable than ever,” Sawada said.

To better respond to natural hazards, Sawada cited the need to adopt comprehensive disaster risk financing and insurance strategies, such as those in the Philippines and Indonesia, which can help limit the damage from disasters.

Sawada said governments must also build strong, more resilient infrastructure to lessen the impact of disasters. Developing economies in Asia need to spend around $26 trillion on infrastructure between 2016 and 2030.

These funds should be spent on building durable infrastructure. But the region needs to limit developments in high-risk areas by, for one, extending road networks inland rather than along exposed shores.

Investments are also needed for early warning systems to help citizens prepare for an impending hazard and assist farmers, as well as businesses in making better decisions about when to sow crops and undertake construction projects.

The ADB chief economist recommended investments in improved waste management that keeps water ways clear during flooding and prevents health risks posed by poor waste disposal.

He also urged governments to invest in evacuation centers that shelter citizens from typhoons or storms.

These can act as community centers to promote the accumulation of social capital.

“Investment in infrastructure would not only make the region safer from future disasters, but it would also unleash untapped development potential and a broader array of co-benefits,” Sawada said.

He said the region is home to more than 80 percent of about 206 million people affected by disasters globally each year. It accounts for more than half of the world’s 60,000 disaster fatalities each year. Cai U. Ordinario

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, June 13, 2019

B1

DOE eyes 14 transmission projects for NGCP till 2040

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By Lenie Lectura

@llectura

OURTEEN transmission projects are lined up for completion by the grid operator between this year until 2040.

“For 2019 and onward, the National Grid Corp. of the Philippines [NGCP] focuses on upgrading and expanding transmission backbones to support entry of new generating facilities and allow market competition,” the Department of Energy (DOE) said in its 2018 Power Supply and Demand report.Based on the report, the Mindanao 230-kilovolt (kV) backbone project is expected to be completed this year.

This project will enable transmission facilities traversing from the northern to the southern corridors of Mindanao to accommodate the entry of new power plants and allow existing power plants to be dispatched at their respective maximum capacities and trans-

mitted throughout Mindanao.

This will solve line congestion and load curtailment.

Two projects are expected to be finished in December next year: the Cebu-Negros-Panay 230-kV backbone and the Mindanao-Visayas Interconnection Project (MVIP), the first project to be declared an Energy Project with National Significance (EPNS).

The MVIP is considered the biggest power infrastructure project in the history of the country. The P52billion project aims to connect the Mindanao grid to the Visayas grid, and will ultimately lead to a single, unified national grid by the time of its completion in 2020.

In 2021, the Metro Manila 500-kV

backbone is expected to be completed in September.

By December 2024, the BatangasMindoro Interconnection, the Palawan-Mindoro Interconnection and the Bolo to Laoag 500-kV backbone projects are expected to be finished.

In January 2025, the Eastern Mindanao 230-kV transmission backbone is targeted for completion.

By June of the same year, the Western Luzon 500-kV backbone is also expected to be completed.

The Luzon-Visayas HVDC Bipolar Operation project is envisioned to be completed by December 2030.

In December 2035, the Nagsaag to Kabugao 500-kV backbone and the Cebu-Bohol-Leyte 230-kV backbone projects could be finished.

Two more projects are targeted for completion in December 2040. These are the Metro Cebu 230-kV backbone loop and the Western Mindanao 230kV transmission backbone projects.

These 14 projects are included in the Transmission Development Plan (TDP) 2019-2040.

As the system operator, the NGCP also oversees grid security and reli-

ERC allows PSALM to recover ₧5.117 billion from consumers

T

HE Energy Regulatory Commission (ERC) has authorized the Power Sector Assets and Liabilities Management Corp. (PSALM) to recover P5.117 billion from consumers to pay for the stranded debt of the National Power Corp. (NPC).

“The petition filed by PSALM for the recovery of the NPC’s Stranded Contract Costs [SCC] of the Universal Charge [UC] is hereby approved with modification,” the ERC said in its 52-page decision.

The approved amount will translate into a power-rate increase of P0.0543 per kilowatt-hour (kWh).

The amount would be collected for 12 months. “Accordingly, all distribution utilities and the National Grid Corp. of the Philippines are hereby directed to collect from the consumers the above UC-SCC charge starting the next billing period upon receipt of this order for a period of 12 months,” the ERC added.

PSALM had originally applied for P7,354,563,448.91 worth of UC-SCC for 2014, equivalent to P0.0907 per kWh covering a one-year period.

“The resulting rate is lower than the rate of recovery proposed by PSALM,” the ERC said. “In arriving at the corresponding rate for the

recovery of UC-SCC, the Commission considered impact to customers and effect of the recovery period.”

The Electric Power Industry Reform Act defines stranded debt as “any unpaid financial obligations of the National Power Corp. which have not been liquidated by the proceeds from the sales and privatization of NPC assets.”

SCC, meanwhile, refers to the excess of the contracted cost of electricity under eligible Independent Power Producers (IPP) contracts of NPC over the actual selling price of the contracted energy output of such contracts in the market. Lenie Lectura

LTFRB stands pat on TNVS policy issues

E

VEN after calls from affected stakeholders, the Land Transportation Franchising and Regulatory Board (LTFRB) maintained its position on franchise issues for transport network vehicle services (TNVS).

In a statement, the regulatory body said proper registration of TNVS is “imperative for the safety and security of the riding public,” hence, it claimed the standards it set are appropriate and that franchises are open for all.

The regulator said there is proof the regulations and timelines it set to secure franchises— known as certificate of public convenience (CPC) and provisional authority (PA)—are “realistic and achievable.”

Citing its records, the LTFRB said 40,522 TNVS units have been granted with CPCs and PAs so far.

The supply for TNVS in Metro Manila is capped at 65,000 units.

“This is proof that the timelines given were realistic and achievable.

This is likewise proof that those who applied due diligence in compliance with state requirements are given an opportunity to participate in public transport service,” the agency’s statement read.

It added that TNVS applicants are “encouraged” to secure their fran-

chises personally as getting CPCs and PAs demand “public responsibility to render public service.”

“However, for ease of doing business, LTFRB allows the filing through a representative, but limited to specific family members or next of kin, who are allowed to appear in the hearing for the application of CPC,” it said.

Representation, the agency said, becomes a paramount issue, when it receives complaints from passengers.

Likewise, it said bank conformity is necessary for public transport, as usage of private vehicles for public service is in violation of bank rules.

The LTFRB claimed to have “gone the extra mile” by interceding in the loan application of CPC applicants through close coordination with banks a few years back.

“New applicants, however, will have to take the official route of loan application, as should be the proper course,” the agency’s statement read.

On Monday, around 5,000 TNVS were deactivated from the Grab ecosystem, as they failed to secure proper permits to operate in the ride-hailing industry. These affected drivers sought for the LTFRB to reduce and sweeten the process

of franchise application, including the two issues above.

“Acquiring a franchise to operate as a public transport is a privilege, as it carries the responsibility and accountability of safely and securely transporting the commuting public to destinations. As such, the government must ascertain that the applicant is qualified and able to assume the duty of public transport service,” the LTFRB said.

As this developed, Grab President Brian P. Cu also called on the LTFRB to temporarily allow the deactivated drivers to continue operating while they complete the franchise processes, as demand for the service from the commuting public continues to rise.

Likewise, he asked the regulator to pilot test the use of hatchbacks as TNVS units.

“The Filipino people need a transport solution that works for everyone—in a way that is reliable, safe and efficient. As we abide by the rules of our regulators to get rid of cars without proper documentation, we must also need to look at how we can all best serve them,” he said on Wednesday.

This, he said, will help ease the ongoing supply issue that is “causing difficulty to Filipino commuters.” Lorenz S. Marasigan

ability, power quality, and power dispatching and scheduling. As such, the NGCP designed the TDP to help identify and mitigate causes of power interruptions and transmission-related outages.

In 2018, six main grid projects were completed and energized by NGCP. Of these, 74 circuit-kilometer are located in Luzon, 134.7 ckt-km in Visayas and 173 ckt-km in Mindanao.

There were also 141 MVA substation capacities added in Mindanao.

These projects were intended to facilitate entry of generation capacities, load growth and system reliability.

Since 2009 until 2018, the NGCP has completed numerous projects nationwide in the total amount of P151 billion. The NGCP has built 5,626 transmission structures and 2,472 circuit-kilometers of transmission lines, and installed 10,978 megavoltamperes of substation capacity.

By the end-2019, the NGCP will complete up to P188 billion worth of projects, including a substantial portion of the MVIP.

PLDT to sell 3 properties to bankroll new HQ

By Lorenz S. Marasigan @lorenzmarasigan

P

LDT Inc. may dispose of three properties to partially bankroll the construction of new headquarters that will enable its employees across all verticals to create a culture of closer collaboration to make processes more efficient.

Manuel V. Pangilinan, the company’s chairman, said his group may sell the Ramon Cojuangco Building (RCB), the Makati General Office (MGO) and Smart Tower for its new campus-like office.

“The assumption is the sale of the properties will fund most of the requirements for the new campus. There are three properties, namely RCB, MGO and Smart Tower,” he said.

Currently, RCB houses the main office of PLDT. It is also home to various PLDT subsidiaries. MGO is used by Metro Pacific Investments Corp. and a number of PLDT units. Smart Tower is the office of Smart Communica-

tions Inc. and its subsidiaries.

PLDT envisions the construction of a Silicon Valley-like campus, where all its subsidiaries and units will be located. This will help create efficiencies through better collaboration and greater access.

However, Pangilinan noted it is still a “big debate internally,” as choosing a location in the south or the north of Metro Manila will affect all of its stakeholders.

“It’s hard to decide because it’s very important. It’s a large amount and it affects all employees and staff and suppliers and vendors,” he said.

The campus-type headquarters is expected to cost roughly P10 billion, based on earlier estimates given by the company.

His group is also considering building vertical headquarters similar to that of Comcast in the US. As this progressed, the company is “proceeding” with the redevelopment of its existing offices through NTT Group and two local partners.

B2

Companies BusinessMirror

Thursday, June 13, 2019

PSE STOCK QUOTATIONS

June 11, 2019

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

57 139.9 80.7 26.8 11.46 71.5 13.7 19.06 55.3 57.15 112 28 170.9 59.35 1.2 2.23 18.74 4.43 1.38 0.51 0.98 183 1790

59 140 81.1 26.85 11.48 71.65 13.8 21.2 55.5 57.75 119.9 28.15 171.3 60.1 1.27 2.29 18.78 4.59 1.44 0.52 0.99 184.9 1800

59 139.5 82 26.9 11.5 71.55 13.8 21.5 56.5 57.75 110 28.1 172.4 59.9 1.2 2.3 18.74 4.5 1.38 0.52 0.99 184.9 1820

59.25 140.2 82.35 26.9 11.62 72.45 13.8 21.5 56.5 57.75 112 28.8 173 60.05 1.22 2.3 18.74 4.62 1.38 0.53 1 184.9 1820

55.35 139.5 80.7 26.75 11.48 71.5 13.7 21.3 55.1 57.05 110 28 170.7 59 1.2 2.3 18.74 4.37 1.38 0.5 0.97 183 1820

59 139.9 80.7 26.85 11.48 71.5 13.7 21.3 55.3 57.15 112 28 170.9 59.35 1.2 2.3 18.74 4.59 1.38 0.52 0.98 184.8 1820

21280 3402870 1164940 77000 244000 3650690 6500 200 287330 1190 70 167300 867190 15280 57000 4000 1500 54000 4000 67000 222000 1600 10

1256539 476226909 94888560 2066020 2810052 262008063 89200 4280 15945344.5 68405.5 7780 4713940 148873852 912342.5 68540 9200 28110 243850 5520 34690 217540 294789 18200

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

1.38 35.2 0.28 24.3 77.1 387.6 23.5 6.17 4.52 2.76 12 41.1 6.51 14.38 14.94 14.82 5.62 10.28 7.59 105.7 0.77 48.5 285 9.41 12.76 0.187 1.27 14 1.45 4.8 1.91 0.126 174.9 1.31 2.55 64.2 2.52 16 10.76 14.12 18.98 9.1 1.3 1.32 1.98 3.4 4.94 43.5 2.49 10.12 1.65 1.16 24.1

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A GT CAPITAL JG SUMMIT JOLLIVILLE HLDG KEPPEL HLDG B 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

0.68 13.1 917.5 55.45 15.8 3.49 6.5 0.75 1.23 6.86 10.24 13.96 4.16 884 64 5.95 5 0.48 4.66 15.52 0.61 4.64 0.038 1.06 1.34 425 955 182.1 0.92 265.6 0.23 0.305

1.4 35.35 0.285 24.45 77.9 388.6 23.6 6.18 4.59 2.77 12.22 41.3 6.61 14.5 16.84 14.96 5.69 10.32 7.6 106.5 0.78 48.55 285.4 9.7 12.78 0.198 1.29 14.02 1.46 5 1.95 0.134 175 1.32 2.59 65.5 2.53 16.04 10.78 14.16 19 9.39 1.32 1.33 2.02 3.5 5.09 44.6 2.5 10.18 1.66 1.2 24.5

1.38 35.75 0.275 24.1 78 385.2 23.5 6.11 4.52 2.63 12.22 41.15 6.63 14.6 14.92 14.68 5.7 10.3 7.6 106 0.73 46.55 281 9.4 12.52 0.186 1.24 14.26 1.48 5 1.91 0.126 173 1.34 2.5 65.5 2.39 15.9 10.62 14.06 19.28 9.05 1.34 1.35 1.97 3.41 4.86 44.75 2.51 10.28 1.68 1.18 24.1

1.4 36 0.29 24.5 78 389.8 23.7 6.2 4.53 2.78 12.22 41.75 6.65 14.6 14.92 14.9 5.7 10.38 7.6 106.5 0.79 49 286.4 9.69 12.86 0.187 1.31 14.36 1.48 5 1.91 0.126 175.5 1.35 2.6 65.6 2.53 16.04 10.9 14.12 19.28 9.05 1.35 1.38 2.02 3.5 4.94 44.75 2.53 10.3 1.68 1.19 24.6

1.38 35.3 0.265 24 76.9 384.4 23.45 6.1 4.5 2.63 12 41 6.25 14.36 14.9 14.6 5.6 10.26 7.55 105.5 0.73 46.55 281 9.35 12.5 0.186 1.22 14.02 1.46 4.9 1.9 0.126 171.1 1.3 2.5 65.5 2.39 15.9 10.6 13.96 18.9 9.04 1.29 1.32 1.95 3.4 4.86 44.75 2.39 10.12 1.65 1.16 24.05

1.38 35.35 0.28 24.45 77.1 387.6 23.5 6.18 4.52 2.77 12.22 41.3 6.63 14.5 14.9 14.82 5.69 10.32 7.6 106.5 0.78 48.5 285 9.69 12.78 0.187 1.28 14.02 1.46 5 1.91 0.126 175 1.31 2.55 65.5 2.52 16 10.78 14.12 19 9.04 1.32 1.33 2.02 3.5 4.94 44.75 2.5 10.14 1.66 1.16 24.5

732000 1366300 13750000 5005700 58690 328710 4256000 1521800 58000 37781000 35700 148200 330200 564300 700 612500 4100 4209000 539200 295510 4760000 629500 536820 25900 1755500 140000 16391000 9015200 226000 155000 190000 300000 1732290 2907000 305000 490 13837000 360100 595500 515200 1401700 6000 1484000 5822000 15000 25000 19000 200 9936000 211300 108000 291000 257700

1022160 48529655 3823650 121320050 4546742.5 127434580 100080790 9348812 262130 102913100 435174 6098520 2120592 8178680 10440 9079910 23218 43280608 4091731 31260620 3668160 30268045 152982540 246380 22,372,364( 26060 20828430 128220396 331020 759750 361400 37800 301488740 3846330 776140 32113 34369200 5757700 6415302 7240738 26644804 54241 1938850 7843080 29990 85200 93570 8950 24509420 2146598 179840 341620 6271005

HOLDING & FRIMS 0.69 13.2 921.5 56 15.86 3.5 6.8 0.77 1.24 6.88 10.34 14 4.49 885 64.1 6.23 5.99 0.495 4.67 15.54 0.64 4.65 0.039 1.15 1.38 434 962.5 182.2 0.94 270 0.232 0.31

0.67 13.98 927 55.7 15.96 3.44 6.7 0.76 1.22 6.77 10.44 13.9 4.15 892 63.4 6.2 5 0.51 4.65 15.58 0.58 4.56 0.038 1.05 1.38 434 970 182 0.95 267 0.23 0.31

0.7 13.98 928.5 56.5 16.08 3.55 6.7 0.77 1.25 6.9 10.56 14 4.15 899 64.7 6.23 5 0.51 4.69 15.64 0.64 4.69 0.039 1.07 1.38 434 980.5 183 0.95 270 0.234 0.315

0.66 13.1 917.5 54.8 15.7 3.42 6.7 0.75 1.22 6.68 10.24 13.88 4.15 883 62.9 6.2 5 0.5 4.62 15.5 0.58 4.56 0.038 1.05 1.34 434 955 181 0.92 265 0.229 0.305

0.68 13.2 917.5 55.45 15.8 3.49 6.7 0.75 1.23 6.86 10.24 14 4.15 885 64 6.23 5 0.5 4.67 15.54 0.61 4.64 0.039 1.07 1.38 434 955 182.2 0.92 270 0.232 0.305

22823000 212400 165650 728710 4182200 8384000 40000 121000 741000 2410700 3019000 372900 3000 42590 2251090 1000 4000 20000 1352000 2774100 3094000 26605000 4100000 30000 18000 150 270260 601310 295000 10280 1380000 3220000

15494490 2854964 152443960 40456601.5 66520654 29090060 268000 91390 914540 16502612 31433158 5201058 12450 37967565 144393565.5 6227 20000 10100 6289710 43110166 1924950 123435450 157000 31780 24200 65100 261673905 109369795 273100 2754484 317550 995150

879991 202819984 4732309 -286980 -448990 -29596060 -124177 -1183 -1280910 572785 -555059.5 -73246 14176350 13450 14701090 -4296200.5 -24826780 80809375 -646576 -366970 -3034825 -253936 -1059172 -27354626 -814790 -372678 -62600 6836090 44624014 4705 5,535,873.9995) -5356290 -88792228 -735000 74059407 526080 -25500 4412460 226400 2952440 -21788236 74060 152850.0003 -1055822 491320 16 -258045 1137279.5 -2380244 -244470 246560 3827608 -13068814 -405900 13242485 -28526070 -1348470 -22792220 -62000 36145100 7600 -2760 21981510 -3349673 1799070 -28000

PROPERTY

ARTHALAND CORP 0.77 0.78 0.77 0.79 0.77 0.78 598000 466340 ANCHOR LAND 10.1 10.96 10.9 10.9 10.9 10.9 1000 10900 AYALA LAND 50.85 51 50.65 51.35 50.45 51 9236680 470656615.5 72967606 ARANETA PROP 2.04 2.06 2.06 2.06 2.06 2.06 59000 121540 BELLE CORP 2.28 2.3 2.28 2.31 2.27 2.28 439000 1001890 -79760 A BROWN 0.79 0.8 0.79 0.8 0.78 0.8 236000 186640 3900 CITYLAND DEVT 0.95 0.97 0.99 0.99 0.97 0.97 223000 219820 CROWN EQUITIES 0.227 0.229 0.231 0.231 0.231 0.231 10000 2310 CEBU HLDG 6.12 6.34 6.3 6.35 6.3 6.35 600 3790 -630 CEB LANDMASTERS 4.75 4.79 4.79 4.89 4.75 4.79 816000 3909830 -762319.9999 CENTURY PROP 0.59 0.6 0.59 0.6 0.58 0.59 16600000 9784770 801830 CYBER BAY 0.375 0.385 0.37 0.37 0.37 0.37 220000 81400 DOUBLEDRAGON 26.5 26.55 26.2 26.95 26.2 26.5 1445800 38381100 18603120 DM WENCESLAO 10.06 10.08 9.99 10.08 9.99 10.06 103000 1032679 22945 EMPIRE EAST 0.47 0.475 0.47 0.475 0.47 0.47 1400000 658150 -559450 FILINVEST LAND 1.78 1.79 1.81 1.82 1.78 1.78 17816000 32009650 -15025780 GLOBAL ESTATE 1.42 1.43 1.43 1.46 1.43 1.43 3107000 4477180 567980 8990 HLDG 15.62 15.78 15.8 15.8 15.52 15.78 437900 6826564 15660 PHIL INFRADEV 1.94 1.95 1.91 1.97 1.9 1.94 3514000 6827070 101990 CITY AND LAND 0.88 0.9 0.88 0.9 0.85 0.9 340000 297400 -8100 MEGAWORLD 6 6.04 6.08 6.16 6 6 25248100 153551506 19589365 MRC ALLIED 0.32 0.325 0.33 0.33 0.32 0.325 9160000 2975600 -3250 PHIL ESTATES 0.455 0.47 0.465 0.47 0.46 0.47 300000 138250 PRIMEX CORP 2 2.06 2.1 2.13 2 2 3042000 6201080 ROBINSONS LAND 26.95 27 26.95 27.2 26.7 27 3923900 105961495 39212745 PHIL REALTY 0.405 0.415 0.405 0.415 0.405 0.415 90000 37250 ROCKWELL 2.13 2.14 2.13 2.16 2.13 2.14 191000 410630 -34540 SHANG PROP 2.96 3 2.99 2.99 2.99 2.99 62000 185380 26910 STA LUCIA LAND 1.9 1.94 1.95 1.98 1.91 1.96 1194000 2311720 25380 SM PRIME HLDG 39.25 39.55 39.55 40.3 39.25 39.25 5982000 238235125 9586669.9997 STARMALLS 6.3 6.4 6.34 6.44 6.3 6.4 78300 495574 SUNTRUST HOME 0.74 0.78 0.75 0.75 0.74 0.75 90000 67420 VISTA LAND 7.07 7.15 7.11 7.15 7.04 7.15 3178700 22618932 -9646403

