BusinessMirror March 05, 2019

MORE COMPETITION IN SERVICES SECTORS TO ADD P26.8B TO PHL’S GDP–WORLD BANK

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PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

@caiordinario

F the government can encourage greater competition in the services sectors, the economy could see an addition of at least 0.2 percentage points to GDP growth annually, according to a World Bank study.

Using 2015 GDP estimates, that 0.2 percentage points is equivalent to adding P26.8 billion, or $600 million, to the economy annually, said the study titled “Fostering Competition in the Philippines: The Challenge of Restrictive Regulation.”

CONTAINER vans are stacked up in Subic Port in this March 2019 photo. A study by the World Bank noted that lack of competition accounts for why domestic shipping in the Philippines is more expensive than in Malaysia or Indonesia. NONIE REYES

DEPT. OF SCIENCE AND TECHNOLOGY

By Cai U. Ordinario

World Bank Markets and Competition Policy Team Senior Economist and lead author of the report Graciela Miralles Murciego said this was just a minimum and the gains could be larger if the government would address competition issues in other sectors.

“That estimation takes into account what would be the impact of reforms only covering service sectors. So this 0.2 percentage points refers to opening energy, transport, telecommunications and regulated professions which gives us a sense that this is at least, at least.

The impact of further competition

reform could be much more,” Murciego said in a briefing on Monday.

More concentrated

THE World Bank data showed the Philippine economy is more concentrated than other economies in the region, with a higher proportion of monopoly, duopoly and oligopoly markets.

While concentration might naturally result from the market conditions, these structures can be more prone to collusion and abuse of market power—abetted by a plethora of See “Wolrd Bank,” A2

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Tuesday, March 5, 2019 Vol. 14 No. 146

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@jearcalas

HE government is ready to exit from local rice markets and fulfill its new role under the rice trade liberalization law, which will take effect on Tuesday, Agriculture Secretary Emmanuel F. Piñol said on Monday.

Piñol also said the National Food Authority Council (NFAC) would meet on Tuesday to finalize implementing rules and regulations (IRR) of Republic Act 11203, which will bring sweeping changes to the domestic rice market.

For one, the National Food Authority (NFA) will no longer sell

low-priced rice starting in August, when the food agency expects its inventory of imports to be depleted. It will also stop monitoring grains businessmen and apprehending violators.

Piñol said the law would be legally effective on March 5, but its implementation would still depend on

whether an IRR would be signed on that day. He did not give a categorical answer when asked if he expected the IRR to be signed on Tuesday.

“We hope that all the [concerns] would be settled tomorrow [March 5]. What is only needed to implement the law is just the approval of the IRR. The IRR is complete and I

believe that there will be no major disagreements on it,” he said in a news briefing on the eve of the effectivity of the law.

“Even if the [Department of Agriculture or DA] is not ready, we have to be ready. So we are ready.

We are ready with our inputs,” Piñol added.

As the law allows traders to apply for sanitary and phytosanitary import clearance (SPSIC) starting March 5, Piñol said some of the personnel of the NFA will be transferred to the Bureau of Plant Industry (BPI) to beef up its manpower.

The BPI, an attached agency of the DA, was tasked to process the applications for SPS-IC. Under RA 11203, interested traders need only to secure an SPS-IC from the BPI to import rice.

“This is an additional task for the BPI and it does not have the

“We hope that all the [concerns] would be settled tomorrow [March 5]. What is only needed to implement the law is just the approval of the IRR. The IRR is complete and I believe that there will be no major disagreements on it.”—Piñol

budget for it. So I am looking at asking for a secondment from the NFA to handle the [processing],” Piñol said.

Limited role

EVEN without the final IRR, the NFA said it would “no longer exercise regulatory functions over the international and domestic rice trade” starting March 5, as stipulated by RA 11203.

See “Rice market,” A2

May polls both a boon and a bane to economy, says FMIC-UA&P report

By Cai U. Ordinario

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@caiordinario

HE May midterm elections could both be a bane and a boon to the economy as it can cause delays in infrastructure projects and boost consumption spending, particularly in the first half of the year.

In its latest Market Call report, First Metro Investment Corp.University of Asia and the Pacific (FMIC-UA&P) Capital Markets Research said the election ban could delay infrastructure spending and, consequently, cut government spending this year.

However, the think tank said the elections could provide a boost for consumption spending, which has suffered major setbacks in 2018 due to high inflation. “ E a rly econom ic nu mbers showed a positive tone, especially with inflation receding fast, but downside risks lurk in the real economy in the horizon,” FMIC-UA&P Capital Markets Research said.

FMIC-UA&P Capital Markets Research said that on the matter of infrastructure spending, the exemption being sought by the President’s economic team would help continue the upward trajectory in infrastructure spending this year.

748

The number of programs and projects the economic team has asked the Comelec to exempt from the election ban on the release and/or disbursement of funds for construction projects.

The ban takes effect from March 29 until May 12 this year

However, as of last week, the Commission on Elections (Comelec) has not decided on the request of the economic team to exempt 748 program and projects from the election ban on the release and/or disbursement of funds for construction projects that will be imposed starting March 29 until May 12 this year.

The list consists of 145 programs and projects submitted by various agencies to the Department of Budget and Management (DBM) and included in the FY 2019 General Appropriations; and another 603 projects and programs under the Department of Public Works and

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Govt all set to limit intervention in rice market under new law

By Jasper Emmanuel Y. Arcalas

2017 EJAP JOURNALISM AWARDS

CLOSED The Tandang Sora flyover (left), usually crammed with cars, is empty on Monday morning, after authorities closed it and the intersection on Commonwealth Avenue at 11 p.m. on Saturday to give way to the construction of the new MRT line. Authorities expect the closure to affect 100,000 motorists traversing the road and thousands more commuters everyday. It will remain closed until 2020. NONIE REYES

Duterte may raise Sabah issue with Mahathir

By Bernadette D. Nicolas @BNicolasBM

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RESIDENT Duterte may raise the country’s claim to Sabah during the state visit of Malaysian Prime Minister Mahathir Mohammad this week, Malacañang said.

Mahathir will be undertaking an official visit on March 6 and 7 as he reciprocates Duterte’s visit to Malaysia in July 2018.

However, unlike the July meeting of the two leaders, the thorny issue between Manila and Kuala Lumpur may be discussed this time.

“Everything is possible naman.

When you meet a head of state, every issue is open,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a briefing on Tuesday.

This comes weeks after Foreign Affairs Secretary Teodoro L. Locsin Jr. said in a lecture at the New Chancery of the Philippine Embassy in Berlin that territorial disputes “may settle themselves with time or may never be resolved, like the Philippine claim to Sabah.”

Moreover, the meeting of the two leaders also comes after Sulu was included in the new Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) despite majority of its residents rejecting the Bangsamoro Organic Law (BOL) during the plebiscite.

Since the BOL does not allow any ARMM province, such as Sulu, to opt out of the new BARMM and that the BOL provides that ARMM votes for the ratification of the law are counted as one geographical region—rendering Sulu’s rejection of BOL useless for now—the Sulu governor filed a petition before the Supreme Court questioning this provision.

Prior to assuming office In 2016, Duterte vowed to pursue the Philippines’s claim to Sabah and said he would recognize the claim of the Sultanate of Sulu.

See “Mahathir,” A8

Cabinet men called to Senate probe on ‘Build, Build, Build’

By Butch Fernandez

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@butchfBM

EMBERS of the Senate Committee on Economic Affairs are poised to grill ranking Duterte administration officials on March 5 on the “status, sustainability and risks” of multibillion-peso projects lined up under Malacañang’s massive

“Build, Build, Build” (BBB) program, as well as the preferred mode of financing to bankroll the Palace-backed projects.

The inquiry, chaired by committee head Sen. Sherwin T. Gatchalian, is also set to tackle issues raised by detained Sen. Leila M. de Lima in a separate Resolution 626 seeking an inquiry into the complete terms and conditions of the

loans entered into by the government to fund the BBB program in order to “assess the possible impact of such loans on our economy and national security.”

Gatchalian’s Resolution 759, on the other hand, pointed out that the National Economic and Development Authority (Neda) had adopted an expansionary fiscal strategy, and pushed for a signifi-

cant increase in public infrastructure spending from 5.4 percent of the GDP in 2017 to about 7.3 percent of GDP by 2022 to propel economic growth in the country.

The Build, Build, Build program is at the forefront of socioeconomic development.

The resolution recalled that on June 27, 2017, the Neda Board See “Build, Build, Build,” A2

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Source: BSP (4 March 2019 )

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A2 Tuesday, March 5, 2019

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Summer power supply enough, amid El Niño

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By Lenie Lectura

@llectura

HE Department of Energy (DOE) assured the public on Monday that the country will have adequate power supply during summer to serve the projected demand during the period despite the possibility of declining water levels caused by El Niño.

DOE officials cited a total of 1,272.2 megawatts (MW) of new power capacity that should be available between March and

July this year. Of this, Luzon is expected to produce 571.2 MW of new power-generating capacity, the Visayas with 300 MW and

Build, Build, Build. . .

identified 75 high-impact infrastructure projects aimed at bringing provinces and regions into the mainstream economy by “improving infrastructure development in these areas, boosting economic activity, generating employment and, ultimately, lifting Filipinos living in the rural areas from poverty.”

Citing statistics, Gatchalian recalled that by end-December 2017, the total outstanding debt of the national government added up to P6,652.4 billion, and in the 2018 national budget, P329.052 billion was allotted “for debt servicing alone.”

The senator’s resolution also acknowledged concerns that the borrowing plan of the Duterte administration

FMIC-UA&P. . .

Highways in the updated 2017-2022 Public Investment Program.

For his part, UA&P economist Victor Abola told the BusinessMirror that if the request for exemption is not granted by the Comelec, there is a possibility that the country’s GDP growth will slow in the first two quarters of the year.

“Infrastructure spending should carry on with its high double-digit climb, even though the reenacted budget may stymie this. However, we think the latter should be resolved in February by Presidential realignment of budget items or by obtaining an exemption from spending restrictions due to the forthcoming elections,” the think tank said.

“Headline inflation’s rapid deceleration to 4.4 percent in January from as high as 6.7 percent in September-October 2018 emerged as the most encouraging sign of consumer spending recovery in 2019. Election related-spending and OFW [overseas Filipino worker] remittances [in peso terms] should provide support to this scenario,” it also said.

Apart from the elections, another

World Bank. . .

Continued from A1

restrictive regulations and other restrictions.

Murciego cited a need to institute market reforms that will remove restrictions, such as state ownership and involvement in business operations; complex regulatory procedures and administrative burdens on start-ups; as well as barriers to trade and investments, including foreign equity investments.

The World Bank said there is a need to tackle restrictive regulations in infrastructure and professional services to create more competitive conditions, which will have positive effects on other sectors of the economy.

It added that there is a need to eliminate restrictions on foreign investors, as well as among domestic investors in sectors where such regulatory restrictions create an uneven playing field.

Further, minimizing the scope of controlled prices to create the right incentives for firms to compete and ensure competitive neutrality among public and private operators, will promote a more effective use of public funds.

There is also a need to streamline burdensome administrative procedures for businesses to facilitate market entry and rivalry.

While instituting market reforms, particularly the removal of policies that restrict competition, can be a struggle for governments, Murciega said “having a framework to promote competition

Continued from A1

to fund its Build, Build, Build program could lead to “unsustainable debt levels due to onerous terms of loans,” citing, for instance, “such exorbitant interest rates imposed by China” at 2 percent to 3 percent.

Gatchalian also cited what the senator described as China’s nontraditional loan, scheme of holding natural resources as collateral for loans, which, he warned, can “further burden the average Filipino who will ultimately be responsible to pay for the country’s debt.”

The senator stressed the need to closely monitor debt obligations and other modes of financing incurred, adopted or to be incurred or adopted by the Duterte administration for the

Continued from A1

major factor that would affect the economy this year is the performance of the country in external trade and the growth of the manufacturing sector.

In particular, FMIC-UA&P Capital Markets Research said the ballooning trade deficit could place “added pressure” on the Philippine peso. In 2018, the country’s trade deficit grew 51.3 percent to $41.44 billion.

This was largely due to the lackluster performance of the exports sector, which contracted 1.8 percent to $67.488 billion in 2018, while imports grew 13.4 percent to $108.928 billion.

“The peso should trade within the current range of P52.00-52.60 for the rest of Q1 [first quarter], as BSP [Bangko Sentral ng Pilipinas] rebuilds its GIR (gross international reserves), which also infuses the desired liquidity to the banking system. Over the longer horizon, we think the bulging trade deficits will put added pressure on the currency, but it won’t weaken as much as it did in 2018,” the think tank said.

In terms of manufacturing-sector policy across the economy is precisely the driver to prevent that reform from becoming only a piecemeal reform, and to make sure that reform is undertaken from a wholistic perspective.”

That is why, she added, “it’s very important not to think of competition reform in just one particular sector. Obviously that reform will have an impact but the best is to have a framework that supports competition policy reform across the economy.”

Philippine Competition Commission Chairman Arsenio M. Balisacan said the PCC and the National Economic and Development Authority (Neda) are already in the process of finalizing the National Competition Policy (NCP).

Balisacan said the PCC and Neda presented the draft NCP to the Economic Development Cluster (EDC) a few weeks back and the government is on track to completing the NCP soon.

The PCC chairman explained in a speech at the launch of the report that the NCP has three fundamental pillars: effective enforcement of the Philippine Competition Act; enactment of procompetitive government regulations and issuance; and the internalization of the principle of competitive neutrality.

Constraints

THE study notes how restrictions constrain the economy and negatively affect millions of Filipino consumers.

For one, electricity costs are high, and capacity is limited.

The World Bank said this is largely due to the slow implementation of

Mindanao with 401 MW. The agency also said it has rescheduled the maintenance shutdown of some power plants that are supposed to go offline a week before and after the May 13 elections.

These, according to DOE Assistant Secretary Redentor Delola, will help prevent power-interruption incidents in the country during the summer months.

“We can say we are confident that there will be no issue considering normal hydropower generation; even during the election period there [will be] enough supply,” said Delola. “There’s a directive to power plants, one week before and after election, not to conduct maintenance work.”

During El Niño, the DOE said

the power-reserve level in the Luzon grid will be below required dispatchable reserve levels from April 5 to June 13.

However, the grid will be in normal condition despite the a ssu med reduc t ion of hyd ro capacity.

In the Visayas, El Niño has a minimal effect on the grid since hydro share is just 0.6 percent of total dependable capacity.

In Mindanao, even if the hydro plants comprise 27.5 percent of the grid’s total supply, power will remain stable as the large coal-fired power plants w i l l of fset out put f rom t he hydro plants.

The DOE official said with or without El Nino, power supply during summer is seen to serve

the demand of consumers even if there will be incidents of forced power outage.

The peak demand in Luzon is expected to hit 11,403 MW in May. Demand in the Visayas and

infrastructure program in order to “ensure transparency, accountability and prudent use of the loans and other modes of financing entered or to be entered by the government.”

The resolution also asserted the importance of monitoring “compliance with Article VII, Section 20, and Article XII, Section 21, of the Constitution,” as well as “conformity with the Principles on Promoting Responsible Sovereign Lending and Borrowing by the United Nations Conference on Trade and Development [Unctad].”

Gatchalian’s Resolution 759 pointed out that it is incumbent on the Senate, in the exercise of its power of the purse, to ensure that the public funds diverted from health, education and social services financing are properly appropriated and not used for debt service.

Among the Duterte Cabinet officials invited to testify at the initial hearing on Tuesday (March 5) are: National Economic and Development Authority Director General Ernesto Pernia, Budget Secretary Benjamin Diokno, Finance Secretary Carlos Dominguez, Bangko Sentral OIC Governor Almasara Cyd Tuaño-Amador, Public Works and Highways Secretary Mark Villar, Labor Secretary Silvestre Bello, Transportation Undersecretary Ruben Reynoso, Bases Conversion Development Authority President Vivencio Dizon, Public-Private Partnership Center Executive Director Ferdinand Pecson, Freedom from Debt Coalition President Dr. Rene Ofreneo, IBON Foundation Research Head Rosario Bella Guzman and Calixto Chikiamco of the Foundation for Economic Freedom, among others.

Duterte signs into law mandatory PhilHealth coverage for all PWDs

growth, FMIC-UA&P Capital Markets Research said the slowdown in the fourth quarter was not that low compared to the first and third quarters last year.

Based on the December report of the Philippine Statistics Authority (PSA) on the Monthly Integrated Survey of Selected Industries (Missi), manufacturing output contracted 10.1 percent.

“However,” the think tank said, an upward revision of “heavily weighted food manufacturing and basic metals [supported by construction boom],” which “showed unusually large falls,” is to be expected.

“With the US economy still on a roll, we think it [exports] will grow, although weakly, in 2019, as the Philippines has a preferential access to the US market,” it added.

In its first economic briefing for the year on Tuesday, FMIC-UA&P Capital Market Research disclosed that the country’s GDP growth would average 6.8 percent to 7.2 percent in 2019.

The think tank projects that inflation would average 3 to 3.5 percent this year.

This, along with a weaker peso-dollar rate of 54 to the greenback, would allow consumption to increase this year. reforms, such as the open access provisions and retail competition, under the Electric Power Industry Reform Act (Epira) of 2001.

The study also said limitations on foreign direct investments prevent the development of electricity infrastructure, while prices of mobile phone services in the Philippines remain the highest in East Asia region, and four times higher than the average price in rich countries.

Restrictions in the transport sectors, particularly cabotage rules and limits to foreign participation, impair logistics in the Philippines by creating bottlenecks. The report also noted that lack of competition accounts for why domestic shipping in the Philippines is more expensive than in Malaysia or Indonesia.

“Ensuring that [the] government policies and regulations do not create barriers to entry or distort the playing field is necessary to enhance private participation and unlock more investment opportunities for all businesses big and small,” said Mara K. Warwick, World Bank country director for Brunei, Malaysia, Philippines and Thailand.

“The Philippines needs an even more competitive and vibrant private sector to generate the types of jobs and economic opportunities that can lift more people out of poverty, at a similar pace to its neighbors in East Asia.”

The study benefited from funds provided by the Australian Government through the Australia-World Bank Philippines Trust Fund and the Canadian government.

Rice market. . .

Continued from A1

Among the regulatory powers that would be stripped away from the NFA are: licensing and registration of entities engaged in grains businesses; collection of regulatory fees; issuance of warehouse receipts; warehouse inspection; seizure of hoarded stocks; and enforce rules and regulations concerning rice trade.

“The IRR of the law are yet to be finalized. But as spelled out in the law’s self-executing provisions, we have already instructed our offices to cease all regulatory functions over our local grains business starting March 5,” NFA OIC-Administrator Tomas R. Escarez said in a statement on Monday.

Escarez also said the NFA would channel its resources in procuring local palay as mandated by RA 11203. “We will just wait for the release of the final IRR before we fully shift our focus on buffer stocking for calamities and emergencies, as stated under the law, and on the eventual restructuring of our agency to suit its new functions,” he said.

The NFA was created by virtue of Presidential Decree 4 issued in September 1972. The decree abolished two agencies—the Rice and Corn Board (Ricob) and the Rice and Corn Administration (RCA) but absorbed their respective functions.

Ricob regulated the rice and corn retail trade and was tasked to nationalize it within a target date, while RCA handled the distribution of government low-priced rice especially during the lean months.

Concerns

PIÑOL said the DA wants to see a provision that will allow the NFA to procure more palay from farmers in the IRR. This, he said, will serve as their “shield” in case the buying price of palay drops below their production cost.

“The Neda [National Economic and Development Authority] has taken this into consideration. I support this proposal also,” he said.

“President Duterte has announced that he wants to have a buffer stock of up to 60 days. I also think that the buffer stock should be more than 30 days,” Piñol added.

‘Biggest budget’

WHILE RA 11203 takes effect on March 5, the P10-billion Rice Competitiveness Enhancement Fund (RCEF) has yet to be set up by the national government. The RCEF, which will consist of tariffs collected from imports, is regarded as a safety net for farmers.

But Piñol said the rice sector is set to receive its biggest budget in history. This year, the rice sector will receive P22 billion—the P10-billion RCEF, P5-billion supplementary budget from the national government and the P7 billion allocated by the DA for the sector under its regular budget.

“Hopefully, if tariff revenues would increase and hit P26 billion next year then our fund for rice alone would reach about P30 billion,” he said. “This is actually the greatest irony. Farmers are afraid of the liberalization but they are given this huge benefit.”

Piñol said, however, that the interventions to help farmers cope with the expected influx of rice imports should have been put in place before the law took effect.

Still, he thumbed down proposals to prolong the crafting of the IRR so that the law would not be immediately implemented. Piñol argued that by doing so, the release of the budget for the RCEF would also be delayed. “The longer we wait [for the IRR], the longer it will take for the budget to be released. This will make it difficult for the government to intervene during the wet season planting,” Piñol said.

Mindanao is expected to peak at 2,299MW and 2,130MW, respectively, in November until December.

“From the supply side, we can see sufficient supply from March, April, May and June,” added Delola.

We can say we are confident that there will be no issue considering normal hydropower generation; even during the election period there [will be] enough supply. There’s a directive to power plants, one week before and after election, not to conduct maintenance work.”–Delola

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RESIDENT Duterte has finally signed into law the measure providing mandatory Philippine Health Insurance Corporation (PhilHealth) coverage for all persons with disabilities (PWDs).

Under Republic Act No. 11228 signed by the President on February 22, all PWDs shall be automatically covered under the National Health Insurance Program of the PhilHealth.

Premium contributions for all PWDs shall be paid for by the national government. However, premium contributions of PWD members in the formal economy shall be shared equally by their employers and the national government.

The funds necessary for the implementation of the law will be sourced from the National Health Insurance Fund of PhilHealth earmarked from the proceeds of Republic Act No. 10351, or the “Sin” Tax Reform Law, and a portion of the incremental revenues from the increase in the documentary stamp taxes, as well as from the incremental revenues from the excise tax on alcohol and tobacco products as stated in

Republic Act No. 9334.

Government agencies are mandated by the law to conduct a periodic monitoring and evaluation of the law’s implementation.

These agencies include the Department of Health (DOH) in coordination with the Department of Social Welfare and Development, Department of Labor and Employment, the National Council on Disability Affairs (NCDA), local government units and other relevant government agencies.

The law also stipulates that the DOH shall also maintain an updated database on PWDs and their health and development needs.

Meanwhile, local government units, PhilHealth, NCDA and other agencies are also directed to submit their data on PWDs to DOH. Implementing rules and regulations of the newly signed law shall also be promulgated within three months upon effectivity of the law.

The law shall take effect after 15 days from its publication in the Official Gazette or in a newspaper of a general circulation. Bernadette D. Nicolas

MDT requires US govt to get congressional OK for war–Duterte

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FTER the United States assured the Philippines that it will back the country against any act of aggression in disputed waters, President Duterte said it is still a “problem” when America invokes the Mutual Defense Treaty (MDT), as its declaration of war will still need to pass through its Congress.

In a speech during the Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban) campaign rally in Zamboanga City late Sunday, Duterte said: “Ngayon ang America nagsabi, ‘We will protect you. We will...your backs are covered I’m sure.’ Sabi ko, okay man sinabi ni Mattis sa akin. ‘We guarantee you na nandiyan kami sa likod.’ Pero ang problema nito ‘yung iinvoke niya ’yung Defense US Treaty which was entered into by us, by our...mga ninuno natin. [Now, America said, ‘We will protect you. We will... your backs are covered, I’m sure.’ I said, what Mattis said is okay for me. ‘We guarantee you that we have your back.’ But the problem is what he invoked is the Defense US Treaty which was entered into by us...our ancestors],” Duterte said, as he referred to his previous conversation with former US Defense Secretary James Mattis. “‘Yung...na ang attack sa America or ang attack sa atin pareho. But sa America magdaan pa ng Congress.

Any declaration of war will pass Congress. Alam mo naman gaano ka b***s*** ang Congress sa America. [The attack on America and attack on us are the same, according to them. But in America, this will still need to go through Congress. Any declaration of war will pass Congress. You know how b***s*** is Congress in America,” he said.

Duterte’s pronouncement comes days after US Secretary of State Michael R. Pompeo’s visit to the country.

Pompeo assured Manila on Friday that its commitments and obligations under the 1951 treaty are clear.

Pompeo said, “any attack on Philippine forces, aircraft, or public ves-

sels in the South China Sea would trigger mutual defense obligations under Article IV of our Mutual Defense Treaty.”

Despite the defense department’s position that there is still a need to review the treaty to seek clarity in some areas, Foreign Affairs Secretary Teodoro L. Locsin Jr. said there is no need to review the treaty, adding that “in vagueness lies the best deterrence.”

Chinese driving away Filipino fishermen

MEANWHILE, Malacañang said reports that Chinese vessels have been driving away Filipino fishermen from sandbars in the West Philippine Sea should be validated first.

If the report is proven true, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said this act is certainly not correct.

“We, from the very start said that that’s ours and we have been...and our fishermen have been doing that. Our fishermen have been fishing there. So they have—nobody has the right to drive our fishermen away. But we’ll have to validate that, we still do not know that,” Panelo said.

But Panelo dodged the question when asked if the country should protest this act if it’s proven true.

“I will leave it to the secretary of Foreign Affairs, that’s his turf,” he said.

The Duterte administration has sought warmer relations with China despite the maritime dispute in the West Philippine Sea, which Manila raised in 2013 before a United Nations arbitral tribunal, where it got a favorable ruling.

Although the Hague-based Permanent Court of Arbitration issued a landmark decision in 2016 invalidating China’s “excessive” claims to the West Philippine Sea, China has opted not to recognize the arbitral ruling. Bernadette D. Nicolas

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IPOPHL reports 15-percent jump in IP filings in 2018

By Elijah Felice E. Rosales @alyasjah

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NTELLECTUAL-PROPERTY (IP) filings rose 15 percent last year in what the government described as a clear reflection of the growth of the local creative and scientific economies.

The Intellectual Property Office of the Philippines (IPOPHL) on Monday reported filings in 2018 was up 14.58 percent to 44,461 from 38,801 in 2017. Covered under IP filings are applications for patents, utility models, industrial designs, trademarks and copyright deposits.

