BusinessMirror March 12, 2019

’18 FDI INFLOWS AT $9.8B, DOWN BY $500M

By Bianca Cuaresma @BcuaresmaBM

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‘AMBA’ REMEMBERED The family of the late Ambassador Antonio L. Cabangon Chua led relatives, friends

and employees of the ALC Group of Companies that he founded in honoring his memory on his third death anniversary on Monday (March 11). Photographed after a Holy Mass are his widow Mrs. Bienvenida A. Cabangon (front) and (from left) eldest son J. Wilfredo A. Cabangon and his wife Maritess, granddaughter Gianina, son D. Edgard A. Cabangon, daughter D. Cecilia A. Cabangon, son D. Arnold A. Cabangon and his wife Joanna, grandson William Matthew Cabangon, and Sharon Tan next to a standee photo of the late ambassador. RAUL ESPERAS

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

OREIGN direct investments (FDI) to the Philippines fell short of the government’s projection of $10.4 billion for 2018, as fewer investors placed their bets on the long-term economic prospects of the country.

The Bangko Sentral ng Pilipinas (BSP) on Monday reported a 4.4-percent drop in the country’s FDI level in end-2018 compared to the previous year’s FDI. Last year, total FDI net inflow into the Philippines reached $9.8 billion, lower than the $10.3 billion recorded in 2017.

The 2018 FDI print is also $600 million short of the government’s projection of $10.4 billion for the year.

FDI is the type of investment that is often more coveted, as it stays longer in the economy and creates job opportunities for locals. It is also not easily pulled out of the market unlike its shorter-term counterpart, the foreign portfolio investments.

Across components, net equity investments posted the largest decline at 33.3 percent. Although there were less withdrawals during the year, placements also declined by about a third from those seen in 2017.

Asian in nature COUNTRY source data showed that FDI are increasingly becoming Asian in nature, as placements made by investors based in the United States, Europe and Australia all posted declines during the year.

In particular, net equity placements made by investors in the US declined by 66.07 percent, while those from Europe were down by 80.76 percent. Investments from Australia and New Zealand further plunged into the net outflow territory to hit a net outflow volume of $149.25 million, from the $2.84 million net outflow in the previous year.

These were partially offset by the growth in FDI from Asian countries—particularly from Southeast Asian countries which posted a 36.42-percent growth in equity placements, as well as from South Korea, Hong Kong and

Taiwan which collectively grew their placements to the Philippines by 132.44 percent year-on-year. The rest of Asia grew their FDI to the Philippines by 90.72 percent—led by China with a 590-percent annual expansion in the 2018 FDI. These equity investments were channeled primarily to manufacturing, financial and insurance, real estate, electricity, gas, steam and air-conditioning supply, and arts, entertainment and recreation industries.

For the other subcomponents of the FDI, reinvestment of earnings also declined slightly by 0.4 percent to $859 million in 2018, from $863 million in 2017.

By contrast, net availment of debt instruments—consisting mainly of intercompany borrowings/lending between foreign direct investors and their subsidiaries/affiliates in the Philippines—rose by 11.3 percent to $6.7 billion in 2018 from $6 billion in 2017.

For December alone, FDI declined by 4.8 percent to hit $677 million net inflows from the $712-million net inflows in December last year.

BusinessMirror A broader look at today’s business

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n

Tuesday, March 12, 2019 Vol. 14 No. 153

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HE House of Representatives on Monday sent to the Senate the final printed version of the P3.757-trillion budget bill for 2019, in hopes of ending a standoff arising from claims that the bicameral conference committee report reconciling the two chambers’ versions was “manipulated” even after it was ratified on February 8.

House Appropriations Committee Chairman Rep. Rolando G. Andaya Jr. held out hope the budget bill will be signed by Senate President Vicente L. Sotto III so it can be submitted to the Palace

for President Duterte’s signature.

In a news conference on Monday, Andaya said if the Senate refuses to sign the budget, “then we won’t have the law.” This means the 2018 reenacted budget will

remain in force at least until endJuly, when a new Congress is in place and a new leadership takes over the House.

In spelling out that scenario on Sunday, Sen. Panfilo Lacson, the

most vocal in denouncing alleged “manipulation” by the House leadership of the post-ratification budget version, had shared with media initial estimates he claimed were given by the finance department.

These indicated daily losses to the economy of P500 million, and a 1.5-percentage point reduction in GDP growth, if the nation has to live with the reenacted budget until August.

“I’m still hopeful that there will be a change of heart in the Senate,” Andaya said.

Duterte won’t sign illegal doc

DUTERTE signaled, however, that he would rather pay the economic price of extending the reenacted 2018 budget than sign a budget law that will be subject

₧3.757 trillion The budget for 2019, which continues to hang because of a standoff between the House of Representatives and the Senate over alleged changes made in the bicameral committee report even after its ratification by both chambers

to legal challenge.

Duterte also said the budget is still under debate.

He lamented the possible decline in the country’s GDP growth if the 2019 budget would be further delayed, and acknowledged all sectors will be hurt.

See “Budget bill,” A2

PHL to heed Mahathir advice to be careful on Chinese loans

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ALACAÑANG said it will heed the advice of Malaysian Prime Minister Mahathir Mohamad to be wary of loans from China in an apparent effort to allay fears that the country may fall into the so-called Chinese debt trap.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said on Monday that economic managers are doing their part to evaluate the loans “carefully.”

“Of course, we will take [Mahathir’s] advice and the economic managers are evaluating all kinds of loans that we are having with the Chinese government,” Panelo said in a news briefing. “With respect to the Chico [River Irrigation Project], I think the economic managers have explained that we are not at a disadvantage.”

Mahathir, who was in the country for a two-day official visit last week, said in a television interview: “If you borrow huge sums of money from China and you cannot pay—you know when a person is a borrower he is under the control of the lender. So we have to be very careful with that.”

T he 93 -ye a r - old M a l ay si a n

“Of course, we will take [Mahathir’s] advice and the economic managers are evaluating all kinds of loans that we are having with the Chinese government.”—Panelo

leader canceled last year two major Chinese government-backed infrastructure projects in his country worth over $20 billion, including a railway and two gas pipelines, noting that their priority at that time is to reduce their debt. Mahathir has also earlier slammed his predecessor Najib Razak for negotiating deals that lack “fair” exit clauses.

Mahathir’s warning comes as the Duterte administration is strengthening relations with China despite the maritime dispute in the West Philippine Sea. Critics of the “Chinese debt diplomacy” have since pointed out that China wants countries to fall into their debt trap so that Beijing could demand the strategic assets of a particular country as collateral.

See “Chinese loans,” A2

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Palace awaits budget bill as Senate, House trade fire

By Jovee Marie N. dela Cruz @joveemarie Butch Fernandez @butchfBM & Bernadette D. Nicolas @BNicolasBM

2017 EJAP JOURNALISM AWARDS

HOT, DRY Residents of Barangay Barangka in Mandaluyong wait for water supply from a fire truck in their area on Monday, as the hot season started to bite and water level at the La Mesa Dam reached critical level. The Manila Water Co. Inc. implemented water service interruptions as the level at La Mesa Dam continued to decline. The most affected area of water interruptions is in Mandaluyong. State weather bureau Pagasa recently warned of a possible dry spell in 47 provinces due to El Niño. Story on El Niño damage on page A9. NONIE REYES

Morocco, Chile want aviation pacts with PHL

By Lorenz S. Marasigan

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@lorenzmarasigan

EBU C I T Y—Morocco and Chile are looking at crafting air-traffic deals with the Philippines this year to strengthen their separate bilateral relations with Manila, a ranking government official said on Monday.

Civil Aeronautics Board (CAB) Executive Director Carmelo L. Arcilla noted that the Department of Foreign Affairs (DFA) will be leading the air talks, as the Philippines has yet to sign air-services agreements with Morocco and Chile.

“There [is] a lot of interest for air talks, but most of them will involve original agreements. They are mostly not the demands of the market, but nonetheless, we also respond to diplomatic requirements,” he said on the sidelines of Routes Asia 2019.

Air negotiations are usually mounted to craft a new or amend an existing agreement between two nations to allow their carriers to mount or increase flights between two or more points.

These are measured by either number of flights or seats.

Arcilla explained that the two countries are seeking the air talks to “strengthen their bilateral agreements” with the Philippines, hence the interest for the setting up of air talks.

No dates have been agreed so far.

He noted that, despite the lack of demand for direct flights between Manila and Santiago, and Manila and Rabat, it always pays to craft agreements with different territories for future proofing.

“It’s always good to have these kinds of agreements with other countries so that once the demand is there, the airlines can simply seek for frequencies via the existing agreements,” Arcilla said.

Farmers fear budget delay will stall rice trade lib measures

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Department of Agriculture (DA) and a farmers’ group expressed concern the delay in the passage of the pro-

posed 2019 national budget would stall the rollout of interventions to make farmers competitive against the unimpeded entry of cheaper rice imports.

Agriculture Secretary Emmanuel F. Piñol said the government’s

timetable in delivering interventions to rice farmers, using the Rice Competitiveness Enhancement Fund (RCEF), could be affected.

“I guess our timetable will be affected. We would have wanted to deliver the interventions next

harvest season,” Piñol told the BusinessMirror when asked how would the RCEF be affected by the foreseen standoff in the passage of the national budget.

Earlier, Sen. Panfilo Lacson See “Farmers,” A9

n JAPAN 0.4711 n UK 67.8190 n HK 6.6598 n CHINA 7.7793 n SINGAPORE 38.4758 n AUSTRALIA 36.7664 n EU 58.7280 n SAUDI ARABIA 13.9413

Source: BSP (11 March 2019 )

News

BusinessMirror

A2 Tuesday, March 12, 2019

PCSO chief Balutan resigned and was not fired–Palace

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By Bernadette D. Nicolas @BNicolasBM & Jovee Marie N. dela Cruz @joveemarie

ORMER Philippine Charity Sweepstakes Office (PCSO) General Manager Alexander Balutan resigned, and was not fired by the President, Malacañang clarified on Monday.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo explained in a statement the resignation letter was formally received by the Office of the President “only after the Palace has already announced his cessation from office.”

“We wish to clarify that former Philippine Charity Sweepstakes Office [PCSO] General Manager Alexander Balutan has indeed tendered his resignation through a letter submitted to the Office of the President,” Panelo said.

Nonetheless, the Palace said the existence of serious allegations of corruption in the PCSO needed action.

“Mr. Balutan resigned out of delicadeza because of, as we have said, serious allegations of corruption in the PCSO. He has requested the President for a fair and impartial investigation to ferret out the truth on the matter,” Panelo said.

“We hope this sets the record straight on the timeline of what transpired,” he added.

Budget bill. . .

Continued from A1

“I will not sign anything that would be an illegal document. Magkaroon tayo ng slide sa GDP niyan [We’re going to see a slide in the GDP] if we are going to reenact the budget.

Everybody will suffer, including the law enforcement,” he said in a speech on Friday at the awarding ceremony for the Outstanding Women in Law Enforcement and National Security of the Philippines.

Malacañang earlier aired optimism that the Senate and the House will agree eventually to avert a standoff over the “last-minute changes” in the proposed budget for 2019.

Presidential Spokesman Salvador S. Panelo said on Monday that the Palace still hopes the budget will be passed as soon as possible so that the government will not be operating under a reenacted budget until August. House Speaker Arroyo and Andaya will be ending their terms in July.

Asked if the Palace can wait for the passage of the new budget until August, Panelo said: “I’m sure they will agree—the House and the Senate— because they are already talking.”

“I’m sure they will be agreeing eventually on what they should do. All of them are concerned about the welfare of the country,” he added.

In an ambush interview with the BusinessM irror, Arroyo said on Monday that she was open to one-on-one talks with Sotto to resolve the two chambers’ differences once and for all, but signaled that she won’t be the first to make the call for that, “since they’re [senators] the ones attacking us in media.” Still, she said, if the opportunity for a one-on-one presented itself, Arroyo said she would not turn her back on a dialogue.

‘Process the same’ MEANWHILE, Andaya said the Supreme Court ruling on the post-ratification version is not applicable in the 2019 budget.

He said the House has been “doing the same process all these years— after ratification of the bicam report [we can still itemize the funds be-

On Friday, PCSO Deputy Spokesperson Florante Solmerin said Balutan resigned due to “personal reasons.”

However, Panelo issued a statement then that Balutan was fired.

House probe

THE chairman of the House Committee on Games and Amusements on Monday said the panel is now studying the charges that could be filed against PCSO officials in light of financial and legal issues hounding the agency.

Following the recent joint hearing of the House Committee on Games and Amusement and House Committee on Public Accounts, Rep. Gus Tambunting, panel chairman, said the PCSO is not managing its funds well.

According to Tambunting, the committee report, to be released soon, will include the charges against involved officials.

“The PCSO must safeguard its revenues and must be more prudent with its finances because it is an important source of funds for cause the budget contained lumpsum funds].”

The House has the record to prove the legality of the national budget, as the itemization was within the parameters of the bicameral conference committee report ratified by each chamber.

If post-bicameral itemization of lump-sum budget by the House is unconstitutional, Andaya said the Senate also has a post-bicameral realignment worth P75 billion—a claim he first made late Sunday, and which Senate leaders strongly disputed on Monday.

According to Andaya, Senate staff delivered the documents containing budget itemization by senators on February 11—also after ratification of the proposed 2019 GAA on February 8.

He said the senators have the right to suggest to the President to veto the part of the national budget that they think unconstitutional.

“If the contested appropriations represent 2 percent of the national budget, then why should it jeopardize the uncontested 98 percent?

Why hostage the national budget over unfounded and unreasonable fear?” asked Andaya.

No senator ‘touched’ ratified bill—Sotto SOTTO maintained that none of the senators “touched” the final approved version of the budget bill.

Reacting to Lacson’s lament against the reported budget alterations by the House, and Andaya’s counterclaim that the senators themselves made their own changes post-ratification, Sotto directed critics to the Legislative Budget Research and Monitoring Office (LBRMO).

“You can ask the LBRMO; they scrutinized what we passed,” Sotto said.

“The Senate did not touch anything [after we ratified the budget bill] per LBRMO,” Sotto told reporters, adding that reports linking senators to the P25billion Department of Public Works and Highways (DPWH) funding for projects were “not true.”

If reports are true that their House counterparts touched the ratified budget bill, Sotto said, “they should ask the Speaker [Arroyo] to sign it,” referring to the bicameral report on the budget bill

“Mr. Balutan resigned out of delicadeza because of, as we have said, serious allegations of corruption in the PCSO. He has requested the President for a fair and impartial investigation to ferret out the truth on the matter.”—Panelo

the government’s programs,” said Tambunting.

Tambunting, citing a Commission on Audit (COA) report for 2017, said the PCSO failed to collect P4.049 billion from 71 of PCSO’s Authorized Agent Corporations (AACs)—the entities operating the Small Town Lottery (STL).

“PCSO should be held accountable for its failure to protect government interest. That is P4 billion which could have been used to help the poor all across the country,” Tambunting added.

Balutan explains

FOR his part, Balutan had admitted at the House hearing the figure of a P2-billion presumptive monthly retail receipts (PMRR) from STL. However, he said some of the operators cannot comply with the PMRR requirement.

“We have different areas, there are areas where the STL is really weak. You cannot compare their PMRR,” he added in a mix of English and Filipino.

Nonetheless, he said the PCSO Board has already cancelled the contracts of some operators for failing to comply with the PMRR. that has to be submitted to Duterte for signing into law.

Reenacted budget SOTTO did not rule out the possibility the government may have to operate under a “reenacted budget” until the next Congress convenes.

“By July, we can pass a supplemental budget,” Sotto told reporters in an ambush interview, clarifying that the senators “cannot transmit the budget bill [to Malacañang] if it is different from what we ratified.”

He conveyed the senators’ concern that the last-minute alteration of the budget bill could constitute “a violation of the Constitution...if they changed what we ratified after the third reading.”

“They [House] should know the rules. As far as I know, it is the first time the budget bill was altered after its ratification,” Sotto added. “The bottom line is that I told them: ibalik yung ni-ratify [restore the version that was ratified].”

Drilon confirms ‘realignment’ IN a separate interview, Minority Leader Frank Drilon confirmed that Senate leaders were informed that P75 billion “was being realigned” in the 2019 budget bill.

“The leadership in the Senate met, Senate President Sotto, myself, Senator Legarda and Senator Lacson. We discussed this. There was indeed a report from the Senate Committee on Finance that P75 billion is being realigned. In other words, the House of Representatives is rearranging the furniture,” said Drilon. He then suggested to the Finance committee chaired by Legarda that all senators be furnished “with the details of this supposed P75-billion realignment.”

“It is not only an itemization of a lump sum, but our information is that, the items are being realigned so that those who appear to be sympathetic to former Speaker Alvarez and former Majority Leader Fariñas were deprived of the allocation or their allocation were reduced. Those in who are favor of the present leadership are favored with additional allocation,” Drilon said.

Drilon said he talked to two congressmen, one from the Visayas

Balutan also said there are pending charges against STL operators for not remitting their PMRR. “We have collected P485 million—combination of interest and soft payment,” he told lawmakers.

Meanwhile, Tambunting said the committee has directed the PCSO to submit a list of their accounts receivable.

At last week’s hearing, Balutan said the PCSO does not formally keep track of accounts receivable (AR) as its financial statements are based only on actual sales.

“Under the tax rules, pag narecognize ang sale, automatic within five days magkakaroon kami ng 20-percent documentary stamp tax [DST], and we have the situation na magbabayad tayo ng DST, wala naman tayong hawak na pera. ’Yan ang dilemma ng PCSO,” Balutan said.

“That’s why we are saying the certainty of collection will arise only upon receipt.... Remit cash and credit the sale so it will show in our financial statement. Pag nag-book tayo ng AR without the collection, ang lalabas sa balance sheet, overstated ang AR,” he added.

According to PCSO, the agency has P5.2-billion receivables as of February 2019.

“With this, we have to pay P1.1billion DST. We don’t have money to pay.... We will end up negative,” he explained.

But Tambunting said, “It’s absurd how the PCSO does not include accounts receivable in its financial statements” and reminded the PCSO to make proper records of its finances. and one from Luzon, but withheld their names. “They asserted that 62 congressmen are affected by these realignments, not only itemization.

This is the allocation of the House of Representatives.”

According to Drilon, the allegation is that “these items [that] were in the National Expenditure Program were carried in the General Appropriations Bill, were approved in bicam, and the ratified version of the bicam contained these allocations. So, I would request the chairman of the committee to furnish the senators of the details of this, because you cannot alter what was approved in the bicam, contained in the bicam report and ratified by each chamber.”

Drilon had a suggestion: “if the House would want to realign and change certain allocations in the House of Representatives, my suggestion is that, when we reconvene on May 20, we reconsider the ratification of the bicam report on the budget and reconvene the bicam and correct the alleged revisions in the final bicam report.”

Like Sotto and Lacson, he asserted that “after the bicam report is ratified by both chambers, hindi na pwedeng palitan ito [this cannot be changed], because that would constitute unauthorized alterations of legislative records.”

“You cannot change—even if you are the Speaker or Senate President —what was approved by the chambers,” Drilon said, adding these two officials “are not superior to their respective chambers. It is the chambers which approved this and therefore, any revision must be approved by the chambers.”

He added that even if the budget bill has been printed, “what should be printed is what was approved. If what is printed is not the one approved, we have advised Senate President Sotto not to sign it.”

Asked if the budget bill can still be tackled at the bicam level even if its been printed, Drilon replied:“Of course, as long as it has not been signed. We have done that before in the case of the coco-levy fund. We revised it after it was approved by the bicam; recalled it. Of course, ultimately, the President vetoed the bill. We can reconsider our approval of the bicam report. The printing of the budget is immaterial.”

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Abu Sayyaf man tied to Dos Palmas, Sipadan abductions arrested

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HE National Bureau of Investigation (NBI) on Monday announced the arrest of a suspected member of the terrorist Abu Sayyaf Group (ASG) by its operatives together with the Philippine National Police (PNP)-Special Action Force (SAF) in Taguig City last week.

NBI Director Dante A. Gierran identified the suspect as Salahim Dawani aka Abu Moadz, who is wanted for his role in the kidnapping of several workers of the Golden Harvest Plantation in Tairan, Lantawan, Basilan, in 2001.

Dawani also allegedly served as one of the Abu Sayyaf members who helped in guarding the Dos Palmas, Palawan, kidnap victims, including American nationals Martin and Gracia Burnham.

Chinese loans. . .

The NBI said the suspect was also part of the augmentation force of the ASG who kidnapped them at the diving resort in Sipadan, Pulao, in Sabah on April 23, 2000, and guarded the Sipadan kidnapping victims when they were brought to Talipao and Patikul,Sulu.

Dawani was arrested by virtue of an arrest warrant issued by the Regional Trial Court of Basilan.

Witnesses said Dawani was with the group who burned down houses in the area and decapitated plantation workers Primitivo Falcasantos and Crisanto Suela. NBI said witnesses also disclosed that the suspect was seen being trained by foreign terrorist fighters in assembling improvised explosive devices. Joel R. San Juan

Continued from A1

Prior to Mahathir’s visit, former Bayan-Muna Rep. Neri Colmenares said the Philippines has entered into an “onerous” loan agreement with China on the Chico River Pump Irrigation Project.

But the Department of Finance (DOF) made an assurance that the loan agreements with China went through a “rigorous” vetting process. The deals with China are reviewed by the the interagency committee composed of the DOF, Department of Justice and the Bangko Sentral ng Pilipinas to ensure that the loan terms are within government parameters.

On April 10 last year, the Philippines and China signed a $62.09-million (or about 430.26 million renminbi) agreement to help fund the construction of the Chico River Pump Irrigation Project in Northern Luzon, with the groundbreaking of the project held on June 8 of the same year.

Upon completion, the project is envisioned to provide a stable supply of water to around 8,700 hectares of agricultural land, benefit 4,350 farmers and their families, and serve 21 barangays in the provinces of Kalinga and Cagayan in Northern Luzon. Bernadette D. Nicolas

Should the House insist that the congressmen just tinkered with typographical errors, Drilon said Sotto is not likely to sign the enrolled copy of the bill. “Then there will be no budget. I suggest the solution is, if they really want to do this and say, we are realigning our share of the pork barrel—let’s call a spade a spade— let’s reconsider the approval of the bicam report, reconvene the bicam, come up with a new ratified report, and have it printed. You cannot just revise and alter what was approved in the bicam.”

The Minority Leader played down concerns over the government operating under a reenacted budget in an election year. “Wala naman. The items that were already utilized can no longer be utilized.”

Initial numbers conveyed to senators by the DOF, according to Lacson, showed a pushback of the budget approval until August could mean losses of P500 million daily to the economy, which, in turn, will shave off at least 1.5 percent from the GDP growth targets.

The government and private economists earlier said further delays in the passage of the 2019 budget could dampen growth prospects this year.

The Development Budget Coordination Committee (DBCC) targets GDP growth at 7 to 8 percent in 2019 until 2022 annually.

Pressed on what will the Palace do to avoid the scenario of having further delays in infrastructure projects because of a reenacted budget, Panelo surmised the President will persuade the legislators to finish the passage of the budget once and for all.

Panelo said he’s certain Duterte will exercise his line-item veto power to make sure that the 2019 budget is constitutional.

“From the very beginning, we said that he will exercise his power to veto if he feels that indeed the budget to be given to him does not conform with the Constitution; otherwise he will sign it into law,” he said.

“This budget is very much needed by this administration. This budget is very much needed by our people. So I’m appealing to the Senate. Let the President exercise his discretion for the veto power,” Bravo said.

In response to the recent remarks of Lacson on the budget, Bravo said the senator may be holding the proposed budget hostage because of a “personal vendetta”against Arroyo, whom Lacson opposed when she was President. “ ...I think his agenda is clear: he doesn’t want the Speaker to be successful in her leadership as the Speaker. And it’s the budget. I know the majority of the senators want to pass the budget, but I wonder why they are quiet about the remarks of their colleague,” Bravo said.

He added that Arroyo was never involved in the budget amendments.

Lacson debunked Bravo’s claim he was waging a “vendetta” against Arroyo.

“Rep. Bravo’s opinion reflects his true character,” said Lacson, adding: “I am a forgiving person. I have forgiven those who have wronged me.”

He insisted that “this is not about Speaker Arroyo. This is not about any congressman or senator. This is about my personal crusade against the porkbarrel system. This is about the national budget, which is the lifeblood of our country.”

Responding to Andaya’s claims of Senate realignments in the 2019 budget bill, Lacson said: “ The P75 billion he [Andaya] is referring to was taken up during the interpellation in the Senate. That was the amount inserted by then DBM Secretary Benjamin Diokno in the DPWH budget, and which was slashed after the DPWH said it was not aware of it.”

The senator clarified that “the P23 billion—not P25 billion as Rep. Andaya claimed—refers to the individual amendments of some senators, which I exposed.”

Lacson added: “I am not aware of any single senator who has made changes to the budget, after it was approved in the bicameral conference level. If Rep. Andaya can provide more details, such as the text message from a certain Ms. Salamanca, I will join him in denouncing such practice because it is not only in violation of the legislative process, but in violation of the Constitution itself.”

Hostage IN a separate press conference, House Senior Deputy Minority Leader Anthony Bravo of COOP Natcco said it is the Filipino people who will suffer by holding hostage the 2019 national budget.

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Corporate sibling rivalry: PNP tags brother as ‘mastermind’ in Subic businessman’s slay

A

UTHORITIES nabbed the suspect in the killing of a businessman inside the Subic Bay Metropolitan Authority (SBMA) in Olongapo City in November last year.

In a news conference at Camp Crame on Monday, Philippine National Police (PNP) chief Director General Oscar D. Albayalde identified the suspect as Edgardo Paredes Luib, who was arrested at the house of his live-in partner in Palmridge Subdivision, Filinvest, Santa Maria, Santo Tomas, Batangas, on March 5.

Luib allegedly gunned down Dominic Sytin, founder and executive officer of United Auctioneers Inc. (UAI), an importer of used heavy equipment and other vehicles based at the Subic Freeport, outside the Lighthouse Hotel inside the SBMA on November 28, 2018. His security escort, Efren Espartero, was wounded in the attack.

“This latest development provides impetus to the continuing effort of the PNP for the solution of high-profile cases and, at the same time, hitting hard on organized crime groups and partisan armed groups engaged in gun-for-hire activities,” he added.

The PNP chief said from all indications, the high-profile murder of Sytin was apparently motivated by rivalry among corporate siblings and carried out through a gun-forhire contract with a hitman. Based on the police background check, Luib is a contract killer.

During the manhunt against Luib, police officers seized a Carbine, a .40-caliber pistol and .45-caliber pistol, which they said had matched the two slugs and nine fired cartridges recovered from the crime scene.

“Luib’s fingerprint standard also matched the latent prints lifted from the side mirror of the getaway Yamaha Mio motorcycle used in the shooting. With this ‘smoking gun’ evidence, we now have an airtight case that we will file in court against gunman Luib, and all those who conspired for the hit job on Dominic Lim Sytin,” Albayalde noted.

Luib, who has a standing arrest warrant for two counts of murder, was identified through the help of a tipster who provided the police information on February 4.

“I would like to point out that investigative research and case buildup of this murder case was initiated by [the] Special Investigation Task

Group Lighthouse composed of operating units from the Criminal Investigation and Detection Group (CIDG) under Police Maj. Gen. Amador Corpus and Police Regional Officer-3 under Police Brig. Gen. Joel Napoleon Coronel,” Albayalde said.

In his extrajudicial confession, Luib identified Sytin’s younger brother, Dennis, erstwhile chief operations officer of UAI, and Ryan Rementilla, a former UAI employee, as the masterminds of the crime.

Luib said Rementilla, his childhood friend, was the one who contacted him to execute the plan.

He said he was initially offered P1 million for the hit job, but he only got P50,000 while Rementilla allegedly took the rest.

Luib said he first met with Dennis Sytin and Rementilla in September 2018, at a beach resort in Subic, Zambales, where they planned the killing.

Corpus said based on initial background investigation, the Sytin brothers have an ongoing dispute over the control of shares and operation on the UAI. “What is clear is, sometime last year, Dennis was fired from the company because he established his own firm, and he is diverting the other equipment there [from UAI]. Dennis and Dominic had a heated quarrel and actually, he [Dennis] is barred from entering United Auctioneers,” Corpus said in Filipino.

Corpus said Rementilla became an employee of UAI in 2001 and immediately became close with Dominic. But Dominic knew him as Oliver Fuentes because, according to Corpus, the latter could not reveal his real identity as he has a pending arrest warrant for murder.

In August 2018, Dominic found out the real identity of Fuentes whom he immediately fired upon learning that the latter was duping him of close to P1 million from payment collections.

Rementilla then moved to the company of Dennis, where he and the latter allegedly planned the murder of Dominic.

Charges of murder and frustrated murder will be filed against Dennis, Rementilla, Luib and another John Doe who allegedly is an insider at the UAI who provided information to the gunman on the victim’s activities before leaving the company premises the day he was killed. PNA

UN body reports record-high meth production in East, Southeast Asia

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By Cai U. Ordinario

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implementation of the agreement.

The commitment of the DILG, through the PNP-HPG, shall take effect immediately after the signing ceremony.

“Sabi ng ating Pangulo [As the President have said], ‘give the Filipino a comfortable life.’ Nandito tayo ngayon sapagkat sa ating panunumpa sa lengguwahe ng ating Pangulo, tayo ay magsisilbi sa Pilipino upang sa ganoon, ang kapwa Pilipino ay magkaroon ng [We are here today to fulfill the President’s commitment to provide Filipinos a] comfortable life. And we will inculcate that comfortable life through enforcement and discipline on the road, and through proper compliance of the law,” Tugade said in his speech.

The transportation chief added that the partnership between the DOTr and the PNP-HPG was borne by the idea of former HPG chief and current LTFRB board member Antonio Gardiola. “’Nung bago pa si General Gardiola, wala pang dalawang araw, sabi ko sa kanya, [Barely two days after his appointment, I told General Gardiola], gusto ko ituloy mo ang partnership between PNP and the Department of Transportation. Gusto ko, paigtingin mo at bigyan ng lakas ’yung tinatawag na enforcement. [I would like to revive the partnership between the PNP and DOTr. I intend to boost the

@caiordinario

HE surge in methamphetamine hydrochloride, also known as shabu or meth, production in East and Southeast Asia could indicate an oversupply of drugs in the region, according to the latest report released by the United Nations Office on Drugs and Crime (UNODC).

