Businessmirror May 03, 2019.pdf

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

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Friday, May 3, 2019 Vol. 14 No. 205

Avoid repayment woes for BRI loans–ADB N

By Cai U. Ordinario

In his press briefing on Thursday, ADB President Takehiko Nakao said that, while the BRI is a “natural idea” given the history of trade and bilateral relations in countries included in the initiative, countries cannot afford to be complacent.

China created the BRI, the maritime silk road, to revive and

expand the silk road that for years had connected the Asian giant with other nations through trade.

The BRI as it has been trotted out

by China in recent years includes Asian and European countries included in the original silk road and other countries that were not part of the trade route such as

Malaysia and Indonesia.

“We must be careful that we must find good projects with good return and even if the lending is to the government; each project identified should have a strong economic ground with good return.

Otherwise, it would cause trouble for the payment capacity of the

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‘ALLOW UMICs TO TAP CONCESSIONAL LOANS’

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government,” Nakao said.

“There are a lot of discussions about debt issues related to the BRI.” Nonetheless, he acknowledged that China President Xi Jinping had recognized the need to address these “debt issues” in his remarks at the BRI meeting a few days ago.

See “BRI loans,” A3

See “Concessional loans,” A2

“We must be careful that we must find good projects with good return and even if the lending is to the government; each project identified should have a strong economic ground with good return.

Otherwise, it would cause trouble for the payment capacity of the government.... There are a lot of discussions about debt issues related to the BRI.”—Nakao

Solons eye ₧50-M fine for sudden brownouts

Weak demand cuts April manufacturing growth

By Bianca Cuaresma

W

@BcuaresmaBM

EAK production and slow external demand restrained the growth of the local manufacturing sector at the beginning of the year’s second quarter, data from an international think tank showed.

Reports from IHS Markit on Thursday showed that the Philippine manufacturing sector’s purchasing managers index (PMI) fell to 50.9 in April from the 51.5 in March.

The PMI is a composite index meant to gauge the health of the countr y’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents. Readings above the

50 threshold signal a growth in the manufacturing sector while readings below 50 show deterioration in the industry.

The latest reading was the lowest growth for nine months, indicating “only a slight improvement to business conditions.”

The Philippine manufacturing sector fell to No. 4 in the overall ranking of seven Southeast Asian jurisdictions.

Leading the pack was Myanmar with a PMI of 53.7, followed by Vietnam’s 52.5. Thailand comes next at 51 before the Philippines’s 50.9 PMI. Indonesia follows with 50.4. Among those in the contraction territory include Malaysia with 49.4 and Singapore with 47.3. The average PMI of these countries is See “Manufacturing,” A3

PESO EXCHANGE RATES n US 52.0980

BUSINESS NEWS SOURCE OF THE YEAR

ADI, Fiji—Upper middle-income countries (UMICs) must continue to have access to concessional loans given the development challenges that they still face, an official of the Department of Finance (DOF) said on Thursday.

Finance Undersecretary Mark Dennis Y.C. Joven told the BusinessMirror in an interview that reaching UMIC status does not mean that a country has already addressed its development constraints.

The country’s economic managers said the Philippines may join the ranks of upper middle-income countries this year. Multilateral financing institutions such as the Asian Development Bank (ADB) have a graduation policy where countries that have reached a certain level of development will no longer qualify for concessional loans.

“Even as UMIC, you have this problem, both at the national and subnational level. So I don’t think that it’s possible to completely remove funding for UMIC,” Joven said.

He noted that no less than the World Bank said UMICs have “unfinished development agendas” and are still prone to global shocks.

The World Bank said UMICs face “many second-generation challenges” that could undermine their growth.

The World Bank said these second-generation challenges are “inequality, unplanned urbanization, gaps in public sector performance, weak private sector, low levels of innovation and an overall lack of global competitiveness.”

The Philippines is now preparing for the possibility of graduating from ADB concessional financing once it becomes an upper middle-income country. Joven said the government is now making the necessary preparations that would enable the Philippines to finance its development needs in the future.

@caiordinario

ADI, Fiji—As countries look forward to the economic gains from the Belt and Road Initiative (BRI), the Asian Development Bank (ADB) issued a word of caution at its annual governors’ meeting here: countries, it said, should be “careful” and ensure that debts linked to the initiative will not “cause trouble for the payment capacity of the government.”

2017 EJAP JOURNALISM AWARDS

By Butch Fernandez @butchfBM

L SEN. Sherwin “Win” Gatchalian, chairman of the Senate Committee on Energy, questions Energy Secretary Alfonso Cusi at Thursday’s hearing on unplanned power outages. ROY DOMINGO

AWMAKERS are looking to pass remedial legislation imposing stiff penalties on power suppliers for unplanned brownouts, with fines that could go as high as P50 million.

Sen. Sherwin Gatchalian, after presiding over Thursday’s hearing of the Joint Congressional Power Commission, revealed this plan of lawmakers.

“Wala kasing [There is no] penalty for outages,” Gatchalian, Senate See “Brownouts,” A3

n JAPAN 0.4678 n UK 67.9879 n HK 6.6408 n CHINA 7.7359 n SINGAPORE 38.2651 n AUSTRALIA 36.5363 n EU 58.3393 n SAUDI ARABIA 13.8928

Source: BSP (2 May 2019 )

News

BusinessMirror

A2 Friday, May 3, 2019

www.businessmirror.com.ph

Comelec completes AES software safeguards

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By Samuel P. Medenilla

@sam_medenilla

HE Commission on Elections (Comelec) gave assurances on Thursday that it has already completed the necessary safeguards for the software component of its automated election system (AES) for the forthcoming May 13, 2019, national and local elections.

The poll body also said it has completed the review and certification of the remaining three more source codes, which were deposited at the vault of the Bangko Sentral ng Pilipinas (BSP) for sake keeping on Thursday.

Comelec Executive Director Jose M. Tolentino Jr. said the three source codes passed the scrutiny of Pro V and V, their international certification entity and the review of their local source code reviewers.

“None of them [bore] any malicious code embedded in the source codes,” Tolentino told reporters in a media briefing.

The recently certified source codes are that of AES’s operating system image rebuild, transmission router and domain name service (DNS) janitor.

Last February, the Comelec deposited a copy of the certified source codes of its Election Management System (EMS), Vote Counting Machine (VCM) and Consolidation and Canvassing System (CCS) in escrow at the BSP. With all of the essential source codes for the 2019 elections now certified, Tolentino said, the Technical Evaluation Committee (TEC)—which has representatives from Comelec, Department of Science and

Technology (DOST), the Department of Information and Communications Technology (DICT), and the Department of Education (DepEd)—will now be able to issue the certification.

The TEC certification ensures all the AES, both its software and hardware, have been tested and working as it is intended to be, he added.

He added that any attempt from unscrupulous parties to use tampered ballots will immediately be rejected by the VCM. The election official noted while the ballot has UV marks in some of its parts as a security feature, none of it has been placed on the ovals.

Fake ballots

LASTLY, election officials also said the Comelec’s official web site is now protected from further hacking.

In 2016, Comelec’s web site was hacked, allowing the group behind it to illegally download the personal information of millions of registered voters.

Following the data breach, Comelec transferred the hosting of its web site to the DICT, which maintains a tight cyber security measure.

The new arrangement, Comelec Spokesman James B. Jimenez said, was the reason they were not able to come up with a precinct finder web site for voters for the 2019 midterm elections.

“All of our possible inputs for the web site must first go through the DICT,” Jimenez said.

TOLENTINO said all the necessary measures for authenticating ballots are in place.

He said this was the reason they were able to immediately flag a video, circulating online, showing the alleged existence of a 2019 election ballot, which had been pre-shaded with ultra-violet (UV) marks.

The video featured a ballot with supposed UV marks on the oval of some candidates, when shone with a UV light.

Tolentino dismissed the authenticity of the ballot used in the “staged” video since it did not contain a Quick Response (QR) code.

“Every [official] ballot has a QR code. It contains among others the serial number of the ballot and the precinct assignment,” Tolentino said in the same media briefing.

Restricted access

National govt owes rice farmers P9B–Piñol ₧10 billion T

By Jasper Emmanuel Y. Arcalas @jearcalas

HE national government still owes Filipino rice farmers P9 billion which will fund initiatives aimed at improving their competitiveness under the new trade regime this year, Agriculture Secretary Emmanuel F. Piñol said on Thursday.

Piñol also said the P5 billion released to the Department of Agriculture (DA) last December 28 was not part of the P10-billion Rice Competitiveness Enhancement Fund (RCEF).

The DA chief said he was requested by the National Economic and Development Authority (Neda) to consider the P5 billion as part of the RCEF, which should get an appropriation of P10 billion annually. The set-up of the RCEF was mandated by Republic Act 11203 to cushion the impact of a more open rice trade regime on farmers.

Piñol said, however, that he cannot give in to the request of the Neda as he would violate the law. He noted that under the law, he is the

The amount of the Rice Competitiveness Enhancement Fund which will bankroll programs that aim to boost the productivity of rice farmers

only government official accountable for the use of RCEF. He said he has already returned the P1 billion of the P5 billion to the Land Bank of the Philippines and Development Bank of the Philippines, as requested by the Neda.

Piñol said he agreed to do so since the amount will also be used for cheap credit under the RCEF. “The P5 billion was not part of RCEF and our records will show, the Saro [Special Allotment Released Order] will show that it was not part of RCEF but instead support to the rice program of the DA,” he said in an interview with reporters on Thursday.

“We just agreed to return the P1 billion

because it had the same purpose which is for credit. But the remaining P4 billion cannot be considered as part of the RCEF,” he added.

The agriculture chief said Trade Secretary Ramon M. Lopez agrees with the DA’s position that the P5 billion released last year was not part of the RCEF. Piñol said he will hold a dialogue soon with other government officials to settle the issue over the RCEF. The Department of Budget and Management has remained mum on the RCEF since the B usiness M irror broke the story on the confusion over the fund. The DBM has yet to respond to the B usiness M irror ’s query. Last Monday, Neda Assistant Secretary Mercedita A. Sombilla said the DBM has committed to provide the DA P5 billion under the RCEF by the third quarter.

“So once there are government savings— but whether there are savings or not—that P5billion [RCEF fund] has to come because that is what the law says. So, it’s really a commitment,” Sombilla said.

PHL to step up IP protection of creative assets

By Elijah Felice E. Rosales @alyasjah

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HE government is seeking to heighten its intellectual-property (IP) protection of creative assets as part of efforts to sustain the Philippines as the top creative economy in Southeast Asia.

According to Anthony B. Rivera, assistant director of the Department of Trade and Industry’s Export Marketing Bureau, the government will intensify its IP protection of creative assets to strengthen the country’s case as the leading Southeast Asian creative economy. He argued it is important that works of local creators are protected to keep them valuable in the global market.

“Our creative services were known globally as pioneering in voice and nonvoice. At the same time, we are in the stage where we are encouraging—and that is why we are connecting with the industry development [groups]—coming up with our own IP assets. We want films, games and animations that are originally ours,” Rivera said

in a recent interview with reporters.

“One vital factor that will come into play there is the essence of intellectual-property protection. [This is the reason] we are working on this as part of the priority of the industry,” he added.

Rivera said his agency is collaborating with the Intellectual Property Office of the Philippines for the faster processing of IP documents for creative assets.

Under the draft creative economy road map, the Philippines is envisioned to become the top creative economy among Association of Southeast Asian Nation (Asean) member-states by 2030. Crafted by the Creative Economy Council of the Philippines (CECP), the road map covers six cultural domains, namely, cultural and natural heritage; performance and celebration; visual arts and artisan products; books and press; broadcast and interactive media; and creative services.

“By 2030 the Philippines will be the No. 1 creative economy in Asean in terms of size and value of our creative industries, as well as the competitiveness and attractiveness

Concessional loans. . .

These measures include fiscal policy reforms that seek to strengthen the capability of the government to generate funds, as well as efforts to fast-track “game-changing infrastructure projects” that will bring the country “to a higher level of play.”

“At this point, we’re not really sure what the state of play will be—will we reach UMIC status. But we’re aware of that possibility,”Joven said. “That’s why at the start of this administration, [officials] made some structural changes.”

ADB President Takehiko Nakao recognized that there were discussions on whether multilateral development banks (MDBs) should cut funding for UMICs, or countries that have reached a higher level of per-capita income.

Nakao said ADB’s response to these calls included reductions in lending and project approval for Chinese projects. He said the bank has reduced its lending to China

Continued from A1

to 12 percent, from 19 percent; and in terms of project approval, 11 percent from 14 percent.

However, Nakao said these efforts do not need to be done drastically given the financial capability of the ADB. He said the merger of the bank’s Ordinary Capital Resources (OCR) and the Asian Development Fund (ADF) has helped ADB shore up more financing for the use of developing member-countries (DMCs).

“In our case, we have more resources and we don’t squeeze lending to poorer countries because of lending to such countries like China or Kazakhstan, or other higher income countries.”

So, he added, they“will continue to apply”graduation policies, “but we can continue to support institutions on issues such as climate change and environment.”

Last year, Socioeconomic Planning Secretary Ernesto M. Pernia said that as Filipinos’ per-capita incomes grow,

of our creative talent and content in international markets,” the draft road map read.

In a copy of the draft road map seen by the BusinessMirror, the CECP wants the government to put up at least 10 special economic zones for creative industries by 2030. It also intends to register five Philippine cities in the Unesco Creative Cities Network.

Manila exported $915.45 million of creative goods in 2014, a jump of nearly 18 percent from $775.83 million in 2005, according to the United Nations Conference on Trade and Development report titled, “Creative Economy Outlook: Trends in International Trade in Creative Industries.”

Design goods accounted for the largest share of the figure at $279 million, followed by interior design at $221 million and toys and jewelry combined at $116 million. In 2014 the United States was the top destination of Philippine creative goods exports with $472.56 million, trailed by Japan with $136.03 million, China with $38.45 million, Italy with $30.73 million and Germany with $22.56 million. so will the country’s interest payments. He said this was the “price to pay” for having higher levels of income.

The National Economic and Development Authority (Neda) said the Philippines is on track to joining the ranks of UMICs by this year. This means that the country’s gross national income (GNI) per capita will increase to at least $4,036, from $3,550 in 2015.

Upper middle-income economies are those with a GNI per capita of between $4,036 and $12,475, while high-income economies are those with a GNI per capita of $12,476 or more. But this will make loans offered by MDBs, such as the ADB, more expensive.

Currently, no country has graduated from ADB assistance, despite the presence of large economies among its DMCs. However, there are countries that were classified as“grant-only,” “concessional”and“market-based lending.”

This classification is based on the per-capita income, economic situation, and debt repayment capacity, among others. Cai U. Ordinario

The Nation BusinessMirror

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Editor: Vittorio V. Vitug • Friday, May 3, 2019 A3

Amid local glut, DA eyes pork export to ASF-afflicted China

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Department of Agriculture (DA) is keen on exporting pork to China, which is being devastated by African swine fever (ASF), to reduce the reported domestic oversupply and provide hog raisers additional profit.

Agriculture Secretary Emmanuel F. Piñol said the plan is to take advantage of China’s huge demand for pork as its hog population is currently being wiped out by the dreaded ASF. Exporting locally produced pork to China, especially by commercial raisers, would open additional market for Filipino raisers and reduce domestic supply glut, which has sent hog farm-gate prices below profitable

levels, Piñol added.

“We are seriously looking at exporting pork to China because of what is going on with its hog industry,” he said in an interview with reporters on Thursday. “Once the big players start exporting pork, then our local hog producers would have a breather. And I am positive that it will stabilize the prices,” he added.

The agriculture chief said the increasing global meat prices, particularly for pork, is enticing for huge Philippine-based hog raisers, such as Charoen Pokphand Foods Philippines Corp. (CP Foods).

“CP Foods is very positive to export pork to China, as they are already arranging their documents such as compliance with the SPS [sanitary and phytosanitary] measures,” Piñol said.

Piñol said he would go to China on May 16 to follow-up discussions on agricultural bilateral trade, including the possibility of exporting pork.

He added that the DA eyes to export pork “as soon as possible” but with its timeline being within the year.

“The moment farmers will feel that there is a market for their produce, they will produce more. That is the motivation—it is not a question if we are capable of supplying, but if there is demand,” Piñol said.

“And China right now has a huge shortfall in supply as they have started to cull, including their sows, and it would take years before they could recover. So, it would be easier for us to export pork to them since they are in dire need,” he added.

DOTr, Marina assert PHL’s position in IMO ‘white list’

By Lorenz S. Marasigan @lorenzmarasigan

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HE Philippines is questioning “the sudden review and reparation of a draft revised white list” of parties to the International Convention on Standards of Training, Certification and Watchkeeping (STCW) during a recent International Maritime Organization (IMO) meeting.

In a news statement, the Maritime Industry Authority (Marina) “asserted its position on the list” by questioning the “procedures of the said review, and the criteria for issuance of a revised list.”

Marina Officer in Charge Narciso Vingson Jr. said “no white list has been officially issued by the IMO excluding the Philippines,” but the international body agreed to create a technical working group (TWG) to “review the consistency of evaluation, and the competency of those who would review.”

“First, I would like to clarify that the IMO has not issued a ‘white list’ which does not include the Philippines. Nonetheless, it was agreed upon in one of the sessions that a TWG be

established to work on all issues raised,” Vingson said.

He, however, lauded the creation of a TWG as a “positive development.”

For his part, Transportation Secretary Arthur P. Tugade challenged the Marina to exert all the necessary efforts to prepare for the independent evaluation, which is part of the Philippines’s compliance as a party to the STCW Convention.

“This is good news for our maritime industry and the entire country. May this be treated as a challenge so that the Marina and other concerned agencies perform at their best to prepare accordingly for the independent evaluation,” he said.

Tugade added that this will ensure the security of livelihood of thousands of Filipino seafarers around the world.

“We need to make sure that we will exert all the necessary efforts, commitment and support to make this next mission successful,” he said. “The livelihood and future of thousands of maritime workers and their families are at stake.”

Vingson noted that Marina will exert all efforts to ensure that the Philippines will maintain its status

BRI loans. . . continued from a1 Nakao said it is also important to “pay attention to [the] social and environmental impact of the projects” to ensure that they will address development constraints and not add to them.

Nonetheless, Nakao said he believes the infrastructure investments linked to the BRI are still needed to boost global economic growth.

Moody’s agrees

MEANWHILE, credit rating agency Moody’s agreed with Nakao and said the BRI can help boost economic growth in 12 Asia Pacific (Apac) and Commonwealth of Independent States (CIS) sovereigns, but added that project implementation and Chinese loans to be used to finance these projects are causes for concern.

Moody’s said countries with

weaker fiscal and external positions, as well as large volumes of non-concessional funding, are at biggest risk in terms of debt sustainability and balance of payments pressures.

These countries at risk of rising debt and wider external imbalances, Moody’s said, are Maldives, Pakistan and Sri Lanka.

“Inefficient project implementation, and the absence of macroeconomic and structural reform requirements in many Chinese loans can lessen longer-term credit benefits for some sovereigns,” said William Foster, a Moody’s vice president and senior credit officer.

“Meanwhile, the scale and terms of BRI investment can amplify macro-stability risks for sovereigns with weaker economic fundamentals and limited policy effectiveness,” he added.

Manufacturing. . . continued from a1

at 50.4 during the month—still below the Philippines numbers for April.

“Output expanded at the weakest rate since September 2017, while new order growth was dampened by a quicker drop in export

sales,” IHS Markit Economist David Owen said.

According to the report, firms responded to the decline in export sales by reducing job numbers for the second month running, while

in the white list.

“Rest assured that the Marina remains fully committed to steadily sustain the Philippines’s full compliance with the STCW Convention. We will continue to do everything we can to maintain our status in the IMO white list,” he said.

He added: “All necessary steps to con si stent ly i mprove t he country’s maritime education, training, examination, and assessment system are being undertaken and prioritized.”

Being included on the white list implies that the Philippines is compliant with the International Convention on STCW. Hence, being on the list places a huge advantage for Filipino seafarers, as this reflects that they underwent strict training and education.

The government has been intensifying its efforts to remain in the white list, as a removal of the Philippines from the list could have serious implications on Filipino seafarers abroad.

There are as much as 400,000 Filipino seafarers deployed in different parts of the world to date, remitting about $5.8 billion annually.

Brownouts. . . continued from a1

Key global player

IN 2014, China created the 21st Century Maritime Silk Road initiative, which sealed its position as a key player in global trade. The initiative was envisioned to greatly increase trade between and among the countries, as well as make logistics and trade more affordable in the region.

ALSO at Thursday’s hearing of the oversight panel, Department of Energy officials assured the Joint Congressional Power Commission Thursday they do not foresee brownouts occurring during the midterm May 13 national and local elections.

Gatchalian said they are banking on the DOE assurance of “sufficient reserves” of power on election day.

An hour of power outage in Luzon may happen after election day, the Department of Energy (DOE) warned on Thursday.

“Worse case, if it will happen, it will be a one-hour outage per area,” DOE Assistant Secretary Redentor Delola told members of the Joint Congressional Power Commission (JCPC).

Delola said this could happen if there is no additional capacity injected into the grid and if major power plants conked out again. “Worse case scenario, if we experience again what happened from April 10 to 12, expect outages much more because demand is projected to be higher in May,” he said.

Election day on May 13 is a holiday. During holidays, demand for electricity is at its lowest. After May 13, when the counting of votes happens in most places, demand for power is likely to peak.

“On May 13, there is sufficient supply. Nothing will happen. But since the days after election day are working days then we may expect demand to pick up again. But for as long as there are new capacities coming in and no forced plant outage happens then we are ok. Otherwise, the worse case of one-hour brownout may happen,” explained Delola.

Energy Secretary Alfonso G. Cusi assured that three power plants, with a combined capacity of 470 megawatts (MW), will transmit power to the grid on May 4. “In a report, by May 4 the capacity from plants that went offline last time will produce power. We will be back to normal level. There are also no maintenance activities during election period.”

Meralco, the country’s largest power distributor, also said it was preparing contingency measures in case several poll precincts would be

hit by rotational brownouts.

The congressional commission was likewise informed by energy officials there would be “no maintenance works scheduled” during the election, “but all hands would be on deck.”

“We are going to coordinate on election day,” Cusi told Gatchalian, who was also informed that by May 4 all power plants “will reconnect with the supply chain.”

The senator earlier warned energy suppliers that the congressional commission “will hold gencos [power generators] accountable,” adding that the panel was crafting “major reforms” to be enforced soon.

He indicated that the commission was working to reform the existing system and make the major players in the energy sector accountable, citing for instance the proposed adoption of a “causers’ paying principle” that will cover penalties for unscheduled service interruptions.

“We have had several hearings [on this]; whoever is at fault should be penalized,” Gatchalian added, even as the ERC informed the Commission they will still “do another round of consultations” as they also “need to consider inputs.”

Gatchalian, however, told energy regulators to fast-track the process.

“We need to have accountability in the power sector,” the senator said, airing hopes that “sana [I’d wish], best effort, do it in 30 days.” With Lenie Lectura

also lowering stocks of preproduction goods. Output prices increased only modestly, as fewer manufacturers reported higher input costs.

“April PMI revealed an even more subdued picture for the Phil-

ippines. With first quarter results already reflecting weaker manufacturing growth than at the end of last year, the latest data did little to raise hopes for the second quarter,” Owen said.

“With the national election during May, production growth may be stifled again in the next survey. As such, it is looking like the second quarter may prove to be a challenging one for the manufac-

turing sector,” he added.

Despite the bleak numbers, the Philippines continued to record the highest level of positive sentiment, while the weakest degree of optimism was seen in Myanmar.

However, Moody’s said Pakistan, Mongolia, Kazakhstan and Cambodia are the countries that would likely reap the greatest potential for economic gains from the BRI. It added that Kazakhstan, Vietnam and Thailand are not significantly exposed to potential BRIrelated macro-stability risks, due to generally stronger sovereign credit profiles or the smaller relative scale of their projects.

Energy committee chairman, told reporters after the hearing that was called to tackle solutions to power outages.

A massive outcry had greeted the unscheduled serial brownouts across huge parts of Luzon two weeks ago, prompting lawmakers to demand clear explanations from regulators and power generating companies.

