BusinessMirror March 10, 2020

VIRUS STALKS MARKET; RECORD 4-YR LOW

By VG Cabuag @villygc

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HARE prices fell on Monday, with the main index posting one of its deepest decline in years, falling by 7 percent, mainly on fears of the spread of COVID-19 in the country and its effects on the local economy, while developments overseas did not help lift sentiments.

The benchmark Philippine Stock Exchange index (PSEi) fell 457.77 points to close at 6,312.61 points.

“The main culprit for the major selloff is the mounting COVID-19 infections in the Philippines. Now at 10 [later climbing to 20 on Monday afternoon] with some local transmissions on record,

Traders at the Philippine Stock Exchange track their stocks monitor in this BusinessMirror January 2020 file photo. NONIE REYES

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worries have escalated on the negative economic impact of the epidemic from tourism, to foreign trade and investments, to supply chains, to possible work suspensions, to consumption, and ultimately, to the laborers who will be the No. 1 victims once the spread worsens,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

Philstocks said Monday’s close is the PSEi’s worst drop since October 27, 2008’s 12.27-percent plunge, and the third worst since the start of 2008.

The last time the main index touched this level was on January 26, 2016, when it closed at 6,311.60 points.

“Philippines shares had one of the

Tuesday, March 10, 2020 Vol. 15 No. 152

Double whammy: Taal, virus to cut Q1 growth

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By Cai U. Ordinario

@caiordinario

HE eruption of Taal Volcano and the outbreak of the coronavirus disease 2019 (COVID-19) may shave off nearly a percentage point of GDP growth in the January-to-March period, a private think tank said.

A nd, br ief ing senators on Monday, officials of the National Economic and Development Authority (Neda) estimated that the economy could lose anywhere from P93 billion to P187 billion

in gross value added (GVA)—a loss that only accounts for the impact of COVID-19.

In its latest Market Call report, First Metro Investment Corp. and University of Asia and the Pa-

cific (FMIC-UA&P) Capital Markets Research said the impact of the two events may reduce GDP growth by 0.4 to 0.8 percentage point in the first quarter. “ T he negat ive impact of

₧93B-₧187B Neda’s estimate of what the economy could lose in gross value added (GVA) owing to the impact of COVID-19

the Taal Volcano eruption and Metro Manila consumers avoiding ma l ls w ith the linger ing COVID-19 impact on tourism may only result in a 0.4-percent to 0.8-percent reduction in GDP growth in the first quarter, but still robust enough to be a top performer in Asean 6,” said FMIC-UA&P.

worst finishes in history as the oil rout as Opec [Organization of the Petroleum Exporting Countries] and Russia failed to reach consensus on cuts. Oil markets tumbled more than 30 percent after the disintegration of the Opec+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences,” broker Regina Capital and Development Corp. said.

The PSEi already opened weak at 6,575.54 points and went down from there all day.

Total value of trade for the day was at P6.31 billion, while foreign investors were net sellers at P839.28 million.

P25.00 nationwide | 4 sections 32 pages |

PHL SHELVES PANDA BONDS ISSUE ON VIRUS

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HE Philippine government has shelved its plans to issue panda bonds this month on the back of the coronavirus disease 2019 (Covid-19) outbreak.

National Treasurer Rosalia V. de Leon told reporters on Monday that the government would not be issuing panda bonds at this time, particularly, the rest of the first semester of 2020.

De Leon said for now, the government intends to raise $1 billion to $1.5 billion from the dollar bond market and other $1 billion from the issuance of yen-denominated samurai bonds.

“For now, wala muna [we won’t issue panda bonds], because it’s supposed to be in March and of course we are also marking the panda market

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@sam_medenilla

OLLOWING the reported first case of local transmission of the coronavirus disease (COVID-19) during the weekend, the government is now bracing for more cases of the disease by allocating at least P2 billion for its intervention to combat the dreaded disease.

In a press briefing in Malacañang on Monday, Health Secretary Francisco T. Duque III said they will tap a significant portion of the fund, which was approved

by President Duterte, for the procurement of personal protective equipment (PPE) for frontline personnel.

They will also use some of the funds for the costly testing procedure for the patients under investigation (PUI) for COVID-19.

Duque said the Philippine Trade

MBC backs DOF call for lifting of bank secrecy law

and Investment Center (PTIC) of the Department and Trade and Industry (DTI) was tasked to handle the procurement so it will be through a government-to-government arrangement. “We reminded [Trade] Secretary Ramon Lopez they need to speed up the procurement process,” Duque said.

Duque said the Philippine Charity Sweepstakes Office (PCSO) and the Philippine Amusement and Gaming Corp. (Pagcor) have allocated P420 million and P150 million, respectively, also for the testing procedure.

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State of public health emergency

In Presidential Proclamation 922, which was signed on Sunday, Duterte declared a state of public health emergency throughout the country upon the recommendation of DOH. See “DOH,” A2

A worker in protective suit controls a big disinfectant spray as a team sanitizes a school which has suspended classes as a precaution against COVID-19 in San Juan City on Monday, March 9, 2020. President Duterte has declared a state of public health emergency throughout the country after health officials confirmed over the weekend the first local transmission of the new coronavirus. AP Photo/Aaron Favila

Treasury fully awards P20-B T-bills on offer amid excess demand, lower interest rates

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MID excess demand and lower interest rates, the Bureau of the Treasury (BTr) fully awarded P20 billion worth of Treasury bills (T-bills) on Monday.

National Treasurer Rosalia V. de Leon also told reporters rates continued to trend downward amid expectations that the Bangko Sentral ng Pilipinas (BSP) will further cut interest rates.

Treasury bills fetch P53 billion in bids

PESO exchange rates n

or 2.5 times the P20 billion offering.

“We also saw that rates continue to trend downward given the expectations of another possible rate cut by the Bangko Sentral coming from the emergency cut made by the Fed [US Federal Reserve] last week,” de Leon said.

“And also we’ve seen that oil prices have plunged because [an] oil price war...has been started following the non-agreement by the oil-producing

development so I think we are not seeing any panda issuance at this time obviously because of COVID,” de Leon said.

“We’ll have to see in terms of the rates [if we will issue panda bonds this year], and of course there would be opportunities for other markets to be able to make up for the possible takeup from the panda issuance. Also, we should not discount the onshore market which you see is very liquid,” she added.

De Leon said based on market developments, there is currently a “risk off sentiment.” Given this, the government will have to determine the best time when investors would be more willing to take a chance on emerging market issuances.

See “Panda bonds,” A2

See “Q1 growth,” A2

DOH taps into virus fund to buy health workers’ gear

By Samuel P. Medenilla

See “Market,” A8

members [on] oil production,” she added.

The average auction rate for the 91day T-bills worth P6 billion on offer was capped at 3.024 percent. This is 0.021 basis points higher than the previous average auction rate at 3.003 percent.

The 182-day T-bills also worth P6 billion on offer posted an average 3.312percent interest rate. This was 0.053 basis points lower than the previous

auction rate of 3.365 percent.

Meanwhile, the 364-day T-bills worth P8 billion on offer were also sold at an average auction rate of 3.588 percent.

This was 0.199 basis points below the previously recorded average auction rate at 3.787 percent.

“For this auction, we see again coming from the liquidity onshore, we have very significant participation particularly on the one-year tenor given that

there would be a yield pickup coming from the short end of 91 and 182 days,” de Leon said.

On Monday, BTr data showed that outstanding Treasury bills issued by the national government amounted to P533.54 billion.

This includes 91-day T-bills worth P121.5 billion; 182-day T-bills amounting to 142.45 billion; and 364-day Tbills, P269.59 billion. Cai U. Ordinario

HE Makati Business Club (MBC) on Monday called for the lifting of bank secrecy laws to allow the government to scrutinize both public and private persons in aid of the fight against corrupt and illegal practices.

In a statement, the MBC said it is backing Finance Secretary Carlos G. Dominguez III in his call to lift bank secrecy and strengthen antimoney laundering laws. As such, it asked Congress to remove secrecy for public and private persons that the Philippines may comply with standards set by the Financial Action Task Force (FATF) network.

“Failure to comply by October 2020 will result in the country being subjected to restrictions and additional costs that will hit legitimate transactions, including the remittances of our [overseas Filipino] workers,” the MBC said on Monday.

State regulators and lawmakers are moving to amend the AntiMoney Laundering Act to fix the deficiencies of the law. Failure to amend the weak areas of the Amla could put the Philippines in the gray list jurisdiction and, worse, even face blacklisting by the FATF. The FATF, the intergovernmental money laundering and terrorist financing watchdog, identifies jurisdictions with deficiencies in their laws and strategies.

US 50.7020 n japan 0.4856 n UK 66.3689 n HK 6.5238 n CHINA 7.3119 n singapore 36.7379 n australia 33.4380 n EU 57.5620 n SAUDI ARABIA 13.5134

Elijah Felice E. Rosales Source: BSP (9 March 2020)

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BusinessMirror

A2 Tuesday, March 10, 2020

www.businessmirror.com.ph

Govt defers collecting fees as airlines struggle

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By Recto L. Mercene

@rectomercene

HE takeoff and landing charges that the Manila International Airport Authority (Miaa) levels against local and some international carriers will be deferred, due to huge losses from COVID-19.

Miaa General Manager Ed Monreal made the announcement during a press conference where he said they had the discussions with airport stakeholders to focus on how the premier airport could provide help for air carriers suffering heavy losses due to the virus.

Monreal said the Miaa receives about P58 million per month in landing and takeoff fees from the local carriers.

“The Miaa will defer payment for local and international air carriers, starting today [Monday] until the threat of coronavirus is gone,” he said. “That is one way we can help our local and some international carriers who are affected by the dire situations.”

Joining Monreal at the meeting were Transportation Undersecretary Reinier Yebra, Civil Aviation Authority of the Philip-

pines (Caap) Director General Jim Sydiongco and Civil Aeronautics Board (CAB) Executive Director Carmelo Arcilla.

Syd ion gco s a id P re s id e nt Duterte will start going to other local destinations on board of local carriers “to promote our local tourism, as one way of helping our local carriers.”

Sydiongco said the most affected by the COVID-19 virus is the Kalibo International Airport where some 38 inter national flights, mostly from China, have been canceled.

“We are losing 4,000 foreign tourists per day, mostly Chinese at Kalibo airport, “ he said.

Local carriers Philippine Airlines, Cebu Pacific and AirAsia have been allowed to occupy the vacant slots at the Naia for their local destinations. On the other hand, some international airlines have temporarily left due to the virus.

₧58M What the Miaa receives per month in landing and takeoff fees from local carriers, per GM Monreal

The International Air Transportation Association (Iata) earlier said the global airline industry will be “severely impacted” by the COVID-19 and called on governments to implement relief measures.

On the other hand, Monreal said to control the spread of COVID-19, they put up dozens of hand sanitizers in every corners of the terminals, limited the issuance of visitor passes and suspended the familiarization tours, or allowing movie and filming and other nonairport related activities.

Student who are on-the-jobs

Senators seek S.C. ruling on treaty abrogation

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ENATE President Vicente Sotto III, acting on a consensus of a majority of senators, asked the Supreme Court on Monday to render a ruling on whether or not the concurrence of the Senate is necessary in abrogating a treaty previously concurred in by the upper chamber.

In a petition for declaratory relief and mandamus, Sotto, along with Senate President Pro Tempore Ralph Recto, Majority Leader Juan Miguel Zubiri, Minority Leader Franklin, Drilon and Senators Panfilo Lacson and Richard Gordon sought SC action to declare that a treaty previously concurred in by the Senate should require the concurrence of at least two-thirds of the Senate members upon its withdrawal.

Executive Secretary Salvador Medialdea and Foreign Affairs Secretary Teodoro L. Locsin Jr. were named respondents in the 56-page petition.

The senators asked the SC to order the Executive branch to send the withdrawal notation to the Senate for votation.

Q1 growth. . .

Continued from A1

Given government’s expectations that economic expansion could be slower in the first quarter, the local think tank said the Bangko Sentral ng Pilipinas (BSP) may consider cutting interest rates by another 25 basis points this month. The BSP has already cut its policy rates by 25 basis points last month to 3.75 percent to spur economic growth.

However, the reduction in interest rates failed to accelerate inflation, due to the“free fall of crude oil prices.” The think tank said January inflation pegged at 2.9 percent may already be the peak for the first semester of the year.

“The spate of negative news—accelerating inflation rate in January, Taal volcano eruption that displaced some 100,000 persons in the area, and fast-spreading COVID-19 around the globe—should not make us oblivious of the solid fundamentals of the economy,” it said.

Neda’s estimate

National Economic and Development Authority (Neda) Undersecretary for Policy and Planning Rosemarie G. Edillon said the economy stands to lose P93 billion to P187 billion in gross value added (GVA) due to COVID-19.

In her presentation at the Senate on Monday morning, Edillon said the estimate is equivalent to a reduction of 0.5 percetange points to 1 percentage point from GDP growth.

Edillon told the BusinessMirror in a phone interview that this is the outlook for the impact of COVID-19 on the economy for the whole of 2020. Neda had initially projected that travel bans and lower tourism revenues would slash GDP growth by 0.3 percentage points to 0.7 percentage points.

The new estimates are premised a twomonth trade disruption; a 10-percent decline in tourist arrivals from other countries; the travel ban on tourists from China; and partial travel ban on tourists from South Korea.

Edillon said COVID-19 will also reduce jobs by 30,000 to 60,000 if the outbreak lasts until

The petition was filed after the DFA, acting on the President’s orders, sent on February 11 a notice of withdrawal of the Visiting Forces Agreement to the US Embassy. According to Article IX of the VFA, the withdrawal shall take effect within 180 days from the receipt of the notice of withdrawal.

“As such, the Senate has until August 9, 2020, or the 180th day from the notice of withdrawal within which to question the unilateral withdrawal by the President from the VFA,” the petition stated.

“We have full faith and confidence in the impartiality of the SC,” the petitioners said even as 11 justices of the SC were appointees by President Duterte.

Duterte pulled out of the accord after Washington canceled the visa of Sen. Ronald dela Rosa. His aides said it was the last straw in a string of incidents marring US-Philippine relations. “[The] Senate brings the present petition before the Honorable Court to fully and finally settle the issue of the requirement for concurrence by at least two-thirds of all members of

June. However, she said job losses could reach 93,000 if the problem persists until the end of the year.

She said COVID-19 could cut the country’s tourist arrivals by 1.42 million; increase inflation by 0.1 percentage points to 0.2 percentage points this year; and swell the budget deficit to as much as 3.4 percent of GDP. “[On concerns that demand is slowing] it really depends on the next couple of weeks,” said Edillon. “[On tourism] we need to be more aggressive on domestic tourism.”

Last week, Neda Assistant Secretary for Policy and Planning Carlos Bernardo O. Abad Santos said the ill effects of COVID-19 should be addressed in three phases—safety for all; regaining consumer confidence; and building back better.

The only problem, he said, is that there is no timeline or timetable on when these can start or end given the volatile situation.

“We still don’t know what’s going to happen.

There are a lot of uncertainties,” Abad Santos told the BusinessMirror. “There is no timetable for this. At this point, we still do not know when it [outbreaks] will plateau.”

He said “safety first” means treating COVID-19 as a public health issue, prioritizing prevention and keeping all Filipinos “out of harm’s way.” This means lowering Filipinos’ exposure to the disease by developing protocols in reporting and encouraging proper hygiene.

The Neda official said this also means reducing gatherings; imposing “regulatory forbearance mechanisms”to prevent the further spread of the disease; and extending worker benefits that will help them cope with the ill effects of the disease.

Abad Santos said institutions, such as the Social Security System, should be ready to assist members who will lose their jobs.

The second phase involves recovery and boosting business and consumer confidence in the economy. The priority is to convince businesses and individual consumers to resume their regular activities.

The third and last phase calls for learning the lessons of the COVID-19 outbreak.

the Senate in cases where the Philippines, through the Executive department, decides to withdraw from, or terminate a treaty that was duly concurred in by the Senate,” the Sotto-led petition stated.

However, the senators hastened to assure they do not intend to undermine the President’s prerogative of implementing the country’s independent foreign policy. The petition merely seeks to subject the notice of withdrawal to the proper deliberative process by the Senate, as required by Section 21, Article VII of the 1987 Constitution.

“Specifically, the petition seeks to address the issue of whether the foregoing constitutional provision requiring the concurrence of at least two-thirds of all the members of the Senate also applies to termination of or withdrawing from treaties that have been validly ratified by the President and concurred in by the Senate,” the senators said.

“Applying all the foregoing to the present case, it is clear that the President cannot terminate the VFA without

Mayors. . .

Continued from A8

The mayor advised the public to source their information only from reliable channels and to stay calm.

“The most effective measures against this threat are constant and proper hand-washing with soap and water, hand sanitizing with alcohol, covering the mouth and nose while coughing or sneezing, and practicing a healthy lifestyle habits to enhance the immune system and body resistance,” it said.

Taguig City Hall advised residents to avoid crowded places and unnecessary travel to countries where COVID-10 local transmission has been confirmed.

Makati: Protocols in place

Makati City Mayor Abby Binay said protocols have been put in place since early February.

Binay issued the statement after the Department of Health (DOH) reported that the Taiwanese national earlier reported as positive for COVID-19 had visited Makati.

As an added safeguard, the mayor asked public and private buildings, and facilities in Makati to disinfect their premises regularly.

The city government has been disinfecting schools and public areas since last month.

“The city’s COVID-19 protocols are in place.

Should the need arise, we have established an isolation area and placed on alert all response teams. All city agencies under the task force are currently promoting awareness on the virus, with emphasis on proper hygiene,”the lady mayor said.

Marikina suspends Palaro

Marikina Mayor Marcelino Teodoro has ordered the indefinite suspension of the Palarong Pambansa 2020.

The suspension of the sporting event to be hosted by the city came with the confirmation of the first case from the city, an 86-year-old resident who traveled to South Korea.

“Because of the health threat posed by COVID-19, I am suspending indefinitely the

having undergone the same process set out under Section 21 of the Article VII of the 1987 Constitution. Following the Mirror Doctrine and consistent with our existing system of checks and balances, Senate concurrence should be secured in terminating a treaty,” they added.

The senators’ petition recalled a similar action filed by members of the Senate minority bloc in May 2018, asking the SC to review the constitutionality of the Executive department’s unilateral revocation of the Rome Statute.

“The recurrence of the issue in such a short period of time highlights the urgency for a definitive ruling on the matter for the demarcation and constitutional limits of the fundamental powers of government,” the senators said, adding that “the unilateral revocation by the Executive of any treaty, or international agreement without Senate concurrence violates the principle of checks and balances, and separation of powers enshrined in the 1987 Constitution,” they added.

Butch Fernandez and Joel R. San Juan

Palarong Pambansa 2020 as the health of the student-athletes, teachers and family members from all regions in the country is our primordial concern,” Teodoro said.

He said the city is 100 percent prepared in hosting the Palarong Pambansa this year, but because of COVID-19 concerns, it is best to put the public health and safety in mind first and foremost. Teodoro also suspended classes in all levels in both private and public schools for the disinfection of classrooms in the city from March 9 to 11. With the first confirmed case of COVID-19, the mayor is eyeing to extend the suspension of classes in Marikina.

Parañaque POGOs

Mayor Olivarez directed hotel owners, Pogo managers and integrated casino officials to the newly formed Coronavirus Task Force under the CHO, and urged them to disclose their precautionary measures and reminders to their guests to avoid contracting the fatal respiratoy ailment.

“Prevention is the medicine of all,” Olivarez said, while reminding them of a closure if they will ignore the standard protocol in accordance with recommendation by the local and national health authorities.

The mayor said the special task force is tasked to address the complaints of residents of Multinational Village where thousands of online gambling dealers reside. He urged relevant parties to file charges against the owners of condominiums and buildings accommodating thousands of Pogo workers if found violating the upscale subdivision’s rules.

Local residents reported that 8,000 of them were estimated to be renting houses in Multinational Village. Because of this, they expressed concern about the possibility of a COVID-19 outbreak within the private residential area.

The residents added other issues like “diminishing” water supply, “frequent” power transformer blowouts, increasing problems with garbage collection and “grossly dilapidated and eroded roads and traffic” due to the increase in population.

training were confined outside of the four Naia terminals, Monreal said.

The decision comes as a preventive measure due to the spread of coronavirus, COVID-19, worldwide.

Qatar shuts door

Meanwhile, tiny emirate Qatar has temporarily banned the entry of travelers from the Philippines and 13 other countries over coronavirus concerns.

This was reported by the Philippine Embassy in Doha, which posted the advisory on Monday.

A mbassaddor A lan Timbayan signed the advisory Sunday night, announcing the state is banning the entry of Doha-bound passengers with travel history to the following countries within February 24 to March 9: Bangladesh, China, India, Iran, Iraq, South Korea, Lebanon, Nepal, Pakistan, the Philippines, Sri Lanka, Syria and Thailand.

Panda bonds. . .

Continued from A1

Nonethless, she said apart from these sources, the government can turn to the local market for its funding requirements at this time.

She said the local market still enjoys high liquidity and low interest rates. Tapping the local debt market, de Leon said, would also mitigate the government’s foreign exchange risks. The National Treasurer also expressed confidence that any possible shortfall in revenues may be addressed by catch-up efforts by revenue agencies.

The government, de Leon added, can also tap into the dividend declarations and other fees sourced from government-owned and

DOH. . .

Continued from A1

Duque said the proclamation aims to provide sufficient funding to local government units (LGUs), ease procurement of needed supplies, intensify reporting of Covid-19 incidents, as well as enforcement of mandatory quarantine, and travel restrictions related in response to the effects of the disease.

Presidential spokesman Salvador S. Panelo said the proclamation will allow LGUs to tap their calamity funds for their preparatory activities or response to Covid-19 incidents within their jurisdiction.

Duque said the proclamation also aims to implement a price freeze on products expected to be in demand because of COVID-19 such as face masks, “so it will not be taken advantage by unscrupulous businessmen.”

The health chief added,“There is a tendency to increase prices given the difficulty of the situation. This is not acceptable to us.”

Mitigating measures

To minimize the impact of the virus on local tourism, the Department of Tourism (DOT)

Lock down. . .

Continued from A8

His proposal includes suspension of classes, work, bus trips and domestic flights coming from NCR, as well as the closure of the South Luzon Expressway and North Luzon Expressway, and railways.

However, even without the lockdown, five LGUs in Metro Manila—Navotas City, San Juan City, Marikina City, Caloocan and Manila—have already suspended classes in their jurisdiction due to COVID-19 as of March 9.

Salceda report

In a report listing measures to mitigate the economic impact of COVID 19, Salceda said the impact of the virus may cost P218.5 billion or 1.2 percent of the gross domestic product while 92,000 to 175,000 jobs will be affected.

“With the one-week lockdown, it will only cost P100 billion,” Salceda said.

“The costs of mass community transmission far outweigh the economic losses arising from preemptive actions. Zero casualty doctrine should extend to all emergencies, especially health emergencies,” he said.

Salceda said classes should be suspended nationwide to slow down the virus and mitigate any potential for mass transmission.

Salceda said immediate passage of Corporate Income Tax and Incentives Rationalization Act

Qatar itself has recorded 15 cases of the COVID-19. Qatar’s decision affects all individuals intending to enter from these countries, including visas upon arrival, those with a residence or work permit, and temporary visitors.

The statement said the step is in line with Qatar’s efforts to take all necessary measures to limit the spread.

Many returning overseas Filipino workers are afraid that the next travel ban will be imposed on Saudi Arabia and other countries in the Middle East.

President Duterte has declared a state of public health emergency upon the recommendation of the Health department, which raised Code Red sublevel 1—a “preemptive call to ensure that national and local government, and public, and private, health-care providers can prepare for possible increase in suspected and confirmed cases.”

-controlled corporations (GOCCs) and agencies, including the BTr. Last year, the Philippine government raised RMB2.5 billion from its second panda bond sale in May 2019.

The Philippines set a record in the panda bond market, as almost 90 percent was cornered by offshore or overseas buyers, with overwhelming demand pushing the coupon rate to its lowest at 5 percent, according to the Department of Finance. The Philippines’s offering was 6.3 times covered with RMB9.2billion orders. The country’s first panda bond issuance was in March 2018, with the awarded security amounting to RMB1.46 billion with a three-year maturity. The bonds fetched a spread of only 35 basis points over the benchmark.

Cai U. Ordinario

said it will set aside P85 million to train and orient industry stakeholders on COVID-19 preparedness, response and protocols for industry stakeholders.

“Our manpower development office will tweak our Filipino brand of service to include points on how to handle guests for COVID-19 and response. This will include integration of DOH guidelines in all trainings to be conducted moving forward,” Tourism Undersecretary Benito Bengzon said.

The National Economic and Development Authority (Neda) projected at least 30,000 to 50,000 jobs will be lost, mostly in the tourism industry, with the expected 1.4 million decline in tourist arrivals this year because of the travel bans caused by COVID-19.

Citing the decision of the Tourism Coordinating Council (TCC), Bengzon said DOT will focus on promoting local tourism.

“We have secured the assistance or the support of our carriers, such as Philippine Airlines, Cebu Pacific, Air Asia. We have started rolling out discounted flights around the country and all these promos culminated last week where the three companies gave their biggest sale in recent history,” Bengzon said.

(Citira) will infuse urgently needed economic boost in the private sector.

The government should also minimize interruption to transport of goods by providing sanitation, and sterilization, support and monitoring to logistics companies to restore public trust in the supply chain, and ensure production, especially manufacturing, he said.

“Targeted lending by the Bangko Sentral ng Pilipinas to banks in hard-hit areas and sectors at deeply concessional rediscount rates to ensure that there is money flowing in the economy,” he said. “A properly timed policy rate cuts [is needed] to boost money supply and mitigate contractionary tendencies in aggregate demand,” Salceda said.

For small and medium enterprises, Salceda said the deferment of payment of mandatory social security and other contributions, deferment of rent payments to state-owned assets, postpone repayment of bank loans and assistance to SMEs to link to teleworking and online selling are needed to ease financial requirements and support demand for small businesses and reduce job losses in SMEs. The lawmaker said the government should assist exporters and importers by expediting issuance of force majeure certificates, and provide legal and administrative consultation to importers, and exporters, to address administrative and compliance costs for foreign trade companies. Samuel P. Medenilla, Jovee Marie N. Dela Cruz

News BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Tuesday, March 10, 2020 A3

Biz groups to Congress: Rush passage of PSA amendments

By Elijah Felice E. Rosales

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@alyasjah

ITH just a few days left before Congress goes on recess, industry groups are rushing lawmakers to pass the amendments to the Public Services Act (PSA) that proposes to remove foreign ownership restrictions on several economic areas.

In a news statement issued on Monday, business groups called on the House of Representatives to pass on third reading House Bill 78, introducing changes to the PSA. They also asked the Senate to legislate the counterpart version of the measure, which they said will be crucial in attracting investments to the Philippines.

“We commend the House of Representatives for approving HB 78, its bill amending the Public Services Act, on second reading on February 18, 2020,” the industry groups said, “and we look forward to its eventual passage on third reading.”

Amending the PSA will provide a definition on what are public utilities, which, under Article XII, Section 11 of

the 1987 Constitution, are prohibited from being owned by foreigners. In doing so, industries that fall outside the coverage of public utilities, such as telecommunications, can soon be operated by foreign investors.

“We strongly urge the Senate to pass this crucial piece of legislation, as its enactment into law will enable the Philippines to lift its momentum towards economic growth and development to a higher level and improve the lives of citizens,” the industry groups added.

Under HB 78, the definition of public utilities was limited to distribution of electricity, electricity transmission, and water pipeline distribution or sewerage pipeline system. The measure—which will revise the 84-year-old Commonwealth Act 146, or the Public Service Act of 1936—will also institute a rate setting mechanism and is geared toward fostering competition.

The industry groups argued the

Do we really want fair competition in doing business?

thread in most antitrust behaviors. They involve employees exchanging information with others to advance those antitrust schemes. So that’s another fundamental question your antitrust risk assessment should answer: By what at means could our company gain or exchange information that would trigger an antitrust violation?

One common example: trade associations. Your sales executives or dealmakers might participate in those associations, hobnobbing with competitors over drinks at a conference. Do they hatch boycott plans there? Do they carve up potential markets? Do they swipe a competitor’s contract somebody left on the table? These are all real threats to your organization that are likely more common than you’d think.

Building a compliance antitrust process

By Henry J. Schumacher

W

E in business are basically in favor of fair competition. But, in doing business, we are often confronted with competitors who are misbehaving.

The good guys want antitrust enforcement being more effective. This means corporate compliance officers need to consider whether their compliance antitrust process is keeping pace with the increasing level of enforcement risk.

What does that mean in a practical sense for compliance leaders? What must your program be able to do?

And here in the real world of tight budgets and too many other demands, how do you get those tasks done?

Compliance 101: Antitrust basics

ANTITRUST violations can come in many forms. Some of the most common are:

Boycotts: where two or more companies agree not to buy goods or services from some other business.