In a report, titled “Synthetic Drugs in East and South-East Asia: Trends and Patterns of Amphetamine-type Stimulants and New Psychoactive Substances,” at least 116 tons of shabu were seized in the region in 2018, a three-fold increase over 2013.

UNODC estimated that when all of the data for 2018 are available from countries in the region the total amount could be higher and lead to a substantial increase compared to the 82 tons reported in 2017.

“Data on seizures, prices, use and

treatment all point to continuing expansion of the methamphetamine market in East and Southeast Asia,” said Tun Nay Soe, UNODC Interregional Programme Coordinator.

“Seizures of methamphetamine in 2018 were once again a record, yet street prices of the drug decreased in many parts of the region, indicating very high and increasing levels of availability.”

The report stated that the scale of the increase in seizures has been significant across the region, but in particular in countries of the Mekong.

In Thailand, some 515 million methamphetamine tablets were seized in 2018. This was 17 times the total amount of the drugs seized a decade ago.

Aside from China, annual seizures of methamphetamine in other countries also reached historic highs in 2018.

Niyom Termsrisuk, secretarygeneral of the Office of Narcotics Control Board (ONCB) of Thailand, said in a news statement that they will be discussing solutions with regional leaders when they host the Mekong MOU on Drug Control Ministerial Meeting in June of this year.

“Volumes of methamphetamine and other synthetic drugs originating from the Golden Triangle to Thailand have reached unprecedented levels,” Termsrisuk said.

“Large amounts of synthetic drugs have been trafficked to neighboring countries in the region, but also further. The challenge is growing, and it is critical we work with UNODC and the region to curtail flows of precursor chemicals that are being used to produce methamphetamine and other synthetic drugs.”

UNODC Regional Representative for Southeast Asia and the Pacific Jeremy Douglas said that

apart from an increase in seizures of methamphetamine, synthetic opioids and other drugs have also been found across the region.

The UNODC found that there is a wide range of new psychoactive substances (NPS) that have emerged in East and Southeast Asia.

By 2018, a total of 434 NPS were detected in the region, including potent synthetic opioids such as fentanyl and its analogues. The emergence of NPS is a significant challenge for national authorities and people in the region.

“National leadership and authorities are starting to come to terms with how profoundly synthetics are changing the drug market, and we hope they use the coming Mekong Ministerial Meeting in Bangkok and Asean leadership meetings to reflect on the situation and their strategy – this is not business as usual, and it is past time to change the response,” Douglas said.

UNODC works closely with countries in the region to monitor drug trends and provide expert advice on detection, investigation and public health responses, and importantly to create space for countries to collaborate and respond together.

Ex-VP Binay lauds court order dismissing murder case vs UMak student, three others

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ORMER Vice President Jejomar C. Binay welcomed on Monday a Manila regional trial court order dismissing the attempted murder case against a University of Makati (UMak) student and her family filed by a policeman.

Binay represented pro bono Romalyn Gumapos, her sister Marleen Gumapos, stepfather Anselmo Degamo and brother-in-law George Fernandez in his capacity as head of the UMak School of Law Center for Legal Aid. He was assisted by Atty. Bernardine Madamba and Atty. Precious Pingol of the Integrated Bar of the Philippines Manila-II Chapter and Atty. Angel CGI Valero-Nuñez and Atty. Jewel D. Bulos from the Umak School of Law. In a two-page decision dated

PNP-HPG tapped to enforce metro traffic rules MORE stringent enforcement of traffic laws and regulations on Metro Manila roads and thoroughfares is forthcoming as the Department of Transportation and the Department of the Interior and Local Government (DILG) signed a commitment on Monday formally designating the Philippine National Police-Highway Patrol Group (PNP-HPG) as the enforcement arm of the DOTr. Signed by Transportation Secretary Arthur P. Tugade and Interior Secretary Eduardo M. Año, the commitment authorizes the PNP-HPG to enforce traffic rules and regulations within the National Capital Region and neighboring regions in full support of the operations of the InterAgency Council for Traffic (i-ACT).

Under the commitment, the PNPHPG will deploy 300 uniformed personnel (25 police commissioned officers and 275 police non-commissioned officers) for the National Capital Region and regional units that will provide logistical mobility support to strengthen the enforcement operations of i-ACT. PNP-HPG shall also coordinate with the DOTr and its attached agencies, the Land Transportation Office (LTO) and the Land Transportation Franchising and Regulatory Board (LTFRB), in ensuring the effective

Editor: Vittorio V. Vitug • Tuesday, March 12, 2019 A3

enforcement component.]”

In barely two weeks, “tinawagan ko si Secretary Año, sabi ko, ‘kailangan ko kayo’ [I need you],” Tugade recounted.

Aside from its personnel, PNPHPG will be committing its logistical resources consisting of 24 mobile cars and 82 motorcycle units. For DOTr’s part, all personnel from the LTO, LTFRB, and the i-ACT secretariat, including all mobile cars and motorcycle units, will also be deployed.

“I am pleased to announce the signing of memorandum of agreement by and between the Philippine National Police, Department of Transportation, MMDA, Metro Manila Council, LTO, LTFRB and Coast Guard to further strengthen the enforcement capabilities of the Inter-Agency Council for traffic or i-ACT, through the support of the Department of the Interior and Local Government,” National Police chief Director General Oscar D. Albayalde said.

The DOTr will take the lead through the designation of a chief of i-ACT Task Force, who will be responsible for the deployment of PNP-HPG personnel and logistical support in their respective posts.

Furthermore, an Inter-Agency Technical Working Group shall be established within 30 days upon the effectivity of the commitment to draft the implementing guidelines.

March 5, 2019, Judge Thelma BunyiMedina, presiding judge of the Manila Regional Trial Court Branch 32, ordered the release of the accused after the prosecution manifested that it could not establish guilt beyond reasonable doubt.

“The private complainant, PO3 Jegson Galang, testified, among others, that he is now retracting his testimony given before this Court, and that the incident subject matter of this case arose out of misapprehension of facts and misunderstanding between him and all the accused,” the decision said.

“In view of the tenor of the testimony of the private complainant, the public prosecutor manifested that the prosecution will not be

able to establish the guilt of all accused beyond reasonable doubt and moved for the dismissal of the case.

Finding the said motion to be welltaken, the same is hereby granted,” the order added.

Former VP Binay said when he accepted the case, the family had been in jail for seven months because they could afford to hire a lawyer to represent them in court.

He added that the family was also afraid because the principal complainant is a policeman.

One of the defendants, Romalyn Gumapos, is a student of the UMak College of Business and Financial Sciences (CBFS). Binay said the college secretary of CBFS sought the help of the UMak School of Law

Center for Legal Aid after being informed by one of Romalyn’s professors of her detention.

The case is the first case handled by the UMak Legal Aid Center in partnership with Integrated Bar of the Philippines Manila-II Chapter.

“I am glad that our first case was a success, but more than that, I am happy that we are finally realizing our vision of having a legal aid center,” Binay said. “Through the UMak School of Law Center for Legal Aid, we hope to provide free legal help to people in need,” he added.

Binay said aside from the Center of Legal Aid, the UMak School of Law also has other academic research centers each with its own focus and areas of expertise.

Lawmaker hails Duterte’s turnabout on legalization of medical marijuana

By Jovee Marie N. Dela Cruz @joveemarie

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PARTY-LIST lawmaker on Monday lauded President Duterte’s decision to reject the legalization of medical marijuana.

Buhay Rep. Lito Atienza said President Duterte has demonstrated correct political leadership in throwing out the bill seeking to legalize medical marijuana.

“Now that the President has spoken, we reckon that nobody will be foolish enough to introduce a similar measure in the next Congress,” Atienza said in a news statement issued on Monday.

“The President’s case is consistent with our view that legalization [of medical marijuana] is bound to open a ‘Pandora’s box’ of drug abuse that can lead to an unwanted public health emergency, not to mention another law-enforcement problem,” Atienza said.

In January, Presidential Spokesman Salvador S. Panelo said that President Duterte would sign into law any bill

legalizing medical marijuana.

But on Friday, President Duterte said he would not legalize medical marijuana in the country as it can be misused for purposes other than to treat ailments. The President also said that drug traffickers can exploit medical marijuana to further expand their illegal trade.

Atienza himself earlier warned that a number of unnamed politicians are raring to profit from medical marijuana by running dispensaries.

“What has been proven by science is that marijuana is a dangerous substance, mainly because it is highly addictive and can cause powerful hallucinations, including loss of sense of personal identity, among other short- and long-term side effects,” Atienza said.

At present, under the Dangerous Drugs Act of 2002, marijuana is tagged as a banned substance, just like methamphetamine hydrochloride or shabu, MDMA or ecstasy, cocaine and heroin.

Under the law, mere possession of at least 500 grams of marijuana,

or at least 10 grams of marijuana concentrate (resin or resin oil), is punishable by life in prison plus a fine of up to P10 million.

Carrying lesser quantities of the drug is punishable by 12 to 20 years in prison plus a fine of up to P500,000.

For his part, Isabela Rep. Rodolfo Albano III, principal author of House Bill 6517, clarified that under the measure, the supply of the medical cannabis will still be under supervision of the government.

“There will no abuse here because under the bill you cannot smoke marijuana and the use would be still subjected to the law of marijuana. It will not be decriminalized under the proposal,” Albano said.

“He [President Duterte] didn’t know that medical marijuana is the extract of the plant…we’re not talking [about] the plant per se,” he added.

Albano said the bill should not be deemed in any manner to advocate, authorize, promote, or legally or socially accept the use of cannabis or marijuana for any nonmedical use.

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Economy BusinessMirror

New trade protocol allows longer stay for working Pinoys in Japan

By Elijah Felice E. Rosales @alyasjah

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ILIPINO investors and professionals, along with their spouses and children, are now allowed to stay longer in Japan as part of a trade protocol Southeast Asian countries signed with the East Asian economic giant.

Asean member-nations and Japan last week adopted the First Protocol to Amend the Asean-Japan Comprehensive Economic Partnership. The pact covers provisions on trade in services, movement of natural persons and investment into the AJCEP. Trade Secretary Ramon M. Lopez said movement of service suppliers will be better facilitated under the protocol.

“This new development will ensure that Japan continues to be a strong anchor in regional trade. With other initiatives that Asean and Japan are engaged in—such as the renewed Asean-Japan 10-year Strategic Economic Cooperation Roadmap—Ja-

pan remains an important partner of Asean in its economic integration agenda,” Lopez said.

“Under the protocol, several key features were agreed [upon] that will facilitate the movement of service suppliers in the region,” he added.

Under the pact, Filipinos can now be granted short-term to long-term business and investor visas to Japan.

Professionals in the fields of natural or human sciences and specialists in humanities can also be provided up to five years of stay.

On top of that, entry and temporary stay will also be given to accompanying spouses and children as “dependents” of any Filipino business persons or professionals granted permission to work in Japan.

The Philippines is eyeing to increase its services exports to Japan with the signing of the protocol. In 2017 Japan was the second-highest East Asian country to hire Filipino workers at 112,700.

The protocol also intends to pro-

mote, facilitate and protect investments that will strengthen the economic partnership of the parties.

Further, it seeks to increase the attractiveness of Southeast Asia as an investment destination for Japanese firms, which in the process will create more jobs in the region. Amounting to $13.2 billion, Japan was the Asean’s second-largest source of external foreign direct investment in 2017.

The AJCEP is a free-trade agreement between the 10 member-states of the Asean and Japan that took effect in 2008.

It contained commitments that eliminated, if not gradually reduced, tariffs on products between the Asean and Japan to bolster the growth of twoway exports and production sharing arrangements.

Further, the trade deal includes an economic cooperation program to help parties fully utilize the Asean-Japan partnership through technical assistance and capacity building.

Gasoline pump price up ₧0.90 on Tuesday

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IL firms announced a price increase in gasoline effective Tuesday morning.

Gasoline prices will go up by P0.90 per liter at 6 a.m. of March 12. The price of diesel and kerosene remains unchanged.

Pilipinas Shell, Petro Gazz, Seaoil Philippines, Total Philippines, PTT Philippines and Eastern Petroleum announced their price adjustment on

Monday afternoon.

Last week gasoline prices went up

by P0.10 per liter, while diesel price was reduced by P0.10 per liter.

Energy Secretary Alfonso G. Cusi, meanwhile, said a task force will be formed to thoroughly review a proposal from the Department of Agriculture (DA) to increase the biodiesel blend from 2 percent coco methyl ester to 5 percent CME blend in diesel.

Cusi said he is not in favor of this.

“If we do that, the price of fuel will go up. That’s difficult. How come the copra price is going down but the price of CME remains high. When the price of copra goes down, CME prices should also go down? I call the attention of biofuels board. That should be studied with the DA. We will create a task force. The study should be holistic,” said Cusi. Lenie Lectura

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Sustainable development–put purpose before profit

By Henry J. Schumacher

terials use show how efficiently an organization uses scarce natural resources, which has implications on reduction of environmental impacts from extraction and processing of these resources. The efficiency of managing resources relates to profitability of the organization.

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AST week I wrote about the fact that in recent years, a growing number of companies around the world have voluntarily adopted and implemented a broad range of sustainability practices.

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

I selected six of the 17 UNDP sustainability goals that influence people directly and asked six questions. Do you have the answers?

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

Answer: More than 350,000 families in Metro Manila have no homes and live in the streets and under bridges.

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

Answer: Farmers remain poor; even farmers with 10 and more hectares cannot convince their children that there is a future in farming. Consequently, the children of farmers move to the cities, hoping to find jobs there.

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

Answer: I suggest to compare medicine prices in the supply chain from import or local production through the supply chain to the patient in at least two countries: Thailand and the Philippines. (I admit that this is not an answer— but it could lead to positive price changes in the Philippines).

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

Answer: The government and the private sector should expand

Environmental impact management

the cooperation with Technical Education Skills Authority and Philippine Business for Social Progress within the framework of Public-Private Partnership Program. The cooperation can assist young people to move from high school to employment, making use of dual education, apprenticeship and longer-term internships.

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

Answer: There are about 10 million jobless people in the Philippines; most of them in the 18 to 24 years old age group.

Question: Are the overseas Filipino workers (OFW) enjoying the maximum 3 percent financial charges on remittances from abroad to the Philippines?

Answer: Unfortunately, I don’t know the answer and no OFW has responded to my challenge. My gut feeling tells me that they are paying more. I need feedback!! If you look at the answers, you will agree that there is a great need for the private sector to assist the government to address the targets of sustainable development and create inclusive growth for the benefit the poor, or the base of the pyramid.

Allow me to highlight some areas of “sustainable development” the SEC is looking at:

Direct economic value generated and distributed

MEASURING the direct economic value generated, measured as revenue and distributed (costs) shows that an organization does not just create economic value for itself but also ensures that this value flows back to its various stakeholders, such as stockholders, suppliers, employees, the government and the community. This also discloses the remaining value that is retained in the company for liquidity and for future investments.

Resource management

DISCLOSURES on resource management, such as energy consumption, water consumption, and ma-

REPORTING on an organization’s impact on air, soil, and water through emissions, wastes, and effluents provides basis for companies to manage these impacts. Responsible companies take an effort to minimize such impacts through cleaner production and pollution prevention measures.

Supply-chain management

DISCLOSURES on supply-chain management is most relevant for companies with a significant portion of value creation carried out by suppliers. Organizations can report on how the reporting company ensures that suppliers comply with sustainability standards and practices including compliance to Philippine laws. Let me add here that supply-chain management is enormously important for the survival of Philippine agriculture; without addressing supply-chain management, the farming community will not be able to become competitive and consequently address poverty in the rural areas.

Relationship with community

THESE disclosures show how an organization meaningfully engages the community around their sites, and how it aims to create a net positive impact to its host or neighbors. These also include how the company contributes in addressing issues of indigenous people and those coming from vulnerable groups (youth, elderly, persons with disabilities, vulnerable women, refugees, migrants, internally displaced persons, people living with HIV and other diseases, solo parents, and the poor or the base of the pyramid ] [BOP; Class D and E]) in its business operations.

In closing, let me go back to a strategy that makes sustainable development a competitive advantage. Research data suggest that some companies are creating real strategic advantage by adopting sustainability measures that their competitors can’t easily match. I hope that many Philippine PLCs accept that challenge!

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

DOT, MCIAA welcome Routes Asia 2019 delegates to Cebu

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EBU—The Department of Tourism (DOT) and its cohost Mactan-Cebu International Airport Authority (MCIAA) exhibited the Filipino brand of hospitality once again during the opening of Routes Asia 2019 in Cebu.

“Three years ago, we had the privilege of hosting this prestigious event in Manila and it raised the international profile of the city as one of the key gateways of the country to the world. The positive feedback received from the delegates, organizers, and guests inspired us to bring this event once more to our shores. And we were thinking, what better place to host this event than Cebu?” Tourism Secretary Bernadette Romulo Puyat remarked.

With delegates being ushered in the arched timber terminal reception of the Mactan-Cebu International Airport (MCIA), they experienced the warm welcome of Filipino, specifically from the Cebuanos, complimented with amenities and festive welcome performances.

“I am in agreement with our President Rodrigo Roa Duterte when he said that with its elegance and resortlike feel, the gateway [MCIA] dubbed as the only Resort Airport in Asia, is

definitely the most beautiful airport in the country today,” Puyat added.

“Beyond the nice wood, the glass, the concrete, the airport really is a physical symbol of confidence in the market and in the destination. It’s a physical symbol of the confidence of the aviation community, the travel trade and what Cebu has to offer,” Undersecretary for Tourism Development Benito Bengzon Jr. said a news press conference.

Members of the aviation community joined pre-event tours around the Queen City of the South, Cebu City, visiting heritage and cultural destinations including the Magellan’s Cross and Fort de San Pedro.

Other delegates went for the destination’s sun and beach Mactan island hopping tour at Hilutungan and Nalusuan Islands.

A number of delegates also feasted their eyes on the world-renowned Chocolate Hills, met the smallest primate at the Tarsier Santuary and cruised the Loboc River in Bohol.

An exclusive tour for the airlines executives and charter operators also showcased the best of the Central Visayas region.

“This new gateway [MCIA] con-

nects Cebu not only to the entire Philippines but to the world.… The MCIA is the reason why our visitors have better access to the pristine beaches and a whole lot of fun activities that Cebu has to offer,” Puyat added.

On the other hand, MCIAA General Manager Steve Dicdican explained during the news conference that “what makes Cebu different from all the other, destinations is the friendliness.... In our airport, we want to match that dynamic that’s why we took up the strategic objective of being a passenger-friendly airport.”

Among the aviation key figures and route development regional movers and shakers that gathered in the Travel + Leisure second World’s Friendliest Island, Cebu, were Routes Brand Director Steven Small, Transportation Assistant Secretary Mark Steven Pastor, GMR Megawide Cebu Airport Corp. Chief Commercial Advisor Ravishankar Saravu, IATA Regional Vice President for Asia-Pacific Conrad Clifford, ASM Senior Vice President of Consulting and Product Development Nigel Mayes, Philippine Airlines Vice President for Sales Ryan Uy and Cebu Pacific Air Chief Operating Officer Michael Ivan Shau.

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If you have any information/objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

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Tuesday, March 12, 2019 • Editor: Angel R. Calso

The World BusinessMirror

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Fearful flyers lose faith in Boeing 737 Max after two fatal incidents in just five months

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ASSENGER confidence in Boeing Co.’s 737 Max has taken a hit after the jet’s second fatal crash in just five months.

Travelers around the world took to social media to express fears about the plane’s safety—or seek reassurance from carriers that fly it. Hours earlier, an Ethiopian Airlines 737 Max crashed after leaving Addis Ababa, killing all 157 people on board. Some flyers said they were now too fearful to board one of those planes.

One customer at Southwest Airlines, which has more 737 Max jets on order than any other carrier, changed flights to another aircraft after discovering the plane was a 737 Max. Another asked if Air

Canada was doing extra checks on its Max fleet.

Safety concern

THE disaster followed the plunge of a Lion Air 737 Max into the Java Sea off the coast of Indonesia on October 29. A preliminary report into that crash, which killed 189 passengers and crew, indicated pilots struggled to maintain control following an equipment malfunction.

Connecting the two incidents, social-media users expressed concerns to carriers that operate or have ordered the Max, from Ryanair and

Garuda to Fiji Airways and Norwegian Air. Already in China, authorities grounded the country’s entire fleet of 737 Max 8 planes, while Cayman Airways, the flag carrier of the Cayman Islands, suspended operations of both its Max 8 aircraft.

Any widespread veto by flyers would put extra pressure on Boeing.

In response, Southwest and Iceland Air were among the airlines to back their choice of aircraft. Boeing has said it’s preparing to send a technical team to assist the accident investigation of the Ethiopian Airlines plane, which was delivered new in November.

Iceland Air said the 737 Max carries out around 1,000 trips a day worldwide. The airline has three of the aircraft and has never had an incident, it said.

Meanwhile, the Ethiopian Airlines crash is bringing out equity bears.

Futures contracts on the Dow Jones Industrial Average Index— where Boeing has the largest weighting—fell on Monday during Asian hours, sliding as much as 0.6 percent after Flight ET302 plunged to the ground minutes after leaving Addis Ababa en route to Nairobi, Kenya, killing all 157 people on board. This is Boeing’s second 737 Max crash in five months. To make matters worse, China asked domestic airlines to temporarily ground those jets by 6 p.m. local time, and Ethiopian Airlines said it would ground them until further notice.

Boeing shares could slide in US trading as concerns are increasing over the jet, said Eleanor Creagh, a Sydney-based market strategist at Saxo Capital Markets. Even a 5 percent fall would cut more than 100 points from the Dow, she estimated. When a Lion Air plane of the

same model sank into the Java Sea off the coast of Indonesia last year, killing 189 passengers and crew, the shares lost almost 7 percent.

“Weakness transpiring in Boeing’s share price will hit the Dow,” Creagh said by phone. The stock has been responsible for about a third of the gains as markets recovered since the December low, she said.

Shares of the US manufacturer have gained 31 percent this year, the most among Dow components and adding more than $55 billion in market cap. While that’s partly due to the improving sentiment over the US-China trade talks, the company also reported a record cash pile for 2018 with sales reaching $100 billion for the first time in its 102 years.

The weekend accident happened as the US stock-market rebound is showing signs of strain.

The S&P 500 Index just posted its biggest weekly loss of the year as concerns surrounding global economic growth mounted. Risk appetite has weakened and the bar for positive surprises is now higher after a more than $9 trillion global equity rally since a December low.

The Dow, where Boeing has an 11 percent weighting, dropped 2.2 percent last week.

In a March 11 report, Morgan Stanley said it expects a “degree of weakness and volatility” in the shares until there is clarity on what happened with this crash, adding it is premature to make any linkage to the Lion Air accident.

Analyst Rajeev Lalwani wrote last month that the company’s stock has a “clear path” to $500 given broadly higher market multiples along with a potential order boost from a resolution in the China trade situation. Bloomberg News

Canada’s no-sex, no-money scandal Oil trades below $57 could topple Trudeau in 2019 polls as Libya output surges T

ORONTO—There’s no money, no sex, and nothing illegal happened. This is what passes for a scandal in Canada.

US President Donald J. Trump has been engulfed in allegations involving possible collusion with Russia and secret payments to buy the silence of a porn star. Canadian Prime Minister Justin Trudeau is facing a controversy that seems trivial by comparison, but it could topple him in elections later this year.

Two high-profile women ministers in Trudeau’s Cabinet, including Canada’s first indigenous justice minister, resigned in protest, and his top aide and best friend quit, too.

The former justice minister and attorney general, Jody WilsonRaybould, says Trudeau and senior members of his government pressured her in a case involving a major Canadian engineering company accused of corruption related to its business dealings in Libya. Trudeau reportedly leaned on the attorney general to instruct prosecutors to reach the equivalent of plea deal, which would avoid a criminal prosecution of SNC-Lavalin, because he felt that jobs were at stake.

“People south of the border would be astonished to think that this is the type of scandal that they have in Canada,” said Eddie Goldenberg, a former adviser to former Prime Minister Jean Chretien.

Many countries would be jealous of a scandal that went no further than a prime minster asking another

minister to do something she is legally entitled to do, Goldenberg said.

“I just don’t really see it as a scandal,” he said. “There is a political correctness here. Nobody wants to go after an indigenous woman minister. It’s become politically incorrect to question the former minister.”

Trudeau has said he asked WilsonRaybould to revisit her decision not to instruct prosecutors and said she agreed to consider that. He denied applying any inappropriate pressure, saying he and his officials were only pointing out that prosecution could endanger thousands of jobs.

SNC-Lavalin has pleaded not guilty to fraud and corruption charges related to allegations it paid about $35 million (CA$47 million) in bribes to public officials in Libya between 2001 and 2011.

“It’s a pseudo-scandal. It’s crap.

What the hell? You are doing business in Libya and you are not bribing?” said Robert Bothwell, a professor of Canadian history and international relations at the University of Toronto.

“It does suggest to me that the director of public prosecutions...is also nuts. And so is Wilson-Raybould.

These people are delusional.”

Wilson-Raybould was demoted from her role as attorney general and justice minister in January as part of a Cabinet shuffle by Trudeau. She has testified that she believes she lost the justice job because she did not give in to “sustained” pressure to instruct the director of public prosecutions to negotiate a remediation

agreement with SNC-Lavalin.

That solution would have avoided a potential criminal conviction that would bar the company from receiving any federal government business for a decade. The company is a major employer in Quebec, Trudeau’s home province. It has about 9,000 employees in Canada and more than 50,000 worldwide.

The company publicly led the lobbying charge for a law that allows for deferred prosecution agreements as a way to resolve the criminal charges it faces. The new attorney general has not ruled out approving a settlement.

Wilson-Raybould has said herself that the pressure from Trudeau and others was not illegal, and that she was not explicitly instructed to do a remediation agreement.

Gerald Butts, Trudeau’s former principal secretary and best friend who resigned, said nothing inappropriate was alleged until after Wilson-Raybould left the Cabinet, suggesting she felt sour grapes about losing her dream job.

Opposition Conservative Andrew Scheer leader has demanded that Trudeau resign, saying he tried to interfere in a criminal prosecution.

Canadian media have covered the story as intensely as American networks have covered Trump, noted Nelson Wiseman, a professor at the University of Toronto.

“Trudeau would not be able to get away with what Trump does because the political cultures and the state of political polarization of the two

countries are still quite different,” Wiseman said.

The differences among Canadian media outlets, for example, are “relatively narrow compared to the chasms between Fox and MSNBC or CNN. The American media are reporting on two different worlds.

The Canadian media are reporting on the same Wilson-Raybould-Trudeau story,” Wiseman added.

Daniel Beland, a politics professor at McGill University in Montreal, said Trudeau has framed himself differently than Trump. Trump said sympathetic things about Russia during the campaign and was elected despite that and other controversies, giving him “the sense that he can do anything and his base will still follow him.”

Trudeau, meanwhile, promised transparency while describing himself as a feminist who was also determined to right the wrongs against Canada’s indigenous people. Women make up half of his cabinet. “He depicted himself as a feminist, as someone who believes in indigenous reconciliation, and then you have two of his top female Cabinet ministers resign, and they are depicting him in a very different light,” Beland said.

Trudeau said he tried to foster an environment where his lawmakers can come to him with concerns, but one of his female Liberal party colleagues, Celina Caesar-Chavannes, took issue with that, tweeting, “I did come to you recently. Twice. Remember your reactions?” AP

O

IL traded below $57 a barrel as output from Opec member Libya recovers and investors assess mixed signals on the prospect for a trade deal between the US and China.

Futures in New York rose as much as 0.7 percent after dropping 1 percent on Friday. Libya’s production is said to be on track this month to hit an almost six-year high after the country restarted its biggest field on Tuesday. The top White House economic adviser, Larry Kudlow, said he’s “optimistic” about a trade pact despite Beijing’s pushback against demands made by Washington. Meanwhile, signs of slowing US shale growth supported prices.

Oil has traded in a tight range above $55 this month, after rallying over 30 percent from December-lows on output curbs by the Organization of Petroleum Exporting Countries and its allies and unexpected supply disruptions in some member-states. Meanwhile, US production remains at a record high, even as the nation’s rig count fell to a 10-month low. Uncertainty over a trade tiff between the world’s top 2 economies has also weighed on prices.

“The impression the two sides are making progress in talks is raising expectations [that] trade tensions will deescalate,” Satoru Yoshida, a commodity analyst at Rakuten Securities Inc. in Tokyo, said by phone. “While crude prices are currently trading in a small

range, it could rise beyond that level if oil producing countries start signaling they will agree to extend production cuts at a meeting in April.”

West Texas Intermediate (WTI) for April delivery rose as much as 41 cents to $56.48 a barrel on the New York Mercantile Exchange and traded at $56.42 at 4:26 p.m. in Tokyo. The contract fell 59 cents to $56.07 on Friday.

Brent for May settlement added 36 cents to $66.10 a barrel on the London-based ICE Futures Europe exchange. The contract fell 56 cents to $65.74 on Friday. The global benchmark crude traded at a $9.34 premium to WTI for the same month.

Libya is pumping 1.17 million barrels a day, according to Bloomberg calculations of data from several people with knowledge of field operations. The nation resumed production in its Sharara oil field after it was shut in December amid an ongoing conflict among rival factions.

Meanwhile, investors across financial markets continue to seek clarity on whether the US and China can resolve a trade conflict.

The Donald J. Trump administration is “making great progress” in negotiations with China, Kudlow said on Fox News Sunday. He said the American president and his Chinese counterpart Xi Jinping may meet to ink a pact at some point— possibly in Ma rc h or April. Bloomberg News

Iran’s President Rouhani seeks to boost ties on first visit to Baghdad

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AGHDAD—Iranian President Hassan Rouhani arrived in Baghdad on Monday, making his first official visit to the nation that Tehran once fought a bloody war against and later backed in the battle with the Islamic State group.

Since Rouhani’s election in 2013, Iraq has relied on Iranian paramilitary support to fight IS, following the militant group’s capture of the Iraqi city of Mosul and other territory in both Iraq and Syria.

Now with the militants facing a final territorial defeat in the Syrian village of Baghouz, Iran is looking for Iraq’s continued support as it faces a maximalist pressure campaign

by President Donald J. Trump after his decision to withdraw America from Tehran’s nuclear deal with world powers.