The outages sparked angry reactions because several of them were unplanned, coming even after the Department of Energy had confidently reported that energy supply would be adequate as power players already gave the schedules of their plant shutdowns for maintenance work.

No brownouts on election day

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

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

A10 Friday, May 3, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Are Philippine elections honest?

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E really need to change our attitude about our elections and, more important, about the results. Or we need to have hard facts to back up some of the negative perceptions that sometimes border on being a conspiracy theory.

“Preelection surveys condition the voter to expect a certain result.” That is true to a certain extent based on very narrow studies, most done before the explosion of social media. When one candidate has a strong lead, there is the tendency to vote for the apparent winner.

However, the studies were made in countries where voters cast a ballot for a political party rather than a particular candidate— regardless of party—as in a Parliamentary system. This is the “bandwagon” effect.

Some studies have shown that “lazy” voters may not go to the polls if they think their candidate is a sure winner. In the 2016 US Presidential election, Hillary Clinton was given a 90-percent chance of winning. But there is no indication at all that this kept Clinton voters from the polls. In fact, it may have motivated Trump voters to come to the ballot box. Therefore, these opinion surveys may actually have the reverse effect of giving support to candidates that are not in the lead rather than condition voters to expect a “sure winner” to actually win.

Studies also have shown that being behind in the polls strengthens the resolve of a candidate’s core voters, who would work harder as the election comes closer. Therefore, as in a race with real horses, it may be better not to be in the lead and yet not to be too far behind. What campaign managers look for is a gradual but steady increase in voter percentage. A candidate whose standing in the polls does not increase over time usually means a voter death sentence.

Another group firmly believes that the outcome of the election is determined by cheating and it doesn’t matter whom the voters select. There is no question that every election virtually in every country is subject to some “miscounting”—if not outright cheating. That may be why the preelection surveys are important. At least there is a benchmark of some sort to judge the final results.

The question then is, how accurate are the surveys?

In the past five elections including 2004, 60 senators have been elected. Of the 60 elected senators, only three were not in the “Magic 12” on the final survey. We looked at the polls conducted

by Pulse Asia and the final results.

The three candidates not in the survey’s top 12 that were elected were Pia Cayetano in 2004 and Antonio Trillanes IV and Koko Pimentel in 2007. From the top 12 that were not elected were Ernesto “Ernie” Maceda in 2004 and Ralph Recto and Juan Miguel Zubiri in 2007. It must be noted that the 2007 election was controversial as to the Pimentel/Zubiri final placement.

Since 2010, every candidate in the Magic 12 was elected as senator. Perhaps Philippine elections are not as tainted as many would like to think. Perhaps the surveys do ref lect genuine voter preference. But one fact is without question: The government must do much more to insure ballot integrity and increase voter confidence.

Since 2005

BusinessMirror A broader look at today’s business

The least disappointing candidate Manny F. Dooc

TELLTALES

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ROMISES, promises, promises. Every voter must have heard every promise contrived by a candidate just to get his vote. It seems that voters never learn as they continue to be hoodwinked by scheming candidates who have no intention of fulfilling their promises. Some candidates will promise to bring you to paradise once they get elected. But after their proclamation as winners, they soon forget everything.

Elected officials should include in their oath of office Robert Frost’s verse: “The woods are lovely, dark and deep, But I have promises to keep, And miles to go before I sleep, And miles to go before I sleep.”

A s B e r n a rd B a r u c h o nc e quipped: “Vote for the man who promises least; he’ll be the least disappointing.” nnn

AUSSIE businessmen had asked the Philippine government to decide on the long pending “Trabaho” bill that seeks to gradually reduce the corporate income tax to 20 percent by 2029 and ratio-

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ticeship to be allowed to continue.

If Kim succeeds, she will join the elite league of Thomas Jefferson and Abe Lincoln who became lawyers without attending law school.

There may be others but locally I only know of one who was given a special dispensation by the Supreme Court to take the bar examination without taking formal studies in a law schoo—Jose W. Diokno, who topped the bar examination during his time. He is the illustrious father of senatoriable Manuel “Chel” Diokno, an eminent lawyer.

We have quack lawyers who do lawyering without passing the bar examination. One such lawyer asked a witness: “Would you know how many times the deceased had committed suicide?”

nnn

nnn

REALITY TV star Kim Kardashian announced in a Vogue interview that she plans to become a lawyer by working in a San Franciscobased legal organization. California is one of the four American states that allows legal apprentices to become lawyers without a formal law schooling provided they pass the bar examination. It requires 18-hour work a week in an apprenticeship law firm, home study and passing a baby bar examination after a year of appren-

I VISITED Canada two weeks ago and the warmth and hospitality of its people never fail to impress me. Its liberal migration and labor policy attract legions of Filipino workers who have found their callings in Canada. Official figures showed that the Filipinos have remitted the highest amount to their home country among all the foreign nationals working in Canada. Canada has hosted over 800,000 Filipinos and provided See “Dooc,” A11

The Fed needs to develop a better feel for markets

By Mohamed A. El-Erian Bloomberg Opinion

✝ Ambassador Antonio L. Cabangon Chua Founder

nalize the tax incentives. While they endorse the tax reduction, many multinationals threatened to cut down or withdraw their investments if their existing tax privileges are removed or reduced.

Thus, instead of generating more trabaho for our people, its passage may result to higher unemployment rate. Unlike the House, the Senate has yet to act on the measure with some senators vehemently opposed to it. Let’s wait until Congress resumes its session after the midterm elections. Some oppositors may only be posturing for electoral gains but political expediency eventually may give way to long-term economic wel-

fare. Let’s hope that this is the case and that our legislators will see the light after May 13.

Let me cite a parallel case in the US. At the height of the Prohibition Law, the US Congress failed to repeal the Prohibition Act despite the shifting public opinion against it. In despair, the bill’s author exclaimed: “There is as much a chance of repealing the Eighteenth Amendment as there is for a hummingbird to fly to the planet Mars with the Washington monument tied to its tail.” Eventually, President Roosevelt moderated his position on alcohol prohibition and the bill was approved.

Enacting the Trabaho bill is a tall order but I know our economic managers will be equal to the formidable challenge ahead.

T

HIS was supposed to be a no-drama, nonevent Federal Reserve policy meeting—and was, until a small communication slip led to outsize moves in markets, with stocks and bonds selling off simultaneously. Understanding why tells us a lot about investor mentality and market positioning, not to mention the need for the Federal Reserve to develop a better feel for both before things get really complicated.

The minute-by-minute moves in markets on Wednesday afternoon mirrored those seen in December after the conclusion of that FOMC meeting. Investors and traders initially welcomed a slightly dovish change in the Fed’s language on inflation. The calm held during Chairman Jerome Powell’s opening statement at the press conference.

Then, just as in December when Powell used the word “autopilot” to describe the then-prevailing policy approach to reducing the Fed’s balance sheet, his use of the word “transitory” when responding to a question on low inflation shook markets. Stocks started to sell off, with the S&P 500 Index ending the day 0.75 percent lower. Bonds prices also fell, reversing the earlier narrowing in yields and the dollar rose.

The moves were important beyond their relatively modest size. Fol-

lowing the dramatic, dovish U-turn in monetary policy signals earlier this year, markets are now positioned not just for a patient Fed but one that will cut rates later in 2019—based less on a significant growth slowdown than the persistence of low inflation. This notion has been solidified in the market’s forecast of an “insurance cut” by the Fed, one meant to lower the risk of price deflation, boost growth and provide liquidity support for asset prices.

By indicating that transitory, rather than persistent, factors explained the recent fall in inflation, Powell cast doubt on this conviction. And with market positioning quite extended after an impressive 18-percent gain in the S&P 500 in the last four months—the strongest start to the year since 1987— even a single inadvertent word can impact asset prices.

Perhaps the Fed, fearing an asset bubble and financial instability down the road, was looking to take some steam out of red-hot stock markets, as well encourage an adjustment to very low bond yields and a still quite flat yield curve.

Personally, I doubt it. After all the excitement of the last few months and political attacks on its independence, I’m betting the Fed was hoping to make no waves with its meeting and statements.

The fact that it ended up moving markets suggests that the Fed needs to develop a better understanding of market technicals—or what some call a “feel” for the markets.

Without that, an important part of its policy arsenal—that is, policy guidance which ensures that markets do some, if not all of the heavy lifting—will become less effective.

This need has only become more urgent. The Fed opted last year for a press conference at the conclusion of every FOMC meeting, thereby increasing the scope for communications mishaps and undue market volatility. The communication challenge will become even more complicated if you believe, as I do, that growth will continue to diverge among the advanced countries as the US outperforms and Europe struggles.

It’s highly likely now that Fed

officials, as they did after their December meeting, will make remarks in the next few weeks to clarify their intended policy signals and soothe market jumpiness. Each such episode only confirms the markets’ belief that a “Powell Put” will continue to prop up elevated asset prices and growing debt and leverage (just as they believed in a “Bernanke Put” and a “Yellen Put”).

With two slots open on the Board of the Federal Reserve and only one possible nominee in play (Stephen Moore), the administration still has a chance to add market expertise to the Fed board, someone who can fill the role ably played by prior governors Kevin Warsh and Jeremy Stein. To do so, the White House needs to focus on finding someone very familiar with the operation of markets, or at least someone open to listening to market participants— thereby supplementing the economists and generalists currently on the board.

While investors will likely put Wednesday’s tantrum behind them relatively quickly, the lesson holds.

Absent a better understanding of market positioning and ruling narratives, the Fed risks undue volatility that could be costly to economic well-being, especially if the policy outlook does indeed get trickier later this year.

Opinion BusinessMirror

www.businessmirror.com.ph

Friday, May 3, 2019 A11

Poverty: A long way to go Through the night river of Sorsogon where fires fly Leonardo A. Lanzona Jr.

E

EAGLE WATCH

ARLY last month, the Philippine Statistics Authority (PSA) released its most recent estimates of poverty. The data presented a dramatic decrease in poverty incidence from 27.6 percent in the first semester of 2015 to 21 percent in the same period in 2018. For the Duterte administration, this development is seen as a vindication of the economic programs that it has managed and supervised since the time it took over the reins of government in 2016. This significant decline in poverty has emboldened the economic managers to claim that President Duterte’s promise of reducing poverty incidence to 14 percent by the end of his term is feasible.

In the midst of the celebrations, a few points need clarification regarding the causes of this observed decline in poverty. First, the estimates are based on new measures of food thresholds as the PSA updated its collection of market basket, which forms the basis for the computation of the consumer price index (CPI). This adjustment meant that the original first-semester poverty incidence that was recorded at 26.3 percent in 2015 had been scaled up to 27.6 percent under the adjusted new estimates, suggesting more poor people than originally measured. This makes the decline in poverty in 2018 even more impressive. In light of the upcoming election, this development comes at a fortuitous time for the administration candidates.

Second, given the revisions in the market basket, can we assert that those who have obtained incomes above the threshold are truly out of poverty? This issue is known as Micawber Problem (in reference to a Charles Dickens character). If people just above the poverty line are already considered nonpoor, then should someone just below the poverty line also be considered nonpoor?

Third, because of the superficiality of the poverty-incidence measure, the PSA included other indices of poverty: the income gap (the average income required by the poor in order to get out of poverty, expressed relative to the poverty threshold), the poverty gap (the income shortfall defined in proportion to the poverty threshold of families with income below the poverty threshold, divided by the total number of families) and the severity of poverty (or square of the poverty gap which gives a higher weight to households that are far from the threshold).

In the case of the income gap, the achievement is not too dramatic. In the first semester of 2018, on the average, incomes of poor people were short by 26.9 percent of the poverty threshold (estimated at roughly P12,600 per month in 2018) compared to 29.5 percent in the same period in 2015 (with a threshold of about P11,300 per month). While the ratios significantly changed, the average income discrepancy for poor households remains at roughly the same amount, ranging from P3,500 to P3,300 per month between the first semesters of 2015 and 2018.

In absolute terms, the incomes of poor households are not significantly closer to the poverty threshold.

The difference between the income gap and the poverty is the denominator. For the former, the total poor households are used; for the latter, it is the total number of households. The poverty gap can be interpreted as the total amount of resources needed to bring all the

Dooc. . .

continued from A10

limitless opportunities to them.

Unfortunately, this idyllic relationship is now disrupted by the shipment of container loads of trash by a Canadian exporting company to a local consignee five years ago. Such act is totally unac-

If the goal is to reduce poverty incidence, it is possible for a malevolent government to take away money from the poorest of the poor, and give it to those who are just below the poverty line. In this way, more people are moved out of poverty, thus achieving government targets but at the expense of the poorest sector of the population, thereby placing them deeper into poverty. poor to the poverty threshold in the first semester of 2018, the povertygap is down to 4.3 percent from 6.6 in 2015. With a lower poverty incidence and a greater population, the country is thus more able to bring the poor households out of poverty.

Nevertheless, the poverty-gap index overlooks the effect of inequality between the poor. It does not capture differences in the severity of poverty amongst the poor.

By placing a greater weight on the households where income shortfall is greater, the severity of poverty index is able to consider inequality.

Here, the data also shows a significant improvement as the index is brought down from 2.8 in 2015 to 1.8 in 2018. Because of the Conditional Cash Transfers and other support services, the differences in incomes among the poor has been reduced as these programs seem to favor the poorest households.

However, the issue can be clarified if we analyze the severity index by location. The figure below presents the correlation between the 2015 and 2018 severity indices across provinces. Note that there is a positive trend, indicating those with lower (or higher) severity in 2015 have lower (or higher) severity in 2018. Moreover, the provinces with higher poverty severity in 2018 are mostly in chronically poor Mindanao with very dismal records of growth. Poverty is thus more severe in the much poorer and less-developed provinces.

The argument is that aside from support services and growth, the distribution of resources will be crucial in further reducing the depth and severity of poverty. If the goal is to reduce poverty incidence, it is possible for a malevolent government to take away money from the poorest of the poor, and give it to those who are just below the poverty line. In this way, more people are moved out of poverty, thus achieving government targets, but at the expense of the poorest sector of the population, thereby placing them deeper into poverty.

Leonardo A. Lanzona Jr. is professor of economics at the Ateneo de Manila University and a senior fellow of Eagle Watch, the school’s macroeconomic research and forecasting unit. ceptable, which no self-respecting country should allow. PRRD lambasted Canada and even threatened to go to war if the containers are not taken back. Secretary Delfin N. Lorenzana explained that PRRD was merely using a figure of speech to express his extreme displeasure over the delay in resolving this issue.

The raging question is: Is it hon-

Tito Genova Valiente

ANNOTATIONS

O

NE does not see the Buhatan River from the road that seems to go on forever. At the end of the long road in Sorsogon, one sees mountains and low hills. Coming from Albay, one looks back at the assault of the beauty of Mayon. It is a mountain of myths. In Sorsogon, one has to always ask a local if one is already seeing the Bulusan or the other mountains that have buried in them hot springs and sources of energies.

Bulusan does not have the mighty dimension of Isarog, the volcan de agua located in Camarines Sur, with myths speaking of eruptions that brought down massive amounts of water instead of lava. Bulusan does not have the disturbing beauty of nearby Mayon. What Bulusan has is mystery. It does not have stories to tell. If ever, it appears to be waiting for us to weave tales that would explain its power to us. Chill, that is what this volcano is all about.

I was in Sorsogon on a program sponsored by the Film Development Council of the Philippines. I was one of the resource speakers to talk about film education to teachers of the venerable Sorsogon National High School.

On my second day in the city, I realized I have to look for Bulusan if I had to marvel at its splendor. It is a volcano, and the locals are proud to tell you about its lake and its enchantment. There were, however, many other mountains close by, one hill covering another hill, a mound rising upon a mound until they become a full mountain.

It was on that second day that we were informed we would go down a river and cruise, and watch fireflies.

It was also on the first day in this small city that I learned more about the generosity and vaunted kindness to strangers of the people from Sorsogon. This realization came from what I sensed about the good teachers of Sorsogon National High School: you ask about some food, the next day or the next meal, you see that food being offered to you.

When I mentioned how I wanted to visit Juban because that is where many of my kin from the Alindogan side come from, they offered to take me there. At about 5 in the afternoon, we were all traveling to the town of Juban, more than 30 kilometers from the city. At 6 in the evening, we were in an old home that was made into an inn.

The old homes all face the wide highway but inside it was the past.

Kamingaw, I told my companions.

Mingaw is that feeling of longing for something that is not here anymore. It is a light feeling; not as hard as grieving, not overbearing as loneliness.

I would encounter this kamingaw again with the fireflies.

From the bridge of Buhatan, I could see raft-like conveyances— moored below and shaded by tall trees.

We missed the sunset, the guide told us. The trip up river would take some 45 minutes. At the end of the trip, we would stop by a restaurant, and there eat.

After some pulling and twisting of ropes, the boatmen requested us to transfer to another cabana. Soon, we were on our way. The trip away from the bridge was nothing extraordinary. What made that part of the trip exhilarating was Myrna, the guide, who seemed to know all the stories and travails of that ecoadventure. As we slowly sailed past mangroves, she began telling us the story of their beginning—how they started with nothing else and how they have now millions in the bank.

The eco-adventure is a success.

The story of Myrna confirms it and makes us realize how a communitybased project can only succeed if everything is centered on communities and not stuck in the romanticized notions of urban cultural workers.

The story also made the trip quicker.

It was on the return trip that earth magic started to spin its web of enchantment around us. By that time, the night, the true night had set in. Behind us we could see the river opening up into its end, the sea. Further up, lighted, was the city.

Before us, the dark.

The river was black in the night; the water was a wet velvet upon which the flat boat-like contraption floated.

One of the guides was training his flashlight on the trees and shrubs along the river bank. Then, he turned it off. In the darkness, the stars above multiplied themselves many times.

There were just too many of them for one to chart the constellations.

There was no need for the guide to say anything for the next splendor. From the stars, our eyes moved to the fireflies humming their tiny flames and allowing them to burst, fade and glimmer again in midair.

More fireflies appeared. Darkness became the beacon. Embarrassingly numerous fireflies glided and flitted around the old trees and giant leaves.

These insects, for fireflies are insects, were emanating lights because they are getting ready for the mating.

Forget ecology, we were rhapsodizing about the amazing display of nature and sexual habits of some organisms.

But you do not think of fireflies as sexual objects. That is almost sacrilegious in the shrine of ecology. Each time the fireflies appeared, we were told to clap our hands. The idea was that our applause made those lights even brighter. Whether it was true or not, we followed the instruction, afraid that if we did not, this gift from the darkness of the universe will be taken away from us.

The fireflies are signs of the clean environment. Our bamboo boat sailed down the shadow of the river, now hiding the many years of cleaning done by the people around the villages. The absence of man-made light around made us feel the boat was resting on the silence of the water. We were moving though, at each turn the fireflies hovered around mangroves that brought them back.

Or was it they that caused the return of these mighty growth to protect their flames?

Where celebrities thank their makeup artists and fashion designers, through this column, I would like to extend my gratitude to the teachers of the Sorsogon National High School, who accompanied me through the ghosts of the old homes of Juban and the magnificent realities of fireflies and the river cruise. The head teacher of the group is Ms. Aninipot, the Bikol name for “ fireflies.”

E-mail: titovaliente@yahoo.com

US military is right to take UFOs seriously

By Tyler Cowen Bloomberg Opinion

F

OR the last several years, the US military has observed an increase in what it calls “unexplained aerial phenomena.” The rest of us may know them by their more common name—unidentified flying objects—and we should all strive, as the Navy is doing, to take these reports more seriously.

Sometimes, according to the Washington Post, well-trained military pilots “claimed to observe small spherical objects flying in formation. Others say they’ve seen white, Tic Tac-shaped vehicles. Aside from drones, all engines rely on burning fuel to generate power, but these vehicles all had no air intake, no wind and no exhaust.”

They also appear to exceed all known aircraft in speed and have been described by a former deputy assistant secretary of defense as embodying a “truly radical technology.”

Meanwhile, Avi Loeb, chairman of the Harvard astronomy department, recently suggested that a passing object in space, named Oumuamua, might be a lightsail from an advanced alien civilization, as evidenced by its apparently strange movements.

Before you ask: No, I don’t think the proverbial “Little Green Men” have

orable to go to war over a taklobo or over a basura? Let’s find a nobler cause to raise our flag for. nnn

AN elderly woman was being interviewed right in front of her ruined house. “ We were damaged by the Mount Pinatubo eruption and a series of strong typhoons, but our house withstood them all. This earthquake is the most destruc-

come. But maybe you wonder about the probability, even if quite small, that aliens are visiting. Or at the very least you might think we should remove the stigma, which has been strong in the military, against reporting and discussing UFO sightings.

You might also be wondering which non-alien phenomena might be accounting for these strange observations. Wouldn’t it be interesting, for instance, if a foreign power were tracking our military missions with a new secret weapon? Or if the eyewitness reports of our service members were so unreliable and in such systematic ways?

But let’s first step back a bit and see why the chance of actual alien visitations is more than minuscule.

There is a well-known dilemma known as the Fermi paradox, and it asks why we have not seen evidence of alien visitation or communications to date. After all, scientists are identifying more potentially life-supporting planets all the time, and the number of such planets in our galaxy is likely very large. Even if the chance of intelligent life on any single planet is small, it is plausible to think at least a few of these places have evolved technologically sophisticated civilizations, capable of sending messages to us.

An alien civilization doesn’t have

to send its people. It could build a few self-replicating von Neumann probes, as they are called, carrying artificial intelligence and powered by solar or nuclear energy. At some point, you would expect such probes to wash up on our shores or transmit messages to us.

You can debate the actual numbers, but on the grounds of pure theory alone, the chance of alien contact of some kind is not so small. So on the yes side, on behalf of the notion that something truly strange is happening here, we have both pilot testimonials and pure theory. That is not nearly enough, in my view, to believe in alien visitation, but it is more weight than many people think.

Also keep in mind the history of the New World before the European arrival and conquest. There were legends of fair-skinned visitors from abroad, perhaps stemming from the Vikings and their explorations, but one day this “alien contact” turned out to be very real indeed—through Columbus, Cortés and others. To be oblivious of another civilization for a long time, and then suddenly encounter it, is a common theme in human history. Perhaps this has not happened for the last time.

Of course, the case against alien visitation remains strong. On its side is common sense, the absence of any-

thing close to knockdown evidence, the general notion that very large changes in our understanding of the world are rare, and the observation that if advanced aliens somehow were here, they either would be entirely hidden or much more obvious.

Still, when you run all the arguments through your mind, is it not possible to come away with an estimate of at least a one-in-a-thousand chance that alien visitations are a real thing? Even such a small chance would be worthy of more discussion.

And might I be able to talk a few of the bolder ones among us up to a one-ina-hundred chance?

Regardless of how you judge the likelihood, you can still benefit from thinking more deeply about the mysteries of the universe and our place in it. Perhaps the Earth has life because it came from other solar systems, seeded by alien probes, and indeed that is what I would do if I were a very wealthy alien philanthropist. If you end up with 100 successfully seeded solar systems for each very advanced civilization, the resulting odds suggest that we are indeed the result of a seed.

That’s partly why, to this observer, the most likely resolution of the Fermi paradox is this: The aliens have indeed arrived, through panspermia—and we are they.

tive force of nature.”

This reminds me of a story about three women—a redhead, a brunette and a blonde—who were about to be executed by a firing squad.

The guard brings the redhead forward and the executioner asks if she has any last request. She says “None” and the executioner shouts, “Ready, aim…” Suddenly the redhead yells, “Earthquake!” They all

threw themselves on the ground for safety. When they look up the redhead had escaped. The guard brings the brunette forward and the executioner asks if she has any last request. She says “None” and the executioner shouts, “Ready, aim…”

Suddenly the brunette yells, “Tornado!” Again, everyone dives for cover.

When they look up the brunette had escaped. By now the blonde has it

all figured out. The guard brings her forward and the executioner asks if she has any last request. She says “None” and the executioner shouts, “Ready, aim…” And the blonde yells, “Fire!”

The worst calamity that may befall us on May 13 will be power blackouts in polling places that are notoriously known for election irregularities. God forbid!