Monopolies or dominant market positions: where one business amasses so much market strength it can dictate prices to customers or prevent new competitors from entering the field.

Tying: where you will only sell Product 1 to a customer if he also buys Product 2.

Bid-rigging: where competitors agree either to coordinate their bids on a transaction (say, building a bridge or buying raw materials), or to take turns bidding on multiple projects.

Corruption: where competitors bribe the technical, and/or purchasing, staff of clients or government officials involved in bidding processes.

On the surface, those are very different types of misconduct. All of them, however, do have one common thread—the company is seeking to exercise undue influence over others. So when you perform an antitrust risk assessment, that’s the fundamental question you want to answer: How could our company exercise undue influence over customers or competitors?

For example, a company with only one product is at low risk for tying, because it has no Product 2 to sell. But that same company could be at higher risk for collusion with other businesses that do sell Product 2, where employees for both try to foist some mandatory exclusive arrangement on customers.

That example also underlines the other common

THOSE are the basic antitrust behaviors, and the fundamental questions you want to answer in an anti-trust risk assessment. That still leaves the challenge of building an antitrust program that can answer those questions at scale, across thousands of employees and amid a complex regulatory environment.

The good news is that compliance antitrust processes are like any other. You need a strong tone at the top; effective risk assessment; clear policies and procedures; training for employees; and monitoring and auditing of the program. So important antitrust compliance program capabilities would include:

Developing clear, relevant policies: Once you perform an antitrust risk assessment, you need to adopt appropriate policies to guide employee behavior: how people interact with competitors, what they can offer to customers, how they participate in trade associations, and so forth.

Matching policies and training to employees: Much antitrust risk involves employees engaging in business practices they shouldn’t. Therefore, do you know which employees might be able to commit those infractions?

When employees move into such roles, does the compliance program know about those moves, and can you quickly roll out appropriate correction training for them?

Integrating market information into risk analyses: For example, if your business wants to acquire a competitor, or supplier, would the resulting business then have a market share large enough to trigger monopoly risks or enough products to trigger new tying risks? A compliance officer can’t answer those questions about antitrust risk unless he or she has accurate, complete data about how your company fits into its market sector overall.

This point is also important for compliance with the Philippine Competition Commission which requires companies to submit extensive filings with the PCC if companies want to consummate mergers over a certain size. A company needs proper disclosure controls to capture that information and assure that its PCC filing is accurate and complete.

This may all sound like a lot of work because it is a lot of work—but it’s work that compliance professionals already know how to do. Antitrust or fair competition expands the range of your compliance program, rather than reinvents it. With a bit of subject-matter expertise, good technology and a savvy understanding of how compliance programs need to work, you’ll be in good shape for the enforcement environment that confronts us.

In the end, companies have to make a choice: Do we want to run our business with integrity?—if the answer is yes, compliance management is a must! And compliance management involves fair competition, anti-corruption, data protection, paying the right taxes, adhering to the labor regulations and protecting the environment.

Feedback is welcome; contact me at schumacher@eitsc. com.

passage of PSA amendments will help the Philippines recover from its declining foreign direct investments, which slipped over 30 percent to $6.4 billion from January to November of last year, from $6.4 billion during the same period in 2018.

They claimed that foreign investments registered in Southeast Asian economies reached an all-time high at $177 billion last year, more than China’s $140-billion foreign direct investments print. They said legislating the amendments to the PSA will attract the capital pouring into the region, absorbed mostly by Singapore, Vietnam and Thailand.

As to the criticism that opening sensitive industries, such as telecommunications, to foreigners could be risky for the Philippines, they explained HB 78 adopted the framework utilized by the United States and the European Union in assessing prospective investments.

“The bill strongly considers the pro-

tection of national security by adopting the same framework and measures for scrutinizing FDI for security risks used by countries; such [as] United States and Australia, and the European Union,” the industries said. “An increase in FDI will create more business opportunities and jobs to improve the quality of life of Filipinos.”

The statement was issued at a time legislators are nearing to call off session this week and are, therefore, trying to rush the passage of priority measures, including the Corporate Income Tax and Incentives Rationalization Act, popular as the Citira bill.

The Joint Foreign Chambers of the Philippines represented the foreigners in the statement. On the other hand, the Bankers Association of the Philippines, Foundation for Economic Freedom, Makati Business Club, Management Association of the Philippines and theSemiconductor and Electronics Industries in the Philippines Foundation Inc. signed for the locals.

BPI issued 801 import clearance for 666,000 MT of rice in Jan

R

ICE traders, importers and farmer organizations were able to secure 801 sanitary and phytosanitary import clearance (SPS-IC) in January for the importation of over 666,000 metric tons (MT) of staple, latest Bureau of Plant Industry (BPI) data showed.

BPI data showed that it issued 801 SPS-IC to 110 retailers, traders, importers and farmers organizations for the importation of 666,482.062 MT as of January 31.

Tarlac-based Integrated Farmer Producers Cooperative topped the list with 68 SPS-IC at a total volume applied for importation of 45,632.75 MT, BPI data showed.

It was followed by Arvin International Marketing Inc. that secured 30 SPS-IC with a total rice volume applied of 35,785 MT, according to BPI data.

A separate data released by the BPI showed that rice imports as of January 24, about 62 rice traders, importers, retailers, millers and farmers groups brought in 118,641.885 MT of staple, using 157 SPS-IC. During the 24-day period, Davao San Ei Trading Inc. topped the list in terms of total volume imported at 64,636 MT followed by Puregold Price Club Inc. after bringing in 63,854.828 MT, BPI data showed.

A year after the rice trade liberalization (RTL) law took effect, Manila said it is targeting to maintain imports at around 1.6 million metric tons (MMT)—the estimated shortfall in local output—to stabilize the farmgate price of the staple.

Earlier, Agriculture Secretary William D. Dar said the country’s rice production is capable of supplying only 85 percent to 87 percent of the requirements of Filipino consumers.

“That’s the direction [to keep imports at that level]. Managing importation and enhancing local

productivity equals better opportunity for rice farmers, and they are more productive and competitive and they have higher income,” Dar told reporters in an interview at the sidelines of the government’s celebration of the anniversary of the RTL law.

The Department of Agriculture (DA) is aiming to ramp up local palay production to a record-high 19.6 MMT this year via the interventions bankrolled by the Rice Competitiveness Enhancement Fund (RCEF) created by the RTL law.

The law deregulated the local rice industry, and eased import rules to increase the supply of the staple and make it more affordable.

Dar said the government expects the arrival of rice imports to decline during harvest this month after the DA invalidated thousands of SPS-IC that were unused since last year.

Rice industry traders and importers told the BusinessMirror that the DA, through the BPI, which oversees rice importation, has appealed to them in a recent dialogue to cut or, if possible, totally stop buying imported rice during harvest.

However, a trader noted that everything will be “business as usual” for them since their operations depend on importing the staple unless the government will, again, stop issuing SPS-ICs. The government stopped issuing SPS-ICs in September and October last year.

“We don’t overpurchase [because] we just bring in whatever is the demand of our buyers,” a Manila-based trader told the BusinessMirror.

Another trader based in Metro Manila told the BusinessMirror that rice imports have been declining due to lower demand. This could cause the high carry-over stocks to increase further after harvest.

Jasper Emmanuel Y. Arcalas

briefs P2.5-B LINGAYEN BYPASS ROAD PROJECT ON TRACK–D.P.W.H. CHIEF THE Department of Public Works and Highways (DPWH) has assured the public that the P2.5-billion Lingayen Bypass Road project is on track with various portions of the project now completed.

Public Works Secretary Mark A. Villar said the department group is expediting the construction works to ensure that it will be completed by 2022, as scheduled in the contract.

“With the initial release of P1.28 billion, we already accomplished the concreting of 3.8 kilometers of road under the 2018 and 2019 General Appropriations Act,” he said.

The road project involves the construction of a 4-lane, 6-kilometer bypass road made of portland concrete cement pavement which starts at the intersection of PangasinanZambales Road and Lingayen Labrador Diversion Road, traversing Lingayen Proper to Barangay Poblacion, in the municipality of Binmaley.

It also includes the construction of four bridges, installation of road-safety devices, drainage, slop protection structures and an overpass. Lorenz S. Marasigan

LandBank’s agri loans to farmers, fishers reaches P229.38-B mark

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE LandBank of the Philippines (LandBank) said it has able to achieve 86.5 percent, or about P229.38 billion, of its P265billion total loan target to the agriculture sector this year just in one month.

LandBank President and Chief Executive Officer Cecilia Borromeo said the bank was able to assist 17,681 small farmers and fishermen through its various lending programs, bringing its total number assisted farmers to 1,050,663 by end-January.

“This brings the LandBank on track to achieving its target of assisting 2 million small farmers and fishers by yearend,” the Department of Finance (DOF) said in a news statement issued on Monday.

DOF said the bulk of the amount lent by LandBank in January went to small, medum and large agribusiness enterprise with an amount of P136.18 billion, while P53.31 billion were released to help finance agri-aqua related projects of local government units and government-owned and -controlled corporations.

“Of the P229.38 billion loaned out by LandBank to the agriculture sector, P1.36 billion were released through direct lending to farmers and fishers, while P38.53 billion were given through conduits, such as cooperatives, farmers’ associations and rural financial institutions,” Borromeo said.

Borromeo added that the bank’s cumulative loan releases under the Agricultural Competiveness Enhancement Fund of the Department of Agriculture (DA) has reached P1.42 billion as of January 31.

“For the DA’s Socialized Credit Program under the Sugarcane Industry Development Act, cumulative releases as of January 31 reached P130 million; for the Expanded Rice Credit Assistance-Rice Competitiveness Enhancement Fund [ERCA-RCEF], PP410 million; and the Survival and Recovery Assistance Program [SURE-Aid], P2.28 billion,” it said.

“Of these programs, the ERCARCEF and SURE-Aid, which were implemented to provide support to farmers following the implementation of the rice tariffication law, have the highest utilization rates of 82 percent and 91.2 percent, respectively,” it added.

For the Credit Assistance Program-Program Beneficaries Development, which LandBank administers for the Department of Agrarian Reform, the bank has lent out a total of P580 million by end-January.

Earlier, LandBank said it was able to exceed its target of agricultural loan worth P231.25 billion in 2019 after it lent out P236.31 billion extended to over 1 million farmers.

PNP CHIEF RULES OUT ‘SABOTAGE’ IN CHOPPER CRASH

THE Philippine National Policies continuing to investigate the crash of its helicopter in Laguna last week and may even invite the aircraft’s Canadian manufacturer to help in the probe, said PNP chief Gen. Archie Gamboa, who survived the crash, along with seven others.

Government Service Insurance System (GSIS) President and General Manager Rolando Ledesma Macasaet, meanwhile, announced that the state pension fund is already processing the insurance claim PNP for its helicopter.

The downed helicopter is covered by an insurance policy issued by GSIS worth $7 million (about P350 million).

“Our Insurance Group is fast-tracking the insurance claim of the PNP in response to the directive of the President to cut bureaucratic red tape by streamlining procedures and requirements in the delivery of public services,” Macasaet said.

The Bell 429 was taking off in Santa Rosa, Laguna, amid an almost zero visibility due to a dust swirl when it touched a high-tension wire, forcing it to crash land and injured Gamboa along with Major Generals Jose Ma. Victor Ramos and Mariel Magaway and five others.

The PNP chief ruled out “sabotaged,” behind the crash.

Rene Acosta

A4 Tuesday, March 10, 2020

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Tuesday, March 10, 2020 A5

A6 Tuesday, March 10, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Farming can be profitable

F

arming is where the money is. This may be hard to believe in a country where farmers are mostly old and poor. The average age of farmers in the Philippines is 60 years old. And their average income is around P100,000 a year or just over P8,000 a month, which is below the poverty line.

Farmers have to contend with rain and floods, then drought, and loans they can hardly pay because of these seasonal trials, as well as low market prices for their produce. It’s a hard life. No wonder their children do not want to become farmers themselves.

Yet, there have been quite a few examples of farmers who proved that farming could be profitable. The March 6 edition of our Agriculture and Commodities section featured former seaman Melbert Fadrigo, who gave up his job to manage their family’s rice and corn farm in Antique. Through the government’s Agricultural Competitiveness Enhancement Fund Loan Program, he was able to improve his farm’s productivity.

Rosalie Ellasus, a college degree holder, held a corporate job and also worked abroad before she came back to try rice farming in Pangasinan. Eventually, she got to where she was earning almost half a million from her 5-hectare rice land per cropping season. She now allows her farm to be used as a demonstration pilot for smallholder farmers to visit and learn from. She also serves as president of the Philippine Maize Federation and is a member of the Truth About Trade & Technology Global Farmer Network.

Fidel David gave up a high-paying job as an engineer in Saudi Arabia, returned home and became a profitable farmer in his hometown in San Matias, Pampanga. He planted the traditional palay; cherry tomatoes, which he said are much in demand in Japan; watermelons to get harvests quickly; honeydew lemons; and other fruits and vegetables—whatever would give him the best yield. He also put up a farmers’ cooperative and agricultural school to spread the gospel of responsible and organic farming. He has helped fellow farmers in Central Luzon acquire good farming techniques that they can use to become profitable themselves.

With the government’s all-out support, there could be many more of these farmer-entrepreneurs who will help our country achieve food security. We certainly need them to serve as role models for the next generation of farmers, a generation that, so far, has been missing.

For a country that relies heavily on the strength of its agricultural sector to boost its economy, the lack of interest among younger people in farming is a worrying trend.

Enrollment in agriculture courses has been dropping sharply over the years, despite many agriculture schools offering full scholarships just to entice enrollees. Even as thousands remain unemployed in the cities, it is so difficult to encourage young people to take up farming.

That’s because they have seen how hard our farmers have toiled the fields with little or nothing to show for their hard work. Even government incentives, such as subsidies, seeds and machinery, can’t change their mindsets.

Also, the younger generation knows nothing about the golden age of Philippine agriculture, when the country led Asia in agriculture development and was a net agriculture exporter. Back then, our Asian neighbors who wanted to learn the best farming techniques have to enroll at the University of the Philippines Los Baños and other local agriculture schools. Sadly, the younger generations grew up in a Philippines that is a net agriculture importer. Successful farmers, like the ones mentioned above, have become the exception rather than the norm.

The government must do its part by having a program and a set of incentives to get not only more young people, but also businessmen, overseas Filipino workers, retirees and others, involved in farming. Agriculture must be seen as an entrepreneurial venture. We must encourage people to get into it in the same manner that we encourage them to put up their own small businesses.

The future of farming is in the hands of well-educated professionals who have a good grasp of agriculture and marketing. They would be vital to ensuring our country’s food security in an era of increasing scarcity.

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Manny B. Villar

THE Entrepreneur

W

E must be proud that the Philippines is reaping the rewards of 84 quarters of uninterrupted economic growth.

From being a beneficiary of financial grants from different foreign agencies over the past decades, the Philippines is now trying to redefine its role before the international community by being a donor through a multilateral institution that is headquartered in the Ortigas business district.

Finance Secretary Carlos Dominguez III announced recently that the Philippines would begin contributing to the Asian Development Fund (ADF), which provides assistance to least developed countries, or LDCs, in the Asia-Pacific region.

It is about time that we do our share in helping countries that need help the most. The Philippines was considered an LDC not so long ago before graduating from being a recipient of ADF assistance in 1999.

The transition from beneficiary to donor also speaks about our

country’s resilience from economic stagnancy in the past to become one of the most dynamic economies in the world today. Other members of the Association of Southeast Asian Nations, such as Indonesia and Thailand, are now ADF donors.

While we still have a lot of catchup activities to do, this should not prevent us from helping other countries.

I believe our country’s contribution to the ADF conveys goodwill to the region’s LDCs. The Asian Development Bank’s (ADB) ADF grant facility promotes poverty reduction and improvement in the quality of life of people in LDCs of the AsiaPacific region. Among the poorest and most vulnerable developing member-countries in the region are Afghanistan, Cambodia, Kiribati, Kyrgyz Republic, Maldives, Marshall

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Islands, Federated States of Micronesia, Nauru, Nepal, Samoa, Solomon Islands, Tajikistan, Tonga, Tuvalu and Vanuatu.

Dominguez said our contribution to ADF would be announced during a pledging session on the sidelines of the ADB’s 53rd Annual Meeting in May in Incheon, South Korea.

This is timely because as Dominguez said, we are making this contribution as we expect to rise to the upper middle-income status ahead of schedule.

Despite the host of external challenges facing the region, we are on track to grow at least 6 percent this year. The Philippines has a strong domestic economy that could withstand the jolts of global trade imbalance. Although our stock market suffered a decline mainly because of the volatile trading in the region, the peso remains a source of stability.

The last thing we need to do is to panic. Our strong economic fundamentals and improving government finances will shield us from these temporary headwinds.

Data show that the government’s revenue collection increased by a 10th to P3.137 trillion in 2019, as our tax effort improved to 15.19 percent of the gross domestic product last year from 14.72 percent of GDP in 2018. Of course, we can further improve it to the ideal 17 percent over the coming years as we implement

2020: Big losses or big profits?

T. Anthony C. Cabangon

BusinessMirror is published daily by the Philippine Business Daily Mirror

MEMBER OF

PHL to assume role of donor country

OUTSIDE THE BOX

B

efore anyone had heard of COVID-19, before Taal Volcano wielded its destruction, and before the oil and stock markets collapsed, I wrote this on December 12, 2019.

“In my opinion, making good stock market money in 2020 is going to require getting creative. By that I mean finding companies to invest in that are being creative.

“I want to see a property developer that is doing something differently than relying on POGOs and BPOs for rental income. I want to see developers and banks doing some creative financing for the middle class and not relying on the rich guy adding another condo to his portfolio.

“I want to find a company breaking new ground and not just plowing the same field for the 10th time. I want to see more creative corporate action and not creative press releases.

It is time for—f not some new blood —at least some new thinking in the

Philippine corporate world.”

The point is that both corporate and investor strategies must adapt with the surrounding environment and conditions, and that is something that is hard to do. Well, it is actually not hard to do, but seems to go against human nature. For example, there is an inclination to spend when times are good and money is rolling in and to go thrifty when times are tough.

Granted, Joseph had been told about the future, but when the wheat harvests were overflowing he advised the pharaoh to save grain even by building new storage facilities. “Joseph stored up huge quantities of grain, like the sand of the sea; it was so much that he stopped

The point is that both corporate and investor strategies must adapt with the surrounding environment and conditions, and that is something that is hard to do. Well, it is actually not hard to do, but seems to go against human nature. For example, there is an inclination to spend when times are good and money is rolling in and to go thrifty when times are tough. keeping records because it was beyond measure.”

Conventional wisdom would be to sell the surplus and make big money during the good times. Instead, when the famines hit a long seven years later, that is when the even bigger profits rolled in.

We are at the beginning of a long and brutal period of economic chaos that, frankly, was “prophesized” by the economic cycle for 2020. Companies that held tight in 2019 are going to be able to “get creative” in 2020, spend money and make big profits.

No one “expected” that consumer spending habits would be kicked down in March 2020 by COVID-19.

Yet some PSE listed companies are

more tax reforms. Better revenues will help us fund more infrastructure projects and social services.

I believe that we are on track to becoming an upper middle-income economy this year, with a gross national income per capita of around $4,000. Most international institutions predict that the Philippines will continue to grow rapidly in the medium term.

Fitch Solutions Macro Research, a unit of Fitch Group, expects the Philippines to expand at least 6 percent in 2020. This would make the Philippines still one of the fastestgrowing economies in the radar of international credit rating agencies.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno was also quoted as saying that “the best is yet to come for the Philippines.”

I can only agree with Diokno.

We have enough funds to support the construction of “Build, Build, Build” projects that will translate into concrete benefits for our people.

Key economic indicators show that the country’s robust macroeconomic fundamentals remained intact.

And as we enjoy the benefits of this steady growth, we should also start showing our goodwill and become a responsible member of the international community.

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

already adapting and will actually gain or at least offset potential losses from reduced mall traffic. Others have become “conglomerates” in the last two years, diversifying their businesses to mitigate external and uncontrollable forces.

But who cares about all that? Not even me, because all that matter is where to put the money to make more money.

Forget about COVID-19, oil prices, and the stock market apocalypse.

None of those can be “The Problem.”

Chaos creates uncertainty and money hates uncertainty like a vampire hates holy water. No one has any reasonable and reliable clue as to the economic effects of the virus. No one has a clue on how low Russia and the Saudis are going to let oil prices fall.

Once that uncertainty begins to be resolved—and it may take some time—stock prices will again reflect corporate value. The year 2020 could turn out to be not the year of big losses but the year of big profits. We wait and watch for that opportunity.

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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Tuesday, March 10, 2020 A7

When the Duke and Duchess of Sussex become commoners like us Reforming the real property valuation Manny F. Dooc system in the Philippines TELLTALES

Atty. Rodel C. Unciano

Tax Law for Business Part two

I

wrote in my previous column the loopholes under the current real property valuation system in the Philippines, mainly due to the cumbersome determination of the fair market value of real properties. These concerns have been besetting our taxpayers and tax administrators alike for years.

Package 3 of the government’s tax reform program seeks to address these loopholes and aims to promote the development of a just, equitable, and efficient real property valuation system. The focal point of the proposal is consistent with the established policy of the State to promote the development and maintenance of a just, equitable, impartial, and nationally consistent real property valuation based on internationally accepted valuation standards, concepts, principles and practices.

Under Package 3, the government proposes to adopt international standards, rationalize the process of valuation, adopt market value as the single real property valuation base for the assessment of real property related taxes in the country and for the valuation of real property for various transactions in all government agencies. The tax reform, likewise, aims to promote the fiscal autonomy of local government units by enhancing their capacity to generate local revenues from real properties located within their respective jurisdictions. Also, the reform proposes to separate the function of valuation of real properties from the functions of tax policy formulation and the administration of the taxes due.

Another important reform to be introduced is the creation of a comprehensive and up-to-date electronic database of all real property transactions in the Philippines. The reform aims to support the development of an information database on valuation through continuing research and monitoring of new developments to upgrade the country’s valuation system on a par with global standards.

The Bureau of Local Government Finance of the Department of Finance shall be the core agency tasked to lead and manage the implementation of the proposed tax reform. Thus, the BLGF shall develop, adopt, and maintain valuation standards consistent with internationally accepted valuation standards, regulations and specifications for real property appraisal used for taxation and other purposes.

In coordination with the Bureau of Internal Revenue, the BLGF shall review and ensure that the

schedule of market values, as prepared by the assessors, is compliant with real property valuation policies and standards, and recommend its approval to the secretary of Finance for local and national taxation, and other purposes.

The BLGF shall provide technical assistance on real property appraisal matters to government agencies and instrumentalities, and shall develop and maintain a comprehensive and up-to-date electronic database of real property transactions all over the country. To achieve the policies and objectives being proposed, a Real Property Valuation Service shall be established within the BLGF. For valuation purposes, all real properties, whether taxable or exempt, shall be valued and appraised based on prevailing market values in the locality where the property is situated. The local assessors shall prepare the schedule of market values for the different classes of real property situated within their respective jurisdictions, pursuant to the valuation standards, rules and regulations and other specifications set by the Department of Finance.

And to ensure compliance with the proposed reforms, fines and other penalties, including imprisonment of up to a maximum of one year, shall be imposed on assessors and any government officials or employees who fail to faithfully comply with the provisions of the proposed law. This is in addition to the imposition of penalties under applicable existing laws, if warranted.

According to the data of the Department of Finance, the proposed reforms will increase local and national government revenues from real property transactions, without adopting new tax measures.

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

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@bdblaw.com.ph or call 84032001 local 140.

A

S he relinquishes his royal duties, Prince Harry has made it known that he would prefer to be simply called “Harry,” devoid of the usual descriptors appended to his name, “Prince,” “Sir” or “His Royal Highness’.” The Duke and Duchess of Sussex voluntarily gave up their official state functions effective March 31, 2020. After that, Harry and Meghan will pursue their own private careers and personal businesses. The couple has their own business brand formerly known as the “Sussex Royal,” which carries several items covering clothing, printed matters, education, social care services, and charitable causes, among others.

Harry’s recent engagement was an appearance with Bon Jovi on February 28, which was apparently snubbed by Buckingham Palace as it was not included in the official court calendar despite the fact that it was for invictus, a royal family event, and the presence of the press pool covering the British Royal Family.

Meghan will resume her work as an actor, aside from pursuing worthy projects under their nonprofit entity. Now that Harry and Meghan, in a sense, will be commoners like us, and will be soiling their hands doing normal work like the Joneses, maybe it’s more appropriate to now call the former duke “Dirty Harry.”

Related to this, Harry’s granduncle, Edward VIII, who abdicated his throne as king of the United Kingdom, carried the full name of Edward Albert Christian George

Andrew Patrick David, but such kilometric name and royal titles as the Prince of Wales, King of the United Kingdom of Great Britain and Northern Ireland and of the British Dominions, Emperor of India did not deter commoners like us from renouncing his throne for himself and his descendants in favor of his lady love, Wallis Simpson.

As a king, he breached court protocols and disregarded constitutional conventions to the chagrin of royal watchers. Less than a year into his reign, he created a royal emergency by proposing to an American divorcee, Simpson, who was in the process of divorcing her second husband.

The prime ministers and leaders of the UK and its dominions found this unacceptable and opposed the marriage. It was, likewise, repugnant to the Church of England where King

Bloomberg Opinion

I

T has been two days since the highest profile arrests in Saudi Arabia’s history, but there has been no official explanation, yet.

Bloomberg News has learned that members of the Allegiance Council, a group that votes on matters of succession, have been told that Prince Ahmed bin Abdulaziz (the last surviving full brother of King Salman bin Abdulaziz) and Prince Mohammed bin Nayef (a former heir apparent to the Saudi throne with strong ties to the US security establishment) had been plotting a coup.

That would be the most powerful direct challenge ever to a Saudi ruler—of a magnitude greater than

the last, in 1969, when a plan by some air force officers to overthrow the monarchy never got off the ground.

So you’d expect either King Salman or Crown Prince Mohammed bin Salman to address their countrymen, and the international community, with some words of reassurance. This hasn’t happened.

As of writing, some of the other powerful figures arrested have been released. But the two most prominent princes remain in custody.

The rumor mills of Riyadh have ground through every possible reason for the high drama of the weekend. Had MBS, as the current crown prince is known, simply grown fed up of the others because they’d been carping about him at family get togethers? Was he signaling to the rest

nnn

The next two days will mark the birthday anniversaries of two moguls who wielded immeasurable influence in the media and in shaping public opinion and policy. March 11 is the 89th birthday anniversary of Rupert Murdoch, and March 12 is the birthday of Adolph Simon Ochs, the publisher of The New York Times.

Murdoch owns a large chain of publications notably in Australia, New Zealand, the United Kingdom and the US. He acquired US citizenship in 1985 to own a US television network through his holding company, the News Corp. By 2000, News Corp. controls over 800 companies in over 50 countries. He sold 20th Century Fox to Disney but remains CEO of

the Fox News in the US. Murdoch, however, has been involved in several scandals involving allegations that his companies had been regularly hacking the phones of famous personalities. Both the FBI and the British government investigated him for alleged bribery and corruption. After testifying in an inquiry into the ethics of the British press, the editor of Newsweek International branded Murdoch as “the man whose name is synonymous with unethical newspapers.” The basic difference between the Ochs and Murdoch is that the latter is a diehard conservative while Ochs was a staunch liberal.

On the contrary, The New York Times, which Adolph Simon Ochs published and owned, together with The Chattanooga Times and the Philadelphia Times, was widely known for its fairness and objectivity in news reporting that set a high standard in American journalism. Through the years, the paper that is now published by his fifth generation descendants remains widely read and influential not only in the US but also around the world. The New York Times has won a total of 127 Pulitzer Prizes, more than any other publication.

Och’s paper is regarded as the most respected paper in the world. It is considered as the best American newspaper, even on top of the Washington Post, the Los Angeles Times and the Wall Street Journal.

It is the paper that a conscientious person reads on the first hour each morning. Well, maybe second only to BusinessMirror.

The oil price war is turning into a debt war

By David Fickling Bloomberg Opinion

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n a war of attrition, the winner isn’t the force with overwhelming power, but the one with the greatest capacity to sustain damage.

The current price war in the oil market is little different. Brent crude fell the most since the 1991 Gulf War on Monday, dropping 31 percent in a matter of seconds, after Friday’s Opec+ meeting broke up in disarray and Saudi Arabia slashed its crude prices and promised a surge in output.

That decision to open the spigots may seem contradictory from a country that just days ago was trying to coax Russia to join a 1.5 million barrels-a-day production cut.

What’s happening, though, is really just a change of tactics. While previously Saudi Arabia hoped to maintain its position and revenues in the oil market by encouraging cooperation between major players, it’s now betting that its best prospect is to do the opposite: Engage in a game of chicken with Moscow and the US independent oil industry, and count on being the last player standing.

If done right, this approach can be devastatingly effective. The current crisis looks like nothing so much as Saudi Arabia’s decision to flood the oil market in 1985 after years of restraint. That event, as we’ve written,

ultimately helped precipitate the fall of the Soviet Union.