SERVICES ABS CBN 18.44 18.46 18.52 18.52 18.46 18.46 59100 1091926 GMA NETWORK 5.3 5.37 5.29 5.38 5.29 5.37 67200 359658 MANILA BULLETIN 0.54 0.55 0.54 0.55 0.54 0.55 353000 193660 MLA BRDCASTING 14.42 14.5 14.5 14.5 14.5 14.5 100 1450 GLOBE TELECOM 2200 2204 2230 2244 2200 2200 47025 104686840 -18290750 PLDT 1230 1231 1232 1262 1229 1230 158995 196635050 -41949275 APOLLO GLOBAL 0.044 0.045 0.044 0.045 0.044 0.045 2400000 105700 DFNN INC 5.8 6.27 5.9 6.27 5.68 5.8 436300 2529344 -1159000 IMPERIAL 1.77 1.87 1.79 1.87 1.76 1.87 193000 343200 ISLAND INFO 0.121 0.123 0.121 0.121 0.121 0.121 490000 59290 ISM COMM 6.63 6.64 6.35 6.66 6.33 6.63 17263300 112973767 5345625 JACKSTONES 2.99 3.11 2.91 3.16 2.9 2.99 103000 316540 NOW CORP 2.53 2.54 2.52 2.6 2.52 2.54 2796000 7182290 179840 TRANSPACIFIC BR 0.375 0.385 0.38 0.385 0.37 0.375 5030000 1890900 PHILWEB 3.58 3.59 3.56 3.64 3.56 3.58 3236000 11658290 -657750 2GO GROUP 11.3 11.32 11.28 11.32 11.28 11.32 16400 185474 11318 ASIAN TERMINALS 20.75 21.3 20.55 21.3 20.55 21.3 2700 57255 -42600 CHELSEA 6.82 6.84 6.6 6.85 6.6 6.82 1987900 13481590 1148907 CEBU AIR 89.1 89.2 88.3 89.1 87.95 89.1 129670 11494236.5 4736428 INTL CONTAINER 142.7 144 140 146.3 139.9 144 3225260 460254532 100890445 LBC EXPRESS 15 15.48 14.02 15 14.02 15 500 7300 1500 LORENZO SHIPPNG 0.84 0.89 0.84 0.89 0.84 0.89 98000 82750 MACROASIA 19.74 19.76 19.92 19.92 19.68 19.76 495600 9798330 -1814646 METROALLIANCE A 1.23 1.5 1.51 1.53 1.5 1.5 79000 119110 METROALLIANCE B 1.51 1.65 1.53 1.65 1.52 1.65 26000 41040 PAL HLDG 9.45 9.5 9.5 9.5 9.35 9.5 14600 137786 950 HARBOR STAR 2.21 2.22 2.26 2.32 2.22 2.22 3310000 7487970 102599.9999 ACESITE HOTEL 1.31 1.38 1.36 1.38 1.36 1.38 70000 95700 BOULEVARD HLDG 0.056 0.058 0.057 0.058 0.056 0.056 41100000 2324770 56000 DISCOVERY WORLD 2.05 2.15 2.16 2.16 2.16 2.16 5000 10800 WATERFRONT 0.72 0.73 0.71 0.73 0.69 0.73 2379000 1699030 CENTRO ESCOLAR 7.01 7.19 7.25 7.29 7.19 7.19 4000 28948 IPEOPLE 10.1 10.14 10.12 10.14 10.1 10.14 9200 93004 STI HLDG 0.7 0.72 0.71 0.72 0.7 0.72 891000 633270 98690 BERJAYA 2.89 2.9 2.9 2.96 2.8 2.89 855000 2435550 -2820 BLOOMBERRY 11.88 11.92 11.86 11.98 11.86 11.88 1313200 15613250 -7675936 PACIFIC ONLINE 3.17 3.2 3.19 3.2 3.18 3.18 67000 213330 3200 LEISURE AND RES 4.31 4.32 4.3 4.38 4.2 4.32 1026000 4399910 395660 MANILA JOCKEY 3.6 3.79 3.63 3.63 3.6 3.6 45000 162570 PH RESORTS GRP 4.95 5.1 4.82 5.1 4.82 5.1 72000 357720 PREMIUM LEISURE 0.8 0.81 0.78 0.81 0.78 0.8 3785000 3029050 735230 TRAVELLERS 5.17 5.19 5.18 5.3 5.17 5.18 2441400 12704850 -6441900 METRO RETAIL 2.57 2.58 2.6 2.61 2.57 2.58 2394000 6174430 259230 PUREGOLD 45 45.95 45.5 46.25 45 45 848200 38551105 -6152500 ROBINSONS RTL 75.5 75.85 75.8 76 74.4 75.5 182300 13781163 -5616098.5 PHIL SEVEN CORP 126 130 125.8 130 125 130 3240 408796 399948 SSI GROUP 3.43 3.44 3.51 3.56 3.4 3.44 13261000 45902170 10878830 WILCON DEPOT 17.02 17.06 17.1 17.12 17 17.02 2993300 50991096 899894 APC GROUP 0.43 0.44 0.43 0.43 0.43 0.43 510000 219300 EASYCALL 10.4 10.5 10.7 10.8 10.38 10.5 57700 606222 -5190 GOLDEN BRIA 403 410 407 415 403 403 790 321840 PAXYS 2.94 2.99 3.05 3.05 2.93 2.94 24000 71000 -41600 PRMIERE HORIZON 0.81 0.82 0.84 0.85 0.81 0.82 27129000 22330610 -741700 SBS PHIL CORP 9.19 9.3 9.19 9.3 9.19 9.19 26900 247543

MINING & OIL ATOK 10.8 12.34 12.38 12.38 12.34 12.34 200 2472 APEX MINING 1.15 1.17 1.16 1.17 1.14 1.17 1130000 1309620 -536270 ABRA MINING 0.0018 0.0019 0.0019 0.0019 0.0018 0.0019 91000000 172800 ATLAS MINING 2.72 2.81 2.8 2.8 2.8 2.8 10000 28000 BENGUET B 1.12 1.26 1.11 1.11 1.11 1.11 13000 14430 -14430 COAL ASIA HLDG 0.28 0.29 0.295 0.295 0.285 0.285 430000 122850 CENTURY PEAK 2.82 2.84 2.84 2.85 2.82 2.82 449000 1271580 -311400 DIZON MINES 7.63 7.65 7.64 7.7 7.63 7.65 1100 8413 FERRONICKEL 1.48 1.5 1.47 1.5 1.45 1.5 3298000 4848440 2087460 GEOGRACE 0.228 0.233 0.235 0.235 0.228 0.233 320000 73310 LEPANTO A 0.111 0.114 0.111 0.111 0.111 0.111 140000 15540 LEPANTO B 0.112 0.117 0.129 0.129 0.117 0.117 60000 7380 -3510 MANILA MINING A 0.0075 0.0079 0.0075 0.0075 0.0075 0.0075 5000000 37500 MARCVENTURES 1.03 1.04 1.02 1.03 1.02 1.03 30000 30730 NIHAO 0.97 1.01 1 1.01 1 1.01 9000 9010 NICKEL ASIA 2.24 2.27 2.28 2.28 2.24 2.24 1006000 2264310 -288620 OMICO CORP 0.55 0.56 0.54 0.57 0.54 0.55 111000 60250 2160 ORNTL PENINSULA 0.88 0.89 0.89 0.89 0.88 0.88 36000 31790 PX MINING 3.22 3.23 3.27 3.27 3.23 3.23 613000 1983720 -61400 SEMIRARA MINING 21.8 21.85 21.85 21.85 21.55 21.8 582500 12682145 10905 UNITED PARAGON 0.0065 0.0066 0.0066 0.0066 0.0065 0.0065 2000000 13100 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.011 1200000 13700 ORNTL PETROL B 0.011 0.013 0.011 0.011 0.011 0.011 1700000 18700 -16500 PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.011 5200000 55200 PHINMA PETRO 4.01 4.02 4 4.02 3.9 4.02 406000 1622160 -52000 PXP ENERGY 7.39 7.4 7.75 7.8 7.39 7.4 4944700 37368044 -1055087

PREFFERED

HOUSE PREF A 96.1 96.95 96.9 96.95 96.9 96.95 1350 130823 AC PREF B2 493 495 495 495 495 495 50 24750 ALCO PREF B 96.25 99.9 99 99 99 99 2000 198000 DD PREF 97.2 98.5 98 98.5 98 98.5 1410 138185 FGEN PREF G 104.5 106.5 106.5 106.5 106.5 106.5 140 14910 GLO PREF P 490 493 490 490 490 490 70 34300 GTCAP PREF A 917 920 918 920 917 920 70 64230 LR PREF 1 1.01 1.01 1.01 1.01 1.01 51000 51510 SMC PREF 2B 75.4 75.45 75.45 75.45 75.4 75.45 18660 1407896 SMC PREF 2C 77.1 77.55 77.55 77.55 77.55 77.55 1410 109345.5 SMC PREF 2D 72.1 73 72.2 73.35 72.1 72.1 37280 2699495 SMC PREF 2I 73 73.7 73.7 73.7 73.7 73.7 350 25795 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.96 5.1

18 5.24

18.4 5.24

18.4 5.24

17.96 5.24

17.96 5.24

23800 100

428416 524

WARRANTS LR WARRANT

2

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.05 XURPAS 1.08

2.05

2.07

2.07

1.96

2.05

118000

233700

-

5.09 1.09

5.08 1.02

5.17 1.09

5.02 1.02

5.05 1.09

286500 11664000

1453910 12444770

124750

EXHANGE TRADE FUNDS FIRST METRO ETF

119.9

-422936 -

120

120.3

120.5

120

120

11400

1371892

84350

www.businessmirror.com.ph

SM Prime opens premier office building in CDO

By VG Cabuag

P

@villygc

ROPERTY developer SM Prime Holdings Inc. has launched SM CDO Downtown Office in Cagayan de Oro, envisioned to become the city’s premier address.

T he proper t y of fers eight levels, with more than 17,000 square meters (sq.m.) of gross

leasable area.

“It is the only premier office building in the region with a he-

lipad. It is also equipped with a 24/7 security and engineering support, as well as uninterrupted electric and water supply,” SM Prime said.

SM Cagayan de Oro Downtown Premier Mall opened its doors to the public on May 12, 2017. It is SM Prime Holding’s 61st mall, sixth in Mindanao and second in Cagayan de Oro. “The tower is interconnected to the mall through the Sky Park at the fifth-level access. This is very convenient for those who

wish to dine, shop or watch movies inside the mall,” it said.

The property is located at the busy intersection of Claro M. Recto Avenue and Osmeña Street.

Cagayan de Oro (CDO), the Gateway to Northern Mindanao, is also known as the City of Golden Friendship. It is a major whitewater rafting and adventure destination in the country.

CDO is also known for its numerous ICT infrastructures and businesses.

Frabelle to hike hot dog prices

By Elijah Felice E. Rosales @alyasjah

H

OT DOG maker Frabelle Corp. will increase prices by as much as 20 percent if the tariff for mechanically deboned meat (MDM) is kept at the higher rate of 40 percent.

Frabelle Corp. President Fay T. Bernardo admitted production cost went up over the past months on higher duty on MDM. Tariff rate for MDM had to be reverted to 40 percent, from 5 percent, as provided under Executive Order (EO) 23.

Under EO 23, duties on concessionary agricultural products, including MDM, should go back to their 2012 rates once the country’s rice import cap is lifted and converted into tariffs.

The rice trade liberalization law, which converted the import cap into tariffs, took effect in March.

The Bureau of Customs in May then issued a memorandum circular authorizing the reversion of higher tariffs on former concessions.

Frabelle Group of Cos. President Francisco T. Laurel Jr. said the firm will be compelled to implement a price increase on hot dogs that cater to lower income households under the 40 percent MDM tariff regime.

“The consumers have not felt it. If the government will not put it back to 5 percent, we will expect that consumers all over the country will expect a price hike of at least 20 percent on mid priced to economical priced hot dogs,” Laurel said in a recent interview with reporters.

“We are going to feel the effects maybe starting next month on our production because we still have [MDM] stocks of the old tariff,” he added.

Laurel is pinning his hope on President Duterte to issue an EO soon that will maintain MDM duty at 5 percent. He said doing so will keep meat processors competitive, keeping production cost low to the benefit of consumers.

The BusinessMirror on Monday reported an EO putting MDM

SEC: Search warrants issued against investment scammers

T

HE Securities and Exchange Commission (SEC) said 24 search warrants were released to various firms believed to be operating investment scams using the Ponzi schemes.

The combined teams of the SEC and the National Bureau of Investigation, and Philippine National Police-Criminal Investigation and Detection Group served the warrants on the offices of Rigen Marketing in Tagum City, Ada Farm Agri Ventures in Mandaue, Cebu, and Ever Arm Any Marketing in Tagum City on June 11, on the strength of search warrants issued by a regional trial court.

The authorities also searched the offices of Organico Agribusiness Ventures Corp. in Cebu City, Bohol, Tacloban City, Davao City and Butuan and Alabel-Maasim Small Scale Mining Cooperative/Alabel-Maasim Credit Cooperative in Alabel, General Santos, and Koronadal on June 10.

Similar operations were carried out at the offices of Kapa-Community Ministry International Inc. in Alabel, General Santos City; Tagum City; Quezon City; Taytay; Nueva Vizcaya; Tacloban City; Cebu City; Bukidnon; and Misamis Oriental and at the house of Kapa Founder and President Joel A. Apolinario in General Santos City.

The raiding teams seized various documents and cash together with other equipment and paraphernalia used by the said scammers in enticing investors to invest their money with

them despite not having the necessary license or permit from the SEC to engage in investment taking and in the offering or selling of securities, the agency said. SEC said it gathered pieces of evidence that showed “entities were actually scam operators who were offering ‘get-rich quick’ schemes to the public attracted by the huge profits guaranteed to be paid for said investments.”

Kapa was established to be selling or offering a scheme in which donations given to said entity are rewarded with blessings amounting to a 30-percent return on the amount donated.

SEC said it will file criminal charges against the operators, owners, agents, officers and directors of said entities.

Activities that offer sale of securities in the form of investment contracts require a secondary license from the SEC. It said most of the firms are believed to use the Ponzi scheme or an investment program where investors are lured with impossibly high returns and paid out of the capital contributed by later investors.

“Soliciting investments from the public without the necessary license and through fraudulent means is a crime and punishable under the law,” SEC Chairman Emilio B. Aquino said.

“We are intent on bringing the people behind investment scams, including their abettors, promoters and supporters, to justice.” VG Cabuag

tariff at 5 percent is awaiting the President’s signature.

“But I believe the government is looking into our association’s request to maintain the 5-percent [tariff on] chicken MDM only. We hope the government will soon sign the retroactive incentive to lower it back to 5 percent to benefit the Filipino consumer,” Laurel said.

Congress has the sole capacity to

MUTUAL FUNDS

change tariff rates, but the President can modify them if Congress is not in session. Meat processors and traders are banking on the EO to avert potential price hikes in processed meat products. For one, the Philippine Association of Meat Processors Inc. estimated it will cost importers an additional P350,000 per container if the 40-percent duty on MDM is applied.

June 11, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 267.57 1.02% 0.59% 1.22% 6.08% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6562 8.2% 8.73% 3.65% 14.95% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.1742 -0.73% 0.74% 0.44% 6.95% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9505 3.32% N.A. N.A. 6.74% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8895 3.95% N.A. N.A. 8.38% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.5621 2.38% 1.19% 1.18% 5.52% MBG EQUITY INVESTMENT FUND, INC. -A 122.13 7.78% N.A. N.A. 4.87% ONE WEALTHY NATION FUND, INC. -A 0.8918 0.35% -3.72% N.A. 7.14% PAMI EQUITY INDEX FUND, INC. -A 53.0659 3.61% 1.53% N.A. 7.85% PHILAM STRATEGIC GROWTH FUND, INC. -A 551.79 2.78% 0.52% 1.13% 7.2% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3443 4.88% 2.33% 3.63% 7.2% PHILEQUITY FUND, INC. -A 39.4791 4.89% 3.16% 3.2% 7.77% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0636 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.3818 4.53% 2.56% 3.48% 8.53% PHILIPPINE STOCK INDEX FUND CORP. -A 898.64 4.62% 2.27% 3.44% 8.47% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9424 5.57% 1.47% N.A. 9.43% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.4047 5.14% 2.51% 2.65% 8.52% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0327 4.1% 2.2% N.A. 8.22% UNITED FUND, INC. -A 3.7977 4.74% 4.24% 3.26% 8.47% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 120.3009 5.06% 3.24% 4.51% 8.63% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9604 -13.65% 4.24% -0.57% 3.37% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2697 -3.17% 7.23% N.A. 14.89% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7564 1.82% -0.64% -1.03% 6.37% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3461 1.1% 0.74% 0.96% 6.2% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6872 2.35% 0.2% -1.19% 5.64% GREPALIFE BALANCED FUND CORPORATION -A 1.3648 0.54% N.A. N.A. 4.64% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9478 4% 1.11% 1.51% 5.68% PAMI HORIZON FUND, INC. -A 3.7604 2.31% -0.01% 0.71% 6.55% PHILAM FUND, INC. -A 16.952 3.4% 0.18% 0.76% 6.56% SOLIDARITAS FUND, INC. -A 2.1642 2.58% 1.27% 2% 4.43% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9138 4.77% 1.26% 1.68% 7.19% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.027 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0283 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.025 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.0092 6.21% 1.69% N.A. 9.49% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.0371 7.04% 1.34% 1.77% 5.25% PAMI ASIA BALANCED FUND, INC. -A $0.9576 -9.93% 2.21% -1.35% 2.29% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6928 -0.19% 5.47% 2.38% 11.62% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0969 1.79% 3.4% N.A. 8.6% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 349.62 3.29% 2.03% 2.15% 1.82% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8969 2.13% -0.08% -0.12% 2.03% COCOLIFE FIXED INCOME FUND, INC. -A 3.0426 5.47% 5.29% 5.27% 2.42% EKKLESIA MUTUAL FUND INC. -A 2.1847 3.33% 1.18% 1.81% 2.54% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3133 4.33% 1.1% 1.37% 4.71% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6057 1.65% -1% -0.09% 2.64% PHILAM BOND FUND, INC. -A 4.1471 4.08% 0.1% 0.93% 5.8% PHILEQUITY PESO BOND FUND, INC. -A

3.6553 4.72% 1.07% 1.25% 3.93% SOLDIVO BOND FUND, INC. -A 0.9412 3.3% -0.15% N.A. 5.44% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9491 7.31% 1.71% 1.94% 6.62% SUN LIFE PROSPERITY GS FUND, INC. -A

1.641 7.33% 1.29% 1.52% 6.57% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $457.49 3.52% 1.83% 2.72% 2.05% ALFM EURO BOND FUND, INC. -A Є216.52 1.82% 1.4% 1.45% 1.82% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1775 5.93% 1.81% 2.22% 4.59% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0256 3.64% 1.06% N.A. 3.23% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7153 1.22% -1.42% 0.58% 1.49% PAMI GLOBAL BOND FUND, INC -A $1.0819 4.54% -0.18% -1.98% 4.27% PHILAM DOLLAR BOND FUND, INC. -A $2.3259 8.54% 1.17% 2.98% 7.13% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0589482 3.92% 1.51% 1.76% 3.45% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.0511 5.78% 0.47% 2.34% 6.23% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 123.24 3.66% 2.35% 1.89% 1.99% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0135 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2107 3.69% 1.61% 1.01% 2.44% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2414 3.59% 2.6% 1.98% 1.84% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0268 2.11% N.A. N.A. 1.07%

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.