Companies BusinessMirror

Editor: Efleda P. Campos

AboitizPower’s 1st-quarter income declines to ₧3.6B

By Lenie Lectura

A

@llectura

BOITIZ Power Corp. posted a 9-percent decline in net income in the first three months of the year to P3.6 billion, from P4 billion recorded for the same period last year.

Core profit stood at P4.1 billion, 21 percent lower than a year ago, mainly due to the higher volume and cost of purchased power.

The power firm recorded consolidated earnings before interest, tax, depreciation and amortization (Ebitda) of P10.4 billion for the period, 13 percent lower than the P11.9 billion for the first quarter of 2018.

The company said spot-market prices were exceptionally high during the first three months of the year, and the company purchased replacement power due to outages and over-contracting in preparation for Therma Visayas Inc. (TVI) coming online.

“It has been a challenging first quarter for

the industry and AboitizPower. The planned maintenance shutdown of power plants in preparation for the upcoming elections, coupled with forced outages, resulted in the grid’s thinning reserves.

Despite this, our customers remain our top priority and we ensured delivery of replacement power from the spot market,” said Emmanuel V. Rubio, AboitizPower EVP and COO. AboitizPower’s generation and retail supply business recorded a consolidated Ebitda of P8.6 billion in the first quarter of 2019, 15 percent lower than the P10.1 billion recorded during the same period last year. This was

primarily due to higher volume and cost of purchased power.

Capacity sold for the first quarter decreased by 7 percent from 3,174 megawatts in 2018 to 2,947 MW in 2019.

“We are excited with new supply contracts and new power plants that have started to deliver power to the grid, which should contribute to our bottom line starting this year,” Rubio said.

“We will continue to pursue our renewable-energy projects as we look forward to the implementation of the Green Energy Option Program and Renewable Portfolio Standards. We are committed to continue providing the country with adequate power supply that is affordable and sustainable,” Rubio added AboitizPower’s distribution business, meanwhile, recorded consolidated Ebitda of P1.9 billion, 3 percent higher than the P1.8 billion recorded last year. The company saw energy sales increase to 1,343 gigawatthours, which was 3 percent higher than the 1,298 GWh recorded in the first quarter of 2018. This was driven by the increase in new customers across all segments.

Maynilad working double time to normalize water production from Laguna de Bay

By Jonathan L. Mayuga @jonlmayuga

M

AYNILAD Water Services Inc. (Maynilad) is working double time to stabilize water supply coming from the algae-infested Laguna de Bay. The proliferation of algae was blamed on warmer temperatures brought about by the mild El Niño, explaining why the water production of its facilities in Barangay Putatan, Muntinlupa City, slowed down recently.

The company’s Putatan Water Treatment Facilities 1 and 2 are capable of producing 250 million liters of water per day (MLD).

In a statement, Maynilad said affected

Xurpas incurs net loss in 2018 on debt write-down of Singapore unit

M

OBILE-GAME maker Xurpas Inc. suffered a net loss last year of P811.64 million, from the previous year’s P102.57-million income as revenues continued to slide.

Revenues fell 41 percent to P1.24 billion, from the previous year’s P2.1 billion.

Enterprise services contributed 70 percent of total revenues or P876 million, for an increase of 31 percent from the same period last year.

In contrast, the mobile consumer segment which was hit by major policy changes implemented by the company’s telco distribution partner, generated P271 million in revenues, down by 80 percent from the previous year.

“The company’s full year net loss was attributed to both operational losses, as well as extraordinary charges arising from the P311 million in impairment losses. Of the impaired amount, P127 million was provisioned for the write-down of bad debts of Art of Click, Xurpas’s 100-percent owned subsidiary registered in Singapore,” it said.

In disclosures made in the first quarter of the year, the company said it has engaged the services of Primeiro Partners as its advisor to provide strategic and financial advisory services for the company. The company’s founding shareholders extended an aggregate of P150 million into Xurpas, through shareholder advances.

The proceeds of the loan will be used by the company to fund enterprise projects and for general corporate purposes, it said. VG Cabuag

customers in portions of Parañaque, Las Piñas, Muntinlupa and Cavite will continue to experience low pressure to no water supply daily, within the schedule provided previously, until May 14, 2019.

The company said to cushion the impact of reduced water production because of the algal bloom in Laguna de Bay, 40 mobile water tankers were dispatched and are currently doing the rounds in severely affected areas to provide potable water to its customers.

“Our technical teams are working double time to bring our water production back to normal levels sooner rather than later. We apologize for the inconvenience,” Maynilad said.

Despite the continued algae proliferation in Laguna de Bay, the company was

able to increase the production of its Putatan water treatment facilities (PWTP 1 and 2) from a low of 80 MLD to 125 MLD as of 2 a.m. on May 2, 2019.

However, the company admitted producing 125 MLD per day is way below the full combined capacity of its facility of 250 MLD. “While this is still below our normal production—as the facilities’ full combined capacity is at 250 MLD—it is an improvement that will help us to better stabilize supply in the network, and marginally increase the supply availability window for some of the affected areas,” Maynilad said.

Maynilad said it is intensifying treatment interventions to address the issues brought about by the algal bloom and bring production back to normal levels.

URC Q1 net income still at ₧3.1B as intl sales drag

U

N I V ER S A L R obi n a C or p.

(URC), the food unit of the Gokongwei family, said its net income was flat last year to P3.1 billion, from the previous year’s P3.02 billion, driven mainly by its local business as international sales fall.

Revenues rose 7 percent to P33.31 billion, from the prev ious year’s P30.65 billion, with operating income, excluding hogs market valuation, growing by 10 percent to P 4 billion with margins improved by 32 basis points versus last year.

“This was driven by higher sales volumes and average selling prices,” the company said.

Sales of domestic and international branded consumer foods grew by a mere 5 percent versus the same period last year, to P25.7 billion.

Domestic revenues for the quarter rose 11 percent to P15.6 billion driven by the good performance of all categories, with coffee returning to growth after three years of decline.

Internationally, sales fell 3 percent in peso terms, amounting to P10.2 billion, driven by foreign exchange devaluation in Australia and New Zealand ranging from 8 percent to 10 percent.

International operating income grew 5 percent versus last year’s as margins expanded despite weaker currencies.

“While the environment continues

to be very challenging, the transformation plans we have set in place have started to gain traction. The entire URC team is now heavily focused on execution with the aim of sustaining what we have achieved for the balance of the year and beyond. We also expect to hold or slightly improve our operating margins for the year,” said Irwin Lee, URC president and CEO. Sales from its agro-industrial and commodities business grew 16 percent to P7.2 billion, while operating income increased P17 percent to P1.4 billion.

The agro-industrial sales grew 21 percent driven mainly by higher feeds sales, while the commodities division grew 13 percent with flour and pasta posting a 25-percent growth on higher volumes. Sugar and renewables achieved a 9-percent increase in revenues as a result of higher selling prices.

URC said it is formally adopting an environment, social and governance (ESG) program for the company, which includes reduction of energy consumption and carbon emission, and water usage by 30 percent.

“This transformation is in line with our vision for URC to become a preeminent sustainable enterprise. We will continue to deliver value for the business while, at the same time, do what is right for society. We believe we can continue to do well by doing good,” Lee said. VG Cabuag

Friday, May 3, 2019

B1

MPIC Q1 income flat on higher borrowing cost

By VG Cabuag @ villygc

M

ETRO Pacific Investments Corp.

(MPIC) said its core net income was flat during the first quarter of the year to P3.7 billion, from the previous year’s P3.6 billion as the rise in borrowing cost dented its profitability.

Attributable net income fell 7 percent to P3.54 billion, from the previous year’s P3.81 billion.

The company said it had an 8-percent increase in operating contribution driven by substantial core net income growth from Manila Electric Co., continuing volume growth coupled with inflation-linked and basic tariff increases at Maynilad Water Service Inc. and strong patient census at its hospitals, all of which combined to offset higher interest costs.

“Our 8-percent growth in contribution from operations reflects meaningful volume increases for most of our businesses following years of high investment and our continuing emphasis on operational efficiencies,” MPIC President and CEO Jose Ma. K. Lim said.

“The rise in our borrowing costs has largely offset the increased operating contribution as we continue to make significant investments in our new road, water, energy and logistics projects. These will take some time to complete and begin contributing to earnings,” Lim said.

Power accounted for P2.7 billion or 54 percent of net operating income; toll roads contributed P1.1 billion or 23 percent; water

contributed P0.9 billion or 18 percent; the hospitals group provided P242 million or 5 percent; and rail, logistics and systems group contributed P7 million.

“In water, following a constructive and professional rate rebasing in 2018, the Metropolitan Waterworks and Sewerage System [MWSS] approved a 5.7-percent inflation-linked tariff increase on January 1, 2019. This is good news, but unfortunately, the rebasing didn’t address the corporate income tax recovery issue inherited from the previous administration, which we continue to pursue,” Lim said.

“We are now implementing new toll rates for the North Luzon Expressway [Nlex] and have published the new toll rates for the SubicClark-Tarlac Expressway [SCTEx] which both address part of our pending tariff issues, albeit also on a staggered basis. We are also awaiting the Toll Regulatory Board’s approval of the new toll rates for the Cavite Expressway [Cavitex],” he said.

“Continuing strong demand for the services we provide, against a backdrop of steady economic growth, underpins our optimism for 2019. That said, it is rather early to give our earnings guidance for the year. Our focus over the medium term is to build out the many new infrastructure assets we are working on in order to deliver value to our shareholders and with this, to find suitable financing arrangements which will enhance profitability, earnings per share, and the Net Asset Value of MPIC,” MPIC Chairman Manuel V. Pangilinan said.

B2

Companies BusinessMirror

Friday, May 3, 2019

PSALM pays ₧7.8-M damages from power-barge oil spill

T

By Lenie Lectura

@llectura

HE Power Sector Assets and Liabilities Management Corp. (PSALM) disbursed P340,428 worth of indemnities, bringing to P7.8 million the total compensation to individuals, families and enterprises affected by the Power Barge (PB) 103 Oil Spill at the height of Supertyphoon Yolanda in November 2013.

Twenty-three out of the 26 beneficiaries, hailing mostly from Barangay Botongon and Poblacion Zone I, form part of the sixth and latest batch of claimants where PSALM paid a total of P340,428 worth of indemnities.

To date, a total of P7,798,175 has already been settled and released to the first to sixth batch of claimants.

PSALM’s settlement of thirdparty claims is based on the recommendation of the Government Service Insurance System

(GSIS) adjuster, Claims Services International Adjusting Co. and endorsement of GSIS. The 32-megawatt PB 103 was moored at Barangay Botongon in Estancia, Iloilo, when it was swept aground due to strong winds and storm surge by Yolanda.

Immediately after the incident, PSALM has provided financial aid amounting to P2 million to Iloilo families affected by the oil spill through the provincial and municipal government.

New PLDT chief revenue officer announced

S

TARTING July 1, Manila Electric Co. Senior Vice President Alfredo “Al” S. Panlilio will replace Ernesto “Eric” R. Alberto as PLDT Inc.’s chief revenue officer.

Alberto was offered “opportunities” at First Pacific Ltd. Co., the Hong Kong-listed holding company, where PLDT Chairman Manuel V. Pangilinan sits as CEO.

“We would like to thank Eric for his 16 long years of service and loyalty. Under his watch, PLDT Enterprise rose to become the leading force that it is in the market today,” Pangilinan said on Thursday.

Alberto was instrumental in turning around the telco’s consumer wireless business, while sustaining the robust double-

PAL operating full regular schedule during peak summer season

F

LAG carrier Philippine Airlines (PAL) said it is operating on full regular flight schedules for both domestic and international route networks despite the peak travel summer season.

“Our flights and airport operations remain normal at our hubs in Manila, Cebu, Clark and Davao,” PAL said in a statement.

“We are ready and willing to work in concert with the government authorities, in particular the Department of Transportation, the airport authorities and the Civil Aeronautics

Board, to provide support and relief to the traveling public during this peak travel summer season.”

PAL made the announcement in the wake of Cebu Pacific’s cancellations of more than 50 scheduled domestic flights, from May 1 to May 10, citing operational problems.

“To this end, we are sustaining our recently implemented increases in flight frequencies on key routes and we will do our best to operate these in a timely manner for the benefit of the public,” the carrier added. Recto Mercene

HTI introduces multiuse US-branded product in PHL

H

ERCO Trading Inc. (HTI) has introduced to the Philippines the WD40 EZ Reach cans from the United States, with the end goal of reaching out to more local customers.

“We do expect that we will be able to upsell EZ Reach cans to about 25 percent of current WD40 buyers.

This will give us a significant increase in revenues,” HTI President Wilfred Co told the BusinessMirror on Thursday, without citing the exact

topline figure they target to reach.

WD40 EZ Reach cans come equipped with a revolutionary 8-inch flexible metal straw that keeps its shape when bent.

This feature gives the benefits and functions of WD40 company’s multiuse products trusted by professionals worldwide to utilize in tight plumbing places, behind engine blocks, onto hard-to-reach hinges, ball bearings, rollers and others.

The top executive said they are excited to finally introduce WD40 EZ Reach cans to the Philippine market.

He said this product has been so successful in the US, where it originated, and in other countries, so it’s about time to bring it to the domestic market.

“The Philippines, we Filipinos, deserve to have the WD40 EZ Reach.

We deserve the best. EZ Reach has the best content delivery system in a can,” Co said. Roderick L. Abad

digit growth of both the home and enterprise verticals.

Panlilio returns to PLDT, from which he first joined as SVP for the Corporate Business Group in 1999, and was then tasked to lead the Carrier Business Group years later.

He then joined Meralco in 2010. Panlilio was credited to helping the company generate P300 billion worth of revenues

MUTUAL FUNDS

and leading a huge work force.

“I would like to welcome back Al and call on everyone in PLDT and Smart to provide him with all the needed support, and, to continue working closely together to pursue the digital transformation of our business and to provide the best possible service to our customers and the public,” Pangilinan said. Lorenz S. Marasigan and Lenie Lectura

May 2, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM ALFM GROWTH FUND, INC. -A 264.36 -0.99% 1.71% 1.18% 4.81% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.608 2.39% 10.52% 2.85% 11.6% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.1408 -2.44% 2.21% 0.26% 6.09% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9397 0.71% N.A. N.A. 5.52% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8758 2.23% N.A. N.A. 6.71% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.5169 1.14% 1.66% 0.98% 4.66% MBG EQUITY INVESTMENT FUND, INC. -A 126.38 10.05% N.A. N.A. 8.52% ONE WEALTHY NATION FUND, INC. -A 0.8824 -1.26% -3.02% N.A. 6.01% PAMI EQUITY INDEX FUND, INC. -A 52.4399 1.95% 2.9% N.A. 6.57% PHILAM STRATEGIC GROWTH FUND, INC. -A 546.66 1.24% 1.77% 1.14% 6.2% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3199 2.28% 3.29% 3.94% 5.26% PHILEQUITY FUND, INC. -A 38.9305 2.46% 4.18% 3.25% 6.27% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0475 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.3119 2.21% 3.8% 3.46% 7.12% PHILIPPINE STOCK INDEX FUND CORP. -A 886.69 2.34% 3.47% 3.41% 7.02% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9365 4.14% 2.67% N.A. 8.74% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3542 3.54% 3.77% 2.56% 7.28% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0194 1.83% 3.47% N.A. 6.82% UNITED FUND, INC. -A 3.7619 4.38% 5.89% 3.33% 7.45% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 118.6214 2.65% 4.56% 4.48% 7.11% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0357 -5.79% 7.08% 1.65% 11.47% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3035 2.24% N.A. N.A. 17.95% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7283 -0.56% -0.12% -1.34% 4.67% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3226 -0.66% 1.53% 0.81% 5.13% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6468 1.1% -0.16% -1.43% 4.05% GREPALIFE BALANCED FUND CORPORATION -A 1.3573 -0.89% N.A. N.A. 4.06% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9243 2.43% 1.64% 1.44% 4.41% PAMI HORIZON FUND, INC. -A 3.6835 -0.09% 0.25% 0.51% 4.37% PHILAM FUND, INC. -A 16.65 1.23% 0.56% 0.59% 4.67% SOLIDARITAS FUND, INC. -A 2.1457 1.41% 1.83% 2.12% 3.54% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8664 3.14% 1.78% 1.63% 5.89% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0035 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0036 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0019 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9853 3.32% 1.75% N.A. 6.9% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03614 3.08% 0.47% 1.54% 2.52% PAMI ASIA BALANCED FUND, INC. -A $0.9964 -4.84% 3.69% -0.2% 6.43% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7407 2.28% 6.4% 3.17% 13.07% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0956 1.21% N.A. N.A. 8.48% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 347.98 2.93% 2.08% 2.15% 1.34% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8853 1.2% -0.03% -0.2% 1.4% COCOLIFE FIXED INCOME FUND, INC. -A 3.021 5.29% 5.24% 5.24% 1.69% EKKLESIA MUTUAL FUND INC. -A 2.1606 2.46% 1.14% 1.84% 1.41% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2592 1.94% 0.44% 0.92% 2.26% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6027 1.01% -0.79% 0.31% 2.45% PHILAM BOND FUND, INC. -A 4.0371 1.26% -0.52% 0.83% 2.99% PHILEQUITY PESO BOND FUND, INC. -A 3.6123 3.73% 1.09% 1.21% 2.71% SOLDIVO BOND FUND, INC. -A 0.9192 1.1% -0.74% N.A. 2.98% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8881 4.89% 1.41% 1.84% 4.42% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6004 4.4% 0.75% 1.35% 3.93% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $454.67 2.87% 1.83% 2.85% 1.43% ALFM EURO BOND FUND, INC. -A Є216.09 1.45% 1.42% 1.56% 1.62% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1682 4.74% 1.64% 2.37% 3.77% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0253 2.02% 0.8% N.A. 2.02% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7134 0.18% -1.25% 0.87% 1.37% 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 $1.0635 2.76% -0.62% -2.29% 2.5% PHILAM DOLLAR BOND FUND, INC. -A $2.2707 4.84% 0.6% 2.87% 4.58% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.058258 2.92% 1.18% 1.78% 2.24% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9757 2.29% -0.08% 2.08% 3.61% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122.63 3.54% 2.23% 1.81% 1.48% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0094 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.1978 2.82% 1.25% 0.79% 1.35% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2359 3.34% 2.52% 1.89% 1.39% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0243 2.08% N.A. N.A. 0.83%

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

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

***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018.

********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

May 2, 2019

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

58.5 135.8 84.75 26.6 11.82 74.5 13.4 21.35 53.9 58 25.8 184.5 60.3 1.25 2.18 18.94 4.66 0.465 780 0.91 178.6 1795

58.8 135.9 84.8 26.7 11.86 74.95 13.5 21.95 54 58.9 26.1 184.7 60.7 1.3 2.25 18.96 4.8 0.48 819 0.92 181 1815

58.3 134 84.85 26.6 11.62 74.2 13.4 21.4 53 58.2 26 180 60.95 1.28 2.16 18.92 4.85 0.49 795 0.91 182.5 1806

58.8 136.5 85 26.7 11.86 75.15 13.4 21.95 54.5 58.9 26 186.5 60.95 1.28 2.19 19 4.85 0.49 795 0.91 182.5 1806

58.3 133.6 84.5 26.6 11.62 74.1 13.4 21 52.55 58.2 25.8 179 60 1.26 2.16 18.92 4.61 0.45 780 0.91 178.6 1795

58.8 135.9 84.8 26.65 11.86 74.5 13.4 21.95 54 58.9 25.8 184.5 60.3 1.26 2.19 18.96 4.8 0.475 780 0.91 182.5 1795

70130 2555300 2306630 234300 322300 2433280 5000 29000 564210 4030 28500 654490 5560 288000 43000 62300 24000 1350000 210 7000 1250 120

4114960 345104063 195597996.5 6243015 3798510 181383337 67000 614580 30259088 236997.5 739920 120137250 336529 364380 92960 1181722 113620 624500 165300 6370 227772 216260

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

1.39 36.55 0.246 22.3 78.75 387 22.5 6.31 4.5 1.65 11.84 45.4 6.8 16 15.72 14.56 15.32 5.8 11.16 7.46 114 0.84 28.6 300.6 48.05 9.72 15.88 0.194 1.3 12.98 1.65 2.02 0.129 163.9 1.42 2.51 2.17 5.4 15.92 9.54 12.82 22.8 8.82 0.97 1.17 1.95 4 3.44 4.82 2.7 10.76 1.73 1.26 27.6

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

0.68 16.88 908 54 15.48 6.4 0.74 1.38 1.4 7.46 11.38 14.94 4.23 0.25 876 6.22 65.35 5.55 0.495 4.57 15.82 4.39 0.038 2.87 1.11 1.34 430 967 177.5 0.91 266 0.238 0.32

1.42 36.6 0.247 22.35 78.8 387.2 22.55 6.33 4.55 1.66 12.1 45.5 6.9 16.96 15.82 16.3 15.36 5.98 11.18 7.48 114.2 0.85 29.3 301 52.2 10.12 15.9 0.198 1.31 13 1.68 2.12 0.132 164 1.43 2.54 2.18 5.85 16 9.6 12.9 22.95 9.09 0.98 1.18 1.98 4.21 3.5 5 2.71 10.78 1.74 1.29 28

1.39 37 0.24 22.1 78.8 385 22.6 6.3 4.49 1.6 12.02 45.3 6.85 12.5 15.96 16.2 15.4 5.9 10.92 7.43 116 0.86 29.4 304.6 50 10.1 15 0.194 1.31 13 1.61 2.12 0.13 154.8 1.42 2.5 2.19 5.35 16.08 9.18 12.66 22.25 9.09 0.97 1.18 1.94 3.84 3.54 4.85 2.68 10.42 1.75 1.29 27.5

1.4 37 0.247 22.3 78.8 387.4 22.6 6.38 4.5 1.66 12.12 45.95 6.99 14.52 15.96 16.3 15.4 5.98 11.16 7.47 116.9 0.86 29.8 306.8 50 10.12 16.2 0.194 1.31 13.3 1.69 2.12 0.131 164.5 1.48 2.5 2.2 5.85 16.08 9.54 13 22.95 9.09 1 1.19 1.95 4.22 3.54 4.85 2.74 10.9 1.75 1.29 28.4

1.39 36.5 0.238 21.45 78.55 383 22.45 6.25 4.49 1.56 11.82 45.15 6.75 12.5 15.7 16.2 15.32 5.8 10.88 7.42 114.2 0.84 29.4 300 50 9.7 15 0.194 1.28 12.9 1.61 2.12 0.129 154.7 1.41 2.5 2.15 5.35 15.88 9.12 12.58 22.1 9.03 0.95 1.15 1.93 3.84 3.5 4.8 2.63 10.12 1.73 1.29 27.5

1.4 36.6 0.246 22.3 78.8 387 22.55 6.31 4.5 1.65 12.12 45.4 6.9 14.52 15.82 16.3 15.36 5.85 11.16 7.46 114.2 0.85 29.4 300.6 50 10.12 15.9 0.194 1.31 13 1.68 2.12 0.131 164 1.42 2.5 2.17 5.85 16 9.54 12.82 22.95 9.03 0.97 1.18 1.95 4.21 3.5 4.82 2.71 10.78 1.74 1.29 28

33000 1638800 1400000 1120800 71970 498570 1125600 1255900 1276000 33847000 223900 117400 201100 1200 150000 2800 473800 12500 3269500 421900 136100 1913000 182000 979350 1000 15000 3160800 510000 1607000 1605400 34000 5000 470000 2742140 6912000 11000 11179000 1100 339100 1618700 8884000 337900 3500 519000 611000 104000 2742000 8000 47000 8962000 1955300 134000 56000 92100

45970 60290705 343310 24593915 5666599 192252716 25396610 7964259 5741850 54780050 2681710 5342065 1371403 15252 2379886 45510 7282460 73313 36138392 3143550 15630716 1613630 5350850 296954690 50000 147562 49791126 98940 2095340 20996524 55380 10600 61110 443583683 9953550 27500 24257260 5985 5412016 15328395 112666414 7635045 31623 504330 715190 202290 11478650 28040 226700 23976530 20787166 232990 72240 2571860

HOLDING & FRIMS 0.69 17.02 909 54.2 15.56 6.5 0.76 1.39 1.43 7.49 11.4 14.96 4.49 0.265 878 6.4 65.55 5.68 0.51 4.58 16.2 4.4 0.039 2.91 1.12 1.35 465 970 179.5 0.92 271 0.243 0.325