Each of the major players has advantages and disadvantages right now. No one can produce oil as cheaply as Saudi Arabia: It takes just $2.80 to get a barrel out of an existing Saudi Arabian Oil Co. field, compared with about $16 for Exxon Mobil Corp. and more than $20 for Rosneft PJSC. Overheads in this industry can be significant, though. That’s particularly the case with Aramco, which isn’t just an oil company, but an institution almost indistinguishable from the Saudi state itself.

Once you consider the dependence of the Saudi economy on oil production, the best complete measure of Aramco’s overheads is probably the price at which the country’s budget breaks even—and that’s a whopping $83.60 a barrel, which we haven’t seen in more than five years. Russia’s fiscal breakeven is around half that at $42 a barrel, and after sharp improvements in recent years, commercial producers in America’s Permian basin are around the same level.

Of course, at current prices everyone’s losing. Brent dropped as low as $31 a barrel on Monday, and should a prolonged price war set in, it could go lower still. That’s where we have to start thinking about all three players’ ability to endure pain.

What is really going on inside Saudi Arabia?

By Bobby Ghosh

Edward VIII was its titular head.

Instead of causing a severe constitutional crisis since the British government led by Prime Minister Stanley Baldwin was poised to resign if he proceeded with his plan, King Edward chose to abdicate his throne on December 11, 1936. He was given the title the Duke of Windsor and his last official position was Governor of the Bahamas from 1940 to 1945. He and his wife settled in Paris until his death in 1972. After giving up the throne, the Duke of Windsor explained: “I have found it impossible to carry the heavy burden of responsibility and to discharge my duties as king as I would wish to do without the help and support of the woman I love.”

No wonder, some of our presidents have made their job easier by having the love and support of their many women.

of the House of Saud that he would brook no dissent? Could he simply be getting rid of alternate power centers in preparation for his own elevation to the throne? Or were the others indeed actively plotting to block his accession?

There was even some speculation that the roundup was precipitated by King Salman, 84, taking to his death bed. The royal court was compelled to release photographs and video showing the monarch in good health.

The absence of clarity around events of grave national and global importance should alarm foreign governments and investors as much as Saudis—not least after Riyadh launched an oil price war, forcing Brent crude to tumble to $31 a barrel on Monday morning and sparking

panic in global markets. Transparency has never been MBS’s strong suit, and his international standing has been damaged by a series of impulsive and ill-considered decisions.

The crown prince’s ruthlessness has tended to overshadow his credentials as a reformer; if the weekend’s arrests remain unexplained, that perception will only deepen.

It won’t be easy to persuade the world that a coup was in the offing.

After all, MBS controls all of the kingdom’s key security institutions: the military, the intelligence services and the national guard. He has long since purged the government of royals and officials who might be in any position to challenge him. Just months after being named heir, he ordered the detention of scores of princes and

After all, running a budget deficit isn’t the end of the world—indeed, it’s the normal condition for most countries. Credit markets can easily see a solid business through a patch of low prices as long as lenders expect things to recover, and the general risk-averse backdrop means that governments in particular can borrow cheaply.

The yield on Saudi Arabian government bonds maturing in April 2030 is currently 2.38 percent, and in spite of US sanctions Russian 10year bond yields touched a record low of 2.56 percent last week. Thanks to the slump in Libor, investmentgrade energy debt in the US is also quite cheap, with option-adjusted spreads implying a rate of about 2.95 percent at present—but spreads for the junk debt that’s financed so much of America’s shale boom have surged, adding up to about 10.6 percent.

With everyone pumping below their breakeven costs, the winners and losers in this fight are likely to be decided by capital markets, rather than commodity markets.

That probably leaves US producers most vulnerable in the near term. While oil-price hedges and investment-grade balance sheets can provide a cushion for low prices, shareholders have been falling out of love with crude producers for a while. In this environment, they’re unlikely to show much patience for

the likes of Exxon Mobil and Chevron Corp. getting into trench warfare with the Russian and Saudi governments, and life will be even tougher for smaller producers with weaker balance sheets.

The bigger problem for Saudi Arabia is that even a withdrawal of shale production will leave the fragile truce it’s enjoyed with Russia in tatters, just as the prospect of a plateau and peak in oil demand looms ever closer.

Riyadh’s race-to-the-bottom strategy only worked in 1985 because it was the lowest-cost producer. Now, its bloated budget means that it’s one of the highest-cost and shakiest players. It remains embroiled in a costly and brutal military quagmire in Yemen, and on Friday arrested senior royals on the grounds they were plotting a coup.

More than four years after Prince Mohammed Bin Salman began the economic reforms that were intended to diversify the economy’s dependence on crude, the prospect of prices ever returning to fiscal breakeven levels looks even more remote. Even Saudi Aramco shares are now trading below their offer price.

Countries embarking on wars often expect they’ll be over in a few months, only to discover their opponents were stronger than they thought. Should this turn into a prolonged fight, Moscow is unlikely to be the first player to fold.

businessmen. Many were released only after agreeing to sign over large portions of their assets—land, cash and stakes in companies—to the government.

Since then, the crown prince has allowed little room for dissent, whether in royal circles or among the wider populace. Human- and women’s-rights activists have been summarily jailed, and critics abroad have faced intimidation.

There’s also the chilling effect of the murder of the Saudi journalist Jamal Khashoggi: A United Nations investigator has said MBS bears at least some responsibility, and the US Central Intelligence Agency believes that he ordered it.

The two leading princes arrested on Friday appeared to have been in no

position to dislodge MBS. Mohammed bin Nayef, MBS’s predecessor as crown prince, had once controlled many levers of the state, but he’s been confined mostly to his palace for the past three years. Prince Ahmed, the king’s brother, only returned to the kingdom last year after a long spell in exile in London. He wields no real power.

Given their reduced circumstances, these men would have required a sizeable cohort of coconspirators to attempt an overthrow of King Salman and his heir. It’s conceivable that the arrests of the weekend were a precursor to a wider crackdown.

Transparency may not be his modus operandi, but it’s in MBS’s interest— as well as Saudi Arabia’s and the world’s—to make the process open.

A8 Tuesday, March 10, 2020

NCR mayors spring to action on COVID-19

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By Jonathan L. Mayuga @jonlmayuga & Roderick L. Abad @rodrik_28

O allay public fears on the rise of coronavirus cases in the country, the city government of Parañaque has ordered integrated resort owners and managers of Philippine Offshore Gaming Operators (POGOs) to immediately report this week to the City Health Office (CHO).

Mayor Edwin Olivarez issued a red alert status to their health personnel down to the barangay level on the spread of COVID-19 after the Department of Labor and Employment reported that Pogo workers continue to increase this year.

He assured the public, though, that there is no suspected coronavirus case yet in the city, which hosts 19 Pogo offices with 6,000 to 7,000 workers to date.

Other areas in the National Capital Region (NCR) were not so lucky, and reported cases were confirmed by their local officials, who quickly sprang to action to prevent the 2019

coronavirus disease from rising.

The cases rose to 10 over the weekend, prompting local government units (LGUs) to step up efforts to address the public health emergency.

Malacañang earlier declared the entire country under a state of public health emergency with the confirmation of local transmission last week.

LGUs told: Activate Task Forces

Interior Secretar y Eduardo Año has ordered LGUs to immediately activate their respective COVID-19 Task Forces in light of

Bill filed to criminalize bulk cash smuggling

By Jovee Marie N. dela Cruz

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@joveemarie

OLLOWING the entry of billions worth of cold cash, lawmakers on Monday filed House Bill 6516 criminalizing the cash smuggling into or out of the Philippines.

HB 6516 or the Anti-Bulk Cash Smuggling was filed by House Committee on Ways and Means Chairman Joey Sarte Salceda, and the committee’s vice chairmen Estrellita Suansing and Sharon Garin, Muntinlupa Rep. Rozzano Rufino Biazon and Marikina Rep. Stella Quimbo.

The bill criminalizes bulk cash

smuggling, ensuring that the evasion of a paper trail for cash transfers is not tolerated under the law.

It expands the coverage of the Anti-Money Laundering Act of 2001 (Amla) to include one-time cash transports of more than P500,000 at any one time. This also empowers the Anti-Money Laundering Council (AMLC) to define a cumulation of closely related events that would constitute “one time.”

The measure, likewise, includes the Bureau of the Treasury, through the Treasurer of the Philippines, in the AMLC to facilitate counterpartto-counterpart cooperation, as

EASTERLIES AFFECTING THE COUNTRY as of 4:00 pm - March 9, 2020

many countries’ anti-money laundering efforts are spearheaded by their Secretaries or Ministers of the Treasury.

It also provides for the forfeiture in favor of the Philippines of assets related to cash smuggling.

The bill also makes “escorting” cash smugglers illegal as part of the criminalization of the conspiracy to smuggle cash. It also makes declarations of cash transport amounts “under oath,” effectively making any misdeclaration perjurious.

The bill mandates AMLC representative in airports, develops a rapid-reporting mechanism be-

tween authorities and AMLC, while expanding AMLC’s powers of surveillance over airports and ports.

“Bulk cash smuggling is a serious national security risk as much as it is a risk to the country’s institutions.

Bulk cash smuggling suspected to be in the billions of pesos are enough to shift political fortunes and corrupt institutions in the country, facilitating crime and other illegal activities,” said Salceda.

In 2019, Salceda said only about 1,015 tourists declared to have brought in more than $10,000 out of the 12 million foreign arrivals the same year. “Among these declared bulk foreign currency imports, about P28.6 billion were brought in by four groups—Rodriguez group, Philippine Offshore Gaming Operators (POGO), Singaporean and Chinese groups—and yet, authorities were unable to obtain sufficient information about the source, purpose, or destination of these funds,” he added.

Sa lceda said the more the cou nt r y ’s f i n a nc i a l aut hor i ties—including the Department of Finance, the Bangko Sentral ng Pilipinas and the AMLC—are unable to respond to bulk cash smuggling decisively, the greater becomes the risk of the country being delisted from the Financial Action Task Force (FATF) for being a high-risk base for terrorism financing and money laundering.

The lawmaker said this delisting would have serious implications on the ability of Philippine financial institutions to expand and do business transnationally, as this would also carry broader dangers to the country’s credit standing internationally, making the country a riskier borrower of funds.

Market. . .

Continued from A1

Losers edged gainers 204 to 30 and 23 shares were unchanged.

All other subindices ended lower with the Financials index becoming the biggest loser, sinking 8.5 percent or 136.60 points to 1,459.63 points, the broader All Shares index fell 224.33 to 3,815.22, the Industrial index plunged 515.88 points to 7,598.19, the Holding Firms index shed 409.88 to 6,202.38, the Services index declined 89.15 to 1,241.39, the Mining and Oil index lost 380.96 to 5,900.75, and the Property index was down 217.92 to 3,466.95.

Property developer Ayala Corp. was the day’s top traded and it fell P1.85 to close at P37.75; parent firm Ayala Corp. declined P41.50 to P604; SM Prime Holdings Inc. shed P2.45 to P36.10; BDO Unibank Inc. dropped P10.50 to P131; SM Investments Corp. was down P40.50 to P902.50 and Metro Pacific Investments Corp. sank P0.14 to P3.48.

recent developments.

The DILG also included COVID-19 among the top issues for the Barangay Assembly 2020 this month.

Año, in a statement, said the measures being taken to prevent the spread of COVID-19 in the community would be answered in the Barangay Assembly, underscoring the need for village leaders to inform their constituents on how to avoid contracting the deadly diseases.

Taguig City: Remain calm, avoid crowded places

Mayor Lino S. Cayetano of Taguig

said the city’s COVID-19 Task Force is working pursuant to its incident management system. This as the mayor confirmed the first COVID-19 case, an employee in Bonifacio Global City.

He said the City Epidemiology and Disease Surveillance Unit (CEDSU) has taken preventive measures, put in place protocols and reached out to the BGC community and various barangays since January.

The LGU put in place reporting and monitoring procedures, and opened up a hotline.

See “Mayors,” A2

IS IT TIME TO LOCK DOWN METRO MLA? DUQUE SAYS NO TO SALCEDA PROPOSAL

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ESPITE the rising cases of coronavirus disease 2019 (COVID-19) in Metro Manila—20 as of Monday afternoon—the Department of Health (DOH) on Monday said there is still no need to lock down the region for now.

Health Secretary Francisco T. Duque III said it is premature to impose the lockdown in the National Capital Region (NCR) since there is still limited community transmission of the disease.

“We will have to wait until there is evidence of sustained community transmission...and that will trigger the community lockdown or community quarantine,” Duque said.

“It is one of the interventions as reflected in our protocol in our fourdoor response strategy,” he said.

He said their other options include class and work suspension, as well as tapping members of the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP) to “complement the effort of our local chief executives and local health officials in the affected communities.”

During the weekend, DOH registered the first case of community transmission of COVID-19, prompting it to issue a Code Red, Sublevel 1 and recommended that President Duterte declare a nationwide state of public health emergency.

Lockdown proposal Albay Rep. Joey Sarte Salceda called for a one week “lockdown” of Metro Manila as a measure to contain the spread of COVID-19.

See “Lock down,” A2

‘Hearing on ABS-CBN franchise too limited’

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S the House of Representatives will start on Tuesday (March 10) its meeting for the franchise renewal of the ABS-CBN Broadcasting Corp., a consumer group on Monday challenged members of Congress to be independent and not be influenced by efforts to deny the network due process. This, as an opposition lawmaker slammed the one-day hearing as a “cosmetic” exercise, expressing doubt about its outcome.

In a statement, Convenor of Bantay Konsumer, Kuryente at Kalsada (BK3) said the House of Representatives should be fair and listen carefully to the pros and cons of each individual or group request to renew ABS-CBN Corp’s franchise.

The BK3 also agreed with the view of Justice Secretary Menardo Guevarra that broadcast companies like ABS-CBN should not be punished with stoppage for lack of congressional action on their franchise renewal bills.

The House has announced that it would conduct its first meeting on Tuesday on the 11 pending bills seeking to renew the franchise of ABS-CBN Broadcasting Corp. A congressional franchise bill needs to be approved by the House of Representatives before it is transmitted to the Senate. The version of the proposed bill approved by both chambers will still need the President’s approval.

Some experts and lawmakers have raised concerns over the House leadership’s lack of sense of urgency and its failure to set hearings on ABS-CBN’s franchise renewal bills despite having been filed as early as 2016.

Limited hearing

Albay Rep. Edcel Lagman said the one-day limited “hearing” on ABSCBN’s franchise renewal by the House Committee on Legislative Franchises appears to be cosmetic and inconsequential.

“It is well-settled in law and jurisprudence that only an applicant which has an existing and valid franchise can secure from NTC a provisional authority or a certificate of public convenience and necessity,” he said.

“Verily, the NTC has no jurisdiction to grant a provisional authority to ABS-CBN after the lapse of its franchise because the inflexible rule is ‘no franchise, no operation,’” he added.

According to Lagman, the merits of the 11 pending renewal bills are not set for deliberation and consideration, even as the principal officers of ABS-CBN Corp. were not called to the hearing to justify the application for renewal.

“The continuation of the socalled hearing was not calendared the following day, March 11, 2020, which is the last session day before Congress adjourns for its Lenten break,” he said.

Earl ier, Cayetano sa id t he meeting would focus on the submission of position papers and to ensure that the National Telecommunications Commission will allow ABS-CBN’s operations pending the approval of its franchise bills.

During the meeting, Cayetano said the panel would also lay down the ground rules to prevent making the hearing a “circus.”

Jovee Marie N. Dela Cruz

www.businessmirror.com.ph

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In the ad material of Notice of filing of application for Alien Employment Permits published on February 29, 2020, the name of Mr. Mwolo, Kitoko under CANON BUSINESS SERVICE CENTRE PHILIPPINES, INC. should have been read as Mr. Mwolo, Fabrice Kitoko and not as published.

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE NCR Regional Office located at 967 Maligaya St., Malate, Manila, within 30 days after its publication.

Please inform DOLE NCR if you have any information on criminal offense committed by the foreign nationals.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

Companies BusinessMirror

www.businessmirror.com.ph

Tuesday, March 10, 2020 B1

SBMA steps up campaign to protect Subic from virus

By Henry Empeño Correspondent

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UBIC BAY FREEPORT— The Subic Bay Metropolitan Authority (SBMA) has added disinfection of offices and public areas to its arsenal of measures to keep the coronavirus disease 2019 (COVID-19) threat at bay.

SBMA Chairman and Administrator Wilma T. Eisma said the Subic agency has started disinfecting facilities and buildings on Sunday in the wake of a confirmed local transmission of COVID-19 Eisma said the disinfection protocol here will be carried out by the SBMA Public Health and Safety Department initially in all SBMA offices and public areas using agents prescribed by the Department of Health (DOH).

“We will be disinfecting SBMA offices, especially the areas and surfaces most often touched by people who do business in our offices. But we also encourage business locators and other Subic stakeholders to do the same,” Eisma said.

“I call on all Subic stakeholders to support this measure because we all need to observe cleanliness and practice proper hygiene in face of heightened coronavirus threat in the country. We need to protect ourselves and keep the Subic community safe,” Eisma added.

President Duterte has declared a state of public health emergency after the DOH raised “Code Red, Sublevel 1” when it confirmed that a new COVID-19 patient did not have recent history of travel to other countries.

“Code Red, sublevel 1” was described as a “preemptive call to ensure national and local government, and public and private health-care providers can prepare for possible increase in suspected and confirmed cases.”

A situation report from the World Health Organization on Sunday indicated a total of 105,596 confirmed cases in over 100 countries.

The DOH said over the weekend that the Philippines has 10 confirmed cases, including one fatality.

In Subic, the virus outbreak had prodded the SBMA to place its ports on heightened alert status as early as the fourth week of January when an epidemic was first reported in Wuhan, China.

Aside from the cruise ships and

A sanitary technician from the Subic Bay Metropolitan Authority (SBMA) sprays liquid disinfectant at the Subic main gate. SBMA cargo vessels that regularly call on Subic, this special economic zone is also host to hundreds of foreign firms, as well as a few online gaming operators with Chinese workers.

Eisma reminded the public that other health safety protocols announced by the SBMA previously will remain in force in the Subic Bay Freeport.

These include the ban on entry of people, ships and aircraft coming from

COVID-hit countries, as well as voluntary quarantine of those who recently traveled abroad and thermal scanning at Subic Bay Freeport gates for foreign visitors.

The Subic agency has also required foreign nationals applying for Alien Employment Permit to submit a medical certificate that he/she has no symptoms indicative of COVID-19 for the past 14 days.

Meralco’s revised power deal TOR out this week

By Lenie Lectura @llectura

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he Manila Electric Co. (Meralco) is likely to release this week the revised terms of reference (TOR) for the competitive bidding of a 1,200-megawatt (MW) power supply contract.

“I hope we can publish this week,” said Meralco President and CEO Ray Espinosa in an interview on Monday when asked for an update of the competitive selection process (CSP), which has been postponed in the past because the Department of Energy (DOE) strongly urged Meralco to relax the TOR in order to attract more participants.

Espinosa said the last issue to be ironed out, which concerns replacement power and outage allowance, was already cleared by

the DOE. “It’s ok with them. There is still outage allowance. They understand it,” said the Meralco official.

Meralco earlier raised to the DOE the concern of one of the bidders, GNPower.

“The concern raised by GNPower was about the obligation for replacement power. They are saying that the generator, prospective bidder, cannot afford to have zero outage allowance.

They are asking for 30 days scheduled maintenance and 15 days forced outage allowance to be reflected in the TOR,” said Espinosa.

The DOE had wanted to impose zero outage to protect consumers from spike in electricity prices.

“We’re raising it to the DOE because they required it, they have their reasons but the bidders are saying, what about the inves-

tors, the power supplier. It was a commercial industry practice before it was changed by the DOE,” he said.

In the previous power supply agreements of Meralco, Espinosa said it is Meralco’s obligation to procure the replacement power and charge that replacement power to consumers within the 30day and 15-day outage allowances. Beyond outage allowance, the power generator is responsible to procure that replacement power at its own risk, explained the Meralco official.

Espinosa said he is pleased with the outcome of the revised TOR. “That’s why it became important to work out a good terms of reference so we’re able to attract more bidders. I think we have a balance and good TOR already, subject to only one clarification, which relates to the replacement power, obligations related to outages. After that, we should be good to go.

We’re confident that with the way the TOR has developed, it will be looked at by potential bidders as good terms of reference and should attract a good number of qualified, serious bidders.”

Among the other revisions include the stacking of capacity of several power plants to meet Meralco’s 1,200-MW supply requirement and include merchant power plants to participate in the CSP. It can be recalled that when Meralco first conducted the CSP for the 1,200-MW greenfield capacity only new power plants were allowed to participate.

Back then, the bids and wards committee declared a failed bidding after only Atimonan One Energy Inc., a unit of Meralco Powergen Corp., submitted its offer. After which, the DOE told Meralco that it must include old and new power plants.

Electricity in Iloilo stable past 9 days—MORE POWER; P.e.c.o. appeals to E.R.C.

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UPPLY of electricity in Iloilo City has been notably stable and reliable for the past nine days since More Electric and Power Corp. (MORE Power) took over certain distribution assets of Panay Electric Co. (Peco), the distribution utility firm said Monday.

MORE Power Project Development Head Engr. Rey Jaleco said that since February 29, when the Iloilo City Sheriff’s Office started implementing the Writ of Possession (WOP) issued by the Iloilo City Regional Trial Court (RTC), four power suppliers have delivered close to 18 million kilowatt-hours of electricity to MORE Power for distribution to the city’s residential, business and industrial power users.

MORE earlier secured power supply agreements (PSAs) with three electricity generation companies—Panay Energy Development Corp., Panay Power Corp. and the Kepco-Salcon Power Corp.— and the power consolidator Wholesale Electricity Spot Market (WESM).

The utility has also deployed technical teams to man the power substations and roving reaction teams all over the city 24/7 to address consumer complaints, which reached almost 1,500 or an average of 205 cases since February 28.

MORE Power said the average length of time for it to restore power service from the time it was informed of the complaint was one hour and 58 minutes, with five minutes the shortest time, and eight hours and 44 minutes the longest.

Moreover, 58 percent of the calls or posts in social media are about the free installation of new electric meters while the rest were about their area having no electricity or light, and concerns about the meter, pole and billing.

The new distribution utility has also replaced eight aged distribution transformers of Peco in three districts, including three in the city proper, two in the Arevalo district and three in Lapaz district.

“In order to ensure continuity of services to the consumers of Iloilo City, MORE Power trouble shooters and line teams are mobilized to provide assistance as may be needed,” MORE Power said.

In line with a congressional directive, MORE Power has hired 61 former Peco employees. MORE Power needs 71 technical and 52 nontechnical people.

MORE Power said these developments are a testament to its commitment to ensure a stable and reliable supply of electricity for Iloilo City’s residents and business community after finally securing its operations permit.

MORE Power President and Chief Operating Officer (COO) Roel Z. Castro personally made the assurance to Iloilo City Mayor Geronimo Treñas.

MORE Power recently secured its

provisional certificate of public convenience and necessity from the Energy Regulatory Commission (ERC), which revoked Peco’s CPCN. MORE Power secured its 25-year franchise from Congress in 2019 while Peco’s franchise expired on January 19, 2019.

Under Republic Act 11212 signed on February 14, 2019, by President Duterte, MORE Power was authorized to take over all distribution assets and other properties whether private or governmentowned so it can distribute electricity in Iloilo City.

Since February 29, MORE Power has been managing all five substations and all electric meters, power lines, poles, transformers, installations, and distribution equipment throughout Iloilo City.

MORE Power said it is ready to submit to the Iloilo City RTC its program for the complete takeover of the distribution facilities in the city, including the time lines on the transition period, accounting, turnover of records like the list of consumers, and documents relevant to the operation of the distribution system, such as the inventory of personal properties under and inventory of real properties already under the possession of MORE Power.

Peco appeals

Meanwhile, Peco has asked the ERC to revoke the provisional CPCN issued to the Razon-led MORE. In a 25-page motion for reconsideration filed before the ERC through lawyer Estrella Elamparo, the power distributor said the commission should reinstate its CPCN for it to continue to perform its mandate to distribute electricity to Iloilo City residents.

The filing of the motion was announced by Peco at a press conference in Manila.

Peco said ERC through its Chairman Agnes T. Devanadera erred when it granted MORE a provisional CPCN considering that the latter’s application was not supported by verified and authenticated documents or affidavits as required by Section 8 of Executive Order 172 which created the Energy Regulatory Board (ERB).

It also claimed that MORE’s application for CPCN was based on “serious” misrepresentation and misapprehension of facts.

Peco added that ERC has no basis in revoking its CPCN considering that MORE has yet to prove its financial and technical capabilities to operate, manage and control its electric distribution system.

Furthermore, Peco said the ERC should not have allowed MORE to source its power requirements from the current power generation suppliers of Peco.

Lenie Lectura, Joel San Juan

IC chief Funa lauds Eternal Plans Fruitas ramps up delivery channel for initiating micro preneed plans with CocoDelivery acquisition

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HIRTY-NINE years after its establishment, Eternal Plans Inc. continues to lead the preneed industry toward full recovery, initiating a renewable memorial life plan known as Life Plan ni Juan that is affordable to lower-income families.

Insurance Commissioner Dennis B. Funa, in a message on the 39th anniversary of Eternal Plans on March 4, expressed “delight that for 39 years and counting, Eternal Plans continues to spearhead moves in leading the preneed industry onwards.”

He cited the company for offering Life Plan ni Juan, thus becoming the first preneed industry member to offer a micro preneed product. “This is a very fitting response to the industry’s desire to offer micro preneed products in addition to the traditional memorial life, pension and

education plans.”

Industry players, he added, recognize that offering more affordable preneed products to the low-income sector will be a boost to the industry’s prospects for growth.

“We fully support this inclination and we are pleased to note that Eternal Plans is at the forefront of this endeavor,” Funa said.

He called on Eternal Plans’ board of directors, officers and staff, and the sales force members to “take pride and joy in our noble mission to serve our countrymen.”

Funa added: “As I always point out to the industry players like you, it is not just consumer products that you are selling.

What you offer our people are peace of mind and the courage to face life’s uncertainties.”

He expressed confidence that with the cooperation and determination of industry players and stakeholders, the pre-need industry is certain to grow stronger and more progressive by developing and providing “more innovative products that will bring a worry-free tomorrow for the Filipino people.”

Eternal Plans was established by Ambassador Antonio L. Cabangon Chua in 1981 as a provider of preneed products that meet the basic needs of Filipinos. Founded initially to offer a memorial life plan complementing the memorial lot business of its sister company Eternal Gardens, it is one of only three preneed companies licensed to offer life, pension and education plans.

The theme of its 39th anniversary celebration was “Paramihin. Palawakin. Panalo sa 2020,” to express its resolve to exert more aggressive efforts to move toward full recovery.

By VG Cabuag @villygc

F

ruitas Holdings Inc. on Monday said it will acquire CocoDelivery as it ramps up its own delivery channel to serve its fresh products to local consumers.

CocoDelivery, initially launched in October 2018, currently delivers fresh coconut water supplied by Fruitas Group Inc. Under its ownership, CocoDelivery’s hotline will expand to be the single delivery hotline of the company’s full product range.

This will include Fruitas fresh fruit juices, Buko Loco, Soy & Bean soy products, De Original Jamaican patties, Sabroso Lechon, among others.

Filipinos are quickly adopting on-demand food delivery services, it said.

“We look forward to #8COCO [Dial #82626]

being the default contact number for Filipinos to order fresh and healthy products for themselves, family and friends. The objective of this acquisition is to deliver products which will nourish our customers’ overall wellness at the convenience of their own homes, place of work or any desired location,” said Fruitas President and CEO Lester Yu. The delivery channel, including its current partnerships with CocoDelivery and Grab, and Sabroso’s own delivery service, currently accounts for a high single digit percentage of the company’s total sales, and it said it intends for this to increase even further. “[The company] expects to immediately realize synergies from this acquisition, maximizing the utilization of the combined motorcycle fleet of Fruitas

and CocoDelivery, and consolidating the marketing of Fruitas’s delivery service,” the company said.

Selected stores within its more than 1,000-strong network will also serve as hubs for fulfilling delivery orders. It said the company will leverage its years of logistics experience from the delivery of both raw and finished materials to its own and franchised stores nationwide.

From a single Fruitas stall opened in 2002, the group ended 2019 with 1,068 stores across the country and over 20 brands in its portfolio. This portfolio includes Fruitas Fresh from Babot’s Farm, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, The Mango Farm, 7,107 Halo Halo Islands, Kuxina, Shou La Mien HandPulled Noodles and Sabroso Lechon.