Rouhani, who is accompanied on the three-day visit by a high-ranking

political and economic delegation, was received by an honor guard on landing in Baghdad, where he was welcomed by Iraqi Foreign Minister Mohammed Ali Al-Hakim.

He proceeded for a stop at a Shiite shrine in the Iraqi capital and was then to meet with both President Barham Salih and Prime Minister Abdel Abdul Mehdi, as well as visit other politicians and Shiite leaders.

Rouhani ’s visit underscores how much has changed since the 1980s, when Iraqi dictator Saddam Hussein invaded Iran, sparking an eight-year war that killed 1 million people. After the 2003 US-led invasion of Iraq toppled Saddam, Iran began a campaign of backing militants who targeted American forces in Iraq.

Tehran also made political connections with Iraq’s Shiite leaders, who had been persecuted by Sad-

IRAQI President Barham Salih, (right), shakes hands with visiting Iranian President Hassan Rouhani at Salam Palace in Baghdad, Iraq, on Monday, March 11. Rouhani arrived in Baghdad on Monday, making his first official visit to the nation that Tehran once fought a bloody war against. AP PHOTO/KHALID MOHAMMED

dam’s government. Iran’s former hardline President Mahmoud Ahmadinejad became the first Ira-

nian president to visit Iraq on a trip in 2008.

Iraq and Iran share a 1,400-ki-

lometer-long (870 miles) border.

Trump made a snap December trip to Iraq and made comments that US forces should stay in Iraq to keep an eye on Iran, something dismissed by both Iran and Iraqi leaders, whom Trump did not meet on the visit.

Speaking at Tehran’s Mehrabad Airport before leaving for Iraq, Rouhani’s official web site quoted him as saying the trip’s goal was “deepening bilateral relations.”

“Relations between Iran and Iraq are special,” Rouhani was quoted as saying. “In the recent years, the people of Iran have passed a test with pride, and that is wherever the peoples of the region faced a problem and asked for the help of the Iranian nation and government, we rushed to help them.”

Rouhani, who had visited Iraq privately before becoming president, had planned an official visit

in 2016 but it was cancelled over unspecified “executive” problems.

This time, Rouhani, who is on a second four-year term, is particularly vulnerable because of the economic crisis assailing the Iranian rial, which has hurt ordinary Iranians and emboldened critics to openly call for the president’s ouster.

Tehran sees the US military presence at its doorstep in Iraq as a threat—one that could also undermine Iran’s influence over Baghdad.

Iranian Foreign Minister Mohammad Javad Zarif alluded to that on Sunday while in Baghdad, saying that any country that tries to interfere with the good Iran-Iraq relations would “be deprived of opportunities for itself.” Iran also sees Iraq as a possible route to bypass US sanctions that Trump reimposed last year after pulling the US out of the 2015 nuclear deal. AP

News BusinessMirror

www.businessmirror.com.ph

Tuesday, March 12, 2019 A9

El Niño damage to crops climbs to ₧460M

D

By Jasper Emmanuel Y. Arcalas

@jearcalas

AMAGE to the farmer sector caused by El Niño has more than tripled to over P460 million, from the initial estimate of P150 million, according to the latest report by the Department of Agriculture (DA).

The DA report indicated that 16,034 Filipino rice and corn farmers in six regions have incurred losses amounting to P464.27 million.

El Niño has affected 13,679 hectares of rice and corn farms

in Mimaropa, Zamboanga Peninsula, Northern Mindanao, Davao region, Soccsksargen and the Bangsamoro Autonomous Region in Muslim Mindanao. The total production loss was placed at

22,918 metric tons (MT).

The DA said 7,851 rice farmers bore the brunt of El Niño. They lost 17,232 MT of palay valued at P377.9 million. El Niño affected 9,860 hectares of rice farms in six regions.

The report also revealed that 8,183 corn farmers incurred losses amounting to P86.4 million.

Total corn output damaged by El Niño was estimated at around 5,686 MT, which were planted in 3,819 hectares.

Mimaropa was hardest hit by El Niño as it accounted for 41 percent of losses recorded by the DA. A total of 3,528 farmers in the region lost P191.07 million.

The DA said, however, that the amount of crop losses will still have to be validated. It added that it will

continuously assess the damages and losses incurred by farmers and monitor standing crops in vulnerable areas.

The government has also started to monitor water quantity and quality in areas that may be affected by El Niño.

The Philippine Crop Insurance Council said it would immediately release indemnification to insured farmlands that would cover up to 100 percent of the damage, according to the DA.

Cloud seeding

AGRICULTURE Secretary Emmanuel F. Piñol said he has directed other DA officials on Monday to conduct cloud-seeding operations in El Niño-affected areas to ensure that crops would receive ample rainfall.

UP stat school: More Pinoys joined ranks of poorest in 2018

By Cai U. Ordinario

M

@caiordinario

ORE Filipinos, especially fisherfolk and farmers, likely joined the ranks of the country’s poorest in 2018, according to a study from the University of the Philippines School of Statistics.

In a presentation late Friday at the Social Weather Stations (SWS) office in Quezon City, UP School of Statistics Dean Dennis Mapa said the increase in food inflation, especially for the poorest 30 percent, reached 7.1 percent last year.

Given that fishermen and farmers are considered among the near-poor since their incomes are the nearest to the poverty threshold, Mapa said they would be the first ones to join the ranks of the poor in 2018.

“2018 is really a bad year because you have high food inflation. Using our historical data from the PSA [Philippine Statistics Authority] official statistics on income poverty, we’ve seen that [it was] only [in] those years wherein food prices are low, leading to low inflation, and you have high income growth, wherein we really experienced reduction

Farmers. . .

Continued from A1

disclosed that the government could work under a reenacted budget until August as he sees another standoff between the Senate and the House of Representatives over the reported last-minute changes in the P3.7-trillion national budget for 2019.

Initial numbers conveyed to senators by the Department of Finance, according to Lacson, showed such pushback of the budget approval until August could mean losses of P500 million daily to the economy, which, in turn, will shave off at least 1.5 percent from the gross domestic product growth targets.

The P10-billion initial RCEF budget, which the government will frontload this year, was incorporated in the 2019 national budget.

Federation of Free Farmers Inc. (FFF) National Manager Raul Q. Montemayor urged the government to find a way to ensure that the RCEF would be rolled out once the rice trade liberalization (RTL) law is implemented.

The RCEF was an earmarked fund created under the RTL law to aid farmers to become competitive amid expected influx of cheaper rice imports in view of the liberalization of the industry.

in poverty. And utilizing SWS data, we used the spikes in selfrated hunger and also...looked at the self-rated poverty in 2018....

These are really indicators on what to expect when we hear the report,” Mapa said.

However, Mapa told the BusinessMirror that to determine the exact impact especially where official data is concerned, there is no choice but to wait for the results of the 2018 Family Income and Expenditure Survey (FIES), which will be released this year.

Nonetheless, the impact of high food prices in 2018 will have a negative effect on poverty-reduction efforts. Food inflation felt by the poorest Filipinos reached 7.1 percent in 2018 with the highest observed in September at 9.9 percent.

In the study, Mapa said every 1-percentage-point increase in food inflation causes a 0.68-percentage-point increase in selfrated hunger incidence.

The 2018 SWS data for self-rated hunger incidence increased by 10 percentage points particularly for the second and third quarter information. This was largely because these quarters saw the highest spikes in food prices.

“What we are seeing is that food

“The government should find a way to live up to its promises to provide the RCEF immediately, specially since they are in a rush to allow the cheaper imported rice to come in immediately,” Montemayor told the BusinessMirror.

“What will be delayed will be the delivery of the promised support to farmers, and the positive impact this could have on output and costs of production,” Montemayor added.

Montemayor, who is also chairman of the Committee on Staples at the Philippine Council for Agriculture and Fisheries, said they are looking at the second semester production cycle as the earliest timetable for the actual fund to be released to farmerbeneficiaries.

Earlier, the Philippine Center for Postharvest Development and Mechanization (PhilMech), which will receive P5 billion annually from RCEF, said they would start distributing equipment to farmers by the fourth quarter of the year.

PhilMech Applied Communication Division Chief Rodolfo P. Estigoy said it would take time for the agency to procure the equipment given the procurement rules that it must observe.

Estigoy added that they are looking to conduct the procurement process from the second quarter to the third quarter of the year.

prices have a substantial contribution. With that, there will be an impact on subsistence poverty that will eventually be reported

by PSA,” Mapa told the BusinessMirror. Subsistence poverty is measured using a food threshold or the amount needed by families or individuals to meet their basic food requirements.

The increase in food prices increases the poverty threshold.

This means those near the poverty threshold in 2015 could fall below the poverty line in 2018.

Based on Mapa’s estimates, the fisherfolk who are considered near-poor earn an average percapita income of P21,845 a month, which is only 0.40 percent higher than the poverty threshold.

In terms of farmers, the nearpoor earn an average per capita of P22,392 a month, higher by 3 percent than the poverty threshold.

Mapa said the government should target these sectors in their assistance. The bulk of the country’s fishermen are in Bicol, Davao, Autonomous Region in Muslim Mindanao (ARMM) and Caraga regions.

Farmers, meanwhile, are found in ARMM, Northern Mindanao, Eastern Visayas, Zamboanga Peninsula and Caraga regions.

“My anticipation is that we will have more poor from the fisherfolk,” Mapa said during his presentation. “[In terms of farmers] assuming that their income did not dramatically increase, with the increase in food prices, most of them will be poor in 2018.”

The near-poor household, as defined by Mapa, is one with a high probability of becoming poor in the future due to shocks. These households are also referred to as transient poor.

Based on 2015 FIES data, Mapa said the near-poor whose incomes are one to 1.1 times the poverty threshold included 4.21 percent of all Filipino households or around 900,000 households. In terms of population, this group accounts for around 5 percent of the population or around 5 million Filipinos.

Inflation cut deeper for the poorest 30 percent of the population in 2018, averaging 7.2 percent, according to the PSA. The highest inflation rate for them was observed in September and October when inflation was at 9.5 percent.

In the National Capital Region or Metro Manila, inflation experienced by the poorest was at 6.6 percent, while in areas outside of NCR, reached 7.2 percent.

Piñol said he has instructed Agriculture Undersecretary for Operations Ariel T. Cayanan to “order the DA regional offices to implement cloud-seeding operations.”

The agriculture chief said he also ordered cloud-seeding operations over Bulacan, Pampanga and Rizal to ensure sufficient water level in La Mesa Dam. “Usec. Cayanan was directed to coordinate with the Philippine Air Force for the cloud-seeding operations over Bulacan, Pampanga and Rizal to fill up La Mesa Dam,” he said in a post in his official Facebook page on Monday.

“As early as last year, funds were already transferred to the regional offices and the Philippine Air Force for cloud-seeding operations in preparation for the El Niño,” he added.

The DA, according to the report, has released P18.3 million for cloud-seeding operations to its regional field offices and the Philippine Air Force. The agency said it has also coordinated “with the LGUs and other key stakeholders for measures and interventions to mitigate the effect of El Niño.”

“Joint Area Assessment has been conducted by the Bureau of Soils and Water Management (BSWM) and Philippine Air Force in Regions 2, Mimaropa, 7, and 12 for pre-cloud seeding operations,” the DA report read.

“The conduct of cloud-seeding operations was recommended in Regions 2 and 12, which are scheduled between March 14 to May 21, 2019,” it added.

Erap threatens to close unidentified firm behind fecal discharge in creek

M

ANILA Mayor Joseph Ejercito Estrada ordered on Monday the speedy identification and prosecution of company whose siphoning truck was caught dumping human waste in a drainage system along Pablo Ocampo Street in Malate last month, as the local government continues to track down its identity and whereabouts.

“A person, in his sanity, will not throw feces on the street [and even in bodies of water],” he said in Filipino during a media briefing held at his office in Manila City Hall. “This is a big insult to our people, especially those who work hard to clean our city.”

Based on a video footage shown at the Bulwagang Villegas, the vehicle was seen parked at around 8:45 p.m. on February 4 while throwing human manure in a canal that directly drains into the Manila Bay. With registration number TNV-48, the last digit seemed intently hidden since the right end of the plate was folded.

According to the local chief executive, they are coordinating with the Land Transportation Office to trace the possessor’s location.

To help gather more pieces of evidence, he appealed to those with CCTV cameras that possibly recorded the truck passing by the area to provide his office with video copies.

He also called for cooperation among his constituents to identify the offenders while pledging to double the reward to P200,000 once the driver and owner of the truck are sued and found guilty by the court.

Manila Police District (MPD) Director Vicente Danao Jr. is now working to identify the violators.

Danao encouraged the truck driver to submit himself to authorities so he can be spared from the case to be filed against him and his employer.

“Once he surrenders, we will advise him on what he should do. If he fails to do so and we catch him, I will make him eat what he threw,” the MPD chief said.

Danao confirmed that they are now investigating a certain firm engaged in siphoning and declogging septic tanks.

“This company is well-known in the business, yet we are still gathering proof. It will be punished once we find out that it owns the truck that was used,” he warned. Roderick L. Abad

Delay in 2019 budget worries state workers

By Samuel P. Medenilla

G

@sam_medenilla

OVERNMENT employees are becoming restless as the delay in the approval of the 2019 budget would also prolong the grant of the last tranche of their scheduled wage increase.

In an interview, Confederation for Unity, Recognition and Advancement of Government Employees (COURAGE) National President Ferdinand Gaite criticized both houses of Congress for prolonging the approval of the 2019 budget.

“We condemn this delay in the budget since it also hinders the implementation of the wage increase,” Gaite told the BusinessMirror in an interview.

Gaite is referring to fourth and final phase of the Salary Standardization Law (SSL), which the Department of Budget and Management (DBM) earlier said was supposed to take effect during the first week of February.

Out of the 2.4 million public sector employ-

ees, the labor leader said, 1.4 million employed in national agencies and state universities and colleges (SUC) rely on the 2019 General Appropriations Act (GAA) for funding to get the last part of the SSL. He said the remaining million government employees are employed by local government units (LGU) and government-owned and -controlled corporation (GOCC).

Gaite noted both LGUs and GOCCs have their own source of funding and can implement the SSL even without the GAA. COURAGE issued the statement after Sen. Panfilo Lacson said over the weekend that the government will have to operate under a reenacted budget up to August due to negotiations over the provisions of the 2019 GAA. Public Services Labor Independent Confederation (PSLINK) General Secretary Annie Geron said deferring the SSL implementation to the third quarter of 2019 is “unacceptable” since government workers need it to cope with

the rising cost of living.

“Amid rising prices of basic goods and services, even the small [pay] increase will help [workers],” Geron said.

Gaite said they estimate even the lowest ranking government employee will get a wage increase of “less than P500” under the SSL. Aside from postponing the SSL, COURAGE and PSLINK also expressed concern on the possible effect of the delay in the approval of the budget on public service.

If the government will continue to operate on a reenacted budget, Gaite said, the government will not be able to hire additional workers to augment its services.

For her part, Geron said this will make it more difficult for the government to implement muchneeded additional programs especially for health, education and social services.

“For unions like PSLINK, the issue is not only on the issue of wage but on the sufficiency of funds for public service,” Geron said.

DOLE assures Hanjin workers firm has assets to pay them

T

HE Department of Labor and Employment (DOLE) on Monday assured affected workers that financially troubled Hanjin Heavy Industries and Construction Co.-Philippines (HHICC-Phil) Inc. has enough remaining assets to pay for all of its liabilities to them.

DOLE made the assurance after HHICC-Phil finally filed for closure leaving its remaining 100 workers now displaced. “They still have cash and other resources. Actually, their assets are bigger than their liabilities; that is why there are so many companies which are seriously taking over since [HHICC-Phil] facilities are intact,” Labor

Secretary Silvestre H. Bello III told reporters in an interview last week.

Furthermore, he said DOLE also has the authority to garnish and then sell the property of the ship-building firm so its proceeds could be use to pay its workers.

Bello’s statement was in response to claims that HHICCPhil was unable to secure enough loans from the bank to pay its retrenched 3,400 workers.

On Monday, supporters of displaced employees of HHICC-Phil trooped to DOLE’s main office in Intramuros, Manila, to demand that labor officials ensure the welfare

of the remaining 100 Hanjin workers.

Friends of Hanjin Workers (FHW) said the affected workers were being forced to join the Voluntary Retrenchment Program of HHICC-Phil and sign a quit claim.

In an SMS, DOLE-Region 3 Director Zenaida Campita told the BusinessMirror they have yet to receive an official complaint from any of the HHICC-Phil employee as of Monday morning.

But she said they will look into the concerns of FHW. The labor official said they are now coordinating with HHICC-Phil. Samuel P. Medenilla

A10 Tuesday, March 12, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Wanted: Real political parties

‘O

NE of these things is not like the other, which one is different, do you know? So tell me which of these things is not like the other, and I’ll tell you if it is so.”

So goes a song on Sesame Street that is often used for sketches to teach children how to differentiate things, to focus on the differences, as well as similarities of things by playing a game.

It’s not so easy playing this game with Philippine politicians.

Senatorial aspirants in the May 2019 midterm elections officially kicked off their campaigns on February 12. There’s a big field of candidates—62 candidates vying for 12 Senate seats—and they belong to various political parties, including PDP-Laban, Hugpong ng Pagbabago-National, Hugpong ng Pagbabago-Davao Region, Du It Pilipinas, Katipunan ng Demokratikong Pilipino, Labor Party Philippines and Otso Diretso.

Philippine politics has never been known for its political parties, and yet, it has been witness to so many. At times, there were even conglomerations of several parties, with different acronyms, which have been grand vehicles carrying political candidates into election after election.

Ask voters what these parties stand for and they would probably be at a loss.

If one transcribes all the speeches delivered during political campaigns and sorties, they would probably yield almost identical programs and platforms: anti-poverty, food production, job generation, peace and order, protecting the environment, boosting investments and businesses and other similar themes.

Philippine political parties have largely been weighed down by personalities and patronage. The only common ideology—if it could be called such—is victory at the polls.

And yet, what this country needs is exactly what it lacks, strong political parties that are built and based on ideology and the desire to provide public service. The formation of so many political parties has contributed to the problem of Philippine politics.

One could argue that the existence of so many parties widens our political landscape and gives Filipinos more alternatives during elections. But this is not really the case when a voter finds it difficult to identify where these parties differ in terms of ideology or programs.

This is certainly not the case when parties revolve around individuals or when politicians jump from one party to another, especially those who were denied tickets in their parties and yet still want to run.

Party pluralism could, indeed, lead to the progress and development of Philippine democracy. Political parties may, indeed, be necessary institutions for democracy. But not when money or the prospect of victory (or both) constitutes their only common denominator.

Even with so many political parties, including the party-lists we have in the House of Representatives, we still have poor representation and accountability in government. Why is this, when political parties should in fact serve as key institutions of representative democracy, when they should be the primary intermediaries between citizens and the State?

Again, for Philippine democracy to work, we need real political parties.

We used to have a two-party system, with the Liberal Party and the Nacionalista Party dominating our political affairs. The revival of a two-party system might be a welcome development and might just be what our political system needs.

But whichever these two parties might be, they have to provide real alternatives, clearly defined programs and policies on how to move our country forward. These two parties must be able to redefine traditional politics—not the negative trapo that has come to be associated with the term, characterized by patronage and pelf—but the kind of politics that can lead the way toward social equity, accountability and integrity in public service, and forging alliances to pursue national interests.

So far, the existence of so many parties has done little in helping Philippine politics improve the standard of living of ordinary Filipinos. Indeed, one could even argue this has corrupted the political system and the most sacred of democratic processes, the elections.

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

THE ENTREPRENEUR

M

ANY Filipinos are now beginning to appreciate the soft side of President Rodrigo Duterte despite his tough stance on his war on drugs. Mr. Duterte, not to the surprise of many, also cares about the environment and its benefits to the population, tourism and the economy in general. His initial success in cleaning up Boracay Island gained the support of the Filipino people and was lauded here and abroad. It started the momentum to rehabilitate other tourist attractions in the Philippines.

President Duterte now faces the most daunting task of all: the very ambitious and long-delayed cleanup of Manila Bay. No past presidents of the republic have succeeded in restoring Manila Bay to its original state, where one can swim in its clean waters and enjoy its spectacular sunset without the sight of filth and floating garbage.

Manila Bay will not be rehabilitated in three years, or until the expiration of President Duterte’s term in 2022. The more relevant question, for me, however, is what can be done in three years? I believe the government can accomplish many things in cleaning up Manila Bay, and Pasig River for that matter, in three years

and that those deeds will speed up the momentum and lead to an irreversible trend to finish the job, whoever succeeds President Duterte.

The Manila Bay rehabilitation will not be a success, of course, without the support of his Cabinet members and the international community, which has long urged the Philippines to do the job soon.

The cleanup is also a perfect complement to President Duterte’s tough stand against drugs, graft and corruption, the New People’s Army and terrorism. For me, the rehabilitation of Manila Bay represents the soft side of the President.

But his soft side should not be mistaken for a weakness in his

Do not trust the catalysts John Mangun

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OUTSIDE THE BOX

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Bay rehab reveals Duterte’s soft side

R

IGHT up there with “bargain hunting” and “profit-taking” is the phrase “lack of catalyst” to describe stock-market movement. All buying is bargain hunting in that no one ever bought an issue believing that it was not a “bargain” or that it would go lower tomorrow.

The idea that selling—and prices going down—is profit-taking after prices have moved higher is also false.

Maybe the selling that made prices drop was not profit taking. Maybe it was selling those issues that did not move during the uptrend.

By definition, a catalyst is an “agent added to a process to make a chemical reaction happen more quickly.” Say, you have a severely clogged kitchen drain. You pour some lye in the drain and add water to make the lye react and “burn” through the clog. But if you add the catalyst of hot water, the lye burns even quicker to unclog your drain. The “heat” is the catalyst to speed up the reaction between the lye and the water.

Certain events can become a catalyst for the process of moving stock prices higher—but not all the time. Hot water will always make lye work faster. But if you noticed, the recent good inflation numbers had no immediate positive effect on stock prices.

Read these headlines, please: “Philippine troops clash with Abu Sayyaf militants.” “Accenture to lay off half its work force in Manila.”

“Investors rank Philippines 4th most corrupt in AsiaPac.” “China sends former warship to patrol contested Spratly Islands.” “Philippines: Thousands of Women Marched to Demand Full Employment.” Those news stories coming on successive

character. President Duterte was firm in his directive in early January to rehabilitate Manila Bay and warned establishments along the bay that he would not hesitate to order their closure if they challenge his call. “Whether they like it or not, all of them, including the hotels, must put water treatment for their waste discharge or else I will shut them down,” said the President.

Department of Environment and Natural Resources Secretary Roy Cimatu, meanwhile, is lucky to be given the opportunity by the President to rehabilitate Boracay Island and Manila Bay. Mr. Cimatu may be remembered in time as the best environment secretary of the Philippines after receiving the full support of President Duterte in implementing these rehabilitation projects.

Mr. Cimatu so far is implementing President Duterte’s directive to the letter. He has urged 178 mayors of the cities and municipalities surrounding Manila Bay to do their share in the bay’s rehabilitation by cleaning up their rivers and esteros.

“We have to clean all 47 esteros and all the rivers that contribute to the pollution of Manila Bay. Nobody should be left alone, we will one by one ask them [to help],” he said.

He reminded local officials to implement environmental laws and clear the waterways of squatters, and

asked them to identify the sources of water pollution in their areas and do something about it.

“Once we clean the esteros and rivers, garbage will not go out to Manila Bay. We’ll make it a point that the water that reaches Manila Bay is clean,” he said. “Even if it takes us one, two or three years to clean these rivers, we have to do it.”

The absence of wastewatertreatment facilities along the tributaries and waterways of Metro Manila and nearby municipalities is largely contributing to the high coliform content of the waters of Manila Bay. Mr . Cimatu has the full support of President Duterte, who minced no words in his early warnings against hotels and other commercial establishments contributing to the pollution of Manila Bay. “Do not challenge me. If we do not have tourists, so be it. We are not going to die without them. You do something about your waste there, or we will have you closed down. That’s for sure,” said the President.

I am confident President Duterte’s directive to clean up Manila Bay will be a success and set the tone for other similar projects. A strong political will and his high popularity ratings are backing him up.

If you cannot trust the catalysts to do what you want when you want them to, what can you trust?

You should always trust your own judgment just like you do in a personal relationship or with a new job. But always keep your resume updated. You’ll never know. When buying a stock, that is called your “cut-loss price.”

price movement is also a process.

Actually, it would have been nice to have the PSEi drop 2,000 points in one day and get the decline over and done with. But “higher inflation, higher interest rates and a weakening peso” are also processes that need to work themselves out.

On November 13, 2018, the PSEi reached bottom at 6,843 and started going higher to the current level around 7,700. Looking back, we know that the peso began strengthening and inflation began coming down.

Even with inflation still cooling, the peso relatively flat and oil prices almost exactly where they were one year ago, the PSEi has retreated from its 2019 high.

If you cannot trust the catalysts to do what you want when you want them to, what can you trust? You should always trust your own judgment just like you do in a personal relationship or with a new job.

But always keep your resume updated. You’ll never know. When buying a stock, that is called your “cut-loss price.”

days certainly do not seem like much of a catalyst for local stock prices to go higher.

Yet that was the immediate background on the 3 percent move higher for the Philippine Stock Exchange Composite Index (PSEi) between the close on Thursday, March 19, to the close on Friday, March 20, in the Year of Our Lord 2009. And Friday, March 20, 2009, started the move on the PSEi from 1,780 to its recent daily historic high of 9,058 on January 29, 2018.

As much as we would like stockmarket prices to react to a catalyst, it does not work that way. The catalyst for the market going down 2,000 points from the January 2018 high to its November 2018 low was higher inflation, higher interest rates and a weakening peso. But just like how the lye needs time to work—even with a catalyst—stock

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

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

Opinion BusinessMirror

www.businessmirror.com.ph

Tuesday, March 12, 2019 A11

Revisiting the taxability Let’s look again at the four traffic elements of election contributions Cecilio T. Arillo

DATABASE

Atty. Rodel C. Unciano

TAX LAW FOR BUSINESS

W

ITH the kickoff of the campaign period for the national elections in May, it’s high time to revisit the taxability of campaign contributions to candidates, political parties and party-list groups.

As circularized in Revenue Memorandum Circular (RMC) 38-2018 and reiterated recently in RMC 31-2019 dated March 7, 2019, campaign contributions are not included in the taxable income of the candidate to whom they were given, the reason being that such contributions were given not for the personal expenditure or enrichment of the concerned candidate, but for the purpose of utilizing such contributions for the campaign. In order to be considered as exempt from income tax, the contributions must have been utilized to cover a candidate’s expenditures for his/her electoral campaign.

Unutilized/excess campaign funds, that is, campaign contributions net of the candidate’s campaign expenditures, shall be considered as subject to income tax, and as such, must be included in the candidate’s taxable income in the income tax return filed for the subject taxable year.

As a condition for the deductibility of the campaign expenditures, any candidate or political party or party-list group must file with the Comelec the Statement of Contributions and Expenditures required under the Omnibus Election Code.

Any candidate or political party or party-list group, whether winner or loser, who fails to comply with this requirement shall be automatically precluded from claiming such expenditures as deductions from the campaign contributions, making the entire amount directly subject to income tax.

Every candidate and treasurer of the political parties or party-list groups shall submit the Statement of Contributions and Expenditures to Comelec and Revenue District Officer where the candidates or political parties or party-list groups are registered within 30 days after the election.

Income payments made by political candidates and political parties or party-list groups on their purchases of goods and services as campaign expenditures shall be subject to the 5 percent creditable withholding tax (CWT). Income payments made by individuals or juridical persons for their purchases of goods and services intended to be given as campaign contribution

As a condition for the deductibility of the campaign expenditures, any candidate or political party or party-list group must file with the Comelec the Statement of Contributions and Expenditures required under the Omnibus Election Code. Failure to do this precludes a candidate or party from claiming such expenditures as deductions from the campaign contributions. to political parties and candidates shall, likewise, be subject to 5-percent creditable withholding tax.

Expenses that were not subjected to the 5 percent CWT are not considered utilized campaign funds, and the candidates, political parties or party-list groups are precluded from claiming such expenditures as deductions from their campaign contributions. As such, the full amount corresponding to said expense shall be reported as unutilized campaign funds subject to income tax.

Under the Omnibus Election Code, contributions in cash or in kind to any candidates, political parties, or party-list groups are exempt from the imposition of Donor’s Tax. Only those donations or contributions that have been utilized/spent during the campaign period as set by the Comelec are exempt from donor’s tax. Donations utilized before or after the campaign period are subject to donor’s tax and not deductible as political contribution on the part of the donor.

It must be noted though that donations made by corporations for the purposes of partisan political activity are subject to donor’s tax and may not be deducted as political contribution on the part of the donor.

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 403-2001 local 140.

T

HESE four traffic elements are education, enforcement, engineering and economics.

Unless these elements are addressed simultaneously, traffic will get worse every day.

For instance, of the 11.5 million vehicles registered throughout the country, more than 3 million are being driven at any given time in Metro Manila and nearby provinces of Laguna, Rizal, Cavite and Bulacan.

In addition, we have more than 6 million registered motorcycles and tricycles, and many of these are also in the areas mentioned above.

On the issue of education, how many of these drivers understand the meaning of broken lines, solid lines, double solid lines and other traffic signs?

“Roughly one-third of the drivers do not understand most of the above,” said a Metropolitan Manila traffic law enforcer interviewed by this writer.

“This is because many of these drivers do not go through the

normal process of taking the written exam and the actual driving test required by law,” he said, adding that what these drivers do is buy their licenses from fixers who have connections with unscrupulous Land Transportation Office officers.

Related to the above is the issue of lack of enforcement not only of the country’s traffic rules and regulations but also the inability of authorities to strictly implement the anti-colorum laws, road safety, road courtesy, wayward pedestrians, undisciplined cyclists and motorcycle drivers.

Equally important to look into is engineering: Metro Manila, for instance, has approximately a road network of 5,000 kilometers, minus 1,000 that are under repair, flooded, or occupied and blocked by squatters and therefore, impassable.

BLOOMBERG VIEW

C

HINESE electronic-payment providers like Alipay are just the type of innovative, technology driven, consumerfocused enterprises Beijing wants to nurture. New regulations on almost $200 billion of their deposits will do just the opposite.