0.66 17.08 903 55.95 14.94 6.52 0.78 1.38 1.4 7.47 11.22 14.98 4.31 0.25 865 6.23 64.8 5.68 0.51 4.85 15.9 4.59 0.038 2.87 1.11 1.33 435 950 177 0.97 266 0.25 0.325

0.69 17.2 913 56 15.56 6.52 0.78 1.39 1.4 7.6 11.48 15.02 4.31 0.265 878.5 6.4 66 5.68 0.52 4.86 16.24 4.59 0.04 2.92 1.12 1.33 435 976.5 180 0.97 271 0.25 0.33

0.66 16.88 900 54 14.82 6.4 0.74 1.37 1.4 7.4 11.22 14.7 4.13 0.25 865 6.22 64.8 5.5 0.5 4.57 15.82 4.35 0.038 2.87 1.11 1.33 430 945 177 0.9 264.4 0.238 0.315

0.68 17.04 909 54 15.56 6.5 0.74 1.39 1.4 7.46 11.4 14.96 4.13 0.265 878 6.23 65.55 5.5 0.51 4.58 15.82 4.39 0.039 2.87 1.12 1.33 430 970 177.5 0.92 271 0.238 0.325

59293000 13700 366050 1230110 8756100 394600 382000 1794000 212000 733500 1584300 332600 100000 140000 58580 73900 1540490 7600 74000 2409000 2615000 31883000 3400000 499000 4000 44000 30 265450 165330 1660000 8910 4240000 9310000

40034390 233184 332815940 67259217.5 134531980 2556047 283350 2468890 296800 5500463 18068602 4975542 414050 36250 51138965 459960 100990506 42484 37260 11232090 41407156 141133110 130100 1440140 4470 58520 12950 256192325 29426667 1556570 2401804 1020690 2991650

4077648 -8529268 12922267.5 -3442390 -98701.9997 -76008085 283111 -183140 -270630 -2661734 -77570 470504 3640 -27345 -21790815 223860 1249595 -4668963.5 30667976 -12876975 661944 243380 827885 464168 -2700284 -4791000 1977932 -80593020 1011.9999 -5885480 519100 -1422116 265373606 -86260 25000 4388750 1999680 2540082 -97526000 4907525 -217079.9997 -864440 -154960 -298750 -164460 -129068315 -35760233 -45172112 1557670 154000 239672 -8771198 642002 4139255 -17255978 -881950 721562 -76379270 84082845 3779855 13200 -124604 -1200

PROPERTY

ARTHALAND CORP 0.76 0.78 0.77 0.78 0.76 0.78 685000 521470 AYALA LAND 48 48.05 49.1 49.4 48 48 16279800 789629700 -86722755 ARANETA PROP 1.99 2 2.04 2.05 2 2 122000 248460 -24000 BELLE CORP 2.41 2.42 2.43 2.43 2.41 2.42 544000 1314990 -454520 A BROWN 0.76 0.77 0.77 0.77 0.76 0.77 449000 341760 CITYLAND DEVT 0.9 0.91 0.9 0.91 0.9 0.91 11000 9970 CROWN EQUITIES 0.235 0.24 0.235 0.235 0.235 0.235 330000 77550 CEBU HLDG 6.32 6.4 6.3 6.4 6.3 6.4 1900 12142 CEB LANDMASTERS 4.7 4.72 4.53 4.74 4.53 4.72 3236000 15165790 962479.9997 CENTURY PROP 0.52 0.53 0.5 0.53 0.495 0.53 42198000 21601425 -102390 CYBER BAY 0.385 0.41 0.385 0.385 0.385 0.385 140000 53900 DOUBLEDRAGON 26.25 26.4 25.25 27 25.25 26.25 2396800 63502715 7814140 DM WENCESLAO 11.42 11.48 11.44 11.54 11.22 11.48 439500 5015792 EMPIRE EAST 0.485 0.495 0.49 0.49 0.49 0.49 240000 117600 49000 EVER GOTESCO 0.125 0.128 0.128 0.128 0.128 0.128 40000 5120 FILINVEST LAND 1.61 1.62 1.55 1.63 1.55 1.62 43531000 69910700 4265860 GLOBAL ESTATE 1.35 1.36 1.37 1.37 1.35 1.35 2166000 2932810 20260 8990 HLDG 14.2 14.24 14.48 14.48 14.12 14.24 986500 14043668 910994 PHIL INFRADEV 1.72 1.74 1.73 1.77 1.71 1.72 2820000 4892150 60430 KEPPEL PROP 3.88 4.74 4.85 4.85 4.74 4.74 100000 482310 CITY AND LAND 0.79 0.81 0.8 0.81 0.8 0.81 259000 207300 MEGAWORLD 5.62 5.63 5.6 5.67 5.59 5.63 22570300 126845431 -52943091 MRC ALLIED 0.335 0.34 0.34 0.34 0.33 0.34 10590000 3549850 30150 PHIL ESTATES 0.48 0.49 0.5 0.5 0.49 0.49 414000 203600 PRIMEX CORP 2.59 2.6 2.5 2.64 2.5 2.6 1169000 3016330 -179449.9999 ROBINSONS LAND 24.3 24.5 24.5 24.75 24.2 24.3 2468600 60561970 -13391250 PHIL REALTY 0.43 0.44 0.44 0.45 0.425 0.43 360000 155050 ROCKWELL 1.99 2 2 2 2 2 26000 52000 SHANG PROP 3 3.01 3 3 3 3 74000 222000 STA LUCIA LAND 1.77 1.79 1.76 1.8 1.7 1.79 3028000 5221630 70400 SM PRIME HLDG 41.8 42 41.5 42.5 41.15 41.8 17330300 728721920 249552710 STARMALLS 6.8 6.82 6.78 6.9 6.76 6.82 210600 1431249 68200 VISTA LAND 7.36 7.37 7.31 7.43 7.27 7.37 8655700 63965206 7120195

SERVICES ABS CBN 19.1 19.18 18.94 19.2 18.9 19.16 46200 876816 GMA NETWORK 5.22 5.23 5.23 5.24 5.22 5.22 122300 639743 MANILA BULLETIN 0.57 0.58 0.55 0.59 0.55 0.58 1922000 1096250 MLA BRDCASTING 15 15.88 15 15 15 15 200 3000 GLOBE TELECOM 1799 1801 1790 1810 1790 1799 41010 73808555 30123685 PLDT 1238 1240 1230 1242 1220 1240 50945 62960515 32361585 APOLLO GLOBAL 0.038 0.039 0.039 0.039 0.039 0.039 14100000 549900 DFNN INC 6.6 6.7 6.7 6.7 6.6 6.6 29300 195380 -129980 ISLAND INFO 0.124 0.125 0.126 0.126 0.125 0.125 1780000 223150 50300 ISM COMM 5.65 5.66 5.34 5.65 5.23 5.65 3509400 19316164 -21145.9999 NOW CORP 2.21 2.22 2.29 2.3 2.2 2.22 3518000 7,850,760( 1,238,049.9997) TRANSPACIFIC BR 0.36 0.365 0.375 0.385 0.36 0.36 5260000 1913600 91350 PHILWEB 3.19 3.2 3.24 3.35 3.13 3.19 2614000 8463890 -547920 2GO GROUP 12.68 12.7 12.62 12.7 12.62 12.7 11700 148260 35380 ASIAN TERMINALS 15.22 15.78 15.5 15.78 15.5 15.78 14000 219860 -143234 CHELSEA 5.84 5.85 5.7 5.86 5.69 5.84 667000 3867480 869467 CEBU AIR 80.2 80.4 81.2 81.3 80 80.2 212620 17089093 3916646.5 INTL CONTAINER 131.6 131.9 127.7 133 127.7 131.9 4218080 555773054 324784348 LBC EXPRESS 15.16 15.3 15.68 15.68 15.3 15.3 500 7688 3060 LORENZO SHIPPNG 0.81 0.83 0.84 0.84 0.81 0.83 153000 126300 -13280 MACROASIA 22.35 22.4 22.1 22.45 22.1 22.4 806000 18015005 2664870 METROALLIANCE A 1.7 1.79 1.71 1.8 1.67 1.79 176000 297940 METROALLIANCE B 1.63 1.92 1.94 1.94 1.93 1.93 2000 3870 PAL HLDG 9.91 10 10 10 9.9 9.9 20800 206100 -41580 HARBOR STAR 2.84 2.85 2.77 2.87 2.77 2.85 2031000 5772610 -33680 ACESITE HOTEL 1.26 1.35 1.35 1.37 1.35 1.37 30000 40560 BOULEVARD HLDG 0.07 0.071 0.07 0.073 0.07 0.07 24630000 1756200 7919.9999 WATERFRONT 0.73 0.74 0.76 0.79 0.73 0.73 22521000 17014630 76500 CENTRO ESCOLAR 7.01 7.86 7.89 7.89 7.89 7.89 100 789 IPEOPLE 11.22 12.16 11.96 12.18 11.96 12.16 90400 1083622 STI HLDG 0.67 0.68 0.67 0.68 0.67 0.67 2912000 1952010 -1259960 BERJAYA 2.67 2.68 2.61 2.71 2.55 2.68 548000 1460640 -36910 BLOOMBERRY 12.68 12.7 12.6 12.84 12.56 12.68 4572300 57985660 9344588 PACIFIC ONLINE 3.85 3.89 3.8 3.98 3.79 3.9 91000 351610 -11940 LEISURE AND RES 3.79 3.8 3.77 3.82 3.7 3.81 699000 2637350 -182530 MANILA JOCKEY 4.78 4.8 4.8 4.8 4.8 4.8 13000 62400 PH RESORTS GRP 4.25 4.37 4.38 4.38 4.37 4.37 3000 13120 PREMIUM LEISURE 0.74 0.75 0.74 0.76 0.74 0.74 8008000 6003640 114170 TRAVELLERS 5.63 5.65 5.6 5.63 5.6 5.63 278400 1566702 -1126000 METRO RETAIL 3.4 3.41 3.43 3.43 3.4 3.4 4473000 15277550 936710 PUREGOLD 42.3 42.6 42.1 42.9 42 42.3 1743000 73639335 -56493460 ROBINSONS RTL 77.95 78 78 78 77.2 77.95 879150 68561070 3961693 PHIL SEVEN CORP 114 115 114 116 114 115 1665980 193247131 564154 SSI GROUP 3.1 3.11 3.01 3.15 2.96 3.1 18695000 57915870 -3989440 WILCON DEPOT 17 17.04 16.68 17.2 16.64 17 3402200 57976668 27066460 APC GROUP 0.405 0.42 0.42 0.425 0.4 0.4 430000 174700 EASYCALL 11.98 12 12.02 12.2 11.64 12 86700 1025916 47660 GOLDEN BRIA 405 407.8 391 420 390.2 407.8 1440 580412 IPM HLDG 6.95 6.99 6.97 6.99 6.97 6.99 15000 104750 PRMIERE HORIZON 0.89 0.9 0.88 0.91 0.87 0.9 38735000 34445110 -1808280 SBS PHIL CORP 8.81 9 9 9 9 9 6800 61200

MINING & OIL ATOK 11.7 12.3 12.34 12.36 12.34 12.36 800 9874 APEX MINING 1.3 1.31 1.32 1.32 1.29 1.3 432000 562770 -334600 ABRA MINING 0.0019 0.002 0.0019 0.002 0.0019 0.0019 31000000 59300 ATLAS MINING 2.8 2.85 2.85 2.85 2.8 2.8 107000 299820 -5630 BENGUET A 1.27 1.39 1.28 1.28 1.27 1.27 25000 31800 BENGUET B 1.37 1.38 1.22 1.38 1.22 1.38 20000 26820 COAL ASIA HLDG 0.295 0.3 0.29 0.295 0.29 0.295 340000 98850 CENTURY PEAK 2.69 2.7 2.69 2.7 2.69 2.7 58000 156320 -2690 DIZON MINES 8 8.05 8.05 8.1 7.98 8.05 5600 44840 FERRONICKEL 1.51 1.52 1.5 1.52 1.5 1.52 7940000 12016830 197360 GEOGRACE 0.248 0.25 0.255 0.255 0.247 0.25 470000 116980 LEPANTO A 0.113 0.114 0.113 0.114 0.11 0.114 650000 73530 LEPANTO B 0.115 0.12 0.115 0.115 0.115 0.115 220000 25300 MANILA MINING A 0.008 0.0081 0.008 0.008 0.008 0.008 5000000 40000 MANILA MINING B 0.0079 0.0083 0.0079 0.0079 0.0079 0.0079 2000000 15800 MARCVENTURES 1.08 1.09 1.07 1.08 1.07 1.08 30000 32240 NIHAO 0.99 1.01 1.01 1.01 0.99 1.01 14000 13920 NICKEL ASIA 2.4 2.41 2.41 2.43 2.39 2.4 1798000 4319920 145610 OMICO CORP 0.56 0.58 0.58 0.58 0.58 0.58 1000 580 ORNTL PENINSULA 0.89 0.9 0.88 0.9 0.88 0.9 51000 44900 PX MINING 3.11 3.12 3.11 3.11 3.09 3.11 174000 539420 -80640 SEMIRARA MINING 23.65 23.7 23.75 24 23.7 23.7 1473500 35175285 16564640 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 10000000 120000 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 1100000 12100 PHINMA PETRO 3.15 3.2 3.11 3.2 3.11 3.2 55000 171140 PXP ENERGY 8.17 8.2 8.35 8.35 8.09 8.2 740600 6041248 -138534

PREFFERED

HOUSE PREF A 95 96 96 96 96 96 1340 128640 -9600 AC PREF B1 467 474.6 473 473 473 473 500 236500 DD PREF 97 97.95 97.9 97.95 97.9 97.95 30 2938 SMC FB PREF 2 969.5 975 969 969 969 969 130 125970 GTCAP PREF B 950 957 957.5 957.5 957.5 957.5 20 19150 LR PREF 0.98 0.99 0.98 1 0.97 0.97 1132000 1100800 PNX PREF 3B 105 106 106 106 106 106 390 41340 SFI PREF 1.43 1.75 1.4 1.43 1.4 1.43 61000 86000 SMC PREF 2B 75.1 75.8 75.1 75.1 75.1 75.1 960 72096 SMC PREF 2C 76 76.85 76.85 76.85 76.1 76.85 7540 577199 306631.4999 SMC PREF 2D 71.5 72 71.05 72.9 71.05 72.4 21030 1495686 SMC PREF 2E 71.55 73.5 72.5 72.5 72.5 72.5 30000 2175000 SMC PREF 2F 73.8 74 74.75 74.75 74 74 36480 2708820 SMC PREF 2H 72.75 73.65 73.65 73.65 72.6 73.65 790 57763.5 SMC PREF 2I 72.5 73.5 73.5 73.5 72.1 73.5 3880 283038 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.5 5.15

19.1 5.2

18.5 5.15

18.5 5.3

18.5 5.15

18.5 5.2

100 238000

1850 1238070

WARRANTS LR WARRANT

1.89

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.34 XURPAS 1.12

1.94

1.93

1.97

1.88

1.94

117000

223260

-

5.35 1.14

5.28 1.12

5.38 1.15

5.15 1.11

5.34 1.14

442300 4468000

2347318 5019060

-5300 73000

EXHANGE TRADE FUNDS FIRST METRO ETF

119

1850 390000

119.7

119

119.7

118

119.7

5520

657062

-

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Credit upgrade elates Palace, seen ‘grossly exaggerated’ by IBON

By Bernadette D. Nicolas @BNicolasBM

T

HE Duterte administration is now taking credit for ushering economic reforms that it said led to the country receiving the highest credit rating in history.

With the Philippines being assigned a stable “BBB+” rating from S&P Global Ratings, Malacañang said it means a borrower country is a “creditworthy sovereign that can have access to a wider pool of funds.”

“The Palace is pleased with the report from global debt watcher, Standard & Poor’s, that the Philippines has received a credit rating upgrade of BBB+ stable outlook, a step closer to bagging a single ‘A’ grade,” said Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo.

According to the government’s Investors Relations Office, a rating within the A scale will place the Philippines on the radar of even more investors.

“The economic team of the President has done a splendid job in putting the economic house in order and spearheading bold economic reforms, in cooperation with Congress, in bolstering the domestic economy, which is projected to become the world’s top 25 economy,” Panelo said. “These reforms include tax reform, liberalization of the rice sector, strengthening of the Bangko Sentral ng Pilipinas’s charter, ease of doing business, relaxing the foreign investment negative list and modernizing infrastructure, among others.”

Moreover, the Palace said the President also understands that the economy will thrive under an environment free from drugs, crime and corruption.

“His actions based on this belief have thus promoted our country’s standing not just in peace and order but also in terms of our economy,”

he said. But Jose Enrique A. Africa, executive director of the nongovernment IBON Foundation Inc., said the Palace’s enthusiasm is “unwarranted” as it added that the “benefits of the upgrade are greatly exaggerated.”

“The credit rating upgrade is on the back of the regressive [tax reform] law since last year, which disproportionately burdens the majority poorest Filipinos,” Africa said.

While the country has been getting credit upgrades for over a decade since 2009 and has been on an investment grade over six years since March 2013, the Duterte watch is still seeing the “worst job creation in nine administrations and six decades,” Africa said adding that it also expects the situation to “get even worse” after four straight quarters now of falling employment creation including two quarters of job losses.

Africa cited that the Philippine Statistics Authority’s latest January 2019 labor force survey also showed 387,000 less employed Filipinos now than in the same period last year.

“The importance of the upgrade in stimulating capital inflows shouldn’t be exaggerated as indicating economic progress either already or to come,” he said. “The economy is clearly not progressing because jobs are being lost rather than created.”

Cheap credit is also “meaningless” if this will just go to short-term infrastructure illusions rather than building agricultural and industrial foundations the economy so desperately needs, Africa added.

“More capital inflows will also not mean progress if, as is quite possible, much of this will just go to financial and speculative sectors than the real economy,” he said. “The supposed easier availability of capital abroad will only really be meaningful if the country has solid industrial policy and an agricultural development plan in place, which unfortunately it does not.”

Asean finance officials bank on ‘green’ bonds

N

By Cai U. Ordinario @caiordinario

ADI, Fiji—Finance Ministers and Central Bank Governors across the Association of Southeast Asian Nations (Asean) as well as China, Japan, and Korea have committed to deepen infrastructure finance and promote green bonds.

In a briefing here on Thursday, Asean+3 Finance Ministers and Central Bank Governors disclosed this commitment is part of a new tack the officials dub “Asean Bond Market Initiatives, or Abmi, Midterm Roadmap 2019 to 2022.”

The Midterm Roadmap 2019 to 2022 outlines the direction and major activities of the Abmi. The activities include the pursuit of the Asean+3 Multi-currency Bond Issuance Framework (Ambif) bonds.

“We expect that our efforts under the Abmi will help contribute to regional economic and financial stability and advance regional financial integration,” the joint statement issued from here by the Asean+3 Finance Ministers and Central Bank Governors said.

The Finance Ministers and Central Bank Governors also welcomed contributions to the capital increase proposal of the credit guarantee and investment facility as well as the expansion of the Ambif.

They also welcomed the revision of the “Good Practices for Developing a Local Currency Bond Market:

Lessons from the Asian Bond Markets Initiative,” given the rising importance of local currency bonds in the region.

Thailand’s Central Bank Governor Veerathai Santiprabhob explained that promoting the use of local currencies in the region makes more sense given that these currencies “move together” and would lead to lower financing costs.

“The use of local currency is becoming more and more important. If you look at interconnectedness in trade and investment between Asean+3 countries, the interconnectedness h a s i n c re a s e d over time,” Santiprabhob added.

He also said the use of local currencies facilitate cross-border trade and the use

PHL touts inclusive, sustainable growth through financing for development at UN

N

EW YORK—With an eye to achieving the 2030 Agenda on Sustainable Development Goals, the Philippines championed its key initiative on financing for development at the general debate of the recent 2019 Economic and Social Council Financing for Development Forum Follow-up at the United Nations Headquarters in New York.

Assistant Secretary Maria Edita Z. Tan of the Department of Finance-International Finance Group (DOF-IFG) pointed out that the country’s inclusive, high-growth story is backed by strong macroeconomic fundamentals and affirmed that the Philippines remains on track to join economies in the upper middle-income status in the medium term.

The Philippines, she added, has put in place an inclusive financial system, a broader tax system, an economy driven by investments to provide quality jobs, and a highquality infrastructure plan that will both improve the quality of life for Filipinos and make its economy competitive.

“To support a more inclusive and sustainable growth, the Philippines has embarked on a massive infrastructure development through the ‘Build, Build, Build’ program.

This will help make the economy fully competitive, create jobs, open more business opportunities, bring down logistics costs and realize better-distributed growth,” Tan said.

“The government, guided by the Philippine Development Plan 2018-2022, expands its infrastructure spending through an optimal mix of local funding, official development assistance [ODAs] from development partners and Public-Private Partnership [PPP],” she added.

Tan stressed that at the core of this strategy is the sustained fiscal discipline where debt is kept at manageable levels—currently at 41.9 percent of gross domestic product (GDP)—to ensure financial strength to support the massive infrastructure program

Friday, May 3, 2019

FINANCE Assistant Secretary Maria Edita Z. Tan speaks at the recent follow-up forum on financing for development in New York. She said the government, guided by the Philippine Development Plan 2018-2022, expands its infrastructure spending through an optimal mix of local funding, official development assistance from development partners and Public-Private Partnership. NEW YORK PM PHOTO

intended to provide a strong stimulus for domestic economic activity.

She also cited the Philippines’s Comprehensive Tax Reform Program, which aims to create a more equitable, simple and more effective tax system, promote investment, create jobs and reduce poverty. The CTRP will assure the country of sufficient revenues to fund the infrastructure modernization and expand social services, such as the Universal Health Care and free tuition in state universities and colleges.

The Philippines is also actively working to create a business environment conducive to the mobilization of private-sector resources, she reported. In 2018, a new law, Personal Property Security Act (PPSA), was introduced to pave the way for the use of alternative assets such as inventory and

accounts receivables as collateral for credit.

Tan said the Ease of Doing Business Act of 2018 aims to reduce red tape significantly and make the government more responsive to the needs of entrepreneurs especially the micro, small and medium enterprises as it would be easier to implement peer-to-peer lending, equity crowdfunding, merchant and e-commerce finance, and invoice finance.

The Financing for Development Forum brings together ministers, high-level officials from ministries of finance, foreign affairs and development cooperation, executive directors of the World Bank and the International Monetary Fund, as well as senior officials from the UN system, including the major institutional stakeholders, and other international organizations.

of financial technology in the region. It will also help boost productivity.

China Deputy Central Bank Governor Chen Yulu said using multiple currencies will lessen risks. Yulu cited that the 1997 Asian financial crisis and the global financial crisis in 2008 were brought about by problems linked to single currencies.

On Wednesday, the Asean+3 Macroeconomic Research Office (Amro) said unresolved trade tensions between the United States and China will lead to slower economic growth for many countries, including the Philippines.

In its Asean+3 Regional Economic Outlook 2019 report, the Amro said this failure in resolving the trade tensions will lead the US to impose a 25-percent tariff on all its imports from China and vice versa.

The US stands to lose 0.3 percentage points while China stands to lose as much as 0.6 percentage points from its real gross domestic

B3

product (GDP) growth.

However, countries like the Philippines will not be spared from the adverse effects on the economy.

The Philippine economy stands to lose 0.10 percentage points in real GDP growth this year and next year under this adverse trade scenario.

The trade tension between the US and China is just one of the primary risks to the economy this year and next year. Amro said the Philippine economy is expected to post a growth of 6.4 percent this year and 6.7 percent next year.

Other risks include inflation and “pockets of financial vulnerabilities.” However, Amro said inflation is still expected to average 3 percent this year and next year, which is within government targets.

The relatively low inflation in the country, Amro Chief Economist Hoe Ee Khor said, indicates that the Bangko Sentral ng Pilipinas would have reason enough to ease monetary policy.