B2

Companies BusinessMirror

Tuesday, March 10, 2020

PSE STOCK QUOTATIONS

March 9, 2020

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

ASIA UNITED 44.95 49.9 49.75 49.9 43.15 49.9 18,890 844,936.5 42,240 130.7 131 136.5 137.7 131 131 2,696,640 358,373,263 (54,990,548) BDO UNIBANK BANK PH ISLANDS 67 67.6 72 72 67 67 2,586,610 177,543,506.5 (99,536,264) 23 23.4 24.55 24.55 22.7 23.4 223,500 5,291,980 (2,145,235) CHINABANK EAST WEST BANK 9.3 9.7 10.6 10.6 9.3 9.3 1,406,500 13,929,252 (10,228,651) 47.5 47.6 51.5 51.5 47.5 47.5 6,214,870 301,904,536 (148,293,046) METROBANK PB BANK 11.2 11.3 11.22 11.3 11.2 11.2 63,100 712,246 18 20.5 19 19 18 18 22,000 409,210 PBCOM PHIL NATL BANK 26.65 26.9 28 28 26.4 26.9 162,000 4,343,185 2,492,325 46 49.4 50.05 50.05 46 49.5 3,920 184,868.5 4,600 PSBANK RCBC 18.56 19 19.74 19.9 18.52 19 62,000 1,169,972 132.8 135.4 144.9 144.9 127 132.8 914,000 122,716,727 (71,298,149) SECURITY BANK UNION BANK 57.25 57.3 57.45 57.45 57.25 57.25 36,560 2,094,072 17.76 18.34 18 18 18 18 200 3,600 COL FINANCIAL FIRST ABACUS 0.53 0.63 0.53 0.53 0.53 0.53 10,000 5,300 3.07 3.37 3.69 3.69 3.05 3.38 36,000 119,690 FERRONOUX HLDG IREMIT 1 1.09 1.02 1.02 1 1 136,000 136,420 20,100 0.265 0.34 0.355 0.38 0.21 0.265 1,650,000 562,550 190,400 MEDCO HLDG MANULIFE 750.5 829.5 829.5 829.5 829.5 829.5 30 24,885 0.62 0.68 0.71 0.71 0.68 0.68 273,000 189,620 13,000 NTL REINSURANCE PHIL STOCK EXCH 148 150 170 170 148 148 6,840 1,059,637 42,500 1,722 1,774 1780 1,780 1,780 1,780 5 8,900 SUN LIFE VANTAGE 1.1 1.19 1.15 1.18 1.1 1.18 902,000 998,660

INDUSTRIAL AC ENERGY 1.84 1.85 1.99 2.06 1.8 1.85 17,078,000 33,910,290 (1,564,120) ALSONS CONS 1.03 1.1 1.03 1.13 1.02 1.13 116,000 119,150 26.1 26.15 26.8 27 25.5 26.1 1,233,000 32,268,855 (11,711,965) ABOITIZ POWER BASIC ENERGY 0.15 0.2 0.201 0.207 0.19 0.2 870,000 173,680 14.8 15 14.78 15.32 14.3 14.8 5,731,300 85,428,998 3,554,554 FIRST GEN FIRST PHIL HLDG 60.35 60.4 61.05 61.05 59.8 60.4 483,050 29,142,952.5 (7,470,237.5) 258 259 268 268 258 258 225,070 58,392,422 (38,152,172) MERALCO MANILA WATER 10.8 10.88 11.6 11.6 10.5 10.8 7,664,500 84,775,756 (15,253,826) 3.12 3.13 3.3 3.3 3.13 3.13 4,653,000 15,070,850 (1,191,740) PETRON PETROENERGY 3.25 3.77 3.74 3.8 3.74 3.8 19,000 71,230 9.8 10.18 10.24 10.24 10 10.18 49,100 499,326 PHX PETROLEUM PILIPINAS SHELL 24.5 24.8 26.05 26.05 24.5 24.5 402,200 10,162,500 (3,264,250) 8.4 8.41 8.85 8.87 8.25 8.4 238,700 2,016,460 415,500 SPC POWER AGRINURTURE 6.52 6.89 6.85 7.1 6.5 6.89 1,283,800 8,890,276 (5,580,982) 1.94 1.95 2.27 2.27 1.92 1.94 5,040,000 10,364,760 (823,530) AXELUM CNTRL AZUCARERA 14.22 15.4 14.4 15.44 14.22 14.22 900 12,992 14 14.06 14.3 14.3 13.98 14 4,689,100 65,651,410 22,669,380 CENTURY FOOD DEL MONTE 3.4 3.6 4 4 3.5 3.6 43,000 153,300 (66,780) 6.19 6.2 6.45 6.46 6.05 6.2 2,756,600 16,972,442 (1,164,251) DNL INDUS EMPERADOR 8.08 8.09 8.09 8.1 8.04 8.09 6,036,800 48,653,816 9,255,658 63.5 68.5 68.85 68.85 63.05 68.5 266,890 18,071,674.5 (3,141,049.5) SMC FOODANDBEV ALLIANCE SELECT 0.6 0.61 0.61 0.61 0.6 0.6 1,504,000 905,750 12,000 1.29 1.3 1.59 1.6 1.28 1.3 50,058,000 73,866,380 (1,047,760) FRUITAS HLDG GINEBRA 33.05 35.5 32.35 35.75 32.1 35.7 16,400 541,480 191,450 163 163.3 170 170.1 161.5 163 1,144,100 186,996,783 (22,324,880) JOLLIBEE MAXS GROUP 7 7.21 7.99 8.04 6.75 7 263,800 1,910,921 65,746 1.66 1.71 1.77 1.79 1.66 1.66 923,000 1,582,920 (611,960) PEPSI COLA SHAKEYS PIZZA 7.38 7.43 7.54 7.56 7.38 7.43 195,600 1,454,641 (572,040) 1.28 1.32 1.4 1.4 1.28 1.28 451,000 589,360 ROXAS AND CO RFM CORP 4.92 5 5 5 4.91 5 8,800 43,436 1.5 1.61 1.5 1.5 1.5 1.5 77,000 115,500 ROXAS HLDG SWIFT FOODS 0.115 0.12 0.116 0.116 0.115 0.115 1,040,000 120,400 121.8 124.5 130.3 130.6 121.8 121.8 819,520 103,014,234 (13,418,083) UNIV ROBINA VITARICH 1.05 1.06 1.15 1.15 1.04 1.05 5,734,000 6,119,300 (2,120) 2.42 2.55 2.4 2.55 2.4 2.42 191,000 462,720 333,600 VICTORIAS CONCRETE A 56 59 58.85 58.85 56 56 800 46,203 50.5 56 59.4 59.4 56 56 1,330 76,246 CONCRETE B CEMEX HLDG 1.05 1.06 1.18 1.18 1.02 1.05 14,848,000 15,763,800 (1,445,410) 9.08 9.54 10.18 10.2 9 9.08 329,500 3,217,218 1,577,670 EAGLE CEMENT EEI CORP 6.02 7 7.68 7.68 7 7 103,000 731,196 (3,933) 12.64 13.24 13.34 13.36 12.5 13.24 1,212,300 16,087,344 5,903,776 HOLCIM 11.18 11.8 11.6 11.8 11 11.8 1,450,000 16,819,418 (5,455,108) MEGAWIDE PHINMA 8.84 8.98 9.32 9.32 8.8 8.98 64,500 585,122 0.78 0.8 0.82 0.85 0.8 0.8 88,000 72,070 TKC METALS VULCAN INDL 0.78 0.79 0.88 0.89 0.78 0.79 2,309,000 1,922,200 40,000 150.2 180 160 180 160 180 50 8,250 CHEMPHIL CROWN ASIA 1.79 1.8 1.9 1.9 1.77 1.77 209,000 396,130 2.75 2.76 3.9 3.94 2.7 2.75 16,896,000 57,460,430 (311,260) EUROMED LMG CHEMICALS 4.51 4.89 4.6 4.98 4.6 4.98 11,000 50,980 2.86 3.34 3.1 3.34 2.86 3.34 25,000 75,550 MABUHAY VINYL PRYCE CORP 4.5 4.75 4.62 4.62 4.5 4.5 387,000 1,762,020(1, 131,399.9997) 28 31 28.85 28.85 28.5 28.5 500 14,285 CONCEPCION GREENERGY 1 1.02 1.13 1.13 1.01 1.02 5,955,000 6,392,090 3,246,690 4.29 4.4 4.48 4.48 4.28 4.29 514,000 2,236,570 (194,380) INTEGRATED MICR IONICS 1.01 1.15 1.11 1.2 1 1.15 367,000 396,030 (70,430) 0.81 0.83 0.95 0.95 0.81 0.81 1,585,000 1,385,020 25,700 SFA SEMICON CIRTEK HLDG 5.92 6 6.13 6.24 5.5 6 1,968,500 11,688,445 18,710

HOLDING & FRIMS

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

0.58 8.17 604 41.85 9.9 1.93 6.1 0.61 0.83 0.85 6.06 5.15 3.2 1.82 0.216 612 4.31 63.1 5.8 5.23 5.51 0.455 3.69 7.06 0.55 3.48 3.76 0.94 2.52 0.9 151 901 120.1 0.72 1.59 140 0.205 0.132

0.59 8.99 607.5 42.9 9.91 1.94 6.56 0.67 0.84 0.9 6.08 5.16 4.07 5.18 0.229 646 4.58 63.2 6.38 6.25 6.84 0.465 3.76 7.09 0.59 3.49 4 0.99 2.94 0.92 165 902.5 125 0.73 2.38 154 0.226 0.147

0.67 9.65 630 43 9.86 2.09 6.1 0.69 0.88 0.88 6.21 5.33 3.25 3.81 0.216 700 4.31 66.1 6.38 5.23 5.51 0.46 3.69 7.8 0.55 3.48 4.05 1.04 2.62 0.97 160 910 125.5 0.83 2 148.1 0.205 0.156

0.67 9.69 635 44.1 9.93 2.09 6.1 0.69 0.88 0.88 6.21 5.33 3.25 3.81 0.216 700 4.58 68 6.38 5.23 5.51 0.47 3.69 7.8 0.6 3.54 4.05 1.04 2.62 0.97 160 910.5 125.5 0.83 2 154 0.225 0.156

0.58 8 590 41.35 9.73 1.92 6.1 0.6 0.8 0.8 5.9 5.05 3.25 3.8 0.216 612 4.31 63 6.38 5.23 5.51 0.46 3.68 7 0.55 3.39 3.76 1.01 2.58 0.88 160 895 119.4 0.72 2 140 0.205 0.131

0.59 8.99 604 41.85 9.9 1.94 6.1 0.6 0.84 0.82 6.06 5.15 3.25 3.8 0.216 612 4.31 63.2 6.38 5.23 5.51 0.465 3.69 7.06 0.6 3.48 3.76 1.01 2.58 0.92 160 902.5 125 0.73 2 154 0.225 0.132

12,551,000 7,781,420 36,200 324,111 813,490 491,354,310 1,017,500 43,050,875(26 21,813,400 215,059,465 1,066,000 2,090,520 31,300 190,930 542,000 355,500 2,365,000 1,948,830 361,000 295,160 2,450,900 14,765,248 12,974,000 67,037,665 5,000 16,250 8,000 30,440 200,000 43,200 246,000 163,653,605 12,000 51,990 2,133,330 137,692,781.5 ( 350,000 2,233,000 700 3,661 160,400 883,804 130,000 60,100 1,515,000 5,589,840 1,266,500 9,085,853 82,000 45,150 96,032,000 333,512,560 17,000 67,350 14,000 14,440 37,000 95,790 663,000 598,410 50 8,000 394,060 355,365,610 160,300 19,532,474 2,365,000 1,810,080 65,000 130,000 2,060 302,473 170,000 35,050 3,680,000 521,870

273,250 (126,203,455) ,574,025.0003) 63,010,838 30,500 185,440 77,600 (164,000) 3,107,890 (26,635,669) (16,863,415) (21,820) 53,473,042.5) 2,233,000 (4,700) (132,830) (1,786,773) 19,755,730 24,000 (568,000) 15,123,485 (8,333,456) (13,220) 177,720 72,000

PROPERTY ARTHALAND CORP 0.6 0.64 0.7 0.7 0.6 0.6 4,859,000 3,029,450 5,760 ANCHOR LAND 7.11 8.99 9.49 9.49 8.99 9 10,500 94,730 37.75 37.9 38 38.85 37.3 37.75 13,538,400 513,670,370 42,684,205 AYALA LAND ARANETA PROP 1.3 1.33 1.32 1.32 1.25 1.3 260,000 334,950 25,400 1.58 1.59 1.6 1.6 1.53 1.58 3,358,000 5,244,730 1,658,830 BELLE CORP A BROWN 0.69 0.7 0.8 0.8 0.7 0.7 19,813,000 14,825,210 16,150 0.152 0.153 0.161 0.161 0.153 0.153 4,620,000 734,110 CROWN EQUITIES CEBU HLDG 6.05 6.2 6.39 6.39 6.39 6.39 100 639 4.34 4.35 4.5 4.5 4.16 4.34 385,000 1,660,800 CEB LANDMASTERS CENTURY PROP 0.455 0.48 0.485 0.485 0.45 0.475 3,700,000 1,711,800 8,700 0.3 0.31 0.315 0.315 0.3 0.3 1,730,000 526,800 15,250 CYBER BAY DOUBLEDRAGON 16 16.5 17.14 17.2 15.5 16.5 1,027,800 16,566,080 2,469,670 7.6 7.8 8.2 8.2 7.22 7.8 359,700 2,815,498 543,672.0002 DM WENCESLAO EMPIRE EAST 0.35 0.365 0.36 0.36 0.345 0.36 1,750,000 617,700 1.12 1.15 1.2 1.2 1.1 1.12 16,396,000 18,406,260 (11,227,360) FILINVEST LAND GLOBAL ESTATE 0.92 0.93 0.97 0.97 0.93 0.93 802,000 754,920 14.1 14.18 14.1 14.2 14.1 14.1 1,841,000 26,007,898 (176,298) 8990 HLDG PHIL INFRADEV 0.75 0.77 0.9 0.9 0.71 0.75 5,749,000 4,787,060 18,900 0.7 0.75 0.71 0.75 0.71 0.75 21,000 14,950 CITY AND LAND MEGAWORLD 3.2 3.25 3.3 3.35 3.19 3.2 46,431,000 149,454,240 30,987,950 0.155 0.159 0.18 0.184 0.155 0.155 14,970,000 2,499,460 160,000 MRC ALLIED PHIL ESTATES 0.365 0.38 0.4 0.4 0.36 0.365 25,960,000 9,865,150 73,200 2.04 2.05 2.05 2.06 2.04 2.05 2,666,000 5,461,690 PRIMEX CORP ROBINSONS LAND 20 20.5 23 23.15 20 20 1,552,900 32,494,875 (13,174,380) 0.27 0.28 0.33 0.33 0.27 0.27 1,600,000 452,050 9,000 PHIL REALTY ROCKWELL 1.83 1.88 1.91 1.91 1.88 1.88 602,000 1,145,120 2.98 3.02 3 3 2.98 2.98 50,000 149,660 SHANG PROP STA LUCIA LAND 2.19 2.33 2.33 2.35 2.2 2.33 303,000 687,700 36.1 36.85 38.5 38.5 36.1 36.1 10,635,500 391,454,170 (83,755,565) SM PRIME HLDG VISTAMALLS 4.6 4.9 4.88 4.9 4.01 4.9 49,000 230,320 1.39 1.4 1.58 1.58 1.4 1.4 8,455,000 12,123,120 (1,136,000) SUNTRUST HOME VISTA LAND 6.21 6.25 6.41 6.5 6.2 6.25 16,843,400 105,260,421 (2,721,164)

SERVICES ABS CBN 19.4 19.42 21 21.1 19.1 19.4 749,600 14,702,027 GMA NETWORK 5.12 5.13 5.25 5.25 5.12 5.13 961,800 4,999,929 0.405 0.41 0.47 0.47 0.41 0.41 3,200,000 1,347,150 MANILA BULLETIN GLOBE TELECOM 1,750 1,751 1818 1,821 1,750 1,750 27,545 48,915,975 (11,720,535) 1,021 1,029 1030 1,030 1,011 1,021 149,345 152,396,770 (90,833,220) PLDT APOLLO GLOBAL 0.042 0.044 0.046 0.046 0.043 0.044 11,300,000 507,400 3.98 3.99 3.4 3.98 3.4 3.98 39,000 148,840 107,460 DFNN INC ISLAND INFO 0.087 0.09 0.092 0.092 0.087 0.087 2,190,000 194,200 46,980 1.41 1.42 1.52 1.53 1.38 1.41 35,073,000 50,675,490 (388,710) ISM COMM JACKSTONES 1.43 2.03 1.73 1.9 1.73 1.9 5,000 8,820 1.6 1.61 1.9 1.9 1.53 1.6 4,618,000 7,685,500 406,960 NOW CORP TRANSPACIFIC BR 0.18 0.195 0.201 0.201 0.18 0.18 2,790,000 516,650 160,200 1.98 1.99 2.29 2.29 1.9 1.98 1,788,000 3,716,940 (10,480) PHILWEB 2GO GROUP 6.9 7 8 8 6.9 6.9 80,900 577,418 (4,350) 3 3.03 3.51 3.51 2.98 3 2,083,000 6,352,760 246,000 CHELSEA CEBU AIR 66.4 68 71.3 71.3 66.3 66.4 281,570 19,259,729 (5,408,648.5) 89 89.5 97 98 87.3 89 2,333,070 210,236,202.5 ( 49,030,377.5) INTL CONTAINER LBC EXPRESS 11.92 12.8 12.5 12.8 12.48 12.8 10,200 127,970 0.81 0.9 0.84 0.92 0.84 0.92 79,000 67,880 LORENZO SHIPPNG MACROASIA 7 7.02 7.89 7.89 7 7 1,311,500 9,650,607 (185,955) 2.1 2.15 2.77 2.82 2.1 2.1 10,650,000 25,323,420 METROALLIANCE A METROALLIANCE B 2.25 2.26 2.77 2.77 2.21 2.26 172,000 406,470 6.34 6.48 6.5 6.8 6.3 6.48 12,000 77,222 21,650 PAL HLDG HARBOR STAR 0.86 0.88 1 1 0.85 0.86 1,285,000 1,173,170 940 1.3 1.38 1.33 1.39 1.3 1.39 102,000 133,120 ACESITE HOTEL BOULEVARD HLDG 0.031 0.032 0.034 0.034 0.03 0.031 5,900,000 189,700 9.86 12.64 9.9 13.5 9.9 12.64 4,300 49,884 GRAND PLAZA WATERFRONT 0.52 0.53 0.54 0.54 0.51 0.52 2,533,000 1,310,360 111,690 800.5 829.5 805 805 800 800 240 192,215 104,065 FAR EASTERN U IPEOPLE 7.16 8.07 7.16 8.1 7.16 8.1 700 5,106 0.45 0.48 0.51 0.51 0.44 0.45 1,722,000 801,860 (107,400) STI HLDG BERJAYA 2.22 2.29 2.45 2.45 2.21 2.3 214,000 493,570 (2,450) 7.08 7.11 7.34 7.46 6.87 7.11 5,348,500 37,998,614 1,620,596 BLOOMBERRY PACIFIC ONLINE 1.85 1.93 1.94 1.94 1.86 1.93 17,000 32,200 1.55 1.68 1.78 1.78 1.53 1.53 326,000 520,360 LEISURE AND RES PH RESORTS GRP 4 4.6 4 4.55 4 4.55 6,000 26,740 0.38 0.4 0.445 0.445 0.37 0.38 8,920,000 3,625,950 472,350 PREMIUM LEISURE PHIL RACING 7.98 8 7.98 7.98 7.98 7.98 9,300 74,214 9.7 9.8 9.6 9.8 9.02 9.8 1,247,100 11,844,400 (24,672) ALLHOME METRO RETAIL 1.52 1.53 1.57 1.57 1.45 1.52 4,394,000 6,551,190 4,300,320 32.65 34.05 33.4 34.05 32.2 34.05 1,954,600 63,951,200 (3,606,885) PUREGOLD 57 58 60.15 60.15 56.7 57 584,510 33,928,087.5 2,775,553 ROBINSONS RTL PHIL SEVEN CORP 148.5 155 148 158 148 150 17,190 2,586,623 473,438 1.51 1.55 1.67 1.67 1.49 1.51 3,904,000 5,909,020 515,910 SSI GROUP WILCON DEPOT 17.3 17.34 17.92 17.92 16 17.3 2,883,800 48,959,358 4,276,642 0.375 0.38 0.4 0.405 0.37 0.375 4,680,000 1,765,550 (11,250) APC GROUP EASYCALL 6.2 6.4 6.97 6.97 6 6.5 19,900 127,309 383.6 402.8 404 429 390 403 84,440 34,598,352 (212,000) GOLDEN BRIA IPM HLDG 5.02 5.4 5.4 5.4 5.05 5.05 18,000 92,020 2.03 2.89 2.66 2.89 2.65 2.89 16,000 42,680 PAXYS PRMIERE HORIZON 0.235 0.245 0.265 0.265 0.235 0.235 5,520,000 1,376,410 12,800 7.07 8.1 8.25 8.25 7.05 7.05 14,900 114,825 SBS PHIL CORP

MINING & OIL ATOK 9.51 10.48 10.68 10.68 10.56 10.56 12,200 129,260 APEX MINING 0.92 0.93 1.03 1.05 0.89 0.93 3,839,000 3,673,260 19,530 0.0011 0.0012 0 0.0012 0.0013 0.0011 0.0011 363,000,000 433,600 (1,200) ABRA MINING ATLAS MINING 2.1 2.29 2.29 2.3 2.1 2.1 90,000 196,750 1.15 1.2 1.17 1.17 1.17 1.17 50,000 58,500 BENGUET A BENGUET B 0.91 1.1 1.1 1.1 1.1 1.1 4,000 4,400 4,400 0.27 0.28 0.275 0.28 0.26 0.28 920,000 245,700 COAL ASIA HLDG CENTURY PEAK 2.4 2.6 2.68 2.68 2.4 2.6 4,036,000 10,571,020 1,848,050 6.03 6.05 6.4 6.4 5.99 6.05 93,400 561,967 DIZON MINES FERRONICKEL 0.65 0.7 0.81 0.81 0.65 0.65 23,142,000 16,419,890 (11,786,790) 0.193 0.194 0.199 0.199 0.194 0.194 290,000 56,510 GEOGRACE LEPANTO A 0.08 0.085 0.088 0.089 0.085 0.085 4,130,000 362,130 0.072 0.087 0.088 0.088 0.087 0.087 2,830,000 248,880 78,320 LEPANTO B MANILA MINING A 0.007 0.0074 0 0.0072 0.0072 0.0072 0.0072 3,000,000 21,600 0.55 0.56 0.58 0.58 0.56 0.56 169,000 96,330 MARCVENTURES NIHAO 0.83 0.91 0.95 0.95 0.84 0.84 1,800,000 1,560,090 1.94 1.96 2.07 2.07 1.93 1.94 11,012,000 21,512,830 (2,274,500) NICKEL ASIA OMICO CORP 0.3 0.42 0.425 0.425 0.4 0.42 1,130,000 453,500 0.52 0.53 0.61 0.61 0.52 0.58 414,000 236,440 ORNTL PENINSULA PX MINING 2.6 2.76 2.85 2.85 2.6 2.6 2,032,000 5,583,140 5,410 18.98 19 19.1 19.2 18.8 19 1,846,700 35,081,486 (4,351,824) SEMIRARA MINING ACE ENEXOR 6.21 6.76 7.1 7.5 6.24 6.76 1,009,300 6,851,466 (86,711) 0.0086 0.0092 0 0.0091 0.0091 0.009 0.009 8,000,000 72,100 ORNTL PETROL A ORNTL PETROL B 0.009 0.01 0.01 0.01 0.009 0.009 8,000,000 76,000 0.008 0.0089 0.008 0.008 0.008 0.008 3,000,000 24,000 PHILODRILL PXP ENERGY 5.01 5.05 5.9 5.9 5 5.05 1,416,300 7,441,459 ( 372,795.0001)

PREFFERED

HOUSE PREF A 100 100.5 100 100 100 100 29,000 2,900,000 AC PREF B1 500 504 500 500 500 500 1,910 955,000 495 502 500 500 495 495 2,020 1,006,540 4,970 AC PREF B2R CPG PREF A 102 102.9 103 103 102 102 3,900 400,700 101 102 101 103 101 101 62,060 6,269,030 (3,030,000) DD PREF FGEN PREF G 105 108.2 105 108.2 105 108.2 14,340 1,505,733 502 505 502 502 502 502 210 105,420 GLO PREF P GTCAP PREF B 990 1,000 1000 1,000 1,000 1,000 3,020 3,020,000 99.95 100 100 100.1 99.95 100 22,980 2,298,350 MWIDE PREF PNX PREF 4 1,026 1,030 1031 1,044 1,030 1,030 6,040 6,222,510 (103,100) 1,010 1,035 1010 1,010 1,010 1,010 1,385 1,398,850 PCOR PREF 2B PCOR PREF 3A 1,041 1,045 1042 1,048 1,041 1,041 10,550 10,988,000 1,060 1,070 1070 1,070 1,060 1,060 2,955 3,137,100 PCOR PREF 3B SMC PREF 2C 77.8 77.85 77.8 78 77.8 77.85 5,580 434,607.5 75.15 75.75 75.8 75.8 75.8 75.8 2,520 191,016 SMC PREF 2D SMC PREF 2E 75.3 76.35 76 76.4 76 76.4 13,400 1,023,360 77.25 77.4 77.25 77.4 77.2 77.4 39,700 3,068,920.5 SMC PREF 2F SMC PREF 2G 75.2 76 75.3 75.4 75.1 75.1 14,700 1,105,870 76.3 76.4 76.3 76.3 76.3 76.3 14,500 1,106,350 SMC PREF 2H SMC PREF 2I 76 76.2 76.2 76.2 76 76 4,630 352,106 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

16.12 4.95

17 5

17.5 5.02

17.5 5.02

16.12 4.95

16.12 4.95

781,300 559,100

13,105,592 2,778,177(2,

WARRANTS LR WARRANT 0.76 0.95 1.02 1.02 0.95 0.95 6,000 5,770

SMALL & MEDIUM ENTERPRISES

ITALPINAS KEPWEALTH MAKATI FINANCE XURPAS

2.08 6.8 2.01 0.61

2.18 6.95 2.29 0.62

2.4 8.3 2.3 0.7

2.4 8.3 2.3 0.7

2.08 6.8 2.29 0.59

2.1 6.8 2.29 0.62

691,000 146,800 2,000 4,586,000

1,528,700 1,088,552 4,590 2,890,550

EXHANGE TRADE FUNDS FIRST METRO ETF

95.6

97

102

102

90

95.6

204,370

19,457,895

(0) 577,475.9997) (128,790) (8,050,543.5)

www.businessmirror.com.ph

CLI signs P8-B facility to fund land purchases in new areas

C

EBU Landmasters Inc. (CLI) on Monday said it signed an P8-billion corporate notes facility agreement to finance strategic land acquisitions in new expansion areas of Puerto Princesa, Leyte, Butuan and General Santos, as well as cities where it already operates; namely Cebu, Bohol, Bacolod, Cagayan de Oro and Davao.

“Part of the proceeds will also fund the development of a 22-hectare central business district hub in Matina, Davao,” the company said in its disclosure to the Philippine Stock Exchange.

The issue, which was oversubscribed, consists of five-year corporate notes amounting to P1.3 billion; seven-year corporate notes amounting

to P5.7 billion; and 10year corporate notes amounting to P1.0 billion.

Bank of the Philippine Islands, China Banking Corp., Development Bank of the Philippines, Land Bank of the Philippines, Rizal Commercial Banking Corp. and Social Security System participated in the offer. VG Cabuag

Smart’s VoWiFi, enabling users to make, take calls sans cell signal, begins rollout

S

MART Communications Inc. said on Monday that it has begun the commercial rollout of its voice-over-Wi-fi service (VoWiFi), which enables users to make and receive calls even without cellular signals.

The service, which will be initially limited to its postpaid subscribers, is available in select devices that have VoWiFi technology, such as Samsung and Huawei flagship and mid-range devices.

In a way, Smart said this technology lets customers experience “extended network coverage.” Calls made through this technology will

be charged to the active subscription of customers.

This technology also works even if the WiFi signal is not from Smart or its affiliates.

VoWiFi also promises “improved calling and messaging experience.”

Earlier last year, Smart activated its voice-over-LTE service in its 4G sites in Metro Manila. VoLTE allows users to make calls using 4G connections. This removes the need of the handset to shift from 4G connection to 3G or 2G in order to make a call, giving the customers a better user experience.

Lorenz S. Marasigan

Be wary of gas peaking plants—party-list group

By Jovee Marie N. dela Cruz @joveemarie

P

arty-list group Alyansa ng mga grupong haligi ng Agham at Teknolohiya para sa Mamamayan (Agham) on Monday warned the public against the dangers of gas peaking plants.

The group said its study discovered that fueling gas peaker plants with natural gas affects the climate twice. Agham President Angelo B. Palmones said these recent findings on gas peaking plants reinforce their previous statements explaining that liquefied natural gas (LNG) is not clean, and not a bridge to cleaner energy.