In the name of risk management, the People’s Bank of China (PBOC) in January officially became the custodian of all deposits from third-party payment groups, a transition that started in 2017. Before then, the likes of Ant Financial’s Alipay and Tencent Holdings Ltd.’s WeChat Pay had piles of cash accumulating on their platforms, which they’d invest to generate returns—without always paying interest to users. That didn’t sit well

with the central bank and spurred regulation requiring the money to move into noninterest-bearing accounts under its purview.

While the PBOC voiced concerns that some customers weren’t earning interest, in practice Ant Financial offered deposit rates as high as 4 percent. That’s well above average demand-deposit rates at state-run banks of around 0.3 percent.

These deposits effectively have

to lose P6 billion a day as more traffic means longer time on the roads, more pollution generated and more greenhouse gas emitted.

A study done by Expert University of the Philippines Professor Jose Regin Regidor pointed out the social and psychological costs that are hard to translate into money terms.

For example, a parent, instead of being at home to take care of the children, ends up being stuck in traffic. Although that’s hard to quantify in money terms, the study tries to put monetary values so people will see that this is the amount they are losing everyday.

The government says its road projects will solve traffic and help the Philippines achieve this administration’s catchphrase: inclusive growth.

But how inclusive are projects intended for road users?

For Regidor, inclusivity also means making reliable public transportation a priority.

Regidor says it’s time that the government spends more on masstransit systems to decongest a bursting mega city.

Officials say it’s a case of delayed gratification: suffer now, enjoy later.

But that’s assuming population and vehicle density stays the same until 2020 and beyond.

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

Boeing under pressure as second 737 Max crash sees jets grounded

P

RESSURE on Boeing Co. escalated after the second deadly crash involving the newest version of its best-selling 737 jet in five months prompted China and Africa’s biggest air carrier to ground all flights of the aircraft.

A day after Ethiopian Airlines Flight 302 crashed and killed all 157 people on board, the African carrier decided to halt all its 737 Max eight planes until further notice. China ordered its carriers to ground all 96 of their aircraft involving the model by 6 p.m. local time. Elsewhere, Indonesia’s air safety regulator said it’s discussing the possibility of grounding the Boeing planes and South Korea began a special inspection of the aircraft.

For Boeing, the latest disaster soon drew comparisons to a Lion Air crash in Indonesia that killed 189 people, pushing the Chicago-based planemaker a step closer to a crisis.

A blanket grounding of the 737 Max, which generates almost one-third of the company’s operating profit, in China also raised the specter of other countries following suit.

“The B737 Max design is dangerously flawed,” said Mohan Ranganathan, a former commercial pilot and an aviation safety consultant based in the southern India city of Chennai. “There is a definite similarity between Lion Air and Ethiopian Airlines Max crashes.”

For Boeing, the latest disaster soon drew comparisons to a Lion Air crash in Indonesia that killed 189 people, pushing the Chicago-based planemaker a step closer to a crisis. A blanket grounding of the 737 Max, which generates almost one-third of the company’s operating profit, in China also raised the specter of other countries following suit.

Shares of Boeing dropped as much as 8.3 percent on the Tradegate exchange in Germany and as much as 8.7 percent in Stuttgart trading.

Chinese airlines accounted for about 20 percent of 737 Max deliveries worldwide through January, according to Boeing’s web site, and further purchases of the Chicago-based planemaker’s aircraft are said to have been touted as a possible component of a trade deal with the US. China Southern Airlines Co. has 16 of the aircraft, with another 34 on order, according to data through January on Boeing’s web site. China Eastern Airlines Corp. has 13, while Air China Ltd. has 14, Boeing says. Other Chinese airlines that have bought the Max include Hainan Airlines Holdings Co. and Shandong Airlines Co., the data show.

The single-aisle 737 Max is poised to generate about $30 billion in annual revenue as factory output rises to a 57-jet monthly pace this year,

China is strangling its private champions Christopher Balding

Using these road variables for the 3 million vehicles, it means that there are 220 vehicles (at a median size of 4.5 meters per vehicle) for every kilometer, which is four and a half times as many as the 45 per-kilometer-ratio of the United Nations, using South Korea as the model country.

Our policy-makers should look into why there’s a continuing importation of second-hand motor engines of various sizes, second-hand vehicles, and the nonenforcement of the 15-year phase-out period for old and dilapidated vehicles, trucks and trailers.

Because traffic has a correlation to the economic life of the nation, it is important to have a closer look at the implication of traffic to the economy.

Traffic has long been a problem in Metro Manila, and it’s costing the country heavily.

The gridlocks turn investors away and a study shows the Philippines loses P2.4 billion a day in potential income from the traffic jams in Metro Manila alone.

This includes lost work hours, lost business opportunities due to delays, missed deadlines and wasted fuel.

The losses add up to P576 billion a year just for the economic cost of traffic on weekdays. That’s more than the P400 billion infrastructure budget for 2020.

By 2030, the Philippines stands

become subsidies to the PBOC and the banks whose debt they buy. For all the rhetoric about supporting private enterprise, the move looks like a state power grab.

Chinese electronic-payment providers are a true homegrown success story. Alibaba Group Holding Ltd. created Alipay in 2004 to handle online payments for its e-commerce platform, Taobao. In fact, Alipay originally acted as an escrow service for buyers and sellers, who were still developing trust in the rapidly growing Internet business founded

by Jack Ma. The service gained its license to operate six years later. Its chief competitor, WeChat Pay, also grew up in this era.

Alibaba and Tencent worked hard to build consumers’ confidence in their services and payment capabilities. Unlike state-owned banks that have a captive deposit base and political mandate to support other centrally controlled companies, Alipay and WeChat Pay had to cultivate users from scratch. Their success reflects

The PBOC is essentially a sister company to large state banks; it also lends money to China’s sovereign wealth fund, which owns a large share in those banks. So when these lenders complained loudly about third-party providers taking their deposits, the central bank listened.

By taking control of these funds, and not paying interest, the PBOC now enjoys a big subsidy that it can lend out, or use to purchase bank assets in the repo market and keep interest rates lower. an ability to tap into shoppers’ wants and needs; but also the fact that both made it cheap and easy for businesses to operate. Commissions on transactions, for instance, could be less than 1 percent, and payments within the platform are typically free.

By incentivizing consumers to leave money in their accounts, Alipay and WeChat Pay got their hands on

according to Bloomberg Intelligence estimates. The disaster in Ethiopia followed the crash of Lion Air’s 737 Max off the coast of Indonesia on October 29. A preliminary report into that disaster indicated that pilots struggled to maintain control following an equipment malfunction.

The doomed Ethiopian jetliner left Addis Ababa at 8:38 a.m. local time, and contact was lost six minutes later, the company said in a statement.

There were people from 35 nations on board, including 32 Kenyans, 18 Canadians, nine Ethiopians and eight Americans. The United Nations, which is hosting an environmental conference this week in Nairobi, said it lost 19 staff members in the crash.

The pilot of the ET302 reported problems shortly after takeoff and was cleared to return to the airport, said the airline’s chief executive officer, Tewolde GebreMariam. The 737 Max 8 hadn’t had any apparent mechanical issues on an earlier flight from Johannesburg, he said.

Ethiopian Airlines had five of the planes in operation as of the end of January and orders for a further 25, according to Boeing’s web site.

Indonesia’s transportation safety committee said on Monday it offered to help with the Ethiopian Airlines crash investigation and will discuss the possibility of grounding Boeing 737 Max jets operated by the

nation’s airlines. Jet Airways India Ltd. and SpiceJet Ltd., two Indian airlines that use the 737 Max jet, and the country’s regulators have asked Boeing for information following the Ethiopia crash.

deposits, which they put in money markets to earn low-risk, liquid returns. Eventually, however, these payment providers began to branch into consumer and business lending.

Ant Financial alone serves roughly half of all small and medium-size enterprises in China, where it boasts its so-called 310 program: a threeminute application, one-minute approval and zero human interaction.

If Beijing is really concerned about protecting customers, there are easier ways to go about it that wouldn’t stifle innovation. For example, the China Banking and Insurance Regulatory Commission could require third-party payment platforms to demonstrate their ability to appropriately monitor accounts, similar to traditional financial institutions.

It could even compel them to pay deposit insurance or hold reserves, or mandate deposit interest rates.

So why has the central bank chosen this route?

The PBOC is essentially a sister company to large state banks; it also

lends money to China’s sovereign wealth fund, which owns a large share in those banks. So when these lenders complained loudly about third-party providers taking their deposits, the central bank listened.

By taking control of these funds, and not paying interest, the PBOC now enjoys a big subsidy that it can lend out, or use to purchase bank assets in the repo market and keep interest rates lower.

With deposit growth lagging loan expansion in 2018, major Chinese banks are clearly under pressure.

Neither Ant Financial nor Tencent have the resources of a state-owned company. But they’ve produced better products, focused on consumers and out-hustled the incumbents.

They certainly won’t be able to afford to pay clients 4-percent interest anymore.

Despite claims of market neutrality, the PBOC is taking money from the pockets of Chinese consumers and private enterprises to subsidize SOEs.

Airline or authority

BOEING said earlier that it was preparing to send a technical team to assist the investigation into the Ethiopian Airlines plane, which was delivered new in November to Africa’s biggest carrier.

Boeing also said it is postponing the “external debut” of its 777X model and related media events scheduled for this week because of the accident.

There is no change to the plane’s schedule or progress, Boeing said.

The US Federal Aviation Administration, which originally certified the 737 Max, declined to add to its earlier statement saying it is “closely monitoring developments” in the Ethiopian investigation.

A US-ordered grounding of an entire model of aircraft is extremely rare and in the past has typically not occurred so soon during an investigation when few details are known.

The last time the agency did so was in January 2013 as a result of overheating lithium-ion batteries on Boeing’s 787 model. The agency only acted after the second such incident occurred. Bloomberg News

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, March 12, 2019

B1

AC Energy eyeing financial closing accords for RE projects worth $1B

A

By Lenie Lectura

@llectura

C Energy Inc., the power arm of conglomerate Ayala Corp., is eyeing to sign financial closing agreements for renewable power projects worth $1 billion over the next 12-18 months.

These power projects have a total capacity of about 800 megawatts (MW). These are located in Australia, Vietnam and in the Philippines.

“In Australia, we are hoping to get financial close for the first half of our 700-MW solar project, so call it 350 MW. For Vietnam, I think we

are hoping to do another, probably around 400 to 500 MW of wind. We are also hoping to do in the Philippines over 100 MW of solar. All in all, that’s about 800 MW that we’re hoping to reach financial close in the next 12 to 18 months across these three markets,” said AC Energy President Eric Francia.

Of the estimated $1-billion project cost, Francia said the debt component could reach over $600 million to $700 million. “Not all of that is equity, there’s debt too. Approximately, debt is over $600 million to $700 million and equity is $300 [million] to $400 million. A lot of the equity from the green bond can go there,”

said Francia.

He said $410 million worth of green bonds were raised. AC Energy said its green bond framework sets out well-defined guidelines for the use of proceeds for renewable-energy projects, with comprehensive monitoring and reporting commitments.

“Once we are successful in deploying that, I can argue that it would be the primary use of the green bonds.

Those 800 MW will basically account for majority, if not all the green bond usage. The green bond can also finance some of the past green projects,” he said.

AC Energy has acquired a 50-percent stake in UPC Renewables Aus-

tralia, which is developing the 1,000MW Robbins Island and Jims Plain wind projects in North West Tasmania and the 600-MW New England Solar Farm located near Uralla in New South Wales.

The Australian firm also has a pipeline of 3,000-MW renewableenergy project developments located in New South Wales, Tasmania and Victoria. The overseas investment reached $230 million. Of this, $30 million was allocated for the 50-percent stake, while the remaining $200 million will be used to fund project equity. AC Energy has also formed partnerships abroad to develop wind power projects in Vietnam.

In November last year, it acquired a 25-percent stake in Blue Circle Pte. Ltd., a Singapore-based wind developer. They will jointly develop, construct, own and operate the latter’s pipeline of around 1,500 MW of wind projects across Southeast Asia, primarily Vietnam, Thailand, Indonesia and Cambodia.

They will initially start with 100 MW to 200 MW of wind projects in Vietnam where Blue Circle has 700 MW of wind power projects there.

AC Energy also formed a platform company with AMI Renewables in 2017 to build renewable-energy plants in Vietnam, including the 352-MW Quang Binh wind project.

N.G.C.P. LAYS OUT CRUCIAL Cebu Pacific beefing up hub in Clark TRANSMISSION PROJECTS to cash in on northern market potential

T

HE National Grid Corp. of the Philippines (NGCP) has enumerated a number of transmission projects that are part of its annual Transmission Development Plan (TDP) for 2019-2040.

“Recognizing the crucial need for reliable power to the economic development of the nation, NGCP again presented its annual TDP [2019-2040] to map the company’s short-term and long-term objectives in securing the Philippine transmission landscape,” the grid operator said on Monday.

The TDP is NGCP’s road map, updated annually, for the continuous expansion of the Philippine grid, detailing all ongoing and future undertakings of the company, including all Energy Regulatory Commissionapproved projects, affected areas, significant milestones and expected completion dates.

Among NGCP’s significant projects in the TDP are the Bataan Grid Reinforcement Project and the Western Luzon 500-kiloVolt Backbone Project for Luzon, the Visayas Substation Reliability project and Cebu-Negros-Panay Interconnection Project in the Visayas, and the 230-kV Backbone Project for Mindanao.

NGCP said it is still committed to complete its Mindanao-Visayas Interconnection Project, which will see the realization of one Philippine grid in 2020.

“As the Philippine economy continues to grow, so must we in the power sector continue to develop our infrastructure in order to cater to an

ever-expanding network. As NGCP is in a unique position to balance the supply and demand, the Transmission Development Plan is imperative in supporting the growth of the entire industry,” stated NGCP. As the system operator, NGCP also oversees grid security and reliability, power quality, and power dispatching and scheduling. As such, NGCP designed the TDP to help identify and mitigate causes of power interruptions and transmissionrelated outages.

To keep improving its transmission planning process, NGCP also holds public consultations for its TDP. This year’s consultations were set in January and February for all three regions. NGCP hopes to hear ideas, suggestions, concerns, and ultimately integrate critical comments from its stakeholders in the energy industry, industries, businesses, and the public, in order to effectively carry out its strategies and implementation schemes in the TDP. “Through our TDP, we can ensure that we have the necessary infrastructure to fulfill our vision of a strong, unified electricity transmission network that can meet the country’s increasing power needs until 2040—and beyond,” NGCP said.

NGCP is a Filipino-led, privately owned corporation in charge of operating, maintaining, and developing the country’s state-owned power grid, and is led by majority shareholders Henry Sy Jr. and Robert Coyiuto, Jr. Lenie Lectura

SMC ups the ante in sustainable infra, to roll out roads from recycled plastic

S

AN Miguel Corp. (SMC) is taking a more sustainable track in building infrastructure in the country, starting with roads built out of recycled plastic materials.

Ramon S. Ang, the company’s president, said his group plans to reduce the impact of plastic waste on the environment through this initiative.

The company has partnered with Dow Chemical Co., a multinational science firm, to transform hard-to-recycle plastic materials to asphalt inputs for road construction.

Ang explained that developing roads using plastic materials, which

would have otherwise ended up in landfills or our bodies of water, is an environment-friendly method of disposing scrap plastics.

“We can help our environment and, at the same time, improve the quality of our infrastructure projects. We are eager to begin this initiative,” he added.

The official explained that the company is still testing how the use of recycled materials could be effective in the Philippine setting.

Initially, the company will use these materials to build smaller municipal roads, sidewalks and parking lots.

Continued on B2

By Lorenz S. Marasigan @lorenzmarasigan

C

EBU CITY—Budget carrier Cebu Pacific, the largest airline in the Philippines by volume, is beefing up its hub in Clark with the introduction of three new domestic destinations out of the airport north of Manila.

Michael Ivan S. Shau, the company’s COO, said this year, said during Routes Asia 2019 that the airline will be mounting flights from Clark International Airport to Iloilo, Bacolod and Puerto Princesa, Palawan.

“We are very much interested in a lot of development of Clark,” he said. “We believe that there is a significant untapped market in northern provinces in the Philippines.”

Cebu Pacific’s daily flights from Clark to Iloilo and Bacolod will start on August 9. Its daily flights to Puerto Princesa from Clark will commence on October 9.

“Creating direct links between domestic destinations and our other hubs will spur tourism and movement of goods and investments, while doing away with having to pass through the main hub in Manila,” Shau said.

He explained that Cebu Pacific is expanding its route network in Clark as demand for more direct

flights from the Northern and Central Luzon regions continue to increase. Shau added that Cebu Pacific now has the ability to expand more into Clark, as it is expected to take delivery of 12 new jets this year.

“We are now able to allot the asset into secondary airports,” he said.

Over the past 10 years, Clark has served as the northern hub of Cebu Pacific, despite the airport’s previous marketability constraints due to its distance from Manila.

Today, Clark has become one of Asia’s fastest-growing airports,

after breaching the 2.5-million passenger mark in 2018.

Cebu Pacific, over the last six months, has boosted its operations in Clark by over 75 percent with direct local connections to Cebu, Caticlan, Tagbilaran, Davao and international connections to Singapore, Macau and Hong Kong.

Aside from Clark, the Gokongwei-led carrier is also beefing up its Cebu hub this year, keeping right with its promise to ramp up capacity in the Queen City of the South by as much as 20 percent in 2019 through key markets in North Asia.

For Cebu, the airline is looking

at “launching a new route to mainland China,” he said, but refused to expound.

“The Philippines is the closest tropical destination from North Asia. Cebu and the 166 islands within the province alone boast some of the best tropical getaways in the world. It’s a logical choice to be our ‘beach hub’ with easier access to world-class beaches, dive spots and resorts,” he explained.

Here, Cebu Pacific mounts direct domestic flights to Manila, Bacolod, Caticlan (Boracay), Butuan, Cagayan de Oro, Calbayog, Camiguin, Clark, Davao, Dumaguete, General Santos, Iloilo, Kalibo, Legazpi, Ozamis, Pagadian, Puerto Princesa, Siargao, Surigao, Tacloban and Zamboanga. Its international destination portfolio involves flights to Hong Kong, Macau, Tokyo (Narita), Singapore and Incheon.

A side from Manila, Clark, and Cebu, the carrier also operates flights out of hubs in Kalibo, Iloilo, Davao and Cagayan de Oro. Through its 72-strong fleet, Cebu Pacific flies to 37 domestic and 26 international destinations, operating over 2,130 weekly flights that span across 108 routes in Asia, Australia, the Middle East and the United States of America.

NESTLÉ, GOVT AGENCIES FOR FARMERS As the country’s

leading buyer of Robusta coffee beans, Nestlé Philippines, with the Department of Agriculture (DA) and other government agencies, held a program at a Nestlé coffee buying station in Maramag, Bukidnon, recently to show their solidarity with the country’s coffee farmers during the current coffee-buying season, the culmination of the farming cycle. Nestlé, through the Nescafé Plan, is committed to help grow the local coffee industry and make coffee farming a more profitable and sustainable livelihood. It makes available to farmers high-quality Robusta planting materials, provides technical assistance and training from Nestlé agronomists, buys coffee beans directly from farmers at world market prices, and further helps farmers by partnering with public and private stakeholders, particularly government agencies led by the DA and the Department of Trade and Industry. In photo (from left) Carlota S. Madriaga, regional technical director for operations, DA Region 10; Mr. Leo Zambrano, a coffee farmer from Lantapan, Bukidnon; and Atty. Ernie Mascenon, SVP and head of corporate affairs, Nestlé Philippines.

B2

Companies BusinessMirror

Tuesday, March 12, 2019

PSE STOCK QUOTATIONS

March 11, 2019

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

ASIA UNITED 58.5 58.95 58.2 58.2 58.1 58.15 510 29670.5 -581.5 BDO UNIBANK 131.7 132 133 133 130 131.7 1880650 247312903 9712400 BANK PH ISLANDS 84 85 86.3 86.55 84 84 1733340 146961334.5 -46982884.5 CHINABANK 27.55 27.7 28 28 27.55 27.55 30200 836170 -647455 EAST WEST BANK 12.14 12.16 12.3 12.34 12.14 12.16 494000 6018656 -2818892 METROBANK 76.6 77 78.15 78.15 76.6 76.6 1516100 116361351.5 -61864953 PB BANK 13.84 13.96 13.9 13.9 13.84 13.84 5300 73420 PBCOM 21.55 22.9 21.6 21.6 21.55 21.55 2200 47470 -21550 PHIL NATL BANK 59.85 59.9 59.6 59.9 58.05 59.85 505600 29973623 -5160170.5 PSBANK 58.9 59 58.9 58.9 58.9 58.9 170 10013 PHILTRUST 111.1 122 111.1 111.1 111.1 111.1 10 1111 RCBC 26.5 26.55 26.5 26.6 26.5 26.55 48800 1295280 -1149175 SECURITY BANK 166 167 170.7 170.7 163.8 167 171120 28459017 -4079796 UNION BANK 60.5 61 61 62.5 60.5 61 3480 213440 -185549 BRIGHT KINDLE 1.35 1.42 1.35 1.36 1.35 1.35 77000 104050 BDO LEASING 2.29 2.36 2.38 2.38 2.36 2.36 21000 49580 COL FINANCIAL 18.08 18.2 17.84 18.08 17.8 18.08 106800 1902170 FIRST ABACUS 0.59 0.62 0.6 0.62 0.58 0.62 24000 14380 FERRONOUX HLDG 4.33 4.46 4.39 4.49 4.33 4.46 20000 87140 FILIPINO FUND 7.86 8.95 7.87 7.87 7.87 7.87 400 3148 MEDCO HLDG 0.46 0.47 0.46 0.46 0.46 0.46 140000 64400 NTL REINSURANCE 0.98 1 0.98 0.99 0.98 0.98 226000 221620 PHIL STOCK EXCH 184.6 185 185 185 185 185 60 11100

INDUSTRIAL ALSONS CONS 1.42 1.44 1.47 1.47 1.42 1.42 686000 976160 -10080 ABOITIZ POWER 33.7 33.75 34.2 34.7 33.6 33.7 1674100 56,980,875( 27,985,360.0004) BASIC ENERGY 0.236 0.243 0.243 0.244 0.236 0.243 190000 45780 FIRST GEN 21.45 21.5 22.2 22.45 21.15 21.5 3930400 85100870 -24764285 FIRST PHIL HLDG 73.7 73.85 74.25 74.25 73.7 73.7 83280 6145090 -5473382 MERALCO 370 372 370 372.6 367 370 189280 69849446 -15769972 MANILA WATER 26.55 26.6 27 27 26.5 26.6 417800 11117540 2544365 PETRON 6.74 6.76 6.76 6.83 6.66 6.74 2267200 15270959 -1304759 PETROENERGY 3.72 3.75 3.76 3.76 3.72 3.72 174000 649420 PHINMA ENERGY 1.32 1.33 1.34 1.34 1.32 1.32 5401000 7149550 -407080 PHX PETROLEUM 11.8 11.96 12 12 11.8 11.96 23400 278376 70488 PILIPINAS SHELL 48.8 49 48.9 49.1 48.75 48.85 370700 18138560 -7098185 SPC POWER 6.45 6.49 6.5 6.5 6.49 6.49 4700 30533 AGRINURTURE 15.26 15.28 15.52 15.52 15.22 15.28 627800 9687220 -730104 CNTRL AZUCARERA 15.9 16.6 15.8 15.8 15.8 15.8 6800 107440 CENTURY FOOD 15.62 15.98 15.6 16.06 15.6 15.62 461000 7209346 -1213984 DEL MONTE 6 6.1 6.05 6.1 6 6 73200 441791 -276484 DNL INDUS 11.26 11.3 11.54 11.56 11.26 11.26 1700900 19329078 -17889492 EMPERADOR 7.55 7.56 7.55 7.65 7.52 7.56 22200 168047 -66446 SMC FOODANDBEV 109.1 110 106.4 111.6 106.4 109.1 1994160 218430254 79504197 ALLIANCE SELECT 1.02 1.03 1.01 1.03 1.01 1.02 759000 771000 GINEBRA 26.5 26.6 26.3 26.5 26.3 26.5 31100 822550 89890 JOLLIBEE 311 312 317.6 317.6 308.8 311 453970 141081468 -49986356 MACAY HLDG 11.52 11.58 11.9 11.9 11.5 11.52 16700 193498 MAXS GROUP 12.1 12.18 12.46 12.46 12.1 12.1 72800 888106 -13226 MG HLDG 0.201 0.205 0.2 0.201 0.2 0.201 910000 182070 PEPSI COLA 1.37 1.38 1.36 1.38 1.36 1.38 1549000 2119240 229880 SHAKEYS PIZZA 12.32 12.5 12.6 12.6 12.32 12.32 98200 1236234 1147860 ROXAS AND CO 1.82 1.85 1.83 1.86 1.82 1.86 111000 202120 ROXAS HLDG 2.68 2.76 2.69 2.69 2.68 2.68 22000 59030 UNIV ROBINA 140 140.2 142 143 138 140.2 1282660 179630876 4229304 VITARICH 1.64 1.65 1.62 1.65 1.62 1.65 764000 1251280 -307540 VICTORIAS 2.66 2.7 2.62 2.73 2.62 2.7 39000 103950 CEMEX HLDG 2.54 2.55 2.59 2.59 2.51 2.55 5676000 14453340 -5518810 DAVINCI CAPITAL 6 6.18 6 6 6 6 4600 27600 EAGLE CEMENT 15.6 15.78 15.78 15.9 15.6 15.78 40000 627740 -433930 EEI CORP 8.94 8.97 9.07 9.14 8.9 8.97 646300 5823647 1722623 HOLCIM 9.58 9.61 9.57 9.75 9.53 9.61 752800 7234343 -3084316 MEGAWIDE 19.8 19.86 19.9 19.92 19.8 19.8 8440400 167,126,8521 61322193.9999 PHINMA 8.91 9.3 9 9.34 9 9.3 1500 13805 TKC METALS 1.02 1.06 1.02 1.06 1.01 1.06 309000 318000 VULCAN INDL 1.41 1.42 1.39 1.43 1.39 1.41 5671000 8006650 -684940 CHEMPHIL 110 120 121 121 120 120 2050 246446 CROWN ASIA 1.87 1.91 1.85 1.91 1.85 1.91 42000 78780 34380 EUROMED 1.65 1.77 1.65 1.77 1.65 1.65 13000 21570 LMG CHEMICALS 4.26 4.28 4.35 4.35 4.26 4.26 153000 654570 43000 MABUHAY VINYL 3.52 3.69 3.5 3.72 3.41 3.6 56000 193310 51150 PRYCE CORP 5.87 6 5.85 5.85 5.85 5.85 40000 234000 -234000 GREENERGY 3.04 3.05 3.04 3.06 2.98 3.05 3771000 11429430 3046679.9997 INTEGRATED MICR 13 13.16 13.06 13.4 12.74 13 1877000 24716520 -6609474 IONICS 1.66 1.69 1.72 1.72 1.69 1.69 24000 41030 PANASONIC 6 6.16 6.16 6.16 6.16 6.16 1700 10472 SFA SEMICON 1.33 1.34 1.34 1.34 1.33 1.33 24000 32020 -13400 CIRTEK HLDG 29.3 29.5 29.45 29.5 29 29.5 55500 1635500 -129800

HOLDING & FRIMS

ABACORE CAPITAL 0.77 0.78 0.76 0.77 0.75 0.77 8540000 6509640 ASIABEST GROUP 20.5 20.85 21.25 21.35 20.5 20.55 49700 1037180 AYALA CORP 925.5 926 940 940 926 926 130470 121347060 ABOITIZ EQUITY 56.8 56.9 58.85 59.05 56.9 56.9 1844930 107000356 ALLIANCE GLOBAL 14.98 15 14.6 15.06 14.58 14.98 17669700 263601716 ANSCOR 6.5 6.61 6.5 6.61 6.5 6.61 16900 110256 ANGLO PHIL HLDG 0.75 0.77 0.76 0.76 0.76 0.76 105000 79800 ATN HLDG A 1.41 1.42 1.42 1.43 1.41 1.41 2889000 4088980 ATN HLDG B 1.41 1.42 1.44 1.45 1.41 1.42 863000 1234520 COSCO CAPITAL 7.46 7.55 7.75 7.75 7.33 7.46 1360100 10145475 DMCI HLDG 11.16 11.3 11.66 11.68 11.16 11.16 2781600 31294928 FILINVEST DEV 13.94 14 14.38 14.38 13.84 14 493300 6891950 FORUM PACIFIC 0.234 0.24 0.24 0.24 0.24 0.24 100000 24000 GT CAPITAL 965 973 993 993 960 965 156390 151162335 JG SUMMIT 66 66.25 66.25 67.9 66 66 3917590 262399956.5 LODESTAR 0.55 0.58 0.56 0.59 0.55 0.57 461000 260160 LOPEZ HLDG 5.03 5.08 5.09 5.09 5.03 5.03 305900 1542053 LT GROUP 16.18 16.3 15.84 16.3 15.8 16.3 2051700 33021436 MABUHAY HLDG 0.56 0.58 0.58 0.58 0.58 0.58 20000 11600 METRO PAC INV 4.84 4.85 4.92 4.97 4.85 4.85 11838000 57636810 PACIFICA 0.04 0.041 0.041 0.041 0.04 0.04 10300000 415100 PRIME ORION 3.01 3.03 3.04 3.04 3 3.03 1626000 4918820 SYNERGY GRID 449 455 448 450 448 450 180 80980 SM INVESTMENTS 924 925 950 950 920 925 334190 309568795 SAN MIGUEL CORP 174.1 175.8 172 177.8 172 174.1 1294480 227380532 SOC RESOURCES 0.75 0.79 0.75 0.75 0.75 0.75 61000 45750 TOP FRONTIER 276 277 277 277 277 277 1000 277000 WELLEX INDUS 0.238 0.24 0.241 0.241 0.238 0.24 3270000 780570 ZEUS HLDG 0.365 0.37 0.365 0.38 0.365 0.37 11300000 4211700