Editor: Angel R. Calso | www.businessmirror.com.ph

The World BusinessMirror

Thursday, June 13, 2019

B3

Europe fears manufacturing meltdown will infect rest of continent’s economy

E

UROPEAN industry is in trouble and there’s a risk it will infect other parts of the economy, deepening the slowdown that’s already left the region fragile.

Concern is growing in markets and even at the European Central Bank (ECB) that the services sector won’t be able to withstand a broader manufacturing slump. That would undermine jobs growth and domestic demand, the main pillars propping up confidence in the outlook for the euro-area economy.

Resilience in other areas such as transport and technology has helped to cushion the blow of a

manufacturing sector beset by escalating trade tensions, weaker demand in China, and troubles in the car industry.

But services can’t remain immune for long, and worries are permeating the highest level of policy-making. ECB President Mario Draghi last week called this contagion the “key issue” motivating officials to raise the prospect of interest rate cuts.

U.S. TELLS U.N. COMMITTEE NORTH KOREA HAS BREACHED PETROLEUM IMPORT CAP

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HE US and its allies accused Nor th Korea of importing more petroleum so far this year than allowed under United Nations sanctions, according to a report sent to a Security Council committee.

While Pyongyang is permitted to import as much as 500,000 barrels of oil, the US said on Tuesday in a letter seen by Bloomberg News that the country has exceeded that amount through illicit ship-to-ship transfers.

The letter, signed by several allies, including Australia, France, Japan and Germany, was sent alongside a detailed report documenting the suspected illegal oil transfers.

The US and its allies requested that the committee, chaired by German Ambassador Christoph Heusgen, call on all member-states to “exercise enhanced vigilance against the DPRK attempting to procure additional re f i n e d p e t ro l e u m p ro d u c t s,” to n o t i f y member-states that the quota has been exceeded, and order an immediate halt to further transfers. “ The United States and its par tners remain gravely concerned about the degree of UN Security Council resolution violations that are occurring in relation to North Korea’s import of refined petroleum products,” the US mission to the UN wrote in the report. “As long as the DPRK continues to import refined petroleum products with no accountability at the UN,” the resolution won’t “have its intended effect,” it said.

Sanctions enforcement is a crucial aspect of President Donald Trump’s effort to get Pyongyang to eliminate its nuclear program by choking off the hard cash that keeps North Korea’s meager economy alive.

At a summit in February in Hanoi that collapsed without a deal, the US said North Korean leader Kim Jong Un offered to shut

down his main Yongbyon nuclear complex in return for easing sanctions. Trump and Secretary of State Michael Pompeo said they couldn’t accept the proposal because the regime still had hidden nuclear production facilities and missiles elsewhere that could threaten the US. US officials have said contact between the two sides has been severely limited since the summit collapse. Trump extended an olive branch to North Korea on Tuesday, co m p l i m e nt i n g K i m f o r s e n d i n g h i m a “beautiful” letter and saying he wouldn’t have allowed the CIA to recruit his slain brother as an intelligence asset.

The latest US allegation comes after a UN Panel of Experts report submitted to the council earlier this year that said North Korea successfully evaded sanctions to import as much as seven-and-a-half times the allowed amount of refined petroleum last year.

North Korea has chronic energy shortages and satellite images of the peninsula at night illustrate the problem by showing a brightly lit South Korea and an almost completely dark North Korea, formally known as the Democratic People’s Republic of Korea.

After a series of missile launches and nuclear weapons tests by North Korea in 2017, the UN Security Council imposed three rounds of sanctions on Pyongyang, including oil-import restrictions.

In the repor t sent to the council on Tuesday, the US and Japan documented at least eight instances of ship -to -ship transfers this year in which “DPRK-flagged tankers received refined petroleum produc ts from feeder tankers that have not been repor ted to the UN Committee” for its official accounting of Nor th Korean impor ts. Bloomberg News

FACEBOOK LAUNCHING APP THAT PAYS USERS FOR DATA ON APP USAGE

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AN FRANCISCO—Facebook on Tuesday launched an app that will pay users to share information with the socialmedia giant about which apps they’re using.

The company previously rolled out two similar apps that tracked what activities people did on their phones. But both were s h u t d ow n a f te r d r aw i n g c r i t i c i s m f o r infringing on privacy and violating Apple’s App Store guidelines.

Facebook said the new app, called Study, is different than the previous two and was built from scratch. And it is only available on the Google Play Store, though Facebook said it might work to expand it to iOS in the future.

The new app will collect information about which apps people are using and for how long, including which app features are used. That could give Facebook valuable insight into how people use its competitors’ services.

Facebook said it will not track passwords or account IDs, and it will periodically remind

people that the app is collecting their data.

A previous market-research app from the company, called Research, got in hot water earlier this year when a report found that teens were using it and it was sidestepping Apple’s guidelines. Apple booted it from its app store and Facebook eventually shut it down completely.

The other app, called Onavo Protect, was a virtual private network service used to keep information private in public settings—but it was also collecting information about app usage and sending it to Facebook. That app, too, has been shut down.

Facebook appears to be ac ting in a more upfront manner this time, said Lance Cottrell, chief scientist for the cyber-security firm Ntrepid.

“They are being a little less intrusive with this one,” he said, noting that Facebook says it won’t collect some of the more sensitive information from people’s phones such as photos and Web searches. AP

“The bright side is that domestic demand remains quite resilient to all these external factors,” said Nicola Nobile, an economist at Oxford Economics. “Can this last forever? Of course not. One of the two will have to converge.”

The risk is that fewer manufacturing orders means companies hire and invest less, dragging further on growth. Confidence could also suffer, making businesses and consumers more cautious, with a fallout on demand for bank lending.

For now, the source of the c o n t i n e n t ’s m a n u f a c t u r i n g slump is centered in Germany.

Its Purchasing Managers Index has suggested contraction every month this year. France, Spain and Italy look in better shape, but growth is still barely better than stagnation.

Draghi said: “The service sector is still holding on, and investment is still moving forward. The key issue is: how long can the rest of the economy be insulated from a manufacturing sector that keeps on being weak?”

The stakes are high because services account for about three quarters of euro-zone output. A drop off in trade has already hit the air cargo market, with freight volumes down almost 5 percent in the past year. Deutsche Lufthansa is cutting some services this quarter and next.

In Spain, truckers have begun to notice a slight slowdown in demand in the past several months from clients in France and Germany, bucking four years of solid annual growth, said Juan Jose Gil, head of Fenadismer, an association

that represents 32,000 small Spanish transport companies.

“Germany is Europe’s locomotive,” Gil said. “If Germany catches a cold, other countries get sick.”

The euro-area economy is already feeling some pain. Annual growth stayed at the weakest in more than four years in the first quarter. Expansion for all of 2019 is predicted to come in at 1.2 percent, less than half the pace predicted for the US. Contagion might not materialize.

Some point to Germany’s specific issues, such as exposure to global trade and, in particular, capital goods and cars. The US has made autos a key target of its tariffs, adding to structural issues such as the transition to electric vehicles. “ T he p e o pl e w ho s e e t he gl ass ha l f f u l l wou ld say t he

ma nu fact u r ing slowdow n is a pretty atypical one rooted in trade and uncertainty,” said William de Vijlder, chief economist at BNP Paribas. “It’s not a reflection of a collapse of domestic demand.”

That domestic demand is being supported by the labor market, often cited by ECB policy-makers when pushing a more optimistic view. Employment has grown for 23 straight quarters, and the jobless rate has fallen to the lowest in more than a decade.

“We have strong labor markets, higher wages, and good private consumption, but at the same time, we have these clouds of uncertainty,” said Carsten Brzeski, an economist at ING in Frankfurt.

“The ECB is ready to act and it will only need a very small or minor economic accident.” Bloomberg News

HK delays bill debate as protest crowds amass at HQ

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ONG KONG—Thousands of protesters bloc ked entr y to Hong Kong’s gover nment headquar ters on Wednesday, delaying a legislative session on a proposed extradition bill that has heightened fears over greater Chinese control and erosion of civil liberties in the semiautonomous territory.

The over whelmingly young crowd overflowed onto a major downtown road as they overturned barriers and tussled with police outside the building that also houses the chambers where the legislature was to discuss the bill, which would allow criminal suspects in Hong Kong to be sent for trial in Mainland China.

A curt government statement said the session scheduled to begin at 11 a.m. would be “changed to a later time.” An earlier statement said staff members were advised not to go to work and those already on the premises were told to “stay at their working place until further notice.”

The delay appeared to be at least a temporary victory for the bill’s opponents, whose protests have prompted Hong Kong’s biggest political crisis since pro-democracy demonstrations closed down parts of downtown for more than three months in 2014. Some businesses closed for the day, and labor strikes and class boycotts were called.

The protests are a challenge to China’s ruling Communist Party and President Xi Jinping, who has in the past said he would not tolerate Hong Kong being used as a base to challenge the party’s authority.

But they are also giving vent to young Hong Kongers alienated by a political process dominated by the territory’s economic elite.

Protesters said they hoped the blockade would persuade Chief Executive Carrie Lam’s administration to shelve the proposed amendments to the Fugitive Offenders Ordinance and the Mutual Legal Assistance in Criminal Matters Ordinance.

“We want the government to just set the legislation aside and not bring it back,” said a protester who gave only his first name, Marco, to avoid possible repercussions from authorities.

The protest was a watershed moment for Hong Kong’s young generation, who face difficult job prospects and skyrocketing housing prices, said another protester, who gave her name as King, also out of fear of repercussions.

PROTESTERS gather near the Legislative Council in Hong Kong on Wednesday, June 12, 2019. Hundreds of protesters surrounded government headquarters in Hong Kong on Wednesday as the administration prepared to open debate on a highly controversial extradition law that would allow accused people to be sent to China for trial. AP/KIN CHEUNG

“We have to stand up for our r ights or t hey w i l l be ta ken away,” she said.

Dressed in black t-shirts and jeans, many protesters appeared undaunted by demands to disperse from police who briefly used pepper spray and detained dozens overnight on Tuesday. They also appeared mindful of Beijing’s growing use of electronic surveillance such as facial recognition technology to build dossiers on those it considers politically unreliable, with many donning surgical or antipollution masks to hide their features, as well as to safeguard themselves against tear gas.

Such protests are never tolerated in Mainland China, and Hong Kong residents can face travel bans and other repercussions if they cross the border.

Under its “one country, two systems” framework, Hong Kong was supposed to be guaranteed the right to retain its own social, legal and political systems for 50 years following its handover from British rule in 1997. However, China’s ruling Communist Party has been seen as increasingly reneging on that agreement by forcing through unpopular legal changes.

The government pushed ahead with plans to present the amendment s to t he leg i sl at u re on Wednesday despite a weekend protest by hundreds of thousands of people that was the territory’s largest political demonstration in

more than a decade.

A crowd began gathering outside the Legislative Council on Tuesday night, and the US Consulate warned people to avoid the area, exercise caution and keep a low profile.

The legislation has become a lightning rod for concerns about Beijing’s increasing control over the semiautonomous territory.

Lam has consistently defended the legislation as necessary to close legal loopholes with other countries and territories. A vote is scheduled on June 20.

Sunday’s protest was widely seen as reflecting growing apprehension about relations with the Communist Party-ruled mainland, where Xi has said he has zero tolerance for those demanding greater self-rule for Hong Kong.

Critics believe the extradition legislation would put Hong Kong residents at risk of being entrapped in China’s judicial system, in which opponents of Communist Party rule have been charged with economic crimes or ill-defined national security offenses, and would not be guaranteed free trials.

Lam, who canceled her regular question-and-answer session on Wednesday, said the government has considered concerns from the private sector and altered the bill to improve human-rights safeguards. She said without the changes, Hong Kong would risk becoming a haven for fugitives.

She emphasized that extradition

cases would be decided by Hong Kong courts.

Opponents of the proposed extradition amendments say the changes would significantly compromise Hong Kong’s legal independence, long viewed as one of the crucial differences between the territory and Mainland China.

Hong Kong currently limits extraditions to jurisdictions with which it has existing agreements and to others on an individual basis. China has been excluded from those agreements because of concerns over its judicial independence and human-rights record.

Those in Hong Kong who anger China’s central government have come under greater pressure since Xi came to power in 2012.

The detention of several Hong Kong booksellers in late 2015 intensified worries about the erosion of Hong Kong’s rule of law.

The booksellers vanished before resurfacing in police custody in Mainland China. Among them, Swedish citizen Gui Minhai is being investigated on charges of leaking state secrets after he sold gossipy books about Chinese leaders.

In May, Germany confirmed it had granted asylum to two people from Hong Kong who, according to media reports, were activists fleeing tightening restrictions at home. It was the first known case in recent years of a Western government accepting political refugees from Hong Kong. AP

B4 Thursday, June 13, 2019

Chinese herbal brand Inf initus enters Philippine market

METROBANK CHAIRMAN ARTHUR TY CONFERRED THE ASIAN BANKER C.E.O. LEADERSHIP ACHIEVEMENT AWARD

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NFINITUS was officially launched in the Philippines, at opening ceremonies held in Manila on June 1. This marked the formal entry of Infinitus to the Philippine market, bringing in the excellent health culture of the Chinese through herbal health products to help more Filipinos achieve wellness and happiness.

The Philippines is the seventh overseas market after Hong Kong, China, Taiwan, Malaysia, Singapore, Canada, and Thailand, all of which simultaneously opened in 1992.

Yu Jianglin, chief executive officer of Infinitus Global, congratulated the Philippines on the official launch of Infinitus in the country. In his opening speech, Anson Au, general

manager of Infinitus overseas market, expressed confidence in the Philippine market, even as business partners looked forward to the company’s bright prospects.

With 20 percent of Filipinos being of Chinese ancestry, China and the Philippines have close economic, cultural and people-to-people contacts.

And now that Infinitus products are readily available in the country, the familiar and time-tested quality of Chinese health concepts and practices will be made more accessible to Filipinos and the FilipinoChinese community.

In photo are (seated, from left) Emily Wong, marketing director of Infinitus overseas market, Qiu Jinfeng, sales director of Infinitus (China); Sheila

Peng, chief sales director of Infinitus (China); Pinky Shen, corporate communication director of Infinitus (China); and Ivy Chen, manager of Infinitus Fujian branch; (standing, from left) Felix Young, senior manager for new market development of Infinitus overseas market; Jack Lin, Infinitus chief IT engineer; Lui Xuejun, market service director of Infinitus (China); Sam Li, new market development director of Infinitus overseas market; Au; Kuang Weihua, senior sales director of Infinitus (China); Jacky Tang, Infinitus product development director; Bill Song, business development support director of Infinitus overseas market; and Xu Dasheng, regional director of Infinitus (China).

ETROPOLITAN Bank and Trust Co. (Metrobank) Chairman Arthur Ty (in photo) receives The Asian Banker CEO Leadership Achievement Award for the Philippines, at the recent awarding ceremonies in Bangkok, Thailand.

Ty attributes the award to the people behind Metrobank ’s journey. “ This award is an honor that I share with my fellow Metrobankers, our sta keholders and, most specia l, our customers. To be given this recognition is ver y meaningful for me since I have been part of the bank for the longest time now.”

Ty grew up working his way through the bank, from doing simple daily tasks and learning from mentors to leading the institution. Ty’s MBA degree from Columbia University and his Wester n theoretica l knowledge, combined w ith his Chinese and Filipino street-smarts, were pivotal in his leadership style.

Under Ty’s leadership, the bank ’s growth agenda focused on generat ing st able a nd d iversif ied revenue st rea ms, and developing innovative and scalable solutions through streamlining and modernization.

“Ultimately, ever ything we do is for our clients. And it is their continuing trust and support that drive us to do our best in ensuring that they are always in good hands,” Ty said. Significantly, this award ref lects Metrobank ’s 57year commitment of championing customers’ well-being and upholding the trust that comes with it.

In 2018 Metrobank ’s net income grew by a robust 21 percent yea r - on-yea r to P22 bi l l ion, wh ic h represents the fastest growth posted among top players in the local banking industr y. This is driven by healthy growth in loans complemented by margin expansion, higher fee-based income and manageable expense growth.

PHL INTERNET SPEED FASTER UNDER DUTERTE

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ASED on reports, the average Philippine Internet speed has been on the rise since President Duterte took office.

In his first month in office, the average download speed for mobile and fixed broadband was only at 7.44 megabits per second (mbps) and 7.91 mbps, respectively. Since then, the average download speed for mobile and fixed broadband has increased to 14.73 mbps, or 97.98 percent; and 18.66 mbps, or

135.90 percent, in April.

On his first year in office, Akamai, one of the world’s largest distributed computing platforms, cited the Philippines, as well as Thailand and China, for leading the Asia-Pacific region in terms of Internetspeed improvement with a 20-percent quarterly boost.

Akamai further gave a positive forecast for the Philippine Internet state after President Duterte approved a plan to deploy a national broadband

network at an estimated cost of $1.5 billion to $4.0 billion (P77 billion to P200 billion).

Consistent with Akamai’s forecast, the quarterly trend of the Philippine average Internet speed for both mobile and fixed broadband has been on an upward trend and even doubled from third quarter of 2016 (7.77 mbps for mobile and 8.40 mbps for broadband) by the first quarter (14.71 mbps for mobile and 19.31 mbps for broadband) based on Speedtest reports by Ookla.

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ORONTO—The National Basketball Association (NBA) Finals are making one last trip to Oracle Arena.

For the Toronto Raptors, it’s a second shot at a first championship.

For the Golden State Warriors, it’ll be a night to play for a fallen teammate and the fans they’re leaving behind.

Game Six is on Thursday and the stakes could hardly be higher.

“We owe our fans one more game in Oracle,” Warriors guard Klay Thompson said.

There have been so many already during Golden State’s stretch of five straight trips to the NBA Finals, the second-longest run in NBA history. But few had all the drama and emotion that will fill the Oakland air on Thursday.

Toronto will bring a 3-2 lead into the building and try again to win a title that seemed so close in Game Five. The Raptors had a six-point lead with less than three minutes remaining on Monday, poised to put an end to a Golden era in the NBA. Then Thompson and Stephen Curry rallied Golden State to a 106-105 victory, fueled by three straight 3-pointers.

Now the Raptors have to do things a little bit better, for a little bit longer.

The Associated Press

By Brian Mahoney

“Come out and do the same thing. Just be mentally focused, try to limit our mistakes, and be the aggressor,” Kawhi Leonard said.

“Just play hard 48 minutes and see what happens.”

It’s the last game in the arena before the Warriors move to the new Chase Center in San Francisco, and the first one for Golden State with the knowledge that Kevin Durant won’t be back this season. The two-time defending champions began the series hoping he could return from a strained right calf, but not long after he did he was lost in the second quarter of Game Five with an Achilles tendon injury.

Center Kevon Looney also went out again, so the Warriors are nowhere near full strength as they make their final stand.

They can’t worry about that now.

“It’s not like we’re the only team battling,” Draymond Green said. “They’re battling, as well.

Everybody is facing fatigue at this point. No one cares who is tired or if you’re facing a little fatigue. You’ve got to do what you came here to do anyway.”

The Warriors are trying to become the 12th team to come back from a 3-1 deficit and only the second in the NBA Finals, after the Cleveland Cavaliers did it against them in 2016. Being back home on Thursday is a luxury but certainly no guarantee, not after Toronto won Games Three and Four at Oracle Arena to go along

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AKLAND, California—This was already going to be a summer filled with fireworks in the National Basketball Association (NBA).

Nothing has changed.

Kevin Durant’s Achilles injury, the severity of which isn’t yet confirmed, means he probably won’t be able to play much—if any—next season. But this is a testament to how much he overshadows much of the NBA landscape: Durant will still likely dictate how the free-agency dominoes fall this summer.

Durant could exercise his $31.5 million player option and stay with the Warriors, and that’s likely going to be his worst-case financial scenario. He could opt out and sign a longer deal to stay in the Bay. Or he could opt out, sign elsewhere and start collecting massive checks from either the New York Knicks or Brooklyn Nets or Los Angeles Clippers or someone else.