This brings the five-year average growth rate for filings to 7 percent, according to the IPOPHL. IPOPHL data also reported that online filings last year grew 35.33 percent to 10,346 from 7,645 in 2017. The agency attributed this jump to the online facilities it first launched in 2016.

Per type of IP, utility model topped the list with a growth of nearly 54 percent to 2,124, from 1,380, on the back of strong filings in food chemistry and food technology.

Trademarks rose 11 percent in 2018, which translated to about 35,602 applications, the IPOPHL reported.

The majority of these filings were in agricultural products and services, which were contrary to past years wherein pharmaceuticals, health and cosmetics took the lion’s share.

Further, patents surged 28 percent to 3,946 applications, of which, since 2014, were mostly on pharmaceutical products.

Industrial designs also increased 9 percent last year to 1,521 filings. IPOPHL figures showed that the majority of applications for industrial design were in packages and containers made for the transport and handlings of goods.

Moreover, copyright deposit grew almost 29 percent to 1,268 from 983, according to the IPOPHL.

Editor: Vittorio V. Vitug • Tuesday, March 5, 2019 A5

In his political comeback bid, Cayetano seen as likely to succeed Arroyo as House Speaker

By Jovee Marie N. Dela Cruz @joveemarie

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FIVE-CORNERED toss-up on who will succeed Gloria Macapagal-Arroyo as Speaker of the House Representatives is taking shape ahead of the May 13 midterm elections.

Reportedly eyeing the top House post in the 18th Congress are Rep. Lord Allan Velasco of Marinduque (PDP-Laban), Majority Leader Fredenil Castro (National Unity Party or NUP), former Speaker and Davao del Norte Rep. Pantaleon Alvarez (PDPLaban), former Leyte Rep. Martin Romualdez (Lakas-CMD) and former Foreign Affairs Secretary Allan Peter Cayetano (Nacionalista Party).

Velasco, Castro and Alvarez are all running for reelection, while Romualdez and Cayetano are seeking

a political comeback.

Hugpong ng Pagbabao (HNP) Chairman and Davao City Mayor Sara Duterte-Carpio hasmentionedVelasco, Romualdez and Cayetano as possible betsofherparty inthespeakershiprace.

Former Interior Secretary Ronaldo Puno, president of NUP, the country’s second-biggest political party said, they are eyeing to support Cayetano, who “we believe is someone all congressmen can look up to, and like Speaker Arroyo, was with President Duterte from the start and has a proven track record.”

“If the HNP chooses not to endorse any congressman for Speaker, NUP will still not have its own candidate for Speaker. We would rather support the candidate who supports President Duterte, has the broadest government experience, and who can eloquently represent the

congress and the country in interactions with foreign counterparts,” said Puno said in a news statement.

“For these reasons, the NUP leadership is inclined towards former congressman, former senator, and former Foreign Affairs Secretary Alan Peter Cayetano, who we believe is someone all congressmen can look up to, and like Speaker Arroyo, was with President Duterte from the start and has a proven track record,” he added.

Meanwhile, Puno clarified that the NUP will not be fielding it’s own candidate for speakership of the lower house in the 18th Congress.

“No one from the NUP has asked Majority Leader Capiz Rep. Fredenil Castro to represent the party in the Speakership race.[Rep.] Castro has not expressed to the party any interest in running for Speaker,” he added.

The NUP is bound by a Coalition Agreement with HNP. The NUP has supported the HNP when it worked for the election of Arroyo as Speaker by removing Alvarez.

“We believe the next Speaker must be someone who has the competence and proven ability to support and help carry out the programs and policies of the Duterte administration,” Puno added.

“We believe the HNP provided our country great service by enlisting a former President who has had the highest government experience in both the Executive and Legislative branches of government and has had [an] extensive foreign-relations experience, as well. Speaker Arroyo commands the respect of every congressman in the NUP, and of course in the House of Representatives,” he added.

Cardinal Tagle urges Catholic faithful to help feed underprivileged children in poorest communities

C

HURCH leaders are encouraging every Filipino to participate in small acts of charity as Catholics enter the 40-day solemn and religious observance of Lent on Ash Wednesday, March 5.

“We, Filipinos, have a deep relationship with our faith. The season of Lent is another opportunity for

us to re-center our lives by helping those who are most in need,” Luis Antonio G. Cardinal Tagle, archbishop of Manila said in a news statement issued on Monday.

One of the charitable activities that the Church has been promoting, especially during this time, is the Hapag-Asa Integrated Nutri-

tion (Hapag-Asa) program. HapagAsa has actively partnered with the Church to reduce hunger and malnutrition among more than 2 million Filipino children through regular feeding programs in the poorest and remotest places in the country.

Poverty is one of the main causes leading to three out of 10 Filipino chil-

dren currently stunting (low height for age) or wasting (severe weight loss).

These conditions have long-term effects on children’s physical and mental development, and render them susceptible to communicable diseases.

To be able to continue their mission to reach and help these children, Hapag-Asa is appealing to Church pa-

rishioners who practice fasting during the season to donate the funds they are able to save from fasting to what it calls FAST2FEED. Under the FAST2FEED initiative, as little as P10 a day can feed a child manna pack-based meal. Manna pack is a rice meal formula fortified with proteins, Vitamin A, B, C, D,

and calcium, which is mixed with vegetables and commonly used for nutrition feeding programs.

“Feeding hungry children can start with our little sacrifice. Imagine how our P10 can go toward nutritious meals that may spell a difference for their future,” said Hapag-Asa Program Director Florinda Lacanlalay.

A6 Tuesday, March 5, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Just follow our rules

A

S a country whose government has built an extensive bureaucratic infrastructure to facilitate the export of its workers, we Filipinos have to get off our high horse when talking about Chinese workers and get real.

For decades, we have been sending millions of Filipino workers to some 200 countries. It is obvious we believe in labor mobility, in the principle of workers seeking employment anywhere they can find them. We have supplied all kinds of labor—skilled and low-skilled—to the world.

If we attract foreigners who wish to work here, we only ask that they follow our laws concerning their status and employment, in order to protect them from expulsion. These are the same regulatory restrictions our overseas Filipino workers face and comply with when working in other countries. Indeed, ours may be easier.

The inflow of Chinese workers has been a concern only because laws may have been broken. Most of the work permits for Chinese workers have been in online gambling work, specifically for Philippine Offshore Gambling Operations (Pogo), either through Special Work Permits (SWP) issued by the Bureau of Immigration (BI) or through Alien Employment Permits (AEP) issued by the Department of Labor.

But how many Chinese came here as tourists and eventually became illegal Pogo workers?

According to data from the BI, more than 3 million Chinese were allowed entry from 2016 to 2018. Of course, not all of them came from mainland China.

Chinese tourists continued to lift our total foreign visitor arrivals from January to November 2018. Data from the Department of Tourism (DOT) showed foreign arrivals rising by 7.2 percent to 6.44 million during that period, mainly powered by the 30-percent growth in Chinese tourists, which reached 1.16 million.

How many of these Chinese tourists eventually secured special permits to work in online gambling operations? How many even bothered to make themselves legit?

The police have already arrested several Chinese nationals who are not only working in Pogo without work permits, but are even operating illegal Pogo, circumventing not just our immigration and labor laws but even the licensing requirements of the Philippine Amusement and Gaming Corp. (Pagcor).

In a recent raid of one these illegal Pogo operating from a house inside upscale San Lorenzo Village in Makati City, only one of the eight arrested Chinese had a working visa, while the rest had tourist visas, according to the police. The Chinese arrived in the country six months ago and did not even bother to get a license from Pagcor, nor a business permit from the Makati city government.

In November police raided another illegal Pogo in the Ortigas business district, arresting 87 Chinese nationals.

The Chinese Embassy already issued a statement reminding and requesting its nationals to follow Philippine laws.

“China respects the laws and regulations of the Philippines regarding employment of foreign nationals in the country, and holds that Chinese nationals should not stay or work illegally in foreign countries, including the Philippines. China hopes that the Philippine law enforcement agencies would continue to deal with relevant issues in accordance with the laws and regulations in a professional manner,” it said.

Of course, it’s up to our government to enforce our laws, rules and regulations, and make everyone, foreigners and locals alike, follow them. China is not to blame if our own government can’t or won’t do it.

Since 2005

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

THE ENTREPRENEUR

T

HE passing of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Aldave Espenilla Jr., a highly admired career central banker, is a great loss to the nation. Barely two years into his six-year term as governor, Espenilla’s death came as the BSP successfully steered the country away from a high inflation regime last year.

It was very unfortunate that Espenilla, still young at 60, succumbed to cancer—a disease that has been causing pain to a lot of Filipino families. I am hoping that one day researchers will discover a cure to this deadly disease.

I met Espenilla on several occasions as an alumnus of the University of the Philippines (UP) College of Business Administration where I earned both my Bachelor’s and Master’s degrees in Business Administration, nearly a decade earlier than he studied there. Nesting, as he is fondly called by his colleagues in the BSP, obtained a Bachelor of Science degree in Business Economics from the UP School of Economics and later a Master’s in Business Administration in the early 1980s, before going to Japan for further studies.

Right after graduating magna cum laude from UP, Espenilla joined the BSP as an analyst, spent his

entire career in the banking regulator, gained recognition as the main disciplinarian of erring banks before becoming the BSP governor and chairman of the Monetary Board, its policy-making body.

Espenilla filled the large void left

by Amado M. Tetangco Jr., a twoterm governor, in July 2017. He is credited for strengthening the financial system, for making sure that banks protect people’s money and for encouraging technological innovations to bring banking services within the reach of the poor.

In a tribute, the Bankers Association of the Philippines said Espenilla’s leadership resulted in progressive reforms that now support a stronger Philippine banking system, including the enactment of the New Central Bank Act. “He leaves a legacy of a stronger and more inclusive banking system,” the bankers said.

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Espenilla: A great loss to the nation

OUTSIDE THE BOX

T

HE Philippine Stock Exchange Composite Index (PSEi) has been in a downtrend since the end of January, and turning in a dismal performance—down 3.77 percent—for February.

Everybody has an explanation why.

There’s the tendency to blame foreign money for cashing out. The problem with that is foreign money has been flowing into our stock market for the past 60 days, like it was a “three-day sale” in a mall. There was foreign net selling on Friday, but I will get to that in a moment.

Buying and selling of stocks is a zero-sum game: for every buy, there is a sell. So, if the foreigners are net buyers, then locals are net sellers. “Certain quarters” might attribute local selling to fears that President Duterte is about to declare himself Emperor of the Kingdom of Maharlika. Others are concerned that Xi Jinping is ready to move the capital of the People’s

Republic of China to Binondo.

Until either one of those events happens, a simple explanation might be I-I-E—interest rates, inflation and election.

A critical segment of the stock market is the banking stocks, which has been a disaster since early 2018.

The financial index has been a major drag on the holding index as those companies “hold” the major banks.

Banks have been smashed by higher interest rates, which is a twoedged sword. Higher rates make them more money, but also slow down borrowing. High inflation has weakened consumer spending, hurting the service sector. While inflation has been going down for a couple

for its part, noted that Espenilla’s “dedicated public service, his regulations to strengthen the financial viability of banks combined with his continued push for banking reforms and his passion for financial inclusion were greatly admired both here and abroad.”

No less than the Asian Development Bank (ADB) recognized Espenilla’s contribution to financial stability in the Philippines. The Ortigas-based multilateral lender said Espenilla, who also served as ADB alternate governor for the Philippines, championed policies to increase incomes by strengthening the banking sector and developing the domestic capital market. I couldn’t agree more.

“He sought to make financial services and literacy available to all Filipinos, and to modernize the payment system as a means to safely and securely distribute these benefits,” the ADB said.

Among Espenilla’s initiatives are the development of the domestic bond market, new and innovative ways to bring modern banking to rural underserved areas, and the digitalization of the retail payment system.

“Mr. Espenilla’s leadership in BSP’s pursuit of financial sector development and inclusion will remain an inspiration to all of us working to expand access to financial services for the poor and smaller enterprises, a key challenge in Asia. We look forward to continuing our support

to his vision—a Philippines with strong, sustained growth and where no one is left behind,” ADB President Takehiko Nakao said in his tribute.

As we mourn Espenilla’s passing, we hope that his successor would be up to the task. The BSP has a very big pool of career central bankers who are highly educated and knowledgeable about the institution’s mandate—ensuring monetary stability.

I believe that anyone of the incumbent deputy governors—Diwa C. Guinigundo, Chuchi G. Fonacier and Ma. Almasara Cyd TuanoAmador—is highly qualified and it would be beneficial for the country if the next BSP governor comes from within the institution.

The BSP, together with its Monetary Board, has always been independent, allowing the free market economy to work efficiently for the good of the majority. Its proactive response to inflationary pressures has been a source of stability and strength for the economy in recent years.

I believe that the appointment of a career central banker as the new BSP governor, along with President Duterte’s recent signing into law of the New Central Bank Act that expands the bank’s regulatory toolkit, would make the BSP even stronger in handling any inflationary crisis and supporting economic growth.

of months, the second phase of tax reform is still worrisome. We need two more months of inflation going down to alleviate those concerns.

Finally an election period still brings uncertainty. The chance of a “Hello Garci” or “Maguindanao massacre” always waits around the corner. For a month I have been cautioning investors that the stock market was fragile and to be extremely careful.

Last week global financial institution Morgan Stanley (MS) announced that over the next nine months, in three stages, the composition of relevant indexes will change to include the “A” shares of Chinese stocks. A shares have been primarily reserved for Chinese nationals and are priced in local currency.

This will open those issues up to more foreign investment. We were told that because of this increase in the amount of Chinese shares specifically in the MS Emerging Markets Index (MSCI EM)—which includes the Philippines—foreigners bailed out of Philippine stocks.

Think of the MSCI EM as a pizza with everything on it. The various ingredients are not the same proportion as “Chinese pepperoni” makes up 30 percent of the pie with

“Korean onions” at about 15 percent.

Near the crust is the tiny “Philippine shrimp,” which is 1 percent of the total toppings.

As MS adds more “Chinese salami” in the form of the A shares, the size of the pizza will increase and percentage of the “onions” (and shrimp) will decrease. The effect on the PSEi is negligible.

By the end of the year, the MSCI EM will be 40 percent Chinese stocks. Yes, this change will bring more money into China. But to think that a foreign fund with $1 billion or more invested in China is going to say “we better sell that $50 million in the Philippines just because” is silly.

Morgan has 24 separate Chinabased indexes. The MSCI EM is sort of foolish to include the PSE anyway.

Only eight PSEi stocks are in this index of 800 issues. The PSEi could go to 10,000 and the MSCI EM would go, “What was that?” “Nothing. Go check the price of Wo Fat’s Shanghai Siomai Palace.”

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

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

Opinion BusinessMirror

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Ease in paying taxes

Historical antecedent of the current peace and order situation

Benedicta Du-Baladad

Cecilio T. Arillo

DATABASE

TAX LAW FOR BUSINESS

W

ITH the onset of the tax-filing season, and in relation to the Ease of Doing Business (EODB) law mandating the efficient delivery of government services, let me stir this talk again about ease in paying taxes.

As early as last month, the BIR launched the tax-filing season with an earnest appeal for taxpayers to file and pay their taxes early and correctly. In response, taxpayers made a counter-appeal for the government to please do something to make payment of taxes less costly, easy and a pleasant experience they would look forward doing again.

For years, April 15 has been a hurdle, ending one’s day with a sigh of “YES, I survived.” This, notwithstanding the availability of an electronic payment and filing system. Happy for those who can hire professional help, they are blessed, but sadly, not many can afford one.

And I blame this on the tax structure that we have—a complicated tax system that is complicated further by complicated implementing rules, guidelines and procedures.

The result is a complex web of inefficiencies, making the life of a taxpayer difficult.

This year could be different, especially for individuals engaged in business and with income of P3 million and below (the micro, small and medium enterprises ). Taxpayers in this category are given the option of paying a single flat rate of 8 percent of gross sales or receipts in lieu of paying the regular multirated income tax and the 12-percent value-added tax. We call this a presumptive income tax.

Thanks to Tax Reform for Acceleration and Inclusion (TRAIN) 1, which introduced this simplified taxation precisely to encourage the MSMEs to surface, join the tax net, pay their taxes regularly and timely and without fear of being penalized.

With this simpli fication, the BIR is expected to simplify implementation, as well, to ensure achieving the intent and purpose of TRAIN 1.

But, I would say, it is not just about simplification in the payment of taxes that this sector needs. It is a lot more than that.

What MSMEs need is a wholistic management approach where policies are specifically designed for them—a separate taxpayer segment with special needs, having its own peculiarities and behavior. A wholistic approach that runs the whole gamut of tax compliance— from registration, bookkeeping, invoicing, tax filing and payment, tax audit, collection procedures, up to closure of the business—is what this sector needs.

The MSMEs need assistance more than anyone else. Thus, policies should be directed more on tax assistance such as tax education, information, campaign to register and the like. Not strict tax enforcement, or they will hide more.

For example, assistance desks dedicated solely to MSMEs should be set up in all Bureau of Internal Revenue (BIR) payment centers and frontline offices ready to assist in registration, printing of invoices, filling up tax returns, payment of taxes, etc. Basic training on proper bookkeeping is also important. Simplifying tax forms is a must. TRAIN 1 mandates that tax returns should not exceed four pages. For MSMEs, perhaps a one-page simplified tax return can be done.

For a long time, this sector has not been paid much attention to by the BIR, perhaps because it is more costly to run after them compared to the revenue potential to be generated. Instead, the BIR concentrated on large taxpayers already in the net, auditing them yearly, squeezing them for more payments and monitoring them regularly.

MSMEs comprise 99.56 percent

What MSMEs need is a wholistic management approach where policies are specifically designed for them. A wholistic approach that runs the whole gamut of tax compliance—from registration, bookkeeping, invoicing, tax filing and payment, tax audit, collection procedures, up to closure of the business—is what this sector needs. of all businesses in the country, according to the 2017 data of the Philippine Statistics Authority (PSA).

Compared to only more than 4,000 large businesses, their number runs close to a million, dominating the wholesale and retail trade sector (e.g., the sari-sari stores, parlor shops, tricycle repair, canteens and the like) and concentrated in the National Capital Region, Central Luzon, Calabarzon and Central Visayas. Of this number, 89 percent are micro enterprises.

Is there really no revenue prospect from MSMEs? There is, and its not peanuts. My sense is, the almost a million figure from the PSA pertains only to those registered.

The sari-sari stores alone are already more than a million, I heard.

In which case, we are talking here of a lot bigger number of MSMEs. The PSA report says that in terms of value added, the MSME sector contributes 35.7 percent of the total value added generated in the country. They account for 25 percent of the country’s total exports revenue, normally through subcontracting arrangement with large firms, or as suppliers to exporting companies. This means that this taxpayer segment should be contributing at least 35 percent of the total revenue collection. A P1,000 monthly payment from each, for example, easily translates to P12-billion revenue collection.

The MSMEs have been crying for help, wanting to contribute their share. And so, we did our share.

Our firm, Du-Baladad and Associates, recently released a 10-pager handy pamphlet on “A Quick and Easy Tax Guide for MSMEs.” This was translated in Tagalog by the Women Business Council of the Philippines (Womenbiz) to cater to those who may find difficulty in English: “Isang Madali at Mabilis na Gabay sa Pagbabayad ng Buwis para sa MSMEs.” This booklet is given for free to MSMEs who may need a copy. It is our contribution to the tax education and assistance of MSMEs, a part of our firm’s corporate social responsibility, which we have seriously taken upon ourselves to champion.

Any organization or association assisting or dealing with MSMEs may e-mail us for free copies. You can also download this from our web site at www. bdblaw.com.ph.

The author is the founding partner and CEO of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at dick.du-baladad@bdblaw.com.ph or call 4032001 local 300.

Tuesday, March 5, 2019 A7

T

HE present distressing peace and order situation in the country has a historical antecedent from President Corazon Cojuangco Aquino’s regime and the other post-Marcos administrations. President Rodrigo R. Duterte merely inherited the intractable problem.

This is so because, with their erroneous social and economic policies, they created and managed more crises, instead of shaping the future. It was so terrible, in fact, that during Aquino’s, watch the United States government withdrew all its Peace Corps volunteers, an unprecedented move following the kidnapping of a Japanese national and an American Peace Corps volunteer by the New People’s Army in Negros Occidental.

When Sen. Juan Ponce Enrile decried the peace and order situation in August 1990, the two abducted foreigners were still in captivity.

“Sadly, the Philippines has acquired the not too flattering distinction of being one of two countries in the world, Liberia is the other one, where the US opted out without warning and without notice to the host government to pull suddenly her Peace Corps volunteers,” Enrile pointed out.

“The President herself promised almost two years ago to jail one big fish to prove her determination and sincerity to finally eradicate graft and corruption in her administration,” Enrile told the Senate. “Until then, nothing has happened. The nation is waiting with great anticipation for the President to fulfill her promise.”

He then listed a number of

scandals that plagued the Cory administration: The Garchitorena land scam; the Tarlac mess; the Roppongi land sale; and the Luzon Petroscam.

Compounding the problem was the rapidly increasing population.

One and a half million babies are born every year. In other words, three Filipino babies are born every minute, all of them requiring child and health care and educational infrastructure, not to mention shelter, clothing and food. That, Enrile said, “would require more money and resources, which we hardly have…”

Worsening economy

WHEN Mrs. Aquino ascended the Presidency in 1986, the official pesodollar exchange rate was 19.13 to a dollar. By 1990, it was 23.87 to 1.

At the end of 1985, Enrile observed, there were 1,232 items or goods that were either banned from entering the country or covered with high tariff duties to discourage their importation. In line with the import liberalization policy of the Aquino administration, as dictated by the International Monetary Fund and the World Bank, by April 1988 all but 296 of the items were allowed to enter with low tariff duties.

“As a consequence of this liberal and indiscriminate importation policy, the country had imported more

than what it had exported. In other words, we bought more goods and services from foreign markets than what we sold to them,” Enrile said.

“In addition, our economy had to incur heavy trade balance deficits from 1986 to 1989. Look at the trade balance deficits: $202 million in 1986; $1.017 billion in 1987; $1.085 billion in 1988; and $2.153 billion in 1989, or a total of $4.457 billion in four years.

“If we were to include the estimated trade balance deficit for 1990, the total would reach the enormous amount of $7.294 billion or P173.59 billion.”

The Aquino administration financed the immense trade balance deficits by borrowing massively, either from local sources or from abroad.

“The claim of the Aquino administration that these trade deficits arose from large importation of capital equipment and machineries to be used by new foreign investments is not supported—in fact, it is belied—

by Central Bank figures,” Enrile said.

During the Aquino administration, foreign investments amounted to just $130.51 million in 1986; $95.21 million in 1987; and $70.70 million in 1988.

The total new foreign investments attracted by the Aquino administration from 1986 to 1988 was $296.42 million, just slightly higher than the $259.76-million foreign investment, which entered the country in 1985—the last full year of the Marcos administration.

“If this were not convincing enough to show the unreliability of the boast of the Aquino administration, I do not now know what would,” Enrile lamented.

At the center of contemporary history

ENRILE’S lament is not easily dismissed. After all, the respected

Sustainable development: More focus needed on purpose and inclusive growth HENRY J. SCHUMACHER

I

N recent years, a growing number of companies around the world have voluntarily adopted and implemented a broad range of sustainability practices.

In the Philippines, the Security and Exchange Commission (SEC) has just issued the sustainability reporting guidelines for publicly listed companies. The guidelines are intended to help PLCs access and manage nonfinancial performance across economic, environmental and social aspects of their organizations, and enable PLCs to measure and monitor their contributions toward achieving universal targets of sustainability such as the United Nations Sustainable Development Goals, as well as national policies and programs.

For today’s column, I have selected 6 of the 17 UN Development Program goals. I chose those that affect people directly: Goal 1: No poverty End povert y in all its forms everywhere.

Extreme poverty has been cut by more than half since 1990. Still, more than 1 in 5 people live on less than the target figure of $1.25 per day. Poverty is more than the lack of income or resources.

People live in poverty if they lack basic services, such as health care, security, and education. They also experience hunger, social discrimination and exclusion from decision-making processes.

Children make up the majority— more than half—of those living in extreme poverty. Women face potentially life-threatening risks from early pregnancy and frequent pregnancies. Poverty affects age groups differently, with the most devastating effects experienced by children. It affects their education, health, nutrition, and security, impacting emotional and spiritual development.

Question: How many families in Metro Manila are living in the streets and under bridges?

Goal 2: Zero hunger “End hunger, achieve food security and improved nutrition, and promote sustainable agriculture.

Goal 2 states that by 2030 we should end hunger and all forms of malnutrition. This would be accomplished by doubling agricultural productivity and incomes of small-scale food producers (especially women and indigenous peoples), by ensuring sustainable food production systems, and by progressively improving land and soil quality.

Agriculture is the single largest employer in the world, providing livelihoods for 40 percent of the global population. It is the largest source of income for poor rural households.

Globally, 1 in 9 people are undernourished, the vast majority of whom live in developing countries. Undernutrition

causes wasting or severe wasting of 52 million children worldwide,(32) and contributes to nearly half (45 percent) of deaths in children under five—3.1 million children per year. (33) Chronic malnutrition, which affects an estimated 155 million children worldwide, also stunts children’s brain and physical development and puts them at further risk of death, disease and lack of success as adults.

Question: Why are the children of farmers in the Philippines leaving the rural areas and flock to urban areas?

Goal 3: Good health and wellbeing for people Ensure healthy lives and promote well-being for all at all ages.

Goal 3 aims to achieve universal health coverage, including access to essential medicines and vaccines.(36) It proposes to end the preventable death of newborns and children under five and to end epidemics, such as AIDS, tuberculosis, malaria, and water-borne diseases, for example. (36) Attention to health and well-being also includes targets related to the prevention and treatment of substance abuse, deaths and injuries from traffic accidents and from hazardous chemicals and air, water and soil pollution and contamination.

Question: Why are essential medicines and vaccines substantially more expensive in the Philippines compared to other countries in Asean?