B4

Friday, May 3, 2019

The World BusinessMirror

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

UK defense chief fired over Huawei leaks from security council meeting F

Fed chairman brushes aside rate-cut pressure with confidence on prices

L

ONDON—British Prime Minister Theresa May summarily fired Defense Secretary Gavin Williamson on Wednesday after an investigation into leaks from a secret government meeting about the Chinese telecommunications giant Huawei. He denied any involvement in the leak.

An investigation was launched last week after newspapers reported that Britain’s National Security Council, which meets in private, had agreed to let Huawei participate in some aspects of Britain’s new 5G wireless communications network.

The United States has been lobbying allies including Britain to exclude Huawei from all 5G networks, noting that the Chinese government can force the company to give it backdoor access to data on its networks.

The Conservative government insists that no decision has been made yet about Huawei.

The Security Council includes senior ministers, who receive briefings from top military and intelligence officials, and its meetings are considered highly sensitive.

In a letter to Williamson, May said she “can no longer have full confidence” in him in the wake of the investigation. In the letter released by her Downing Street office,

May told Williamson that there was “compelling evidence” suggesting his “responsibility for the unauthorized disclosure” from the National Security Council.

“No other, credible version of events to explain this leak has been identified,” she said.

Williamson, 42, insisted he was not the source of the leak. In a letter to May, he said “I strenuously deny that I was in any way involved,” adding that he was confident a formal and thorough inquiry would have vindicated him.

He said May had offered him the chance to resign rather than be fired. But he said “to resign would have been to accept that I, my civil servants, my military advisers or my staff were responsible: this was not the case.”

Penny Mordaunt, the international development secretary, was appointed to replace Williamson.

She becomes the first woman to hold Britain’s top defense post.

The leak at the Security Council comes amid a Brexit-fueled breakdown in government discipline.

With May weakened by her failure so far to take Britain out of the European Union, multiple ministers are positioning themselves to try to replace her, partly by cultivating positive press coverage.

The Daily Telegraph said last week it had obtained details of security council meetings about Huawei. It said several ministers, including Williamson, had opposed letting Huawei work on Britain’s 5G network.

Opposition politicians called for a criminal inquiry into the leak.

“Clearly, there’s been a complete breakdown in discipline and Theresa May needs to take absolutely firm action, and quite frankly I think she needs to call in the police and have a full investigation,” said Labour Party Defense Spokesman Nia Griffith.

London’s Metropolitan Police force said it was not currently investigating, but “if at any stage we receive any information that would suggest criminal offenses have been committed, then we will look into that.” AP

EDERAL Reserve Chairman Jerome Powell pushed back against pressure for interest-rate cuts from traders and President Donald J. Trump, saying inflation will rebound and the economy will stay healthy without fresh help from the central bank.

“We don’t see a strong case for moving in either direction,” Powell told a press conference on Wednesday after officials left their main rate unchanged. “The economy continues on a healthy path, and the Committee believes that the current stance of policy is appropriate.”

US stock s fel l and the dol lar adva nced a s i nvestors pa red bet s t h at t he Fed ’s ne x t move wou ld be a rate cut. Treasur ies ended t he d ay l it t le c h a nged after g y rating after the release of t he st atement a nd du r i ng t he br ief i ng.

Trump has repeatedly attacked Powell and his colleagues and suggested they cut rates by a full point in a tweet on Tuesday, hours after they began their two-day meeting.

Traders are also in disagreement with the central bank and have priced in a so-called insurance cut that they see as necessary to get inflation back to the central

bank’s 2-percent target.

Powell has “seized the narrative back from the financial m a rket s,’ ’ s a id P r iy a M i sra , head of global rates strateg y at TD Securities. “His message was growth is better and low inf lation is transitor y.’’

The chairman, Trump’s pick for the job, played down the threat of weak inflation by repeatedly noting it may be due to “transitory” factors. He added that neither the economy nor financial markets appear poised to boil over. “We don’t see any evidence at all of overheating,” Powell said.

T he Federa l O pen Ma rket Committee’s statement repeated that it would be “patient” as it weighs future rate moves. The unanimous 10-0 decision left the target range for the benchmark federal funds rate at 2.25 percent to 2.5 percent.

E x pec t at ions of rate c ut s slipped, with around 5 basis points worth shaved from pricing for year-end, relative to the start of the day. Traders now see a full quarter-point of easing by the end of the first quarter of 2020.

Overnight swaps had earlier ref lected wagers that would happen in December. Bloomberg News

Afraid to touch Guaido, Maduro plays waiting game in Caracas

I

N the aftermath of a chaotic, and ultimately unsuccessful, uprising in Venezuela, few details about what exactly happened are clear.

But one key question at least has been answered: Nicolas Maduro, the autocrat clinging to power, has opted not to arrest his rival, Juan Guaido, allowing him for now to lead the opposition and keep trying to rally the people and the military to topple the regime.

And so Venezuela settles back into its strange status quo, with the armed forces sticking by Maduro, who won a rigged reelection last year, and the Trump administration standing by Guaido, the lawmaker more than 50 nations recognize as Venezuela’s legitimate leader.

In a country with hundreds of political prisoners, Guaido’s freedom could come off as astonishing. For the unpopular Maduro, boxed in by US sanctions and aware more could come down, giving Guaido room to maneuver makes sense. The longer the lawmaker and his allies strive and fail to turn frustration into full-blown rebellion, the better the regime’s chances it will stay in power.

The battered opposition will, that betting goes, once again fade into irrelevance.

“Maduro understands that, strategically, it’s in his interest to watch Guaido unravel on his own,” said Geoff Ramsey, an analyst at the Washington Office on Latin America, a human-rights organization. “By arresting Guaido, he would give the opposition a rallying cry.”

Some who participated in street demonstrations and clashes with security forces on Wednesday—the day after Guaido tried and failed to spark a big military uprising—had other theories.

“Maduro knows that if he does something to Guaido that the US is going to do something worse,” said Ida Romero, banging on a pot in protest. Vixa Ramirez, an accountant, agreed: “They’re scared to grab him.”

Venezuela’s opposition held secret talks with Maduro’s inner circle to oust him and put in place an interim government, the Wall Street Journal reported, citing unidentified US officials and members of the Venezuelan opposition. While the talks ultimately failed, they outlined the basis for future discussions, including guaranteeing that senior military officers would keep their jobs as

Guaido took power, the report said.

President Donald J. Trump has bet heavily on Guaido, and US officials have said repeatedly that a military intervention hasn’t been ruled out.

Secretary of State Michael Pompeo, top military leaders and National Security Adviser John Bolton all added new urgency to that message on Wednesday as they pressured Russia and Cuba to stop assisting Maduro’s regime.

Pompeo said on CNN on Tuesday that the Venezuelan president had been preparing to flee until allies in the Russian government persuaded him to stay. Russian Foreign Ministry Spokesman Maria Zakharova said on Wednesday that Pompeo’s claim wasn’t true.

The confusion was a prelude to marches that already had been scheduled for Wednesday, and Maduro called on his own faithful to turn out. He took digs at the US on Twitter, praising Venezuelans celebrating May Day “with a great gathering which will say NO to the coup and yankee interference” and reviling “the empire and its lackeys.”

Guaido had asked his supporters to demonstrate at 14 different points across Caracas. The crowds paled in comparison with the mega rallies earlier this year. Hundreds of national guardsmen blocked highways and major arteries.

In the working-class neighborhood of El Paraiso, security forces shot tear gas at about 150 protesters. They scattered behind trees and coughed on the clouds of burning gas, returning when soldiers left, banging pots and pans and blowing whistles. The government forces were rougher and more aggressive than just hours before.

Crowds were larger on Caracas’s wealthier east side, the traditional staging ground for anti-government unrest. Thousands took to many of the same streets where protesters and soldiers squared off hours before. Small groups of masked demonstrators again poured onto the city’s main highway to hurl stones at La Carlota, which saw some of Tuesday’s fiercest skirmishes.

Guaido addressed several hundred supporters outside a shopping center in the El Marques section. He said the opposition’s biggest actions were yet to come and called on public workers to strike on Thursday. Bloomberg News

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PHL nets $42-M export sales, investment leads in Malaysia halal trade show–DTI exec

By Elijah Felice E. Rosales

@alyasjah

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HE Philippines reaped over $42 million in export sales and investment leads from more than 300 foreign buyers following its participation in the world’s largest halal trade show.

Headed by the Department of Trade and Industry (DTI), 24 local food and nonfood firms participated at the Malaysia International Halal Showcase (Mihas) in April. They exhibited halal certified products and promoted some of the country’s tourism destinations under a unified national pavilion.

The Zamboanga City Special Economic Zone bagged a total of $30.15 million of investment leads at the expo, while halal goods and services generated $11.93 million in sales.

Under the Philippine pavilion, the best sellers were cassava chips, coconut water, virgin coconut oil, turmeric brew and canned tuna. For nonfood products, whitening soaps and perfumes topped the bill.

DTI’s Center for International Trade Expositions and Missions Executive Director Pauline Suaco-Juan, in a news statement issued on Tuesday, shared the Philippines’s successful return from the halal trade show.

“We have been successful in our return to showcase our premier halal certified products and make a statement that our country is ready to meet the demands of the growing global halal market. The Philippines is the most visited country pavilion in Mihas 2019, according to the organizers of Mihas, and was even visited by King of Malaysia Sultan Abdullah Sultan Ahmad Shah,” Suaco-Juan said.

“Eleven out of 24 companies have participated in the event for the first time, [and they form] part of our mission to capacitate new Philippine companies for the export halal market,” she added.

The new Mihas participants were Aliments Makkhan Bistro and Café; Baker’s Field Enterprises; B&C Healthy Snack Foods Inc.; Cassava Growers and Processors Association; EJT Food Products; Gee’s Agri Coco Products; and General Nutrifoods Philippines Inc. They were joined by their fellow rookie entrants Herbio Agrinature Processing Center; Mira’s Turmeric Products; Permex Producer and Exporter Corp.; and RK Trading and Services.

On the other hand, returning firms were Ahya Coco Organic Food Manufacturing Corp.; Alter Trade Corp.; Asian Halal Center; Castillejos Agri-Farms Inc.; Central Affirmative Co. Inc.; C&H Cosmetics Industry; Fruits of Life Inc.; Greenlife Coconut Products Philippines Inc.; Magic Melt Foods Inc.; MFP Home of Quality Products; Psalmstre Enterprise Inc.; Stalder Laboratories Inc.; and Wellness Care International Corp.

Mihas is considered the world’s largest halal expo. It provides networking and business opportunities for halal manufacturers and buyers.

In 2017 it was attended by over 22,000 trade visitors from more than 70 countries, and generated an all-time high sales of about $241.71 million for 600 exhibitors.

The DTI is eyeing to boost exports of halal products by 6 percent to 8 percent this year to about $605 million, as it heightens promotion efforts to gain the Philippines a respectable share in the $3.2 trillion global halal market. Last year halal exports amounted to around $560 million, of which 90 percent were food and nonalcoholic beverages.

Manila’s halal shipments also include soap and detergents, pharmaceuticals and cosmetics.

As of April, the Philippines has over 1,000 halal certified products, according to the DTI. Suaco-Juan said this is the reason the government will put up a halal pavilion in the upcoming International Food Exhibition (Ifex) Philippines to provide halal manufacturers the space to showcase their goods at the country’s largest export oriented food show. Ifex Philippines 2019, which will take place on May 24 to May 26, will feature latest food innovations, trends and best practices in the Asian food industry.

ADB pledges $5B for environmental, climate-change projects in Asia Pacific

By Cai U. Ordinario

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@caiordinario

ADI, Fiji—The Asian Development Bank (ADB) has committed to extend $5 billion to finance projects on the blue economy, ecosystem management, pollution control and sustainable infrastructure.

In a briefing on Thursday, ADB Sustainable Development and Climate Change Department Safeguards Division Director Bruce Dunn said the funds will be provided using various financing modalities such as lending, grants and bond floats.

Dunn said the funding, which will be extended starting this year until 2024, is part of the Action Plan for Healthy Oceans and Sustainable Blue Economies for the Asia and Pacific region launched at the 52nd Annual Meeting of ADB’s Board of Governors here.

“Climate change, unsustainable fishing, increasing uncontrolled coastal development and pollution are threatening not only our ocean but also threatening our prosperity and sustainability in our region,” ADB Vice President for Knowledge Management and Sustainable Development Bambang Susantono said in the briefing.

“ADB’s Action Plan for Healthy Oceans and Sustainable Blue Economies for the Asia and Pacific region will scale up our investment and technical assistance in ocean health to $5 billion by 2024,” he added.

ADB said the new Oceans Financing Initiative would leverage public sector funds to create investment opportunities able to attract financing from a range of sources, including the private sector.

Technical assistance and funds from ADB and donors, along with innovative financing instruments such as revenue guarantees and credit-enhanced blue bonds, will be used to reduce project risks and make them “bankable.”

The initiative will be piloted in Southeast Asia in collaboration with the Asean Infrastructure Fund and the Republic of Korea. The World Wide Fund for Nature, a longtime partner of ADB, will support the design and implementation of the financing initiative.

ADB said this initiative is crucial since Asia and the Pacific is at the epicenter of a major crisis in marine plastic pollution, threatening the productivity of the region’s marine economies crucial to poverty reduction.

An article in a journal titled, “Export of Plastic Debris by Rivers into the Sea,” it was written that of the 10 rivers transporting 88 percent to 95 percent of plastics into the sea worldwide, eight are in the region. These rivers are the Yangtze, Indus, Yellow, Hai, Nile, Meghna/Brahmaputra/ Ganges, Pearl, Amur, Niger and Mekong.

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ECO-FRIENDLY CONCRETE BRAND STÄRKEN ROLLS OUT TO PHILIPPINE MARKET

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TARTING as a small-building material trader in Malaysia in 1974, Stärken AAC Sdn. Bhd. has grown to be the leading manufacturer of autoclaved aerated concrete (AAC) building materials in Southeast Asia.

Stärken AAC offers a lighter and more affordable alternative to traditional masonry products.

Stärken AAC’s unique production procedure and composition has finer qualities, including superior fire resistance; is composed of purely mineral products making it a noncombustible building material, ideal for preventing fire from spreading. At just 100 millimeters thick, an AAC firewall can resist fire up to four hours—more superior than traditional masonry products that has a two-hour fire rating.

Stärken AAC has excellent thermal insulating that helps maintain internal temperatures at a comfortable level, which ultimately leads to saving cooling costs, consequently resulting in enhanced energy-efficiency.

Noise control is also significant in providing an environment that is restful and private especially in establishments, such as condominiums, schools, hospitals, hotels and offices. Stärken AAC blocks are scientifically proven to provide superb insulation to sound transmitted by air compared to other solid building materials.

Additionally, Stärken AAC contains millions of closed

microscopic cells, making it impervious to water. This prevents any moisture from penetrating through the material, which could cause trouble to your building in the long term.

Finally, AAC is an environmentalfriendly product using 100-percent biomass energy for its autoclave. It is made from nontoxic materials, helping reduce at least 30 percent of environmental waste and decreasing 50 percent of greenhouse radiation.

Stärken’s products are innovative and contemporary, yet functionally simple and versatile, making Stärken AAC the preferred building products for residential, hotel, industrial and commercial construction. Invented in the 1920s by Swedish architect and inventor Dr. Johan Axel Eriksson, AAC components are produced using slurry mix containing cement, sand and lime and aerating agent.

The slurry is then molded to form lightweight blocks, panels and lintels, which are cured in autoclave.

With numerous possibilities of Stärken AAC’s superior technology and longevity, Stärken aims to extend business in the Philippine market. All their products are nationally available through a strong network of distributors across the country.

To learn more of Stärken Philippines and Stärken AAC products, you may e-mail at info@starkenph.com and sales@ starkenph.com.

MOTHER’S DAY SPECIALS AT NEW WORLD MANILA BAY HOTEL

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EW World Manila Bay Hotel is celebrating Mother’s Day with much delight—fit for a queen— from May 8 to 14. From exceptional dining options to pampering treats and relaxing staycation, honor her with a grand celebration that she truly deserves.

Treat your mom for a staycation in one of New World’s guest rooms, for her ultimate relaxation. Book the Fit for a Queen room package starting at P4,888 for a superior room, including buffet breakfast for two and special turn-down amenities. Moms are also entitled to a 50-percent discount on lunch and dinner at Market Café.

Show to your mom how much you appreciate her by taking her out to a special lunch or dinner date this Mother’s Day. At Li Li, enjoy a sumptuous Yum Cha selection for the whole family to feast on. Priced at P2,288 per person, indulge in an exciting array of appetizers and dim sum, main courses and desserts. Li Li also offers lunch and dinner menus filled with classic and signature items, with price starting at P2,288 per person.

At Market Café, you can impress her with a luscious spread featuring farm-

to-table salad, fresh seafood on ice, Asian specialties, European culinary delight and divine desserts priced at P3,500 per person.

For an intimate Mother’s Day dinner that calls a bonding moment, a delectable set menu of tomato mozzarella salad, pan-seared salmon

fillet and opera cake is available for P2,500 per person at The Fireplace.

All dining specials for moms are available on May 12. Room rates are subject to applicable taxes and service charge.

For inquiries or reservation, visit manilabay.newworldhotels.com.

SEMENYA LOSES FIGHT

By Graham Dunbar The Associated Press

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ENEVA—The sports world’s highest court ruled on Wednesday that Olympic gold medalist Caster Semenya and other female runners like her with unusually high testosterone must take medication to reduce their levels of the male sex hormone if they want to compete in certain events—a landmark decision with far-reaching ramifications for other women’s sports.

In a 2-1 ruling, the Court of Arbitration for Sport (CAS) upheld proposed rules issued by track’s governing body, the International Alliance of Athletics Federations (IAAF), saying that they are discriminatory but that “such discrimination is a necessary, reasonable and proportionate means” of “preserving the integrity of female athletics.”

The IAAF argued that high, naturally occurring levels of testosterone in athletes like Semenya with “intersex” characteristics that don’t conform to standard definitions of male and female give them an unfair competitive advantage, and it decreed a maximum level for females.

The court decision could open the way for similar rules in other women’s sports where size, speed and power make a difference, such as weightlifting, boxing, swimming, rugby, field hockey and soccer.

Semenya—a 28-yearold South African whose sculpted biceps and super-fast, blow-away-thecompetition times have led others to question her accomplishments—declared she will not be deterred.

“I know that the IAAF’s regulations have always targeted me specifically,”

Semenya said in a statement.

“For a decade the IAAF has tried to slow me down, but this has actually made me stronger. The decision of the CAS will not hold me back.

I will once again rise above and continue to inspire young women and athletes in South Africa and around the world.”

The two-time Olympic champion in the 800 meters will have to lower her testosterone levels by such means as birth control pills or prostate cancer drugs if she wants to defend her world title in September in Doha, Qatar. Semenya is expected to race in the 800 meters on Friday at a track meet in Doha in what will be the last world-class event before the new rules apply.

Testosterone strengthens muscle tone and bone mass. Because of that, it is against the rules for athletes to use testosterone supplements. Some women have what is known as hyperandrogenism, meaning they have natural levels that are unusually high.

The IAAF rules require women to reduce their levels below 5 nanomoles per liter of blood. According to the IAAF, most females, including elite athletes, have levels of testosterone circulating naturally in their bodies of 0.12 nanomoles to 1.79 nanomoles per liter, while men have levels that can be dozens or even hundreds of times higher— typically 7.7 to 29.4.

Semenya’s level is considered private medical information and has not been disclosed.

The South African Sports Confederation and Olympic Committee decried the ruling, saying, “We maintain that the rules are ill-thought and will be a source of distress for the targeted female athletes.”

“This decision marks a massive turning point as it now redefines what a female athlete

in particular is,” said Natalie du Toit, head of the organization’s athletes commission, adding: “Knowing Caster and the hard work she has put into her sport, we support all her endeavors, and we are all behind her.”

The IAAF went into the case arguing that female runners with high testosterone have an unfair advantage in events from 400 meters to the mile. However, the court suggested that the IAAF apply the rules only up to the 800 because the evidence was not clear that women with hyperandrogenism have an edge in the 1,500 meters and above.

Under the rule, female athletes whose medical profiles previously showed high testosterone will be subject to blood tests to prove that they have complied.

An appeal to Switzerland’s Supreme Court is possible.

But judges rarely overturn decisions of the world sports court.

Ross Tucker, a sports science consultant who testified on Semenya’s behalf and boasts of a PhD in exercise physiology, said the scientific evidence is insufficient to justify the rules. He said that as a result of the court decision, other sports will essentially copy the IAAF’s regulations.

“For them, every fear and concern they had that they will be in the spotlight for introducing similar rules will be gone,” he said. “Other sports will be super happy because the pressure’s off to develop their own regulations.”

He said the ruling moves the world of sports closer to developing its own definition of gender, based on hormone

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levels. “’Sporting sex’ has been introduced,” he said.

“That is where the decision does have farreaching effects.”

John Brewer, a professor of applied sports science at the Buckinghamshire New University in Britain who supports the IAAF rule, said such regulations could end up being adopted not just by individual sports but by team sports, such as rugby, soccer and field hockey.

Hormone-blocking drugs can increase the risk of blood clots, thinning bones, fractures and heart problems.

Semenya was legally recognized at birth as female, but her speed and muscular body have led others to cast doubt on the integrity of her track achievements throughout her career. As a teenager in 2009, she won her first world title in Berlin.

Hours before the race, the IAAF asked her to undergo a gender verification test.

She is not the only female athlete with high natural

levels of testosterone but has become an unwilling face of the issue. Indian sprinter Dutee Chand has been publicly identified as having high testosterone.

Two weeks ago, Olympic silver medalist and Semenya rival Francine Niyonsaba of Burundi confirmed she has hyperandrogenism too.

Referring to the rule, Niyonsaba said: “For me, it’s about discrimination. It doesn’t make sense. I didn’t choose to be born like this. What am I? I’m created by God.” At the 2016 Rio Olympics, Semenya and Chand competed, and other athletes implied that other runners, including medalists in the 800

CASTER SEMENYA—a 28-year-old South African whose sculpted biceps and superfast, blow-away-thecompetition times have led others to question her accomplishments—says she will not be deterred. AP

meters, also had elevated levels.

“I think that we need separate events for them and for us,” Nataliia Lupu of Ukraine said after running against Semenya.

“You can see that it’s easy for them.”

Sports world now wrestling with issues related to intersex, transgender athletes N EW YORK—Caster Semenya’s running career, jarred by an adverse court ruling on Wednesday, is unique in virtually all its details. Yet, the dilemmas she has posed for the track-and-field establishment reflect how vast segments of the sports world are now wrestling with issues related to intersex and transgender athletes.

The essence of the dilemma: How to minimize or eliminate discrimination while simultaneously ensuring that competitions are as fair as possible.

The challenges faced by Olympic champion Semenya—a South African woman who reportedly has some intersex traits—differ in key respects from those confronting transgender women. But there are parallels as well, as evidenced in the ruling by the Court of Arbitration for Sport (CAS), the sports world’s highest court,

The CAS ruled that Semenya and other female runners with unusually high testosterone must take medication to reduce their levels of the male sex hormone if they want to compete in certain events, notably the 400 and 800 meters. Comparable requirements apply to transgender women seeking to compete in the Olympics and in NCCA-governed collegiate sports in the US—both organizations say male-to-female athletes should demonstrate that their testosterone level has been below a certain point for at least a year before their first competition.

In Semenya’s case, the CAS voted 2-1 to uphold proposed rules issued by international track’s governing body, the International Alliance of Athletics Federations (IAAF), saying that they are discriminatory but that “such

discrimination is a necessary, reasonable and proportionate means” of “preserving the integrity of female athletics.”

Athlete Ally, a US-based group advocating for grater transgender inclusion in sports, assailed the ruling against Semenya.

“Forcing athletes to undergo medically unnecessary interventions in order to participate in the sport they dedicate their lives to is cruel, and a violation of their human rights,” said the group’s executive director, Hudson Taylor.

Also angered was Kimberly Zieselman, executive director of InterACT, which advocates on behalf of intersex youth.

The CAS ruling against Semenya “is another example of the ignorance faced by women athletes who have differences in their sex traits,” Zieselman said in an e-mail. “There is no one way to be a woman.”