PROPERTY ARTHALAND CORP 0.9 0.91 0.88 0.93 0.88 0.9 4074000 3684130 ANCHOR LAND 10.3 10.56 10.56 10.56 10 10.5 19500 202028 AYALA LAND 43.1 43.15 43.6 43.8 42.9 43.15 5778100 250126205 ARANETA PROP 1.88 1.93 1.93 1.93 1.9 1.9 12000 22830 BELLE CORP 2.4 2.43 2.31 2.45 2.31 2.43 3826000 9060640 A BROWN 0.78 0.79 0.79 0.79 0.79 0.79 337000 266230 CITYLAND DEVT 0.91 0.92 0.92 0.92 0.92 0.92 124000 114080 CROWN EQUITIES 0.24 0.243 0.242 0.244 0.24 0.24 2900000 698450 CEBU HLDG 6.6 6.86 6.85 6.86 6.85 6.86 1600 10965 CEB LANDMASTERS 4.22 4.3 4.3 4.36 4.2 4.3 221000 947630 CENTURY PROP 0.5 0.51 0.485 0.51 0.485 0.5 18300000 9122300 CYBER BAY 0.41 0.425 0.405 0.41 0.405 0.41 30000 12200 DOUBLEDRAGON 20.85 20.9 21.4 21.65 20.8 20.85 534000 11201755 DM WENCESLAO 9.96 9.98 9.95 9.98 9.89 9.98 138100 1375529 EMPIRE EAST 0.52 0.54 0.495 0.56 0.49 0.52 13436000 7024455 FILINVEST LAND 1.48 1.5 1.49 1.51 1.47 1.48 15327000 22817720 GLOBAL ESTATE 1.23 1.24 1.22 1.26 1.22 1.24 545000 675690 8990 HLDG 11.86 11.88 11.9 11.92 11.84 11.88 562500 6690042 PHIL INFRADEV 1.94 1.95 1.9 1.97 1.9 1.94 4018000 7811760 CITY AND LAND 0.92 0.93 0.92 0.92 0.92 0.92 243000 223560 MEGAWORLD 5.52 5.54 5.44 5.56 5.36 5.54 52207700 287569155 MRC ALLIED 0.39 0.395 0.4 0.4 0.395 0.395 4520000 1789500 PHIL ESTATES 0.455 0.465 0.455 0.455 0.455 0.455 350000 159250 PRIMEX CORP 2.8 2.88 2.82 2.9 2.8 2.88 165000 466050 ROBINSONS LAND 23.15 23.3 23.5 23.5 22.7 23.15 915100 21138665 PHIL REALTY 0.44 0.47 0.45 0.45 0.44 0.45 450000 200900 ROCKWELL 2.02 2.05 2.05 2.06 2.02 2.03 41000 84000 SHANG PROP 3.14 3.15 3.15 3.15 3.15 3.15 30000 94500 STA LUCIA LAND 1.55 1.56 1.56 1.58 1.51 1.56 4000000 6113020 SM PRIME HLDG 38 38.1 38.3 38.35 37.8 38 5358200 203719390 STARMALLS 7 7.01 7.28 7.29 6.95 7.01 711000 5034222 SUNTRUST HOME 0.76 0.81 0.8 0.81 0.8 0.81 70000 56580 VISTA LAND 7.22 7.23 7.22 7.33 7.13 7.22 11132500 80305449

SERVICES ABS CBN 21.25 21.4 21 21.4 20.4 21.4 62100 1309860 GMA NETWORK 5.71 5.73 5.74 5.74 5.7 5.73 66700 382005 MANILA BULLETIN 0.61 0.62 0.61 0.64 0.6 0.61 1573000 965100 GLOBE TELECOM 1892 1900 1923 1925 1900 1900 27290 52176865 PLDT 1075 1087 1077 1097 1075 1075 160875 174872140 APOLLO GLOBAL 0.046 0.047 0.046 0.048 0.045 0.047 12300000 576700 DFNN INC 7 7.1 7 7 7 7 26100 182700 IMPERIAL 1.93 2.05 1.93 1.93 1.93 1.93 1000 1930 ISLAND INFO 0.128 0.13 0.128 0.132 0.128 0.13 30000 3900 ISM COMM 5.44 5.45 5.6 5.6 5.38 5.44 6928500 37960633 JACKSTONES 3.14 3.29 3.15 3.15 3.14 3.14 16000 50290 NOW CORP 2.88 2.91 3.02 3.04 2.86 2.89 2022000 5914310 TRANSPACIFIC BR 0.435 0.44 0.435 0.445 0.43 0.435 5980000 2612500 PHILWEB 2.8 2.81 2.85 2.85 2.79 2.8 858000 2405330 2GO GROUP 11.88 12 12 12.1 11.88 11.88 18000 216328 ASIAN TERMINALS 15.78 16.3 15.78 15.78 15.78 15.78 25000 394500 CEBU AIR 82.35 83 84.8 85 80.55 82.35 349520 29420399 CHELSEA 5.6 5.61 5.63 5.63 5.59 5.6 813800 4560854 INTL CONTAINER 113.4 114 113.6 114.1 113 114 2402590 273827666 LBC EXPRESS 15.3 15.5 15.86 15.86 15.5 15.5 4700 73666 LORENZO SHIPPNG 0.9 0.91 0.9 0.9 0.9 0.9 15000 13500 MACROASIA 19.5 19.54 19.7 19.76 19.38 19.5 296500 5775254 METROALLIANCE B 1.72 2.15 1.96 1.96 1.95 1.95 56000 109350 PAL HLDG 10.22 10.4 10.3 10.44 10.2 10.2 23600 244564 HARBOR STAR 2.93 2.95 2.99 3.03 2.91 2.94 1186000 3509460 BOULEVARD HLDG 0.072 0.073 0.071 0.073 0.071 0.073 45070000 3253610 WATERFRONT 0.66 0.67 0.66 0.67 0.65 0.67 1262000 832760 FAR EASTERN U 890.5 903 890.5 890.5 890.5 890.5 60 53430 IPEOPLE 10.7 10.98 10.7 10.7 10.7 10.7 16200 173340 STI HLDG 0.7 0.71 0.71 0.71 0.69 0.7 388000 272380 BERJAYA 2.86 2.89 2.95 2.96 2.86 2.89 216000 629940 BLOOMBERRY 11.82 11.86 12.04 12.04 11.72 11.82 8190600 96766588 LEISURE AND RES 3.3 3.31 3.3 3.3 3.26 3.3 157000 516050 PH RESORTS GRP 4.97 5.09 5.1 5.1 4.96 4.97 222900 1109113 PREMIUM LEISURE 0.9 0.91 0.91 0.92 0.9 0.91 1770000 1601940 TRAVELLERS 5.62 5.63 5.61 5.62 5.58 5.62 1143200 6424042 METRO RETAIL 2.97 2.98 3 3.03 2.98 2.98 2002000 6011290 PUREGOLD 48.25 48.35 48.85 48.9 47.3 48.25 837500 40396410 ROBINSONS RTL 84.5 85.5 86 86 84.5 85.5 123490 10541687 PHIL SEVEN CORP 132 134.9 130 138.6 129.3 135 2620 347995 SSI GROUP 2.36 2.37 2.37 2.37 2.34 2.36 2336000 5490960 WILCON DEPOT 15.28 15.38 15.4 15.56 15.24 15.28 6972000 107078404 APC GROUP 0.42 0.43 0.42 0.42 0.42 0.42 130000 54600 EASYCALL 14.72 14.74 15.08 15.26 14.72 14.74 396000 5879150 GOLDEN BRIA 375.4 381.8 383 384 375.2 381.8 1690 642864 IPM HLDG 7.07 7.08 7.1 7.12 7.08 7.08 14500 102840 PAXYS 3.09 3.41 3.41 3.41 3.41 3.41 1000 3410 PRMIERE HORIZON 1.27 1.28 1.31 1.33 1.27 1.28 14627000 18821060 SBS PHIL CORP 8.34 8.35 8.5 8.5 8.34 8.34 13100 109350

MINING & OIL ATOK 13.14 13.58 13.7 13.7 13.68 13.68 900 12316 APEX MINING 1.47 1.48 1.49 1.5 1.47 1.47 1968000 2924470 ABRA MINING 0.002 0.0022 0.0021 0.0021 0.002 0.0021 232000000 486800 ATLAS MINING 2.91 2.92 2.91 2.96 2.91 2.91 107000 311970 BENGUET A 1.23 1.29 1.29 1.29 1.24 1.24 10000 12450 BENGUET B 1.1 1.3 1.17 1.17 1.1 1.1 866000 958140 COAL ASIA HLDG 0.295 0.31 0.3 0.3 0.295 0.3 100000 29750 CENTURY PEAK 2.23 2.24 2.22 2.23 2.22 2.23 503000 1118660 DIZON MINES 7.8 8.11 8.11 8.11 7.76 8.1 400 3207 FERRONICKEL 1.48 1.49 1.48 1.49 1.48 1.49 2236000 3327380 GEOGRACE 0.25 0.255 0.265 0.275 0.25 0.255 5470000 1376600 LEPANTO A 0.125 0.126 0.125 0.125 0.125 0.125 110000 13750 LEPANTO B 0.125 0.131 0.131 0.131 0.131 0.131 10000 1310 MANILA MINING A 0.0082 0.0089 0.0083 0.0083 0.0083 0.0083 9000000 74700 MANILA MINING B 0.0084 0.0085 0.0085 0.0085 0.0085 0.0085 1000000 8500 MARCVENTURES 1.12 1.13 1.1 1.13 1.09 1.13 516000 577240 NIHAO 1.02 1.07 1.04 1.09 1.03 1.07 304000 313560 NICKEL ASIA 2.68 2.69 2.73 2.73 2.65 2.68 3317000 8896590 OMICO CORP 0.6 0.62 0.6 0.62 0.6 0.62 124000 74660 ORNTL PENINSULA 0.93 0.94 0.93 0.93 0.92 0.93 427000 393890 PX MINING 4.01 4.04 4.05 4.1 4.01 4.01 909000 3684950 SEMIRARA MINING 20 20.15 20.35 20.4 20 20 620900 12449185 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.013 2600000 31300 PHINMA PETRO 3.17 3.29 3.19 3.29 3.16 3.29 61000 193580 PXP ENERGY 14.38 14.46 14.8 14.8 14.38 14.38 1096100 15945758

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

95 481.6 98 98.25 970 450.2 480 895 0.98 100 972.5 75.1 76.5 73.1 74.9 71.8 72.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20.2 5.56 1.82

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.9 XURPAS 1.38

115.5

958980 26357150 -1300 -2397305 -5920 -8700 -831000 1188 -3947060 -5630 -17210946 -1419892 -78150 -6180 265700 -446740 -49520 -32130 -2326722 -41710 -5699009 128879.9999 7242655 -1607353.5 170791 2378270 28646594 -17712 3410 -432610 -116510 -151360 -941760 103600 -13000 561880 -135810.0001 220865 343072

95 483 100 98.25 980 450.2 480.4 899 0.99 100 975 75.05 76.85 73.35 75 73 72.5

95 490 100 98.4 980 450.2 482 900 0.99 100 975 75.05 76.85 73.4 75 73 72.5

95 481.6 100 98.25 980 450.2 480 899 0.99 100 972.5 75.05 76.65 73.1 75 71.8 72.5

95 490 100 98.25 980 450.2 480 900 0.99 100 972.5 75.05 76.65 73.35 75 72 72.5

10210 1500 720 20010 20 700 4000 3060 1000 130 520 1000 1100 20560 1980 20810 3850

969950 728348 72000 1966374 19600 315140 1921600 2753290 990 13000 506225 75050 84335 1508351 148500 1505790.5 279125

-

20.5 5.8

20.5 5.82

20.5 5.82

20.2 5.82

20.2 5.82

42800 200

871470 1164

-302900 -

1.87

1.85

1.88

1.81

1.88

90000

164210

-

4.95 1.39

5.03 1.44

5.03 1.44

4.84 1.37

4.95 1.39

494900 5972000

2423850 8299410

118320

EXHANGE TRADE FUNDS FIRST METRO ETF

-55253940 -175460 15800 38640 -360790 -215100 -2274140 -1978 -4354085 -4319280 -2331210 -1830 100661183 23700 -14050 -568745 10149.9998 -108276100 -9600 -16495634

96.9 490 100 98.4 980 476.8 495.8 900 0.99 101 989.5 75.45 76.65 73.45 75 72 73

WARRANTS LR WARRANT

-164160 72125 -66381980 -37301702.5 112488098 85800 848620 141944 -8080612 650010 -9931885 -11031976.5 -42480 97366 15597878 -44297270 558780 -228543470 32874928 -45750 -33240 -750250

115.7

116.2

116.2

115

115.5

5890

679117

-

Editor: Efleda P. Campos

FLI’s 2018 net income hits ₧6.08B on strong take-up of developments

P

By VG Cabuag

@villygc

ROPERTY developer Filinvest Land Inc. on Monday said its net income last year grew 4 percent to P6.08 billion from the previous year’s P5.83 billion as revenues rose due to the strong take-up of its developments.

The Gotianun-led company said revenues rose to P22.21 billion from the previous year’s P18.16 billion, as rental revenue grew 27 percent year-on-year to P5.61 billion.

FLI’s recur r ing income, or those revenues coming from shopping malls and office rentals, contributed 46 percent of the company’s net income in 2018, it said.

“Our outlook on the property sector remains positive, with our 37 percent year-on-year growth in reservation sales in 2018. We continue to focus on the more stable end-user market in the residential sector,” FLI President and CEO Josephine Gotianun-Yap said.

“We allocate significant resources toward growing our re-

Holcim touts new blended cement, sees relevance to construction boom

L

EADING building solutions provider Holcim Philippines Inc. has launched a new special blended cement product formulated to perform better and have a lower impact on the environment than Ordinary Portland Cement (OPC).

R am Maganti, Senior Vice President for Marketing and Innovation of Holcim Philippines, said the new product called Solido has clear advantages over OPC that makes it a better choice in building infrastructure in the country. It is thus seen to better support the construction boom in the country.

In ter ms of per for mance, Solido-made concrete is more durable as it is less prone to water and chemical seepage that causes deterioration from within, according to Holcim. This is due to Solido’s mineral additives that make concrete less permeable and lower heat that causes thermal cracks in the structure, Maganti said.

Solido also exceeds the construction industry’s compressive strength standards for the 28day mark and continues to grow stronger beyond that compared with OPC. It is also is easier to

mix and place, allowing work to be done faster, he added.

Part of the offering to Solido users are technical trainings and tests, and field support to provide packaging format options that are suitable to their projects.

Beyond product performance, Solido is more environmentfriendly than OPC due to its lower clinker content, the intermediate product responsible for a significant amount of carbondioxide emissions during cement production.

“These are the seven-star advantages of Solido that makes it the best in class in blended cement. This new product is further proof of Holcim Philippines’s determination to be a partner for progress of the country anchored on our strengths in innovation and sustainability. As the construction boom in the country continues, Solido will help our customers in building high-quality and sustainable structures,” he said.

Holcim Philippines formally launched Solido to key customers in Davao on March 1, with road shows scheduled nationwide for other important business partners in the first half.

SMC ups the ante in sustainable infra, to roll out roads from recycled plastic Continued from B1

Ang said if the technology proves effective and meets all safety and quality requirements, the company may roll it out for larger infrastructure projects.

“While we are proud to be the first-mover in this area, we are very hopeful that we won’t be the last or the only ones. The research is there and available to everyone, and we’ll be glad to share our own processes and experience. At the end of the day, this kind of innovation will benefit the same environment we all share,” he said.

Among the benefits of using recycled plastic materials for road surfacing are: improved stability and durability of roads; increased skid resistance, which improves

road safety; longer lifespan of roads; lower asphalt costs, and less waste destined for landfills.

Dow has worked on projects that use plastic materials for modifying the properties of bitumen—used in the making of asphalt—and which have been tested in India, Indonesia and Thailand.

“This initiative is part of our push toward greater sustainability.

Two years ago, we announced our major water sustainability project: to cut SMC water use by 50 percent by 2025. Recently, we reported that we beat our 2020 intermediate deadline of 20-percent reduction, by two years. Last year, we announced another initiative, and that is to address solid waste pollution. This project is part of that goal,” Ang said. Lorenz S. Marasigan

curring rental-income business, which is on track to meet our target of contributing 50 percent of FLI’s net income. Our strategic CBD [central business district] land bank in Metro Manila, Cebu and Clark provide the platform for FLI’s strategic goal of doubling its leasable area by 2023,” she said.

As of end-2018, FLI operated 31 office and retail developments totaling 712,000 square meters of gross leasable area.

Yap said the company has a pipeline of 21 recurring income developments with half a million square meters of additional GLA currently under construction.

“FLI believes it is on track to attain its 1.6-million-square-meter GLA target by 2023,” it said.

The company’s office developments can be found mainly in Northgate Cyberzone-Filinvest

MUTUAL FUNDS

City in Muntinlupa, other Metro Manila locations, Cebu City and Filinvest Mimosa Leisure City in Clarkfield in Pampanga.

FLI owns 20 percent of the 244-hectare Filinvest City in Alabang, Muntinupa, with its parent firm Filinvest Development Corp.

(FDC) owning the remaining 80 percent.

It also owns Filinvest Gaia New Clark City (288 hectares), a mixed-use township with a major industrial and logistic zone and Filinvest Mimosa+ Leisure City (201 hectares), a leisure township development with residential, office and mall projects in partnership with FDC. FLI handles the industrial, residential, office and mall projects while FDC handles the leisure and hospitality projects through its hotel arm.

March 11, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 260.79 -8.51% 1.75% 1.89% 3.39% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6029 0.01% 11.57% 4.37% 11.25% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.076 -9.54% 2.57% 0.66% 4.43% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9299 -5.51% N.A. N.A. 4.42% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8533 N.A. N.A. N.A. 3.97% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4455 -6.28% 1.55% 1.41% 3.31% MBG EQUITY INVESTMENT FUND, INC. -A 125.33 6.9% N.A. N.A. 7.62% ONE WEALTHY NATION FUND, INC. -A 0.8638 -9.55% -4.02% N.A. 3.77% PAMI EQUITY INDEX FUND, INC. -A 51.2697 -6.95% 2.59% N.A. 4.2% PHILAM STRATEGIC GROWTH FUND, INC. -A 537.82 -6.45% 1.6% 1.4% 4.48% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.2963 -5.33% 3.43% 4.52% 3.37% PHILEQUITY FUND, INC. -A 38.2274 -5.48% 4.09% 3.93% 4.35% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0189 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.184 -6.66% 3.53% 3.82% 4.54% PHILIPPINE STOCK INDEX FUND CORP. -A 865.21 -6.56% 3.24% 3.72% 4.43% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9076 -4.36% 1.8% N.A. 5.39% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2619 -5.05% 3.59% 2.75% 5% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9953 -6.96% 3.22% N.A. 4.3% UNITED FUND, INC. -A 3.6404 -3.83% 5.06% 3.71% 3.98% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 115.7197 -6.28% 4.36% 4.8% 4.49% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9947 -11% 7.13% 0.92% 7.06% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2381 -4.25% N.A. N.A. 12.04% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7053 -5.75% -0.16% -1.1% 3.28% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2938 -5% 1.7% 1.01% 3.83% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6178 -4.03% -0.73% -1.15% 2.91% GREPALIFE BALANCED FUND CORPORATION -A 1.341 -6.22% N.A. N.A. 2.81% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.8992 -3.12% 1.56% 1.51% 3.04% PAMI HORIZON FUND, INC. -A 3.6214 -5.59% 0.1% 0.47% 2.61% PHILAM FUND, INC. -A 16.3823 -4.54% 0.33% 0.6% 2.98% SOLIDARITAS FUND, INC. -A 2.125 -3.72% 1.84% 2.44% 2.54% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8067 -3.45% 1.72% 1.71% 4.25% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9841 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9789 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9773 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9645 -3.74% 1.33% N.A. 4.64% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03569 1.36% 0.16% 1.54% 1.25% PAMI ASIA BALANCED FUND, INC. -A $0.9803 -8% 4.22% -0.48% 4.71% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.5988 -2.9% 6.24% 2.01% 8.78% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.067 -4.74% N.A. N.A. 5.64% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 346 2.58% 2.03% 2.01% 0.76% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8662 -0.32% -0.4% -0.41% 0.38% COCOLIFE FIXED INCOME FUND, INC. -A 2.9968 5.35% 5.25% 5.25% 0.88% EKKLESIA MUTUAL FUND INC. -A 2.152 2.27% 1.54% 1.71% 1.01% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2369 1.13% 0.27% 0.83% 1.25% GREPALIFE FIXED INCOME FUND CORP. -A P 1.5967 -0.63% -0.41% 0.31% 2.06% PHILAM BOND FUND, INC. -A 3.9542 -0.93% -0.84% 0.3% 0.88% PHILEQUITY PESO BOND FUND, INC. -A 3.5869 2.8% 1.27% 0.99% 1.98% SOLDIVO BOND FUND, INC. -A 0.9111 0.08% -0.69% N.A. 2.07% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8464 2.38% 1.51% 1.44% 2.91% SUN LIFE PROSPERITY GS FUND, INC. -A 1.5809 2.09% 1.11% 1.05% 2.66% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $452 2.26% 2% 2.93% 0.83% ALFM EURO BOND FUND, INC. -A Є215.04 1.18% 1.37% 1.56% 1.12% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1553 3.37% 1.46% 2.12% 2.62% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.025 0.81% 0.68% N.A. 0.81% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7005 -1.51% -1.15% 0.84% 0.61% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC -A $1.0528 0.55% -0.91% -2.38% 1.46% PHILAM DOLLAR BOND FUND, INC. -A $2.2215 2.18% 0.41% 2.68% 2.32% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0576407 1.47% 1% 1.71% 1.16% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9367 -0.17% -0.07% 1.93% 2.25% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122 3.42% 2.1% 1.73% 0.96% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0041 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.1891 2.39% 0.91% 0.65% 0.61% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2279 3% 2.39% 1.75% 0.73% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0206 2.02% N.A. N.A. 0.46%

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

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

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

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Tuesday, March 12, 2019

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DOF backs Pacquiao proposal to increase alcohol excise tax

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By Rea Cu @ReaCuBM

HE Department of Finance (DOF) is supporting the measure of Sen. Emmanuel D. Pacquiao in line with raising excise tax on alcoholic beverages, which is seen to provide additional revenues for the government of around P237 billion over a five-year period and minimize binge drinking.

According to the DOF, Senate Bill (SB) 2197 will raise around P32.3 billion in the first year of its implementation in 2019, P40 billion in 2020, P47.4 billion in 2021, P54.6 billion in 2022 and P62.4 billion in 2023, for a total of P236.6 billion.

Finance Undersecretary Karl Kendrick T. Chua said computations done by the DOF’s Strategy, Economics and Results Group (SERG) show that the inflationary impact of increasing the excise tax on alcohol products under the measure would only be 0.1 percentage points.

“If inflation is, let’s say, 3.2 percent this year as the Bangko Sentral ng Pilipinas [BSP] projects, then the additional inflation will be 0.1, so

3.3 percent,” Chua said.

He also explained that like the proposed hike in cigarette taxes, increasing the excise tax levied on alcohol products will also help close the P40-billion funding gap in the universal health care (UHC) program.

Under SB 2197, an ad valorem tax equivalent to 25 percent of the net retail price per proof liter and a specific tax of P40 per proof liter will be imposed on distilled spirits starting this year. The specific tax will increase by P5 per proof liter every year thereafter until 2022. Starting 2023, the specific tax will be increased by 10 percent every year.

The bill also proposes a tax on

sparkling wines and champagne of P335 for those costing P500 or less per 750-millimeter bottle and P937 for those costing more than P500.

Still wines and carbonated wines containing 14 percent alcohol or less will be taxed P40 per bottle, while those with more than 14 percent but not more than 25 percent alcohol by volume will be taxed P80. The tax rates for wines will increase by 10 percent every year thereafter effective in 2020.

For fermented liquors, the tax shall be P40 per liter, regardless of where they are sold or manufactured in 2019, and will increase by P5 per liter until 2022. The tax rates will then be increased by 10 percent ev-

Treasury fully awards all tenors in T-bills auction T HE Bureau of the Treasury (BTr) has fully awarded all tenors in its latest auction for Treasury bills (T-bills) totaling P20 billion on the back of low rates for the government security.

National Treasurer Rosalia V. de Leon told financial reporters that the auction committee decided to award all T-bills on Monday seeing that rates coming from investors were on the lower end of the curve, which was seen to be fueled by the earlier announcement of Bangko

Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno that there is room for monetary easing.

“Rates went down by almost four basis points because of what they heard from the [BSP] governor,” de Leon said. “Given the [path] also of inflation, the 3.8 percent [for February] and expectations that it would continue to trend downward, [we] would be looking at a range of about 3.1 percent for inflation.”

The 90-day tenor was award-

Managing needs and wants

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NE of the biggest personal finance challenges is dealing with needs and wants.

Both are part of life. The difference though can be quite blurry in many cases. The difference can vary across individuals and across families. A need for one person can just be a want for another person.

In this regard, it is worthwhile to consider the general description of both needs and wants. Developing a framework within the context of money management can hopefully help address these items in an effective and efficient manner.

What is a need? In its purest form, a need is anything that supports basic human survival. Food, clothing and shelter are the popular and common basic needs. These are things that can be considered as “musts” or “essentials.” Many needs usually exhibit a recurring pattern over a considerable time period. In the modern context, needs can go beyond the common basic needs. Expanded needs can include utilities, transportation, health and insurance expenditures.

Needs usually take a big chunk of personal income.

What is a want? It is anything that is nice to have and not that critical in terms of supporting basic human survival. Wants are often associated with more pleasant living. Life can be less enjoyable but will still go on even without wants.

Needs can eventually become wants. Upgraded food, clothing or shelter are examples. Other examples of wants can include upgraded lifestyle assets and expenditures.

Can people live without wants? No. That is impossible. Thus, a framework is needed to balance needs and wants.

As a first step, a written listing of all cash outflows must be done. It would be beneficial if the listing of items will be as detailed as possible.

Once this is done, similar items can be grouped under common categories. Category examples can take the form of operational categories like food, shelter, clothing, grocery, telecommunication and transportation. Category examples can also take the form of financial categories like taxes, insurance payments, financial investment payments and even loan payments.

Once the items are grouped into the common categories, the next exercise would be to classify the items into either being a need or being a want. The right split between

Genesis Kelly S. Lontoc

ed the full P6 billion on offer w it h bid s a mou nt i ng to P6.745 billion.

The average annual rate for the security settled at 5.716 percent, lower by 1.70 basis points from the 5.733 percent set during the previous auction.

The 182-day tenor was also fully awarded P6 billion as bids for the security reached P11.945 billion.

The average annual rate settled at 5.936 percent, which also posted a drop of 3.90 basis points

from the 5.975 percent recorded in the last auction.

Bids for the 364-day tenor amounted to P13.081 billion, prompting the auction committee to award the full P8 billion on offer.

Its average annual rate of 6.018 percent posted a dip of 3.40 basis points from the last auction’s 6.052 percent.

The T-bills auction was able to attract P31.8 billion in tenders coming from an offering of P20 billion.

In his first news conference last week, Diokno said he sees a downward path for inflation.

Inflation eased to 3.8 percent in February from 4.4 percent in the first month of the year.

The Monetary Board is expected to meet on March 21—Diokno’s first—and may discuss its policy stance on this development.

Meanwhile, de Leon said the Philippines is looking to issue panda bonds in April as part of its funding exercise for the year. Rea Cu

Citigroup joins UBS in setting up Singapore currency trading hub

PERSONAL FINANCE needs and wants can be anchored on the financial goal and personal values of a person. With this, the platform to manage the items will be the personal budget. A personal budget is a tool that should be aligned with the key priorities of the individual. Priorities are given the corresponding allocation. The 50-30-20 budget model can be a good starting guide.

Everything starts with personal income. We cannot spend what we do not have. If we live beyond our means or spend more than what we earn, we might end up experiencing the debt trap. The first thing that can be done is to allocate 20 percent of personal income to savings and investments. These are very important since a universal goal is to eventually achieve financial freedom. Preparations in the present time are vital to support a better financial future. We must save and invest before we spend on our needs and wants.

In budgeting, needs must be prioritized over wants. Hence, 50 percent of personal income can be allocated to needs. The costs of needs can be managed through more prudent consumption and conservation. Surveying for stores with the best mix of quality and price can go a long way in lowering costs. Meanwhile, the remaining 30 percent of personal income can then be allocated to wants. There might be certain wants that can even be removed completely especially if they are deemed to really be impractical or exorbitant.

Needs and wants are realities in life. Cognizance of the main financial goal and personal values of a person can help make the distinction between needs and wants easier. Managing needs and wants through proper budgeting leads to a sustainable way of life that is key in achieving a bright financial future.

Gemmy Lontoc is a Registered Financial Planner of RFP Philippines.

To learn more about personal financial planning, attend the 75th RFP program in April 2019.

To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

THE Marina Bay Sands Hotel is seen at this photo of a bicyclist in a park in Singapore. Citigroup Inc. plans to partner with UBS AG for an electronic currency trading and pricing platform in the Lion City. BLOOMBERG NEWS

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ITIGROUP Inc. is planning to join UBS AG with an electronic currency trading and pricing platform in Singapore, setting up systems to boost liquidity in Asia’s biggest foreign-exchange hub.

Singapore will become the fourth FX trading engine location for Citi, which also has systems set up in Tokyo, New York and London, the bank said in a statement on Monday.

“The expansion of our FX trading engine will also lead to a vast improvement in latency for our clients in Singapore and across much of Asia Pacific, who prior to this would con-

nect via Tokyo or one of our trading engines outside of the region,” Stuart Staley, Asia Pacific head of markets and securities services, said in the statement.

The facility, which is slated to go live in the fourth quarter, will support 23 spot currencies, including all those in the Group-of-Ten. The planned expansion is expected to inject more liquidity into Singapore’s currency market, which recorded $517 billion in daily average trading volume in 2016—higher than Hong Kong and Japan, according to a triennial central bank survey by the

Bank for International Settlements.

Citi’s system is also expected to support 13 deliverable emergingmarket currencies. The engine will be built in-house and includes a proprietary pricing and hedging algorithm, through which clients can deal. In addition to currencies, the platform will allow trading of gold and silver.

Citi is the fifth-largest currency-trading firm by market share last year, after the likes of JPMorgan and UBS, according to a Euromoney Institutional Investor Plc. survey. Bloomberg News

Hong Kong tightens liquidity with $192-M peg defense

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ONG KONG faces the likelihood of rising borrowing costs after the city’s de facto central bank intervened to defend its currency peg for the first time since August.