Goal 4: Quality education Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.

Major progress has been made in access to education, specifically at the primary school level, for both boys and girls.

Still, at least 22 million children in 43 countries will miss out on preprimary education unless the rate of progress doubles.

Question: What can the Philippine government and the private sector do to ensure access to education and the development of higher skills needed in today’s work environment?

Goal 5: Decent work and economic growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and

lawyer, legislator and public servant, again seeking a seat in the Senate in May, was always there at the center of contemporary Philippine history, from the time he served the Marcos administration as defense minister, through his celebrated breakaway that ushered the People Power Revolution, to serving Cory Aquino as her first defense secretary, to his election to both Houses of Congress, until he became Senate president.

Many observers at the time, in and out of the Aquino administration, agreed with most of Enrile’s observations, much of which were common perceptions of the failings of Aquino’s government and the succeeding regimes.

Aquino’s first agriculture secretary, the late Ramon V. Mitra Jr., who later became Speaker of the House of Representatives and vocal critic of the Aquino regime, had this to say: “Repeatedly over the years, our democracy has been besieged by the hammer of rebellion and insurgency at one end and by the spectacle of weak and ineffective government at the other.

“At no time has this been more sharply highlighted than during the period from 1986 to 1990—a period which began with so much promise and concluded with so much pessimism and uncertainty.

“Over this brief time, the country became known to the world as the setting of pervasive coup attempts and as one of the planet’s last bastions of communist insurgency.

“The series of crises that have bedeviled the nation have put to doubt for some whether our present system can arrest the experience of decline and begin the process of national modernization.”

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

decent work for all.

For the least developed countries, the economic target is to attain at least a 7 percent annual growth in gross domestic product. Achieving higher productivity will require diversification and upgraded technology along with innovation, entrepreneurship, and the growth of smalland medium-sized enterprises (SMEs).

Some targets are for 2030; others are for 2020. The target for 2020 is to reduce youth unemployment and operationalize a global strategy for youth employment. By 2030, the target is to establish policies for sustainable industries.

Question: What percentage of unemployment/underemployment in the Philippines pertains to the youth?

Goal 6: Reducing inequalities Reduce income inequality within and among countries.

The target for the cost that international migrant workers would pay to send money home (known as remittances) was established at 3 percent. However, post offices and money transfer companies currently charge 6 percent of the amount remitted. Worse, commercial banks charge 11 percent. Prepaid cards and mobile money companies charge 2 percent to 4 percent, but those services were not widely available as of 2017 in typical “remittance corridors.”

Question: Are overseas Filipino workers enjoying the maximum 3 percent?

In closing, the SEC’s move is a great step forward to force large organizations to go beyond the “normal” corporate social responsibility (CSR) reporting and help to achieve the “inclusive growth” that Philippine governments have promised for decades but never achieved. If the SEC achieves the change in approach by business, enforces the monitoring and reporting on the effectiveness of sustainable development, you can be sure that the imposition of the guidelines will eventually go beyond the PLCs. Research data suggest that some companies are creating real strategic advantage by adopting sustainability measures that their competitors can’t easily match. I hope that many Philippine PLCs accept that challenge!

Feedback is invited; e-mail me at Schumacher@ eitsc.com

2nd Front Page BusinessMirror

A8 Tuesday, March 5, 2019

National government debt rose to ₧7.494T in January

By Rea Cu

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@ReaCuBM

HE outstanding debt of the national government reached P7.494 trillion in January, 2.8 percent higher than the endDecember 2018 level of P7.292 trillion, data from the Bureau of the Treasury (BTr) showed.

Figures from the BTr indicated that the January figure is higher by 11.4 percent than the P6.726 trillion recorded a year ago. Data also showed that domestic debt outpaced foreign debt in January.

The government’s domestic debt during the period went up by 2.8 percent to P4.909 trillion,

from the P4.776 trillion recorded in end-December 2018. It is also higher by 10.48 percent compared to the January 2018 level of P4.430 trillion.

“For January, the growth in domestic debt was principally due to the net issuance of government securities amounting to P133.18

billion, which more than offset the P0.20-billion downward valuation of onshore dollar bonds brought about by peso appreciation,” the BTr said.

External debt in January expanded by 2.7 percent to P2.584 trillion, from the P2.515 trillion recorded in end-December. This is also higher by 12.6 percent from the January 2018 level of P2.295 trillion.

“The rise in external obligations was primarily caused by net availments of foreign loans amounting to P83.29 billion.

Meanwhile, the weakening of the dollar, on one hand, decreased the peso value of dollar-denominated debt by P19.24 billion; but on the other hand, increased the peso equivalent of third currency-denominated debt by P4.63 billion, thereby resulting in a net downward revaluation effect of P14.61

billion,” the BTr said.

Total national governmentguaranteed obligations declined by 0.1 percent to P487.29 billion in January from the previous month’s P487.586 billion. This also showed a contraction of 0.4 percent from the January 2018 level of P489.454 billion.

Domestic outstanding guaranteed debt amounted to P197.012 billion for the month, registering a 0.3-percent contraction from the December 2018 level of P197.537 billion. This is also 0.1 percent lower compared to the P197.173 billion recorded in January 2018.

The government’s external guaranteed debt reached P290.273 billion, 0.1 percent higher than the December level of P290.049 billion.

The figure, however, is 0.7 percent lower compared to the January 2018 level of P292.281 billion.

Fear raised PCC might usurp regulators’ power

By Elijah Felice E. Rosales

T

@alyasjah

HE country’s chief antitrust regulator on Monday said the National Competition Policy (NCP) will be approved this year, even as Cabinet officials expressed fear that it will grant the Philippine Competition Commission (PCC) extreme authority.

PCC Chairman A rsenio M. Balisacan said the draft NCP had already been presented to government economists. However, it was returned for revision, after Cabinet officials expressed fear that the

PCC might amass in the process the powers of regulatory agencies.

This could, in turn, make the competition body a superagency.

“I think that is the impression, so we have to clarify that it is not. In fact, it is a way for the competition authority and the other agencies of the government to work more effectively, so that the interests of the country will be achieved, [as well as] the interest of the regulator [and] the interest of competition, which is so critical to [sustaining the] development story [of] the country,” Balisacan explained.

Under the Philippine Development

NORTHEASTERLY SURFACE WINDFLOW AFFECTING LUZON EASTERLIES AFFECTING VISAYAS AND MINDANAO as of 4:00 pm - March 4, 2019

Plan 2017-2022, the government declared it will craft the NCP in order to improve consumer welfare and market efficiency.

The NCP, once executed, will allow the President to direct all government agencies on competition matters. It should also strengthen antitrust laws and ensure competitive neutrality.

The government is also banking on the NCP to push the Philippines to the top third (33 percent) among 138 economies of the Global Competitiveness Index (GCI) this year, and to the upper 25 percent in 2022.

Last year the country jumped

12 notches to 56th in the GCI. Still, this is way off the objective to put the Philippines in the top third, or at least 46th, this year in the survey measuring national competitiveness.

Balisacan said there is no need for regulatory agencies to fear losing their powers once the NCP is in place, as the PCC will assist—and not take over—regulators in the crafting of policies that are related to competition.

“The competition policy is not meant to disregard [the powers of regulators]. What it does in the process [is] choose the instrument to achieve their objective, [and] they take into account also the impact of their decisions [to] market efficiency and competition,” Balisacan explained.

The PCC chief believes President Duterte will approve the NCP this year with the backing of the economic team.

“We are hoping that we will be able to get the approval the soonest. Even our economic managers recognize that an efficiently working economy is very much needed to sustain the rapid growth that we have, [and] more importantly, to make that growth more inclusive,” Balisacan said.

Mahathir. . .

Continued from A1

The Sulu sultanate used to rule over parts of southern Philippines and Sabah, which is rich in minerals and gas deposits.

Sabah residents voted to join the Federation of Malaysia in 1963 when the latter gained independence from the United Kingdom.

However, the sultanate has claimed that, since the British were the ones who unilaterally gave Sabah to Malaysia, their right over the territory stands. The Malaysian government’s payment of an annual fee to the Sulu Sultanate under a long-standing agreement for possession of Sabah has also been cited as proof that Malaysia does not own the territory.

In 2013, a standoff occurred as Malaysian forces battled hundreds of militants from Tawi-Tawi who landed on Lahad Datu in Sabah, Malaysia.

Aside from Sabah, Malacañang said the two leaders will also discuss cooperation in the political, economic and people-to-people spheres, and exchanges on topics of mutual importance.

This is Mahathir’s first visit to the Philippines since he assumed his position as the 7th Prime Minister of Malaysia in 2018. During his previous term as Prime Minister, he already undertook bilateral official visits in the country in 1987 and 1994.

www.businessmirror.com.ph

MORE SENATORS WARN D.I.L.G. ON NARCO LIST, PROD GOVT TO FILE RAPS

By Butch Fernandez

M

@butchfBM

ORE senators weighed in on Monday against the plan of the Department of the Interior and Local Government (DILG) to release a list of politicians with alleged drug links in advance of the March 29 campaign period for local positions.

The Duterte administration was instead told to file appropriate charges against aspiring candidates linked to illegal drug syndicates if it has enough evidence against them, rather than, as Sen. Richard Gordon had put it, “accusing them [of a serious crime] without due process.”

Those who lent their voices on Monday to the counsel of caution—earlier aired by Gordon, Comelec Commissioner Rowena Guanzon and Sen. Panfilo Lacson—were Senators Koko Pimentel III, Sherwin Gatchalian and Minority Leader Franklin Drilon.

Citing reports quoting Come lec Com m issioner Gu a nzon indicating the poll body may just ignore the “narco list” and allow the politicians on that list to run, Pimentel sided with the poll body.

Comelec cannot prevent those on the narco list from running in the May 2019 elections because being on a list, even a narco list, is not a recognized legal ground for disqualifying candidates, since they are all presumed innocent until proven guilty,” Pimentel pointed out.

The senator suggested that once authorities are in possession of evidence linking aspiring candidates to drug syndicates, charges should promptly be filed in court.

“If the government has included them in a list because government is convinced, by evidence, of their involvement in the narco trade, then it is the government’s duty now to file charges against

t hem, u si ng t he e v idence which made them land in the said list,” Pimentel added.

The former Senate President shared earlier concerns aired by fellow senators Gordon and Lacson at the weekend over the DILG’s tack in fighting the drug menace.

Gordon warned that the administration was opening itself up to libel cases if it simply names the politicians because then it is making an accusation without due process, by filing appropriate charges so they can respond accordingly.

Lacson, a former National Police chief, for his part said the only basis of the DILG list would be intelligence reports, and by practice, such intelligence reports should be shared only among relevant agencies, not made the basis of a shame list that dubiously comes during the campaign period, needlessly tarring poll aspirants.

On Monday, Sen. Sherwin Gatchalian goaded the government to start filing cases in court to signal to voters its resolve to prosecute so-called narco-politicians.

“The DILG should file appropriate charges to bar narco politicians from joining the up and coming elections,” said Gatchalian.

He added that “shaming them can only do so much.”

The senator noted that these narco-politicians “ have the money and local relationships that will ensure their victory.

The best strategy is to remove them legally through the proper courts.”

T h is developed as Senate Minority Leader Drilon warned that the DILG “exposes itself to an administrative complaint for abuse of authority, libel and damages for the release of such list.”

The senator suggested that the DILG should instead file cases against these candidates it alleges to be involved in the drug trade.

Gas prices going up; diesel, kerosene dip

O

IL companies on Monday announced they will increase the price of gasoline and implement a price rollback for diesel and kerosene starting Tuesday morning.

In separate advisories, they said gasoline prices will go up by P0.10 per liter. Diesel and kerosene prices, however, will be reduced by P0.10 per liter and P0.35 per liter, respectively.

The price adjustment will be implemented by Pilipinas Shell, Easter n Petroleum and Tota l Philippines at 6 a.m. of March 5. Other oil firms are expected to follow suit.

The price adjustment ref lects movements in the international oil market. DOE Undersecretar y Felix William Fuentebella cited “softening demand from China and Japan,” and in India, as well.

Meanwhile, the DOE said it w il l have to coordinate w ith the Department of Agriculture (DA) regarding the latter’s proposal to increase coconut content in biodiesel from 2 percent to 5 percent.

“We have to look at it and coordinate with DA specifically on the primar y pur pose why [we must] increase it to 5 percent,” said DOE Director Mario Marasigan.

This, after Agriculture Secretary Emmanuel Piñol announced he will be lobbying for the increase of biofuel content in diesel from B2 to B5 to absorb oversupply in the copra industry.

B2 biodiesel is a blend of 2-percent agricultural products and 98-percent clean diesel, while B5 biodiesel is a blend of 5-percent agricultural products and 95-percent clean diesel.

He said the DOE is conducting its own study on this. “Every two years, we review it. We have to look at the socioeconomic impact. The study has yet to be finished,” said Marasigan.

Fuentebella also said that there should be a “comprehensive analysis” on the proposed increase, though the agency, he said, is “willing to sit down with the DA.” If the increase pushes through, this will result in an upward adjustment in fuel prices. Lenie Lectura

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, March 5, 2019

B1

Nlex eyes ₧16-B revenue in 2019

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By Lorenz S. Marasigan

@lorenzmarasigan

LEX Corp., the operator of the North Luzon Expressway, aims to grow its top line by a third this year, thanks to a slight adjustment in toll fees and a projected single-digit increase in traffic volume for 2019, a ranking official said.

traffic growth of about 6 percent to 7 percent and a new revenue stream in the form of a toll-rate increase from the opening of the Nlex Harbor Link Segment 10,” he said in an interview.

Starting this month, Nlex is allowed to collect an additional P9 in toll from motorists using the Harbor Link Segment 10, a 5.65-kilometer elevated expressway traversing Nlex from MacArthur Highway Karuhatan, Valenzuela City, passing through Malabaon City and C-3 Road in Caloocan.

This road is expected to reduce bottlenecks in Metro Manila by reducing the number of vehicles passing through some secondary

roads. It is expected to be benefit an initial 30,000 vehicles per day.

It is also expected to improve accessibility between Metro Manila and Northern Luzon as it connects the ports of the capital to the expressway, facilitating more efficient delivery of cargoes from the ports of Manila and vice versa.

The next phase of this project is the 2.6-km section from C3 Road, Caloocan City, to R10, Navotas City.

As for the toll-rate increase that has been pending for almost a decade now, the company is still “waiting” for the government’s decision on how to move forward with the concessional provision for tariff adjustment, Bautista said.

Luigi L. Bautista, the company’s president, said his group aims to reach P16 billion in revenues this year, a 33-percent increase from the P12 billion recorded last

year, driven by traffic growth and a slight increase in toll rates with the opening of a new segment of the expressway.

“It will be mainly driven by

PHirst Park completes 250 units of Tanza, Cavite devt

DOE likely to approve First Gen’s LNG project in Batangas

A

NTONIO -LED Centur y Properties Group Inc. said its horizontal development joint venture with a Japanese firm has completed 250 units of its planned more than 1,000 units of houses in Tanza, Cavite.

PHirst Park Homes Inc. said last year it was able to sell 1,566 units of its subdivision in Tanza with a sales value of P2.2 billion.

“We thank our first 100 PHirst Park Homes customers for putting their trust in us. Their 100percent acceptance of units upon first inspection is a strong testament to the quality we have put into the project as we elevate the standards of the first-home market category,” said Loren Sales, vice president for Customer Management of PHirst Park Homes.

The company is a joint venture between CPG and Japan’s Mitsubishi Corp.

The basketball court amenity has been completed, while work is ongoing for the rest, including the clubhouse, which will have a swimming pool, kiddie pool, function rooms, multipurpose hall, videoke room and a water play area.

The community is accessible via Governor’s Drive and is about three minutes away from SM City Trece Martires.

The company earlier said it is making significant headway in its plans to roll out 15 projects in four years with its maiden communities in Lipa, Batangas, and San Pablo, Laguna, and two additional planned sites for 2019.

The company will launch its second subdivision in San Pablo, Laguna in March this year, following the 20-hectare subdivision in Barangay San Lucas in Lipa, Batangas, in in the second quarter of 2018.

Located in Maharlika Highway, Barangay San Ignacio, the 18.5-hectare subdivision in San Pablo will offer a total of 1,640 homes.

PHirst Park Homes Tanza features a complete and finished home with a perimeter fence and gate, conceptive amenities that promote outdoor activities, a connected community with Wi-fi zones and easy access to modern conveniences, and a convenient purchase process for home buyers.

The PHirst brand name was derived from the words “first” and “PH” to represent hardworking Filipino end users who deserve only high-quality first homes. PH also stands for the Park Homes concept that integrates greenery and life-enhancing amenities into the master plan. VG Cabuag

By Lenie Lectura @llectura

T

HE Department of Energy (DOE) is likely to approve the application of First Gen Power Corp. for a permit to proceed with its plan to construct the FGEN Batangas LNG (liquefied natural gas) terminal project.

Energy Undersecretary Felix William Fuentebella said the evaluation on First Gen’s application is about to be finished. He said initial results of the Lopez ledfirm’s application are “positive,” adding the application of another applicant may not be approved.

“The review of the First Gen project is almost complete and appears to be positive. It will have to be formalized by C-REC, the Centralized Review and Evaluation Committee,” Fuentebella said.

The C-REC is expected to finish its evaluation this week, after which, a report will be submitted to Energy Secretary Alfonso Cusi

for his signature.

The proposed FGEN Batangas LNG terminal project is intended to serve the natural-gas requirements of existing and future gasfired power plants of third parties and FGEN LNG affiliates.

First Gen operates the following gas plants: the 1,000-megawatt (MW ) Santa R ita power plant, the 500-MW San Lorenzo power plant, the 414-MW San Gabriel power plant and the 97-MW Avion power plant.

First Gen’s onshore storage and regasification terminal will have a capacity to supply a minimum of 5 million tons of natural gas equivalent to 5,000 MW and is expected to cost at least $1 billion.

FGEN LNG signed a joint-development agreement (JDA) with Tokyo Gas Co. Ltd., Japan’s largest natural gas utility. The JDA is a preliminary agreement between the parties to jointly pursue the development of the LNG terminal project located in Batangas.

Under the deal, Tokyo Gas will take a 20-percent participating interest in the FGEN LNG project and provide support in development work to achieve a final investment decision (FID).

Once an FID is reached, the parties will enter into a definitive agreement to proceed with the construction of the FGEN Batangas LNG terminal project.

Fuentebella also said the application for a notice to proceed (NTP) filed by US floating LNG player Excelerate Energy is “not sufficient.”

He said the C-REC is also evaluating the application, and the committee will be able to conclude its findings soon.

US floating LNG player Excelerate Energy filed in January an application for a permit to proceed with its plan to construct a proposed floating LNG terminal.

The pioneer and market leader in innovative floating LNG solutions is planning to construct the facility in Batangas.

Tesda issues 20 training regulations to address job-skills mismatches in critical industries

By Claudeth Mocon-Ciriaco Correspondent

T

HE Technical Education and Skills Development Authority (Tesda) on Monday announced the promulgation of 20 new and amended training regulations (TRs) in Automotive, Construction, Information and Communication Technology (ICT), and Tourism to strengthen industry-academe linkages to address any skills-job mismatches in critical sectors.

The Tesda Board, chaired by the agency’s director general, Secretary Isidro S. Lapeña, said the new TRs were developed in close coordination and consultation with the National Electrification Administration (NEA) and according to the requirements of the Manila Electric Co. (Meralco) and electric cooperatives in the country.

Of the 20 newly promulgated TRs, two qualifications, Electric Power Distribution Operation and Maintenance (EPDOM) NC III and NC IV, are newly formulated.

The graduates of training programs for EPDOM NC III and NC IV will be workers that will fill supervisory positions in their respective companies.

Included among the amended TRs are the following: n Under the Automotive and Land Transportation sector: Automotive Servicing NC I; n Construction: Masonry NC I, Masonry NC II, Masonry NC III, Pipefitting (Metallic) NC II, Tile Setting NC II, Scaffolding Works NC II (Supported Type Scaffold), Carpentry NC II and Carpentry NC III; n Electrical and Electronics: Electric Power Distribution Line Construction NC II, and the two new qualifications, EPDOM NC III and NC IV; n ICT: Animation NC II, 2D Animation NC III, 3D Animation NC III, Visual Graphic Design NC III and Web Development NC III; n Tourism: Food and Beverage Services NC III and NC IV; and n Technical Vocational Training and Education (TVET) Trainers Methodology Level 1 (InCompany Trainer).

Likewise, the TRs were developed in response to the needs of employers, as well as to further promote qualifications and competencies that are in-demand, environment-friendly and conform with existing industry standards.

The newly promulgated TRs have incorporated 21st-century

skills for all the qualifications or courses, such as Learning and Innovation, Critical Thinking and Problem Solving, Information and Technology, Entrepreneurship, Life and Career Skills, Environment Literacy, Occupational Health and Safety, Communication, and Teamwork and Collaboration.

Meanwhile, Tesda also announced 73 new assessment fees based on recommendations provided by the National Tax Resource Center (NTRC), as well as the prevailing inflation rate.

As of December 2018, some 101 assessment fees have been updated and promulgated and, currently, the assessment fees of newer or amended TRs are being reviewed.

The newly promulgated TRs and assessment fees are the result of careful study, coordination and extensive consultation with industry partners, stakeholders and concerned government agencies.

To ensure full and proper utilization of the newly amended TRs, Lapeña instructed Tesda regional, provincial and district directors to entice and implement registration and reregistration of the mentioned training programs.

Belle income drops 8% to ₧3.2B in 2018

By VG Cabuag @villygc

B

ELLE Corp., part of the SM group that owns half of City of Dreams Manila, said its income last year fell 8 percent to P3.2 billion from the previous year’s P3.5 billion, mainly as a result of the gains it had the previous year.

“Belle’s revenues and recurring net income for 2018 were both record levels, driven primarily by growth in gaming revenues,” the company said.

Excluding capital gains on sales of non-core investments and extraordinary items, the company said it had a recurring net income of P3.6 billion for the year, 10 percent higher than its 2017 recurring net income of P3.3 billion.

Consolidated revenues reached P8.5 billion last year, up 6 percent from P8 billion in the previous year.

Through its subsidiary Premium Leisure Corp., Belle said it had a 23-percent increase in its share of gaming earnings from City of Dreams Manila, to P3.2 billion in 2018 from P2.6 billion in 2017.

Belle’s real-estate business also contributed P3.4 billion in revenues, up 9 percent from P3.1 billion in

2017. Of the amount, P2.4 billion came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corp., a 6-percent improvement over 2017 levels.

Belle’s real-estate sales and property-management activities at its Tagaytay Highlands and Midlands residential and leisure complexes contributed the balance of P979 million, 19 percent more than the previous year.

Belle was able to declare a regular dividend of P0.12 per share on February 28, for a total dividend payment of approximately P1.2 billion, payable on March 28.

Belle has a share in revenues from the gaming operations of City of Dreams Manila operated

by Melco Resorts, through its operating agreement between its 78.7-percent owned subsidiary, Premium Leisure Corp. Belle still owns approximately 1 hectare of undeveloped land across from the City of Dreams Manila site.

South of Metro Manila, Belle owns significant real-estate assets and develops premium residential resort projects around Tagaytay City.

Monster PHL: Filipino workers better off in work-life balance than SEA neighbors

By Cai U. Ordinario @caiordinario

F

ILIPINO workers are better off than their Southeast Asian counterparts in terms of work-life balance, online career and recruitment firm Monster Philippines reported.

In a statement, Monster Philippines said nearly two thirds or 65 percent of working professionals in the country said they were “generally satisfied with their current work-life balance” but 28 percent of workers surveyed said they would like more options to spend time with friends and family.

The study also found that 41 percent of Filipino professionals feel “content” with the balance of their personal and professional lives—significantly higher than employees in Singapore and Malaysia where just 24 percent and 32 percent, respectively, reported feeling content.

“The Philippines is considerably ahead of its Southeast Asian peers in terms of fostering a work force that is satisfied with the equilibrium between their professional and personal commitments. This has a positive impact on the business, increasing engagement and boosting happiness levels, which in turn encourages higher productivity and overall business growth,” said Abhijeet Mukherjee, CEO, Monster. com–Asia Pacific and Gulf.

Monster Philippines said 59 percent of Filipino professionals said flexible working hours suit their needs, while 51 percent said leaving work on time was crucial in attaining work-life balance.

The survey results showed, however, that 47 percent of respondents said they were striving hard to balance work and life.

On the employer side, bosses in the Philippines were more ac-

cepting of work-life balance, with 32 percent offering official flexiwork policies, more than double the numbers reporting the same across Singapore and Malaysia.

Data showed that 44 percent of Filipino respondents said their managers were supportive of their finding balance. Only 23 percent of workers in Singapore and 31 percent in Malaysia said their bosses were as considerate.

“A supportive company culture, understanding managers and clearly communicated initiatives go a long way in helping employees cultivate better balance. As more professionals seek nonfinancial incentives, employers need to be proactive in taking necessary steps to attract and retain quality talent,” Mukherjee said.

Overall, Monster Philippines said almost half of respondents across all three countries rated their current overall work-life balance as “average, but could have more balance.” More than 80 percent of the respondents felt good work-life balance can enhance productivity and positively impact the business.

The data was gathered from more than 1,000 respondents across Singapore, Malaysia and the Philippines as part of Monster’s #WorkLifeBalance campaign, which aims to explore working professionals’ sentiments around work-life balance and raise awareness among employers as to what aspects of work-life balance were most valued by their employees.

Monster.com is launching its first #WorkLifeBalance campaign this March, aiming to highlight the importance of ensuring that professional responsibilities do not overpower other aspects of the lives of employees, and to encourage employers to formulate policies that promote a wholesome, complete and harmonious life.