“It is an inherently flawed conclusion that Caster’s natural testosterone level is the only thing giving her physical strength,” Zieselman added. She noted—while citing swimmer Michael Phelps’s long arms—that many athletes have unique physical advantages.

Powerful female stars such as Serena Williams in tennis, Katie Ledecky in swimming and 6-foot-9 (2.06-meter) Brittney Griner in basketball also have been cited as possessing a distinctive physical edge.

Aside from Semenya, there have been relatively few high-profile controversies involving intersex athletes, while there’s been an abundance of news stories about transgender athletes.

Overall, supporters of increased trans inclusion in sports are heartened by the pace of progress. In the United States, a growing number of state high-school athletic

associations in the US enable them to play on teams based on their gender identity, and the NCAA has trans-inclusive guidelines for all its member schools.

But there have been numerous bitter controversies, even at the high-school level.

In Connecticut, for example, the dominance of transgender girl sprinters Terry Miller and Andraya Yearwood has stirred resentment among some competitors and their families.

At the adult level, USA Powerlifting incurred recent criticism for sticking by its policy of banning trans women from its competitions. The organization contends that regardless of testosterone levels, male-tofemale competitors generally have significant advantages related to bone density and muscle mass.

Earlier this year, tennis great Martina Navratilova became entangled in the debate

over trans women’s place in sports.

A lesbian and longtime gay-rights activist, Navratilova was accused of being “transphobic” after asserting that many transgender women—even if they’d undergone hormone treatment—have an unfair advantage over other female competitors. Among her critics was Athlete Ally, which ousted her from its advisory board.

Another critic was Rachel McKinnon, a transgender Canadian track cyclist who in October won a world championship sprint event for women of ages 35 to 44.

She suggested that Navratilova’s argument reflected “an irrational fear of trans women.”

McKinnon encountered widespread resentment after she won her championship event. AP

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OR imports Lindsay Stalzer and Maria Jose Perez of F2 Logistics, their victory over Petron in Game One of their Philippine Superliga Grand Prix bestof-three finals series is more than just a big feather on their caps.

It is also a sweet revenge.

Stalzer admitted that they prepared long and hard to set the stage for arguably the biggest upset in league history, where they defeated the Blaze Spikers, 25-20, 16-25, 25-23, 25-23, in the opener of their finals showdown late Tuesday at the Filoil Flying V Centre in San Juan.

The former Bradley University star said the victory was a vindication after the Blaze Spikers opted to sign super imports Stephanie Niemer and Katherine Bell in the off-season despite leading them to the Grand Prix title last year.

The Cargo Movers and the Blaze Spikers are still clashing in Game Two at press time. A victory

by F2 Logistics will give it the Grand Prix title, while a win by Petron will extend the game to a rubber match on Saturday at the same venue.

“I feel really good,” said Stalzer shortly after becoming the first team to tarnish Petron’s

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STALZER

immaculate 17-0 mark in this conference bankrolled by Asics, Mueller, Mikasa, Senoh, Team Rebel Sports, Bizooku, UCPB Gen, Cocolife, Hotel Sogo and Data Project.

“This team [Petron] had really grown throughout the season, and it’s always nice to beat the team that you used to play for.”

Stalzer said since coming over to replace Becky Perry two months ago, she had been wanting to beat her former team and lead the Cargo Movers to the title.

“It has been on my mind since I came over,” she said. “But during the game, I’m just focused

La Salle Archers in football semis

OOKIE Xavi Zubiri’s late goal carried De La Salle to a thrilling 1-0 win over Far Eastern University (FEU) to clinch the last Final Four spot in the final eliminations match day of the University Athletic Association of the Philippines (UAAP) Season 81 men’s football tournament on Thursday.

The Green Archers were the aggressors in the last 10 minutes with rookie John Rhey Lagura making several scoring chances but fell short.

Substitute Zubiri scored his first-ever UAAP goal from close range—and De La Salle’s biggest of the season—in stoppage time that was enough for the Green Archers to collect 25 points and eliminate University of Santo Tomas in the Final Four race.

PEREZ

“I feel amazing right now,” Zubiri told a television interview after the match at the FEU-Diliman pitch.

In the morning match, Kyle Magdato netted a brace while Dane Saavedra also entered the score sheet as defending champion University of the Philippines fashioned out a 3-0 win over also-ran University of the East to make the Final Four.

The Fighting Maroons finished second with 26 points and will face the No. 3 Green Archers in the knockout semifinals next week at the Rizal Memorial Stadium.

The loss dropped the Tamaraws to fourth spot with 24 points. They will take on elimination round topnotcher Ateneo Blue Eagles in the other Final Four pairing.

IMPORTS FOCUSED ON SUPERLIGA TITLE

on getting the win.”

But Perez’s motivation is different.

After leading the Cargo Movers to a dramatic come-from-behind win in 2017, Perez suffered massive heartache after Stalzer, Hillary Hurley and the rest of the Blaze Spikers knocked the crown off their heads the following year.

This is her third finals battle against the Blaze Spikers, and Perez admitted that she wants to make sure that they regain the crown they used to own.

“This is my third finals against Petron and I’m really motivated to get the win because this is the reason I decided to come over,” said

Perez, a member of the Venezuelan national women’s volleyball team.

“But we all know that this is just the first game, so we have to be focused and ready for the second day. We know Petron is capable of striking back so we have to be ready.”

Perez said they would still play with no pressure, knowing that the Blaze Spikers are the best in the business in turning a setback into a motivation.

“We are working point by point, set by set,” she said. “Just enjoy the process, and the result is going to come.”

Bea-Dij tandem triumphs in Lingayen

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ERLAS’S Bea Tan and Dij Rodriguez recalled their old form to bag the women’s championship while the comebacking pair of Mike Abria and Jade Becaldo took the men’s title in the Beach Volleyball Republic On Tour Lingayen Open on Wednesday at the Capitol Beachfront in Lingayen, Pangasinan.

Tan and Rodriguez won their third title in four legs this year at the expense of National University (NU) Boysen 1’s Roma Joy Doromal and Kly Orillaneda, 21-12, 21-15, while Abria and Becaldo, former two-time Boracay beach volleyball now representing Air Force, bested NU Boysen’s James Buytrago and Pol Salvador, 21-19, 21-18.

Both pairs went undefeated in five matches.

While Tan and Rodriguez cruised to victory to rebound from last weekend’s Dumaguete runner-up finish, Abria and Becaldo had to grind it out to beat Buytrago and Salvador in the Finals.

Trailing 13-15 in the second frame, Becaldo used his solid net defense to give Air Force a 18-16 lead, while Abria produced the key hits to help their partnership prevail—the first time that the two formidable University of the Visayas standouts captured a beach volleyball title in six years.

Randy Fallorina, one of the Philippine beachvolleyball legends, provided the biggest inspirational story in the BVR on Tour, combining forces with Jason Uy in Army 2’s third-place finish.

The 39-year-old Fallorina, currently an Army coach, delivered flashes of brilliance, as he and Uy powered their squad’s 15-21, 21-16, 17-15 victory over Fury’s Pemie Bagalay and Greg Utopo.

Sta. Lucia’s Jackie Estoquia and DM Demontaño, returning for the first time since the Santa Ana Open in Cagayan last year, captured third place with a 2114, 21-17 victory over Air Force 1’s May Ann Pantino and Jozza Cabalsa.

PERLAS’S Dij Rodriguez sets up Bea Tan during their final match against National University.

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YOUNG YULO MAKES STATEMENT IN DAVAO KARL JAHREL ELDREW YULO bags five gymnastics gold medals for the National Capital Region, while Cagayan Valley’s Hokket de los Santos rules the boys’ secondary pole vault event.

NONOY LACZA

By Ramon Rafael Bonilla

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AVAO CITY—Karl Jahrel Eldrew Yulo is slowly following the lead of his illustrious brother when the youngster collected five gold medals in men’s artistic gymnastics in the Palarong Pambansa on Thursday.

Yulo, the 11-year-old bet from the National Capital Region (NCR), took top honors in floor exercise, vault, high bar, mushroom and individual all-around title for elementary boys at the University of Immaculate Concepcion Gym. Yulo has all the makings of his older brother Caloy, once a dominant force in the Palaro and now an overachieving Olympic hopeful for the country who clinched a historic bronze for the Philippines in the Doha world championships last November.

With the guidance of his brother, coupled with the wisdom of his coach and Southeast Asian Games champion Reyland Capellan, Yulo has all the tools to carve his own name in the sport.

“I’m more prepared this time because I

knew the competitors were all good,” said the incoming Grade 6 student of the Aurora A. Quezon Elementary School, whose haul in Davao City added to his 10 Palaro golds from Antique to the Vigan City editions.

In archery at the Davao City-University of the Philippines Mindanao, Jason Emmaniel Feliciano of Ilocos region snatched four gold medals in boys 70m, 60m, 30m and single fita just as Central Visayas’s pride Crisha Mae Merto clinched her fourth mint in single fita after topping the 60m, 50m and 30m events.

Merto, daughter of former national archer Crizaldo, could go home in Dumaguete City with seven golds if she tops the Olympic round, mixed and team events on Friday.

Over at the University of Mindanao-Matina Campus, NCR’s Veruel Verdadero continued to struggle while Vince Buhayan of Western Visayas established himself as the new sprint king after ruling the 200 meters in 22 seconds.

Buhayan’s victory was no surprise as he also won the 100m for secondary boys on Monday.

Verdadero settled for silver in 22.42 seconds,

while Tracy Soriano of Calabarzon clocked 22.5 seconds for the bronze.

Middle distance runner Lheslie de Lima of Bicol region gave her team its second gold after prevailing in the 1,500m for secondary girls in 4:44.07. Camila Tubiano of Northern Mindanao (4:47.10) and Rica Moreno of Calabarzon (4:51.27) completed the podium.

The Big City athletes continued to pull away in the medal standings with 53 gold, 44 silver and 28 gold medals. Western Visayas (39-20-30) and Calabarzon (37-29-57) were far second and third placers.

NCR also drew gold medals on Thursday from Miguel Barreto in 1,500m freestyle and Philip Joaquin Santos in 200m backstroke for secondary boys of swimming. The team from the Big City also had nine golds in taekwondo kyorugi for secondary boys and girls.

In the team events of sepak takraw at the Davao City National High School, Davao region (secondary boys), Western Visayas (secondary girls) and Northern Mindanao (elementary boys) won the gold medals.

SILVER FOR LAMPACAN IN ARAFURA GAMES

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MAGNOLIA EYES 2-0 FINALS LEAD

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AGNOLIA is out to prove that its seriesopening win is no fluke when it battles defending champion San Miguel Beer in Game Two of their Philippine Basketball Association Philippine Cup best-of-seven Finals showdown on Friday at the Smart Araneta Coliseum.

The Hotshots gave the Beermen a reality check in Game One on Wednesday with a 99-94 victory behind the solid performance of Paul Lee and Ian Sangalang.

Just like last season when both teams met in the Finals,

Magnolia came out with a 105-103 win in Game One. But the ride didn’t last long as San Miguel Beer surged in the next four games to win the title for the fourth straight time.

This time, the Hotshots wanted to avoid another misfortune, and they will again start doing so in Game Two, which is set at 7 p.m.

Lee held his own against the dreaded backcourt of the Beermen and scored 18 points.

Sangalang was also busy in the post with his matchup against behemoth June Mar Fajardo. In the end, the former San Sebastian College standout collected 17 points and 12 rebounds against Fajardo’s monstrous 35-21 sheet.

Magnolia Head Coach Chito Victolero knows that the only way to beat powerhouse San Miguel Beer again is to erect a relentless defense.

“The players had good defense, and we limited them to below 100 points. That’s the key against the offensiveminded Beermen,”Victolero said. “We will still prepare for

MAGNOLIA’S Paul Lee uses teammate Rafi Reavis’s pick to stave off San Miguel Beer’s Chris Ross and Arwind Santos in Game One on Wednesday night.

their shooters and all their scorers. This is still a long series, and we must be ready all the time.”

It wasn’t all Lee and Sangalang for Magnolia though as Jio Jalalon also had his share of the highlights and scored 16 points coming off the bench.

Jalalon stepped on the pedal in third quarter, especially when the Hotshots erected a 10-point cushion, 78-68.

Fajardo tried to bring the fight back for the Beermen when he nailed 15 straight points

midway in the fourth to cut the Hotshots’ lead to 94-95. Lee and Sangalang, however, teamed up to keep their distance and eventually take the game for good.

Alex Cabagnot and Arwind Santos tallied 18 and 13 points, respectively, for the Beermen.

San Miguel Beer Coach Leo Austria believed they still stand a chance against their sister team.

“Fortunately, it’s just Game One and not a knockout game,” Austria said.

Ramon Rafael Bonilla

Pare, Lunor lift St. Clare past McDavid in D-League

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AINT Clare College Virtual Reality hammered McDavid, 93-82, to stop its two-game skid in the Philippine Basketball Association Developmental League on Thursday at Ynares Sports Arena in Pasig.

Mali big man Mohammed Pare and Darwin Lunor partnered in the Saints’ second quarter breakaway that turned a 25-26 deficit to a comfortable 59-44 halftime lead.

Pare fired eight of his 22 points in the second period where he also had 10 rebounds and three

blocks. Lunor made 13 of his 19 points in the same period and also hauled 11 boards.

Junjie Hallare added 13 points and nine rebounds for Saint Clare, which posted its biggest lead at 23, 70-47, midway through the third quarter before the opposition reduced the deficit to a more respectable 11-point margin.

The Saints improved to 5-2 won-lost to stay in the top 4 of the Aspirants Group. They took a tough 91-90 defeat to Petron-Letran last week.

That, though, was a thing of the past for

Coach Jinino Manansala, who is focused on getting his side to the playoffs.

“We need to focus more on our task because we aren’t sure yet of advancing to the next round,” Manansala said.

McDavid leaned on new recruit Ryusei Koga, who topscored with 19 points, as well as Harold Arboleda, who had 16 points, 12 rebounds and eight assists.

The league newcomer stayed at the bottom of the standings with a 1-7 card.

RIEL LEE LAMPACAN salvaged a silver medal in muay on Wednesday in the Arafura Games at the Darwin Convention Centre in Darwin, Australia.

The 21-year-old Lampacan bowed to Sakchai Chamchit of Thailand, 30-27, in the final of the senior male Elite A 54-kilogram division but secured the silver in the competition where the participants could gain points to qualify in the 2021 World Games in Bangkok.

Lampacan was disappointed for not winning the gold medal but vowed to bounce back in his next competition.

“I’ll target the gold in June in the World Championship. I’ll train some more and hone my skills,” Lampacan said.

Lampacan was one of four national muay

athletes in the Arafura Games Philippine campaign supported by the Philippine Sports Commission and Standard Insurance.

The Philippines has now collected 30 gold, 48 silver and 28 bronze medals with more athletes looking to add to the tally with two days left in the games.

In beach volleyball, Tagum City’s Hachaliah Gilbuena and Johnrel Amora beat Australia, 10, 21-12, 21-13, to clinch a spot in the round of 16 after sweeping their two matches in Pool D. Amora is teaming up with Gilbuena in an international competition for the first time but has been his partner since their college days at the University of Mindanao-Tagum.

“I was surprised with our victory because our opponents were so tall. We just focused on the

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Blu Girls go unscathed in Jakarta

HE Philippine Blu Girls assured themselves of a spot in the next round after scoring shutout victories in the first two days of the 2019 Asia Cup Women’s Softball Championship in Jakarta, Indonesia.

The Blu Girls, ranked No.13 in the world, posted a 13-0 victory against Singapore via mercy rule in their first assignment on Wednesday morning with pitchers Royevel Palma and Lyca Basa combining for nine strikeouts.

In the afternoon, the Blu Girls blanked Hong Kong, 10-0, also via mercy rule with Cristy Joy Roa, Cheska Altomonte, Angelie Ursabia and

Fil-Ams Chelsea Suitos, Sky Ellazar and Amber Freeman belting homeruns.

The team scored its third straight win on Thursday morning—8-0 win over host Indonesia—behind the heroic of Palma, Basa, Roa and Ezra Jalandoni.

No less than Amateur Softball Association of the Philippines (Asaphil) President Jean Henri Lhuillier congratulated the girls for their

game and we were actually after the points and not so much for the victory,” said the 24-year-old Amora said.

The men’s doubles sepak takraw team of Dominic James Sagosoy, Aljon Ypon and Jundy Puton of Davao City defeated Australia B in straight sets to sweep pool play with a 4-0 winloss record.

The semifinals and finals of the sepak takraw doubles competitions were played late Thursday.

In men’s basketball, Leomer Losentes had 35 points as the Philippines won its second straight contest on Wednesday, 86-75, over New Caledonia, 86-75, at the Darwin Basketball Stadium.

The Filipinos played Johor (Malaysia) also late on Thursday.

impressive start in the tournament which serves as a qualifier for the World Baseball Softball Confederation Softball Asia/Oceania 2019 Qualifying Event for Tokyo 2020 Olympics.

“The three straight victories allowed the Blu Girls to make an impression against their competitors. We are in Jakarta to win, with a spot at the Tokyo 2020 qualifiers as our final goal,” Lhuillier said.

By Arnie Stapleton

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The Associated Press

ENVER—After giving up 39 points to Damian Lillard in the opener, the Denver Nuggets were determined to make sure Portland’s role players would have to bear the burden of evening up the series.

His teammates were up to the task on a night that Lillard, who came in averaging 34.8 points in the playoffs, was held to 14 points on five-of-17 shooting.

CJ McCollum led six Trail Blazers in double figures with 20 points in a 97-90 victory at the Pepsi Center on Wednesday night that evened their series 1-1.

“It’s very important,” said Enes Kanter, who chipped in 15 points for Portland. “Teams can’t guard him with one man. They were sending double-teams, triple-teams.

That’s when I said, ‘He’s making himself better, but at the same time he’s making everybody else better around him.’ He was passing the ball, really active on defense.

He’s been unbelievable, man.”

The series shifts to Portland for Game Three on Friday night, and Lillard’s hoping a return to the Moda Center will help him find his long-range rhythm after he misfired on 14 of 19 3-pointers in Denver.

The Nuggets trimmed a 17-point, third-quarter deficit to 95-90 in the final minute thanks to an astonishing 14 offensive rebounds in the fourth quarter and a 19-9 run before Rodney Hood’s two free throws with 17 seconds left iced it.

“The good news is they had all of those offensive rebounds but they didn’t convert a lot,” Portland Coach Terry Stotts said. “They were eight for 24 on secondchance points. We were fortunate we came away not hurt as badly as we could have been on the offensive boards.”

Nikola Jokic had 16 points and 14 boards but got off to a slow start and wasn’t nearly the take-control force he was in Game One, when he scored 37 points.

“The last quarter we missed a lot of put-backs, but 23 offensive rebounds is a big number,” Jokic said. “The first half we had open shots but we didn’t make any of those.”

With Jokic taking—and missing—just one shot in the first quarter and scoring six points in the first half, the Nuggets trailed 50-35 at halftime after the franchise’s worst quarter ever at home in the playoffs, one in which they made just five of 23 shots and missed all 10 of their three-pointers.

Nuggets Coach Michael Malone said he admonished his team at halftime, “’if you’re not making shots, maybe attack the basket, maybe get to the foul line, maybe get to the rim.’”

BLAZERS TORCH COLD NUGGETS Sports

They started doing that after halftime, but the Blazers answered time after time, getting 15 points from Hood, 11 from Al-Farouq Aminu and 10 from Zach Collins.

Denver sparkplug forward Torrey Craig’s nose was bloodied after he was knocked down and slammed into teammate Monte Morris’s foot early in the second quarter.

Moments after Craig hobbled off, leaving a trail of blood, Maurice Harkless rolled his right ankle and also left the game.

Harkless didn’t return, but Craig came back in the second half.

Jamal Murray spent part of the fourth quarter on the stationary bike trying to loosen up his tight right thigh.

He missed 12 of 18 shots.

Craig, whose insertion into the starting lineup turned around the Nuggets’ first-round series against San Antonio, returned with a face mask with three minutes left in the third quarter. He immediately grabbed a rebound, and his 3-pointer with a minute left in the quarter was Denver’s first since 1:11 of the first quarter.

“I think Torrey Craig is the unsung hero of the game,” Malone said. “He’s got some [guts]. He’s got some toughness.”

Jokic pushed Kanter, who slammed into Craig with 43.5 seconds left on a made free throw. Murray took exception to Kanter staring down the fallen Craig, and a scuffle ensued at midcourt. The two were assessed a double technical.

BusinessMirror

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| Friday, May 3, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PORTLAND’S CJ McCollum drives against Denver’s Nikola Jokic. AP

MESSI HITS 600 GOALS WITH BRACE

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ARCELONA, Spain—Facing its toughest opponent of the season, Barcelona once again turned to Lionel Messi to move the team within one step of reaching its first Champions League final in four seasons.

Messi scored his 599th and 600th goals for Barcelona to subdue a Liverpool lineup that had outplayed the hosts for long stretches at Camp Nou on Wednesday but finally succumbed to the Argentine’s mastery.

His double and Luis

It was a bitter loss for Jürgen Klopp’s Liverpool, which is trying to reach consecutive European finals after losing last year’s decider to Real Madrid.

Even though striker Roberto Firmino was only fit enough for the final 12 minutes, Liverpool dominated long stretches of the match but failed to finish its chances.

“I think that it was the best we have played in the Champions League, including last year,” Klopp said. “We had good chances and caused them real trouble. The problem is that we didn’t score a goal.”

On Tuesday, Ajax won 1-0 at Tottenham in the other semifinal.

Barcelona has already clinched the Spanish league title, leaving it free to fully focus on the second leg while it aims for a rare treble of titles.

Liverpool doesn’t have that same luxury, being in a race with Manchester City for the Premier League. It trails City by one point and visits Newcastle on Saturday.

The speed of Salah and Sadio Mané caused Barcelona problems throughout and a flurry of jitters in its backline.

But Messi was a force at the other end, making Liverpool’s defense bend and almost break on his solo runs until it finally gave way in the final minutes.

“He was unstoppable,” Klopp said.

When a lull in the action came after a frantic start, Barcelona found a way through to break the deadlock.

Defender Jordi Alba sent a perfectly weighted long pass that was reminiscent of the best assists of former Barcelona great Xavi Hernández. The ball skipped past a backtracking Virgil Dan Dijk and met the run of Suárez, who slid and used the

Kentucky Derby favorite Omaha Beach scratched

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LIONEL MESSI moves Barcelona one step closer to reaching its first Champions League final in four seasons. AP

Suárez’s early goal against his former club gave Barcelona a commanding 3-0 win in the first leg of the Champions League semifinals.

Messi has won the Champions League four times, but his hunger to restore Barcelona as the best club team on the continent was evident against Liverpool, when he had to almost singlehandedly quash a ferocious comeback attempt by the visitors after Suárez’s 26thminute opener.

Messi doubled the lead from a rebound with 15 minutes left and followed that up by curling in a perfectly struck free kick in the 82nd.

Mohamed Salah nearly scored a valuable away goal for Liverpool to take back to next week’s return leg at Anfield when he hit the post late.

“It is not over because we are going to a ground that is very difficult, with lots of history, that presses rivals, but we are happy with today’s game,” Messi said. “This is the critical moment, the best moment, and we have to be more united than ever. At the start of the year we said we would do this together.”

Messi’s double also took his overall tally for the season to 48 goals and his Champions League-leading tally to 12 this campaign.

tip of his right boot to tuck the ball home.

Liverpool pressed Barcelona into its area after halftime and succeeded in the rarest of football feats: taking the ball away from Barcelona.

James Milner and Salah drew the saves from Marc-Andre ter Stegen just after the restart. Milner then wasted a golden opportunity when he fired into Teg Stegen’s arms.

That was when Messi settled the match.

“We played their game, at their physically demanding pace,” Messi said. “We aren’t used to that. We like having possession of the ball. We were exhausted, but that’s what the match demanded.”

Messi’s first goal came with a bit of luck after Suárez kneed a volley against the bar and the ball fell straight to Messi, who chested it down and tapped it into an empty net.

The second was spectacular. After he was fouled

by Fabinho well outside the area, Messi struck a swerving, left-foot strike past a diving Alisson and into the corner of the net.

“We know what Messi can do but he does not stop surprising us,” Barcelona Coach Ernesto Valverde said.