The Hong Kong Monetary Authority (HKMA) bought HK$1.51 billion ($192 million) of local dollars during London and New York trading hours after the currency fell to the weak end of its trading band, it said in a statement on Saturday. The move will reduce the aggregate balance, a measure of interbank liquidity, to a decade low of HK$74.8 billion.

While the size of the buying was small relative to some of the HKMA’s interventions last year, continued weakness in the currency may prompt the central bank to drain more liquidity. That would intensify pressure on home values in the world’s most expensive property market, and weigh on the city’s economy. Just 11 months ago the aggregate balance stood at about HK$180 billion.

“The Hong Kong dollar will remain under pressure in the near term, so the local authorities will intervene further to defend the peg,” Irene Cheung,

a senior strategist at Australia & New Zealand Banking Group, said. “Interbank borrowing costs will rise gradually due to the liquidity drainage, but they won’t spike as the scale of intervention will be smaller compared with last year.”

The Hong Kong dollar was little changed at HK$7.8497 per greenback as of 1:37 p.m. local time. The three-month interbank borrowing costs on the currency, known as Hibor, climbed the most since December, while the one-month tenor rose to the highest since January 10 on Monday. Bloomberg News

ery year thereafter under the Pacquiao’s bill.

During the Senate hearing on the measure last month, Health Undersecretary Rolando Enrique D. Domingo also said that higher alcohol excise taxes would help curb binge drinking, which often leads to vehicular accidents and the commission of crimes.

Citing Department of Health (DOH) data, Pacquiao said “there were 2,690 transport and vehicular crash-related injuries that were alcohol-related” in 2015.

The DOF’s proposal to increase excise taxes on alcohol products falls under its Package 2 Plus of the Comprehensive Tax Reform Program.

Pimentel files anti-price gouging law against remittance agencies

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BILL has been filed in the Senate requiring full disclosure of finance charges and other fees imposed by remittance agencies.

Senate Bill (SB) 2162, introduced

by Sen. Aquilino Pimentel III, seeks to protect the remittances or money transfers of overseas Filipino workers (OFWs).

At the same time, the measure compels remittance agencies to adhere strictly to the terms and conditions of their money transfer.

“Over the years, there have been complaints that remittance agents or money-transfer companies utilize unfair and deceptive trade practices, such as using rates notably lower than the foreign-currency exchange rates of Philippine banks, in effect concealing the real rate to most recipients,” Pimentel said.

“Hence, there is a need to mandate full disclosure and impose anti-price gouging rules to prevent these acts,” the senator said in filing SB 2162, the proposed “Remittance Act.” Pimentel’s bill also imposes strict limitations in the rates that remittance agents and companies may use in money transfer transactions.

One of the provisions of the bill compels all remittance agents and companies to be duly registered and meet all the requirements issued by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Department of Trade and Industry (DTI), and the Bureau of Internal Revenue (BIR).

The bill, if enacted into law, would also require them to adhere to the reference exchange rate bulletin of the BSP and be prohibited from substituting the Philippine peso for the specified original currency without the express or written consent of the recipient.

In addition to standard paperwork, remittance agents and companies shall be required to include a waiver form for each transaction, which shall contain the following information in clear and concise words: n the specific exchange rate provided for that currency; n any and all additional fees being deducted from the original remittance; n a signed acknowledgement that the recipient consents to the exchange from the original currency to Philippine peso, thereby forfeiting a percentage equivalent to the flat rate fee for the remittance service; n notice to senders and recipients that senders are generally not permitted to require that the money transfer be made in the original currency, except in specific countries where senders are given the option of specifying the money to be received in original currency form without any additional exchange fees being charged to the sender; and, n the list of countries, as determined by the BSP, which give the option to require that money transferred to be paid out to the recipient in the original currency sent.

B4 Tuesday, March 12, 2019

CAMELLA JOINS PANAGBENGA FLOAT PARADE 2019

C M.O.A. HAPPINESS RUN In celebration of the United Nations International Day of Happiness on March 20, the SM Mall of Asia (MOA), in partnership with SMDC and Runrio Events Inc., is organizing the very first and happiest run in the country. The MOA Happiness Run on March 17 at the SM Mall of Asia Concert will bring big smiles to participants with Grounds Happiness Stations, fun obstacles, and a Happiness Concert. In photo are (third from left) SM Mall of Asia Assistant Vice President for Marketing Krisel Raymundo, SM Mall of Asia Mall manager Amy Gonzales, Runrio Events Inc. managing partner Andrew Neri, SM MOA brand marketing officer Anna Africa and SMDC media senior manager Chits Jimenez, with Jollibee mascot and his friends Yum, Twirlie, Hetty and Popo.

160-KM FREEDOM TRAIL KICKS OFF ANNUAL TRIBUTE FOR BATAAN DEATH MARCH HEROES

AMELLA, the country’s housing developer with the widest geographic reach, joins Panagbenga’s Grand Float Parade this year showcasing “blooming sacred spaces in the urban jungle”, a colorful depiction of a Camella community.

The design of the float is a beautiful Camella home with a landscaped garden & a gazebo, conceptualized and designed by a local artist in Baguio.

Joining the parade is Esang, the official mascot of Camella’s most affordable house series, Lessandra— Camella’s way of helping more Filipinos achieve their dream homes.

“Camella is one with the Baguio community in celebrating this festive occasion. It is very apt that, finally, we are joining this year’s flower festival. Our name Camella was derived from the flower “camellia”, which means perfection, excellence and refinement -same qualities that we bring to our homes,” said Mr. Ed Aguilar, Camella Division Head for Northern Luzon.

Vista Land, one of the country’s leading integrated property developers, through its brand Camella, is inspired by the mission to help Filipinos fulfill their dreams of having a home they can call their own and they can be proud of, a home that is a representation of their hard work and success by providing affordable, quality homes and beautiful amenities that families can enjoy.

With presence in 46 provinces and 148 cities and municipalities across the country, Camella aims to provide a roof in every Filipino’s head, catering primarily to OFW families and mid-market segment of the country.

H.A.P. HIRES NEW EXECUTIVE DIRECTOR

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ORMER US Navy SEALs, together with hundreds of our country’s armed forces, police and civilian volunteers, paid tribute to our World War II heroes in a 160-kilometer Freedom Trail from KM Zero in Mariveles, Bataan, to Capas, Tarlac.

Freedom Trail is an annual event organized by the Philippine Veterans Bank, in partnership with the Philippine Veterans Affairs Office, and the provincial government of Bataan. The event honors the sacrifice and bravery of Filipino and American World War II heroes and survivors.

Participants trail the 160-kilometer route that spans three provinces for 42 hours.

Veterans Bank’s Freedom Trail traces the actual route of the Bataan Death March from KM Zero Mariveles in Bataan, to San Fernando Pampanga, up to Capas in Tarlac. The Freedom Trail kicks off the 77th-year commemoration of the Bataan Death March.

“Freedom Trail is our way of remembering our World War II veterans’ bravery and heroism during the war, particularly the Battle for Bataan. They were abandoned and yet against all odds held on and defended the country for 3 months, unlike our Southeast Asian neighbors. That’s why their captors let them go through what is now known as the “Bataan Death March.” Let the Freedom Trail be a tribute to

these brave heroes.” said Mike Villa-Real, head of Veterans Bank’s Marketing Communications Division.

The Death March, considered as one of the darkest days in Philippine History, is the forcible transfer of 60,000 to 80,000 Filipino and American prisoners of war (POW) from Saysain Point, Bagac, Bataan and Mariveles to Camp O’Donnell, Capas, Tarlac.

The prisoners were loaded onto box cars in San Fernando, Pampanga. The transfer began on April 9, 1942, and left thousands dead and seriously wounded after enduring torture under the hands of the Japanese Imperial Army.

The Death March route stretches from Mariveles in Bataan to Capas, Tarlac via San Fernando, Pampanga. The total distance covered was from 96 to 112 kilometers.

This year’s commemoration activities also includes “Ride for Valor”, a competitive bike tour to be held on March 10 from Kilometer Zero in Bataan to Capas, Tarlac; and the Bataan Freedom Run that will be held on April 14. Bike and running enthusiasts are invited to register for the events.

Proceeds from the activities will be used for the restoration and maintenance of historical markers along the route of the Bataan Death March.

To register and find out more, visit the Facebook pages of the Bataan Freedom Run and the Veterans Bank Freedom Trail.

SAVE THE CHILDREN PHILIPPINES HELPS MOTHERS LEARN TO TEACH CHILDREN SEXUALITY, REPRODUCTIVE HEALTH

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AVE the Children Philippines is helping mothers learn to communicate with adolescent children on lessons of sexuality and reproductive health to address the rising cases of teenage pregnancy that cause ill-health and deaths to mothers and babies.

Lawyer Albert Muyot, Chief Executive Officer of Save the Children Philippines said empowering mothers with right information and communication skills ensure children reach their optimum growth and full potential.

“Early pregnancy disrupts childhood, perpetuates poverty while putting the lives of young mothers and babies at risk due to poor health and complications,” Muyot said.

Save the Children Philippines joins the International Women’s Day celebration on March 8 with the theme “We Make Change Work for Women,” highlighting empowerment of women as active contributors of development.

Dr. Miel Nora, technical advisor on adolescent sexuality and reproductive health of Save the Children Philippines said a baseline study shows that very young adolescent, aged 10 to 14, preferred to get information on sexuality and reproductive health from their mothers. But most mothers are not equipped with the right information and communication skills in teaching the subject.

Using the study, the group implemented the Healthy, Empowered and Responsible Teens, or the “HEART to Heart” program, in Luzon and Mindanao to help mothers and caregivers improve their communication skills to

teach sexuality and reproductive health.

The six-month program was given to beneficiaries of conditional cash transfer with participation of 120 mothers and caregivers in Navotas and Malabon in Luzon; and rural communities of Alabel and Maitum in Saranggani.

He said the project improved parents’ knowledge of sexuality and reproductive health by at least 31 percent.

Dr. Nora said the program builds open communication between a parent and a child, which is essential to prevent teenagers from getting pregnant.

“Empowering mothers on right communication skills on sexuality and reproductive health empower girls from risks of early pregnancy,” he said.

The Philippines has one of the highest rate of teenage pregnancy in Asia, with one in every 10 girls, aged 15 to 19, getting pregnant every year, according to the National Demographic and Health Survey in 2013.

At least 22 percent maternal deaths are common among mothers aged 15 to 24, according to latest data from the Department of Health. It added that 20 percent of those who deliver, aged 15 to 17, will get pregnant again, the year after.

He said babies of teenage mothers face risk of neonatal deaths three times higher compared to babies of 25- to 29-year-old mothers.

The program will be adopted by local governments and partner schools in Luzon and Mindanao.

N N A n g a l a a s s u me s t he role of executive director for Hemophilia Advocates Philippines, a non-governmental organization that helps people with bleeding disorders.

Hemophilia and bleeding disorders are a group of medical conditions where the blood clotting capacity is compromised due to the lack of protein called factors and if untreated, may prove fatal.

A nga la is no stranger to humanitarian organizations. She

was former communications head of a charity that fights human trafficking and is a staunch advocate against domestic violence.

She is an a lumna of the Un iversit y of t he Ph i l ippi nes, Diliman; has a cer tif ication in Special Education and a former student of Ateneo’s Center for Family Ministries.

She is former artist manager for acts like the Eraserheads, Bamboo, The Dawn, Asin, Barbie’s Cradle and Jireh Lim.

LET’S SAY HELLO TO SUMMER AT QUEST PLUS

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HE tropical heatwave is coming and the best way to cool down without wasting a day of sun is to have a staycation at Quest Plus Clark. Tag along with all your family and friends as you elevate your summer excursions and tick things off your bucketlist starting on March 1.

Play some car jams as you hit the road north of the metro, where the Summer Treat package awaits. For just P4,950 net live a sweet life by having an overnight stay with buffet breakfast, swimming pool and fitness center use, and a pizza or gelato from us to you.

Satisfy the adrenaline junkie in you by availing the Summer Splash deal for P7,500 net. Get some thrilling fun and excitement with an Aqua Planet day pass for two. After trying out over 38 slides and attractions, take a break

and rejuvenate with an overnight stay in our deluxe rooms.

But the most memorable summer adventure is the one with a pool party for 12. The Grand Summer Daze promo is here and ready to pamper you like royalty. Lounge away in a private villa with your personal butler and gettogether over some live Barbeque grilled to perfection by your private chef. Enjoy cotton candy skies and fiery sunsets as you plunge in any of the three infinity pools overlooking the picturesque Mimosa Golf Course.

To top it all off, Cebu Pacific would be giving away airline tickets to lucky people who would avail of these Hello Summer packages! Cebu Pacific, Philippines’ leading carrier, has been boosting the Philippine travel industry with its low-cost, great

value fares that have enabled Filipinos make first moments happen in their dream destination. Cebu Pacific flies to 36 domestic and 26 international destinations, with over 107 routes spanning Asia, Australia, the Middle East and USA. Book your seats via www.cebupacificair.com or through Cebu Pacific mobile app, downloadable via the App store or Google Play.

If you can’t get enough of the summer experience, our hotel swimming pool is also now available for daily, monthly, and yearly membership. Make lifelong memories filled with laughs and Instaworthy snaps.

At Quest Plus Clark, you can rely on us for the dream vacation you deserve.

For reservations, please call (045) 5998000 or send a message through the official Facebook page.

CELEBRATE THE SUPERWOMAN IN YOU AT SHERATON MANILA

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ALLING all ladies, Sheraton Manila is celebrating you this March!

The newly opened hotel joins the movement for a balanced world with no gender bias as they throw special treats exclusively for women.

From March 8 to 15, women dining at their S Kitchen restaurant get a movie pass to the much anticipated Captain Marvel film that fittingly stars a woman superhero.First20femaleguestsattheir lunch buffet are eligible for that movie pass at Resorts World Manila’s Newport Cinema until the Captain Marvel is up and showing. For only P1,950, get to satisfy those appetites from the widespread buffet and pleasures from

the exciting movie treat.

Beginning on March 8, special cocktails are available at The Lounge inspired by different personalities.

Premium cognac Hennessy and vodka Belvedere are used for these mixes starting at P325 to P475.

Sheraton Manila is all about celebrating womanhood, from having a Filipina general manager to this specialofferthatraisesawarenessonthe essence of being a female. This is the best time for an all-girl reunion, date or night out. As for the men, time to show your appreciation to all your moms, sisters, wivesorgirlfriendsbydrivingthemover to Sheraton. For more information, visit www.sheratonmanila.com.

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ONDON—In an alleged moment of malice, a pitch invader punches a player. In an apparent attempt to join goal celebrations, a fan pushes an opposition player.

Concerns about security at English soccer games grew on Sunday after incidents at Birmingham City and Arsenal resulted in two supporters arrested for leaping out of their seats and attacking players.

The first incident happened in the opening minutes of the match known as the “Second City Derby” in Birmingham. A fan charged onto the field and caught Aston Villa captain Jack Grealish unaware, swinging a right arm and striking the side of his head.

“I was walking into position and then just felt a whack around the side of the face,” Grealish said.

“Obviously there’s rivalry and stuff in football but I don’t think there’s any place for that.”

The pitch intruder—later identified as Paul Mitchell—was quickly restrained by a stadium security official as Villa players rushed to confront him early in the second-tier League Championship game. The 27-year-old Mitchell was led away by police, blowing kisses to the crowd. He was later charged with assaulting Grealish and invading the pitch, and detained in custody before a court appearance on Monday.

“We apologize to Jack and all at Aston Villa Football Club,” Birmingham said in a statement.

“What happened has no place in football or society.”

Hours later in the rain of north London, after Pierre-Emerick Aubameyang scored Arsenal’s

second goal from the penalty spot in a 2-0 Premier League victory over Manchester United, a supporter darted onto the field. As he raced toward the celebrating Arsenal players, he pushed United defender Chris Smalling.

“It’s obviously a concern with the one earlier today,” United’s Ashley Young told beIN Sports.

The Metropolitan Police said a man was in custody on Sunday night after being arrested on “suspicion of common assault and pitch invasion.”

Arsenal said the man would be banned from its games—home and away.

“We utterly condemn the behavior of the individual who ran onto the pitch and approached Chris Smalling,” Arsenal said in a statement. “We would like to apologize to Chris and Manchester United, and are pleased that the individual was apprehended and arrested. We will be working closely with the Metropolitan Police in their investigation.”

In Birmingham, Grealish responded to the violence by scoring a second-half goal that secured a 1-0 victory for Villa. But he was booked for jumping into the stands to celebrate with visiting Villa fans.

“I just tried to get on with my job,” Grealish said.

“To score the winner was unbelievable, after what happened in the first half I think it was set up for it.”

The competition organizer said it “condemns the mindless actions” of the man who attacked Grealish.

“It’s a situation no player should ever be faced with,” the English Football League said in a statement.

“In all circumstances the playing surface is for players, not supporters. Those playing in the game must be able to do so safe in the knowledge they will not be subjected to this type of behavior.

“We will work with all the relevant parties to address the issue of player and match officials safety on the pitch and ensure the appropriate action is taken.”

Birmingham said it would assist the authorities in their investigations and review stadium safety procedures. Precautionary measures were already taken in an attempt to reduce the risk of violence.

“We kick off on Sunday at [noon] for a reason, to keep the people out of the pubs,” Villa Manager Dean Smith said. “Security’s got to be ready for people coming on to the pitch but then some lunatic goes on trying to make a name for himself.”

The attack followed a number of recent high-profile incidents of crowd trouble north of the border in Scottish football.

In a Scottish Premiership game on Friday night, Rangers captain James Tavernier found himself face to face with a Hibernian fan who had jumped out of the home support stand. The previous weekend a glass bottle was thrown from the same section of the stadium as Celtic winger Scott Sinclair prepared to take a corner kick during a game at Hibernian. AP

English soccer field invasions see players punched, pushed

A FAN is removed after attacking Aston Villa’s Jack Grealish (right) on the pitch during the Sky Bet Championship match at Saint Andrew’s Trillion Trophy Stadium in Birmingham, England, on Sunday. AP THE US women’s national team—including Tobin Heath, Mallory Pugh (11), Megan Rapinoe and Alex Morgan (13)—catches Serena Williams’s attention with its lawsuit seeking equitable pay. AP

| Tuesday, March 12, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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HILE Serena Williams admittedly doesn’t follow soccer, the US women’s national team caught her attention with its lawsuit seeking equitable pay.

The players accuse the US Soccer Federation (USSF) of “institutionalized gender discrimination” that includes unequal pay with their counterparts on the men’s national team.

At the BNP Paribas Open in Indian Wells, California, Williams praised the players who came before her to fight for equal prize money in tennis.

“I think at some point, in every sport, you have to have those pioneers, and maybe it’s the time for soccer,” she said. “I’m playing because someone else stood up, and so what they are doing right now is hopefully for the future of women’s soccer.”

The 28 members of the current women’s player pool filed the lawsuit on Friday in US District Court in Los Angeles under the Equal Pay Act and Title VII of the Civil Rights Act. The USSF has not commented on the suit.

“We believe it is our duty to be the role models that we’ve set out to be and fight to what we know we legally deserve,” forward Christen Press told The Associated Press. “And hopefully in that way it inspires women everywhere.”

The lawsuit, which is the culmination of longsimmering concerns by the players, highlights the struggle for female athletes globally to achieve fair compensation for their efforts, even if that doesn’t mean identical paychecks to their male counterparts.

“Fair” can include simple things like access to practice fields and changing rooms.

In tennis, Grand Slam events and many other tournaments give equal prize money to men and women, in part due to the work of pioneers like Billie Jean King, who was calling for equitable prize money in the 1970s. She once famously proclaimed: “Everyone thinks women should be thrilled when we get crumbs, and I want women to have the cake, the icing and the cherry on top, too.”

Two years ago, just before the US women’s soccer team struck a new collective bargaining agreement that gave players pay raises and better benefits, the women’s national hockey team won a better contract after taking the drastic step of threatening to sit out of the world championships. The players’ effort went viral with the social-media hashtag #BeBoldForChange.

Meghan Duggan was one of the players who led the fight.

“I have the utmost respect for the US women’s soccer team and what they have always stood for,” she said. “They have continued to lead the way in advancing women’s sports and this is just another example of their boldness and leadership.”

The men’s and women’s soccer teams have separate collective bargaining agreements, and their pay is

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The Associated Press

By Anne M. Peterson

structured differently. That means there is no simple dollar-to-dollar salary comparison. Terms of the CBAs have not been made public.

Compensation for the women includes a guaranteed salary and salaries paid by the USSF for their time with clubs in the National Women’s Soccer League. The men get paid based on appearances, roster selection for friendlies and tournaments, and collective performance. The USSF has cited the contracts, as well as the revenue generated by the teams, as the reason for the differences.

While the US Women’s National Team Players Association is not a party to the lawsuit, it issued a statement supporting the players’ goal of “eliminating gender-based discrimination by USSF.” A group of five star players filed a complaint in 2016 with the federal Equal Employment Opportunity Commission that alleged wage discrimination by the federation. The new lawsuit effectively ends that EEOC complaint, brought by Alex Morgan, Megan Rapinoe, Becky Sauerbrunn, Carli Lloyd and former goalkeeper Hope Solo. The players received a right-to-sue letter from the EEOC last month.

At the time of the original complaint, US Rep. Rosa DeLauro of Connecticut led a bipartisan group of lawmakers in a letter to the EEOC in support of the players.

On Sunday, she applauded the team’s ongoing efforts for pay equity.

“These women are at the pinnacle of their sport.

They are world champions. Yet, when they receive their paychecks, they are being paid less than their male counterparts. That is unacceptable,” she said in a statement to the AP. “Women and men in the same job deserve the same pay. Period. That is why I will keep pushing Congress to pass the Paycheck Fairness Act, which should be on the House Floor soon.”

Following the EEOC action, the women took the fight for equality into contract negotiations and struck a new CBA covering 2017-2021.

WNBA players have exercised their right to terminate their CBA after the 2019 season, cutting the deal short by two years. The move allows the sides to negotiate a new deal that would go into effect for the 2020 season during an Olympic year.

“Without commenting on the specifics of the lawsuit, the WNBPA stands for equity and fairness, and stands against discrimination of any kind. We are proud to stand with the USWNTPA and other unions in support of players on these issues,” said Terri Jackson, WNBA Players Association director of operations.

Solo no longer plays for the national team. Her contract was terminated when she was suspended for comments made at the 2016 Rio de Janeiro Olympics.

However, she continues to champion gender equity issues.

Last September, she filed her own federal lawsuit in the Northern District of California, accusing US Soccer of violating the Equal Pay Act. That lawsuit is winding its way through the courts.

“I’d always hoped my former teammates would follow suit and join me in the battle in federal court against the United States Soccer Federation,” Solo told the AP. “It was clear that US Soccer was never going to acquiesce or negotiate to provide us equal pay or agree to treat us fairly. The filing by the entire United Sates women’s national team demonstrated that they no longer fear the federation by forcefully and publicly acknowledging US Soccer’s violations of the Equal Pay Act and Title VII.”

THE GROOVE

Sports SERENA’S IN BusinessMirror

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SUNS SNAP 18-GAME SKID TO WARRIORS O

AKLAND, California—Golden State’s topsy-turvy, three-peat quest took another ugly turn.

Devin Booker scored 13 straight Phoenix points during a decisive fourth-quarter stretch and finished with 37, and the Suns snapped the National Basketball Association’s longest active losing streak to one opponent at 18 games by beating the Warriors, 115-111, on Sunday night.

The Suns defeated Golden State for the first time since a 107-95 victory on November 9, 2014, and earned their first road win in 20 tries against the Western Conference this season. The Warriors followed a great win against Denver two nights earlier with a dud.

“Let’s not forget last year was way worse than this, way worse than this, with injuries and things like that. We have pretty much everybody healthy,” Stephen Curry said. “We talked about the things we need to get better at going into the playoffs and just

NBA RESULTS Detroit 131, Chicago 108 Philadelphia 106, Indiana 89 Toronto 125, Miami 104 Atlanta 128, New Orleans 116 Memphis 105, Orlando 97 Houston 94, Dallas 93 Minnesota 103, New York 92 San Antonio 121, Milwaukee 114 Phoenix 115, Golden State 111

haven’t done it. It’s an uncomfortable feeling, which I think we like right now.

“We’re getting challenged, we’re getting teams’ best shots.”

Klay Thompson’s two free throws with 1:04 to go made it 111-108. Andre Iguodala secured a rebound after two missed Suns shots, but Curry missed on a three with 23 seconds left. Booker then converted two free throws.

Booker’s jumper with 5:01 to play put the Suns ahead, then he made it 102-98 on a three-pointer at 4:45. Booker hit a fadeaway at the 4:04 mark then scored on a driving one-handed dunk after Phoenix pushed in transition after Curry’s turnover.

Kevin Durant had 25 points before leaving with a bruised right ankle midway through the fourth on a night his teammates struggled from near and far. The cold-shooting Warriors couldn’t overcome Booker’s late onslaught in losing to lowly Phoenix.

“Probably the worst loss of the season, unfortunately,” Thompson said.

Booker was 13 for 23, made all nine of his free throws and also dished out 11 assists for the Suns in a back-to-back and their fourth win in five games.

Splash Brothers Curry and Thompson were a combined 16 of 42—8 of 30 on threes after a 4-for-22 start—and the Warriors went 10 of 43 from beyond the arc.

“One game, you miss shots,” Curry said. “We took ones we thought we could make. If they go down, this could be a totally different conversation. So don’t overreact to that.”

Curry started 0 for 5 and missed his initial four three-point tries before connecting from deep 4:35 before halftime and finished with 18 points on sixof-20 shooting.

Thompson made his first four shots and appeared poised for another shooting gem to follow up his 39-point, nine three-pointer performance in Friday’s 122-105 win against Denver. He still scored 28 points, going 10 of 22.

Kelly Oubre Jr. added 22 points with four threes for the Suns, who won at Oracle Arena for the first time since 2011 in what was their final visit there.

Phoenix Coach Igor Kokoskov knew limiting turnovers would be a key to the Suns staying in the game. They committed just eight but had a three-game winning streak snapped on Saturday at Portland. Booker had six on Sunday and Oubre five of the Suns’ 14.

The Suns played only 21 hours, 30 minutes later with the Daylight Saving Time change.

“It shows a lot about us. After All-Star break, most people could fold and it’s happened in the past years here,” Booker said.

“We came in after All-Star break as a team, and it was like we’re going to finish this thing off the right way. We’ve improved in so many different ways.”

The Warriors jumped to a 12-3 lead, getting a pair of quick threes and a baseline drive and dunk from Thompson before a Phoenix timeout at the 7:56 mark. But Golden State’s lead was just 57-56 at halftime. AP

Lucena draws big Jr. NBA participants

THE Suns’ Devin Booker shoots against the Warriors’ Klay Thompson. AP

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LOSE to a thousand young players participated in the first Regional Selection Camp of Jr. the NBA Philippines 2019 presented by Alaska at the Manuel Enverga University Foundation in Lucena City over the weekend.

Staged for the second time in Lucena, the league’s global youth participation program will send four boys and four girls to the National Training Camp at Don Bosco Technical Institute Makati on May 17 and 19.

They will be members of the 40-boy and 40-girl pool that will fill the roster through the four remaining Regional Selection Camps and a select group from the Alaska Power Camp.

The athletes demonstrated a proficiency in fundamental skills and embodied the core values of the game through the two-day camp and are set to compete among talented athletes nationwide for the Jr. NBA All-Star selection.

Jr. NBA Philippines All-Stars—composed of as many as five boys and five girls—

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S’WOODS LADIES UNWRAPS

OMING off a punishing stint at The Country Club (TCC), the ladies of the Philippine Golf Tour (PGT) take on a less-demanding but equally challenging Legends layout as they slug it out in the International Container Terminal Services Inc. (ICTSI) Manila Southwoods Ladies Championship beginning on Tuesday in Carmona, Cavite.

While the heat and the wind will remain a factor, the water hazards and other risks present in the TCC Ladies Invitational are not too much of a concern for the 54-player field this week, although they will have to deal with the bunkers that littered on the 6437yard Jack Nicklaus designed course.

But all have expressed confidence and strong chances for the coveted crown in the P1.5-million tournament serving as the sixth leg of the 2018-2019 Ladies PGT following their campaign in the TCC Ladies ruled by world No. 1 will advance to the first Jr. NBA Global Championship Asia Pacific Qualifiers, a weeklong selection camp in June that includes top youth players from Australia, Indonesia, Malaysia, Philippines, Thailand and Vietnam.

In addition, the Asia Pacific regional competition will provide the 2019 batch of Jr. NBA All-Stars with the opportunity to represent the region in the Jr. NBA World Championships that will be held from August 6 to 11 at ESPN Wide World of Sports Complex at Walt Disney World near Orlando, Florida.

The international event will feature talented youth from the United States, Canada, Latin America, Europe, the Middle East, China, Mexico, Africa, India and the Asia-Pacific.

Boys and girls ages 10-14 years old can join the upcoming Regional Selection Camps in Baguio (March 23 and 24), Dumaguete (March 30 and 31), Butuan (April 13 and 14) and Metro Manila (April 27 and 28) by registering at www. jrnba.asia/philippines.

Time has come for Vettel to give Ferrari F1 success

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ARIS—After collapsing under pressure in the past two seasons, this may be Sebastian Vettel’s last chance to show he can deliver a long-awaited Formula One (F1) title for Ferrari.

Otherwise the Italian team may throw its backing behind the young and ambitious Charles Leclerc, touted as F1’s next big star along with Red Bull’s Max Verstappen.

The season-opening race is next Sunday at the Australian Grand Prix in Melbourne.

Vettel challenged strongly during the first half of 2018, when Ferrari surpassed Mercedes for speed. But just like in 2017, Ferrari made uncommon errors for such a proud team, and Lewis Hamilton ruthlessly punished them as he sped to a fifth world title, his fourth with Mercedes.

Calamitous mistakes saw Vettel crashing in the rain during the German Grand Prix to gift Hamilton victory and then botching qualifying

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in Hungary when the skies opened again.

Ferrari’s list of errors was long, including when a mechanic’s leg was broken in Bahrain following a pit stop and when the team forgot to attach Kimi Raikkonen’s drinks bottle during the heat-scorched Hungarian GP. They ultimately cost team principal Maurizio Arrivabene his job and he was replaced by Mattia Binotto, who was previously Ferrari’s chief technical officer.

The 39-year-old Raikkonen, who won Ferrari’s last drivers’ title in 2007, has gone back to Sauber, where he started his F1 career in 2001.