B2

Companies BusinessMirror

Tuesday, March 5, 2019

PSE STOCK QUOTATIONS

March 4, 2019

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED 58.5 59 58.2 59 58.2 59 3050 179125 118000 BDO UNIBANK 124.9 125.6 124 125.6 123.8 125.6 2200670 275077168 -61953251 BANK PH ISLANDS 85.1 85.15 83.35 85.4 83.3 85.15 1505240 127940352.5 10345344.5 CHINABANK 27.6 27.65 27.9 27.95 27.65 27.65 111200 3084140 -323900 EAST WEST BANK 12.18 12.2 12.1 12.2 12 12.18 351400 4248780 -775566 METROBANK 76.45 76.5 75.5 76.9 75.25 76.5 1713610 130427036 -43088445 PB BANK 13.88 13.9 13.96 13.96 13.88 13.88 65200 907506 PHIL NATL BANK 51.05 51.15 49.5 51.5 49.1 51.15 203100 10285305 2414505 PSBANK 58.35 58.9 59 59 58.3 58.3 540 31624.5 PHILTRUST 111.5 121.9 109 110.1 109 110.1 240 26193 RCBC 26.5 26.9 26.6 27 26.6 26.6 259500 6923780 -1508770 SECURITY BANK 160.1 160.2 162.6 162.6 158.1 160.2 296410 47610402 -9312890 UNION BANK 61.55 61.7 61.65 62.1 61.55 61.55 6270 386416 -314266.5 BRIGHT KINDLE 1.35 1.44 1.35 1.35 1.35 1.35 16000 21600 BDO LEASING 2.3 2.32 2.29 2.35 2.23 2.34 227000 527330 COL FINANCIAL 18.36 18.38 18.3 18.36 18.3 18.36 40700 745614 FIRST ABACUS 0.6 0.64 0.64 0.64 0.6 0.64 125000 76000 FERRONOUX HLDG 4.36 4.47 4.36 4.39 4.36 4.39 33000 144210 IREMIT 1.46 1.55 1.52 1.64 1.52 1.55 174000 270150 -1640 MEDCO HLDG 0.46 0.47 0.47 0.47 0.47 0.47 10000 4700 MANULIFE 800 810 800 800 800 800 660 528000 160000 NTL REINSURANCE 0.99 1 1.02 1.02 0.98 0.99 1359000 1356050 -60610 PHIL STOCK EXCH 181.4 185 184.7 185 181.3 181.3 2910 536118 -264814 SUN LIFE 1805 1840 1840 1840 1840 1840 5 9200

INDUSTRIAL ALSONS CONS 1.46 1.47 1.45 1.49 1.45 1.47 34000 49760 ABOITIZ POWER 34.65 34.7 35 35.5 34.1 34.7 1495600 52,021,710( 22,640,890.0003) BASIC ENERGY 0.236 0.24 0.245 0.246 0.235 0.24 1960000 467700 FIRST GEN 22 22.05 21.3 22.2 21 22 5995600 130703190 15148090 FIRST PHIL HLDG 73.4 73.5 74.8 74.8 73.5 73.5 91110 6714413.5 -4535391.5 MERALCO 370.2 370.6 370 371.4 367 370.2 205890 76199124 6667862 MANILA WATER 27.05 27.1 27.25 27.25 26.85 27.1 104800 2833360 1692960 PETRON 6.64 6.65 6.69 6.74 6.64 6.64 1716200 11432123 2949781 PETROENERGY 3.8 3.82 3.83 3.83 3.83 3.83 2000 7660 PHINMA ENERGY 1.33 1.34 1.32 1.35 1.3 1.34 21943000 29223060 -8549510 PHX PETROLEUM 11.96 12.2 11.8 12.2 11.8 12.2 169000 2042742 -240000 PILIPINAS SHELL 48.2 48.25 48.5 48.65 48.25 48.25 277300 13413610 -2140570 SPC POWER 6.39 6.4 6.48 6.48 6.38 6.4 124300 796743 9585 VIVANT 16 16.98 16 16 16 16 6100 97600 AGRINURTURE 15.18 15.4 15.8 15.9 15.12 15.4 471600 7231634 -925136 CNTRL AZUCARERA 16.12 16.22 16.5 16.8 16.22 16.22 21700 357380 41000 CENTURY FOOD 15.14 15.3 15 15.2 15 15.14 567200 8532490 -310262 DEL MONTE 6.3 6.31 6.3 6.4 6.2 6.3 74300 463665 -240658.9997 DNL INDUS 11.24 11.26 11.18 11.36 11.16 11.26 512400 5752302 -2171670 EMPERADOR 7.59 7.63 7.6 7.63 7.59 7.59 83600 634735 -117658 SMC FOODANDBEV 102 103 100 103 99.3 103 369320 37312217 8111457 ALLIANCE SELECT 1.02 1.03 1.02 1.04 1.01 1.03 456000 466620 11220 GINEBRA 26.35 26.9 26.95 26.95 26.95 26.95 100 2695 JOLLIBEE 309 310 309 312 308 309 357810 110743898 -975246 MACAY HLDG 11.82 12 11.28 13.54 11.28 11.8 486800 6086580 -31770 MAXS GROUP 11.82 11.84 11.82 11.9 11.78 11.82 316900 3741854 -2532646 MG HLDG 0.201 0.214 0.206 0.214 0.206 0.214 160000 33360 PEPSI COLA 1.38 1.39 1.44 1.44 1.37 1.38 6415000 8957860 924160 SHAKEYS PIZZA 12.44 12.7 12.78 12.78 12.68 12.7 494800 6284174 466010 ROXAS AND CO 1.84 1.86 1.84 1.87 1.84 1.84 24000 44400 RFM CORP 4.67 4.74 4.65 4.65 4.65 4.65 4000 18600 SWIFT FOODS 0.131 0.136 0.136 0.136 0.136 0.136 20000 2720 UNIV ROBINA 138 139 137 140.8 137 138 1774910 245575041 100653737 VITARICH 1.59 1.6 1.64 1.64 1.59 1.6 1728000 2768670 -301780 VICTORIAS 2.67 2.7 2.84 2.84 2.7 2.7 6000 16340 CONCRETE A 66.15 71.95 65.6 71.95 65.5 71.95 440 28953.5 CEMEX HLDG 2.38 2.39 2.41 2.42 2.35 2.38 3013000 7124770 1811110 DAVINCI CAPITAL 5.98 6.29 6.04 6.29 5.98 6.29 249100 1496613 -600200 EAGLE CEMENT 15.8 16 15.8 16 15.78 16 215300 3406346 EEI CORP 8.69 8.7 8.75 8.89 8.7 8.7 1495400 13132036 -2631008 HOLCIM 9.61 9.63 9.19 9.7 9.19 9.61 2399500 23072730 -11821912 MEGAWIDE 19.54 19.58 19.6 19.6 19.46 19.58 1196900 23319908 12821754 PHINMA 8.9 9.2 9 9 9 9 500 4500 4500 TKC METALS 1.01 1.03 1.07 1.07 1.01 1.03 513000 524470 VULCAN INDL 1.25 1.26 1.28 1.31 1.25 1.25 1569000 1994250 -0 CROWN ASIA 1.87 1.9 1.9 1.92 1.88 1.9 222000 420220 5730 MABUHAY VINYL 3.64 3.7 3.64 3.7 3.64 3.7 21000 77220 PRYCE CORP 5.98 6 5.98 6 5.97 6 31900 190785 22876 CONCEPCION 40.05 42.45 40.05 40.05 40.05 40.05 400 16020 GREENERGY 3.33 3.34 3.36 3.45 3.28 3.34 13189000 44036990 -4102970 INTEGRATED MICR 12.64 12.76 12.98 12.98 12.62 12.64 245000 3105564 1126698 IONICS 1.7 1.74 1.71 1.85 1.7 1.71 471000 820800 PANASONIC 5.96 6 6.15 6.15 6.15 6.15 400 2460 SFA SEMICON 1.39 1.4 1.4 1.4 1.34 1.4 41000 55120 CIRTEK HLDG 29 29.25 28.7 30 28.7 29.3 23800 710475 -53185

HOLDING & FRIMS ABACORE CAPITAL 0.75 0.76 0.75 0.76 0.75 0.75 10106000 7620690 -445980 ASIABEST GROUP 20.85 21.35 20.75 21.7 20.05 21.3 74700 1559905 AYALA CORP 937 940 932 943 930 937 181430 170053140 -47399615 ABOITIZ EQUITY 59.8 59.9 59 59.95 58.6 59.8 1346780 79957527.5 -33517846.5 ALLIANCE GLOBAL 13.8 13.94 13.7 13.98 13.66 13.9 3833500 53257502 4291652 ANSCOR 6.51 6.58 6.55 6.6 6.5 6.5 10000 65160 50700 ANGLO PHIL HLDG 0.79 0.81 0.79 0.81 0.79 0.81 14000 11160 ATN HLDG A 1.46 1.47 1.54 1.57 1.46 1.47 32512000 49313050 ATN HLDG B 1.46 1.47 1.53 1.56 1.47 1.47 4382000 6646720 2268020 COSCO CAPITAL 7.5 7.55 7.7 7.7 7.22 7.5 1799200 13604866 696981 DMCI HLDG 11.32 11.38 11.22 11.5 11.18 11.32 4852000 54931640 -32292306 FILINVEST DEV 13.6 13.7 13.8 13.8 13.4 13.7 197800 2692040 -246236 FJ PRINCE A 4.22 5.65 4.15 4.15 4.15 4.15 100000 415000 FORUM PACIFIC 0.233 0.24 0.24 0.24 0.231 0.231 1390000 325620 GT CAPITAL 945 953 937 956 930.5 945 84010 79025585 -21116355 HOUSE OF INV 6.12 6.2 6.12 6.12 6.12 6.12 1500 9180 JG SUMMIT 66.2 66.45 65.8 67.6 64.2 66.2 4216280 280642447 10424326.5 JOLLIVILLE HLDG 5.42 5.86 5.5 5.5 5.45 5.5 64500 354720 LODESTAR 0.56 0.61 0.61 0.61 0.56 0.61 407000 228120 LOPEZ HLDG 5.08 5.09 5.13 5.13 5.06 5.09 67400 342699 -20937 LT GROUP 15.1 15.4 15 15.4 14.8 15.4 442100 6714128 751262 MABUHAY HLDG 0.56 0.57 0.58 0.59 0.57 0.57 283000 164080 -11020 METRO PAC INV 4.57 4.58 4.57 4.63 4.55 4.57 11944000 54820850 -35637470 PACIFICA 0.039 0.04 0.04 0.042 0.04 0.04 16900000 677100 PRIME ORION 2.92 2.95 2.88 3 2.88 2.95 886000 2609950 -155680 PRIME MEDIA 1.12 1.13 1.14 1.14 1.13 1.13 312000 353220 REPUBLIC GLASS 2.57 2.74 2.58 2.58 2.57 2.57 20000 51420 SOLID GROUP 1.34 1.39 1.39 1.39 1.35 1.39 25000 34070 SM INVESTMENTS 940 942 940 949.5 938 940 205230 193000355 -52278085 SAN MIGUEL CORP 169.5 170 170 172.9 168.6 169.5 642170 109239414 11349973 SOC RESOURCES 0.78 0.8 0.78 0.78 0.78 0.78 23000 17940 SEAFRONT RES 2.37 2.44 2.4 2.4 2.4 2.4 3000 7200 TOP FRONTIER 274.2 284.8 271 284.8 271 284.8 3680 1013040 -5526 WELLEX INDUS 0.245 0.249 0.247 0.25 0.246 0.249 1130000 280590 ZEUS HLDG 0.41 0.415 0.375 0.42 0.37 0.415 135280000 54023000 533900

PROPERTY ARTHALAND CORP 0.87 0.88 0.86 0.88 0.85 0.87 566000 487270 ANCHOR LAND 10.22 10.6 10.6 10.6 10.6 10.6 100 1060 AYALA LAND 42.9 43 43.2 43.65 42.8 42.9 7216400 310713910 -131930700 ARANETA PROP 1.9 1.92 1.84 1.9 1.84 1.9 229000 433990 -114000 BELLE CORP 2.57 2.58 2.56 2.58 2.56 2.58 578000 1486710 138040 A BROWN 0.79 0.8 0.8 0.8 0.79 0.79 751000 593450 -79000 CITYLAND DEVT 0.9 0.92 0.9 0.9 0.9 0.9 13000 11700 CROWN EQUITIES 0.241 0.244 0.247 0.247 0.241 0.242 4380000 1065540 9800 CEBU HLDG 6.6 6.86 6.85 6.86 6.3 6.86 6000 39746 CEB LANDMASTERS 4.17 4.19 4.2 4.2 4.15 4.17 165000 687310 -58370 CENTURY PROP 0.475 0.48 0.48 0.485 0.47 0.475 5550000 2635750 37900 CYBER BAY 0.42 0.425 0.425 0.425 0.415 0.42 1550000 651600 DOUBLEDRAGON 20.8 20.95 21 21.05 20.6 20.8 530800 11085610 -6708575 DM WENCESLAO 9.62 9.68 9.62 9.74 9.58 9.62 752300 7264737 3287380 EMPIRE EAST 0.5 0.51 0.5 0.51 0.5 0.5 246000 124000 FILINVEST LAND 1.44 1.45 1.44 1.45 1.43 1.44 4290000 6175970 -3147460 GLOBAL ESTATE 1.22 1.23 1.27 1.27 1.21 1.22 4523000 5568430 3770 8990 HLDG 11.8 11.9 12 12.04 11.66 11.9 1462600 17265402 -3614488 PHIL INFRADEV 2.03 2.04 2.1 2.1 2.02 2.03 5000000 10239590 195780 CITY AND LAND 0.82 0.83 0.83 0.84 0.83 0.83 149000 123870 730 MEGAWORLD 5.29 5.3 5.09 5.3 4.96 5.29 20372200 106394812 52175430 MRC ALLIED 0.4 0.405 0.42 0.42 0.4 0.405 35090000 14252600 287000 PHIL ESTATES 0.455 0.475 0.46 0.46 0.46 0.46 70000 32200 PRIMEX CORP 2.82 2.84 2.9 2.91 2.82 2.82 102000 291270 ROBINSONS LAND 22.8 22.95 22.8 23 22.15 22.8 3383100 76898500 35778220 PHIL REALTY 0.465 0.47 0.465 0.475 0.46 0.47 1130000 520400 ROCKWELL 2.11 2.13 2.07 2.16 2.01 2.13 2568000 5351670 SHANG PROP 3.12 3.15 3.13 3.15 3.12 3.15 81000 254520 STA LUCIA LAND 1.54 1.58 1.56 1.58 1.54 1.58 3246000 5075320 -94200 SM PRIME HLDG 38.1 38.5 37.8 38.5 37.3 38.5 7501600 286192630 16443915.0003 STARMALLS 6.91 6.94 6.72 7.1 6.72 6.91 403800 2799989 -81515 SUNTRUST HOME 0.76 0.79 0.79 0.79 0.79 0.79 71000 56090 VISTA LAND 7.21 7.22 7.3 7.38 7.22 7.22 24894000 181028254 -52025157

SERVICES ABS CBN 21.4 21.5 21.35 21.8 21.35 21.5 365200 7877285 GMA NETWORK 5.71 5.72 5.72 5.73 5.71 5.72 104900 599864 MANILA BULLETIN 0.6 0.61 0.61 0.63 0.61 0.61 2937000 1798660 GLOBE TELECOM 1870 1881 1890 1890 1863 1870 53805 100907560 -72749835 PLDT 1035 1036 1030 1045 1025 1036 204860 212073610 -61837780 APOLLO GLOBAL 0.046 0.047 0.048 0.048 0.046 0.047 22600000 1041200 ISLAND INFO 0.128 0.13 0.132 0.132 0.127 0.128 1290000 165240 ISM COMM 5.76 5.77 5.87 5.87 5.74 5.76 3995000 23167070 -1671170 NOW CORP 2.92 2.93 2.96 3.04 2.93 2.93 1221000 3628730 -45399.9998 TRANSPACIFIC BR 0.445 0.45 0.445 0.45 0.44 0.445 5330000 2374600 551800 PHILWEB 3.02 3.08 3.09 3.09 3.02 3.08 1028000 3125570 2GO GROUP 12.38 12.4 12.24 12.4 12.24 12.38 5200 63838 ASIAN TERMINALS 14.26 15.76 14.62 14.62 14.26 14.26 3300 47778 468 CEBU AIR 80.85 81 81 81.7 80.5 80.85 212130 17151757.5 648984 CHELSEA 5.82 5.83 6.01 6.01 5.8 5.82 2255100 13314043 -1154230 INTL CONTAINER 110 113 112 113 108.8 113 3126440 346381769 39510988 LBC EXPRESS 15.22 15.6 15.38 15.38 15.24 15.24 4600 70352 LORENZO SHIPPNG 0.9 0.92 0.89 0.92 0.89 0.92 44000 39560 MACROASIA 19.08 19.1 19.28 19.28 18.84 19.08 402000 7642906 2875442 METROALLIANCE A 2 2.05 2.02 2.06 2 2.05 117000 236810 METROALLIANCE B 2.01 2.12 2.01 2.01 2.01 2.01 5000 10050 PAL HLDG 10.7 10.9 11 11 10.52 10.9 99800 1068698 10600 HARBOR STAR 2.81 2.83 2.88 2.88 2.81 2.83 570000 1611320 -70750 ACESITE HOTEL 1.3 1.34 1.29 1.29 1.29 1.29 5000 6450 BOULEVARD HLDG 0.067 0.068 0.065 0.068 0.065 0.067 22820000 1515580 -24130 WATERFRONT 0.67 0.68 0.68 0.68 0.66 0.67 436000 292930 CENTRO ESCOLAR 7.71 8.34 7.71 7.71 7.7 7.71 1700 13102 IPEOPLE 10.7 10.86 11 11 10.7 10.7 9400 101940 STI HLDG 0.71 0.72 0.71 0.72 0.7 0.72 2958000 2093390 305450 BERJAYA 2.82 2.9 2.86 2.9 2.8 2.9 363000 1035960 -34050 BLOOMBERRY 11.14 11.22 11.42 11.42 11.14 11.14 4082300 45748594 -23861434 PACIFIC ONLINE 9 9.23 9.26 9.26 9.23 9.23 600 5553 LEISURE AND RES 3.3 3.32 3.35 3.35 3.28 3.3 576000 1906910 99470 MANILA JOCKEY 4.72 4.97 4.71 4.97 4.71 4.97 205000 965810 PH RESORTS GRP 5.15 5.19 5.28 5.38 5.15 5.19 333000 1758707 -21120 PREMIUM LEISURE 0.97 0.98 0.97 0.98 0.96 0.97 10611000 10288620 -956260 TRAVELLERS 5.59 5.61 5.65 5.65 5.57 5.61 152800 857067 -150215 METRO RETAIL 2.89 2.9 2.92 2.92 2.89 2.9 1284000 3727600 208990 PUREGOLD 46.7 47.3 46.8 47.5 46.35 47.3 487900 22860420 7779200 ROBINSONS RTL 85 85.3 86.5 86.5 84.8 85.3 642180 54776193 -2046060 PHIL SEVEN CORP 136.5 138 133 140 133 138 778890 104878539 1416165 SSI GROUP 2.27 2.28 2.27 2.3 2.24 2.28 2842000 6435440 2658400 WILCON DEPOT 14.6 14.64 14.4 14.88 14.38 14.64 3920200 57674254 28306010 APC GROUP 0.435 0.44 0.435 0.44 0.43 0.44 340000 149050 EASYCALL 15.54 15.56 15.1 16.4 15.1 15.54 897500 14108584 -17176 GOLDEN BRIA 360.2 373 360.2 373 356.2 373 4800 1752120 18010 PAXYS 3.16 3.4 3.25 3.27 3.16 3.16 18000 58110 -5990 PRMIERE HORIZON 1.3 1.31 1.3 1.35 1.29 1.3 17045000 22410560 254100 SBS PHIL CORP 8.35 8.67 8.67 8.68 8.34 8.35 15800 133638

MINING & OIL ATOK 13.04 13.28 13.36 13.36 13.36 13.36 100 1336 APEX MINING 1.51 1.52 1.53 1.53 1.51 1.52 456000 691380 -51640 ABRA MINING 0.002 0.0022 0.0021 0.0021 0.0021 0.0021 328000000 688800 -21000 ATLAS MINING 2.92 3.03 2.91 2.92 2.91 2.92 66000 192320 -5840 BENGUET A 1.26 1.33 1.26 1.26 1.26 1.26 5000 6300 BENGUET B 1.2 1.38 1.2 1.2 1.2 1.2 6000 7200 CENTURY PEAK 2.19 2.2 2.2 2.2 2.19 2.2 505000 1106690 DIZON MINES 7.76 8 8.07 8.07 8.02 8.02 200 1609 FERRONICKEL 1.49 1.5 1.5 1.5 1.49 1.49 441000 660200 GEOGRACE 0.265 0.275 0.29 0.295 0.26 0.28 7130000 1958550 LEPANTO A 0.123 0.129 0.127 0.128 0.122 0.123 2920000 362210 LEPANTO B 0.128 0.132 0.128 0.128 0.128 0.128 280000 35840 MANILA MINING A 0.009 0.0091 0.0091 0.0091 0.0091 0.0091 10000000 91000 MANILA MINING B 0.009 0.0092 0.0093 0.0093 0.0092 0.0092 12000000 110500 MARCVENTURES 1.06 1.09 1.1 1.1 1.06 1.06 91000 96560 NIHAO 1.03 1.08 1.08 1.09 1.04 1.08 18000 18990 NICKEL ASIA 2.77 2.8 2.75 2.8 2.73 2.77 1810000 4990280 -651500 OMICO CORP 0.61 0.64 0.6 0.64 0.6 0.64 175000 106740 61800 ORNTL PENINSULA 0.95 0.96 0.95 0.97 0.95 0.96 327000 313760 PX MINING 4.05 4.08 4 4.05 4 4.05 1706000 6850610 3514160 SEMIRARA MINING 20.35 20.4 21.65 21.65 20.25 20.35 2779900 57178685 -7043440 UNITED PARAGON 0.008 0.0082 0.008 0.0082 0.008 0.0082 2000000 16200 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.012 15300000 191800 PHILODRILL 0.011 0.013 0.012 0.013 0.011 0.011 24000000 286800 -36000 PHINMA PETRO 3.16 3.24 3.15 3.25 3.08 3.25 279000 870160 PXP ENERGY 14.56 14.62 14.9 14.98 14.52 14.56 913000 13397320 -2088888

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 DD PREF SMC FB PREF 2 FPH PREF C GLO PREF P GTCAP PREF B LR PREF MWIDE PREF PNX PREF 3B PCOR PREF 2A SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2H SMC PREF 2I

94.75 472 480 97 967 450.2 480.2 899 0.99 100 100.5 971 75.15 76.5 72.6 72.5 74.25 71.35 72.6

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

20.15

95.95 475 497 97.9 975 476.8 495.8 900 1 101 106 990 75.45 76.7 73.4 73 74.95 72 73.4

95.95 475 481.6 97 970 450.4 480.2 900 0.99 101.9 106 971.5 75.45 76.6 72.6 71.65 74.9 72 73.5

95.95 475 497 97 970 450.4 480.2 900 0.99 101.9 106 971.5 75.45 76.7 72.6 73 74.9 72.15 73.5

95 472 480 97 966 450.2 480.2 900 0.99 101.9 106 971 75.45 76.5 72.6 71.65 74.9 71.35 73.4

95 472 497 97 966 450.2 480.2 900 0.99 101.9 106 971 75.45 76.7 72.6 73 74.9 71.35 73.4

20.2

20.05

20.2

20.05

20.15

600 42080 5420 3490 1990 220 290 1060 210000 10 30 240 50 11550 62200 3680 1000 219330 12700

57028.5 19868000 2602460 338530 1925670 99048 139258 954000 207900 1019 3180 233090 3772.5 884524 4515720 267398 74900 15708119.5 932850

-900000 99000 73000 721000 -

125500

2517875

-12080

WARRANTS LR WARRANT

1.9

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.77 XURPAS 1.34

1.94

1.91

1.91

1.89

1.9

210000

400770

-

4.78 1.35

4.82 1.39

4.82 1.41

4.76 1.31

4.77 1.35

146000 22646000

696180 30462440

-7893180

EXHANGE TRADE FUNDS FIRST METRO ETF

114

114.5

114.1

114.7

114

114.5

7350

838922

-

Editor: Efleda P. Campos

PDS takes over operations of Electricity Co. of Ghana

P

By Lenie Lectura

@llectura

OWER Distribution Services Ltd. (PDS) officially took over the assets and operations of Electricity Company of Ghana (ECG) on March 1.

PDS is a consortium between Manila Electric Co. (Meralco), through Meridian Power Ventures Ltd.; AEnergia SA, an Angolan company; and three Ghanaian firms—TG Energy Solutions Ghana Ltd., Santa Power Ltd. and GTS Power Ltd.

The handover was pursuant to the award to the PDS Consortium, which will be the electricity service provider in all of ECG’s operational areas in the Southern Distribution Zone of Ghana, under a 20-year conces-

sion agreement approved by the Government of Ghana.

ECG’s assets would be leased to the PDS, the concessionaire, while the ECG would become an asset-holding company. After the end of the concession, all assets would be transferred back to it.

PDS is expected to invest $580 million in the first five years of the 20-year concession period.

Meralco’s share may amount to $40 million over five years.

“PDS Consortium intends to invest over $580 million for capital expenditures and is expected to strengthen the governance, management and operations of the ECG and improve the de-

livery of power to end users as well as support Ghana’s socioeconomic growth,” a disclosure from Meralco stated.

Meralco President Oscar S. Reyes said the company has a 30-percent stake in PDS, but is allowed to reduce its stake to as low as 19 percent in the event the consortium can take in more members or allow others to hike their interest.

The bid of PDS included equity ownership and management of the concession company that would take over ECG, which supplies 80 percent of the population of Ghana through 3 million accounts.

Cebuana Lhuillier seeks financial inclusion through micro savings C

ONSIDERING that around 70 percent of the country’s population do not have bank accounts, Cebuana Lhuillier is positive it can help attain the national goal of financial inclusion in the near future with the recent official launch of its micro-savings offering.

“We aim to include millions of unbanked Filipinos in Cebuana Lhuillier Micro Savings [CLMS],” Cebuana Lhuillier Integrated Marketing and Communications Group (IMCG) Head Michael Sena said during the product’s kick off held last week in Makati City. “Seems like a very complex task; however, we are very confident we will be able to do this in the next couple of years or so.”