“As we continued our studies into the topic, it was discovered that fueling gas peaker plants with natural gas affects our climate twice. Most obviously, by the carbon pollution that rises from the smokestack at the plant,” he said in a statement.

“But as [American environmentalist] Bill McKibben writes, any methane that escapes unburned into the atmosphere on the way to the power plant warms the planet very effectively that if you leak more than 2 or 3 percent, it’s worse for climate change than coal. Gas is not 100 percent green, as some companies want the public to believe, and it is not exactly ‘good’ power,” he added.

Last month, Agham said that the Philippines should not invest too much on natural gas because, unknown to many, this is also harmful to the environment and not true clean energy as some corporations would have consumers believe.

In the Philippines, Palmones said the biggest thing the people can do to reduce methane emissions is to reduce the use of natural gas.

“It’s complicated, but basically

the leak rate is a percentage of total consumption, so leaks increase [or decrease] when natural-gas consumption goes up [or down],” he said.

“Until industry acts to stop the leaks, more natural-gas consumption means more methane in our atmosphere, and an acceleration of global warming. We have to put a stop to adding more gas power plants immediately, as this is hazardous to our environment,” he added.

Palmones also said his group was “greatly worried” about the results and findings in Southeast America, where it was detailed in cleanenergy. org how gas peaking plants resulted in huge costs that are passed directly to customers.

“The fuel expenses at the 14 plants listed in the article increased from an average of $357 million per year to $567 million in 2016, despite fuel prices dropping from $65 to $42 per MWh. So the answer to this mystery is literally a $210-million question,” he said, citing cleanenergy.org.

Citing the online research, Agham noted that carbon emissions are also up. Carbon-dioxide emissions from gas peakers increased from an average of 9.4 to 16.7 million tons in 2016.

“For comparison, total carbon emissions in 2016 from Southeastern utilities were 428 million tons. The 2016 carbon total was the lowest of the modern era [carbon-dioxide emissions in 2010 were 530 million tons], but if natural gas combined cycle plants had been used instead of peakers, roughly 2 million tons of carbon emissions could have been avoided,” the group said.

Agham referred to methane as CO2 on steroids, as it spends roughly 12 years trapping atmospheric heat 87 times more effectively than CO2, then it becomes CO2 itself.

mutual funds

March 9, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds Primarily invested in Peso securities ALFM Growth Fund, Inc. -a 219.78 -16.39% -4.68% -5.1% -12.75% ATRAM Alpha Opportunity Fund, Inc. -a 1.0971 -31.32% -7.73% -7.48% -20.62% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0703 -25.42% -8.74% -7.46% -16.53% Climbs Share Capital Equity Investment Fund Corp. -a 0.7601 -18.79% n.a. n.a. -15.27% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7473 -13.21% n.a. n.a. -12.01% First Metro Save and Learn Equity Fund,Inc. -a 4.683 -14.79% -2.96% -4.78% -12.11% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.7368 -15.57% -6.93% n.a.

-13.68% MBG Equity Investment Fund, Inc. -a 90.33 -27.99% n.a. n.a. -12.58% PAMI Equity Index Fund, Inc. -a 44.3645 -14.34% -2.86% n.a. -13.49% Philam Strategic Growth Fund, Inc. -a 467.27 -13.91% -3.23% -4.29% -12.3% Philequity Alpha One Fund, Inc. -a,d,8 0.9521 n.a. n.a. n.a.

-7.57% Philequity Dividend Yield Fund, Inc. -a 1.1269 -13.85% -2.77% -3.5% -12.43% Philequity Fund, Inc. -a 33.088 -14.2% -1.87% -3.33% -12.69% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.8931 -13.12% n.a. n.a. -12.28% Philequity PSE Index Fund Inc. -a 4.5231 -13.64% -2.13% -2.73% -13.41% Philippine Stock Index Fund Corp. -a 755.15 -13.61% -2.19% -2.91% -13.41% Soldivo Strategic Growth Fund, Inc. -a 0.7126 -21.59% -5.82% -6.67% -16.3% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6138 -16.04% -2.74% -3.6% -14.14% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8665 -13.83% -2.36% n.a. -13.42% United Fund, Inc. -a 3.2173 -12.35% -0.31% -1.71% -11.93% Exchange Traded Fund -2.01% -13.35% First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 101.3416 -13.31% -1.56% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $0.9598 -4.99% 1.99% -0.94% -6.67% Sun Life Prosperity World Voyager Fund, Inc. -a $1.319 5.63% 6.55% n.a. -4.33% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4988 -12.44% -4.42% -5.29% -4.1% ATRAM Philippine Balanced Fund, Inc. -a 2.0443 -11.12% -3.53% -3.17% -6.27% First Metro Save and Learn Balanced Fund Inc. -a 2.4658 -6.34% -0.34% -3.58% -6.3% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.2026 n.a. n.a. n.a.

-11.33% NCM Mutual Fund of the Phils., Inc. -a 1.8746 -1.69% 0.73% -0.85% -4.51% PAMI Horizon Fund, Inc. -a 3.547 -2.47% -0.6% -2.07% -6.39% Philam Fund, Inc. -a 15.8602 -3.58% -0.76% -2.15% -6.49% Solidaritas Fund, Inc. -a 1.9834 -7.19% -1.3% -1.68% -6.7% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5255 -7.94% -0.77% -2.09% -8.76% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.9526 -3.78% n.a. n.a. -6.21% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.8952 -9.22% n.a. n.a. -10.16% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.8838 -10.26% n.a. n.a. -11.01% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8725 -10.12% -1.93% -3.71% -10.49% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03938 10.31% 3.77% 2.34% 3.01% PAMI Asia Balanced Fund, Inc. -a $1.0157 3.3% 3.36% 0.46% -2.14% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8333 5.89% 5.69% 3.03% -1.98% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1301 6.11% 3.74% n.a.

0.12% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 360.23 4.11% 2.83% 2.31% 0.68% ATRAM Corporate Bond Fund, Inc. -a 1.9122 2.51% 0.57% -0.5% 0.54% Cocolife Fixed Income Fund, Inc. -a 3.1458 4.98% 5.17% 5.15% 0.95% Ekklesia Mutual Fund Inc. -a 2.2489 4.54% 2.44% 1.96% 1.07% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3781 6.43% 2.43% 1.52% 0.81% Philam Bond Fund, Inc. -a 4.4347 12.42% 3.01% 1.82% 1.41% Philequity Peso Bond Fund, Inc. -a 3.813 6.16% 3.17% 1.51% 0.65% Soldivo Bond Fund, Inc. -a 0.9848 8.11% 2.15% 0.56% 2.13% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1165 9.6% 4.67% 2.7% 1.32% 8.65% 4.04% 2.23% 0.89% Sun Life Prosperity GS Fund, Inc. -a 1.7163 Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $473.15 4.69% 2.84% 2.75% 1.05% ALFM Euro Bond Fund, Inc. -a Є221.02 2.86% 1.71% 1.26% 0.59% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2195 5.59% 3.13% 2.52% 1.02% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0262 4.8% 1.71% 1.43% 1.55% PAMI Global Bond Fund, Inc -a $1.1281 7.34% 2.1% 0.56% 3% Philam Dollar Bond Fund, Inc. -a $2.4808 11.69% 4.34% 3.19% 3.2% Philequity Dollar Income Fund Inc. -a $0.060988 5.83% 2.37% 1.92% 1.12% 4.18% 3.14% 4.05% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.3038 12.7% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 126.68 3.85% 2.99% 2.26% 0.72% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0328 2.88% n.a. n.a.

0.63% Philam Managed Income Fund, Inc. -a 1.265 6.37% 3.28% 1.8% 0.66% Sun Life Prosperity Money Market Fund, Inc. -a 1.2719 3.59% 2.96% 2.46% 0.58% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0409 1.99% n.a. n.a.

0.36% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.97 n.a. n.a. n.a. -2.02%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is November 15, 2019.

5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.).

7 - Adjusted due to stock dividend issuance last October 9, 2019. 8 - Launch date is December 09, 2019.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa. com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

The World BusinessMirror

Japan’s economy shrinks 7% in last quarter, risks recession

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OKYO—Japan’seconomycontracted at a dismal 7.1 percent annual rate during the October-December period, worse than the initial estimate, raising fears the world’s third largest economy could be headed to a recession.

The contraction was the first for Japan in more than a year and followed an October 1 increase in the sales tax, which hit retail spending. The Cabinet Office data, released on Monday, were a revision from last month’s estimate of a 6.3 percent decline.

The data do not reflect the steep downturn in tourism and other business activity related to the virus outbreak that has spread from China to much of the world.

Most economists are forecasting another contraction in the current quarter.

On a quarterly basis, the economy shrank 1.8 percent in October-December from the previous quarter.

The earlier estimate was of a 1.6 percent contraction.

Domestic demand, including

investments and consumption fell 2.4 percent. Government spending was flat.

A technical recession is defined as two consecutive quarters of contraction.

Yoshimasa Maruyama, analyst with SMBC Nikko Securities, called the situation “serious.”

“The recession could be more than just technical and the economy could really decline,” he said.

Japan’s benchmark Nikkei 225 has dropped over the news of the virus outbreak, which began in central China late last year and has now spread to about 100 nations, sickening people from Italy to Washington State in the US. The Nikkei plunged again in Monday trading, losing 6.2 percent in morning trading to 19,473.07.

Japan has been trying to wrest itself out of the economic doldrums by encouraging lending and public works projects. The government has announced various stimulus measures to counter the slowdown. AP

European stocks see worst drop since 2016

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UROPEAN equities plunged the most since 2016, putting them on course to enter a bear market, as a price war in oil dealt a new blow to a global economy already grappling with the coronavirus.

The Stoxx Europe 600 Index plunged 6.6 percent as of 8:25 a.m. in London, even though some heavyweight members had not yet opened, taking its slide since a February 19 record to 21 percent. Energy shares plummeted after the dramatic collapse of talks between Opec and Russia prompted Saudi Arabia to launch a price war.

A sharp sell-off in European stocks since last month’s peak, prompted by the escalating virus outbreak outside of China, is sending several of the region’s sector indexes and market benchmarks into

bear territory.

T he benchmark FTSE MIB Index in Italy, which is now the country most affected by the coronavirus after China, is now down 20 percent from its high. The UK’s FTSE 100 Index and Spain’s IBEX 35 were also poised to enter bear territory.

“So far, the market has largely ignored any positive news, which fits the panicky mood,” said David Kunz, managing director at BX Swiss in Zurich. “The market is clearly fearing a possible recession now.”

A slew of profit and sales warnings combined with reports of more virus cases last week put an end to a brief spell of market optimism over policy measures to combat the outbreak’s impact.

Bloomberg News

Editor: Angel R. Calso • Tuesday, March 10, 2020 B3

Oil price war jolts global economy crippled by virus A

NOTHER shockwave is about to rip through a world economy already reeling from the coronavirus.

Oil prices plunged after the dramatic breakdown of talks between Opec and Russia on how to manage the world’s oil supply. Saudi Arabia responded with a price war and benchmark Brent crude tumbled by almost a third to $31 a barrel on Monday morning. Goldman Sachs Group Inc. told clients that prices, which started the year at $66, could quickly dip into the $20s.

Such an extraordinary move, if sustained, would savage national budgets from Venezuela to Iran, threaten the heartland of America’s shale revolution and upend politics around the world. For central bankers, the prospects of destabilizing prices are an added complication as they try to model the impact of the epidemic on the economy. And a long period of cheap oil prices could even hurt the fight against climate change by slowing the transition to renewable energy.

“Something like this could have more global repercussions than a trade war between China and the US because oil touches so many things in the world economy,” said Rohitesh Dhawan, director of energy, climate and resources at Eurasia Group in London.

There are winners from rock-bottom oil prices—among them China, the world’s largest oil importer, whose recovery from the virus will be key for the global economy.

But this time is different. The US —once a winner from low oil— is now an exporter rather than a buyer. And the hit to economic demand from the virus dulls the impact of any stimulus that cheap oil might provide. Oil shocks—on the way up —used to be feared for their impact on inflation. Now in a world where central bankers desperately pursue price growth, the opposite dynamic is at play.

“Lower oil prices will still not

get people back in trains, planes, and automobiles, and stimulating the economic sectors most heavily hit,” said Stephen Innes, chief Asia market strategist with Axicorp Ltd. “But now we have a financial disaster brewing in the form of the shale industry meltdown.”

Russian strategy

THE crisis was precipitated when Russia refused to yield to a Saudiled gamble to force Moscow to join Opec in production cuts. Opec presented a take-it-or-leave-it plan to slash production and throw a floor under prices. But Russia had another idea: its strategy was to squeeze American shale producers, which have flooded the market in recent years as Opec+ nations held back their own production.

Now many of those US operators will be losing money on every barrel of oil they produce and, unless there’s a dramatic recovery in the price, face bankruptcy. Even before Friday’s catastrophic meeting, banks were expected to restrict lending to shale drillers and a chunk of highyield energy debt is already trading at distressed levels.

The last bust in the US shale industry—when prices went as low as $26—contributed to a manufacturing recession in 2016, when industrial regions, many in states likely to swing this year’s presidential election, saw a slowdown in orders from new shale oil projects.

Russia was willing to walk away from talks with Opec in order to hurt US rivals, as it’s more resilient to lower prices. It has a floating currency—unlike Saudi Arabia—and can sustain its budget with lower oil revenues.

“Russia and President Putin are in a better position to fight this war than is Saudi Arabia or its Crown Prince,” said Chris Weafer, CEO of Macro Advisory, a Moscow-based consultancy.

The threat of economic—and even political—self-harm didn’t dis-

suade Saudi Arabia from launching a price war on Saturday in response to Russia’s refusal to cut production.

But crown Prince Mohammed bin Salman will see his plan to retool the economy undermined as he moves to cement his political dominance.

Aramco rout

SAUDI Aramco—the national oil company listed on the stock market last year in a deal that put the prince’s credibility on the line—saw its shares plunge 9 percent on Sunday in an early hint of the instability ahead.

“Oil prices at sustained lows of $40 for five years is crisis time in Oman first, then Saudi Arabia and Bahrain, with defaults, peg devaluations, hefty spending cuts and higher taxes, with deep recessions and insolvent banks,” said Rory Fyfe, chief economist at MENA Advisors. At $20, it would force political change in Saudi Arabia and the region, he said.

Brent crude fell more than 31 percent to $31.02 a barrel on Monday, the steepest intraday loss since the 1991 Gulf War. It was at $32.32 a barrel at 12:43 p.m. in Singapore.

The crash means Gulf powers may also end up with less cash to spend on conflicts in the wider region, according to Steffen Hertog, a Gulf specialist at the London School of Economics. That could favor Russia, which has been playing an increasingly prominent role in the region.

More immediate will be the shock to oil majors such as BP Plc, and their response will have ramifications well beyond their investors.

Chief Executive Bernard Looney is trying to transform his company in the face of climate change, while also reducing debt and maintaining a generous dividend.

The payout is all but sacred—as it is for Royal Dutch Shell Plc.— though market gauges already indicate investors doubt it’s sustainable. Looney vows he can maintain the dividend and become a greener

company at the same time, though he underlined last month the need for a healthy oil and gas business to fund the transition. A price crash will push balance sheets to the limit.

“Sharply lower oil prices for a sustained period with a concurrent Opec+ driven supply shock and virus demand shock almost certainly means oil majors’ energy transition plans and climate ambitions will be obstructed or slowed, at least in the near-term,” said Will Hares, an analyst at Bloomberg Intelligence.

“In the face of oil at $40 or lower, these companies will be battening down the hatches. The first priority is protecting the dividend.”

The crash imposes another body blow for credit markets, thanks to the energy industry’s outsize share of US high-yield securities. America and Europe were already shutting down to new debt issuance, and the oil crisis now threatens to trigger an outright funding squeeze should distressed borrowers prove unable to roll over maturing debt. Premiums on US junk bonds soared last week to 550 basis points over Treasuries, the highest since 2016.

Going green

A SLOWDOWN in green plans isn’t the only risk the price crash could pose for the transition to a cleaner economy. Cheap fossil fuels tend to encourage their use—increasing emissions—and dissuade users from switching to alternatives.

On the flip side, lower oil prices could allow governments to cut subsidies and increase taxes on fossil-fuel consumption and use revenues to invest in renewable projects, said Ivetta Gerasimchuk at the International Institute for Sustainable Development. And for Europe—which is leading the charge on climate change policies— the impact of cheap oil is still an economic boost, potentially giving governments more room to fund green projects. Bloomberg News

Women fill streets of world’s cities with call for justice M

EXICO CIT Y—Women filled the streets of the world’s largest cities on Sunday to protest gender violence and inequality on International Women’s Day, with the mothers of murdered girls leading a march in Mexico City and participants in Paris inveighing against the “virus of the patriarchy.”

W hile many protests were peaceful celebrations, others were marred by tension, with security forces arresting demonstrators at a rally in Kyrgyzstan and police reportedly using tear gas to break up a demonstration by thousands of women in Turkey.

“In many different ways or forms, women are being exploited and taken advantage of,” Arlene Brosas, the representative of a Filipino advocacy group said during a rally that drew hundreds to the area near the Philippine presidential palace. Protesters called for higher pay and job security, and demanded that President Rodrigo Duterte respect women’s rights.

Turkish riot police fired tear gas to disperse thousands of demonstrators who, in defiance of a government ban, tried to march along Istanbul’s main pedestrian street to mark International Women’s Day, media reports said.

Turkish authorities declared Istiklal street, near Istanbul’s main Taksim square, off-limits, and said the planned march down the avenue was unauthorized. Thousands of demonstrators, most of them wom-

en, gathered near Istiklal regardless and tried to break through police barricades to reach it, according to the opposition Cumhuriyet newspaper and other media.

The independent T24 news website said police also fired blanks to disperse the crowd.

In Pakistan, however, women managed to rally in cities across the country, despite petitions filed in court seeking to stop them. The opposition was stirred in part by controversy over a slogan used in last year’s march: “My Body, My Choice.”

Some conservative groups had threatened to stop this year’s marches by force. But Pakistani officials pledged to protect the marchers. The rallies are notable in a conservative country where women often do not feel safe in public places because of open harassment.

The main Islamic political party, Jamaat-e-Islami, organized its own rallies to counter the march.

Tens of thousands of women filled the streets of Mexico’s capital to protest rampant femicides and impunity for the killers. The country has recently seen a series of rowdy protests by women who have vandalized monuments and metro stations to express their anger in one of the world’s most dangerous countries to be a woman.

On average, more than 10 women are slain each day in Mexico, often by their male partners.

The mothers of slain women and girls led Sunday’s march, with people cheering them on, chanting: “You’re

WOMEN march during International Women’s Day in Mexico City on Sunday, March 8, 2020.

Protests against gender violence in Mexico have intensified in recent years amid an increase in killings of women and girls. AP PHOTO/EDUARDO VERDUGO

not alone!” They were followed by homemakers, students and mothers with small children wearing purple shirts, bandannas and hats.

“I don’t want to be the next one, and I don’t want my mother to be the next one,” said Ana Paula Santos, a 21-year-old public university student.

María de la Luz Estrada, coordinator of the National Citizen’s Observatory on Femicide, said more Mexican women have taken to the streets in recent years because the assaults and killings are “increasingly more alarming.”

Earlier, activists had painted the names of many of the thousands of women killed each year in Mexico on the ground of the

capital’s iconic Zocalo plaza.

One of the largest demonstrations occurred in Chile, where thousands flooded the streets of the capital with dancing, music and angry demands for gender equality and an end to violence against women.

“They kill us, they rape us and nobody does anything,” some chanted.

Nat iona l pol ice est imated 125,000 took part in the capital and nearly 35,000 in other cities, but organizers said the crowds were far larger. Scattered clashes broke out at points when demonstrators threw rocks at police, who responded with water cannon.

Many protesters demanded that a proposed new constitution strengthen rights for women and thousands

wore green scarves in a show of support for activists in neighboring Argentina, which is considering a proposal to legalize elective abortion.

Tens of thousands of women also marched through Paris, inveighing against the patriarchy.

“Enough impunity!” chanted some activists, who focused on France’s unusually high rate of women killed by their husbands. Last year, one woman was killed every two or three days by a current or former partner, and the government is increasing efforts to crack down on domestic violence.

“They should provide resources for shelters for women, victims of violence, real resources, human resources, also prevention programs for violent men,” union activist Julia Parbotin said.

Tens of thousands of women also marched in Madrid and other Spanish cities, despite concern over the spread of the new coronavirus.

A massive banner reading, “With rights, without barriers. Feminists without frontiers” in Spanish was carried at the front of the march in the capital.

Spanish health authorities did not put any restrictions on the march, but recommended that anyone with symptoms similar to those of the new coronavirus stay home. Authorities said 120,000 people participated in Madrid’s march, down from 350,000 last year.

At a school in East London, meanwhile, the duchess of Sussex, Meghan Markle, joined students

in listening to speeches about women labor activists, and urged both girls and boys to respect the contributions of women every day of the year.

“For young men...you have your mothers, sisters, girlfriends, friends in your life—protect them. Make sure they are feeling valued and safe,” she told the students.

But safety was in short supply at some events to mark the day.

The detonation of explosives triggered panic at a ceremony in Bamenda, an English-speaking town in the northwest of Cameroon. Suspicions focused on separatists who had vowed to disrupt the events. No one was killed or wounded.

Police in Bishek, the capital city of Kyrgyzstan, detained about 60 people after a group of unidentified men broke up what authorities called an unauthorized rally.

About 10 women were released with charges of resisting police, the Akipress news agency reported, citing an attorney.

In Brazil, protests took a political turn, with many of the tens of thousands of protesters in Sao Paulo, Rio de Janeiro and Brasilia denouncing the administration of far-right President Jair Bolsonaro, who has made comments seen by many as offensive to women.

In Mexico, where activists plan to hold a “Day Without Women” on Monday, Natalia Olalde said she marched because she’s fed up with the lack of justice for women in the country. AP

B4 Tuesday, March 10, 2020

It’s Seafood Night at Holiday Inn and Suites Makati

PIHABF's Flying Carnival soars high in Carmona, Cavite

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N “the weekend of everything that flies.” a giant golden balloon will soar flashing the familiar logo of a brand who got it all for us, gracefully flying around with other colorful balloons in the sky. In the opening day of the annual

Philippine International Hot Air Balloon Fiesta (PIHABF)’s Flying Carnival 2020, SM Supermalls’ hot air balloon joins the festive skies of color and wonder at the San Lazaro Leisure Park in Carmona, Cavite.

SM City Dasmariñas together with SM City Santa Rosa participated in this spectacular event for the first time, as PIHABF takes the Hot air Balloon Fiesta on its new grounds in Cavite.

SM Supermalls is on its 13th year of supporting the PIHABF in bringing the biggest and longest running sports aviation event in Asia. SM supports its objective to instill discipline in participating young pilots, molding them as safe aviators, and to awaken the spirit of volunteerism and cooperation to the whole community.

This year’s Flying Carnival is informative yet filled with fun and excitement with its air and ground activities including skydiving exhibitions, balloon rides, helicopter exhibitions, kite flying, control line RC, booths and fly market, aviation talk and bazaar.

Even night times were filled with colors, with skyline luminously glowing with fireworks display.

SCG partners with Builk One Group, digitalizes construction business management

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CG, a leader in building materials innovation and one of the leading business conglomerates in the ASEAN region, recently joined forces with Builk One Group to increase efficiency and minimize risks for smallscale contractors through a digital platform accessible to construction businesses. The partnership has a shared goal of increasing work efficiency and bringing about sustainable growth for the industry toward revolutionizing the ASEAN construction industry.

SCG Philippines Country DirectorSCG Cement Building Materials Business Jakkrit Suwansilp said: “With the economic growth of the Philippines over the past years compared with other ASEAN countries, coupled with mega infrastructure projects by the government under the US$180 billion Build Build Build program, we are confident of many large, medium and small construction projects in the coming years. Our joint venture with the Builk One Group to provide platforms and services to contractors in the Philippines will aid the growth that’s expected to continue in the future. SCG will leverage its strengths of having a variety of construction materials, from ceiling systems to pre-cast walls to ready-built bathroom systems, to cater to the needs of our target customers. Our market trials have received great feedback from contractors and workers. We will

I

T’S seafood night every Friday at Holiday Inn and Suites Makati. Have a perfect dinner buffet as you indulge in mouth-watering seafood dishes. Enjoy market fresh seafood prepared your way at Flavors Restaurant. A sumptuous feast that will make you crave for shrimps, crabs, fish mussels and more!

Dinner buffet is at Php 2,050 nett per person every Friday. Flavors Restaurant serves daily lunch and dinner buffet.

As the season of lent begins, Citron Café have prepared an array of seafood dishes for you to enjoy with its delightful offerings of

DLSU's MBA program prepares graduates as catalysts for social transformation

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Jakkrit Suwansilp, Country Director - Philippines - SCG Cement-Building Materials (lefft) and Patai Padungtin CEO of BuilkOne Group posed for posterity after the agreement signing.

continue to leverage these strengths while working closely with Builk to uplift the local construction industry further.”

Patai Padungtin, CEO and Co-Founder of Builk One, expressed his full support of the partnership: “We are confident that our capabilities and experience as an online platform developer for construction business management will help strengthen the local construction scene and help it catch up with global trends. Our most outstanding service is the online cost control system that allows construction operators to keep track of

their business costs in real-time, allowing them to manage their businesses more efficiently. We also offer online transaction services for construction materials for contractors and after-sales services and CRM for construction materials resellers.

Both SCG and Builk are committed to use our experiences and expertise to increase the efficiency of the construction industry in the Philippines.”

The JV is set to begin operations in the first quarter of 2020, expecting to deliver high growth opportunities in the construction business.

E La Salle University’s 59-year old MBA program, which alumni include industry giant John Gokongwei, Jr. and former Trade and Finance Secretary Jose T. Pardo, envisions its graduates as more than successful CEOs and entrepreneurs, but a force of social transformation as well.

Dr. Benito Teehankee, a full professor at the DLSU Ramon V. del Rosario College of Business, says: “Most, if not all of the major business scandals of the past two decades, have resulted from violations of business ethics, laws, and moral principles. As a response, the De La Salle University MBA Program was redesigned to avoid the weaknesses of traditional MBA programs.”

Programs were since aligned more closely with the University’s mission to be a force for social transformation through its graduates, particularly in the areas of human development and social justice.

Students are trained on a Code of Ethics for Business, which specifies their moral duty to promote human dignity and the common

H

doctors in the country, HPD is a household name when it comes to accurate diagnostics. Proof of this industry and client confidence is the significant number of HPD branches nationwide, including its recently opened branch in SM Aura.

With HPD Plus Katipunan offering laboratory tests, ECG, ultrasound, online results, home service, mobile on-site services,

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ERALCO and One Meralco Foundation (OMF) won nine (9) trophies at the recently-held 55th Anvil Awards. Four (4) Gold Anvils were awarded to campaigns for the effective communication management of last year’s

AT THE HPD PLUS KATIPUNAN OPENING (FROM LEFT): Hi-Precision Diagnostics’ Lionell Lee and Melissa Lee; Ptr. JP Masakayan, senior pastor of Christ’s Commission Fellowship (CCF); Selwyn Cu, Kendrick So, and Schevenard Cu of Hi-Precision Diagnostics

Meralco and One Meralco Foundation (OMF) teams proudly display trophy haul onstage at the 55th Anvil Awards, led by OMF President Jeffrey O. Tarayao (center) and PIO Head Joe R. Zaldarriaga (seventh from left).

HPD Plus Katipunan is ready to receive patients.

multi-specialty doctors’ clinics, drug testing, and digital x-ray, more and more patients will be able to avail of HPD’s comprehensive tests and facilities and experience its warm and friendly customer service.

HPD Plus Katipunan is located at the lower ground floor, Arton Strip, Katipunan Ave., corner Highland Drive, Blue Ridge, Quezon City. Clinic hours are from 7:00am to 4:00pm, Mondays to Saturdays. Contact numbers: 0917-711-3512/0943-128-0187.

good. “The Code mainly calls on students to avoid conflicts of interest, to treat others with respect and dignity, preserve the environment, offer socially positive products and services, and be transparent in reporting company performance,” Teehankee adds.

The move to be more socially transformative also saw the introduction of an innovative pedagogy called “Service Learning”. Full time MBA faculty member Dr. Kit Bonnet describes it as a mandatory rendering of service hours with a partner organization focused on social concerns.

Because of Service Learning, DLSU MBA students have reached out to unlikely organizational partners such as the New Bilibid Prison. To improve prison services there, “students coordinate with several organizations, professionals, and experts to help carry out their work. Their output ranges from teaching and provisions for personal hygiene to emotional and mental health interventions, such as anger and stress management, among others” Bonnet explains.

Communication programs win Anvils for customers, community, and country

Hi-Precision Diagnostics Plus opens its Katipunan Branch I-PRECISION Diagnostics (HPD), the country’s leading medical laboratory, opened its HPD Plus branch in Katipunan, Quezon City on February 28, 2020. Located at the prestigious Arton Strip by Rockwell, HPD Plus brings its outstanding brand of laboratory services and patient care closer to clients in the Katipunan area.