It means Vettel is out of his comfort zone, for his relationship with Raikkonen was perhaps too

Sung Hyun Park of Korea.

“I have a great experience last week, and now I’m confident with my game,” said Yupaporn Kawinpakorn, spearhead of a crack Thailand side out to reassert its might in the circuit put up by ICTSI. The Thais won five of the 11 titles disputed last year with Kawinpakorn winning at Beverly Place and Summit Point. The veteran campaigner also topped the Pradera Verde stop of the new season last December though she struggled with new irons and limped at joint 32nd in the TCC Ladies.

“I’m still trying to make some adjustments with my irons, and I got my new coach. But I think I have strong chances [of winning] with the course in great shape, and I can play relaxed compared to last week where there were lots of consideration like wind and water,” added Kawinpakorn, who drew local ace Pauline del Rosario and Korean rising star Hwang Min Jeong in the featured flight at 7:20 a.m. on No. 1.

Superal, who had the rare chance of playing alongside Park in the championship flight before ending up fourth, hopes to put in harness the lessons she learned from the world’s best, particularly in handling oneself in pressure-packed situations.

“I saw how she handled her game when under pressure. She kept her composure and rhythm, which I will try to emulate. But I know I still have lots to learn, especially with regards to discipline although I like my chances this week,” said the reigning LPGT Order of Merit champion, who will mix it up with Japanese Ayaka Morimitsu and Thai Chonlada Chayanun ahead of Kawinpakorn’s group.

Datu Cup playoffs unfurl in Bataan

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HE Maharlika Pilipinas Basketball League Datu Cup playoffs kick off on Tuesday at the Bataan People’s Center with the top-seeded host squad Risers taking ton the Caloocan Supremos and Manila facing Bulacan in separate best-of-three series.

Bataan faces Caloocan in the main game at 9 p.m. right after the match between Manila and Bulacan at 7 p.m.

The Risers own the tournament’s best record in the elimination round of 23-2 won-lost, a major leap from last season when the team ended up eighth place and barely made the playoffs.

Basketball legend Jojo Lastimosa’s first stint as head coach in big-time basketball is turning out to be a big hit. He retooled the lineup previously anchored on Gary David and now has become a team that has become more unpredictable.

From Bataan’s depth chart, Lastimosa could rely on old reliables Pamboy Raymundo, Byron Villarias and Ryan Batino, ex-pro Rob Celiz, prized acquisition guard Yvan Ludovice, Richard Escoto and the vastly improving Gab Dagangon.

The Risers, on the other hand, will be facing a team that has also gone a long way—the Supremos, last season’s doormat finishers. comfortable.

Raikkonen’s public indifference to even his own success saw him apparently shrug off his podium finishes with trademark nonchalance, and an impressive victory at the US Grand Prix nspired little more than a grunt of satisfaction. AP

THIS may be Sebastian Vettel’s last chance to show he can deliver a long-awaited Formula One title for Ferrari. AP

AYA topped the U15 and U17 divisions and G8 ruled the U9 category in the Speed Regalo Youth Football League that kicked off its third season with a mini-tournament festival on Sunday at the Alabang Country Club.

Kaya was unscathed in the U17 division that also featured G8, Loyola and Aspire. Patrick Barnes was named the Most Valuable Player (MVP). G8, on the other hand, emerged from Group A as the best U9 team following victories over Kaya Yellow, Ceres South, Atletico Diliman and Aspire A. Leon Smeets was named MVP, according to tournament director Joseph Gensaya.

Malaya made a strong impression and dominated the U11 division. The team drew with G8 and beat Apuesto Bueno, Kaya Yellow and Forza. Kenneth Dela Cruz was named MVP. In the U13 bracket, Kaya Black swept Ceres North, G8 and Loyola to emerge champion with Sven Dunder running away with the MVP trophy.

Kaya Black also topped the U15 division, which included Loyola, Giuseppe and GOM Yellow, and MSA Agila Enzo Courvet won MVP. GOM Blue outlasted G8, Forza and Kaya to rule the U17 division.

Ziggy Ae was the MVP for the age group.

Kaya, G8 bag youth football titles

MEMBERS of GOM Blue strike a championship pose.

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JUNE MAR SHINES

SAN Miguel Beer big man June Mar Fajardo in action against NLEX’s JP Erram.

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UNE MAR FAJARDO marked his Philippine Basketball Association (PBA) return with a monster performance to further enchance San Miguel Beer’s top 2 bid in the Philippine Cup. The 6-foot-10 Fajardo was in top Most Valuable Player form after averaging 33.5 points, 16 rebounds and 2.5 assists. He also shot an astounding 85.7 percent from the floor to lead San Miguel Beer to victories over NLEX and NorthPort last week.

His dominant effort earned him his first Cignal-PBA Press Corps Player of the Week this conference. The five-time Most Valuable Player beat Columbian rookie CJ Perez and young gunner Rashawn McCarthy, Meralco’s Baser Amer, TNT’s Roger Pogoy and Ginebra’s LA Tenorio and Aljon Mariano for the weekly citation for the period of March 6 to 10.

The 29-year-old Fajardo looked sharp, his movement quicker since his recent stint with the national team in the sixth and final window of the 2019 Fiba World Cup Asian qualifiers.

He had 27 points, 13 rebounds and two assists, mocking the defense thrown at him by making 10 his 13 shots to lead San Miguel Beer past NLEX, 121-111, last Friday.

Fajardo increased his output two days later, firing 40 points, hauling down 19 boards and issuing three assists as San Miguel nosed out NorthPort, 113-107. He finished the game with a near perfect 14of-15 shooting from the field.

It was his best game since registering 42 points and 20 rebounds in Game Five of their title-clinching win in last season’s Philippine Cup Finals over Magnolia.

The Beermen have won their last four games overall to move to solo third spot in the standings with their 6-3 record. Phoenix paces the tournament with its 8-2 record, with Rain or Shine at second spot (7-3).

San Miguel tries to inch closer to a top 2 finish with a win against Phoenix when both squads collide this Saturday at the Panabo Multi-Purpose Tourism Sports and Cultural Center in Davao del Norte.

ILAGAN SPARKLES IN D-LEAGUE

VALENCIA City Bukidnon-San Sebastian College seized the solo leadership in the D-League Foundation Group with an 82-73 win over SMDCNational University (NU) on Monday at the Paco Arena in Manila.

RK Ilagan caught fire and erupted for 14 of his 30 points in the fourth quarter to help the Golden Harvest stay unbeaten in three games. He also had four assists, three rebounds and three steals.

“What more can we ask from him [Ilagan]. He’s exhausted but his effort remained consistent,” Golden Harvest Coach Egay Macaraya said.

Ilagan was 6-of-11 from beyond the arc. His buzzer-beating triple to end the third quarter was the confidence-booster he needed as he drilled three more long bombs in the final frame.

But he saved his biggest bucket in the final minute, hitting a runner off the bank to douse SMDC-NU’s rally and made it an 82-69 with 59.1 seconds remaining.

Allyn Bulanadi added 14 points, nine rebounds, five steals and four assists for the Golden Harvest.

Valencia-SSCR shot 15-of-38 from threes as a unit.

Dave Ildefonso led SMDCNU with 21 points, six assists and four rebounds as the Bulldogs remained in the hunt for their first win through three outings.

SOTTO HINTS OF EURO STINT S FRONTROW International, a Filipino-owned company established in 2008, is the official health, beauty and wellness partner of the Philippine Basketball Association (PBA). In photo are (from left) Frontrow Enterprise Philippines Inc. President Raymond Francisco, PBA Commissioner Willie Marcial, Frontrow Chief Executive Officer Samuel Verzosa Jr. and PBA Marketing Arm Excite Chairman Angelo Serrano.

Player of the Week honors goes to UST rookie Laure

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YA LAURE stepped up when needed the most especially after University of Santo Tomas (UST) lost one of its main arsenals.

The rookie displayed her scoring prowess, grit and heart to help the Tigresses string their first back-to-back victories in the University Athletic Association of the Philippines (UAAP) Season 81 women’s volleyball tournament.

Laure averaged 17.5 points per game and delivered the intangibles in the España-based squad’s conquest of three-time defending champion De La Salle University and National University to claim the Collegiate Press Corps UAAP Player of the Week honors.

Coming off a stinging defeat that saw UST lose Fil-Am sophomore hitter Milena Alessandrini to a harrowing left-knee injury, UST came back to action this week using that as rallying point with Laure leading the charge.

The wing spiker dropped 15 points with 13 coming off attacks and 17 digs on Wednesday in

the Tigresses’ masterful dismantling of the Lady Spikers, 25-20, 25-22, 25-17, in UST’s first win over DLSU since Season 78.

“Ako as a rookie po siyempre, parang La Salle is, nasa taas sila. Itong liga na ito, sila ’yung defending champions. So isang malaking bagay na din, hindi lang sa akin pero sa buong team, ’yung ma-boost ang confidence namin na, na kaya din namin,” said Laure.

Three days later, she followed it up with another stellar performance in UST’s 26-24, 25-17, 23-25, 25-17 victory over the Lady Bulldogs, whose core is composed of Laure’s high-school rivals.

Laure posted 20 points with all but one coming off attacks.

However, the freshman was quick to downplay the angle of payback against NU. “Ano naman, hindi ko naman iniisip nang ganun. Iba naman talaga pag-college, iba ‘yung pinag-uusapan so ‘yung high school, nandoon na iyon, leave it there,” she said.

EVEN-FOOT-TWO sensation Kai Sotto hinted of a possible overseas stint saying Europeans teams continue to woo him.

The top-ranked junior player of Ateneo and the National Basketball Training Center said that he will decide this summer if he will hone in Europe.

“The chance is high because there are no classes this summer. I will use it to train abroad,” Sotto said on Monday.

The 17-year-old big man, son of former pro Ervin Sotto, is currently the most recognizable young talent in the national basketball program.

He has represented the country in several international competitions, including the Fiba Under-17 World Cup in Argentina last year where he averaged a double-double.

European teams Real Madrid, Barcelona, Baskonia and Alba Berlin have reportedly tried to lure Sotto.

“I know it would be helpful for me,” Sotto answered when asked if he considers taking his talent overseas. “But I will really think of it before making a decision.”

Sotto, the foundation of the Ateneo juniors team which placed second behind champion National University in the University Athletic Association of the Philippines, said that one of the main factors for his decision is his future.

“Development as a player,” he said. “It’s possible that I will just train and not pick a club. I really wanted to improve myself because my goal is to play in the NBA [National Basketball Association].”

Sotto will play in the SM NBTC National Finals set from March 18 to 24 at the Mall of Asia Arena.

Ramon Rafael Bonilla

Spanish spiker debuts for Tornadoes

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OTON parades two key additions when it battles reigning champion Petron in the Philippine Superliga Grand Prix on Tuesday at the Filoil Flying V Centre in San Juan.

The Tornadoes tapped a new import, Milagros Collar of Spain, and the returning Dindin Manabat in their 4:15 p.m. battle with the Blaze Spikers.

Generika-Ayala, meanwhile, tries to resume its winning ways when it clashes with PLDT at 2 p.m. and Cignal and Sta. Lucia collide in the 7 p.m. nightcap.

After opening the season with a rousing

four-set win over United VC, the Tornadoes struggled and lost their next six matches to finish the first round at the bottom of the heap.

The Tornadoes decided to tap Collar to replace an ineffective Selime Ilyasoglu of Turkey while bringing back Santiago, who spent several months competing as an import for Toray Arrows in the V. Premier League in Japan.

Collar is coming in with sterling credentials. A 15-year veteran of the Spanish national team, Collar saw action in various club leagues in Spain, Italy, France and Romania. Her previous stint was for

Hyundai E&C Hilstate in the Korean League, where she erupted for 36 points.

“Milagros is an opposite spiker who can really help us in the offensive end,” said Foton team manager Diane Santiago, sister of Dindin Manabat and Jaja Santiago. “We already processed her ITC [international transfer certificate] as early as last week and she will be ready to play against Petron on Tuesday.”

Also tipped to help the Tornadoes is Manabat. The 6-foot-2 middle blocker is in top shape and had already rejoined their training since arriving on Friday.

KAI SOTTO says he will decide this summer.

SPORTS WITHOUT BORDERS VINCENT JUICO @VJuico Instagram vpjp_j vince.juico@gmail.com

PSC-POC-NSAs alignment meeting ON Friday, March 8, the Philippine Sports Commission (PSC) and the Philippine Olympic Committee (POC) met with about 60 national sports associations (NSAs) in an alignment meeting at the Philippine International Convention Center (PICC) Summit Hall D. The purpose of the meeting was to update the NSAs on the preparations for the 2019 Southeast Asian Games (SEAG) in December to be held in Manila and several other cities. Other matters were also discussed like the renovation of the Rizal Memorial Sports Complex (RMSC), Philsports Complex and the training center in Baguio City.

According to the PSC, the estimated completion of the training center in Baguio City will be ready by October.

At the RMSC, partial availability of the dormitories will be at the end of April.

The PSC also announced that all members of the national training pool will be required to undergo nutrition assessment and biometric fingerprinting.

According to the Philippine News Agency (PNA) web site, PSC Chairman William Ramirez said ”There are some concerns that we have to talk about, such as the SEA Games Task Force.”

Ramirez continues, ”We are far from perfect as an organization, but as a chief, I assure you that we are putting every effort to improve and deliver services better, compelled not only by our hope to be better partners but inspired by our passion for sports.”

I was present as a representative of the Philippine Athletics Track and Field Association and its president.

Personally, having observed the meeting, the PSC is faced with a slew of challenges, same with the NSAs. The NSAs must find ways to generate their own funds to supplement the resources they’re receiving from the PSC. I know it’s easier said than done so I urge the private sector to adopt an NSA and use them as a vehicle for Corporate Social Responsibility (CSR) projects.

After the treatment our athletes received especially our athletics team from our Malaysian hosts two years ago. I sincerely and fervently hope that the PSC, POC, NSAs and our athletes are motivated to surpass their performance in Kuala Lumpur in 2017. Alignment meetings are important so that everyone is looped in and on the same page. Its part of Good Governance.

MOLINARI’S DAY AT ARNIE’S PLACE

By Doug Ferguson

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The Associated Press

RLANDO, Florida—Francesco Molinari had seen so many clutch birdie putts on the 18th green at Bay Hill, most of them by Tiger Woods in the final group, usually with Arnold Palmer standing next to the green expecting like everyone else for them go in.

It was Molinari’s turn on Sunday in the Arnold Palmer Invitational, with a few big differences.

This putt was from 45 feet, longer than anything Woods ever made. And while it capped off an eight-under 64 and eventually gave Molinari a two-shot victory, the British Open champion had to wait nearly two hours to see if his score would hold up.

One more difference.

“I was the first to make it with the flag in,” Molinari said with a big smile, alluding to a new rule that allows the flag stick to stay in the cup with putts on the green.

All that mattered was that it dropped, capping off a fiveshot rally with a final round no one imagined on a fast Bay Hill course with putting surfaces that looked closer to white than green, making it difficult for anyone to get it close to the hole.

“He’s obviously holed a lot of putts to do that because you can’t get close to these pins,” Matt Fitzpatrick, the 54hole leader, said after a 71 to finish second. “There’s no way he’s knocked it to six feet on every hole. But he played very, very well to shoot that, and hat’s off to him.”

Fitzpatrick managed only two birdies, the same number as Rory McIlroy (72), who played in the final group for the third time in five starts this year without winning. McIlroy’s downfall was the par 5s—for his second shots, he had 5-iron, 3-iron, 4-iron and wedge into the green. He played the four par 5s in one under.

“I’m playing well,” McIlroy said after a tie for sixth, his worst finish this year. “My Sundays haven’t been what I would have liked, but I’m putting myself in that position. So good golf is good golf.”

Molinari delivered the highest quality on a day that required nothing less. His five-shot comeback was the largest at Bay Hill since Woods in 2009, which he won with a birdie from 15 feet on the 18th hole. He played the final 28 holes on this fiery course without a bogey.

Only three of his eight birdie putts were inside 10 feet.

Along with the 45-footer at the end, he holed a 20-foot birdie putt to start his round, an 18-footer that gave him the lead for the first time and he chipped in from 10 yards off the

green at No. 8.

And he ended it with a charge that would have made Arnie proud, and with the putt that has become familiar.

“Coming from Italy, we weren’t exposed to that much golf,” Molinari said. “Obviously, Arnie was such a global icon, and this tournament was one that we watched, my brother and myself, at home many times—watching Tiger making that putt on 18. So it’s still a bit unreal to think that I’ve done kind of the same today.”

Molinari finished at 12-under 276, his fourth victory in his last 17 starts over nine months.

No one got closer than two shots the whole time he was in the locker room watching the back nine, which was harder than he made his golf look.

Perhaps it was only fitting that the claret jug was at Bay Hill, which served as part of the Open Qualifying Series.

Sung Kang also had a big putt on the 18th hole, this one from 12 feet for par that sewed up the third and final spot offered for the British Open at Royal Portrush this summer.

The other two spots went to Sungjae Im, the 20-yearold South Korean who closed with a 68 and tied for third; and Honda Classic winner Keith Mitchell, who made eight birdies in his final round of 66 to tie for sixth.

Tommy Fleetwood, who shared the 36-hole lead at Bay Hill, recovered from a 76 that knocked him out of contention by closing with a 68 to join Im at nine-under 279 along with Rafa Cabrera Bello (69).

“I was just trying to hit good shots, give myself chances,” Molinari said. “I knew it was not going to be easy. The course was firm and fast yesterday, and I knew it wasn’t going to be easy for the guys in the lead, so I thought there was an outside chance. And yeah, just started making putts, one of my best putting rounds ever.”

Molinari pointed to the first of his last four victories for sparking his turnaround. He played in the final round of the BMW Professional Golfers Association Championship at Wentworth tied with McIlroy, closed with a 68 and won by two.

“It’s hard to point a finger at one thing,” Molinari said.

“I think obviously confidence has to do a lot with it. When I won last year, playing with Rory in the last few groups, it wasn’t easy at all. So from there I started building my confidence and just saying I could get it done.”

And he did.

Molinari closed with a 62 to blow away the field in the Quicken Loans National. He played bogey-free on the final day at Carnoustie for his first major. He became the first European to win all five matches at the Ryder Cup. And he delivered a masterpiece at Arnie’s place.

Sports BusinessMirror

FRANCESCO MOLINARI delivers the highest quality on a day that required nothing less. AP

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| Tuesday, March 12, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

WORLD CYCLING CHAMP CATLIN COMMITS SUICIDE

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HREE-TIME world champion and Rio de Janeiro 2016 Olympic silver medalist Kelly Catlin died on Thursday night of an apparent suicide, according to a report today on VeloNews.

She was 23 years old.

“There isn’t a minute that goes by that we don’t think of her and think of the wonderful life she could have lived,” Mark Catlin wrote in an e-mail to VeloNews on Sunday morning, confirming the circumstances of his daughter’s death. “There isn’t a second in which we wouldn’t freely give our lives in exchange for hers. The hurt is unbelievable.”

Catlin’s roommate reportedly discovered her body on Thursday night in the dorm room they shared on the campus of Stanford University, where Catlin was enrolled as a graduate student.

Catlin won a silver medal in the Team Pursuit at the 2016 Olympic Games in Rio. She won gold with the US Team Pursuit squad at the world championships in 2016, 2017 and 2018, and she also took two world championships medals in the Individual Pursuit. Catlin collected numerous Pan American track titles with USA Cycling, and she also won gold in the individual time trial on the road at the 2015 Pan Am Games, the same year she took up track cycling after previously competing successfully in mountain bike racing.

In a statement sent to media on Sunday, USA Cycling said the US cycling community had suffered a devastating loss with Catlin’s death.

“Our thoughts and prayers are with the Catlin family,” USA Cycling said. “Kelly was more than an athlete to us, she was and will always be part of the USA Cycling family. This is an incredibly difficult time for the Catlin family and we want to respect their privacy while they support each other.”

Catlin signed with the Rally Cycling road team in 2017 and planned to return with the team again this year, having taken part in the team’s January training camp in Oxnard, California. She hadn’t yet competed with Rally this season as she continued to focus on the track leading up to the world championships in February, although she withdrew from that competition and didn’t make the trip to Poland after being on the initial USA Cycling roster.

Rally sent a statement to media on Sunday morning. “The news of Kelly Catlin’s passing has hit the team hard,” the statement read. “Losing an incredible person at such a young age is very difficult. Kelly was our friend and teammate. Our heartfelt condolences go out to her family and those who were fortunate enough to know her best.”

Catlin grew up in Saint Paul, Minnesota, and attended high school in Arden Hills. A fraternal triplet along with sister Christine and brother Colin, she was born to Carolyn Emory and Mark Catlin in November 1995.

She graduated from the University of Minnesota in 2018 with degrees in biomedical engineering and Chinese, and she was attending Stanford University in pursuit of a graduate degree in Computational and Mathematical Engineering. On February 27, VeloNews published a journal by Catlin chronicling the challenges of balancing her education with training and riding for the national team at a world-class level.

In an e-mail sent to the Stanford student community on Friday, Vice Provost for Student Affairs Susie Brubaker-Cole wrote that an unnamed graduate student had been found dead in her on-campus residence by her roommate, but there were no signs of foul play, according to a report on The Stanford Daily web site. Cyclingnews

KELLY CATLIN’S roommate discovers her body on Thursday night in the dorm room they shared on the campus of Stanford University, where Catlin was a graduate student. AP

Ailing Serena out at Indian Wells; Federer, Nadal move on with ease

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NDIAN WELLS, California—Serena Williams’s return to tennis after a five-week break ended early with her retiring from the BNP Paribas Open because of a viral illness on Sunday.

Williams raced to a 3-0 lead over two-time major champion Garbine Muguruza in their third-round match before dropping six straight games and the first set, 6-3.

“By the score, it might have looked like I started well, but I was not feeling at all well physically,” Williams said in comments distributed by tournament officials.

During the changeover between sets, Williams called for a trainer.

RAFAEL NADAL breezes past American Jared Donaldson, 6-1, 6-1. AP

She went back out and lost the first game of the second set.

The match was soon declared over, and Williams walked off the court.

“Before the match, I did not feel great, and then it just got worse with every second—extreme dizziness and extreme fatigue,” Williams said. “I will focus on getting better and start preparing for Miami.”

Muguruza is the only player to have beaten both Serena and Venus Williams in tournament finals.

“It’s really a weird feeling because I don’t feel like I won the match point and well done, good match,” Muguruza said. “It was just like, ‘Man, we’ll play next time.’”

The Spaniard credited Williams for being “very dominating” from

the start of the match.

“I had to adapt a little bit my position in the court, the way I was hitting, and it took me a few games to kind of do it,” Muguruza said.

“Once I did it, I felt much more comfortable.”

Williams was playing her first tournament since the Australian Open in late January, when she lost in the quarterfinals.

After a first-round bye in Indian Wells, she beat Victoria Azarenka, 7-5, 6-3, on Friday night.

It’s the second time in four years that Williams has withdrawn from the tournament. She returned to the desert in 2015 after a 15-year boycott. That year she reached the semifinals before withdrawing against Simona Halep. She missed 2017 because of pregnancy.

Rafael Nadal breezed past American Jared Donaldson, 6-1, 6-1, and Roger Federer beat Peter Gojowczyk, 6-1, 7-5, in the second round.

Federer saved six of seven break chances against the German after losing just two points on his serve in the first set.

“If I maybe would have served a little bit better, I think things would have gone faster,” Federer said. “But at the end it was a tough second set, and it’s maybe also exactly what I needed.”

Federer has reached the final of the desert tournament in his last four appearances, winning two years ago. In all, he owns five titles at Indian Wells. He won his 100th career title in Dubai last week.

Halep, the No. 2 seed, needed nearly two hours to beat qualifier Kateryna Kozlova, 7-6 (3), 6-3, in the third round.

Kozlova led 6-5 and was within two points of winning the first set before Halep forced a tiebreaker in their first meeting. Halep dominated the tiebreaker, urged on by a large contingent of Romanian fans at Indian Wells Tennis Garden.

Bianca Andreescu, an 18-year-old Canadian, moved on with a 6-1, 6-2 victory over Stefanie Voegele. Andreescu reached the semifinals in Mexico last week. AP

Holy presence of God

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ET us all remember that we are in the most holy presence of God. In the name of the Father, and of the Son and of the Holy Spirit—if this is our daily byline, then we know the meaning why God’s name is mentioned in the Bible 7,000 times. In our lifetime we can say the name of God this much if we live God in us. We were created by God: to know Him more, to love Him most and to serve Him endlessly. Oh God, You are awesome in our lives. Let Your son, Jesus, live in our hearts forever. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

CIRCLES: STARTING AN ART COLLECTION CAN BE A WALK IN THE PARK D4

BusinessMirror

What makes a dwelling a home?

The answer is changing A HOME in Louisville, Tennessee, where architect Jeffrey Dungan turned the upper level into an inspiring personal atelier for an artist.

Repurposing spaces to suit how we want to live and work is one of the defining home trends of this year. AP

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By kiM cook The Associated Press

HAT makes a house or an apartment a home?

For some of us, home is a walkup apartment that we share with a roommate or two. For others, it might be a center-hall house on a leafy suburban street, or a modern glass box overlooking the sea. The variations are endless.

The only real universal feature is a roof over your head; everything else that distinguishes a home from mere shelter is different for each of us.

And evolving technology and lifestyles are changing what we want our homes to be.

“With so many entertainment and smart technology options at our fingertips, we find homeowners are spending more time at home. People are focusing on how they truly use a space to reflect how they live, versus what the room is ‘supposed to be,’” says Kerrie Kelly, an interior design expert for the online real-estate marketplace Zillow.

For instance, she notes, dining rooms are no longer just a place to eat. “Adults work from this space and kids do homework here, making a single-use room more multipurpose,” Kelly says. “We also see ‘library rooms’ in lieu of formal dining rooms, with more attention to comfortable seating for taking in a variety of media. And lastly, the laundry room isn’t just for washing clothes any more. Pet-washing stations are popping up more frequently instead of laundry tubs.”

For city dwellers, she’s noticed an increase in conversions of loft-like work spaces into living spaces.

“People are interested in living in an urban environment in order to enjoy culture without getting in the car,” she says. “Easily accessible restaurants, entertainment and shopping appeals to all age groups.”

The retailer IKEA surveyed people across the globe for its 2018 “Life at Home” report, and found that 1 in 4 respondents said they work more from home than ever before. Nearly 2 in 3 said they’d rather live in a small home in a great location than in a big home in a less ideal spot.

Jeffrey Dungan, an international architect based in Mountain Brook, Alabama, reports that more clients want to use their homes for creative pursuits.

“There’s this idea that with the increasing popularity of the Maker movement, and people turning hobbies into successful businesses—whether it’s a side hustle or primary income—the home is more and more becoming a place of business,” he says.

“Home is the place where you can do what you love unapologetically, and as more people turn what they love to do into a business, then in a way their business becomes home.”

Dungan worked on a home in Texas where the client wanted a sewing room placed right off the master suite. Other clients are also asking for

dedicated spaces, such as yoga and art studios.

In IKEA’s report, Alison Blunt, codirector of the Centre for Studies of Home at Queen Mary University of London, says there are essentially five things that matter to people when they consider the ideal home: “Comfort, security, a sense of autonomy and ownership, and the capacity for privacy. Home at its core goes back to a sense of belonging.”

A survey by the home-furnishings retailer Article in 2018 asked people what it took for them to finally call a dwelling a home. Many responders said it takes a couple of holidays, barbecues, family visits, big sporting events and game nights before they really feel “at home.” So feather the proverbial nest however you like, and have fun while you do it. Then invite somebody over. n

Property developer reinforces sales team

NANCY (architect’s perspective) is the new model unit at Montana Strands in San Fernando City, Pampanga.

WITH a more driven and positive stance, NorthPine Land Inc. (NLI) embarks on a new chapter of its real-estate journey, and to clinch more wins this year. All NLI’s teams of sellers presented their pledged sales target and further fortified their commitment to the company in its recently held Sales Kickoff at The Hanging Gardens in Fairview, Quezon City.

Inspired by the Knights of the Round Table, agents from NLI’s Sales Networks convened for the first time this 2019. As they jump-start

the year, the team has just one unified battlecry—and that is to commit to NorthPine Land, and to making more dreams come to life.

The night’s highlight was the official reveal of NorthPine Land’s newest milestones for 2019. Kahaya Place, NLI’s townhouse development situated at Dasmariñas City, Cavite, is first in line. Being one of the fastest-selling projects, the launch of the second phase has been highly anticipated

by NLI team and homebuyers.

Another venture the company looks forward to is the opening of Kohana Grove Expansion.

This Modern Asian lifestyle community at Silang, Cavite, was officially introduced in 2013 and is now a thriving neighborhood.

NLI also unveiled the new additions to the lineup of houses in Montana Views and Montana Strands. The former now boasts of its biggest model unit, named Rushmore, which is the first and only house offered by NLI with five bedrooms. Meanwhile, Montana Strands, which was inaugurated only last year, added Nancy as a response to the increasing housing needs in Pampanga.

Tuesday, March 12, 2019

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FIVE REASONS TO CHOOSE WOODEN FURNITURE WHEN SPRUCING UP YOUR HOME ARCHITECTURALLY, wood is having a resurgence in popularity with more and more people opting to use it as a primary construction material. A growing number of houses and buildings opt to use wood in unconventional applications, lending warmth and personality to these structures. This interest in wood also comes with a growing consciousness for the environment, as wood is, hands down, the most ecologically viable of all construction materials.

Though wood is making headway outside our homes and offices, the interior is an altogether different subject. The predominant aesthetic trend favors materials, such as steel, glass, marble and ceramic products.

But what many fail to see is the fact that wood is charming, functional, and, most important, timeless.

Here are five reasons why wooden furniture is the perfect match if you want to spruce up your home: 1. DURABILITY. There’s no denying the long-lasting and robust qualities of wood. If you’re looking for a piece of furniture that can last up to the next generation, then wooden furniture is perfect for you. Longevity and stability are two of the main components of wooden furniture, which means that you get excellent value for your money.

2. CONVENIENCE. It’s easy and simple to maintain wooden furniture; all you have to do to clean dirt or stains is to simply wipe them away with a cloth.

Occasionally and only in special cases should you have to wax, oil, or polish it, which are also undemanding processes. While wooden furniture may cost a bit higher than furniture made from other materials, it also promises uncompromised quality.