“He has made the difference again and pushed us to victory.” AP

OUISVILLE, Kentucky— Suddenly, the Kentucky Derby is wide open.

Favorite Omaha Beach was scratched because of a breathing problem on Wednesday night, leaving a pair of Hall of Famers on the sideline— trainer Richard Mandella and jockey Mike Smith.

Churchill Downs oddsmaker Mike Battaglia revised the

morning line to make Game Winner the 9-2 favorite for the one-and-one-fourth-mile race on Saturday.

Improbable and Roadster were installed as the co-second choices at 5-1, giving five-time Derby-winning trainer Bob Baffert the top 3 choices in the 20-horse field.

Mandella told The Associated Press that Omaha Beach developed a cough, and a subsequent veterinary exam showed the colt has an entrapped epiglottis. It’s generally not life- or career-threatening and is typically corrected with minor surgery.

EXERCISE rider Taylor Cambra holds Omaha Beach as he gets a bath after a workout at Churchill Downs on Wednesday. AP

“It’s been a devastating thing, but we have to do what’s right for the horse,” said Mandella, who has never won the Derby with six previous starters.

The trainer said Omaha Beach will have surgery in Kentucky in the next few days and will be sidelined for two to three weeks. The ordeal will knock him off the Triple Crown trail.

“It’s such a disappointment, but we’ll fight again,” Mandella told the AP. “We won’t be out a long time.”

The scratch was another blow to cancer survivor Rick Porter, the colt’s 78-year-old owner. He has twice finished second in the Derby, in 2007 with Hard Spun and the following year with filly Eight Belles, who broke her ankles past the finish line and had to be euthanized.

“He’s a great sport,” Mandella said. “I’ve got very good support.”

Omaha Beach had been the 4-1 early favorite.

Mandella’s dry sense of humor came out when he said, “My wife has my leg tied down so I can’t jump out of the window.”

Smith had chosen to ride Omaha Beach instead of Roadster, and now he won’t have a chance to win the Derby for the second straight year. He rode Justify to victory last year.

“I’m a little bummed out, but the horse is OK and we’re going to be all right,” Smith told the AP by phone. “The good news is it wasn’t anything that is life-threatening.”

Smith has three mounts on Friday’s card at Churchill Downs and five on Saturday.

“I’ll be rooting for Roadster’s connections big-time,” he said. “I’ll be a glorified cheerleader.”

Omaha Beach galloped on Wednesday morning without problem and Mandella said everything was fine. But that changed by late afternoon when the exam showed the cough was more than a minor irritation. AP

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Gracious God

EAR God Your wonderful works delight us and fill us with awe. With trust in Your unending goodness, we pray: Receive our prayer, loving God. Bless and guide all who nurture the spiritual growth of others. Help us to take time for prayer, life-giving leisure and solitude. Prosper the action of justice, relationship-building and peacemaking in Your Church.

May the Lord bless us with reverence and awe for the amazing gifts of God’s creative genius, now and always. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

Life BusinessMirror

PRINCE HARRY’S TRANSFORMATION

THE KID’S ALL RIGHT ➜D2

OPRAH WINFREY GETS EMOTIONAL AT HOLLYWOOD EMPOWERMENT EVENT D4

Friday, May 3, 2019

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Cover Story BusinessMirror

Friday, May 3, 2019

The kid’s all right HARRY has acknowledged that Diana’s death set him on a destructive path. “My mother had just died, and I had to walk a long way behind her coffin, surrounded by thousands of people watching me. I don’t think any child should be asked to do that, under any circumstances,” Harry said in an interview. AP

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Christina Hendricks, 44; Kristin Lehman, 47; Amy Ryan, 50; Frankie Valli, 85.

By Gregory Katz The Associated Press

ONDON—Princess Diana’s little boy—the red-haired prince with the mischievous smile and his mother’s wild streak—is about to become a father.

The arrival any day now of Prince Harry’s and American wife Meghan’s first child will complete his public transformation into the admirable and modern family man who took his grandmother’s crown last year as Britain’s most popular royal.

Confidence, a sense of humor and a fun-loving personality are some of the qualities the public sees in Harry, according to a UK polling company’s rolling online surveys.

Those old enough to remember his coming of age— watching him grow from a child swimming in palace trappings to a rebellious teen, from an army officer speaking up for rank-and-file soldiers to a gingerbearded groom—can’t help but take some pleasure in the expectant father’s next milestone.

The Duke and Duchess of Sussex, the titles conferred on the prince and his bride by Harry’s grandmother, Queen Elizabeth II, have tried to keep plans for Baby Sussex’s birth veiled in privacy.

Kensington Palace didn’t give a due date, saying only that it would be in the spring.

The news cameras that chronicled every awkward moment and misstep of his difficult adolescence often captured Harry at his best when he was doing charity work that involved playing with or comforting children.

His natural ease with young ones invited obvious questions. The prince acknowledged in general terms that he looked forward to having children of his own.

It’s clear from his quiet smile whenever Harry, 34, and Meghan, 37, are out together that he is treasuring the time now that he will.

His circle-of-life moment also closes a familiar cycle of ruin, rebirth and redemption for the exceptionally privileged and unremarkably flawed family he joined as His Royal Highness Prince Henry of Wales on September 15, 1984.

Harry was the proverbial “spare” to older brother Prince William’s heir-to-the-throne role as the firstborn child of Diana and Prince Charles, the queen’s eldest. By the time he was born, his parents’ marriage was already in trouble. They separated when he was eight.

In the four bitter years before the divorce, Charles and Diana both acknowledged extramarital affairs.

Charles’s was with a married woman he had had a relationship with before he married Diana, Camilla Parker-Bowles. She has now been his second wife, and William and Harry’s stepmother, since 2005.

Diana’s was with an army officer who was her horseriding instructor.

Harry suffered an almost unimaginable loss when Diana died in a Paris car crash in 1997. Millions around the world watched the funeral—and his pain.

The image is indelible: a 12-year-old Harry walking in the funeral procession behind his mother’s casket, his face set in angry stone days after she died in a car crash while being pursued by paparazzi in Paris.

Harry has acknowledged that Diana’s death and the aftermath set him on a destructive path.

“My mother had just died, and I had to walk a long way behind her coffin, surrounded by thousands of people watching me, while millions more did on television,” Harry told Newsweek magazine as the 20th anniversary of that day was approaching. “I don’t think any child should be asked to do that, under any circumstances. I don’t think it would happen today.”

He was angry, he told Newsweek, as well as adrift as he fought to break his royal bonds so he could live the “ordinary life” his late mother tried hard to show her two princes.

That’s another chapter of the story. In his late teens and his 20s, Harry had to publicly apologize

www.businessmirror.com.ph

HAPPY BIRTHDAY: Don’t let anyone saddle you with responsibilities that don’t belong to you this year. Pick and choose what you will and won’t do, and channel your efforts into something that is going to ease your stress and give you greater freedom to do your own thing. Look for opportunities that will help you possess less and experience more. Your lucky numbers are 5, 16, 24, 29, 31, 33, 42.

a

ARIES (March 21-April 19): Take nothing for granted. Do your due diligence if you want things to unfold according to your plans. A financial opportunity looks promising, but joint ventures do not. HHH

b

TAURUS (April 20-May 20): Responsibilities will catch up with you if you made too many promises. Call in favors, and offer incentives that will enable you to get things done on time. HHH

c

GEMINI (May 21-June 20): Don’t limit what you can do or let anyone stand in your way.

Demonstrate your strengths and your intellect, and channel your energy into making positive changes.

Be responsible for your actions, and live up to your promises. Romance is highlighted. HHHH

d

CANCER (June 21-July 22): Make a change because it’s the right thing to do or what’s best for you, not because someone is pestering you. Information you are given about a rule or regulation will end up being false. HH

e

LEO (July 23-Aug. 22): Follow your heart, your intelligence and your gut feeling when it comes to your reputation and status, and when making an adjustment to your looks or your position. Romance is on the rise. HHHHH

f

VIRGO (Aug. 23-Sept. 22): Take a day trip or go on a shopping spree. Venture out and see what’s going on in your neighborhood. Socialize and share experiences with friends, lovers or people who come from different backgrounds. Cut corners to lower your overhead.

HHH

g

LIBRA (Sept. 23-Oct. 22): Get moving.

Fitness, traveling and doing something constructive that will build character should be your priorities. Work alongside people who want to contribute and offer positive support. HHH

for engaging in crude antics that were normal for his school and army buddies but earned a prince embarrassing coverage in British tabloids.

His elders issued a statement acknowledging Harry had smoked marijuana—more than once. He was photographed wearing Nazi gear at a costume party, recorded using racist terms.

The 2012 “strip billiards” incident in Las Vegas, where Harry was photographed nude with a female companion, only added to the perception of an entitled prince who knew no boundaries.

In the past two years, Harry has spoken out about mental-health issues and the need for better treatment throughout Britain, using his own experience as an example. Harry’s willingness to air his demons in public and jettison the royal tradition of keeping a stiff upper lip about personal problems has seemed to raise his stature with Britons.

As part of a campaign to end the stigma surrounding mental-health problems, he told The Daily Telegraph in 2017 he “shut down all his emotions” for nearly 20 years after his mother’s sudden death and had been “very close to a complete breakdown” and “on the verge of punching someone” on numerous occasions.

He said only by entering therapy at William’s urging was he able to come to grips with his suppressed grief about losing his mother at such a young age. He said he took up boxing as an outlet for aggression.

Candidness about his own struggles isn’t the only

reason for Harry’s steady rise in stature. During 10 years as an army officer, he served in Afghanistan twice, including a tour piloting a helicopter.

Harry’s military experience led to the cause he brought to life with clear passion and no qualms for once about using his palace connections: the Invictus Games, his concept of an Olympics-style sports competition for injured and disabled military men and women.

The 2017 games in Toronto is where he chose to make his first official appearance with Meghan Markle, a divorced actress with whom he was clearly besotted. The couple kissed and cuddled for the cameras Harry had so long resented.

When they attended the next year’s Invictus Games in Sydney as newlyweds, Harry mentioned Meghan’s pregnancy at both the opening and closing ceremonies. A compassionate man anticipating contentment had emerged from a brittle shell.

Flashes of anger still surface in defense of the woman he loves. His rebellious side hasn’t gone away, either, but has become part of what his fans find intriguing.

In recent days, he and Meghan announced their newborn would not be making his or her public appearance on its first day in the world, a custom observed by his parents and William and his wife, Kate, the Duchess of Cambridge.

They also haven’t confirmed or denied speculation that Baby Sussex will be born at home at Frogmore Cottage, near Windsor Castle. n

h

SCORPIO (Oct. 23-Nov. 21): A change will do you good. Look at your options, and check out what’s available. Learn something new or update your qualifications and your résumé. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Think big, but stick to what’s affordable and doable.

How you handle situations at home or within important relationships will determine how much you accomplish. Mental and physical improvements will lead to greater opportunities, recognition and selfconfidence. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Consider how best to move forward. Dealing with friends, relatives and relationship struggles without making a fuss will help calm things and give you an opportunity to assess the situation and make positive adjustments. Offer solutions. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Personal improvements will lift your spirits. Reaching out to help a cause you believe in will enrich your life. Going to a reunion or reconnecting with someone from your past is favored and will help revive dreams, hopes and wishes. HHHH

l

PISCES (Feb. 19-March 20): Make a change for the right reason. Distance yourself from anyone who is pushing you to get involved in things that aren’t in your best interest. Offer your services and time to a cause you feel passionate about. HHH BIRTHDAY BABY: You are intelligent, worldly and industrious.

You are insightful and observant.

‘writing tips’ BY EVAN KALISH The Universal Crossword/Edited by David Steinberg

ACROSS 1 Law & Order: SVU star 5 Super impressed 9 Honey-glazed meat 12 Shows, as a new gadget 14 Like staring at someone 15 Hubbub 16 Mandela’s land 19 Possessed 20 It has many kernels 21 Early tool time 23 1765 law that made colonists go postal 27 I Love Lucy neighbor 28 Pioneering ISP 29 “Don’t Bring Me Down” grp.

30 Broadband giant 32 ___ parmigiana 34 Certain sweatshirt 36 Book of opinion pieces, or a phonetic hint to the starred answers 42 Biblical parting place?

43 Pirate ship’s haven 44 Not in favor of 47 Pelosi’s party: Abbr.

0 King with a famous tomb 5 51 2006 Sacha Baron Cohen role 52 Beer named for a founding father, familiarly 54 California city or winds 57 Do some yardwork 58 The “O” in IOU 59 Mecca’s land 64 Spoil 65 Closely related 66 Sometimes tricky-to-spot humor 67 Club alternative, for short 68 Hunt for 69 Portrait focus DOWN 1 Bouncers screen them, briefly 2 Fortune 500 VIP 3 Bird that uses its wings to cool itself 4 Carving on a pole 5 Cartoon bark 6 “Liver” or “brat” follower 7 Menu next to File 8 1930s building style 9 “That’s hi-LAR-ious!”

10 Proverbs

1 Revolutionary Ford creation 1 13 Pentagon, for one 17 Dried-up Asian sea 18 Needing iron 22 “...and so on and so forth” 23 Keep in the bank 24 Ballet digits 25 “If only...”

26 Either of two anchors 30 Pina ___ 31 Poem that praises 33 Cowgirl’s rope 35 Futbol cheer 37 Busybodies 38 LP successors 39 Very small amount 40 Egg 41 Swishes touch them 44 Take in 45 Leave base without permission 46 Will of Arrested Development 48 Stone cast in movies 49 Native New Zealander 52 “Sexy” Beatles woman 53 Sneezy, e.g.

5 Small batteries 5 56 Microwave 60 Tattoo artist’s supply 61 Flamboyant neckwear 62 Monsters, ___ (Pixar film) 63 “Yes, captain!”

Solution to yesterday’s puzzle:

Relationships BusinessMirror

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Friday, May 3, 2019

Gossip is a social skill— not a character �law

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By FranK t. MCandreW Knox College

CCORDING to a recent Wall Street Journal article, some communities in the Philippines consider gossiping so odious that they’ve outright banned it.

But aside from the difficulty of enforcing this sort of ordinance, should gossip really get such a bad rap?

Yes, in its rawest form, gossip is a strategy used by individuals to further their own reputations and interests at the expense of others. Studies that I have conducted confirm that gossip can be used in cruel ways for selfish purposes.

At the same time, how many can walk away from a juicy story about one of their acquaintances and keep it to themselves? Surely, each of us has had firsthand experience with the difficulty of keeping spectacular news about someone else a secret.

When disparaging gossip, we overlook the fact that it’s an essential part of what makes the social world tick; the nasty side of gossip overshadows the more benign ways in which it functions.

In fact, gossip can actually be thought of not as a character flaw, but as a highly evolved social skill.

Those who can’t do it well often have difficulty maintaining relationships, and can find themselves on the outside looking in.

AS SOCIAL CREATURES, WE’RE HARDWIRED TO GOSSIP LIKE it or not, we are the descendants of busybodies.

Evolutionary psychologists believe that our preoccupation with the lives of others is a byproduct of a prehistoric brain.

According to scientists, because our prehistoric ancestors lived in relatively small groups, they knew one another intimately. In order to ward off enemies and survive in their harsh natural environment, our ancestors needed to cooperate with in-group members. But they also recognized that these same in-group members were their main competitors for mates and limited resources.

Living under such conditions, our ancestors faced a number of adaptive social problems: Who’s reliable and trustworthy? Who’s a cheater? Who would make the best mate? How can friendships, alliances and family obligations be balanced?

In this sort of environment, an intense interest in the private dealings of other people would have certainly been handy—and strongly favored by natural selection. People who were the best at harnessing their social intelligence to interpret, predict—and influence—the behavior of others became more successful than those who were not.

The genes of those individuals were passed along from one generation to the next.

AVOIDING GOSSIP: A ONE-WAY TICKET TO SOCIAL ISOLATION TODAY, good gossipers are influential and popular members of their social groups.

Sharing secrets is one way people bond, and sharing gossip with another person is a sign of deep trust: you’re signaling that you believe that the person will not use this sensitive information against you.

Therefore, someone skillful at gossip will have a good rapport with a large network of people. At the same time, they’ll be discreetly knowledgeable about

what’s going on throughout the group.

On the other hand, someone who is not part of, say, the office gossip network is an outsider—someone neither trusted nor accepted by the group. Presenting yourself as a self-righteous soul who refuses to participate in gossip will ultimately end up being nothing more than a ticket to social isolation.

In the workplace, studies have shown that harmless gossiping with one’s colleagues can build group cohesiveness and boost morale.

Gossip also helps to socialize newcomers into groups by resolving ambiguity about group norms and values. In other words, listening to the judgments that people make about the behavior of others helps the newbie figure out what’s acceptable and what isn’t.

FEAR OF WHISPERS KEEPS US IN CHECK ON the flip side, the awareness that others are likely talking about us can keep us in line.

Among a group of friends or coworkers, the threat of becoming the target of gossip can actually be a positive force: it can deter “free riders” and cheaters who might be tempted to slack off or take advantage of others. Biologist Robert Trivers has discussed the evolutionary importance of detecting gross cheaters (those who fail to reciprocate altruistic acts) and subtle cheaters (those who reciprocate but give much less than they get). Gossip can actually shame these free riders, reining them in.

Studies of California cattle ranchers, Maine lobster fishers and college rowing teams confirm that gossip is used in a variety of settings to hold individuals accountable. In each of these groups, individuals

CELEBRITY GOSSIP ACTUALLY HELPS US IN MYRIAD WAYS BELGIAN psychologist Charlotte de Backer makes a distinction between strategy learning gossip and reputation gossip.

When gossip is about a particular individual, we’re usually interested in it only if we know that person.

However, some gossip is interesting no matter whom it’s about. This sort of gossip can involve stories about life-or-death situations or remarkable feats. We pay attention to them because we may be able to learn strategies that we can apply to our own lives.

Indeed, de Backer discovered that our interest in celebrities may feed off of this thirst for learning life strategies. For better or for worse, we look to celebrities in the same way that our ancestors looked to role models within their tribes for guidance.

At its core, our fixation on celebrities is reflective of an innate interest in the lives of other people.

From an evolutionary standpoint, “celebrity” is a recent phenomenon, due primarily to the explosion of mass media in the 20th century. Our ancestors, on the other hand, found social importance in the intimate

details of everyone‘s private life, since everyone in their small social world mattered.

But anthropologist Jerome Barkow has pointed out that evolution did not prepare us to distinguish among those members of our community who have a genuine effect on us, and those who exist in the images, movies and songs that suffuse our daily lives.

From TMZ to US Weekly, the media fuels gossip mills that mimic those of our workplaces and friend groups. In a way, our brains are tricked into feeling an intense familiarity with these famous people— which hoodwinks us into wanting to know even more about them. After all, anyone whom we see that often and know that much about must be socially important to us.

Because of the familiarity we feel with celebrities, they can serve an important social function: they may be the only “friends” we have in common with new neighbors and coworkers. They are shared cultural touchstones that facilitate the types of informal interactions which help people become comfortable in new surroundings. Keeping up with the lives of actors, politicians and athletes can make a person more socially adept during interactions with strangers and even offer inroads into new relationships.

The bottom line is that we need to rethink the role of gossip in everyday life; there’s no need to shy away from it or to be ashamed of it.

Successful gossiping entails being a good team player and sharing key information with others in ways that won’t be perceived as self-serving. It’s about knowing when it’s appropriate to talk, and when it’s probably best to keep your mouth shut. AP

because foreigners don’t understand our language, some just think we’re a bunch of noisy brats and throw us looks of contempt.)

On Facebook alone, there are photos, for instance, about Chinese tourists letting their kids or infants poop in the middle of Mall of Asia, or in the white sands of Boracay. There is an anecdote about a bossy Chinese ordering people in an elevator to push the button to his floor in a building. (No one does, and the guy remains in the lift after everyone else had reached their respective floors.) There is a post about a Chinese restaurant in Las Piñas shooing away Filipino customers. And in Boracay, there are complaints about Chinese restaurants mushrooming like shiitakes, with their signs and menus all in some Chinese language.

Unfortunately, I can’t offer solutions on how to address our own behavior toward the Chinese. I am struggling myself, trying not to lump all of them in the “unruly” category, because intellectually I know they do not all behave the same way. I have met a lot of courteous and pleasant Chinese citizens. There was a time in Beijing I got confused in the subway and didn’t know what train to take to my destination, and I approached a woman, and she drew everything on paper as she couldn’t speak English well. I was ever so grateful to her!

But we do need to rein in some of our contempt because I think it’s become unhealthy. For us to live harmoniously with other citizens of the world, we have to be more understanding

and more compassionate toward others. It is the very basic foundation of Christian living.

It’s difficult, but perhaps being aware of our seemingly xenophobic bent will make us strive harder to think first, instead of letting our emotions rule any unwelcome situation with Chinese citizens, or with other races or nationalities for that matter. (Not all of us have welcoming attitudes toward Koreans and African-Americans either.) Part of the problem is also because they don’t speak English, and so perhaps, what could appear as hostility, may only just be them trying to make themselves be understood to us who don’t speak their language.

But in the other aspects, such as local employment, the government does have to act immediately to keep more Filipinos on the payroll. Our unemployment rate is 5.2 percent, while the underemployment rate is a staggering 15.6 percent; the latter means there are many of us working less than 40 hours a week. Those numbers will expectedly rise in April and May as young people graduate and try to join the work force.

Perhaps a review of the visa procedures for Chinese tourists are in order, and work permits should only be issued to those who are going for jobs that cannot be certifiably fulfilled by locals. Such a system is followed in the US, the UK, and other countries. There is wisdom in patterning our own work visa procedures after them.

Needless to say, when they have broken laws or violated regulations, the authorities must hold them accountable.

who violated expectations about sharing resources or meeting responsibilities became targets of gossip and ostracism. This, in turn, pressured them to become better members of the group. For example, lobstermen who didn’t respect well-established group norms about when and how lobsters could be harvested were quickly exposed by their colleagues.

Their fellow lobstermen temporarily shunned them and, for a while, refused to work with them.

Confronting an ugly truth SOMETHING LIKE LIFE

MA. STELLA F. ARNALDO

@akosistellaBM

THESE are tenuous times in our relationship with the mainland Chinese.

My social-media feed has rants against Chinese tourists, Chinese workers, and their seemingly unpleasant behavior, disagreeable manners and loud speaking voices.

The diatribes against China are not isolated to just social media. Even the talk among the common folk is rife with tirades against the Chinese workers who have allegedly come to take our jobs. Mang Poldo, a taxi driver who ferried me recently to my destination in Manila, wondered how the Chinese workers on a bridge project could live in a condominium.

I said, he might be mistaken, and these were workers perhaps in an online gaming company who, our sources said, may number close to 300,000 for the entire industry. (The

Bureau of Immigration and the Department of Labor and Employment recently disclosed issuing some 84,000 special work permits and about 55,000 alien employment permits to Chinese citizens. Many of these Chinese workers come in as tourists, and then become workers.)

“Ay hindi ho, ma’am. Mga trabahador ho sila. Ang dudumi nga at gusgusin, ayoko sana isakay. Tapos nagpahatid sa condo dyan [points toward a building in Pasay]. Paano kaya nila nababayaran ’yan kung P500 kada araw lang sweldo nila?”

Mang Poldo has a conspiracy theory: He thinks all these Chinese workers are sleeper soldiers and when the time comes, they will take over the country. “Parang nung panahon ng Hapon! Di po ba ang dami ding Hapon nun, tapos nung giyera na, mga koronel at mga sundalo pala sila. Ganyan din ’yang mga Intsik. Patay! Mag-takeover na sila.”

(It’s probably a stretch, but under this administration, anything and everything has become possible. So who knows really?)

It’s just disheartening that it has to come to this. In our frustration over our government’s inaction toward Chinese intrusions, whether it be territorial or in our economy, our usually welcoming and hospitable nature toward foreigners has turned to hostility, tinged with—dare I say it?—racism.