Trusted by thousands of

Seafood Chowder, Pink Salmon Fillet, Classic Fish & Chips, Tuna Melt Croissant and featuring the Shrimp Fajitas with flour tortilla, bursting with flavor and sautéed to perfection that is truly a crowd-pleasing meal. Available daily at Citron Café for the month of March and April.

To know more about the promos and offerings, visit www.makati.holidayinn.com or call (632) 79090888 / (632) 79090889 and like and follow us in Facebook and Instagram at HolidayInnMakati. For table reservations, email hism.fb@ihg.com

summer supply issue, the power firm's quarterly operating and financial media briefings, OMF’s school electrification program sustainability initiatives and backto-school program. The company also bagged five (5) Silver Anvils for OMF’s Relocatees and Informal Settlers Electrification (RAISE) and back-to-school programs, Meralco’s long running communication program, the Meralco Advisory, and the technology and innovation summit MTECH. Meralco’s Public Information Office (PIO) is Anvil Awards’ only recipient of the PR Team of the Year, conferred in 2017. Anvil Awards is organized by the Public Relations Society of the Philippines and is widely recognized as the “Oscars of Philippine PR”.

CREBA, Benilde announce new real estate courses The Chamber of Real Estate & Builders’ Associations Inc. (CREBA) and the De La Salle College of Saint Benilde School of Professional and Continuing Education (DLS-CSB SPACE) will launch a new set of course offerings under the “Executive Diploma Program in Real Estate Management (EDPREM)” for 2020.

CREBA, headed by National President Noel Toti M. Cariño, is the Philippine umbrella organization of the real estate and housing industry composed of property developers, builders, contractors, suppliers and manufacturers of construction materials, and real estate services.

According to CREBA national chairman Charlie A.V. Gorayeb, the EDPREM is open to actual and would-be practitioners in the real estate development, business and service practice. It is managed by a pool of competent and well-known facilitators and practitioners from the private sector, government and the academe and covers six independent and industry-responsive modules.

Program Director Avelina P. Acuña said that the new cycle will begin with Module 1, entitled “Effective Real Estate Marketing Tools” which will run from April 18-May 9.

The rest of the course modules

are: Module 2, “Land Laws and Property Titling” (May 23-June 13); Module 3, “Real Estate Planning, Development & Environmental Concerns (June 27-July 18); Module 4, “Highest and Best Uses for Real Estate” (August 8-29); Module 5, “Real Estate Financial Planning and Management” (September 12-October 3); and Module 6, “Real Estate Project Feasibility Studies” (October 17 to November 14). For reservations, please call telephone nos.: 8400-7405 and 8400-5425 (CSB), 8373-2270 to 75 (CREBA), or email address to creba_national@ yahoo.com or space@benilde.edu.ph.

Japan’s ancient sport sumo grapples with coronavirus

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OKYO—Japan’s ancient sport of sumo is grappling with the harsh reality of the coronavirus outbreak.

The Spring Grand Sumo Tournament kicked off on Sunday in Osaka at Edion Arena with no spectators as part of Japan’s extraordinary efforts to halt the spread of the virus.

Wrestlers arrived wearing face masks and were required to use hand-sanitizing spray before entering the arena. They were also required to take their temperatures before entering the raised ring. If a wrestler has a temperature above 37.5 degrees for two or more days, he will be forced to sit out the tournament.

Sumo officials have said if a wrestler is diagnosed with the new coronavirus, the 15day tournament will be immediately halted.

Usually contested before a packed house, Sunday’s opening day was eerily quiet as wrestlers sat next to judges at ringside to watch the action against a backdrop of empty stands.

“It will be a new experience for all of us,” said sekiwake wrestler Asanoyama. “I want to get used to the atmosphere as soon as possible and get focused on the competition.”

Wrestlers will maintain the time-honored tradition of offering a ladle of “chikara mizu” or power water to another wrestler but will

only go through the motions and not put their mouth to the ladle.

Normally, wrestlers often use public transportation to go the arena but are being chauffeured in taxis or hired cars to avoid contact with the general public.

The long colorful banners that display the wrestlers names were not on display on Sunday nor were the tradition taiko drums that greet fans as they arrive at the stadium.

Sumo is just one of the main sports in Japan that is taking measures to halt the spread of the virus. Japanese preseason baseball games are being played at empty stadiums, professional J-League soccer games have been canceled through the first half of March while the season-opening women’s JPGA golf tournament in Okinawa was called off.

With Japan set to host the 2020 Tokyo Olympics in just over four months, the government is taking a series of urgent measures to combat the outbreak including canceling school.

“It’s a real shame,” said sumo fan Yuji Hoshino, who caught a few minutes of opening day action on TV at a Tokyo electronics store. “But the safety of the wrestlers is the most important thing. I hope they all stay healthy.” AP

Sports BusinessMirror

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| Tuesday, March 10, 2020 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao

Spectators’ seats are empty during a fight between sumo wrestlers at the Spring Grand Sumo Tournament in Osaka, Japan, on Sunday. AP

Juventus beats Inter in crucial match in empty stadium

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ILAN—Cristiano Ronaldo attempted to add levity to a troubling situation in virus-struck Italy before helping Juventus to a 2-0 win over Inter Milan in Serie A on Sunday.

The Derby d’Italia, one of the season’s biggest matches, had to be played without fans and with only a limited number of people because of the virus outbreak in Italy.

When Ronaldo got off the team bus inside the stadium, he pretended to high-five imaginary mascots—something he normally does with the actual mascots—before smiling at the cameras.

Aaron Ramsey scored and set up the other goal for Paulo Dybala as the match finally went ahead, a week late due to the spread of the new coronavirus in Italy.

Juventus moved back to the top of the table, a point above Lazio. Inter is third, nine points behind

the Bianconeri following a miserable return to Juventus for Coach Antonio Conte.

“An important victory, even if there are still many matches to play, in theory,” Juventus Coach Maurizio Sarri said.

Sarri’s use of the phrase “in theory” could prove significant after calls for the Serie A season to be suspended.

“The know-it-alls scare me, I can’t say what’s right to do,” Sarri added. “But I ask myself if it’s right to take away a two-hour diversion in front of the television for those who have to stay at home.

“We don’t feel scared, but I can’t say how high the risk is.”

The match was played in an empty stadium—including no mascots—following last week’s decree from the Italian government that all sporting events in Italy must take place without spectators until April 3. AP

NO FANS, NO FUN The global virus outbreak has caused concern about cramming tens of thousands of fans in for games that technically can go on without them.

By Jake Seiner

The Associated Press

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COTTSDALE, Arizona—As US sports leagues weigh whether to bar fans from ballparks and stadiums to help stall the coronavirus outbreak, San Francisco Giants pitcher Jeff Samardzija is one of the few players who can tell them exactly what that feels like.

“It’s not very fun,” he said.

Samardzija pitched for the Chicago White Sox in a 2015 game played without fans in Baltimore due to civil unrest in the city. It was a bizarre scene at Camden Yards—a sun-drenched stadium, empty except for the teams—but something that has already become common internationally and could happen in the US if there’s no slowdown to the spread of the COVID-19 strain that has infected more than 100,000 people worldwide.

The global virus outbreak has caused concern about cramming tens of thousands of fans in for games that technically can go on without them.

Sports leagues in Europe, Asia and the Middle East have already locked supporters out of venues, and the National Basketball Association (NBA) sent a memo to its franchises Friday warning them to prepare for the possibility that it may have to host games without fans.

JUVENTUS’ Aaron Ramsey celebrates a goal against Inter at a nearly empty Allianz Stadium in Torino, Italy, on Sunday. AP

While US sports leagues have been in regular contact with each other regarding the outbreak, Major League Baseball (MLB) and the National Hockey League (NHL) have not yet issued similar notices.

Baseball Commissioner Rob Manfred plans to discuss the coronavirus with team owners in a conference call Monday—the first league-wide call between clubs and the commissioner about the outbreak. But at this stage, the league plans to open the season in two-and-a-half weeks as planned.

With the situation evolving quickly, athletes in the US are becoming aware—and concerned—about the possibility of playing behind closed doors.

Los Angeles Lakers star LeBron James said Friday he “ain’t playing if I ain’t got the fans in the crowd,” and other players also said they’d be disappointed to suit up for empty seats.

“Boring. Boring,” Chicago White Sox shortstop Tim Anderson said. “We get the energy from our fans. It would suck, man.”

Virus concerns are greater in some pockets of the country—like in Washington state, which has reported 16 deaths and more than 100 people diagnosed.

Fears around the outbreak have already affected sports attendance there. The Seattle Sounders drew 33,080 fans Saturday night, the smallest crowd for a Major League Soccer (MLS) regular season match in the soccer-crazed city since the club’s inaugural season in 2009.

“That would be an odd one to play in

an empty stadium,” Sounders Coach Brian Schmetzer said. “It’d be like ‘OK, we’re playing, but something is missing.’”

Washington officials are already cautioning residents to avoid large gatherings—and one of the biggest on the schedule is when the Mariners host the Texas Rangers for opening day March 26.

Seattle, like all other big league clubs, has been monitoring the situation in conjunction with MLB and taken precautions around its spring training complex in Peoria, Arizona. But Mariners vice president of communications Tim Hevly said that at this stage, “we have no specific concerns or precautions based on what is happening in Washington.”

“These decisions will be made by Major League Baseball with the Mariner people that sit in a higher chair than I’m in,” Seattle Manager Scott Servais said. “It is serious, it is really serious. Something that we do not look lightly at.... But hopefully it gets calmed down a little bit.”

Spring training routines have been gently adjusted—hand-washing has gone up, autograph meet-and-greets with fans have been tweaked, and Servais said the Mariners have re-jiggered some dugout handshakes— but overwhelmingly, players have said they and their families have been unaffected.

All of which makes it hard to fathom that fans could be barred at some point.

“It would be weird,” said Mariners pitcher Taijuan Walker, who said he hadn’t

played baseball without at least a few thousand fans in attendance since he was in the minor leagues.

“Certainly you want to make the right decision for our fans, everybody that’s close to the game,” Servais said. “We still need to play our games, if we can, but that’s not for me to decide. We’ll adhere to the decisions that are made. We are planning on playing a complete season this year, and I’m sure we will.”

The International Ice Hockey Federation said Saturday it was canceling the women’s world hockey championships in Canada, and Division III NCAA basketball tournament games were held at an empty venue at Johns Hopkins this weekend.

The sports calendar is loaded with major events in the next few months that may also be forced to adjust, including the NCAA basketball tournament and the Masters.

Golf star Rory McIlroy said he’d understand if officials kept fans away from Augusta National.

“I think people would see a lot more of the golf course,” he said. “It would be kind of cool.

But obviously, I’d rather play the Masters with people there than without.

“It would be just like having an early tee time on the PGA [Professional Golfers Association] Tour, anyway,” he added. “I guess for a few guys, it wouldn’t be that much different.”

For many athletes, there’s also skepticism that leagues might go to such extremes.

“I heard [LeBron’s] comment on that,”

Atlanta Hawks guard Trae Young said. “Not playing with fans is going to be weird.

Honestly, I don’t see that happening. I couldn’t play.”

Of course, it’s happened before. White Sox pitcher Carlos Rodon watched most of the locked-down 2015 game in Baltimore from the bullpen, and he remembered it being so quiet, he could hear every word said by Orioles center fielder Adam Jones.

“There was like only scouts and us, so you could just hear people talking in the dugout,” Rodon said. “It was just odd because it almost echoed because there was no one in there.”

That was believed to be the first big league game played without fans, and it was a oneoff—a scheduling necessity to get the game in after rioting in Baltimore prompted by the death of Freddie Gray, a 25-year-old black man who died in police custody.

“A completely different situation,” Samardzija said.

If virus-related lockouts prove necessary, it’s hard to see them being so isolated. If the spread slows, the sports schedule likely will go on as planned. If not, millions of ticket holders might be forced to stay away in cities all over the country.

“Obviously health is first and playing games is second, so we just need to make sure everything’s taken care of and wrapped up so people can come enjoy these games,” Samardzija said. “But I wouldn’t recommend playing them in empty stadiums.”

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CANCELING OLYMPICS IMPACTS JAPAN GDP C

anceling the Tokyo 2020 Olympic Games because of the coronavirus outbreak would reduce Japan’s annual gross domestic product (GDP) growth by 1.4 percent.

According to Kyodo News, the report by SMBC Nikko Securities Inc. projects that Tokyo 2020 would create demand through spectator consumption and the staging of sporting events totaling ¥670 billion ($6.4 billion) and the cancellation of the Olympics would deplete Japan’s GDP by about ¥7.8 trillion ($74.1 billion).

The agency believes that the Olympics will be canceled if the spread of coronavirus, officially named COVID-19 by the World Health Organization, continues until July—the month in which the Games are due to begin.

Under that scenario, corporate revenues would drop 24.4 percent this year, compared with 2019.

Also presented in the report was a scenario under which the spread of coronavirus ends next month, with the Olympics being held as scheduled from July 24 to August 9 and the economic fallout from the outbreak limited to a 0.9 percent fall in GDP growth.

Corporate revenues would likely decline by 14.9 percent under that scenario.

The International Olympic Committee (IOC) has repeatedly stressed Tokyo 2020 will take place as planned amid suggestions the event could be canceled or postponed because of fears over

SMBC Nikko Securities Inc. believes the Tokyo 2020 Olympics will be canceled if the spread of coronavirus continues until July. coronavirus, which has spread to more than 100 countries.

IOC President Thomas Bach claimed canceling or postponing Tokyo 2020 had not even been mentioned during a two-day IOC Executive Board meeting which concluded in Lausanne last Wednesday.

But the German lawyer conceded the virus was a “major subject of discussion” at the meeting.

Last month, the Japanese economy went sharply into reverse in the final months of 2019, with the country entering the final stages of preparations for the Tokyo 2020 Olympic and Paralympic Games.

GDP for the fourth quarter is said to have fallen at a 6.3-percent annual rate.

The decline is being blamed on an increase in consumption tax.

Asian weightlifting championships, finally, called off

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EIGHTLIFTING suffered further disruption in the buildup to Tokyo 2020 because of the spread of coronavirus, with the Asian Championships in April canceled and a qualifying competition in the United States this weekend taking place behind closed doors.

The Asian Championships had been moved from Kazakhstan to Tashkent in Uzbekistan only 17 days ago because of restrictions on visitors to Kazakhstan.

Now they have been canceled outright, and any Asian athletes in need of points before qualifying ends on April 30 will have to compete elsewhere.

Athletes from some countries may have difficulty gaining permission to travel abroad because of restrictions imposed by their own authorities, and they also have to obtain visas for their new destination.

But they will be allowed to transfer their registration from one competition to another under new International Weightlifting Federation (IWF) guidelines issued since the outbreak of the virus, which has led to countless cancellations and postponements of major sporting events.

Asian nations have dominated the medal tables at Olympic Games and IWF World Championships this century, and most of the top lifters, including those from China, already have enough points to qualify.

But others still have work to do and the situation in Asia is bad news for Iran’s Olympic champion and world record holder Sohrab Moradi, whose slim hopes of qualifying for Tokyo have taken another knock.

Moradi has suffered serious spine and shoulder injuries during the 18-month qualifying period, which curtailed his efforts and left him needing a world-record total in April to make it to Tokyo.

The cancellation of the Asian Championships will force him to change his plans.

There had been talk of him competing in a qualifying competition in Cali in Colombia that starts on March 18, and he also has the option of competing in the European, African, Pan American or Oceania championships.

There is the added difficulty of the situation in Iran, where the virus has led to more than 100 deaths. Schools have been closed for weeks and travel between cities is restricted.

The Rogue Weightlifting Challenge in the United States, which forms part of The Arnold multisport festival in Columbus of Ohio, goes ahead as planned this weekend but spectators have been banned by local authorities.

Chinese Taipei has sent a team of five who were due to have lifted in the East Asian Championships in South Korea last week, another event that was canceled because of the virus.

Katherine Nye, the American who was recently voted IWF female weightlifter of the year for 2019, has withdrawn from the competition as one of her aims was to “get a feel for a big crowd.” Insidethegames

Chinese shooters compete online competition to prepare for Tokyo 2020.

FOR CHINESE SHOOTERS, THERE’S ALWAYS A WAY T HE Chinese shooting team held an online competition to prepare for the Tokyo 2020 Olympic Games—with the outbreak of

coronavirus preventing them from meeting in person.

A two-day contest was held between the

Bach has earlier reassured athletes the organization will find solutions to challenges posed by the coronavirus outbreak on their attempts to qualify for Tokyo 2020.

In a letter published on the Athlete365 platform, Bach reiterated his promise of a “fair” process for this year’s Olympic Games following the cancellation and postponement of numerous qualifiers because of the virus, which he described as being a “major concern for all of us.”

The IOC president also thanked athletes for their “flexibility and solidarity” after some were forced to change their competition schedule, training and travel plans at short notice when their competitions were relocated.

“Of course, we know that the ongoing Olympic qualification is challenging and that it requires a lot of flexibility from you, your National Olympic Committee [NOC] and your International Federation [IF],” Bach wrote.

“Some of you had to change your competition schedule, training and travel plans because of venue changes and travel restrictions,” he said. “I want to personally thank you for all this flexibility and solidarity, which is the true Olympic spirit.”

“Rest assured that the IOC continues to work hard with the NOCs and the IFs to find solutions for these challenges and to ensure a fair Olympic qualification under these circumstances.” Insidethegames

national team and four provincial squads from Shanxi, Jiangsu, Zhejiang and Shanghai, according to China’s state-run Web portal China.org.cn.

With the teams joining the competition from their respective training bases through a live broadcast, it marks the first time a sports competition has been held online from different locations in China.

Wang Mengyi triumphed in the men’s 10-meter air pistol competition with 244.8 points, while 2018 world team champion Jiang Ranxin won the women’s event with 245.2.

In the men’s 10-m air rifle contest, 2014 Youth Olympic champion Yang Haoran was the victor with 253.2, with Yang Qian earning gold in the women’s contest.

“We focused on physical training during the winter training and this online competition proved it fruitful,” said Li Jinsong, deputy director of the Shooting and Archery Management Center.

China has 20 places at the shooting competition at Tokyo 2020, with the final roster set to be decided in May. The team members were originally scheduled to be announced in February, but was pushed back after the outbreak of coronavirus in China caused havoc with the global sporting calendar.

There are now more than 107,500 cases of coronavirus confirmed worldwide, with 3,653 deaths. Insidethegames

Venues for Tokyo 2020 completed on schedule

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okyo 2020 announced on Monday that construction on the city’s Aquatics Centre was completed on schedule by the end of February—meaning that all new permanent venues for this year’s Olympic and Paralympic Games have been completed on time.

Constructed by the Tokyo Metropolitan Government, the Tokyo Aquatics Centre, which will host swimming and diving events at Tokyo 2020, is scheduled to be inaugurated on March 22.

A total of 43 venues—eight new permanent venues, 25 existing facilities and 10 temporary venues—will be used at Tokyo 2020. Among them is the National Stadium, the main venue for Tokyo 2020, which was completed in November 2019.

“With the completion of all new permanent venues, the overall preparation of all venues is progressing on schedule,” a Tokyo 2020 statement reads.

This news comes at a time when it is being suggested Tokyo 2020 could be canceled or postponed because of fears over coronavirus.

International Olympic Committee President Thomas Bach insisted that the possibility had not been mentioned during the organization’s Executive Board meeting earlier this week, but admitted the outbreak has posed challenges for athletes trying to qualify for Tokyo 2020. Insidethegames

‘5TH SLAM’ INDIAN WELLS CANCELED NOVAK DJOKOVIC and the rest of the world’s top players considers the Indian Wells tournament as one of the biggest outside of the Grand Slam events. AP

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HE BNP Paribas Open, the near-major tennis tournament set to begin this week in the California desert, won’t be played as scheduled after a case of coronavirus was confirmed in the Coachella Valley.

It’s the largest US sporting event to be called off over concerns about the spread of the disease. The South by Southwest Festival in Austin, Texas, was canceled Friday.

The announcement came Sunday night after many players were already in the desert practicing.

Qualifying matches were to begin Monday with women’s main draw matches starting Wednesday and the men’s draw beginning Thursday.

“We’re here and still deciding what’s next,” tweeted Rafael Nadal, the world’s second-ranked player. “So sad for all that is happening around the world with this situation. Hopefully soon solutions from the authorities. Stay all well and safe.”

The Riverside County Public Health Department declared a public health emergency for the desert cities 110 miles east of Los Angeles, including Indian Wells where the Association of Tennis Professionals and Women’s Tennis Association tours were to play the two-week tournament.

Gov. Gavin Newsom has declared a state of emergency. California has reported 114 cases of the virus.

“There is too great a risk, at this time, to the public health of the Riverside County area in holding a large gathering of this size,” Dr. David Agus, professor of medicine and biomedical engineering at the University of Southern California, said Sunday. “It is not in the public interest of fans, players and neighboring areas for this tournament to proceed. We all have to

join together to protect the community from the coronavirus outbreak.”

The event typically draws upward of 450,000 fans. It is commonly referred to as the “fifth slam” because of its popularity among the players and its stature, ranking points and over $17 million in prize money that place it one rung below tennis’ four Grand Slam tournaments. This year’s field include Nadal, Novak Djokovic, Serena Williams, Naomi Osaka and Coco Gauff. Kim Clijsters was set to continue her comeback at the event.

“So sad to hear the news about the postponing of @BNPPARIASOPEN,” Gauff tweeted. “I was so excited to make my debut in IW, but safety is always the no. 1 priority. Stay safe.”

Tournament Director Tommy Haas said organizers are prepared to play the event on different dates and will explore options. However, the pro tennis calendar is tightly scheduled and the summer months in the desert are notoriously hot.

“We are very disappointed that the tournament will not take place, but the health and safety of the local community, fans, players, volunteers, sponsors, employees, vendors, and everyone involved with the event is of paramount importance,” Haas said in a statement.

Already some smaller tennis events in China and Italy—the two countries hardest hit by the virus— had been affected. The Miami Open, which follows Indian Wells later this month, could be jeopardy.

The Ultra music festival in that city has already been canceled. The year’s first Grand Slam tournament, the French Open, is set to be played in Paris in May. The decision to postpone Indian Wells was based on the guidance of medical professionals, the Centers for Disease Control and state of California officials, tournament officials said.

“We understand the decision which has been made in the interest of public health and safety which is the top priority at this time,” WTA Chairman and CEO Steve Simon said in a statement. “It is too soon to speculate about what will happen to other tournaments that follow.

We will continue to closely monitor the situation.

Health and safety will always come first.”

Refunds for this year’s event or a credit toward next year’s tournament are being offered. AP

LeBron, Lakers snap Clippers’ streak at 6

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OS ANGELES—LeBron James closed out a weekend to remember. First, he outdueled Giannis Antetokounmpo and the Milwaukee Bucks in a match-up of National Basketball Association (NBA) conference leaders. Then he kept the Los Angeles Lakers rolling with a victory over the streaking Clippers.

James had 28 points, seven rebounds and nine assists Sunday in a 112-103 victory that ended the Clippers’ six-game winning streak. He put up 37 points, eight rebounds and seven assists Friday against the Bucks.

“His best weekend in a Lakers uniform I’m assuming,” first-year Coach Frank Vogel said. “I wasn’t here last year but, in my mind, this was the best two-game stretch. Really just dominated both games and helped close them out.”

The Lakers won their fourth in a row and 11th in 12 games. Anthony Davis scored 30 points and Avery Bradley added 24.

“It’s a really good weekend for us, playing against two of the best teams, the top 2 teams in the league with us as far as record-wise,” James said. “I just think we kept our composure throughout the whole game.”

The Lakers recently clinched a playoff berth for the first time since 2013, and it’s possible they could meet the Clippers in the postseason. The crowd made it feel like a

playoff atmosphere, with a strong contingent of raucous Lakers fans on hand for what was a Clippers’ home game. They chanted “MVP! MVP!” when James completed a three-point play that tied the Lakers’ largest lead of 12 points with 40 seconds to play.

The Clippers led 53-49 at halftime with their largest lead of nine coming in the second quarter.

“Just trying to come out in the second half and not let the game get away from us,” Davis said. “We wanted to make sure we come out with a little bit more offensive intensity and aggression.”

Paul George scored 31 points, Kawhi Leonard added 27 and Montrezl Harrell had 20 for the Clippers. They lost to the Lakers for the first time in three games this season.

With the Lakers up by four points, James hit a 3-pointer to open the fourth. His three-point play and a basket by Davis capped a 14-6 run that pushed it to 99-87, their first double-digit lead of the game.

“The first time we played Milwaukee and the previous two times we played the Clippers we beat ourselves,” Davis said. “When we don’t do that—get a shot on goal every time and don’t turn the ball over—then we’re a tough team to beat.”

The Clippers had more turnovers (15) than assists (12). AP

AIBA members ponder change of name

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nternational Boxing Association (AIBA) members will be asked to suggest possible new names for the organization after Interim President Mohamed Moustahsane said “AIBA” was “linked to a lot of problems.”

The Moroccan told insidethegames at the AIBA Asian Forum in Amman, Jordan, that changing the name of the governing body could be part of the fresh start envisioned for the under-fire federation.

AIBA was stripped of its Olympic status in June over issues including governance, finances, refereeing and judging.

A vote on new statutes is due to be held this year, while a permanent president will also be elected as AIBA bids to reenter the Olympic fold.

“The name AIBA is now linked with a lot of problems,” Moustahsane said. “We think that with the reforms, the changes, the name should be part of these changes.”

“A new name, a new vision. It’s going to be linked with the new structures, a new policy—a modern sport.

This is the way that we are,” he said.

Amman is also currently hosting the Asia-Oceania Olympic boxing qualifier for Tokyo 2020, at the Prince Hamzah Hall.

AIBA has no involvement in this event which is instead being run by an International Olympic Committee task force.

The new AIBA statutes were due to be discussed at the organization’s Extraordinary Congress in Budapest, but this has now been pushed back by three months from March 20 due to the coronavirus outbreak.

It will now be held on June 20 and Moustahsane will remain in his interim president role until then.

Under the current constitution, Moustahsane should leave his position on March 29, exactly 365 days since his election as interim president following the resignation of Gafur Rakhimov.

Moustahsane’s mandate has been extended following the decision to allow him to continue until the postponed Congress takes place. He said that the delay caused by the Congress postponement would not create problems in the reform process. Insidethegames

THE International Boxing Association is attempting to move into the future with reforms and new statute.

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MARCIAL SNATCHES TOKYO 2020 BERTH E

Eumir Felix Marcial is so far the third Filipino to earn a ticket to the Tokyo Olympics.

UMIR FELIX MARCIAL stopped Mongolian Byamba Erdene Otgonbaatar in three rounds on Sunday in the Asia-Oceania Olympic Qualification Tournament in Amman, Jordan, to earn a ticket to the Tokyo Olympics—the third Filipino thus far to do so.

Marcial, 24, peppered his foe with hard left straights and right hooks to the face and body, forcing the referee to give the Mongolian two standing 8-counts in the third round before finally calling a halt to the bout.

“This is my and my Papa’s dream since I was a kid,” a visibly emotional Marcial, sobbing, said after the fight.

“I waited four years for this—after I missed 2016 because of an injury.”

“And it’s nothing but the gold medal, for me and my Papa,” he said.

Marcial’s father Eulalio, who trains young boxers in their hometown of

MARIKINA CALLS OFF PALARO

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ARIKINA City totally scrapped its hosting of the Palarong Pambansa in May after it was confirmed on Monday that a resident tested positive of the coronavirus.

Mayor Marcy Teodoro decided to call of its turn to host the multisport competition among student-athletes of elementary and high-school age after consulting with Department of Education and Department of Health officials.

Marikina City is supposed to host the Palaro from May 1 to 9. The city took over from Mindoro, which begged off after a strong typhoon hit the province last year.

The city confirmed its first case of the COVID-19 from an 86-year-old male who traveled to South Korea.

Quezon City also reported one victim later in the day which bringing the total in the country to 10.

The DepEd also simultaneously announced that it is suspending all national and regional events to avoid transmission of the virus.

That meant all regional athletic association meets that select athletes who will compete in the Palaro have been canceled.

Sports events in the country, like elsewhere in the world, have been impacted by the virus.

The Asean Para Games was scheduled for later this month but was postponed for the last week of May, no longer at the New Clark City which was transformed into a quarantine center.

Two International Cycling Union races—Le Tour de Filipinas which will run its 11th edition from May 1 to 5 and the PruRide Philippines—were also canceled. Ramon Rafael Bonilla

Lady Spikers tackle UP gals in volleyball

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e La Salle tries to extend its winning ways when the Lady Spikers tackle the University of the Philippines (UP) Lady Maroons in the University Athletic Association of the Philippines Season 82 women’s volleyball tournament on Tuesday at the Mall of Asia Arena in Pasay City.

The retooled yet rookie-laden Lady Spikers shocked the defending champion Ateneo Lady Eagles, 25-17, 17-25, 25-17, 25-15, last Saturday.