Serving as a cash agent of the Cebuana Lhuillier Rural Bank (CLRB), micro savings is the financial-service firm’s platform for Filipinos to overcome the many barriers to saving.

With many documentary requirements, as well as the high cost of initial deposit, maintaining balance and dormancy charges, for instance, opening a CLMS account is more convenient and affordable as it requires only one valid ID and at least P50 initial deposit.

The lack of access to banks, which the Bangko Sentral ng Pilipinas (BSP) said only 33 percent or 551 cities in the Philippines have, this new offering can be availed of and used in all the retail infrastructures of Cebuana Lhuillier nationwide.

“We recently had our market launch just a few weeks ago—to be exact, around February 9. To date, we already have about close to half a million bank account holders with us throughout our 2,500 branches. So we are very confident we

can achieve this,” he said.

As part of its plan, Cebuana Lhuillier is set to launch the eCebuana app, which will enable micro savers to check their balances and send money through remittance, load prepaid credits to their phones and settle their bills by integrating it to their CLMS account.

It will then be migrated to an EMV-enabled card that can be accessed via automated teller machines. Likewise, it will carry a debit and credit facility for web-based and cashless shopping, provide access to auxiliary services, and help corporate and micro, small and medium enterprise clients manage their business through payroll cash management solutions.

More valuable features are in the pipeline, including remit-to-and-from savings account; pay and deposit from savings account; and an international remit-to-account feature for the convenience of Filipinos abroad in sending money to their families back home.

CLMS accounts can be accessed in all Cebuana Lhuillier branches, Cebuana CARES, agent partners, online and mobile channels, as well as CLRB outlets across the country. Self-service kiosks in Cebuana Lhuillier branches will also be put in place.

The launch of this interest-bearing savings product owned by CLRB coincided with that of the “#KayaNa: Unbanked Filipinos No More Movement” aimed at transforming the landscape of saving in the Philippines.

To date, the company has already provided micro savings accounts to the unbanked strata of its

TV ratings war continues

By Lorenz S. Marasigan @lorenzmarasigan

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IVAL broadcasters GMA Network Inc. and ABS-CBN Corp. claimed on separate statements they led the ratings war last month, citing data from two different sources.

GMA Network, the Gozon-led network, claimed to have dominated in the National Urban Television Audience Measurement (Nutam) with a 38.4-percent average household audience share in February, ahead of ABS-CBN’s 34.6 percent by just a few percentage points, based on data from Nielsen TV Audience Measurement.

It also claimed to have led Nutam’s morning block with a 33.9-percent audience share versus its rival’s 28.5 percent; the afternoon block with 39.2 percent, versus the competitor’s 34.7 percent; and the evening block with 39.5 percent, versus 36.9 percent of the competition.

GMA also claimed to have fur-

thered its leadership position in Urban Luzon and Mega Manila, which account for 72 percent and 60 percent of all urban households in the country.

In Urban Luzon GMA won across all-day parts and registered an average household share of 42.1 percent, while ABS-CBN posted only 29.2 percent; in Mega Manila it posted an audience share of 43.9 percent, while its rival booked 26.6 percent.

Lopez-led entertainment and multimedia conglomerate ABS-CBN claimed to have posted a higher national-average audience share in February. Citing data from Kantar Media, ABS-CBN said it recorded a solid 45-percent audience share nationwide, a 15-point lead over GMA’s 30 percent.

ABS-CBN also claimed leadership in Metro Manila, where it scored an average audience share of 43 percent, against GMA’s 23 percent. It also won in Mega Manila, where it scored 46 percent, ahead of the competition’s 29 percent.

11 million loyal clients. It will push further to reach the majority of its 25 million clients nationwide.

All these initiatives form part of the company’s mission and vision on financial wellness and BSP’s advocacy to guarantee this for all.

“With BSP’s basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind,” said Jean Henri

MUTUAL FUNDS

Lhuillier, president and CEO of Cebuana Lhuillier.

“We’ve come full circle—from offering collateralized loans or pawning, remittance service, micro insurance and now, micro savings—all of these products were designed with Filipinos from all walks of life in mind, especially the unbanked and underserved, who would not have access to these financial services given their circumstances in life,” he added. Roderick L. Abad

March 4, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 256.38 -10.73% 1.55% 1.7% 1.65% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5627 -2.23% 11.89% 4.07% 8.46% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.9926 -12.17% 2.62% 0.57% 2.3% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9145 -7.4% N.A. N.A. 2.7% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8316 N.A. N.A. N.A. 1.33% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.349 -8.2% 1.83% 1.19% 1.48% MBG EQUITY INVESTMENT FUND, INC. -A 123.06 4.72% N.A. N.A. 5.67% ONE WEALTHY NATION FUND, INC. -A 0.8466 -12.19% -4.66% N.A. 1.71% PAMI EQUITY INDEX FUND, INC. -A 50.249 -9.85% 2.41% N.A. 2.12% PHILAM STRATEGIC GROWTH FUND, INC. -A 527.51 -9.26% 1.36% 1.2% 2.48% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.2724 -7.66% 3.28% 4.4% 1.47% PHILEQUITY FUND, INC. -A 37.4931 -7.98% 3.89% 3.69% 2.35% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 0.9965 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.0792 -9.36% 3.3% 3.64% 2.43% PHILIPPINE STOCK INDEX FUND CORP. -A 847.63 -9.26% 3.03% 3.54% 2.31% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.8873 -7.51% 1.42% N.A. 3.03% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.1682 -7.95% 3.3% 2.53% 2.69% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9754 -9.61% 3% N.A. 2.21% UNITED FUND, INC. -A 3.5731 -6.31% 4.79% 3.4% 2.06% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 113.3485 -9% 4.14% 4.64% 2.35% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0014 -9.52% 7.61% 1.2% 7.78% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2484 -3.74% N.A. N.A. 12.97% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6897 -7.08% -0.38% -1.05% 2.33% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2581 -7.06% 1.53% 0.89% 2.21% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.5822 -5.57% -0.28% -1.3% 1.51% GREPALIFE BALANCED FUND CORPORATION -A 1.3287 -7.73% N.A. N.A. 1.87% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.8823 -4.24% 1.54% 1.53% 2.13% PAMI HORIZON FUND, INC. -A 3.5696 -7.49% -0.13% 0.4% 1.14% PHILAM FUND, INC. -A 16.1574 -6.43% 0.18% 0.51% 1.57% SOLIDARITAS FUND, INC. -A 2.1014 -5.21% 1.64% 2.32% 1.4% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.7474 -5.56% 1.36% 1.6% 2.63% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9673 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9573 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9559 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.949 -5.89% 1.08% N.A. 2.96% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03572 1.53% 0.21% 1.54% 1.33% PAMI ASIA BALANCED FUND, INC. -A $0.9819 -7.92% 4.74% -0.2% 4.88% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6177 -2.59% 6.46% 2.11% 9.35% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0709 -4.33% N.A. N.A. 6.03% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 345.74 2.52% 2.01% 2.07% 0.69% ATRAM CORPORATE BOND FUND, INC. -A,1 1.864 -0.66% -0.33% -0.43% 0.26% COCOLIFE FIXED INCOME FUND, INC. -A 2.9948 5.33% 5.26% 5.25% 0.81% EKKLESIA MUTUAL FUND INC. -A 2.1485 2.07% 1.36% 1.8% 0.84% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.228 0.8% 0.14% 0.83% 0.85% GREPALIFE FIXED INCOME FUND CORP. -A P 1.5943 -0.87% -0.87% 0.48% 1.91% PHILAM BOND FUND, INC. -A 3.9264 -1.26% -0.99% 0.32% 0.17% PHILEQUITY PESO BOND FUND, INC. -A 3.5812 2.56% 0.78% 1.2% 1.82% SOLDIVO BOND FUND, INC. -A 0.9099 0.22% -0.71% N.A. 1.94% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8347 1.91% 1.01% 1.49% 2.49% SUN LIFE PROSPERITY GS FUND, INC. -A 1.5738 1.56% 0.52% 1% 2.2% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $451.8 2.28% 2.08% 2.93% 0.79% ALFM EURO BOND FUND, INC. -A Є214.87 0.98% 1.35% 1.54% 1.04% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1535 3.21% 1.49% 2.12% 2.46% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.025 1.21% 0.68% N.A. 0.81% GREPALIFE DOLLAR BOND FUND CORP. -A $1.6957 -1.7% -1.12% 0.8% 0.33% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC -A $1.0503 0.29% -1.01% -2.47% 1.22% PHILAM DOLLAR BOND FUND, INC. -A $2.2242 2.44% 0.63% 2.68% 2.44% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0575865 1.37% 1.02% 1.73% 1.06% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9253 - 0.48% -0.05% 1.85% 1.85% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 121.87 3.38% 2.08% 1.71% 0.85% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0033 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.188 2.32% 0.89% 0.63% 0.52% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2269 2.95% 2.38% 1.73% 0.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0202 2.01% N.A. N.A. 0.42%

* - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE.

**** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.).

***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

www.businessmirror.com.ph

The World BusinessMirror

Editor: Angel R. Calso • Tuesday, March 5, 2019

B3

Asian stocks rise on reports Beijing, Washington close to trade agreement

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EIJING—Asian stocks rose on Monday after news reports said Washington and Beijing are close to reaching an agreement as early as this month to end their costly tariff war.

B enc h m a rk s i n Sh a ngh a i, Tok yo and Sydney advanced after Bloomberg News and The Wall Street Journal, citing unidentified sources, said China was offering to ease tariffs and other

restrictions on US farm, chemical, auto and other products. They said Washington would remove most sanctions on Chinese imports.

A deal might be completed in time to

Oil rises on signs of slowing shale growth as Opec+ production falls

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IL climbed to near $56 a barrel on signs of slowing US production growth and as Opec and its allies deepened output cuts aimed at averting a global glut.

Futures in New York rose as much as 0.9 percent after a 2.5-percent drop on Friday. Working oil rigs in America fell to the least since May, according data from Baker Hughes. Opec’s output dropped last month, aided by unplanned supply losses in Iran and Venezuela. The group’s key ally, Russia, also made deeper production curbs. Signs of progress toward a resolution to the US-China trade war brightened the outlook for demand.

Oil’s rallied about 23 percent this year as the Organization of the Petroleum Exporting Countries and allies started to cut production while American sanctions on Venezuela and Iran restricted supplies further. Beijing and Washington are said to be close to an agreement on lifting most or all US tariffs on Chinese goods, a pact that may ease tensions between the world’s two largest economies.

“There continues to be very strong support for oil prices on the back of Opec reducing their production,” said Howie Lee, a Singapore-based economist at Oversea-Chinese Banking Corp. “Also, if the US and China manage to resolve their key differences, then we can raise the oil demand a few notches. I think there is hope.”

West Texas Intermediate for April delivery rose as much as 50 cents to $56.30 a barrel on the New York Mercantile Exchange and traded 10 cents higher at $55.90 at 3:25 p.m. in Singapore. Prices last week had ended lower following weaker-than-expected reports on US

factory orders and consumer sentiment.

Brent for May settlement was at $65.24 a barrel, up 17 cents, on the London-based ICE Futures Europe exchange.

The global benchmark crude’s premium over WTI for the same month narrowed to $8.91.

The drop in American rigs, by 10 to 843 last week, came as explorers were chastened by a near 40-percent collapse in prices late last year. In the Permian, the nation’s largest shale play, rigs fell by 7 to 466, also the lowest since May. Nabors Industries Ltd., the world’s largest owner of land drilling rigs, said customers accounting for more than a third of the machines deployed across the contiguous US plan to trim activity by about 3 percent this year.

Opec’s production slumped as key cartel members Saudi Arabia, Kuwait and the United Arab Emirates delivered all—and in some cases more—of cuts they had pledged to make under a deal between the group and its allies. Russia produced the equivalent of 11.336 million barrels a day last month, down 82,000 barrels per day from the October baseline of the producer alliance known as Opec+, Bloomberg calculations show.

Meanwhile, signs of the trade negotiations making headway may reinvigorate a rally that snapped last week after two straight months of gains. Substantial progress has been made, a spokesman for China’s National People’s Congress said before legislative meetings this week. People familiar with the discussions earlier said a deal is likely as long as Beijing sticks to pledges ranging from protecting intellectual property to buying US products. Bloomberg News

be signed by Presidents Donald Trump and X i Jinping this month, the reports said. But they cautioned the two sides still were negotiating on the issue that sparked the dispute: Chinese plans for state-led creation of global technology competitors that Washington, Europe and other trading partners say violate Beijing’s market-opening obligations.

The battle between the two biggest global economies has rattled global financial markets for months. Investors worry it will weigh on global economic growth that already is showing signs of slowing.

“Speculation that both the US and China are close to signing a deal will keep market players slightly upbeat,” Nicholas Mapa and Prakash Sakpal of ING said in a report.

The Shanghai Composite Index rose 3 percent to a nine-month high of 3,083.44.

Tokyo’s Nikkei 225 added 1.0 percent to 21,822.04.

Hong Kong’s Hang Seng advanced 0.7 percent to 29,012.17, and Seoul’s Kospi lost 0.2 percent to 2,190.66. Sydney’s S&P-ASX gained 0.4 percent to 6,218.90.

New Zealand and Singapore advanced, while Taiwan retreated. Indian markets were closed for a holiday.

Investors are watching this week’s session of China’s ceremonial national legislature for announcements of policy on currency, trade, industrial development and possible economic stimulus.

The legislature is due to endorse a law that would address one portion of foreign complaints about Beijing’s regulation system by discouraging officials from pressuring companies to hand over technology.

Forecasters expect an official 2019 growth target of 6 percent to be announced. Few major changes are expected, but economists expect more government spending to shore up cooling growth. AP

B4 Tuesday, March 5, 2019

A ONE TRULY GLOBAL EXTRAVAGANZA REVOLUTIONIZING POT COOKING AT HOME

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HE Gulfood 2019, held from February 17 to 21, is a yearly exhibition of foods and culinary arts at Dubai World Trade Center. It has been designed to unite all these regional opportunities in one truly global extravaganza.

From the first-ever battle of culinary crafts featuring over 20 award-winning chefs from around the world—from over 5,000 food and beverage companies and startups to innovate processing techniques—there is an immense volume of business learning, opportunites and experiences hosted across the five days of the event. Truly one of the most important five days of the year help

participating businesses and entrepreneurs to set strategies for 2019.

The event was attended by Emirates Holdings Group Chief Operating Officer Abdul Mohammadi (Abu Nader), one of the most respected figures in the United Arab Emirates, and Philippine Consul General in Dubai and Northern Emirates Paul Raymund P. Cortes.

In photo are (from left) executive assistant of Abu Nader; Cortes; Abu Nader; Yolly SJ Diolazo, account manager, Business Mirror; and Jewels Youdarbe, officer in charge division chief, corporate planning division, Center for International Trade Expositions and Missions.

LEADING GLOBAL CUSTOMER-CARE PROVIDER SITEL HONORED WITH FOUR ANVILS

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ITEL, the business-process outsourcing (BPO) subsidiary of Sitel Group, one of the world’s largest customer-experience companies, was honored with four prestigious Anvil Awards—one Gold and three Silver—for “Sitel Academy Plus: Gearing PWDs Toward Success in the BPO Workplace” and “Sitel Fit: Taking Steps to a Healthier BPO Workplace”. These accolades shine the spotlight anew on Sitel’s continued commitment to strengthen and improve BPO employee engagement through health and wellness programs, and provide exceptional BPO training to a wider range of nextgeneration customer-care professionals.

A symbol of excellence in public relations, the Anvil

Awards of the Public Relations Society of the Philippines (PRSP) are given out annually to exemplary public-relations programs, tools and practitioners for achieving the highest standards of PR practice, specifically outstanding professional insight, creativity, skill and resourcefulness. A multisectoral panel of communications professionals painstakingly vets hundreds of entries to handpick award winners.

Sitel executives received the company’s four Anvil Awards at the 54th annual awards night held at Marriot Hotel Manila. In photo are (from left) AJ Maralit, general manager, ANZ; Tracy Elaine Molina, vice president for talent acquisition; Jamie Blocker, senior director for learning and development; and Urman Singh Jolly, workforce management leader.

NICKEL ASIA SAYS ‘THANK YOU’ TO OUR HERO SOLDIERS

RENCH cookware and small domestic appliances (SDA) manufacturer Tefal’s first-of-itskind spherical pot-rice cookers have arrived in the Philippines and are set to revolutionize the way Filipinos cook their staple food.

Round in shape, unlike the usual rice cooker, the Tefal optimal and initial spherical potrice cookers seem to have taken inspiration from the palayok, or the traditional claypot that Filipinos used in the past to cook delicious rice and even with viands.

Both variants use the exclusive Tefal spherical pot technology that makes each grain of rice fluffier, more flavorful and more superior in texture. This is made possible by its 62-degree golden angle giving the ideal circular heat convection for homogenous and delicious cooking.

This 3D heating gives optimal and balanced cooking performance, much better than that of the flat verticalhorizontal heating.

The Tefal pot-rice cookers also have Artificial Intelligence with fuzzy logic that enables the rice cookers to determine different types of ingredients, and deliver the best cooking performance by automatically adjusting cooking time and temperature, to always give tasty and perfect results.

“Rice should not

be bland and cooked by luck, or what we call in the vernacular as patsamba-tsamba. As our staple food, rice deserves the best cooking possible, [which] is, with the help of the revolutionary spherical potrice cookers from Tefal, convenient and versatile cooking,” said Julie Lim, vice president for business development of Collins International Trading Corp., Tefal’s exclusive distributor of SDA in the Philippines.

The Tefal optimal spherical potrice cooker (RK8145) also optimizes cooking functions with its 35 built-in cooking programs that can cook a variety of ingredients beyond rice, including clay pot, porridge, congee, steam, slow cook, soup or even dessert. The Tefal initial spherical pot-rice cooker (RK7405), meanwhile,

also have nine cooking programs to choose from.

Michael Yu, marketing director for Hong Kong and the Philippines of Groupe SEB Asia, the world leader in SDA, said that Tefal redefined cooking through the nonstick pan, when it addressed the need of the market for a simpler, more attractive and more multifunctional kitchenware. “...This is because Filipinos deserve the perfectly cooked rice every time. And they can do just that with the Tefal spherical pot-rice cooker,” Yu said.

Experience perfectly cooked rice with the Tefal spherical potrice cookers now at 20 percent off in SM Home (Department Stores) nationwide, until March 15.

MIDORI CLARK TREATS THIS YEAR’S GRADUATES AT TOSCANA FOR FREE!

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RADUATION day is coming!

Since you’ve been stressing out yourself for months due to sleepless nights in making projects, beating the deadlines and reviewing for exams, we know how stressful it is. Because of that, you deserve a celebration with the whole family to mark your achievement.

Toscana Dining has a treat for you, the graduates of 2019 —get to eat for free as it opens the Treats 4 the Graduates promo. Simply bring four full-paying adults and present a ny of t he fol low i ng : D iplom a , g radu at ion photo or g radu at ion program with the graduate’s name/ ceremony invitation (all supported by the school ID), and you can dine for free! Promo is available daily excluding holidays.

Feast l i ke no ot her at t he weekend buffet pr iced at P1,199+ for adults and P600+ for kids. Enjoy an ar ray of inter nationa l dishes paired with unlimited drinks, wine and beer available from 6 to 10 p.m. from Fr iday to Sunday.

Dim sum all you can is available f rom Mond ay to T hursd ay f rom 11 a.m. to 2 p.m. for lunch and 6 to 10 p.m. for dinner, for only P699+/ head.

A nother option is to relish in an enticing freshly g r il led barbecue offerings at our unlimited poolside barbecue for only P799+. Pair it with unlimited beer for only P200+.

Promo cannot be used in conjunctions w ith other in-house promotions or discounts. Treats 4 Graduates r uns from March 1

to Apr il 30.

You m ay a lso book ou r ongoing room promot ions for a complete t reat! Enjoy 60 percent of f f rom our published rate w ith our Summer Madness promo avai lable f rom Sund ay to T hursd ay; or ava i l ou r F l a sh Sa le ever y Su nd ay and Monday for only P5,500 net /n i g ht for a s up e r ior ro om .

Bot h promot ion a re inc lusive of brea k fa st bu f fet for t wo, use of hot e l a me n it ie s a nd s c he du l e d shuttle ser v ice from SM Cit y Clark, v ice versa.

For room reser vations, e-mail at reser vations@midor ihotel.com. For restaurant reser vations, e-mail at restaurants@midorihotel.com.

Visit www.midor ihotel.com for more details.

SECURITY BANK POSTS P8.6-B NET INCOME IN 2018

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ICKEL Asia Corp. (NAC), together with other sponsors, have rallied to support the Norther Luzon Command Heroes Foundation Inc. (Nolcom HFI).

The Nolcom HFI was established last National Heroes’ Day. The main goal of the foundation is to source financial support for Filipino battle casualties and families of fallen soldiers within Northern Luzon.

The brainchild of Lt. General Emmanuel B. Salamat of Nolcom, it covers Regions 1, 2, 3 and the Cordilleras, the maritime areas in the western and eastern sides, Bajo de Masinloc, Mabulis Island and the Philippine Rise. Salamat shared that the families of Filipino

soldiers who died in battle continue to suffer financial difficulties, and that Nolcom HFI hopes to secure a viable source of funds for financial assistance to the soldiers and the families they left behind.

“It is very inspiring that civilian support comes to the foundation the way NAC and the other corporations did—a perfect timing for civilians to share with us the principles of social responsibilities,” Salamat said.

NAC provided P500,000 as its initial contribution to the efforts of the foundation.

Photo shows NAC Assistant Vice President lawyer Ryan C. Jornada (second to the left) handing the company’s contribution to Salamat of Nolcom Heroes Foundation.

ECURITY Bank Corp. (SBC) posted P8.6 billion in net income in 2018.

A key component of the bank’s earnings is the net-interest income from customer loans and deposits, which increased by 30 percent, or P3.6 billion, to P15.7 billion. This was driven by the continued expansion of consumer loans and low-cost deposits.

Consumer loans grew by 47 percent while low-cost deposits increased by 15 percent. Consumer loans now account for 20 percent of total loans versus 16 percent a year ago.

Total loans increased by 12 percent, to P416 billion. Wholesale loan growth was 7 percent. Total deposits increased by 18 percent, to P489 billion. The bank’s interest margins continued to improve.

Net interest spread on loans and deposits further increased to 4.72 percent in the fourth quarter last year, up by 29 basis points quarter-on-quarter and up by 48

basis points year-on-year.

Interest income from financial investments was lower by 11 percent, or P1.2 billion, mainly due to a lower level of investment securities at amortized cost. Total net-interest income grew by 7 percent, to P20.8 billion. Overall, net interest margin further improved to 3.4 percent in the same period, up by 10 basis points quarter-on-quarter and up by 13 basis points year-on-year.

Service charges, fees and commissions increased by 26 percent, to P2.9 billion. This was driven by credit card, bancassurance, loan fees and deposit charges. The decrease in trading gains by 85 percent, or P2 billion, and the increase in provision for income tax by 47 percent, or P790 million, is primarily accounted for the bank’s lower net income in 2018.

Net income was lower by 16 percent, or P1.7 billion, versus previous year.

Operating expense growth was

10 percent (excluding provisions for credit and impairment losses). Cost-toincome ratio was 53.9 percent.

Asset quality remained healthy, with gross nonperforming loan (NPL) ratio at 0.7 percent. Provision for credit losses was P714 million. NPL reserve cover was 112 percent computed using the new BSP Circular 1011 guidelines on loan-loss provisions, which the bank adopted last September.

SBC continues to be among the country’s best capitalized private domestic universal banks. Common Equity Tier 1 Ratio increased to 16.4 percent from 15.5 percent a year ago.

The total capital-adequacy ratio, likewise, increased to 18.7 percent from 17.7 percent. Return on shareholders’ equity was 8.1 percent. Shareholders’ capital increased to P109 billion, up by 4 percent year-on-year. Total assets stood at P767 billion, up by 10 percent.

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LEVELAND—Kevin Love makes the Cleveland Cavaliers a different basketball team.

The Orlando Magic learned that lesson on Sunday night in what could be a costly loss for their playoff hopes.

A night after being held out of a 36-point loss to Detroit, Love had 16 points and 14 rebounds and the Cavaliers pulled away in the fourth quarter for a 107-93 win.

Orlando, which was coming off wins over Golden State and Indiana, rallied to tie the game at 81 with seven minutes to play before Cleveland took over. The Cavaliers hit seven 3-pointers in the period, including two each by Jordan Clarkson and Cedi Osman.

Love is still progressing from foot surgery in November and has yet to play on back-to-back days. The five-time All-Star was ready after watching Saturday’s 129-93 debacle.

“It was just sticking to the plan,” Love said. “I was very excited when I got asked the question [after the All-Star break] that I wanted to play in every game, that I wasn’t going to miss any more games, but we’re taking it day by day. It was a huge win for us against a team fighting for position.”

Nikola Vucevic scored 28 points for Orlando. He was 13 of 16 from the field and had 13 rebounds.

DJ Augustin added 19 points for the Magic, who hold a very slim lead over Charlotte and Miami for first place in the Southeast Division and the final playoff spot in the Eastern Conference.

Orlando Coach Steve Clifford held a long meeting with his players after the game.

“This is a bad loss, man,” guard Evan Fournier said. “We feel like we were too casual. We’ve got to

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EW YORK—Gregg Popovich had watched his players struggle to guard their men, and finally decided he wouldn’t even let them try.

So a night after they surrendered 130 points in a loss at New York, his San Antonio Spurs were in a zone defense in the first quarter of their game against the Brooklyn Nets.

It wasn’t something the Spurs had practiced all that much and something they rarely needed to consider most years. But even if it’s not played perfectly, he knew just the sight of a zone is sometimes enough to throw off an opponent.

“In general, National Basketball Association [NBA] teams have no clue what to do when somebody plays a zone,” Popovich said. “They mostly automatically stand there and the ball moves around the horn and after a while somebody might attack a seam or do a little highlow or overload or something like that, but basically players get in mud. It doesn’t matter what team it is, they just get in mud.”