Kyrie Irving’s decision could hinge on what Durant does. Kawhi Leonard’s decision could be affected by what Durant does. How the Knicks, Nets, Clippers, Dallas Mavericks, Los Angeles Lakers, Atlanta Hawks and all the other teams who have cap space will start spending their money on June 30...it all will be determined, at least on some level, by what Durant does.

If he stays in Golden State, that’s more money for everyone else.

If he hits the open market, it’ll be about what team wants to gamble.

Here’s a tip to those teams that wanted Durant before he got hurt again in Game Five of the NBA Finals.

If the opportunity presents itself, sign him.

Free agency usually isn’t about just one year. It’s about the long haul. Durant is only 30 years old. He’s

Durant still the major force in summer free agency O

AKLAND, California—The National Basketball Association (NBA) says Toronto’s Marc Gasol should have been given two free throws with 49 seconds left of Game Five of the NBA Finals in Toronto, a game that the Raptors lost to Golden State by one point.

Gasol was fouled by the Warriors’ DeMarcus Cousins on a drive, the NBA said in its Last Two Minute Report that was issued on Tuesday.

GOLDEN State Warriors forward Kevin Durant (35) draws a loose ball foul on Toronto Raptors center Serge Ibaka during first half basketball action in Game Five of the NBA Finals in Toronto on Monday. AP

Gasol missed the shot and tumbled to the floor, but no foul was called.

Golden State led 106-103 at the time. The Warriors wound up prevailing 106-105, staving off elimination and sending the series back to Oracle Arena for Game Six on Thursday night.

The NBA said Cousins moved into Gasol, “initiating contact that affects his driving shot attempt.” AP

NBA: Gasol deserved 2 free throws in Game 5

It’s the last game in the arena before the Warriors move to the new Chase Center in San Francisco, and the first one for Golden State with the knowledge that Kevin Durant won’t be back this season.

TORONTO Raptors forward Kawhi Leonard (2) and Golden State Warriors guard Stephen Curry (30) battle for a loose ball as Warriors center Kevon Looney (5) and Raptors’ Marc Gasol and Pascal Siakam (right) look on during Game Five of the NBA Finals in Toronto on Monday. AP

with its victory there in the regular season.

So the Raptors won’t be rattled by having to go back there, even though they nearly avoided it.

“We came into this series expecting a long series and we put ourselves in a good position,” guard Fred VanVleet said.

A loss on Thursday sends the Warriors into a summer they won’t be eager to face. Durant can become a free agent and will have to decide where he wants to play—whenever he can play. Thompson’s contract also expires, so these could be the final days of a dynasty.

But until then, the Warriors are showing they can win with skill or will. They’ve beaten teams for so long just because of their talent advantages, but getting this title would require much more than that.

“We made a lot of different statements over the course of these five years,” Curry said. “Win or lose, I don’t feel like we need to prove anything anymore. It’s just about can we get the job done or not.”

not a high-flyer who plays above the rim all the time.

He’s not a plodding big man. He’s not someone with a lot of gray in the goatee. He’s a world-class scorer and jump-shooter in his prime. A year from now, if the recovery from the Achilles injury indeed takes that long, he’ll be far from over the hill.

“This is a devastating injury for a basketball player, but Durant can return to be the same or very close,” Dr. David Chao, a longtime National Football League team physician, practicing orthopedic surgeon and now a sports medical analyst with a large following wrote on Tuesday. “This does not mark his downfall as an elite player.”

In the short term, it just means Durant’s NBA Finals are over. Game Six is on Thursday night, and the Warriors trail the Toronto Raptors 3-2 in the title series.

In the long term, it might mean so much more— including the possibility that his time playing for Golden State is over.

Achilles recoveries for basketball players have typically taken about a full year. Even if it turns out to be a partial tear, it’s still a tear. Some team was going to pay Durant a lot of money in 2019-20 and some team still will, probably without the

hursday, June 13, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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immediate on-court services of perhaps the best player in the world in return.

The first decision is the medical course of action.

The financial course of action will be decided soon after.

All will not be lost next season for the team that has Durant on its roster. That team will apply for, and get, a disabled player exception that will allow them to sign someone else for probably about $9 million and not have that count toward the team’s cap.

That player won’t be of Durant’s caliber, because so few players are. But a year or so later, the team would have Durant.

There’s risk with any signing. And signing any player that will command so much of a team’s salary cap while facing a grueling rehab would seem particularly risky.

“He’s going to come back stronger though,” Warriors guard Klay Thompson said. “That’s the kind of fighter he is.”

The Nets swung a trade earlier this month to clear enough cap space for two max contracts this summer—and there’s no doubt that they would love Durant to take one of those spots, possibly alongside Irving. The Knicks have been mentioned as a hopeful

in the Durant sweepstakes for months. The Clippers were expected to make a pitch for him, as well. The Warriors surely want to keep him.

The chatter about Durant’s injury indicates it’s all a mystery now, although it really shouldn’t be.

Players have made comebacks off Achilles surgery, with relative levels of success.

DeMarcus Cousins, Kobe Bryant, and Rudy Gay all came back; Cousins hasn’t regained past form, yet. Dominique Wilkins had an Achilles tear happen to him at the peak of his career and he arguably was good as ever afterward. Elton Brand, now leading the Philadelphia 76ers’ front office, had it as a player and said he was never the same. Christian Laettner went from a star to a role player when his Achilles ripped.

“I’ve been there,” 15-time golf major winner Tiger Woods said on Tuesday at the US Open. “I’ve had it to my own Achilles. I’ve had it to my own back. I know what it feels like. It’s an awful feeling. And no one can help you. That’s the hard part.”

Woods fought his way back toward the top of his sport, and is the reigning Masters champion.

Durant isn’t going to let an Achilles injury end his reign as one of the game’s best. Teams would be foolish to think otherwise. AP

ORACLE ARENA MAKES LAST STAND

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U MAX’S Chief Operating Officer Eric Fermin (from left), Philippine Olympic Committee Secretary-General Patrick Gregorio and Max’s President and CEO Robert Trota seal the deal with a fist-bump.

P.O.C. GETS MAJOR SUPPORT P

HILIPPINE Olympic Committee Secretary-General Patrick Gregorio announced on Wednesday that the Olympic Council of Asia (OCA) has approved the release of the equivalent of P1.5 million for the purchase of an official transport for the POC. For their part, Toyota Motor Philippines has agreed to cover the cost of the balance of a 29-seater Toyota Coaster, listed at P3.453 million.

“This is part of our marketing efforts per instruction of POC President Ricky Vargas. Our marching orders were to source P100 million in sponsorships and we are already at 90 percent of that goal after only a little over a year. We are confident that we will hit the target by end2019,” Gregorio said.

Shortly after Vargas took over the POC reins last year, a total of P76 million went into the POC coffers from San Miguel Corp. (P50 million), MVP Sports Foundation (P20 million) and the Philippine Basketball Association (P6 million).

Summit Water and Milo also affirmed their continued support with their sponsorships of P1 million and P1.225 million, respectively.

“We have a lot of respect for Mr. Vargas, who is also our chairman in the PBA. Although our teams are fierce rivals on the court, he has always conducted himself with fairness, competence and professionalism,” Alfrancis Chua, San Miguel

Corp. sports director, said in a statement.

“This is why San Miguel Corp., through our President Mr. Ramon S. Ang, did not think twice in showing full support to President Ricky’s programs in the POC,” Chua added.

The Max’s Group Inc. (MGI) also recently committed a P10.5-million sponsorship for athletes who will compete in the 2020 Tokyo Olympics, with the amount going not only to the athletes, but also to their families.

“What better way to support Filipino athletes than to help them raise the country’s flag in international competitions?” MGI President and CEO Robert Trota said. “We share the vision of the POC and we are confident that under President Vargas’s leadership, the athletes will benefit directly.”

Gregorio is enthusiastic at the private sector’s generosity.

“All these will go to the athletes, who are the centerpiece of Mr. Vargas’s programs. As a matter of fact, a total of P14.9 million from the sponsorships was given out as incentives to medalists in the last Asian Games and Youth Olympics. And we can do a lot more if only we could isolate sports from politics.

I hope our fellow sports leaders would realize this,” Gregorio said.

Recently, all NSAs with athletes competing in the 30th Southeast Asian Games received P100 million each from the POC as assistance for their training expenses.

KRAINE’s Volodymyr Prodyvus has cast further doubt on Interim President Mohamed Moustahsane’s ability to lead the International Boxing Association (Aiba) as he warned the organization would fail without “immediate, radical cleansing as well as additional substantial reforms.”

Prodyvus, a member of the Aiba Executive Committee, made the claim in a letter sent to Moustahsane as the two continued their heated exchange, amid the fallout to the International Olympic Committee (IOC) decision to suspend the embattled governing body.

In his response to a letter sent by the Moroccan last week and seen by insidethegames, Prodyvus claims the supposed improvement made by Aiba since 2018 “does not grant you enough rights to demand unity within Aiba family around your vision and management of our organization.”

The Ukraine Boxing Federation president also reiterated his disagreement with the way Aiba has managed the crisis after it was suspended as the Olympic governing body for the sport by the IOC and stripped of any involvement in the boxing event at Tokyo 2020.

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six subzones representatives from East Asia, Southeast Asia, South Asia, West Asia, Central Asia and the Gulf.

“First of all, thank you for the privilege and recognition of being voted as second vice president for the Fiba Asia Central Board,” Panlilio said in a statement.

Juggling his work as governor of the Meralco Bolts in the Philippine Basketball Association and president of the MVP Sports Foundation, Panlilio said he was elated with his new post.

“I am looking forward to work even more closely with Mr. Hagop and the rest of the Fiba Asia Board, led by President Sheikh Saud Ali Al Thani,” he said.

“I hope I can contribute in the further development of basketball not only in Asia but globally, in alignment with the Fiba HQ’s objective of making basketball the No. 1 sport

The Aiba Executive Committee agreed to grant the Aiba Bureau, comprising the five Confederation presidents, Moustahsane and Executive Director Tom

EBBLE BEACH, California—The questions are different now, if only because Tiger Woods no longer has to explain why he was stuck for more than a decade on 14 major championship wins. That alone had to be worth the smile on his face on Tuesday as he took a break from a session on the driving range at Pebble Beach to assess his chances of adding the US Open title to the Masters green jacket he won just two months ago.

With age comes a certain wisdom, too, and perhaps an understanding that as historic as Woods’s Masters win was, there are a lot more wins in his past than there will be in his future.

And, realistically, there will never be a win again like his romp here in 2000, when Woods never missed a putt inside 10 feet and won the Open by a whopping 15 shots.

Woods is 44 now, balding and with the usual aches and pains that go along with age and the wear and tear of swinging a golf club.

That he’s still capable of competing at the highest level after back and knee surgeries borders on amazing even in a sport that treats its aging stars better than any other.

Still, the fact he’s one of the favorites in this US Open on the same seaside course where

he won so easily 19 years ago has Woods a bit bemused, if not really that surprised.

“How do you compete against kids that were born in the 2000s?” Woods asked. “They were born after I won this damn tournament.”

The answer to that question, of course, is hit the ball straight and make a bunch of putts.

It’s basically the formula Woods followed in the 2000 win that was the first of a remarkable four major championships in a row.

And his worries about playing against kids born after his 2000 win might be just a bit overstated. In the field of 156 players, only Michael Thorbjornsen hadn’t been born at that time, and the 17-year-old amateur from Wellesley, Massachusetts, isn’t exactly a betting favorite in his first Open.

But as Woods tees off on Thursday in search of another major, he’s as firmly rooted in the past as he is engaged in the present. And that’s not a bad thing on a golf course he played as a child with his dad long before he hoisted an Open trophy in a performance for the ages.

Woods said he was 9 or 10 when he first played Pebble Beach, where he said the green fees were under $100. He knows that because his dad, Earl Woods, vowed to him that they would never play any golf course if it cost more than that.

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Valdez lifts Creamline vs BaliPure

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the team hard, but they were still able to survive St. Clare College Virtual Reality in three hardfought games, none bigger than their 89-72 Game Three conquest last Tuesday.

Tip-off is at 4 p.m. in this best-of-five championship series.

Favored as Cignal-Ateneo is, the team knows that it cannot take CEU lightly in this titular showdown.

“They’re in the Finals for a reason. They’ve been playing undermanned and that’s what makes them dangerous,” Ateneo deputy coach Sandy Arespacochaga said.

REAMLINE slowed down in the third frame but still found a way to subdue luckless BaliPure, 25-19, 25-18, 25-23, and firm up its hold of the second spot in the Premier Volleyball League Reinforced Conference at the Filoil Flying V Centre in San Juan on Wednesday.

Alyssa Valdez took over from imports Kuttika Kaewpin and Aleoscar Blanco, blasting in 12 kills and adding four aces for a 16-point performance,

bodies, which you refer to in your letter, use to confirm the situation surrounding Aiba to be under control?” Prodyvus writes.

“Regardless of the arguments we make in our letters, the bottom line is that Aiba has not transformed nearly enough, increased various risks for the Olympic Movement and will be inevitably suspended from it.

“Aiba will fail without immediate, radical cleansing as well as additional substantial reform.

“I stated my disagreement privately and publicly with your position on managing the IOC inquiry and its outcomes.

“Aiba National Federations, Executive Committee Members and I are left hoping that you will indeed succeed in showing genuine desire for further reforms and renovation within our organization to the IOC Membership prior to the IOC Session.

“I also hope that the Aiba Executive Committee will ultimately find the additional reform package you plan to unveil as one that can ultimately reinstate Aiba’s Olympic status following Tokyo 2020.” Insidethegames

ASH BARTY is the highest ranked Australia in almost four decades. AP

AL PANLILIO earns a seat in one of basketball’s most powerful body.

in the world,” he added.

The Fiba Asia Cup 2021 Draw was also conducted in the event. Ramon Rafael Bonilla

The Blue Eagles will lean on Ivorian center Ange Kouame, as well as its top dogs Thirdy Ravena, Isaac Go, and brothers Matt and Mike Nieto to draw first blood.

This will be the Cignal franchise’s third championship appearance, although this will be the first with the Ateneo core. The Blue Eagles past two Finals runs were with the San Beda Red Lions.

On the other hand, CEU wants to end this Cinderella run on a high, with coach Derrick Pumaren not shying away from professing his pride seeing how his guys have fought throughout this campaign. as the Cool Smashers racked up their fourth straight victory after an opening-day stumble to the PetroGazz Angels to close out their first-round eliminations campaign at second.

Kaewpin backed her up with 11 points, while Blanco added nine markers for the defending champions who will head next to Iloilo for the league’s first out-of-town game on Saturday against the BanKo-Perlas Spikers.

“It was a long, soft, wet golf course to me,” Woods said. “But it was cool to see that the same thing we watch every year in, what, February, [to] see where the pros play.”

Pebble Beach won’t be soft and wet for this Open. That’s not the way the United States Golf Association sets up the national championship, and the forecast says it’s not going to rain this week.

Woods spent time on the putting green on Monday and the driving range on Tuesday, part of a strategy to conserve his energy and not play the course until it is close to tournament conditions.

So far, though, he likes what he sees.

“There’s nothing like playing a US Open setup here at Pebble Beach,” Woods said. “The golf course is not overly long. It’s not big in that regard, but man, it’s tricky. The greens are all slanted, very small targets. And if they ever firm up, then we have a totally different ballgame.”

There’s a lot to like about Woods’s chances in those conditions, in any conditions. This is a player, you might remember, who finished tied for fourth in the last Open here in 2010, when he was just months removed—and still trying to recover— from a humiliating fall from grace in a marital scandal that shocked the sports world.

He’s been through even more since then,

including surgeries and a DUI arrest when he was found parked on a Florida road with five different drugs in his system.

But life seems about as good as it gets these days for Woods. He’s back playing well, has a steady girlfriend, and can’t stop talking about how much his Masters win meant to him because it allowed his two children to see him at the top of his game.

His embrace of them on the 18th green at Augusta National was poignant, bringing back memories of the long hug he gave his own father off the same green in 1997 when he won his first major championship in a runaway.

“They don’t remember me enjoying the game of golf because all they remember is Daddy on the ground in pain,” Woods said. “And so now golf brings me so much joy, they’re able to see that. And if it brings a smile to their faces, it brings a smile to my own.”

And right now, Woods has a lot to smile about. AP

Tennis balls key to Barty’s return to competition

Cignal Ateneo-CEU D-League Finals series gets going WO of the best collegiate teams in the country clash for all the marbles on Thursday when Cignal-Ateneo and Centro Escolar University (CEU) face off in Game One of the Philippine Basketball Association Developmental League Finals at Filoil Flying V Centre in San Juan.

The Blue Eagles are coming in well-rested after sweeping Valencia City Bukidnon-San Sebastian College Recoletos last week in the semifinals.

The eight-man Scorpions have been running on adrenaline since game-fixing allegations hit

Virgets, the power to respond to the IOC. But Prodyvus claims the Executive Committee thought this decision related only to Aiba’s meeting with the IOC Inquiry Committee two days before the Executive Board decision and “not to manage all relations with the IOC on behalf of Aiba”.

He also reaffirmed his belief that an Extraordinary Executive Committee meeting should be held before the IOC Session from June 24 to 26—where the suspension will be ratified by the membership—to pave the way for an Extraordinary Congress, where elections would be held.

The Aiba Executive Committee is scheduled to meet on June 27, the day after the conclusion of the Session.

The letter is the latest example of the growing schism within Aiba as some Executive Committee members have grown disillusioned with the lack of action from the leadership since it was suspended by the IOC. “Dear Interim President, what kind of criteria and standards do you and appropriate Aiba

WORTH A SMILE FOR WOODS

PANLILIO BAGS FIBA POST AMAHANG Basketbol ng Pilipinas President Al Panlilio further deepened his role in the local and international community following his election as second vice president of the powerful Fiba Asia Central Board over the weekend.

The election was held during the Fiba Asia General Assembly in Bengaluru, India, where Panlilio got the nod to serve the Central Board along with third-termer President Sheikh Saud Ali Al Thani of Qatar.

Also elected to the Central Board were Yao Ming (Chairman), Akram Halabi (First Vice President), Abhijit Sarker (Chairman of Finance Committee) and Xu Lan (member of Gender in Minority).

Panlilio and the new officials, will sit with Fiba Asia Secretary-General and Fiba Executive Director-Asia Hagop Khajiran and the other

CRISIS WORSENS

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RISBANE, Australia—Ash Barty’s father had a pretty good idea when his daughter had made the decision to return to tennis after nearly two years playing professional cricket.

“One day I came home and found about four boxes of new tennis balls at the front door,” Rob Barty told Australian Broadcasting Corp. radio on Wednesday. “It was Ash deciding she was going back to play tennis and away she went.”

Barty’s comeback culminated Saturday with a French Open title, her first Grand Slam singles championship, after beating Marketa Vondrousová in straight sets.

After a first-round loss at the US Open in 2014, Barty decided to step away from tennis. She had been a top junior player, who won the girls’ title at the All England Club, but the pressures and stress took their toll.

So she switched to

cricket and played the Twenty20 version of the sport in Brisbane.

When she returned to tennis in 2016, her ranking was outside the top 600.

Rob Barty watched his daughter’s results on the tennis court improve rapidly.

“She sent me a text when she cracked the top 100 and said ‘Hey Dad, finally made it. I’m in the top 100’,” Rob Barty said. “I can remember speaking to my wife Josie about it and saying I wonder if Ash will ever be as good to be seeded in a Grand Slam event as in top 32.

Now here we are 12 to 18 months later she’s No. 2 in the world and she’s won a Grand Slam.”

Barty officially became No. 2 on Monday, the highest ranking by an Australian woman since fellow indigenous star Evonne Goolagong Cawley was No. 1 in 1976.

“Lovers of tennis here and around the world will be delighted by the natural skills and flair Ash possesses,” Goolagong Cawley said after Barty’s win.

“Now they have developed into a beautiful game full of artistry, movement and power. It was there for all to marvel at in Paris. She is a joy to watch.”

Barty moved up six places with her win and now trails only reigning US Open and Australian Open champion Naomi Osaka. AP

URBAN SPORTS DEMO FOR PARIS ’24

T The Angels, who faced the Perlas Spikers late Wednesday, face the Water Defenders while the Motolite Power Builders and the PacificTown Army Lady Troopers tangle in Imus, Cavite, on Sunday.

Slovenian import Alexandra Vajdova finished with 17 hits while fellow reinforcement Danijela Dzakovic of Montenegro chipped in 10 points for the Water Defenders, who also drew eight points from Menchie Tubiera in a two-set stint.