With new faces on board, the Green Archers (1-0) look to get another victim in Lady Maroons (1-1) when they engage at 4 p.m.

Before the women’s tiff, the men’s teams of De La Salle and UP collide at 2 p.m.

Tin Tiamzon topscored for the Green Archers with 17 points that went with 12 digs and 13 receptions. Sophomore Jolina de la Cruz, meanwhile, contributed 13 points along with 10 excellent receives.

New recruit Thea Gagante added 10 points, while fellow rookies Leila Cruz and Baby Jyne Soreno, and team captain Aduke Ogunsanya, combined for 25 points as De La Salle booked its seventh straight win over its archrivals.

“This is a good win for us to be inspired for our game on Tuesday,” said Coach Ramil de Jesus, who feels his rookies have shaken off their jitters.

“I have high expectations from the rookies. The young ones gave quality minutes against UP and I want them to get it done once again if the team needs them,” de Jesus added.

UP, on the other hand, beat University of the East, 25-23, 25-20, 18-25, 25-17, also last Saturday to go 1-1 won-lost.

Isa Molde finished with 24 points spiked by 18 kills and four blocks and Tots Carlos registered 15 points on 12 spikes as the Lady Maroons redeemed themselves from their loss to the Lady Eagles on opening day. Ramon Rafael Bonilla

Zamboanga City, was his first trainer.

Marcial profusedly thanked the Association of Boxing Alliances in the Philippines—chaired by Manuel V. Pangilinan and headed by its president, Ricky Vargas—for trusting his skills.

“I also want to thank my coaches— coach Ronald [Chavez], coach Don [Abnett] and Coach Elmer [Pamisa],” he added.

Already earning tickets to Tokyo 2020 are world champion gymnast Carlos Yulo and Asian pole vault titlist EJ Obiena.

Four more Filipinos are targeting berths to Tokyo 2020.

On Monday, world featherweight champion Nesthy Petecio faces an old adversary, Japan’s Sena Irie. They are 1-1 head-to-head with Petecio coming off a vindictive victory at the World Championships in Russia last October.

Flyweight Irish Magno and lightweight Riza Pasuit are also one win away from an Olympic slot.

Magno has a tall order as she goes up against five-time world champion Meri Kom of India, while Pasuit faces

the No. 3 seed in her division, Wu YiShih of Chinese-Taipei.

Carlo Paalam, 21, has a score to settle with Amit of India in their own flyweight tussle for an Olympic berth.

The Indian won close decisions over the Cagayan de Oro native—in the 2018 Asian Games and in the World Championships last year.

India’s boxing contingent enjoyed a perfect evening session on Sunday with Lovlina Borgohain, Ashish Kumar and Satish Kumar leading the charge.

Women’s welterweight Borgohain dictated the tempo of her fight for all three rounds to secure a unanimous decision win over Uzbekistan’s Maftunakhon Melieva at the Jordanian capital’s Prince Hamzah Sport Hall.

Borgohain will face China’s Gu Hong in the semifinals, while the other last four-encounter pits Chinese Taipei’s Chen Nien-chin against Thailand’s Baison Manikon.

Men’s middleweight Kumar, meanwhile, recovered from a slow start to get the better of Indonesia’s Maikhel Roberrd Muskita.

Coach of the Year: Austria or Cone?

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EO AUSTRIA and Tim Cone are locked in a head-to-head battle for the 2019 Virgilio “Baby” Dalupan Coach of the Year award bestowed by the Philippine Basketball Association Press Corps in its Annual Awards Night set March 16 at the Novotel Manila in Araneta City.

Cone and Austria accounted for the three championships in Season 44 to contend for the highest honor handed out by the men and women regularly covering the PBA beat. The award is named after the late great “Maestro” of Philippine basketball.

Austria steered San Miguel Beer to a record fifth straight Philippine Cup championship, and then added the Commissioner’s Cup later to put the Beermen on the verge of a rare grand slam.

But Cone and the Kings foiled San Miguel Beer’s grand slam bid by ruling the Governors Cup, staking their dominance of the season-ending tournament by winning the season-ending conference for the third time in the last four years.

In between their championship campaign, Cone also coached Gilas Pilipinas to the gold medal in the 30th Southeast Asian Games with a team composed of the core of Barangay Ginebra.

Interestingly, Cone and Austria had been named Coach of the

Lifesavers vs Lady Skippers in clash of winless squads

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WO Filipinas—one involved in individual combat sport and the other in team sport— have set their goals high following their recognition as the best in their fields during the 2019 San Miguel Corp.-Philippine Sportswriters Association Awards Night last Friday at a hotel in Manila.

Jack Danielle Aminam, a member of the gold medal winning women’s basketball team in the 30th Southeast Asian Games, is bound for Taiwan as an import in a school-based league that kicks off in July.

For Pauline Lopez, a taekwondo gold medalist also in the SEA Games, is focused on nailing a berth to the Tokyo 2020 Olympics and is not relaxing her legs as she prepares for the Asian Olympic Qualifiers in Jordan in April.

“I’m training hard for the Olympic Qualifiers in Jordan this April,” said the No. 3 ranked SEA Games champion in women’s featherweight.

“The training is hard and my body hurts all the time. We train three times a day, every day. On weekends, we have active rests,” Lopez said. “It’s a sacrifice to achieve our goals and dreams.”

The 23-year-old Lopez must make the semifinals of her weight class to advance to Tokyo 2020.

“We only have one chance, whoever gets the gold and silver will get that ticket to Tokyo,” she said.

Besides Lopez, also seeking a return to the Olympics is Rio 2016 campaigner Kristine Alora.

The others are Kurt Barbosa (finweight) and Arven Alcantara (featherweight), who clinched gold and silver, respectively, in the SEA Games.

The Asian taekwondo qualifiers were supposed to be held in Wuhan, the source of the corona virus.

The 21-year-old Filipino-American Aminam, who is playing out of National University, will play for Shih Hsin University in Taiwan.

But all eyes will be on Lady Skippers’ Croatian import Hana Cutura, who is expected to catch fire after erupting for 29 points in their 19-25, 25-21, 28-30, 20-25 loss to the Lady Realtors over the weekend. Marinerang Pilipina head Coach Vilet Ponce-de Leon said she is pinning her hopes on the 31-year-old Cutura against the Lifesavers powered by Cuban import Elizabeth Vicet Campos with setter Rhea Dimaculangan, Mina Aganon and Eli Soyud as backers.

“We fall short in our previous game, but rest assured that we will be back against GenerikaAyala,” said Ponce-de Leon, the architect of Chery Tiggo’s maiden title in the league. “Hana is doing it all. She wants to win. We will do everything we can to help her.”

Veteran Ivy Remulla, Coleen Bravo, Judith Abil, Seth Rodriguez and Rhea Ramirez are expected to step up to help the Lady Skippers barge into the win column.

MS. Basketball Jack Danielle Aminam and taekjwondo champion Pauline Lopez will have a busy 2020. NONOY LACZA Aminam was feted as Ms. Basketball for her strong performance not only for NU but most especially for the national women’s team that scored breakthrough wins in the SEA Games.

The five-time University Athletic Association of the Philippines (UAAP) champion said a coach from Taiwan saw her potentials and asked her to play for the university.

“There are a lot of women who play good basketball, but I hope we have an avenue to continue to display our talents,” said the 6-foot-2 Aminam, who also hoisted the MVP trophy in the UAAP. Aminam is also focused on playing 3x3, aside from the traditional 5x5 game.

“We have 3x3 games that are lined up. And then, personally, I want to try to play abroad,” she said. The women’s basketball team went 3-0 wonlost in the SEA Games, capping its gold medal run with a 91-71 rout of Thailand in the championship match. Aminam was instrumental in that win, along with the gold medal clinching campaign in 3x3. Ryniel Berlanga

Chabi Yo leads UST vs Diliman

Year thrice.

Cone won the award in 1994, 1996 and 2014, while Austria clinched the trophy thrice in a row from 2015 to 2017 to become the first coach to keep the perpetual Dalupan trophy.

The Danny Floro Executive of the Year and other regular awards will also be conferred during the 26th year celebration of the awards night presented by Cignal TV. For the second straight year, the PBAPC is giving out a President’s Award, along with the Defensive Player of the Year, Mr. Quality Minutes, All-Rookie Team and Order of Merit, which is given to the player who earned the most number of Player of the Week honors last season.

Completing the honor roll are the Scoring Champion, All-Interview Team, Game of the Season and the PBA D-League Finals MVP.

STANDARD INSURANCE SAILING TEAM HONORED The Standard Insurance Centennial Sailing Team skippered by veteran sailor Judes Echauz (fourth from right) is honored for winning three gold medals in last year’s 30th Southeast Games during the San Miguel Corp.-Philippine Sportswriters Association Annual Awards at the Manila Hotel on Friday. Standard Insurance also received a special citation from the country’s oldest media organization for making an indelible mark in Philippine sports for its support to cycling, duathlon, triathlon and sailing. Members of the sailing team are (from left) are Rubin Cruz Jr., Edgar Villapaña, Lester Troy Tayong, Emerson Villena, Joel Majarito, Head Coach Ridgely Balladares, Richly Magsanay and Whock Dimapilis.

enerika-Ayala and Marinerang Pilipina shoot for their first win when they clash in the Philippine Superliga Grand Prix on Tuesday at the Filoil Flying V Centre in San Juan.

Action starts at 7 p.m. with the Lifesavers and Lady Skippers looking to end their misfortunes.

Chery Tiggo, meanwhile, tries to bounce back when it faces PLDT Home Fibr in the 5 p.m. match.

The early stretch of the import-flavored conference bore a lot of surprises.

Sta. Lucia, a team powered by new recruits Mika Reyes and Royse Tubino, nailed two straight wins to join two-time champion Petron and heavy contender F2 Logistics in a three-way tie for first place.

Chery Tiggo and Cignal ran second with a 1-1 won-lost record, leaving PLDT, Generika-Ayala and Marinerang Pilipina at the cellar with 0-2 cards.

Pauline, Jack Danielle set goals at high level

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SAN MIGUEL Beer’s Moala Tautuaa powers his way against Magnolia’s Jackson Corpuz during the 45th season-opening Philippine Cup game on Sunday night at the Smart Araneta Coliseum. The Beermen won, 94-78.

UILDERS Warehouse-University of Santo Tomas (UST) cruised to its second win in the Philippine Basketball Association D-League Aspirants’ Cup with a 106-93 trouncing of Diliman College on Monday at the Paco Arena in Manila.

University Athletic Association of the Philippines MVP Soulemane Chabi Yo showed his pedigree with 24 points, nine rebounds and two blocks as the Growling Tigers seized early leadership in the first conference.

“We told him that he had to exert effort because he wasn’t in his elements in the past games. We told him to play well and get his rhythm. He did,” Coach Aldin Ayo of his Beninese forward.

Chabi Yo heeded the call as he led Builders Warehouse-UST’s 16-5 opening run on a 5-of-10 shooting from the three-point area in the first quarter for a 37-18 lead.

It was all Growling Tigers from there. They posted 30-point leads numerous times in the second half and hardly broke a sweat for the second straight game after shooting 12-of-36 from threes in total, good for 33 percent.

Dave Ando notched a double-double of 14 points and 11 rebounds, while Rhenz Abando tallied 13 points on a 3-of-9 clip from downtown.

Deo Cuajao scored 11 points, as Zach Huang had 10 points and five rebounds for UST. Diliman College banked on Senegalese center Abdoulaye Niang, who scored 16 of his 30 points in the failed fourth quarter fightback. He also had 16 rebounds.

Zeus Pedrosa poured 18 points, two boards, and two assists, while Robbi Darang got 13 points and 10 assists in the Blue Dragons’ tough conference opener.

PGT, PGT Asia Q-School under way

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ighty-one aspirants, including 24 foreigners, kick off their drive for berths in the combined 2020 Philippine Golf Tour (PGT) and PGT Asia Qualifying School on Tuesday at the Splendido Taal Golf Club in Batangas.

Deviating from its past setup of holding separate eliminations for the PGT and PGT Asia, the organizing Pilipinas Golf Tournaments Inc. decided to stage one Q-School for both circuits although this year’s staging suffered in terms of participation amid the COVID-19 concerns.

Still, nine players from Korea and the US, Venezuela, Spain, Japan, Australia, Britain and South Africa, including five amateurs, are in the fold, ready and eager to join the region’s emerging circuit, PGT Asia, which kicks off its fourth season from April 28 to May 1 for the International Container Terminal Services Inc. Luisita Championship at Luisita Golf and Country Club in Tarlac.

They include those who landed outside of the top 40 in last year’s PGT Asia Order of Merit ranking, led

by Korean Hwang Myung Chal, Rafael Parra of Venezuela, Emilio Parodi of Spain and former national amateur champion Gen Nagai of Japan.

The top 12 qualifiers after 72 holes will be included in Category 7 with the rest settling for Category 9 berths.

Many-time Masters champions Robert Pactolerin and Rodrigo Cuello, former national titlist Jun Bernis, big-hitting Sean Talmadge, former PGT leg winner Arnold Villacencio and former national team mainstays Rey Pagunsan and Cookie La’O, on the other hand, banner the cast in the PGT side of the elims.

After 36 holes, the leading 40 players and ties will advance to the last two rounds with the top 30 to gain Category 6 slots and the next 20 to be included in Category 9.

The 11th season of PGT starts March 25 to 28 for the ICTSI Summit Point Challenge in Lipa City, Batangas.

Sports BusinessMirror

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| Tuesday, March 10, 2020 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao

Pit crew work on the car of Ferrari’s Charles Leclerc during the preseason testing session at the Barcelona Catalunya track in Montmelo, Spain, over the weekend.

CLOUD OF SUSPICION, CONCERN SHROUD F1 Growing concern about the virus outbreak which has already forced one race to be postponed while another to be staged without fans.

By Jerome Pugmire The Associated Press

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ARIS—A climate of concern mixed with suspicion hangs over the Formula One season which opens Sunday with the Australian Grand Prix.

Growing concern about the virus outbreak which has already forced one race to be postponed while another to be staged without fans.

Mounting suspicion over a secret settlement in the Ferrari engine investigation which has angered many teams.

The season-opening race in Melbourne has, in recent years, been about who can stop Lewis Hamilton and his dominant Mercedes team. But Hamilton’s quest for a seventh F1 title—which would equal Michael Schumacher’s record haul—has taken a back seat.

Not least to the concerns over the coronavirus outbreak which has already forced the postponement of the Chinese GP originally scheduled for April 19. There are some doubts that the inaugural Vietnam GP, the third race this season, will go ahead on April 5.

The F1 series, like other sports, is threatened by the global spread of the virus. With 22 races on the calendar, the governing body of motor sport has created a special group which will meet every two days and assess the situation.

After the Australian opener, the Bahrain GP is going ahead on March 22 against the backdrop of empty stands. Organizers feared that allowing crowds would have undermined “aggressive social

distancing measures” used to prevent the spread of the COVID-19 disease.

A 14-day quarantine period imposed on any travelers who enter Vietnam from Italy—which is under quarantine in the north—could lead to first Vietnam GP being postponed. Italy-based teams Ferrari and Alfa Romeo are expected to race in Melbourne.

ANGRY TEAMS

THERE is tension within F1 following governing body FIA’s confidential settlement with Ferrari after an investigation into the team’s 2019 engine.

Questions were raised whether Ferrari’s fuel-flow meter bypassed the regulatory amount of 100 kilograms per hour. Rivals argued that Ferrari’s superior speed on long straights, and its run of six straight pole positions, may have been influenced by this.

The FIA insists it followed correct procedure to establish whether Ferrari’s engine broke the rules, but did not say if it did or not. No details of the investigation, or the settlement, have been released.

This riled seven F1 teams which cosigned a statement firmly opposing the settlement and threatening legal action.

McLaren, Mercedes, Racing Point, Red Bull, Renault, AlphaTauri and Williams want full disclosure over the monthslong investigation. So questions will be asked in Melbourne.

The acrimony increased last week when a member of the F1 communications team—a former Ferrari staffer—was removed from Mercedes’ WhatsApp media working group.

It did not go unnoticed.

A little more than one hour later, the Mercedes head of communications apologized.

Mercedes and Ferrari have contested the last three titles, all of them won by Hamilton.

The 35-year-old British driver has won 84 Grand Prix races so far. He needs to win eight more to break Schumacher’s F1 record of 91, a realistic scenario considering Hamilton won 11 races in each of the last two seasons.

Hamilton’s Mercedes teammate, Valtteri Bottas, who led the championship early last season before fading to a distant second, meanwhile, insists he has what it takes to earn a first title.

Ferrari failed to sustain a challenge last year.

Despite having superior straight-line speed, the team won only three races, two of them thanks to Charles Leclerc.

The only win for four-time F1 champion Sebastian Vettel—in Singapore—came after team orders at Leclerc’s expense.

So, perhaps, the biggest threat to Hamilton’s bid for a seventh crown comes from Red Bull’s Max Verstappen.

The 22-year-old Dutch driver clinched the first two pole positions of his career last season.

He won two races and pushed Hamilton all the way in two others, underlining Red Bull’s marked improvement with a Honda engine after splitting from Renault.

If Red Bull improves again, and Verstappen is given a car quick enough to challenge pole position record-holder Hamilton in qualifying, then he could pose a serious threat.

Bahrain Grand Prix to run without fans due to virus D

UBAI, United Arab Emirates—Formula One’s Bahrain Grand Prix will run this month without spectators as the island kingdom fights an outbreak of the new coronavirus, organizers announced Sunday. Mideast stock markets fell sharply amid a plummeting demand for crude oil.

The extraordinary decision by Bahrain to hold an only televised race March 22 is just the latest disruption felt by the Mideast over the virus and the COVID-19 illness it causes and the second for F1. Already, April’s scheduled Chinese Grand Prix in Shanghai has been postponed.

The wider Mideast now has over 6,980 confirmed cases of the virus. The vast majority are in hard-hit Iran, where the reported death toll jumped by 25 percent Sunday to 194 out of 6,566 confirmed cases.

An Emirati trader checks the stocks on the screen at the Dubai Financial Market in Dubai, United Arab Emirates, on Sunday. AP

Egypt announced its first fatality Sunday when a 60-year-old German tourist died in a hospital in Hurghada, a Red Sea resort town. The health ministry said the man tested positive for the virus Saturday and had been traveling in the country for a week.

A spokesman for Egypt’s health ministry said in televised comments late Sunday that the county has detected six more cases of the new coronavirus, bringing the total infected to 54 with the one fatality.

Bahrain’s Crown Prince Salman bin Hamad, a longtime racing enthusiast whose nation’s sovereign wealth fund owns a majority stake in McLaren, announced the decision via a statement carried by the state-run Bahrain News Agency. The statement described the decision as one to “preserve the safety of citizens, residents and racing fans.” AP

Formula One champion Lewis Hamilton arrives during the first day of the preseason testing session at the Barcelona Catalunya track over the weekend. AP

Mercedes campaigns for green, Hamilton eyes Schumi records

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ARCELONA, Spain—Although synonymous with winning in Formula One, Mercedes has wider concerns than Lewis Hamilton’s chances of matching and breaking records.

Among them the future of the planet.

Hamilton and his Mercedes team have taken steps to reduce their impact on the environment.

Hamilton, who follows a vegan diet, sold his private jet and some of his luxury cars last year.

Mercedes followed up by recently announcing it was planning to have a net-zero carbon footprint by the end of the season, which starts Sunday at the Australian Grand Prix in Melbourne.

That would put it a decade ahead of F1’s own commitment to go carbon neutral by 2030.

“We want to be at the forefront of this change,” Mercedes team boss Toto Wolff said.

Mercedes has also committed to have both its British bases, at Brixworth and Brackley, using renewable energy. The goal there is halving their CO2 emissions of 20,000 by 2022. The team will take smaller steps, such as getting rid of single-use plastic from their motorhome catering located inside F1’s paddock. Mercedes said it would offset unavoidable CO2 emissions “through goldstandard carbon offsetting,” F1 has been criticized for its massive energy costs used in constructing cars, racing them, and moving teams to multiple events around the globe.

“We want our motorsport platforms to be a case study for the rapid and open-minded implementation of innovations for a more sustainable future,” Wolff said. “That goes from the hybrid and battery electric technology in our race cars, to our daily business practice at the racetrack and in our production facilities.”

Hamilton has exchanged some of his luxury cars for hybrids and electric vehicles as part of his lifestyle change.

“Sustainability is very important to me,” Hamilton said. “I’ve also put sustainability at the heart of other ventures I’m involved in.”

Yet, two of Mercedes’ sponsors are energy

giants Petronas and Ineos.

Petronas, the Malaysian petroleum company, has its name splashed across the side of Mercedes’ Silver Arrow cars and its drivers’ driving suits.

Ineos, which recently signed a multiyear deal, is a British chemicals company that has been involved in shale gas extraction. Mercedes has not publicly mentioned if it will revisit its sponsorship deals with either.

With the rules for this F1 season barely tweaked over the winter, Mercedes is favorite to clinch a record-extending seventh straight drivers’ and constructors’ title.

Mercedes got even further ahead of the competition during the preseason by unveiling a new steering system activated by the drivers pushing and pulling on the steering column, although it be banned when a raft of new F1 rules come into place in 2021.

“It is great to see [the engineers] not doing the same things as everyone else and coming up with things outside the box,” Hamilton said during preseason testing in Spain.

Given Mercedes strengths, Hamilton has the ideal opportunity to emulate and surpass Michael Schumacher’s records. That seemed untouchable a handful of years ago when Hamilton was languishing behind then-Red Bull driver Sebastian Vettel 4-1 in world titles.

Vettel’s last drivers’ title was in 2013. Since then, Hamilton has won every title apart from when then-Mercedes teammate Nico Rosberg beat him in 2016.

Hamilton, who has already overhauled Schumacher’s record for pole positions, can match the German great’s record of seven F1 titles this season.

He needs eight wins to pass Schumacher’s mark of 91 and could well do that this season, considering he won 11 races in each of the past two seasons.

If he is feeling the pressure, Hamilton doesn’t much show it.

“I always say numbers are not a massive thing for me,” the 35-year-old British driver said. “But I plan to be here a while longer so, hopefully I, will get there.” AP

The search for truth

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EAR God, knowing the truth can be a matter of life and death. Our lives have been affected by the answer to the following question, “How do infectious diseases spread?”

For thousand of years, no one really knew the answer. Meanwhile, plagues and epidemics took millions of lives. Eventually, scientists learned the truth that has helped people prevent and treat many diseases. In like manner, searching the Truth about God, millions of people have found the answers and have improved the quality of their life. May we be inspired to find the truth more about God and, thus, lead us to His Kingdom where life has no end. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

A DESIGN project in New York by Ike Kligerman Barkley blending vintage and modern furniture. Here, the new: a blue and gray wool and silk carpet, and creamy boucle sofas.

The old: “Pairs of smaller, bolder pieces—1920s Swedish black lacquer side chairs, and 1930s mahogany slipper chairs,” says designer Elizabeth Sesser, who worked on the project.

The finished look is elegant and cohesive. WILLIAM

Life BusinessMirror

RAPHAEL FEVER HITS ITALY BUT ART ISN’T IMMUNE FROM VIRUS D4

Tuesday, March 10, 2020

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WALDRON/IKE KLIGERMAN BARKLEY

Mix-and-match décor: In with the old...and in with the new A

BY KIM COOK The Associated Press

N early, painted Swedish sideboard next to a leather sectional. An ornate Italian walnut headboard on a bed dressed in featherweight linen. A collection of colorful 1930s Fiestaware pottery on a Lucite bookshelf.

Mixing vintage and modern elements is one of the easier decorating techniques to employ. A little research can help with sourcing quality antiques, but combining old and new is mostly a matter of making sure the fun “found” pieces or family heirlooms get along with the contemporary components.

That introduction may take some tweaking so your room doesn’t end up looking like a catchall of random furniture, but that’s part of the fun. Introduce the furnishings to each other. See who gets along. And rearrange where everybody sits if you need to.

Tamara Rosenthal, Sotheby’s Home marketing vice president, says the mix-and-match trend is on the rise.

“People aren’t as interested in spaces that look like they came entirely from a showroom,” she says. “They want to create a space with a unique point of view, infusing a variety of pieces, eras, textures and more to create a cohesive but unique look and feel.”

BALANCE IS KEY INTERIOR design maven Kimberley Seldon, whose business is based in Toronto and Los Angeles, follows this formula when mixing styles: “As long as 80 percent of an interior is cohesive— same style, same period, same philosophy—the other 20 percent can deviate. In 20 years, I’ve never seen this rule of thumb fail.”

Rosenthal recommends layering old and new items, like hanging an antique rug in an otherwise

modern room.

Elizabeth Sesser, a designer at the New York firm Ike Kligerman Barkley, mentions a recent project that blended vintage and modern furniture into an elegant whole. The new: a blue and gray wool and silk carpet, and creamy boucle sofas. The old: “Pairs of smaller, bolder pieces—1920s Swedish black lacquer side chairs, and 1930s mahogany slipper chairs,” she says.

WATCH YOUR COMBINATIONS SOME vintage styles don’t complement each other, as well as others, Seldon points out. For instance, the ornate embellishments and jewel tones of Victorian furnishings don’t work harmoniously with the Arts and Crafts movement, whose hallmarks are simpler craftsmanship and muted, nature-inspired hues.

If you do want to blend eras, consider Victorian with other formal European eras like Georgian, Edwardian and French. If you’ve got a few exceptional Arts and Crafts pieces, play them up with clean-lined country styles and modern upholstery.

“One of my favorite ways to mix design styles is with midcentury pieces,” says Rosenthal. “They’re truly transitional, because they can sway traditional or modern without looking out of place.”

Katie Watson-Smyth, who lives in London and writes the design blog Mad About the House, agrees about midcentury modern: “You will never go wrong with a chair from this period. It’s friends with everyone.”

She notes that midmod chairs can be reupholstered in a range of fabrics to suit any design vibe. She also recommends looking for common threads among your found pieces—rounded edges; wood and color tones; surface materials like marble.

NEW, INSPIRED BY OLD IF you don’t have true antiques, there are interesting new pieces that harken to the past.

For example, at this spring’s Architectural Digest Design Fair in New York, Brooklyn-based Rhyme Studio is debuting a collection of wool rugs inspired by a 1,600-year-old Irish alphabet, known as Ogham, or the tree alphabet.

Its folk history may tie it to druids and secretive scholars, but the designs look as current and chic as anything dreamed up today.

And at Kathy Kuo, find an array of new seating, lighting and casegoods referencing popular eras like Hollywood Regency, French Country and Art Deco.

SHOP SMART ROSENTHAL advises planning in advance before hunting for specific pieces, since the Internet and antiques shops and fairs can be overwhelming. Be specific when you key in search terms. Knowing what you’re after helps, but be open to surprise finds.

“We always recommend starting with smaller items like mirrors, artwork, accessories and other accents,” she says.

“You can find a wide range of styles in mirrors in good shape that add a touch of history. And you can often find standout light fixtures that no one else will have,” she says.

“Shopping at a reputable site, antique dealer or well-regarded secondhand store is key,” she warns.

“They’ll be able to provide all the information you need on the specific details of the piece.”

Pieces on the Sotheby’s Home site, for example, have been vetted by a team that assesses condition, authenticity, etc.

Besides Sotheby’s, check out the ever-changing lineup of furnishings and collectibles at Chairish, 1stDibs, Etsy, eBay, One Kings Lane and Jayson Home, where new pieces include a 19th-century French wood and marble patisserie table, and a train bench salvaged from an old British colonial train in northern Thailand. ■

CASA DE MEMORIA TO HOLD AUCTION WITH FINE EUROPEAN ANTIQUITIES

PALACIO de Memoria’s auction house, Casa de Memoria, or simply the Casa, will be holding “Primero,” an auction that will feature a curated selection of rare Euro-Filipino treasures, on March 21, 2 pm, at Palacio de Memoria, 95 Roxas Boulevard, Parañaque City.

Among the coveted antiquities to be sold is the rare map, “Islas Filipinas,” by mapmakers Francisco Coello and Antonio Morata. Other auction items include a collection of decorative art, silver, crystals, memorabilia, and ivory with ethical provenance. In photo is the Gallé Vase by French glass artist Émile Gallé.

Music and diversity at Benilde’s interior design exhibit at S Maison THE “Akala” chair by Nianne Frances Nabor and Francheska Nadine Gonzales was inspired by National Artist for Music Ryan Cayabyab’s song “Limang Dipang Tao.”

STUDENTS from College of Saint Benilde’s Interior Design Program recently sought inspiration from music and diversity during their recent interior design exhibit at S Maison.

In Musikasangkapan: Obra ng Pinoy Milenyal, Furniture Design students synergized lyrical harmonies and classical rhythms by Filipino artists with design and ingenuity. The signature pieces produced by these promising talents sprung from an opportunity to explore, design and create furniture pieces inspired by Filipino music from different genres.