It is a commendable investment because once you purchase it, you only need little effort to maintain.

Whether you opt for hardwood or softwood, wood has innate stability that will make it last.

3. VERSATILITY. Wood can be dressed up for any purpose. Be it modern or rustic, wood can blend in well indoors or outdoors. The wide range of wood tones also enable variety, providing options for different needs. If you’re buying from a craftsman, you can have it customized to your liking to ensure a one-of-a-kind piece. These just show that wherever you wish to put wood, it is adaptable and would bring seamless grace to your home.

4. PREMIUM FEEL. With the right set-up, a simple piece of wooden furniture can add charm and even opulence to your home. Varieties of wood like mahogany, molave, and acacia can promote a sense of oneness with nature. The organic feel of wood can even help ease the mind and relax the senses.

5. SUSTAINABILITY. There is no more ecologically sound way to furnish your home than acquiring wooden furniture. Responsibly sourced wood is actually the only renewable furniture material today, which means trees that were harvested can possibly be replenished for new growth—100 percent biodegradable, to put it simply. More important, the tree itself absorbs carbon dioxide, and the absorbed carbon remains stored even when wood is cut. It will not be released back to the atmosphere unless the wood decomposes or gets burnt, therefore contributing to the health of the environment.

As the world continues to make greener choices and opt for sustainable living, building a home that is eco-friendly should be a no-brainer because it doesn’t just benefit Mother Earth but your entire household, as well. A wooden touch can instantly add the organic, homely, and welcoming feel into your home and ultimately reflect combined aesthetic and structural integrity that other materials cannot offer.

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Tuesday, March 12, 2019

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‘Daisy Jones and the Six’ will draw you in

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jaimie Alexander, 35; Aaron Eckhart, 51; Courtney B. Vance, 59; Liza Minnelli, 73.

HAPPY BIRTHDAY: Let your imagination wander. You’ll come up with some splendid ideas, but before you get started, source out the costs involved and adjust to fit your budget. You can accomplish a lot if you think matters through and follow your heart and your intuition.

Be yourself, and incorporate simplicity and practicality into your plans to get good results. Your lucky numbers are 2, 13, 21, 26, 32, 34, 41.

By Alicia Rancilio | The Associated Press

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ARIES (March 21-April 19): Take your time and make decisions based on facts. It’s OK to think big, but in the end, sticking to what you know you can handle will bring you closer to the achievements you want long term. Don’t let impatience be your demise. HHH

IKE a poignant song with lyrics that speak to your soul, Daisy Jones & The Six (Ballantine Books) by Taylor Jenkins Reid will transport you to another place and time.

Set in the drugs and rock ‘n’ roll culture of 1970s, the story begins with an LA “it girl” named Daisy Jones whose big blue eyes and copper hair get her into all the hot spots. She falls into music but with a gritty voice like Janis Joplin and a gift for songwriting, she actually belongs there.

Then there’s a band called The Six whose lead singer Billy Dunne is the definition of a rock star: he’s moody, arrogant and handsome.

Through a series of events, the two acts come together and form Daisy Jones & The Six. The group skyrockets with critical and popular acclaim, hit songs and a sold-out tour, until they suddenly, inexplicably break up.

Now, all those involved, from the band members to their friends and loved ones, look back and share their version of events in the first-person. It reads like you’re watching a documentary where no one holds back. Each character is compelling but Daisy Jones is the star. She’s a blazing talent who is unapologetic in her sexuality and lives life on her own terms (which is fitting in this #MeToo era.)

In this era with so much content and stimuli, where we’re on the Internet while watching TV, what’s great about this book is it draws you in, drowns out the noise and you’re just focusing on Daisy, Billy and their story. If you haven’t read Taylor Jenkins Reid’s other novels, each one is completely unique, but her recent works The Seven Husbands of Evelyn Hugo and now Daisy Jones & The Six really cement her status as an author with a gift for storytelling who is worth following.

Actress Reese Witherspoon must agree. She has secured the rights to Daisy Jones and will develop the story into a limited series for Amazon Prime. n

b

TAURUS (April 20-May 20): Be sympathetic toward others. Not everyone will have the same skills or desires as you.

Looking out for the underdog will prove to be helpful down the road when you need a favor. Planning will pay off. HHH

c

GEMINI (May 21-June 20): Keep your personal plans a secret. If someone gets wind of what you are up to, he or she will disrupt you. Trust in yourself, and keep your personal life a secret from those you work alongside. HHH

d

CANCER (June 21-July 22): You have what it takes to solicit the help and backing you need to get what you want. Partnerships are favored as long as you keep things equal when it comes to the financial aspect of your relationship.

HHHH

e

LEO (July 23-Aug. 22): Put greater emphasis on how you look, feel and relate to the people you care about most. Don’t let a disagreement ruin your connection with someone special. Be willing to compromise and to offer incentives that will deter a standoff. HHHH

Jane Harper writes engrossing 3rd novel THE three Bright brothers, bonded by blood, history and the vagaries of the Australian outback, are the true lost men of Jane Harper’s engrossing third novel, The Lost Man (Flatiron Books).

The Lost Man works as a story about families and also as a tale about surviving in the outback, a “land of extremes where people were either completely fine or they were not.” Certain rules “written in blood” guide life in the Queensland part of Australian—break one and the outback is not just unforgiving, it can be fatal. Here it’s a hardscrabble life, the nearest neighbor may be a three-hour drive away, death from dehydration is a reality and checking in regularly with others is vital.

Oldest brother Nathan Bright is isolated

even more than the norm, banished from the town of Balamara for breaking one of those Australian rules and is semiestranged from his family. He spends his solitary life tending a dying ranch, waiting for those infrequent visits from his teenage son, Xander. He and youngest brother, Bub, are brought together when the body of middle brother, Cam, is found near the landmark grave of an old stockman, an area icon wrapped up in legend. Cam’s wellstocked vehicle, filled with food and water as it should be, is found miles away from his body. How Cam, so well-seasoned in the ways of Australia, ended up dead forms the crux of The Lost Man. Cam’s death forces Nathan to reexamine his life and how he has thrown

himself into the life of a loner. Cam seemed to have it all—an intelligent wife, two daughters and a prosperous farm. He was well-liked in ways that Nathan, and to an extent Bub, never could be. But Cam had a dark side that few knew about, as evidenced as secrets begin to spill out.

Solid, believable characters fill The Lost Man. But equally important is the exploration of the outback where “too much space” gives way to resentments.

Helicopters are used to round up cattle and long-range radios are a necessity in this “perfect sea of nothingness. If someone was looking for oblivion, that was the place to find it.”

Harper’s The Lost Man is storytelling at its finest. AP

‘The Last Woman in the Forest’ has suspense-filled plot

By Oline H. Cogdill | The Associated Press DIANE LES BECQUETS succinctly melds an adventure story, a look at conservation and a coming-of-age tale in a suspense-filled plot about the hunt for a serial killer in The Last Woman in the Forest (Berkley).

Marian Engstrom is a self-admitted “conservation gypsy,” moving from one nature study to the next in her quest to save the environment. But the 26-yearold may have finally found her calling when she joins a study group working with rescue dogs to help track and protect endangered wildlife. Her first assignment takes her to northern Alberta where she joins a small but committed group of fellow conservationists who are around her age and bonded by their love of dogs and the great outdoors.

Their leader and mentor is the charming and captivating Tate Mathias, whose seductive tales about his adventures and the thrill of being one with nature soon has Marian falling in love with him. Tate is Marian’s first love and she is easily manipulated by him. But while she is on another assignment, Tate is killed by a bear. Grief-stricken Marian can barely function but slowly begins to wonder about how real her relationship was with Tate, especially when his sister tells her that his stories about his family and growing up weren’t true, nor was his claim that he found the victim of a serial killer. As she begins to wonder if Tate wasn’t the murderer of four women, Marian reaches out to Nick Shepard, a psychologist and former forensic profiler who worked on the still-unsolved serial killer case. Slowly, the two piece

together bits of evidence to prove—or disprove— Tate’s true nature and find links to the four women.

Les Becquets elegantly weaves in an evocative story about the wildlife study into a strong look at the characters whose life’s blood is being a part of nature.

Each of them, including Marian, are loners who keep their emotions in check and are only fully alive in the outdoors, which Les Becquets describes in beautiful detail. Rescue dog training and survival techniques add authenticity to the story.

Looking into Tate’s past, Marian worries about how she could have fallen in love with a killer and wonders if Tate was grooming her to be his next victim.

The Last Woman in the Forest offers a stunning view of the harshness of nature and the brutality of human nature.

f

VIRGO (Aug. 23-Sept. 22): Get out, participate and discover what others have to offer. Your curiosity will assist you in discovering something that will help you rethink your plans. With a couple adjustments, you can save some cash and get what you want. HH

g

LIBRA (Sept. 23-Oct. 22): Do something you find enjoyable and educational. Making a change to the way you live should be geared toward cutting your overhead and freeing up cash for vacations or other forms of entertainment that interest you. Romance is encouraged. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Get involved in something that will bring you in contact with interesting people. A unique relationship will spark your imagination and encourage you to follow your dreams. Explore the possibilities, but don’t take a risk that could lead to injury or insult. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): You’ll tend to overreact or give in to temptation.

Before heading down a path that isn’t going to amount to much, rethink your options and choose selfimprovement. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Seize the moment and follow through with your plans.

Channel your energy into making more money, cutting your overhead and easing any stress you’ve encountered. Personal gain will be yours if you apply discipline and work hard. HHHHH

k

AQUARIUS (Jan. 20-Feb. 18): Take a moment to consider what’s going on around you. It may be difficult to see clearly if you let someone cloud your vision. Look for facts, not an adaptation of what someone wants you to see. HH

l

PISCES (Feb. 19-March 20): Getting together with old friends or colleagues can be informative as long as you stick to the truth and don’t overdo it. The best results will come from being thoughtful, practical and assertive. HHHH BIRTHDAY BABY: You are charming, popular and entertaining.

You are intelligent and outgoing.

‘switchero’ BY JEFFREY WECHSLER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Clubs or spades 5 Surveillance system, briefly 9 French eateries 14 River through Pisa 15 ___ 51 16 Like the origins of Holi and Tet 17 Mid-H.S. exam 18 Uses a knocker 19 Back in style 20 Othello, when offering his opinion?

23 Dallas campus, briefly 24 Highest standard 25 Corrects, as a text 26 Doodad 28 Uncle Remus’ ___ Rabbit 29 What a 24-hour billiard hall offers?

32 Org. rating jurists 35 Horseback sport 36 “Rumor ___ it...”

37 Unsullied 38 Half of sei 39 Where thieves store their haul?

43 Repulsive

4 Wickerwork material 4 45 Add, as a supplement 48 Letter’s “To:” line: Abbr.

50 PalmPilot, e.g.

51 Avert personal disaster?

54 Impulsive speed 55 Trattoria drink 56 Walk ungracefully 58 Fragrant compound 59 Hugh Laurie’s alma mater 60 One on your side 61 Accomplishments 62 “You ___?” (butler’s query) 63 Jekyll, at times DOWN 1 Drain of energy 2 Where to see Polaris 3 Very confused 4 Dorothy’s pooch 5 Bugs’ food?

6 Move like a baby 7 Lukewarm 8 Far-reaching 9 Milky Way ingredient

0 Letter-closing words 1 11 Conform 12 Word after “dog” or “lop” 13 Falls in a flurry 21 S-shaped molding 22 One may wear a cape 23 Cleaned, as a porch 27 Mop & ___ (cleaner brand) 28 Anjou relative 30 One often has a tongue and eyelets 31 Touch lightly 32 Tom Sawyer’s caretaker 33 Loaf woe 34 UnitedHealthcare competitor 37 Peach throwaway 39 Sticks around 40 Shoppe adjective 41 Schubert specialty 42 The Rolling Stones, e.g.

43 Let it all out 45 Wanted Bengay, say 46 Moon stage 47 Sticky craft supply 48 Bernardo’s girlfriend in

West Side Story 49 Mortise’s partner 52 Done 53 Fish in Hawaiian cuisine 57 Colorant

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, March 12, 2019

D3

NAR CABICO

KYRYLL

NAR, KYRYLL AND ANGEL OFFICIALLY JOIN GMA MUSIC THE GMA Music family continues to grow as it welcomed GMA Artist Center talents Nar Cabico, Kyryll, and Angel Guardian in a contract-signing held on February 21.

Present in the contract-signing were GMA Senior Assistant Vice President for Alternative Productions Gigi Santiago-Lara, GMA Artist Center Assistant Vice President and Head for Talent Imaging and Marketing Unit Simoun Ferrer, Senior Talent Managers Tracy Garcia, Vic del Rosario, and Daryl Zamora, GMA Music Managing Director Rene Salta, GMA Music A&R Manager Kedy Sanchez and Angel’s comanager Tyrone Escalante.

Nar, who has been part of the top-rating GMA series My Love From the Star and The One That Got Away, also produced the latter’s theme song, titled “Gaga,” which was his chart-topping debut single.

The single bagged the Best Novelty Recording award in the 31st Awit Awards. Moreover, his selfpenned single “Natapos Tayo,” the theme song of the film All of You, received the Movie Original Theme Song of the Year recognition at the 34th Philippine Movie Press Club Star Awards. Apart from his music pursuits, he is in the cast of the upcoming prime-time soap, Love You Two. Nar shared his happiness over this new chapter of his career: “I feel very privileged, hindi ko ma-encapsulate ’yung nararamdaman ko. Parang responsibility na rin siguro ito and hindi pressure ’yung napi-feel ko. I’m inspired kasi I don’t want to disappoint the listeners and I promise to do my very best.”

The Clash alumna Kyryll not only belts out powerful renditions of songs but can also rap and play the guitar. “Hindi ko ma-explain ’yung saya na nararamdaman ko ngayon and I’m so grateful sa napakagandang opportunity na ito para sa akin,” she said.

“Pangarap ko po talaga ito since bata pa ako, pangarap din ng parents ko, kaya inaalay ko po ito para sa kanila.”

Angel also talked about how it has always been her dream to pursue music. “Sobrang overwhelmed po ako kasi before, dream ko lang ito and ang focus ko lang talaga is acting, kaya hindi ako makapaniwala na nabigyan ako ng chance na mag-recording. First time kong maexperience lahat ng ‘to. Hindi pa rin nagsi-sink in sa akin na nandito na ako,” she shared. Aside from appearing in TV commercials and being a model, Angel is also seen in the top-rating prime-time series Onanay.

GMA Music Managing Director Rene Salta proudly welcomed the three artists: “Nagsasala tayo ng maraming artists na talagang mahuhusay kumanta, mga potential future stars kumbaga, and we think sila ’yun.

Some write their own songs, so makakatulong ’yun sa kanila and sa GMA Music.”

‘Captain Marvel’ rockets to historic $153-M debut

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By Jake Coyle The Associated Press

EW YORK—Captain Marvel, Marvel Studios’s first female-fronted superhero movie, launched with $153 million domestically and $455 million globally, according to studio estimates on Sunday, making it one of the biggest blockbusters ever led by a woman.

Brie Larson’s Carol Danvers, a character who first debuted in Marvel Comics in 1968, had never before made it into the movies and was previously lesser known than many Marvel heroes. But Captain Marvel, which came in at the high end of the Walt Disney Co.’s expectations, ranks as one of Marvel’s most successful character debuts.

Only The Avengers movies, Black Panther, Captain America: Civil War and Iron Man 3 have opened better in the Marvel cinematic universe.

“She definitely pushed us higher, further, faster,” said Disney Distribution Chief Cathleen Taff.

Captain Marvel rocketed up other record books, too. It sets a new worldwide mark for a film directed or codirected by a woman. Captain Marvel was helmed by the filmmaking team of Anna Boden and Ryan Fleck, who previously made the indies Half Nelson and Mississippi Grind.

It’s the sixth-largest worldwide debut ever. The only movie with a female lead that’s opened better globally was Star Wars: The Force Awakens, which grossed $529 million when it debuted in 2015.

Like the Force Awakens sequel The Last Jedi, Captain Marvel had to tangle with trolls who sought to lessen the film’s impact. Some fans claimed Larson’s hero

didn’t smile enough, a charge she responded to with doctored pictures of previous male Marvel superheroes with awkwardly full grins. Others took issue with Larson’s statements about making her press interviews for the film more inclusive and not “overwhelmingly white male.”

The anti-Captain Marvel campaign included the flooding of Rotten Tomatoes audience scores, which artificially drove down the film’s score to 55 percent fresh from more than 44,000 votes as of Sunday.

To combat the down-voting issue in advance of Captain Marvel, Rotten Tomatoes (which doesn’t require users to verify that they’ve seen a movie that they’re scoring) removed the ability to rate movies prior to release.

Taff declined to address Captain Marvel foes but applauded Marvel and Kevin Feige for propelling a movie that expanded the Marvel universe.

“What they believe is that the more you diversify perspective and experience in front of and behind the camera, the better the movies and the stories are,” said Taff of Marvel. “You see that in their track record. I think you see that in their box office. And I think you see that in the broadening of their fan base.”

CinemaScore, which relies on interviews with audience members coming out of theaters, found crowds very much liked Captain Marvel, giving it an “A” rating. Reviews were less enthusiastic but still good, landing 79 percent fresh on Rotten Tomatoes.

It was easily the best opening of any movie thus far in 2019. The box office had been frigidly cold coming into the weekend with ticket sales down 26 percent, according to comScore. Captain Marvel singlehandedly chopped almost 5-percent off that figure with a weekend that overall was up 47 percent from the same last year.

“The box office year of 2019 officially started this weekend,” said Paul Dergarabedian, senior media analyst for comScore. “We’re going to have one of the biggest box-office years ever but looking at the first two months, you wouldn’t know it.”

Audiences in the US and Canada for Captain Marvel were 55 percent male and 45 percent female.

International grosses were especially strong, led by $89.3 million in China, where Captain Marvel trailed only Captain America: Civil War and Avengers: Infinity War among Marvel releases.

For Disney, it’s a strong start for a year littered with

tentpole releases, some of which are sure to surpass Captain Marvel, including: Avengers: Endgame, Toy Story 4, a remake of The Lion King and the next Star Wars movie.

Last week’s top film, How to Train Your Dragon: The Hidden World, slid to a distant second place in its third weekend of release with $14.7 million. In its second weekend, Tyler Perry’s A Madea Family Funeral dropped 55 percent with $12 million. It’s made $45.9 million in 10 days.

Captain Marvel scared away any new wide releases.

Vincent D’Onofrio’s directorial debut, The Kid, was largely overlooked by moviegoers. It sold $505,000 of tickets in 268 theaters.

A24’s Gloria Bell, Sebastian Lelio’s remake of his own Chilean drama, opened strongly in limited release with $154,775 in five theaters. The film stars Julianne Moore and a middle-aged Los Angeles divorcée.

Apollo 11, the acclaimed moon landing documentary featuring newly discovered and restored footage, continued to pack theaters. It made $1.3 million from 285 locations, including many IMAX screens.

Academy Award best-picture winner Green Book”continued to see one of the largest Oscar bumps in years. It grossed $28.3 million overseas, boosted significantly by $15.7 in its second weekend in China. With $242.2 million worldwide, Green Book is the highest grossing best picture-winner since The King’s Speech.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. Captain Marvel, $153 million ($302 million international).

2. How to Train Your Dragon: The Hidden World, $14.7 million ($21.7 million international) 3. A Madea Family Funeral, $12.1 million 4. Lego Movie 2: The Second Part, $3.8 million ($3.9 million international) 5. Alita: Battle Angel, $3.2 million ($11.6 million international) 6. Green Book, $2.5 million ($28.3 million international) 7. Isn’t it Romantic, $2.4 million 8. Fighting With My Family, $2.2 million ($1.5 million international) 9. Greta, $2.2 million 10. Apollo 11, $1.3 million. n

‘Empire’ actor indicted on 16 counts stemming from reported attack

By Don Babwin The Associated Press CHICAGO—A grand jury in Chicago indicted Empire actor Jussie Smollett on 16 felony counts related to making a false report that he was attacked by two men who shouted racial and homophobic slurs.

The Cook County grand jury indictment dated on Thursday and made public on Friday gives details of the disorderly conduct charge against Smollett. It elaborates on the allegation that he falsely reported he was attacked on January 29 by two masked men who hurled racial and homophobic slurs at the black and openly gay actor, beat him, threw an unidentified liquid chemical on him and looped a rope tied like a noose around his neck.

The indictment—eight counts from what he told the officer who responded to the report of the attack

and eight for what he later told a detective—comes a little more than two weeks after prosecutors announced one felony count of the same charge.

Chicago police initially investigated the incident as a possible hate crime but later said Smollett staged the attack, recruiting two brothers to carry it out, because he was unhappy with his pay on the Fox show.

An attorney for Smollett, Mark Geragos, called the indictment “prosecutorial overkill.” He said Smollett “adamantly maintains his innocence.”

“This redundant and vindictive indictment is nothing more than a desperate attempt to make headlines in order to distract from the internal investigation launched to investigate the outrageous leaking of false information by the Chicago Police Department,” Geragos said.

During the investigation of the incident, several Chicago media reported that there were doubts about

Smollett’s account, quoting unnamed sources. Some local media have reported that the police department is investigating alleged leaks.

While it was not immediately clear why the grand jury indicted Smollett on 16 counts, it divides what prosecutors and police say the actor told the officer who responded to the initial call from what he said to the detective.

The second eight counts are more explosive because they include two things that helped propel the incident into an international sensation. The first is that by the time he talked to the detective, Smollett said he could see through the eye holes of one attacker’s mask that he was a white man. The two brothers who allegedly participated are black.

“He took advantage of the pain and anger of racism to promote his career,” Chicago Police Superintendent Eddie Johnson, who is black, told reporters the day

Smollett was initially charged. Johnson said Smollett paid the two brothers $3,500 to carry out the staged attack. The second eight counts also include the allegation that Smollett told the detective one of the attackers looped a rope around his neck—a detail that both Johnson and the judge who set Smollett’s bond said was a particularly offensive use of a symbol of the ugly history of black lynchings in the United States.

The indictment, written in the dry legal language, does not include new details.

It says that Smollett knew at the time he relayed his account that he had “no reasonable ground that such an offense had been committed.”

Since Smollett’s arrest, the producers of Empire announced that the actor’s character would be removed from the season’s final two episodes. Fox network and the studio that produces Empire had no immediate comment on the latest indictment.

THIS image released by Disney-Marvel Studios shows Brie Larson in a scene from Captain Marvel.

AP

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Art

BusinessMirror

Tuesday, March 12, 2019

SELFIE, Jovito Hecita, acrylic on canvas, 2018, 19” x 15” from Art Verite

SOME of the artworks that are going up for auction at Swann Auction Galleries in New York. The works were once part of a 6,000-piece collection amassed by a Jewish attorney in Germany before pieces were scattered and lost as the Nazis took over. AP

ART COLLECTED BY JEWISH LAWYER BEFORE WWII GOES TO AUCTION

By JAMie STengle The Associated Press DALLAS—About 200 works of art from a Jewish lawyer’s collection that were spirited out of Nazi Germany to the United States are going up for auction.

The works collected by Ismar Littmann being offered on Tuesday at Swann Auction Galleries in New York are mostly drawings, etchings and lithographs. They were once part of a collection of about 6,000 pieces he amassed. The works being auctioned are pieces brought out of Germany before World War II by Littmann’s son, who eventually settled in Texas. Todd Weyman, auction house vice president, said the collection is notable for its singular focus on German works.

“His collecting was very optimistic for what was to happen,” Weyman said. “He was looking forward to putting together this great German collection.”

The civic-minded collector in Breslau, which after World War II became the Polish city of Wroclaw, cofounded the Breslau Jewish Museum in the city that had a thriving art scene. Littmann was friends with many of the artists whose works he acquired, including Otto Mueller and Heinrich Tischler. But with the Nazis in power, restrictions on Jewish lawyers led to the demise of Littmann’s practice. He killed himself in 1934.

His son, Edward, who changed the spelling of his last name to Littman, immigrated to the US in 1933. He returned to Germany after his father died and was able to ship around 800 works back to the US, said Edward Littman’s son, John Littman, 61, of Houston.

John Littman says there’s no way to know how much of the collection, which had a focus on German Expressionism, still exists. He says some pieces were confiscated, some destroyed and some sold under duress. The auction house notes that when Ismar Littmann’s widow consigned about 160 works to a Berlin auction house, the Gestapo seized 64 of the works—11 went to a museum and the rest were burned.

John Littman said the family has worked to get around eight pieces restituted.

Weyman points out that the pieces that remain were those that were “most transportable, the works that were flat works on paper.”

John Littman said his father served in the Army during World War II in Europe. Edward Littman eventually settled in Wharton, about 60 miles (96 kilometers) southwest of Houston, and, like his father, practiced law.

John Littman said his father, who died in 1970, built special cabinets in his attic for the artwork. “He spent a lot of time with the collection through the years,” he said.

John Littman said it’s clear his grandfather was a “very passionate collector.”

“It was very personal to him,” Littman said.

JAZZ It Up No. 6, Raeche Dacanay, acrylic on canvas, 2018, 24” x 18” from Kasibulan

www.businessmirror.com.ph

ANYTHING Goes 1, Nasser Lubay, acrylic on canvas, 2019, 16” x 20” from Nasser Lubay

Nothing over P50k: Starting an art collection can be a walk in the park

TAGGED AS THE ‘MORE CASUAL’ PREDECESSOR OF ART FAIR PHILIPPINES, ‘ART IN THE PARK’ RETURNS FOR THE 13TH YEAR AT THE JAIME VELASQUEZ PARK IN SALCEDO VILLAGE, MAKATI CITY, THIS SUNDAY. THE ORGANIZERS SAY THE EVENT IS AN IDEAL ENTRY POINT INTO THE WORLD OF ART COLLECTION. JEAN ABORDO (from left), Trickie Lopa, Yeo Kaa, Oscar Mejia, Lisa Periquet and Rhona Macasaet

CIRCLES JT NISAY

jtnisay@gmail.com

T

HE relative affordability and vast collection of quality pieces showcased at “Art in the Park” make the event perfect for those looking to own their first piece of art, its organizers said.

Prices of the artworks at the annual event are capped at P50,000. A piece even went for as low as P200 in a previous run a couple of years ago, according to Trickie Lopa of Philippine Art Events Inc., the group behind Art in the Park, together with Dindin Araneta and Lisa Periquet.

“Art in the Park is the perfect place to make your first art purchase,” Lopa said at the recent media launch of the event.

A total of 56 exhibitors representing galleries, art collectives, independent art spaces, and student groups are set to present a wide array of artworks this year to appeal to all tastes and styles. The oneday event is free of charge, and will run at the Jaime Velasquez Park in Makati City on March 17, from 10 am to 10 pm.

Art in the Park doubles as a fund-raiser, as it donates a portion of all sales to the Museum Foundation of the Philippines in support of their projects and programs for the National Museum of the Philippines and its network.

Launched in 2006, Art in the Park was originally a companion event to the second anniversary of the Salcedo Saturday Market. Lopa said the fair took a life of its own and supplied their group with the courage of taking on a bigger endeavor in 2013, called “Art Fair Philippines.”

The two events, however, have distinct identities.

Whereas Art Fair is staged in an enclosed space with the feel of typical art exhibitions, Art in the Park is mounted in the open, under the sun and around trees, with, as Lopa puts it, a “more relaxed and casual vibe.”

“Think of literally a day in the park and there’s art around,” she said. “Visitors wander among tented booths, with art students gathered around on one side and somebody doing a spontaneous performance on

the other. There’s also a lot of good food and music, so it’s really a casual day to enjoy yourself on a nice beautiful Sunday.”

Lopa said there are no plans to scale the event, as they want to keep Art in the Park grounded on its roots to preserve its allure. Part of this is the visitor’s experience of sifting through a park-sized selection of artworks, giving the event the feel of a treasure hunt.

The idea took on new heights last year through a social experiment conducted by the Center for Art, New Ventures and Sustainable Development, or CANVAS. The nonprofit organization sold pieces by distinguished Filipino artists BenCab and Emmanuel Garibay that were disguised as unsigned artworks made by student artists.

“You don’t know what will catch your eye every year,” Lopa said. “So that’s why I like it: I know what to expect, and that is to expect the unexpected.”

What can be expected, however, are displays from featured artists.

Every year, the organizers handpick talents and showcase their works in special exhibits. This year’s selection includes a trio of young, acclaimed names: painter/photographer Zean Cabangis, fine artist Leeroy New and figurist Yeo Kaa. Cabangis, 34,is gaining traction both commercially and critically for his acrylic and emulsion transfers that result into multilayered images. His art is featured on the fair’s postcards, and three of his works will go on sale in the Museum Foundation booth. Meanwhile, 33-year-old New made waves with his Aliens of Manila, a project that started as a video artwork featuring people in colorful galactic costumes.

For her special exhibit, Palawan-born Yeo Kaa will turn a piece of the park into her candy colored world with a 20-foot inflatable installation of a smiling

pink-skinned girl laying on her side while clutching a white goat.

The piece was displayed at Yabuz Gallery in Yeo’s recent debut solo exhibition in Singapore, titled Alone But Not Lonely. She said the installation features herself and her goat following the events of a breakup two years ago.

“Lumipat ako ng bahay, mag-isa lang ako, tapos narealize ko na hindi pala kapag magisa ka, malungkot ka,” the 29-year-old said.

Another key exhibit this year is Art in the Park’s first scent installation, courtesy of artisanal perfumer Oscar Meija. He will present in a 50-square-meter space, The Enigma of Scent, which lets people in on the experience of perceiving a perfumed matter.

Meija said the sense of smell is the most mysterious of all, as it can perceive both the tangible—such as flowers, grass and wood—as well as the intangible: emotions, feelings, memories.

The installation involves a machine spewing out citrus-scented bubbles that represents molecules.

He said the smell could tap into the collective and the individual consciousness of the audience.

“The smell is common for everyone, and they might say, ‘It smells like orange.’ But it’s very personal as well, and they can remember the time they went to this place, or they can remember their aunt, sister or brother,” Meija said. “And also, bubbles are fun.”

Beyond art, the event will have the trio of Soulful Mood playing mellow jazz tunes throughout the day. Come evening, the Philippine representative to the 28th International Blues Challenge in the United States, Bleu Rascals, will take the mic. Food will also be available with a selection of sweet and savory fare, including vegan selections. n