The Associated Press

By Brian Mahoney

THE Lakers begin the week with a game they desperately need to win to boost their fading playoff hopes.

Lose to the Clippers on Monday, and they drop another game in the Western Conference with things only getting tougher as the week goes on. They host second-place Denver on Wednesday and Boston on Saturday.

But even if things go poorly, LeBron James should have something to celebrate during the week.

James should pass Michael Jordan and move into fourth place on the NBA’s career scoring list during the week. With 32,253 points, James begins the week 39 behind Jordan’s total of 32,292.

ON THE LEADERBOARD

lately, but that doesn’t worry him much. The more opponents fret about the zone, the less time to fine-tune everything else.

“The more we play it, the more I see teams starting to put in some stuff,” Atkinson said, “which I don’t mind because now they’ve got to do all their man-to-man stuff and they’ve got to take another 10 minutes and work on Brooklyn’s zone. So it doesn’t necessarily bother me that they’re putting in stuff.”

MILWAUKEE brings an NBA-leading 48-15 record into the week and will be eyeing its first 50-win season in 18 years.

The Bucks visit Phoenix on Monday, then return home for games against Indiana and Charlotte before wrapping up with a visit to San Antonio on Sunday.

Milwaukee hasn’t won 50 games since going 52-30 in the 2000-2001 season. The Bucks will have a shot to win 60 for the first time in nearly 40 years, having gone 60-22 in 1980-1981.

FIFTY WILL BE NIFTY

HEAT at Hornets, Wednesday. Somebody is going to win the Southeast Division, and these teams are in the mix despite being below .500.

Thunder at Trail Blazers, Thursday. The teams battling for the No. 3 seed in the West meet in Portland.

Nuggets at Warriors, Friday. Golden State begins the week with a 11/2 -game lead over Denver in the West.

Pacers at 76ers, Sunday. Philadelphia hopes Joel Embiid is back by a game that could determine third place in the East.

OTHER THINGS TO WATCH THIS WEEK:

RUSSELL WESTBROOK turned back the clock a bit on Sunday.

Oklahoma City’s All-Star point guard scored 12 of his 22 points in the fourth quarter, and the Thunder rallied from a 13-point deficit in the final seven minutes to snap a four-game losing streak with a 9995 victory over the Memphis Grizzlies.

THUNDER RALLY PAST GRIZZLIES

grow. Cliff said a lot of stuff after the game. He said a lot of things.”

“Every game counts the same,” Clifford said. “To not look at it that way, that every game is important, it’s a losing mentality and a total lack of understanding what the NBA is.”

Playing his seventh game since returning, Love made two free throws and hit a 3 from the top of the arc during Cleveland’s game-clinching run.

Clarkson scored 19 points. Rookie guard Collin Sexton had 17 points and Osman scored 14 for the Cavaliers, who have won five of eight. Larry Nance Jr. and Matthew Dellavedova each added 11 points.

Cleveland scored 17 straight points during a run that began late in the third quarter with Orlando leading 72-63. The Magic tied the game on Augustin’s 3-pointer midway through the fourth.

Vucevic scored 10 points in the third when the Magic pulled ahead after trailing by four points at halftime.

Orlando, trying to make the playoffs for the first time since 2012, has won eight of 11. The Magic went 6 of 26 on 3s.

Westbrook shot three of 13 in the first three quarters, then went four for seven in the fourth. It was similar to the late-game scoring binges he went on during his MVP season two years ago.

The Thunder needed every bit of it—forward Paul George, the NBA’s No. 2 scorer and league leader in steals, missed his third straight game with a sore right shoulder.

Oklahoma City supported Westbrook’s late surge by holding the Grizzlies to 6-for-21 shooting in the fourth.

“One of the things we talked about that I said before the game tonight is that we’ve got to create a defensive identity regardless,’” Thunder Coach Billy Donovan said. “We have to defend at a higher level every single night. Offensively, we struggled to get any kind of flow or continuity there, but I give our guys credit—they still tried to work as hard as they could to defend, even though offensively, we had our challenges.”

It was the first time since Jan. 6 that the Thunder failed to score at least 100 points.

“With Paul out, certainly offensively, it’s been a challenge the last several games,” Donovan said. “I’ve been trying to find a way to keep helping our guys offensively in order to create an identity with him being out.”

Dennis Schroder added 17 points and a career-high 11 rebounds, and Steven Adams had 13 points and 22 boards for the Thunder.

Avery Bradley scored 27 points, Delon Wright had 17 and Jonas Valanciunas added 16 points and 13 rebounds for the Grizzlies.

Mike Conley, the team’s floor general and leading scorer, sat out with general soreness. Memphis Coach CLEVELAND’S Jordan Clarkson (left) drives against Orlando’s Terrence Ross (31) as Oklahoma City’s Russell Wesatbrook (right) passes the ball around Memphis’s Justin Holiday. AP

JB Bickerstaff said Conley’s presence was missed in the fourth quarter.

“I think the guys put forth a hell of an effort to get themselves an opportunity to win the game, but it’s a matter of learning who we are and who gets the touches where,” Bickerstaff explained. “You know in the fourth quarter we rely heavily on Mike, so it was somebody different we were having to find tonight, and that’s just a matter of us getting comfortable and familiar with one another and growing and learning from it.”

Memphis led 75-67 heading into the fourth, and the Grizzlies were up 89-76 before the Thunder found their footing. A 3-pointer by Westbrook cut the deficit to 91-86 and led to a Memphis timeout.

Westbrook hit another 3 to tie the game at 93 with 1:04 to play, then a jumper from near the free throw line to put the Thunder ahead 95-93 with 31.9 seconds left. Wright missed a 3 and Schroder made two free throws at the other end with 14.9 seconds remaining.

After Wright made a layup to trim the Thunder’s lead to two, Oklahoma City’s Terrance Ferguson hit two free throws with 6.5 seconds left to seal the win. AP

Clarkson, Love lead Cavaliers past Magic

It’s hard to understand exactly why.

Zone has been allowed in the NBA since 2001, and even before that, most players probably played on or against teams that employed it when they were younger. The principles of how to beat one haven’t changed much: Move the ball around, inside and out, to create gaps in the defense, and then get into those gaps for open shots.

Yet for some reason, suddenly the best players in the world forget all that when they see one in a game.

“It’s strange. Like, NBA guys, they just freeze when they see zones,” Charlotte Coach James Borrego said. “’Coach, what do you want us to run? They’re in zone.’

They panic.”

Zone can help a team that’s deficient in its manto-man coverage, and that’s where the Spurs are now without Danny Green, Kyle Anderson and Dejounte Murray, who Popovich considered his best defenders last season. They limited the Nets to 101 points on Monday, so zone will likely continue to be an option for San Antonio, with Popovich believing players feel more crowded offensively against it.

Brooklyn has played plenty of zone this season.

Coach Kenny Atkinson has seen teams adjust to it

NBA TEAMS CAN’T GET IN THE ZONE

Oklahoma City 99, Memphis 95

Washington 135, Minnesota 121

Detroit 112, Toronto 107, OT

Cleveland 107, Orlando 93

LA Clippers 128, New York 107

Houston 115, Boston 104

Atlanta 123, Chicago 118

Portland 118, Charlotte 108

NBA RESULTS

| Tuesday, March 5, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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BusinessMirror

Sports

GREGG POPOVICH says National Basketball Association teams have no clue what to do when somebody plays a zone. AP

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Business

C2 Tuesday, March 5, 2019

SPOTLIGHT ON POLE VAULTER UY

Vargas, Tolentino meet SEAG counterparts in OCA Congess

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FOUR-MAN Philippine Olympic Committee (POC) delegation composed of President Ricky Vargas, Chairman Abraham Tolentino, Secretary-General Patrick Gregorio and Communications Director Ed Picson flew to Bangkok during the weekend to attend the Olympic Council of Asia (OCA) Congress at the Intercontinental Hotel.

Among the topics discussed in the Congress were amendments to the OCA Constitution, reports of the various vice presidents of the five Asian regions of East Asia, South East Asia, South Asia, Central Asia and West Asia.

Extensive reports were also made by representatives of the 2020 Tokyo Olympics Committee, 2022 Beijing Winter Olympics Committee, the Association of National Olympic Committees, World Anti-Doping

Association, as well as several OCA Standing Committees, such as Athletes Commission, Culture, Education, Ethics, Finance, Media, Medical, Rules, Sports, etc.

The Philippine delegation also took the opportunity to liaise with several Asian National Olympic Committees and to discuss with Southeast Asian delegates issues pertaining to the country’s hosting of the SEA Games in December.

Vargas, also president of the Association of Boxing Alliances in the Philippines, had a brief chance meeting with International Boxing Association President Gofur Rakhimov of Uzbekistan.

The Congress was presided over by OCA President Sheikh Ahmad Al Fatah Al-Sabah.

The affair was attended by over 500 delegates from 45 Asian countries.

Eliminated teams eye graceful exits in MPBL

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EAMS in the Maharlika Pilipinas Basketball League Datu Cup are now focused on the playoffs, although other squads have yet to finish their elimination round campaign—each trying to make a lasting impression or building up for the quarterfinal round.

On Tuesday four eliminated teams will play for pride—Pampanga hosts Marikina in the main game at 9 p.m. right after the match between also-ran squads Rizal and Basilan at 7 p.m.

Local folks are expected to make their way inside the Angeles University Foundation Arena to see their Lanterns play their last two games at home this season.

Pampanga is already out of the race for the playoffs and even if the team wins its last two games in the elimination round, it would end up tied for eighth to ninth places with the Caloocan Supremos, who defeated the Lanterns in the early stages of the elimination round.

Pampanga’s last game will also be played at home against Zamboanga and although the team is already out of the running, Coach Aldrin Morante and his troops have a responsibility of not letting their fans down.

But Marikina is also out to make a lasting impression, especially Gerald Anderson, the celebrity who had an impressive stint in the first eer MPBL All-Star Game.

Cagayan de Oro youth boxing program yields top prospects

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ESPITE difficulties and struggles of keeping the boxing program alive, young amateur boxers in Cagayan de Oro City remain to be a force to reckon with in the national front.

The Cagayan de Oro’s team’s latest victory came when it bagged the overall championship in the Mindanao leg of 2019 Batang Pinoy Games in Tagum City, Davao del Norte, last month.

The City of Golden Friendship captured four gold medals courtesy of Lady Jane Payla in junior girls pinweight division, Angelou Lofranco in junior boys pinweight, Jhasli John Illudar in junior boys light flyweight and Rhein Jhon Gidor in junior boys flyweight.

Whatever sporting success now enjoyed

by Cagayan de Oro could be traced all the way back to a province-wide sportsfest held in January 2005, when Oscar Moreno, who was then governor of Misamis Oriental, launched the event hoping to discover potential homegrown talents not only in boxing but also in basketball, chess and volleyball.

Out of the hundreds of young aspirants, a select pool was chosen and a stable of boxing talents slowly developed into the core of the Misamis Oriental Amateur Boxing Team.

The team’s baptism of fire came in the National Invitational Amateur Boxing Tournament in Magpet, North Cotabato, where Daryl Basadre bagged the silver medal under the tutelage of two-time Olympian and Asian Games medalist Roberto Jalnaiz as head coach and Roel Densing as team manager.

Basadre’s victory marked the start of the team’s long journey to fame and glory.

“That’s the time when Governor Moreno decided to form a training pool in boxing,” Densing recalled.

The program enjoyed enormous success until 2013, when Yevgeny “Bambi” Emano, Moreno’s political opponent, won as governor of Misamis Oriental and disbanded Moreno’s boxing program.

Moreno, on the other hand, was elected mayor of Cagayan de Oro City that same year.

Compelled to rescue the frustrated young boxers of the province, Moreno decided to accommodate them under the helm of the city government of Cagayan de Oro. Bolstered by Moreno’s committed support, the Ateam competed with renewed vigor and enthusiasm in virtually most of the country’s major amateur boxing competitions.

In 2018 Team CDO won overall championship honors in the Batang Pinoy Mindanao Leg in Ozamiz City; the Palarong Pambansa in Vigan, Ilocos Sur; the Philippine National Games in Cebu City; and the Philippine Sports Commission-Pacquiao Amateur Boxing Cup in Davao City.

In October last year the Manuel V. Pangilinan Sports Foundation and Association of Boxing Alliances in the Philippines donated P1 million worth of financial aid and boxing equipment for the city’s amateur boxers.

Another donor, Embrace and Jaime Ongpin Foundation, gave sleeping materials, toiletries and medical packs.

By Ramon Rafael Bonilla

I PHILIPPINE Olympic Committee Chairman Abraham Tolentino (from left), President Ricky Vargas, Secretary-General Patrick Gregorio and POC Communications Director Ed Picson attend important meeting in Bangkok.

LAGAN CITY—A good number of elite athletes are in town to spice up the competition in the Philippine Athletics Championships that start on Wednesday at the City of Ilagan Sports Complex.

Several medal prospects for the 30th Southeast Asian Games have set foot in this bustling city which has also hosted the SEA Youth Athletics Championships over the weekend.

One of them is Natalie Uy, a FilipinoAmerican pole vaulter whose personal best is well beyond the gold medal mark of the SEA Games.

A product of Eastern Michigan University,

SKATEBOARDING SETS GOAL HIGH W

ITH skateboarding approved as a regular event in the 2024 Olympics in Paris, the Go For Gold Philippine skateboarding team has started to lay down the groundwork to produce more Filipino skaters of Margie Didal’s caliber.

Monty Mendigoria, president of the Skateboarding and Roller Sports Association of the Philippines, said they recently accredited 12 new judges and referees under the tutelage of Asian Extreme Sports Federation Technical Director Warren Stuart.

They will also hold a series of regional tryouts beginning with the Luzon leg in Iba, Zambales, on March 16 and 17, which will culminate in a national finals where the winners could earn the chance to compete in the 30th Southeast Asian Games.

Buoyed by her recent accolade as Philippine Sportswriters Association (PSA) Athlete of the Year, Didal has gained more confidence to perform at her best in the coming Olympic qualifying trips backed by Go For Gold.

“The award by the PSA has motivated me to work harder as I prepare to qualify for the Olympics,’’ said Didal, who rose to instant fame after her gold-medal feat in the Asian Games.

Ranked No. 14 among the world’s top 60 skaters, the 19-year-old Cebuana should compete in four more Olympic qualifying meets in London, the United States, China and Japan to maintain or improve her current world ranking.

“We feel that Margie and the skateboarding team will become our bright lights in the Olympics, and hopefully they can bring home our first Olympic gold medal,’’ said Go For Gold godfather Jeremy Go. Go For Gold will help bankroll the Olympic qualifying trips of Didal and Filipino-American Christiana Means for them to book a ticket to Tokyo.

Only the top 38 women skaters after these series of qualifiers will make it to the 2020 Tokyo Summer Games with just a single Olympic slot for Asia aside from two automatic spots for Japan as host country.

The national qualifier for the Southeast

Uy once cleared the bar at 4.30 meters, which is good enough to surpass the winning record of 4.10m set

by Thai Chayanisa Chomchuendee in Kuala Lumpur two years ago.

“It’s good to be here. I’m excited and it’s a dream come true for me to come here,” she said.

Uy was originally scheduled to join the national team for the Asian Games last year. Unfortunately, she was unable to get her passport in time.

“I’m very confident. I think if I can get the right training, get everything I need, I can go for the gold,” Uy said, as she sets her sights for the coming biennial meet in November.

Also in attendance are Fil-foreigners Eric Cray, Kristina Knott, sisters Kyla and Kayla Richardson, Zion Corrales, Alyanna Nicolas and Carter Lily.

EJ Obiena is also expected to show his wares in pole vault after touring Europe for training and competitions.

Venue for the third straight year, the Ilagan City will welcome athletes from 10 SEA Games countries, along with representatives from the United Arab Emirates, Jordan, Hong Kong, Sri Lanka, India, Mongolia and Chinese Taipei.

Forty-four events are at stake—all SEA Games events, including two mixed gender relays.

Abueva in attack mode for Phoenix

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FILIPINO-AMERICAN Christiana Means is a potential star.

Asian Games is scheduled on August 24 and 25 in Santa Rosa, Laguna, after the most promising skaters from the south take centerstage in the Mindanao leg on May 25 and 26 in General Santos City.

The best skaters from the Visayas region will show up in Cebu City on April 6 and 7, where Didal is expected to inspire the national team aspirants right in her hometown.

HOENIX Pulse is close to securing a top 2 finish in the Philippine Basketball Association (PBA) Philippine Cup eliminations, thanks to the energy and hustle provided by forward Calvin Abueva.

The former PBA Rookie of Year has been on attack mode this past week after leading Phoenix to back-to-back wins over NorthPort and Alaska to earn his first Cignal-PBA Press Corps Player of the Week award for the period of February 27-March 3.

The 31-year-old Abueva submitted solid averages of 17.5 points, 11.5 rebounds, two assists, one block to help Phoenix seize the solo lead in the team standings with a tournament-best 7-1 record.

A seven-time PBA All-Star, Abueva sparkled with 14 points, seven rebounds and two assists in helping Phoenix scrape past a pesky NorthPort squad, 98-96, on February 27.

Two days later the 31-year-old Abueva upped the ante against Alaksa, his former team after registering 21 points, 16 rebounds, two assists and a block to lead Phoenix to a 94-80 win.

The victory officially sealed Phoenix’s entry into the quarterfinals.

While Phoenix Coach Louie Alas admits that it’s hard to tame the “Beast” because of his boundless of energy inside the court, he’s glad to see Abueva maintain a teachable attitude as the 31-year-old PBA star adjusts to his off-the-bench role.

“The past few games I didn’t insert him in the starting lineup, but there’s no instance that after grabbing a rebound, he will attack the defense,” Alas said, in describing the mindset of the onetime PBA Best Player of the Conference awardee.

“I just simply reminded him that it’s okay to be aggressive, as long as he’s in control.”

Abueva beat Phoenix teammates Matthew Wright and Justin Chua, along with Blackwater forwards Allein Maliksi and Mac Belo, and Magnolia guard Jio Jalalon for the weekly citation.

Phoenix will shoot fot its eighth win in nine games when it goes up against Magnolia on Wednesday at the Smart Araneta Coliseum.

Blue Dragons in lopsided win

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THE Manuel V. Pangilinan Sports Foundation and the Association of Boxing Alliances in the Philippines donate P1 million worth of financial aid and boxing equipment for Cagayan de Oro City’s amateur boxers.

ILIMAN College-Gerry’s Grill scored its first win in the Philippine Basketball Association D-League with an emphatic 88-51 victory over The Masterpiece ClothingTrinity University of Asia on Monday at Paco Arena in Manila.

Kevin Gandjeto was a force to be reckoned with for the Blue Dragons, uncorking 21 points, 17 of which coming in the first half breakaway, to go with 11 rebounds and two blocks.

It was all Diliman-Gerry’s from the get-go as it started off hot, 16-4, and refused to step on the brake as it grabbed a 24-point advantage, 45-21, late in the second quarter.

“For the past week and a half, we just concentrated on our execution, on defense and offense. Na point out ko lang ’yung discipline namin through our

execution,” said Coach Rensy Bajar as his side went on a 39-percent shooting from the field.

Joseph Brutas contributed 12 points and four boards, Paolo Balagtas tallied a double-double of 12 points and 11 rebounds, and Jeramer Cabanag poured in 11 points, six boards, and four assists in the 37-point blowout victory.

The battle of the boards was all Blue Dragons, as they hauled down 66 rebounds to the White Stallions’ 47.

That allowed Diliman-Gerry’s to improve to a 1-1 record in the Foundation Group, as The MasterpieceTrinity stayed winless through two outings.

Michael Canete paced the White Stallions with his 15 points and nine rebounds.

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Tuesday, March 5, 2019 C3

FOCUS ON PARK S

MEMBERS of the Luisita team receive the championship crown (Championship Division) from Philippine Airlines President Jaime Bautista.

CEBU CC CRUCIAL IN PAL INTERCLUB T

HE exclusive Cebu Country Club layout has been whipped to perfect championship shape, and the tree-lined layout will no doubt decide the Men’s Regular champion in the 72nd Philippine Airlines Interclub that tees off on Wednesday.

Mactan Island Golf is the second venue which the field will play in the middle two rounds on Thursday and Friday, and the military-operated layout will also be no easy picking even if it measures just over 6,000 yards from the championship tees.

The field, led by “five-peat” seeking Manila Southwoods, has started sampling both courses and most of the skippers agree that Mactan Island is a risk-reward type of a course while Cebu CC will be, hands-down, a tough one to conquer.

“It will all be decided on how the teams play the Country Club,” Southwoods’s Thirdy Escano said in a recent interview as he parades a team bannered by prolific Japanese teener Yuto Katsuragawa in a bid to duplicate Canlubang’s five straight championships two decades ago.

“But you also cannot take Mactan for granted,” he said.

Mactan GC has some ridiculously short par 5s and long par 4s, and talented players can attack

them off the tees with the risk of playing out sideways if they miss the fairways and find the tree-lined roughs.

The Country Club, on the other hand, already has length, narrowness of the fairways and super-fast greens and is not expected to yield a lot of low scores even with the high level of talent present in the centerpiece Championship division.

Luisita won the Senior title last Saturday and Jeric Hechanova has assembled a team that has experience and youth in a bid to complete a rare sweep of both tournaments.

Rupert Zaragosa, the many-time national champion, will be playing as a Luisitan for the first time after several years as a Cangolf Sugar Baron. Luisita played its official practice round at Cebu CC on Sunday.

This year’s Interclub is sponsored by Radio Mindanao Network, Asian Air Safari and Vanguard Radio Network. Also extending support are ABS-CBN Global Ltd. (The Filipino Channel), Rolls Royce, Primax Broadcasting Network, UM Broadcasting Network (Mindanao), Fox Sports, Cignal TV, GECAS, Boeing, Lufthansa Technik AG, Marco Polo Plaza Cebu, Dusit Thani Manila and Casino Filipino. Official hotel is Quest Hotel Conference Center Cebu.

TORRES ASIA’S DUATHLON QUEEN

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HE Standard Insurance national duathlon team led by elite athlete Monica Torres topped the Powerman Asia Championship held in Malaysia on Sunday.

Torres took the Asian Women Elite crown, while Joey de los Reyes placed second to Southeast Asian Games silver medalist John Chicano in the Asian Men Elite division.

Veteran campaigners Emmanuel Comendador also ran a strategic race that saw him finish fourth and Jarwin Banatao sixth in the Asian Men Elite.

“I’m very happy with my performance in this year’s international competition. I, together with my teammates under Standard Insurance stable, am preparing for the SEA Games duathlon events in November,” Torres said.

Powerman Asia Duathlon Championships is the world’s largest championship in the Powerman series. Powerman, the pinnacle of duathlon competition globally, is the platform for ardent runners and

cyclists to master both disciplines.

Last month, Monica, the fastest Filipina in Cobra Ironman 70.3 for six straight years, de los Reyes, and other members of the Standard Insurance duathlon team also dominated the Singapore Duathlon National Championship.

Torres and other members of the national duathlon team will be trained under Triathlon Association of the Philippine’s coaching program with national coaches Melvin Fausto and Coach Bernie Llantada, according to duathlon godfather Judes Echauz, group chairman of Standard Insurance.

Members of the team include de los Reyes, Comendador, Banatao, country’s top male duathletes Robeno Javier and John Topia.

Forming a formidable combo with Torres is Pauline Fornea, who led the US Naval Academy’s triathlon squad in numerous successful races overseas.

UNG-HYUN PARK sets out for a much-awaited local stint before an expected big gallery eager to get a glimpse of her world-class skills she displayed in beating the best of the best in the Women’s World Championship Sunday as she topbills the $100,000 The Country Club (TCC) Ladies Invitational unfolding on Wednesday in Laguna.

from-behind victory in Singapore where she battled back from four strokes down off world No. 1 Ariya Jutanugarn of Thailand, then edged Aussie Minjee Lee by two on a closing 64 for a 273.

“I didn’t think I would win this fast.... I think I will play really comfortable the rest of my season,” said

And there is no other fitting time to drum up the biggest, richest event on the Ladies Philippine Golf Tour (LPGT) than the world No. 2’s stirring come-

SUNG-HYUN PARK’S Women’s World Championship feat is a big boost to The Country Club Ladies Invitational.

SPORTS WITHOUT BORDERS

Car for ace in Southwoods

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BRAND new Mitsubishi G4 Mirage will be staked as hole-in-one prize when the Manila Southwoods Golf and Country Club holds its annual Invitational tournament starting on Wednesday at the Masters and Legends courses in Carmona, Cavite.

Southwoods Chairman Robert John Sobrepeña leads the huge field of 450 players

forming two-man teams disputing the titles in various divisions, including the lowest gross and overall, under the Stableford scoring system.

An Ogawa massage chair will also be offered for an ace in the four-day event sponsored by Mitsubishi Motors Phils./Alpine Motors Corp., Royal Caribbean/Baron Travel,

P

Mit Air, The Turf Co. and Agrexplore and backed

by Crystalite Distribution Group (Monster Energy Drink) and MRT Dev. Co. Other supporters are Boeing Materials Handling Corp., CJH Golf Club, CLTPSJ Law Office, Club Leisure, Coffee Stains, Forest Hills, G&W, GG&A, Golden Oats, Golforce, Greens N Turf, Le Chef, Megaworld Global Estate, Metro Countrywide, PBR Law Offices, Product Providers, RCNA, Solid Global Ventures, Southwoods Manor, Warbird and the Manor and Forest Lodge at CJH.

Novis bags 2 titles in Digos tennis tilt

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MONICA TORRES stands on top of the podium with Japan’s Airi Sawada and Malaysia’s Mariana Mohammad.

last week to race to their fourth consecutive win and forge a tie with the Blaze Spikers on top of the team standings.

But Head Coach Ramil de Jesus knows that facing a hungry team like the Lifesavers will never be easy.

“We still have to polish our game,” said de Jesus, who was elated by the experience and leadership displayed by three-time Grand Prix champion Stalzer.

“We still have to step up our game to be able to match the intensity of the imports of the other team. Also, I need our locals to step up and double their effort, especially when the game is on the line.”