HE International Olympic Committee (IOC) Coordination Commission for Paris 2024 was treated to a display of five urban sports set to feature at the Games.

The Commission members assembled at the L’Ombrière de Norman Foster at Vieux Port to watch displays of breakdancing, 3x3 basketball and skateboarding.

Four-time BMX flat world champion and Parisian Alex Jumelin also performed.

Pierre-Olivier Beckers-Vieujant, chairman of the IOC Coordination Commission, was present along with Paris 2024 President Tony Estanguet.

Members of the public were then invited to take part in taster sessions of each sport, while the Commission moved on to the J4 Esplanade at the Mucem Museum.

There they watched a sport climbing display,

with the athletes using a wall installed over the Mediterranean Sea for the occasion.

Of the sports, breakdancing, sport climbing and skateboarding were proposed for provisional inclusion on the Paris 2024 program by the IOC Executive Board in March, alongside surfing.

It is hoped that the selection would make the Olympics “more youthful and more urban,” claimed IOC President Thomas Bach.

This ambition was reflected throughout the demonstrations, with a DJ playing loud music and encouraging the crowd to show their support for the performers.

Breakdancing would be making its Olympic debut at Paris 2024, while sport climbing, skateboarding and 3x3 basketball are set to appear for the first time in Tokyo next year.

Insidethegames

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Thursday, June 13, 2019

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DRIVEN BY PASSION TO SERVE

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THE proponents of the event—(from left) Miguel Valmayor (representing his father, San Carlos City Mayor Gerardo Valmayor), Councilor Carlos Valmayor, Bea Roxas (Roxas Foundatión), Alejandra de Benito (Fundación Real Madrid/FRM), Sergio Linares (FRM) and Pablo Tanuan (ANAKK)—strike a pose.

REYMON JARAULA (below) wrests the spotlight from the top guns, including Michael Bibat, in the first round.

NONOY LACZA

TIGER WOODS fan Robert Drlicka walks along the 18th fairway during a practice round for the US Open Championship golf tournament on Tuesday in Pebble Beach, California. AP

Koepka faces tough odds at US Open

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EBBLE BEACH, California—Brooks Koepka should already have enough motivation for this US Open.

At stake is a shot at a US Open record not touched in 104 years—three straight victories by Willie Anderson.

On his mind was a Fox Sports preview that Koepka interpreted as another example of him not getting the credit he deserves, another chip on his broad shoulder, another chance to prove everyone wrong.

“A bunch of people on Twitter I think tagged me in it—in the promo—and I guess they were amazed that I wasn’t in it,” Koepka said on Tuesday. “I just clicked on the link and watched it. Just kind of shocked.

They’ve had over a year to kind of put it out. So I don’t know. Somebody probably got fired over it—or should.”

Was it a slight?

Fox had four US Open promos, three of which included Koepka, one of them devoted entirely to Koepka and the history he can match. The other was entirely about Tiger Woods, the Masters champion who returns to the scene of his record 15-shot victory at Pebble Beach.

Koepka wasn’t clear about what shocked him. If there is any cause for a beef in the Woods promo, it was talk about passing the torch to the next generation and showing images of Rory McIlroy, Dustin Johnson and Jordan Spieth—but no Koepka.

The good news for Koepka?

He says it’s getting harder for him to hide when he’s out in public. He can feel eyes on him when he walks into a restaurant, and he’s not sure why all the fuss.

“I just view myself as a regular guy, just like

BROOKS KOEPKA says it’s getting harder for him to hide when he’s out in public. AP

everybody else,” he said. “And I just happen to be really good at golf. And that’s it.”

It was hard not to notice, maybe even appreciate, the interview room. Only six people attended his pre-tournament press conference last year at Shinnecock Hills when he was the defending champion, although it was late on a Wednesday afternoon. This time, it was hard to find six empty seats.

Koepka has everyone’s attention at Pebble Beach. He has won four of his last eight majors, a stretch of success only Woods, Jack Nicklaus and Ben Hogan have equaled in the era of four majors.

Even so, it’s another name that enters the equation this week.

Koepka recalls seeing Anderson’s name on a building in Scotland last summer, right after he won his second US Open. By then, Koepka was vaguely aware that the Scottish-born Anderson had won the US Open in 1903, 1904 and 1905. AP

NHERALDED Reymon Jaraula stood out from a star-studded group that teed off late, spiking his lead-sharing five-under 65 with an eagle as he joined Michael Bibat, Rufino Bayron and Spain’s Marcos Pastor at the helm at the start of the International Container Terminal Services Inc. (ICTSI) Bacolod Golf Challenge on Wednesday in Murcia, Negros Occidental.

Jaraula ripped the Bacolod Golf Club’s backside with four straight birdies from No. 12 then bounced back from a bogey on No. 17 with an eagle on the

HE “Beautiful Game” breeds beautiful— and eventually long-lasting results.

This in a nutshell is getting groomed as the Philippines and Spain resume a relationship through football, thanks primarily to the Real Madrid Foundation.

For the second straight year, Real Madrid Foundation, the corporate social responsibility arm of powerhouse Real Madrid FC, conducted the Copa Alma Filipinas—a seven-a-side modified football tournament in San Carlos City, Negros Occidental.

Together with partners Fundación Roxas and Fundación Santiago, Copa Alma gathered 500 kids from Luzon, Visayas and Mindanao who were taught them the values of football, its culture and origins.

“The Real Madrid Foundatión is developing social-sports projects all over the world—in more than 80 countries,” visiting coach from Real Madrid Foundation Sergio Linares said. “The Philippines is very important for Real Madrid Foundation because of our cultural links and our fantastic partners— Fundación Roxas, Fundación Santiago and ANAKK.” Teams from

Nasubgu, Batangas, La Carlota and San Carlos, Negros Occidental—as well a selection from Digos, Santa Cruz, Padada and Hagonoy, Davao del Sur—immersed themselves to the lessons of coaches and went on to a mini, single-round robin tournament.

At event’s end, Nasugbu was crowned winner and ANAKK ESD of Davao del Sur as runner-up.

Roxas Foundation FRM Escuela Socio Deportiva in Nasugbu Team Marcelo was the overall winner in the second edition of the Copa Alma Filipinas.

Team Marcelo edged ANAKK ESD of Davao del Sur’s Team Isco in the tournament, which also saw Fundación Real Madrid awarding the Motivation distinction to FRM Escuela Socio Deportiva in Nasugbu Team Marcelo.

The other winners were San Carlos-Courtois (Equality), San Carlos-Bale (Team Spirit), La Carlota-Varanne (Self-Esteem), La Carlota-Casemiro (Respect) and Davao del Sur-Isco (Fairplay).

The event did not only recognize the football skills of the teams—all coming from marginalized communities—but more importantly the values the participants represented.

San Carlos City Councilor Carlos Valmayor, Jose Miguel Valmayor (representing his father Rep.-Elect Gerardo Valmayor Jr.), Fundación Real Madrid Operations Director for Asia & Oceania Alejandra de Benito and Fundación Santiago

JARAULA UP IN BACOLOD par-five No. 5 as he turned in a 33-32 card to find himself a bewildered coleader for only the second time in a young career, one ahead of another unfancied bet in Richard Sinfuego.

But the rising Del Monte star, who tied for 18th in last week’s Club Filipino de Cebu (CFdC) Invitational won

by Dutch Guido van der Valk in wire-to-wire fashion, will need three more solid rounds to realize a dream finish with a mix of talents likewise launching their respective title drives at the par-70 layout in impressive fashions.

“My driving was quite okay but I struggled a bit with my putting,” said the softspoken Jaraula, who, however, missed the fairway on No. 17 and muffed a couple of birdie putts at the front.

Bibat, seeking to end a long title spell, scorched the frontside with five straight birdies and bucked a two-birdie, two-bogey game at the back to put himself in contention after finishing joint second at CFdC in Danao City.

“I played well, stayed focused and didn’t mind the scores of the rest,” said Bibat, who rued his being impatient at the back that led to bogeys on Nos. 10 and 17. “But I had a good game overall and got some good breaks.”

In contrast, Bayron leaned on a fiery backside

of five birdies in the last eight holes to card a 3530 in a big rebound to a floundering finish of 76 that dropped him to joint 16th in Cebu last week.

“I struggled with my driving and putting in the first nine holes, missed the fairways and greens on Nos. 6 and 7. But I hit my stride at the back and made the putts,” said Bayron, who turned what had been a so-so game into a flourishing finish with four straight birdies from No. 14.

Pastor launched his bid at the back and eagled the par-five 15th, then birdied Nos. 18, 1 and 7 to turn in a bogey-free 33-32 round on a day where the lesser lights upstaged the fancied players in the P2.5-million championship put up

by ICTSI at the short but tricky layout that yielded a number of eagles for the long hitters but punished those with wayward shots.

The Philippine Golf Tour Qualifying School (Foreign) topnotcher in February could’ve actually grabbed solo control if not for his flubbed birdie chances from close range.

“My driving and irons are very good but had some problems with my putter and missed at least five birdie chances from club-length distance,” said Pastor, who broke par just once at the par-71 Club Filipino de Cebu layout and tied for 22nd.

“I don’t know what’s in store tomorrow [today] but I hope to be able to settle down [with my putting].”

Sinfuego, a former amateur hotshot but who didn’t have as much success in the pros, also gunned down an eagle and hit five birdies against three bogeys as he took solo fifth at 66 while Rico Depilo and Arnold Villacencio carded identical 67s to stay in the early hunt.

Reigning Philippine Open champion Clyde Mondilla also shot an eagle and three birdies against three bogeys as he marked his return to the PGT with a 68 for joint eighth, just three strokes off the joint leaders in the event serving as the second of the four-stage Visayan swing of the circuit organized

by Pilipinas Golf Tournaments Inc. Juvic Pagunsan, who took a break from the Japan Professional Golfers Association Tour, his base the last few years, to rejoin and prime himself up for next week’s title defense in Negros Occidental, rebounded from a bogey mishap on

Corpus topples Chan from lead in SEAG elims

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ARL CORPUS pounced on Aidric Chan’s shocking frontside meltdown then outshot the erstwhile leader at the back to overcome a six-stroke deficit and move up by one with a 72 in a topsy-turvy third round at the Luisita Golf and Country Club in Tarlac on Wednesday that also saw five others dispute the third and last berth in the 30th Southeast Asian Games men’s team.

Corpus fumbled with a 37 after nine holes but Chan fared a lot worse with two double bogeys and two bogeys in an atrocious start for the reigning national junior champion who had appeared to be in firm control after staying six-up over the former after Tuesday’s round.

Chan actually moved up by two again

Executive Director Chaco Molina graced the closing ceremony.

RoxaCo, RHI, Central Azucarera de La Carlota, ItalPinas Development Corp., Chooks To Go, San Carlos Biopower and Pioneer Insurance supported this year’s edition with the BusinessMirror as the Copa Alma 2019 Media Partner.

According to Linares, Real Madrid Foundation aims to make a better world and change a kid’s life linking education in values through sports with their basic needs.

“The Copa Alma event is an opportunity for the kids to practice and share football and values, culture, origins, experiences. And it applies as well for the coaches,” he said.

“Real Madrid Foundation uses team sports, football and basketball as educational tools, part of social and cooperation projects,” he added.

“We are not looking for players for the future.

Our objective is to teach that every kid in the world, boy or girl, no matter the circumstances, can learn and play, having their basic needs covered.”

Copa Alma targeted depressed areas which hosted the three legs of the event.

“All kids should have the right to play—as basic as the right to eat, to be attended by doctors—to be healthy or be loved,” Linares said. “In the Real Madrid Foundation, we believe in long-term relations. If we can help these kids, we will do our best to continue doing this.”

with a birdie on No. 11 but bogeyed the 14th and Corpus surged ahead on a clutch two-shot swing (birdie-bogey) on the par-five No. 16, finishing with a gutsy 37-35 for a 500 heading to the final 18 holes of the gruelling eight-round eliminations for the three spots for the national team vying in this year’s SEA Games organized and conducted by the National Golf Association of the Philippines.

Chan, who had led the chase after the third round of the first of two-part elims, limped with a 79 and slipped to second at 501.

“My game was nothing of the extraordinary. I just kept my cool and took advantage of the good breaks while making the most of the bad [breaks],” said Corpus, an incoming student of San Jose State University

in California, who hit one birdie against two bogeys at the front then birdied the par-5 16th and parred the rest to save an even-par round.

Chan, who looked a cinch for top honors with a 66 and 70 in the fifth and sixth rounds, dropped two strokes each on Nos. 1 and 3 and bogeyed No. 6 and 9 before yielding the lead with a closing 37 for that seven-over card.

Despite his skid, the University of Arizonabound Chan vowed to strike back and reclaim his place on top.

“All the aspects of my game turned off. But it’s helpful for me to know what to work on,” said Chan.

But with the next two players laying 11 shots adrift of Chan, the top 2 are virtually assured of the SEAG slots, making the last spot a toss-up among five bidders as Edward Dy

the par-three No. 3 with four birdies but settled for joint eight with Mondilla and three others with a last-hole bogey.

Other two-under par scorers were Dino Villanueva, Ira Alido and Peter Stojanovski of Macedonia.

As the unfancied bets took the first-day spotlight, the pretournament favorites struggled with defending champion Justin Quiban, who beat Jay Bayron by five here last year, fumbling with a 72, the same output put in by Jay Bayron, Albin Engino, Richnell Albano, Ramil Bisera, Arnel Enema, Francis Morilla, Rico Pepito, Mars Pucay, Orlan Sumcad, Korean Kim Young Hyun and Mateo Gomez of Colombia.

Others in the early hunt are Jhonnel Ababa, Aussies David Gleeson and Jack Sullivan, who turned in identical 69s, Keanu Jahns, Jerson Balasabas and England’s George Twyman, who all had 70s, and Tony Lascuña, James Ryan Lam, Elmer Salvador and van der Valk, who shot similar 71s in the event backed

by Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc.

charged back with a superb 67 to jump from eighth to joint third with Sean Ramos, who matched par 72, at 512 in the event sponsored by the MVP Sports Foundation, the PLDT Group, Cignal and Metro Pacific.

Paolo Wong also kept his bid alive with a 71, tying Luis Castro, who groped for a 76, at 516 while Gab Manotoc hardly recovered from a previous 81 with a 75 but still stayed in the hunt at 517.

But no lead is safe at the tough Luisita layout as five players slug it out for the third and last slot in the national team in a final-round duel of power, iron game and putting at the Robert Trent Jones Sr.-designed layout which will also host the SEAG golf competitions from November 30 to December 10.

Ryan Monsalve carded a 73 for eighth at 521 while brother Ivan Monsalve pooled a 523 after a 78 followed by Lanz Uy (73-525), Kristoffer Arevalo (77-526), Rolando Bregente (76-532) and Alexander Bisera (79-538).

Sports

UNITED States’s Alex Morgan (left) celebrates with her teammate Megan Rapinoe after scoring her team’s twelfth goal during the Women’s World Cup Group F soccer match between the United States and Thailand at the Stade Auguste-Delaune in Reims, France, on June 11. The US won, 13-0. AP

BusinessMirror

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| Thursday, June 13, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

SEMENYA: CATCH DOPERS, ‘NOT US’ Misleading info leads to unsold World Cup tickets N

ICE, France—Fifa’s attempt to hype Women’s World Cup ticket sales didn’t go exactly as planned.

The sport’s governing body gave the impression that tickets for the tournament in France were hard to come by when it boasted to the public a month ago: “You can still buy tickets for a few matches.”

But with the opening weekend taking place against the backdrop of many empty seats, Fifa came clean on Tuesday after providing misleading information.

Fifa President Gianni Infantino said in Paris last week that 20 of the 52 matches had been sold out. Fifa revised that number to 14 on Tuesday, meaning 70 percent of games will not be at capacity as it stands.

Of the nine games in the opening four days of the tournament, the only capacity crowds were at host France’s victory over South Korea in Paris on Friday and at Brazil’s win over Jamaica in Grenoble.

While providing details of ticket sales to The Associated Press, Fifa did not respond to questions about why it implied on Twitter on May 7 that there was little availability nor why Infantino inflated ticket sales.

Some fans stopped looking for tickets after Fifa hinted that they were hard to come by.

When neighbors England and Scotland played in Nice on Sunday, almost two-thirds of the stadium in Nice was empty. Fifa had said 16,000 tickets were sold, but the attendance given during England’s 2-1 win was 13,188.

The British derby did attract a record domestic audience for women’s soccer, with a peak of more than 6 million viewers.

“I was impressed and excited about seeing the announcement that the majority of games had sold out,” England supporter Sean Cottrell said. “I was also disappointed as I was planning to take my family to see a few of the games.

“But we changed our plans when we saw that we unlikely would be able to get tickets. It was probably something lost in translation in the communications and now I regret not doublechecking.”

The choice of stadiums isn’t always helpful

for fans, either, even for those a short distance away.

England’s next game against Argentina is in the northwestern city of Le Havre, which has no scheduled flights to anywhere in the world. Fans face a journey of about three hours from Paris by road or rail. There are ferries from Portsmouth in southern England to Le Havre, and they take about five hours.

“If the fans don’t come out, they are missing out,” said Nikita Parris, who scored England’s opening goal against Scotland on Sunday. “It’s going to be a special World Cup.” Fifa pointed to a “competitive pricing policy” with a €25 ($28) package allowing fans to go to three matches.

France’s three games in the group stage have no tickets left, with the final ones for the second game against Norway in Nice on Wednesday snapped up after the host’s impressive 4-0 victory over South Korea.

“Some people were waiting to see what France could do in the opening match,” France Coach Corinne Diacre said on Tuesday. “We did what was expected of us. We now have six more steps to come.”

The semifinals and final in Lyon in early July are already sure to be full, according to Fifa.

Fifa said last week it had “allocated” the majority of tickets—460,748—to French people. After that, more tickets have been allocated to Americans—130,905—than the rest of the world combined. Britons rank third with 29,307 tickets, up a third from figures provided to the AP in April.

The group games involving the defending champion United States are listed by Fifa as sold out, starting on Tuesday against Thailand in Reims.

“It’s been quite incredible to be a part of this World Cup,” US forward Alex Morgan said, “because every single World Cup I think has had some sort of progression in the amount of eyes on this tournament, the amount of support of the host country, the amount of stadiums and the fact that every single game is an individual game and that it’s not a doubleheader.” AP

“I’m not an idiot.

Why will I take drugs? I’m a pure athlete. I don’t cheat. They should focus on doping, not us. I’m never going to take drugs,” the twotime Olympic champion over 800 meters said.

By John Leicester The Associated Press

M

ONTREUIL, France—After another winning run, a defiant Caster Semenya on Tuesday urged track’s governing body to drop its pursuit of female runners with high testosterone levels and instead focus on catching dope cheats.

Speaking after winning a 2,000-meter race on the outskirts of Paris, the South African again made clear that she will refuse to medicate to bring down her testosterone levels, to comply with hugely controversial rules pushed by the International Association of Athletics Federations (IAAF).

“I’m not an idiot. Why will I take drugs? I’m a pure athlete. I don’t cheat. They should focus on doping, not us. I’m never going to take drugs,” the two-time Olympic champion over 800 meters said.

Another athlete affected by the rules, Francine Niyonsaba, also responded with a defiant “No!” when asked after the race if she would medicate.

“I’m sad, because it’s a discriminatory rule, you know, a rule that targeted me and other world-class athletes in certain disciplines,” said Niyonsaba, who took the silver medal behind Semenya in the 800

meters at the 2016 Olympics.

Athletes affected by the rules have levels of testosterone in the male range, the IAAF says, and they must reduce them to be allowed to run in women’s events. The IAAF argues that testosterone’s muscle-building capacity and ability to help athletes carry more oxygen in their blood gives Semenya and others like her an unfair athletic advantage over other women.

The rules, which came into effect on May 8, apply to races from 400 meters to 1 mile.

Semenya tried but failed to have the regulations struck down by the Court of Arbitration for Sport.

Her legal team subsequently appealed to the Swiss supreme court, which then temporarily lifted the contentious rules in her case.

Semenya wouldn’t comment on Tuesday on that appeal, saying she’s not a lawyer. But she made clear that she intends to be the master of her own fate, saying: “I’m not going to change because of any man.”

“If they have a problem with me, I don’t have a problem with them. That’s their business, to worry, not mine,” she said.

On a soggy, rain-drenched and chilly evening, Semenya ran a forgettable time of five minutes, 38.19 seconds over 2,000 meters, a rarely run distance that isn’t an Olympic medal event.