The students took inspiration from National Artist for Music Ryan Cayabyab’s works, Eraserheads songs, and classical Filipino themes, like kundiman and harana.

The exhibit also featured Paraluman, which showcases the interior design students’ mock-up

of the renovation of the Makati Special Education Center in Barangay Pio del Pilar, Makati. The students showed how they were able to create an inclusive, active and unique space design where they focus on educating and embracing differences for children with special needs. Their goal was to not only create just “another” classroom for teachers and students but a safe, engaging, and friendly environment for children with special needs where they can develop their interpersonal skills and intuitive thinking as they grow morally and academically upright. It is believed this physically and mentally engaging free space would translate to a cheerful environment empowering students.

Benilde’s interior design exhibits Paraluman and Musikasangkapan: Obra ng Pinoy Milenyal are among the many exciting cultural events at S Maison.

COLLEGE of Saint Benilde Interior Design Prof. IDr. Khae Manansala and IDr. Bella Saman with SM’s Senior Vice President for Marketing Communications Group Millie Dizon, AVP for Marketing Krisel Raymundo and S Maison Mall Manager Grace Mindanao

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Publisher cancels plans to release Woody Allen memoir

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By Hillel Italie The Associated Press

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EW YORK—Woody Allen’s publisher has decided to cancel the planned release of his memoir Apropos of Nothing. The announcement on Friday by Hachette Book Group (HBG) followed days of criticism focused on allegations that Allen sexually abused his daughter Dylan Farrow.

On Thursday, dozens of Hachette employees staged a walkout.

“The decision to cancel Mr. Allen’s book was a difficult one. At HBG, we take our relationships with authors very seriously, and do not cancel books lightly,” the publisher announced.

“We have published and will continue to publish many challenging books. As publishers, we make sure every day in our work that different voices and conflicting points of views can be heard.”

Allen’s book was scheduled to come out next month. Allen has denied any wrongdoing and was never charged after two separate investigations in the 1990s. But the allegations have received new attention in the #MeToo era. Allen’s agreement with Hachette meant that he briefly shared a publisher with one of his biggest detractors, his son Ronan Farrow, whose Catch and Kill was released last year by the Hachette division Little, Brown and Co. “Hachette’s publishing of Woody

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY:Olivia Wilde, 36; Carrie Underwood, 37; Jon Hamm, 49; Sharon Stone, 62.

HAPPY BIRTHDAY: Put more oomph into whatever you decide to do this year, and you’ll attract positive attention. Reaching out to help others will put you in a power position that will turn you into the go-to person.

The more control you have, the easier it will be to get things done and to reach your goal. Partnerships will change your life and encourage greater intimacy. Your lucky numbers are 4, 15, 19, 27, 32, 35, 43.

a

ARIES (March 21-April 19): Don’t overreact, or you will end up in a compromising position.

Use what unfolds to your advantage. Keep your personal life and endeavors secret for the time being. HHH

b

TAURUS (April 20-May 20): Someone from your past will offer you a noteworthy prospect. A favor you provided will lead to rewards. Make a budget-friendly personal adjustment, and you will free up time and money, and ease stress. A partnership looks promising. HHH

c

GEMINI (May 21-June 20): Speak up. Don’t give anyone a chance to talk you into something you don’t want to do. Use your intelligence to outsmart anyone who tampers with your plans. Learn from the experience, and don’t promise or take on the impossible. HHHHH

d

CANCER (June 21-July 22): Make every move count. Head in a direction that fulfills your needs. Don’t give in to someone using emotional tactics to confuse you. Use your imagination to solve any dilemma you face. Stop trying to please everyone else, and do what’s best for you. HH

e Allen’s memoir is deeply upsetting to me personally and an utter betrayal of my brother whose brave reporting, capitalized on by Hachette, gave voice to numerous survivors of sexual

assault by powerful men,” Dylan Farrow said in a statement Monday hours after details of the book were released by The Associated Press.

Ronan Farrow followed up a day

‘THE JETSETTERS’ IS STORY OF A DYSFUNCTIONAL FAMILY

later, calling Hachette’s decision “wildly unprofessional.” Both he and his sister complained that the publisher had not reached out to fact check their father’s book. n

OPRAH WINFREY REVERSED UPCOMING BOOK SELECTION AFTER CONTROVERSY

By Lincee Ray The Associated Press FAMILY vacations abroad can be an experience of a lifetime for some families. For others, the thought of being stuck with loved ones having “forced fun” is a recipe for disaster. Especially if that adventure takes place on a cruise ship.

In The Jetsetters (Ballantine Books) by Amanda Eyre Ward, Charlotte Perkins is enjoying her golden years for the most part. On the outside everything seems to be good, but she struggles with loneliness. Which is why she enters an essay contest to “Become a Jetsetter.” To her surprise, she’s selected and finds herself bound for Europe.

Not wanting to travel alone, Charlotte crafts a plan to invite her three estranged children to traipse through Athens, Rome and Barcelona.

With a little bit of persuasion and a ton of guilt, the Perkins kids begrudgingly pack their bags and hide their secrets. Lee calls herself a popular actress.

Even though her résumé technically doesn’t reflect that fact, she doesn’t want to come clean to her family just yet. Her brother Cord is an attractive, successful businessman from Manhattan. Charlotte is determined to find him a wife on the boat. And Regan is a doting mother and dutiful wife who wants nothing more than a little freedom from the everyday grind.

With each passing day, the three kids open up to one another about an old family drama and current troubles weighing them down. Old wounds are reopened, truths are revealed and secrets are shared.

Alternating between each family member’s point of view gives The Jetsetters a unique perspective on each character.

NEW YORK—Oprah Winfrey reversed her book club selection of Kate Elizabeth Russell’s upcoming My Dark Vanessa after the novel was briefly the subject of online controversy, a spokesman confirmed on Thursday.

“Ultimately we did not end up moving forward with it as a book club selection,” a spokesman for Winfrey said.

Russell’s publisher, William Morrow, said in a statement that it was “disappointed by their decision but thrilled to see the incredible response from early readers.” It noted early reviews had been positive for My Dark Vanessa.

Winfrey’s dropping of the novel followed her highly controversial choice of Jeanine Cummins’s My American Dirt, the best seller about Mexicans fleeing to the US border that has been criticized for perpetuating stereotypes. The novel has intensified an ongoing debate over the lack of Latino representation in the publishing industry.

Winfrey told the AP last month that she did not want to “wade” again into controversies that took away attention from the books themselves. Winfrey’s interview with Cummins and critics of American Dirt premieres Friday on Apple TV Plus.

The AP attended the February taping in Tucson, Arizona.

Winfrey’s next choice will be announced in April.

Russell’s novel, like American Dirt, was one of the most anticipated books of 2020. But in January, author Wendy Ortiz alleged that Russell’s story of a teenager’s relationship with her high-school English teacher had been lifted from her memoir Excavation. Reviewers who looked at both books saw no evidence of plagiarism, and Russell has since said the novel was based in part on her own life.

Winfrey’s decision was first reported by the industry newsletter Publishers Lunch. AP

LEO (July 23-Aug. 22): A trip will be useful for you. Whether it’s a physical, emotional or mental journey, the outcome should grant you clarity and understanding of what’s possible. Make time for someone special, and it will enhance your relationship. HHHH

f

VIRGO (Aug. 23-Sept. 22): Check out what friends, peers and relatives choose to do with their time. The conversations you have will lead to professional and personal possibilities.

Refrain from making a donation that isn’t budgetfriendly. Invest in your life, not someone else’s. HHH

g

LIBRA (Sept. 23-Oct. 22): Be upfront about your intentions. Don’t compensate for a shortcoming you think you have by offering a false impression. Truth matters and will instill trust and respect in those you deal with today. You’ll discover a skill you didn’t know you have. HHH

h

SCORPIO (Oct. 23-Nov. 21): Stick to your budget. Don’t take on someone’s responsibility or debt. A domestic change will help you overcome the dilemma you face. A personal change will help you recognize what it is you want out of life. Romance is favored. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Pay attention. Someone will play games with you, using unfair tactics that will leave you questioning your feelings, as well as your plans. Keep your life and your ideas simple, moderate and within your means. Think before you act. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Money and emotions won’t mix well today. Keep your wallet, possessions and passwords tucked away in a safe place. Make a personal change that will lift your spirits. HH

k

AQUARIUS (Jan. 20-Feb. 18): Collect or pay off a debt. Handle a pending settlement with direct communication. Someone will offer you sound advice regarding a relationship that is going through uncertain times. HHHHH

l

PISCES (Feb. 19-March 20): Share your thoughts, and you’ll interest people who have something to contribute to your plans.

Participate in an event or activity that gives you the chance to show off your skills. HHH BIRTHDAY BABY: You are informative, friendly and willful.

You are creative and strategic.

‘utter nonsense’ BY BARBARA LIN The Universal Crossword/Edited by David Steinberg

ACROSS 1 Sometimes-inflatable vessel 5 Doesn’t go bad 10 Teleflora competitor 13 State whose three largest cities’ names start with “C” 14 Shenanigan 15 Liveliness 16 Race for those with less hair?

18 Wedding dress material 19 Greek I’s 20 Agrees 22 Parent in a Seuss title 24 Throw for a loop 26 Chocolate bean 27 Awesome 29 Rooster that only eats certain flowers?

32 Biblical promised land 35 Canines, for instance 36 Proof of the missing link between equines and birds?

40 Luxury Japanese auto 41 Six-winged angel 43 Language invented by the Bee

Gees?

7 Disembodied voice?

4 48 ___ a million 49 Puppy noises 52 Queens scoreboard abbr.

53 Spoiler, sometimes?

56 Word with “political” or “birthday” 58 Tedious way to learn 59 Abstract design on a wing part?

63 Latin love 64 Gave a hand 65 Central, as a street 66 Japanese currency 67 Floor 68 They have rods and cones DOWN 1 Stick up 2 “Now I get it!”

3 From Manila, say 4 List type 5 Gold standard?

6 Becomes, ultimately 7 Incoming train guess, briefly 8 Galileo supposedly dropped objects from its tower

9 MIT and UCLA 10 Prefix for Paris’s country 11 Mint that rattles in its container (hence its name) 12 Has some success 15 Stands for fans 17 Ewoks, e.g.

21 Father Time’s tool 22 Bench press target, informally 23 Colorful fish 25 Like many things worth doing 28 Rock climber’s metal ring 30 Princess’s insomnia source 31 Canines, for instance 33 Go up 34 Nerve: Prefix 37 Common date night: Abbr.

38 Reason for savings 39 Peppy for one’s age 42 He/___ pronouns 43 Become silver-haired 44 Where to do as the locals do 45 Play, as a bongo 46 More with it 50 Rice field

1 Sign of a sellout, for short 5 54 Degs. for some curators 55 Landed 57 Heavy book 60 Hoopla 61 Harmful invention?

62 Most frequent letters in “cannelloni”

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, March 10, 2020

D3

Royal farewell: Harry, Meghan on final duty before new life

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By Danica Kirka The Associated Press

ONDON—It’s definitely a farewell. But will it be fond?

Prince Harry and his wife, Meghan, the Duchess of Sussex, fulfilled their final royal commitment when they appeared Monday at the annual Commonwealth Service at Westminster Abbey in London. It’s the last time they were seen at work with the entire royal Windsor clan before they fly off into self-imposed exile in North America.

The service marked the end of a two-month drama that began when the couple announced plans to walk away from their roles as senior members of Britain’s royal family and into a world where they will have to earn a living, pay their own way and even open some doors for themselves.

It’s uncharted territory for the House of Windsor, even as the family seeks to downsize.

“I think this is a blow because I don’t think [the Windsors] would have envisaged that the slimmeddown monarchy would have actually meant that there was no role for Meghan and Harry,’’ said Pauline Maclaran, coauthor of Royal Fever: The British Monarchy in Consumer Culture. “I mean, they really brought a new dimension to the royal family brand.”

It wasn’t supposed to happen this way.

Less than two years ago, Harry and Meghan were seen as a golden couple that would help extend the royal family’s appeal to a new generation. Their wedding on May 19, 2018, united a grandson of 93-year-old Queen Elizabeth II with the former Meghan Markle, a biracial American actress who had starred for seven years on the US television series Suits. George Clooney, Serena Williams and Elton John attended their wedding at Windsor Castle, which ended with the royal couple kissing for their flag-waving fans and riding through the streets in a horse-drawn carriage.

But the horses were barely back at the stable before pressures intensified on the couple, who became the Duke and Duchess of Sussex on their wedding day.

Even before the ceremony, Britain’s tabloid newspapers featured stories about a rift between Meghan and her father. When Meghan became pregnant, some commentators criticized her for jetting off to New York for a baby shower, a strange American tradition to many in Britain.

Others lampooned Meghan’s politically correct pronouncements on the environment and women’s rights. Meghan’s supporters saw racism at work.

Harry publicly defended his wife and directed his anger at the intrusive media he has resented all his life because of the paparazzi’s role in chasing his mother, Princess Diana, on the night in 1997 when she died in a Paris car accident.

The prince himself was stung by media reports of a split between him and his older brother, Prince William. The notion that the brothers and their glamorous wives would be a royal “Fab Four’’ for the 21st century began to fade.

“For me and for my wife, of course, there’s a lot of

IN this November 2019 file photo, Britain’s Prince Harry and Meghan, the Duchess of Sussex, attend the 91st Field of Remembrance at Westminster Abbey in London.

Harry and his wife, Meghan, fulfilled their last royal commitment on March 9, with an appearance at the annual Commonwealth Service at Westminster Abbey. AP

stuff that hurts, especially when the majority of it is untrue,’’ Harry, 35, told ITV News last fall. “I will not be bullied into playing a game that killed my mom.’’

Then in January, the couple sparked a royal crisis when they revealed that they intended to step back from their duties as senior members of the royal family. The move came after holiday pictures were released of the queen along with son Prince Charles, grandson Prince William and great-grandson Prince George. The future was pictured, and Harry wasn’t part of it.

In a personal statement, Harry and Meghan revealed that they intended to become “financially independent” and “balance” their time between the United Kingdom and North America, while continuing to honor and serve the queen. They wanted, in essence, to be part-time royals.

Hours later, Buckingham Palace issued a statement hinting that this part-time notion had caught some in the royal household by surprise. Discussions with the duke and duchess, it said, were “at an early stage.”

With his ginger hair, close-cropped beard and easy manner, Harry had become one of the royal family’s most popular members after shedding the hardpartying image of his youth.

The youngest son of Charles and the late Diana, Harry is sixth in line to the throne, after his father, William and William’s three children. More important, he and William were seen as a new generation who would modernize the royals.

But there’s no precedent for a part-time role in the House of Windsor’s family firm. After all, Edward VIII was largely shunned by the royal family after he abdicated the throne to marry American divorcee

Wallis Simpson in 1936.

Anguish followed the dueling announcements.

Aggrieved taxpayers insisted that Harry and Meghan repay the £2.4 million ($3.1 million) of public money spent to renovate the House in Windsor where they had planned to live. Their social-media feeds, normally full of heart-shaped emoticons, were flooded with ill-tempered commentary about their decision to abandon Britain. A family summit sought to hash out a way forward.

Finally, the queen stepped in: Harry and Meghan would stop carrying out royal duties in March, would pay back the renovation costs and would receive no public money after they stepped aside. While Harry and Meghan would always be part of the royal family, they won’t be allowed to use the word “royal’’ to earn a living.

That meant the couple had to abandon plans to use the “SussexRoyal” brand they had sought to trademark.

So, what now?

Well to start with, they won’t use their royal titles.

But other issues remain: How will Harry and Meghan earn a living and who will pay for their security, which has until now been financed by UK taxpayers? The Canadian government has said it will not. The couple are expected to earn their keep, at least, partly through speaking engagements—sort of like the Obamas. They already spoke at a JP Morgan investment conference last month in Florida, but it isn’t known whether they were paid.

Simon Morgan, a former royal protection officer, estimates their security costs at “several million’’ pounds a year.

“When you look at the royal family, their security package is very much built on a model from cradle to grave,’’ said Morgan, the director of operations and training for the security firm Trojan Consultancy. “It’s built on an element of rapport and trust...when we talk about the cost, the initial setup of that team will be quite important.”

But many royal watchers are more interested in what caused this seismic shift in the British monarchy. Some blame Meghan, who admitted last year that adjusting to royal life had been difficult.

The 38-year-old Los Angeles native graduated from Northwestern University, and carved out a career in movies and television long before she met Harry. The couple’s first child, Archie, was born in May 2019.

Harry and Meghan’s agreement with the queen calls for their decision to be revisited in a year. They may choose to return to front-line duties, where their super-celebrity status allows them to highlight their favorite causes.

But will they miss it? Meghan might miss the events like one on Friday, in which she urged male students to honor the women in their lives. Ecstatic students offered rapturous applause at her message of empowerment.

Harry for his part has a special bond with British military causes, such as the Endeavour Fund, which helps wounded service personnel use sports to recover from their injuries. He promised he wouldn’t go away. “A lot of you tonight have told me you have my back,’’ he said in a veiled reference to his royal struggles. “Well I’m also here to tell you, I’ve always got yours.’’ n

VIOLINIST RYU GOTO CANCELS PERFORMANCE WITH P.P.O. DUE TO COVID-19

THE Philippine Philharmonic Orchestra (PPO) announces that Japanese violinist Ryu Goto will not be performing with the CCP resident orchestra company for its March 13 series concert. Due to the coronavirus outbreak, Goto decided to postpone all his performances in Asia. According to his manager, Setsu Goto, they received an announcement from their government to cancel events that draw big crowds, such as parties, gatherings and concerts.

As of this announcement, Maestro Yoshikazu Fukumura, the PPO music director, is currently looking for a replacement for the featured guest soloist for this March series concert.

“We will inform you of the changes as soon as we get confirmation from Maestro Fukumura and the soloist,” said PPO Orchestra Director Eugene de los Santos DMA. More information is available through 8832-3706 or ccpsalesandpromo@gmail.com.

GABBI GARCIA got front-row seats to an FC Barcelona vs Levante UD game, thanks to Rakuten Viber, the official communication channel of the football club.

GABBI got to tour Europe’s biggest stadium and the home of the world-famous FC Barcelona football club, Camp Nou.

Gabbi thankful to Viber for once-in-a-lifetime FC Barcelona experience POPULAR messaging application Rakuten Viber recently gave GMA artist and Encantadia star Gabbi Garcia an unforgettable new life experience by flying her all the way to Barcelona to catch a live football match featuring one of the world’s most popular football clubs, FC Barcelona.

Gabbi had front-row seats to FC Barcelona’s game against the Levante UD team from Valencia, and also got an exclusive tour of Camp Nou, FC Barcelona’s historic home stadium.

The young actress had the time of her life

witnessing the exciting game in Spain’s top football league La Liga and taking snapshots of FC Barcelona’s football stars, posting pictures on her social-media accounts.

Viber, one of the most popular instant messaging apps in the world, is also FC Barcelona’s official communication channel.

Since 2017, Viber has been connecting the football club to its fans to over 800 million users worldwide through a variety of engaging and fun experiences.

Gabbi’s recent trip to see the team up close is the latest

in Viber’s continuing mission to create unique, fun and engaging ways to connect people.

Celebrating their 10th anniversary this year, Rakuten Viber is coming up with more unique and engaging features, and partnerships for expressing yourself and engaging with your favorite people, all while doing it in a private and secure way.

A ‌star‌‌like‌‌Gabbi‌‌and‌a great club as ‌FC‌‌Barcelona‌ ‌trust‌ing ‌Viber‌‌for‌‌their‌‌everyday‌c‌ ommunications says a lot about the confidence people have about the application for their messaging needs.

RYU GOTO

D4

Art

BusinessMirror

Tuesday, March 10, 2020

www.businessmirror.com.ph

Raphael fever hits Italy but art isn’t immune from virus

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BY FRANCES D’EMILIO The Associated Press

OME—The paintings, drawings, tapestries and sketches in the most ambitious exhibition of Renaissance superstar Raphael’s works are collectively insured for €4 billion ($4.4 billion) against theft, vandalism or other damages.

But no money can guarantee that Italy’s outbreak of coronavirus, the largest in Europe, won’t play havoc with the three-month run in Rome of this year’s eagerly-awaited art blockbuster.

Nervousness was palpable at a preview on Wednesday that the Italian government’s increasingly restrictive measures aimed at containing the outbreak might prematurely shut down the Raffaello exhibition, which is being mounted to mark the 500th anniversary of his death.

The project brings together 120 works by Raphael, including from collections ranging from those of Queen Elizabeth II to some of the world’s most prestigious museums. Entitled Raffaello 1520-1483, the exhibition opens on Thursday in the Scuderie del Quirinale, an 18th-century former stables converted into an elegant palazzo.

There was reason to be nervous. Italy closed all schools and universities Wednesday and barred fans from all sporting events for nearly the next month to try to tamp down the deadliest coronavirus outbreak outside of China. So far, over 3,000 people have been infected in Italy and 107 of them have died.

On April 6, 1520, at the height of a brilliant career as a painter and architect in Rome, Raphael succumbed, on his 37th birthday, to eight days of fever and was buried in Rome’s Pantheon.

Some 40 of the paintings and sketches come from the Uffizi Galleries in Florence, whose director, Eike Schmidt, sought to tamp down apprehension about viewing the show. He stressed that the recommended 1-meter (yard) distance between people in public places would be respected to reduce risks of any

contagion, and hand sanitizers were affixed to exhibit walls. He was interviewed in front of one of the show’s top draws, Portrait of Pope Leo X. The painting underwent a painstaking, three-year restoration that enhanced the rich hues of the scarlet cap and cape of the pontiff, one of Raphael’s patrons, and the cardinalred robes of two cardinals. So exquisite is Raphael’s detailing that a silver bell near the pontiff’s left hand looks like you could pick it up and ring it.

Pausing in front of Raphael’s creations—including preparatory sketches as breathtakingly beautiful as

the paintings that ensued—viewers feel caught in the gaze of the artists’ subjects.

Schmidt noted that while Michelangelo was “constantly interested in the anatomy of the human body,” and Leonardo da Vinci was “principally interested in the scientific analysis of the world,” Raphael’s interest “was really the psychology of his sitters” for portraits. Raphael was intent on exploring “how can you express a human character—a soul—through painting, which is very difficult, if not impossible.” But, Schmidt added, switching to

Raphael’s Italian name “ if anyone came close to do it, that was Raffaello.”

Drawing; with ink, or red or black chalk, provide ample examples of Raphael’s success in infusing human figures with emotion. Two of Raphael’s celebrated portraits have inspired countless musings about the women who posed for a painter known for his lively love life.

One, informally known as Fornarina, or the baker’s daughter, was said to be his mistress and was painted in his last year of life. A finger on her right hand appears to point to an slim armband on her bare arm with the artist’s name. Nearby is a portrait of a woman called La Velata, or the veiled woman.

When Italy’s COVID-19 outbreak surfaced last month, more than 70,000 tickets had already been sold for the Raffaello exhibit.

Organizers on Wednesday said “the number of visitors accessing the halls will be controlled” to dilute the risks of any visitors transmitting the new coronavirus.

But if Raffaello was forced to temporarily close its doors or slash entrance numbers, it’s highly unlikely that it could be extended.

While the Uffizi has so many Raphael works it could lend 40 and still keep its Raphael room open in the Florence museum, other lending institutions, among them the Prado, the Louvre, the National Gallery in London and the National Gallery of Art in Washington, D.C., would be reluctant to deprive for more weeks their own visitors of an opportunity to view their Raphael works in their own collections.

The viral outbreak has already inconvenienced art lovers in Italy.

Last week, admirers of Caravaggio, the Baroque master painter, found themselves locked out of a church in Rome, Saint Louis of the French, which has three of the painter’s works. A priest at the church had tested positive for the virus after passing through Italy’s north, the heart of the outbreak in Europe.

When the church reopened on Wednesday, several tourists wore face masks. ■

GLOBE PLATINUM CELEBRATES 100 YEARS OF PHL FILM AT ‘ART FAIR 2020’

IN its eighth year as the exclusive partner of Art Fair Philippines, Globe Platinum celebrates the ingenious past, present and future of Philippine film at Art Fair 2020. A known champion of breakthrough art, Globe Platinum (www.globe.com.ph/platinum) has showcased the works of the most provocative artists in the Asian scene at Art Fair Philippines—from Plet Bolipata’s whimsical take on the fairy tale Little Red Riding Hood in 2018 to the collaboration with Japan’s immersive art group, teamLab, last year.

Taking another step in bringing extraordinary experiences to art enthusiasts, Globe Platinum led the inauguration of the first-ever film program at this year’s Art Fair.

The film program celebrated the Philippine legacy of the last 100 years through a daily screening of films curated by the award-winning writer, editor and film composer Erwin Romulo; respected film historian Teddy Co; and film critic Philbert Dy. Showcasing the diversity of Philippine cinema, the program included feature-length and short films, narrative and experimental films, documentaries and animated films. Throughout the program, a panel of film experts and enthusiasts exchanged views on the future of Philippine cinema.

Art Fair 2020 showcased the works of 61 finest local and foreign artists in more than 13,000 square meters of The Link, Ayala Center, Makati. Other highlights at this year’s Art Fair included an “Open Studios,” where revered artists and culture experts held workshops and demos; Julie Lluch’s Irresistible Grace, a dramatic modern take on the Juan Luna magnum opus Spolarium; and the Visayan group political exhibit Giatay that depicts today’s political climate.

At the highly anticipated event, Globe Platinum customers received complimentary passes and access to an exclusive priority lane by simply showing their Platinum signal. In partnership with Art Fair Philippines, Globe Platinum continues to champion its customers’ passion for the best in arts and culture.

ANDY PERNIA’S Kubo from Art Wednesday

CEZAR ARRO’S Serendipity Face Facade Series 11 from Galerie Anna

HOW TO SCORE THE BEST DEAL IN MANILA’S ‘AFFORDABLE ART FAIR’? ‘BE PATIENT, LOOK AROUND’ CIRCLES JT NISAY

jtnisay@gmail.com

THE key to finding the best buys in an entire park filled with relatively affordable artworks is to employ patience.

Art in the Park returns for the 14th year on Sunday, March 15, at the Jaime Velasquez Park in Salcedo Village, Makati City, from 10 am to 10 pm. According to one of the organizers, the best approach for art hunters is to take their time and enjoy the relaxed Sunday-in-a-park spirit of the annual event.

“The participating galleries and groups bring insomuch stuff to the fair, so just be patient and look around,” said Lisa Periquet of Philippine Art Events Inc., which is also behind Art Fair Philippines. “The whole experience is also a way of training your eyes.”

Art in the Park began in 2006 as a companion event to the second anniversary of the Salcedo Saturday Market. The concept instantly took a life on its own and evolved to a fund-

raising event, with portion of all sales donated to the Museum Foundation of the Philippines (MFPI).

The event took on the mission to present art as something accessible, both to budding artists and to the general public. Entrance to the fair is free of charge, while the prices of artworks presented at Art in the Park—billed as the “affordable art fair”—is capped at P50,000.

“Appreciation of art has to be available to all,” Periquet said. “Of course, there are certain aspects to it that are very highbrow, but there’s a part that it should really be part of everyone’s life.”

This year, Art in the Park gathers 56 exhibitors representing galleries, art collectives, independent art spaces and student groups. The organizers have also handpicked three featured artists for the event.

One is Richard Quebral, whose coveted whimsical paintings will be available at the MFPI booth. The other two are Jackie Lozano and Dex Fernandez.

University of the Philippines Fine Arts faculty member Lozano will demonstrate her method of portraiture live to visitors, who are free to discuss with the artist.

Meanwhile, Fernandez, known for his cartoonish character Garapata, will install a “Garapata Hatchery” where visitors “who are willing to get ‘infested’” can participate in his art-making process.

“You can bring with you this quirky, transforming, expressive, omnipresent personality if you’re willing to be

infested,” says Fernandez. “Just bring a shirt, a tote bag or any material that has a flat surface for Garapata to latch on.”

To go with a full day of visual treats, Art in the Park 2020 also presents food, drinks and music. Spicing up this year’s lineup of concessionaires with Indian cuisine is Mantra Bistro, while highlighted as this year’s special performer is solo artist Hoochie Coochie Mikkie.

■■■ UPDATE: Philippine Art Events Inc. announced yesterday that, due to the COVID-19 outbreak, Art in the Park 2020 is postponed. Here is the full statement: Mindful of our collective responsibility to help contain the spread of COVID-19, the organizers of Art in the Park and the Museum Foundation of the Philippines have decided to postpone the event scheduled for Sunday, March 15.

We were looking forward with anticipation to another successful edition of Art in the Park. However, in consideration of the recent advisories by both the World Health Organization and the Department of Health, we feel that pushing through with the event would be irresponsible.

We deeply appreciate the support that our participants, visitors, and partners have expressed throughout the planning process for this year’s Art in the Park. Our thoughts are with those who have been affected by the coronavirus globally, and we fervently hope that this crisis will be overcome soon.

We hope to reschedule Art in the Park to later this year.

A MAN wearing a mask attends a press preview of Raphael’s exhibition in Rome on March 4. AP