VINCENT JUICO @VJuico Instagram vpjp_j, vince.juico@gmail.com

Petron, F2 stake unbeaten records in PSL OWERHOUSE Petron and F2 Logistics try to keep their immaculate records intact when they tackle separate foes in the Philippine Superliga Grand Prix on Tuesday at the Filoil Flying V Centre in San Juan.

The Blaze Spikers take on surging United VC at 4:15 p.m. while the Cargo Movers battle hungry Generika-Ayala in the nightcap at 7 p.m.

Also tipped to go all out are struggling Foton and Sta. Lucia, who will collide in the 2 p.m. opening salvo of this league that has ESPN5 and 5Plus as broadcast partners.

With Lindsay Stalzer on board, the Cargo Movers dominated Foton, 25-20, 25-20, 26-24,

Park, who vowed to emerge as world No. 1 at the end of the season after signing a two-year sponsorship deal with Solaire Resort & Casino two weeks ago.

The two-time Major champion is actually the hands-down pick to win the inaugural TCC Ladies, and her presence and victory further lend prestige and honor to the 54-hole championship put up by the International Container Terminal Services Inc. (ICTSI), which features some of the leading players on the LPGA of Taiwan (TLPGA) and the best local shotmakers.

She tests the long, wind-raked TCC layout in Tuesday’s pro-

am tournament where she and a select group of pros team up with the guests and officials of the event’s chief backers. She will then rush to the Solaire Casino & Resort to grace the press conference at 6 p.m.

Meanwhile amateur Yuka Saso is expected to bolster the Philippine side’s campaign in the event also serving as the third leg of the TLPGA, bringing with her a game enhanced by pro stints and marked by a number of victories here and abroad.

While opting to downplay her chances against a stellar pro field, the Fil-Japanese hopes to get the most of her rare invite to such a major tournament organized by Pilipinas Golf Tournaments Inc. “I never gave it a thought of playing here but I’m very happy to receive an invitation,” said Saso.

“I’ve seen Park play at the ANA Inspiration, and she hits it very well, and I hope to be able to learn from her.”

For details and reservations for tickets to the TCC Ladies, contact Jocelyn Duque at 09157974751 or e-mail lpgtinvitational@gmail.com.

After a tough five-set loss to United VC, 23-25, 25-17, 22-25, 25-23, 11-15, at the Malolos Sports and Convention Center over the weekend, the Lifesavers are determined to snap the string of misfortune that hobbles them.

New import Kanjana Kuthaisong of Thailand is tipped to blend perfectly with Kseniya Kocyigit of Azerbaijan, as well as the local crew of Patty Orendain, Fiola Ceballos and Marivic Meneses now that she’s in the country for more than a week now.

“Kanjana is determined to lead us to our first win,” Lifesavers Coach Sherwin Meneses said.

Petron, meanwhile, is also looking to

extend its winning run with powerful American reinforcements Stephanie Niemer and Kath Bell at the firing end.

In their previous game, Petron crushed Sta. Lucia, 25-8, 25-8, 25-18, with Niemer and Bell wreaking havoc at the attack zone.

“Yes we already won four straight, but we won’t be contented with where we are right now,” said Petron Coach Shaq de los Santos, looking for an impressive win to gain momentum heading into their big match against the Cargo Movers on Thursday.

“It’s going to be another tough battle.

We have to do our best to maintain our momentum.”

A. ANGELICA NOVIS achieved a two-title target, but Reyman Saldivar Jr. settled for one as they shared MVP honors in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Digos City national age-group tennis tournament at the Digos City Tennis Club in Davao del Sur on Monday.

The top-seeded Novis dropped just nine games in three matches, capping her romp in the girls’ 16-and-under singles finals with a 6-0, 6-2 victory over Coleen Carvajal.

The Malita, Davao, ace later crushed Zkyla Cervantes, 6-3, 6-2, in the 18-under finals of the Group 2 presented by Dunlop.

Saldivar, on the other hand, survived the big 32-player field in the boys’ 14-under side, foiling Roy Niegas, 6-2, 6-3, in the finals. The Kabacan bet, however, stumbled in the 16-under division, dropping a 6-1, 3-6, 9-11 semifinals decision to Kidapawan’s JV Comendador, who went on to overpower Steve Aton, 6-1, 6-2, for the crown.

Other winners in the five-day tournament sponsored by the PPS-PEPP and sanctioned by the Unified Tennis Philippines made up of PPS-PEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg were Kabacan’s Yusuf Maldo (10-under unisex), Digos’s Charles Jumawan (boys’ 12-under) and Juliana Carvajal (girls’ 14-under), Sultan Kudarat’s Sanchena Francisco (girls’ 12-U), and Brent Magno of Kidapawan (boys’ 18-under).

Maldo blasted Inigo Barrios, 4-2, 4-0; Jumawan outlasted Raphael Duay, 7-5, 1-6, 11-9; Carvajal held off Jemarie Manggarai, 6-4, 6-3; Francisco subdued Ysay Wong, 6-0, 6-4; and Magno turned back Bruce Hurtado, 6-2, 5-7, 10-8.

“The matches that went through deciders only underlined the level playing field with new faces continuing to emerge. And this is all part of our program to discover fresh talents, especially in the countryside,” Palawan Pawnshop President and CEO Bobby Castro said.

Sharing the doubles titles were siblings Coleen and Juliana Carvajal, and Paul Basan and Christopher Espinoza (18-under); Juliana Carvajal and Ayeesa Dino, and RJ Saldivar and Ben Flores (14-under); and Johnel Maldo and Cian Ramirez (10-under).

Sports against obesity I USED to weigh 220 pounds when I was in my mid to late 20s, which is overweight and out of shape for my height. I’m about 5-foot-8 and was having difficulty bending over to tie my shoe laces due to a large waistline, which at the time was about 34 to 36 inches.

You could call it adolescent obesity. If there is childhood obesity, you bet there is such a thing as adolescent obesity. I went cold turkey and lost 73 pounds in six months.

I did boxing everyday doing five to six threeminute rounds with only 10 seconds rest in between. I sprinted on the treadmill for an hour like a lab rat being experimented upon at speeds of 10 to 13.

The whole point to all of this is I used sports to combat obesity. According to edgedavao.net, “The idea that big kids are healthy kids no longer hold true,” the late Senator Edgardo J. Angara, considered as the father of health care, once commented. “A big child used to be a sign of wealth and prosperity and was never seen as a bad thing. Today, childhood and adolescent obesity is being regarded as the newest form of malnutrition.”

CNN Philippines says, “Rates of child and adolescent obesity are accelerating in East, South and Southeast Asia, and continue to increase in other low- and middle-income regions,” said James Bentham, a statistician at the University of Kent, who coauthored the paper.”

Google dictionary remarks “malnutrition is lack of proper nutrition, caused by not having enough to eat, not eating enough of the right things, or being unable to use the food that one does eat.”

Our children in public and private schools reportedly only get 45 minutes of exercise once a week. Children must have nutrition and sustenance to generate enough energy to be able to exercise and be active. Our children, same with adolescents, must have at least 150 minutes of exercise per week.

Malnutrition is prevalent in third world countries like the Philippines because of poverty. Because of poverty, many poor children of many poor families don’t have access to nutrition. Many parents, due to poverty, think less about nutrition and prioritize filling their and their children’s palates because nutrition falls far in the food chain and the pecking order.

Our sports leaders, concerned government agency heads, NGOs and legislators must find a way and craft an action plan to make our children and citizens burn calories rather than spending hard-earned money to pay for medical bills as a result of a sedentary lifestyle.

Our major sports leagues have the resources to promote a fit and lifestyle among our youth and adolescents. They have numerous platforms to promote an active and exercise-filled lifestyle.

Sports BusinessMirror

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| Tuesday, March 5, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

FLY BALL Milwaukee Brewers right fielder Ben Gamel catches a fly ball for an out against Cincinnati Reds’ Derek Dietrich during the second inning of their spring training game on Sunday in Phoenix. AP

HIJAB UNDER FIRE

FOR PARIS 2024 T HERE are growing signs of opposition among French groups in the buildup to the 2024 Olympic and Paralympic Games in Paris to the hijab and other items of Islamic clothing Sports shop Decathlon has been forced to withdraw from sale its “hijab de running”—a nylon hood designed to allow Muslim women to cover their hair while exercising.

But the item has sparked outrage in France as politicians from several groups have claimed it is a violation of French principles on secularism.

Last month, French feminist group, the International League for Women’s Rights (ILWR), called on Paris 2024 to ban the hijab and other forms of Muslim clothing.

ILWR founder Annie Sugier called for Islamic nations to be prevented from forcing female athletes to cover their entire bodies during competition as it is against the Olympic Charter.

The decision by Decathlon to stock the controversial item of clothing, originally created in Morocco at the request of customers there, caused an acrimonious public debate in France, and virulent criticism on social media forced the sports retailer to suspend sales of the item in all its stores in France.

French Justice Minister Nicole Belloubet confirmed there were no legal objections to stores selling the running hijab.

“The debate on this issue became

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BERDEEN, Scotland—A joint World Cup bid by North and South Korea is being talked up by Fifa President Gianni Infantino.

“I have been hearing for the Women’s World Cup in 2023, the two Koreas,” Infantino said. “I have been hearing that. It would be great.”

A combined Olympic bid is already in the works. North Korean leader Kim Jong Un and South Korean President Moon Jae-in announced plans in September to jointly bid for the 2032 Summer Games.

Soccer officials from North and South Korea did not respond on Sunday to e-mailed questions from The Associated Press about Infantino’s comments, which came after a meeting of the International Football Association Board lawmaking body in Scotland.

The Korean Peninsula remains technically at war because the 1950-53 conflict ended in an armistice, not a peace treaty. Sport has been used to foster diplomacy and North Korea’s participation in last year’s Winter Olympics in South Korea, including a combined women’s hockey team, spurred reconciliation by the neighbors.

“They have been in a very, very difficult situation until recently,” Infantino said.

The 2023 Women’s World Cup hosting contest is already a crowded field. Australia, Colombia, Japan and South Africa

FENCER Ibtihaj Muhammad is the first Muslim-American woman wearing a hijab to win an Olympic medal at Rio 2016. AP

hysterical, and I regret that,” she said on France Info.

In secular France, civil servants cannot wear haircovering veils during working hours, and face-covering veils are banned for everybody in the public space.

In 2016, several French seaside towns banned the body-covering burkini swimsuit worn by some Muslim women, arguing that the garment— which leaves only the face, hands and feet exposed—defied French laws on secularism and was causing public unrest.

But politicians from the right and left sharply criticized Decathlon for selling the sports hijab.

“Decathlon disowns the values of our civilization on the altar of market and communitarianism marketing,” Lydia Guirous, an Algerian-born spokesman of the conservative Les Republicains party, said on her Twitter feed.

Budget Minister Gerald Darmanin of President Emmanuel Macron’s centrist government spoke out against the hijab.

“I value women’s freedom more than commercial freedom,” he said on French radio station Europe 1.

Female sportswomen are increasingly competing in hijabs.

At Rio 2016, fencer Ibtihaj Muhammad became the first Muslim American woman to wear a hijab while competing for the United States in the Olympics.

She earned a bronze in the team sabre, becoming the first female Muslim-American athlete to earn a medal at the Olympics.

American-born and raised Sarah Attar had run in the 2012 Olympic Games in London with her hair

Infantino declares joint Korean Women’s W’Cup bid possible have already expressed interest in bidding.

Fifa last month asked countries to make an expression of interest in bidding by March 15, complete the bidding registration by April 16 and submit bid books by October 4.

The Fifa Council vote is set to be held in March 2020.

Interest is also growing in hosting the 2030 men’s World Cup. Argentina, Chile, Paraguay and Uruguay are combining for a South American bid, and a European challenge is expected.

England is leading plans for a British Isles bid, including Scotland, Wales, Northern Ireland and Ireland. The leaders of four Balkan countries—Bulgaria, Greece, Romania and Serbia—are also keen on a joint entry. The Spanish government has expressed interest in combining with Portugal and Morocco too.

UEFA President Aleksander Ceferin said in December he would not back a nation from another continent being involved in a European bid, but Infantino is keener on

different confederations combining.

“Generally the more bidders we have the better it is,” Infantino said. “The more we speak about all these topics, joint bids, South Americans, Home Nations, crossconfederations, the happier I am.”

Brazil and Paris Saint-Germain star Neymar, meanwhile, was battling back from two injuries, not one, at last year’s World Cup. In a two-hour interview with TV Globo on Sunday, Neymar said a problem in his right ankle was affecting his recovery in Russia, as well as the metatarsal fracture in the same foot that he had previously described.

“Besides the metatarsal, I had an ankle problem. I ruptured the ligament, and the recovery was crazier because of this,” the PSG striker said.

Neymar said the metatarsal injury did not unduly trouble him in Russia, but the ankle did. “It is very annoying with the ankle, it takes a long time to get back to normal,” he said. AP

covered, in keeping with a request that she do so to respect Islamic law by Saudi Arabia, for whom she ran on the basis of her father having been born in Saudi Arabia.

The International Boxing Association also recently changed its rules to allow female boxers to compete at international competitions while keeping their heads covered.

In a blog posted on ILWR’s web site, Annie Sugier called for Islamic nations to be prevented from forcing female athletes to cover their entire bodies during competition, as it against the Olympic Charter.

Sunier, coauthor of a book How Islamism Perverted the

Olympics, claimed Islamic countries have been allowed to ban women from taking part in mixed team events and only allowed women to compete in sports “compatible with Islamic law.”

“It is high time that the Paris 2024 Organizing Committee reacts and applies all the universal principles of the [Olympic] Charter,” she said.

“Yet, two countries—Iran and Saudi Arabia—still contravene both the letter and spirit of the Olympic Charter as they subject the participation of women in international competitions to considerations above mentioned that are in total contradiction to the terms of the Olympic Charter.

“Such archaic measures are among other humiliating ways sexual apartheid is imposed on their peoples by those political regimes.” Insidethegames

Flying disc sport: Try and try until...

THE World Flying Disc Federation now plans to launch a campaign to be included on the Olympic program at Los Angeles 2028 after failing with their bid for Paris 2024.

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HE World Flying Disc Federation (WFDF) have claimed they learnt a lot from the process to select additional sports for the 2024 Olympic Games in Paris, even though they were overlooked.

Flying disc was one of a number of sports hoping to be added to the program for Paris 2024 but was not chosen.

Paris 2024 selected breakdancing, skateboarding, sport climbing and surfing.

The WFDF now plan to concentrate on launching a campaign for inclusion at Los Angeles 2028.

“It was a pleasure and honor for WFDF to discuss the possibility of inclusion of flying disc sports to the Olympic Games 2024 in the French capital with the Paris 2024 executive team members and staff, and we thank them for their consideration,” WFDF President Robert Rauch said.

“We would like to congratulate the four sports selected for the proposal, and we are sure they will make a positive contribution to the Games.”

Rauch added: “We will seek to learn from their experience as we look forward to consideration for inclusion in the program of the 2028 Olympic Games in Los Angeles.

“We have again learned a lot about the opportunities which our sport would give to any organizer of multisport games and the challenges this entails.

“It appears that the organizers have decided against adding any team sports to this edition of the Games due to logistical constraints, and the selection process followed a logic that at the end left no place for the WFDF proposal.

“As invited by Paris 2024, we will aim to enter now into a discussion to explore other possibilities to foster the position of flying disc sports in France around the Games and add to the legacy of Paris 2024 for the organizers.

“We will work with our member association, Federation Flying Disc France, and our other supporters in France to follow up on such opportunities.” Insidethegames

God most high

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EAR God, most high, You are clothed in majesty and glory. In faith and love we pray to You. Send us Your loving mercy, oh God. Strengthen law enforcement officials to act with courage, justice and self-control. Lead all people to practice works of justice, conservation and stewardship of the Earth. Grant safety and refuge to those who are fleeing from danger or political unrest. May God show us mercy and love, and grant us salvation, through Jesus our Savior. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

A KITCHEN showcasing appliances by Signature Kitchen Suite, one of several companies working on tech capabilities for the kitchen, like having appliances communicate with each other to create shopping lists, meal recommendations and cooking instruction. AP

CIRCLES: THE LINES AND LAYERS OF DEXTER SY D4

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REFRIGERATED columns creating a wine vault from True Residential. The company’s Andrew Shead says they’re seeing clients customizing kitchen elements more and more—one popular idea is lining up refrigerated columns like these to create an expansive wine vault. AP

What will kitchens of the future look like?

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By KiM CooK The Associated Press

ODAY’S home kitchen doesn’t look anything like it did a century ago. But for the most part, it doesn’t look a lot different than 50 years ago.

Appliances are sleeker, materials are better, color palettes are broader. But the room is still the hardworking heart of the home.

So what might the kitchen of the future be like?

At the recent Kitchen and Bath Industry Show in Las Vegas and the Architectural Digest Design Show in New York, insiders got a peek at where we’re headed.

First, that open-plan layout. Here to stay?

Not necessarily, says Sam Cochran, features director for Architectural Digest magazine.

“Kitchens will continue to be gathering spaces, with dining nooks and multipurpose work surfaces where you can both roll your dough or type on your laptop,” he says. “But it’s no longer a universal truth that a dream kitchen must be an open kitchen. We’re seeing more and more people embrace doors and walls as they warm to the idea of the kitchen as a separate sphere, one that you can move in and out of over the course of the day.”

Andrew Shead, marketing manager for the appliance maker True Residential, doesn’t see openplan kitchens going away. “But many of our high-end clients are adding a second kitchen to serve as a working kitchen,” he says.

Especially popular with those who entertain a lot, the backstage workhorse kitchen keeps messy prep out of sight, allowing the front-of-house kitchen to serve as more of a showy entertaining and gathering space. Kitchen designers are incorporating fashionforward features like glass fronts and LED lights on fridges, chic leather and metal hardware on appliances and cabinetry, and backsplashes with unusual finishes like shagreen, metal, raw wood or artful murals.

Tech is also the talk of the kitchen-design crowd.

“The future of kitchen appliances is undeniably digital,” says Jon Hall, product and marketing director for JennAir. “We’re already charging at a fast clip in that direction,” he says, noting that JennAir has developed over 110 new products with what he refers to as “an enhanced digital backbone.” That means dishwashers that respond to voice commands, and ovens that help craft a menu.

Both LG Signature Kitchen Suite and Miele are working on appliances that could communicate

with each other to create shopping lists, meal recommendations and cooking instruction. Zach Elkin, general manager of Signature, says they’ve coined a term for the next generation of forwardthinking cooks: “technicureans.”

“These homeowners are far more tech-focused than previous generations. They’ve upped their culinary expectations to include precise prep and flexible cooking experiences, along with their desire for leading-edge design,” he says.

Cochran acknowledges the inspired advances, but thinks there’s a practical end point.

“I think we’ll only see smart kitchen technology become more sophisticated and easier to use,” he says.

“Already there are products like Brizo’s SmartTouch faucets that turn on and off with just a tap. And companies like Samsung and Liebherr have developed refrigerators that feature integrated cameras that allow you to check your grocery stock from anywhere.

I can imagine the day when your fridge will automatically order milk when you’re running low.”

But there has been some consumer pushback.

People still value reliability and performance most in appliances, Shead says, and “consumers have expressed concern about the technology quickly becoming outdated and unsupported in an appliance they expect to have for 10 to 20 years.”

Megaworld unveils ‘iconic monument’ in Pasig City “EVERYONE can be an Emperador” (Emperor in English). Such was the inspiration embraced by award-winning Spanish sculptor Gines Serran-Pagan in crafting the Arco de Emperador monument—the 19-meter tall, iconic arch monument in Arcovia City, Megaworld’s 12.3-hectare township along C-5 Road in Pasig City.

Artistry and greatness take the spotlight through Pagan’s nine massive sculptures standing proudly side-by-side atop the arch.

This imposing masterpiece is composed of a victorious Emperor, three horses pulling his chariot, two lions named Pride and Passion, and two trumpeting angels coated in 24K gold. The monument was first designed in 2013, but the actual work on the bronze sculpture began in 2015 and ended a year after. However, the last pieces—the two golden angels—were only completed late last year and installed just recently.

The arch monument will be also be

highlighted by cascading waterfalls leading to the water feature at the basement area where the future museum will be built. It will also be surrounded by a landscaped plaza with benches.

At night, the monument will be illuminated in colors, making it a vibrant centerpiece of Arcovia City as seen along C-5 Road. “We have created this as a tourism landmark for Metro Manila that brings out the message of how hard work, passion and perseverance can create a self-made successful man. This is how an Emperor is made,” reveals Kevin L. Tan, EVP and chief strategy officer of Megaworld (www.megaworldcorp.com).

“Our vision for Arcovia City is to ignite the passion of the young generation to commit themselves to work hard, nurture their passions and succeed in whatever path they want to pursue. This thrust will be brought to life through the installations and attractions that will inspire people

to cultivate passions and celebrate their milestones,” adds Tan. Through the Arco de Emperador, Pagan brings to life what Arcovia City is truly all about: the affirmation that everyone—no matter who they are, what their background is, or where they came from—can work their way toward success. More important, it embodies how today’s generation celebrates personal triumphs and victories.

The bronze monument is expected to last for thousands of years, just like the famous bronze statues of Europe which turn into greenish color as years and even centuries pass by.

“The idea behind the sculpture celebrates the triumph of personal achievement. It’s a symbol that everyone can make it in life, and this is the philosophy of Dr. Andrew Tan, founder of Megaworld.

He wanted to fulfill the message of effort and hardwork, and achievement, and that everyone can truly be an emperador,”

explains Pagan.

The Arco de Emperador is inside Megaworld’s Arcovia City, a new township development in Pasig City.

Arcovia City is strategicially located within close proximity to the business districts of Fort Bonifacio, Makati City, Ortigas Center and Eastwood City.

The 12.3-hectare township development will be composed of residential towers, office towers, a lifestyle mall, open parks and gardens, and Landers Superstore.

MANILA’S NEW ICONIC LANDMARK

The 76-feet Arco de Emperador in Arcovia City along C-5 in Pasig City stands tall as the country’s highest bronze monument, created by world-renowned Spanish sculptor Gines Serran-Pagan. Leading the monument’s launch were Kevin L. Tan, EVP and chief strategy officer, Megaworld (from left); Gines SerranPagan; and William Co, president, Megaworld Resort Estates Inc.

True will focus more on advancing the production and design of kitchens rather than unnecessary smart tech in appliances that can actually hinder a product’s lifespan, he says.

There’s also consumer concern over privacy vulnerabilities with integrated microphones and cameras. “There is such a thing as smart tech simply for smart tech’s sake,” says Cochran. “I think the more extravagant ideas will be weeded out as the market course-corrects for functionality.” Personalization is a trend everyone seems to agree on. Shead has seen residential clients create smoothie station fridge drawers; fridge drawers below a coffee bar; and several wine fridges joined to create a wine vault.

“People are so proud of their kitchens—they want them to be distinctive,” Cochran says. “So I think we’ll see people rewriting the rules. Fewer huge islands.

More color. More tile. More character.”

He’s also not a fan of hiding a kitchen’s purpose.

“The idea that every counter must be constantly cleared and all appliances hidden is a thing of the past,” he says. “I once toured a kitchen with a bespoke cappuccino maker integrated into the fine millwork.

I just thought, some day that machine will break or be replaced by a better model and you will have to rip out the whole mahogany wall. Enough is enough.

Kitchens are real life.” n

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Author writes part biography, part Hollywood history

By Douglass K. Daniel The Associated Press Fay Wray and Robert Riskin: A Hollywood Memoir (Pantheon),

by Victoria Riskin

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F there was an Academy Award for movie books, Victoria Riskin would be making room beside the Oscar her father won for writing the romantic comedy classic It Happened One Night. Part biography, part Hollywood history, part love story, Riskin’s memoir about her parents, Fay Wray and Robert Riskin: A Hollywood Memoir (Pantheon), is captivating and poignant.

Her mother, actress Fay Wray, became an ageless icon as the beauty held by the beast atop the Empire State Building in 1933s King Kong.

Her father, Robert Riskin, wrote his way to acclaim with scripts for Mr. Deeds Goes to Town and other Depression-era films.

Their lives roll out in Victoria Riskin’s pages like the plots of the feel-good movies they made back then—people with little but talent and determination overcome adversity and achieve their dreams. And one of their dreams was to find the right someone to love.

Riskin (1897-1955) was born in New York to Jewish immigrants from Russia; his only connection to his father’s work as a tailor was a love for stylish suits. He quit school at 13, taught himself how to type and pursued an interest in show business.

At 17, the handsome, quick-witted kid from Brooklyn who liked to tell stories began producing comedy shorts. The naturally energetic Riskin later wrote and produced plays for Broadway and eventually ended up in Hollywood, his work with director Frank Capra one of the screen’s most productive.

Wray (1907-2004), born in Alberta, Canada, got to Hollywood first and by wholly different means.

Her Mormon parents moved the family to Arizona and later to Salt Lake City, their children then numbering six and seldom well-fed.

Her daughter describes the Wray family’s years in the nearby mining town of Lark, Utah, as marked by “grim and grinding poverty.”

Wray’s father left town for work and never came back.

Fay’s mother moved her brood back to Salt Lake City. Two years later, she allowed another daughter’s young boyfriend, a photographer, to take Fay with him to Los Angeles to find work in the movies for the pretty, darkhaired teenager. Luck was with her.

Minor roles in comedy shorts led to a contract with Hal Roach Studios at 15 and later Universal Studios. She was on her way—as an actress and the family breadwinner.

For nearly two decades Wray hardly stopped working. In one particularly productive period, 1928 to 1934, she appeared in 46 movies with leading men, such as Gary Cooper, Spencer Tracy, Ronald Colman, William Powell and Joel McCrea. Along the way she found love—or so she thought.

Her first husband, a successful screenwriter, was an alcoholic who eventually left her and their daughter all but broke.

Riskin had a different set of romantic problems—if squiring Loretta Young and other actresses to nightclubs and turning down Carole Lombard’s marriage proposal could be called problems. Other romances also ended when he couldn’t bring himself to tie the knot—until he and Wray fell for each other and married in 1942.