Ultimately, if her appeal fails and Semenya

Neymar’s rape accuser S parts ways with 3rd lawyer

BRAZILIAN soccer player Neymar leaves police headquarters in Rio de Janeiro, Brazil, on June 6. Neymar went to the headquarters in an investigation linked to a woman’s rape allegation against him. AP

can no longer compete over 800 meters, her signature event, she suggested that it wouldn’t be the end of the world for her. She said she could drop down to sprints or scale up to longer distances if needed.

“I can run any event I want,” she said.

“I’m a talented athlete. I’m not worried about anything else.”

The IAAF rules apply to a specific group of women with medical conditions known as differences of sex development and specifically those born with the typical male XY chromosome pattern and testosterone levels higher than the typical female range.

To compete in the Olympics, world championships or other international track and field events, each athlete must reduce her testosterone level and keep it within the acceptable range for six months prior to competing. The IAAF gives three medical options: a daily contraceptive pill, a monthly testosterone-blocking injection or surgery. The treatments could inhibit athletic performance but by how much is uncertain, while also posing risks of other negative side effects.

The treatment has been labeled as unethical by an array of experts, including the World Medical Association, which represents doctors across the world. AP

ÃO PAULO—The 26-year-old model who has accused soccer star Neymar of raping her in a Paris hotel parted on Tuesday from her third lawyer in less than three weeks.

Attorney Danilo Garcia de Andrade confirmed to The Associated Press that he no longer represents Najila Trindade in her rape case.

De Andrade didn’t say why, but he told journalists on Monday that he would drop the case if the accuser didn’t give authorities a seven-minute video that she has described as key evidence. The model said on Monday night in a television interview that the images were in a tablet that was stolen after she brought her charges against Neymar. Police said they are investigating her theft report.

Neymar denies the rape accusation. Police officials have said he is expected to meet with investigators on Thursday, but no final agreement on the date was announced.

The AP doesn’t name alleged sexual-assault victims unless they make their identities public, which Trindade did in interviews with Brazilian television.

Lawyer Jose Edgard Bueno withdrew from the case after the accuser on her own filed a rape complaint with São Paulo police on May 31. Bueno said he had wanted to seek a settlement with the player.

Attorney Yasmin Abdalla then took over, but left the case to her partner de Andrade before Trindade testified to police on Friday.

Trindade has yet to pick a new attorney.

Also on Tuesday an aide of Neymar’s was interviewed by investigators.

Rodrigo Gallo was reported by Trindade as the person who booked her ticket to Paris and a hotel room so she could meet with the player. His testimony lasted two hours. Gallo did not talk to journalists after he left.

In her interview with SBT television on Monday night, Trindade raised questions about how police are investigating her rape allegation, and appeared to imply that investigators had been paid off. “Police are sold, aren’t they?” she said.

The association of São Paulo state police investigators issued a statement on Tuesday denouncing her comments.

“We can’t tolerate statements that without any basis stain the honor of police and the image of a whole institution,” the group said. AP

Author of Eternal life

D

EAR God, You love righteousness and truth. We humbly pray to You: Oh God in Your compassion, hear our prayer. Strengthen efforts to stop drug trafficking and the marketing of drug-laced foods that excite people. Instill hope and resilience in youth and young people. Give peace to those who daily face diminishment of mind or body. May the love of God, the peace of Christ and the communion of the Holy Spirit be with us and remain with us forever. Amen.

GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

LAS Casas Filipinas de Acuzar

FOUR PLACES PINOYS CAN VISIT TO PAY HOMAGE TO OUR HISTORY JUNE 12 marked the 121st anniversary of our Independence, and what better way to celebrate our history than by taking a stroll through some of our country’s historic streets? Agoda (www.agoda.com), one of the world’s fastest-growing online accommodations booking platform, shares four must-visit places that made a significant impact in our fight for sovereignty. n EXPLORE THE OLD-WORLD CHARM OF MANILA. Manila has a strong revolutionary past, being home to a number of revolutionary leaders, such as Andres Bonifacio, General Antonio Luna and General Macario Sakay during the colonial era. Manila was built around the historic walled city of Intramuros, which you can explore as part of walking tours that can be easily booked on Agoda. Within Intramuros, visit Fort Santiago where our National Hero Jose Rizal was detained before his execution. n VISIT THE SHRINES OF CAVITE. The first Philippine President Emilio Aguinaldo, was born in Kawit, Cavite, and it is also where the Declaration of Philippine Independence was held, right on the balcony of his family home. Julian Felipe, the composer of the national anthem “Lupang Hinirang,” is a true-blue Caviteño in his own right too. Take the time to visit the shrine and monument, dedicated to these Filipino heroes, then check out the Bonifacio Trial House where the Supremo of the Katipunan faced a court martial and learn about the events that led to his death. n REDISCOVER THE 1900S IN BATAAN. Bataan is best known as the place where the Philippines took its last stand during the Second World War, but it was also one of the provinces that ratified the proclamation of our Independence. Since then, it has become host to Las Casas Filipinas de Acuzar, a sprawling property in Bagac featuring heritage houses of varying architectural designs. Get a chance to stay at a casa that was originally built in the early 1900s, or book a Las Casas Filipinas de Acuzar heritage tour on Agoda to discover the beauty of old architecture while brushing up on some of the things that make us uniquely Filipino. n GO ON A BOHOL ADVENTURE. Two important revolts against Spanish rule took place in Bohol—the Tamblot Uprising led by babaylan or native priest Tamblot; and the Dagohoy Rebellion led by Francisco Dagohoy, the longest revolt in Philippine history, from 1744 to 1829. Aside from visiting the Dagohoy monument, the more adventurous can also visit the Dagohoy Cave in the municipality of Danao where Dagohoy and his men set up headquarters.

For accommodations, there is a selection of over 700 properties in Bohol so simply pick one based on other attractions of the island you might also like to explore, such as the Chocolate Hills, Danao Adventure Park and Bohol Bee Farm.

Life

REELING: NOT THE FILM BUT THE STORY: ‘QUEZON’S GAME’ D4

BusinessMirror

Thursday, June 13, 2019

D1

THE mangroves of Soguicay Island

THE white-sand beach at Target Island

GABUTERO Organic Farm in Bongabong

EXPLORING Silonay Mangrove Conservation and Ecopark via the concrete boardwalk

Oriental splendor T

By BenJamin layuG

HE last time I was in Oriental Mindoro was back in 2014 and I only covered the northern part of the province from Calapan City to Puerto Galera (the province’s main tourist draw). This time around, joining another media familiarization tour, we were to cover the province’s rarely visited eastern and southern seaboard, from Calapan City all the way down to Bulalacao. A nearly two-hour drive, via van, brought us to Batangas City International Port where we took a one-hour SuperCat ferry to Calapan City Port.

After lunch at Vencio’s Garden Seafood Café (our

favorite watering hole for lunch and dinner during our four-day visit to the province), a short 25-minute drive brought us to Naujan where we visited the Bancuro Church Ruins (more popularly known as Simbahang Bato or Stone Church), the remains of an Augustinian Recollect church and priory that was built in the 1690s but burned to the ground in 1824 by marauding Moro pirates. We also visited the nearby Benilda ng Bancuro Resort and Restaurant, as well as the picturesque, 26-hectare Balinese-inspired La Hacienda Naujan, two of the town’s premier resorts.

From Naujan, a 90-minute drive brought us to Gabutero Organic Farm (GOF) in Bongabong, the only accredited organic farm in Oriental Mindoro.

Bongabong is strivings to be the “Organic Capital of Oriental Mindoro” and GOF, a Department of Tourism-accredited Agri-Farm Tourism Site and an Agricultural Training Institute and Technical Education and Skills Development Authorityaccredited learning site, is taking the lead in educating us as well as the locals on organic farming. From GOF, a one-hour drive brought us to Bulalacao where we had dinner and stayed the night at South Drive Beach Resort.

Our second day was spent island-hopping. After watching the sun rise and breakfast at the resort, we

Continued on d2

D2

Father’s Day Calendar z Where to bring dad

Thursday, June 13, 2019

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope

on Father’s Day H ERE are some of what’s on offer in celebration of Father’s Day: n RESORTS WORLD MANILA. Whether he’s a stay-at-home dad or someone who is always on the go, your dad deserves a thrilling staycation. To that end, find the best lifestyle deals in the Metro at the country’s premier entertainment and lifestyle destination, Resorts World Manila (RWM, www.rwmanila.com). With several hotel brands in its Newport City property, RWM houses the perfect relaxation package this Father’s Day. For only P6,500 net, dads get an overnight stay in an Essential Room with breakfast buffet for two with Savoy Hotel Manila’s “Best for the Best” package (www.savoyhotelmanila.com.ph), on offer until June 25. To help him unwind, the package comes with a complimentary one-hour massage for two, a free bottle of sparkling wine, and 20-percent discount coupons for Savoy Café and select RWM shows.

Award-winning Belmont Hotel’s “For Beloved Dads” staycation package (www.belmonthotelmanila. com), on offer until June 25, treats dads with an overnight stay in a Superior Room for two with buffet breakfast, a complimentary bottle of wine, and a cuddly Bailey Bear that’s almost as huggable as he is, all for just P6,000 net.

Holiday Inn Express Manila Newport City (manilanewport.holidayinnexpress.com) offers for Father’s Day (available until June 30) a Superior Room with buffet breakfast for two for only P5,200 net. Making the deal extra delightful for the dad who loves his food, the package comes with a dim sum lunch buffet for two at RWM’s renowned Cantonese Restaurant, Passion at Maxims Hotel. Dads who prefer dinner can head over to Maxims’s The Terrace for a sumptuous international buffet. n EASTWOOD RICHMONDE HOTEL. On Father’s Day, Eastwood Café+Bar, the all-day dining restaurant of Eastwood Richmonde Hotel (www.eastwoodrichmondehotel.com.ph), is serving up a delectable spree of unlimited steaks and crabs that will more than satisfy his craving for rich and meaty dishes. For only P995 net, let dad devour the mouthwatering offerings at the lunch and dinner spread that include Brazilian Short Rib Barbecue, Hanging Tender En Croute, US Rib Eye, Crab and Shrimp Gumbo, Louisiana-style Crab, Mac and Cheese with Scallops and Truffles, and Baked Oysters and Mussels. The array of “manly” desserts like Beer Cake and Teppanyaki Ice Cream complete this indulgent banquet. Everyone also gets a free glass of lychee iced tea while dad gets an extra Heineken beer.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Kat Dennings, 32; Chris Evans, 37; Tim Allen, 65; Stellan Skarsgard, 67.

HAPPY BIRTHDAY: A conscientious approach to whatever you do will help you avoid being put in a position that is precarious or emotionally draining.

Honesty and integrity will be the keys to avoiding such situations and people who cannot be trusted.

Pick and choose with whom you associate. Don’t worry about offending someone who doesn’t have your best interest at heart. Your lucky numbers are 8, 15, 21, 27, 35, 39, 42.

a

ARIES (March 21-April 19): Put your trust in what you know and not what others tell you.

Don’t take a risk that could result in illness or injury. Sharing information after you promised to keep a secret will make you look bad. HHHH

b

TAURUS (April 20-May 20): Listen to what others have to offer, but be reluctant to jump in and take part in something you know little about. Research will save you from making a mistake that can be costly. HHH

c

GEMINI (May 21-June 20): Consider your options carefully. Someone will do whatever it takes to persuade you to go against your better judgment. Don’t let charm intervene and cost you emotionally or financially. Don’t be afraid to pull out of a deal at the last moment. HHH

d

CANCER (June 21-July 22): You have to speak up if you want to be heard.

Controversy can make you feel anxious, but stewing about issues that concern you will not help you eliminate your stress. Have a solution in mind and be open to compromise. HHH

e

LEO (July 23-Aug. 22): You’ll be tempted to make a change, but don’t do so without checking out all your options. Acting in haste could cost you the best deal possible. Use your savvy negotiating skills to help you get exactly what you want. HHHH

Making this celebration even more special is the 4+1 deal where for every four guests paying the regular buffet rate, dad gets to eat absolutely free.

Children six to 12 years old get 50-percent off and children five years old and below eat for free. n DIAMOND HOTEL PHILIPPINES. The man who has given you all the best deserves only the best this Father’s Day. Diamond Hotel Philippines salutes all dads, uncles, grandfathers and father figures with an array of irresistible dining offers to enjoy after a long day of being super.

At Corniche, the range of international cuisine will surely satisfy Dad’s biggest cravings for P2,990 per person. Classic favorites and new gourmet gems come together at the Father’s Day buffet spread from June 14 to 16, making it a lunch or dinner buffet well spent.

Musical entertainment by a trio during lunch on June 16 will add flair to the occasion. Dads also get a chance to spin the wheel and win a prize for every P5,000 spent on June 16.

For a Father’s Day get-together that’s both lavish and sumptuous, the Japanese-themed “Chichi no Hi” or Father’s Day menu from Yurakuen is bound to add a new touch to your yearly festivity. With sets good for four persons at P9,600 and six persons at P13,600, the filling lunch and dinner menus come with one round of standard beverage, best for families that prefer a more refined and beyond ordinary set-up for Dad’s special day from June 14 to 16.

Father’s Day is the perfect chance to take Dad out on a leisurely lunch or a light evening meal to express just how thankful you are for him. At the Lobby Lounge, a featured three-course lunch and dinner set menu is available at P1,580 per person from June 14 to 16. With a line-up of hand-picked dishes and an intimate setting that encourages conversations to flow like wine, it’s a Father’s Day date to remember.

Diamond Hotel Philippines is at Roxas Boulevard corner Dr. J. Quintos Street, Manila. More information is available at www.diamondhotel.com. n

Oriental splendor Continued from D1 were driven to the town’s Fish Port where our boat awaited us.

The town has 12 beautiful offshore islands and we were able to explore three: Aslom, Alibatan and Soguicay. Though these islands are privately owned, they charge no admission fee to visit. The 12-hectare Aslom Island has a beautiful, crescentshaped white sandbar that stretches for about 500 meters at the northern end of the island.

The approximately 5-hectare, stingray-shaped Alibatan Island was also called Target Island because, in 1946, Americans staying in San Jose, Occidental Mindoro, used the island for aerial bombing practice.

Making landfall at a beautiful cove on the southern part of the island, a concrete pathway, following the coastline of the island, led us to an approximately half hectare lake at the center of the island.

The oblong-shaped Soguicay Island (where we had lunch), the most popular island in Bulalacao Bay, has a small village, a 500-meter long white sand beach and clumps of healthy mangrove trees running throughout the whole length of the island. We returned to the mainland via a 300-meter long wood and bamboo pier.

Back in Calapan City, we attended the Battle of the Bands before calling it a night while staying at the Huanying Hotel, the newest budget hotel in the city. The next day, after breakfast at the hotel, we made an ocular visit to the soon-to-open Jolly Waves Waterpark & Resort, the biggest in Mindoro. In the afternoon, we explored, via a concrete boardwalk, the 41-hectare Silonay Mangrove Conservation and Ecopark located east of the city.

This protected area, opened on November 13, 2013, on the 87-hectare Silonay Island, is a haven of 14 species of mangroves, fireflies, two species of bats, 29 species of

migratory birds, fiddler crabs and various kinds of fish. Here, some of us planted mangrove saplings in the mudflats. This ecotourism zone also offers bird-watching and kayaking.

Come evening, we proceeded to the highlight of our visit: the Pandang Gitab (Festival of Lights). This ritual folk dance was inspired by the practice of wives from the coastal community of Mindoro who accompany their fishermen husbands going out to fish at the crack of early dawn. The burning wisps of their oil lamps light the way to the shore.

The Pandang Gitab is a nod to this tradition. The dancers in this lively street dance parade, clad in colorful and glittery traditional Filipino baro’t saya, stomp their feet in triple-time rhythm, grinding and swaying to the rural, lively tune of the Pandanggo sa Ilaw, illuminating the evening with the bright tongues of light from three glittering oil lamps (tinghoy), or candles in glasses, balanced on the pandanggera’s (dancer’s) head and on the back of each hand. n

f

VIRGO (Aug. 23-Sept. 22): Stick to what and who you know. Be leery of anyone trying to impress you or tempt you into something you don’t want or need. Bring about the changes that are going to benefit you most. Avoid temptation and indulgence. HH

g

LIBRA (Sept. 23-Oct. 22): A shopping spree, an adventure or a learning expedition will get you thinking about new beginnings and possibilities that have been out of reach in the past. Look into the best way to achieve your personal or professional goals. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Changes you want to make to your home or living arrangements will pose a problem if you have to overspend to get what you want. Look for compromises that will allow you to stay within your budget. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Don’t argue a moot point when you should be following through with your plans. Someone will confuse you with inconsistent information and actions. Rely on the information you get firsthand, not on what someone else alleges. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t procrastinate, or someone will point out your inability to get things done. Living up to your word and taking control of situations before someone else does will ensure that you get your way. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Be reluctant to take on too much or to give in to someone trying to get you to be indulgent or overspend. Rely on your insight and ability to physically get things done. HHHHH

l

PISCES (Feb. 19-March 20): You’ll need to rely on your charm if you want to win an emotional struggle. Your desire to take advantage of something that intrigues you will not sit well with someone close to you. HH BIRTHDAY BABY: You are innovative, energetic and helpful.

You are imaginative and altruistic.

‘crop top’ BY ROB GONSALVES AND JENNIFER LIM The Universal Crossword/Edited by David Steinberg

ACROSS 1 Bad habit 5 Pirate’s “Stop!”

10 Take rudely 14 Flat-faced club 15 Polynesian island state 16 Fad 17 Like Samuel L. Jackson and Dwayne Johnson 18 Rack up 19 Ireland, in Ireland 20 Plug, as a product 22 Speak haltingly 24 Pan Am rival 25 They can be nuclear 26 Dampness 30 Ocean State sch.

31 Crane part 32 Parenthetical comments 34 Zilch 38 Consider to be 40 Make amends 41 Rip-off 42 Explorer with a backpack 43 Soft white metal

5 Israeli submachine gun 4 46 “Que ___?” (Spanish for “How are you?”)

48 Allowed in 50 Fidgety 54 Home loan org.

55 On the rocks 56 What you may fold out before turning in 60 Made cloth 61 Church instrument 63 Pie a la ___ 64 Barely makes (out) 65 Be of use 66 Like 2, 4, 6, 8...

67 Homes for bears 68 Brit’s idiot box 69 E-mail folder DOWN 1 Sensation, slangily 2 Tehran’s country 3 Stopwatch for winter sports?

4 Provides funds for 5 Words in a used car ad 6 Wind direction indicator

7 The Walking Dead channel 8 March composer 9 Showcase for award-winning pies?

10 Mischievous sprites 11 Spider-Man director Sam 12 See eye-to-eye 13 Microbrewery offerings 21 Pro ___ (proportionately) 23 With 39-Down, inflatable sleeping surface 25 Felt hats 26 Anti-DUI org.

27 Cookie filled with “Stuf” 28 Functional jacket?

29 Lovely meter maid of song 33 Geraint’s wife 35 Superior to, and a hint to the first letters in 3-, 28- and 9-Down 36 In a ___ (confused) 37 In the thick of 39 See 23-Down 44 Offend slightly 47 Boxer dubbed The Greatest 49 River by Big Ben 50 Competed in a regatta

1 Conjure up 5 52 Airmail letter count?

53 Bring to the table 56 Mast attachment 57 For your eyes ___ 58 Genesis garden 59 Result of a fender bender 62 Actress Gadot Solution to yesterday’s puzzle:

Parentlife BusinessMirror

www.businessmirror.com.ph

Thursday, June 13, 2019

D3

HAPPY Father’s Day to my father-in-law, my dad and my husband.

Thank you for making a “dad’s difference” in all our lives.

Vista Malls brings Disney closer to local fans

By Pauline Joy M. Gutierrez HEY, kids! Mickey sure feels great that you could join Disney Channel characters as they tour around different Vista Malls in the country during a four-part caravan series running until July 28.

Featuring Disney Junior-themed activities with Mickey and the Roadstar Racers, Vampirina and Puppy Dog Pals, the Disney Junior Live caravan was launched at Evia Lifestyle Center on June 7 and will proceed to Vista Mall Sta. Rosa from June 14 to 23. It will then go to Vista Mall Taguig from June 28 to July 7 until finally wrapping up in Vista Mall Bataan from July 19 to 28.

Mickey and Minnie were personally present in the meet-and-greet segment of the kick-off event, where an afternoon full of fun activities for kids was prepared specially.