(It’s shameful, I know. Even I sometimes become filled with slight rage when hearing a group of Chinese tourists boisterously chattering in the mall or in a dining spot. During these times, I always try to remind myself how loud we Filipinos sometimes are when we are also overseas. And

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Show BusinessMirror

Friday, May 3, 2019

BIANCA UMALI

LAURICE GUILLEN

GMA PERSONALITIES HONORED AT 67TH FAMAS AWARDS

SEVERAL GMA personalities were honored at the recently concluded 67th Filipino Academy of Movie Arts and Sciences (Famas) Awards held on April 28 at the Meralco Theater.

The beautiful and multitalented Bianca Umali marked another milestone in her career after receiving the German Moreno Memorial Youth Achievement Award. Bianca currently headlines GMA’s epic-drama series Sahaya where she plays the titular character who embraces her own identity and heritage as a Badjao, even defying the power of love.

The sought-after GMA actress is, likewise, part of two upcoming movies this second quarter of 2019. She is in the cast of GMA Pictures and Mic Test Entertainment Inc.’s heartwarming movie Family History, and in APT Entertainment’s horror film Banal.

Award-winning actress and director Laurice Guillen took home the Lifetime Achievement Award. She was the director of the top-rating GMA afternoon series Ika-6 na Utos and Ika-5 Utos.

GMA’s flagship AM radio station Super Radyo DZBB’s Dobol A sa Dobol B host Ali Sotto, meanwhile, received the Dr. Jose R. Perez Memorial Award. In her speech, the esteemed radio broadcaster shed light on the importance of women empowerment and reinforcing the rights of every woman in the society.

JUSSIE SMOLLETT WILL NOT RETURN TO ‘EMPIRE’ FOR NEXT SEASON

LOS ANGELES—Fox Entertainment said on Tuesday that Jussie Smollett will not return to his series Empire next season in the wake of allegations by Chicago officials that the actor lied about a racially motivated attack.

“By mutual agreement, the studio has negotiated an extension to Jussie Smollett’s option for season six, but at this time there are no plans for the character of Jamal to return to Empire,” the studio said in a statement that gave no reasoning for the decision.

Fox announced earlier on Tuesday that the drama about a hip-hop record label and the fiery family behind it had been renewed for a sixth season.

A Smollett representative released a statement to several media outlets suggesting a hope that he may eventually return. “We’ve been told that Jussie will not be on Empire in the beginning of the season but he appreciates they have extended his contract to keep Jamal’s future open,” the statement said. “Most important he is grateful to Fox and Empire leadership, cast, crew and fans for their unwavering support.” Fox announced earlier on Tuesday that the show had been renewed for a sixth season.

Smollett’s character was removed from the final two episodes of season five.

Chicago police allege Smollett paid two brothers to help him stage a January attack in which he said two masked men beat him, hurled racist and homophobic slurs at him, doused him with a chemical substance and put a rope around his neck. Smollett, who is black and gay, maintains the attack wasn’t staged. He was arrested, but prosecutors later dropped the charges.

Empire films each episode in Chicago. AP

www.businessmirror.com.ph

Oprah Winfrey gets emotional at Hollywood empowerment event

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By Lindsey Bahr The Associated Press

OS ANGELES—Oprah Winfrey may have been the main honoree at The Hollywood Reporter’s (THR) inaugural Empowerment in Entertainment luncheon, but it was a group of underprivileged high-school students who stole the show and even brought Winfrey to tears.

At the event on Tuesday in Los Angeles, 20 local high-school juniors who had been selected to the new Young Executive Fellowship Program, learned from Selena Gomez that two would be receiving full scholarships to Howard University and Emerson College, and all would get a laptop. The program started to try to address the lack of diversity and inclusion in the executive ranks in Hollywood.

The joyful faces onstage brought the well-heeled room—including Lea Michele, Caitlyn Jenner and Maria Shriver—to their feet with applause. Winfrey wiped away tears under her glasses looking up at all the grateful students.

Alicia Keys, on hand to introduce Winfrey as the recipient of the first Empowerment in Entertainment award, took the stage right after.

“OK, that was just a real moment right there,” Keys said. “That was a real thing that happened right here.”

By the time Oprah made her way to the stage to accept the award, henceforth to be called the Oprah Winfrey Empowerment in Entertainment Award, her eyes were dry and she was ready to rock the room with an inspiring speech in which she looked back at her own history of fighting for equal pay for herself and then others.

She recounted asking in Baltimore to be paid the same as her male coanchor.

“I was told by my news director and the general manager that because I was a single woman who didn’t have a mortgage and didn’t have kids, I wasn’t entitled to earn as much as the man sitting next to me,” Winfrey said. “They didn’t know my value but I knew my value.”

And by the time she did get a raise in Chicago, she asked for the same for her producers. “They’re just girls,” she was told. And said she was willing to sit down until they got one.

“It takes a while to develop a voice but once you have it, you better use it,” Winfrey said.

She laughed that she did not need another award, but said she relented when she learned that it was in support of the young executives. Winfrey told the students that their trajectory was about to change because now they’d have access.

“Let’s leave here today with the collective memory of wanting to create enlightenment in the world,” Winfrey said.

Kumail Nanjiani kicked things off on a funny, but heartfelt note. “[This] empowerment gala is really important

OPRAH WINFREY arrives at THR’s Empowerment in Entertainment Gala at Milk Studios in Los Angeles. AP

but not quite important enough for dinner,” he said.

“What is empowerment? Power is all about what you’ve done for yourself. Empowerment is what you’ve done for others that you can then brag about at power lunches.”

He urged more representation in front of the camera and behind on television and in film, where he joked that “everyone named Chris has all the power.

This is about sharing the power with people who have less bankable names.”

Nanjiani also noted how diversity is good for business, but that empowerment will really be

achieved when “a movie made by a nonwhite person can flop.”

“I’m looking forward for everyone having the luxury to fail,” Nanjiani said. Ciara and CNN Anchor Don Lemon also made remarks.

“We are tired of having this conversation about diversity and inclusion and empowerment,” Lemon said. “It is 2019 y’all.”

THR publisher Lynne Segall dedicated the luncheon to Director John Singleton , who passed away on Monday at the age of 51, who she said embodied everything the event was trying to do. n

KRISTEN STEWART CELEBRATES YOUNG STARS REDEFINING SEXUALITY

By Ryan Pearson The Associated Press LOS ANGELES—Kristen Stewart says she felt a “huge responsibility” to define her sexuality after finding fame in the Twilight movie franchise.

But she’s glad today’s young stars don’t have to do so.

The 29-year-old actress said she was “so gay” on Saturday Night Live two years ago. But she sees a shift in culture that’s allowed young people—in and outside Hollywood—to accept fluidity in gender and sexuality.

“I felt this huge responsibility, like one that I was really genuinely worried about, if I wasn’t able to say one way or the other, then was I sort of like forsaking a side,” said Stewart, who also had a long-term relationship with Twilight costar Robert Pattinson.

“The fact that you don’t have to now is like so much more truthful,” said Stewart.

The actress stars alongside Laura Dern in J.T. LeRoy, a biopic about a young woman named Savannah Knoop whose sister-in-law Laura Albert created LeRoy as a literary persona. Knoop pretended to be a

man in public appearances as the celebrated author, and now identifies as nonbinary.

Stewart celebrates that decision along with statements from younger Hollywood stars like Sophie Turner,

23, who have refused to label their sexuality.

“If you were to have this conversation with someone like in high school, they’d probably like roll their eyes and go, ‘Why are you complicating everything so much?’ ...Just sort of do what you want to do,’” she said. “It’s really nice.”

Stewart says contemporary culture is still struggling to define fluid gender and sexuality: “I just feel like we don’t even have the words to describe the complexities of identity right now.”

Stewart says she’ll be putting that spirit into her feature film directorial debut, an adaptation of the memoir of a bisexual swimmer-turned-artist, titled The Chronology of Water.

“So much of that spirit is completely about finding new... finding a new language. And like really understanding that your word house, so to speak, is constructed by you,” she said. “And you can also have a million definitions of any word you want. Like they are open for interpretation.... So like words as solace—because they really can be used as weapons or really like more saviors.”

‘THE LAST SUMMER’ LAUNCHING ON NETFLIX

STANDING on the precipice of adulthood, a group of friends navigate new relationships, while reexamining others, during their final summer before college.

Featuring several intersecting stories, The Last Summer follows a group of recent high-school graduates as they navigate their way through their final summer before taking off for college. As the youths wrestle with love lost and found, form friendships in unexpected circumstances, and take greater control in their relationships with parents, they ultimately decide who they will be and what they will do as they stand on the precipice of adulthood.

Starring K.J. Apa, Maia Mitchell, Jacob Latimore, Halston Sage, Sosie Bacon, Wolfgang Novogratz, Gabrielle Anwar, Ed Quinn, Jacob McCarthy, Mario Revolori, Gage Golightly, Norman Johnson Jr. and Tyler Posey. The Last Summer is directed by William Bindley, who also cowrote the film with Scott Bindley. The film is produced by Mike Karz, William Bindley and Wayne Rice.

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

Friday, May 3, 2019 E1

HONDA ROLLS OUT THE ALL-NEW BRIO H Story & photos by Randy S. Peregrino

ONDA Cars Philippines Inc. (HCPI) further stirred up the small-car segment competition in the country when it recently rolled out the all-new Brio.

HCPI is determined to get a big chunk of that share in the local market by going up against the current roster of A-Segment passenger cars. Because aside from the new generation model’s revolutionized and well-enhanced design inside and out, the special introductory price points for all variants are as enticing for both first-time car buyers and segment enthusiasts.

It was during last year’s Philippine International Motor Show (PIMS) when we saw a glimpse of what could be the all-new Brio’s new look when Honda exhibited its Small RS Concept car. True enough, several of its prominent design elements were inherited by the all-new Brio. Established from the concept of “Proud Over Class”, the objective was to improve aspects of the vehicle, focusing on the users need. The result? A dynamic and mature ex-

terior styling. The fresh stunning look highlights a strong sporty fascia blending with character lines.

Its honeycomb front grille really matches the pair of multi-reflector halogen headlights with LED parking light guides. These elements further highlighted the front end’s wider, sporty and that imposing look not common in a small car.

The rear end, meantime, is a complete revamp. Gone is the predecessor’s large glass-panel tailgate. The new tailgate design provides excellent rear visibility. In addition, there’s a new set of rear combination lamps with rear reflectors. With larger lenses, tail lamps expand to the edge panels in order to project a wide stance. Complementing that look are 14-inch alloy wheels (1.2 V CVT variant) with triple dynamic design complimenting the sleek and sporty stance.

THE all-new Brio 1.2 V CVT variant

Inside, the design revolves around the direction of “Comfort, Harmonize and High Quality”. The additional 60mm of extended wheelbase provided more legroom and that spacious interior feel. Comfy seats are draped with fine fabrics with design accents. For a small hatchback, the cargo bay still offers 258 liters of space thanks to the additional 90-mm extension. But fold those rear seats and you’ll get a total of 710 liters of space.

The new dashboard layout, meantime, is now more ergonomic and features high-quality materials.

Highlighted at the center panel is a seven-inch touchscreen audio system (1.2 V CVT and RS variants), which provides more intuitive entertainment functionality, as well as connectivity functions.

There are Bluetooth connectivity

THE all-new Brio 1.2 RS Black Top CVT variant

and USB port connection. Even the manual air conditioning now has digital display.

Propelling the second-generation Brio is a new 1.2-liter fourcylinder SOHC i-VTEC engine.

Output ratings slightly improved to 89 hp at 6,000 rpm and 110 N-m of maximum torque at 4,800 rpm. It is mated to a Continuously Variable Transmission (CVT) with Honda’s Earth Dreams Technology. There’s also a five-speed manual gearbox option for the 1.2 S MT variant.

Safety-wise, the vehicle boasts a Four Star Asean NCAP safety rating. The new frame is also reinforced with Honda’s G-CON technology, which enhances impact absorption for passenger’s added protection in the event of a collision. Additionally, Dual SRS Airbags (driver and front Passenger) and Antilock Braking System (ABS)

are all standard across the board.

RS Variant

JOINING other sporty variants in Honda’s model lineup, the all-new Brio also received the same treatment with the 1.2 RS CVT variant.

This particular variant was developed to express Honda’s Sporty Spirit based on the Small RS Concept previewed in 2018. Several of these design elements are the RSinspired piano black front grille, exclusive 15-inch alloy wheels, side sill/rear bumper garnishes and tailgate spoiler. Of course, the interior also got several RS treatments.

These are the RS-inspired orange accents on both dashboard and door trims. There’s also black fabric seats with orange accents. Meanwhile, the seven-inch touchscreen audio system with Bluetooth and USB connectivity is paired with a

six-speaker audio setup for a more enhanced audio experience. What is more, there’s a two-tone Black Top RS variant, which features the exclusive Phoenix Orange Pearl body shade found in other Honda RS models.

The all-new Brio will be available in five radiant colors, namely: Phoenix Orange (exclusive for 1.2 RS Black Top CVT), Carnival Yellow (1.2 RS Black Top CVT and 1.2 V CVT only), Rallye Red (1.2 V CVT and 1.2 S MT only), Modern Steel Metallic (1.2 RS CVT, 1.2 V CVT and 1.2 S MT) and Taffeta White.

As for the enticing special introductory SRP, Honda customers will get this treat only until June 2019.

The price points per variant are as follows: 1.2 RS Black Top Navi CVT (P732,000), 1.2 RS Navi CVT (P727,000), 1.2 V CVT (P646,000) and 1.2 S MT (P585,000).

Moto

Business

E2 Friday, May 3, 2019

THE D-Max X-Series (left) variant display and The mu-X model on display

THE all-new Sonata

IPC Vice President for Sales Yasuhiko Oyama (from left), IPC President Hajime Koso and IPC Executive Vice President Shojiro Sakoda during the launch of “I Love Isuzu� campaign

oring

sMirror

Friday, May 3, 2019

ANGELINE THAM

IPC executives with the featured families in the “I Love Isuzu” video presentation. ISUZU PHILIPPINES

AUTOITALIA Philippines of Autohub Group President Willy Tee Ten presents the Piaggio Porter

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Motoring BusinessMirror

E4 Friday, May 3, 2019

Sec. Tugade’s intercession sought by UTRIP

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HE Used Trucks Rebuilders and Importers Association of the Philippines (UTRIP) is in danger of folding up on June 30 this year.

That is, if the government will fulfill its threat to impose a rule that UTRIP finds impossible to comply with.

Affected are some 50,000 highly skilled workers employed in 300 companies dealing with rebuilding trucks nationwide.

Curiously, the truck rebuilding industry was conceptualized by the government in 2003 through Department Order 08-03, which was issued by the Bureau of Import Services of the Department of Trade and Industry (DTI).

UTRIP has grown into an association of 25 companies operating in Metro Manila under the Confederation of Truck Rebuilders and Importers Association of the Philippines (CTRIP).

UTRIP President Jaime Vicente said: “The government has vigorously encouraged us to invest

through Executive Order 156, better known as the ‘Comprehensive Industrial Policy and Directions for the Motor Vehicle Development Program’ in 2002.”

In July 2018, the DTI-FTEB required the submission of Emission Test Results of rebuilt/imported used trucks from the countries of their origin, attesting that they have passed the Euro 4 Standard before a Certificate of Authority to Import (CAI) covering an imported used truck can be issued.

A series of dialogues ensued, after which it was determined that obtaining Emission Test results from their country of origin especially the CKDs (CompletelyKnocked-Down) units would be an extremely difficult, if not impossible undertaking.

“If truck rebuilders are required to import only CKD trucks

DAF Trucks

that have passed Government standards, then what is there for us to rebuild?” asked Vicente.

He said UTRIP members are responsible and safety-conscious used truck rebuilders.

“We import CKD trucks from Japan, Europe and the US, and transform them into CompletelyBuilt-Units [CBUs],” Vicente said.

“The resultant vehicle would then approximate the condition of a brand new unit.”

UTRIP will showcase its rebuilt trucks on May 17 and 18 at the Metrotent at Metrowalk in Ortigas Center. It is open to the public for free.

Letter to Sec. Tugade

THE following is Vicente’s letter on 18 December 2018, to Transporta-

tion Secretary Arthur P. Tugade.

Dear Sir, We refer to the second paragraph of an unnumbered memorandum issued by erstwhile USEC for Road Transport and Infrastructure, Hon. Thomas Orbos in relation to the implementation of Department Order 2017-009, to wit; “This policy also covers the ban on using rebuilt units which are being registered as current year models.”

Our association consists of used truck rebuilders, mostly of small- to medium-scale companies, but not counting quite a few who grew to be large scale 15 years from the industry’s onset.

It is the industry which the government itself conceptualized in 2003 through DTI BIS DAO 08-

03 by the Department of Trade and Industry, Bureau of Import Services (DTI-BIS).

It is an industry on which the government vigorously encouraged us to invest in following its introduction, in which the pioneer members of our association obliged, in the advent of the implementation of Executive Order 156 or the “Comprehensive Industrial Policy and Directions for the Motor Vehicle Development Program” issued in 2002.

And now, or 15 years hence, it is indeed a marvel at how this industry metamorphosed from a literally backyard operation, to a full blown, Filipino- owned and -controlled automotive industry, generating multibillion pesos in investments, providing tens of thousands of direct-hire, highly skilled workers.

It cannot therefore be denied that we are the government’s offsprings.

We have not sought, nor been given incentives other than those originally offered us.

Our industry is now a significant partner of the government in a wider arena of nation-building, albeit without much fanfare.

The policy then of depriving a Certificate of Public Convenience (CPC) to even a newly rebuilt unit spells utter disaster to an industry the government itself created.

This is so because close to 80 percent of our market comes from operators of trucks for hire (TFH).

Sadder still is, it seem to conclude that a rebuilt used truck coming

Action-packed weekend at the Frontrow Hot Air Balloon Fest F AMILIES and individuals experienced another exciting and action packed weekend at the recent Frontrow Hot Air Balloon Fest (HABF).

Once again, Clark paved the way for the much anticipated annual event at the Clark Global City grounds. Guests got up-close the eye-popping, larger-than-life hot air balloons in all shapes and sizes from pro-

fessional balloonists from different parts of the world. Some of the guests were even able to tick one item off their bucket list, when they got the chance to ride the tethered balloons. Definitely of the most IGworthy moments of their year!

out of our production lines is just as good as an un-rebuilt 15 year or older one, thus, no longer safe to be operated on the roads.

In view of the foregoing, allow us to respectfully submit herewith our industry’s declaration detailing our position, as well as our prayers vis-à-vis your Department Order 2017-009, for your perusal.

Finally, we wish to convey our deepest appreciation to your office, especially to Intelligent Transportation Systems Engineer Titus James Ragragio, for giving us the opportunity to introduce who and/or what we are as an industry, through a presentation we were allowed to make before him last Wednesday, Nov. 28, 2018.

Thank you so much, Honorable Secretary, for your attention.

Very truly yours, Jaime C. Vicente President, UTRIP

PEE STOP

The sixth season of the Vios Racing Festival went off to a smashing start on April 28 at the MOA Racing Grounds, with no less than Satoru Suzuki, the president of Toyota Motor Philippines, gracing once again the occasion as no less than the event’s grand guest and main speaker. Cheers!...I note with pride the heart-warming promotions of my Toyota buddies Sherwin Chua-Lim, Carlo Ablaza, and Elijah-won Marcial, who is back as a top gun at TMP’s Marketing Division. Wow!...And to Carlo Nemo, mabuhay ka!

Blade ushers in summer season with music festival

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Jam-packed weekend

THIS year’s HABF was filled with activities

for guests at any age. Kids had a blast at the inflatable and slide attractions, magic show, bubble show and cartoon character shows.

The adults got to enjoy a wide selection of food and shopping choices, and were treated to a nightly concert featuring some of the hottest local bands such as Slapshock on Friday, Kamikazee on Saturday and SM City Clark Castaway bands Ely Buendia, Hale and Unique Salonga on Sunday.

Car and motorsports enthusiasts had their treat at the HABF, as it is the host event of some of the most anticipated motorsports event, which include the National Drift Championship, National Slalom Series Philippine Rallycross Series, and Philippine Autocross Championship Series.

The Philippine Autocross Championship series was dominated by Carlos Anton (37.61 in FWD Class), Inigo Anton (38.05 in FWD Class), Estefano Rivera (38.27 in FWD Class), Jevoy Moreno (39.80 in EMC Class), and Mikko Briones (39.88 in EMB Class), who were named Overall Top 5.

The second leg of the 2019 Race Motorsports Club Phoenix Pulse Technology National Slalom Series named Estefano Rivera of PMMS Racing Team as overall best time of the day and front wheel best time of the day by clocking 39.10. Teammate Powee Base came in second with 39.84, closing the third spot is Jevoy Moreno of JAF Racing Team with 40.32, Richard Gallardo with 40.70 claimed fourth, and Douglas Maningding of Speedmode Racing Team came in fifth with 41.50.

Joseph Ortega of Pongga Racing Team captured the Rear Wheel Production Best Time of Day with 42.90. While Rod Chang of JAF Racing Team Bulacan bagged the Novice Best Time of the day with 42.06.

Meanwhile, in the National Drift Championship, Boodie Dabasol was named Champion in the Pro Class, followed by Mark Bernardo in second Place, Ralph Tan in third Place and David Feliciano in fourth Place. The Amateur

Class was dominated by Patrick de Guzman as Champion, Luis Sayson came in second Place, Junjun Yapo in third Place, and Ali Khalid in fourth Place. Best Livery award went to Boodie Dabasol, while Best Team award went to Team GMW. Rally Cross winners are, Choy Mabunay, Harly David and Tygr Espino for Group 1; Steve Acayan, Paul Santos and Mon Dimapilis for Group 2; Louie Camacho, Mon Dimapilis and Paul Santos for Group 3; John Dizon, Marvin Susara and Paul Santos for Group 4; Johnsy Reyes, David Feliciano and Charlie Cruz for Open Class; JC David, Jerome Arcenas and Allan Sarmiento for UV Class; Aldrich Garcia and Keanu Dominado for AWD Class; Jun Magno and Raab Hizon for RWD Class.

Additionally, the HABF was also the event that hosted the dance competition that gathered 11 dance groups from different cities. Bagging the 3rd place is United Boys from Pampanga, 2nd place was cornered by Junior FMD Extreme from Marikina, while another group from Marikina, Kingdom Warriors, took home the first place slot.

The Frontrow Hot Air Balloon Fest was sponsored by Frontrow International, copresented by SM City Clark, powered by Phoenix Pulse Technology, and in partnership with Clark Global City, Leechiu Property Consultants, and Holy Grill. Cebu Pacific Air is the official airline partner.

Other supporters of the event are: Nlex/ SCTEx, Dickies Philippines, San Miguel Brewery, The Medical City Clark, Pioneer Life Inc., and PAGCOR. Media partners include BusinessMirror, Autocar, The Manila Times, and Wheelsph.

While, Backstage Events is the official event management partner of the Frontrow Hot Air Balloon Fest.

For more information on the event, follow us on (Facebook, Twitter and IG) @clarkglobalcityhabf.

LADE Autocenter, the country’s largest automotive accessories and service lifestyle store will write another chapter in musical history anew with this year’s staging of Bandang Blade on May 4 and 5.

Now on its third year, Bandang Blade is a two-day music festival and car show geared toward music and automotive enthusiasts. Venue for this year’s hottest festival is at the sprawling grounds of the Metrowalk, Metrotent in Pasig City. The car show component will be held in conjunction with B2B-Hot Import Nights, which will be presented by Blade and FUBU. Aside from the daylong activities, patrons of the event had a blast shopping for car accessories, and other event related merchandise at discounted prices.

The highlight of the twoday music extravaganza is the concert to be held at the Metrotent. This year’s Bandang Blade features rapper popular band, called Journey of rock icon Arnel Pineda.

“We promise that this year will be bigger and better and our aim is to keep on improving every year,” said Robertson Sy Tan, founder and CEO of Blade Autocenter. Participating brands this year are: Pioneer, Little Tree, Armor All, Sparco, Goodyear, DUB, MicroMagic, Chupa Chups air freshener, California Scents, Sony Xplod, Sticky PH, Clipper Giftshops, Blade Racing Seats, Blade Rims, Carlas Rubber Spray Paint, MOMO, Alpine, ABS-CBN TV Plus, Mothers, Pertua, Air Spencer, 3M Autocare, AVT, Nakamichi and Stebel.