She happily gave up her career to raise three children.

Their love story wasn’t destined for

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Kevin Connolly, 45; Matt Lucas, 45; Eva Mendes, 45; Dean Stockwell, 83.

HAPPY BIRTHDAY: Look at your options and concentrate on what’s most important to you. If you try to take on too much this year, you will end up scrambling. Choose wisely, and call in favors if it will help you reach your target. Keep your emotions under control and your eyes fixed on what you are trying to achieve. Avoid impulsive decisions. Your lucky numbers are 7, 10, 18, 22, 25, 38, 43.

a

ARIES (March 21-April 19): Choose options that won’t cement you into something you may decide you don’t want to do. Leaving room to make adjustments will ensure you can take advantage of a last-minute change of plans you want to make. HH

b

TAURUS (April 20-May 20): Listen to what others have to say, and offer suggestions that are reasonable. Your input will determine who joins forces with you. If you apply pressure, expect to go it alone. An impulsive move will backfire. HHHH

c

GEMINI (May 21-June 20): Physical problems will occur if you overdo it. Don’t let anyone coerce you into doing something that isn’t healthy. Indulgent behavior on your part or on the part of someone you hang out with will lead to regret. HH

d

CANCER (June 21-July 22): Take the plunge and follow your heart, your intuition and your emotions. Express your feelings and discuss plans with someone you want to get into a joint endeavor with. Enjoy the journey. An unusual suggestion will surprise you. HHHHH

e

LEO (July 23-Aug. 22): One step at a time. If you rush into something, you will face unexpected changes that will result in adversity. Be upfront about what you want to see happen, and don’t get involved or take on someone else’s battle. HHH

f a Hollywood ending. Riskin suffered a stroke in 1950, at 53, that left him partially paralyzed. He died after nearly five years as an invalid.

Wray is the heroine of her daughter’s memoir. To provide for her husband and young children, the actress went back to work in films and television and managed to maintain the bright, optimistic personality that had carried her from poverty once

before, from love to loss to love again.

A psychologist who turned to writing and producing for television, Victoria Riskin enhances her family history with delightful (and sometimes damning) vignettes of movie people.

With readers she shares a special sense of discovery: seeing a parent try to find their place and hoping to love and be loved when they get there. Just like in the movies. n

Lisa Gardner returns with a cracker in ‘Never Tell’

By Jeff Ayers The Associated Press WHAT seems like a slam-dunk case turns into something mysterious in Lisa Gardner’s latest featuring Boston Detective D.D. Warren, Never Tell (Dutton). The police receive a report of shots fired inside a home, and when they arrive they find a woman holding a gun and standing over a man’s dead body. It is soon determined that the woman is Evie Carter, and her husband is the victim.

Warren arrives on the scene and her initial investigation reveals a weird anomaly: the husband has three bullet holes, but his laptop has 12, making the contents unrecoverable. What makes even less sense is that Warren recognizes the woman from years earlier. Evie was one of her first cases when she joined the police force, which involved her accidentally shooting and killing her father. That case was corroborated by the evidence and an eyewitness.

Evie initially confesses to the crime of murdering

her husband, but then claims that she came home to find her husband’s body. She picked up the gun and shot the computer until the gun ran out of bullets. If her story is true, why did she feel the impulse to do something so strange?

To make things more complicated for both the case and Warren, a woman named Flora Dane has some potentially damaging information. Dane was kidnapped for almost two years, and her rescue has compelled her to help the police. She tells Warren that the husband is someone she recognizes from a time when her kidnapper took her to a bar to try to sell her services. Was Evie’s dead husband friends with the man who kidnapped Dane?

Gardner knows how to weave a deeply moving and psychological thriller that pulls no punches in its authenticity. She is one of the masters when it comes to crime fiction.

Fans of her novels will consider this one of her best, and newcomers will be in awe of the compelling story and unpredictability of the proceedings.

VIRGO (Aug. 23-Sept. 22): You’ll avoid being taken advantage of or pushed into something that is costly or unsafe if you are upfront about what you want, what you are willing to do and what you expect in return. Communication can save the day, so start talking. HHH

g

LIBRA (Sept. 23-Oct. 22): You may feel like making a change, but the obstacles you face will make it difficult. Take care of responsibilities before you take on something new. You stand a better chance if you go solo when it comes to personal adjustments. HHH

h

SCORPIO (Oct. 23-Nov. 21): Communicate, interact with the people you encounter and consider the information you gather. You’ll come to a conclusion regarding your health and personal connection to someone who brings out the worst in you. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Think twice before you follow someone down a dark path. False information and ulterior motives are apparent, and someone trying to take advantage of your kindness and generosity will break your trust. HHH

j

CAPRICORN (Dec. 22-Jan. 19): The past holds memories and experiences that will help you forge into the future with certainty, integrity and the ability to get ahead. Don’t allow anyone to misdirect you or get in your way. Do your own thing. HHHH

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AQUARIUS (Jan. 20-Feb. 18): Take better care of yourself, your health and your emotional well-being. Stay focused on what you can do to make your life and the lives of those around you better. Offer help, not conflict, and avoid a confrontation. HHH

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PISCES (Feb. 19-March 20): Slow down.

Take better care since minor accidents or sicknesses will set you back. Keep your life simple, and don’t take on more than you can handle.

Protect your reputation by offering the truth with facts to back your accusations. HHH BIRTHDAY BABY: You are sensitive, caring and demonstrative.

You are helpful and generous.

‘holding down two jobs’ BY JULES MARKEY The Universal Crossword/Edited by David Steinberg

ACROSS 1 Speaker maker 5 Holdup 10 Finish a Tootsie Pop 14 Walkman: 1980s; ___ : 2000s 15 Justice Kagan 16 Houston university 17 “Release the Stars” singer whose surname means “wagon maker” 20 “Spring forward” acronym 21 Bugler’s piece 22 A Musketeer 23 Gummy animals 25 “Social” prefix 27 1976 Best Actress whose surname means “arrow maker” 32 Strange 33 “Relax” 34 ___ Miss 35 Saintly symbol 36 Holdup 38 Kind of beach 39 Smelter’s material 40 Early video game 41 Boxed, as wine bottles

42 CNN host whose surname means “barrel maker” 46 D.C. team 47 Up voice actor Ed 48 “___ lightly” 51 Swimmer with huge calves 52 Colorful card game 55 The Big Sleep novelist whose surname means “candle maker” 59 Vineyard measure 60 First US multimillionaire 61 It gets old quickly 62 Zest source 63 Sits heavily 64 On the matter of DOWN 1 Owl or albatross 2 Great work 3 Runny egg style 4 College URL ender 5 Scotch brand 6 Pass, as time 7 They’re strung in Hawaii 8 Massachusetts “A” cape 9 Veer off course

0 Film reviewer 1 11 Like a soprano’s voice 12 Back talk?

13 Moistens 18 Straitlaced 19 Squalid 24 German mark’s replacement 25 (Sigh) 26 Fit snugly 27 Pick up 28 Pretend 29 Casino regulations 30 Tribal VIP 31 Swamp plant 32 “Wasn’t expecting that!”

36 RSVP recipient 37 Baseball’s Slaughter 38 Scruff 40 Madrid gallery 41 TBS talk show 43 Protector of the crown?

44 Sonic employee 45 Prized statuettes 48 Setup 49 Three-legged ___

0 Bronte’s Jane 5 51 Bi- cubed 53 Small salamander 54 Estimate qualifier 56 Siesta 57 Broadband letters 58 Kendrick Lamar hit with a genetic title Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, March 5, 2019

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HOW To Train Your Dragon: The Hidden World, the third installment in the series, grossed an estimated $30 million on its second weekend according to Universal Pictures on Sunday, bringing its domestic total just shy of $100 million. AP

GLOBE LAUNCHES PROMO FOR ‘MARVEL STUDIOS’ CAPTAIN MARVEL’ PINOY Marvel fans, rejoice! The highly anticipated Marvel Studios’ Captain Marvel is set to finally arrive in the Philippines on March 6. To celebrate this event, Globe has prepared a grand welcome for the most powerful character in the Marvel universe so Filipino fans can discover Carol Danvers as she soars higher, further and faster as Captain Marvel.

Globe kicked off its big campaign at the recently concluded Captain Marvel Singapore Fan Event.

Lucky Globe Prepaid, Globe Postpaid, and Globe At Home customers got the chance to fly to Singapore and meet Brie Larson, Samuel L. Jackson, Gemma Chan and the film directors Anna Boden and Ryan Fleck live at Marina Bay Sands. Celebrating with the winners were Globe ambassadors Alex Diaz and Janina Vela.

Now, Globe Prepaid is heading to different schools all over the country to bring the Captain Marvel fever to students (www.globe.com.ph/prepaid/captain-marvel).

Exciting prizes and freebies are in store for students at these school tours. They can get a chance to win free drinks, GMovies tickets, and an LTE phone by simply participating in the booth activities and answering movie trivia questions.

Globe Prepaid is also bringing the Captain Marvel craze to fans in Ayala Center Cebu and Ayala Abreeza Davao on March 9 and 10. Shape-shift like the Skrulls and take a holo-foto and answer trivia questions to get a chance to win GMovies tickets.

Got your tickets already? Head to the cinemas and show off your Marvel pride in style with limitededition pieces from the 0917 Lifestyle Captain Marvel collection. The collection takes off from the movie’s 1990s look mixed with elements from military uniforms, all bearing Captain Marvel’s logo or trademark insignia. Get yours today by visiting the Globe Online Shop (shop.globe.com.ph/apparel), or dropping by select Globe Stores.

‘How to Train Your Dragon’ stays No. 1, ‘Madea’ a strong 2nd

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By Lindsey Bahr The Associated Press

OS ANGELES—How To Train Your Dragon: The Hidden World topped the North American box office for a second week, but close on its tail was Tyler Perry’s final installment of the Madea franchise. Driven by a largely female audience, A Madea Family Funeral had a better-thanexpected debut.

The third installment in the How To Train Your Dragon series grossed an estimated $30 million this weekend according to Universal Pictures on Sunday, bringing its domestic total just shy of $100 million.

Worldwide, the DreamWorks Animation film has made over $375 million. In China alone it opened in first place with $33.4 million.

A Madea Family Funeral took second place at the domestic box office with an estimated $27 million, a third best for the 15-year-old franchise. The Madea films have never been all that popular with critics— this one splattered out with a 24 percent on Rotten Tomatoes—but audiences have never seemed to care.

This time around the audience, which was 67 percent female and 78 percent over the age of 25, gave the film a solid “A-” CinemaScore.

“That character just resonates,” said comScore Senior Media Analyst Paul Dergarabedian. “These

films are absolutely critic-proof. The audience has spoken and they love Madea and they’re saying goodbye.” Further down the charts, the Neil Jordan stalker-thriller Greta, starring Isabelle Huppert and Chloe Grace Moretz, opened in eighth place to a mediocre $4.6 million.

“Greta was just another newcomer released in 2019 thathadaroughgoinaslowmarketplace,”Dergarabedian said. “This might have benefited from a platform release given the subject matter and the cast.”

The acclaimed documentary Apollo 11 also opened on 120 IMAX screens to $1.65 million.

Many people, however, used this weekend to catchup with the big winners at the Oscars, which took place on February 24.

Best Picture winner Green Book got the biggest postOscars bump, adding $4.71 million over the weekend from theaters. To date, Green Book has earned $75.2 million in North America and $188 million worldwide.

The Universal-distributed film from Participant Media more than doubled its theater count to 2,641 theaters and broke into the top 5 in its 16th weekend, not to mention the fact that it’s also available to rent on the small screen, too.

For comparison, last year’s Best Picture winner The Shape of Water added $2.3 million on the weekend following the Academy Awards, although that was playing in about 1,000 fewer theaters.

Green Book wasn’t the only award-winner adding profits this weekend. Best Animated Feature winner Spider-Man: Into the Spider-Verse banked an additional $2.1 million, the encore version of A Star is Born with 12 additional minutes of footage added $1.9 million, Bohemian Rhapsody earned $975,000 and The Favourite took in $825,000.

“People wonder why studios spend millions on Oscar campaigns: They’re getting a nice boost and adding money even while they’re available on the small screen,” Dergarabedian said.

But overall the box office continues to struggle industry-wide. Both the year and the weekend are down 26 percent, in part due to the fact that there

hasn’t been any film comparable to Black Panther, which accounted for the stellar early year numbers in 2018. Marvel is coming back to save the day yet again, however: Captain Marvel opens nationwide next weekend.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. How To Train Your Dragon: The Hidden World, $30 million ($52 million international) 2. Tyler Perry’s A Madea Family Funeral, $27 million ($58,000 international) 3. Alita: Battle Angel, $7 million ($40.4 million international) 4. The Lego Movie 2: The Second Part, $6.6 million ($6.1 million international) 5. Green Book, $4.7 million ($31.9 million international) 6. Fighting With My Family, $4.7 million ($2.3 million international) 7. Isn’t It Romantic, $4.6 million 8. Greta, $4.6 million ($400,000 international) 9. What Men Want, $2.7 million ($1.1 million international) 10. Happy Death Day 2U, $2.5 million ($6.2 million international).

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. How To Train Your Dragon: The Hidden World, $52 million.

2. Alita: Battle Angel, $40.4 million 3. Green Book, $31.9 million 4. The Wandering Earth, $14.9 million 5. Escape Room, $6.3 million 6. Happy Death Day 2U, $6.2 million 7. The Lego Movie 2: The Second Part, $6.1 million 8. Cold Pursuit, $5.9 million 9. Resistance: The Yoo Kwan-soon Story, $5.2 million 10. Svaha: The Sixth Finger, $4.7 million. n

Benilde brings spotlight to creatives behind 2017 film ‘Ang Larawan’ THE creative geniuses behind the 2017 musical film Ang Larawan—the screen adaptation of National Artist for Theater and Literature Rolando Tinio’s 1997 stage adaptation of National Artist for Literature Nick Joaquin’s A Portrait of the Artist as Filipino (1950)—were the invited guests at an open forum after a special screening of the film with the student-artists of the De La Salle-College of Saint Benilde (DLS-CSB) at the School of Design and Arts (SDA) Cinema.

The College’s Music Production (MP) Program and official music production organization PRIMO Musi.

Co played host to the multiawarded film’s director Loy Arcenas, executive producers Celeste Legaspi and Girlie Rodis, and musical director National Artist for Music Ryan Cayabyab to share the rigorous process the team went through, in a discussion moderated by the college’s MP Program Chairman Aji Manalo, who herself took part in the creation of the film.

Legaspi shared that their main aim was to produce a film that introduced some of the country’s National Artists to the youth.

“We wanted to document it so we could bring it to where there are young Filipinos, and we hoped they would be inspired and take comfort in knowing that there are wonderful Filipinos who can make beautiful things,” she said.

“Our purpose of doing this film was to document how Tinio translated Joaquin’s original play. We

guarded every single word that Tinio gave us; it is our treasure,” said Legaspi, the esteemed singer-actress who played Candida in the 1997 theater production.

They imparted how working on a tight budget served as the main challenge in their five-year production of the film—with two years of preproduction, one year of rehearsals, 15 days of actual shoot and two and a half years in post-production.

They had to maximize the 18th-century house in Gliceria Marella Street in Taal, Batangas, since they could not spend that much in recreating streets of

the old Intramuros. “As you can imagine, doing a historical film is really expensive,” said Rodis. “We were able to work on a not-so-expensive budget, but if we had more money, we could have done what we wanted Ang Larawan to say.”

The people in front of and behind the film took pride that Ang Larawan’s roster now consists of three National Artists, with Cayabyab having been recently declared as National Artist for Music.

Cayabyab, who also took part in the 1997 production by Tinio, revealed how he transformed

the libretto to music. “I usually worked with librettos on instinct and not much on style. All I need to do is to remember what kind of music is prevalent during the era we were portraying,” Cayabyab discussed.

“Making the original music for the stage play was very challenging because the libretto was in dialogue form so you have to measure the words.”

Manalo, who worked on the score, shared the challenges on working on a strict budget and the actual recording with the ABS-CBN Philharmonic Orchestra in a small room. “It was difficult for me because that is not how we usually record an orchestra. The sound of music goes with the space,” she noted. “However, even with the most low-tech equipment we had, we still produced something great.

With good music, one never goes wrong.”

Ang Larawan, which premiered as The Portrait in Japan, tells the story of the Marasigan sisters Paula (Rachel Alejandro) and Candida (Joanna Ampil) whose family is faced with financial difficulties, and their distress over whether to sell the final masterpiece of their reclusive ailing artist father.

It bagged six awards at the 43rd Metro Manila Film Festival: Best Picture, Best Actress for Joana Ampil, Best Musical Score for Ryan Cayabyab, Best Production Design for Gino Gonzales, Gatpuno Antonio J. Villegas Cultural Award and a Posthumous Special Jury Prize for National Artist Nick Joaquin.

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Art

BusinessMirror

Tuesday, March 5, 2019

www.businessmirror.com.ph

Makati brings art to everyday living MOST bustling central business districts are noted for their skyscrapers, busy avenues and mobs of people rushing to and from their offices. These cities, in all respect, have, indeed, become a concrete jungle—but not Makati. Today, the master-planned Metro has become a thriving, dynamic community, one that nurtures not only progress and productivity, but also an appreciation for the arts.

Makati encourages a balance in lifestyle and places great importance on the influence of art in every individual’s life. “Art makes a place more interesting and adds soul to a space,” says Cathy Bengzon, marketing head of Ayala Land Estates and Corporate Brand. “Developing our estates as a center for art, and adding art to its public spaces is intrinsic to the way we have been developing our communities. We want to make sure that we bring art closer to everyone.”

More than just being an economic capital, Makati has always been a center for art, integrating into its development key venues for art such as the Ayala Museum and The Link Carpark in Ayala Center which serves as the home of the annual Philippine Art Fair.

Staged recently, the 8th edition of the fair turned out to be even bigger, drawing in more than 44,000 visitors, with more talented artists—both local and international—joining the roster.

Aside from the artworks that were exhibited at the 2019 Art Fair, also showcased was Japanese artist Shinji Ohmaki’s Gravity and Grace, capturing the imagination of enthusiasts through the manipulation of iron, LED lights and stainless sheets. Ohmaki has established his reputation through the vibrant play of space and materials, which blurs physical borders and injects personal interpretation. This can be viewed at the fountain area of Tower One and Exchange Plaza until March 13.

As a call to attention for the preservation of the seas, Olivia D’Aboville and Neal Oshima collaborated on an awe-inspiring mixed media installation, titled Plastics in Our Oceans, which tackles human’s abuse of plastic. One version of this art piece can be found at the Greenbelt pond behind Ayala Museum, and the other at the newly constructed bridgeway connecting The Landmark to The Link Carpark.

Although the Art Fair has concluded, one can continue to appreciate the original works of today’s most talented artists in its pedestrian underpasses, walkways, streets and parks. And as Filipinos’ appreciation for arts continues to grow, Makati (www. makeitmakati.com) will continuously provide more venues where people can appreciate art in its various forms. To name a few, walkways and underpasses around Makati are being redeveloped and will soon feature new mural designs. Circuit—Makati’s newest node—will soon have a performing arts theater with 1,500 seats. This will be completed in 2020 and will host international and local performances. It will also serve as a venue for international art exhibits.

View the Gravity and Grace art installation of Japanese artist Shinji Ohmaki at the fountain area of Tower One and Exchange Plaza, Ayala Avenue, Makati City.

A SURVIVING Trace 1, mixed media on handmade acid-free paper, Dexter Sy, 2018, 10 x 16.5 cm

The lines and layers of Dexter Sy

The mixed media symbolist headlines an ongoing solo show, titled Mark Time, which opens the 10th year celebration of BenCab Museum CIRCLES JT NISAY

jtnisay@gmail.com

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HE ornate art of Dexter Sy hides from the glances. Buried under the jarring symbols of death and the buzzing colors of life, concealed to anyone paying less than full attention or an open mind, is a plexus of stylistic and symbolist elements where nothing exists without meaning.

What appears to be a random smorgasbord of uncollected thoughts and images at first sight evolves into become something much more upon further and repeated inspection. The viewer’s initial perception of Sy’s works might differ from the revelations a second look bears, or the third, or the 300th. His art is one of continuous discovery.

In a piece tagged as Human Nature 4 from a series of the same title, the artist cut out a Persian rug and filled the space with several drawn icons. Up close, there’s a praying hand on one side, brain on the other, and Sy’s trademark jagged lines throughout—a symbolist work inspired by some of the movement’s greats, such as Gustav Klimt. From afar, however, the rug’s cutout section rounds out to a robot, which he has said represents the evil of this world.

The realization invited for a closer and wider look, one that peeled yet another layer of the work. Together with the symbols of faith and anatomy are human figures on all fours, their hands cut out and mouths agape. One appears rotting from the inside out. The other hangs upside down. Both have one of their handless arms raised in what seems to be a gesture of mendicancy, or is it religious surrender?

The piece, along with four more of the series and other works, form part of Sy’s ongoing show, titled Mark Time, at Gallery Indigo, BenCab Museum, in Baguio City. The exhibit is on view until April 21.

Also part of the solo exhibition is a series, titled A Surviving Trace, composed of mixed media works on handmade acid-free paper, featuring subjects in traditional, intricate Chinese clothing. The artist is Chinese-Filipino and often explores the cultural

Soun Hong’s solo exhibition ‘Sidescape-Objections’

PLASTICS in Our Oceans, Greenbelt by Olivia d’Aboville and Neal Oshima

BIRTH of Venus Light Projection by GA Fallarme, Henk-Gert Lenten and Gedrocks Roldan

HUMAN Nature 1, mixed media on canvas, Dexter Sy, 2018, 81.5 x 61 cm.

1335MABINI is proud to present Soun Hong’s solo exhibition Sidescape-Objections opening on March 9 at 6 pm. In 2018 he had a solo exhibition at 1335MABINI, titled Ordinary Monument. For this exhibition, he asked, “Can a still life show pain? Can a still life be a monument?”

For the current exhibition, he returns to the ongoing series Sidescape. In this series, Soun Hong recontextualizes images based on photographic references. He analyzes how photographs and paintings can be viewed and appreciated.

He shows extracts of images he has chosen from newsprint photographs. These are pictures of objects, people, current natural phenomena and sociopolitical happenings that are then dissected by the artist: he divides the image into segments and refocuses on the periphery of a scene in the photograph and he paints the segment. He references a photograph by isolating areas, such as the sky, the ground, or a fragment from a wall or a person’s clothing. Using these sources, Soun Hong overcomes the attributed functionalities of the objects and landscapes in the respective contexts of the moment they were captured on camera, thereby emphasizing the independence and transcendence of specific and/or implied situations.

Soun Hong (Seoul, South Korea, 1959) graduated from the Busan National University in Korea and he continued his studies at the École National Supérieure des Beaux-Arts in Paris, France. The artist has been awarded nationally and internationally, and has participated in numerous exhibitions worldwide. Soun Hong has exhibited at the Maraya Art Center (Sharjah, United Arab Emirates), the Mimesis Art Museum (Paju, South Korea), the National Museum of Contemporary Art (Gwacheon, South Korea) and the Savina Museum of Contemporary Art (Seoul, South Korea). He was part of

the Santa Fe International Biennial in 2008 and his works are included in international institutional collections: Seoul Museum of Art, Santa Fe Art Institute (USA), Gyeonggi Museum of Modern Art (South Korea) and Ho-Am Art Museum (South Korea).

The exhibition opens on March 9 and runs until April 20.

peculiarities of the two cultures.

Born in Manila in 1979, Sy graduated from the Far Eastern University with a degree in Fine Arts, major in Advertising. It was his second degree after completing the Computer Programming program at AMA Computer College. The artist has had shows around the world and has won several awards, including the Philippine Art Awards for his piece Paradise Lost, which is also part of his current show at BenCab Museum.

The exhibit opened last month, concurrent with the 10th anniversary celebration of the museum owned by one of the masters of Philippine contemporary art, National Artist for Visual Arts Benedicto Reyes Cabrera.

The BenCab Museum houses Cabrera’s personal collection of tribal art from the Cordillera highlands, as well as contemporary Philippine art. Located at Km. 6 Asin Road, Tuba, Metro Baguio, the museum is run by the BenCab Art Foundation, which supports activities related to arts and the environment.

Also on view in the museum is a 10-year retrospective of BenCab Museum’s posters of art exhibitions and events from 2009 to 2019. The show is mounted at the museum’s Sepia Gallery, and is also on view until April 21. n

CAVITE’S BIGGEST ART FESTIVAL OCCUPIES AMADEO

ARTISTS, students, teachers and cultural workers in Cavite unite to restage Paghilom, the first and biggest artist-initiated arts festival in the province, that runs from February to March.

The festival carries the theme “Paghilom,” which means healing or renewal. The festival focuses on art and its production as transformative acts necessary to cure individuals, communities and society of its maladies.

The Paghilom Arts Camp and Festival in Cavite coincides with the celebration of the National Arts Month this February.

The three-day arts camp and festival will be held at Alitaptap Artists Village in Halang, Amadeo, Cavite, from February 28 to March 2.

The event includes a sportsfest, zine festival, on-thespot-painting competition, public art installations, murals, art exhibit, art talks, workshops, improvisation jamming, dance and theater performances, art fora and Spoken Word. The festival will culminate with a concert led by music artists, including Joey Ayala, The Wuds, Chickoy Pura and Borrachos.

Paghilom 2019 was opened by a mural painting unveiling

by Buen Abrigo, Kris Abrigo, Alelia Ariola, Anjo Bolarda, Archie Oclos and Rasel Trinidad on February 22, in time for Amadeo’s local coffee festival—Pahimis.

All events are free and open to the public.

Paghilom is spearheaded by the Alitaptap Artists Village and organized by Artletics Inc., Pito-pito Art Group, Espasyo Siningdikato and Cavite Young Writers Association.

The Paghilom Arts Festival is supported by the Municipal Office of Amadeo, the Cavite Provincial Tourism Office, the National Commission for Culture and the Arts, Outlooke Pointe Foundation, Stiftung Solarenergie Philippines, individual sponsors and donors.