It also marked the year-long agreement between The Walt Disney Co. Philippines and the mall development brand of Vista Land & Lifescapes Inc. In the respective activity centers, kids can earn their own Roadster Racers license and choose either a jeep or a convertible car to race around the track like Mickey. They can dive in at the ball pit with Puppy Dog Pals, sing along with Vampirina, and draw and color their favorite Disney Junior characters. Disney merchandise will also be available.

One access pass is given for every P1,500 worth of single or cumulative receipt purchase from any store in the Vista Malls. Customers will also be offered currently available time slot, or have the option to reserve slots ahead of time, given their receipts are obtained in the same venue as the Disney Junior Live.

Mechanics and details are http://bit.ly/DJLiveatEvia.

NOTHING BUT THE 5-STAR BEST FOR FATHERS

THIS coming Father’s Day Weekend, Marco Polo Ortigas Manila (www.facebook.com/MarcoPoloOrtigasManila) celebrates Dads with special offers that the whole family can enjoy. A spectacular spread awaits Dad and the whole family at Cucina. Enjoy the world’s flavors this coming weekend, featuring the exotic selections from Thailand. For every two full-paying adult diners, Dad dines in Cucina for free. Award-winning restaurant Lung Hin also features set menus showcasing authentic Cantonese flavors on June 16.

Afternoon bonding sessions also take on more meaning when spent with Dad over cold Heineken beer and choice snack samplers at the Connect Lounge.

Finally, the distinguished flair of Macallan Scotch whisky is poised to excite Dad’s palate when paired with the alluring notes of of Vu’s Sky Bar and Lounge’s dark chocolate truffles.

A dad’s difference MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

I

’M lucky to have a great relationship with my father-in-law. I look forward to our many conversations about family and work. I admire him for all he has achieved given that he lost his parents at age 17. I often hear my husband tell us how his father was home every night right after work when they were growing up. Today, he is a great confidante to my husband and me. He is a great source of encouragement for our kids, especially with regard to their academic achievements. When I witness the generous gestures of my husband to the people around him, I know that it is my father-inlaws’ benevolent actions that paved the way for my husband’s good heart today.

I am lucky to have a dad who has continuously given me the discipline, the protection, the push and the freedom. When we were kids, he was determined for us to master Fukien, our local dialect. He knew we were being taught Mandarin and English in school, so he imposed for us to speak Fukien at home. He would refuse to talk to us unless we spoke to him in Fukien. It could get quite frustrating at the time, but today, I am grateful to him that I can converse with this dialect fluently. Moreover, I have found it truly helpful in my business dealings with suppliers.

Since we were all girls, many expected my dad to be more protective. He did set a strict curfew and was adamant for us to attend Sunday mass.

But beyond that, I valued his early stance on “girl empowerment.”

I learned how to drive at 14, I got my license at 18, I was allowed to practice driving

A date with dad at DS GIVE dad the gift of a relaxing date. Switch him off from his usual busy life. There are so many fun activities that you can do with your dad to show him just how much you appreciate him. Let him unwind and enjoy a good pampering session with the whole family at Diana Stalder (www.dianastalder.com).

Avail themselves of treatments starting with the 15-step Signature Facial Supreme followed with a luxurious Casmara Reaffirming Mask with peel-off technology providing detoxifying and firming effects. It contains vitamins and amino acids that firm up, soothe,

and tone skin with an intense cooling effect that will surely give dad and the whole clan a balanced, matte, clean, renewed and youthful skin. To complete the pampering, let dad experience a soothing and relaxing complete body massage where he will definitely feel calm, relieved and rejuvenated. All treatments are priced for only P1,869 valid for the whole month.

Of course, dad will not go home without a surprise.

Diana Stalder will give the first 23 dads who will avail its “A Date with Dad” promo a Free DS Men’s Personal Care kit.

with my friends or the driver. In cases that I got into car troubles, he would instruct me how to deal with it.

When I wanted to go to a Taiwan scouting jamboree trip at 14, I was allowed. He even guided me on how to enjoy and handle liquor.

I admire my dad’s convictions and how he employs his long-term and unpopular approach. At work, he always took the harder role in pointing out system improvements. With friendships, he would always tell me to be a good “rainy day” friend, that even if you don’t see your friends during the good times, it’s most important that I be there for them in their time of need.

I’ve realized that my vision for simple happiness with my family comes from my dad. My personal memories with my dad are filled with how he would always go out of his way to bring home my favorite things. Up to now, whenever he goes to Chinatown, he would buy me my hexagon almond cakes and a box of egg pie.

Though many times we don’t see eye to eye, he would always challenge me to prove my point. When I graduated from high school, he wanted me to study accounting at the University of the Philippines, I was set to study BS Management Engineering at the Ateneo de Manila University. He refused to speak to me for a whole month. It pushed me to even buy a book, called The Tao of Negotiation by Joel Edelman. In the end, he saw how determined I was in my decision.

I guess my dad’s endless pushing brought about this huge difference in how I am able to continuously stretch my capacity today.

Both of my kids have a strong passion for sports.

I know it is because of my husband’s great example and encouragement as early as when they were just toddlers. From giving them pointers in swimming, biking, or shooting hoops with them, to his presence

today in their fencing competitions here and abroad, I admire how they see their dad as their No. 1 supporter.

Although my husband is naturally protective of their well-being, he acknowledges and respects their personalities. So, win or lose, whether in sports or in life, they know their dad is there to hug them and believe in them enough to push them to tougher possibilities.

Although father-child relationships vary in affection in different generations, I believe that a dad’s influence has always made a great difference in a person’s social and emotional life. For a son, a dad is his first reference point in being a husband and a father. The level of respect a son would eventually extend to women is often a huge reflection on how his dad respects his wife. A dad’s actions toward his spouse also affects how a daughter would expect treatment from her future partner.

I also believe that there is a significant difference in a child’s future on how dads empower them early on. I reckon there are two choices for fathers.

One is when new situations arise, dads can choose to protect by limitation. They would just say no to circumstances so that kids do not get hurt and they feel more secure. The second is to empower through trial and error. This is prudently allowing our kids to experience new enriching situations despite our parental reservations. This choice may be more fearful for them as parents, but it is a great start in instilling a “growth mindset” to kids early on. I believe my kids and I are lucky to have fathers who set aside their fears to draw out our true potential. I believe this has helped me and will help my kids to boldly build a life full of possibilities.

Happy Father’s Day to all dads. Thank you for making a “dad’s difference” in your kids’ lives. n

D4

Show BusinessMirror

Thursday, June 13, 2019

www.businessmirror.com.ph

RAYMOND BAGATSING and Audie Gemora in Quezon’s Game, which has been drawing a solid audience in theaters.

Chris Pratt, Katherine Schwarzenegger announce marriage CHRIS PRATT and Katherine Schwarzenegger were married over the weekend in a ceremony that the Guardians of the Galaxy actor called “intimate, moving and emotional.”

Pratt announced the nuptials on Sunday in an Instagram post accompanied by a photo of the couple walking hand in hand. He said they were married on Saturday “in front of God, our families and those we love.” The pair began dating last summer and became engaged in January.

Pratt, 39, also is known for his role on the hit TV show Parks and Recreation. Schwarzenegger, 29, is an author and the elder daughter of actor and former California Gov. Arnold Schwarzenegger and journalist Maria Shriver. She wrote the children’s book Maverick and Me in 2017 and the positive selfimage book Rock What You’ve Got: Secrets to Loving Your Inner and Outer Beauty from Someone Who’s Been There and Back in 2010.

This is Pratt’s second marriage. He was divorced in the fall from actress Anna Faris after nearly nine years of marriage. They have a son, Jack, who was born in August 2012. AP

Not the film but the story: ‘Quezon’s Game’ REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com STAND for Truth hosts (from left) Richard Heydarian, Atom Araullo and Joyce Pring

‘Stand for Truth’ a hit among netizens BARELY two months since its launch, Stand for Truth is already changing the landscape of online news reporting, serving cutting-edge, data-driven content that has become a hit among millennial viewers.

Stand for Truth stories are averaging 400,000 combined views every single day on GMA News’ Facebook page, with several stories racking up over a million views. One of its most viewed stories was that of Google restricting a particular mobile phone brand access to its Android operating system.

The story has 1.5 million views on Facebook as of this writing. On YouTube, one of its viral stories was a dwarf allegedly caught in a mobile phone photograph, reaching 1.3 million views.

Stand for Truth is anchored by multi-awarded documentarist, writer, photographer, and United Nations High Commissioner for Refugees advocate Atom Araullo. He is joined by resident political analyst Richard Heydarian and personality Joyce Pring.

A product of an innovation grant from online video platform YouTube, Stand for Truth features reports by the young and for the young while continuing the legacy and the principles of the GMA newsroom.

From day one, the newscast has been transparent to feedback. On its pilot airing, Atom and Richard opened the newscast by acknowledging the comments they received— even reading the negative remarks from netizens.

Richard has earned the attention of netizens with his bold analyses on issues such as the President Duterte’s rape jokes, the Chinese Debt Trap and the West Philippine Sea. These issues are made easier to understand by infographics created

by GMA News Online’s Digital Video Lab. Meanwhile, Stand for Truth reporters—Bhea Docyogen, Anthony Esguerra, Asmarie Labao, Shai Lagarde, Ardo Miravalles, Darwin Quirino, Manal Sugadol, Larize Lee, Eduard Faraon, and Jerald Uy—after being trained to produce reports under a very short lead time, are now producing longform documentaries, all shot just on mobile phone cameras.

Shai, in particular, stood out immediately and has already been tapped to report for the GMA News TV news magazine program Brigada.

Stand for Truth is produced by GMA Public Affairs, another aspect that differentiates it from other newscasts.

The 20-minute news program is livestreamed weeknights at 8:30 pm via the GMA News Facebook page and the GMA Public Affairs YouTube channel.

A

T the end of the film Quezon’s Game, the audience with whom I watched gave it a loud applause. I know what the congratulatory hoots were for. It could not be for the film, for there were so many things you can say against its look and structure. It could be for the story, the heartwarming tale that comes at a time when a sector of this society is feeling down and low. I say “a sector” because there is still a significant part of the population enamored by the vulgar narratives of this administration. But I digress.

The story of Quezon’s Game is nothing short of magnificent. A Philippine President basically beholden to the United States had the guts to stand up to the pressure and laws of the colonizer.

It was the late 1930s. The Nazis were on the rise.

Hitler was unstoppable. It would take years before we would realize that his regime would be an evil one, exterminating millions of people basically because these people were not the same as the “Germans.” The Jews were dirty. The Jews were the ruling intellectuals also in many parts of Europe. The Jews were dominating the financial houses. What began as bigotry went on to become a systematic institutionalization of racism. Synagogues were burned; stores and other businesses operated by Jews were attacked and looted.

At first, the Jews were free to leave Europe.

Many did. But as the Second World War loomed, as the 1930s were coming to an end, one thing was happening. The Germans were not allowing the Jews to leave anymore. They would be killed right there in Germany, Austria, Poland and many other places.

For those who were fortunate to leave Europe, they soon would realize that no other countries would accept them.

In Manila, a small but prosperous Jewish community was already active. One of them was a friend of then-President Manuel L. Quezon. As the press releases put it, an arrangement or a deal made “through poker, bourbons and cigars” was reached.

With Paul V. McNutt, then-High Commissioner to the Philippines, Quezon asked Alex Frieder, one of the leaders in the Jewish community in the Philippines, to allow the entry of Jews into the country. As the Philippines was still part of the United States during that time, the final authorization would come from Roosevelt.

As shown in the film, the United States

Government through its Congress turned down the request of Quezon. They had to stick to the quota maintained by the US government. But Quezon persisted and, one day, he announced his decision to make the Philippines the home of the unwanted Jews.

The Internet contains information about that period, when thousands of Filipinos demonstrated their support for Jews. The film showed the Commonwealth President summoning the nation to help in welcoming Jews. It was a heady era, as captured by the film. The irony, perhaps, is that it may not have been good to be a Filipino during that time. There was the problem of poverty and inequality. There were the crucial issues about land ownership, and there you were with a president offering the Philippines as refuge to those who were losing their lands. To those dense political and socioeconomic implications, Quezon had this to say: It was the right thing to do. Dramatic, compelling but simple.

Nobility was the rule of the day. And yet wasn’t this nobility just by hindsight? That moment, or the days that followed those decisions, were urgent times.

I do not think Filipinos had the chance to savor the goodwill or the good words from the world in those months and years that followed.

We presently are savoring that goodwill. This generation is the bene�iciary of that goodwill made in the 1930s.

This is what is drawing people to cinemas: that there was a country—our country—that welcomed a group of people when they were being turned back by other richer, bigger and more prosperous countries.

That there was a president, a tad flamboyant, but brave and with bravado going into that act practically alone. Sure, there was McNutt and Alex Frieder but in the end, there was only Quezon.

The film is good to Manuel L. Quezon.

Significantly, it is not good to Osmeña and Roxas.

Once more, Aguinaldo is trashed by cinema. As he was in Heneral Luna and Goyo.

The press releases emphasize how we never get to know about this role of Quezon and, for that matter, the part performed by the nation in the Jewish diaspora. This tells us one thing: we are not interested in our histories or our historians (and teachers) are not doing their jobs of teaching us about histories. As such, we have a film that becomes loudly significant because of our own ignorance.

As for the film, the scenes—the color and design and performance—can make you uncomfortable.

Except for Billy Ray Gallion who played Alex Frieder, the Jewish businessman whose idea it was to transport Jews to the safe haven of the Philippines, the rest of the actors are almost stock characters and caricatures.

Rachel Alejandro is too young as Aurora Quezon.

Her important scenes happen in the privacy of the bedroom, a place where no historian could annotate anymore. It is thus the work of the writers to conjure those scenes that, in the film, made Aurora, as portrayed, vapid and flippant. Whether that is “her”

in the angry and confrontation scenes really do not matter. What we want is the Aurora, the brave woman we know from photos. The film does not give us that.

As Quezon, Raymond Bagatsing acts up a storm, and, for some strange reason, it works. His Quezon is the president we love to imagine, that man in the monument as monumental as he was, we believe, fiercely human. We would no longer mind his accent, which does not match that of Quezon’s as found in many extant footages. We love the power of Bagatsing’s movement, the way he bends his body and cocks his head. Bagatsing is acting but, I like to believe, the real Quezon also “acted” to create that marvelous personality that many writers remember.

Most of the scenes were shot in Las Casas Filipinas de Acuzar, in Bagac, which made the scenes appear as if they were taking place in a huge theme park of nostalgia. The mountains of Bataan are disconcerting to those who know Manila geographically. The limited location pushed the cinematography to favor tight shots over the necessary panoramic or long shots for grandeur. The scene during opening of the Hotel de Oriente has severely ill-dressed extras, with a band that need some costume overhaul, and a crooner who looks like she was on loan from one of the hotel lounges of Makati in the 1980s. Remember this was the 1930s. Manila had the most sophisticated swing and jazz bands in Asia, perhaps overshadowed only by Shanghai. There was Lou Borromeo who brought jazz to the Philippines, and there were Pete Aristorenas and his orchestra, and the great Tirso Cruz and his orchestra.

Some questions are triggered by the story.

What was Douglas MacArthur doing then?

Dwight Eisenhower plays a great role in the film but histories would tell us Quezon and MacArthur were the better friends? That MacArthur, in fact, had the entire penthouse of The Manila Hotel to himself was because he was the big American in the land. He brought Eisenhower to the Philippines as an aide but go back to that scene, where Eisenhower practically insults MacArthur looking unkempt in a café.

There are many other more things I wish to raise, like, for heaven’s sake, why was no one alert enough to iron the military uniforms of Eisenhower and the suits of the other politicians?

I am not raising these issues anymore. People are feeling good about the film and what it tells us as a people. We welcome strangers. We embrace outsiders.

Testimonials at the end of the Jews who survived state one thing: the Philippines was where they felt treated with warmth for the first time.

I wonder how a film about Imelda Marcos ordering the Philippine government to construct refugee camps in Palawan and Morong in the 1970s and welcoming the so-called Boat People to our shore would look like? Would it paint the First Lady with nobility? Would it make her good?

Quezon’s Game is directed by Matthew Rosen and distributed by Star Cinema. n

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, June 13, 2019 E1

EXPAT EXECUTIVE

Helping fortify PHL from various fronts

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By Tony M. Maghirang

HE term “Special Forces” conjures images of a cadre of squinting soldiers clad in fatigue uniforms with armed guns, ready to make advances into enemy territory.

Si nce 2015, d ist i ng u ished gentlemen with such credentials have been coming in and out of the country on a nonmilitary mission. They come from different parts of the world, then converge in Manila regularly to share the art and science of cross-cultural security assessment and risk mitigation.

One of them, Kevin McCaffrey, has stayed put to start and grow Blackpanda, a global risk consultancy. As managing director, he is the lynchpin of the company’s vision to revolutionize security in Asia, especially among emerging economies.

“I am proud to say we were born and bred here,” McCaffrey told the BusinessMirror. “We are headquartered in Hong Kong, but we set up our first working office here. We now have offices in Singapore, Japan, Korea and Thailand. We look forward to establish presence in other developing economies like Cambodia.”

Opportunities abound

THE company became part of local news stories in 2017 as one of the biggest integrated resorts and casino establishments in Metro Manila, which reeled from the impacts of a shooting incident, contracted the company’s globally recognized security expertise.

Actually, McCaffrey painted a bigger picture that triggered the opening of the Blackpanda’s Manila office, particularly the unique challenges and risks in the Philippines at that time.

The country’s location in the Asia-Pacific region has significant geopolitical implications. The economy has been doing very well, posting a 6-percent growth in gross domestic product. It is also an emerging market—a frontier for the application of cutting-edge measures that mitigate physical and financial risks of Asian offshore investment capital.

McCaffrey further illustrated: “Our security consultancy firm decided to locate here as there are a lot of risks associated with accelerating development. There are political risks in some areas of Mindanao, and there are also environmental challenges due to climate change. Now, with cybersecurity risks, huge initiatives like the Data Privacy Act, electronic commerce and new banking regulations are coming into play.”

The managing director added, “These are interesting problems to solve. Ultimately, what we at Blackpanda want to do is to take on these challenging areas with huge opportunities for mitigating risks, so the areas themselves can eventually realize their true potentials.”

The Philippine socioeconomic situation also provides a unique setting for security and risk-management solutions for emerging markets. Fully developed regions like Metro Manila and rural areas with strong growth prospects offer contrasting scenarios for calibrating approaches in managing such.

“It allows us to see the full scope of risks and security challenges,” the Blackpanda bigwig explained. “The method we use

in dealing with the specific problems will lead to a model that we can apply across Southeast Asia.

We are proving the validity of our flexible model right here in the Philippines.”

Blackpanda has consulted at the highest levels of government and private sector in Asia. The range of services covers special r isk-management consu lting, risk assessment and mitigation, crisis response and resilience, insurance surveys and claims, as well as special advisory services.

In just three short years, the company has made distinctive contributions in security and riskmanagement services, which larger-scale global competitors may not be able to deliver. In setting its sights on developing economies, Blackpanda has been able to handle risks from internal and external sources in top companies in diverse business sectors as power, telecommunications, businessprocess outsourcing, mining, as well as gaming and leisure.

McCaffrey clarified, “Not to take away from international risk consultancy companies who are doing quite well, our competitors have a global perspective.

They are giant companies that are looking at global problems.

They’re also quite compartmentalized, which tends to dilute their attention.”

“We’re one of the very few that has full-time expats living and working in the Philippines,” he added. “There’s a range of good risk-consultancy firms from New York to Singapore, but we’re the only one here [in the country].

Our presence is a market differentiator. We provide the same capacity, and now it’s also a local capability. So if an event happens, our response is immediate.”

A sense of immediacy also permeates Blackpanda’s approach to cybersecurity to protect assets in the amorphous electronic cyberspace.

“People say the future is cyber, automation and artificial intelligence,” McCaffrey said. “We disagree. We think it’s already here.

As a matter of fact, most people are behind in understanding cyber risks and threats.”

He e x p l a i n e d t h at c y b e r threats and cyber crimes practically changed the security landscape. Suddenly, there are no more physical geographic boundaries, and anybody can breach the Philippines from anywhere in the world. He even likened the Philippine cyber-security posture to be that of a fortress with no locks.

Blackpanda’s strategy for the Philippines hinges on spreading the gospel of cyber security to transform the cyber mentality of some of the biggest companies in the country. McCaffrey observed: “We think the problems will increase, and the situation [would] get worse before it gets better. Hopefully, we’re trying to do some market education to prevent cyber breaches, and not [just] react after they happen.”

Soldier for peace

COMING from a Special Forces background, McCaffrey does not always wear his multiple security hats. He

also feels for the wages of war: its casualties and rebuilding process in the aftermath.

Last year he led Blackpanda when its team joined several companies for “Hands on Manila” and its annual service marathon (Servathon) in 2018 with the theme, “All Hands on Deck for the Children of Marawi.”

Volunteers from the firm assembled and packed basic-necessity items like mobile-learning kits, sleeping kits and anti-mosquito kits that would be distributed to the children of Marawi

in Southern Philippines.

McCaffrey commented, “We participated in Servathon 2018 as part of our commitment to help communities ravaged by war in any way we can.

Being military veterans ourselves, we are happy to have been part of [it] and to have contributed in lending a helping hand to the children [of the war-besieged city].”

As an expat working in the Philippines, McCaffrey understands that a typical foreign tourist would have limitations in traveling to Mindanao

and other similar places where personal security issues are involved.

He credited Blackpanda for affording him the chance to see the country down to the grassroots level and imbibe the local vibe.

“We pride ourselves that we can go everywhere,” he shared. “We went down to Mindanao [and] to the roughest neighborhoods. It doesn’t really matter, because that’s our job.”

He happily added that those sojourns have allowed him to see the hidden beauty of the places and

things that other people don’t get to. However, the absence of access and infrastructure, he rued, prevents others from visiting such wonderful locations.

Also part of the job description is that he has to learn about the local culture and speak the vernacular.

According to him, those are part of the preliminary integration process of recruiting local staff and befriending the populace.

Continued on E2

Envoys& BusinessMirror

E2 Thursday, June 13, 2019

DFA hosts maritime security confab

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HE Department of Foreign Affairs (DFA), through the Maritime and Ocean Affairs Office, hosted the forum on “Perspectives on Maritime Security” on May 29, which tackled maritimerelated issues as well as concerns, with senior government officials, members of the national security community, analysts, academics and close watchers of national and security in attendance.

The forum provided participants with a comprehensive review of strategic plans being implemented in different parts of the world, such as those relating to combating transnational crimes, and discussed the convergence of views on maritime issues. Current best practices on the topic were also covered.

Assistant Secretary on Maritime and Ocean Concerns Generoso D.G. Calonge introduced the forum and provided an overview of approaches to maritime security and ocean governance, as it coincides with the overall dimension of national security.

The forum’s guest of honor, De-

DEPARTMENT of Foreign Affairs-Maritime and Ocean Affairs Office Assistant Secretary Generoso D.G. Calonge provides the welcome remarks and overview. DFA-MOAO

DEFENSE Secretary Delfin N. Lorenzana delivers the keynote address. DFA-MOAO

ACTING Secretary of Foreign Affairs Ernesto C. Abella gives the closing remarks. DFA-MOAO

UNIVERSITY of the Philippines-Institute for Maritime Affairs and Law of the Sea Atty. Neil Simon Silva (from left), US Indo-Pacific Command’s Capt.

Raul Pedrozo and University of Haifa’s Dr. Carmela Lutmar DFA-MOAO

fense Secretary Delfin N. Lorenzana delivered the keynote address on the Philippine government’s programs and initiatives in reinforcing maritime security, and the country’s strategic position in promoting peace and security in the region.

Foreign Affairs Undersecretary for Strategic Communications and Research Ernesto C. Abella closed the session by emphasizing faithful observance to the rule of law, legally binding treaties and international conventions, with the view of attaining regional maritime stability, security, peace and order.

Speakers during the forum included Dr. Carmela Lutmar of the University of Haifa in Israel, Captain Raul Pedrozo of the US IndoPacific Command in Hawaii and Atty. Neil Simon Silva of the University of the Philippines-Institute of Maritime Affairs and Law of the Sea. They discussed maritime security developments in the Middle East and the Eastern Mediterranean, US and the Asia-Pacific region, and that of the Philippines, respectively. DFA

PHL joins Moscow security meet, boosts ties with Russia M OSCOW—The Philippines participated in the eighth Moscow Conference on International Security (MCIS) in April 2019.

National Defense Undersecretary Cardozo M. Luna headed the delegation, with Philippine Embassy in Moscow’s Defense Attaché Col. Dennis Francis V. Pastor; Third Secretary, Vice Consul and Political Section Head Anna Marie Mae R. Guerra; and military assistant from the Department of National Defense Lt. Col. Carlos Chan. The Philippines has been participating in the MCIS since 2015.

Among the topics discussed were modern military challenges and threats; countering terrorist threats; peacekeeping;

military-to-military engagements; regional security in Asia, Africa and Latin America; and the situation in the Middle East—specifically the implications of defeating the Islamic State of Syria and Iraq or ISIS—as well as efforts in stabilizing the region.

The Philippine delegation also participated in the familiarization visit to the Military-Patriotic Recreation Park of the Armed Forces of the Russian Federation or “Patriot Park” in Kubinka, Moscow Region, where they were shown Russian military equipment.

At the sidelines of the event, Luna conducted bilateral meetings with Russian Deputy Defense Minister Col. Gen. Alexander Fomin, Iranian Deputy Defense

STAKEHOLDERS from Russia and the Philippines discuss on ways to further bolster defense and military-technical cooperation. MINISTRY OF DEFENSE-RUSSIAN FEDERATION

Minister Brig. Gen. Mohammad Ahadi and Vietnamese Defense Minister Lt. Gen. Phan Van Giang. The discussions centered on initiatives aimed at promoting trust and confidence between the Philippines and the said countries, as well as agreements and activities that are focused to bolster cooperation in the defense and security sphere.

AMBASSADOR of the Philippines to the Russian Federation Carlos D. Sorreta (third from left) and Undersecretary for National Defense Cardozo M. Luna (third from right) V. CARA

Luna also granted an interview with Russian news entity Sputnik, where he shared that “the Philippines is committed to strengthen ties with nontraditional security partners like Russia.”

Ambassador to Russia Carlos D. Sorreta hosted a working dinner for the delegation.

Discussions zeroed in on the current efforts to strengthen and expand defense and

military-technical cooperation between the Philippines and Russia.

The MCIS is Russia’s leading platform for high-level security dialogues. According to the Russian Ministry of Defense, more than 1,000 defense officials and security experts from 111 countries and six international organizations attended the three-day event. DFA

Network security provider: Pinoys prime target for cybercriminals

By Rizal Raoul S. Reyes

@brownindio

A

GLOBAL network security provider revealed that more than three in 10 (33.3 percent) users in the Philippines were attacked by Internet-borne threats in the third quarter of last year.

This, as Kaspersky Lab products have detected a total of 8,133,815 malware incidents on the computers of its security network par-

ticipants in the country. “[The statistic] is still alarmingly a huge leap from the previous year’s numbers. In fact, we discovered just nearly 2 million online threats during the third quarter of 2017,” Kaspersky Lab Southeast Asia General Manager Yeo Siang Tiong said.

“In the same period, the Philippines ranked only 35th [in most attacked countries] worldwide in terms of Web threats. The young

and globally known Internet savvy Filipinos are fast becoming a prime target for moneyhungry cybercriminals. It’s high time they get their defenses up.” Kaspersky Lab also discovered that online infections last quarter were detected on 28.3 percent of home users of its antivirus, Internet security, total security and free antivirus programs. It claimed that around 9.08 percent of businesses use its enterprise-security software.

Helping fortify PHL from various fronts Post-punk fandom

Continued from E1

McCaffrey tells enthusiastically about his stint in the Philippines so far: “I enjoy the fact that there are things to work on and things to improve. I get to learn about Filipino culture. I get to meet new people. I get to go to a boodle fight [and] eat balut!”

His idea of an encounter has come full circle from his engagements in war-torn territories.

Now, the Blackpanda managing director has no need for weapons, or to be a solider to play the “game.” Instead, he discusses issues with the local government, the Philippine National Police, tribal leaders, industry players and the neighborhood families.

“Our weapons are our brains,” he disclosed. “We learn to navigate the intricacies of the region and the cultural landscape. If we can do that, there’s no need for guns and boots. It’s all about human relations and local politics.”

Started in the Philippines, Blackpanda

BLACKPANDA Marketing Director Kevin McCaffrey BLACKPANDA/ DOMINGUEZ MARKETING

considers itself first and foremost to be a Filipino company. Its staff complement is mostly comprised of locals. McCaffrey proudly declared the firm treats them the Filipino way.

He elaborated, “Our company is like family. I want to be responsible for them and give them equal opportunities to improve their lives.”

MUSIC is McCaffrey’s other passion in life. In college he was a big punk-rock fan. He speaks fluent Chinese and used to be a radio DJ in Taiwan. There, he started his own band as its frontman and lead guitarist.

In Manila, he describes his musical adventure thus far: “I went to see Journey’s Arnel Pineda once. He sounded better than the original singer.”

“I haven’t been involved in the local music scene, but I must admit I’m actually scared to play in Manila. There are a lot of other musicians who are so much better than me.”

He likes the music scene at Craft in Bonifacio Global City, where metal and hard rock enthusiasts congregate in honor of the timeless beauty of loud music.

Tough security, hard music and a Pinoy mindset: so far, those are the rewarding experiences of Blackpanda’s expat executive here in the Philippines.

&Expats

envoys.expats.bm@gmail.com | Thursday, June 13, 2019 E3

EMBASSIES, EVENTS, ETC.

Heroism, courage depicted in DFA art exhibit on Marawi

VISUAL artist Nemesio “Nemiranda” Miranda Jr. (with microphone) gives a tour of the exhibit. DFAOSCR/PHILIP ADRIAN FERNANDEZ

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FOREIGN Affairs Acting Assistant Secretary for Strategic Communications and Research Emmanuel R. Fernandez (from left), Foreign Affairs Undersecretary for Policy Enrique A. Manalo, Foreign Affairs Secretary Teodoro L. Locsin Jr.’s spouse Maria Lourdes Barcelon-Locsin, visual artist Nemesio “Nemiranda” Miranda Jr., Dra. Rena Cristina Koa Malaya, Foreign Affairs-Office of the Undersecretary for Administration Officer in Charge J. Eduardo Malaya and Foreign Affairs Assistant Secretary for Middle East and African Affairs Leslie J. Baja DFA-OSCR/PHILIP ADRIAN FERNANDEZ

HE Department of Foreign Affairs (DFA) is currently featuring the artworks of visual artist Nemesio “Nemiranda” Miranda Jr., entitled Marawi in the Eyes of an Artist, which highlight the indomitable Filipino spirit manifested in the wartorn Lanao del Sur city.

“Through the years, Nemiranda has earned a reputation as a visual historian, whose creations capture some of the most critical moments in our nation’s history. This exhibit is no exception,” Foreign Affairs Undersecretary for Policy and the event’s guest of honor Enrique A. Manalo said in his message. “The series of paintings captures scenes from the epic siege of Marawi City that depict not only the heroism of our men in uniform, but also the courage of innocent civilians trapped in the blockaded city.”

Sponsored by the DFA’s Office of the Undersecretary for Administration (DFA-OUA) and the Office of Strategic Communications and Research-Cultural Diplomacy Division,

the exhibit showcased works by Miranda, acknowledged as the “Father of Philippine Imaginative Realism” and “Angono’s Living Treasure.” It is a tribute to the heroism and patriotism of Filipino soldiers and policemen, as well as the resilience and courage of the people of Marawi City.

“This exhibit affirms the capacity of art not only to record and inform, but also to teach and inspire.

We thank Mr. Miranda for this arts tribute to our soldiers and policemen and for placing his immense talent in the service of our country and people,” DFA-OUA Officer in Charge J. Eduardo Malaya said in his remarks.

The event is also in celebration of the 121st anniversary of the proclamation of Philippine Independence,

THE University of the Philippines’s ethnic musical ensemble Kontra Gapi DFA-OSCR/PHILIP ADRIAN FERNANDEZ

the 121st founding anniversary of the DFA, and the Eid’l Fitr celebration with DFA Muslim personnel.

For his part, Miranda extended his appreciation to the DFA for allowing him to showcase his work at the department: “It has been my wish to hold an exhibit at the DFA, and hopefully this goes worldwide. I thank everyone who has made this possible, and pray that we will all be inspired by the courage and spirit of our soldiers and the citizens of Marawi.”

The University of the Philippines’s ethnic musical ensemble

Kontra Gapi also performed during the event, which also served as a kickoff ceremony for the “Pangarap Arts Festival,” which will travel to Saudi Arabia and the United Arab Emirates later this year.

The festival aims to enhance the image of Filipinos on the international stage and promote peopleto-people engagement through collaborative performance festivals featuring literature, visual arts, music and dance.

The Marawi in the Eyes of an Artist at the DFA main lobby will run until June 27.

Czech Embassy movie draws Manila kids

New tourism lead to bolster PHL, ISR connectivity I SRAEL’S Ministry of Tourism is pleased to announce the appointment of Sammy Yahia as the new director of tourism for India and the Philippines effective this month.

He will be responsible to lead the tourism board’s initiatives in the Philippines, while overseeing the development of policies and strategies to strengthen Israel’s reputation as a world-class tourism and travel destination.

A champion marketer by profession, Yahia was the director of marketing and communications for Israel’s Ministry of Tourism from 2012 to 2019. During his tenure there, he was recognized as Employee of the Year of his country’s Civil Service Commission. He likewise received a certificate of appreciation from the Minister of Tourism and the director general for his valuable contributions.

With a Master of Business Administration degree in marketing and communications from the University of Derby, Yahia also completed his Bachelor of Arts in social sciences, sociology and anthropology from the Hebrew University of Jerusalem.

The new director brings great expertise and “know-how” to the role, with extensive and holistic experiences in tourism marketing, strategic government relations and investment facilitation. He will be instrumental in integrating the ideologies of the Israel travel industry with the Philippine market to facilitate effective marketing strategies. He will help maximize all opportunities to achieve continued growth in tourism arrivals from the Philippines.

Commenting on his appointment, Yahia said, “I am delighted to take on this new position and look forward to working closely with various partners in the Philippines by building on existing partnerships alongside initiating new ones. [The country] has a rich heritage, culture and history as it is an exciting market for me to take charge of. I foresee many opportunities for us to push boundaries and reinvent the ever-evolving Filipino traveler influenced by globalization.”

While talking about his vision for the Philippine office, he added: “Arrivals from the Philippines have amassed expectations in the last few years to present some recordbreaking numbers. Our strategy is to lure travelers to consider Israel for a holiday, offering dynamic experiences catering to varied interests, including pilgrimage. [As

ISRAEL Tourism Director Sammy Yahia EMBASSY OF ISRAEL

such], our office will aggressively work toward increasing connectivity between our countries. Having a direct flight to Israel is one of our top priorities.”

Former director Hassan Madah, who headed the Israel Ministry of Tourism’s Office in the Philippines for more than four years, successfully achieved consistent growth from approximately 11,000 arrivals from the Philippines in 2015 to almost 30,000 in 2018. He also initiated the visits of various popular local shows, magazines and celebrities to Israel.

Commenting on his tenure, Madah said, “Traveling around the Philippines, I have met many people and experienced the diversity here, where every part has something special to offer. I have had the opportunity to work with and develop rapport with leaders in the travel industry to build the perception of Israel as a destination open to tourism and is welcoming to everyone, which has led to many tourism developments.”

He continued: “I am certain there are many great things in store for tourism between [our] countries. I am honored to have had the opportunity to work in such a dynamic country with such warm and welcoming people. I am certain Sammy will feel the same in the Philippines.”

With the appointment of a new director, Israel’s Ministry of Tourism hopes to surpass last year’s achievements: a significant 33-percent increase in Filipino tourist arrivals.

Japan congratulates PHL on its Independence Day

A AMBASSADOR Jana Sediva (standing, sixth from right) with children-viewers CZECH EMBASSY

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HE Czech Embassy in Manila, in partnership with the Cultural Center of the Philippines, celebrated the International Day of the Children on June 1 with the free screening of the Czech film Angel of the Lord.

This sweet treat for the children is a story of love, forgiveness, and the ability to help others selflessly.

It follows the adventures of Petronel, a misbehaving angel who was exiled to Earth with a quest to make at least one sinner better. The mission is not all that easy when Uriah the devil is around and Petronel, himself, is scatterbrained. Filled with saints, miracles, angelic jokes and devious pranks, the movie is

meant to impart positivity to children and to the young-at-heart.

Aside from meeting Petronel, the children also got to know K rtek, a famous Czech mole, through a short screening of one of his adventures with Lollipop. An exhibition of his adventures was also displayed at the entrance of the theater.

This project is conducted under the umbrella of Viva Europa, a festival of music and dance held through a series of joint and individual activities of the Delegation of the European Union, various EU embassies and cultural institutions aimed to celebrate the friendship of the EU and the Philippines.

GIFT items distributed during the film showing KEVIN RYAN A. ONG

MBASSADOR of Japan Koji Haneda, through its embassy in the Philippines, sent its congratulatory message to the Filipinos on the occasion of this year’s Independence Day: “On behalf of the government and the people of Japan, I would like to extend my heartfelt congratulations to the people of the Philippines [as the nation celebrates] the 121st anniversary of its independence on June 12, 2019.

Japan and the Philippines have built a strong bond over the past decade, and we are now enjoying the ‘Golden Age of Strategic Partnership.’ This partnership is further emboldened by the recent visit of President Duterte to Japan. It is my fervent hope that the warm relations existing between [our two countries] will be further enhanced in the years ahead.

I wish the Philippine people peace and prosperity over the coming year.”

AMBASSADOR Koji Haneda during the Mission: PHL awarding ceremonies.

5 13 in

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HE broader look at today’s business is obviously well appreciated.

The country’s leading national business daily was named “Business Newspaper of the Year” for 2018-2019 at the Rotary Club of Manila’s Centennial Journalism Awards. It is the fifth time the Rotary Club of Manila has recognized the BusinessMirror in its short—13—years of existence.

In 2006, on its first year as a business daily, BM was adjudged “National Newspaper of the Year,” an honor it would receive again in 2011.

In 2013 and 2017, the RCM named the BusinessMirror the “Business Newspaper of the Year.”

Five Rotary awards in 13 years of bringing the best in business reporting.

Certainly the best way to cap multiple triumphs from the most prestigious institutions of Philippine journalism in 2018 and 2019.

The business broadsheet was recognized in October 2018 as the “Business News Source of the Year” by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies.

It also swept half of the individual categories at the Ejap awards, with its seasoned reporters adjudged as best in their respective coverages: Bianca Cuaresma for Banking; Cai Ordinario for Macroeconomy and the National Economic and Development Authority; Catherine Pillas for Trade and Industry; and Jasper Emmanuel Arcalas for Best Business Feature.

The BusinessMirror was also distinguished as the inaugural “Data Champion” of the Philippine Statistics Authority’s first awards rites, as Arcalas bagged the individual category award for “Best Data Reporting.”

It was quickly bestowed yet another honor in the Institution category for print in the first “Bantog Science for the People” awards for media from the Department of Science and Technology, where Science Photojournalist Stephanie Tumampos captured the grand prize in the individual category.

Thereafter, BM also shone brightest at the 12th Bright Leaf Agriculture Journalism Awards where, for the first time in its history since 2007, a single news outfit won two awards in two consecutive years. Arcalas bagged the “Best Agriculture Feature Story (National)” and with Ordinario the “Best Agriculture News Story (National).”

The streak continued with Environment Reporter Jonathan Mayuga getting the Luntiang Aligato award by the Climate Reality Project, a nonprofit organization founded by Nobel

Laureate and former US Vice President Al Gore.

The most recent awards before the Centennial Rotary Journalism rites came from the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC), which bestowed eight trophies on BM at the 2018 Binhi Awards.

Multi-awarded Agriculture/ Commodities reporter Arcalas repeated his feat in 2017 and was again named Agricultural Journalist of the Year (1st place) for 2018.

Arcalas also ranked third in the Agribeat Reporter of the Year

category, tying up with Madeleine B. Miraflor from the Manila Bulletin.

Veteran and multi-awarded Environment reporter Jonathan L. Mayuga was adjudged the second top Environmental Journalist of the Year.

The BusinessMirror’s Agriculture/Commodities Section edited by Associate Editor Jennifer Ng was named the Best

Agriculture/Environment Section of a National Newspaper. The BusinessMirror has won this award for the fourth consecutive year.

Six prestigious award-giving bodies, unanimous in their choices.... At “13 and forwardlooking,” the BusinessMirror not only gives a broader look at today’s business: It provides the best in business journalism.

The BusinessMirror @13

FORWARD-LOOKING